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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02864
Pioneer Bond Fund
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: June 30
Date of reporting period: July 1, 2010 through June 30, 2011
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
Pioneer Bond Fund
--------------------------------------------------------------------------------
Annual Report | June 30, 2011
--------------------------------------------------------------------------------
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 56
Notes to Financial Statements 66
Report of Independent Registered Public Accounting Firm 76
Trustees, Officers and Service Providers 78
Pioneer Bond Fund | Annual Report | 6/30/11 1
President's Letter
Dear Shareowner,
The U.S. economy went through a soft patch in the first half of 2011, and the
second half of the year, so far, has been highlighted by the U.S. government's
battle over the debt ceiling and Standard & Poor's downgrade of the U.S.
Treasury's credit rating from the top rating of "AAA" for the first time in
history. The markets reacted quite negatively to the credit downgrade, and
there is concern about the strength of the global economy going forward.
Pioneer is cautiously optimistic that the U.S. economy will see moderate
economic growth over the balance of 2011, though at a slower pace than we had
expected earlier this year. While housing and employment remain weak, the
private sector shows signs of slow but steady improvement, led by higher
capital investment, solid exports, improved consumption, and gradually rising
demand for consumer auto loans and commercial loans. At the same time, the
risks to growth remain substantial, including high unemployment, continued
delays in the housing sector's recovery, and the fiscal drag of U.S. federal
and state budget cuts.
The difficult recovery process has been accompanied by wide market swings.
While this is a challenging environment, our investment professionals continue
to focus on finding good opportunities to invest in both equity and bond
markets using the same disciplined approach Pioneer has used since 1928. Our
approach is to identify undervalued individual securities with the greatest
potential for success, carefully weighing risk against reward. Our teams of
investment professionals continually monitor and analyze the relative
valuations of different sectors and securities globally to help build
portfolios that we believe can help you achieve your investment goals.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. The strategy has generally performed well for many
investors. 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.
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
2 Pioneer Bond Fund | Annual Report | 6/30/11
us.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.
Pioneer Bond Fund | Annual Report | 6/30/11 3
Portfolio Management Discussion | 6/30/11
The fixed-income markets generated solid performance over the 12 months ended
June 30, 2011, with credit-sensitive securities, especially corporate debt,
performing particularly well as corporate profits improved in an expanding
economy. Nevertheless, longer-maturity Treasuries produced negative returns
amid growing concerns about potentially rising inflationary pressures, and the
Federal Reserve Board's (the Fed's) focus on purchasing predominantly short-
and intermediate-term Treasury securities. In the following discussion, Kenneth
J. Taubes reviews the factors that affected the performance of Pioneer Bond
Fund during the 12 months ended June 30, 2011. Mr. Taubes, Chief Investment
Officer for the U.S. and portfolio manager at Pioneer Investments, is
responsible for the daily management of the Fund.
Q How did the Fund perform over the 12 months ended June 30, 2011?
A Pioneer Bond Fund Class A shares returned 7.08% at net asset value over the
12 months ended June 30, 2011, while the Fund's benchmark, the Barclays
Capital Aggregate Bond Index (the Barclays Index), returned 3.90%. Over the
same period, the average return of the 138 mutual funds in Lipper's
Corporate Debt, A-Rated category was 5.09%. On June 30, 2011, the 30-day
standardized SEC yield of the Fund's Class A shares was 3.98%.
Q What were the principal factors that affected the Fund's performance over the
12 months ended June 30, 2011?
A It was a good market for fixed-income investments, especially for high-yield
and investment-grade corporate bonds, which gained in value as the economy
continued to grow and profits improved. Other credit-sensitive debt,
including non-government-agency mortgages and bank loans, also did well.
Government securities lagged, however, when market interest rates began
rising amid growing concerns about rising inflationary pressures. Both the
30-year and the 10-year Treasury underperformed as the yield curve, which
reflects the differences in yields between longer-maturity and shorter-
maturity securities, steepened significantly during the 12-month period, to
the disadvantage of investments in longer-term high-grade debt.
The Fund performed well during the 12-month period, outdistancing both the
benchmark Barclays Index as well as the average return of its Lipper peers.
The Fund's outperformance was principally the result of the higher yield
produced by the Fund's investments, particularly from holdings in corporate
debt, non-agency mortgage-backed securities and bank loans. The Fund placed
heavy emphasis on the higher-yielding credit sectors throughout the 12
months ended June 30, 2011. In contrast, the Fund was substantially
underweighted to Treasuries and government securities.
4 Pioneer Bond Fund | Annual Report | 6/30/11
Corporate bonds and other credit-sensitive investments delivered good
returns over the 12 months ended June 30, 2011, as both the domestic and
the global economies were growing and corporate profits were increasing,
even though the domestic expansion appeared to slow over the last six
months of the period. Contributing to the slowdown over the 12-month period
were some specific factors affecting the economy that we believe were
transitory. The factors included the effects of the March 2011 earthquake
and tsunami in Japan, which have hindered industrial production in the
United States as well as in Japan, particularly by automotive
manufacturers, and the impacts of tornadoes and flooding in parts of the
United States. Higher energy costs, which have started to recede somewhat,
also have taken their toll. We think those influences should have only a
temporary impact on economic growth, however, and that the pace of the
economic expansion should improve. While the jobs market has shown
disappointing growth, mainly because of cutbacks by state and local
governments, private job creation actually improved, albeit slowly.
Overall, we think the fundamentals of the economy are stronger and the
growth outlook is more favorable than would be indicated by the
sluggishness over the last half of the 12-month period.
Q How was the Fund positioned during the 12 months ended June 30, 2011, and how
did the positioning influence performance?
A We continued to overweight the Fund to corporate bonds, both high-yield and
investment-grade, over the 12 months ended June 30, 2011, and also
maintained healthy exposures to non-agency mortgage-backed securities and
bank loans. The concentration on the credit sectors helped the Fund's
performance substantially, principally because of the yield generated by
the investments. While yield was the biggest factor in the Fund's
outperformance of the Barclays Index, sector allocations also helped, as
overweight positions in investment-grade and non-benchmark high-yield debt
boosted performance, as did the Fund's non-benchmark positions in bank
loans and non-agency mortgage-backed securities.
Overall credit selection was positive over the 12-month period. Individual
securities that were notably strong performers for the Fund included the
debt of Domino's Pizza; Forest City Enterprises, a commercial real estate
company; and securities issued by several banking and insurance companies,
including U.S. Bancorp and Liberty Mutual. Several commercial
mortgage-backed securities also made noteworthy contributions to the Fund's
performance. On the negative side, the Fund's investments in Local Insight
Media, a yellow pages publisher, and Coso Geothermal, an energy producer,
proved somewhat disappointing.
The Fund was positioned fairly consistently throughout the 12 months ended
June 30, 2011. At the end of the period, 38.8% of the Fund's assets
Pioneer Bond Fund | Annual Report | 6/30/11 5
were invested in pass-through securities, predominately non-agency
mortgage-backed debt. Investments in bank loans accounted for 7.6% of Fund
assets. By quality, 44.7% of the Fund's assets were invested in
investment-grade securities with credit ratings ranging from BBB to AAA;
another 15.7% of assets were allocated to below-investment grade, high-
yielding corporate bonds, while Treasury/agency securities (35.4%) and
commercial paper (4.2%) rounded out the Fund's quality distribution at
period end. The Fund's effective duration as of June 30, 2011, was 4.32
years (duration is a measure of a portfolio's price sensitivity to changes
in interest rates).
Q What is your investment outlook?
A We think many market-watchers are a bit too negative and that there is good
potential for improving growth trends. Much of the sluggishness of recent
months, we think, can be attributed to temporary factors such as weather
and the Japanese earthquake.
We anticipate continuing to emphasize the credit sectors in the Fund,
rather than government bonds. Treasuries, with their very low yields,
appear richly priced, while we are much more positive about corporate bonds
and other credit-sensitive securities. Corporations have been generating
healthy earnings and their profit margins and cash balances continue to be
solid. We think the credit profiles of non-agency mortgage-backed
securities are getting better as well.
Overall, we expect to maintain the Fund's present positioning, while
remaining alert for any potential changes in economic or inflationary
trends or the investment environment.
Please refer to the Schedule of Investments on pages 18-55 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.
6 Pioneer Bond Fund | Annual Report | 6/30/11
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.
These risks may increase share price volatility.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of the opinion of Fund management as of the date of this report.
These opinions should not be relied upon for any other purposes.
Pioneer Bond Fund | Annual Report | 6/30/11 7
Portfolio Summary | 6/30/11
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 32.8%
U.S. Government Securities 19.2%
Collateralized Mortgage Obligations 15.4%
Temporary Cash Investments 10.6%
Asset Backed Securities 7.6%
Senior Secured Loans 7.1%
Municipal Bonds 5.0%
Preferred Stocks 1.6%
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 3.5%
AA 4.0%
A 11.7%
BBB 25.5%
BB 9.4%
B & Lower 6.3%
Commercial Paper 4.2%
Treasury/Agency 35.4%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Federal National Mortgage Association, 4.0%, 1/25/41 1.57%
--------------------------------------------------------------------------------
2. Federal National Mortgage Association, 4.5%, 7/1/41 1.18
--------------------------------------------------------------------------------
3. Forest City Enterprises, Inc., 7.0%, 12/31/49 0.80
--------------------------------------------------------------------------------
4. U.S. Treasury Notes, 4.5%, 8/15/39 0.73
--------------------------------------------------------------------------------
5. U.S. Treasury Notes, 2.75%, 2/15/19 0.69
--------------------------------------------------------------------------------
6. Goldman Sachs Capital, Floating Rate Note, 12/29/49 0.69
--------------------------------------------------------------------------------
7. U.S. Treasury Notes, 4.5%, 5/15/38 0.68
--------------------------------------------------------------------------------
8. U.S. Treasury Notes, 4.5%, 2/15/36 0.59
--------------------------------------------------------------------------------
9. U.S. Treasury Notes, 4.25%, 5/15/39 0.59
--------------------------------------------------------------------------------
10. Massachusetts Health, 5.5%, 11/15/36 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 | Annual Report | 6/30/11
Prices and Distributions | 6/30/11
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 6/30/11 6/30/10
--------------------------------------------------------------------------------
A $9.66 $9.44
--------------------------------------------------------------------------------
B $9.60 $9.38
--------------------------------------------------------------------------------
C $9.55 $9.34
--------------------------------------------------------------------------------
R $9.74 $9.52
--------------------------------------------------------------------------------
Y $9.57 $9.36
--------------------------------------------------------------------------------
Z $9.68 $9.46
--------------------------------------------------------------------------------
Distributions per Share: 7/1/10-6/30/11
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.4377 $ -- $ --
--------------------------------------------------------------------------------
B $0.3351 $ -- $ --
--------------------------------------------------------------------------------
C $0.3494 $ -- $ --
--------------------------------------------------------------------------------
R $0.4064 $ -- $ --
--------------------------------------------------------------------------------
Y $0.4575 $ -- $ --
--------------------------------------------------------------------------------
Z $0.4591 $ -- $ --
--------------------------------------------------------------------------------
Index Definition
--------------------------------------------------------------------------------
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 | Annual Report | 6/30/11 9
Performance Update | 6/30/11 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Bond Fund at public offering price, compared to that
of the Barclays Capital Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2011)
-----------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
-----------------------------------------------------------------------
10 Years 6.38% 5.90%
5 Years 7.20 6.22
1 Year 7.08 2.31
-----------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2010)
-----------------------------------------------------------------------
Gross Net
-----------------------------------------------------------------------
1.07% 0.85%
-----------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Barclays Capital
Bond Fund Aggregate Bond Index
6/01 9,550 10,000
10,275 10,863
6/03 11,445 11,992
11,786 12,031
6/05 12,687 12,849
12,529 12,746
6/07 13,194 13,526
14,070 14,489
6/09 14,443 15,365
16,567 16,825
6/11 17,740 17,481
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 | Annual Report | 6/30/11
Performance Update | 6/30/11 Class B Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Bond Fund, compared to that of the Barclays Capital
Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2011)
-----------------------------------------------------------
If If
Period Held Redeemed
-----------------------------------------------------------
10 Years 5.40% 5.40%
5 Years 6.14 6.14
1 Year 5.99 1.99
-----------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2010)
-----------------------------------------------------------
Gross Net
-----------------------------------------------------------
1.98% 1.90%
-----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Barclays Capital
Bond Fund Aggregate Bond Index
6/01 10,000 10,000
10,678 10,863
6/03 11,793 11,992
12,033 12,031
6/05 12,842 12,849
12,567 12,746
6/07 13,102 13,526
13,849 14,489
6/09 14,073 15,365
15,969 16,825
6/11 16,925 17,481
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 | Annual Report | 6/30/11 11
Performance Update | 6/30/11 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Bond Fund, compared to that of the Barclays Capital
Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2011)
-----------------------------------------------------------
If If
Period Held Redeemed
-----------------------------------------------------------
10 Years 5.42% 5.42%
5 Years 6.23 6.23
1 Year 6.06 6.06
-----------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2010)
-----------------------------------------------------------
Gross Net
-----------------------------------------------------------
1.79% 1.79%
-----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Barclays Capital
Bond Fund Aggregate Bond Index
6/01 10,000 10,000
10,654 10,863
6/03 11,749 11,992
11,998 12,031
6/05 12,799 12,849
12,532 12,746
6/07 13,082 13,526
13,840 14,489
6/09 14,065 15,365
15,982 16,825
6/11 16,951 17,481
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 | Annual Report | 6/30/11
Performance Update | 6/30/11 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Bond Fund, compared to that of the Barclays Capital
Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2011)
-----------------------------------------------------------
If If
Period Held Redeemed
-----------------------------------------------------------
10 Years 6.06% 6.06%
5 Years 6.81 6.81
1 Year 6.67 6.67
-----------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2010)
-----------------------------------------------------------
Gross Net
-----------------------------------------------------------
1.26% 1.25%
-----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Barclays Capital
Bond Fund Aggregate Bond Index
6/01 10,000 10,000
10,702 10,863
6/03 11,878 11,992
12,258 12,031
6/05 13,149 12,849
12,961 12,746
6/07 13,614 13,526
14,452 14,489
6/09 14,792 15,365
16,889 16,825
6/11 18,015 17,481
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 | Annual Report | 6/30/11 13
Performance Update | 6/30/11 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 June 30, 2011)
-----------------------------------------------------------
If If
Period Held Redeemed
-----------------------------------------------------------
10 Years 6.75% 6.75%
5 Years 7.49 7.49
1 Year 7.25 7.25
-----------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2010)
-----------------------------------------------------------
Gross Net
-----------------------------------------------------------
0.61% 0.61%
-----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Barclays Capital
Bond Fund Aggregate Bond Index
6/01 5,000,000 5,000,000
5,395,480 5,431,331
6/03 6,035,601 5,996,231
6,245,430 6,015,411
6/05 6,749,281 6,424,551
6,696,908 6,372,801
6/07 7,075,469 6,762,861
7,564,660 7,244,591
6/09 7,787,803 7,682,661
8,960,605 8,412,390
6/11 9,610,304 8,740,590
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 | Annual Report | 6/30/11
Performance Update | 6/30/11 Class Z Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Bond Fund, compared to that of the Barclays Capital
Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2011)
-----------------------------------------------------------
If If
Period Held Redeemed
-----------------------------------------------------------
10 Years 6.41% 6.41%
5 Years 7.26 7.26
1 Year 7.30 7.30
-----------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2010)
-----------------------------------------------------------
Gross Net
-----------------------------------------------------------
0.63% 0.63%
-----------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Barclays Capital
Bond Fund Aggregate Bond Index
6/01 10,000 10,000
10,755 10,863
6/03 11,979 11,992
12,336 12,031
6/05 13,280 12,849
13,114 12,746
6/07 13,674 13,526
14,629 14,489
6/09 15,129 15,365
17,350 16,825
6/11 18,616 17,481
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 | Annual Report | 6/30/11 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Bond Fund
Based on actual returns from January 1, 2011 through June 30, 2011.
---------------------------------------------------------------------------------------------------------------------
Share Class A B C R Y Z
---------------------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 1/1/11
---------------------------------------------------------------------------------------------------------------------
Ending Account Value $1,070.80 $1,059.90 $1,060.60 $1,066.70 $1,072.50 $1,073.00
(after expenses)
on 6/30/11
---------------------------------------------------------------------------------------------------------------------
Expenses Paid $4.29 $9.56 $8.70 $6.25 $3.08 $3.28
During Period*
---------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.85%, 1.90%,
1.73%, 1.24%, 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 181/365 (to reflect the one-half year
period).
16 Pioneer Bond Fund | Annual Report | 6/30/11
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Bond Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from January 1, 2011 through June 30, 2011.
---------------------------------------------------------------------------------------------------------------------
Share Class A B C R Y Z
---------------------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 1/1/11
---------------------------------------------------------------------------------------------------------------------
Ending Account Value $1,020.58 $1,015.37 $1,016.22 $1,018.65 $1,021.77 $1,021.57
(after expenses)
on 6/30/11
---------------------------------------------------------------------------------------------------------------------
Expenses Paid $4.26 $9.49 $8.65 $6.21 $3.06 $3.26
During Period*
---------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.85%, 1.90%,
1.73%, 1.24%, 0.61%, and 0.65% for Class A, Class B, Class C, Class R, Class
Y, and Class Z shares, respectively, multiplied by the average account value
over the period, multiplied by 181/365 (to reflect the one-half year
period).
Pioneer Bond Fund | Annual Report | 6/30/11 17
Schedule of Investments | 6/30/11
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 0.7%
ENERGY -- 0.2%
Coal & Consumable Fuels -- 0.2%
2,680,000 BB-/NR Massey Energy Co., 3.25%, 8/1/15 $ 2,844,150
--------------
Total Energy $ 2,844,150
-----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Health Care Services -- 0.1%
766,000 B+/B2 Omnicare, Inc., 3.25%, 12/15/35 $ 732,488
--------------
Total Health Care Equipment & Services $ 732,488
-----------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.4%
Semiconductors -- 0.4%
4,725,000 A-/NR Intel Corp., 2.95%, 12/15/35 (b) $ 4,884,469
--------------
Total Semiconductors $ 4,884,469
-----------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $7,201,749) $ 8,461,107
-----------------------------------------------------------------------------------------------------
Shares
-----------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 1.7%
BANKS -- 0.4%
Diversified Banks -- 0.4%
5,610 Wells Fargo & Co., 7.5%, 12/31/49 $ 5,943,795
--------------
Total Banks $ 5,943,795
-----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Diversified Financial Services -- 0.2%
116,000 Citigroup Capital XIII, 7.875%, 10/30/40 $ 3,222,480
--------------
Total Diversified Financials $ 3,222,480
-----------------------------------------------------------------------------------------------------
INSURANCE -- 0.3%
Life & Health Insurance -- 0.3%
153,800 Delphi Financial Group, 7.376%, 5/15/37 $ 3,771,176
--------------
Total Insurance $ 3,771,176
-----------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.8%
Real Estate Operating Companies -- 0.8%
150,400 Forest City Enterprises, Inc., 7.0%,
12/31/49 (b) $ 10,226,598
--------------
Total Real Estate $ 10,226,598
-----------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $20,918,099) $ 23,164,049
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Bond Fund | Annual Report | 6/30/11
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 8.1%
MATERIALS -- 1.1%
Diversified Metals & Mining -- 0.1%
1,871,345 NR/A1 Bombardier Capital Mortgage
Securitization Corp., 6.65%, 4/15/28 $ 1,970,102
----------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.3%
744,439 BBB+/A2 Lehman ABS Manufactured Housing
Contract Trust, 5.873%, 5/15/22 $ 786,629
2,200,000 BBB+/Ba3 Madison Avenue Manufactured Housing,
2.4626%, 3/25/32 2,147,875
923,044 A/NR Mid-State Trust, 5.25%, 11/1/20 917,150
940,382 5.91 AA/Aa2 Origen Manufactured Housing, Floating
Rate Note, 1/15/35 997,580
--------------
$ 4,849,234
----------------------------------------------------------------------------------------------------
Steel -- 0.7%
428,800 AAA/Aaa Accredited Mortgage Loan Trust, 0.8015%,
10/25/34 $ 388,518
1,538,806 AAA/Aa1 Centex Home Equity, 3.173%, 6/25/33 1,516,665
4,700,000 AAA/Aa2 First NLC Trust, 0.74719%, 9/25/35 4,387,478
3,647,238 0.66 AA+/Aa3 Nomura Home Equity Loan, Inc., Floating
Rate Note, 5/25/35 3,494,302
--------------
$ 9,786,963
--------------
Total Materials $ 16,606,299
----------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Research & Consulting Services -- 0.1%
793,333 A/NR TAL Advantage LLC, 4.31%, 5/20/26 $ 779,509
--------------
Total Commercial Services & Supplies $ 779,509
----------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.4%
Automobile Manufacturers -- 0.4%
650,000 BBB/Baa1 AMCAR, 4.2%, 11/8/16 $ 673,702
500,000 BBB/Baa1 AmeriCredit Automobile Receivables Trust,
4.04%, 7/10/17 496,697
1,350,000 NR/Aa1 Santander Drive Auto Receivables Trust,
2.44%, 1/15/16 1,348,731
2,960,000 BBB/NR Santander Drive Auto Receivables Trust,
3.35%, 6/15/17 2,957,336
--------------
$ 5,476,466
--------------
Total Automobiles & Components $ 5,476,466
----------------------------------------------------------------------------------------------------
BANKS -- 2.7%
Diversified Banks -- 0.1%
1,170,937 0.28 AAA/Aa1 Wells Fargo Home Equity , Floating Rate
Note, 4/25/37 $ 1,133,418
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 19
Schedule of Investments | 6/30/11 (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 2.6%
1,058,560 AAA/Aaa 321 Henderson Receivables I LLC, 3.82%,
12/15/48 $ 1,046,363
612,249 0.24 AAA/Baa1 Carrington Mortgage Loan Trust, Floating
Rate Note, 1/25/37 604,193
310,276 0.68 AA/Aa1 Carrington Mortgage Loan Trust, Floating
Rate Note, 2/25/35 308,516
416,731 0.59 AAA/Baa3 Carrington Mortgage Loan Trust, Floating
Rate Note, 9/25/35 371,417
2,791,000 5.94 A/B1 Citicorp Residential Mortgage Securities,
Inc., Floating Rate Note, 7/25/36 2,727,750
1,700,000 AAA/B2 Citicorp Residential Mortgage Securities,
Inc., 5.892%, 3/25/37 1,625,107
600,000 AAA/B2 Citicorp Residential Mortgage Securities,
Inc., 5.775%, 9/25/36 589,682
608,720 BBB/Baa3 Citigroup Mortgage Loan Trust, 0.34606%,
1/25/37 591,542
1,003,847 0.60 AA+/Aa1 Citigroup Mortgage Loan Trust, Floating
Rate Note, 7/25/35 964,726
2,575,000 0.74 AA+/A3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 11/25/35 2,359,272
1,047,000 0.65 AA+/Aa2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 8/25/35 965,721
913,497 0.61 AA+/Aa1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 8/25/35 898,578
2,509,745 5.07 AAA/Ba2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 12/25/35 2,352,379
2,816,129 BBB/Baa3 Countrywide Home Equity Loan Trust,
0.5371%, 11/15/28 2,666,697
700,000 6.25 AA/B1 Credit-Based Asset Servicing, Floating
Rate Note, 10/25/36 697,070
1,445,288 0.89 AA+/Aa2 Credit-Based Asset Servicing, Floating
Rate Note, 5/25/50 1,385,155
696,726 5.56 AAA/A2 CRMSI 2006-2 A3, Floating Rate Note,
9/25/36 698,562
1,507,483 AAA/A1 FBR Securitization Trust, 2.76188%,
9/25/35 1,425,536
555,476 0.73 AAA/Aaa First Franklin Mortgage Loan Asset-Backed
Certificate, Floating Rate Note, 9/24/34 525,642
361,147 0.30 A/A2 Fremont Home Loan Trust, Floating Rate
Note, 2/25/36 358,103
1,700,000 0.72 AA+/A1 GSAA Trust, Floating Rate Note, 6/25/35 1,629,955
584,165 0.62 A/A2 GSAMP Trust, Floating Rate Note,
3/25/35 556,629
230,108 0.56 AAA/Aaa GSAMP Trust, Floating Rate Note,
8/25/36 225,829
The accompanying notes are an integral part of these financial statements.
20 Pioneer Bond Fund | Annual Report | 6/30/11
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
717,852 0.57 AAA/Aa1 GSAMP Trust, Floating Rate Note,
9/25/35 $ 693,502
1,200,000 AA/NR Lead II Receivables, 4.9%, 3/20/13 1,189,920
4,909,143 CCC+/Caa3 Local Insight Media Finance LLC, 5.88%,
10/23/37 2,160,023
497,544 0.25 B/Ba3 Morgan Stanley ABS Capital, Inc. Floating
Rate Note, 12/25/36 473,355
919,622 BB-/B1 Morgan Stanley Home Equity,
0.28125%, 12/25/36 900,212
824,333 0.29 BB-/Ba3 Morgan Stanley Home Equity Loan,
Floating Rate Note, 4/25/37 772,734
31,605 A-/Caa2 Morgan Stanley Ixis Real Estate, 1.445%,
11/25/36 10,851
1,289,357 0.00 AAA/Aa3 Option One Mortgage Loan Trust, Floating
Rate Note, 11/25/35 1,216,811
408,050 0.00 A/Aa3 Option One Mortgage Loan Trust, Floating
Rate Note, 2/25/38 398,632
1,500,000 0.67 AA+/A3 RASC 2005-KS7 M1, Floating Rate Note,
8/25/35 1,432,461
--------------
$ 34,822,925
--------------
Total Banks $ 35,956,343
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.1%
Diversified Finance Services -- 0.8%
287,782 0.63 AA/Aa2 Asset Backed Securities Corp., Floating
Rate Note, 4/25/35 $ 279,214
1,700,000 A/NR DT Auto Owner Trust, 3.46%, 1/15/14 1,714,385
1,400,000 BBB/NR DT Auto Owner Trust, 4.89%, 1/17/17 1,411,085
722,307 AA/NR DT Auto Owner Trust, 5.92%, 10/15/15 745,437
1,952,810 AAA/Aaa Home Equity Asset Trust,
0.75719%, 11/25/35 1,886,746
423,988 0.43 AAA/A1 JP Morgan Mortgage Acquisition, Floating
Rate Note, 12/25/35 383,221
3,300,000 0.68 AA-/A3 Long Beach Mortgage Loan Trust, Floating
Rate Note, 4/25/35 2,895,575
279,509 AAA/Aaa Nelnet Student Loan Trust,
0.318%, 12/27/16 279,346
800,000 A/NR Prestige Auto Receivables Trust,
3.9%, 7/16/18 805,368
--------------
$ 10,400,377
------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.3%
2,896,367 0.46 AA+/A1 Aegis Asset Backed Securities, Floating
Rate Note, 3/25/12 $ 2,538,295
2,895,000 BBB-/Baa3 Dominos Pizza Master Issuer LLC, 5.261%,
4/25/37 2,931,188
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 21
Schedule of Investments | 6/30/11 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Specialized Finance -- (continued)
5,325,000 BB/Aaa Dominos Pizza Master Issuer LLC, 7.629%,
4/25/37 $ 5,431,500
800,000 5.32 A/A2 Irwin Home Equity Co., Floating Rate Note,
4/25/30 629,028
2,261,031 0.89 NR/Baa1 Irwin Home Equity Corp., Floating Rate
Note, 6/25/35 2,174,922
1,800,000 AA/Aa3 Master Asset Backed Securities,
0.79718%, 3/25/35 1,599,336
323,885 AA+/Aa1 Master Asset Backed Securities Trust,
0.67375%, 5/25/35 315,673
908,073 0.54 AAA/Aaa New Century Home Equity Loan, Floating
Rate Note, 3/25/35 801,174
900,000 0.63 AAA/Aaa SLMA 2004-10 A6B, Floating Rate Note,
4/27/26 899,730
--------------
$ 17,320,846
--------------
Total Diversified Financials $ 27,721,223
------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.9%
Mortgage Real Estate Investment Trusts -- 0.9%
5,000,000 A+/NR FREMF Mortgage Trust, 4.437%,
11/25/17 $ 4,884,947
1,500,000 NR/NR FREMF Mortgage Trust, 4.598%,
11/25/49 1,422,296
1,750,000 NR/A3 FREMF Mortgage Trust, 4.77055%,
4/25/44 1,690,391
640,000 NR/NR FREMF Mortgage Trust, 5.163344%,
9/25/45 630,715
600,000 A+/NR FREMF Mortgage Trust, 5.237%, 9/25/43 595,351
850,000 A+/A3 FREMF Mortgage Trust, 5.434669%,
4/25/20 867,056
1,994,112 NR/NR Real Estate Asset Trust, 5.44%, 6/25/31 1,994,112
--------------
$ 12,084,868
--------------
Total Real Estate $ 12,084,868
------------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.8%
Government -- 0.8%
47,238 AAA/Aaa Federal Home Loan Bank, 6.0%, 4/15/32 $ 47,760
3,743,000 AAA/Aaa FHR 3211 PB, 5.5%, 2/15/33 3,987,972
698,337 AAA/Aaa Freddie Mac, 5.0%, 8/15/35 732,045
5,000,000 NR/NR Freddie Mac REMICS, 5.0%, 6/15/33 5,383,782
124,506 AAA/Aaa Freddie Mac, 6.1%, 9/15/18 128,868
--------------
$ 10,280,427
--------------
Total Government $ 10,280,427
------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $109,747,198) $ 108,905,135
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Bond Fund | Annual Report | 6/30/11
---------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 16.4%
MATERIALS -- 0.5%
Forest Products -- 0.5%
1,435,000 AA/Aa3 TSTAR 2006-1 B, 5.7467%, 10/15/36 $ 1,527,303
4,470,000 AAA/Aa1 TSTAR 2006-1A A, 5.668%, 10/15/36 4,827,733
--------------
$ 6,355,036
--------------
Total Materials $ 6,355,036
---------------------------------------------------------------------------------------------------
BANKS -- 11.5%
Thrifts & Mortgage Finance -- 11.5%
1,973,118 NR/Ba3 Banc of America Alternative Loan Trust,
5.5%, 1/25/20 $ 1,986,458
2,807,837 NR/Ba2 Banc of America Alternative Loan Trust,
5.0%, 7/25/19 2,839,009
2,396,947 NR/Baa3 Banc of America Alternative Loan Trust,
6.0%, 3/25/34 2,456,845
1,704,101 NR/B2 Banc of America Alternative Loan Trust,
5.25%, 5/25/19 1,723,395
1,342,469 AAA/Aa3 Banc of America Alternative Loan Trust,
5.75%, 4/25/33 1,404,227
2,344,911 NR/Baa2 Banc of America Alternative Loan Trust,
5.5%, 9/25/33 2,419,878
2,427,477 BB-/A Banc of America Funding Corp.,
0.4013%, 9/25/36 2,310,958
1,094,923 AAA/NR Banc of America Funding Corp.,
5.5%, 1/25/36 1,126,779
1,516,701 AAA/Aaa Bayview Commercial Asset Trust,
0.67375%, 4/25/34 1,325,200
15,676,261 AAA/A1 Bayview Commercial Asset Trust,
2.65868%, 7/25/37 1,337,185
10,197,760 AA/A3 Bayview Commercial Asset Trust,
2.83149%, 9/25/37 917,798
922,000 AAA/A2 BCAP LLC Trust, 5.0%, 11/25/36 940,092
2,217,809 2.45 AAA/Baa2 Bear Stearns Adjustable Rate Mortgage,
Floating Rate Note, 8/25/33 2,111,554
724,403 AAA/A3 Chase Mortgage Finance Corp.,
5.0%, 10/25/33 734,163
2,574,231 NR/Ba3 Chase Mortgage Finance Corp.,
5.5%, 5/25/35 2,489,904
2,068,087 AAA/Aaa Citigroup Commercial Mortgage,
4.639%, 5/15/43 2,080,185
784,828 AAA/Aaa Commercial Mortgage, 0.48705%,
11/15/17 758,128
1,710,660 AAA/Aaa Commercial Mortgage Pass Through
Certificates, 0.538%, 11/15/17 1,614,275
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 23
Schedule of Investments | 6/30/11 (continued)
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
Thrifts & Mortgage Finance -- (continued)
897,610 AAA/Ba1 Countrywide Alternative Loan Trust,
4.25%, 4/25/34 $ 902,355
1,492,882 AAA/B2 Countrywide Alternative Loan Trust,
5.5%, 1/25/35 1,512,381
6,647,769 BBB/NR Countrywide Alternative Loan Trust,
5.5%, 4/25/35 3,801,786
1,990,646 AAA/NR Countrywide Alternative Loan Trust,
5.5%, 8/25/34 1,852,995
1,566,334 AAA/Ba2 Countrywide Alternative Loan Trust,
5.5%, 4/25/34 1,581,706
1,707,920 0.64 AAA/NR Countrywide Alternative Loan Trust,
Floating Rate Note, 8/25/18 1,631,315
1,594,082 AAA/B2 Countrywide Alternative Loan Trust,
4.75%, 10/25/33 1,599,261
2,294,304 AAA/NR Countrywide Alternative Loan Trust,
5.75%, 12/25/33 2,362,670
1,834,026 B-/Ba1 Countrywide Home Loan, 4.5%, 9/25/35 1,709,984
2,170,827 AAA/Baa3 Countrywide Home Loan Mortgage Pass
Through Trust, 4.867257%, 12/25/33 2,008,445
562,998 AAA/Aa3 Downey Savings & Loan,
0.83625%, 7/19/44 423,070
1,250,000 A/A2 Extended Stay America Trust,
4.8603%, 11/5/27 1,247,878
602,853 NR/Baa1 First Horizon Asset Securities, Inc.,
5.6329%, 10/25/34 619,247
1,006,503 A-/NR First Horizon Asset Securities, Inc.,
6.0%, 5/25/36 1,001,909
800,000 A/A2 GMAC Commercial Mortgage Securities,
Inc., 5.307%, 4/10/40 798,480
3,375,000 AAA/Aaa GMAC Commercial Mortgage Securities,
Inc., 4.864%, 12/10/41 3,580,221
1,863,792 AAA/Aaa GS Mortgage Securities Corp. II,
7.12%, 11/18/29 1,958,723
678,006 0.91 AAA/A1 Impac CMB Trust, Floating Rate Note,
10/25/34 625,474
1,086,266 0.59 NR/Aaa Impac CMB Trust, Floating Rate Note,
11/25/35 878,741
734,293 0.99 AAA/Aaa Impac Securities Assets Corp., Floating
Rate Note, 11/25/34 683,880
1,271,076 0.54 AAA/Aaa Impac Securities Assets Corp., Floating
Rate Note, 5/25/36 1,177,915
1,600,000 AAA/NR JP Morgan Chase Commercial Mortgage
Securities Corp., 3.6159%, 11/15/43 1,563,133
1,100,000 A-/Aa3 JP Morgan Chase Commercial Mortgage
Securities Corp., 0.34205%, 5/15/47 1,019,421
The accompanying notes are an integral part of these financial statements.
24 Pioneer Bond Fund | Annual Report | 6/30/11
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,935,241 AAA/A2 JP Morgan Mortgage Trust,
2.657%, 2/25/34 $ 1,923,629
1,078,179 AAA/NR JP Morgan Mortgage Trust,
2.675589%, 7/25/34 1,025,744
3,270,634 AAA/Aa3 JP Morgan Mortgage Trust,
4.498731%, 10/25/33* 3,327,978
2,962,094 AAA/Ba2 JP Morgan Mortgage Trust,
6.0%, 8/25/34 2,761,883
1,750,000 AAA/Aaa JPMCC 2002-C3 B, 5.146%, 7/12/35 1,810,659
1,629,058 5.50 AAA/A2 JPMMT 2004-A1 3A1, Floating Rate Note,
2/25/34 1,657,586
2,800,000 BBB+/NR LB-UBS Commercial Mortgage,
5.616%, 10/15/35 2,733,933
1,164,543 AAA/A3 Lehman Brothers Small Balance
Commercial, 5.41%, 12/25/36 1,145,704
1,196,891 0.44 AAA/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note, 2/25/30 1,011,174
572,666 1.04 AAA/Aa1 Lehman Brothers Small Balance, Floating
Rate Note, 10/25/37 542,811
1,508,612 BB+/B3 Master Adjustable Rate Mortgages Trust,
5.194229%, 1/25/35 1,366,004
818,472 AAA/A1 Master Adjustable Rate Mortgages Trust,
2.86771%, 4/21/34 797,038
2,608,510 AAA/NR Master Alternative Loans Trust,
5.5%, 2/25/35 2,684,864
1,321,596 AAA/NR Master Alternative Loans Trust,
4.5%, 1/25/15 1,320,817
584,549 AA-/NR Master Alternative Loans Trust,
5.5%, 1/25/35 597,192
1,639,966 AA/NR Master Alternative Loans Trust,
5.5%, 10/25/19 1,673,500
3,620,427 AAA/AAA Master Alternative Loans Trust,
6.0%, 7/25/34 3,657,540
1,816,209 6.75 BBB/NR Master Seasoned Securities Trust, Floating
Rate Note, 9/25/32 1,905,325
520,613 AAA/Aaa Merrill Lynch Mortgage Trust,
4.556%, 6/12/43 526,176
348,850 5.44 AAA/Aaa Merrill Lynch/Countrywide Commercial,
Floating Rate Note, 2/12/39 348,681
2,600,180 AAA/A1 MLCC Mortgage Investors, Inc.,
0.48344%, 3/25/30 2,299,074
1,602,640 0.42 AAA/Baa2 MLCC Mortgage Investors, Inc., Floating
Rate Note, 4/25/29 1,475,254
2,950,000 NR/NR Morgan Stanley Remic Trust,
5.0%, 11/26/36 2,868,875
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 25
Schedule of Investments | 6/30/11 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,566,750 NR/Aa3 PHH Mortgage Capital, 6.6%, 12/25/27 $ 1,547,617
936,757 BBB/B2 RAAC Series, 6.0%, 1/25/32 946,868
2,219,987 AAA/NR Residential Asset Securitization Trust,
5.5%, 7/25/35 2,080,252
1,679,267 AAA/NR Residential Asset Securitization Trust,
5.25%, 11/25/34 1,713,671
1,241,965 A+/NR Residential Asset Securitization Trust,
5.5%, 2/25/35 1,252,287
980,177 AAA/Baa3 Residential Funding Mortgage Securities I,
Inc., 5.0%, 5/25/18 1,018,052
8,510,000 5.54 CCC+/Caa3 SASC 2007 BHC1 A1, Floating Rate Note,
12/18/49 2,792,982
2,890,000 5.58 D/NR SASC 2007 BHC1 A2, Floating Rate Note,
12/18/49 (g) 232,842
1,691,635 0.81 AAA/Baa2 Sequoia Mortgage Trust, Floating Rate
Note, 3/20/35 1,383,350
1,807,457 0.41 AAA/Baa1 Sequoia Mortgage Trust, Floating Rate
Note, 9/20/33 1,651,161
1,543,209 AAA/A3 Sequoia Mortgage Trust,
0.74969%, 1/20/35 1,252,941
1,315,367 A/B2 Structured Asset Securities,
5.0%, 5/25/35 1,293,872
1,988,857 AAA/Ba1 Thornburg Mortgage Securities Trust,
4.1376%, 3/25/44 1,969,853
858,045 0.93 AAA/A2 Thornburg Mortgage Securities Trust,
Floating Rate Note, 9/25/44 799,099
2,299,680 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, 4.957%, 8/15/35 2,298,477
3,787,250 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, 4.803%, 10/15/41 4,056,690
2,500,000 A+/NR Wachovia Bank Commercial Mortgage
Trust, 5.606%, 4/15/35 2,545,595
780,286,977 0.01 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, Floating Rate Note, 6/15/45 1,006,024
468,329 BB/NR WaMu Mortgage Pass Through Certificates,
4.82069%, 9/25/35 452,017
2,545,393 AAA/NR WaMu Mortgage Pass Through Certificates,
2.73272%, 1/25/35 2,444,376
393,941 BB/NR WaMu Mortgage Pass Through Certificates,
2.77149%, 9/25/35 340,973
2,167,772 0.42 AAA/Caa1 WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 4/25/45 1,795,797
1,450,000 AAA/Aaa WBCMT 2003-C9 B, 5.109%, 12/15/35 1,482,542
3,755,348 NR/Aaa Wells Fargo Commercial Mortgage,
3.349%, 10/15/57 3,768,567
The accompanying notes are an integral part of these financial statements.
26 Pioneer Bond Fund | Annual Report | 6/30/11
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
933,711 5.62 A-/NR Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 4/25/36 $ 921,249
1,257,080 AAA/A1 Wells Fargo Mortgage Backed Securities
Trust, 5.0%, 11/25/36 1,268,886
1,038,955 AAA/Baa1 Wells Fargo Mortgage Backed Securities
Trust, 5.5%, 5/25/35 1,036,492
1,164,573 2.75 NR/Ba3 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 1/25/35 1,069,947
713,214 2.78 AAA/Aa1 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 10/25/34 706,166
729,971 2.78 AAA/Aa1 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 10/25/35 705,717
698,060 4.53 AAA/A1 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 11/25/33 691,295
279,105 2.74 AAA/A2 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 6/25/34 268,209
350,000 NR/A2 Wells Fargo Mortgage Backed Securities
Trust, 5.392%, 2/15/44 328,738
2,890,532 AAA/Ba2 Wells Fargo Mortgage Backed Securities
Trust, 4.75%, 12/25/18 2,983,952
--------------
$ 154,685,020
--------------
Total Banks $ 154,685,020
-------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.7%
Asset Management & Custody Banks -- 0.1%
895,814 4.94 NR/NR Jefferies & Co., Inc., Floating Rate Note,
5/26/37 $ 874,172
-------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
1,168,957 AAA/Aaa GMAC Mortgage Corp., Loan Trust,
5.5%, 11/25/33 $ 1,180,619
-------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 2.9%
2,028,408 AA-/NR Banc of America Mortgage, 5.5%,
11/25/34 $ 2,118,871
1,822,891 2.92 AAA/Aaa Banc of America Mortgage Securities, Inc.,
Floating Rate Note, 7/25/33 1,734,136
1,400,075 2.86 NR/Ba3 Banc of America Mortgage Securities, Inc.,
Floating Rate Note, 5/25/35 1,367,688
2,852,248 AAA/NR Banc of America Mortgage Securities, Inc.,
5.75%, 1/25/35 2,917,739
1,476,400 3.23 AAA/Baa3 Banc of America Mortgage Securities, Inc.,
Floating Rate Note, 10/25/33 1,419,903
3,599,627 3.22 NR/Baa3 Banc of America Mortgage Securities, Inc.,
Floating Rate Note, 11/25/33 3,404,844
1,033,019 5.12 AAA/NR Banc of America Mortgage Securities, Inc.,
Floating Rate Note, 9/25/35 990,457
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 27
Schedule of Investments | 6/30/11 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Diversified Financial Services -- (continued)
263,101 AAA/NR Banc of America Mortgage Securities, Inc.,
5.0%, 8/25/33 $ 262,488
752,024 NR/A2 Citicorp Mortgage Securities I,
5.5%, 3/25/35 756,282
1,274,036 NR/B1 CMSI 2006-1 3A1, 5.0%, 2/25/36 1,271,190
2,950,000 BBB+/A2 Credit Suisse Mortgage Capital
Certificates, 0.318%, 2/15/22 2,702,620
1,200,000 BBB/Aa1 Credit Suisse Mortgage Capital
Certificates, 5.343%, 12/15/39 1,154,488
1,938,225 CCC/NR JPMorgan Alternative Loan Trust,
6.0%, 3/25/36 1,524,918
1,303,134 CCC/NR JPMorgan Alternative Loan Trust,
5.5%, 3/25/36 942,708
730,284 4.13 NR/NR La Hipotecaria SA, Floating Rate Note,
9/8/39 730,513
1,395,000 NR/A2 LSTAR Commercial Mortgage Trust,
5.7457%, 6/25/43 1,185,859
1,166,335 A+/Aaa MLMI 2005-A2 A4, 4.48%, 2/25/35 1,123,211
394,324 AAA/Aaa Morgan Stanley Capital I, 7.0%, 7/25/33 401,443
1,483,613 A/NR Nomura Resecuritization Trust,
5.235%, 3/26/36 1,472,486
2,342,626 5.50 AAA/B2 RALI 2004-QS16 1A1, Floating Rate Note,
12/25/34 2,370,412
4,760,735 NR/Ba1 Residential Accredit Loans, Inc.,
5.0%, 5/25/19 4,764,444
1,885,519 AAA/NR Residential Accredit Loans, Inc.,
6.0%, 10/25/34 1,913,387
2,396,051 NR/Ba3 Residential Accredit Loans, Inc.,
5.0%, 8/25/18 2,417,467
966,075 B-/Caa3 Residential Accredit Loans, Inc.,
0.49875%, 5/25/47 585,248
-----------
$39,532,802
----------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.6%
1,440,000 AAA/Aaa Banc of America Commercial Mortgage,
Inc., 4.877%, 7/10/42 $ 1,532,224
1,326,154 NR/Aaa Banc of America Commercial Mortgage,
Inc., 5.381%, 1/15/49 1,336,172
2,948,134 AA/NR Bear Stearns Commercial Mortgage
Securities, 6.63%, 2/15/35 2,940,614
1,600,000 7.11 BBB+/Baa2 Bear Stearns Commercial Mortgage
Securities, Floating Rate Note, 10/15/36 1,597,144
-----------
$ 7,406,154
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Bond Fund | Annual Report | 6/30/11
--------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%
622,812 AAA/NR CW Capital Cobalt, Ltd., 5.174%,
8/15/48 $ 636,802
--------------
Total Diversified Financials $ 49,630,549
--------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.6%
Mortgage Real Estate Investments Trusts -- 0.6%
1,988,871 1.54 AA+/Aa2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
12/25/33 $ 1,909,899
3,250,000 6.45 BBB/A3 Credit Suisse First Boston Mortgage
Securities Corp., 6.448%, 9/15/34 3,245,540
675,000 A+/Baa2 Credit Suisse First Boston Mortgage
Securities Corp., 7.165%, 12/15/35 684,633
400,000 4.52 A-/A3 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
5/15/38 383,076
1,450,892 1.69 AA+/WR Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
8/25/33 1,361,012
--------------
$ 7,584,160
--------------
Total Real Estate $ 7,584,160
--------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.1%
Government -- 0.1%
1,063,878 AAA/Ba3 GSR Mortgage Loan Trust,
4.1408%, 6/25/34 $ 1,059,759
490,505 BBB-/NR GSR Mortgage Loan Trust,
2.911%, 1/25/35 458,490
300,810 BBB+/NR GSR Mortgage Loan Trust,
5.7199%, 2/25/34* 263,074
--------------
$ 1,781,323
--------------
Total Government $ 1,781,323
--------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $229,751,785) $ 220,036,088
--------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 34.8%
ENERGY -- 3.7%
Integrated Oil & Gas -- 0.1%
901,000 BBB+/Baa2 Marathon Oil Corp., 5.9%, 3/15/18 $ 1,021,030
710,120 BBB+/Baa1 PF Export Receivable Master Trust,
6.436%, 6/1/15 (144A) 756,278
--------------
$ 1,777,308
--------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.1%
1,025,000 BBB+/Baa1 Pride International, 6.875%, 8/15/20 $ 1,192,050
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 29
Schedule of Investments | 6/30/11 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.3%
820,000 3.42 NR/NR Sevan Marine ASA, Floating Rate Note,
5/14/13 (144A) $ 656,000
2,815,000 BBB/Baa2 Weatherford International Ltd.,
9.625%, 3/1/19 3,635,409
--------------
$ 4,291,409
-------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.0%
2,180,000 BBB/Baa1 Canadian Natural Resources,
5.9%, 2/1/18 (b) $ 2,490,399
2,292,000 BB-/B1 Denbury Resources, Inc., 8.25%, 2/15/20 2,498,280
1,402,470 BBB+/NR Gazprom International SA,
7.201%, 2/1/20 RegS* 1,556,741
1,349,003 A/Aa3 Ras Laffan Liquefied Natural Gas Co., Ltd.
III, 5.832%, 9/30/16 (144A) (b) 1,470,413
1,000,000 BBB-/Baa2 TNK-BP Finance SA,
6.625%, 3/20/17 (144A) 1,083,600
2,080,000 BBB-/Baa2 TNK-BP Finance SA,
7.5%, 7/18/16 (144A) 2,366,000
1,000,000 BBB-/Baa2 TNK-BP Finance SA,
7.875%, 3/13/18 (144A) 1,147,500
--------------
$ 12,612,933
-------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.6%
1,150,000 B+/B1 Holly Energy Partners LP, 6.25%, 3/1/15 $ 1,150,000
2,475,000 BBB/Baa2 Spectra Energy Capital, 6.2%, 4/15/18 2,806,474
2,890,000 BBB/Baa2 Valero Energy Corp., 9.375%, 3/15/19 3,691,342
--------------
$ 7,647,816
-------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.6%
435,000 BBB-/Baa2 Boardwalk Pipelines LLC, 5.5%, 2/1/17 $ 479,430
1,535,000 BBB/Baa3 Buckeye Partners LP, 6.05%, 1/15/18 1,726,163
2,900,000 BBB/Baa2 DCP Midstream, 9.75%, 3/15/19 3,790,228
3,250,000 BBB/Baa2 Kinder Morgan Energy, 5.95%, 2/15/18 3,621,069
3,500,000 BBB-/Baa3 Plains All America Pipeline,
6.125%, 1/15/17 3,916,546
3,885,000 A/A3 Questar Pipeline Co., 5.83%, 2/1/18 4,427,307
2,000,000 BB/Ba1 Southern Union Co., 7.2%, 11/1/66 1,860,000
1,500,000 BBB/Baa2 Spectra Energy Capital LLC,
6.75%, 7/15/18 1,700,556
--------------
$ 21,521,299
--------------
Total Energy $ 49,042,815
-------------------------------------------------------------------------------------------------------
MATERIALS -- 2.3%
Aluminum -- 0.2%
2,425,000 BBB-/Baa3 Alcoa, Inc., 6.15%, 8/15/20 $ 2,569,006
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Bond Fund | Annual Report | 6/30/11
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Commodity Chemicals -- 0.2%
1,700,000 BB-/Ba2 Nova Chemicals Corp., 8.375%, 11/1/16 $ 1,870,000
-------------------------------------------------------------------------------------------------------
Construction Materials -- 0.3%
2,225,000 6.72 B-/BBB- C10 Capital SPV, Ltd., Floating Rate Note,
12/31/49 $ 1,646,500
2,260,000 6.64 B-/NR C8 Capital SPV, Ltd., Floating Rate Note,
12/31/49 1,672,400
475,000 BBB/Baa2 Holcim, Ltd., 6.0%, 12/30/19 (144A) 507,577
--------------
$ 3,826,477
-------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.7%
3,085,000 BBB-/Baa3 AngloGold Ashanti Holdings,
5.375%, 4/15/20 $ 3,037,528
5,000,000 BBB-/Baa3 Gold Fields Orogen Holding BVI,
4.875%, 10/7/20 4,732,695
950,000 BBB/Baa2 Teck Resources, Ltd., 10.25%, 5/15/16 1,135,250
--------------
$ 8,905,473
-------------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.1%
1,500,000 BB+/Ba1 CF Industries Holdings, Inc.,
6.875%, 5/1/18 $ 1,700,625
-------------------------------------------------------------------------------------------------------
Paper Products -- 0.1%
1,350,000 BBB/Ba1 Georgia-Pacific LLC, 5.4%, 11/1/20 $ 1,375,828
-------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.2%
2,400,000 BBB/Baa2 Cytec Industries, Inc., 8.95%, 7/1/17 $ 2,992,390
-------------------------------------------------------------------------------------------------------
Steel -- 0.5%
3,900,000 BBB-/Baa3 ArcelorMittal, 6.125%, 6/1/18 $ 4,177,204
2,805,000 BBB-/Baa3 Commercial Metals Co., 7.35%, 8/15/18 2,994,893
--------------
$ 7,172,097
--------------
Total Materials $ 30,411,896
-------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 2.8%
Aerospace & Defense -- 0.2%
3,020,000 BB/Ba3 Esterline Technology, 6.625%, 3/1/17 $ 3,125,700
-------------------------------------------------------------------------------------------------------
Building Products -- 0.3%
4,260,000 BBB/Ba2 Masco Corp., 7.125%, 3/15/20 (b) $ 4,360,689
-------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 0.1%
910,000 BBB+/Baa2 Cummins, Inc., 6.75%, 2/15/27 $ 981,766
600,000 BB/B2 Oshkosh Corp., 8.5%, 3/1/20 649,500
--------------
$ 1,631,266
-------------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.4%
2,665,000 BB/Ba2 Anixter International Corp.,
5.95%, 3/1/15 $ 2,691,650
2,670,000 B+/Ba2 Belden CDT, Inc., 7.0%, 3/15/17 2,736,750
--------------
$ 5,428,400
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 31
Schedule of Investments | 6/30/11 (continued)
--------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.3%
2,950,000 BBB/Baa2 Tyco Electronics Group SA,
6.55%, 10/1/17 $ 3,475,832
525,000 A-/A3 Tyco International Finance SA,
8.5%, 1/15/19 665,549
--------------
$ 4,141,381
--------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.4%
2,150,000 BBB+/Baa1 Ingersoll-Rand Global Holdings,
9.5%, 4/15/14 $ 2,581,610
1,810,000 BBB-/Baa3 Valmont Industries, Inc.,
6.625%, 4/20/20 1,982,037
--------------
$ 4,563,647
--------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 1.1%
495,000 BB-/Ba2 Ace Hardware Corp.,
9.125%, 6/1/16 (144A) $ 525,938
3,525,000 BBB-/BBB- Aviation Capital Group Corp.,
6.75%, 4/6/21 3,477,589
5,660,000 BBB/Baa1 GATX Financial Corp., 6.0%, 2/15/18 6,146,545
3,450,000 BBB/Baa2 Glencore Funding LLC,
6.0%, 4/15/14 (144A) 3,752,793
--------------
$ 13,902,865
--------------
Total Capital Goods $ 37,153,948
--------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.3%
Office Services & Supplies -- 0.3%
3,110,000 BBB+/A2 Pitney Bowes, Inc., 5.6%, 3/15/18 $ 3,356,990
--------------
Total Commercial Services & Supplies $ 3,356,990
--------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.0%
Airlines -- 0.0%
603,045 BBB/Baa2 Southwest Airlines Co., 7.67%, 1/2/14 $ 626,323
--------------
Total Transportation $ 626,323
--------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Automobile Manufacturers -- 0.1%
655,000 BBB/Baa2 Hyundai Motor Manufacturer,
4.5%, 4/15/15 $ 683,435
790,000 BBB+/Baa2 Nissan Motor Acceptance Corp.,
4.5%, 1/30/15 (144A) 835,357
--------------
$ 1,518,792
--------------
Total Automobiles & Components $ 1,518,792
--------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.3%
Household Appliances -- 0.3%
4,235,000 BBB-/Baa3 Whirlpool Corp., 5.5%, 3/1/13 $ 4,489,477
--------------
Total Consumer Durables & Apparel $ 4,489,477
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Bond Fund | Annual Report | 6/30/11
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.3%
Casinos & Gaming -- 0.0%
1,160,000 NR/WR Station Casinos, 6.625%, 3/15/18 (e) $ 116
----------------------------------------------------------------------------------------------------
Education Services -- 0.3%
1,100,000 AAA/NR Massachusetts Institute of Technology,
5.6%, 7/1/11 $ 1,123,969
3,095,000 AAA/Aaa President & Fellows of Harvard,
6.3%, 10/1/37 3,386,209
--------------
$ 4,510,178
--------------
Total Consumer Services $ 4,510,294
----------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Broadcasting -- 0.2%
2,620,000 BBB+/Baa1 Grupo Telivisa SA, 6.0%, 5/15/18 (144A) $ 2,848,244
--------------
Total Media $ 2,848,244
----------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Internet Retail -- 0.3%
800,000 BBB-/Ba1 Expedia, Inc., 5.95%, 8/15/20 $ 778,000
3,000,000 BBB-/Ba1 Expedia, Inc., 8.5%, 7/1/16 (144A) 3,270,000
--------------
$ 4,048,000
--------------
Total Retailing $ 4,048,000
----------------------------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 0.2%
Drug Retail -- 0.2%
799,225 BBB+/Baa2 CVS Pass-Through Trust,
5.298%, 1/11/27 $ 799,465
1,540,191 BBB+/Baa2 CVS Pass-Through Trust,
5.773%, 1/10/33 1,594,668
--------------
$ 2,394,133
--------------
Total Food & Drug Retailing $ 2,394,133
----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.8%
Agricultural Products -- 0.4%
5,175,000 BBB-/Ba1 Viterra, Inc., 5.95%, 8/1/20 $ 5,262,447
----------------------------------------------------------------------------------------------------
Brewers -- 0.0%
55,000 BBB+/Baa1 Miller Brewing Co.,
5.5%, 8/15/13 (144A) $ 59,575
----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.3%
3,725,000 BBB-/Baa2 Kraft Foods, Inc., 6.5%, 2/9/40 $ 4,137,633
----------------------------------------------------------------------------------------------------
Tobacco -- 0.1%
1,535,000 BBB/WR UST Inc., 5.75%, 3/1/18 $ 1,652,323
----------------------------------------------------------------------------------------------------
Total Food, Beverage & Tobacco $ 11,111,978
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 33
Schedule of Investments | 6/30/11 (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Health Care Facilities -- 0.1%
1,050,000 BB/Ba2 HCA, Inc., 7.875%, 2/15/20 $ 1,139,250
385,000 BB/Ba2 HCA, Inc., 8.5%, 4/15/19 425,425
202,000 BB-/B2 HCA, Inc., 9.875%, 2/15/17 224,725
--------------
$ 1,789,400
--------------
Total Health Care Equipment & Services $ 1,789,400
-----------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.8%
Biotechnology -- 0.3%
3,555,000 BBB+/Baa3 Biogen Idec, Inc., 6.0%, 3/1/13 $ 3,803,303
-----------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.4%
5,366,000 BBB-/Baa2 Agilent Technologies Inc., 6.5%, 11/1/17 $ 6,180,280
-----------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
1,000,000 AA/A1 Abbott Laboratories, Inc.,
5.125%, 4/1/19 $ 1,100,135
--------------
Total Pharmaceuticals & Biotechnology $ 11,083,718
-----------------------------------------------------------------------------------------------------
BANKS -- 3.5%
Diversified Banks -- 1.1%
3,515,000 A/Baa1 Barclays Plc, 6.05%, 12/4/17 $ 3,721,650
2,800,000 NR/A2 BBVA Bancomer SA, 6.5%, 3/10/21 (b) 2,856,000
3,230,000 BBB+/A3 Credit Agricole SA, 8.375%, 12/13/49 (b) 3,375,350
1,855,000 A/A1 Industrial Bank of Korea,
7.125%, 4/23/14 2,085,567
2,000,000 3.00 A-/NR Scotiabank Peru SA, Floating Rate Note,
3/15/17 (144A)* 1,985,600
--------------
$ 14,024,167
-----------------------------------------------------------------------------------------------------
Regional Banks -- 2.4%
3,335,000 BB/Baa3 Capital One Capital VI, 8.875%, 5/15/40 $ 3,439,746
1,190,000 A/NR Cobank, ACB, 7.875%, 4/16/18 (144A) 1,380,202
2,505,000 A+/Aa3 Mellon Funding Corp., 5.5%, 11/15/18 2,795,475
1,435,000 A/A3 PNC Bank NA, 6.0%, 12/7/17 1,611,763
6,273,000 8.25 BBB/Baa3 PNC Financial Services Group, Floating
Rate Note, 5/29/49 (b) 6,635,197
1,500,000 8.70 BBB/Baa3 PNC Preferred Funding Trust III, Floating
Rate Note, 3/29/49 1,581,675
4,080,000 A-/A3 Sovereign Bancorp, 8.75%, 5/30/18 4,605,745
6,670,000 BBB+/Baa1 State Street Capital, 8.25%, 3/15/42 (b) 6,672,935
3,520,000 AA-/Aa3 Wachovia Bank NA, 6.0%, 11/15/17 3,926,718
--------------
$ 32,649,456
--------------
Total Banks $ 46,673,623
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Bond Fund | Annual Report | 6/30/11
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 6.9%
Asset Management & Custody Banks -- 0.8%
2,000,000 A+/Aa3 Bank of New York, 4.95%, 3/15/15 $ 2,193,456
3,945,000 A-/A3 Eaton Vance Corp., 6.5%, 10/2/17 4,555,331
4,050,000 BBB-/Baa3 Janus Capital Group, Inc.,
6.95%, 6/15/17 4,439,837
--------------
$ 11,188,624
--------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.9%
1,465,000 BBB/Baa1 Capital One Bank USA NA,
8.8%, 7/15/19 (b) $ 1,797,908
2,575,000 A/A2 Caterpillar Financial, 7.05%, 10/1/18 3,144,029
3,155,000 4.00 BBB-/Ba1 SLM Corp., Floating Rate Note, 7/25/14* 3,106,350
4,435,000 B/B3 Springleaf Finance Corp.,
6.9%, 12/15/17 4,069,113
--------------
$ 12,117,400
--------------------------------------------------------------------------------------------------------
Diversified Financial Services -- 1.9%
3,800,000 BBB/Baa2 Alterra Finance LLC, 6.25%, 9/30/20 $ 3,906,628
625,000 0.00 BB+/NR Caelus Re II, Ltd., Floating Rate Note,
5/24/13 624,750
1,840,000 BBB+/Baa2 Hyundai Capital Services, Inc.,
6.0%, 5/5/15 2,005,738
2,575,000 A+/Aa3 JPMorgan Chase & Co., 6.0%, 1/15/18 2,863,797
6,140,000 BBB+/Baa1 JPMorgan Chase & Co., 7.9%, 4/29/49 6,594,913
1,650,000 6.33 BB+/NR Lodestone Re, Ltd., Floating Rate Note,
5/17/13 (144A) 1,627,065
2,400,000 6.07 BB+/NR Lodestone Re, Ltd., Floating Rate Note,
1/08/14 2,343,120
600,000 9.72 BB-/NR Loma Reinsurance, Ltd., Floating Rate
Note, 12/21/12 597,180
1,100,000 A-/A3 NationsBank Corp., 7.75%, 8/15/15 1,248,675
466,067 BBB/Baa2 Power Receivables Finance LLC,
6.29%, 1/1/12 (144A) 466,743
700,000 7.60 BB-/NR Queen Street II Capital, Ltd., Floating Rate
Note, 4/9/14 691,740
1,250,000 0.66 BB/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13 (144A)* 1,243,000
400,000 0.90 B+/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 397,960
--------------
$ 24,611,309
--------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 2.3%
674,088 BBB-/NR Alta Wind Holdings LLC,
7.0%, 6/30/35 (144A) $ 715,295
2,000,000 A/A1 Goldman Sachs, 5.5%, 11/15/14 2,162,516
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 35
Schedule of Investments | 6/30/11 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- (continued)
11,040,000 5.79 BBB-/Baa2 Goldman Sachs Capital, Floating Rate
Note, 12/29/49 $ 8,832,000
600,000 BBB/Baa2 Jefferies Group, Inc., 5.125%, 4/13/18 601,210
3,125,000 BBB/Baa2 Jefferies Group, Inc., 6.875%, 4/15/21 3,358,606
3,000,000 A-/A2 Macquarie Bank, Ltd., 6.625%, 4/7/21 3,018,204
2,730,000 A-/A2 Macquarie Group, Ltd., 6.0%, 1/14/20 2,737,524
3,325,000 A/A2 Merrill Lynch & Co., 5.45%, 2/5/13 3,527,133
3,125,000 A/A2 Morgan Stanley, 5.5%, 1/26/20 (b) 3,165,722
2,765,000 A/A2 Morgan Stanley Dean Witter,
6.625%, 4/1/18 3,045,905
--------------
$ 31,164,115
-------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.0%
2,850,000 BBB/Baa1 Banque PSA Finance, 5.75%, 4/4/21 $ 2,884,052
2,900,000 BBB+/Baa1 BM&FBovespa SA, 5.5%, 7/16/20 3,002,950
5,205,000 BBB/Baa3 Cantor Fitzgerald LP, 7.875%, 10/15/19 (b) 5,685,250
2,000,000 A+/A1 National Rural Utilities Corp.,
5.45%, 2/1/18 2,238,518
--------------
$ 13,810,770
--------------
Total Diversified Financials $ 92,892,218
-------------------------------------------------------------------------------------------------------
INSURANCE -- 4.4%
Life & Health Insurance -- 1.7%
850,000 BBB/Baa3 Delphi Financial Group, Inc.,
7.875%, 1/31/20 $ 945,980
3,380,000 BBB/Ba1 Lincoln National Corp., 6.05%, 4/20/67 3,253,250
1,690,000 A-/Baa2 Lincoln National Corp., 8.75%, 7/1/19 2,132,608
4,200,000 BBB/Baa2 MetLife, Inc., 10.75%, 8/1/39 (b) 5,911,500
4,250,000 A-/Baa2 Protective Life Corp., 7.375%, 10/15/19 4,831,970
2,800,000 A/Baa2 Prudential Financial, Inc.,
5.15%, 1/15/13 2,954,605
2,140,000 BBB+/Baa3 Prudential Financial, Inc.,
8.875%, 6/15/38 2,498,450
--------------
$ 22,528,363
-------------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 1.1%
3,960,000 BBB/Baa3 Genworth Financial, Inc., 7.2%, 2/15/21 $ 3,962,827
4,620,000 BB/Baa3 Liberty Mutual Group,
7.0%, 3/15/37 (144A) 4,414,433
3,035,000 BBB-/Baa2 Liberty Mutual Group,
7.3%, 6/15/14 (144A) 3,303,980
85,000 10.75 BB/Baa3 Liberty Mutual Group, Floating Rate Note,
6/15/58 (144A) 112,838
2,650,000 A/A3 Loew Corp., 5.25%, 3/15/16 2,887,445
--------------
$ 14,681,523
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Bond Fund | Annual Report | 6/30/11
--------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.9%
5,000,000 BBB-/Baa3 Hanover Insurance Group,
7.625%, 10/15/25 $ 5,210,400
700,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.5%, 3/1/20 754,905
2,000,000 A-/A2 Travelers Companies, Inc., 6.25%,
6/15/37 2,139,776
1,750,000 BB/Ba2 White Mountains Re Group, Ltd., 7.506%,
5/29/49 (b) 1,669,658
3,275,000 BBB-/Ba1 XL Group Plc, 6.5%, 3/29/49 (b) 3,004,813
--------------
$ 12,779,552
--------------------------------------------------------------------------------------------------------
Reinsurance -- 0.7%
350,000 0.68 BB/NR East Lane Re III, Ltd., Floating Rate Note,
3/16/12 $ 354,025
550,000 7.23 BB+/NR Foundation Re III, Ltd., Floating Rate Note,
2/25/15 541,145
600,000 0.58 BB+/A2 Foundation Re III, Ltd., Floating Rate Note,
2/3/14 586,680
5,048,000 BBB+/BBB+ Platinum Underwriters HD, 7.5%, 6/1/17 5,433,061
950,000 BBB-/Baa3 Reinsurance Group of America, Inc.,
6.75%, 12/15/65 907,582
1,150,000 9.42 B/NR Successor X, Ltd., Floating Rate Note,
2/25/14 1,120,215
--------------
$ 8,942,708
--------------
Total Insurance $ 58,932,146
--------------------------------------------------------------------------------------------------------
REAL ESTATE -- 3.2%
Diversified Real Estate Activities -- 0.4%
4,125,000 A-/A2 WEA Finance LLC, 7.125%, 4/15/18 $ 4,814,345
--------------------------------------------------------------------------------------------------------
Diversified Real Estate Investments Trusts -- 0.8%
4,555,000 BBB+/Baa1 Dexus Finance Property, Ltd.,
7.125%, 10/15/14 $ 5,138,168
1,765,000 BBB/Baa2 Digital Realty Trust LP, 4.5%, 7/15/15 1,836,973
725,000 BBB/Baa2 Digital Realty Trust LP, 5.875%, 2/1/20 760,097
3,455,000 BBB/Baa3 Goodman Funding Property, Ltd.,
6.375%, 4/15/21 3,547,179
--------------
$ 11,282,417
--------------------------------------------------------------------------------------------------------
Office Real Estate Investment Trust -- 0.1%
1,607,000 BBB/Baa2 Mack-Cali Realty LP, 5.125%, 2/15/14 $ 1,722,656
--------------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 0.0%
180,000 B-/B3 Forest City Enterprises, 7.625%, 6/1/15 $ 176,400
--------------------------------------------------------------------------------------------------------
Retail Real Estate Investments Trusts -- 0.3%
2,905,000 BB+/Baa3 Developers Diversified Realty,
7.5%, 4/1/17 $ 3,289,727
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 37
Schedule of Investments | 6/30/11 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Specialized Real Estate Investments Trusts -- 1.6%
4,125,000 BBB-/Baa2 Health Care REIT, Inc., 6.2%, 6/1/16 $ 4,580,033
860,000 BBB-/Baa2 Health Care, Inc., 6.0%, 11/15/13 932,711
2,425,000 BBB-/Baa3 Healthcare Realty Trust, Inc.,
6.5%, 1/17/17 2,699,321
5,325,000 BBB-/Baa2 Hospitality Properties Trust,
7.875%, 8/15/14 6,008,176
4,285,000 BBB-/Baa3 Senior Housing Properties Trust,
6.75%, 4/15/20 4,574,379
540,000 BBB-/Baa3 Ventas Realty LP, 6.75%, 4/1/17 568,749
1,910,000 BBB-/Baa3 Ventas Realty LP, 6.5%, 6/1/16 1,973,036
--------------
$ 21,336,405
--------------
Total Real Estate $ 42,621,950
----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.3%
Data Processing & Outsourced Services -- 0.0%
447,000 B-/Caa1 First Data Corp., 8.25%, 1/15/21 (b) $ 438,060
----------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.3%
3,950,000 NR/A2 GTP Towers Issuer LLC,
4.436%, 2/15/15 (144A) $ 4,042,164
--------------
Total Software & Services $ 4,480,224
----------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.3%
Semiconductor Equipment -- 0.3%
3,140,000 BBB/Baa1 Klac Instruments Corp., 6.9%, 5/1/18 $ 3,547,001
--------------
Total Semiconductors $ 3,547,001
----------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.1%
Integrated Telecommunication Services -- 0.5%
1,200,000 A-/A2 AT&T, Inc., 5.6%, 5/15/18 $ 1,336,320
2,530,000 B/B2 Cincinnati Bell, Inc., 8.25%, 10/15/17 2,542,650
580,000 B/B2 Cincinnati Bell, Inc., 8.375%, 10/15/20 578,550
1,990,000 BB/Baa3 Embarq Corp., 7.082%, 6/1/16 2,212,124
--------------
$ 6,669,644
----------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.6%
3,015,000 NR/A2 Crown Castle Towers LLC,
4.883%, 8/15/20 $ 3,031,658
1,625,000 NR/A2 Crown Castle Towers LLC,
6.113%, 1/15/20 1,773,068
3,355,000 NR/NR GTP Acquisition Partners I LLC,
4.347%, 6/15/16 3,370,332
--------------
$ 8,175,058
--------------
Total Telecommunication Services $ 14,844,702
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Bond Fund | Annual Report | 6/30/11
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
UTILITIES -- 2.9%
Electric Utilities -- 1.4%
980,000 A-/Baa1 Commonwealth Edison, 6.15%, 9/15/17 $ 1,134,190
730,220 BBB-/Baa3 Crocket Cogeneration,
5.869%, 3/30/25 (144A) 735,346
3,365,000 A-/A2 Enel Finance International
SA, 5.125%, 10/7/19 (144A) 3,402,419
1,167,768 BBB-/Baa3 FPL Energy America Wind LLC,
6.639%, 6/20/23 (144A) 1,209,422
357,000 B+/Ba2 FPL Energy Wind Funding,
6.876%, 6/27/17 (144A) 323,085
1,925,000 BB+/Baa2 Israel Electric Corp., Ltd.,
7.25%, 1/15/19 (144A) (b) 2,113,841
610,000 BB+/Baa2 Israel Electric Corp., Ltd.,
9.375%, 1/28/20 (144A) 753,728
910,000 BBB/Baa2 Nevada Power Co., 6.5%, 8/1/18 1,064,233
977,421 NR/WR Orcal Geothermal,
6.21%, 12/30/20 (144A) 942,673
2,690,000 BB+/Baa3 Public Service of New Mexico,
7.95%, 5/15/18 3,036,179
3,550,000 BBB+/A3 West Penn Power Co., 5.95%, 12/15/17 4,043,901
--------------
$ 18,759,017
----------------------------------------------------------------------------------------------------
Gas Utilities -- 0.2%
2,402,127 A+/A1 Nakilat, Inc., 6.267%, 12/31/33 (144A) $ 2,231,864
----------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 0.9%
4,159,444 NR/B2 Coso Geothermal Power Holdings,
7.0%, 7/15/26 (144A)* $ 3,457,538
2,675,000 BB-/Ba3 Intergen NV, 9.0%, 6/30/17 2,828,813
2,105,000 BBB-/Baa3 Kiowa Power Partners LLC,
5.737%, 3/20/21 (144A) 2,119,798
1,016,000 BB/Ba2 NSG Holdings, Inc., 7.75%, 12/15/25 995,680
2,534,283 BBB-/Baa3 Panoche Energy Center LLC,
6.88%, 7/31/29 (144A) 2,586,591
--------------
$ 11,988,420
----------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.4%
5,055,000 BBB+/Baa2 NY State Gas and Electric,
6.15%, 12/15/17 (144A) $ 5,601,046
386,087 NR/NR Ormat Funding Corp., 8.25%, 12/30/20 374,504
--------------
$ 5,975,550
--------------
Total Utilities $ 38,954,851
----------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $424,545,757) $ 467,332,723
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 39
Schedule of Investments | 6/30/11 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 0.1%
BANKS -- 0.1%
625,000 A/A1 Export-Import Bank of Korea,
5.875%, 1/14/15 $ 685,356
--------------
Total Banks $ 685,356
----------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $622,553) $ 685,356
----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 20.4%
2,858,102 AAA/Aaa Federal Home Loan Mortgage Corp., 4.5%,
3/1/20-10/1/20 $ 3,052,079
7,397,655 AAA/Aaa Federal Home Loan Mortgage Corp., 5.0%,
10/1/20-6/1/35 7,961,178
4,896,276 AAA/Aaa Federal Home Loan Mortgage Corp., 5.5%,
12/1/18-11/1/35 5,325,100
11,725,509 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%,
5/1/17-12/1/36 12,966,532
766,549 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%,
3/1/13-4/1/34 871,194
796,009 AAA/Aaa Federal Home Loan Mortgage Corp., 7.0%,
8/1/22-11/1/30 874,749
3,274 AAA/Aaa Federal Home Loan Mortgage Corp.,
8.0%, 8/1/31 3,710
7,700,000 NR/NR Federal National Mortgage Association
REMICS, 5.0%, 3/25/24-7/25/33 8,297,859
175,389 AAA/Aaa Federal National Mortgage Association
REMICS, 5.69%, 1/25/32 184,106
8,295 NR/NR Federal National Mortgage Association,
10.3%, 4/25/19 9,487
20,150,703 AAA/Aaa Federal National Mortgage Association,
4.0%, 7/1/18-1/25/41 20,159,472
20,196,178 AAA/Aaa Federal National Mortgage Association,
4.5%, 11/1/20-7/1/41 20,980,270
20,062,526 AAA/Aaa Federal National Mortgage Association,
5.0%, 12/1/17-8/1/40 21,451,528
13,746,967 AAA/Aaa Federal National Mortgage Association,
5.5%, 9/1/17-6/1/36 14,937,402
11,169,510 AAA/Aaa Federal National Mortgage Association,
6.0%, 6/1/16-7/1/38 12,355,834
1,256,805 AAA/Aaa Federal National Mortgage Association,
6.5%, 7/1/29-7/1/34 1,430,740
321,050 AAA/Aaa Federal National Mortgage Association,
7.0%, 3/1/12-1/1/32 371,593
3,963 AAA/Aaa Federal National Mortgage Association,
7.5%, 8/1/20-4/1/30 4,641
31,065 AAA/Aaa Federal National Mortgage Association,
8.0%, 4/1/20-5/1/31 36,538
The accompanying notes are an integral part of these financial statements.
40 Pioneer Bond Fund | Annual Report | 6/30/11
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
235,938 AAA/Aaa Government National Mortgage
Association I, 6.0%, 2/15/29 $ 264,852
70,313 AAA/Aaa Government National Mortgage
Association I, 7.0%, 12/15/30-3/15/31 82,256
12,254 AAA/Aaa Government National Mortgage
Association I, 7.5%, 10/15/29 14,403
1,597,307 AAA/Aaa Government National Mortgage
Association II, 4.5%, 12/20/34-1/20/35 1,694,559
2,583,085 AAA/Aaa Government National Mortgage
Association II, 5.5%,
10/20/19-11/20/34 2,824,132
79,928 AAA/Aaa Government National Mortgage
Association II, 6.5%, 2/20/29-4/20/29 90,547
357,198 AAA/Aaa Government National Mortgage
Association II, 7.0%,
11/20/28-12/20/30 416,101
7,079,368 AAA/Aaa Government National Mortgage
Association, 4.5%, 7/15/33-4/15/38 7,521,064
2,914,234 AAA/Aaa Government National Mortgage
Association, 5.0%, 10/15/18-4/15/35 3,168,681
15,098,484 AAA/Aaa Government National Mortgage
Association, 5.5%, 10/15/17-2/15/37 16,601,558
14,237,640 AAA/Aaa Government National Mortgage
Association, 6.0%, 8/15/13-10/15/36 15,897,067
6,265,487 AAA/Aaa Government National Mortgage
Association, 6.5%, 8/15/11-7/15/35 7,149,679
937,915 AAA/Aaa Government National Mortgage
Association, 7.0%, 12/15/13-5/15/32 1,096,052
143,866 AAA/Aaa Government National Mortgage
Association, 7.5%, 2/15/26-12/15/31 169,526
9,560 AAA/Aaa Government National Mortgage
Association, 7.75%, 2/15/30 11,290
82,556,912 0.70 NR/NR Government National Mortgage
Association, Floating Rate Note,
11/16/51 3,814,715
8,750,000 NR/Aaa U.S. Treasury Bonds, 2.75%, 2/15/19 (b) 8,834,063
6,380,000 NR/Aaa U.S. Treasury Bonds, 3.125%, 5/15/19 6,587,350
2,500,000 AAA/Aaa U.S. Treasury Bonds, 3.625%, 8/15/19 (b) 2,663,673
7,620,000 NR/Aaa U.S. Treasury Bonds, 4.25%, 5/15/39 7,474,748
1,365,000 NR/Aaa U.S. Treasury Bonds,
4.375%, 11/15/39 (b) 1,365,640
5,450,000 NR/Aaa U.S. Treasury Bonds, 4.375%, 2/15/38 5,485,763
8,435,000 NR/Aaa U.S. Treasury Bonds, 4.5%, 5/15/38 (b) 8,659,050
9,068,000 NR/Aaa U.S. Treasury Bonds, 4.5%, 8/15/39 (b) 9,272,030
4,000,000 NR/Aaa U.S. Treasury Bonds, 4.625%, 2/15/40 4,170,624
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 41
Schedule of Investments | 6/30/11 (continued)
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
U.S. Government Agency Obligations -- (continued)
5,100,000 NR/Aaa U.S. Treasury Bonds, 5.25%, 11/15/28 $ 5,885,716
4,750,000 NR/Aaa U.S. Treasury Bonds, 6.25%, 8/15/23 6,025,822
2,000,000 NR/Aaa U.S. Treasury Notes, 4.375%, 5/15/40 1,998,760
7,340,000 NR/Aaa U.S. Treasury Notes, 4.5%, 2/15/36 7,585,435
4,000,000 NR/Aaa U.S. Treasury Notes, 5.375%, 2/15/31 4,688,124
840,000 NR/Aaa U.S. Treasury Notes, 5.5%, 8/15/28 997,106
450,000 NR/Aaa U.S. Treasury Notes, 7.875%, 2/15/21 631,160
--------------
$ 274,415,558
------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $261,189,842) $ 274,415,558
------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 5.3%
Municipal Airport -- 0.1%
1,000,000 BBB/Baa2 Indianapolis Airport Authority,
5.1%, 1/15/17 $ 1,094,710
------------------------------------------------------------------------------------------------------
Municipal Development -- 0.9%
2,450,000 CCC+/NR Alliance Airport Authority/Texas,
5.75%, 12/1/29 $ 1,719,606
2,925,000 AA-/Aa3 California Statewide Communities
Development Authority, 6.0%, 8/15/42 3,114,979
425,000 CCC+/Caa2 Dallas-Fort Worth Texas International
Airport Revenue, 6.375%, 5/1/35 313,897
2,350,000 BBB-/Ba2 Louisiana Local Government
Environmental Facilities & Community,
6.5%, 11/1/35 2,432,297
2,310,000 BBB/Baa3 Selma Industrial Development Board,
5.8%, 5/1/34 2,316,122
2,560,000 BBB+/Baa2 St. John Baptist Parish Louisiana Revenue,
5.125%, 6/1/37 2,440,678
--------------
$ 12,337,579
------------------------------------------------------------------------------------------------------
Municipal General -- 0.6%
1,325,000 BB-/B1 Illinois Finance Authority,
6.5%, 10/15/40 $ 1,360,788
2,750,000 A+/A1 New Jersey Transport Trust Fund Authority,
5.5%, 6/15/41 2,837,148
2,400,000 AAA/Aa1 New York City Transitional Finance
Authority, 5.0%, 11/1/33 2,516,640
1,660,000 AA+/Aa1 State of Washington, 5.0%, 7/1/18 1,960,842
--------------
$ 8,675,418
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Bond Fund | Annual Report | 6/30/11
---------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------
Municipal Higher Education -- 2.7%
4,380,000 AA+/Aa2 California State University Revenue,
5.0%, 11/1/39 $ 4,263,229
2,500,000 AAA/Aaa Connecticut State Health & Educational
Facility Authority, 5.0%, 7/1/40 2,600,250
4,600,000 AAA/Aaa Connecticut State Health & Educational,
5.0%, 7/1/42 4,724,798
1,500,000 AAA/Aaa Houston Higher Education Finance Corp.,
5.0%, 5/15/40 1,554,300
1,200,000 AAA/Aaa Massachusetts Development Finance
Agency, 5.0%, 10/15/40 1,260,888
6,500,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 11/15/36 7,086,755
1,000,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 6.0%, 7/1/36 1,120,450
1,425,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.50%, 7/1/32 1,708,618
2,850,000 AAA/Aaa Missouri State Health & Educational
Facilities, 5.0%, 11/15/39 2,974,659
1,100,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 10/1/41 1,155,374
2,150,000 AA/Aa1 New York State Dormitory Authority,
5.0%, 7/1/35 2,241,784
3,700,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 7/1/38 3,852,921
800,000 AAA/Aaa Texas A&M University, 5.0%, 7/1/30 876,128
--------------
$ 35,420,154
---------------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
325,000 AA-/A1 Massachusetts Development Finance
Agency, 5.25%, 4/1/37 $ 328,185
550,000 AA-/A1 Massachusetts Development Finance
Agency, 5.375%, 4/1/41 558,503
--------------
$ 886,688
---------------------------------------------------------------------------------------------------
Municipal Pollution -- 0.5%
3,965,000 BBB/NR Brazoria County Environmental,
5.95%, 5/15/33 $ 4,000,011
995,000 BBB+/Baa1 County of Sweetwater Wyoming, 5.6%,
12/1/35 971,797
980,000 BBB/Baa3 Courtland Industrial Development Board,
5.0%, 8/1/27 888,174
1,200,000 B/Caa2 Pennsylvania Economic Development
Financing Authority, 6.0%, 6/1/31 1,032,396
--------------
$ 6,892,378
---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 43
Schedule of Investments | 6/30/11 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Municipal Water -- 0.4%
2,100,000 AAA/Aa1 City of Charleston South Carolina,
5.0%, 1/1/41 $ 2,203,656
2,400,000 AAA/Aa1 City of Charleston, South Carolina,
5.0%, 1/1/35 2,537,592
800,000 AAA/Aa2 Hampton Roads Sanitation District,
5.0%, 4/1/38 824,424
--------------
$ 5,565,672
-------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $67,648,754) $ 70,872,599
-------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN INTERESTS** -- 7.6%
ENERGY -- 0.5%
Integrated Oil & Gas -- 0.3%
3,785,794 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term Loan,
6/1/16 $ 3,795,372
-------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.1%
1,302,386 8.50 B+/NR Hudson Products Holdings, Inc., Term
Loan, 8/24/15 $ 1,247,035
-------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.1%
1,500,000 4.25 NR/Ba2 Pilot Travel Centers LLC, Initial Tranche B
Term Loan, 3/7/18 $ 1,507,031
--------------
Total Energy $ 6,549,438
-------------------------------------------------------------------------------------------------------
MATERIALS -- 0.7%
Diversified Chemical -- 0.1%
200,361 3.30 BBB-/Ba1 Celanese US Holdings LLC, Dollar Term C
Loan, 10/31/16 $ 201,418
748,964 7.50 NR/NR Ineos U.S. Finance Corp., Senior Credit
Term Loan, 12/16/13 775,880
737,253 8.00 NR/NR Ineos U.S. Finance Corp., Senior Credit
Term Loan, 12/16/14 763,748
--------------
$ 1,741,046
-------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.2%
500,112 4.50 BB/Ba2 BWAY Holding Co., Replacement Term B
Loan, 2/9/18 $ 501,415
1,822,110 6.75 B+/B2 Graham Packaging Co., Term C Loan,
4/5/14 1,829,824
44,402 4.50 BB/Ba2 ICL Industrial Containers ULC,
Replacement Term C Loan, 2/9/18 44,651
--------------
$ 2,375,890
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Bond Fund | Annual Report | 6/30/11
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Paper Packaging -- 0.2%
367,225 6.00 B+/B2 Graham Packaging Co., Term D Loan,
9/9/16 $ 368,499
2,271,754 3.04 BB/Ba2 Graphic Packaging International, Inc.,
Incremental Term Loan, 5/16/14 2,270,192
--------------
$ 2,638,691
------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.1%
1,348,500 5.25 NR/NR Fairmount Minerals, Ltd., Tranche B Term
Loan, 3/1/17 $ 1,352,434
------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
1,620,000 5.50 NR/NR Chemtura Corp., Facility Term Loan,
8/11/16 $ 1,629,450
262,553 2.77 BB-/Ba2 Huntsman International LLC, Extended
Term B Loan, 4/19/17 256,481
--------------
$ 1,885,931
--------------
Total Materials $ 9,993,992
------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.4%
Aerospace & Defense -- 0.4%
987,521 5.28 NR/NR Dae Aviation Holding, Tranche B1 Term
Loan, 7/31/14 $ 986,698
1,175,067 6.25 BB-/Ba3 DynCorp International, Term Loan, 7/7/16 1,183,733
948,848 5.28 NR/NR Standard Aero, Ltd., Tranche B2 Term
Loan, 7/31/14 948,058
1,597,166 4.50 NR/Ba2 Tasc, Inc., New Tranche B Term Loan,
4/25/15 1,596,767
--------------
$ 4,715,256
--------------
Total Capital Goods $ 4,715,256
------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Environmental & Facilities Services -- 0.2%
2,604,118 2.19 D/B2 Synagro Technologies, Inc., 1st Lien Term
Loan, 4/2/14 $ 2,421,830
--------------
Total Commercial Services & Supplies $ 2,421,830
------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Air Freight & Couriers -- 0.1%
843,532 5.27 NR/B1 CEVA Group Plc, U.S. Tranche B Term
Loan, 8/31/16 $ 828,243
462,700 5.31 NR/NR CEVA Group Plc, Dollar Tranche B Term
Loan, 8/31/16 454,313
351,403 5.27 NR/NR CEVA Group Plc, EGL Tranche B Term
Loan, 8/31/16 344,960
--------------
$ 1,627,516
--------------
Total Transportation $ 1,627,516
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 45
Schedule of Investments | 6/30/11 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.0%
Auto Parts & Equipment -- 0.4%
1,043,798 2.94 B+/B2 Allison Transmission, Term Loan, 8/7/14 $ 1,025,124
1,689,145 3.68 BBB-/Baa3 Delphi Automotive LLP, Tranche B Term
Loan, 3/31/17 1,698,287
545,574 2.13 NR/NR Federal Mogul Corp., Tranche C Term Loan,
12/28/15 517,516
1,069,324 2.13 NR/NR Federal Mogul Corp., Tranche B Term Loan,
12/29/14 1,014,331
785,351 4.25 NR/NR Pinafore LLC, Term B1 Loan, 9/21/16 786,400
--------------
$ 5,041,658
-------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.3%
3,915,000 6.00 NR/NR Chrysler Group LLC, Tranche B Term Loan,
4/28/17 $ 3,823,651
-------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.3%
4,190,000 1.94 BB/Ba1 Goodyear Tire & Rubber Co., 2nd Lien
Term Loan, 4/30/14 $ 4,044,846
--------------
Total Automobiles & Components $ 12,910,155
-------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Restaurants -- 0.1%
1,059,675 4.50 BB+/Ba2 Burger King Holdings, Inc., Tranche B Term
Loan, 10/30/16 $ 1,058,442
-------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.0%
329,911 7.00 NR/NR Wash Multifamily Laundry, Term Loan,
8/28/14 $ 330,324
--------------
Total Consumer Services $ 1,388,766
-------------------------------------------------------------------------------------------------------
MEDIA -- 1.0%
Advertising -- 0.1%
1,103,661 5.00 BB/Ba3 Affinion Group Inc., Tranche B Term Loan,
10/9/16 $ 1,104,351
-------------------------------------------------------------------------------------------------------
Broadcasting -- 0.2%
2,884,687 4.44 B/Baa2 Univision Communications, Inc., Extended
Term Loan, 3/29/17 $ 2,746,025
-------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.3%
4,077,852 3.50 NR/NR Charter Communications Operations, Term
C Loan, 9/8/16 $ 4,070,192
617,684 2.69 CCC/B2 WideOpenWest LLC, 1st Lien Term Loan,
6/30/14 598,092
--------------
$ 4,668,284
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Bond Fund | Annual Report | 6/30/11
------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
1,188,048 5.25 NR/NR Christie/AIX, Inc., Term Loan, 4/29/16 $ 1,181,365
1,678,750 4.50 B+/NR Live Nation Entertainment, Term B Loan,
10/20/16 1,680,314
--------------
$ 2,861,679
------------------------------------------------------------------------------------------------------
Publishing -- 0.2%
2,382,030 4.75 NR/NR Interactive Data Corp., Term B Loan,
1/31/18 $ 2,387,055
--------------
Total Media $ 13,767,394
------------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Automotive Retail -- 0.1%
1,420,000 4.75 NR/NR Autotrader.com, Inc., Tranche B1 Term
Loan, 12/15/16 $ 1,420,746
--------------
Total Retailing $ 1,420,746
------------------------------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 0.0%
Food Retail -- 0.0%
354,076 2.69 BB-/Ba3 Pinnacle Foods Group, Inc., Term Loan,
4/2/14 $ 351,838
--------------
Total Food & Drug Retailing $ 351,838
------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
995,000 4.25 BB-/Ba1 NBTY, Inc., Term B1 Loan, 10/1/17 $ 995,829
--------------
Total Household & Personal Products $ 995,829
------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.1%
Health Care Facilities -- 0.6%
1,639,250 6.50 B+/B1 Ardent Medical Services, Term Loan,
9/15/15 $ 1,643,861
110,795 2.50 BB-/Ba3 CHS/Community Health Systems, Non-
Extended Term Loan, 7/25/14 107,256
2,154,881 2.50 BB-/Ba3 CHS/Community Health Systems, Non-
Extended Term Loan, 7/25/14 2,086,054
747,900 3.50 BB+/Ba2 HCA Holdings, Inc., Tranche B3 Term Loan,
5/31/18 737,565
1,793,613 3.50 BB+/Ba2 HCA, Inc., Tranche B2 Term Loan, 3/17/17 1,771,749
1,879,594 4.00 NR/NR Universal Health Services, Inc., Tranche B
Term Loan, 11/30/16 1,886,903
--------------
$ 8,233,388
------------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
2,757,896 2.44 NR/NR Catalent Pharma Solutions, Inc., Dollar
Term Loan, 4/10/14 $ 2,644,133
398,000 4.50 BB/Ba1 DaVita, Inc., Tranche B Term Loan,
10/20/16 399,635
--------------
$ 3,043,768
------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 47
Schedule of Investments | 6/30/11 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.2%
2,225,770 3.48 BB-/B1 Bausch & Lomb, Inc., Parent Term Loan,
4/24/15 $ 2,215,197
541,787 3.44 BB-/B1 Bausch & Lomb, Inc., Delayed Draw Term
Loan, 4/24/15 539,214
--------------
$ 2,754,411
----------------------------------------------------------------------------------------------------
Health Care Technology -- 0.1%
469,068 4.50 NR/NR IMS Health, Inc., Dollar Tranche B Term
Loan, 8/31/17 $ 470,240
--------------
Total Health Care Equipment & Services $ 14,501,807
----------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.2%
Biotechnology -- 0.1%
1,030,000 6.00 NR/NR Grifols, Inc., U.S. Tranche B Term Loan,
6/4/16 $ 1,036,009
----------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
1,765,000 4.00 NR/NR Endo Pharmaceuticals Holdings, Term B
Loan, 4/14/18 $ 1,773,641
--------------
Total Pharmaceuticals & Biotechnology $ 2,809,650
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Diversified Financial Services -- 0.1%
1,010,000 5.25 NR/NR WorldPay, Facility B2A Loan, 8/6/17 $ 1,011,052
----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%
874,744 3.75 BBB-/Ba2 MSCI, Inc., Term B1 Loan, 3/14/17 $ 880,576
--------------
Total Diversified Financials $ 1,891,628
----------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Insurance Brokers -- 0.1%
327,085 2.75 B/NR HUB International Holdings, Delayed Draw
Term Loan, 6/13/14 $ 318,636
1,455,086 2.75 B/NR HUB International Holdings, Initial Term
Loan, 6/13/14 1,417,497
--------------
$ 1,736,133
--------------
Total Insurance $ 1,736,133
----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.4%
Application Software -- 0.0%
384,000 1.94 B/Ba3 Nuance Communications, Inc.,
Incremental Term Loan, 3/29/13 $ 382,500
----------------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 0.1%
1,002,425 5.25 BBB-/Ba1 Fidelity National, Inc., Term B Loan,
7/18/16 $ 1,007,076
----------------------------------------------------------------------------------------------------
Internet Software & Services -- 0.1%
995,778 6.75 NR/NR SAVVIS, Inc., Term Loan, 8/4/16 $ 1,002,749
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Bond Fund | Annual Report | 6/30/11
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.2%
2,329,542 1.94 BB/Ba3 SunGard Data Systems, Inc., Tranche A
U.S. Term Loan, 2/28/14 $ 2,276,156
-------------------------------------------------------------------------------------------------------
Systems Software -- 0.0%
260,000 3.75 BB-/Ba2 Reynolds & Reynolds Co., Tranche B Term
Loan, 3/9/18 $ 260,366
--------------
Total Software & Services $ 4,928,847
-------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.4%
Communications Equipment -- 0.1%
947,625 5.00 BB/Ba2 CommScope, Inc., Term Loan, 1/3/18 $ 952,150
-------------------------------------------------------------------------------------------------------
Electronic Components -- 0.3%
499,841 2.44 NR/Ba1 Flextronics Semiconductor, A1A Delayed
Draw Term Loan, 10/1/14 $ 493,384
318,132 2.44 NR/Ba1 Flextronics Semiconductor, A2 Delayed
Draw Term Loan, 10/1/14 314,023
371,154 2.44 NR/Ba1 Flextronics Semiconductor, A3 Delayed
Draw Term Loan, 10/1/14 366,360
2,704,407 2.44 NR/Ba1 Flextronics Semiconductor, Closing Date
Term Loan, 10/1/14 2,673,499
--------------
$ 3,847,266
--------------
Total Technology Hardware & Equipment $ 4,799,416
-------------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.5%
Semiconductor Equipment -- 0.3%
3,800,000 4.25 B+/Ba3 Aeroflex, Inc., Tranche B Term Loan,
4/25/18 $ 3,792,852
-------------------------------------------------------------------------------------------------------
Semiconductors -- 0.2%
1,423,431 4.75 BB/Ba2 Intersil Corp., Term Loan, 4/27/16 $ 1,430,548
997,500 4.00 NR/NR Microsemi Corp., New Term Loan,
11/2/17 998,955
--------------
$ 2,429,503
--------------
Total Semiconductors $ 6,222,355
-------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Integrated Telecommunication Services -- 0.2%
253,041 3.19 NR/NR Telesat Canada, Inc., U.S. Term II Loan,
10/31/14 $ 250,036
2,945,743 3.19 NR/NR Telesat Canada, Inc., U.S. Term I Loan,
10/31/14 2,910,762
--------------
$ 3,160,798
-------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
1,180,000 3.29 B/B3 Intelsat Jackson Holdings, Ltd., Term Loan,
2/1/14 $ 1,139,438
--------------
Total Telecommunication Services $ 4,300,236
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 49
Schedule of Investments | 6/30/11 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
UTILITIES -- 0.3%
Electric Utilities -- 0.2%
4,044,646 4.73 BBB-/Ba1 Texas Competitive Electric Holdings Co.,
Term Loan, 10/10/17 $ 3,162,770
-------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy Traders -- 0.1%
1,370,000 0.00 BB+/Baa3 NRG Energy, Inc., Term Loan, 5/5/18 $ 1,371,927
--------------
Total Utilities $ 4,534,697
-------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN
INTERESTS
(Cost $100,723,931) $ 101,867,529
-------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 11.3%
Repurchase Agreements -- 6.8%
15,150,000 NR/Aaa BNP Paribas Securities, Inc., 0.05%, dated
6/30/11, repurchase price of
$15,150,000 plus accrued interest on
7/1/11 collateralized by $15,453,033
Federal National Mortgage Association
(Discount Notes), 0.0%, 12/27/11 $ 15,150,000
15,150,000 NR/Aaa BNP Paribas Securities, Inc., 0.01%, dated
6/30/11, repurchase price of
$15,150,000 plus accrued interest on
7/1/11 collateralized by the following:
$14,292,674 U.S. Treasury Bond,
6.0 - 7.625%, 2/15/25 - 2/15/26
$1,144,588 U.S. Treasury Strip,
1.875%, 7/15/13 15,150,000
15,150,000 NR/Aaa Deutsche Bank, 0.05%, dated 6/30/11,
repurchase price of $15,150,000 plus
accrued interest on 7/1/11 collateralized
by $15,453,000 Federal National
Mortgage Association, 6.5%, 1/1/39 15,150,000
15,150,000 NR/Aaa JPMorgan, Inc., 0.00%, dated 6/30/11,
repurchase price of 15,150,000 plus
accrued interest on 1/1/11 collateralized
by $15,453,375 U.S. Treasury Notes
2.375%, 6/30/18 15,150,000
15,150,000 NR/Aaa SG Americas Securities LLC, 0.01%, dated
6/30/11, repurchase price of
$15,150,000 plus accrued interest on
7/1/11 collateralized by $15,453,014
U.S. Treasury Strip 0.5%, 4/15/15 15,150,000
The accompanying notes are an integral part of these financial statements.
50 Pioneer Bond Fund | Annual Report | 6/30/11
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Repurchase Agreements -- (continued)
15,150,000 NR/Aaa SG Americas Securities LLC, 0.07%,
dated 6/30/11, repurchase price of
$15,150,000 plus accrued interest on
7/1/11 collateralized by the following:
$13,439,209 Federal National
Mortgage Association (ARM),
4.0 - 6.5%, 10/1/19 - 10/1/40
$2,013,791 Freddie Mac Giant,
5.5%, 12/1/38 $ 15,150,000
--------------
Total Repurchase Agreements $ 90,900,000
--------------
(Cost $90,900,000) $ 90,900,000
----------------------------------------------------------------------------------------------------
SECURITIES LENDING COLLATERAL -- 4.5% (c)
Certificates of Deposit:
1,816,388 Bank of America NA, 0.19%, 9/2/11 $ 1,816,388
1,816,388 Bank of Montreal Chicago,
0.12%, 7/8/11 1,816,388
1,453,110 Bank of Nova Scotia,
0.30%, 6/11/12 1,453,110
363,278 Bank of Nova Scotia,
0.25%, 9/29/12 363,278
844,620 BBVA Group NY, 0.47%, 8/10/11 844,620
1,017,177 BBVA Group NY, 0.36%, 7/7/11 1,017,177
1,271,472 BBVA Group NY, 1.19%, 7/26/11 1,271,472
254,294 BNP Paribas Bank NY,
0.27%, 8/5/11 254,294
1,816,388 Canadian Imperial Bank of
Commerce NY, 0.20%, 10/3/11 1,816,388
1,453,110 DnB NOR Bank ASA NY,
0.18%, 8/10/11 1,453,110
908,173 National Australia Bank NY,
0.29%, 10/19/11 908,173
1,998,349 RaboBank Netherland NV NY,
0.29%, 4/2/12 1,998,349
1,089,833 Royal Bank of Canada NY,
0.32%, 12/2/11 1,089,833
726,555 SOCGEN NY, 0.28%, 7/11/11 726,555
363,278 SOCGEN NY, 0.26%, 7/14/11 363,278
544,916 SOCGEN NY, 0.16%, 7/7/11 544,916
1,816,388 Westpac Banking Corp. NY,
0.32%, 12/6/11 1,816,388
--------------
$ 19,553,717
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 51
Schedule of Investments | 6/30/11 (continued)
-----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (d) Ratings
Amount ($) (unaudited) (unaudited) Value
-----------------------------------------------------------------------------------------------------
Commercial Paper:
726,555 American Honda Finance,
0.34%, 1/11/12 $ 726,555
1,089,529 Australia & New Zealand Banking Group,
0.34%, 9/6/11 1,089,529
665,183 Australia & New Zealand Banking Group,
0.87%, 8/4/11 665,183
272,412 BCSFUN, 0.22%, 7/29/11 272,412
1,816,063 CBAPP, 0.20%, 8/3/11 1,816,063
199,956 General Electric Capital Corp.,
0.44%, 11/21/11 199,956
1,652,615 HSBC, 0.17%, 8/9/11 1,652,615
1,634,749 JPMorgan Chase & Co., 0.30%, 7/17/12 1,634,749
1,633,265 NESCAP, 0.25%, 12/20/11 1,633,265
1,452,925 NORDNA, 0.27%, 7/18/11 1,452,925
1,453,009 PARFIN, 0.25%, 7/11/11 1,453,009
908,194 Royal Bank of Canada NY,
0.30%, 6/29/12 908,194
908,096 SANCPU, 0.39%, 7/11/11 908,096
907,193 SANCPU, 0.73%, 9/1/11 907,193
1,089,262 Sanofi Aventis, 0.68%, 10/20/11 1,089,262
1,270,698 SEB, 0.30%, 9/12/11 1,270,698
726,280 SOCNAM, 0.22%, 9/1/11 726,280
1,816,388 Svenska Handelsbanken,
0.29%, 6/29/12 1,816,388
1,816,388 Toyota Motor Credit Corp., 0.32%, 9/8/11 1,816,388
771,965 UXTPP, 0.32%, 7/1/11 771,965
908,065 VARFUN, 0.32%, 8/4/11 908,065
210,668 VARFUN, 0.32%, 8/8/11 210,668
508,506 VARFUN, 0.32%, 8/9/11 508,506
726,729 Wachovia, 0.41%, 10/15/11 726,729
545,336 Wachovia, 0.40%, 3/1/12 545,336
363,476 Wells Fargo & Co., 0.36%, 1/24/12 363,476
-------------
$ 26,073,505
-----------------------------------------------------------------------------------------------------
Tri-party Repurchase Agreements:
184,291 Barclays Capital Plc, 0.01%, 7/1/11 $ 184,291
1,816,388 Deutsche Bank AG, 0.01%, 7/1/11 1,816,388
1,816,388 HSBC Bank USA NA, 0.01%, 7/1/11 1,816,388
5,449,164 RBS Securities, Inc., 0.02%, 7/1/11 5,449,164
-------------
$ 9,266,231
-----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
52 Pioneer Bond Fund | Annual Report | 6/30/11
--------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (d) Ratings
Shares (unaudited) (unaudited) Value
--------------------------------------------------------------------------------------------------
Money Market Mutual Funds:
2,906,221 Dreyfus Preferred Money Market Fund $ 2,906,221
2,906,221 Fidelity Prime Money Market Fund 2,906,221
--------------
$ 5,812,442
--------------------------------------------------------------------------------------------------
Total Securities Lending Collateral
(Cost $60,705,895) $ 60,705,895
--------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $151,605,895) $ 151,605,895
--------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 106.4%
(Cost $1,373,955,563) (a) $1,427,346,039
--------------------------------------------------------------------------------------------------
OTHER ASSETS AND
LIABILITIES -- (6.4)% $ (86,323,777)
--------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,341,022,262
==================================================================================================
* Non-income producing security.
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
(144A) Security is exempt from registration under Rule 144A of the Securities
Act of 1933. Such securities may be resold normally to qualified
institutional buyers in a transaction exempt from registration. At June
30, 2011, the value of these securities amounted to $64,047,946 or 4.8%
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 June 30, 2011, the net unrealized gain on investments based on cost
for federal income tax purposes of $1,372,097,633 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $77,642,505
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (22,394,099)
-----------
Net unrealized gain $55,248,406
===========
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 53
Schedule of Investments | 6/30/11 (continued)
(b) At June 30, 2011, the following securities were out on loan:
-----------------------------------------------------------------------------------------------
Principal
Amount ($) Security Value
-----------------------------------------------------------------------------------------------
2,000,000 BBVA Bancomer SA, 6.5%, 3/10/21 $ 2,040,000
2,000,000 Canadian Natural Resources, 5.9%, 2/1/18 2,333,598
1,031,000 Cantor Fitzgerald LP, 7.875%, 10/15/19 1,143,045
557,000 Capital One Bank USA NA, 8.8%, 7/15/19 685,615
3,197,000 Credit Agricole SA, 8.375%, 12/13/49 3,398,133
440,000 First Data Corp., 8.25%, 1/15/21 450,661
10,000 Forest City Enterprises, Inc., 7.0%, 12/31/49 679,960
2,917,000 Intel Corp., 2.95%, 12/15/35 3,019,034
1,600,000 Israel Electric Corp., Ltd., 7.25%, 1/15/19 (144A) 1,810,126
4,000,000 Masco Corp., 7.125%, 3/15/20 4,177,684
310,000 MetLife, Inc., 10.75%, 8/1/39 450,118
1,204,000 Morgan Stanley, 5.5%, 1/26/20 1,248,016
1,500,000 PNC Financial Services Group, Floating Rate Note, 5/29/49 1,600,017
200,000 Ras Laffan Liquefied Natural Gas Co., Ltd. III, 5.832%,
9/30/16 (144A) 220,916
5,952,000 State Street Capital, 8.25%, 3/15/42 5,967,761
500,000 U.S. Treasury Bonds, 4.375%, 11/15/39 504,789
8,000,000 U.S. Treasury Bonds, 4.5%, 5/15/38 8,276,141
9,000,000 U.S. Treasury Bonds, 4.5%, 8/15/39 9,384,642
8,750,000 U.S. Treasury Bonds, 2.75%, 2/15/19 8,926,496
1,000,000 U.S. Treasury Bonds, 3.625%, 8/15/19 1,079,176
1,000,000 White Mountains Re Group, Ltd., 7.506%, 5/29/49 954,090
1,000,000 XL Group Plc, 6.5%, 3/29/49 931,042
-----------------------------------------------------------------------------------------------
Total $59,281,060
===============================================================================================
(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.
(g) Security is valued using fair value methods (other than prices supplied
by independent pricing services.) (See Note 1A).
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended June 30, 2011 were as follows:
----------------------------------------------------------------------------------------------
Purchases Sales
----------------------------------------------------------------------------------------------
Long-Term U.S. Government Securities $ 75,425,002 $ 79,421,504
Other Long-Term Securities $386,254,072 $363,532,780
The accompanying notes are an integral part of these financial statements.
54 Pioneer Bond Fund | Annual Report | 6/30/11
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 June 30, 2011, in
valuing the Fund's assets:
------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 8,461,107 $ -- $ 8,461,107
Preferred Stocks 12,937,451 10,226,598 -- 23,164,049
Asset Backed Securities -- 108,905,135 -- 108,905,135
Collateralized Mortgage Obligations -- 219,803,246 232,842 220,036,088
Corporate Bonds -- 467,332,723 -- 467,332,723
U.S. Government Agency Obligations -- 274,415,558 -- 274,415,558
Foreign Government Bonds -- 685,356 -- 685,356
Municipal Bonds -- 70,872,599 -- 70,872,599
Senior Floating Rate Loan Interests -- 101,867,529 -- 101,867,529
Temporary Cash Investments -- 145,793,453 -- 145,793,453
Money Market Mutual Funds 5,812,442 -- -- 5,812,442
------------------------------------------------------------------------------------------------
Total $18,749,893 1,408,363,304 232,842 1,427,346,039
================================================================================================
Other Financial Instruments* $ 22,081 $ -- $ -- $ 22,081
================================================================================================
* 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) (121)
Net purchases (sales) --
Transfers in and out of Level (3) --
------------------------------------------------------------------------------------------------
Balance as of 6/30/11 $232,842
================================================================================================
(1) Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized gain (loss) on investments in the Statement of
Operations.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 55
Statement of Assets and Liabilities | 6/30/11
ASSETS:
Investment in securities (including securities loaned of $59,281,060)
(cost $1,373,955,563) $1,427,346,039
Cash 6,063,594
Futures Collateral 300,850
Receivables --
Investment securities sold 4,419,928
Fund shares sold 4,912,387
Variation margin 30,780
Interest 11,113,742
Due from Pioneer Investment Management, Inc. 202,131
Other 99,979
------------------------------------------------------------------------------------------
Total assets $1,454,489,430
------------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 45,060,004
Fund shares repurchased 5,262,611
Dividends 2,077,073
Upon return of securities loaned 60,705,895
Due to affiliates 216,411
Accrued expenses 145,174
------------------------------------------------------------------------------------------
Total liabilities $ 113,467,168
------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $1,298,249,406
Undistributed net investment income 575,991
Accumulated net realized loss on investments and futures contracts (11,215,692)
Net unrealized gain on investments 53,390,476
Net unrealized gain on futures contracts 22,081
------------------------------------------------------------------------------------------
Total net assets $1,341,022,262
==========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $500,905,197/51,868,543 shares) $ 9.66
Class B (based on $18,474,043/1,924,246 shares) $ 9.60
Class C (based on $82,914,671/8,677,908 shares) $ 9.55
Class R (based on $20,507,973/2,105,155 shares) $ 9.74
Class Y (based on $717,432,974/74,933,361 shares) $ 9.57
Class Z (based on $787,404/81,357 shares) $ 9.68
MAXIMUM OFFERING PRICE:
Class A ($9.66 [divided by] 95.5%) $ 10.12
==========================================================================================
The accompanying notes are an integral part of these financial statements.
56 Pioneer Bond Fund | Annual Report | 6/30/11
Statement of Operations
For the Year Ended 6/30/11
INVESTMENT INCOME:
Interest $67,679,040
Dividends 1,263,644
Income from securities loaned, net 34,807
-----------------------------------------------------------------------------------------
Total investment income $68,977,491
-----------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 6,157,340
Transfer agent fees
Class A 366,037
Class B 73,588
Class C 61,146
Class R 5,307
Class Y 102,137
Class Z 624
Distribution fees
Class A 1,052,255
Class B 232,812
Class C 834,300
Class R 100,373
Shareholder communications expense 1,107,124
Administrative reimbursements 388,302
Custodian fees 44,536
Registration fees 97,674
Professional fees 100,182
Printing expense 69,426
Fees and expenses of nonaffiliated trustees 38,771
Miscellaneous 143,866
-----------------------------------------------------------------------------------------
Total expenses $10,975,800
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (914,894)
-----------------------------------------------------------------------------------------
Net expenses $10,060,906
-----------------------------------------------------------------------------------------
Net investment income $58,916,585
-----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
AND FUTURES CONTRACTS:
Net realized gain on:
Investments $18,402,308
Class action 261,076
Futures contracts 1,314,669 $19,978,053
-----------------------------------------------------------------------------------------
Change in net unrealized gain on:
Investments $ 6,474,757
Futures contracts 22,081 $ 6,496,838
-----------------------------------------------------------------------------------------
Net gain on investments and futures contracts $26,474,891
-----------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $85,391,476
=========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 57
Statement of Changes in Net Assets
For the Years Ended 6/30/11 and 6/30/10, respectively
--------------------------------------------------------------------------------------------------------
Year Ended Year Ended
6/30/11 6/30/10
--------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 58,916,585 $ 57,136,766
Net realized gain on investments, class action and futures
contracts 19,978,053 5,747,467
Change in net unrealized gain on investments and
futures contracts 6,496,838 93,558,179
--------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 85,391,476 $ 156,442,412
--------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.44 and $0.44 per share, respectively) $ (19,115,565) $ (16,791,891)
Class B ($0.34 and $0.34 per share, respectively) (814,135) (1,152,065)
Class C ($0.35 and $0.35 per share, respectively) (3,061,924) (2,598,981)
Class R ($0.41 and $0.41 per share, respectively) (841,089) (773,008)
Class Y ($0.46 and $0.45 per share, respectively) (33,941,983) (34,242,342)
Class Z ($0.46 and $0.46 per share, respectively) (34,116) (27,059)
--------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (57,808,812) $ (55,585,346)
--------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 502,805,760 $ 512,301,758
Reinvestment of distributions 31,046,676 24,975,542
Cost of shares repurchased (483,127,000) (385,687,490)
--------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund
share transactions $ 50,725,436 $ 151,589,810
--------------------------------------------------------------------------------------------------------
Net increase in net assets $ 78,308,100 $ 252,446,876
NET ASSETS:
Beginning of year 1,262,714,162 1,010,267,286
--------------------------------------------------------------------------------------------------------
End of year $1,341,022,262 $1,262,714,162
========================================================================================================
Undistributed (distributions in excess of) net investment income $ 575,991 $ (236,147)
========================================================================================================
The accompanying notes are an integral part of these financial statements.
58 Pioneer Bond Fund | Annual Report | 6/30/11
--------------------------------------------------------------------------------------------------
'11 Shares '11 Amount '10 Shares '10 Amount
--------------------------------------------------------------------------------------------------
Class A
Shares sold 27,278,290 $263,115,680 21,985,150 $203,489,130
Reinvestment of distributions 1,589,792 15,316,927 1,317,083 12,121,485
Less shares repurchased (21,554,132) (207,161,586) (15,830,311) (145,512,861)
--------------------------------------------------------------------------------------------------
Net increase 7,313,950 $ 71,271,021 7,471,922 $ 70,097,754
==================================================================================================
Class B
Shares sold 222,239 $ 2,121,453 726,217 $ 6,600,255
Reinvestment of distributions 77,652 743,038 99,213 904,650
Less shares repurchased (1,289,045) (12,303,562) (1,612,539) (14,702,859)
--------------------------------------------------------------------------------------------------
Net decrease (989,154) $ (9,439,071) (787,109) $ (7,197,954)
==================================================================================================
Class C
Shares sold 2,737,693 $ 26,073,411 4,303,908 $ 39,005,155
Reinvestment of distributions 213,686 2,036,474 180,063 1,639,251
Less shares repurchased (3,040,932) (28,890,255) (1,928,805) (17,523,873)
--------------------------------------------------------------------------------------------------
Net increase (decrease) (89,553) $ (780,370) 2,555,166 $ 23,120,533
==================================================================================================
Class R
Shares sold 1,314,257 $ 12,751,688 904,665 $ 8,267,967
Reinvestment of distributions 63,853 620,735 57,659 534,364
Less shares repurchased (1,182,197) (11,480,126) (821,575) (7,571,493)
--------------------------------------------------------------------------------------------------
Net increase 195,913 $ 1,892,297 140,749 $ 1,230,838
==================================================================================================
Class Y
Shares sold 20,798,206 $198,381,546 28,285,000 $254,508,292
Reinvestment of distributions 1,288,384 12,308,045 1,070,227 9,769,546
Less shares repurchased (23,425,218) (222,959,013) (22,010,808) (200,233,538)
--------------------------------------------------------------------------------------------------
Net increase (decrease) (1,338,628) $(12,269,422) 7,344,419 $ 64,044,300
==================================================================================================
Class Z
Shares sold 37,285 $ 361,982 46,777 $ 430,959
Reinvestment of distributions 2,220 21,457 673 6,246
Less shares repurchased (34,264) (332,458) (15,424) (142,866)
--------------------------------------------------------------------------------------------------
Net increase 5,241 $ 50,981 32,026 $ 294,339
==================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 59
Financial Highlights
----------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/11 6/30/10 6/30/09 6/30/08 6/30/07
----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.44 $ 8.63 $ 9.10 $ 8.95 $ 8.89
----------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.45 $ 0.45 $ 0.50 $ 0.43 $ 0.40
Net realized and unrealized gain (loss) on investments 0.21 0.80 (0.31) 0.16 0.07
----------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.66 $ 1.25 $ 0.19 $ 0.59 $ 0.47
Distributions to shareowners:
Net investment income (0.44) (0.44) (0.55) (0.44) (0.41)
Net realized gain -- -- (0.11) -- --
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.22 $ 0.81 $ (0.47) $ 0.15 $ 0.06
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.66 $ 9.44 $ 8.63 $ 9.10 $ 8.95
==================================================================================================================================
Total return* 7.08% 14.71% 2.65% 6.64% 5.31%
Ratio of net expenses to average net assets+ 0.85% 0.85% 0.89%(a) 1.00% 1.00%
Ratio of net investment income to average net assets+ 4.63% 4.86% 5.88% 4.60% 4.48%
Portfolio turnover rate 36% 41% 34% 73% 31%
Net assets, end of period (in thousands) $500,905 $420,706 $320,036 $265,959 $284,592
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses 1.06% 1.07% 1.09% 1.04% 1.00%
Net investment income 4.42% 4.64% 5.68% 4.56% 4.48%
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%
Net investment income 4.63% 4.86% 5.88% 4.60% 4.48%
==================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratio with no reduction for fees paid indirectly.
(a) On October 1, 2008, Pioneer contractually lowered Class A shares' expense
limitation from 1.00% to 0.85% of the average daily net assets attributable
to Class A shares. The expense limit will be in effect through November 1,
2013.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Bond Fund | Annual Report | 6/30/11
-------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/11 6/30/10 6/30/09 6/30/08 6/30/07
-------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.38 $ 8.58 $ 9.05 $ 8.90 $ 8.85
-------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.35 $ 0.35 $ 0.42 $ 0.34 $ 0.33
Net realized and unrealized gain (loss) on investments 0.21 0.79 (0.31) 0.16 0.05
-------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.56 $ 1.14 $ 0.11 $ 0.50 $ 0.38
Distributions to shareowners:
Net investment income (0.34) (0.34) (0.47) (0.35) (0.33)
Net realized gain -- -- (0.11) -- --
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.22 $ 0.80 $ (0.47) $ 0.15 $ 0.05
-------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.60 $ 9.38 $ 8.58 $ 9.05 $ 8.90
=========================================================================================================================
Total return* 5.99% 13.47% 1.62% 5.70% 4.26%
Ratio of net expenses to average net assets+ 1.90% 1.90% 1.90% 1.90% 1.92%
Ratio of net investment income to average net assets+ 3.59% 3.89% 4.90% 3.72% 3.55%
Portfolio turnover rate 36% 41% 34% 73% 31%
Net assets, end of period (in thousands) $18,474 $27,342 $31,738 $34,106 $36,366
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses 1.95% 1.98% 1.99% 1.90% 2.02%
Net investment income 3.54% 3.81% 4.81% 3.72% 3.45%
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%
Net investment income 3.59% 3.89% 4.90% 3.73% 3.57%
=========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 61
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/11 6/30/10 6/30/09 6/30/08 6/30/07
--------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.34 $ 8.54 $ 9.02 $ 8.87 $ 8.81
--------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.36 $ 0.37 $ 0.42 $ 0.35 $ 0.33
Net realized and unrealized gain (loss) on investments 0.20 0.78 (0.31) 0.16 0.06
--------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.56 $ 1.15 $ 0.11 $ 0.51 $ 0.39
Distributions to shareowners:
Net investment income (0.35) (0.35) (0.48) (0.36) (0.33)
Net realized gain -- -- (0.11) -- --
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.21 $ 0.80 $ (0.48) $ 0.15 $ 0.06
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.55 $ 9.34 $ 8.54 $ 9.02 $ 8.87
==========================================================================================================================
Total return* 6.06% 13.63% 1.62% 5.80% 4.39%
Ratio of net expenses to average net assets+ 1.73% 1.79% 1.83% 1.82% 1.85%
Ratio of net investment income to average net assets+ 3.75% 3.91% 4.93% 3.79% 3.62%
Portfolio turnover rate 36% 41% 34% 73% 31%
Net assets, end of period (in thousands) $82,915 $81,892 $53,045 $35,784 $30,934
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses 1.73% 1.79% 1.83% 1.82% 1.85%
Net investment income 3.75% 3.91% 4.93% 3.79% 3.62%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 1.73% 1.79% 1.83% 1.82% 1.84%
Net investment income 3.75% 3.91% 4.93% 3.79% 3.63%
==========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
62 Pioneer Bond Fund | Annual Report | 6/30/11
------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/11 6/30/10 6/30/09 6/30/08 6/30/07
------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 9.52 $ 8.71 $ 9.18 $ 9.05 $ 8.99
------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.41 $ 0.42 $ 0.48 $ 0.40 $ 0.39
Net realized and unrealized gain (loss) on investments 0.22 0.80 (0.31) 0.15 0.06
------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.63 $ 1.22 $ 0.17 $ 0.55 $ 0.45
Distributions to shareowners:
Net investment income (0.41) (0.41) (0.53) (0.42) (0.39)
Net realized gain -- -- (0.11) -- --
------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.22 $ 0.81 $ (0.47) $ 0.13 $ 0.06
------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.74 $ 9.52 $ 8.71 $ 9.18 $ 9.05
========================================================================================================================
Total return* 6.67% 14.18% 2.35% 6.15% 5.04%
Ratio of net expenses to average net assets+ 1.24% 1.25% 1.25% 1.25% 1.25%
Ratio of net investment income to average net assets+ 4.25% 4.50% 5.53% 4.35% 4.24%
Portfolio turnover rate 36% 41% 34% 73% 31%
Net assets, end of period (in thousands) $20,508 $18,186 $15,404 $11,263 $6,511
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Net expenses 1.24% 1.26% 1.30% 1.31% 1.44%
Net investment income 4.25% 4.49% 5.48% 4.30% 4.05%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 1.24% 1.25% 1.25% 1.25% 1.25%
Net investment income 4.25% 4.50% 5.53% 4.35% 4.24%
========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 63
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/11 6/30/10 6/30/09 6/30/08 6/30/07
-------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.36 $ 8.55 $ 9.02 $ 8.88 $ 8.83
-------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.47 $ 0.47 $ 0.53 $ 0.45 $ 0.44
Net realized and unrealized gain (loss) on investments 0.20 0.79 (0.31) 0.16 0.06
-------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.67 $ 1.26 $ 0.22 $ 0.61 $ 0.50
Distributions to shareowners:
Net investment income (0.46) (0.45) (0.58) (0.47) (0.45)
Net realized gain -- -- (0.11) -- --
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.21 $ 0.81 $ (0.47) $ 0.14 $ 0.05
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.57 $ 9.36 $ 8.55 $ 9.02 $ 8.88
===============================================================================================================================
Total return* 7.25% 15.06% 2.95% 6.91% 5.65%
Ratio of net expenses to average net assets+ 0.61% 0.61% 0.63% 0.59% 0.57%
Ratio of net investment income to average net assets+ 4.88% 5.13% 6.10% 5.02% 4.89%
Portfolio turnover rate 36% 41% 34% 73% 31%
Net assets, end of period (in thousands) $717,433 $713,869 $589,661 $710,219 $613,523
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%
Net investment income 4.88% 5.13% 6.09% 5.00% 4.89%
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%
Net investment income 4.88% 5.13% 6.10% 5.02% 4.89%
===============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
64 Pioneer Bond Fund | Annual Report | 6/30/11
----------------------------------------------------------------------------------------------------------------------------------
Year Year Year
Ended Ended Ended 7/6/07 (a)
6/30/11 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 from investment operations:
Net investment income $0.47 $ 0.48 $ 0.54 $ 0.45
Net realized and unrealized gain (loss) on investments 0.21 0.77 (0.28) 0.22
----------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $0.68 $ 1.25 $ 0.26 $ 0.67
Distributions to shareowners:
Net investment income 0.46) (0.46) (0.58) (0.46)
Net realized gain -- -- (0.11) --
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $0.22 $ 0.79 $(0.43) $ 0.21
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $9.68 $ 9.46 $ 8.67 $ 9.10
==================================================================================================================================
Total return* 7.30% 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+ 4.82% 5.00% 5.91% 5.00%**
Portfolio turnover rate 36% 41% 34% 73%
Net assets, end of period (in thousands) $ 787 $ 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 0.72% 0.63% 0.67% 0.58%**
Net investment income 4.75% 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 4.82% 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.
Pioneer Bond Fund | Annual Report | 6/30/11 65
Notes to Financial Statements | 6/30/11
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
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts
66 Pioneer Bond Fund | Annual Report | 6/30/11
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 June 30, 2011, one security was valued using fair value methods (in
addition to securities 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.
Pioneer Bond Fund | Annual Report | 6/30/11 67
Principal amounts of mortgage-backed securities are adjusted for monthly
paydowns. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the monthly paydowns.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities, and
such accretion/amortization is included in interest income.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in
the exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis. Dividend and
interest income are reported net of unrecoverable foreign taxes withheld at
the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. Tax
years for the prior three fiscal years remain subject to examination by tax
authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may be
shown in the accompanying financial statements as from or in excess of net
investment income or as from net realized gain on investment transactions,
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
At June 30, 2011, the Fund reclassified $33,925 to decrease paid-in capital,
$295,635 to decrease undistributed net investment income and $329,560 to
decrease accumulated net realized loss on investments to reflect permanent
book/tax differences. The reclassification has no impact on the net asset
value of the Fund and is designed to present the Fund's capital accounts on
a tax basis.
At June 30, 2011, the Fund had a net capital loss carryforward of
$19,855,305, of which the following amounts will expire between 2014 and
2016 if not utilized: $4,912,667 in 2014, $7,351,686 in 2015 and $7,590,952
in 2016.
Under the recently enacted Regulated Investment Company Modernization Act of
2010, the Fund will be permitted to carry forward capital losses
68 Pioneer Bond Fund | Annual Report | 6/30/11
incurred in taxable years beginning after December 22, 2010 for an unlimited
period. However, any losses incurred during those future years will be
required to be utilized prior to the losses incurred in pre-enactment tax
years. As a result of this ordering rule, pre-enactment capital loss
carryforwards may be more likely to expire unused. Additionally,
post-enactment capital losses that are carried forward will retain their
character as either short-term or long-term capital losses rather than being
considered all short-term as under previous law.
The tax character of distributions paid during the years ended June 30, 2011
and June 30, 2010 was as follows:
--------------------------------------------------------------------------------
2011 2010
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $57,808,812 $55,585,346
--------------------------------------------------------------------------------
Total $57,808,812 $55,585,346
================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at June 30, 2011.
--------------------------------------------------------------------------------
2011
--------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 2,623,165
Undistributed long-term gain 6,833,664
Capital loss carryforward (19,855,305)
Dividends payable (2,077,073)
Unrealized appreciation 55,248,405
--------------------------------------------------------------------------------
Total $ 42,772,856
================================================================================
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, the tax
treatment of premium and amortization and the mark to market of futures
contracts.
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 $127,870 in underwriting commissions on the sale of Class A shares
during the year ended June 30, 2011.
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
Pioneer Bond Fund | Annual Report | 6/30/11 69
day. During the period, the Fund recognized gains of $261,076 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 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 year ended June 30,
2011 was $411.
70 Pioneer Bond Fund | Annual Report | 6/30/11
At June 30, 2011, open futures contracts were as follows:
--------------------------------------------------------------------------------
Number of
Contracts Settlement Unrealized
Type Long/(Short) Month Value Gain/(Loss)
--------------------------------------------------------------------------------
U.S. 10 Year Note (259) 9/11 $31,682,978 $490,336
U.S. 2 Year Note (CBT) (305) 9/11 66,899,859 (63,984)
U.S. 5 Year Note 180 9/11 21,455,154 (198,594)
U.S. Treasury Bond 86 9/11 10,580,692 (122,679)
U.S. Ultra Bond (CBT) 32 9/11 4,040,000 (82,998)
--------------------------------------------------------------------------------
$ 22,081
--------------------------------------------------------------------------------
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.
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.
Pioneer Bond Fund | Annual Report | 6/30/11 71
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.50% of
the Fund's average daily net assets up to $1 billion; 0.45% of the next $1
billion; and 0.40% of the excess over $2 billion. For the year ended June 30,
2011, 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
year ended June 30, 2011 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 dates referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting, and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$18,949 in management fees, administrative costs and certain other
reimbursements payable to PIM at June 30, 2011.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.
For the year ended June 30, 2011, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 707,888
Class B 16,017
Class C 83,199
Class R 30,909
Class Y 268,540
Class Z 571
--------------------------------------------------------------------------------
Total: $1,107,124
================================================================================
72 Pioneer Bond Fund | Annual Report | 6/30/11
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $190,964 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at June 30, 2011.
4. Distribution and Service Plans
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B, Class C
and Class R shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the
average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD
1.00% of the average daily net assets attributable to Class B and Class C
shares. The fee for Class B and Class C shares consists of a 0.25% service fee
and a 0.75% distribution fee paid as compensation for personal services and/or
account maintenance services or distribution services with regard to Class B
and Class C shares. Pursuant to the Plan, the Fund further pays PFD 0.50% of
the average daily net assets attributable to Class R shares for distribution
services. Included in "Due to affiliates" reflected on the Statement of Assets
and Liabilities is $6,498 in distribution fees payable to PFD at June 30, 2011.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R, Class Y and
Class Z shares) may be subject to a contingent deferred sales charge (CDSC). A
CDSC of 1.00% may be imposed on redemptions of certain net asset value
purchases of Class A shares within 18 months of purchase (within 12 months for
purchases made on or after April 1, 2009). Class B shares that are redeemed
within five years of purchase are subject to a CDSC at declining rates
beginning at 4.00%, based on the lower of cost or market value of shares being
redeemed. Redemptions of Class C shares within one year of purchase are subject
to a CDSC of 1.00%, based on the lower of cost or market value of shares being
redeemed. Shares purchased as part of an exchange remain subject to any CDSC
that applied to the original purchase of those shares. There is no CDSC for
Class R, Class Y or Class Z shares. Proceeds from the CDSCs are paid to PFD.
For the year ended June 30, 2011, CDSCs in the amount of $143,068 were paid to
PFD.
Pioneer Bond Fund | Annual Report | 6/30/11 73
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 year ended June 30, 2011, the Fund's expenses
were not reduced under such arrangements.
6. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of June 30, 2011 were as follows:
-------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments
Under Accounting Standards
Codification (ASC) 815 Asset Derivatives 2011 Liabilities Derivatives 2011
-------------------------------------------------------------------------------------
Balance Balance
Sheet Location Value Sheet Location Value
-------------------------------------------------------------------------------------
Interest Rate Futures Receivables* $30,780 Payables $--
-------------------------------------------------------------------------------------
Total
-------------------------------------------------------------------------------------
* Represents the unrealized appreciation 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
year ended June 30, 2011 was as follows:
---------------------------------------------------------------------------------------------------------
Derivatives Not Change in
Accounted for as Realized Gain Unrealized
Hedging Instruments or (Loss) on Gain or (Loss)
Under Accounting Derivatives on Derivatives
Standards Codification Location of Gain or (Loss) Recognized Recognized
(ASC) 815 on Derivatives Recognized in Income in Income in Income
---------------------------------------------------------------------------------------------------------
Interest Rate Futures Net realized gain on futures contracts $1,314,669
Interest Rate Futures Change in unrealized gain on futures contracts $22,081
---------------------------------------------------------------------------------------------------------
7. Subsequent Events
On August 5, 2011, Standard & Poor's Ratings Services (S&P) lowered its credit
rating of the United States' long-term debt from AAA to AA+, with a "Negative"
outlook. S&P reaffirmed its top (A-1+) rating on the U.S. government's short-
term debt. S&P's downgrade reflects their opinion that the fiscal consolidation
plan, that Congress and the Obama Administration agreed to on August 2, 2011
falls short of what would be necessary to stabilize the government's
medium-term debt dynamics. The downgrade also reflects S&P's opinion that the
effectiveness, stability, and predictability of U.S. policymaking and political
institutions have weakened at a time of ongoing fiscal and economic challenges
to a degree more than they envisioned when S&P assigned a negative outlook to
the rating on April 18, 2011. The long-term effect of the downgrade is
uncertain at this time.
74 Pioneer Bond Fund | Annual Report | 6/30/11
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 additional subsequent events requiring
recognition or disclosure in the financial statements.
Pioneer Bond Fund | Annual Report | 6/30/11 75
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and the Shareowners of Pioneer Bond Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Bond Fund (the "Fund"), including the schedule of investments, as of June 30,
2011, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period
then ended, and the financial highlights for each of the periods indicated
therein. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. We were not engaged to perform an audit of the Fund's internal
control over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. Our procedures included
confirmation of securities owned as of June 30, 2011, by correspondence with
the custodian, brokers and agent banks or by other appropriate auditing
procedures where replies from brokers were not received. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Bond Fund as of June 30, 2011, the results of its operations for the
year then ended, the changes in its net assets for each of the two years in the
period then ended, and the financial highlights for each of the periods
indicated therein, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst & Young
Boston, Massachusetts
August 24, 2011
76 Pioneer Bond Fund | Annual Report | 6/30/11
ADDITIONAL INFORMATION (unaudited)
The percentages of the Fund's ordinary income distributions that are exempt
from nonresident alien (NRA) tax withholding resulting from qualified interest
income and qualified short term gains were 87.64% and 0.0%, respectively.
Pioneer Bond Fund | Annual Report | 6/30/11 77
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at us.pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves
as a trustee of each of the 56 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
78 Pioneer Bond Fund | Annual Report | 6/30/11
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service and Other Directorships
Name and Age With the Fund Term of Office Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (84)* Chairman of the Board, Trustee since 1996. Non-Executive Chairman and a None
Trustee and President Serves until a successor director of Pioneer
trustee is elected or Investment Management USA
earlier retirement or Inc. ("PIM-USA"); Chairman
removal. and a director of Pioneer;
Chairman and Director of
Pioneer Institutional Asset
Management, Inc. (since
2006); Director of Pioneer
Alternative Investment
Management Limited (Dublin);
President and a director of
Pioneer Alternative
Investment Management
(Bermuda) Limited and
affiliated funds; Deputy
Chairman and a director of
Pioneer Global Asset
Management S.p.A. ("PGAM")
(until April 2010); Director
of PIOGLOBAL Real Estate
Investment Fund (Russia)
(until June 2006); Director
of Nano-C, Inc. (since
2003); Director of Cole
Management Inc. (since
2004); Director of Fiduciary
Counseling, Inc.; President
and Director of Pioneer
Funds Distributor, Inc.
("PFD") (until May 2006);
President of all of the
Pioneer Funds; and Of
Counsel, Wilmer Cutler
Pickering Hale and Dorr LLP
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (52)* Trustee and Executive Trustee since 2007. Director, CEO and President None
Vice President Serves until a successor of PIM-USA (since February
trustee is elected or 2007); Director and
earlier retirement or President of Pioneer and
removal. Pioneer Institutional Asset
Management, Inc. (since
February 2007); Executive
Vice President of all of the
Pioneer Funds (since March
2007); Director of PGAM
(2007 - 2010); Head of New
Europe Division, PGAM (2000
- 2005); and Head of New
Markets Division, PGAM (2005
- 2007)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers or directors of the Fund's investment adviser and
certain of its affiliates.
Pioneer Bond Fund | Annual Report | 6/30/11 79
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service and Other Directorships
Name and Age With the Fund Term of Office Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (67) Trustee Trustee since 2005. Managing Partner, Federal Director of Enterprise
Serves until a successor City Capital Advisors Community Investment,
trustee is elected or (corporate advisory services Inc. (privately held
earlier retirement or company) (1997 - 2004 and affordable housing
removal. 2008 - present); Interim finance company) (1985
Chief Executive Officer, - 2010); Director of
Oxford Analytica, Inc. Oxford Analytica, Inc.
(privately held research and (2008 - present);
consulting company) (2010); Director of The Swiss
Executive Vice President and Helvetia Fund, Inc.
Chief Financial Officer, (closed-end fund) (2010
I-trax, Inc. (publicly - present); and Director
traded health care services of New York Mortgage
company) (2004 - 2007); and Trust (publicly traded
Executive Vice President and mortgage REIT) (2004 -
Chief Financial Officer, 2009)
Pedestal Inc.
(internet-based mortgage
trading company) (2000 -
2002)
------------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (63) Trustee Trustee since 1997. Chairman, Bush Director of Marriott
Serves until a successor International, LLC International, Inc.
trustee is elected or (international financial (2008 - present);
earlier retirement or advisory firm) (1991 - Director of Discover
removal. present); Senior Managing Financial Services
Director, Brock Capital (credit card issuer and
Group, LLC (strategic electronic payment
business advisors) (2010 - services) (2007 -
present); Managing Director, present); Former
Federal Housing Finance Director of Briggs &
Board (oversight of Federal Stratton Co. (engine
Home Loan Bank system) (1989 manufacturer) (2004 -
- 1991); Vice President and 2009); Former Director
Head of International of UAL Corporation
Finance, Federal National (airline holding
Mortgage Association (1988 - company) (2006 - 2010);
1989); U.S. Alternate Director of ManTech
Executive Director, International
International Monetary Fund Corporation (national
(1984 - 1988); Executive security, defense, and
Assistant to Deputy
Secretary of the U.S.
Treasury, U.S. Treasury
Department (1982 - 1984);
and Vice President and Team
Leader in Corporate Banking,
Bankers Trust Co. (1976 -
1982)
------------------------------------------------------------------------------------------------------------------------------------
80 Pioneer Bond Fund | Annual Report | 6/30/11
------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service and Other Directorships
Name and Age With the Fund Term of Office Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (63) (continued) intelligence technology
firm) (2006 - present);
Member, Board of
Governors, Investment
Company Institute (2007
- present); Member,
Board of Governors,
Independent Directors
Council (2007 -
present); Former
Director of Brady
Corporation (2000 -
2007); Former Director
of Mortgage Guaranty
Insurance Corporation
(1991 - 2006); Former
Director of Millennium
Chemicals, Inc.
(commodity chemicals)
(2002 - 2005); Former
Director, R.J. Reynolds
Tobacco Holdings, Inc.
(tobacco) (1999 - 2005);
and Former Director of
Texaco, Inc. (1997 -
2001)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (66) Trustee Trustee since 2008. William Joseph Maier Trustee, Mellon
Serves until a successor Professor of Political Institutional Funds
trustee is elected or Economy, Harvard University Investment Trust and
earlier retirement or (1972 - present) Mellon Institutional
removal. Funds Master Portfolio
(oversaw 17 portfolios
in fund complex) (1989 -
2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Bond Fund | Annual Report | 6/30/11 81
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service and Other Directorships
Name and Age With the Fund Term of Office Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (63) Trustee Trustee since 1996. Founding Director, Vice None
Serves until a successor President and Corporate
trustee is elected or Secretary, The Winthrop
earlier retirement or Group, Inc. (consulting
removal. firm) (1982 - present);
Desautels Faculty of
Management, McGill
University (1999 - present);
and Manager of Research
Operations and
Organizational Learning,
Xerox PARC, Xerox's Advance
Research Center (1990 -
1994)
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (60) Trustee Trustee since 2006. Chief Executive Officer, Director, Broadridge
Serves until a successor Quadriserv, Inc. (technology Financial Solutions,
trustee is elected or products for securities Inc. (investor
earlier retirement or lending industry) (2008 - communications and
removal. present); private investor securities processing
(2004 - 2008); and Senior provider for financial
Executive Vice President, services industry) (2009
The Bank of New York - present); and
(financial and securities Director, Quadriserv,
services) (1986 - 2004) Inc. (2005 - present)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (62) Trustee Trustee since 1996. President and Chief Director of New America
Serves until a successor Executive Officer, Newbury, High Income Fund, Inc.
trustee is elected or Piret & Company, Inc. (closed-end investment
earlier retirement or (investment banking firm) company) (2004 -
removal. (1981 - present) present); and member,
Board of Governors,
Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
82 Pioneer Bond Fund | Annual Report | 6/30/11
------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service and Other Directorships
Name and Age With the Fund Term of Office Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (46) Secretary Since 2010. Serves at Vice President and Associate None
the discretion of the General Counsel of Pioneer
Board. since January 2008 and
Secretary of all of the
Pioneer Funds since June
2010; Assistant Secretary of
all of the Pioneer Funds
from September 2003 to May
2010; and Vice President and
Senior Counsel of Pioneer
from July 2002 to December
2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (50) Assistant Secretary Since 2010. Serves at Fund Governance Director of None
the discretion of the Pioneer since December 2006
Board. and Assistant Secretary of
all the Pioneer Funds since
June 2010; Manager -- Fund
Governance of Pioneer from
December 2003 to November
2006; and Senior Paralegal
of Pioneer from January 2000
to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (48) Assistant Secretary Since 2010. Serves at Counsel of Pioneer since None
the discretion of the June 2007 and Assistant
Board. Secretary of all the Pioneer
Funds since June 2010; and
Vice President and Counsel
at State Street Bank from
October 2004 to June 2007
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (51) Treasurer Since 2008. Serves at Vice President -- Fund None
the discretion of the Accounting, Administration
Board. and Controllership Services
of Pioneer; Treasurer of all
of the Pioneer Funds since
March 2008; Deputy Treasurer
of Pioneer from March 2004
to February 2008; Assistant
Treasurer of all of the
Pioneer Funds from March
2004 to February 2008; and
Treasurer and Senior Vice
President, CDC IXIS Asset
Management Services, from
2002 to 2003
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (46) Assistant Treasurer Since 2000. Serves at Assistant Vice President -- None
the discretion of the Fund Accounting,
Board. Administration and
Controllership Services of
Pioneer; and Assistant
Treasurer of all of the
Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Bond Fund | Annual Report | 6/30/11 83
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Position Held Length of Service and Other Directorships
Name and Age With the Fund Term of Office Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (53) Assistant Treasurer Since 2002. Serves at Fund Accounting Manager -- None
the discretion of the Fund Accounting,
Board. Administration and
Controllership Services of
Pioneer; and Assistant
Treasurer of all of the
Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (31) Assistant Treasurer Since 2009. Serves at Fund Administration Manager None
the discretion of the -- Fund Accounting,
Board. Administration and
Controllership Services
since November 2008;
Assistant Treasurer of all
of the Pioneer Funds since
January 2009; and Client
Service Manager --
Institutional Investor
Services at State Street
Bank from March 2003 to
March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (58) Chief Compliance Since 2010. Serves at Chief Compliance Officer of None
Officer the discretion of the Pioneer and of all the
Board. Pioneer Funds since March
2010; Director of Adviser
and Portfolio Compliance at
Pioneer since October 2005;
and Senior Compliance
Officer for Columbia
Management Advisers, Inc.
from October 2003 to October
2005
------------------------------------------------------------------------------------------------------------------------------------
84 Pioneer Bond Fund | Annual Report | 6/30/11
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: us.pioneerinvestments.com
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR;
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
Audit Fees
Fees for audit services provided to the Fund, including
fees associated with the filings of its Form N-1A,
totaled approximately $44,286 in 2011 and
approximately $44,286 in 2010.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
Audit-Related Fees
There were no audit-related services in 2011 or 2010.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
Tax Fees
Fees for tax compliance services, primarily for tax
returns, totaled $8,290 in 2011 and $8,290 in 2010.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
Other Fees
There were no other services provided to the Fund
during the fiscal years ended June 30, 2011 and 2010.
(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.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Fund's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Fund. For the
years ended June 30, 2011 and 2010, there were no
services provided to an affiliate that required the
Fund's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund and
affiliates, as previously defined, totaled approximately
$8,290 in 2011 and $8,290 in 2010.
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.
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Bond Fund
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date August 29, 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 August 29, 2011
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date August 29, 2011
* Print the name and title of each signing officer under his or her signature.