OMB APPROVAL
OMB Number: 3235-0570
Expires: August 31, 2013
Estimated average burden
hours per response.....18.9
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, 2010 through December 31, 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
- --------------------------------------------------------------------------------
Semiannual Report | December 31, 2010
- --------------------------------------------------------------------------------
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 67
Notes to Financial Statements 77
Approval of Investment Advisory Agreement 87
Trustees, Officers and Service Providers 91
Pioneer Bond Fund | Semiannual Report | 12/31/10 1
President's Letter
Dear Shareowner,
Throughout 2010, the U.S. economy moved forward on a slow path to recovery. But
with the memory of a deep recession still lingering, businesses and consumers
remained cautious about both investing and spending. While business
fundamentals showed signs of improvement, there was still a reluctance to hire,
and high unemployment remains a problem. Wary investors, concerned about risk,
gravitated towards cash and bonds, until a rally late in the year lifted equity
returns. We remain generally optimistic about the prospects for economic
recovery, although it may occur more slowly than many would like.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. This strategy has generally performed well for
many investors. Bond markets certainly rewarded investors in the first eleven
months of 2010. While the equity markets barely budged for those first eleven
months, valuations were inexpensive relative to bonds, compared with historic
levels, and represented potentially good value for long-term investors, many of
whom were rewarded in the subsequent late-year equity rally.
Pioneer has not changed the basic 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. Our experienced professionals devote themselves to the careful research
needed to identify investment opportunities in markets around the world.
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 | Semiannual Report | 12/31/10
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 | Semiannual Report | 12/31/10 3
Portfolio Management Discussion | 12/31/10
The bond market generated modest, positive results in the second half of 2010,
with corporate bonds and other credit-sensitive securities outperforming
Treasuries, government agencies and other high-grade securities. In the
following interview, Kenneth J. Taubes discusses the factors that affected the
performance of Pioneer Bond Fund during the six months ended December 31, 2010.
Mr. Taubes, the Chief Investment Officer at Pioneer Investments, is responsible
for the daily management of the Fund.
Q How did the Fund perform during the second half of 2010?
A Pioneer Bond Fund Class A shares returned 3.52% at net asset value during the
six months ended December 31, 2010, while the Fund's benchmark, the
Barclays Capital Aggregate Bond Index (the Barclays Index), returned 1.15%.
Over the same period, the average return of the 149 mutual funds in
Lipper's Corporate Debt, A-Rated Fund category was 2.13%. On December 31,
2010, the 30-day SEC yield of Class A shares was 4.31%.
Q What were the principal factors that influenced the Fund's performance over
the six months ended December 31, 2010?
A Throughout the six-month period, we maintained a positive outlook for the
economy, believing the pace of the recovery -- as reflected by gross
domestic product (GDP) -- would proceed faster than the investment markets
generally anticipated. We overweighted the Fund to corporate securities,
which stood to benefit from an improving economy, and we reduced the Fund's
overall duration (duration is a measure of a portfolio's sensitivity to
changes in interest rates). We believed that if the economy did grow faster
than expected, the risk of rising interest rates would increase. In fact,
interest rates did rise over the six-month period, with yields on 10-year
Treasuries increasing from 2.93% to 3.29%.
The pace of the economic recovery did quicken during the period, with
reported GDP growth for the third calendar quarter of 2010 (through
September 30) increasing to 2.6% from 1.7% in the second quarter. Both the
overweighting of corporate debt and the short-duration positioning helped
the Fund outperform the benchmark Barclays Index and its Lipper peer group
of mutual funds over the six months ended December 31, 2010.
In emphasizing corporate bonds, we significantly underweighted the Fund to
Treasuries. We believed having exposure to credit risk made sense, given
the healthy growth in corporate profits and the solid position of corporate
balance sheets. In addition, we thought the risk of a "double-dip"
recession, which was a concern last summer, had faded and that the economic
recovery was likely to proceed and strengthen. We believed that yield
spreads --
4 Pioneer Bond Fund | Semiannual Report | 12/31/10
or yield differences between various types of debt instruments -- were
likely to narrow, leading to outperformance by corporate bonds over
Treasuries and government agency bonds. We focused on investment-grade
corporate bonds rated A and BBB, which together accounted for 38.5% of the
Fund's assets as of December 31, 2010. In addition, we maintained a healthy
Fund exposure to higher-yielding, below-investment grade corporate bonds.
High-yield corporate bonds and loans accounted for 17.5% of the Fund's
assets at the end of the six-month period. Both the investment-grade and
high-yield corporate holdings helped drive the Fund's strong performance
for the six-month period.
In addition to de-emphasizing Treasuries, we also underweighted the Fund to
government agency mortgages, while increasing exposure to non-agency
mortgage-backed securities. The non-agency mortgages, which are not part of
the Barclays Index benchmark, performed quite well during the six-month
period. Overall, the Fund's reduced allocation to government securities and
greater exposure to corporate bonds resulted in a portfolio with an average
credit quality rating lower than that of the Barclays Index. The
positioning helped the Fund's performance during the period, as
lower-quality securities generally outperformed higher-quality securities.
Q What types of individual investments had the greatest influence on the Fund's
performance results, either positively or negatively, during the six months
ended December 31, 2010?
A Several of the Fund's corporate bond holdings performed particularly well.
The greatest single support to the Fund's performance results came from an
investment in securities of Forest City Enterprises, a real estate company
that owns and operates commercial and residential developments. As the
financials sector rebounded, the Fund's position in securities issued by
investment bank Goldman Sachs also performed very well. Other contributors
to the Fund's performance results included securities issued by Domino's
Pizza and insurance company MetLife.
The three largest detractors from Fund performance during the six-month
period were all long-term Treasuries, the prices of which declined as
yields rose in the Treasury market.
Q What is your investment outlook?
A We retain a favorable outlook for the domestic economy and think that GDP
could grow by more than 3% for 2011, especially if expanded capital
spending by corporations and increased discretionary spending by consumers
help broaden the reach of the economic recovery. We do not expect a
dramatic improvement in employment trends in the private sector, although
we do think we will see a slow increase in new-job creation. Inflation --
at least as reflected by the core consumer price index -- remains
Pioneer Bond Fund | Semiannual Report | 12/31/10 5
restrained, despite some early evidence of inflationary pressures in the
commodity markets. Accordingly, we anticipate that the U.S. Federal Reserve
Board (the Fed) will remain accommodative, keeping short-term interest
rates low and encouraging liquidity in the financial system.
Going forward, we believe one risk to the fixed-income markets is that
inflationary pressures will grow faster than the Fed expects and that the
nation's central bank may wait too long before starting to tighten monetary
policy. We expect that fixed-income investors generally will continue to
shun Treasuries and government agency securities, especially if the
economic expansion picks up speed. Another potential risk that will bear
watching will be the economic outlook in Europe, especially if more
national governments start disclosing severe debt problems. This could pose
problems for the European banking system as well as the European Union in
general.
Overall, we are positive about investments in domestic corporate
securities. We also may look for opportunities in the municipal bond
market, where many tax-advantaged bonds are selling at compelling prices
relative to taxable securities.
Please refer to the Schedule of Investments on pages 18-66 for a full listing
of Fund securities.
When interest rates rise, the prices of fixed-income securities in the Fund
will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities in the Fund will generally rise. Investments in the
Fund are subject to possible loss due to the financial failure of the issuers
of the underlying securities and their inability to meet their debt
obligations.
Prepayment risk is the chance that 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 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 the Fund 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.
6 Pioneer Bond Fund | Semiannual Report | 12/31/10
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 | Semiannual Report | 12/31/10 7
Portfolio Summary | 12/31/10
Portfolio Diversification
- --------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 41.1%
U.S. Government Securities 20.9%
Collateralized Mortgage Obligations 17.1%
Senior Secured Loans 9.3%
Asset Backed Securities 7.1%
Preferred Stocks 1.4%
Temporary Cash Investments 1.4%
Municipal Bonds 1.0%
Convertible Corporate Bonds 0.6%
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]
AAA 1.4%
AA 4.3%
A 12.9%
BBB 25.6%
BB 10.6%
B & Lower 6.9%
Commercial Paper 1.0%
Treasury/Agency 37.3%
10 Largest Holdings
- --------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. U.S. Treasury Bonds, 2.75%, 2/15/19 0.97%
2. Goldman Sachs Capital, Floating Rate Note, 12/29/49 0.79
3. Forest City Enterprises, Inc., 7.0%, 12/31/49 0.78
4. U.S. Treasury Notes, 4.5%, 8/15/39 0.78
5. U.S. Treasury Notes, 4.5%, 5/15/38 0.73
6. Wachovia Bank Commercial Mortgage Trust, 4.368%, 8/15/41 0.72
7. U.S. Treasury Notes, 4.5%, 2/15/36 0.64
8. U.S. Treasury Notes, 4.25%, 5/15/39 0.63
9. State Street Capital, 8.25%, 3/15/42 0.57
10. PNC Funding Corp., Floating Rate Note, 5/29/49 0.56
* 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 | Semiannual Report | 12/31/10
Prices and Distributions | 12/31/10
Net Asset Value per Share
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Class 12/31/10 6/30/10
- --------------------------------------------------------------------------------
A $ 9.55 $ 9.44
- --------------------------------------------------------------------------------
B $ 9.49 $ 9.38
- --------------------------------------------------------------------------------
C $ 9.45 $ 9.34
- --------------------------------------------------------------------------------
R $ 9.64 $ 9.52
- --------------------------------------------------------------------------------
Y $ 9.47 $ 9.36
- --------------------------------------------------------------------------------
Z $ 9.57 $ 9.46
- --------------------------------------------------------------------------------
Distributions per Share: 7/1/10-12/31/10
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
- --------------------------------------------------------------------------------
A $ 0.2217 $ -- $ --
- --------------------------------------------------------------------------------
B $ 0.1704 $ -- $ --
- --------------------------------------------------------------------------------
C $ 0.1772 $ -- $ --
- --------------------------------------------------------------------------------
R $ 0.2044 $ -- $ --
- --------------------------------------------------------------------------------
Y $ 0.2318 $ -- $ --
- --------------------------------------------------------------------------------
Z $ 0.2329 $ -- $ --
- --------------------------------------------------------------------------------
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. It is
not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 million Investment" charts on pages 10-15.
Pioneer Bond Fund | Semiannual Report | 12/31/10 9
Performance Update | 12/31/10 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 December 31, 2010)
- --------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
- --------------------------------------------------------------------------------
10 Years 6.44% 5.95%
5 Years 6.24 5.27
1 Year 9.44 4.51
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2010)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.07% 0.85%
- --------------------------------------------------------------------------------
Value of $10,000 Investment
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer Barclays Capital
Bond Fund Aggregate Bond Index
12/00 9550 10000
10271 10844
12/02 11172 11957
12161 12447
12/04 12855 12987
13172 13303
12/06 13639 13879
14470 14846
12/08 13839 15624
16288 16551
12/10 17826 17633
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.
10 Pioneer Bond Fund | Semiannual Report | 12/31/10
Performance Update | 12/31/10 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 December 31, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
10 Years 5.48% 5.48%
5 Years 5.21 5.21
1 Year 8.22 4.22
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2010)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.98% 1.90%
- --------------------------------------------------------------------------------
Value of $10,000 Investment
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer Barclays Capital
Bond Fund Aggregate Bond Index
12/00 10000 10000
10684 10844
12/02 11517 11957
12432 12447
12/04 13031 12987
13219 13303
12/06 13566 13879
14265 14846
12/08 13508 15624
15749 16551
12/10 17044 17633
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 is
4% and declines over five years. 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. Please
see the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through November 1, 2012, 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 taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer Bond Fund | Semiannual Report | 12/31/10 11
Performance Update | 12/31/10 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 December 31, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
10 Years 5.46% 5.46%
5 Years 5.29 5.29
1 Year 8.40 8.40
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2010)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.79% 1.79%
- --------------------------------------------------------------------------------
Value of $10,000 Investment
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer Barclays Capital
Bond Fund Aggregate Bond Index
12/00 10000 10000
10637 10844
12/02 11453 11957
12343 12447
12/04 12950 12987
13143 13303
12/06 13480 13879
14197 14846
12/08 13453 15624
15691 16551
12/10 17009 17633
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, 2012, 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.
12 Pioneer Bond Fund | Semiannual Report | 12/31/10
Performance Update | 12/31/10 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 December 31, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
10 Years 6.12% 6.12%
5 Years 5.91 5.91
1 Year 9.08 9.08
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2010)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
1.26% 1.25%
- --------------------------------------------------------------------------------
Value of $10,000 Investment
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer Barclays Capital
Bond Fund Aggregate Bond Index
12/00 10000 10000
10700 10844
12/02 11581 11957
12604 12447
12/04 13312 12987
13593 13303
12/06 14042 13879
14880 14846
12/08 14155 15624
16606 16551
12/10 18114 17633
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 beginning on 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, 2012, 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.
Pioneer Bond Fund | Semiannual Report | 12/31/10 13
Performance Update | 12/31/10 Class Y Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Bond Fund, compared to that of the Barclays Capital
Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
10 Years 6.80% 6.80%
5 Years 6.58 6.58
1 Year 9.75 9.75
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2010)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
0.61% 0.61%
- --------------------------------------------------------------------------------
Value of $5,000,000 Investment
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer Barclays Capital
Bond Fund Aggregate Bond Index
12/00 5000000 5000000
5382932 5422220
12/02 5877103 5978265
6424260 6223624
12/04 6832074 6493641
7021671 6651375
12/06 7301493 6939605
7775360 7423070
12/08 7460011 7812033
8799234 8275350
12/10 9657453 8816672
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.
14 Pioneer Bond Fund | Semiannual Report | 12/31/10
Performance Update | 12/31/10 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 December 31, 2010)
- --------------------------------------------------------------------------------
If If
Period Held Redeemed
- --------------------------------------------------------------------------------
10 Years 6.46% 6.46%
5 Years 6.27 6.27
1 Year 9.56 9.56
- --------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2010)
- --------------------------------------------------------------------------------
Gross Net
- --------------------------------------------------------------------------------
0.63% 0.63%
- --------------------------------------------------------------------------------
Value of $10,000 Investment
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer Barclays Capital
Bond Fund Aggregate Bond Index
12/00 10000 10000
10754 10844
12/02 11697 11957
12733 12447
12/04 13459 12987
13791 13303
12/06 14209 13879
15035 14846
12/08 14416 15624
17063 16551
12/10 18694 17633
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.
Pioneer Bond Fund | Semiannual Report | 12/31/10 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 July 1, 2010 through December 31, 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 7/1/10
- ------------------------------------------------------------------------------------------------------------------------------------
Ending Account Value $ 1,035.20 $ 1,029.90 $ 1,030.80 $ 1,034.10 $ 1,036.60 $ 1,036.30
(after expenses)
on 12/31/10
- ------------------------------------------------------------------------------------------------------------------------------------
Expenses Paid $ 4.36 $ 9.72 $ 8.75 $ 5.90 $ 3.13 $ 3.34
During Period*
- ------------------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.85%, 1.90%,
1.71%, 1.15%, 0.61%, and 0.65% 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 184/365 (to reflect the one-half year
period).
16 Pioneer Bond Fund | Semiannual Report | 12/31/10
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 July 1, 2010 through December 31, 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 7/1/10
- ------------------------------------------------------------------------------------------------------------------------------------
Ending Account Value $ 1,020.92 $ 1,015.63 $ 1,016.59 $ 1,019.41 $ 1,022.13 $ 1,021.93
(after expenses)
on 12/31/10
- ------------------------------------------------------------------------------------------------------------------------------------
Expenses Paid $ 4.33 $ 9.65 $ 8.69 $ 5.85 $ 3.11 $ 3.31
During Period*
- ------------------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.85%, 1.90%,
1.71%, 1.15%, 0.61%, and 0.65% 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 184/365 (to reflect the one-half year
period).
Pioneer Bond Fund | Semiannual Report | 12/31/10 17
Schedule of Investments | 12/31/10 (unaudited)
- -------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (d) Ratings Value
- -------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 0.6%
ENERGY -- 0.2%
Coal & Consumable Fuels -- 0.2%
2,680,000 BB-/NR Massey Energy Co., 3.25%, 8/1/15 $ 2,616,350
--------------
Total Energy $ 2,616,350
- -------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Health Care Services -- 0.1%
766,000 B+/B2 Omnicare, Inc., 3.25%, 12/15/35 $ 702,805
--------------
Total Health Care Equipment & Services $ 702,805
- -------------------------------------------------------------------------------------------------------
BANKS -- 0.1%
Regional Banks -- 0.1%
2,100,000 A/A3 National City Corp., 4.0%, 2/1/11 $ 2,102,625
--------------
Total Banks $ 2,102,625
- -------------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.2%
Semiconductors -- 0.2%
2,160,000 A-/NR Intel Corp., 2.95%, 12/15/35 $ 2,151,900
--------------
Total Semiconductors $ 2,151,900
- -------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $6,588,140) $ 7,573,680
- -------------------------------------------------------------------------------------------------------
Shares
- -------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 1.4%
BANKS -- 0.3%
Diversified Banks -- 0.3%
4,000 7.19 US Bancorp Preferred, Floating Rate Note,
12/31/99 (Perpetual) $ 3,171,500
--------------
Total Banks $ 3,171,500
- -------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.0%
Diversified Financial Services -- 0.0%
13,000 Citigroup Capital XIII, 7.875%, 10/30/40 $ 350,220
--------------
Total Diversified Financials $ 350,220
- -------------------------------------------------------------------------------------------------------
INSURANCE -- 0.3%
Life & Health Insurance -- 0.3%
153,800 Delphi Financial Group, 7.376%, 5/15/37 $ 3,598,920
--------------
Total Insurance $ 3,598,920
- -------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.8%
Real Estate Operating Companies -- 0.8%
150,400 Forest City Enterprises, Inc., 7.0%,
12/31/49 $ 9,343,600
--------------
Total Real Estate $ 9,343,600
- -------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $14,975,370) $ 16,464,240
- -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Bond Fund | Semiannual Report | 12/31/10
- ------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (d) Ratings
Shares (unaudited) (unaudited) Value
- ------------------------------------------------------------------------------------------------------
COMMON STOCK -- 0.0%
AUTOMOBILES & COMPONENTS -- 0.0%
Auto Parts & Equipment -- 0.0%
6,000 Lear Corp.* $ 592,260
--------------
Total Automobiles & Components $ 592,260
- ------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCK
(Cost $206,644) $ 592,260
- ------------------------------------------------------------------------------------------------------
Principal
Amount ($)
- ------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 7.1%
MATERIALS -- 0.8%
Precious Metals & Minerals -- 0.1%
948,493 A/NR Mid-State Trust, 5.25%, 11/1/20 $ 927,147
- ------------------------------------------------------------------------------------------------------
Steel -- 0.7%
4,700,000 AAA/Aa2 First NLC Trust, 0.74719%, 9/25/35 $ 4,420,341
4,273,150 0.73 AA+/Aa3 Nomura Home Equity Loan, Inc., Floating
Rate Note, 5/25/35 4,161,595
--------------
$ 8,581,936
--------------
Total Materials $ 9,509,083
- ------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Automobile Manufacturers -- 0.1%
650,000 BBB/Baa1 AMCAR, 4.2%, 11/8/16 $ 639,792
--------------
Total Automobiles & Components $ 639,792
- ------------------------------------------------------------------------------------------------------
BANKS -- 3.2%
Diversified Banks -- 0.1%
1,395,272 0.35 AAA/Aa1 Wells Fargo Home Equity, Floating Rate
Note, 4/25/37 $ 1,359,137
- ------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 3.1%
962,897 0.31 AAA/Baa1 Carrington Mortgage Loan Trust, Floating
Rate Note, 1/25/37 $ 946,949
381,841 0.75 AA/Aa1 Carrington Mortgage Loan Trust, Floating
Rate Note, 2/25/35 380,385
507,156 0.66 AAA/Baa3 Carrington Mortgage Loan Trust, Floating
Rate Note, 9/25/35 459,762
2,791,000 5.94 A/B1 Citicorp Residential Mortgage, Floating
Rate Note, 7/25/36 2,722,090
809,215 BBB/Baa3 Citigroup Mortgage Loan Trust, 0.34606%,
1/25/37 783,502
139,341 0.36 AAA/Aa3 Citigroup Mortgage Loan Trust, Floating
Rate Note, 10/25/36 139,051
1,269,911 0.67 AA+/Aa1 Citigroup Mortgage Loan Trust, Floating
Rate Note, 7/25/35 1,228,136
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 19
Schedule of Investments | 12/31/10 (unaudited) (continued)
- ------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,575,000 0.74 AA+/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/35 $ 2,401,296
1,047,000 0.65 AA+/Aa2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 8/25/35 971,156
1,291,655 0.68 AA+/Aa1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 8/25/35 1,278,059
1,502,711 0.88 AA+/Aa1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 1/25/35 1,452,791
2,728,909 5.07 AAA/Ba2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 12/25/35 2,610,840
700,000 6.25 AA/B1 Credit-Based Asset Servicing, Floating
Rate Note, 10/25/36 700,364
1,445,288 0.96 AA+/Aa2 Credit-Based Asset Servicing, Floating
Rate Note, 5/25/50 1,379,183
1,555,230 5.56 AAA/A2 CRMSI 2006-2 A3, Floating Rate Note,
9/25/36 1,564,925
1,848,864 AAA/A1 FBR Securitization Trust, 2.76188%,
9/25/35 1,762,946
629,236 0.80 AAA/Aaa First Franklin Mortgage Loan Asset-Backed
Certificate, Floating Rate Note, 9/24/34 598,679
622,144 0.37 A/A2 Fremont Home Loan Trust, Floating Rate
Note, 2/25/36 616,478
1,700,000 0.79 AA+/A1 GSAA Trust, Floating Rate Note, 6/25/35 1,598,406
53,248 0.52 AAA/Aa2 GSAMP Trust, Floating Rate Note,
11/25/35 53,175
645,690 0.69 A/A2 GSAMP Trust, Floating Rate Note,
3/25/35 621,098
341,160 0.63 AAA/Aaa GSAMP Trust, Floating Rate Note,
8/25/36 335,344
968,179 0.64 AAA/Aa1 GSAMP Trust, Floating Rate Note,
9/25/35 944,916
1,200,000 AA/NR Leaf II Receivables, 4.9%, 3/20/13 1,190,188
4,946,888 CCC+/B1 Local Insight Media Finance LLC, 5.88%,
10/23/37 2,226,100
172,442 0.30 AAA/Aaa Morgan Stanley ABS Capital, Inc., Floating
Rate Note, 10/25/36 172,215
554,131 0.32 B/Ba3 Morgan Stanley ABS Capital, Inc., Floating
Rate Note, 12/25/36 526,897
2,002,900 BB-/B1 Morgan Stanley Home Equity Loan,
0.28125%, 12/25/36 1,955,448
1,051,975 0.36 BB-/Ba3 Morgan Stanley Home Equity Loan,
Floating Rate Note, 4/25/37 972,569
50,177 A-/Caa2 Morgan Stanley Ixis Real Estate, 1.445%,
11/25/36 49,936
The accompanying notes are an integral part of these financial statements.
20 Pioneer Bond Fund | Semiannual Report | 12/31/10
- ------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
543,487 0.38 A/Aa3 Option One Mortgage Loan Trust, Floating
Rate Note, 2/25/38 $ 529,865
192,341 0.35 BBB+/Baa2 Option One Mortgage Loan Trust, Floating
Rate Note, 5/25/37 189,217
1,500,000 0.67 AA+/A3 RASC 2005-KS7 M1, Floating Rate Note,
8/25/35 1,416,545
1,485,379 0.51 BB/Baa1 SASC 2007-BC4 A3, Floating Rate Note,
11/25/37 1,427,521
1,189,268 BB-/Ba3 Saxon Asset Securities, 0.34594%,
11/25/36 1,127,132
--------------
$ 37,333,164
--------------
Total Banks $ 38,692,301
- ------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.1%
Consumer Finance -- 0.1%
36,541 BBB-/A2 Indymac Residential Asset Backed
Securities, 0.32375%, 7/25/37 $ 36,492
749,797 AAA/Baa2 Specialty Underwriting & Residential,
0.64625%, 6/25/36 705,452
--------------
$ 741,944
- ------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 0.5%
356,512 0.70 AA/Aa2 Asset Backed Securities Corp., Floating
Rate Note, 4/25/35 $ 346,511
1,700,000 A/NR DT Auto Owner Trust, 3.46%, 1/15/14 1,700,835
1,026,319 AA/NR DT Auto Owner Trust, 5.92%, 10/15/15 1,029,902
352,810 AAA/Aaa Home Equity Asset Trust, 0.75719%,
11/25/35 335,229
474,622 0.50 AAA/A1 JPMorgan Mortgage Acquisition, Floating
Rate Note, 12/25/35 437,836
3,300,000 0.75 AA-/A3 Long Beach Mortgage Loan Trust, Floating
Rate Note, 4/25/35 3,042,405
--------------
$ 6,892,718
- ------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.5%
3,158,497 0.53 AA+/A1 Aegis Asset Backed Securities, Floating
Rate Note, 3/25/12 $ 2,927,288
2,895,000 BBB-/Baa3 Dominos Pizza Master Issuer LLC, 5.261%,
4/25/37 2,970,994
5,325,000 BB/Aaa Dominos Pizza Master Issuer LLC, 7.629%,
4/25/37 5,458,125
800,000 0.96 A/A2 Irwin Home Equity Co., Floating Rate Note,
4/25/30 615,258
2,667,829 5.32 NR/Baa1 Irwin Home Equity Corp., Floating Rate
Note, 6/25/35 2,578,436
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 21
Schedule of Investments | 12/31/10 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -----------------------------------------------------------------------------------------------------
Specialized Finance -- (continued)
1,800,000 AA/Aa3 Master Asset Backed Securities,
0.79718%, 3/25/35 $ 1,658,736
441,222 AA+/Aa1 Master Asset Backed Securities,
0.67375%, 5/25/35 429,156
908,073 0.61 AAA/Aaa New Century Home Equity Loan, Floating
Rate Note, 3/25/35 822,436
900,000 0.63 AAA/Aaa SLMA 2004-10 A6B, Floating Rate Note,
4/27/26 899,280
--------------
$ 18,359,709
--------------
Total Diversified Financials $ 25,994,371
- -----------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.9%
Government -- 0.9%
129,126 AAA/Aaa Federal Home Loan Bank, 6.0%, 4/15/32 $ 132,378
3,743,000 AAA/Aaa FHR 3211 PB, 5.5%, 2/15/33 4,031,240
902,079 AAA/Aaa Freddie Mac, 5.0%, 8/15/35 946,014
5,000,000 NR/NR Freddie Mac REMICS, 5.0%, 6/15/33 5,330,743
304,094 AAA/Aaa Freddie Mac, 6.1%, 9/15/18 307,350
--------------
$ 10,747,725
--------------
Total Government $ 10,747,725
- -----------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $85,616,229) $ 85,583,272
- -----------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 17.0%
MATERIALS -- 0.5%
Forest Products -- 0.5%
1,435,000 AA/Aa3 TSTAR 2006-1 B, 5.7467%, 10/15/36 $ 1,500,670
4,470,000 AAA/Aa1 TSTAR 2006-1A A, 5.668%, 10/15/36 4,776,630
--------------
$ 6,277,300
--------------
Total Materials $ 6,277,300
- -----------------------------------------------------------------------------------------------------
BANKS -- 12.2%
Thrifts & Mortgage Finance -- 12.2%
1,092,469 AAA/Aaa 321 Henderson Receivables I, 3.82%,
12/15/48 $ 1,047,080
2,450,610 5.75 NR/NR American General Mortgage Loan, Floating
Rate Note, 9/25/48 2,544,799
800,000 A/NR Americold LLC Trust, 6.811%, 1/14/29 798,467
3,138,723 NR/Aaa Banc of America Alternative Loan Trust,
5.0%, 7/25/19 3,174,407
2,156,002 NR/Aa3 Banc of America Alternative Loan Trust,
5.5%, 1/25/20 2,151,621
2,535,636 NR/Aaa Banc of America Alternative Loan Trust,
5.5%, 9/25/33 2,597,437
The accompanying notes are an integral part of these financial statements.
22 Pioneer Bond Fund | Semiannual Report | 12/31/10
- -------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,467,941 AAA/Aaa Banc of America Alternative Loan Trust,
5.75%, 4/25/33 $ 1,524,630
2,592,887 NR/Aaa Banc of America Alternative Loan Trust,
6.0%, 3/25/34 2,638,571
2,787,127 A/A Banc of America Funding Corp., 0.4013%,
9/25/36 2,647,771
1,318,460 AAA/NR Banc of America Funding Corp., 5.5%,
1/25/36 1,377,558
1,607,885 AAA/Aaa Bayview Commercial Asset Trust,
0.67375%, 4/25/34 1,298,166
16,934,980 AAA/Aa1 Bayview Commercial Asset Trust,
2.65868%, 7/25/37 1,613,904
922,000 AAA/Aa2 BCAP LLC Trust, 5.0%, 11/25/36 942,072
2,317,273 2.58 AAA/Aaa Bear Stearns Adjustable Rate Mortgage,
Floating Rate Note, 8/25/33 2,330,495
944,738 AAA/Aaa Chase Mortgage Finance Corp., 5.0%,
10/25/33 973,953
2,774,033 NR/Ba3 Chase Mortgage Finance Corp., 5.5%,
5/25/35 2,638,224
2,100,023 CCC/Caa1 Chase Mortgage Finance Corp., 5.5%,
5/25/37 2,050,587
2,068,087 AAA/Aaa Citigroup Commercial Mortgage, 4.639%,
5/15/43 2,089,476
961,839 AAA/Aa1 Countrywide Alternative Loan Trust, 4.25%,
4/25/34 955,399
1,026,359 AAA/AAA Countrywide Alternative Loan Trust, 5.0%,
7/25/18 1,044,444
1,618,225 AAA/A1 Countrywide Alternative Loan Trust, 5.5%,
1/25/35 1,628,345
1,698,766 AAA/Aa1 Countrywide Alternative Loan Trust, 5.5%,
4/25/34 1,708,415
6,775,507 BBB/NR Countrywide Alternative Loan Trust, 5.5%,
4/25/35 3,668,111
2,480,097 AAA/NR Countrywide Alternative Loan Trust, 5.75%,
12/25/33 2,587,068
2,115,873 0.71 AAA/NR Countrywide Alternative Loan Trust,
Floating Rate Note, 8/25/18 1,967,529
2,724,156 AAA/Aaa Countrywide Home Loan Mortgage Pass
Through Trust, 4.867257%, 12/25/33 2,620,330
1,955,665 B-/Ba1 Countrywide Home Loan, 4.5%, 9/25/35 1,719,309
19,831 NR/B2 CWHL 2005-16 A22, 5.5%, 9/25/35 19,307
602,030 AAA/Aaa Downey Savings & Loan, 0.83625%,
7/19/44 474,143
1,250,000 A/A2 Extended Stay America Trust, 4.8603%,
11/5/27 1,225,163
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 23
Schedule of Investments | 12/31/10 (unaudited) (continued)
- -----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,375,000 AAA/Aaa GMAC Commercial Mortgage Securities,
Inc., 4.864%, 12/10/41 $ 3,518,671
800,000 A/A2 GMAC Commercial Mortgage Securities,
Inc., 5.307%, 4/10/40 783,462
2,204,055 AAA/Aaa GS Mortgage Securities Corp. II, 7.12%,
11/18/29 2,362,843
1,142,067 0.66 NR/Aaa Impac CMB Trust, Floating Rate Note,
11/25/35 958,747
852,467 1.06 AAA/Aaa Impac Securities Assets Corp., Floating
Rate Note, 11/25/34 800,566
1,476,638 0.61 AAA/Aaa Impac Securities Assets Corp., Floating
Rate Note, 5/25/36 1,267,776
3,149,997 AAA/Aa3 JPMorgan Mortgage Trust, 6.0%, 8/25/34 2,912,890
1,750,000 AAA/Aaa JPMCC 2002-C3 B, 5.146%, 7/12/35 1,819,565
814,342 4.93 AAA/Aaa JPMMT 2004-A1 3A1, Floating Rate Note,
2/25/34 822,633
1,600,000 AAA/NR JPMorgan Chase Commercial Mortgage,
3.6159%, 11/15/43 1,548,871
2,800,000 A-/NR LB-UBS Commercial Mortgage, 5.616%,
10/15/35 2,720,145
25,983 AAA/Aaa LB-UBS Commercial Mortgage, 6.51%,
12/15/26 26,016
1,332,840 AAA/Aa1 Lehman Brothers Small Balance
Commercial, 5.41%, 12/25/36 1,292,855
1,262,029 0.51 AAA/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note, 2/25/30 998,581
689,080 1.11 AAA/Aa1 Lehman Brothers Small Balance, Floating
Rate Note, 10/25/37 649,146
901,661 AAA/Aaa Master Adjustable Rate Mortgages Trust,
2.86771%, 4/21/34 869,263
1,727,027 BB+/B3 Master Adjustable Rate Mortgages Trust,
5.194229%, 1/25/35 1,543,357
1,744,967 AAA/NR Master Alternative Loans Trust, 4.5%,
1/25/15 1,731,857
1,418,581 AA/NR Master Alternative Loans Trust, 5.5%,
10/25/19 1,428,360
2,823,387 AAA/NR Master Alternative Loans Trust, 5.5%,
2/25/35 2,859,399
3,945,903 AAA/AAA Master Alternative Loans Trust, 6.0%,
7/25/34 4,016,574
2,323,616 6.74 BBB/NR Master Seasoned Securities Trust, Floating
Rate Note, 9/25/32 2,423,625
616,630 AAA/Aaa Merrill Lynch Mortgage Trust, 4.556%,
6/12/43 624,988
The accompanying notes are an integral part of these financial statements.
24 Pioneer Bond Fund | Semiannual Report | 12/31/10
- -----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,595,858 5.44 AAA/Aaa Merrill Lynch/Countrywide Commercial,
Floating Rate Note, 3/12/11 $ 1,601,076
2,630,113 AAA/A1 MLCC Mortgage Investors, Inc.,
0.48344%, 3/25/30 2,358,631
1,659,374 0.49 AAA/Aaa MLCC Mortgage Investors, Inc., Floating
Rate Note, 4/25/29 1,564,526
1,103,707 BBB/Baa1 RAAC Series, 6.0%, 1/25/32 1,102,416
2,039,495 AAA/NR Residential Asset Securitization Trust,
5.25%, 11/25/34 2,046,746
1,571,731 A+/NR Residential Asset Securitization Trust,
5.5%, 2/25/35 1,576,054
8,510,000 5.54 CCC+/B3 SASC 2007 BHC1 A1, Floating Rate Note,
12/18/49 1,026,306
2,890,000 5.58 D/NR SASC 2007 BHC1 A2, Floating Rate Note,
12/18/49 232,703
1,931,114 0.88 AAA/Aaa Sequoia Mortgage Trust, Floating Rate
Note, 9/20/33 1,719,823
1,696,422 A/B2 Structured Asset Securities, 5.0%,
5/25/35 1,655,650
8,369,395 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, 4.368%, 8/15/41 8,618,355
3,787,250 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, 4.803%, 10/15/41 3,964,859
2,464,187 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, 4.957%, 8/15/35 2,482,373
2,500,000 A+/NR Wachovia Bank Commercial Mortgage
Trust, 5.606%, 4/15/35 2,517,100
780,286,977 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, 0.015222%, 6/15/45 1,139,843
2,723,280 AAA/NR WaMu Mortgage Pass Through Certificates,
2.73272%, 1/25/35 2,654,432
417,531 BB/NR WaMu Mortgage Pass Through Certificates,
2.77149%, 9/25/35 373,000
633,181 BB/NR WaMu Mortgage Pass Through Certificates,
4.82069%, 9/25/35 630,601
2,313,191 0.49 AAA/Caa1 WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 4/25/45 1,936,974
1,450,000 AAA/Aaa WBCMT 2003-C9 B, 5.109%, 12/15/35 1,476,887
3,878,867 AAA/Aa1 Wells Fargo Commercial Mortgage Backed
Securities, 3.349%, 10/15/57 3,886,349
1,532,354 AAA/A1 Wells Fargo Mortgage Backed Securities,
5.0%, 11/25/36 1,531,634
1,702,205 NR/B2 Wells Fargo Mortgage Backed Securities,
5.0%, 3/25/21 1,699,013
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 25
Schedule of Investments | 12/31/10 (unaudited) (continued)
- -------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,928,825 AAA/Baa1 Wells Fargo Mortgage Backed Securities,
5.5%, 5/25/35 $ 1,943,104
785,535 2.85 AAA/Aa1 Wells Fargo Mortgage Backed Securities,
Floating Rate Note, 10/25/34 778,850
796,578 2.89 AAA/Aa1 Wells Fargo Mortgage Backed Securities,
Floating Rate Note, 10/25/35 778,791
831,401 4.53 AAA/Aaa Wells Fargo Mortgage Backed Securities,
Floating Rate Note, 11/25/33 847,492
1,819,315 5.64 A-/NR Wells Fargo Mortgage Backed Securities,
Floating Rate Note, 4/25/36 1,796,224
342,505 4.53 AAA/Aa1 Wells Fargo Mortgage Backed Securities,
Floating Rate Note, 6/25/34 336,147
2,098,678 4.77 AAA/Aaa WFMBS 2004-L A6, Floating Rate Note,
7/25/34 2,108,760
--------------
$ 148,421,690
--------------
Total Banks $ 148,421,690
- -------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.7%
Asset Management & Custody Banks -- 0.1%
986,008 5.35 NR/NR Jefferies & Co., Inc., Floating Rate Note,
5/26/37 $ 968,444
- -------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
1,390,677 AAA/Aaa GMAC Mortgage Corp. Loan Trust, 5.5%,
11/25/33 $ 1,449,507
- -------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 2.8%
1,794,682 AAA/NR Banc of America Mortgage Securities,
5.0%, 8/25/33 $ 1,794,796
2,116,904 AA-/NR Banc of America Mortgage Securities,
5.5%, 11/25/34 2,186,675
709,002 AAA/NR Banc of America Mortgage Securities,
5.75%, 1/25/35 733,886
1,487,080 3.23 AAA/Aaa Banc of America Mortgage Securities,
Floating Rate Note, 10/25/33 1,469,962
3,944,080 3.22 NR/Aaa Banc of America Mortgage Securities,
Floating Rate Note, 11/25/33 3,823,754
2,075,992 2.94 NR/Ba3 Banc of America Mortgage Securities,
Floating Rate Note, 5/25/35 2,050,152
1,940,270 2.92 AAA/Aaa Banc of America Mortgage Securities,
Floating Rate Note, 7/25/33 1,899,078
1,182,078 5.12 AAA/NR Banc of America Mortgage Securities,
Floating Rate Note, 9/25/35 1,134,001
1,405,400 NR/A2 Citicorp Mortgage Securities, Inc., 5.5%,
3/25/35 1,444,216
1,458,214 NR/B1 CMSI 2006-1 3A1, 5.0%, 2/25/36 1,452,813
The accompanying notes are an integral part of these financial statements.
26 Pioneer Bond Fund | Semiannual Report | 12/31/10
- -------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------
Diversified Financial Services -- (continued)
2,056,731 CCC/NR JPMorgan Alternative Loan Trust, 6.0%,
3/25/36 $ 1,728,561
749,890 3.75 NR/NR La Hipotecaria SA, Floating Rate Note,
9/8/39 763,013
1,400,559 A+/Aaa MLMI 2005-A2 A4, 4.48%, 2/25/35 1,406,102
249,137 AAA/Aaa Morgan Stanley Capital, Inc., 7.0%,
7/25/33 254,438
2,681,103 5.50 AAA/Baa1 RALI 2004-QS16 1A1, Floating Rate Note,
12/25/34 2,634,430
2,326,833 NR/Aaa Residential Accredit Loans, Inc., 5.0%,
8/25/18 2,329,636
1,028,458 0.45 B-/Caa3 Residential Accredit Loans, Inc., Floating
Rate Note, 5/25/47 641,426
4,843,285 NR/Aaa Residential Accredit, 5.0%, 5/25/19 4,966,431
768,030 AAA/NR Residential Accredit, 6.0%, 10/25/34 776,930
308,398 NR/NR Vericrest Opportunity Loan Trust, 4.25%,
5/25/39 308,398
--------------
$ 33,798,698
- -------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.6%
1,440,000 AAA/Aaa Banc of America Commercial Mortgage,
Inc., 4.877%, 7/10/42 $ 1,525,155
1,021,614 5.51 NR/Aaa Bear Stearns Commercial Mortgage,
Floating Rate Note, 4/12/38 1,023,978
3,080,000 AA/NR Bear Stearns Commercial Mortgage
Securities, 6.63%, 2/15/35 3,096,843
1,600,000 7.12 BBB+/Baa2 Bear Stearns Commercial Mortgage
Securities, Floating Rate Note, 10/15/36 1,594,902
--------------
$ 7,240,878
- -------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
728,137 AAA/NR CW Capital Cobalt, Ltd., 5.174%,
8/15/48 $ 742,114
--------------
Total Diversified Financials $ 44,199,641
- -------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.5%
Mortgage Real Estate Investment Trusts -- 0.5%
942,302 AAA/Aaa Credit Suisse First Boston Mortgage
Securities Corp., 6.51%, 2/15/34 $ 941,833
674,488 AA/Aa2 Credit Suisse First Boston Mortgage
Securities Corp., 7.0%, 5/25/32 429,441
675,000 A+/Baa2 Credit Suisse First Boston Mortgage
Securities Corp., 7.165%, 12/15/35 674,314
2,304,191 1.61 AA+/Aa2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
12/25/33 2,192,629
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 27
Schedule of Investments | 12/31/10 (unaudited) (continued)
- -------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------
Mortgage Real Estate Investment Trusts -- (continued)
400,000 4.52 A-/A3 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
5/15/38 $ 371,694
1,537,333 1.76 AA+/Aa2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
8/25/33 1,445,007
--------------
$ 6,054,918
--------------
Total Real Estate $ 6,054,918
- -------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.1%
Government -- 0.1%
1,236,470 AAA/A2 GSR Mortgage Loan Trust, 4.1408%,
6/25/34 $ 1,246,329
--------------
Total Government $ 1,246,329
- -------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $216,746,465) $ 206,199,878
- -------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 41.0%
ENERGY -- 4.3%
Integrated Oil & Gas -- 0.2%
1,200,000 A/A2 BP Capital Markets Plc, 5.25%, 11/7/13 $ 1,299,616
990,000 BBB+/Baa1 Marathon Oil Corp., 5.9%, 3/15/18 1,122,484
45,000 BBB+/Baa2 Petro-Canada, 4.0%, 7/15/13 47,350
--------------
$ 2,469,450
- -------------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.1%
1,025,000 BBB-/Ba1 Pride International, 6.875%, 8/15/20 $ 1,063,438
- -------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.4%
900,000 3.44 NR/NR Sevan Marine ASA, Floating Rate Note,
5/14/13 (144A) $ 769,500
2,815,000 BBB/Baa2 Weatherford International, Ltd., 9.625%,
3/1/19 3,612,171
--------------
$ 4,381,671
- -------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.1%
2,180,000 BBB/Baa1 Canadian Natural Resources, 5.9%,
2/1/18 $ 2,482,809
1,020,000 BB/Ba3 Chesapeake Energy Corp., 9.5%, 2/15/15 1,150,050
2,292,000 BB/B1 Denbury Resources, Inc., 8.25%, 2/15/20 2,486,820
160,000 BB/B1 Denbury Resources, Inc., 9.75%, 3/1/16 178,400
1,570,996 BBB+/NR Gazprom International SA, 7.201%,
2/1/20 RegS 1,669,183
1,431,981 A/Aa2 Ras Laffan Liquefied Natural Gas Co., Ltd.,
III, 5.832%, 9/30/16 (144A) (b) 1,539,380
The accompanying notes are an integral part of these financial statements.
28 Pioneer Bond Fund | Semiannual Report | 12/31/10
- -------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- (continued)
1,000,000 BBB-/Baa2 TNK-BP Finance SA, 6.625%,
3/20/17 (144A) $ 1,062,500
2,080,000 BBB-/Baa2 TNK-BP Finance SA, 7.5%,
7/18/16 (144A) 2,306,200
1,000,000 BBB-/Baa2 TNK-BP Finance SA, 7.875%,
3/13/18 (144A) 1,133,800
--------------
$ 14,009,142
- ------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.6%
1,150,000 B+/B1 Holly Energy Partners LP, 6.25%, 3/1/15 $ 1,138,500
100,000 B/B2 Petroplus Finance, Ltd., 7.0%,
5/1/17 (144A) 88,500
2,475,000 BBB/Baa2 Spectra Energy Capital, 6.2%, 4/15/18 2,748,893
2,890,000 BBB/Baa2 Valero Energy Corp., 9.375%, 3/15/19 3,587,302
--------------
$ 7,563,195
- ------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.9%
435,000 BBB-/Baa2 Boardwalk Pipelines LLC, 5.5%, 2/1/17 $ 462,171
1,535,000 BBB/Baa2 Buckeye Partners LP, 6.05%, 1/15/18 1,694,081
2,900,000 BBB/Baa2 DCP Midstream, 9.75%, 3/15/19 3,747,728
3,250,000 BBB/Baa2 Kinder Morgan Energy, 5.95%, 2/15/18 3,579,271
1,450,000 BBB-/Ba1 NGPL Pipeco LLC, 6.514%,
12/15/12 (144A) 1,565,000
3,500,000 BBB-/Baa3 Plains All America Pipeline, 6.125%,
1/15/17 3,842,916
3,885,000 A/A3 Questar Pipeline Co., 5.83%, 2/1/18 4,292,921
2,000,000 BB/Ba1 Southern Union Co., 7.2%, 11/1/66 1,842,500
1,500,000 BBB/Baa2 Spectra Energy Capital LLC, 6.75%,
7/15/18 1,655,384
--------------
$ 22,681,972
--------------
Total Energy $ 52,168,868
- ------------------------------------------------------------------------------------------------------
MATERIALS -- 2.8%
Aluminum -- 0.2%
2,425,000 BBB-/Baa3 Alcoa, Inc., 6.15%, 8/15/20 $ 2,490,235
- ------------------------------------------------------------------------------------------------------
Commodity Chemicals -- 0.2%
1,700,000 B+/B1 Nova Chemicals Corp., 8.375%, 11/1/16 $ 1,810,500
- ------------------------------------------------------------------------------------------------------
Construction Materials -- 0.2%
2,260,000 6.64 B-/NR C8 Capital SPV, Ltd., Floating Rate Note,
12/31/49 $ 1,576,264
475,000 BBB/Baa2 Holcim, Ltd., 6.0%, 12/30/19 (144A) 493,261
--------------
$ 2,069,525
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 29
Schedule of Investments | 12/31/10 (unaudited) (continued)
- -------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.8%
3,085,000 BBB-/Baa3 AngloGold Ashanti Holdings, 5.375%,
4/15/20 $ 3,208,400
5,000,000 BBB-/Baa3 Gold Fields Orogen Holding BVI, 4.875%,
10/7/20 4,783,170
950,000 BBB/Baa2 Teck Resources, Ltd., 10.25%, 5/15/16 1,175,625
--------------
$ 9,167,195
- -------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.5%
4,368,000 BBB/Baa2 Agrium, Inc., 6.75%, 1/15/19 $ 4,991,418
1,500,000 BB+/B1 CF Industries Holdings, Inc., 6.875%,
5/1/18 1,605,000
45,000 A-/Baa1 Potash Corp. Saskatchewan, 4.875%,
3/1/13 47,917
--------------
$ 6,644,335
- -------------------------------------------------------------------------------------------------------
Paper Products -- 0.1%
1,350,000 BBB/Ba2 Georgia-Pacific LLC, 5.4%, 11/1/20 $ 1,334,717
- -------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.2%
2,400,000 BBB/Baa2 Cytec Industries, Inc., 8.95%, 7/1/17 $ 2,918,155
- -------------------------------------------------------------------------------------------------------
Steel -- 0.6%
3,900,000 BBB-/Baa3 ArcelorMittal, 6.125%, 6/1/18 $ 4,155,399
2,805,000 BBB-/Baa3 Commercial Metals Co., 7.35%, 8/15/18 2,853,860
--------------
$ 7,009,259
--------------
Total Materials $ 33,443,921
- -------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 3.2%
Aerospace & Defense -- 0.3%
3,020,000 BB/Ba3 Esterline Tech, 6.625%, 3/1/17 $ 3,050,200
- -------------------------------------------------------------------------------------------------------
Building Products -- 0.5%
2,225,000 6.72 B-/BBB- C10 Capital SPV, Ltd., Floating Rate Note,
12/31/49 $ 1,552,431
4,260,000 BBB/Ba2 Masco Corp., 7.125%, 3/15/20 4,456,505
--------------
$ 6,008,936
- -------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.2%
910,000 BBB+/Baa2 Cummins, Inc., 6.75%, 2/15/27 $ 949,108
600,000 BB-/B2 Oshkosh Corp., 8.5%, 3/1/20 658,500
--------------
$ 1,607,608
- -------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.4%
2,665,000 BB/Ba2 Anixter International Corp., 5.95%,
3/1/15 $ 2,668,331
2,670,000 B+/Ba2 Belden CDT, Inc., 7.0%, 3/15/17 2,703,375
--------------
$ 5,371,706
- -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Bond Fund | Semiannual Report | 12/31/10
- ----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.6%
3,500,000 A/A2 Cargill, Inc., 5.2%, 1/22/13 (144A) $ 3,776,077
2,950,000 BBB/Baa2 Tyco Electronics Group SA, 6.55%,
10/1/17 (b) 3,352,424
525,000 A-/Baa1 Tyco International Finance SA, 8.5%,
1/15/19 671,992
--------------
$ 7,800,493
- ----------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.4%
2,150,000 BBB+/Baa1 Ingersoll-Rand Global Holdings, 9.5%,
4/15/14 $ 2,590,131
1,810,000 BBB-/Ba1 Valmont Industries, Inc., 6.625%,
4/20/20 1,882,918
--------------
$ 4,473,049
- ----------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.8%
495,000 BB-/Ba2 Ace Hardware Corp., 9.125%, 6/1/16
(144A) $ 529,650
5,660,000 BBB/Baa1 GATX Financial Corp., 6.0%, 2/15/18 6,041,048
3,450,000 BBB-/Baa2 Glencore Funding LLC, 6.0%, 4/15/14
(144A) 3,645,953
--------------
$ 10,216,651
--------------
Total Capital Goods $ 38,528,643
- ----------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.3%
Office Services & Supplies -- 0.3%
3,110,000 BBB+/A2 Pitney Bowes, Inc., 5.6%, 3/15/18 $ 3,214,891
--------------
Total Commercial Services & Supplies $ 3,214,891
- ----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.3%
Airlines -- 0.1%
799,825 BBB+/Baa2 Southwest Airlines Co., 7.67%, 1/2/14 $ 833,737
- ----------------------------------------------------------------------------------------------------
Railroads -- 0.2%
2,140,000 BBB+/A3 Burlington Northern Santa Fe Corp.,
5.75%, 3/15/18 $ 2,411,234
--------------
Total Transportation $ 3,244,971
- ----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Automobile Manufacturers -- 0.1%
655,000 BBB/Baa2 Hyundai Motor Manufacturer, 4.5%,
4/15/15 $ 672,105
790,000 BBB+/Baa2 Nissan Motor Acceptance Corp., 4.5%,
1/30/15 (144A) 820,281
--------------
$ 1,492,386
--------------
Total Automobiles & Components $ 1,492,386
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 31
Schedule of Investments | 12/31/10 (unaudited) (continued)
- ------------------------------------------------------------------------------------------------------
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 $ 4,497,714
--------------
Total Consumer Durables & Apparel $ 4,497,714
- ------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.8%
Casinos & Gaming -- 0.0%
1,160,000 NR/WD Station Casinos, 6.625%, 3/15/18 (e) $ 116
- ------------------------------------------------------------------------------------------------------
Education Services -- 0.7%
2,160,000 AAA/Aaa Leland Stanford Junior University, 4.75%,
5/1/19 $ 2,319,473
2,470,000 AAA/Aaa President & Fellows of Harvard, 3.7%,
4/1/13 2,616,693
3,095,000 AAA/Aaa President & Fellows of Harvard, 6.3%,
10/1/37 3,347,954
--------------
$ 8,284,120
- ------------------------------------------------------------------------------------------------------
Restaurants -- 0.1%
1,200,000 A/A2 McDonald's Corp., 5.35%, 3/1/18 $ 1,346,413
--------------
Total Consumer Services $ 9,630,649
- ------------------------------------------------------------------------------------------------------
MEDIA -- 0.7%
Broadcasting -- 0.6%
2,620,000 BBB+/Baa1 Grupo Telivisa SA, 6.0%, 5/15/18 (144A) $ 2,882,204
4,250,000 B+/B3 Intelsat Subsidiary Holding Co., 8.5%,
1/15/13 4,255,313
--------------
$ 7,137,517
- ------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
800,000 BBB/Baa2 Time Warner Cable, Inc., 8.25%, 4/1/19 $ 993,738
425,000 BBB/Baa2 Time Warner Cable, Inc., 8.75, 2/14/19 540,799
--------------
$ 1,534,537
--------------
Total Media $ 8,672,054
- ------------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Internet Retail -- 0.3%
800,000 BBB-/Ba1 Expedia, Inc., 5.95%, 8/15/20 $ 804,000
3,000,000 BBB-/Ba1 Expedia, Inc., 8.5%, 7/1/16 (144A) 3,285,000
--------------
$ 4,089,000
--------------
Total Retailing $ 4,089,000
- ------------------------------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 0.1%
Drug Retail -- 0.1%
1,555,000 BBB+/Baa2 CVS Pass-Through Trust, 5.773%,
1/31/33 $ 1,542,062
--------------
Total Food & Drug Retailing $ 1,542,062
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Bond Fund | Semiannual Report | 12/31/10
- -------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.2%
Agricultural Products -- 0.4%
5,175,000 BBB-/Ba1 Viterra, Inc., 5.95%, 8/1/20 $ 4,937,711
- -------------------------------------------------------------------------------------------------------
Brewers -- 0.3%
2,930,000 BBB+/Baa2 Anheuser-Busch InBev Worldwide, Inc.,
7.75%, 1/15/19 (144A) $ 3,645,940
55,000 BBB+/Baa1 Miller Brewing Co., 5.5%,
8/15/13 (144A) 59,697
--------------
$ 3,705,637
- -------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.4%
3,725,000 BBB-/Baa2 Kraft Foods, Inc., 6.5%, 2/9/40 $ 4,174,343
- -------------------------------------------------------------------------------------------------------
Tobacco -- 0.1%
1,535,000 BBB/WD UST, Inc., 5.75%, 3/1/18 $ 1,639,300
--------------
Total Food, Beverage & Tobacco $ 14,456,991
- -------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.4%
Health Care Facilities -- 0.1%
1,050,000 BB/Ba3 HCA, Inc., 7.875%, 2/15/20 $ 1,123,500
385,000 BB/Ba3 HCA, Inc., 8.5%, 4/15/19 421,575
310,000 BB-/B2 HCA, Inc., 9.875%, 2/15/17 341,000
--------------
$ 1,886,075
- -------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.3%
3,275,000 A-/Baa1 United Health Group, 4.875%, 2/15/13 $ 3,486,709
--------------
Total Health Care Equipment & Services $ 5,372,784
- -------------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.9%
Biotechnology -- 0.3%
3,555,000 BBB+/Baa3 Biogen Idec, Inc., 6.0%, 3/1/13 $ 3,839,770
- -------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.5%
5,366,000 BBB-/Baa3 Agilent Technologies, Inc., 6.5%, 11/1/17 $ 5,947,406
---------- --------- ----------------------------------------------------------
Pharmaceuticals -- 0.1%
1,000,000 AA/A1 Abbott Laboratories, 5.125%, 4/1/19 $ 1,101,064
--------------
Total Pharmaceuticals & Biotechnology $ 10,888,240
- -------------------------------------------------------------------------------------------------------
BANKS -- 4.7%
Diversified Banks -- 1.2%
3,515,000 A/Baa1 Barclays Plc, 6.05%, 12/4/17 $ 3,605,698
3,400,000 AA-/Aa3 BNP Paribas, 1.34438%, 4/27/17 3,274,849
3,230,000 A-/A3 Credit Agricole SA, 8.375%, 12/13/49 3,318,825
1,855,000 A/A1 Industrial Bank of Korea, 7.125%,
4/23/14 2,082,356
2,000,000 3.05 A-/NR Scotiabank Peru SA, Floating Rate Note,
3/15/17 (144A) 2,007,200
--------------
$ 14,288,928
- -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 33
Schedule of Investments | 12/31/10 (unaudited) (continued)
- ------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ------------------------------------------------------------------------------------------------------
Regional Banks -- 3.5%
1,870,000 BBB+/A2 American Express Bank FSB, 5.5%,
4/16/13 $ 2,015,473
2,000,000 A/A2 Branch Banking & Trust Co., 4.875%,
1/15/13 (b) 2,123,964
1,190,000 A/NR Cobank ACB, 7.875%, 4/16/18 (144A) 1,322,887
2,425,000 BBB+/Baa1 KeyBank NA, 5.8%, 7/1/14 2,598,414
2,030,000 BBB+/Baa1 Keycorp, 6.5%, 5/14/13 2,204,001
2,505,000 A+/Aa3 Mellon Funding Corp., 5.5%, 11/15/18 2,723,669
1,435,000 A/A3 PNC Bank NA, 6.0%, 12/7/17 1,560,811
6,273,000 8.25 BBB/Baa3 PNC Financial Services Group, Floating
Rate Note, 5/29/49 (b) 6,688,837
1,500,000 8.70 BBB/Baa3 PNC Preferred Funding Trust III, Floating
Rate Note, 3/29/49 1,592,655
2,755,000 A-/Baa1 Sovereign Bancorp, 8.75%, 5/30/18 3,004,176
6,670,000 BBB+/Baa1 State Street Capital, 8.25%, 3/15/42 6,776,720
3,520,000 AA-/Aa3 Wachovia Bank NA, 6.0%, 11/15/17 3,905,317
5,470,000 7.70 A-/Baa3 Wells Fargo & Co., Floating Rate Note,
12/29/49 (b) 5,654,613
--------------
$ 42,171,537
--------------
Total Banks $ 56,460,465
- ------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 8.1%
Asset Management & Custody Banks -- 1.1%
2,000,000 A+/Aa3 Bank of New York, 4.95%, 3/15/15 $ 2,171,004
3,945,000 A-/A3 Eaton Vance Corp., 6.5%, 10/2/17 4,472,048
5,400,000 BB+/Baa3 Janus Capital Group, Inc., 6.95%,
6/15/17 5,625,866
--------------
$ 12,268,918
- ------------------------------------------------------------------------------------------------------
Consumer Finance -- 1.6%
4,435,000 B/B3 American General Finance, 6.9%,
12/15/17 $ 3,581,263
3,875,000 A+/A1 American Honda Finance, 6.7%,
10/1/13 (144A) 4,383,892
1,765,000 BBB/Baa1 Capital One Bank USA NA, 8.8%,
7/15/19 2,171,019
3,335,000 BB/Baa3 Capital One Capital VI, 8.875%, 5/15/40 3,472,569
2,575,000 A/A2 Caterpillar Financial, 7.05%, 10/1/18 3,114,805
3,155,000 4.00 BBB-/Ba1 SLM Corp., Floating Rate Note, 7/25/14 2,865,245
--------------
$ 19,588,793
- ------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 2.3%
3,800,000 BBB/Baa2 Alterra Finance LLC, 6.25%, 9/30/20 $ 3,772,948
625,000 0.00 BB+/NR Caelus Re II, Ltd., Floating Rate Note,
5/24/13 630,625
The accompanying notes are an integral part of these financial statements.
34 Pioneer Bond Fund | Semiannual Report | 12/31/10
- ----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------------
Diversified Financial Services -- (continued)
3,015,000 NR/A2 Crown Castle Towers LLC, 4.883%,
8/15/20 $ 2,897,659
1,625,000 NR/A2 Crown Castle Towers LLC, 6.113%,
1/15/20 1,695,397
1,840,000 BBB+/Baa2 Hyundai Capital Services, Inc., 6.0%,
5/5/15 1,991,737
2,575,000 A+/Aa3 JPMorgan Chase & Co., 6.0%, 1/15/18 2,875,621
5,890,000 BBB+/Baa1 JPMorgan Chase & Co., 7.9%, 4/29/49 6,261,011
1,400,000 BB+/NR Lodestone Re, Ltd., 0.0%,
5/17/13 (144A) 1,401,960
2,400,000 BB+/NR Lodestone Re, Ltd., 0.0%, 1/8/14 2,398,320
1,100,000 A-/A3 Nationsbank Corp., 7.75%, 8/15/15 1,228,726
798,880 A-/Baa1 PF Export Receivable Master Trust,
6.436%, 6/1/15 (144A) 878,768
760,368 BBB/Baa2 Power Receivables Finance, LLC 6.29%,
1/1/12 (144A) 760,786
1,250,000 0.00 BB/NR Residential Reinsurance 2010 LLC,
Floating Rate Note, 6/6/13 (144A) 1,246,875
--------------
$ 28,040,433
- ----------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 2.3%
700,000 BBB-/NR Alta Wind Holdings, Ltd., 7.0%,
6/30/35 (144A) $ 746,592
11,040,000 5.79 BBB-/Baa2 Goldman Sachs Capital, Floating Rate
Note, 12/29/49 9,356,400
2,000,000 A/A1 Goldman Sachs, 5.5%, 11/15/14 2,162,910
3,125,000 BBB/Baa2 Jefferies Group, Inc., 6.875%, 4/15/21 3,247,722
2,730,000 A-/A2 Macquarie Group, Ltd., 6.0%, 1/14/20 2,740,693
3,325,000 A/A2 Merrill Lynch & Co., 5.45%, 2/5/13 3,507,190
2,765,000 A/A2 Morgan Stanley Dean Witter, 6.625%,
4/1/18 2,999,386
3,125,000 A/A2 Morgan Stanley, 5.5%, 1/26/20 3,150,078
--------------
$ 27,910,971
- ----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.8%
2,900,000 BBB+/Baa2 BM&FBovespa SA, 5.5%, 7/16/20 $ 2,950,936
4,680,000 BBB/Baa3 Cantor Fitzgerald LP, 7.875%, 10/15/19 4,819,572
2,000,000 A+/A1 National Rural Utilities Corp., 5.45%,
2/1/18 2,209,046
--------------
$ 9,979,554
--------------
Total Diversified Financials $ 97,788,669
- ----------------------------------------------------------------------------------------------------
INSURANCE -- 4.1%
Insurance Brokers -- 0.1%
1,560,000 BB+/B1 Leucadia National, 7.125%,
3/15/17 (144A) $ 1,606,800
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 35
Schedule of Investments | 12/31/10 (unaudited) (continued)
- --------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------------------
Life & Health Insurance -- 1.8%
850,000 BBB/Baa3 Delphi Financial Group, Inc., 7.875%,
1/31/20 $ 908,062
3,380,000 BBB/Ba1 Lincoln National Corp., 6.05%, 4/20/67 3,118,050
1,690,000 A-/Baa2 Lincoln National Corp., 8.75%, 7/1/19 2,113,933
4,200,000 BBB/Baa2 MetLife, Inc., 10.75%, 8/1/39 5,628,000
4,250,000 A-/Baa2 Protective Life Corp., 7.375%, 10/15/19 4,601,148
2,800,000 A/Baa2 Prudential Financial, Inc., 5.15%,
1/15/13 2,986,463
2,140,000 BBB+/Baa3 Prudential Financial, Inc., 8.875%,
6/15/38 2,487,750
--------------
$ 21,843,406
- --------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 1.0%
650,000 BBB/Baa3 Genworth Financial, Inc., 7.2%, 2/15/21 $ 665,352
4,620,000 BB/Baa3 Liberty Mutual Group, 7.0%,
3/15/37 (144A) 4,149,961
3,035,000 BBB-/Baa2 Liberty Mutual Group, 7.3%,
6/15/14 (144A) 3,318,930
650,000 10.75 BB/Baa3 Liberty Mutual Group, Floating Rate Note,
6/15/58 (144A) 786,500
2,650,000 A/A3 Loew Corp., 5.25%, 3/15/16 2,873,538
--------------
$ 11,794,281
- --------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.7%
5,000,000 BBB-/Baa3 Hanover Insurance Group, 7.625%,
10/15/25 $ 5,011,430
700,000 BBB-/Baa3 The Hanover Insurance Group, Inc., 7.5%,
3/1/20 737,626
2,000,000 A-/A2 Travelers Cos., Inc., 6.25%, 6/15/37 2,222,656
--------------
$ 7,971,712
- --------------------------------------------------------------------------------------------------------
Reinsurance -- 0.5%
250,000 8.92 BB/NR Caelus Re, Ltd., Floating Rate Note,
6/7/11 $ 251,225
600,000 0.00 BB+/A2 Foundation Re III, Ltd., Floating Rate Note,
2/3/14 597,120
5,048,000 BBB+/BBB+ Platinum Underwriters HD, 7.5%, 6/1/17 5,251,384
--------------
$ 6,099,729
--------------
Total Insurance $ 49,315,928
- --------------------------------------------------------------------------------------------------------
REAL ESTATE -- 3.3%
Diversified Real Estate Activities -- 0.4%
4,125,000 A-/A2 WEA Finance LLC, 7.125%, 4/15/18 $ 4,745,276
- --------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Bond Fund | Semiannual Report | 12/31/10
- -----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -----------------------------------------------------------------------------------------------------
Diversified Real Estate Investment Trusts -- 0.7%
5,125,000 BBB+/Baa1 Dexus Finance Pty, Ltd., 7.125%,
10/15/14 $ 5,658,072
1,765,000 BBB/Baa2 Digital Realty Trust LP, 4.5%,
7/15/15 (144A) 1,775,871
725,000 BBB/Baa2 Digital Realty Trust LP, 5.875%, 2/1/20 737,581
--------------
$ 8,171,524
- -----------------------------------------------------------------------------------------------------
Office Real Estate Investment Trusts -- 0.2%
692,000 BBB/Baa2 Mack-Cali Realty LP, 5.125%, 1/15/15 $ 724,831
1,607,000 BBB/Baa2 Mack-Cali Realty LP, 5.125%, 2/15/14 1,697,387
--------------
$ 2,422,218
- -----------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 0.0%
180,000 B-/B3 Forest City Enterprises, 7.625%, 6/1/15 $ 168,300
- -----------------------------------------------------------------------------------------------------
Retail Real Estate Investment Trusts -- 0.3%
2,905,000 BB/Baa3 Developers Diversified Realty, 7.5%,
4/1/17 $ 3,245,149
- -----------------------------------------------------------------------------------------------------
Specialized Real Estate Investment Trusts -- 1.7%
4,125,000 BBB-/Baa2 Health Care REIT, Inc., 6.2%, 6/1/16 $ 4,564,333
860,000 BBB-/Baa2 Health Care, Inc., 6.0%, 11/15/13 941,576
2,425,000 BBB-/Baa3 Healthcare Realty Trust, Inc., 6.5%,
1/17/17 2,615,234
5,325,000 BBB-/Baa2 Hospitality Properties Trust, 7.875%,
8/15/14 5,889,935
4,285,000 BBB-/Baa3 Senior Housing Properties Trust, 6.75%,
4/15/20 4,526,031
540,000 BBB-/Baa3 Ventas Realty LP/CAP Corp., 6.75%,
4/1/17 565,810
1,910,000 BBB-/Baa3 Ventas Realty LP/V, 6.5%, 6/1/16 1,986,305
--------------
$ 21,089,224
--------------
Total Real Estate $ 39,841,691
- -----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.6%
Data Processing & Outsourced Services -- 0.1%
447,000 B-/Caa1 First Data Corp., 12.625%, 1/15/21 $ 426,885
447,000 B-/Caa1 First Data Corp., 8.25%, 1/15/21 (b) 429,120
101,000 B-/Caa1 First Data Corp., 9.875%, 9/24/15 96,203
--------------
$ 952,208
- -----------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.3%
3,950,000 NR/Ba2 GTP Towers Issuer LLC, 4.436%,
2/15/15 (144A) $ 4,083,087
- -----------------------------------------------------------------------------------------------------
Systems Software -- 0.2%
1,800,000 A/A2 Oracle Corp., 5.75%, 4/15/18 $ 2,059,101
--------------
Total Software & Services $ 7,094,396
- -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 37
Schedule of Investments | 12/31/10 (unaudited) (continued)
- ----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.2%
Communications Equipment -- 0.1%
497,000 BBB-/Ba2 Brocade Communications Systems,
6.625%, 1/15/18 $ 523,093
497,000 BBB-/Ba2 Brocade Communications Systems,
6.875%, 1/15/20 529,305
--------------
$ 1,052,398
- ----------------------------------------------------------------------------------------------------
Computer Hardware -- 0.1%
1,700,000 A/A2 Hewlett-Packard Co., 4.5%, 3/1/13 $ 1,819,612
--------------
Total Technology Hardware & Equipment $ 2,872,010
- ----------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.3%
Semiconductor Equipment -- 0.3%
3,140,000 BBB/Baa1 Klac Instruments Corp., 6.9%, 5/1/18 $ 3,454,019
--------------
Total Semiconductors $ 3,454,019
- ----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.5%
Integrated Telecommunication Services -- 0.5%
1,200,000 A-/A2 AT&T, Inc., 5.6%, 5/15/18 $ 1,338,893
2,530,000 B+/B2 Cincinnati Bell, Inc., 8.25%, 10/15/17 2,504,700
580,000 B+/B2 Cincinnati Bell, Inc., 8.375%, 10/15/20 556,800
1,990,000 BBB-/Baa3 Embarq Corp., 7.082%, 6/1/16 2,200,757
--------------
$ 6,601,150
--------------
Total Telecommunication Services $ 6,601,150
- ----------------------------------------------------------------------------------------------------
UTILITIES -- 3.4%
Electric Utilities -- 2.1%
1,275,000 BBB+/A3 CenterPoint Energy Houston Electric LLC,
7.0%, 3/1/14 $ 1,458,183
980,000 A-/Baa1 Commonwealth Edison, 6.15%, 9/15/17 1,117,856
751,683 BBB-/Baa3 Crocket Cogeneration, 5.869%,
3/30/25 (144A) 751,119
3,365,000 A-/A2 Enel Finance International SA, 5.125%,
10/7/19 (144A) 3,334,799
1,330,308 BBB-/Baa3 FPL Energy America Wind LLC, 6.639%,
6/20/23 (144A) 1,335,017
457,800 B+/Ba2 FPL Energy Wind Funding, 6.876%,
6/27/17 (144A) 444,638
1,925,000 BBB-/Baa2 Israel Electric Corp., Ltd., 7.25%,
1/15/19 (144A) 2,118,545
610,000 BBB-/Baa2 Israel Electric Corp., Ltd., 9.375%,
1/28/20 (144A) 766,790
910,000 BBB/Baa3 Nevada Power Co., 6.5%, 8/1/18 1,050,711
5,055,000 BBB+/Baa2 NY State Gas and Electric, 6.15%,
12/15/17 (144A) 5,437,446
The accompanying notes are an integral part of these financial statements.
38 Pioneer Bond Fund | Semiannual Report | 12/31/10
- ----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------------
Electric Utilities -- (continued)
1,001,930 NR/WD Orcal Geothermal, 6.21%,
12/30/20 (144A) $ 951,743
2,690,000 BB+/Baa3 Public Service of New Mexico, 7.95%,
5/15/18 3,023,165
3,550,000 BBB+/A3 West Penn Power Co., 5.95%, 12/15/17 3,913,790
--------------
$ 25,703,802
- ----------------------------------------------------------------------------------------------------
Gas Utilities -- 0.2%
2,450,000 A+/Aa3 Nakilat, Inc., 6.267%, 12/31/33 (144A) $ 2,326,104
- ----------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 1.0%
5,529,176 NR/B1 Coso Geothermal Power Holdings, 7.0%,
7/15/26 (144A) $ 4,783,843
2,675,000 BB-/Ba3 Intergen NV, 9.0%, 6/30/17 (b) 2,835,500
2,105,000 BBB-/Baa3 Kiowa Power Partners LLC, 5.737%,
3/20/21 (144A) 2,135,270
2,570,008 BBB-/Baa3 Panoche Energy Center LLC, 6.88%,
7/31/29 (144A) 2,651,786
--------------
$ 12,406,399
- ----------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.1%
1,365,000 BB/Ba2 NSG Holdings, Inc., 7.75%, 12/15/25 $ 1,269,450
402,410 NR/NR Ormat Funding Corp., 8.25%, 12/30/20 388,829
--------------
$ 1,658,279
--------------
Total Utilities $ 42,094,584
- ----------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $453,116,990) $ 496,766,086
- ----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 20.8%
2,183,547 AAA/Aaa Federal Home Loan Mortgage Corp., 4.5%,
10/1/20 $ 2,302,278
1,180,559 AAA/Aaa Federal Home Loan Mortgage Corp., 4.5%,
3/1/20 1,244,752
3,805,858 AAA/Aaa Federal Home Loan Mortgage Corp., 5.0%,
10/1/20 4,072,862
104,656 AAA/Aaa Federal Home Loan Mortgage Corp., 5.0%,
11/1/34 110,351
155,981 AAA/Aaa Federal Home Loan Mortgage Corp., 5.0%,
12/1/21 165,559
2,530,485 AAA/Aaa Federal Home Loan Mortgage Corp., 5.0%,
2/1/22 2,686,126
2,023,662 AAA/Aaa Federal Home Loan Mortgage Corp., 5.0%,
6/1/35 2,132,516
679,670 AAA/Aaa Federal Home Loan Mortgage Corp., 5.5%,
11/1/34 729,186
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 39
Schedule of Investments | 12/31/10 (unaudited) (continued)
- ----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
171,799 AAA/Aaa Federal Home Loan Mortgage Corp., 5.5%,
11/1/34 $ 184,315
427,024 AAA/Aaa Federal Home Loan Mortgage Corp., 5.5%,
11/1/35 457,734
824,916 AAA/Aaa Federal Home Loan Mortgage Corp., 5.5%,
12/1/18 891,692
2,296,573 AAA/Aaa Federal Home Loan Mortgage Corp., 5.5%,
8/1/35 2,461,732
1,300,168 AAA/Aaa Federal Home Loan Mortgage Corp., 5.5%,
9/1/33 1,396,921
185,795 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
1/1/33 204,187
124,174 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
1/1/34 136,466
360,507 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
1/1/34 394,504
143,032 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
11/1/33 157,191
795,572 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
12/1/33 874,327
573,980 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
12/1/33 632,675
135,172 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
12/1/33 148,553
333,090 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
12/1/36 362,004
45,223 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
2/1/33 49,700
309,526 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
2/1/33 340,166
240,088 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
3/1/33 263,855
770,604 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
3/1/33 846,888
71,458 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
4/1/33 78,532
573,919 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
4/1/35 625,531
2,656,090 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
4/1/36 2,886,650
349,863 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
5/1/17 381,842
1,930,029 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
5/1/34 2,112,040
334,840 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
5/1/34 366,417
The accompanying notes are an integral part of these financial statements.
40 Pioneer Bond Fund | Semiannual Report | 12/31/10
- ----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
183,566 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
5/1/34 $ 200,877
1,374,989 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
6/1/35 1,498,641
615,191 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
6/1/35 670,514
330,110 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
7/1/34 362,788
669,853 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
8/1/34 733,023
598,782 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
9/1/33 658,057
474 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
1/1/31 534
387 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
1/1/31 435
1,638 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
1/1/33 1,842
247,674 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
10/1/33 279,674
57,239 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
10/1/33 64,709
881 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
11/1/30 991
322,194 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
11/1/33 364,291
4,086 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
2/1/33 4,595
9,943 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
3/1/13 10,142
1,626 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
3/1/31 1,828
25,767 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
3/1/31 28,973
23,053 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
4/1/34 26,000
1,003 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
5/1/31 1,127
19,642 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
5/1/31 22,085
371 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
6/1/32 417
4,692 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
7/1/31 5,276
54,868 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
7/1/31 61,694
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 41
Schedule of Investments | 12/31/10 (unaudited) (continued)
- ----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
49,037 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
7/1/32 $ 55,138
11,256 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
8/1/31 12,657
1,939 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
9/1/31 2,180
10,320 AAA/Aaa Federal Home Loan Mortgage Corp., 7.0%,
11/1/30 11,753
226,644 AAA/Aaa Federal Home Loan Mortgage Corp., 7.0%,
8/1/22 246,630
618,562 AAA/Aaa Federal Home Loan Mortgage Corp., 7.0%,
9/1/22 673,109
3,743 AAA/Aaa Federal Home Loan Mortgage Corp., 8.0%,
8/1/31 4,208
2,700,000 NR/NR Federal National Mortgage Association
REMICS, 5.0%, 3/25/24 2,897,868
5,000,000 NR/NR Federal National Mortgage Association
REMICS, 5.0%, 7/25/33 5,343,092
244,429 AAA/Aaa Federal National Mortgage Association
REMICS, 5.69%, 1/25/32 258,164
907 NR/NR Federal National Mortgage Association,
10.3%, 4/25/19 921
7,751 NR/NR Federal National Mortgage Association,
10.3%, 4/25/19 8,999
179,907 AAA/Aaa Federal National Mortgage Association,
4.0%, 7/1/18 187,806
2,240,776 AAA/Aaa Federal National Mortgage Association,
4.5%, 11/1/20 2,364,018
2,134,600 AAA/Aaa Federal National Mortgage Association,
4.50%, 10/1/35 2,203,103
1,868,571 AAA/Aaa Federal National Mortgage Association,
4.50%, 10/1/35 1,928,537
1,352,544 AAA/Aaa Federal National Mortgage Association,
5.0%, 1/1/20 1,454,196
1,710,778 AAA/Aaa Federal National Mortgage Association,
5.0%, 10/1/20 1,839,353
93,518 AAA/Aaa Federal National Mortgage Association,
5.0%, 12/1/17 100,021
270,956 AAA/Aaa Federal National Mortgage Association,
5.0%, 2/1/20 290,642
150,043 AAA/Aaa Federal National Mortgage Association,
5.0%, 2/1/22 159,271
2,614,224 AAA/Aaa Federal National Mortgage Association,
5.0%, 5/1/23 2,804,164
2,849,367 AAA/Aaa Federal National Mortgage Association,
5.0%, 6/1/40 2,997,609
The accompanying notes are an integral part of these financial statements.
42 Pioneer Bond Fund | Semiannual Report | 12/31/10
- ----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
4,620,442 AAA/Aaa Federal National Mortgage Association,
5.0%, 7/1/40 $ 4,860,827
4,922,551 AAA/Aaa Federal National Mortgage Association,
5.0%, 7/1/40 5,178,653
2,917,856 AAA/Aaa Federal National Mortgage Association,
5.0%, 8/1/40 3,069,661
1,164,898 AAA/Aaa Federal National Mortgage Association,
5.5%, 12/1/17 1,256,412
80,403 AAA/Aaa Federal National Mortgage Association,
5.5%, 2/1/18 87,484
902,833 AAA/Aaa Federal National Mortgage Association,
5.5%, 3/1/25 975,765
2,148,131 AAA/Aaa Federal National Mortgage Association,
5.5%, 3/1/36 2,303,383
1,897,401 AAA/Aaa Federal National Mortgage Association,
5.5%, 5/1/36 2,034,533
203,772 AAA/Aaa Federal National Mortgage Association,
5.5%, 6/1/33 219,645
2,283,155 AAA/Aaa Federal National Mortgage Association,
5.5%, 6/1/36 2,448,166
34,301 AAA/Aaa Federal National Mortgage Association,
5.5%, 7/1/23 37,140
870,512 AAA/Aaa Federal National Mortgage Association,
5.5%, 7/1/33 938,324
4,142,239 AAA/Aaa Federal National Mortgage Association,
5.5%, 7/1/34 4,458,440
68,505 AAA/Aaa Federal National Mortgage Association,
5.5%, 9/1/17 73,867
1,200,708 AAA/Aaa Federal National Mortgage Association,
5.5%, 9/1/19 1,296,202
3,089 AAA/Aaa Federal National Mortgage Association,
6.0%, 1/1/29 3,403
2,408 AAA/Aaa Federal National Mortgage Association,
6.0%, 1/1/29 2,625
14,112 AAA/Aaa Federal National Mortgage Association,
6.0%, 1/1/32 15,546
299,906 AAA/Aaa Federal National Mortgage Association,
6.0%, 10/1/32 330,377
96,180 AAA/Aaa Federal National Mortgage Association,
6.0%, 10/1/34 105,501
1,335,638 AAA/Aaa Federal National Mortgage Association,
6.0%, 10/1/35 1,457,568
100,209 AAA/Aaa Federal National Mortgage Association,
6.0%, 11/1/33 110,390
60,610 AAA/Aaa Federal National Mortgage Association,
6.0%, 11/1/34 66,484
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 43
Schedule of Investments | 12/31/10 (unaudited) (continued)
- ----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
2,963,402 AAA/Aaa Federal National Mortgage Association,
6.0%, 12/1/35 $ 3,233,932
31,855 AAA/Aaa Federal National Mortgage Association,
6.0%, 2/1/32 35,113
117,171 AAA/Aaa Federal National Mortgage Association,
6.0%, 2/1/32 129,076
202,311 AAA/Aaa Federal National Mortgage Association,
6.0%, 2/1/33 222,867
19,605 AAA/Aaa Federal National Mortgage Association,
6.0%, 2/1/35 21,505
50,068 AAA/Aaa Federal National Mortgage Association,
6.0%, 2/1/35 54,920
432,230 AAA/Aaa Federal National Mortgage Association,
6.0%, 3/1/33 476,146
25,899 AAA/Aaa Federal National Mortgage Association,
6.0%, 3/1/33 28,530
1,154,640 AAA/Aaa Federal National Mortgage Association,
6.0%, 4/1/33 1,271,955
1,088,898 AAA/Aaa Federal National Mortgage Association,
6.0%, 4/1/35 1,199,533
63,397 AAA/Aaa Federal National Mortgage Association,
6.0%, 5/1/33 69,838
493,859 AAA/Aaa Federal National Mortgage Association,
6.0%, 5/1/35 538,943
108,745 AAA/Aaa Federal National Mortgage Association,
6.0%, 6/1/16 118,379
431,058 AAA/Aaa Federal National Mortgage Association,
6.0%, 7/1/33 474,855
1,476,044 AAA/Aaa Federal National Mortgage Association,
6.0%, 7/1/33 1,626,015
484,070 AAA/Aaa Federal National Mortgage Association,
6.0%, 7/1/38 526,596
21,436 AAA/Aaa Federal National Mortgage Association,
6.0%, 8/1/32 23,614
770,390 AAA/Aaa Federal National Mortgage Association,
6.0%, 8/1/34 848,664
5,403 AAA/Aaa Federal National Mortgage Association,
6.0%, 9/1/29 5,952
3,094 AAA/Aaa Federal National Mortgage Association,
6.0%, 9/1/32 3,409
76,140 AAA/Aaa Federal National Mortgage Association,
6.0%, 9/1/34 83,519
343,190 AAA/Aaa Federal National Mortgage Association,
6.0%, 9/1/34 376,451
1,252,309 AAA/Aaa Federal National Mortgage Association,
6.0%, 9/1/34 1,373,677
The accompanying notes are an integral part of these financial statements.
44 Pioneer Bond Fund | Semiannual Report | 12/31/10
- -------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
62,174 AAA/Aaa Federal National Mortgage Association,
6.0%, 9/1/34 $ 68,200
52,004 AAA/Aaa Federal National Mortgage Association,
6.5% 9/1/31 58,474
8,970 AAA/Aaa Federal National Mortgage Association,
6.5%, 1/1/31 10,086
43,047 AAA/Aaa Federal National Mortgage Association,
6.5%, 10/1/31 48,402
4,313 AAA/Aaa Federal National Mortgage Association,
6.5%, 10/1/31 4,850
12,606 AAA/Aaa Federal National Mortgage Association,
6.5%, 10/1/31 14,174
134,898 AAA/Aaa Federal National Mortgage Association,
6.5%, 10/1/32 151,681
257,016 AAA/Aaa Federal National Mortgage Association,
6.5%, 12/1/31 288,993
41,017 AAA/Aaa Federal National Mortgage Association,
6.5%, 2/1/32 46,120
82,035 AAA/Aaa Federal National Mortgage Association,
6.5%, 2/1/32 92,241
110,828 AAA/Aaa Federal National Mortgage Association,
6.5%, 2/1/33 124,617
141,753 AAA/Aaa Federal National Mortgage Association,
6.5%, 3/1/32 159,389
7,350 AAA/Aaa Federal National Mortgage Association,
6.5%, 4/1/31 8,265
45,501 AAA/Aaa Federal National Mortgage Association,
6.5%, 5/1/31 51,162
195,888 AAA/Aaa Federal National Mortgage Association,
6.5%, 6/1/31 220,260
35,918 AAA/Aaa Federal National Mortgage Association,
6.5%, 7/1/29 40,387
112,167 AAA/Aaa Federal National Mortgage Association,
6.5%, 7/1/34 127,350
16,818 AAA/Aaa Federal National Mortgage Association,
6.5%, 8/1/31 18,911
30,950 AAA/Aaa Federal National Mortgage Association,
6.5%, 9/1/31 34,801
67,948 AAA/Aaa Federal National Mortgage Association,
7.0%, 1/1/32 77,380
5,040 AAA/Aaa Federal National Mortgage Association,
7.0%, 12/1/30 5,738
11,743 AAA/Aaa Federal National Mortgage Association,
7.0%, 12/1/30 13,370
59,790 AAA/Aaa Federal National Mortgage Association,
7.0%, 12/1/31 68,115
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 45
Schedule of Investments | 12/31/10 (unaudited) (continued)
- -------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
92,734 AAA/Aaa Federal National Mortgage Association,
7.0%, 12/1/31 $ 105,646
907 AAA/Aaa Federal National Mortgage Association,
7.0%, 3/1/12 926
28,021 AAA/Aaa Federal National Mortgage Association,
7.0%, 4/1/31 31,905
15,116 AAA/Aaa Federal National Mortgage Association,
7.0%, 7/1/21 17,282
11,414 AAA/Aaa Federal National Mortgage Association,
7.0%, 9/1/31 13,004
48,114 AAA/Aaa Federal National Mortgage Association,
7.0%, 9/1/31 54,814
2,082 AAA/Aaa Federal National Mortgage Association,
7.5%, 4/1/30 2,390
2,022 AAA/Aaa Federal National Mortgage Association,
7.5%, 8/1/20 2,325
1,276 AAA/Aaa Federal National Mortgage Association,
8.0%, 10/1/30 1,427
5,823 AAA/Aaa Federal National Mortgage Association,
8.0%, 2/1/29 6,722
1,337 AAA/Aaa Federal National Mortgage Association,
8.0%, 2/1/30 1,545
915 AAA/Aaa Federal National Mortgage Association,
8.0%, 2/1/30 1,057
17,452 AAA/Aaa Federal National Mortgage Association,
8.0%, 3/1/31 20,170
3,617 AAA/Aaa Federal National Mortgage Association,
8.0%, 4/1/20 4,259
1,388 AAA/Aaa Federal National Mortgage Association,
8.0%, 4/1/30 1,606
452 AAA/Aaa Federal National Mortgage Association,
8.0%, 5/1/31 523
1,095 AAA/Aaa Federal National Mortgage Association,
8.0%, 7/1/30 1,266
247,588 AAA/Aaa Government National Mortgage
Association I, 6.0%, 2/15/29 273,364
25,331 AAA/Aaa Government National Mortgage
Association I, 7.0%, 12/15/30 29,046
45,822 AAA/Aaa Government National Mortgage
Association I, 7.0%, 3/15/31 52,567
12,404 AAA/Aaa Government National Mortgage
Association I, 7.5%, 10/15/29 14,340
1,190,820 AAA/Aaa Government National Mortgage
Association II, 4.5%, 1/20/35 1,249,865
534,051 AAA/Aaa Government National Mortgage
Association II, 4.5%, 12/20/34 561,019
The accompanying notes are an integral part of these financial statements.
46 Pioneer Bond Fund | Semiannual Report | 12/31/10
- -------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
1,595,314 AAA/Aaa Government National Mortgage
Association II, 5.5%, 10/20/19 $ 1,723,657
85,034 AAA/Aaa Government National Mortgage
Association II, 5.5%, 11/20/34 91,966
816,724 AAA/Aaa Government National Mortgage
Association II, 5.5%, 3/20/34 883,301
5,870 AAA/Aaa Government National Mortgage
Association II, 6.5%, 2/20/29 6,641
2,468 AAA/Aaa Government National Mortgage
Association II, 6.5%, 3/20/29 2,792
77,117 AAA/Aaa Government National Mortgage
Association II, 6.5%, 4/20/29 87,248
193,780 AAA/Aaa Government National Mortgage
Association II, 7.0%, 1/20/29 221,147
183,702 AAA/Aaa Government National Mortgage
Association II, 7.0%, 11/20/28 209,551
5,702 AAA/Aaa Government National Mortgage
Association II, 7.0%, 12/20/30 6,510
1,010,718 AAA/Aaa Government National Mortgage
Association, 4.5%, 10/15/33 1,057,035
782,156 AAA/Aaa Government National Mortgage
Association, 4.5%, 10/15/33 818,000
1,093,614 AAA/Aaa Government National Mortgage
Association, 4.5%, 10/15/35 1,140,997
91,420 AAA/Aaa Government National Mortgage
Association, 4.5%, 2/15/34 95,614
799,361 AAA/Aaa Government National Mortgage
Association, 4.5%, 3/15/35 833,995
302,497 AAA/Aaa Government National Mortgage
Association, 4.5%, 3/15/35 315,603
220,982 AAA/Aaa Government National Mortgage
Association, 4.5%, 3/20/35 231,939
1,024,636 AAA/Aaa Government National Mortgage
Association, 4.5%, 4/15/35 1,069,030
132,673 AAA/Aaa Government National Mortgage
Association, 4.5%, 4/15/35 138,422
716,872 AAA/Aaa Government National Mortgage
Association, 4.5%, 4/15/38 745,692
90,162 AAA/Aaa Government National Mortgage
Association, 4.5%, 5/15/34 94,181
256,014 AAA/Aaa Government National Mortgage
Association, 4.5%, 7/15/33 267,746
934,339 AAA/Aaa Government National Mortgage
Association, 4.5%, 9/15/33 977,156
217,124 AAA/Aaa Government National Mortgage
Association, 4.5%, 9/15/35 226,531
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 47
Schedule of Investments | 12/31/10 (unaudited) (continued)
- ---------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
627,976 AAA/Aaa Government National Mortgage
Association, 5.0%, 10/15/18 $ 673,210
499,892 AAA/Aaa Government National Mortgage
Association, 5.0%, 4/15/34 533,061
1,171,362 AAA/Aaa Government National Mortgage
Association, 5.0%, 4/15/35 1,258,600
533,900 AAA/Aaa Government National Mortgage
Association, 5.0%, 7/15/19 572,108
5,713 AAA/Aaa Government National Mortgage
Association, 5.0%, 7/15/19 6,122
345,946 AAA/Aaa Government National Mortgage
Association, 5.0%, 9/15/33 370,422
607,899 AAA/Aaa Government National Mortgage
Association, 5.5%, 1/15/35 659,472
771,005 AAA/Aaa Government National Mortgage
Association, 5.5%, 10/15/17 834,612
204,177 AAA/Aaa Government National Mortgage
Association, 5.5%, 10/15/17 221,022
89,345 AAA/Aaa Government National Mortgage
Association, 5.5%, 10/15/33 97,065
421,879 AAA/Aaa Government National Mortgage
Association, 5.5%, 10/15/35 457,671
808,363 AAA/Aaa Government National Mortgage
Association, 5.5%, 10/15/35 876,943
228,288 AAA/Aaa Government National Mortgage
Association, 5.5%, 11/15/18 247,407
953,386 AAA/Aaa Government National Mortgage
Association, 5.5%, 11/15/19 1,033,083
1,604,730 AAA/Aaa Government National Mortgage
Association, 5.5%, 11/15/34 1,742,880
97,200 AAA/Aaa Government National Mortgage
Association, 5.5%, 12/15/18 105,341
447,713 AAA/Aaa Government National Mortgage
Association, 5.5%, 2/15/18 485,209
576,242 AAA/Aaa Government National Mortgage
Association, 5.5%, 2/15/18 624,502
175,658 AAA/Aaa Government National Mortgage
Association, 5.5%, 2/15/35 190,560
502,869 AAA/Aaa Government National Mortgage
Association, 5.5%, 2/15/35 545,532
244,844 AAA/Aaa Government National Mortgage
Association, 5.5%, 2/15/37 265,310
3,998 AAA/Aaa Government National Mortgage
Association, 5.5%, 4/15/19 4,366
755,155 AAA/Aaa Government National Mortgage
Association, 5.5%, 4/20/34 816,714
The accompanying notes are an integral part of these financial statements.
48 Pioneer Bond Fund | Semiannual Report | 12/31/10
- ---------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
70,540 AAA/Aaa Government National Mortgage
Association, 5.5%, 6/15/33 $ 76,741
642,835 AAA/Aaa Government National Mortgage
Association, 5.5%, 6/15/35 699,381
288,494 AAA/Aaa Government National Mortgage
Association, 5.5%, 7/15/33 313,421
320,740 AAA/Aaa Government National Mortgage
Association, 5.5%, 7/15/33 348,452
1,810,747 AAA/Aaa Government National Mortgage
Association, 5.5%, 7/15/34 1,969,624
1,806,907 AAA/Aaa Government National Mortgage
Association, 5.5%, 7/15/35 1,960,203
770,007 AAA/Aaa Government National Mortgage
Association, 5.5%, 8/15/19 835,819
907,057 AAA/Aaa Government National Mortgage
Association, 5.5%, 8/15/19 985,999
55,848 AAA/Aaa Government National Mortgage
Association, 5.5%, 8/15/33 60,674
69,209 AAA/Aaa Government National Mortgage
Association, 5.5%, 8/15/33 75,188
133,858 AAA/Aaa Government National Mortgage
Association, 5.5%, 8/15/33 145,423
600,857 AAA/Aaa Government National Mortgage
Association, 5.5%, 9/15/19 651,084
718,677 AAA/Aaa Government National Mortgage
Association, 5.5%, 9/15/33 780,772
41,788 AAA/Aaa Government National Mortgage
Association, 6.0%, 1/15/17 45,555
89,862 AAA/Aaa Government National Mortgage
Association, 6.0%, 1/15/19 98,385
148,862 AAA/Aaa Government National Mortgage
Association, 6.0%, 1/15/33 165,523
399,197 AAA/Aaa Government National Mortgage
Association, 6.0%, 1/15/33 440,757
104,838 AAA/Aaa Government National Mortgage
Association, 6.0%, 10/15/32 115,753
151,358 AAA/Aaa Government National Mortgage
Association, 6.0%, 10/15/33 168,298
806,355 AAA/Aaa Government National Mortgage
Association, 6.0%, 10/15/34 896,350
973,310 AAA/Aaa Government National Mortgage
Association, 6.0%, 10/15/36 1,073,118
146,087 AAA/Aaa Government National Mortgage
Association, 6.0%, 11/15/31 161,296
393,337 AAA/Aaa Government National Mortgage
Association, 6.0%, 11/15/34 437,237
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 49
Schedule of Investments | 12/31/10 (unaudited) (continued)
- ---------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
222,265 AAA/Aaa Government National Mortgage
Association, 6.0%, 12/15/32 $ 249,497
113,732 AAA/Aaa Government National Mortgage
Association, 6.0%, 2/15/33 126,461
166,300 AAA/Aaa Government National Mortgage
Association, 6.0%, 3/15/17 181,293
152,069 AAA/Aaa Government National Mortgage
Association, 6.0%, 3/15/17 165,779
6,379 AAA/Aaa Government National Mortgage
Association, 6.0%, 3/15/32 7,043
352,997 AAA/Aaa Government National Mortgage
Association, 6.0%, 3/15/33 392,504
329,833 AAA/Aaa Government National Mortgage
Association, 6.0%, 3/15/33 366,749
475,890 AAA/Aaa Government National Mortgage
Association, 6.0%, 3/15/33 529,152
991,376 AAA/Aaa Government National Mortgage
Association, 6.0%, 3/15/33 1,102,331
435,470 AAA/Aaa Government National Mortgage
Association, 6.0%, 3/15/33 480,805
887,740 AAA/Aaa Government National Mortgage
Association, 6.0%, 3/15/33 980,161
9,066 AAA/Aaa Government National Mortgage
Association, 6.0%, 4/15/13 9,866
827 AAA/Aaa Government National Mortgage
Association, 6.0%, 4/15/14 900
165,254 AAA/Aaa Government National Mortgage
Association, 6.0%, 4/15/18 180,282
327,935 AAA/Aaa Government National Mortgage
Association, 6.0%, 4/15/33 364,637
72,463 AAA/Aaa Government National Mortgage
Association, 6.0%, 4/15/33 80,573
193,924 AAA/Aaa Government National Mortgage
Association, 6.0%, 4/15/33 215,628
256,199 AAA/Aaa Government National Mortgage
Association, 6.0%, 5/15/17 279,297
207,074 AAA/Aaa Government National Mortgage
Association, 6.0%, 5/15/17 225,742
441,407 AAA/Aaa Government National Mortgage
Association, 6.0%, 5/15/33 490,809
47,971 AAA/Aaa Government National Mortgage
Association, 6.0%, 6/15/17 52,296
25,904 AAA/Aaa Government National Mortgage
Association, 6.0%, 6/15/33 28,804
502,052 AAA/Aaa Government National Mortgage
Association, 6.0%, 7/15/33 535,834
The accompanying notes are an integral part of these financial statements.
50 Pioneer Bond Fund | Semiannual Report | 12/31/10
- --------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
2,127 AAA/Aaa Government National Mortgage
Association, 6.0%, 8/15/13 $ 2,248
87,197 AAA/Aaa Government National Mortgage
Association, 6.0%, 8/15/32 96,275
27,145 AAA/Aaa Government National Mortgage
Association, 6.0%, 8/15/32 29,971
1,396,529 AAA/Aaa Government National Mortgage
Association, 6.0%, 8/15/36 1,542,646
428,556 AAA/Aaa Government National Mortgage
Association, 6.0%, 9/15/19 467,595
900,039 AAA/Aaa Government National Mortgage
Association, 6.0%, 9/15/28 993,740
168,701 AAA/Aaa Government National Mortgage
Association, 6.0%, 9/15/32 186,265
12,067 AAA/Aaa Government National Mortgage
Association, 6.0%, 9/15/32 13,323
35,734 AAA/Aaa Government National Mortgage
Association, 6.0%, 9/15/33 39,734
181,341 AAA/Aaa Government National Mortgage
Association, 6.0%, 9/15/33 201,637
158,053 AAA/Aaa Government National Mortgage
Association, 6.0%, 9/15/34 175,693
476,821 AAA/Aaa Government National Mortgage
Association, 6.0%, 9/15/34 530,038
2,117,594 AAA/Aaa Government National Mortgage
Association, 6.0%, 9/15/35 2,354,285
46,851 AAA/Aaa Government National Mortgage
Association, 6.5%, 1/15/29 53,191
254,332 AAA/Aaa Government National Mortgage
Association, 6.5%, 1/15/32 288,752
1,195,511 AAA/Aaa Government National Mortgage
Association, 6.5%, 1/15/33 1,357,302
12,620 AAA/Aaa Government National Mortgage
Association, 6.5%, 1/15/33 14,328
92,983 AAA/Aaa Government National Mortgage
Association, 6.5%, 1/15/34 105,392
10,950 AAA/Aaa Government National Mortgage
Association, 6.5%, 1/15/35 12,412
113,611 AAA/Aaa Government National Mortgage
Association, 6.5%, 10/15/31 128,986
370,297 AAA/Aaa Government National Mortgage
Association, 6.5%, 10/15/31 420,410
21,530 AAA/Aaa Government National Mortgage
Association, 6.5%, 10/15/31 24,444
259,725 AAA/Aaa Government National Mortgage
Association, 6.5%, 10/15/32 294,874
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 51
Schedule of Investments | 12/31/10 (unaudited) (continued)
- --------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
5,163 AAA/Aaa Government National Mortgage
Association, 6.5%, 10/15/33 $ 5,852
13,724 AAA/Aaa Government National Mortgage
Association, 6.5%, 11/15/31 15,581
181,301 AAA/Aaa Government National Mortgage
Association, 6.5%, 11/15/32 205,836
1,145,011 AAA/Aaa Government National Mortgage
Association, 6.5%, 12/15/32 1,299,968
4,276 AAA/Aaa Government National Mortgage
Association, 6.5%, 2/15/29 4,855
17,770 AAA/Aaa Government National Mortgage
Association, 6.5%, 2/15/29 20,174
98,762 AAA/Aaa Government National Mortgage
Association, 6.5%, 2/15/32 112,127
251,265 AAA/Aaa Government National Mortgage
Association, 6.5%, 2/15/34 286,525
27,281 AAA/Aaa Government National Mortgage
Association, 6.5%, 3/15/29 30,974
138,647 AAA/Aaa Government National Mortgage
Association, 6.5%, 3/15/29 157,410
35,663 AAA/Aaa Government National Mortgage
Association, 6.5%, 3/15/29 40,490
28,544 AAA/Aaa Government National Mortgage
Association, 6.5%, 3/15/31 32,407
66,726 AAA/Aaa Government National Mortgage
Association, 6.5%, 3/15/32 75,756
226,516 AAA/Aaa Government National Mortgage
Association, 6.5%, 4/15/31 257,171
23,950 AAA/Aaa Government National Mortgage
Association, 6.5%, 4/15/32 27,191
129,246 AAA/Aaa Government National Mortgage
Association, 6.5%, 4/15/35 146,899
450 AAA/Aaa Government National Mortgage
Association, 6.5%, 5/15/26 510
213,462 AAA/Aaa Government National Mortgage
Association, 6.5%, 5/15/29 242,435
10,241 AAA/Aaa Government National Mortgage
Association, 6.5%, 5/15/29 11,627
65,878 AAA/Aaa Government National Mortgage
Association, 6.5%, 5/15/31 74,793
56,584 AAA/Aaa Government National Mortgage
Association, 6.5%, 5/15/31 64,241
27,808 AAA/Aaa Government National Mortgage
Association, 6.5%, 5/15/32 31,571
102,080 AAA/Aaa Government National Mortgage
Association, 6.5%, 5/15/33 115,703
The accompanying notes are an integral part of these financial statements.
52 Pioneer Bond Fund | Semiannual Report | 12/31/10
- --------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- --------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
48,571 AAA/Aaa Government National Mortgage
Association, 6.5%, 6/15/32 $ 55,144
312,754 AAA/Aaa Government National Mortgage
Association, 6.5%, 6/15/34 356,644
19,043 AAA/Aaa Government National Mortgage
Association, 6.5%, 6/15/35 21,715
568,490 AAA/Aaa Government National Mortgage
Association, 6.5%, 7/15/32 645,426
113,243 AAA/Aaa Government National Mortgage
Association, 6.5%, 7/15/32 128,568
200,879 AAA/Aaa Government National Mortgage
Association, 6.5%, 7/15/35 227,688
170,745 AAA/Aaa Government National Mortgage
Association, 6.5%, 7/15/35 193,639
1,056 AAA/Aaa Government National Mortgage
Association, 6.5%, 8/15/11 1,065
141,082 AAA/Aaa Government National Mortgage
Association, 6.5%, 8/15/31 160,175
84,145 AAA/Aaa Government National Mortgage
Association, 6.5%, 8/15/32 95,532
25,241 AAA/Aaa Government National Mortgage
Association, 6.5%, 8/15/32 28,656
17,967 AAA/Aaa Government National Mortgage
Association, 6.5%, 9/15/34 20,365
39,940 AAA/Aaa Government National Mortgage
Association, 7.0%, 10/15/31 45,819
119,915 AAA/Aaa Government National Mortgage
Association, 7.0%, 11/15/28 137,365
48,958 AAA/Aaa Government National Mortgage
Association, 7.0%, 11/15/28 56,082
9,109 AAA/Aaa Government National Mortgage
Association, 7.0%, 12/15/13 9,715
9,372 AAA/Aaa Government National Mortgage
Association, 7.0%, 12/15/30 10,746
4,856 AAA/Aaa Government National Mortgage
Association, 7.0%, 4/15/28 5,564
48,125 AAA/Aaa Government National Mortgage
Association, 7.0%, 4/15/29 55,162
17,272 AAA/Aaa Government National Mortgage
Association, 7.0%, 4/15/31 19,814
172,251 AAA/Aaa Government National Mortgage
Association, 7.0%, 5/15/32 197,252
32,402 AAA/Aaa Government National Mortgage
Association, 7.0%, 6/15/31 37,172
81,622 AAA/Aaa Government National Mortgage
Association, 7.0%, 6/15/31 93,592
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 53
Schedule of Investments | 12/31/10 (unaudited) (continued)
- -------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
9,991 AAA/Aaa Government National Mortgage
Association, 7.0%, 7/15/31 $ 11,457
3,650 AAA/Aaa Government National Mortgage
Association, 7.0%, 8/15/28 4,182
386,678 AAA/Aaa Government National Mortgage
Association, 7.0%, 8/15/31 443,597
5,542 AAA/Aaa Government National Mortgage
Association, 7.0%, 9/15/11 5,646
44,472 AAA/Aaa Government National Mortgage
Association, 7.0%, 9/15/31 51,018
100,643 AAA/Aaa Government National Mortgage
Association, 7.5%, 12/15/31 116,654
6,062 AAA/Aaa Government National Mortgage
Association, 7.5%, 2/15/26 6,990
17,255 AAA/Aaa Government National Mortgage
Association, 7.5%, 2/15/31 20,000
284 AAA/Aaa Government National Mortgage
Association, 7.5%, 8/15/11 285
21,446 AAA/Aaa Government National Mortgage
Association, 7.5%, 8/15/29 24,792
9,670 AAA/Aaa Government National Mortgage
Association, 7.75%, 2/15/30 11,358
83,150,625 0.70 NR/NR Government National Mortgage
Association, Floating Rate Note,
11/16/51 4,065,118
11,750,000 AAA/Aaa U.S. Treasury Bonds, 2.75%, 2/15/19 11,598,531
5,100,000 AAA/Aaa U.S. Treasury Bonds, 5.25%, 11/15/28 5,845,079
4,750,000 AAA/Aaa U.S. Treasury Bonds, 6.25%, 8/15/23 5,970,156
6,380,000 AAA/Aaa U.S. Treasury Notes, 3.125%, 5/15/19 6,447,290
2,500,000 AAA/Aaa U.S. Treasury Notes, 3.625%, 8/15/19 2,611,720
7,620,000 AAA/Aaa U.S. Treasury Notes, 4.25%, 5/15/39 7,506,889
1,365,000 NR/Aaa U.S. Treasury Notes, 4.375%, 11/15/39 1,372,251
5,450,000 AAA/Aaa U.S. Treasury Notes, 4.375%, 2/15/38 5,507,906
2,000,000 AAA/Aaa U.S. Treasury Notes, 4.375%, 5/15/40 2,009,680
7,340,000 AAA/Aaa U.S. Treasury Notes, 4.5%, 2/15/36 7,599,190
8,435,000 AAA/Aaa U.S. Treasury Notes, 4.5%, 5/15/38 8,690,682
9,068,000 AAA/Aaa U.S. Treasury Notes, 4.5%, 8/15/39 9,311,703
4,000,000 NR/Aaa U.S. Treasury Notes, 4.625%, 2/15/40 4,190,000
840,000 AAA/Aaa U.S. Treasury Notes, 5.5%, 8/15/28 989,756
450,000 AAA/Aaa U.S. Treasury Notes, 7.875%, 2/15/21 627,750
--------------
$ 252,447,102
- -------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $239,614,323) $ 252,447,102
- -------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
54 Pioneer Bond Fund | Semiannual Report | 12/31/10
- -----------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -----------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 0.1%
BANKS -- 0.1%
Diversified Banks -- 0.1%
625,000 A/A1 Export-Import Bank of Korea, 5.875%,
1/14/15 $ 676,831
--------------
Total Banks $ 676,831
- -----------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $622,250) $ 676,831
- -----------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 1.0%
Municipal General -- 0.3%
1,660,000 AA+/Aa1 State of Washington, 5.0%, 7/1/18 $ 1,914,129
855,000 A+/A1 State of Illinois, 3.321%, 1/1/13 857,155
--------------
$ 2,771,284
- -----------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 0.7%
4,380,000 AA+/Aa2 California State University Revenue, 5.0%,
11/1/39 $ 4,217,940
4,600,000 AAA/Aaa Connecticut State Health & Education,
5.0%, 7/1/42 4,666,194
--------------
$ 8,884,134
- -----------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $11,633,662) $ 11,655,418
- -----------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN
INTERESTS -- 9.3%**
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 $ 1,479,810
- -----------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.1%
1,505,978 5.25 NR/Ba2 Pilot Travel Centers, Initial Tranche B Term
Loan, 6/30/16 $ 1,530,827
--------------
Total Energy $ 3,010,637
- -----------------------------------------------------------------------------------------------------------
MATERIALS -- 0.9%
Diversified Chemical -- 0.2%
201,370 1.79 BB+/Ba2 Celanese Holdings LLC, Term B Dollar
Loan, 4/2/14 $ 201,426
201,370 3.29 BB+/Ba2 Celanese Holdings LLC, Term C Dollar
Loan, 10/31/16 202,755
358,847 1.78 BB-/Ba2 Huntsman Corp., New Term B Loan,
4/21/14 351,719
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 55
Schedule of Investments | 12/31/10 (unaudited) (continued)
- ----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------------
Diversified Chemical -- (continued)
949,817 7.50 NR/NR Ineos U.S. Finance Corp., Senior Credit
Term Loan, 12/16/13 $ 981,873
950,544 8.00 NR/NR Ineos U.S. Finance Corp., Senior Credit
Term Loan, 12/16/14 982,625
--------------
$ 2,720,398
- ----------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.2%
500,343 5.52 B/Ba3 BWAY Holding Co., Term B Loan, 3/28/17 $ 504,176
1,831,430 6.75 B+/B2 Graham Packaging Co., Term C Loan,
4/5/14 1,853,015
46,907 5.56 B/Ba3 ICL Industrial Containers, Term C Loan,
6/16/17 47,266
--------------
$ 2,404,457
- ----------------------------------------------------------------------------------------------------
Paper Packaging -- 0.3%
369,075 6.00 B+/B2 Graham Packaging Co., Term D Loan,
9/9/16 $ 373,842
2,474,870 3.04 BB/Ba2 Graphic Packaging International, Inc.,
Incremental Term Loan, 5/16/14 2,467,290
--------------
$ 2,841,132
- ----------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.1%
1,441,196 6.27 NR/NR Fairmount Minerals, Ltd., Tranche B Term
- ----------------------------------------------------------------------------------------------------
Loan, 7/11/16 $ 1,468,519
--------------------------------------------------------
Specialty Chemicals -- 0.1%
385,000 6.00 NR/NR Chemtura Corp., Term Loan, 3/22/11 $ 385,963
1,235,000 5.50 NR/NR Chemtura Corp., Term Facility Loan,
8/11/16 1,248,894
--------------
$ 1,634,857
--------------
Total Materials $ 11,069,363
- ----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.9%
Aerospace & Defense -- 0.8%
987,521 4.04 NR/NR DAE Aviation Holdings, Inc., Tranche B1
Term Loan, 7/31/14 $ 977,646
3,531,150 6.25 BB-/Ba3 DynCorp International, Inc., Term Loan,
7/7/16 3,562,048
953,777 4.04 NR/NR Standard Aero, Ltd., Tranche B2 Term
Loan, 7/31/14 944,239
1,731,323 5.50 NR/Ba2 Tasc, Inc., Tranche A Term Loan,
12/18/14 1,741,422
241,312 5.75 NR/Ba2 Tasc, Inc., Tranche B Term Loan,
12/18/15 243,726
1,995,000 4.50 NR/NR Triumph Group, Inc., Term Loan, 6/16/16 2,008,466
--------------
$ 9,477,547
- ----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
56 Pioneer Bond Fund | Semiannual Report | 12/31/10
- -------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.1%
895,576 4.25 BB+/Ba2 Bucyrus International, Inc., Tranche C Term
Loan, 12/21/15 $ 900,385
- -------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.0%
789,297 6.25 NR/NR Tomkins Plc, Term B Loan, 9/7/16 $ 801,348
--------------
Total Capital Goods $ 11,179,280
- -------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.3%
Diversified Support Services -- 0.0%
527,657 1.81 BB+/Baa3 Iron Mountain, Inc., Initial Term Loan,
4/16/14 $ 530,295
- -------------------------------------------------------------------------------------------------------
Environmental & Facilities Services -- 0.3%
637,779 6.00 NR/Ba3 Advanced Disposal Services, Inc., Term B
Loan, 1/14/15 $ 645,751
2,909,548 2.27 D/B2 Synagro Technologies, Inc., 1st Lien Term
Loan, 4/2/14 2,589,497
--------------
$ 3,235,248
--------------
Total Commercial Services & Supplies $ 3,765,543
- -------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Air Freight & Couriers -- 0.1%
351,403 3.26 B-/B1 Ceva Group Plc, EGL Tranche B Term Loan,
11/4/13 $ 332,954
462,700 3.29 NR/NR Ceva Group Plc, Tranche B Dollar Term
Loan, 11/4/13 438,408
843,532 3.26 NR/NR Ceva Group Plc, U.S. Tranche B Term Loan,
11/4/13 799,247
--------------
$ 1,570,609
- -------------------------------------------------------------------------------------------------------
Marine -- 0.1%
653,125 3.31 NR/NR Horizon Lines, Inc., Term Loan, 8/8/12 $ 631,898
--------------
Total Transportation $ 2,202,507
- -------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.7%
Auto Parts & Equipment -- 0.2%
1,073,788 3.03 BB-/B2 Allison Transmission, Term Loan, 8/7/14 $ 1,051,417
1,074,865 2.21 NR/NR Federal Mogul Corp., Tranche B Term Loan,
12/29/14 1,005,191
548,400 2.20 NR/NR Federal Mogul Corp., Tranche C Term Loan,
12/28/15 512,852
--------------
$ 2,569,460
- -------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.1%
1,350,223 3.03 B/Baa3 Ford Motor Co., Tranche B1 Term Loan,
12/15/13 $ 1,346,656
- -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 57
Schedule of Investments | 12/31/10 (unaudited) (continued)
- -------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.4%
4,190,000 1.96 BB/Ba1 Goodyear Tire & Rubber Co., 2nd Lien
Term Loan, 4/30/14 $ 4,090,488
--------------
Total Automobiles & Components $ 8,006,604
- -------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Housewares & Specialties -- 0.1%
648,468 2.80 BB+/Ba1 Jarden Corp., Term B3 Loan, 1/24/12 $ 647,050
--------------
Total Consumer Durables & Apparel $ 647,050
- -------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Restaurants -- 0.1%
1,065,000 6.25 BB+/Ba2 Burger King Holdings, Inc., Tranche B Term
Loan, 9/7/16 $ 1,081,831
- -------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.0%
331,608 7.00 NR/NR Web Service Center, Term Loan, 8/28/14 $ 331,193
--------------
Total Consumer Services $ 1,413,024
- -------------------------------------------------------------------------------------------------------
MEDIA -- 1.2%
Advertising -- 0.1%
1,109,240 5.00 BB/Ba2 Affinion Group, Inc., Tranche B Term Loan,
10/9/16 $ 1,105,947
- -------------------------------------------------------------------------------------------------------
Broadcasting -- 0.2%
2,910,267 4.51 B/Baa2 Univision Communications, Inc., Extended
Term Loan, 3/29/17 $ 2,772,029
- -------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.4%
4,098,552 3.56 NR/NR Charter Communications, Inc., Term C
Loan, 9/8/16 $ 4,053,724
351,879 2.27 NR/NR Charter Communications, Inc., Term B1
Loan, 3/5/14 348,020
621,651 2.76 CCC/B2 WideOpenWest LLC, 1st Lien Term Loan,
6/30/14 576,841
--------------
$ 4,978,585
- -------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.3%
1,318,971 5.25 NR/NR Christie/AIX, Inc., Term Loan, 4/29/16 $ 1,312,376
1,687,250 4.50 B+/NR Live Nation Entertainment, Term B Loan,
10/20/16 1,690,048
--------------
$ 3,002,424
- -------------------------------------------------------------------------------------------------------
Publishing -- 0.2%
2,388,000 6.75 NR/NR Interactive Data Corp., Term Loan,
1/29/17 $ 2,425,303
--------------
Total Media $ 14,284,288
- -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
58 Pioneer Bond Fund | Semiannual Report | 12/31/10
- -------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Automotive Retail -- 0.1%
1,425,000 0.00 NR/NR Autotrader Com, Inc., Tranche B Term
Loan, 11/16/16 $ 1,435,243
--------------
Total Retailing $ 1,435,243
- -------------------------------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 0.0%
Food Retail -- 0.0%
354,076 2.76 BB-/Ba3 Pinnacle Foods Group, Inc., Term Loan,
4/2/14 $ 347,962
--------------
Total Food & Drug Retailing $ 347,962
- -------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.2%
Packaged Foods & Meats -- 0.2%
2,000,000 6.50 NR/NR Reynolds Group Holdings, Ltd.,
Incremental Term Loan, 3/16/16 $ 2,022,216
--------------
Total Food, Beverage & Tobacco $ 2,022,216
- -------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
1,000,000 6.25 BB/Ba1 NBTY, Inc., Term B Loan, 12/29/17 $ 1,015,413
--------------
Total Household & Personal Products $ 1,015,413
- -------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.4%
Health Care Facilities -- 0.7%
1,647,550 6.50 B+/B1 Ardent Health Services LLC, Term Loan,
9/15/15 $ 1,648,236
111,403 2.55 BB-/Ba3 CHS/Community Health Systems, Inc.,
Non-Extended Term Loan, 7/25/14 108,806
2,163,120 2.54 BB-/Ba3 CHS/Community Health Systems, Inc.,
Non-Extended Term Loan, 7/25/14 2,112,692
747,900 2.55 BB+/Ba2 HCA, Inc., Tranche B1 Term Loan,
11/18/13 741,543
1,793,613 3.55 BB+/Ba2 HCA, Inc., Tranche B2 Term Loan,
3/17/17 1,793,239
2,050,000 5.50 NR/NR Universal Health Services, Inc., Tranche B
Term Loan, 5/16/16 2,080,186
--------------
$ 8,484,702
- -------------------------------------------------------------------------------------------------------
Health Care Services -- 0.3%
2,772,260 2.51 NR/NR Catalent Pharma Solutions, Inc., Dollar
Term Loan, 4/10/14 $ 2,640,578
400,000 4.50 BB/Ba1 DaVita, Inc., Tranche B Term Loan,
10/20/16 404,321
--------------
$ 3,044,899
- -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 59
Schedule of Investments | 12/31/10 (unaudited) (continued)
- ------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.4%
2,237,302 3.54 BB-/B1 Bausch & Lomb, Inc., Parent Term Loan,
4/24/15 $ 2,230,306
543,229 3.51 BB-/B1 Bausch & Lomb, Inc., Delayed Draw Term
Loan, 4/24/15 542,116
1,499,726 3.29 BB/Ba2 Biomet, Inc., Dollar Term Loan, 3/25/15 1,497,584
--------------
$ 4,270,006
- ------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.0%
470,364 5.25 NR/NR IMS Health, Inc., Tranche B Dollar Term
Loan, 2/26/16 $ 476,244
--------------
Total Health Care Equipment & Services $ 16,275,851
- ------------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.4%
Biotechnology -- 0.4%
1,030,000 0.00 NR/NR Grifols, Inc., U.S. Tranche B Term Loan,
6/4/16 $ 1,043,305
905,850 6.25 NR/Ba3 Warner Chilcott Corp., Additional Term
Loan, 4/30/15 913,148
665,085 6.00 NR/Ba3 Warner Chilcott Corp., Term A Loan,
10/30/14 667,371
329,132 6.25 NR/Ba3 Warner Chilcott Corp., Term B1 Loan,
4/30/15 331,686
548,064 6.25 NR/Ba3 Warner Chilcott Corp., Term B2 Loan,
4/30/15 552,317
760,956 6.50 NR/Ba3 Warner Chilcott Corp., Term B3 Loan,
2/22/16 769,217
--------------
$ 4,277,044
--------------
Total Pharmaceuticals & Biotechnology $ 4,277,044
- ------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Diversified Financial Services -- 0.1%
1,010,000 6.25 NR/NR WorldPay, Facility B2A Term Loan, 8/6/17 $ 1,018,585
- ------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.1%
980,075 4.75 BBB-/Ba2 MSCI, Inc., Term Loan, 6/1/16 $ 988,345
--------------
Total Diversified Financials $ 2,006,930
- ------------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Insurance Brokers -- 0.1%
328,783 2.80 B/NR HUB International Holdings, Delayed Draw
Term Loan, 6/13/14 $ 319,844
1,462,665 2.80 B/NR HUB International Holdings, Initial Term
Loan, 6/13/14 1,422,899
--------------
$ 1,742,743
--------------
Total Insurance $ 1,742,743
- ------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
60 Pioneer Bond Fund | Semiannual Report | 12/31/10
- -------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.7%
Application Software -- 0.0%
386,000 2.02 B/Ba3 Nuance Communications, Inc.,
Incremental Term Loan, 3/29/13 $ 381,899
- -------------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.1%
1,007,475 5.25 BBB-/Ba1 Fidelity National Information, Term B Loan,
7/18/16 $ 1,021,429
- -------------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.4%
4,438,875 6.75 NR/NR SAVVIS, Inc., Term Loan, 8/4/16 $ 4,513,089
- -------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.2%
2,329,542 2.01 BB/Ba3 Sungard Data Systems, Inc., Tranche A
U.S. Term Loan, 2/28/14 $ 2,276,036
- -------------------------------------------------------------------------------------------------------
Systems Software -- 0.0%
354,945 5.25 BB-/Ba3 Dealer Computer Services, Term Loan,
4/1/17 $ 357,885
--------------
Total Software & Services $ 8,550,338
- -------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3%
Electronic Components -- 0.3%
2,718,456 2.51 NR/Ba1 Flextronics Semiconductor, A Closing Date
Term Loan, 10/1/14 $ 2,687,193
502,437 2.51 NR/Ba1 Flextronics Semiconductor, A1A Delayed
Draw Term Loan, 10/1/14 496,659
319,780 2.51 NR/Ba1 Flextronics Semiconductor, A2 Delayed
Draw Term Loan, 10/1/14 315,783
373,077 2.51 NR/Ba1 Flextronics Semiconductor, A3 Delayed
Draw Term Loan, 10/1/14 368,413
--------------
$ 3,868,048
--------------
Total Technology Hardware & Equipment $ 3,868,048
- -------------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.5%
Semiconductor Equipment -- 0.3%
3,815,656 4.31 B+/Ba3 Aeroflex, Inc., Tranche B1 Term Loan,
8/15/14 $ 3,789,423
- -------------------------------------------------------------------------------------------------------
Semiconductors -- 0.2%
1,531,163 4.75 BB/Ba2 Intersil Corp., Term Loan, 4/27/16 $ 1,544,943
1,000,000 5.00 NR/NR Microsemi Corp., Term Loan, 10/4/17 1,008,750
--------------
$ 2,553,693
--------------
Total Semiconductors $ 6,343,116
- -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 61
Schedule of Investments | 12/31/10 (unaudited) (continued)
- ---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ---------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.4%
Integrated Telecommunication Services -- 0.3%
2,961,006 3.27 NR/NR Telesat Canada, Inc., U.S. Term I Loan,
10/31/14 $ 2,953,603
254,345 3.27 NR/NR Telesat Canada, Inc., U.S. Term II Loan,
10/31/14 253,709
--------------
$ 3,207,312
- ---------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
1,180,000 3.29 NR/NR Intelsat Jackson Holdings, Ltd., Term Loan,
2/1/14 $ 1,124,319
--------------
Total Telecommunication Services $ 4,331,631
- ---------------------------------------------------------------------------------------------------------
UTILITIES -- 0.3%
Electric Utilities -- 0.2%
395,000 3.76 BBB-/Ba1 Texas Competitive Electric Holdings,
Delayed Draw Term Loan, 10/10/14 $ 303,602
3,812,066 3.76 BBB-/Ba1 Texas Competitive Electric Holdings, Initial
Tranche B2 Term Loan, 10/10/14 2,952,836
--------------
$ 3,256,438
- ---------------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 0.1%
968,589 3.15 B+/B1 Calpine Corp., 1st Priority Term Loan,
3/29/14 $ 969,108
--------------
Total Utilities $ 4,225,546
- ---------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN
OBLIGATIONS
(Cost $109,868,694) $ 112,020,377
- ---------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 1.4%
Repurchase Agreement -- 0.7%
2,930,000 NR/Aaa Deutsche Bank AG, 0.28%, dated
12/31/10, repurchase price of
$1,000,000 plus accrued interest on
1/3/11 collateralized by $2,930,600
Federal National Mortgage Association,
7.0%, 8/1/38 $ 2,930,000
2,930,000 NR/Aaa JPMorgan, Inc., 0.20%, dated 12/31/10,
repurchase price of $1,000,000 plus
accrued interest on 1/3/11 collateralized
by the following:
$2,988,629 Federal National Mortgage
Association, 4.0% - 5.0%,
2/1/20 - 3/1/40 2,930,000
The accompanying notes are an integral part of these financial statements.
62 Pioneer Bond Fund | Semiannual Report | 12/31/10
- ----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- ----------------------------------------------------------------------------------------------------
Repurchase Agreement -- (continued)
2,930,000 NR/Aaa Societe Generale SA, 0.21%, dated
12/31/10, repurchase price of
$2,988,600 plus accrued interest on
1/3/11 collateralized by $1,020,000
Federal National Mortgage Association,
4.5% - 6.5%, 6/1/33 - 1/1/40 $ 2,930,000
--------------
$ 8,790,000
- ----------------------------------------------------------------------------------------------------
SECURITIES LENDING COLLATERAL -- 0.7% (c)
Certificates of Deposit:
255,151 Bank of Nova Scotia, 0.37%, 9/29/11 $ 255,151
178,606 BBVA Group NY, 0.61%, 7/26/11 178,606
186,118 BNP Paribas Bank NY, 0.1%, 1/3/11 186,118
127,576 BNP Paribas Bank NY, 0.29%, 2/8/11 127,576
127,576 BNP Paribas Bank NY, 0.3%, 1/20/11 127,576
255,151 Canadian Imperial Bank of Commerce NY,
0.29%, 4/27/11 255,151
255,151 DnB NOR Bank ASA NY, 0.25%, 3/7/11 255,151
127,568 National Australia Bank NY, 0.31%,
10/19/11 127,568
255,151 RoboBank Netherland NV NY, 0.31%,
8/8/11 255,151
255,151 Royal Bank of Canada NY, 0.44%,
12/2/11 255,151
127,576 SocGen NY, 0.30%, 2/10/11 127,576
255,151 Westpac Banking Corp. NY, 0.44%,
12/6/11 255,151
--------------
$ 2,405,926
- ----------------------------------------------------------------------------------------------------
Commercial Paper:
153,091 American Honda Finance, 0.30%, 5/4/11 $ 153,091
102,434 American Honda Finance, 1.05%,
6/20/11 102,434
93,728 Australia & New Zealand Banking Group,
0.89%, 8/4/11 93,728
259,927 Caterpillar Financial Services Corp.,
1.05%, 6/24/11 259,927
280,666 CBA, 0.32%, 1/3/11 280,666
76,524 CHARFD, 0.26%, 2/8/11 76,524
127,545 FAIRPP, 0.27%, 2/2/11 127,545
130,992 FAIRPP, 0.27%, 3/7/11 130,992
255,173 Federal Home Loan Bank, 0.37%, 6/1/11 255,173
127,574 GE Corp., 0.34%, 1/26/11 127,574
127,619 General Electric Capital Corp., 0.38%,
4/28/11 127,619
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 63
Schedule of Investments | 12/31/10 (unaudited) (continued)
- -------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
- -------------------------------------------------------------------------------------------------------
Commercial Paper: -- (continued)
25,505 General Electric Capital Corp., 0.38%,
6/6/11 $ 25,505
255,019 OLDLLC, 0.27%, 3/11/11 255,019
255,049 SEB, 0.39%, 2/7/11 255,049
306,180 SOCNAM, 0.1%, 1/3/11 306,180
127,562 SOCNAM, 0.29%, 1/14/11 127,562
152,994 STDFIN, 0.6%, 2/8/11 152,994
255,095 STRAIT, 0.25%, 2/2/11 255,095
127,567 TBLLC, 0.27%, 1/10/11 127,567
127,545 TBLLC, 0.27%, 2/2/11 127,545
255,151 Toyota Motor Credit Corp., 0.44%, 9/8/11 255,151
102,028 VARFUN, 0.26%, 2/14/11 102,028
155,513 VARFUN, 0.27%, 1/20/11 155,513
153,094 Wachovia, 0.40%, 3/22/11 153,094
102,127 Wachovia, 0.42%, 10/15/11 102,127
--------------
$ 4,135,702
- -------------------------------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
372,521 Deutsche Bank Securities, Inc., 0.22%,
1/3/11 $ 372,521
510,303 HSBC Bank USA NA, 0.21%, 1/3/11 510,303
739,939 RBS Securities, Inc., 0.25%, 1/3/11 739,939
--------------
$ 1,622,763
- -------------------------------------------------------------------------------------------------------
Shares
- -------------------------------------------------------------------------------------------------------
Money Market Mutual Funds:
408,242 Dreyfus Preferred Money Market Fund $ 408,242
408,242 Fidelity Prime Money Market Fund 408,242
--------------
$ 816,484
--------------
Total Securities Lending Collateral $ 8,980,875
- -------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $17,770,875) $ 17,770,875
- -------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.7%
(Cost $1,156,759,642) (a) $1,207,750,019
- -------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.3% $ 3,123,353
- -------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,210,873,372
- -------------------------------------------------------------------------------------------------------
* Non-income producing security.
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
The accompanying notes are an integral part of these financial statements.
64 Pioneer Bond Fund | Semiannual Report | 12/31/10
(144A) Security is exempt from registration under Rule 144A of the Securities
Act of 1933. Such securities may be resold normally to qualified
institutional buyers in a transaction exempt from registration. At
December 31, 2010, the value of these securities amounted to $83,110,152
or 6.9% 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.
(a) At December 31, 2010, the net unrealized gain on investments based on
cost for federal income tax purposes of $1,157,046,051 was as follows:
Aggregate gross unrealized gain for all investments in which there
is an excess of value over tax cost $77,814,815
Aggregate gross unrealized loss for all investments in which there
is an excess of tax cost over value (27,110,847)
-----------
Net unrealized gain $50,703,968
===========
(b) At December 31, 2010, the following securities were out on loan:
- ---------------------------------------------------------------------------------------------
Principal
Amount ($) Security Value
- ---------------------------------------------------------------------------------------------
1,260,000 Branch Banking & Trust Co., 4.875%, 1/15/13 $ 1,338,120
440,000 First Data Corp., 8.25%, 1/15/21 422,400
250,000 Intergen NV, 9.0%, 6/30/17 265,000
1,500,000 PNC Financial Services Group, Floating Rate Note, 5/29/49 1,599,450
200,000 Ras Laffan Liquefied Natural Gas Co., Ltd., III, 5.832%,
9/30/16 (144A) 215,000
5,000 Tyco Electronics Group SA, 6.55%, 10/1/17 5,682
4,700,000 Wells Fargo & Co., Floating Rate Note, 12/29/49 4,858,860
- ---------------------------------------------------------------------------------------------
Total $ 8,704,512
=============================================================================================
(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.
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended December 31, 2010 were as follows:
- --------------------------------------------------------------------------------
Purchases Sales
- --------------------------------------------------------------------------------
Long-Term U.S. Government Securities $ 33,492,813 $ 59,263,561
Other Long-Term Securities $151,888,698 $180,037,613
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 65
Schedule of Investments | 12/31/10 (unaudited) (continued)
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
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 following is a summary of the inputs used as of December 31, 2010, in
valuing the Fund's assets:
- -------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
- -------------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 7,573,680 $ -- $ 7,573,680
Preferred Stocks 7,120,640 9,343,600 -- 16,464,240
Common Stock 592,260 -- -- 592,260
Asset Backed Securities -- 85,583,272 -- 85,583,272
Collateralized Mortgage Obligations -- 205,967,175 232,703 206,199,878
Corporate Bonds -- 496,766,086 -- 496,766,086
U.S. Government Agency Obligations -- 252,447,102 -- 252,447,102
Foreign Government Bonds -- 676,831 -- 676,831
Municipal Bonds -- 11,655,418 -- 11,655,418
Senior Floating Rate Loan Interests -- 112,020,377 -- 112,020,377
Temporary Cash Investments -- 16,954,391 -- 16,954,391
Money Market Mutual Funds 816,484 -- -- 816,484
- -------------------------------------------------------------------------------------------------------
Total $8,529,384 $1,198,987,932 $232,703 $1,207,750,019
- -------------------------------------------------------------------------------------------------------
Other Financial Instruments* $ -- $ 1,035,867 $ -- $ 1,035,867
=======================================================================================================
* Other financial instruments include futures contracts.
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
- --------------------------------------------------------------------------------
Collateralized
Mortgage
Obligations
- --------------------------------------------------------------------------------
Balance as of 6/30/10 $232,963
Realized gain (loss)(1) --
Change in unrealized appreciation (depreciation)(2) (260)
Net purchases (sales) --
Transfers in and out of Level 3 --
- --------------------------------------------------------------------------------
Balance as of 12/31/10 $232,703
================================================================================
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.
66 Pioneer Bond Fund | Semiannual Report | 12/31/10
Statement of Assets and Liabilities | 12/31/10 (unaudited)
ASSETS:
Investment in securities (including securities loaned of
$8,704,512)(cost $1,156,759,642) $1,207,750,019
Cash 6,924,901
Futures Collateral 277,495
Receivables --
Investment securities sold 17,635
Fund shares sold 1,559,637
Dividends and interest 11,118,716
Due from Pioneer Investment Management, Inc. 75,195
Other 241,500
- -----------------------------------------------------------------------------------------
Total assets $1,227,965,098
- -----------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 2,437,575
Fund shares repurchased 2,435,419
Dividends 2,919,460
Upon return of securities loaned 8,980,875
Variation margin 53,373
Due to affiliates 172,728
Accrued expenses 92,296
- -----------------------------------------------------------------------------------------
Total liabilities $ 17,091,726
- -----------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $1,181,228,334
Undistributed net investment income 187,200
Accumulated net realized loss on investments and futures contracts (22,568,406)
Net unrealized gain on investments 50,990,377
Net unrealized gain on futures contracts 1,035,867
- -----------------------------------------------------------------------------------------
Total net assets $1,210,873,372
- -----------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $399,745,320/41,875,800 shares) $ 9.55
Class B (based on $23,489,400/2,475,418 shares) $ 9.49
Class C (based on $84,843,827/8,978,265 shares) $ 9.45
Class R (based on $21,048,791/2,184,410 shares) $ 9.64
Class Y (based on $681,022,114/71,947,299 shares) $ 9.47
Class Z (based on $723,920,/75,638 shares) $ 9.57
MAXIMUM OFFERING PRICE:
Class A ($9.55 [divided by] 95.5%) $ 10.00
- -----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 67
Statement of Operations (unaudited)
For the Six Months Ended 12/31/10
INVESTMENT INCOME:
Dividends $ 728,594
Interest 34,479,455
Income from securities loaned, net 13,765
- ----------------------------------------------------------------------------------------
Total investment income $35,221,814
- ----------------------------------------------------------------------------------------
EXPENSES:
Management fees $3,142,283
Transfer agent fees
Class A 188,664
Class B 38,656
Class C 32,030
Class R 2,306
Class Y 52,191
Class Z 249
Distribution fees
Class A 533,555
Class B 130,474
Class C 436,715
Class R 50,047
Shareholder communications expense 425,472
Administrative reimbursements 207,725
Custodian fees 22,463
Registration fees 66,579
Professional fees 61,805
Printing expense 27,013
Fees and expenses of nonaffiliated trustees 19,849
Miscellaneous 65,691
- ----------------------------------------------------------------------------------------
Total expenses $ 5,503,767
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (375,311)
- ----------------------------------------------------------------------------------------
Net expenses $ 5,128,456
- ----------------------------------------------------------------------------------------
Net investment income $30,093,358
- ----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND
FUTURES CONTRACTS:
Net realized gain (loss) on:
Investments $8,962,494
Class action 115,241
Futures contracts (122,836) $ 8,954,899
- ----------------------------------------------------------------------------------------
Change in net unrealized gain on:
Investments $4,074,658
Futures contracts 1,035,867 $ 5,110,525
- ----------------------------------------------------------------------------------------
Net gain on investments and futures contracts $14,065,424
- ----------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $44,158,782
========================================================================================
The accompanying notes are an integral part of these financial statements.
68 Pioneer Bond Fund | Semiannual Report | 12/31/10
Statements of Changes in Net Assets
For the Six Months Ended 12/31/10 and the Year Ended 6/30/10, respectively
- ------------------------------------------------------------------------------------------------
Six Months Ended
12/31/10 Year Ended
(unaudited) 6/30/10
- ------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 30,093,358 $ 57,136,766
Net realized gain on investments, class action and
futures contracts 8,954,899 5,747,467
Change in net unrealized gain on investments and
futures contracts 5,110,525 93,558,179
- ------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 44,158,782 $ 156,442,412
- ------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.22 and $0.44 per share, respectively) $ (9,736,412) $ (16,791,891)
Class B ($0.17 and $0.34 per share, respectively) (459,265) (1,152,065)
Class C ($0.18 and $0.35 per share, respectively) (1,614,633) (2,598,981)
Class R ($0.20 and $0.41 per share, respectively) (420,196) (773,008)
Class Y ($0.23 and $0.45 per share, respectively) (17,421,680) (34,242,342)
Class Z ($0.23 and $0.46 per share, respectively) (17,825) (27,059)
- ------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (29,670,011) $ (55,585,346)
- ------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 214,204,975 $ 512,301,758
Reinvestment of distributions 15,492,474 24,975,542
Cost of shares repurchased (296,027,010) (385,687,490)
- ------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from Fund
share transactions $ (66,329,561) $ 151,589,810
- ------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (51,840,790) $ 252,446,876
NET ASSETS:
Beginning of period 1,262,714,162 1,010,267,286
- ------------------------------------------------------------------------------------------------
End of period $1,210,873,372 $1,262,714,162
- ------------------------------------------------------------------------------------------------
Undistributed net investment income $ 187,200 $ (236,147)
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 69
Statements of Changes in Net Assets (continued)
- --------------------------------------------------------------------------------------------------------
'10 Shares '10 Amount '09 Shares '09 Amount
(unaudited) (unaudited)
- --------------------------------------------------------------------------------------------------------
Class A
Shares sold 11,421,796 $109,303,289 21,985,150 $203,489,130
Reinvestment of distributions 788,439 7,581,814 1,317,083 12,121,485
Less shares repurchased (14,889,028) (143,005,496) (15,830,311) (145,512,861)
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) (2,678,793) $(26,120,393) 7,471,922 $ 70,097,754
========================================================================================================
Class B
Shares sold 140,120 $ 1,334,146 726,217 $ 6,600,255
Reinvestment of distributions 43,175 412,612 99,213 904,650
Less shares repurchased (621,277) (5,919,125) (1,612,539) (14,702,859)
- --------------------------------------------------------------------------------------------------------
Net decrease (437,982) $ (4,172,367) (787,109) $ (7,197,954)
========================================================================================================
Class C
Shares sold 1,289,133 $ 12,259,781 4,303,908 $ 39,005,155
Reinvestment of distributions 111,731 1,063,179 180,063 1,639,251
Less shares repurchased (1,190,060) (11,294,837) (1,928,805) (17,523,873)
- --------------------------------------------------------------------------------------------------------
Net increase 210,804 $ 2,028,123 2,555,166 $ 23,120,533
========================================================================================================
Class R
Shares sold 681,443 $ 6,595,105 904,665 $ 8,267,967
Reinvestment of distributions 32,128 311,831 57,659 534,364
Less shares repurchased (438,403) (4,255,448) (821,575) (7,571,493)
- --------------------------------------------------------------------------------------------------------
Net increase 275,168 $ 2,651,488 140,749 $ 1,230,838
========================================================================================================
Class Y
Shares sold 8,887,003 $ 84,656,052 28,285,000 $254,508,292
Reinvestment of distributions 641,439 6,117,904 1,070,227 9,769,546
Less shares repurchased (13,853,132) (131,485,438) (22,010,808) (200,233,538)
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) (4,324,690) $(40,711,482) 7,344,419 $ 64,044,300
========================================================================================================
Class Z
Shares sold 5,916 $ 56,602 46,777 $ 430,959
Reinvestment of distributions 532 5,134 673 6,246
Less shares repurchased (6,926) (66,666) (15,424) (142,866)
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) (478) $ (4,930) 32,026 $ 294,339
========================================================================================================
The accompanying notes are an integral part of these financial statements.
70 Pioneer Bond Fund | Semiannual Report | 12/31/10
Financial Highlights
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/10 Ended Ended Ended Ended Ended
(unaudited) 6/30/10 6/30/09 6/30/08 6/30/07 6/30/06
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.44 $ 8.63 $ 9.10 $ 8.95 $ 8.89 $ 9.40
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.22 $ 0.45 $ 0.50 $ 0.43 $ 0.40 $ 0.35
Net realized and unrealized gain (loss) on investments 0.11 0.80 (0.31) 0.16 0.07 (0.47)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.33 $ 1.25 $ 0.19 $ 0.59 $ 0.47 $ (0.12)
Distributions to shareowners:
Net investment income (0.22) (0.44) (0.55) (0.44) (0.41) (0.39)
Net realized gain -- -- (0.11) -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.11 $ 0.81 $ (0.47) $ 0.15 $ 0.06 $ (0.51)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.55 $ 9.44 $ 8.63 $ 9.10 $ 8.95 $ 8.89
====================================================================================================================================
Total return* 3.52% 14.71% 2.65% 6.64% 5.31% (1.25)%
Ratio of net expenses to average net assets+ 0.85%** 0.85% 0.89%(a) 1.00% 1.00% 1.00%
Ratio of net investment income to average net assets+ 4.63%** 4.86% 5.88% 4.60% 4.48% 3.91%
Portfolio turnover rate 30% 41% 34% 73% 31% 60%
Net assets, end of period (in thousands) $399,745 $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 1.03%** 1.07% 1.09% 1.04% 1.00% 1.11%
Net investment income 4.45%** 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%** 0.85% 0.89%(a) 1.00% 1.00% 1.00%
Net investment income 4.63%** 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.
** Annualized.
+ 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.
Pioneer Bond Fund | Semiannual Report | 12/31/10 71
Financial Highlights (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/10 Ended Ended Ended Ended Ended
(unaudited) 6/30/10 6/30/09 6/30/08 6/30/07 6/30/06
- ------------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.38 $ 8.58 $ 9.05 $ 8.90 $ 8.85 $ 9.36
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.17 $ 0.35 $ 0.42 $ 0.34 $ 0.33 $ 0.27
Net realized and unrealized gain (loss) on investments 0.11 0.79 (0.31) 0.16 0.05 (0.47)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.28 $ 1.14 $ 0.11 $ 0.50 $ 0.38 $ (0.20)
Distributions to shareowners:
Net investment income (0.17) (0.34) (0.47) (0.35) (0.33) (0.31)
Net realized gain -- -- (0.11) -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.11 $ 0.80 $ (0.47) $ 0.15 $ 0.05 $ (0.51)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.49 $ 9.38 $ 8.58 $ 9.05 $ 8.90 $ 8.85
====================================================================================================================================
Total return* 2.99% 13.47% 1.62% 5.70% 4.26% (2.14)%
Ratio of net expenses to average net assets+ 1.90%** 1.90% 1.90% 1.90% 1.92% 1.90%
Ratio of net investment income to average net assets+ 3.59%** 3.89% 4.90% 3.72% 3.55% 3.06%
Portfolio turnover rate 30% 41% 34% 73% 31% 60%
Net assets, end of period (in thousands) $ 23,489 $ 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 1.90%** 1.98% 1.99% 1.90% 2.02% 1.99%
Net investment income 3.59%** 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% 1.90% 1.89% 1.90% 1.90%
Net investment income 3.59%** 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.
** Annualized.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
72 Pioneer Bond Fund | Semiannual Report | 12/31/10
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/10 Ended Ended Ended Ended Ended
(unaudited) 6/30/10 6/30/09 6/30/08 6/30/07 6/30/06
- ------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.34 $ 8.54 $ 9.02 $ 8.87 $ 8.81 $ 9.32
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.18 $ 0.37 $ 0.42 $ 0.35 $ 0.33 $ 0.28
Net realized and unrealized gain (loss) on investments 0.11 0.78 (0.31) 0.16 0.06 (0.47)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.29 $ 1.15 $ 0.11 $ 0.51 $ 0.39 $ (0.19)
Distributions to shareowners:
Net investment income (0.18) (0.35) (0.48) (0.36) (0.33) (0.32)
Net realized gain -- -- (0.11) -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.11 $ 0.80 $ (0.48) $ 0.15 $ 0.06 $ (0.51)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.45 $ 9.34 $ 8.54 $ 9.02 $ 8.87 $ 8.81
====================================================================================================================================
Total return* 3.08% 13.63% 1.62% 5.80% 4.39% (2.08)%
Ratio of net expenses to average net assets+ 1.71%** 1.79% 1.83% 1.82% 1.85% 1.89%
Ratio of net investment income to average net assets+ 3.78%** 3.91% 4.93% 3.79% 3.62% 3.07%
Portfolio turnover rate 30% 41% 34% 73% 31% 60%
Net assets, end of period (in thousands) $ 84,844 $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 1.71%** 1.79% 1.83% 1.82% 1.85% 1.89%
Net investment income 3.78%** 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 1.71%** 1.79% 1.83% 1.82% 1.84% 1.89%
Net investment income 3.78%** 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.
** Annualized.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 73
Financial Highlights (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/10 Ended Ended Ended Ended Ended
(unaudited) 6/30/10 6/30/09 6/30/08 6/30/07 6/30/06
- ------------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 9.52 $ 8.71 $ 9.18 $ 9.05 $ 8.99 $ 9.50
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.21 $ 0.42 $ 0.48 $ 0.40 $ 0.39 $ 0.34
Net realized and unrealized gain (loss) on investments 0.11 0.80 (0.31) 0.15 0.06 (0.47)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.32 $ 1.22 $ 0.17 $ 0.55 $ 0.45 $ (0.13)
Distributions to shareowners:
Net investment income (0.20) (0.41) (0.53) (0.42) (0.39) (0.38)
Net realized gain -- -- (0.11) -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.12 $ 0.81 $ (0.47) $ 0.13 $ 0.06 $ (0.51)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.64 $ 9.52 $ 8.71 $ 9.18 $ 9.05 $ 8.99
====================================================================================================================================
Total return* 3.41% 14.18% 2.35% 6.15% 5.04% (1.43)%
Ratio of net expenses to average net assets+ 1.15%** 1.25% 1.25% 1.25% 1.25% 1.25%
Ratio of net investment income to average net assets+ 4.34%** 4.50% 5.53% 4.35% 4.24% 3.50%
Portfolio turnover rate 30% 41% 34% 73% 31% 60%
Net assets, end of period (in thousands) $ 21,049 $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 1.15%** 1.26% 1.30% 1.31% 1.44% 1.46%
Net investment income 4.34%** 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 1.15%** 1.25% 1.25% 1.25% 1.25% 1.25%
Net investment income 4.34%** 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.
** Annualized.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
74 Pioneer Bond Fund | Semiannual Report | 12/31/10
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/10 Ended Ended Ended Ended Ended
(unaudited) 6/30/10 6/30/09 6/30/08 6/30/07 6/30/06
- ------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.36 $ 8.55 $ 9.02 $ 8.88 $ 8.83 $ 9.33
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.23 $ 0.47 $ 0.53 $ 0.45 $ 0.44 $ 0.39
Net realized and unrealized gain (loss) on investments 0.11 0.79 (0.31) 0.16 0.06 (0.46)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.34 $ 1.26 $ 0.22 $ 0.61 $ 0.50 $ (0.07)
Distributions to shareowners:
Net investment income (0.23) (0.45) (0.58) (0.47) (0.45) (0.43)
Net realized gain -- -- (0.11) -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.11 $ 0.81 $ (0.47) $ 0.14 $ 0.05 $ (0.50)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.47 $ 9.36 $ 8.55 $ 9.02 $ 8.88 $ 8.83
====================================================================================================================================
Total return* 3.66% 15.06% 2.95% 6.91% 5.65% (0.77)%
Ratio of net expenses to average net assets+ 0.61%** 0.61% 0.63% 0.59% 0.57% 0.58%
Ratio of net investment income to average net assets+ 4.88%** 5.13% 6.10% 5.02% 4.89% 4.20%
Portfolio turnover rate 30% 41% 34% 73% 31% 60%
Net assets, end of period (in thousands) $681,022 $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%** 0.61% 0.64% 0.61% 0.57% 0.58%
Net investment income 4.88%** 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%** 0.61% 0.63% 0.59% 0.57% 0.58%
Net investment income 4.88%** 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.
** Annualized.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/10 75
Financial Highlights (continued)
Six Months
Ended Year Year
12/31/10 Ended Ended 7/6/07 (a)
(unaudited) 6/30/10 6/30/09 to 6/30/08
Class Z
Net asset value, beginning of period $9.46 $ 8.67 $ 9.10 $ 8.89
- -----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $0.24 $ 0.48 $ 0.54 $ 0.45
Net realized and unrealized gain (loss) on investments 0.10 0.77 (0.28) 0.22
- -----------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $0.34 $ 1.25 $ 0.26 $ 0.67
Distributions to shareowners:
Net investment income (0.23) (0.46) (0.58) (0.46)
Net realized gain -- -- (0.11) --
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $0.11 $ 0.79 $(0.43) $ 0.21
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $9.57 $ 9.46 $ 8.67 $ 9.10
=======================================================================================================================
Total return* 3.63% 14.68% 3.42% 7.63%(b)
Ratio of net expenses to average net assets+ 0.65%** 0.63% 0.65% 0.58%**
Ratio of net investment income to average net assets+ 4.84%** 5.00% 5.91% 5.00%**
Portfolio turnover rate 30% 41% 34% 73%
Net assets, end of period (in thousands) $ 724 $ 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 0.65%** 0.63% 0.67% 0.58%**
Net investment income 4.84%** 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 0.65%** 0.63% 0.65% 0.58%**
Net investment income 4.84%** 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 reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
76 Pioneer Bond Fund | Semiannual Report | 12/31/10
Notes to Financial Statements | 12/31/10 (unaudited)
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 objective of the Fund is to seek current income
consistent with preservation of capital.
The Fund offers six classes of shares designated as Class A, Class B, 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 the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors. The Fund's prospectus contains unaudited
information regarding the Fund's principal risks. Please refer to that document
when considering the Fund's principal risks.
The Fund'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
Pioneer Bond Fund | Semiannual Report | 12/31/10 77
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gains and losses on investments during the
reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
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. Senior loans for which no reliable
price quotes are available 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 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.
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 December 31, 2010, there was one security that was valued using fair value
methods (in addition to securities that were valued using prices supplied by
independent pricing services) representing 0.02% of net assets. Inputs used
when applying fair value methods to value a security may include credit
ratings, the financial condition of the company, current market conditions
and comparable securities. Short-term 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.
78 Pioneer Bond Fund | Semiannual Report | 12/31/10
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.
The tax character of current year distributions paid will be determined at
the end of the current taxable year. The tax character of distributions paid
during the year ended June 30, 2010 was as follows:
- --------------------------------------------------------------------------------
2010
- --------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $55,585,346
Long-term capital gain --
- --------------------------------------------------------------------------------
Total $55,585,346
================================================================================
Pioneer Bond Fund | Semiannual Report | 12/31/10 79
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 $71,340 in underwriting commissions on the sale of Class A shares
during the six months ended December 31, 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. During the period, the Fund recognized gains of $115,241 in
settlement of class action lawsuits from several different companies, as
reflected on the Statement of Operations.
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. All expenses and fees paid to the transfer agent, Pioneer Investment
Management Shareholder Services, Inc. (PIMSS), for its services are allocated
among the classes of shares based on the number of accounts in each class and
the ratable allocation of related out-of-pocket expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends
80 Pioneer Bond Fund | Semiannual Report | 12/31/10
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. Futures Contracts
The Fund may enter into futures transactions to hedge against changes in
interest rates, securities prices and currency exchange rates or to seek to
increase total return. Futures contracts are types of derivatives. All
futures contracts entered into by the Fund are traded on a futures exchange.
Upon entering into a futures contract, the Fund is required to deposit with a
broker an amount of cash or securities equal to the minimum "initial margin"
requirements of the associated futures exchange. Subsequent payments for
futures contracts ("variation margin") are paid or received by the Fund,
depending on the daily fluctuation in the value of the contracts, and are
recorded by the Fund as unrealized gains or losses. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between the
opening and closing value of the contract as well as any fluctuation in
foreign currency exchange rates where applicable. Futures contracts are
subject to market risk, interest rate risk and currency exchange rate risk.
Changes in value of the contracts may not directly correlate to the changes
in value of the underlying securities. These risks may decrease the
effectiveness of the Fund's hedging strategies and potentially result in a
loss. With futures, there is minimal counterparty credit risk to the Fund
since futures are exchange-traded and the exchange's clearinghouse, as
counterparty to all exchange-traded futures, guarantees the futures against
default. The average value of contracts open during the six months ended
December 31, 2010 was 309.
At December 31, 2010, open futures contracts were as follows:
- --------------------------------------------------------------------------------
Number of
Contracts Settlement Fair Unrealized
Type Long/(Short) Month Value Gain/(Loss)
- --------------------------------------------------------------------------------
U.S. 10 Year Note (254) 3/11 $30,591,125 $ 1,025,922
U.S. 2 Year Note (CBT) (70) 3/11 15,323,434 32,031
U.S. 5 Year Note (CBT) 257 3/11 30,253,732 (22,086)
- --------------------------------------------------------------------------------
$ 1,035,867
- --------------------------------------------------------------------------------
F. 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.
Pioneer Bond Fund | Semiannual Report | 12/31/10 81
G. 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 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 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 value of the loaned securities. If the
required market value of the collateral is less than the value of the loaned
securities, the borrower is required to deliver additional collateral for the
account of the Fund prior to the close of business on that 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.
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 six months ended
December 31, 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. Expenses waived during the
period ended December 31, 2010 are reflected on the Statement of Operations.
These expense limitations are in effect through November 1, 2013 for Class A
and Class Z shares, through November 1, 2012 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.
82 Pioneer Bond Fund | Semiannual Report | 12/31/10
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
$21,769 in management fees, administrative costs and certain other
reimbursements payable to PIM at December 31, 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 six months ended December 31, 2010, such out-of-pocket expenses by
class of shares were as follows:
- --------------------------------------------------------------------------------
Shareholder Communications:
- --------------------------------------------------------------------------------
Class A $267,059
Class B 5,140
Class C 33,637
Class R 6,650
Class Y 112,921
Class Z 65
- --------------------------------------------------------------------------------
Total: $425,472
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $144,994 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at December 31, 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 $5,965 in distribution fees payable to PFD at December 31,
2010.
Pioneer Bond Fund | Semiannual Report | 12/31/10 83
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 six months ended December 31, 2010, CDSCs in the amount of $102,553
were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS that
may result in a reduction in the Fund's total expenses due to interest earned
on cash held by PIMSS. For the six months ended December 31, 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 and Class I
shares of Regions Morgan Keegan Select Fixed Income Fund received Class A and
Class Y shares, respectively, of Pioneer Bond Fund in the reorganization.
Shareowners holding Class C shares of Regions Morgan Keegan Select Fixed Income
Fund received Class A shares of Pioneer Bond Fund. The investment portfolio of
Regions Morgan Keegan Select Fixed Income Fund, with a 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 by Pioneer Bond Fund were valued using closing market prices or
available market quotations
84 Pioneer Bond Fund | Semiannual Report | 12/31/10
and shares issued by Pioneer Bond Fund were recorded at net asset 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
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.
Pioneer Bond Fund | Semiannual Report | 12/31/10 85
7. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of December 31, 2010 were as follows:
- --------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments
Under Accounting
Standards Codification
(ASC) 815
(formerly FASB
Statement 133) Asset Derivatives 2010 Liabilities Derivatives 2010
- --------------------------------------------------------------------------------
Balance Balance
Sheet Location Value Sheet Location Value
- --------------------------------------------------------------------------------
Interest Rate Futures Receivables $-- Payables* $53,373
- --------------------------------------------------------------------------------
Total
- --------------------------------------------------------------------------------
* Represents the unrealized depreciation on futures. Receivable for variation
margin on open futures contracts reflects unsettled variation margin.
The effect of derivative instruments on the Statement of Operations for the six
months ended December 31, 2010 was as follows:
Derivatives Not
Accounted for as
Hedging Instruments Change in
Under Accounting Realized Gain Unrealized
Standards Codification or (Loss) on Gain or (Loss)
(ASC) 815 Derivatives on Derivatives
(formerly FASB Location of Gain or (Loss) Recognized Recognized
Statement 133) on Derivatives Recognized in Income in Income in Income
- ----------------------------------------------------------------------------------------------------------
Interest Rate Futures Net realized loss on futures contracts $(122,836)
Interest Rate Futures Change in unrealized gain on futures contracts $1,035,867
==========================================================================================================
8. 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.
86 Pioneer Bond Fund | Semiannual Report | 12/31/10
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Bond Fund (the Fund) pursuant to an investment advisory agreement
between PIM and the Fund. In order for PIM to remain the investment adviser of
the Fund, the Trustees of the Fund must determine annually whether to renew the
investment advisory agreement for the Fund.
The contract review process began in March 2010 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. In July 2010, the Trustees approved the format of the contract review
materials and submitted their formal request to PIM to furnish information
necessary to evaluate the terms of the investment advisory agreement. The
contract review materials were provided to the Trustees in September 2010.
After reviewing and discussing the materials, the Trustees submitted a request
for additional information to PIM, and materials were provided in response to
this request. Meetings of the independent Trustees of the Fund were held in
July, September, October, and November, 2010 to review and discuss the contract
review materials. In addition, the Trustees took into account the information
related to the Fund provided to the Trustees at each regularly scheduled
meeting.
At a meeting held on November 16, 2010, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for
the Fund, its research process and its process for trade execution. The
Trustees considered the resources of PIM and the personnel of PIM who provide
investment management services to the Fund. The Trustees considered the
non-investment resources and personnel of PIM involved in PIM's services to the
Fund, including PIM's compliance and legal resources and personnel. In
addition, the Trustees considered the arrangements put in place to retain key
investment and other personnel. The Trustees also considered the substantial
Pioneer Bond Fund | Semiannual Report | 12/31/10 87
attention and high priority given by PIM's senior management to the Pioneer
fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory
agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the second quintile of its Morningstar
category for the one, three and five year periods ended June 30, 2010, and in
the first quintile of its Morningstar category for the one year period ended
June 30, 2010. (In all quintile rankings referred to throughout this
disclosure, first quintile is most favorable to the Fund's shareowners. Thus,
highest relative performance would be first quintile and lowest relative
expenses would also be first quintile.) The Trustees concluded that the
investment performance of the Fund was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees of its peer group of funds as classified
by Morningstar and the expense ratios of a peer group of funds selected on the
basis of criteria determined by the independent Trustees for this purpose using
data provided by Strategic Insight Mutual Trust Research and Consulting, LLC
(Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2010 was in the third quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period.
The Trustees also considered the breakpoints in the management fee schedule and
the reduced fee rates above certain asset levels. The Trustees considered that
the Fund's expense ratio for the twelve months ended June 30, 2010 was in the
second quintile relative to its Strategic Insight peer group for the comparable
period.
88 Pioneer Bond Fund | Semiannual Report | 12/31/10
The Trustees also reviewed management fees charged by PIM to its institutional
and other clients. In evaluating the fees associated with PIM's client
accounts, the Trustees took into account the respective demands, resources and
complexity associated with the Fund and client accounts. The Trustees noted
that in some instances the fee rates for those clients were lower than the
management fee for the Fund and considered that, under the investment advisory
agreement with the Fund, PIM performs additional services for the Fund that it
does not provide to those other clients or services that are broader in scope,
including oversight of the Fund's other service providers and activities
related to compliance and the extensive regulatory and tax regimes to which the
Fund is subject.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services provided by
PIM. The Trustees also concluded that the Fund's expense ratio was reasonable
taking into account the nature and quality of services provided by PIM and the
contractual expense limitation agreed to by PIM with respect to the Fund.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with funds and fund shareholders. The
Trustees recognize that economies of scale are difficult to identify and
quantify and that, among other factors that may be relevant, are the following:
fee levels, expense subsidization, investment by PIM in research and analytical
capabilities and PIM's commitment and resource allocation to the Funds. The
Trustees noted that profitability also may be an indicator of the availability
of any economies of scale, although profitability may vary for other reasons
particularly, for example during the recent difficult periods for financial
markets, as the level of services was maintained notwithstanding a significant
decline in PIM's fee revenues from the Funds. Accordingly, the Trustees
concluded that economies of scale, if any, were being appropriately shared with
the Fund.
Pioneer Bond Fund | Semiannual Report | 12/31/10 89
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with
the Fund. The Trustees considered the character and amount of fees paid by the
Fund, other than under the investment advisory agreement, for services provided
by PIM and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with
the Fund and the other Pioneer funds. The Trustees concluded that the receipt
of these benefits was reasonable in the context of the overall relationship
between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including all of the independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
90 Pioneer Bond Fund | Semiannual Report | 12/31/10
Trustees, Officers and Service Providers
Trustees
John F. Cogan, Jr., Chairman
David R. Bock
Mary K. Bush
Benjamin M. Friedman
Margaret B.W. Graham
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Officers
John F. Cogan, Jr., President
Daniel K. Kingsbury, Executive Vice President
Mark E. Bradley, Treasurer
Christopher J. Kelley, Secretary
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at http://www.sec.gov.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Bond Fund | Semiannual Report | 12/31/10 91
This page for your notes.
92 Pioneer Bond Fund | Semiannual Report | 12/31/10
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
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
- --------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free 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.
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.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
- ---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
- ---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
- ---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
- ---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
- ----------------------- --------------------------- -----------------------------------------------
- ------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- -------------------------
- ------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
- ------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
- ----------------------- --------------------------- -----------------------------------------------
- --------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
- ------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
- ----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
- ----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
- ----------------------- ------------------------- -----------------------------------------------
- ------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
- ------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
- ------------------------------------------- ------------------------------
- --------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
- --------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal 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.
N/A
(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 March 1, 2011
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 March 1, 2011
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date March 1, 2011
* Print the name and title of each signing officer under his or her signature.