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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, 2011 through June 30, 2012
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, 2012
--------------------------------------------------------------------------------
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: 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 58
Notes to Financial Statements 68
Report of Independent Registered Public Accounting Firm 78
Trustees, Officers and Service Providers 79
Pioneer Bond Fund | Annual Report | 6/30/12 1
President's Letter
Dear Shareowner,
The U.S. economy showed signs of an economic slowdown in the second quarter,
reflecting higher savings by consumers and reduced spending by corporations, in
large part due to concerns about both the U.S. outlook and the deteriorating
situation in Europe. Some 40% - 45% of U.S. corporate earnings come from
overseas, with a large portion of that from Europe. While large U.S.
corporations generally remain in excellent financial health - cash, borrowing
capacity, and margins are all strong - they are holding back on hiring and
investments due to concerns about Europe, China, and U.S. regulations, fiscal
policies, taxes, and politics. Many investors share those concerns, and are
maintaining a cautious approach to the markets.
Despite this tough backdrop, the markets had a surprisingly strong first half of
2012. The Standard & Poor's 500 Index returned 9.5% over the six months ended
June 30, 2012. In the U.S. bond markets, interest rates generally declined, with
riskier sectors faring the best. The broad bond market, as measured by the
Barclays Capital Aggregate Bond Index, returned 2.4% during the same six-month
period, while the high-yield bond market, as measured by the Bank of America
Merrill Lynch High Yield Master II Index, returned 7.1%.
Given the major macroeconomic and political issues facing the markets in the
second half of the year, we certainly expect continuing volatility. But we also
see some positive economic data that give us hope for better news in the second
half of 2012. While the unemployment rate remains unacceptably high at over 8%,
employment and incomes continue to trend upward. Lower oil prices have acted
like an effective tax cut for consumers. Home construction, sales, and
refinancings have increased, and auto sales are holding up as well.
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.
* Diversification does not assure a profit or protect against loss in a
declining market.
2 Pioneer Bond Fund | Annual Report | 6/30/12
Pioneer's investment professionals focus on finding good opportunities in both
equity and bond markets using the same disciplined investment approach we have
used since 1928. Our strategy 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.
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
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 opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Bond Fund | Annual Report | 6/30/12 3
Portfolio Management Discussion | 6/30/12
The bond market delivered generally positive results over the 12 months ended
June 30, 2012, although credit-sensitive securities had lagged during the first
six months of the period amid concerns about European debt problems and fears of
an economic downturn in the U.S. 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, 2012. Mr. Taubes, Chief Investment Officer, U.S.,
and portfolio manager at Pioneer Investments, is responsible for the daily
management of the Fund.
Q How did the Fund perform during the 12 months ended June 30, 2012?
A Pioneer Bond Fund Class A shares returned 5.91% at net asset value during the
12 months ended June 30, 2012, while the Fund's benchmark, the Barclays
Capital Aggregate Bond Index (the Barclays Index), returned 7.47%. During the
same period, the average return of the 116 mutual funds in Lipper's Corporate
Debt A-rated Funds category was 7.67%. On June 30, 2012, the 30-day
standardized SEC yield of the Fund's Class A shares was 3.52% with fees
waived, and 3.35% without fees waived.
Q How would you describe the investment environment for fixed-income securities
during the 12 months ended June 30, 2012?
A During the first six months of the period, from July through December 2011,
U.S. Treasuries in particular generated solid returns, as investors sought
out the perceived safety of Treasuries due to fears about two troubling
scenarios: the potential spillover effects of a banking and sovereign-debt
crisis in Europe; and the possibility that the U.S. economy might fall back
into recession as growth decelerated and energy and fuel costs rose.
Corporate bonds did not fare badly during those first six months of the
period; they just underperformed Treasuries. Corporate bonds, led by the
high-yield sector, returned to favor in the second half of the period, from
January through June 2012, when investors' worries somewhat abated about both
the European debt situation and a feared "double-dip" recession at home. In
Europe, the European Central Bank's (ECB's) more accommodative monetary
policy has helped to marginally improve the outlook there, easing financial
liquidity problems even as the sovereign-debt problems persist. In the United
States, the housing sector has shown progress, while energy costs have
declined as domestic energy production has increased. Interest rates also
have fallen, which has helped consumers to slightly improve their fiscal
situations. While manufacturing growth has slowed a bit, we believe that is
mostly due to decreased demand in Europe and Asia.
4 Pioneer Bond Fund | Annual Report | 6/30/12
Q What were your views on the investment environment during the 12 months ended
June 30, 2012, and how was the Fund positioned during the period?
A We held to a consistent investment view throughout the 12-month period,
believing that the U.S. economy was recovering, albeit at a slow pace, and
that improvements in the housing sector as well as modest gains in consumer
spending would sustain the economic recovery. We believed that government
debt, including U.S. Treasuries, was very expensive and didn't offer
long-term value, especially given that little or no progress had been made in
Washing-ton, D.C., to deal with the nation's debt problem. We thought
corporate debt, in particular, was relatively attractive. Corporations
generally have been in good financial condition, with improving cash flows
that companies have been using to reduce their debt burdens and build up
their cash balances. If anything, corporations were under-investing on the
growth side during the 12-month period, holding back on expansion plans in
light of worries about the debt situation in Europe and concerns about a lack
of clarity in U.S. tax and regulatory policies. Consumers in the United
States also have generally strengthened their financial positions since the
downturn of 2007-08, by reducing personal debt and increasing savings rates.
Given all the factors at play during the period, we emphasized corporate
bonds and credit-sensitive securities in the Fund's portfolio throughout the
12 months ended June 30, 2012, while underweighting Treasuries and other
government agency securities.
The Fund's positioning, with its focus on corporate debt, proved to be
detrimental to benchmark-relative performance in the first half of the
12-month period, which encompassed the last six months of 2011. Moreover, the
underperformance of the Barclays Index during the second half of 2011 was
primarily responsible for the Fund's lagging the benchmark over the entire
12-month period ended June 30, 2012, even though the Fund produced very good
benchmark-relative results during the final six months of the period (January
through June 2012), when corporate bonds again outperformed and the
portfolio's overweighted position in the corporate sector supported relative
performance. (The Fund's Class A shares at net asset value returned 4.25%
during the first six months of 2012, while the Barclays Index returned
2.37%.)
At the end of the Fund's fiscal year, on June 30, 2012, the majority of the
portfolio's assets were held in investment-grade corporate bonds,
mortgage-backed securities and other pass-through debt. Treasuries and
government-agency bonds accounted for about 15% of the Fund's net assets,
while high-yield, below-investment-grade debt represented another 15% of
Pioneer Bond Fund | Annual Report | 6/30/12 5
assets. The effective duration of the Fund's investments was 4.25 years as of
June 30, 2012 (duration is a measure of a portfolio's price sensitivity to
changes in interest rates), while the average maturity was 7.54 years.
Q What types of investments most affected the Fund's performance during the 12
months ended June 30, 2012?
A Security selection in all sectors was very good for the Fund's performance
during the 12-month period, in Treasuries as well as corporate bonds. Even
though we underweighted the portfolio to Treasuries, the Fund's holdings in
that asset class tended to have longer maturities, and that helped returns
significantly, as long-term Treasuries outperformed for the entire fiscal
year ended June 30, 2012. In fact, all of the Fund's top 10 contributors to
benchmark-relative performance during the 12-month period were government
bonds, principally 30-year Treasuries.
Despite good overall security selection, the Fund did own some disappointing
investments during the period, including the preferred securities of Forest
City, a firm affected by lingering problems in the real estate market;
commercial mortgage-backed securities issued by CSFB (Credit Suisse First
Boston), the international financial services firm; and securities issued by
Alliance Airport Authority, which were unsecured bonds backed by revenues
from AMR (the parent of American Airlines), which filed for bankruptcy
protection in late 2011.
Q What is your investment outlook?
A Although the pace of economic growth may have slowed so far this year, the
economic recovery is proceeding and we think the expansion will persist. Some
key sectors are even showing signs of improvement, with housing a notable
example. Moreover, recent declines in energy prices should remove one of the
obstacles to growth, while modest gains in employment also should help
matters by giving a boost to consumer demand.
A growing economy should support continued improvement in the financial
health of American corporations and support their ability to meet their debt
obligations. At current prices, we believe that corporate debt is attractive
relative to other fixed-income investments; and we find high-yield corporate
bonds especially attractive. In contrast, after a year of outperformance, we
believe Treasuries offer even less relative value than before. When one
factors in inflation, short-term and intermediate-term Treasuries are paying
negative real yields. Given all the factors discussed here, we think it makes
sense to emphasize corporate debt in the portfolio, including high-yield and
investment-grade bonds as well as bank loans.
6 Pioneer Bond Fund | Annual Report | 6/30/12
Please refer to the Schedule of Investments on pages 18-57 for a full listing of
Fund securities.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of the issuers of the underlying securities and their inability to meet
their debt obligations.
Prepayment risk is the chance that mortgage-backed bonds will be paid off early
if falling interest rates prompt homeowners to refinance their mortgages. Forced
to reinvest the unanticipated proceeds at lower interest rates, the Fund would
experience a decline in income and lose the opportunity for additional price
appreciation associated with falling interest rates.
Investments in high-yield or lower-rated securities are subject to
greater-than-average risk.
The securities issued by U.S. Government-sponsored entities (i.e., Fannie Mae,
Freddie Mac) are neither guaranteed nor issued by the U.S. Government.
The portfolio may invest in mortgage-backed securities, which during times of
fluctuating interest rates may increase or decrease more than other fixed-income
securities.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors.
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 opinion as of the date of this report. These opinions should not
be relied upon for any other purposes.
Pioneer Bond Fund | Annual Report | 6/30/12 7
Portfolio Summary | 6/30/12
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 28.9%
U.S. Government Securities 19.8%
Collateralized Mortgage Obligations 17.9%
International Corporate Bonds 7.5%
Municipal Bonds 6.9%
Senior Secured Loans 6.5%
Asset Backed Securities 5.5%
Temporary Cash Investments 3.7%
U.S. Preferred Stocks 1.0%
Convertible Preferred Stocks 1.0%
Foreign Government Bonds 0.8%
Convertible Corporate Bonds 0.5%
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AAA 35.0%
AA 6.2%
A 11.4%
BBB 28.2%
BB 9.2%
B 3.7%
CCC 1.7%
Cash Equivalent 3.4%
Not Rated 1.2%
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. U.S. Treasury Bonds, 4.5%, 8/15/39 0.90%
---------------------------------------------------------------------------------------------
2. U.S. Treasury Bonds, 4.5%, 5/15/38 0.83
---------------------------------------------------------------------------------------------
3. U.S. Treasury Bonds, 4.25%, 5/15/39 0.73
---------------------------------------------------------------------------------------------
4. U.S. Treasury Bonds, 4.5%, 2/15/36 0.72
---------------------------------------------------------------------------------------------
5. U.S. Treasury Notes, 2.75%, 2/15/19 0.71
---------------------------------------------------------------------------------------------
6. State Street Capital Trust III, Floating Rate Note, 1/29/49 (Perpetual) 0.69
---------------------------------------------------------------------------------------------
7. U.S. Treasury Notes, 2.125%, 8/15/21 0.61
---------------------------------------------------------------------------------------------
8. Forest City Enterprises, Inc., 7.0%, 12/31/99 (Perpetual) 0.58
---------------------------------------------------------------------------------------------
9. Massachusetts Health & Educational Facilities Authority, 5.5%, 11/15/36 0.57
---------------------------------------------------------------------------------------------
10. Goldman Sachs Capital II, Floating Rate Note, 6/1/43 0.54
---------------------------------------------------------------------------------------------
* 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 | 6/30/12
Prices and Distributions | 6/30/12
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 6/30/12 6/30/11
--------------------------------------------------------------------------------
A $9.73 $9.66
--------------------------------------------------------------------------------
B $9.67 $9.60
--------------------------------------------------------------------------------
C $9.63 $9.55
--------------------------------------------------------------------------------
R $9.82 $9.74
--------------------------------------------------------------------------------
Y $9.65 $9.57
--------------------------------------------------------------------------------
Z $9.76 $9.68
--------------------------------------------------------------------------------
Distributions per Share: 7/1/11-6/30/12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.4349 $ -- $0.0499
--------------------------------------------------------------------------------
B $0.3318 $ -- $0.0499
--------------------------------------------------------------------------------
C $0.3472 $ -- $0.0499
--------------------------------------------------------------------------------
R $0.3993 $ -- $0.0499
--------------------------------------------------------------------------------
Y $0.4530 $ -- $0.0499
--------------------------------------------------------------------------------
Z $0.4551 $ -- $0.0499
--------------------------------------------------------------------------------
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 | 6/30/12 9
Performance Update | 6/30/12 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, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
10 Years 6.22% 5.73%
5 Years 7.32 6.34
1 Year 5.91 1.09
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.06% 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
6/30/2002 $ 9,550 $ 10,000
6/30/2003 $ 10,636 $ 11,040
6/30/2004 $ 10,953 $ 11,075
6/30/2005 $ 11,791 $ 11,829
6/30/2006 $ 11,644 $ 11,733
6/30/2007 $ 12,262 $ 12,452
6/30/2008 $ 13,076 $ 13,339
6/30/2009 $ 13,422 $ 14,145
6/30/2010 $ 15,396 $ 15,489
6/30/2011 $ 16,486 $ 16,093
6/30/2012 $ 17,460 $ 17,296
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 4.50% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through November 1, 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 | 6/30/12
Performance Update | 6/30/12 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, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 5.21% 5.21%
5 Years 6.25 6.25
1 Year 4.82 0.82
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.95% 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
6/30/2002 $ 10,000 $ 10,000
6/30/2003 $ 11,044 $ 11,040
6/30/2004 $ 11,270 $ 11,075
6/30/2005 $ 12,027 $ 11,829
6/30/2006 $ 11,769 $ 11,733
6/30/2007 $ 12,271 $ 12,452
6/30/2008 $ 12,970 $ 13,339
6/30/2009 $ 13,180 $ 14,145
6/30/2010 $ 14,955 $ 15,489
6/30/2011 $ 15,850 $ 16,093
6/30/2012 $ 16,614 $ 17,296
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"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). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus.
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, 2013, 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 | 6/30/12 11
Performance Update | 6/30/12 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, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 5.28% 5.28%
5 Years 6.37 6.37
1 Year 5.12 5.12
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2011)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.73%
--------------------------------------------------------------------------------
[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
6/30/2002 $ 10,000 $ 10,000
6/30/2003 $ 11,028 $ 11,040
6/30/2004 $ 11,261 $ 11,075
6/30/2005 $ 12,013 $ 11,829
6/30/2006 $ 11,763 $ 11,733
6/30/2007 $ 12,279 $ 12,452
6/30/2008 $ 12,990 $ 13,339
6/30/2009 $ 13,201 $ 14,145
6/30/2010 $ 15,000 $ 15,489
6/30/2011 $ 15,910 $ 16,093
6/30/2012 $ 16,724 $ 17,296
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). 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 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 | 6/30/12
Performance Update | 6/30/12 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, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 5.92% 5.92%
5 Years 6.92 6.92
1 Year 5.58 5.58
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2011)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.24%
--------------------------------------------------------------------------------
[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
6/30/2002 $ 10,000 $ 10,000
6/30/2003 $ 11,100 $ 11,040
6/30/2004 $ 11,454 $ 11,075
6/30/2005 $ 12,287 $ 11,829
6/30/2006 $ 12,111 $ 11,733
6/30/2007 $ 12,722 $ 12,452
6/30/2008 $ 13,505 $ 13,339
6/30/2009 $ 13,822 $ 14,145
6/30/2010 $ 15,781 $ 15,489
6/30/2011 $ 16,834 $ 16,093
6/30/2012 $ 17,773 $ 17,296
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class 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 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 | 6/30/12 13
Performance Update | 6/30/12 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, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 6.59% 6.59%
5 Years 7.62 7.62
1 Year 6.27 6.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2011)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
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
6/30/2002 $ 5,000,000 $ 5,000,000
6/30/2003 $ 5,593,202 $ 5,520,034
6/30/2004 $ 5,787,650 $ 5,537,694
6/30/2005 $ 6,254,570 $ 5,914,342
6/30/2006 $ 6,206,036 $ 5,866,705
6/30/2007 $ 6,556,850 $ 6,225,787
6/30/2008 $ 7,010,174 $ 6,669,259
6/30/2009 $ 7,216,970 $ 7,072,540
6/30/2010 $ 8,303,809 $ 7,744,311
6/30/2011 $ 8,905,886 $ 8,046,450
6/30/2012 $ 9,464,527 $ 8,647,817
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of 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 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 | 6/30/12
Performance Update | 6/30/12 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, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 6.28% 6.28%
5 Years 7.66 7.66
1 Year 6.23 6.23
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2011)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.72% 0.65%
--------------------------------------------------------------------------------
[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
6/30/2002 $ 10,000 $ 10,000
6/30/2003 $ 11,138 $ 11,040
6/30/2004 $ 11,471 $ 11,075
6/30/2005 $ 12,348 $ 11,829
6/30/2006 $ 12,194 $ 11,733
6/30/2007 $ 12,714 $ 12,452
6/30/2008 $ 13,602 $ 13,339
6/30/2009 $ 14,067 $ 14,145
6/30/2010 $ 16,132 $ 15,489
6/30/2011 $ 17,310 $ 16,093
6/30/2012 $ 18,387 $ 17,296
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of Class Z shares on July
6, 2007, reflects the NAV performance of the Fund's Class A shares. The
performance does not reflect differences in expenses, including the Rule 12b-1
fees applicable to Class A shares. Since fees for Class A shares are generally
higher than those of Class Z shares, the performance for Class Z shares prior to
their inception on July 6, 2007 would have been higher than that shown. Class Z
shares are not subject to sales charges and are available for limited groups of
eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through November 1, 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 | 6/30/12 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, 2012 through June 30, 2012.
-----------------------------------------------------------------------------------------------------
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 1/1/12
-----------------------------------------------------------------------------------------------------
Ending Account Value $1,059.10 $1,048.20 $1,051.20 $1,055.80 $1,062.70 $1,062.30
(after expenses)
on 6/30/12
-----------------------------------------------------------------------------------------------------
Expenses Paid $4.32 $9.62 $8.77 $6.34 $3.30 $3.30
During Period*
-----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.85%, 1.90%,
1.73%, 1.25%, 0.65%, 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 182/366 (to reflect the one-half year period).
16 Pioneer Bond Fund | Annual Report | 6/30/12
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, 2012 through June 30, 2012.
---------------------------------------------------------------------------------------------------
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 1/1/12
---------------------------------------------------------------------------------------------------
Ending Account Value $1,020.64 $1,015.42 $1,016.26 $1,018.65 $1,021.63 $1,021.63
(after expenses)
on 6/30/12
---------------------------------------------------------------------------------------------------
Expenses Paid $4.27 $9.52 $8.67 $6.27 $3.27 $3.27
During Period*
---------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.85%, 1.90%,
1.73%, 1.25%, 0.65%, and 0.65% for Class A, Class B, Class C, Class R, Class
Y, and Class Z shares, respectively, multiplied by the average account value
over the period, multiplied by 182/366 (to reflect the one-half year period).
Pioneer Bond Fund | Annual Report | 6/30/12 17
Schedule of Investments | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 0.6%
ENERGY -- 0.2%
Coal & Consumable Fuels -- 0.2%
2,680,000 BB-/NR Alpha Appalachia Holdings, Inc.,
3.25%, 8/1/15 $ 2,311,500
--------------
Total Energy $ 2,311,500
-------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.0%+
Health Care Services -- 0.0%+
766,000 B+/B2 Omnicare, Inc., 3.25%, 12/15/35 $ 728,658
--------------
Total Health Care Equipment
& Services $ 728,658
-------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.4%
Semiconductors -- 0.4%
4,725,000 A-/NR Intel Corp., 2.95%, 12/15/35 $ 5,345,156
--------------
Total Semiconductors &
Semiconductor Equipment $ 5,345,156
-------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $7,394,300) $ 8,385,314
-------------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 1.1%
BANKS -- 0.6%
Diversified Banks -- 0.6%
64,000 6.50 BBB+/A3 US Bancorp, Floating Rate Note,
12/31/99 (Perpetual) $ 1,829,120
235,000 6.00 BBB+/A3 US Bancorp, Floating Rate Note,
12/31/99 (Perpetual) 6,434,300
--------------
$ 8,263,420
--------------
Total Banks $ 8,263,420
-------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Other Diversified Financial Services -- 0.2%
116,000 7.88 BB/Ba2 Citigroup Capital XIII, Floating Rate
Note, 10/30/40 $ 3,165,640
--------------
Total Diversified Financials $ 3,165,640
-------------------------------------------------------------------------------------------------------
INSURANCE -- 0.3%
Life & Health Insurance -- 0.3%
153,800 7.38 BB+/Baa3 Delphi Financial Group, Inc., Floating
Rate Note, 5/15/37 $ 3,787,325
--------------
Total Insurance $ 3,787,325
-------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $14,584,620) $ 15,216,385
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Bond Fund | Annual Report | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate(b) Ratings
Shares (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS -- 1.0%
BANKS -- 0.4%
Diversified Banks -- 0.4%
5,610 BBB+/Ba1 Wells Fargo & Co., 7.5%, 12/31/99
(Perpetual) $ 6,311,250
--------------
Total Banks $ 6,311,250
-------------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.6%
Real Estate Operating Companies -- 0.6%
150,400 CCC+/Caa2 Forest City Enterprises, Inc., 7.0%,
12/31/99 (Perpetual) $ 7,961,800
--------------
Total Real Estate $ 7,961,800
-------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $13,939,199) $ 14,273,050
-------------------------------------------------------------------------------------------------------
Principal
Amount ($)
-------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 5.5%
MATERIALS -- 0.2%
Precious Metals & Minerals -- 0.1%
700,000 NR/B1 Credit-Based Asset Servicing and
Securitization LLC, 6.25%, 10/25/36
(Step) (144A) $ 678,181
1,165,843 0.95 AA+/Aa2 Credit-Based Asset Servicing and
Securitization LLC, Floating Rate
Note, 5/25/50 (144A) 1,137,029
--------------
$ 1,815,210
-------------------------------------------------------------------------------------------------------
Paper Products -- 0.1%
800,000 1.54 AAA/Aaa Chase Issuance Trust, Floating Rate
Note, 8/15/15 $ 811,831
--------------
Total Materials $ 2,627,041
-------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Research & Consulting Services -- 0.1%
713,333 A/NR TAL Advantage LLC, 4.31%,
5/20/26 (144A) $ 719,388
--------------
Total Commercial Services & Supplies $ 719,388
-------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.4%
Automobile Manufacturers -- 0.4%
500,000 NR/Aa3 AmeriCredit Automobile Receivables
Trust, 4.04%, 7/10/17 $ 527,233
650,000 AA-/Aa2 AmeriCredit Automobile Receivables
Trust, 4.2%, 11/8/16 686,682
402,461 A/NR Santander Drive Auto Receivables
Trust, 1.89%, 5/15/17 (144A) 399,283
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 19
Schedule of Investments | 6/30/12 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- (continued)
1,350,000 NR/Aa1 Santander Drive Auto Receivables
Trust, 2.66%, 1/15/16 $ 1,371,735
1,635,366 BBB/NR Santander Drive Auto Receivables Trust,
3.35%, 6/15/17 (144A) 1,635,366
1,300,000 A/A1 Santander Drive Auto Receivables Trust,
3.78%, 11/15/17 1,337,725
--------------
$ 5,958,024
--------------
Total Automobiles & Components $ 5,958,024
-------------------------------------------------------------------------------------------------------
BANKS -- 2.7%
Diversified Banks -- 0.1%
874,567 0.34 NR/Aa1 Wells Fargo Home Equity Trust, Floating
Rate Note, 4/25/37 $ 852,915
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 2.6%
428,800 1.33 AAA/A1 Accredited Mortgage Loan Trust, Floating
Rate Note, 10/25/34 $ 377,821
180,171 0.34 BBB/Ba3 Accredited Mortgage Loan Trust, Floating
Rate Note, 2/25/37 180,297
1,059,554 0.43 AA/B2 ACE Securities Corp., Floating Rate
Note, 3/25/36 967,842
1,434,573 6.50 BBB+/A2 ACE Securities Corp., Floating Rate
Note, 8/15/30 (144A) 1,497,010
1,359,485 NR/A1 Bombardier Capital Mortgage
Securitization Corp., 6.65%, 4/15/28 1,429,432
2,045,140 AA/NR CarNow Auto Receivables Trust, 2.09%,
1/15/15 (144A) 2,045,139
310,276 0.98 AA/Aa1 Carrington Mortgage Loan Trust, Floating
Rate Note, 2/25/35 301,811
268,755 0.65 AAA/Baa3 Carrington Mortgage Loan Trust, Floating
Rate Note, 9/25/35 258,202
523,803 AAA/B2 Citicorp Residential Mortgage Securities,
Inc., 5.775%, 9/25/36 (Step) 508,297
1,700,000 A/B2 Citicorp Residential Mortgage Securities,
Inc., 5.892%, 3/25/37 (Step) 1,643,154
2,791,000 A/B1 Citicorp Residential Mortgage Securities,
Inc., 5.939%, 7/25/36 (Step) 2,655,268
797,069 0.52 AA+/A2 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 1/25/36 751,321
597,686 0.35 BBB/Baa3 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 1/25/37 595,224
532,276 0.66 AA+/Aa1 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 7/25/35 523,257
246,773 1.15 A-/Ba2 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 7/25/37 243,184
1,137,851 4.00 NR/NR Conn Funding II LP, Floating Rate
Note, 4/15/16 (144A) 1,135,006
The accompanying notes are an integral part of these financial statements.
20 Pioneer Bond Fund | Annual Report | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,094,682 5.07 AAA/B2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 2/25/36 $ 1,974,238
1,333,745 0.59 BBB/Baa3 Countrywide Home Equity Loan Trust,
Floating Rate Note, 11/15/28 1,284,468
368,373 0.79 AAA/NR First Franklin Mortgage Loan Asset
Backed Certificates, Floating Rate
Note, 9/25/34 358,154
4,700,000 0.65 AAA/Aa2 First NLC Trust, Floating Rate Note,
9/25/35 4,381,998
96,889 0.36 A/A2 Fremont Home Loan Trust, Floating
Rate Note, 2/25/36 96,561
1,499,894 0.71 AA+/Aa1 Fremont Home Loan Trust, Floating
Rate Note, 6/25/35 1,469,707
407,563 0.89 A/A2 GSAMP Trust, Floating Rate Note,
3/25/35 387,035
19,252 0.62 AAA/Aaa GSAMP Trust, Floating Rate Note,
7/25/45 19,223
380,679 0.63 AAA/Aa1 GSAMP Trust, Floating Rate Note,
9/25/35 376,148
1,200,000 AA/NR Leaf II Receivables Funding LLC, 4.9%,
2/20/22 (144A) 1,195,920
454,256 BBB+/Baa1 Lehman ABS Manufactured Housing
Contract Trust, 5.873%, 4/15/40 473,479
4,903,715 CCC+/Caa3 Local Insight Media Finance LLC,
5.88%, 10/23/37 (144A) 1,961,486
2,200,000 2.50 BBB+/Baa3 Madison Avenue Manufactured
Housing Contract, Floating Rate
Note, 3/25/32 2,025,959
867,238 A/NR Mid-State Trust, 5.25%,
12/15/45 (144A) 889,047
330,691 0.31 CCC/Ba3 Morgan Stanley ABS Capital I, Floating
Rate Note, 12/25/36 179,264
30,075 0.30 CCC/Caa2 Morgan Stanley IXIS Real Estate Capital
Trust, Floating Rate Note, 11/25/36 9,809
983,442 0.51 AAA/Aa3 Option One Mortgage Loan Trust, Floating
Rate Note, 11/25/35 940,733
201,791 0.37 BBB/Aa3 Option One Mortgage Loan Trust, Floating
Rate Note, 2/25/38 200,030
816,779 5.91 AA/A3 Origen Manufactured Housing, Floating
Rate Note, 1/15/35 859,921
484,000 5.46 AAA/Aa3 Origen Manufactured Housing, Floating
Rate Note, 11/15/35 513,319
726,767 NR/A2 Oxford Finance Funding Trust, 3.9%,
3/15/17 (144A) 727,676
1,313,246 0.69 AA+/A3 RASC Trust, Floating Rate Note, 8/25/35 1,260,209
19,288 0.36 BB/Ba3 RASC Trust, Floating Rate Note, 8/25/36 19,267
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 21
Schedule of Investments | 6/30/12 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,400,000 A/NR SNAAC Auto Receivables Trust, 3.11%,
6/15/17 (144A) $ 1,399,860
--------------
$ 38,115,776
--------------
Total Banks $ 38,968,691
-------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.1%
Other Diversified Financial Services -- 0.6%
154,592 0.69 AA/Aa2 Asset Backed Securities Corp. Home
Equity, Floating Rate Note, 4/25/35 $ 151,552
1,000,000 AA/NR DT Auto Owner Trust, 2.26%,
10/16/17 (144A) 1,000,078
1,399,143 A/NR DT Auto Owner Trust, 3.46%,
1/15/14 (144A) 1,400,945
1,400,000 BBB/NR DT Auto Owner Trust, 4.89%,
1/17/17 (144A) 1,412,039
278,935 NR/NR DT Auto Owner Trust, 5.92%,
10/15/15 (144A) 281,417
530,239 1.25 B/B1 Ellington Loan Acquisition Trust,
Floating Rate Note, 5/26/37 (144A) 524,156
355,260 1.05 B/B1 Ellington Loan Acquisition Trust,
Floating Rate Note, 5/27/37 (144A) 349,400
1,815,256 0.66 AAA/Aaa Home Equity Asset Trust, Floating
Rate Note, 11/25/35 1,782,781
270,030 0.49 AAA/A1 JP Morgan Mortgage Acquisition
Corp., Floating Rate Note, 12/25/35 251,808
800,000 A/NR Prestige Auto Receivables Trust,
3.9%, 7/16/18 (144A) 814,270
1,081,667 A-/NR Textainer Marine Containers, Ltd.,
4.21%, 4/15/27 (144A) 1,089,525
--------------
$ 9,057,971
-------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.9%
964,464 NR/Aaa 321 Henderson Receivables I LLC,
3.82%, 12/15/48 (144A) $ 982,547
2,358,267 0.52 AA/Baa3 Aegis Asset Backed Securities Trust,
Floating Rate Note, 12/25/35 2,035,019
4,956,344 BBB+/Baa1 Dominos Pizza Master Issuer LLC,
5.216%, 1/25/42 (144A) 5,168,291
1,737,766 NR/Baa1 Irwin Home Equity Corp., 5.32%,
6/25/35 (Step) 1,677,120
800,000 0.95 A/A2 Irwin Home Equity Corp., Floating
Rate Note, 4/25/30 667,063
149,091 0.68 AA+/Aa1 Mastr Asset Backed Securities Trust,
Floating Rate Note, 5/25/35 146,522
908,073 0.60 AAA/Aaa New Century Home Equity Loan Trust,
Floating Rate Note, 3/25/35 842,935
The accompanying notes are an integral part of these financial statements.
22 Pioneer Bond Fund | Annual Report | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Specialized Finance -- (continued)
1,552,396 0.51 NR/Aaa New Century Home Equity Loan Trust,
Floating Rate Note, 6/25/35 $ 1,542,576
--------------
$ 13,062,073
-------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.3%
2,500,000 0.30 AAA/Aaa MBNA Credit Card Master Note Trust,
Floating Rate Note, 10/15/15 $ 2,499,985
900,000 1.22 AAA/Aaa SLM Student Loan Trust, Floating
Rate Note, 4/27/26 (144A) 871,011
--------------
$ 3,370,996
-------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.3%
3,282,961 AA-/Aa3 Terwin Mortgage Trust, 4.534%,
9/25/36 (Step) $ 3,121,324
1,279,250 A/NR Triton Container Finance LLC, 4.21%,
5/14/27 (144A) 1,284,367
--------------
$ 4,405,691
--------------
Total Diversified Financials $ 29,896,731
-------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $80,914,817) $ 78,169,875
-------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 17.7%
CONSUMER SERVICES -- 0.1%
Hotels, Resorts & Cruise Lines -- 0.1%
800,000 NR/Baa3 S2 Hospitality LLC, 4.5%,
4/15/25 (144A) $ 803,830
--------------
Total Consumer Services $ 803,830
-------------------------------------------------------------------------------------------------------
BANKS -- 11.9%
Thrifts & Mortgage Finance -- 11.9%
2,264,940 NR/Ba3 Banc of America Alternative Loan
Trust, 5.0%, 7/25/19 $ 2,318,748
1,286,214 NR/B2 Banc of America Alternative Loan
Trust, 5.25%, 5/25/34 1,310,450
1,576,278 NR/Ba1 Banc of America Alternative Loan
Trust, 5.5%, 1/25/20 1,605,480
1,468,869 NR/B1 Banc of America Alternative Loan
Trust, 5.5%, 11/25/19 1,489,497
2,217,699 NR/Baa2 Banc of America Alternative Loan
Trust, 5.5%, 9/25/33 2,257,871
1,133,421 AAA/Baa2 Banc of America Alternative Loan
Trust, 5.75%, 4/25/33 1,192,657
2,150,945 NR/Ba2 Banc of America Alternative Loan
Trust, 6.0%, 3/25/34 2,219,954
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 23
Schedule of Investments | 6/30/12 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,685,636 B-/NR Banc of America Funding Corp.,
5.5%, 1/25/36 $ 1,663,338
1,792,936 0.37 BB-/A Banc of America Funding Corp., Floating
Rate Note, 8/26/36 (144A) 1,667,072
8,962,723 NR/Caa2 Bayview Commercial Asset Trust,
3.855%, 9/25/37 (Step) (144A) (c) 829,052
1,303,278 0.61 AAA/Aa3 Bayview Commercial Asset Trust, Floating
Rate Note, 4/25/34 (144A) 1,077,193
13,370,128 4.70 NR/Caa2 Bayview Commercial Asset Trust, Floating
Rate Note, 7/25/37 (144A) (c) 881,091
417,713 3.00 NR/NR BCAP LLC Trust, Floating Rate Note,
6/27/36 (144A) 418,477
1,889,463 2.33 AAA/Baa2 Bear Stearns Adjustable Rate Mortgage
Trust, Floating Rate Note, 8/25/33 1,831,651
472,570 AAA/Baa1 Chase Mortgage Finance Corp., 5.0%,
10/25/33 489,038
1,500,000 0.41 BBB+/Aa2 Citigroup Commercial Mortgage Trust,
Floating Rate Note, 4/15/22 (144A) 1,386,226
3,500,000 NR/Aaa Commercial Mortgage Pass Through
Certificates, 4.063%, 12/10/44 3,536,634
150,000 NR/Baa3 Commercial Mortgage Pass Through
Certificates, 5.949%, 6/9/28 (144A) 151,888
645,185 0.54 AAA/Aaa Commercial Mortgage Pass Through
Certificates, Floating Rate Note,
11/15/17 (144A) 612,315
1,377,109 0.58 AAA/Aaa Commercial Mortgage Pass Through
Certificates, Floating Rate Note,
11/15/17 (144A) 1,279,407
1,080,803 0.42 A+/A1 Commercial Mortgage Pass Through
Certificates, Floating Rate Note,
6/15/22 (144A) 1,027,148
830,256 AAA/Ba2 Countrywide Alternative Loan Trust,
4.25%, 4/25/34 837,217
1,158,779 AAA/B2 Countrywide Alternative Loan Trust,
4.75%, 10/25/33 1,180,394
1,338,009 AAA/Ba1 Countrywide Alternative Loan Trust,
5.125%, 3/25/34 1,360,774
1,209,982 BB/B2 Countrywide Alternative Loan Trust,
5.5%, 1/25/35 1,232,533
6,308,285 CCC/NR Countrywide Alternative Loan Trust,
5.5%, 4/25/35 3,220,165
1,765,968 BB/NR Countrywide Alternative Loan Trust,
5.5%, 8/25/34 1,747,206
1,866,276 AAA/NR Countrywide Alternative Loan Trust,
5.75%, 12/25/33 1,924,485
The accompanying notes are an integral part of these financial statements.
24 Pioneer Bond Fund | Annual Report | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,227,258 0.70 B-/NR Countrywide Alternative Loan Trust,
Floating Rate Note, 8/25/18 $ 1,150,158
388,808 BB-/NR Countrywide Home Loan Mortgage Pass
Through Trust, 5.25%, 1/25/35 391,257
1,593,968 4.81 AAA/Ba1 Countrywide Home Loan Mortgage Pass
Through Trust, Floating Rate Note, 12/25/33 1,529,255
500,427 0.61 AAA/Aa3 Downey Savings & Loan Association
Mortgage Loan Trust, Floating Rate
Note, 7/19/44 390,935
1,250,000 A/A2 Extended Stay America Trust, 4.86%,
11/5/27 (144A) 1,263,722
577,713 CCC/NR First Horizon Asset Securities, Inc.,
6.0%, 5/25/36 555,962
402,702 5.71 NR/Baa1 First Horizon Asset Securities, Inc.,
Floating Rate Note, 10/25/34 403,867
569,068 2.62 AAA/B1 First Horizon Asset Securities, Inc.,
Floating Rate Note, 4/25/35 541,867
3,375,000 AAA/NR GMAC Commercial Mortgage Securities, Inc.,
4.864%, 12/10/41 3,594,274
800,000 5.31 A/A2 GMAC Commercial Mortgage Securities, Inc.,
Floating Rate Note, 4/10/40 780,598
1,250,000 NR/Aaa GS Mortgage Securities Corp. II,
3.377%, 5/10/45 1,276,618
900,000 NR/Aaa GS Mortgage Securities Corp. II,
5.56%, 11/10/39 1,022,405
1,770,000 NR/Aa3 GS Mortgage Securities Corp. II,
5.591%, 11/10/39 1,837,961
2,000,000 1.26 AAA/Aaa GS Mortgage Securities Corp. II, Floating
Rate Note, 3/6/20 (144A) 1,972,894
700,000 2.20 AA/NR GS Mortgage Securities Corp. II, Floating
Rate Note, 3/6/20 (144A) 692,982
439,453 2.76 BBB-/NR GSR Mortgage Loan Trust, Floating Rate
Note, 1/25/35 385,489
292,944 5.74 BB-/NR GSR Mortgage Loan Trust, Floating Rate
Note, 2/25/34 248,295
963,395 3.06 AAA/B1 GSR Mortgage Loan Trust, Floating Rate
Note, 6/25/34 950,195
1,870,058 2.75 AAA/NR GSR Mortgage Loan Trust, Floating Rate
Note, 8/25/33 1,793,389
937,474 0.97 AAA/A1 Impac CMB Trust, Floating Rate
Note, 10/25/34 780,167
667,667 1.05 AAA/Aaa Impac Secured Assets CMN Owner Trust,
Floating Rate Note, 11/25/34 637,155
1,053,580 0.60 AAA/Aaa Impac Secured Assets CMN Owner Trust,
Floating Rate Note, 5/25/36 1,000,982
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 25
Schedule of Investments | 6/30/12 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
791,547 0.60 AAA/Aaa Impac Secured Assets CMN Owner Trust,
Floating Rate Note, 8/25/36 $ 757,546
1,600,000 AAA/NR JP Morgan Chase Commercial Mortgage
Securities Corp., 3.616%,
11/15/43 (144A) 1,697,766
1,350,000 NR/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., 4.171%, 8/15/46 1,468,619
2,000,000 2.14 AAA/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
11/15/28 (144A) 2,008,126
1,100,000 0.40 A-/Aa3 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate
Note, 5/15/47 1,026,223
1,750,000 5.15 AA+/Aaa JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate
Note, 7/12/35 1,755,007
550,287 0.62 NR/Aa1 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
7/15/19 (144A) 532,403
1,000,000 4.65 BBB+/Baa1 JP Morgan Chase Commercial Mortgage
Securities Corp., Floating Rate Note,
7/15/28 (144A) 984,091
2,546,505 BBB/Ba2 JP Morgan Mortgage Trust, 6.0%, 9/25/34 2,615,490
1,763,429 2.36 AAA/Baa1 JP Morgan Mortgage Trust, Floating Rate
Note, 10/25/33 1,792,642
2,234,279 4.44 AAA/Baa1 JP Morgan Mortgage Trust, Floating Rate
Note, 10/25/33 2,269,404
1,992,671 2.49 AAA/Baa3 JP Morgan Mortgage Trust, Floating Rate
Note, 2/25/34 1,999,243
1,366,518 4.89 AAA/Baa1 JP Morgan Mortgage Trust, Floating Rate
Note, 2/25/34 1,373,135
2,766,459 AAA/Aaa LB-UBS Commercial Mortgage Trust,
4.664%, 7/15/30 2,797,720
2,800,000 5.62 BBB+/NR LB-UBS Commercial Mortgage Trust, Floating
Rate Note, 10/15/35 (144A) 2,775,942
1,549,430 0.59 BBB/Aaa Lehman Brothers Floating Rate Commercial
Mortgage Trust, Floating Rate Note,
6/15/22 (144A) 1,535,873
333,284 1.10 AAA/Aaa Lehman Brothers Small Balance Commercial,
Floating Rate Note, 10/25/37 (144A) 323,033
650,774 5.41 AAA/Aaa Lehman Brothers Small Balance Commercial,
Floating Rate Note, 12/25/36 (144A) 644,102
1,013,640 0.50 AAA/Aa1 Lehman Brothers Small Balance Commercial,
Floating Rate Note, 2/25/30 (144A) 826,344
1,349,805 5.25 BB+/B3 Mastr Adjustable Rate Mortgages Trust,
Floating Rate Note, 1/25/35 1,274,215
The accompanying notes are an integral part of these financial statements.
26 Pioneer Bond Fund | Annual Report | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
543,782 A-/NR MASTR Alternative Loans Trust,
4.5%, 1/25/15 $ 545,752
441,942 B-/NR MASTR Alternative Loans Trust,
5.5%, 1/25/35 453,063
1,573,960 B+/NR MASTR Alternative Loans Trust,
5.5%, 10/25/19 1,622,022
2,099,300 AAA/NR MASTR Alternative Loans Trust,
5.5%, 2/25/35 2,095,920
3,097,639 B/NR MASTR Alternative Loans Trust,
6.0%, 7/25/34 3,112,158
1,284,150 6.81 A-/NR MASTR Seasoned Securities Trust, Floating
Rate Note, 9/25/32 1,352,278
307,875 AAA/Aaa Merrill Lynch Mortgage Trust,
4.556%, 6/12/43 308,390
99,471 5.44 AAA/NR Merrill Lynch/Countrywide Commercial
Mortgage Trust, Floating Rate
Note, 2/12/39 99,786
3,162,332 0.71 AAA/Baa2 MLCC Mortgage Investors, Inc., Floating
Rate Note, 3/25/30 2,788,857
1,478,460 0.71 AAA/A3 MLCC Mortgage Investors, Inc., Floating
Rate Note, 4/25/29 1,325,589
2,950,000 NR/NR Morgan Stanley Reremic Trust, 5.0%,
11/26/36 (144A) 2,858,992
1,148,473 NR/Aa3 PHH Mortgage Capital LLC, 6.6%,
12/25/27 (Step) (144A) 1,119,350
817,840 B+/B2 RAAC Series, 6.0%, 1/25/32 834,585
1,118,258 AA-/NR Residential Asset Securitization Trust,
5.25%, 11/25/34 1,139,219
931,415 B-/NR Residential Asset Securitization Trust,
5.5%, 2/25/35 946,891
1,922,279 B/NR Residential Asset Securitization Trust,
5.5%, 7/25/35 1,718,531
2,433,355 BBB+/NR Residential Asset Securitization Trust,
5.75%, 12/25/34 2,505,273
1,381,754 1.03 AAA/A3 Sequoia Mortgage Trust, Floating Rate
Note, 1/20/35 1,151,969
1,600,592 0.46 AAA/Ba3 Sequoia Mortgage Trust, Floating Rate
Note, 3/20/35 1,403,075
4,072,162 0.90 AAA/Baa1 Sequoia Mortgage Trust, Floating Rate
Note, 6/20/33 3,638,081
1,707,870 0.86 AAA/Baa3 Sequoia Mortgage Trust, Floating Rate
Note, 9/20/33 1,465,523
1,013,874 B-/B2 Structured Asset Securities Corp.,
5.0%, 5/25/35 1,001,846
1,515,055 2.88 AAA/A3 Structured Asset Securities Corp., Floating
Rate Note, 10/25/33 1,486,720
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 27
Schedule of Investments | 6/30/12 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,832,797 0.90 NR/NR Structured Asset Securities Corp.,
Floating Rate Note, 10/25/37 (144A) $ 1,711,375
8,510,000 5.69 NR/C Structured Asset Securities Corp., Floating
Rate Note, 12/18/49 (144A) 1,355,132
2,890,000 5.74 NR/NR Structured Asset Securities Corp., Floating
Rate Note, 12/18/49 (144A) 29
1,210,062 4.10 AAA/Ba1 Thornburg Mortgage Securities Trust,
Floating Rate Note, 3/25/44 1,211,395
2,723,310 0.99 AAA/Baa3 Thornburg Mortgage Securities Trust,
Floating Rate Note, 9/25/44 2,470,045
4,470,000 AAA/Aa1 Timberstar Trust, 5.668%, 10/15/36 (144A) 5,006,968
1,435,000 AA/Aa3 Timberstar Trust, 5.747%, 10/15/36 (144A) 1,567,027
3,787,250 AAA/Aaa Wachovia Bank Commercial Mortgage Trust,
4.803%, 10/15/41 4,064,598
2,500,000 5.61 AA-/NR Wachovia Bank Commercial Mortgage Trust,
Floating Rate Note, 4/15/35 (144A) 2,500,435
698,646,775 0.14 AAA/Aaa Wachovia Bank Commercial Mortgage Trust,
Floating Rate Note, 6/15/45 (c) 431,065
2,811,872 0.33 AA+/Aaa Wachovia Bank Commercial Mortgage Trust,
Floating Rate Note, 9/15/21 (144A) 2,722,988
3,314,169 2.45 AA/NR WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 1/25/35 3,212,093
3,346,209 2.45 AAA/A2 WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 6/25/33 3,365,610
1,934,719 2.59 AA+/Ba3 WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 6/25/34 1,924,658
138,503 2.48 CC/NR WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 9/25/35 137,658
3,502,831 NR/Aaa Wells Fargo Commercial Mortgage Trust,
3.349%, 11/15/43 (144A) 3,725,824
1,642,137 AAA/Baa3 Wells Fargo Mortgage Backed Securities
Trust, 4.75%, 12/25/18 1,701,740
883,664 AAA/A1 Wells Fargo Mortgage Backed Securities
Trust, 5.0%, 11/25/36 924,393
592,232 2.65 AAA/A2 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 10/25/34 592,408
534,319 4.55 AAA/Baa1 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 11/25/33 529,724
933,685 2.49 NR/A3 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 2/25/33 920,798
663,274 2.63 BBB-/B1 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 3/25/35 648,283
357,394 2.62 AAA/Ba1 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 6/25/34 349,548
The accompanying notes are an integral part of these financial statements.
28 Pioneer Bond Fund | Annual Report | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
350,000 5.39 NR/A2 WF-RBS Commercial Mortgage Trust,
Floating Rate Note, 2/15/44 (144A) $ 356,482
--------------
$ 170,809,458
--------------
Total Banks $ 170,809,458
-------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.7%
Other Diversified Financial Services -- 2.4%
1,760,285 A+/NR Banc of America Mortgage Securities,
Inc., 5.5%, 11/25/34 $ 1,843,784
2,374,119 AAA/NR Banc of America Mortgage Securities,
Inc., 5.75%, 1/25/35 2,443,778
1,276,271 2.79 NR/Ba2 Banc of America Mortgage Securities,
Inc., Floating Rate Note, 10/25/33 1,226,881
434,570 3.00 AAA/NR Banc of America Mortgage Securities,
Inc., Floating Rate Note, 6/25/34 424,619
1,567,779 3.06 AAA/NR Banc of America Mortgage Securities,
Inc., Floating Rate Note, 7/25/33 1,546,611
841,245 5.06 AA-/NR Banc of America Mortgage Securities,
Inc., Floating Rate Note, 9/25/35 805,660
888,243 NR/B1 Citicorp Mortgage Securities, Inc.,
5.0%, 2/25/36 904,851
1,200,000 BBB/A1 Credit Suisse Mortgage Capital
Certificates, 5.343%, 12/15/39 1,184,278
1,541,610 0.36 BBB+/Aaa Credit Suisse Mortgage Capital
Certificates, Floating Rate Note,
2/15/22 (144A) 1,402,865
1,900,000 5.57 NR/Aa2 DBUBS Mortgage Trust, Floating Rate
Note, 8/10/44 (144A) 2,063,618
1,169,631 D/NR JP Morgan Alternative Loan Trust,
5.5%, 3/25/36 778,286
1,773,919 CCC/NR JP Morgan Alternative Loan Trust,
6.0%, 3/25/36 1,258,508
676,744 3.25 NR/NR La Hipotecaria SA de CV, Floating Rate
Note, 9/8/39 (144A) 700,633
1,395,000 5.62 NR/A2 LSTAR Commercial Mortgage Trust,
Floating Rate Note, 6/25/43 (144A) 1,381,810
1,982,401 2.53 B-/NR Merrill Lynch Mortgage Investors, Inc.,
Floating Rate Note, 2/25/35 1,968,923
1,289,911 NR/Baa3 RALI Trust, 5.0%, 3/25/19 1,321,521
1,058,224 NR/Ba1 RALI Trust, 5.0%, 7/25/18 1,082,212
3,723,100 NR/B1 RALI Trust, 5.0%, 9/25/19 3,751,653
1,751,292 NR/B3 RALI Trust, 5.5%, 12/25/34 1,731,391
2,194,736 AAA/NR RALI Trust, 6.0%, 10/25/34 2,211,122
871,181 0.44 CCC/Caa3 RALI Trust, Floating Rate Note, 5/25/47 512,864
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 29
Schedule of Investments | 6/30/12 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Other Diversified Financial Services --
(continued)
1,269,002 2.85 AAA/Baa1 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note, 3/25/34 $ 1,163,041
145,290 5.93 NR/NR Vericrest Opportunity Loan Transferee,
Floating Rate Note, 12/26/50 (144A) 145,582
1,934,860 4.21 NR/NR Vericrest Opportunity Loan Transferee,
Floating Rate Note, 3/25/49 (144A) 1,948,183
--------------
$ 33,802,674
-------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%+
51,829 AAA/NR CW Capital Cobalt, Ltd., 5.174%,
8/15/48 $ 51,981
-------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.0%+
687,781 2.86 NR/NR Jefferies & Co., Inc., Floating Rate Note,
5/26/37 (144A) $ 680,391
-------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.3%
257,323 NR/Aaa Banc of America Merrill Lynch Commercial
Mortgage, Inc., 5.381%, 1/15/49 $ 257,192
1,440,000 4.88 AAA/NR Banc of America Merrill Lynch Commercial
Mortgage, Inc., Floating Rate
Note, 7/10/42 1,530,125
1,600,000 7.62 BBB+/Baa2 Bear Stearns Commercial Mortgage
Securities, Floating Rate Note,
10/15/36 (144A) 1,667,027
1,250,000 5.94 BB+/Baa3 Bear Stearns Commercial Mortgage
Securities, Floating Rate Note, 9/11/38 1,075,066
--------------
$ 4,529,410
--------------
Total Diversified Financials $ 39,064,456
-------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.4%
Mortgage REITs -- 1.2%
450,334 AAA/NR Credit Suisse First Boston Mortgage
Securities Corp., 5.5%, 6/25/33 $ 449,413
664,992 7.16 A+/Baa2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
12/15/35 (144A) 664,549
1,482,297 1.60 AA+/Aa2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate
Note, 12/25/33 1,408,466
948,694 1.75 AA+/WR Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate
Note, 8/25/33 881,259
3,250,000 6.45 CCC-/B3 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
9/15/34 (144A) 1,401,231
650,000 3.61 NR/A2 FREMF Mortgage Trust, Floating Rate
Note, 11/25/46 634,083
The accompanying notes are an integral part of these financial statements.
30 Pioneer Bond Fund | Annual Report | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Mortgage REITs -- (continued)
1,500,000 4.76 NR/NR FREMF Mortgage Trust, Floating Rate
Note, 11/25/49 (144A) $ 1,485,832
494,000 2.29 NR/NR FREMF Mortgage Trust, Floating Rate
Note, 12/25/44 (144A) 473,372
850,000 5.44 NR/A3 FREMF Mortgage Trust, Floating Rate
Note, 4/25/20 (144A) 885,470
1,750,000 4.94 NR/A3 FREMF Mortgage Trust, Floating Rate
Note, 4/25/44 (144A) 1,791,580
800,000 5.05 NR/A3 FREMF Mortgage Trust, Floating Rate
Note, 7/25/44 (144A) 815,710
5,000,000 4.44 A+/NR FREMF Mortgage Trust, Floating Rate
Note, 7/25/48 (144A) 5,005,095
600,000 1.00 A+/NR FREMF Mortgage Trust, Floating Rate
Note, 9/25/43 621,926
890,000 5.33 NR/NR FREMF Mortgage Trust, Floating Rate
Note, 9/25/45 (144A) 917,765
--------------
$ 17,435,751
-------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.1%
1,337,511 0.68 AAA/Aaa Mellon Residential Funding Corp., Floating
Rate Note, 12/15/30 $ 1,265,551
-------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.1%
717,515 0.45 AAA/NR Banc of America Large Loan, Inc.,
Floating Rate Note, 10/15/19 (144A) $ 688,814
1,130,000 0.99 AA+/Aa1 Banc of America Large Loan, Inc.,
Floating Rate Note, 8/15/29 (144A) 1,046,782
388,288 AAA/NR Washington Mutual MSC Mortgage
Pass-Through CTFS, 7.0%, 7/25/33 409,347
--------------
$ 2,144,943
--------------
Total Real Estate $ 20,846,245
-------------------------------------------------------------------------------------------------------
GOVERNMENT -- 1.6%
7,650 AA+/Aaa Fannie Mae REMICS, 10.3%, 4/25/19 $ 8,613
2,700,000 AA+/Aaa Fannie Mae REMICS, 5.0%, 3/25/24 2,808,420
5,000,000 AA+/Aaa Fannie Mae REMICS, 5.0%, 7/25/33 5,270,210
89,429 AA+/Aaa Fannie Mae REMICS, 5.69%, 1/25/32 91,460
5,000,000 AA+/Aaa Freddie Mac REMICS, 5.0%, 6/15/33 5,187,630
240,716 AA+/Aaa Freddie Mac REMICS, 5.0%, 8/15/35 244,634
2,729,763 AA+/Aaa Freddie Mac REMICS, 5.5%, 2/15/33 2,786,871
80,866,505 0.68 AA+/Aaa Government National Mortgage
Association, Floating Rate
Note, 11/16/51 (c) 3,574,866
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 31
Schedule of Investments | 6/30/12 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Government -- (continued)
11,985,746 1.03 NR/NR Government National Mortgage
Association, Floating Rate
Note, 2/16/53 (c) $ 1,054,158
8,300,000 1.05 NR/NR Government National Mortgage
Association, Floating Rate
Note, 3/16/53 (c) 712,721
13,938,602 1.10 NR/NR Government National Mortgage
Association, Floating Rate
Note, 8/16/52 (c) 1,127,201
--------------
$ 22,866,784
--------------
Total Government $ 22,866,784
-------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $265,504,832) $ 254,390,773
-------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 36.0%
ENERGY -- 3.6%
Oil & Gas Drilling -- 0.1%
1,025,000 BBB+/Baa1 Pride International, Inc.,
6.875%, 8/15/20 $ 1,257,645
-------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.3%
125,000 BBB/Baa2 Weatherford International, Ltd. Bermuda,
5.95%, 4/15/42 $ 131,488
2,815,000 BBB/Baa2 Weatherford International, Ltd. Bermuda,
9.625%, 3/1/19 3,668,632
--------------
$ 3,800,120
-------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.9%
2,292,000 BB/B1 Denbury Resources, Inc., 8.25%, 2/15/20 $ 2,509,740
1,800,000 B/B2 EP Energy LLC, 9.375%, 5/1/20 (144A) 1,865,250
1,051,089 BBB+/NR Gazprom OAO Via Gazprom International
SA, 7.201%, 2/1/20 1,146,958
901,000 BBB/Baa2 Marathon Oil Corp., 5.9%, 3/15/18 1,054,740
1,400,000 BBB-/Ba1 Newfield Exploration Co.,
5.625%, 7/1/24 1,431,500
1,141,316 A/Aa3 Ras Laffan Liquefied Natural Gas Co.,
Ltd. III, 5.832%, 9/30/16 (144A) 1,222,634
1,000,000 BBB-/Baa2 TNK-BP Finance SA, 6.625%,
3/20/17 (144A) 1,086,300
2,080,000 BBB-/Baa2 TNK-BP Finance SA, 7.5%,
7/18/16 (144A) 2,311,504
1,000,000 BBB-/Baa2 TNK-BP Finance SA, 7.875%,
3/13/18 (144A) 1,143,750
--------------
$ 13,772,376
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32 Pioneer Bond Fund | Annual Report | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.5%
2,475,000 BBB/Baa2 Spectra Energy Capital LLC,
6.2%, 4/15/18 $ 2,954,269
2,890,000 BBB/Baa2 Valero Energy Corp., 9.375%, 3/15/19 3,798,107
--------------
$ 6,752,376
-------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.8%
435,000 BBB-/Baa2 Boardwalk Pipelines LP, 5.5%, 2/1/17 $ 477,794
1,535,000 BBB/Baa3 Buckeye Partners LP, 6.05%, 1/15/18 1,668,172
2,900,000 BBB/Baa2 DCP Midstream LLC, 9.75%,
3/15/19 (144A) 3,759,583
3,250,000 BBB/Baa2 Kinder Morgan Energy Partners LP,
5.95%, 2/15/18 3,768,729
3,500,000 BBB/Baa2 Plains All American Pipeline LP,
6.125%, 1/15/17 4,069,076
3,885,000 A/A3 Questar Pipeline Co., 5.83%, 2/1/18 4,582,618
1,200,000 3.48 BB/Ba1 Southern Union Co., Floating Rate
Note, 11/1/66 976,500
1,500,000 BBB/Baa2 Spectra Energy Capital LLC,
6.75%, 7/15/18 1,752,106
2,200,000 BBB/Baa2 Sunoco Logistics Partners Operations
LP, 6.1%, 2/15/42 2,268,288
2,475,000 BBB-/Baa3 The Williams Companies, Inc.,
7.75%, 6/15/31 3,072,312
--------------
$ 26,395,178
--------------
Total Energy $ 51,977,695
-------------------------------------------------------------------------------------------------------
MATERIALS -- 1.8%
Diversified Chemicals -- 0.1%
980,000 BBB/Baa2 Eastman Chemical Co., 4.8%, 9/1/42 $ 999,005
-------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.2%
2,400,000 BBB/Baa2 Cytec Industries, Inc., 8.95%, 7/1/17 $ 2,981,436
-------------------------------------------------------------------------------------------------------
Construction Materials -- 0.2%
3,328,000 B-/NR Cemex Espana Luxembourg, 9.875%,
4/30/19 (144A) $ 2,949,440
475,000 BBB/Baa2 Holcim US Finance Sarl & Cie SCS,
6.0%, 12/30/19 (144A) 498,012
--------------
$ 3,447,452
-------------------------------------------------------------------------------------------------------
Aluminum -- 0.2%
2,425,000 BBB-/Baa3 Alcoa, Inc., 6.15%, 8/15/20 $ 2,552,776
-------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.6%
3,085,000 BBB-/Baa3 AngloGold Ashanti Holdings Plc,
5.375%, 4/15/20 $ 3,170,547
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 33
Schedule of Investments | 6/30/12 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- (continued)
5,000,000 BBB-/Baa3 Gold Fields Orogen Holding BVI, Ltd.,
4.875%, 10/7/20 (144A) $ 4,764,235
950,000 BBB/Baa2 Teck Resources, Ltd., 10.25%, 5/15/16 1,060,438
--------------
$ 8,995,220
-------------------------------------------------------------------------------------------------------
Steel -- 0.5%
500,000 BBB-/Baa3 ArcelorMittal, 5.5%, 3/1/21 $ 473,258
3,900,000 BBB-/Baa3 ArcelorMittal, 6.125%, 6/1/18 3,954,393
2,805,000 BB+/Ba2 Commercial Metals Co.,
7.35%, 8/15/18 2,868,112
--------------
$ 7,295,763
--------------
Total Materials $ 26,271,652
-------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 2.4%
Aerospace & Defense -- 0.3%
3,020,000 BB/Ba2 Esterline Technologies Corp.,
6.625%, 3/1/17 $ 3,121,925
940,000 A/A2 United Technologies Corp., 4.5%, 6/1/42 1,032,501
--------------
$ 4,154,426
-------------------------------------------------------------------------------------------------------
Building Products -- 0.4%
825,000 BBB-/Ba2 Masco Corp., 5.95%, 3/15/22 $ 849,243
4,260,000 BBB-/Ba2 Masco Corp., 7.125%, 3/15/20 4,700,314
--------------
$ 5,549,557
-------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.4%
2,665,000 BB/Ba3 Anixter, Inc., 5.95%, 3/1/15 $ 2,771,600
2,670,000 B+/Ba2 Belden, Inc., 7.0%, 3/15/17 2,750,100
--------------
$ 5,521,700
-------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.2%
2,950,000 BBB/Baa2 Tyco Electronics Group SA,
6.55%, 10/1/17 $ 3,521,748
-------------------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks
-- 0.1%
910,000 A/Baa1 Cummins, Inc., 6.75%, 2/15/27 $ 1,128,906
-------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.3%
2,150,000 BBB+/Baa1 Ingersoll-Rand Global Holding Co.,
Ltd., 9.5%, 4/15/14 $ 2,443,733
1,810,000 BBB-/Baa3 Valmont Industries, Inc.,
6.625%, 4/20/20 2,123,919
--------------
$ 4,567,652
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Bond Fund | Annual Report | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.7%
3,525,000 BBB-/NR Aviation Capital Group Corp., 6.75%,
4/6/21 (144A) $ 3,536,033
5,660,000 BBB/Baa2 GATX Corp., 6.0%, 2/15/18 6,292,409
--------------
$ 9,828,442
--------------
Total Capital Goods $ 34,272,431
-------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.2%
Air Freight & Logistics -- 0.0%+
525,000 A-/A3 Tyco International Finance SA,
8.5%, 1/15/19 $ 718,952
-------------------------------------------------------------------------------------------------------
Airlines -- 0.2%
1,809,942 BBB-/Baa3 American Airlines 2011-2 Class A
Pass Through Trust, 8.625%, 10/15/21 $ 1,900,439
378,399 BBB/Baa2 Southwest Airlines Co., 7.67%, 1/2/14 391,408
--------------
$ 2,291,847
-------------------------------------------------------------------------------------------------------
Trucking -- 0.0%+
529,000 BBB-/Baa2 Asciano Finance, Ltd., 4.625%,
9/23/20 (144A) $ 526,287
--------------
Total Transportation $ 3,537,086
-------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Automobile Manufacturers -- 0.1%
655,000 BBB+/Baa2 Hyundai Motor Manufacturing Czech sro,
4.5%, 4/15/15 (144A) $ 688,679
790,000 BBB+/Baa1 Nissan Motor Acceptance Corp., 4.5%,
1/30/15 (144A) 841,657
--------------
$ 1,530,336
--------------
Total Automobiles & Components $ 1,530,336
-------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.3%
Household Appliances -- 0.3%
4,235,000 BBB-/Baa3 Whirlpool Corp., 5.5%, 3/1/13 $ 4,346,808
--------------
Total Consumer Durables & Apparel $ 4,346,808
-------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.8%
Education Services -- 0.8%
1,000,000 NR/NR Bowdoin College, 4.693%, 7/1/12 $ 1,008,120
1,100,000 AAA/Aaa Massachusetts Institute of Technology,
5.6%, 7/1/11 1,527,592
3,095,000 AAA/Aaa President and Fellows of Harvard
College, 6.3%, 10/1/37 3,601,559
1,900,000 A+/A1 The George Washington University,
1.827%, 9/15/17 1,913,832
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 35
Schedule of Investments | 6/30/12 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Education Services -- (continued)
3,550,000 AA-/Aa2 Tufts University, 5.017%, 4/15/12 $ 4,059,212
--------------
$ 12,110,315
--------------
Total Consumer Services $ 12,110,315
-------------------------------------------------------------------------------------------------------
MEDIA -- 0.4%
Broadcasting -- 0.4%
2,650,000 BB-/B1 CCO Holdings LLC, 6.625%, 1/31/22 $ 2,835,500
2,070,000 BBB/Baa2 Globo Comunicacao e Participacoes
SA, 4.875%, 4/11/22 (144A) 2,139,053
--------------
$ 4,974,553
--------------
Total Media $ 4,974,553
-------------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Internet Retail -- 0.1%
800,000 BBB-/Ba1 Expedia, Inc., 5.95%, 8/15/20 $ 838,166
--------------
Total Retailing $ 838,166
-------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Drug Retail -- 0.2%
764,413 BBB+/Baa2 CVS Pass-Through Trust, 5.298%,
1/11/27 (144A) $ 799,683
1,503,166 BBB+/Baa2 CVS Pass-Through Trust, 5.773%,
1/10/33 (144A) 1,662,171
--------------
$ 2,461,854
--------------
Total Food & Staples Retailing $ 2,461,854
-------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.1%
Distillers & Vintners -- 0.1%
1,500,000 BBB-/Baa2 Beam, Inc., 3.25%, 5/15/22 $ 1,508,643
-------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.4%
5,175,000 BBB-/Ba1 Viterra, Inc., 5.95%, 8/1/20 (144A) $ 5,667,743
-------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.6%
3,240,000 NR/Baa2 Kraft Foods Group, Inc., 3.5%,
6/6/22 (144A) $ 3,324,765
3,725,000 BBB-/Baa2 Kraft Foods, Inc., 6.5%, 2/9/40 4,785,098
--------------
$ 8,109,863
--------------
Total Food, Beverage & Tobacco $ 15,286,249
-------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.1%
Health Care Facilities -- 0.1%
1,050,000 BB/Ba3 HCA, Inc., 7.875%, 2/15/20 $ 1,165,500
385,000 BB/Ba3 HCA, Inc., 8.5%, 4/15/19 431,200
202,000 BB/B2 HCA, Inc., 9.875%, 2/15/17 219,170
--------------
$ 1,815,870
--------------
Total Health Care Equipment & Services $ 1,815,870
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Bond Fund | Annual Report | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.5%
Pharmaceuticals -- 0.1%
1,000,000 AA/A1 Abbott Laboratories, 5.125%, 4/1/19 $ 1,191,205
-------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.4%
5,366,000 BBB+/Baa2 Agilent Technologies, Inc.,
6.5%, 11/1/17 $ 6,443,697
--------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 7,634,902
-------------------------------------------------------------------------------------------------------
BANKS -- 4.1%
Diversified Banks -- 1.2%
3,515,000 BBB+/Baa3 Barclays Bank Plc, 6.05%,
12/4/17 (144A) $ 3,551,707
3,815,000 NR/A3 BBVA Bancomer SA Texas, 6.5%,
3/10/21 (144A) 3,853,150
3,435,000 AA/Aa2 Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA
Netherlands, 3.875%, 2/8/22 3,494,195
2,820,000 8.38 BBB-/Ba2 Credit Agricole SA, Floating Rate Note,
10/29/49 (Perpetual) (144A) 2,319,450
625,000 A/A1 Export-Import Bank of Korea,
5.875%, 1/14/15 683,321
1,855,000 A/A1 Industrial Bank of Korea, 7.125%,
4/23/14 (144A) 2,014,834
2,000,000 3.22 A/NR SBP DPR Finance Co., Floating Rate
Note, 3/15/17 (144A) 1,992,047
--------------
$ 17,908,704
-------------------------------------------------------------------------------------------------------
Regional Banks -- 2.7%
1,585,000 BB+/Baa3 Capital One Capital VI,
8.875%, 5/15/40 $ 1,610,756
1,190,000 A/NR CoBank ACB, 7.875%, 4/16/18 (144A) 1,451,804
3,350,000 A/A2 HSBC Bank USA NA New York NY,
6.0%, 8/9/17 3,725,833
2,505,000 A/A1 Mellon Funding Corp., 5.5%, 11/15/18 2,883,741
1,435,000 A-/A3 PNC Bank NA, 6.0%, 12/7/17 1,670,684
6,273,000 8.25 BBB/Baa3 PNC Financial Services Group, Inc.,
Floating Rate Note, 5/29/49 (Perpetual) 6,479,815
1,050,000 6.75 BBB/Baa3 PNC Financial Services Group, Inc.,
Floating Rate Note, 7/29/49 (Perpetual) 1,107,435
1,500,000 8.70 BBB/Baa3 PNC Preferred Funding Trust III, Floating
Rate Note, 3/29/49 (Perpetual) (144A) 1,533,585
4,080,000 BBB/Baa2 Sovereign Bank, 8.75%, 5/30/18 4,423,340
9,470,000 5.46 BBB+/Baa1 State Street Capital Trust III, Floating
Rate Note, 1/29/49 (Perpetual) 9,496,327
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 37
Schedule of Investments | 6/30/12 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
3,520,000 A+/A1 Wachovia Bank NA, 6.0%, 11/15/17 $ 4,101,567
--------------
$ 38,484,887
-------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.2%
2,300,000 BBB-/Baa2 Astoria Financial Corp., 5.0%, 6/19/17 $ 2,299,844
--------------
Total Banks $ 58,693,435
-------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 7.8%
Other Diversified Financial Services -- 2.5%
3,800,000 BBB+/Baa2 Alterra Finance LLC, 6.25%, 9/30/20 $ 4,040,635
1,100,000 BBB+/Baa3 Bank of America Corp., 7.75%, 8/15/15 1,197,503
875,000 6.50 BB+/NR Caelus Re II, Ltd., Floating Rate Note,
5/24/13 (Cat Bond) (144A) 877,450
300,000 9.00 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 300,000
950,000 10.25 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 951,615
250,000 0.00 BB/NR East Lane Re V, Ltd., Floating Rate Note,
3/16/16 (Cat Bond) (144A) 259,625
4,860,000 AA/A2 General Electric Capital Corp.,
5.3%, 2/11/21 5,454,777
1,800,000 7.12 AA-/Baa1 General Electric Capital Corp., Floating
Rate Note, 12/15/49 (Perpetual) 1,901,628
890,000 BBB+/Baa2 Hyundai Capital Services, Inc., 3.5%,
9/13/17 (144A) 897,506
1,840,000 BBB+/Baa2 Hyundai Capital Services, Inc., 6.0%,
5/5/15 (144A) 2,001,638
2,575,000 A/A2 JPMorgan Chase & Co., 6.0%, 1/15/18 2,955,742
6,140,000 7.90 BBB/Ba1 JPMorgan Chase & Co., Floating Rate
Note, 4/29/49 (Perpetual) 6,731,221
2,400,000 6.00 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 2,346,240
1,650,000 6.25 BB/NR Lodestone Re, Ltd., Floating Rate Note,
5/17/13 (Cat Bond) (144A) 1,634,325
250,000 8.25 BB-/NR Lodestone Re, Ltd., Floating Rate Note,
5/17/13 (Cat Bond) (144A) 248,450
850,000 9.97 BB-/NR Loma Reinsurance, Ltd., Floating Rate
Note, 12/21/12 (Cat Bond) (144A) 848,640
750,000 7.50 BB-/NR Queen Street II Capital, Ltd., Floating Rate
Note, 4/9/14 (Cat Bond) (144A) 736,500
500,000 7.50 BB-/NR Queen Street IV Capital, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 481,250
1,250,000 0.00 BB/NR Residential Reinsurance 2010, Ltd., Floating
Rate Note, 6/6/13 (Cat Bond) (144A) 1,243,875
The accompanying notes are an integral part of these financial statements.
38 Pioneer Bond Fund | Annual Report | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Other Diversified Financial Services --
(continued)
400,000 9.00 BB-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15
(Cat Bond) (144A) $ 391,600
275,000 0.00 BB-/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) 279,042
800,000 0.00 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) 803,920
--------------
$ 36,583,182
-------------------------------------------------------------------------------------------------------
Specialized Finance -- 1.0%
2,850,000 BBB/Baa2 Banque PSA Finance SA, 5.75%,
4/4/21 (144A) $ 2,619,176
2,900,000 BBB+/Baa1 BM&FBovespa SA, 5.5%,
7/16/20 (144A) 3,074,000
5,205,000 BBB/Baa3 Cantor Fitzgerald LP, 7.875%,
10/15/19 (144A) 5,137,736
625,000 5.25 BB+/NR Kibou, Ltd., Floating Rate Note,
2/16/15 (Cat Bond) (144A) 631,438
2,000,000 A+/A1 National Rural Utilities Cooperative
Finance Corp., 5.45%, 2/1/18 2,371,250
--------------
$ 13,833,600
-------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.8%
1,465,000 BBB/Baa1 Capital One Bank USA NA,
8.8%, 7/15/19 $ 1,844,951
2,575,000 A/A2 Caterpillar Financial Services Corp.,
7.05%, 10/1/18 3,321,634
3,155,000 4.00 BBB-/Ba1 SLM Corp., Floating Rate Note, 7/25/14 3,154,306
4,435,000 CCC/Caa1 Springleaf Finance Corp.,
6.9%, 12/15/17 3,539,662
--------------
$ 11,860,553
-------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.8%
3,945,000 A-/A3 Eaton Vance Corp., 6.5%, 10/2/17 $ 4,506,823
4,050,000 BBB-/Baa3 Janus Capital Group, Inc.,
6.7%, 6/15/17 4,344,326
2,000,000 A/A1 The Bank of New York Mellon Corp.,
4.95%, 3/15/15 2,169,660
--------------
$ 11,020,809
-------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 2.7%
661,173 BBB-/NR Alta Wind Holdings LLC, 7.0%,
6/30/35 (144A) $ 743,237
11,040,000 4.00 BB+/Ba2 Goldman Sachs Capital II, Floating Rate
Note, 6/1/43 7,474,301
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 39
Schedule of Investments | 6/30/12 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- (continued)
600,000 BBB/Baa2 Jefferies Group, Inc., 5.125%, 4/13/18 $ 582,000
3,125,000 BBB/Baa2 Jefferies Group, Inc., 6.875%, 4/15/21 3,142,522
250,000 BBB/Baa2 Jefferies Group, Inc., 8.5%, 7/15/19 271,250
3,000,000 BBB/A3 Macquarie Bank, Ltd., 6.625%,
4/7/21 (144A) 3,008,028
2,730,000 BBB/A3 Macquarie Group, Ltd., 6.0%,
1/14/20 (144A) 2,715,878
221,000 A-/Baa2 Merrill Lynch & Co., Inc., 5.0%, 2/3/14 228,566
3,875,000 A-/Baa2 Merrill Lynch & Co., Inc., 5.45%, 2/5/13 3,952,918
4,350,000 BBB+/Baa3 Merrill Lynch & Co., Inc.,
7.75%, 5/14/38 4,961,854
3,125,000 A-/Baa1 Morgan Stanley, 5.5%, 1/26/20 3,060,688
2,765,000 A-/Baa1 Morgan Stanley, 6.625%, 4/1/18 2,890,996
500,000 4.75 B+/NR Queen Street III Capital, Ltd., Floating
Rate Note, 7/28/14 (Cat Bond) (144A) 498,650
3,450,000 NR/Baa3 Scottrade Financial Services, Inc.,
6.125%, 7/11/21 (144A) 3,503,634
2,000,000 A-/A3 The Goldman Sachs Group, Inc.,
5.5%, 11/15/14 2,112,322
--------------
$ 39,146,844
--------------
Total Diversified Financials $ 112,444,988
-------------------------------------------------------------------------------------------------------
INSURANCE -- 5.3%
Life & Health Insurance -- 1.7%
1,850,000 BBB/Baa2 Delphi Financial Group, Inc.,
7.875%, 1/31/20 $ 2,186,791
1,690,000 A-/Baa2 Lincoln National Corp., 8.75%, 7/1/19 2,128,182
3,380,000 6.05 BBB/Ba1 Lincoln National Corp., Floating Rate
Note, 4/20/67 3,092,700
4,200,000 BBB/Baa2 MetLife, Inc., 10.75%, 8/1/39 5,869,500
4,250,000 A-/Baa2 Protective Life Corp., 7.375%, 10/15/19 4,912,294
2,800,000 A/Baa2 Prudential Financial, Inc.,
2.75%, 1/14/13 2,827,625
1,090,000 A/Baa2 Prudential Financial, Inc.,
4.5%, 11/16/21 1,131,307
2,140,000 8.88 BBB+/Baa3 Prudential Financial, Inc., Floating
Rate Note, 6/15/38 2,541,250
--------------
$ 24,689,649
-------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 1.0%
3,960,000 BBB/Baa3 Genworth Financial, Inc., 7.2%, 2/15/21 $ 3,771,900
3,035,000 BBB-/Baa2 Liberty Mutual Group, Inc., 7.3%,
6/15/14 (144A) 3,323,965
4,620,000 7.00 BB/Baa3 Liberty Mutual Group, Inc., Floating
Rate Note, 3/15/37 (144A) 4,111,800
The accompanying notes are an integral part of these financial statements.
40 Pioneer Bond Fund | Annual Report | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Multi-line Insurance -- (continued)
85,000 10.75 BB/Baa3 Liberty Mutual Group, Inc., Floating Rate
Note, 6/15/58 (144A) $ 115,600
2,650,000 A+/A2 Loews Corp., 5.25%, 3/15/16 2,934,104
--------------
$ 14,257,369
-------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.7%
3,600,000 BBB/Baa3 Sirius International Group, Ltd., 6.375%,
3/20/17 (144A) $ 3,810,211
2,110,000 7.51 BB+/Ba2 Sirius International Group, Ltd., Floating
Rate Note, 5/29/49 (Perpetual) (144A) 2,023,638
5,455,000 6.50 BBB/Baa1 The Allstate Corp., Floating Rate
Note, 5/15/57 5,373,175
700,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.5%, 3/1/20 812,048
5,000,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.625%, 10/15/25 5,623,085
2,000,000 A/A2 The Travelers Companies, Inc.,
6.25%, 6/15/37 2,590,518
4,185,000 6.50 BBB-/Ba1 XL Group Plc, Floating Rate Note,
12/29/49 (Perpetual) 3,400,312
--------------
$ 23,632,987
-------------------------------------------------------------------------------------------------------
Reinsurance -- 0.9%
250,000 6.41 BB+/NR Blue Danube, Ltd., Floating Rate Note,
4/10/15 (Cat Bond) (144A) $ 255,300
250,000 14.00 B-/NR Blue Fin, Ltd., Floating Rate Note,
5/28/13 (Cat Bond) (144A) 251,350
1,000,000 4.50 NR/Baa1 Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) 1,018,100
800,000 5.00 BB+/NR Foundation Re III, Ltd., Floating Rate
Note, 2/25/15 (Cat Bond) 786,960
600,000 5.75 BB/NR Foundation Re III, Ltd., Floating Rate
Note, 2/3/14 (Cat Bond) (144A) 585,300
600,000 0.00 BB+/NR Longpoint Re, Ltd., Floating Rate Note,
6/12/15 (Cat Bond) (144A) 606,840
250,000 10.22 B/NR Montana Re, Ltd., Floating Rate Note,
12/7/12 (Cat Bond) (144A) 241,900
400,000 9.00 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 400,440
500,000 8.41 NR/Ba3 Mythen, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 508,350
5,048,000 BBB/NR Platinum Underwriters Finance, Inc.,
7.5%, 6/1/17 5,528,479
1,450,000 6.75 BBB-/Baa3 Reinsurance Group of America, Inc., Floating
Rate Note, 12/15/65 1,339,854
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 41
Schedule of Investments | 6/30/12 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 11.25 B-/NR Successor X, Ltd., Floating Rate Note,
11/10/15 (Cat Bond) (144A) $ 237,675
1,400,000 9.70 B/NR Successor X, Ltd., Floating Rate Note,
2/25/14 (Cat Bond) (144A) 1,350,440
--------------
$ 13,110,988
--------------
Total Insurance $ 75,690,993
-------------------------------------------------------------------------------------------------------
REAL ESTATE -- 2.8%
Diversified REITs -- 0.5%
1,765,000 BBB/Baa2 Digital Realty Trust LP, 4.5%, 7/15/15 $ 1,843,463
725,000 BBB/Baa2 Digital Realty Trust LP, 5.875%, 2/1/20 798,601
1,050,000 BBB/Baa2 Goodman Funding Pty, Ltd., 6.0%,
3/22/22 (144A) 1,064,541
3,455,000 BBB/Baa2 Goodman Funding Pty, Ltd., 6.375%,
4/15/21 (144A) 3,599,416
--------------
$ 7,306,021
-------------------------------------------------------------------------------------------------------
Office REITs -- 0.5%
2,670,000 BBB-/Baa2 Alexandria Real Estate Equities, Inc.,
4.6%, 4/1/22 $ 2,733,802
900,000 BBB-/Baa3 BioMed Realty LP, 4.25%, 7/15/22 899,244
1,200,000 BBB/Baa2 Mack-Cali Realty LP, 4.5%, 4/18/22 1,231,333
1,607,000 BBB/Baa2 Mack-Cali Realty LP, 5.125%, 2/15/14 1,679,238
--------------
$ 6,543,617
-------------------------------------------------------------------------------------------------------
Retail REITs -- 0.3%
575,000 BB+/Baa3 DDR Corp., 4.625%, 7/15/22 $ 567,482
2,905,000 BB+/Baa3 DDR Corp., 7.5%, 4/1/17 3,332,819
--------------
$ 3,900,301
-------------------------------------------------------------------------------------------------------
Specialized REITs -- 1.2%
730,000 BBB-/Baa3 CubeSmart LP, 4.8%, 7/15/22 $ 737,953
860,000 BBB-/Baa2 Health Care Real Estate Investment
Trust, Inc., 6.0%, 11/15/13 901,707
4,125,000 BBB-/Baa2 Health Care Real Estate Investment
Trust, Inc., 6.2%, 6/1/16 4,540,606
2,425,000 BBB-/Baa3 Healthcare Realty Trust, Inc.,
6.5%, 1/17/17 2,650,818
4,175,000 BBB-/Baa2 Hospitality Properties Trust,
7.875%, 8/15/14 4,515,555
4,285,000 BBB-/Baa3 Senior Housing Properties Trust,
6.75%, 4/15/20 4,645,154
--------------
$ 17,991,793
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Bond Fund | Annual Report | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.3%
4,125,000 A-/A2 WEA Finance LLC, 7.125%,
4/15/18 (144A) $ 4,886,326
-------------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 0.0%
180,000 B-/B3 Forest City Enterprises, Inc.,
7.625%, 6/1/15 $ 178,650
--------------
Total Real Estate $ 40,806,708
-------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.0%
Data Processing & Outsourced Services -- 0.0%
447,000 B-/Caa1 First Data Corp., 8.25%,
1/15/21 (144A) $ 447,000
--------------
Total Software & Services $ 447,000
-------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.3%
Semiconductor Equipment -- 0.3%
3,100,000 BBB/Baa1 KLA-Tencor Corp., 6.9%, 5/1/18 $ 3,702,705
--------------
Total Semiconductors &
Semiconductor Equipment $ 3,702,705
-------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.4%
Integrated Telecommunication Services -- 1.0%
2,530,000 B/B1 Cincinnati Bell, Inc., 8.25%, 10/15/17 $ 2,631,200
580,000 B/B1 Cincinnati Bell, Inc., 8.375%, 10/15/20 591,600
3,355,000 NR/A2 GTP Acquisition Partners I LLC, 4.347%,
6/15/16 (144A) 3,511,897
800,000 NR/NR GTP Cellular Sites LLC, 3.721%,
3/15/17 (144A) 807,683
3,950,000 NR/A2 GTP Towers Issuer LLC, 4.436%,
2/15/15 (144A) 4,054,478
2,750,000 BBB/Baa2 Telefonica Emisiones SAU,
6.221%, 7/3/17 2,581,681
--------------
$ 14,178,539
-------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.4%
3,015,000 NR/A2 Crown Castle Towers LLC, 4.883%,
8/15/20 (144A) $ 3,273,434
1,625,000 NR/A2 Crown Castle Towers LLC, 6.113%,
1/15/20 (144A) 1,881,126
--------------
$ 5,154,560
--------------
Total Telecommunication Services $ 19,333,099
-------------------------------------------------------------------------------------------------------
UTILITIES -- 2.7%
Electric Utilities -- 1.5%
980,000 A-/A3 Commonwealth Edison Co.,
6.15%, 9/15/17 $ 1,186,622
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 43
Schedule of Investments | 6/30/12 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Electric Utilities -- (continued)
699,930 BBB-/Baa3 Crockett Cogeneration LP, 5.869%,
3/30/25 (144A) $ 721,159
3,365,000 BBB+/Baa1 Enel Finance International NV, 5.125%,
10/7/19 (144A) 3,214,460
1,009,764 BB/Baa3 FPL Energy American Wind LLC, 6.639%,
6/20/23 (144A) 1,031,040
255,150 B/Ba2 FPL Energy Wind Funding LLC, 6.876%,
6/27/17 (144A) 209,861
1,925,000 BB+/Baa3 Israel Electric Corp., Ltd., 7.25%,
1/15/19 (144A) 1,968,108
610,000 BB+/Baa3 Israel Electric Corp., Ltd., 9.375%,
1/28/20 (144A) 692,598
910,000 BBB/Baa1 Nevada Power Co., 6.5%, 8/1/18 1,127,118
900,227 NR/WR Orcal Geothermal, Inc., 6.21%,
12/30/20 (144A) 918,232
2,690,000 BBB-/Baa3 Public Service Co of New Mexico,
7.95%, 5/15/18 3,221,278
2,200,000 6.25 BBB-/Baa2 Southern California Edison Co., Floating
Rate Note, 8/1/49 (Perpetual) 2,298,120
3,550,000 BBB+/A3 West Penn Power Co., 5.95%,
12/15/17 (144A) 4,165,602
--------------
$ 20,754,198
-------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.2%
2,377,049 A+/A1 Nakilat, Inc., 6.267%, 12/31/33 (144A) $ 2,645,798
-------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.4%
5,055,000 BBB+/Baa1 New York State Electric & Gas Corp.,
6.15%, 12/15/17 (144A) $ 5,734,862
369,080 NR/NR Ormat Funding Corp., 8.25%, 12/30/20 339,554
--------------
$ 6,074,416
-------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.6%
2,675,000 BB-/Ba3 Intergen NV, 9.0%, 6/30/17 (144A) $ 2,621,500
2,105,000 BBB-/Baa3 Kiowa Power Partners LLC, 5.737%,
3/30/21 (144A) 2,230,500
1,016,000 BB+/Ba2 NSG Holdings LLC, 7.75%,
12/15/25 (144A) 1,016,000
2,460,130 BBB-/Baa3 Panoche Energy Center LLC, 6.885%,
7/31/29 (144A) 2,753,328
--------------
$ 8,621,328
--------------
Total Utilities $ 38,095,740
-------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $473,662,877) $ 516,272,585
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Bond Fund | Annual Report | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
19.6%
15,769,485 AAA/Aaa Federal National Mortgage Association,
4.0%, 7/1/18-4/1/42 $ 16,836,156
22,454,498 AAA/Aaa Federal National Mortgage Association,
4.5%, 11/1/20-1/1/42 24,188,342
21,438,245 AAA/Aaa Federal National Mortgage Association,
5.0%, 12/1/17-8/1/40 23,305,138
9,699,272 AAA/Aaa Federal National Mortgage Association,
5.5%, 9/1/17-6/1/36 10,619,297
9,177,544 AAA/Aaa Federal National Mortgage Association,
6.0%, 6/1/16-7/1/38 10,242,254
1,663,980 AAA/Aaa Federal National Mortgage Association,
6.5%, 1/1/15-11/1/37 1,900,520
460,381 AAA/Aaa Federal National Mortgage Association,
7.0%, 7/1/21-1/1/32 272,828
3,674 AAA/Aaa Federal National Mortgage Association,
7.5%, 8/1/20-4/1/30 4,036
27,199 AAA/Aaa Federal National Mortgage Association,
8.0%, 4/1/20-5/1/31 32,882
1,906,852 AAA/Aaa Federal Home Loan Mortgage Corp.,
4.5%, 3/1/20-10/1/20 2,036,879
8,301,694 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.0%, 10/1/20-10/1/38 8,952,039
3,595,072 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.5%, 12/1/18-11/1/35 3,929,958
8,658,489 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.0%, 5/1/17-12/1/36 9,595,845
613,219 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 3/1/13-4/1/34 699,762
645,044 AAA/Aaa Federal Home Loan Mortgage Corp.,
7.0%, 8/1/22-11/1/30 704,365
10,150,180 AAA/Aaa Government National Mortgage Association I,
4.5%, 7/15/33-8/15/41 11,126,061
2,681,634 AAA/Aaa Government National Mortgage Association I,
5.0%, 10/15/18-4/15/34 2,960,160
11,111,215 AAA/Aaa Government National Mortgage Association I,
5.5%, 10/15/17-2/15/37 12,319,226
12,341,582 AAA/Aaa Government National Mortgage Association I,
6.0%, 8/15/13-10/15/33 13,983,337
3,982,426 AAA/Aaa Government National Mortgage Association I,
6.5%, 2/15/29-7/15/35 4,622,747
862,054 AAA/Aaa Government National Mortgage Association I,
7.0%, 12/15/13-5/15/32 1,037,042
150,808 AAA/Aaa Government National Mortgage Association I,
7.5%, 2/15/26-12/15/31 177,173
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 45
Schedule of Investments | 6/30/12 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
(continued)
5,323 AAA/Aaa Government National Mortgage Association I,
7.75%, 2/15/30 $ 5,855
6,425,123 AAA/Aaa Government National Mortgage Association II,
4.5%, 12/20/34-9/20/41 7,101,363
2,268,777 AAA/Aaa Government National Mortgage Association II,
5.5%, 10/20/19-4/20/34 2,502,574
68,611 AAA/Aaa Government National Mortgage Association II,
6.5%, 2/20/29-4/20/29 79,570
305,703 AAA/Aaa Government National Mortgage Association II,
7.0%, 11/20/28-12/20/30 366,581
7,620,000 AA+/Aaa U.S. Treasury Bonds, 4.25%, 5/15/39 9,952,436
1,365,000 AA+/Aaa U.S. Treasury Bonds, 4.375%, 11/15/39 1,818,222
5,450,000 AA+/Aaa U.S. Treasury Bonds, 4.375%, 2/15/38 7,231,469
2,000,000 AA+/Aaa U.S. Treasury Bonds, 4.375%, 5/15/40 2,665,312
7,340,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 2/15/36 9,858,538
8,435,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 5/15/38 11,409,653
9,068,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 8/15/39 12,304,163
4,000,000 AA+/Aaa U.S. Treasury Bonds, 4.625%, 2/15/40 5,533,124
5,100,000 AA+/Aaa U.S. Treasury Bonds, 5.25%, 11/15/28 7,177,454
4,000,000 AA+/Aaa U.S. Treasury Bonds, 5.375%, 2/15/31 5,828,752
840,000 AA+/Aaa U.S. Treasury Bonds, 5.5%, 8/15/28 1,209,206
4,750,000 AA+/Aaa U.S. Treasury Bonds, 6.25%, 8/15/23 6,899,375
450,000 AA+/Aaa U.S. Treasury Bonds, 7.875%, 2/15/21 688,360
8,000,000 AA+/Aaa U.S. Treasury Notes, 2.125%, 8/15/21 8,408,752
2,700,000 AA+/Aaa U.S. Treasury Notes, 2.625%, 11/15/20 2,967,681
8,750,000 AA+/Aaa U.S. Treasury Notes, 2.75%, 2/15/19 9,710,452
6,380,000 AA+/Aaa U.S. Treasury Notes, 3.125%, 5/15/19 7,251,266
-------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $249,441,457) $ 280,516,205
-------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 0.3%
4,600,000 BBB/Baa1 Russian Federation,
4.5%, 4/4/22 (144A) $ 4,819,006
-------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $4,567,381) $ 4,819,006
-------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 6.8%
Municipal Airport -- 0.1%
1,000,000 BBB/Baa1 Indianapolis Airport Authority,
5.1%, 1/15/17 $ 1,132,060
-------------------------------------------------------------------------------------------------------
Municipal Development -- 0.8%
2,925,000 AA-/Aa3 California Statewide Communities
Development Authority, 6.0%, 8/15/42 $ 3,445,065
The accompanying notes are an integral part of these financial statements.
46 Pioneer Bond Fund | Annual Report | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Municipal Development -- (continued)
2,350,000 BBB-/Baa3 Louisiana Local Government Environmental
Facilities & Community Development
Authority, 6.5%, 11/1/35 $ 2,691,902
2,560,000 BBB/Baa2 Parish of St John the Baptist Louisiana,
5.125%, 6/1/37 2,676,966
2,310,000 BBB/Baa3 Selma Industrial Development Board,
5.8%, 5/1/34 2,511,917
--------------
$ 11,325,850
-------------------------------------------------------------------------------------------------------
Municipal General -- 0.4%
2,750,000 A+/A1 New Jersey Transportation Trust Fund
Authority, 5.5%, 6/15/41 $ 3,172,180
2,400,000 AAA/Aa1 New York City Transitional Finance
Authority Future Tax Secured Revenue,
5.0%, 11/1/33 2,706,408
--------------
$ 5,878,588
-------------------------------------------------------------------------------------------------------
Higher Municipal Education -- 3.3%
4,380,000 AA-/Aa2 California State University, 5.0%, 11/1/39 $ 4,683,446
3,000,000 AAA/Aaa Connecticut State Health & Educational
Facility Authority, 5.0%, 7/1/40 3,327,510
4,600,000 AAA/Aaa Connecticut State Health & Educational
Facility Authority, 5.0%, 7/1/42 5,123,250
2,300,000 AAA/Aaa Houston Higher Education Finance Corp.,
4.5%, 11/15/37 2,415,230
1,500,000 AAA/Aaa Houston Higher Education Finance Corp.,
5.0%, 5/15/40 1,704,540
1,100,000 AA/Aa1 Illinois Finance Authority, 5.0%, 10/1/51 1,202,124
1,200,000 AAA/Aaa Massachusetts Development Finance
Agency, 5.0%, 10/15/40 1,375,020
6,500,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 11/15/36 7,812,545
1,425,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 7/1/32 1,971,131
1,000,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 6.0%, 7/1/36 1,222,760
2,850,000 AAA/Aaa Missouri State Health & Educational
Facilities Authority, 5.0%, 11/15/39 3,206,564
2,590,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 10/1/41 2,964,695
2,150,000 AA/Aa1 New York State Dormitory Authority,
5.0%, 7/1/35 2,434,380
3,700,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 7/1/38 4,171,972
1,600,000 AA/Aa1 New York State Dormitory Authority,
5.0%, 7/1/40 1,792,384
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 47
Schedule of Investments | 6/30/12 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Higher Municipal Education -- (continued)
800,000 AAA/Aaa Permanent University Fund,
5.0%, 7/1/30 $ 977,048
525,000 AAA/Aaa University of Texas System,
5.0%, 8/15/43 603,236
--------------
$ 46,987,835
-------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
325,000 AA-/A1 Massachusetts Development Finance
Agency, 5.25%, 4/1/37 $ 358,780
550,000 AA-/A1 Massachusetts Development Finance
Agency, 5.375%, 4/1/41 607,502
--------------
$ 966,282
-------------------------------------------------------------------------------------------------------
Municipal Utility District -- 0.3%
4,060,000 AA-/Aa3 South Carolina State Public Service
Authority, 5.0%, 12/1/43 $ 4,519,876
-------------------------------------------------------------------------------------------------------
Municipal Pollution -- 0.4%
995,000 BBB+/Baa1 County of Sweetwater Wyoming,
5.6%, 12/1/35 $ 1,053,247
980,000 BBB/Baa3 Courtland Industrial Development Board,
5.0%, 8/1/27 982,313
3,965,000 5.95 BBB/NR Port Freeport Texas, Floating Rate
Note, 5/15/33 4,391,555
--------------
$ 6,427,115
-------------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.1%
1,600,000 AA/Aa2 Harris County. Metropolitan Transit
Authority, 5.0%, 11/1/41 $ 1,789,712
-------------------------------------------------------------------------------------------------------
Municipal Water -- 1.1%
2,400,000 AAA/Aa1 City of Charleston South Carolina,
5.0%, 1/1/35 $ 2,756,040
2,800,000 AAA/Aa1 City of Charleston South Carolina,
5.0%, 1/1/41 3,179,400
3,275,000 AA-/Aa3 City of San Francisco California Public
Utilities Commission Water Revenue,
5.0%, 11/1/37 3,628,995
800,000 AAA/Aa2 Hampton Roads Sanitation District,
5.0%, 4/1/38 869,848
1,415,000 AAA/Aaa Metropolitan Water Reclamation District
of Greater Chicago, 5.0%, 12/1/30 1,648,277
1,200,000 AAA/Aaa Metropolitan Water Reclamation District
of Greater Chicago, 5.0%, 12/1/32 1,383,972
1,750,000 AAA/NR Tarrant Regional Water District,
5.0%, 3/1/52 1,936,480
--------------
$ 15,403,012
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Bond Fund | Annual Report | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.2%
1,660,000 AA+/Aa1 State of Washington, 5.0%, 7/1/18 $ 2,012,119
1,400,000 AA+/Aa1 State of Washington, 5.0%, 8/1/39 1,566,866
--------------
$ 3,578,985
-------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $88,304,282) $ 98,009,315
-------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN INTERESTS -- 6.4%**
ENERGY -- 0.4%
Oil & Gas Equipment & Services -- 0.1%
960,484 9.00 B-/B2 Hudson Products Holdings, Inc., Term
Loan, 8/24/15 $ 864,436
-------------------------------------------------------------------------------------------------------
Integrated Oil & Gas -- 0.2%
2,846,919 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term
Loan, 6/1/16 $ 2,846,919
-------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.1%
1,457,053 4.25 BBB-/Ba2 Pilot Travel Centers LLC, Initial Tranche B
Term Loan, 3/7/18 $ 1,459,482
--------------
Total Energy $ 5,170,837
-------------------------------------------------------------------------------------------------------
MATERIALS -- 0.3%
Commodity Chemicals -- 0.1%
785,714 4.25 NR/Ba2 Tronox, Inc., Closing Date Term
Loan, 1/24/17 $ 774,666
214,286 4.25 NR/Ba2 Tronox, Inc., Delayed Draw Term
Loan, 1/24/17 210,871
--------------
$ 985,537
-------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.0%+
198,342 3.22 BBB-/Ba1 Celanese US Holdings LLC, Dollar Term C
Loan (Extended), 10/31/16 $ 198,997
-------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
1,620,000 5.50 BB+/Ba1 Chemtura Corp., Term Facility, 8/11/16 $ 1,626,075
259,927 2.85 BB+/Ba1 Huntsman International LLC, Extended
Term B Loan, 4/19/17 255,053
--------------
$ 1,881,128
-------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.0%+
423,574 4.50 B/Ba3 BWAY Holding Co., Replacement B Term
Loan, 2/9/18 $ 421,191
42,688 4.50 B/Ba3 ICL Industrial Containers ULC,
Replacement C Term Loan, 2/9/18 42,448
--------------
$ 463,639
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 49
Schedule of Investments | 6/30/12 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.1%
1,348,500 5.25 BB-/B1 Fairmount Minerals, Ltd., Tranche B Term
Loan, 3/1/17 $ 1,342,600
--------------
Total Materials $ 4,871,901
-------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.5%
Aerospace & Defense -- 0.5%
1,641,750 5.75 BB+/Ba3 DigitalGlobe, Inc., Term Loan, 9/21/18 $ 1,624,914
987,521 5.47 B/B2 Dubai Aerospace Enterprise (DAE),
Tranche B-1 Loan, 7/31/14 977,646
938,990 5.47 B/B2 Dubai Aerospace Enterprise (DAE),
Tranche B-2 Loan, 7/31/14 929,600
947,901 6.29 BB-/Ba2 DynCorp International, Inc., Term
Loan, 7/7/16 948,296
648,375 3.75 BBB-/Ba1 Spirit Aerosystems, Inc., Term B
Loan, 3/27/19 649,794
1,581,194 4.50 BB-/B1 Tasc, Inc., New Tranche B Term
Loan, 4/25/15 1,555,500
--------------
$ 6,685,750
--------------
Total Capital Goods $ 6,685,750
-------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Environmental & Facilities Services -- 0.2%
2,576,992 2.25 CCC+/Caa1 Synagro Technologies, Inc., Term Loan
(First Lien), 4/2/14 $ 2,254,868
-------------------------------------------------------------------------------------------------------
Office Services & Supplies -- 0.0%
621,875 4.25 BB+/Ba1 ACCO Brands Corp., Term B Loan, 1/4/19 $ 621,875
--------------
Total Commercial Services & Supplies $ 2,876,743
-------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Air Freight & Logistics -- 0.1%
462,700 0.00 NR/NR CEVA Group Plc, Dollar Tranche B Pre
Funded L/C, 8/31/16 $ 436,866
351,403 5.47 NR/NR CEVA Group Plc, EGL Tranche B Term
Loan, 8/31/16 332,626
843,532 5.47 NR/Ba3 CEVA Group Plc, US Tranche B Term
Loan, 8/31/16 796,435
--------------
$ 1,565,927
--------------
Total Transportation $ 1,565,927
-------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.0%
Auto Parts & Equipment -- 0.4%
1,013,598 2.75 BB-/Ba3 Allison Transmission, Inc., Term B-1
Loan, 8/7/14 $ 1,003,459
1,607,026 3.50 BBB/Baa2 Delphi Automotive LLP, Tranche B Term
Loan, 3/31/17 1,607,026
The accompanying notes are an integral part of these financial statements.
50 Pioneer Bond Fund | Annual Report | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Auto Parts & Equipment -- (continued)
1,058,243 2.18 B+/Ba3 Federal-Mogul Corp., Tranche B Term
Loan, 12/29/14 $ 1,009,520
539,920 2.18 B+/Ba3 Federal-Mogul Corp., Tranche C Term
Loan, 12/28/15 515,061
842,888 6.75 NR/NR TI Group Automotive Systems LLC, Term
Loan, 3/1/19 820,410
715,570 4.25 BB/Ba2 Tomkins LLC, Term B-1 Loan, 9/21/16 716,166
--------------
$ 5,671,642
-------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.3%
4,190,000 4.75 BB/Ba1 The Goodyear Tire & Rubber Co., Loan
(Second Lien), 3/27/19 $ 4,100,962
-------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.3%
3,875,850 6.00 BB/Ba2 Chrysler Group LLC, Tranche B Term
Loan, 4/28/17 $ 3,909,523
--------------
Total Automobiles & Components $ 13,682,127
-------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Casinos & Gaming -- 0.1%
1,072,313 4.00 BB+/Ba1 Pinnacle Entertainment, Inc., Series A Term
Loan, 3/5/19 $ 1,070,805
-------------------------------------------------------------------------------------------------------
Restaurants -- 0.1%
992,913 4.50 BB-/Ba3 Burger King Holdings, Inc., Tranche B Term
Loan, 10/30/16 $ 990,013
-------------------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.0%+
327,367 7.00 B+/B1 Web Service Co. LLC, Term Loan,
9/28/14 $ 326,139
--------------
Total Consumer Services $ 2,386,957
-------------------------------------------------------------------------------------------------------
MEDIA -- 0.9%
Advertising -- 0.1%
1,092,504 5.00 B+/Ba3 Affinion Group, Inc., Tranche B Term
Loan, 10/9/16 $ 997,593
-------------------------------------------------------------------------------------------------------
Broadcasting -- 0.2%
2,884,687 4.50 B+/B2 Univision Communications, Inc.,
Extended First-Lien Term Loan, 3/29/17 $ 2,725,129
-------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.3%
3,130,210 3.50 BB+/Ba1 Charter Communications Operating LLC,
Term C Loan, 9/6/16 $ 3,109,776
922,688 4.00 BB+/Ba1 Charter Communications Operating LLC,
Term D Loan, 3/28/19 918,305
615,205 2.75 B/B1 WideOpenWest LLC, Term Loan (First
Lien), 6/30/14 611,206
--------------
$ 4,639,287
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 51
Schedule of Investments | 6/30/12 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
917,796 5.25 NR/Ba1 Cinedigm Digital Funding I LLC, Term
Loan, 3/31/16 $ 916,075
1,666,000 4.50 BB-/Ba2 Live Nation Entertainment, Inc., Term B
Loan, 10/20/16 1,666,000
--------------
$ 2,582,075
-------------------------------------------------------------------------------------------------------
Publishing -- 0.1%
2,287,834 4.50 B+/Ba3 Interactive Data Corp., Term B
Loan, 1/31/18 $ 2,254,450
--------------
Total Media $ 13,198,534
-------------------------------------------------------------------------------------------------------
RETAILING -- 0.0%+
Apparel Retail -- 0.0%+
530,000 4.75 NR/Ba2 Ascena Retail Group, Inc., Tranche B
Term Loan, 5/17/18 $ 530,994
--------------
Total Retailing $ 530,994
-------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.0%+
Food Retail -- 0.0%+
349,480 2.77 B+/Ba3 Pinnacle Foods Group, Inc., Initial Term
Loan, 4/19/14 $ 348,096
--------------
Total Food & Staples Retailing $ 348,096
-------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.0%+
Packaged Foods & Meats -- 0.0%+
305,963 4.50 BB/Ba2 B&G Foods, Inc., Tranche B Term
Loan, 10/28/18 $ 307,110
--------------
Total Food, Beverage & Tobacco $ 307,110
-------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
861,429 4.25 BB-/Ba3 NBTY, Inc., Term B-1 Loan, 10/1/17 $ 859,571
--------------
Total Household & Personal Products $ 859,571
-------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.9%
Health Care Supplies -- 0.2%
2,188,463 7.25 BB-/Ba3 Immucor, Inc., Term B Loan, 7/2/18 $ 2,206,244
-------------------------------------------------------------------------------------------------------
Health Care Services -- 0.0%+
394,000 4.50 BB/Ba2 DaVita, Inc., Tranche B Term
Loan, 10/20/16 $ 395,970
-------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.7%
1,604,807 6.50 B/B1 Ardent Medical Services, Inc., Term
Loan, 9/15/15 $ 1,600,795
2,199,732 3.97 BB/Ba3 Community Health Systems, Inc.,
Extended Term Loan, 7/25/14 2,167,250
The accompanying notes are an integral part of these financial statements.
52 Pioneer Bond Fund | Annual Report | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
Health Care Facilities -- (continued)
747,900 3.50 BB/Ba3 HCA Holdings, Inc., Tranche B-3 Term
Loan, 5/1/18 $ 727,683
1,793,613 3.71 BB/Ba3 HCA, Inc., Tranche B-2 Term Loan,
3/17/17 1,746,371
1,671,600 4.50 BB-/Ba3 Health Management Associates, Inc.,
Term B Loan, 11/1/18 1,660,108
1,852,559 3.75 BB+/Ba2 Universal Health Services, Inc., Tranche B
Term Loan 2011, 11/30/16 1,830,175
--------------
$ 9,732,382
-------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.0%
464,320 4.50 BB/Ba3 IMS Health, Inc., Tranche B Dollar Term
Loan (2011), 8/31/17 $ 462,463
--------------
Total Health Care Equipment & Services $ 12,797,059
-------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.3%
Biotechnology -- 0.1%
1,018,219 4.50 BB-/Ba3 Grifols, Inc., New U.S. Tranche B Term
Loan, 6/4/17 $ 1,010,688
-------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.0%+
588,123 4.00 BBB-/Ba1 Endo Health Solutions, Inc., Term Loan B
2011, 4/14/18 $ 588,417
-------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.2%
2,729,168 4.25 BB-/Ba3 Catalent Pharma Solutions, Inc., Extended
Dollar Term-1 Loan, 9/15/16 $ 2,713,817
--------------
Total Pharmaceuticals, Biotechnology &
Life Sciences $ 4,312,922
-------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Other Diversified Financial Services -- 0.2%
1,729,718 4.00 BBB-/Baa2 RPI Finance Trust, 6.75 Year Term
Loan, 4/13/18 $ 1,717,466
999,288 5.25 NR/Ba2 WorldPay, Facility B2A Term Loan, 8/6/17 999,601
--------------
$ 2,717,067
--------------
Total Diversified Financials $ 2,717,067
-------------------------------------------------------------------------------------------------------
INSURANCE -- 0.1%
Insurance Brokers -- 0.1%
1,763,837 4.75 B+/B1 HUB International Holdings, Inc., 2017
Initial Term Loan (Extended), 6/13/17 $ 1,753,254
--------------
Total Insurance $ 1,753,254
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 53
Schedule of Investments | 6/30/12 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Internet Software & Services -- 0.1%
1,402,250 4.00 BB+/Ba3 Autotrader.com, Inc., Tranche B-1 Term
Loan, 12/15/16 $ 1,396,407
-------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.1%
1,663,275 3.99 BB/NR SunGard Data Systems, Inc., Tranche C
Term Loan, 2/28/17 $ 1,650,791
-------------------------------------------------------------------------------------------------------
Application Software -- 0.0%+
380,174 3.25 BB+/Baa3 Nuance Communications, Inc., Term C
Loan, 3/31/16 $ 379,858
-------------------------------------------------------------------------------------------------------
Systems Software -- 0.0%+
198,621 3.75 BBB-/Ba2 The Reynolds & Reynolds Co., Tranche B
Term Loan, 3/9/18 $ 197,752
--------------
Total Software & Services $ 3,624,808
-------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.3%
Communications Equipment -- 0.1%
935,264 4.25 NR/NR CommScope, Inc., Tranche 1 Term
Loan, 1/14/18 $ 932,926
-------------------------------------------------------------------------------------------------------
Electronic Components -- 0.2%
2,676,309 2.49 BB+/Ba2 Flextronics Semiconductor, Ltd., A Closing
Date Loan, 10/1/14 $ 2,627,801
494,647 2.50 BB+/Ba2 Flextronics Semiconductor, Ltd., A-1-A
Delayed Draw Loan, 10/1/14 485,682
314,835 2.50 BB+/Ba2 Flextronics Semiconductor, Ltd., A-2
Delayed Draw Loan, 10/1/14 309,129
367,308 2.49 BB+/Ba2 Flextronics Semiconductor, Ltd., A-3
Delayed Draw Loan, 10/1/14 360,650
--------------
$ 3,783,262
--------------
Total Technology Hardware & Equipment $ 4,716,188
-------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.3%
Semiconductor Equipment -- 0.2%
3,361,690 5.75 BB-/B1 Aeroflex, Inc., Tranche B Term
Loan, 4/25/18 $ 3,252,435
-------------------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
985,099 4.00 BB/Ba2 Microsemi Corp., Term Loan, 2/2/18 $ 974,017
510,000 4.25 BBB-/Ba2 Semtech Corp., B Term Loan, 2/21/17 510,000
--------------
$ 1,484,017
--------------
Total Semiconductors &
Semiconductor Equipment $ 4,736,452
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
54 Pioneer Bond Fund | Annual Report | 6/30/12
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Wireless Telecommunication Services -- 0.1%
1,180,000 3.24 B/B3 Intelsat Jackson Holdings SA, Term Loan
(Unsecured), 2/1/14 $ 1,155,220
--------------
Total Telecommunication Services $ 1,155,220
-------------------------------------------------------------------------------------------------------
UTILITIES -- 0.3%
Electric Utilities -- 0.2%
4,044,646 4.74 CCC/B2 Texas Competitive Electric Holdings
Co. LLC, 2017 Term Loan (Extending),
10/10/17 $ 2,426,399
-------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.1%
1,356,300 4.00 BB+/Baa3 NRG Energy, Inc., Term Loan, 5/5/18 $ 1,349,896
--------------
Total Utilities $ 3,776,295
-------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $92,728,954) $ 92,073,812
-------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 3.7%
Repurchase Agreements -- 3.7%
19,150,000 NR/Aaa Deutschebank AG, 0.2%, dated 6/29/12,
repurchase price of $19,150,000
plus accrued interest on 7/2/12
collateralized by the following:
$585,366 U.S. Treasury Bond,
2.0-3.375%, 11/15/26-4/15/32
$18,947,634 U.S. Treasury Strip,
0.0-2.625%, 8/5/12-2/15/42 $ 19,150,000
15,150,000 NR/Aaa JPMorgan, Inc., 0.18%, dated 6/29/12,
repurchase price of $15,150,000
plus accrued interest on 7/2/12
collateralized by $15,453,235 Federal
National Mortgage Association (ARM),
1.755-5.97%, 3/1/34-1/1/42 15,150,000
9,150,000 NR/Aaa RBC Capital Markets, Inc., 0.14%, dated
6/29/12, repurchase price of $9,150,000
plus accrued interest on 7/2/12
collateralized by $9,333,000 Government
National Mortgage Association I,
3.5-5.5%, 2/15/40-6/20/42 9,150,000
TD Securities, Inc., 0.14%, dated 6/29/12,
repurchase price of $9,150,000 plus
accrued interest on 7/2/12 collateralized
by $9,333,073 U.S. Treasury Bond,
2.625-4.5%, 7/31/14-5/15/38 9,150,000
--------------
$ 52,600,000
-------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $52,600,000) $ 52,600,000
-------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 55
Schedule of Investments | 6/30/12 (continued)
-------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate(b) Ratings
Amount ($) (unaudited) (unaudited) Value
-------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 98.7%
(Cost $1,343,642,719) (a) $ 1,414,726,320
-------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 1.3% $ 18,884,115
=======================================================================================================
TOTAL NET ASSETS -- 100.0% $ 1,433,610,435
=======================================================================================================
CREDIT DEFAULT SWAP AGREEMENTS
-------------------------------------------------------------------------------------------------------
Notional Swap Counterparty/
Principal($) Referenced Obligation Unrealized Loss
-------------------------------------------------------------------------------------------------------
14,000,000 JPMorgan Chase & Co., Index: Markit
CDX.NA.IG.18, 1.0%, 6/20/17 $ (76,622)
-------------------------------------------------------------------------------------------------------
TOTAL CREDIT DEFAULT SWAP AGREEMENTS
(Cost $16,039) $ (76,622)
-------------------------------------------------------------------------------------------------------
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
+ Rounds to less than 0.05%
(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, 2012, the value of these securities amounted
to $272,925,998 or 19.0% of total net assets.
** Senior floating rate loan interests in which the Fund invests generally
pay interest at rates that are periodically redetermined by reference to
a base lending rate plus a premium. These base lending rates are
generally (i) the lending rate offered by one or more major European
banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime
rate offered by one or more major U.S. banks, (iii) the certificate of
deposit or (iv) other base lending rates used by commercial lenders. The
rate shown is the coupon rate at period end.
(a) At June 30, 2012, the net unrealized gain on investments based on cost
for federal income tax purposes of $1,342,848,808 was as follows:
Aggregate gross unrealized gain for all investments in which there
is an excess of value over tax cost $ 100,227,036
Aggregate gross unrealized loss for all investments in which there
is an excess of tax cost over value (28,349,524)
-------------
Net unrealized gain $ 71,877,512
=============
(b) Debt obligation with a variable interest rate. Rate shown is rate at end
of period.
(c) Security represents the interest only portion of payments on a pool of
underlying mortgages or mortgage-backed securities.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended June 30, 2012 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government Securities $ 61,040,330 $ 63,442,208
Other Long-Term Securities $ 290,578,556 $ 212,555,908
The accompanying notes are an integral part of these financial statements.
56 Pioneer Bond Fund | Annual Report | 6/30/12
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.)
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements - Note 1A.
The following is a summary of the inputs used as of June 30, 2012, in valuing
the Fund's assets:
-------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 8,385,314 $ -- $ 8,385,314
Preferred Stocks 15,216,385 -- -- 15,216,385
Convertible Preferred Stocks 6,311,250 7,961,800 -- 14,273,050
Asset Backed Securities -- 78,169,875 -- 78,169,875
Collateralized Mortgage Obligations -- 254,390,773 -- 254,390,773
Corporate Bonds -- 516,272,585 -- 516,272,585
U.S. Government Agency Obligations -- 280,516,205 -- 280,516,205
Foreign Government Bonds -- 4,819,006 -- 4,819,006
Municipal Bonds -- 98,009,315 -- 98,009,315
Senior Floating Rate Loan Interests -- 92,073,812 -- 92,073,812
Repurchase Agreements -- 52,600,000 -- 52,600,000
-------------------------------------------------------------------------------------------------
Total $21,527,635 $1,393,198,685 $ -- $1,414,726,320
=================================================================================================
Other Financial Instruments* $ 331,690 $ (76,622) $ -- $ 255,068
=================================================================================================
* Other financial instruments include futures contracts and credit default
swaps.
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
--------------------------------------------------------------------------------
Collateralized
Mortgage
Obligations
--------------------------------------------------------------------------------
Balance as of 6/30/11 $ 232,842
Realized gain (loss)1 --
Change in unrealized appreciation (depreciation)2 --
Net purchases (sales) --
Transfers in and out of Level 3** (232,842)
--------------------------------------------------------------------------------
Balance as of 6/30/12 $ --
================================================================================
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.
** Transfers are calculated on the beginning of period values.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 57
Statement of Assets and Liabilities | 6/30/12
ASSETS:
Investment in securities (cost $1,343,642,719) $1,414,726,320
Cash 6,865,345
Futures Collateral 810,325
Receivables --
Investment securities sold 73,382
Fund shares sold 12,889,277
Interest 12,211,669
Dividends 109,230
Due from Pioneer Investment Management, Inc. 116,703
Variation margin 326,119
Other 47,258
-----------------------------------------------------------------------------------------
Total assets $1,448,175,628
=========================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 9,138,590
Fund shares repurchased 3,022,910
Dividends 1,880,333
Credit default swaps, premiums received 3,405
Unrealized depreciation on credit default swaps 76,622
Due to affiliates 312,874
Accrued expenses 130,459
-----------------------------------------------------------------------------------------
Total liabilities $ 14,565,193
=========================================================================================
NET ASSETS:
Paid-in capital $1,382,117,378
Distributions in excess of net investment income (1,392,581)
Accumulated net realized loss on investments
and futures contracts (18,453,031)
Net unrealized gain on investments 71,083,601
Net unrealized loss on credit default swaps (76,622)
Net unrealized gain on futures contracts 331,690
-----------------------------------------------------------------------------------------
Total net assets $1,433,610,435
=========================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $453,772,382/46,626,208 shares) $ 9.73
Class B (based on $12,941,582/1,337,728 shares) $ 9.67
Class C (based on $93,737,142/9,736,176 shares) $ 9.63
Class R (based on $23,892,191/2,433,397 shares) $ 9.82
Class Y (based on $847,071,630/87,816,999 shares) $ 9.65
Class Z (based on $2,195,508/225,063 shares) $ 9.76
MAXIMUM OFFERING PRICE:
Class A ($9.73 / 95.5% ) $ 10.19
-----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
58 Pioneer Bond Fund | Annual Report | 6/30/12
Statement of Operations
For the Year Ended 6/30/12
INVESTMENT INCOME:
Interest $ 68,544,429
Dividends 1,276,487
Income from securities loaned, net 34,712
---------------------------------------------------------------------------------------------------
Total investment income $ 69,855,628
===================================================================================================
EXPENSES:
Management fees $ 6,527,411
Transfer agent fees
Class A 338,972
Class B 55,343
Class C 50,601
Class R 8,200
Class Y 85,385
Class Z 694
Distribution fees
Class A 1,096,614
Class B 156,312
Class C 901,524
Class R 103,420
Shareholder communications expense 1,325,859
Administrative reimbursements 386,572
Custodian fees 45,895
Registration fees 190,897
Professional fees 114,809
Printing expense 61,476
Fees and expenses of nonaffiliated Trustees 41,729
Miscellaneous 161,729
---------------------------------------------------------------------------------------------------
Total expenses $ 11,653,442
Less fees waived and expenses reimbursed by
Pioneer Investment Management, Inc. (824,894)
---------------------------------------------------------------------------------------------------
Net expenses $ 10,828,548
---------------------------------------------------------------------------------------------------
Net investment income $ 59,027,080
---------------------------------------------------------------------------------------------------
Net realized gain (loss) on:
Investments $ 1,714,669
Class action 17,845
Futures contracts (2,084,350)
Credit default swaps 16,333 $ (335,503)
---------------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $ 17,693,125
Futures contracts 309,609
Credit default swaps (76,622) $17,926,112
---------------------------------------------------------------------------------------------------
Net gain on investments and futures contracts $ 17,590,609
---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 76,617,689
===================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 59
Statement of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Year Ended Year Ended
6/30/12 6/30/11
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 59,027,080 $ 58,916,585
Net realized gain on investments and futures contracts (335,503) 19,978,053
Change in net unrealized gain on investments, credit default
swaps and futures contracts 17,926,112 6,496,838
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 76,617,689 $ 85,391,476
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.43 and $0.44 per share, respectively) $ (19,730,298) $ (19,115,565)
Class B ($0.33 and $0.34 per share, respectively) (543,288) (814,135)
Class C ($0.35 and $0.35 per share, respectively) (3,283,618) (3,061,924)
Class R ($0.40 and $0.41 per share, respectively) (844,452) (841,089)
Class Y ($0.45 and $0.46 per share, respectively) (36,596,527) (33,941,983)
Class Z ($0.46 and $0.46 per share, respectively) (63,937) (34,116)
Net realized gain:
Class A ($0.05 and $0.00 per share, respectively) (2,175,260) --
Class B ($0.05 and $0.00 per share, respectively) (84,708) --
Class C ($0.05 and $0.00 per share, respectively) (468,609) --
Class R ($0.05 and $0.00 per share, respectively) (100,096) --
Class Y ($0.05 and $0.00 per share, respectively) (4,001,897) --
Class Z ($0.05 and $0.00 per share, respectively) (4,956) --
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (67,897,646) $ (57,808,812)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 495,304,090 $ 502,805,760
Reinvestment of distributions 41,060,757 31,046,676
Cost of shares repurchased (452,496,717) (483,127,000)
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 83,868,130 $ 50,725,436
--------------------------------------------------------------------------------------------------
Net increase in net assets $ 92,588,173 $ 78,308,100
NET ASSETS:
Beginning of period 1,341,022,262 1,262,714,162
--------------------------------------------------------------------------------------------------
End of period $1,433,610,435 $1,341,022,262
==================================================================================================
Undistributed (distributions in excess of) net
investment income $ (1,392,581) $ 575,991
==================================================================================================
The accompanying notes are an integral part of these financial statements.
60 Pioneer Bond Fund | Annual Report | 6/30/12
------------------------------------------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
------------------------------------------------------------------------------------------------
CLASS A
Shares sold 16,727,695 $ 161,640,303 27,278,290 $ 263,115,680
Reinvestment of distributions 1,828,665 17,631,168 1,589,792 15,316,927
Less shares repurchased (23,798,695) (230,385,873) (21,554,132) (207,161,586)
------------------------------------------------------------------------------------------------
Net increase (decrease) (5,242,335) $ (51,114,402) 7,313,950 $ 71,271,021
================================================================================================
CLASS B
Shares sold or exchanged 247,924 $ 2,395,584 222,239 $ 2,121,453
Reinvestment of distributions 60,804 582,295 77,652 743,038
Less shares repurchased (895,246) (8,592,690) (1,289,045) (12,303,562)
------------------------------------------------------------------------------------------------
Net decrease (586,518) $ (5,614,811) (989,154) $ (9,439,071)
================================================================================================
CLASS C
Shares sold 3,526,577 $ 33,738,657 2,737,693 $ 26,073,411
Reinvestment of distributions 270,485 2,578,644 213,686 2,036,474
Less shares repurchased (2,738,794) (26,122,885) (3,040,932) (28,890,255)
------------------------------------------------------------------------------------------------
Net increase (decrease) 1,058,268 $ 10,194,416 (89,553) $ (780,370)
================================================================================================
CLASS R
Shares sold 1,408,283 $ 13,985,377 1,314,257 $ 12,751,688
Reinvestment of distributions 80,268 780,766 63,853 620,735
Less shares repurchased (1,160,309) (11,320,599) (1,182,197) (11,480,126)
------------------------------------------------------------------------------------------------
Net increase (decrease) 328,242 $ 3,445,544 195,913 $ 1,892,297
================================================================================================
CLASS Y
Shares sold 29,204,230 $ 277,000,768 20,798,206 $ 198,381,546
Reinvestment of distributions 2,032,263 19,420,618 1,288,384 12,308,045
Less shares repurchased (18,352,855) (175,882,776) (23,425,218) (222,959,013)
------------------------------------------------------------------------------------------------
Net increase (decrease) 12,883,638 $ 120,538,610 (1,338,628) $ (12,269,422)
================================================================================================
CLASS Z
Shares sold 156,608 $ 6,543,401 37,285 $ 361,982
Reinvestment of distributions 6,949 67,266 2,220 21,457
Less shares repurchased (19,851) (191,894) (34,264) (332,458)
------------------------------------------------------------------------------------------------
Net increase 143,706 $ 6,418,773 5,241 $ 50,981
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 61
Financial Highlights
--------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/12 6/30/11 6/30/10 6/30/09 6/30/08
--------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.66 $ 9.44 $ 8.63 $ 9.10 $ 8.95
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.42 $ 0.45 $ 0.45 $ 0.50 $ 0.43
Net realized and unrealized gain (loss) on investments 0.13 0.21 0.80 (0.31) 0.16
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.55 $ 0.66 $ 1.25 $ 0.19 $ 0.59
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.43) (0.44) (0.44) (0.55) (0.44)
Net realized gain (0.05) -- -- (0.11) --
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.07 $ 0.22 $ 0.81 $ (0.47) $ 0.15
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.73 $ 9.66 $ 9.44 $ 8.63 $ 9.10
==========================================================================================================================
Total return* 5.91% 7.08% 14.71% 2.65% 6.64%
Ratio of net expenses to average net assets+ 0.85% 0.85% 0.85% 0.89%(a) 1.00%
Ratio of net investment income to average net assets+ 4.35% 4.63% 4.86% 5.88% 4.60%
Portfolio turnover rate 21% 36% 41% 34% 73%
Net assets, end of period (in thousands) $453,772 $500,905 $420,706 $320,036 $265,959
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.03% 1.06% 1.07% 1.09% 1.04%
Net investment income 4.17% 4.42% 4.64% 5.68% 4.56%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 0.85% 0.85% 0.85% 0.89%(a) 1.00%
Net investment income 4.35% 4.63% 4.86% 5.88% 4.60%
--------------------------------------------------------------------------------------------------------------------------
* 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.
62 Pioneer Bond Fund | Annual Report | 6/30/12
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/12 6/30/11 6/30/10 6/30/09 6/30/08
-----------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.60 $ 9.38 $ 8.58 $ 9.05 $ 8.90
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.31 $ 0.35 $ 0.35 $ 0.42 $ 0.34
Net realized and unrealized gain (loss) on investments 0.14 0.21 0.79 (0.31) 0.16
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.45 $ 0.56 $ 1.14 $ 0.11 $ 0.50
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.33) (0.34) (0.34) (0.47) (0.35)
Net realized gain (0.05) -- -- (0.11) --
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.07 $ 0.22 $ 0.80 $ (0.47) $ 0.15
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.67 $ 9.60 $ 9.38 $ 8.58 $ 9.05
=============================================================================================================================
Total return* 4.82% 5.99% 13.47% 1.62% 5.70%
Ratio of net expenses to average net assets+ 1.90% 1.90% 1.90% 1.90% 1.90%
Ratio of net investment income to average net assets+ 3.31% 3.59% 3.89% 4.90% 3.72%
Portfolio turnover rate 21% 36% 41% 34% 73%
Net assets, end of period (in thousands) $12,942 $18,474 $27,342 $31,738 $34,106
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 2.02% 1.95% 1.98% 1.99% 1.90%
Net investment income 3.19% 3.54% 3.81% 4.81% 3.72%
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% 1.90% 1.89%
Net investment income 3.31% 3.59% 3.89% 4.90% 3.73%
-----------------------------------------------------------------------------------------------------------------------------
* 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 | 6/30/12 63
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/12 6/30/11 6/30/10 6/30/09 6/30/08
-----------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.55 $ 9.34 $ 8.54 $ 9.02 $ 8.87
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.33 $ 0.36 $ 0.37 $ 0.42 $ 0.35
Net realized and unrealized gain (loss) on investments 0.15 0.20 0.78 (0.31) 0.16
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.48 $ 0.56 $ 1.15 $ 0.11 $ 0.51
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.35) (0.35) (0.35) (0.48) (0.36)
Net realized gain (0.05) -- -- (0.11) --
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.08 $ 0.21 $ 0.80 $ (0.48) $ 0.15
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.63 $ 9.55 $ 9.34 $ 8.54 $ 9.02
=============================================================================================================================
Total return* 5.12% 6.06% 13.63% 1.62% 5.80%
Ratio of net expenses to average net assets+ 1.73% 1.73% 1.79% 1.83% 1.82%
Ratio of net investment income to average net assets+ 3.47% 3.75% 3.91% 4.93% 3.79%
Portfolio turnover rate 21% 36% 41% 34% 73%
Net assets, end of period (in thousands) $93,737 $82,915 $81,892 $53,045 $35,784
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.73% 1.73% 1.79% 1.83% 1.82%
Net investment income 3.47% 3.75% 3.91% 4.93% 3.79%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 1.73% 1.73% 1.79% 1.83% 1.82%
Net investment income 3.47% 3.75% 3.91% 4.93% 3.79%
-----------------------------------------------------------------------------------------------------------------------------
* 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.
64 Pioneer Bond Fund | Annual Report | 6/30/12
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/12 6/30/11 6/30/10 6/30/09 6/30/08
-----------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 9.74 $ 9.52 $ 8.71 $ 9.18 $ 9.05
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.39 $ 0.41 $ 0.42 $ 0.48 $ 0.40
Net realized and unrealized gain (loss) on investments 0.14 0.22 0.80 (0.31) 0.15
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.53 $ 0.63 $ 1.22 $ 0.17 $ 0.55
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.40) (0.41) (0.41) (0.53) (0.42)
Net realized gain (0.05) -- -- (0.11) --
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.08 $ 0.22 $ 0.81 $ (0.47) $ 0.13
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.82 $ 9.74 $ 9.52 $ 8.71 $ 9.18
=============================================================================================================================
Total return* 5.58% 6.67% 14.18% 2.35% 6.15%
Ratio of net expenses to average net assets+ 1.25% 1.24% 1.25% 1.25% 1.25%
Ratio of net investment income to average net assets+ 3.94% 4.25% 4.50% 5.53% 4.35%
Portfolio turnover rate 21% 36% 41% 34% 73%
Net assets, end of period (in thousands) $23,892 $20,508 $18,186 $15,404 $11,263
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.35% 1.24% 1.26% 1.30% 1.31%
Net investment income 3.84% 4.25% 4.49% 5.48% 4.30%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 1.25% 1.24% 1.25% 1.25% 1.25%
Net investment income 3.94% 4.25% 4.50% 5.53% 4.35%
-----------------------------------------------------------------------------------------------------------------------------
* 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 | 6/30/12 65
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/12 6/30/11 6/30/10 6/30/09 6/30/08
-----------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.57 $ 9.36 $ 8.55 $ 9.02 $ 8.88
-----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.44 $ 0.47 $ 0.47 $ 0.53 $ 0.45
Net realized and unrealized gain (loss) on investments 0.14 0.20 0.79 (0.31) 0.16
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.58 $ 0.67 $ 1.26 $ 0.22 $ 0.61
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.45) (0.46) (0.45) (0.58) (0.47)
Net realized gain (0.05) -- -- (0.11) --
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.08 $ 0.21 $ 0.81 $ (0.47) $ 0.14
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.65 $ 9.57 $ 9.36 $ 8.55 $ 9.02
=============================================================================================================================
Total return* 6.27% 7.25% 15.06% 2.95% 6.91%
Ratio of net expenses to average net assets+ 0.65% 0.61% 0.61% 0.63% 0.59%
Ratio of net investment income to average net assets+ 4.55% 4.88% 5.13% 6.10% 5.02%
Portfolio turnover rate 21% 36% 41% 34% 73%
Net assets, end of period (in thousands) $847,072 $717,433 $713,869 $589,661 $710,219
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.65% 0.61% 0.61% 0.64% 0.61%
Net investment income 4.55% 4.88% 5.13% 6.09% 5.00%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 0.65% 0.61% 0.61% 0.63% 0.59%
Net investment income 4.55% 4.88% 5.13% 6.10% 5.02%
-----------------------------------------------------------------------------------------------------------------------------
* 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.
66 Pioneer Bond Fund | Annual Report | 6/30/12
--------------------------------------------------------------------------------------------------------------------------
Year Year Year Year 7/6/07 (a)
Ended Ended Ended Ended to
6/30/12 6/30/11 6/30/10 6/30/09 6/30/08
--------------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 9.68 $ 9.46 $ 8.67 $ 9.10 $ 8.89
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.45 $ 0.47 $ 0.48 $ 0.54 $ 0.45
Net realized and unrealized gain (loss) on investments 0.14 0.21 0.77 (0.28) 0.22
--------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.59 $ 0.68 $ 1.25 $ 0.26 $ 0.67
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.46) (0.46) (0.46) (0.58) (0.46)
Net realized gain (0.05) -- -- (0.11) --
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.08 $ 0.22 $ 0.79 $ (0.43) $ 0.21
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.76 $ 9.68 $ 9.46 $ 8.67 $ 9.10
==========================================================================================================================
Total return* 6.23% 7.30% 14.68% 3.42% 7.63%(b)
Ratio of net expenses to average net assets+ 0.65% 0.65% 0.63% 0.65% 0.58%**
Ratio of net investment income to average net assets+ 4.50% 4.82% 5.00% 5.91% 5.00%**
Portfolio turnover rate 21% 36% 41% 34% 73%
Net assets, end of period (in thousands) $2,196 $ 787 $ 720 $ 382 $ 102
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.83% 0.72% 0.63% 0.67% 0.58%**
Net investment income 4.32% 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% 0.65% 0.63% 0.65% 0.58%**
Net investment income 4.50% 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 fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/12 67
Notes to Financial Statements | 6/30/12
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.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
68 Pioneer Bond Fund | Annual Report | 6/30/12
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. 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.
Securities or senior 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. Examples
of a significant event might include political or economic news, corporate
restructurings, natural disasters, terrorist activity or trading halts. Thus,
the valuation of the Fund's securities may differ from exchange prices.
At June 30, 2012, there were no securities valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services). 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.
Pioneer Bond Fund | Annual Report | 6/30/12 69
Principal amounts of mortgage-backed securities, asset-backed securities and
corporate bonds are adjusted for monthly paydowns. Premiums and discounts
related to certain mortgage-backed securities are amortized or accreted in
proportion to the monthly paydowns. All discounts/premiums on 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
federal and state 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, 2012, the Fund reclassified $158 to decrease paid-in capital,
$66,468 to decrease distributions in excess of net investment income and
$66,310 to increase 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, 2012, the Fund had a net capital loss carryforward of
$19,070,867, of which the following amounts will expire between 2014 and 2016
if not utilized: $4,128,229 in 2014, $7,351,686 in 2015 and $7,590,952 in
2016. The entire amount of which resulted from the reorganization with
Regions Morgan Keegan Select Fixed Income Fund on May 15, 2009 and may be
subject to limitations imposed by the Internal Revenue Code.
70 Pioneer Bond Fund | Annual Report | 6/30/12
The tax character of distributions paid during the years ended June 30, 2012
and June 30, 2011 was as follows:
---------------------------------------------------------------------------------------
2012 2011
---------------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 61,062,120 $ 57,808,812
Long-term capital gain 6,835,526 --
---------------------------------------------------------------------------------------
Total $ 67,897,646 $ 57,808,812
=======================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at June 30, 2012:
--------------------------------------------------------------------------------
2012
--------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 566,745
Capital loss carryforward (19,070,867)
Dividends payable (1,880,333)
Net unrealized gain 71,877,512
--------------------------------------------------------------------------------
Total $ 51,493,057
================================================================================
The difference between book-basis and tax-basis net unrealized gain 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, the mark-to-market of futures contracts and
credit default swaps.
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 $119,441 in underwriting commissions on the sale of Class A shares
during the year ended June 30, 2012.
D. Class Allocations
Income, common expenses, and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning of
the day. During the period, the Fund recognized gains of $17,845 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).
Pioneer Bond Fund | Annual Report | 6/30/12 71
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. Risks
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible
to any economic, political, or regulatory developments or other risks
affecting those industries and sectors. The Fund's prospectus contains
unau-dited information regarding the Fund's principal risks. Please refer to
that document when considering the Fund's principal risks.
F. 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 number of contracts open during the year ended June 30,
2012 was 1,128.
72 Pioneer Bond Fund | Annual Report | 6/30/12
At June 30, 2012, open futures contracts were as follows:
---------------------------------------------------------------------------------------------
Number of
Contracts Settlement Unrealized
Type Long/(Short) Month Value Gain/(Loss)
---------------------------------------------------------------------------------------------
U.S. 5 Year Note (CBT) (423) 9/12 $ (52,438,781) $ 72,705
U.S. Long Bond (CBT) (46) 9/12 (6,806,563) 51,750
U.S. 10 Year Note (CBT) (359) 9/12 (47,881,625) 101,047
U.S. 2 Year Note (CBT) (248) 9/12 (54,606,500) 50,376
U.S. Ultra Bond (CBT) 19 9/12 3,170,031 55,812
---------------------------------------------------------------------------------------------
$ (158,563,438) $ 331,690
=============================================================================================
G. 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.
H. Securities Lending
The Fund may lend 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. At June 30, 2012, the Fund had no securities on loan.
Pioneer Bond Fund | Annual Report | 6/30/12 73
I. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre-defined credit event. The Fund may buy or
sell credit default swap contracts to increase the Fund's income, to add
leverage to the portfolio or to hedge the risk of default on portfolio
securities. As a seller of protection, the Fund would be required to pay the
notional (or other agreed-upon) value of the referenced debt obligation to
the counterparty in the event of a default by a U.S. or foreign corporate
issuer of a debt obligation, which would likely result in a loss to the Fund.
In return, the Fund would receive from the counterparty a periodic stream of
payments during the term of the contract provided that no event of default
occurred. The maximum exposure of loss to the seller would be the notional
value of the credit default swaps outstanding. If no default occurs, the Fund
would keep the stream of payments and would have no payment obligation. The
Fund may also buy credit default swap contracts in order to hedge against the
risk of default of debt securities, in which case the Fund would function as
the counterparty referenced above.
When the Fund enters into a credit default swap contract, one party, the
protection buyer, makes an upfront or periodic payment to the protection
seller in exchange for the right to receive a contingent payment. An upfront
payment received by the Fund, as the protection seller, is recorded as a
liability in the Fund's records. An upfront payment made by the Fund, as the
protection buyer, is recorded as an asset in the Fund's records. Periodic
payments received or paid by the Fund are recorded as realized gains or
losses.
The credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is recorded
as unrealized gain or loss. Payments received or made as a result of a credit
event or upon termination of the contract are recognized, net of the
appropriate amount of the upfront payment, as realized gains or losses.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt instrument
directly. Credit default swap contracts are subject to general market risk,
liquidity risk, counterparty risk and credit risk. If the Fund is a
protection buyer and no credit event occurs, it will lose its investment. If
the Fund is a protection seller and a credit event occurs, the value of the
referenced debt instrument received by the Fund, together with the periodic
payments received, may be less than the amount the Fund pays to the
protection buyer, resulting in a loss to the Fund.
74 Pioneer Bond Fund | Annual Report | 6/30/12
During the year ended June 30, 2012, the Fund entered into one credit default
swap contract, with a notional amount of $14,000,000, which was still open at
year end. Credit default swap contracts outstanding at year end are listed at
the end of the Fund's schedule of investments.
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,
2012, 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. Fees waived and expenses reimbursed
during the year ended June 30, 2012 are reflected on the Statement of
Operations. These expense limitations are in effect through November 1, 2013 for
Class A, Class B, Class C, Class R and Class Z 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
$82,231 in management fees, administrative costs and certain other
reimbursements payable to PIM at June 30, 2012.
Effective March 5, 2012 PIM has retained Brown Brothers Harriman & Co. to
provide certain sub-administration and accounting services to the Fund.
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, 2012, such out-of-pocket expenses by class of shares
were as follows:
Pioneer Bond Fund | Annual Report | 6/30/12 75
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 609,032
Class B 16,707
Class C 95,733
Class R 50,588
Class Y 550,674
Class Z 3,125
--------------------------------------------------------------------------------
Total: $ 1,325,859
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $211,651 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at June 30, 2012.
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 $18,992 in distribution fees payable to PFD at June 30, 2012.
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 12 months of purchase. 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
76 Pioneer Bond Fund | Annual Report | 6/30/12
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, 2012, CDSCs in the amount of $23,329
were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended June 30, 2012, 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, 2012 were as follows:
---------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments Asset Derivatives 2012 Liabilities Derivatives 2012
Under Accounting --------------------------------------------------------------
Standards Codification Balance Sheet Balance Sheet
(ASC) 815 Location Value Location Value
---------------------------------------------------------------------------------------------
Interest Rate Futures* Receivables $ 810,325 Payables $ --
Credit Default Swaps Receivables $ -- Payables $ 76,622
---------------------------------------------------------------------------------------------
Total
=============================================================================================
* Reflects the unrealized depreciation on futures contracts (see Note 1F). The
current day's variation margin is separately disclosed on the Statement of
Assets and Liabilities.
The effect of derivative instruments on the Statement of Operations for the year
ended June 30, 2012 was as follows:
-------------------------------------------------------------------------------------------------
Derivatives Not Realized Change in
Accounted for as Gain or Unrealized
Hedging Instruments Loss on Gain or (Loss)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 185 in Income in Income in Income
-------------------------------------------------------------------------------------------------
Interest Rate Futures Net realized loss on futures $(2,084,350)
contracts
Interest Rate Futures Change in unrealized gain on
futures contracts 309,609
Credit Default Swaps Net realized gain on credit
default swaps 16,333
Credit Default Swaps Change in unrealized loss on
credit default swaps (76,622)
-------------------------------------------------------------------------------------------------
Pioneer Bond Fund | Annual Report | 6/30/12 77
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,
2012, 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, 2012, 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 at June 30, 2012, the results of its operations for the year
then ended, the changes in its net assets for each of the two years in the
period then ended, and the financial highlights for each of the periods
indicated therein, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
August 24, 2012
78 Pioneer Bond Fund | Annual Report | 6/30/12
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
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.
Pioneer Bond Fund | Annual Report | 6/30/12 79
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (61) Trustee since 2006. Chairman and Chief Executive Officer, Quadriserv, Director, Broadridge Financial
Chairman of the Board Serves until a Inc. (technology products for securities lending Solutions, Inc. (investor
and Trustee successor trustee industry) (2008 - present); private investor (2004 communications and securities
is elected or - 2008); and Senior Executive Vice President, The processing provider for
earlier retirement Bank of New York (financial and securities financial services industry)
or removal. services) (1986 - 2004) (2009 - present); Director,
Quadriserv, Inc. (2005 -
present); and Commissioner,
New Jersey State Civil Service
Commission (2011 - present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (68) Trustee since 2005. Managing Partner, Federal City Capital Advisors Director of Enterprise
Trustee Serves until a (corporate advisory services company) (1997 - 2004 Community Investment, Inc.
successor trustee and 2008 - present); Interim Chief Executive (privately held affordable
is elected or Officer, Oxford Analytica, Inc. (privately held housing finance company) (1985
earlier retirement research and consulting company) (2010); Executive - 2010); Director of Oxford
or removal. Vice President and Chief Financial Officer, I-trax, Analytica, Inc. (2008 -
Inc. (publicly traded health care services present); Director of The
company) (2004 - 2007); and Executive Vice Swiss Helvetia Fund, Inc.
President and Chief Financial Officer, Pedestal (closed-end fund) (2010 -
Inc. (internet-based mortgage trading company) present); and Director of New
(2000 - 2002) York Mortgage Trust (publicly
traded mortgage REIT) (2004 -
2009, 2012 - present)
------------------------------------------------------------------------------------------------------------------------------------
80 Pioneer Bond Fund | Annual Report | 6/30/12
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (64) Trustee since 1997. Chairman, Bush International, LLC Director of Marriott
Trustee Serves until a (international financial advisory firm) (1991 - International, Inc. (2008 -
successor trustee present); Senior Managing Director, Brock present); Director of Discover
is elected or Capital Group, LLC (strategic business Financial Services (credit card
earlier retirement advisors) (2010 - present); Managing Director, issuer and electronic payment
or removal. Federal Housing Finance Board (oversight of services) (2007 - present);
Federal Home Loan Bank system) (1989 - 1991); Former Director of Briggs &
Vice President and Head of International Stratton Co. (engine
Finance, Federal National Mortgage Association manufacturer) (2004 - 2009);
(1988 - 1989); U.S. Alternate Executive Former Director of UAL
Director, International Monetary Fund (1984 - Corporation (airline holding
1988); Executive Assistant to Deputy Secretary company) (2006 - 2010); Director
of the U.S. Treasury, U.S. Treasury Department of ManTech International
(1982 - 1984); and Vice President and Team Corporation (national security,
Leader in Corporate Banking, Bankers Trust Co. defense, and intelligence
(1976 - 1982) 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)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Bond Fund | Annual Report | 6/30/12 81
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional
(67) Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
Trustee successor trustee is Mellon Institutional Funds
elected or earlier Master Portfolio (oversaw 17
retirement or portfolios in fund complex)
removal. (1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham Trustee since 1996. Founding Director, Vice President and Corporate None
(65) Serves until a Secretary, The Winthrop Group, Inc. (consulting
Trustee successor trustee is firm) (1982-present); Desautels Faculty of
elected or earlier Management, McGill University (1999 - present); and
retirement or Manager of Research Operations and Organizational
removal. Learning, Xerox PARC, Xerox's advance research
center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (64) Trustee since 1996. President and Chief Executive Officer, Newbury, Director of New America High
Trustee Serves until a Piret & Company, Inc. (investment banking firm) Income Fund, Inc. (closed-end
successor trustee is (1981 - present) investment company) (2004 -
elected or earlier present); and member, Board of
retirement or Governors, Investment Company
removal. Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (83) Trustee since 2012. Senior Counsel, Sullivan & Cromwell LLP (law firm) Director, The Swiss Helvetia
Trustee Serves until a (1998 - present); and Partner, Sullivan & Cromwell Fund, Inc. (closed-end
successor trustee is LLP (prior to 1998) investment company); and
elected or earlier Director, Invesco, Ltd.
retirement or (formerly AMVESCAP, PLC)
removal. (investment manager)
(1997-2005)
------------------------------------------------------------------------------------------------------------------------------------
82 Pioneer Bond Fund | Annual Report | 6/30/12
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (86)* Trustee since 1996. Non-Executive Chairman and a director of Pioneer None
Trustee and President Serves until a Investment Management USA Inc. ("PIM-USA"); Chairman
successor trustee is and a director of Pioneer; Chairman and Director of
elected or earlier Pioneer Institutional Asset Management, Inc. (since
retirement or 2006); Director of Pioneer Alternative Investment
removal. Management Limited (Dublin) (until October 2011);
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.
(2004 - 2011); Director of Fiduciary Counseling, Inc.
(until December 2001); President and Director of
Pioneer Funds Distributor, Inc. ("PFD") (until May
2006); President of all of the Pioneer Funds; and
Retired Partner, Wilmer Cutler Pickering Hale and Dorr
LLP
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (53)* Trustee since 2007. Director, CEO and President of PIM-USA (since February None
Trustee and Executive Serves until a 2007); Director and President of Pioneer and Pioneer
Vice President successor trustee is Institutional Asset Management, Inc. (since February
elected or earlier 2007); Executive Vice President of all of the Pioneer
retirement or Funds (since March 2007); Director of PGAM (2007 -
removal. 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 | 6/30/12 83
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (47) Since 2010. Serves at Vice President and Associate General Counsel of Pioneer None
Secretary the discretion of the since January 2008 and Secretary of all of the Pioneer
Board. 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 (51) Since 2010. Serves at Fund Governance Director of Pioneer since December 2006 None
Assistant Secretary the discretion of the and Assistant Secretary of all the Pioneer Funds since
Board. 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 (49) Since 2010. Serves at Counsel of Pioneer since June 2007 and Assistant None
Assistant Secretary the discretion of the Secretary of all the Pioneer Funds since June 2010; and
Board. Vice President and Counsel at State Street Bank from
October 2004 to June 2007
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (52) Since 2008. Serves at Vice President - Fund Treasury of Pioneer; Treasurer of None
Treasurer the discretion of the all of the Pioneer Funds since March 2008; Deputy
Board. Treasurer of Pioneer from March 2004 to February 2008;
and Assistant Treasurer of all of the Pioneer Funds
from March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (47) Since 2000. Serves at Assistant Vice President - Fund Treasury of Pioneer; None
Assistant Treasurer the discretion of the and Assistant Treasurer of all of the Pioneer Funds
Board.
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (54) Since 2002. Serves at Fund Accounting Manager - Fund Treasury of Pioneer; and None
Assistant Treasurer the discretion of the Assistant Treasurer of all of the Pioneer Funds
Board.
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (32) Since 2009. Serves at Fund Administration Manager - Fund Treasury of Pioneer None
Assistant Treasurer the discretion of the since November 2008; Assistant Treasurer of all of the
Board. Pioneer Funds since January 2009; and Client Service
Manager - Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
84 Pioneer Bond Fund | Annual Report | 6/30/12
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (59) Since 2010. Serves at Chief Compliance Officer of Pioneer and of all the None
Chief Compliance Officer the discretion of the Pioneer Funds since March 2010; Director of Adviser
Board. and Portfolio Compliance at Pioneer since October
2005; and Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003 to
October 2005
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Bond Fund | Annual Report | 6/30/12 85
This page for your notes.
86 Pioneer Bond Fund | Annual Report | 6/30/12
This page for your notes.
Pioneer Bond Fund | Annual Report | 6/30/12 87
This page for your notes.
88 Pioneer Bond Fund | Annual Report | 6/30/12
This page for your notes.
Pioneer Bond Fund | Annual Report | 6/30/12 89
This page for your notes.
90 Pioneer Bond Fund | Annual Report | 6/30/12
This page for your notes.
Pioneer Bond Fund | Annual Report | 6/30/12 91
This page for your notes.
92 Pioneer Bond Fund | Annual Report | 6/30/12
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
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(c) 2012 Pioneer Investments 19398-06-0812
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 (see attachment);
(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 $44,266 in 2012 and approximately $44,286 in
2011.
(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 2012 or 2011.
(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 2012 and $8,290 in 2011.
(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, 2012 and 2011.
(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, 2012 and 2011, 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 2012 and
$8,290 in 2011.
(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, 2012
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, 2012
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date August 29, 2012
* Print the name and title of each signing officer under his or her signature.