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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, 2012 through December 31, 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
--------------------------------------------------------------------------------
Semiannual Report | December 31, 2012
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIOBX
Class B PBOBX
Class C PCYBX
Class K PBFKX*
Class R PBFRX
Class Y PICYX
Class Z PIBZX
* Class K shares were first publicly offered on December 20, 2012.
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 18
Schedule of Investments 20
Financial Statements 66
Notes to Financial Statements 77
Approval of Investment Advisory Agreement 87
Trustees, Officers and Service Providers 91
Pioneer Bond Fund | Semiannual Report | 12/31/12 1
President's Letter
Dear Shareowner,
Pioneer has been cautiously optimistic about the U.S. economy from the start of
the year, and the data continues to be encouraging. Employment continues to
rise, albeit slowly, and we believe it should continue to do so in 2013, barring
a negative shock to the system. The housing and auto sectors continue to
recover, benefiting from record-low interest rates. Banks' willingness to lend
to consumers and businesses also continues to rise, broad measures of inflation
remain subdued, and, if the weather improves in 2013, that should help to bring
food prices back down. While corporate profit growth has slowed, many U.S.
companies still have strong balance sheets and continue to display the ability
to both pay and increase dividends*.
While the so-called "fiscal cliff" scheduled to take effect at year-end
dominated the media in December--and while no deal was struck before markets
closed for the year--investors who owned financial assets like equities and
high-yield corporate bonds generally enjoyed good returns in 2012. The Standard
& Poor's 500 Index returned 16% in 2012, and the Bank of America Merrill Lynch
High Yield Master II Index returned 15.6%. Meanwhile, the higher-quality
Barclays Capital Aggregate Bond Index gained 4.2% for the year, the safer-still
Barclays Capital Intermediate Treasuries Index returned 3.9%, and 3-month
Treasury bills, generally regarded as essentially "risk free" by the markets,
returned just 0.1% in 2012.
Despite generally improving economic conditions and positive market returns in
2012, investors still face daunting challenges in the year ahead, although we
remain optimistic that the underlying economic trends are moving in the right
direction. The year-end "fiscal cliff" deal did not eliminate the risk of
further tax increases or spending cuts, nor did it eliminate the risk that the
U.S. could face further downgrades to its credit rating from one or more of the
major ratings agencies.The Federal Reserve Board continues to provide
extraordinary support to the U.S. economy and the bond market, but will not do
so indefinitely. Europe has made progress towards dampening its sovereign-debt
crisis, but has not resolved the problem as yet; the region also was mired in a
recession as 2012 drew to a close. In Asia, Japan continues to struggle with low
economic growth,
* Dividends are not guaranteed.
2 Pioneer Bond Fund | Semiannual Report | 12/31/12
deflation, high levels of debt, and an aging population. In the emerging
markets, China and other developing economies, while generally in better shape
than most "developed" markets, also face a range of ongoing challenges.
While most of the risks outlined above are widely recognized and may already be
"priced in" to the market, we believe investors should continue to expect market
volatility tied to these factors.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. 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, keeping in mind that there is no single best strategy that
works for every investor.
In 2013, Pioneer proudly celebrates its 85th anniversary. Since 1928, our
investment teams have sought out attractive opportunities in global equity and
bond markets, using in-depth research to identify undervalued individual
securities, and using thoughtful risk management to construct portfolios which
balance potential risks and reward in an ever-changing world.
We encourage 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 | Semiannual Report | 12/31/12 3
Portfolio Management Discussion | 12/31/12
Credit-sensitive fixed-income securities, including corporate bonds,
outperformed Treasuries and government agency bonds during the final half of
2012, after the U.S. Federal Reserve (the Fed) and other central banks signaled
their intentions to pursue economically stimulative monetary policies. In the
following discussion, Kenneth J. Taubes reviews the factors that affected the
performance of Pioneer Bond Fund during the six months ended December 31, 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 would you describe the investment environment for fixed-income
securities during the six months ended December 31, 2012?
A The fixed-income markets generally stabilized and credit sectors, in
general, fared well in the second half of 2012, after worries about the
global economy had undermined investor confidence and created volatility
during the year's second calendar quarter (April through June).
As the performance of credit-sensitive corporate bonds and other asset
classes such as stocks deteriorated with the volatility in the second
quarter, the central banks of some of the world's major economies began
intervening in the summer and fall 2012 with new and enhanced policies
intended to stimulate growth and rebuild confidence. First, the European
Central Bank (ECB) announced that it would become more active in buying
the short-term debt of peripheral European nations, including Greece and
Spain, in an effort to keep borrowing rates low for national governments
on the Continent. Shortly after that, the Fed announced its third round
of quantitative easing ("QE3"), which entailed the purchase of
mortgage-backed securities in the open market. Additionally, monetary
authorities in China announced that they also were lowering short-term
interest rates and easing credit conditions. The actions by the Chinese
authorities renewed investors' confidence not only in the economy of
China, but also in the growth prospects for the emerging markets in
general.
The combination of announcements by the three central banks helped to
trigger a sharp rally in the financial markets, and high-yield and other
credit-sensitive securities rallied through the end of the period in
December, outperforming higher-quality securities.
In the United States meanwhile, November's elections appeared to confirm
the status quo of a divided government in Washington. While the election
results removed some uncertainty regarding future tax and regulatory
policies in the U.S., they also signaled a potential continuance of
political gridlock. Indeed, as 2012 ended and a deal to avoid the
so-called "fiscal cliff" was reached, some investors began to worry that
the next budget battle between Congress and the
4 Pioneer Bond Fund | Semiannual Report | 12/31/12
White House over raising the U.S. debt ceiling could reprise the
bitterness and posturing that characterized the 2011 debt-ceiling
debate--a debate that greatly unsettled the markets. The fallout from the
2011 debt-ceiling drama has been cited as one reason why Standard & Poor's
eventually lowered the long-term sovereign-credit rating of the U.S. from
AAA to AA+ in August of 2011.
Q How did the Fund perform during the six months ended December 31, 2012?
A Pioneer Bond Fund's Class A shares returned 4.22% at net asset value
during the six months ended December 31, 2012, while the Fund's benchmark,
the Barclays Aggregate Bond Index (Barclays index) returned 1.80%. During
the same period, the average return of the 97 mutual funds in Lipper's
Corporate Debt, A-rated Funds category was 3.31%.
Q What investments strategies did you employ during the six months ended
December 31, 2012, and how did they affect the Fund's performance?
A Throughout the period, we overweighted the portfolio to credit and under-
weighted it to Treasuries and government agency bonds. The positioning
helped the Fund outperform both the Barclays Index and its Lipper peers
during the six-month period. We maintained the Fund's credit-overweight
positioning because we believed that, in spite of periodic worries, the
nation's economic recovery would continue, albeit at a slow pace. We also
believed that government debt, including U.S. Treasuries, was expensive
and did not offer attractive relative value. At the same time, U.S.
corporations, for the most part, had built up solid balance sheets with
manageable debt loads, leading us to believe that credit risk was
contained.
As a consequence, we consistently emphasized corporate bonds and other
credit-sensitive securities in the Fund during the period, including
non-agency mortgage-backed securities and floating-rate bank loans, while
maintaining less exposure to Treasuries and other government-related
securities.
We also maintained a shorter duration in the Fund during the six-month
period because we felt that with interest rates at such low levels,
further rate declines were unlikely; therefore, we thought it made more
sense to keep the Fund's interest-rate risk low by maintaining a shorter
duration (duration is a measure of a portfolio's price sensitivity to
changes in interest rates). The Fund's effective duration was 4.27 years
at year-end.
At the end of the period on December 31, 2012, roughly a quarter of the
Fund's net assets were invested in domestic investment-grade corporate
bonds, while roughly 6% of assets were invested in bank loans.
Collateralized mortgage obligations (including commercial mortgages) and
asset-backed securities, combined, accounted for roughly another quarter
of the Fund's assets. The portfolio also had an overweight exposure to
municipal bonds (nearly 7%) as of year-end. Exposure to international
investments (comprised
Pioneer Bond Fund | Semiannual Report | 12/31/12 5
of investment-grade and high-yield corporates as well as emerging markets
debt) represented roughly 7% of assets as of year-end, while U.S.
high-yield corporates was one of the smaller portfolio allocations. U.S.
government-related securities (Treasuries, government-agency bonds and
agency mortgage-backed issues) represented roughly 20% of the Portfolio's
assets at year-end. At year-end, the Fund also had small allocations to
convertible bonds and equities as well as event-linked ("catastrophe")
bonds.
Q What types of investments affected the Fund's performance during the six
months ended December 31, 2012, either from a positive or negative
standpoint?
A The Fund's overweight to and security selection within corporate bonds,
including securities located in the lower-rated tiers of the
investment-grade corporate universe, helped to drive benchmark-relative
outperformance during the six-month period. Results also were helped by
the Fund's overweighting of financial industry bonds. Banks, insurance
companies and other financial institutions have been rebuilding the
quality of their assets and have become more stable in our opinion.
Leading performance contributors among the Fund's financials sector
corporate bond holdings included the debt of investment bank Goldman
Sachs, Merrill Lynch/Bank of America, and French bank Credit Agricole.
The Fund's underweight of government agency mortgage-backed securities
also proved advantageous for relative returns during the period, despite
the good performance of the asset class in August and September 2012,
after the Fed announced its QE3 program. Instead of focusing on agency
mortgages, we overweighted the Fund in commercial mortgages, which
performed very well, and also invested in floating-rate bank loans, which
outperformed the Barclays Index during the period, returning 4.79%. We
also invested the portfolio in municipal bonds--which were not part of the
Barclays Index--as a high-quality alternative to Treasuries. Municipals
performed well during the six-month period, returning 3.00%, despite a
December sell-off that was spurred by concerns over the possibility that
muni's tax-exempt status could be affected by potential changes in tax
policy resulting from the "fiscal cliff" negotiations (the tax-exempt
status of municipals, eventually, was reaffirmed).
The Fund did own some disappointing corporate-related investments during
the six-month period. In particular, positions in the convertible
securities of Intel, and in a loan to Texas-based utility TXU,
underperformed the general portfolio despite producing positive absolute
returns during the period.
6 Pioneer Bond Fund | Semiannual Report | 12/31/12
Q What is your investment outlook?
A We believe the domestic economy will continue to grow, but at a modest
pace of 2% or slightly better in 2013. A late-2012 agreement in Washington
avoided the so-called "fiscal cliff," which would have entailed automatic
spending cuts and widespread tax increases. While some features of the
agreement, such as the higher payroll tax, will not help economic growth,
other features, such as making permanent most (but not all) of the lower
overall tax rates enacted under President Bush in 2001/2003, may help. The
housing sector continues to show evidence that it has stabilized and is
beginning to improve, which is good for both consumers and banking
institutions. We think corporate profits should continue to increase,
although company earnings growth rates may decelerate.
Political feuding and stalemate in Washington continues to be one of the
major concerns dogging the market. With that said, conditions in Europe
may stabilize and China's economy appears to be back on track after the
country's growth rate had decelerated earlier in 2012. China's recovery
should help U.S. manufacturers as well as trade-dependent companies, and
should provide a boost to the emerging markets region in general.
Pioneer Bond Fund | Semiannual Report | 12/31/12 7
Please refer to the Schedule of Investments on pages 20-65 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 fail-
ure 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.
8 Pioneer Bond Fund | Semiannual Report | 12/31/12
Portfolio Summary | 12/31/12
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 26.5%
Collateralized Mortgage Obligations 18.6%
U.S. Government Securities 18.1%
International Corporate Bonds 9.2%
Asset Backed Securities 7.2%
Municipal Bonds 6.9%
Senior Secured Loans 6.3%
Temporary Cash Investments 3.7%
U.S. Preferred Stocks 1.2%
Convertible Corporate Bonds 0.8%
U.S. Common Stocks 0.8%
Convertible Preferred Stocks 0.4%
Foreign Government Bonds 0.3%
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AAA 31.0%
AA 8.2%
A 13.6%
BBB 27.8%
BB 9.6%
B 3.7%
Cash Equivalent 3.5%
CCC 1.0%
Not Rated 1.6%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Federal National Mortgage Association, 4.5%, 1/1/42 1.38%
--------------------------------------------------------------------------------
2. U.S. Treasury Bonds, 4.5%, 8/15/39 0.76
--------------------------------------------------------------------------------
3. U.S. Treasury Bonds, 4.5%, 5/15/38 0.71
--------------------------------------------------------------------------------
4. U.S. Treasury Notes, 0.25%, 9/15/15 0.63
--------------------------------------------------------------------------------
5. U.S. Treasury Bonds, 4.25%, 5/15/39 0.62
--------------------------------------------------------------------------------
6. U.S. Treasury Notes, 2.75%, 2/15/19 0.62
--------------------------------------------------------------------------------
7. U.S. Treasury Bonds, 4.5%, 2/15/36 0.61
--------------------------------------------------------------------------------
8. Goldman Sachs Capital II, Floating Rate Note, 6/1/43 0.55
--------------------------------------------------------------------------------
9. U.S. Treasury Notes, 2.125%, 8/15/21 0.53
--------------------------------------------------------------------------------
10. Massachusetts Health & Educational Facilities Authority, 5.5%,
11/15/36 0.49
--------------------------------------------------------------------------------
* 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.
Pioneer Bond Fund | Semiannual Report | 12/31/12 9
Prices and Distributions | 12/31/12
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 12/31/12 6/30/12
--------------------------------------------------------------------------------
A $ 9.93 $9.73
--------------------------------------------------------------------------------
B $ 9.86 $9.67
--------------------------------------------------------------------------------
C $ 9.82 $9.63
--------------------------------------------------------------------------------
K* $ 9.92 $ --
--------------------------------------------------------------------------------
R $10.01 $9.82
--------------------------------------------------------------------------------
Y $ 9.84 $9.65
--------------------------------------------------------------------------------
Z $ 9.95 $9.76
--------------------------------------------------------------------------------
Distributions per Share: 7/1/12-12/31/12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2089 $ -- $ --
--------------------------------------------------------------------------------
B $0.1581 $ -- $ --
--------------------------------------------------------------------------------
C $0.1657 $ -- $ --
--------------------------------------------------------------------------------
K* $0.0301 $ -- $ --
--------------------------------------------------------------------------------
R $0.1906 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2190 $ -- $ --
--------------------------------------------------------------------------------
Z $0.2191 $ -- $ --
--------------------------------------------------------------------------------
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 11-17.
* Class K shares were first publicly offered on December 20, 2012.
10 Pioneer Bond Fund | Semiannual Report | 12/31/12
Performance Update | 12/31/12 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 December 31, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
10 Years 6.18% 5.69%
5 Years 7.06 6.09
1 Year 8.66 3.76
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 15, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.03% 0.85%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Capital
Pioneer Bond Fund Aggregate Bond Index
12/31/2002 $ 9,550 $ 10,000
12/31/2003 $ 10,393 $ 10,410
12/31/2004 $ 10,986 $ 10,862
12/31/2005 $ 11,256 $ 11,126
12/31/2006 $ 11,656 $ 11,608
12/31/2007 $ 12,366 $ 12,417
12/31/2008 $ 11,827 $ 13,067
12/31/2009 $ 13,920 $ 13,842
12/31/2010 $ 15,234 $ 14,748
12/31/2011 $ 16,008 $ 15,904
12/31/2012 $ 17,394 $ 16,575
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, 2014, 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.
Pioneer Bond Fund | Semiannual Report | 12/31/12 11
Performance Update | 12/31/12 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 December 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 5.16% 5.16%
5 Years 5.95 5.95
1 Year 7.36 3.36
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 15, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.02% 1.90%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Capital
Pioneer Bond Fund Aggregate Bond Index
12/31/2002 $10,000 $10,000
12/31/2003 $10,795 $10,410
12/31/2004 $11,315 $10,862
12/31/2005 $11,478 $11,126
12/31/2006 $11,779 $11,608
12/31/2007 $12,386 $12,417
12/31/2008 $11,729 $13,067
12/31/2009 $13,675 $13,842
12/31/2010 $14,799 $14,748
12/31/2011 $15,406 $15,904
12/31/2012 $16,540 $16,575
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, 2014, 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.
12 Pioneer Bond Fund | Semiannual Report | 12/31/12
Performance Update | 12/31/12 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 December 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 5.24% 5.24%
5 Years 6.09 6.09
1 Year 7.67 7.67
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 15, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.73%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Capital
Pioneer Bond Fund Aggregate Bond Index
12/31/2002 $ 10,000 $ 10,000
12/31/2003 $ 10,777 $ 10,410
12/31/2004 $ 11,307 $ 10,862
12/31/2005 $ 11,475 $ 11,126
12/31/2006 $ 11,770 $ 11,608
12/31/2007 $ 12,396 $ 12,417
12/31/2008 $ 11,746 $ 13,067
12/31/2009 $ 13,700 $ 13,842
12/31/2010 $ 14,851 $ 14,748
12/31/2011 $ 15,471 $ 15,904
12/31/2012 $ 16,658 $ 16,575
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.
Pioneer Bond Fund | Semiannual Report | 12/31/12 13
Performance Update | 12/31/12 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Bond Fund, compared to that of the Barclays Capital
Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 6.17% 6.17%
5 Years 7.04 7.04
1 Year 8.56 8.56
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 15, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.56%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Capital
Pioneer Bond Fund Aggregate Bond Index
12/31/2002 $ 10,000 $ 10,000
12/31/2003 $ 10,885 $ 10,410
12/31/2004 $ 11,507 $ 10,862
12/31/2005 $ 11,790 $ 11,126
12/31/2006 $ 12,209 $ 11,608
12/31/2007 $ 12,952 $ 12,417
12/31/2008 $ 12,388 $ 13,067
12/31/2009 $ 14,580 $ 13,842
12/31/2010 $ 15,956 $ 14,748
12/31/2011 $ 16,767 $ 15,904
12/31/2012 $ 18,202 $ 16,575
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 K shares for the period prior to the
commencement of operations of Class K shares on December 20, 2012, is based on
the performance of Class A shares, reduced to reflect the higher distribution
and service fees of Class K shares. For the period beginning on December 20,
2012, the actual performance of Class K shares is reflected. The performance
shown for Class K shares does not reflect the 1% CDSC that was in effect prior
to July 1, 2004. Class K 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 | Semiannual Report | 12/31/12
Performance Update | 12/31/12 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 December 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 5.87% 5.87%
5 Years 6.61 6.61
1 Year 8.08 8.08
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 15, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.35% 1.25%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Capital
Pioneer Bond Fund Aggregate Bond Index
12/31/2002 $ 10,000 $ 10,000
12/31/2003 $ 10,883 $ 10,410
12/31/2004 $ 11,495 $ 10,862
12/31/2005 $ 11,737 $ 11,126
12/31/2006 $ 12,125 $ 11,608
12/31/2007 $ 12,849 $ 12,417
12/31/2008 $ 12,223 $ 13,067
12/31/2009 $ 14,339 $ 13,842
12/31/2010 $ 15,640 $ 14,748
12/31/2011 $ 16,374 $ 15,904
12/31/2012 $ 17,696 $ 16,575
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 net expense ratio reflects the contractual expense limitation currently in
effect through November 1, 2014, for Class R shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Bond Fund | Semiannual Report | 12/31/12 15
Performance Update | 12/31/12 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 December 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 6.54% 6.54%
5 Years 7.32 7.32
1 Year 8.83 8.83
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 15, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.65%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Barclays Capital
Pioneer Bond Fund Aggregate Bond Index
12/31/2002 $ 5,000,000 $ 5,000,000
12/31/2003 $ 5,465,499 $ 5,205,208
12/31/2004 $ 5,812,450 $ 5,431,041
12/31/2005 $ 5,973,743 $ 5,562,964
12/31/2006 $ 6,211,813 $ 5,804,030
12/31/2007 $ 6,614,960 $ 6,208,380
12/31/2008 $ 6,346,665 $ 6,533,695
12/31/2009 $ 7,486,032 $ 6,921,197
12/31/2010 $ 8,216,170 $ 7,373,941
12/31/2011 $ 8,654,922 $ 7,952,182
12/31/2012 $ 9,418,921 $ 8,287,381
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 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.
16 Pioneer Bond Fund | Semiannual Report | 12/31/12
Performance Update | 12/31/12 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 December 31, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 6.35% 6.35%
5 Years 7.34 7.34
1 Year 8.86 8.86
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 15, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.83% 0.65%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Capital
Pioneer Bond Fund Aggregate Bond Index
12/31/2002 $ 10,000 $ 10,000
12/31/2003 $ 10,885 $ 10,410
12/31/2004 $ 11,507 $ 10,862
12/31/2005 $ 11,790 $ 11,126
12/31/2006 $ 12,209 $ 11,608
12/31/2007 $ 12,984 $ 12,417
12/31/2008 $ 12,450 $ 13,067
12/31/2009 $ 14,736 $ 13,842
12/31/2010 $ 16,145 $ 14,748
12/31/2011 $ 16,998 $ 15,904
12/31/2012 $ 18,505 $ 16,575
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, 2014, for Class Z shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Bond Fund | Semiannual Report | 12/31/12 17
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses.You may use the information in this table,together with the
amount you invested,to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Bond Fund
Based on actual returns from July 1, 2012 through December 31, 2012.
----------------------------------------------------------------------------------------------------
Share Class A B C K R Y Z
----------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 7/1/12**
----------------------------------------------------------------------------------------------------
Ending Account Value $1,042.20 $1,036.10 $1,037.10 $1,002.00 $1,038.90 $1,042.60 $1,042.10
(after expenses)
on 12/31/12
----------------------------------------------------------------------------------------------------
Expenses Paid $ 4.38 $ 9.75 $ 8.78 $ 0.19 $ 6.42 $ 3.24 $ 3.35
During Period*
----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.85%, 1.90%,
1.71%, 0.57%, 1.25%, 0.63% and 0.65% for Class A, Class B, Class C, Class
K, Class R, Class Y, and Class Z shares, respectively, multiplied by the
average account value over the period, multiplied by 184/365 (12/365 for
Class K shares) (to reflect the one-half year period).
** Class K shares were first publicly offered on December 20, 2012.
18 Pioneer Bond Fund | Semiannual Report | 12/31/12
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 July 1, 2012 through December 31, 2012.
----------------------------------------------------------------------------------------------------
Share Class A B C K R Y Z
----------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 7/1/12**
----------------------------------------------------------------------------------------------------
Ending Account Value $1,020.92 $1,015.63 $1,016.59 $1,001.46 $1,018.90 $1,022.03 $1,021.93
(after expenses)
on 12/31/12
----------------------------------------------------------------------------------------------------
Expenses Paid $ 4.33 $ 9.65 $ 8.69 $ 0.19 $ 6.36 $ 3.21 $ 3.31
During Period*
----------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.85%, 1.90%,
1.71%, 0.57%, 1.25%, 0.63% and 0.65% for Class A, Class B, Class C, Class
K, Class R, Class Y, and Class Z shares, respectively, multiplied by the
average account value over the period, multiplied by 184/365 (12/365 for
Class K shares) (to reflect the one-half year period).
** Class K shares were first publicly offered on December 20, 2012.
Pioneer Bond Fund | Semiannual Report | 12/31/12 19
Schedule of Investments | 12/31/12 (unaudited)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS -- 0.9%
ENERGY -- 0.2%
Coal & Consumable Fuels -- 0.2%
2,680,000 B+/NR Alpha Appalachia Holdings, Inc.,
3.25%, 8/1/15 $ 2,579,500
-------------
Total Energy $ 2,579,500
---------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.4%
Health Care Services -- 0.0%
766,000 B+/B2 Omnicare, Inc., 3.25%, 12/15/35 $ 764,085
---------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.4%
5,725,000 A-/NR WellPoint, Inc., 2.75%, 10/15/42 (144A) $ 6,157,953
-------------
Total Health Care Equipment
& Services $ 6,922,038
---------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.3%
Semiconductors -- 0.3%
4,725,000 A-/NR Intel Corp., 2.95%, 12/15/35 $ 4,899,234
-------------
Total Semiconductors &
Semiconductor Equipment $ 4,899,234
---------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $13,324,143) $ 14,400,772
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 1.3%
BANKS -- 0.8%
Diversified Banks -- 0.5%
64,000 6.50 A-/Baa1 US Bancorp, Floating Rate Note
(Perpetual) $ 1,832,960
235,000 6.00 A-/Baa1 US Bancorp, Floating Rate Note
(Perpetual) 6,518,900
-------------
$ 8,351,860
---------------------------------------------------------------------------------------------------------
Regional Banks -- 0.3%
85,000 BBB/Baa2 BB&T Corp., 5.625% (Perpetual) $ 2,165,800
28,000 6.25 A-/NR CoBank ACB, Floating Rate Note
(Perpetual) (144A) 2,930,376
-------------
$ 5,096,176
-------------
Total Banks $ 13,448,036
---------------------------------------------------------------------------------------------------------
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 $ 3,236,400
-------------
Total Diversified Financials $ 3,236,400
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
INSURANCE -- 0.3%
Life & Health Insurance -- 0.3%
153,800 7.38 BB+/Baa3 Delphi Financial Group, Inc., Floating
Rate Note, 5/15/37 $ 3,845,000
-------------
Total Insurance $ 3,845,000
---------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $19,507,520) $ 20,529,436
---------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS -- 0.4%
BANKS -- 0.4%
Diversified Banks -- 0.4%
5,610 BBB+/Ba1 Wells Fargo & Co., 7.5% (Perpetual) $ 6,872,250
-------------
Total Banks $ 6,872,250
---------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $5,839,986) $ 6,872,250
---------------------------------------------------------------------------------------------------------
COMMON STOCKS -- 0.3%
REAL ESTATE -- 0.3%
Real Estate Operating Companies -- 0.3%
274,470 Forest City Enterprises, Inc.* $ 4,432,690
-------------
Total Real Estate $ 4,432,690
---------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $4,377,797) $ 4,432,690
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Principal
Amount ($)
---------------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 7.2%
MATERIALS -- 1.0%
Diversified Metals & Mining -- 0.0%
408,276 BBB+/Baa1 Lehman ABS Manufactured Housing
Contract Trust 2001-B, 5.873%, 4/15/40 $ 447,421
---------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.2%
700,000 NR/B1 Credit-Based Asset Servicing and
Securitization LLC, 5.823%, 10/25/36
(Step) (144A) $ 682,829
1,064,616 0.91 AA+/Aa2 Credit-Based Asset Servicing and
Securitization LLC, Floating Rate Note,
5/25/50 (144A) 1,039,458
844,164 A/NR Mid-State Capital Trust 2010-1,
5.25%, 12/15/45 (144A) 871,690
-------------
$ 2,593,977
---------------------------------------------------------------------------------------------------------
Steel -- 0.8%
593,862 0.48 AA+/A1 Citigroup Mortgage Loan Trust 2006-HE1,
Floating Rate Note, 1/25/36 $ 582,322
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 21
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Steel -- (continued)
4,460,803 0.61 AA+/Aa2 First NLC Trust 2005-2, Floating Rate
Note, 9/25/35 $ 4,290,120
2,110,629 1.41 AAA/Aa2 HSBC Home Equity Loan Trust USA
2007-3, Floating Rate Note, 11/20/36 2,106,874
550,000 0.36 B-/Caa2 Nationstar Home Equity Loan Trust,
Floating Rate Note, 3/25/37 508,361
908,073 0.56 AAA/Aaa New Century Home Equity Loan Trust
Series 2005-1, Floating Rate Note,
3/25/35 880,708
1,547,438 0.47 NR/Aaa New Century Home Equity Loan Trust
Series 2005-2, Floating Rate Note, 6/25/35 1,540,985
3,095,516 AA-/Aa3 Terwin Mortgage Trust Series TMTS
2005-16HE, 4.5%, 9/25/36 (Step) 3,181,500
-------------
$ 13,090,870
---------------------------------------------------------------------------------------------------------
Paper Products -- 0.0%
800,000 1.51 AAA/Aaa Chase Issuance Trust, Floating Rate
Note, 8/15/15 $ 806,552
-------------
Total Materials $ 16,938,820
---------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.1%
Research & Consulting Services -- 0.1%
925,833 A/NR TAL Advantage LLC, 4.31%, 5/20/26
(144A) $ 937,003
-------------
Total Commercial Services & Supplies $ 937,003
---------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Railroads -- 0.1%
1,800,000 A/NR Trinity Rail Leasing LP, 2.266%,
1/15/43 (144A) $ 1,791,092
-------------
Total Transportation $ 1,791,092
---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.3%
Automobile Manufacturers -- 0.3%
650,000 AA-/Aa2 AmeriCredit Automobile Receivables
Trust 2010-4, 4.2%, 11/8/16 $ 682,952
500,000 NR/Aa3 AmeriCredit Automobile Receivables
Trust, 4.04%, 7/10/17 530,352
1,214,304 A+/NR Santander Drive Auto Receivables
Trust 2011-S2, 3.35%, 6/15/17 (144A) 1,220,825
1,300,000 A/A1 Santander Drive Auto Receivables
Trust 2012-1, 3.78%, 11/15/17 1,359,210
850,000 A/A1 Santander Drive Auto Receivables
Trust 2012-5, 2.7%, 8/15/18 878,330
-------------
$ 4,671,669
-------------
Total Automobiles & Components $ 4,671,669
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Apparel, Accessories & Luxury Goods -- 0.1%
1,391,000 BBB/NR Icon Brands Holdings LLC 2012-1,
4.229%, 1/25/43 (144A) $ 1,391,000
-------------
Total Consumer Durables & Apparel $ 1,391,000
---------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Hotels, Resorts & Cruise Lines -- 0.2%
550,000 A/NR Westgate Resorts LLC, 2.5%,
3/20/25 (144A) $ 551,031
2,035,694 A/NR Westgate Resorts LLC, 3.0%,
1/20/25 (144A) 2,050,962
-------------
$ 2,601,993
-------------
Total Consumer Services $ 2,601,993
---------------------------------------------------------------------------------------------------------
BANKS -- 3.1%
Diversified Banks -- 0.0%
617,579 0.30 NR/Aa1 Wells Fargo Home Equity Trust,
Floating Rate Note, 4/25/37 $ 605,931
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 3.1%
428,800 1.29 AAA/A1 Accredited Mortgage Loan Trust,
Floating Rate Note, 10/25/34 $ 400,968
831,095 0.39 BB+/B3 ACE Securities Corp., Floating Rate
Note, 3/25/36 789,468
950,183 6.50 BB+/Baa2 ACE Securities Corp., Floating Rate
Note, 8/15/30 (144A) 959,066
1,357,405 6.50 BBB+/A2 ACE Securities Corp., Floating Rate
Note, 8/15/30 (144A) 1,424,144
1,486,142 0.66 AA/Aa2 Bayview Financial Acquisition Trust,
Floating Rate Note, 4/28/39 1,434,875
2,928,031 3.47 NR/NR Bayview Opportunity Master Fund
Trust IIB LP, Floating Rate Note,
7/28/32 (144A) 2,978,744
292,508 A/NR Beacon Container Finance LLC,
3.72%, 9/20/27 (144A) 300,625
500,000 0.62 BBB+/B2 Bear Stearns Asset Backed Securities
Trust, Floating Rate Note, 12/25/35 470,039
1,121,685 NR/A1 Bombardier Capital Mortgage
Securitization Corp., 6.65%, 4/15/28 1,171,386
957,320 AA/NR CarNow Auto Receivables Trust 2012-1,
2.09%, 1/15/15 (144A) 957,695
310,276 0.94 AA/Aa1 Carrington Mortgage Loan Trust,
Floating Rate Note, 2/25/35 302,799
228,414 0.61 AA+/Baa1 Carrington Mortgage Loan Trust,
Floating Rate Note, 9/25/35 223,764
2,917,126 B-/B1 Citicorp Residential Mortgage
Securities, Inc., 5.703%, 11/25/36 (Step) 2,909,813
455,974 B+/B2 Citicorp Residential Mortgage
Securities, Inc., 5.775%, 9/25/36 (Step) 463,817
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 23
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,700,000 B-/B2 Citicorp Residential Mortgage
Securities, Inc., 5.892%, 3/25/37 (Step) $ 1,679,687
2,740,733 BB-/B1 Citicorp Residential Mortgage
Securities, Inc., 5.939%, 7/25/36 (Step) 2,733,171
234,836 0.31 BBB/A3 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 1/25/37 234,517
297,616 0.62 AAA/Aa1 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 7/25/35 297,473
95,219 1.11 A-/Baa1 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 7/25/37 94,593
594,183 NR/NR Conn Funding II LP, 4.0%, 4/15/16
(Step) (144A) 594,926
1,400,000 0.91 BBB-/Ba1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 12/25/34 1,383,277
1,935,480 5.07 BB+/B2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 2/25/36 1,959,397
23,405 0.56 BBB/Baa3 Countrywide Home Equity Loan Trust,
Floating Rate Note, 11/15/28 23,389
731,250 A/NR Cronos Containers Program, Ltd.,
3.81%, 9/18/27 (144A) 756,083
500,000 BBB/Baa2 Drug Royalty II LP 1 2012-1, 4.474%,
1/15/25 (144A) 501,900
300,000 4.31 BBB/Baa2 Drug Royalty II LP 1 2012-1, Floating
Rate Note, 1/15/25 (144A) 300,000
285,752 0.75 AAA/NR First Franklin Mortgage Loan Trust
2004-FF10, Floating Rate Note, 9/25/34 279,338
1,250,000 AAA/NR First Investors Auto Owner Trust 2012-2,
1.47%, 5/15/18 (144A) 1,252,360
32,847 0.32 AAA/Baa3 Fremont Home Loan Trust, Floating
Rate Note, 2/25/36 32,784
1,148,460 0.67 AA+/Aa1 Fremont Home Loan Trust, Floating
Rate Note, 6/25/35 1,128,395
357,989 0.85 A/A2 GSAMP Trust 2005-HE2, Floating Rate
Note, 3/25/35 350,396
233,775 0.59 AA+/Aa1 GSAMP Trust 2005-WMC1, Floating
Rate Note, 9/25/35 233,471
750,000 A/NR HLSS Servicer Advance Receivables
Backed Notes, 3.22%, 10/15/43 (144A) 753,750
224,000 A/NR HLSS Servicer Advance Receivables
Backed Notes, 3.96%, 10/15/45 (144A) 227,136
1,326,000 NR/Aaa Leaf II Receivables Funding LLC,
1.55%, 11/15/17 (144A) 1,320,829
2,203,000 NR/Aa2 Leaf II Receivables Funding LLC,
1.92%, 9/15/20 (144A) 2,173,700
931,512 AA/NR Leaf II Receivables Funding LLC,
4.9%, 2/20/22 (144A) 930,394
2,200,000 2.46 A+/Baa1 Madison Avenue Manufactured
Housing Contract, Floating Rate
Note, 3/25/32 2,146,956
The accompanying notes are an integral part of these financial statements.
24 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
321,946 0.27 CCC/Ca Morgan Stanley ABS Capital I, Floating
Rate Note, 12/25/36 $ 152,292
875,104 0.47 AA+/Aa3 Option One Mortgage Loan Trust,
Floating Rate Note, 11/25/35 860,354
108,783 0.33 A+/Aa3 Option One Mortgage Loan Trust,
Floating Rate Note, 2/25/38 108,280
761,644 5.91 AA/A3 Origen Manufactured Housing Contract
Trust 2004-A, Floating Rate Note,
1/15/35 820,276
484,000 5.46 AAA/Aa3 Origen Manufactured Housing Contract
Trust 2004-B, Floating Rate Note,
11/15/35 510,713
581,739 NR/A2 Oxford Finance Funding Trust, 3.9%,
3/15/17 (144A) 583,193
526,376 0.91 AAA/Aaa PFS Financing Corp., Floating Rate
Note, 10/17/16 (144A) 526,468
775,712 1.71 A/NR PFS Financing Corp., Floating Rate
Note, 10/17/16 (144A) 775,964
1,478,759 0.46 B/Ba3 RAAC Series, Floating Rate Note,
2/25/37 (144A) 1,423,121
657,158 0.40 A-/A2 RAAC Series, Floating Rate Note,
9/25/45 636,594
400,589 0.40 B+/B2 RAMP Trust, Floating Rate Note,
1/25/36 382,556
1,077,481 0.65 AA+/A1 RASC Trust, Floating Rate Note,
8/25/35 1,039,052
297,544 A/NR Santander Drive Auto Receivables
Trust 2011-S1, 1.89%, 5/15/17 (144A) 298,671
1,400,000 A/NR SNAAC Auto Receivables Trust,
3.11%, 6/15/17 (144A) 1,406,976
2,207,583 0.41 CCC/Ba3 Structured Asset Investment Loan
Trust 2006-1, Floating Rate Note,
1/25/36 2,105,092
725,411 AA+/Baa2 Structured Asset Securities Corp.,
4.77%, 10/25/34 (Step) 724,095
1,993,571 0.43 B-/Baa3 Structured Asset Securities Corp.,
Floating Rate Note, 10/25/36 (144A) 1,890,595
-------------
$ 50,419,417
-------------
Total Banks $ 51,025,348
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.3%
Other Diversified Financial Services -- 0.7%
106,408 0.65 AA+/Aa2 Asset Backed Securities Corp. Home
Equity, Floating Rate Note, 4/25/35 $ 106,071
131,093 A/NR DT Auto Owner Trust 2010-1, 3.46%,
1/15/14 (144A) 131,118
1,400,000 BBB/NR DT Auto Owner Trust 2011-1, 4.89%,
1/17/17 (144A) 1,419,592
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 25
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
1,000,000 AA/NR DT Auto Owner Trust 2012-1, 2.26%,
10/16/17 (144A) $ 1,001,895
339,519 1.21 BBB/Ba1 Ellington Loan Acquisition Trust 2007-1,
Floating Rate Note, 5/26/37 (144A) 340,755
227,478 1.01 BBB/Ba1 Ellington Loan Acquisition Trust 2007-1,
Floating Rate Note, 5/27/37 (144A) 224,800
594,352 0.59 A+/Baa2 Home Equity Asset Trust, Floating Rate
Note, 1/25/36 573,124
1,431,215 0.62 AAA/Aaa Home Equity Asset Trust, Floating Rate
Note, 11/25/35 1,414,719
223,465 0.45 AA+/A1 JP Morgan Mortgage Acquisition Corp.,
Floating Rate Note, 12/25/35 222,496
800,000 AA/NR Prestige Auto Receivables Trust 2011-1,
3.9%, 7/16/18 (144A) 825,324
691,428 A+/NR Sierra Receivables Funding Co LLC,
1.87%, 8/20/29 (144A) 690,020
2,631,179 A+/NR Sierra Receivables Funding Co LLC,
2.38%, 3/20/29 (144A) 2,677,351
1,026,667 A-/NR Textainer Marine Containers, Ltd.,
4.21%, 4/15/27 (144A) 1,068,402
-------------
$ 10,695,667
---------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.8%
906,188 NR/Aaa 321 Henderson Receivables I LLC,
3.82%, 12/15/48 (144A) $ 955,747
2,170,253 0.48 AA/Baa3 Aegis Asset Backed Securities Trust,
Floating Rate Note, 12/25/35 2,003,760
1,400,000 1.08 AAA/Aaa Ally Master Owner Trust, Floating Rate
Note, 1/15/16 1,409,138
4,919,031 BBB+/Baa1 Domino's Pizza Master Issuer LLC,
5.216%, 1/25/42 (144A) 5,527,884
1,659,000 0.65 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 10/20/17 1,662,739
650,000 NR/A2 Hercules Capital Funding Trust 2012-1,
3.32%, 12/16/17 (144A) 650,000
1,454,904 NR/Baa1 Irwin Home Equity Corp., 5.32%,
6/25/35 (Step) 1,415,648
703,210 0.91 A/A2 Irwin Home Equity Corp., Floating Rate
Note, 3/25/25 601,224
16,519 0.64 AA+/Aa1 Mastr Asset Backed Securities Trust,
Floating Rate Note, 5/25/35 16,507
-------------
$ 14,242,647
---------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.6%
428,000 BBB/NR American Credit Acceptance
Receivables Trust 2012-2, 4.05%,
2/15/18 (144A) $ 428,570
The accompanying notes are an integral part of these financial statements.
26 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
2,350,000 A+/NR American Credit Acceptance
Receivables Trust, 1.64%, 11/15/16
(144A) $ 2,350,512
1,971,733 NR/Aa3 California Republic Auto Receivables
Trust 2012-1, 1.18%, 8/15/17 (144A) 1,971,445
958,333 A/NR Global SC Finance SRL, 4.11%,
7/19/27 (144A) 1,001,376
2,500,000 0.27 AAA/Aaa MBNA Credit Card Master Note Trust,
Floating Rate Note, 10/15/15 2,499,225
1,350,000 NR/Aaa Santander Drive Auto Receivables Trust
2011-2, 2.66%, 1/15/16 1,379,516
900,000 1.07 AAA/Aaa SLM Student Loan Trust, Floating Rate
Note, 4/27/26 (144A) 896,319
-------------
$ 10,526,963
---------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.1%
1,214,750 A/NR Triton Container Finance LLC, 4.21%,
5/14/27 (144A) $ 1,263,222
---------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage - 0.1%
700,000 0.66 NR/Aaa Chesapeake Funding LLC, Floating
Rate Note, 5/7/24 (144A) $ 700,000
400,000 1.36 NR/Aa2 Chesapeake Funding LLC, Floating
Rate Note, 5/7/24 (144A) 400,000
-------------
$ 1,100,000
-------------
Total Diversified Financials $ 37,828,499
---------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $115,025,196) $ 117,185,424
---------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 18.5%
CONSUMER SERVICES -- 0.0%
Hotels, Resorts & Cruise Lines -- 0.0%
435,209 NR/Baa3 S2 Hospitality LLC, 4.5%,
4/15/25 (144A) $ 435,857
-------------
Total Consumer Services $ 435,857
---------------------------------------------------------------------------------------------------------
BANKS -- 13.1%
Thrifts & Mortgage Finance -- 13.1%
2,004,901 NR/Ba3 Banc of America Alternative Loan Trust,
5.0%, 7/25/19 $ 2,048,095
1,110,058 NR/B2 Banc of America Alternative Loan Trust,
5.25%, 5/25/34 1,129,074
1,403,364 NR/Ba1 Banc of America Alternative Loan Trust,
5.5%, 1/25/20 1,427,338
1,279,975 NR/B1 Banc of America Alternative Loan Trust,
5.5%, 11/25/19 1,296,880
1,207,631 NR/B3 Banc of America Alternative Loan Trust,
5.5%, 3/25/19 1,242,760
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 27
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
2,025,780 NR/Baa2 Banc of America Alternative Loan Trust,
5.5%, 9/25/33 $ 2,061,774
1,012,962 A+/Baa2 Banc of America Alternative Loan Trust,
5.75%, 4/25/33 1,099,333
2,005,741 NR/Ba2 Banc of America Alternative Loan Trust,
6.0%, 3/25/34 2,068,965
1,664,223 CCC/NR Banc of America Funding Corp., 5.5%,
1/25/36 1,683,924
1,506,263 BBB+/NR Banc of America Funding Corp.,
5.5%, 10/25/33 1,584,137
1,484,752 0.34 BB-/A Banc of America Funding Corp.,
Floating Rate Note, 8/26/36 (144A) 1,396,558
440,533 0.31 AAA/NR Banc of America Funding Corp.,
Floating Rate Note, 9/26/46 (144A) 433,523
850,271 3.12 NR/Ba1 Banc of America Mortgage 2003-H Trust,
Floating Rate Note, 9/25/33 856,242
8,473,243 NR/Caa2 Bayview Commercial Asset Trust,
3.89%, 9/25/37 (Step) (144A) 799,027
12,647,494 3.57 NR/Caa2 Bayview Commercial Asset Trust,
Floating Rate Note, 7/25/37 (144A) 752,526
396,955 2.75 NR/NR BCAP LLC Trust, Floating Rate Note,
12/27/34 (144A) 399,013
372,214 3.05 NR/NR BCAP LLC Trust, Floating Rate Note,
6/27/36 (144A) 373,969
1,483,239 2.34 AA+/Baa2 Bear Stearns ARM Trust 2003-5,
Floating Rate Note, 8/25/33 1,474,959
310,235 A+/Baa1 Chase Mortgage Finance Corp.,
5.0%, 10/25/33 320,277
1,500,000 0.38 BBB+/Aaa Citigroup Commercial Mortgage Trust,
Floating Rate Note, 4/15/22 (144A) 1,451,824
645,185 0.51 AAA/Aaa COMM 2005-FL11 Mortgage Trust,
Floating Rate Note, 11/15/17 (144A) 612,705
1,377,109 0.55 AAA/Aaa COMM 2005-FL11 Mortgage Trust,
Floating Rate Note, 11/15/17 (144A) 1,280,240
2,783,761 0.31 AAA/Aaa COMM 2006-FL12 Mortgage Trust,
Floating Rate Note, 12/15/20 (144A) 2,758,975
5,745,000 0.34 AA-/A1 COMM 2006-FL12 Mortgage Trust,
Floating Rate Note, 12/15/20 (144A) 5,349,147
2,859,480 0.39 A+/A1 COMM 2007-FL14 Mortgage Trust,
Floating Rate Note, 6/15/22 (144A) 2,810,763
150,000 NR/Baa3 COMM 2011-THL Mortgage Trust,
5.949%, 6/9/28 (144A) 155,766
850,000 NR/Aaa COMM 2012-CCRE2 Mortgage Trust,
3.147%, 8/15/45 896,984
450,000 NR/Aaa COMM 2012-CCRE2 Mortgage Trust,
3.791%, 8/15/45 484,417
915,000 AAA/Aaa COMM 2012-CCRE4 Mortgage Trust,
2.436%, 10/15/45 940,200
The accompanying notes are an integral part of these financial statements.
28 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
3,500,000 NR/Aaa COMM 2012-LC4 Mortgage Trust,
4.063%, 12/10/44 $ 3,829,640
4,000,000 2.15 AAA/NR Commercial Mortgage Pass Through
Certificates, Floating Rate Note,
11/17/26 (144A) 4,059,524
694,101 AA/Ba2 Countrywide Alternative Loan Trust,
4.25%, 4/25/34 699,044
1,013,006 BB-/B2 Countrywide Alternative Loan Trust,
4.75%, 10/25/33 1,030,819
1,013,260 BBB+/Ba3 Countrywide Alternative Loan Trust,
5.125%, 3/25/34 1,027,796
1,079,154 CCC/B2 Countrywide Alternative Loan Trust,
5.5%, 1/25/35 1,099,377
1,593,216 B-/NR Countrywide Alternative Loan Trust,
5.5%, 8/25/34 1,576,028
1,701,224 BBB+/NR Countrywide Alternative Loan Trust,
5.75%, 12/25/33 1,752,594
1,003,088 0.66 CCC/NR Countrywide Alternative Loan Trust,
Floating Rate Note, 8/25/18 940,365
128,028 BB-/NR Countrywide Home Loan Mortgage
Pass Through Trust, 5.25%, 1/25/35 128,089
1,600,000 NR/Baa3 Countrywide Home Loan Mortgage
Pass Through Trust, 5.25%, 6/25/34 1,653,832
1,213,049 4.81 A+/Ba1 Countrywide Home Loan Mortgage
Pass Through Trust, Floating Rate
Note, 12/25/33 1,213,627
465,222 0.58 AA+/Aa3 DSLA Mortgage Loan Trust 2004-AR3,
Floating Rate Note, 7/19/44 437,412
400,804 5.71 NR/Baa1 First Horizon Mortgage Pass-Through
Trust 2004-AR5, Floating Rate Note,
10/25/34 408,384
550,586 2.62 BB-/B1 First Horizon Mortgage Pass-Through
Trust 2005-AR1, Floating Rate Note,
4/25/35 547,548
287,658 CCC/NR First Horizon Mortgage Pass-Through
Trust 2006-1, 6.0%, 5/25/36 289,992
931,805 0.38 A/Aa3 GE Business Loan Trust 2007-1,
Floating Rate Note, 4/16/35 (144A) 796,693
3,296,127 NR/Aaa GE Capital Commercial Mortgage
Corp., 5.145%, 7/10/37 3,330,179
800,000 5.31 A/A1 GMAC Commercial Mortgage Securities
Inc Series 2003-C3 Trust, Floating
Rate Note, 4/10/40 817,526
3,375,000 AAA/NR GMAC Commercial Mortgage Securities
Inc Series 2004-C3 Trust, 4.864%,
12/10/41 3,587,520
1,250,000 NR/Aaa GS Mortgage Securities Corp. II,
3.377%, 5/10/45 1,353,258
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 29
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
900,000 NR/Aaa GS Mortgage Securities Corp. II,
5.56%, 11/10/39 $ 1,038,095
3,000,000 1.26 AAA/Aaa GS Mortgage Securities Corp. II,
Floating Rate Note, 3/6/20 (144A) 3,004,041
700,000 2.20 AA/NR GS Mortgage Securities Corp. II,
Floating Rate Note, 3/6/20 (144A) 701,427
412,752 2.98 BBB+/NR GSR Mortgage Loan Trust, Floating
Rate Note, 1/25/35 405,506
276,008 5.74 B/NR GSR Mortgage Loan Trust, Floating
Rate Note, 2/25/34 237,039
1,901,512 3.06 A+/B1 GSR Mortgage Loan Trust, Floating
Rate Note, 6/25/34 1,913,553
1,834,761 2.63 AAA/NR GSR Mortgage Loan Trust, Floating
Rate Note, 8/25/33 1,849,448
3,324,417 0.56 AAA/Aa3 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 6/25/34 3,291,408
859,787 0.93 AAA/Baa2 Impac CMB Trust Series 2004-5,
Floating Rate Note, 10/25/34 820,381
2,274,222 0.95 BBB+/A3 Impac CMB Trust Series 2004-7,
Floating Rate Note, 11/25/34 2,165,353
878,149 0.97 B/Ba2 Impac CMB Trust Series 2004-9,
Floating Rate Note, 1/25/35 788,960
2,214,401 1.01 AAA/Aaa Impac Secured Assets CMN Owner
Trust, Floating Rate Note, 11/25/34 2,130,798
964,704 0.56 AAA/Aaa Impac Secured Assets Trust 2006-1,
Floating Rate Note, 5/25/36 952,775
711,594 0.56 AAA/Aaa Impac Secured Assets Trust 2006-2,
Floating Rate Note, 8/25/36 708,738
1,600,000 AAA/NR JP Morgan Chase Commercial
Mortgage Securities Corp., 3.616%,
11/15/43 (144A) 1,776,277
1,350,000 NR/Aaa JP Morgan Chase Commercial
Mortgage Securities Corp.,
4.171%, 8/15/46 1,537,489
1,147,017 NR/Aaa JP Morgan Chase Commercial
Mortgage Securities Corp.,
4.767%, 3/12/39 1,147,452
2,800,000 2.58 A/A2 JP Morgan Chase Commercial
Mortgage Securities Corp., Floating
Rate Note, 10/15/25 (144A) 2,834,124
900,000 3.98 AA/NR JP Morgan Chase Commercial
Mortgage Securities Corp., Floating
Rate Note, 10/15/45 (144A) 931,280
1,993,342 2.11 AAA/Aaa JP Morgan Chase Commercial
Mortgage Securities Corp., Floating
Rate Note, 11/15/28 (144A) 2,012,115
1,100,000 0.36 AA/Aa3 JP Morgan Chase Commercial
Mortgage Securities Corp., Floating
Rate Note, 5/15/47 1,092,594
The accompanying notes are an integral part of these financial statements.
30 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
255,385 5.15 AA+/Aa3 JP Morgan Chase Commercial
Mortgage Securities Corp., Floating
Rate Note, 7/12/35 $ 255,326
162,905 0.58 NR/Aa1 JP Morgan Chase Commercial
Mortgage Securities Corp., Floating
Rate Note, 7/15/19 (144A) 158,655
1,000,000 4.65 AA-/A1 JP Morgan Chase Commercial
Mortgage Securities Corp., Floating
Rate Note, 7/15/28 (144A) 1,008,972
2,344,704 B-/Ba2 JP Morgan Mortgage Trust, 6.0%,
9/25/34 2,406,255
1,638,027 2.37 AAA/Baa1 JP Morgan Mortgage Trust, Floating
Rate Note, 10/25/33 1,662,232
1,528,646 4.44 AAA/Baa1 JP Morgan Mortgage Trust, Floating
Rate Note, 10/25/33 1,567,215
2,560,950 2.52 AA+/Baa3 JP Morgan Mortgage Trust, Floating
Rate Note, 2/25/34 2,624,820
1,345,074 4.89 AA+/Baa1 JP Morgan Mortgage Trust, Floating
Rate Note, 2/25/34 1,368,226
358,411 3.06 A+/NR JP Morgan Mortgage Trust, Floating
Rate Note, 5/25/34 362,520
1,700,000 AAA/Aaa LB-UBS Commercial Mortgage Trust,
4.568%, 1/15/31 1,763,980
2,192,998 AAA/Aaa LB-UBS Commercial Mortgage Trust,
4.664%, 7/15/30 2,239,439
2,800,000 5.62 BBB+/NR LB-UBS Commercial Mortgage Trust,
Floating Rate Note, 10/15/35 (144A) 2,792,555
737,183 0.91 BB/Aaa Lehman Brothers Floating Rate
Commercial Mortgage Trust
2007-LLF C5, Floating Rate Note,
6/15/22 (144A) 726,482
550,000 1.11 B+/A1 Lehman Brothers Floating Rate
Commercial Mortgage Trust
2007-LLF C5, Floating Rate Note,
6/15/22 (144A) 528,266
204,089 5.41 AAA/Aaa Lehman Brothers Small Balance
Commercial Mortgage Trust 2006-3,
Floating Rate Note, 12/25/36 (144A) 202,012
192,419 1.06 AAA/Aaa Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3
Class 1A2, Floating Rate Note,
10/25/37 (144A) 186,833
443,689 1.16 A+/Aa1 Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3
Class 1A4, Floating Rate Note,
10/25/37 (144A) 440,977
2,626,744 0.46 AAA/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
2/25/30 (144A) 2,222,464
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 31
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
384,265 0.46 A+/Aa3 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
9/25/30 (144A) $ 321,436
1,242,676 5.29 B-/B3 MASTR Adjustable Rate Mortgages
Trust, Floating Rate Note, 1/25/35 1,190,201
364,559 A-/NR MASTR Alternative Loans Trust,
4.5%, 1/25/15 365,432
371,266 B-/NR MASTR Alternative Loans Trust,
5.5%, 1/25/35 379,518
1,349,401 B+/NR MASTR Alternative Loans Trust,
5.5%, 10/25/19 1,388,014
1,989,157 A+/NR MASTR Alternative Loans Trust,
5.5%, 2/25/35 1,985,626
2,876,069 B/NR MASTR Alternative Loans Trust,
6.0%, 7/25/34 2,934,091
1,122,265 6.72 A-/NR Mastr Seasoned Securities Trust,
Floating Rate Note, 9/25/32 1,177,613
1,407,860 0.67 A+/A3 Merrill Lynch Mortgage Investors
Trust Series MLCC 2004-A, Floating
Rate Note, 4/25/29 1,377,231
360,162 2.42 BBB/B3 Merrill Lynch Mortgage Investors
Trust Series MLCC 2005-2, Floating
Rate Note, 10/25/35 355,690
3,095,343 0.67 AA+/Baa2 Merrill Lynch Mortgage Investors
Trust Series MLCC 2005-A, Floating
Rate Note, 3/25/30 3,031,566
590,000 5.24 AAA/NR Merrill Lynch Mortgage Trust Class A4,
Floating Rate Note, 11/12/35 605,517
2,950,000 NR/NR Morgan Stanley Re-REMIC Trust
2010-R9, 5.0%, 11/26/36 (144A) 3,016,375
3,171,595 0.99 AA+/Baa1 MortgageIT Trust 2004-1, Floating
Rate Note, 11/25/34 3,036,330
321,551 0.51 BBB+/Ba2 MortgageIT Trust 2005-3, Floating
Rate Note, 8/25/35 287,364
1,695,622 1.41 AAA/Aaa NorthStar 2012-1 Mortgage Trust,
Floating Rate Note, 8/25/29 (144A) 1,692,580
934,301 NR/Aa3 PHH Mortgage Capital LLC, 6.6%,
12/25/27 (Step) (144A) 913,013
616,728 BB+/B2 RAAC Series, 6.0%, 1/25/32 628,950
700,442 1.61 B-/Ba1 RESI Finance LP, Floating Rate Note,
9/10/35 (144A) 618,427
889,721 AA-/NR Residential Asset Securitization Trust,
5.25%, 11/25/34 904,094
740,866 B-/NR Residential Asset Securitization Trust,
5.5%, 2/25/35 754,594
1,777,355 CCC/NR Residential Asset Securitization Trust,
5.5%, 7/25/35 1,763,483
2,059,536 B/NR Residential Asset Securitization Trust,
5.75%, 12/25/34 2,108,619
The accompanying notes are an integral part of these financial statements.
32 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
314,683 0.71 AAA/NR Residential Asset Securitization Trust,
Floating Rate Note, 7/25/33 $ 313,617
3,934,322 0.87 AA+/Baa1 Sequoia Mortgage Trust 2003-2,
Floating Rate Note, 6/20/33 3,807,892
1,662,179 0.83 AA+/Baa3 Sequoia Mortgage Trust 2003-5,
Floating Rate Note, 9/20/33 1,611,458
1,318,439 0.80 AAA/A3 Sequoia Mortgage Trust 2004-12,
Floating Rate Note, 1/20/35 1,194,651
1,571,713 0.43 BBB+/Ba3 Sequoia Mortgage Trust 2005-2,
Floating Rate Note, 3/20/35 1,432,894
885,915 NR/NR SMA Issuer I LLC, 3.5%,
8/20/25 (144A) 891,083
2,917,884 2.22 AAA/NR Springleaf Mortgage Loan Trust,
Floating Rate Note, 10/25/57 (144A) 3,005,712
303,668 0.95 A+/Ba1 Structured Asset Mortgage Investments,
Inc., Floating Rate Note, 12/19/33 279,682
1,330,419 2.90 A+/Baa3 Structured Asset Securities Corp.,
Floating Rate Note, 10/25/33 1,336,562
1,529,303 0.86 NR/NR Structured Asset Securities Corp.,
Floating Rate Note, 10/25/37 (144A) 1,510,187
4,000,000 5.53 NR/C Structured Asset Securities Corp.,
Floating Rate Note, 12/18/49 (144A) 686,240
1,340,927 2.68 BBB+/B2 Structured Asset Securities Corp.,
Floating Rate Note, 12/25/34 1,366,268
1,263,931 4.10 AAA/Ba1 Thornburg Mortgage Securities Trust
Class II4A, Floating Rate Note, 3/25/44 1,267,853
4,307,185 0.95 BBB+/Baa3 Thornburg Mortgage Securities Trust,
Floating Rate Note, 9/25/44 4,224,883
4,470,000 AAA/Aa1 Timberstar Trust, 5.668%,
10/15/36 (144A) 5,128,972
1,435,000 AA/Aa3 Timberstar Trust, 5.747%,
10/15/36 (144A) 1,579,754
3,787,250 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, 4.803%, 10/15/41 4,038,686
2,500,000 5.61 AA-/NR Wachovia Bank Commercial Mortgage
Trust, Floating Rate Note,
4/15/35 (144A) 2,498,902
672,923,843 0.01 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, Floating Rate Note, 6/15/45 172,941
4,320,330 2.45 BBB+/NR WaMu Mortgage Pass Through
Certificates, Floating Rate Note,
1/25/35 4,334,755
220,082 2.26 NR/Ba3 WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 2/27/34 179,248
3,006,984 2.44 A+/A2 WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 6/25/33 3,089,490
2,050,755 2.57 A+/Ba3 WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 6/25/34 2,085,200
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 33
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- (continued)
1,167,626 2.46 BB+/Ba1 WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 8/25/33 $ 1,068,963
172,040 2.43 A+/Ba3 WaMu Mortgage Pass Through Certificates,
Floating Rate Note, 8/25/34 169,852
3,370,967 NR/Aaa Wells Fargo Commercial Mortgage Trust,
3.349%, 11/15/43 (144A) 3,640,021
1,927,000 NR/Aaa Wells Fargo Commercial Mortgage Trust,
3.539%, 10/15/45 2,029,628
1,219,134 AA+/Baa3 Wells Fargo Mortgage Backed Securities
Trust, 4.75%, 12/25/18 1,255,540
653,035 AA+/A1 Wells Fargo Mortgage Backed Securities
Trust, 5.0%, 11/25/36 677,565
536,714 2.66 AA+/A2 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 10/25/34 552,000
956,241 4.49 AA+/Aa2 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 11/25/33 957,792
469,572 4.50 A+/Baa1 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 11/25/33 461,842
872,932 2.50 NR/Baa2 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 2/25/33 878,939
366,434 2.61 A+/Ba1 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 6/25/34 369,803
350,000 5.39 NR/A2 WFRBS Commercial Mortgage Trust
2011-C2, Floating Rate Note,
2/15/44 (144A) 393,006
-------------
$ 212,952,369
-------------
Total Banks $ 212,952,369
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.6%
Other Diversified Financial Services -- 2.3%
1,471,471 3.13 AA+/NR Banc of America Mortgage 2003-F
Trust, Floating Rate Note, 7/25/33 $ 1,484,022
1,137,875 3.16 NR/Ba2 Banc of America Mortgage 2003-I
Trust, Floating Rate Note, 10/25/33 1,154,415
410,153 3.00 AA+/NR Banc of America Mortgage 2004-E
Trust, Floating Rate Note, 6/25/34 409,861
768,842 5.08 BBB+/NR Banc of America Mortgage 2005-H
Trust, Floating Rate Note, 9/25/35 772,160
1,980,318 A+/NR Banc of America Mortgage Trust
2004-11, 5.75%, 1/25/35 2,030,372
203,194 BB+/NR Banc of America Mortgage Trust
2004-7, 4.5%, 8/25/19 206,422
1,533,813 A+/NR Banc of America Mortgage Trust
2004-9, 5.5%, 11/25/34 1,601,974
721,123 NR/B1 Citicorp Mortgage Securities, Inc.,
5.0%, 2/25/36 763,969
The accompanying notes are an integral part of these financial statements.
34 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
1,498,361 0.33 BBB+/Aaa Commercial Mortgage Pass-Through
Certificates Series 2007-TFL1, Floating
Rate Note, 2/15/22 (144A) $ 1,463,060
1,900,000 5.42 NR/Aa2 DBUBS Mortgage Trust, Floating Rate
Note, 8/10/44 (144A) 2,224,176
637,002 AAA/Aaa Greenwich Capital Commercial Funding
Corp., 4.111%, 7/5/35 639,891
463,723 5.95 B-/Caa1 JP Morgan Alternative Loan Trust,
Floating Rate Note, 9/25/36 465,955
644,089 3.00 NR/NR La Hipotecaria SA de CV, Floating Rate
Note, 9/8/39 (144A) 671,462
1,395,000 5.58 NR/A2 LSTAR Commercial Mortgage Trust,
Floating Rate Note, 6/25/43 (144A) 1,515,199
1,824,224 2.52 A+/NR Merrill Lynch Mortgage Investors, Inc.,
Floating Rate Note, 2/25/35 1,839,434
1,000,000 A+/NR Morgan Stanley Capital I Trust
2007-HQ13, 5.569%, 12/15/44 1,129,800
914,330 0.31 AA+/Aaa Morgan Stanley Capital I, Inc., Floating
Rate Note, 10/15/20 (144A) 910,385
5,102,000 0.34 A+/Aa3 Morgan Stanley Capital I, Inc., Floating
Rate Note, 10/15/20 (144A) 4,795,880
2,034,533 NR/Baa3 ORES NPL LLC, 4.0%, 9/25/44 (144A) 2,041,869
1,235,894 NR/Baa3 RALI Trust, 5.0%, 3/25/19 1,289,954
895,141 NR/Ba1 RALI Trust, 5.0%, 7/25/18 914,914
3,495,010 NR/B1 RALI Trust, 5.0%, 9/25/19 3,596,425
1,533,990 NR/B3 RALI Trust, 5.5%, 12/25/34 1,513,767
1,989,621 AAA/NR RALI Trust, 6.0%, 10/25/34 2,027,549
1,217,375 2.74 AAA/Baa1 Structured Adjustable Rate Mortgage
Loan Trust Class A1, Floating Rate
Note, 3/25/34 1,199,578
381,111 4.21 NR/NR Vericrest Opportunity Loan Trust
2012-NPL1, Floating Rate Note,
3/25/49 (144A) 381,883
-------------
$ 37,044,376
---------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%
44,368 AAA/NR COBALT CMBS Commercial Mortgage
Trust 2006-C1, 5.174%, 8/15/48 $ 44,482
---------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
1,816,162 4.62 AA+/A2 GMAC Mortgage Corp Loan Trust,
Floating Rate Note, 10/19/33 $ 1,877,787
---------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.0%
592,394 2.86 NR/NR Jefferies & Co., Inc., Floating Rate
Note, 5/26/37 (144A) $ 593,646
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 35
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.2%
1,440,000 4.88 AAA/NR Banc of America Merrill Lynch
Commercial Mortgage, Inc., Floating
Rate Note, 7/10/42 $ 1,513,513
1,538,068 7.42 BBB+/Baa2 Bear Stearns Commercial Mortgage
Securities, Floating Rate Note,
10/15/36 (144A) 1,593,369
-------------
$ 3,106,882
-------------
Total Diversified Financials $ 42,667,173
---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.3%
Mortgage REIT's -- 1.2%
363,642 B+/NR Credit Suisse First Boston Mortgage
Securities Corp., 5.5%, 6/25/33 $ 362,839
753,101 2.88 AAA/Ba1 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
11/25/33 732,651
361,534 7.16 A+/Baa2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
12/15/35 (144A) 372,415
1,152,795 1.56 AA+/Aa2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
12/25/33 1,102,884
698,768 1.71 AA+/WR Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
8/25/33 657,105
3,250,000 6.45 D/Caa2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
9/15/34 (144A) 1,580,215
650,000 3.61 NR/A2 FREMF Mortgage Trust Class B, Floating
Rate Note, 11/25/46 (144A) 674,288
572,000 3.95 NR/NR FREMF Mortgage Trust Class B, Floating
Rate Note, 6/25/47 (144A) 595,450
5,000,000 4.44 A-/NR FREMF Mortgage Trust Class B, Floating
Rate Note, 7/25/48 (144A) 5,365,515
1,500,000 4.76 NR/NR FREMF Mortgage Trust, Floating Rate
Note, 11/25/49 (144A) 1,609,932
600,000 4.35 NR/NR FREMF Mortgage Trust, Floating Rate
Note, 12/25/44 (144A) 634,623
850,000 5.62 NR/A3 FREMF Mortgage Trust, Floating Rate
Note, 4/25/20 (144A) 961,076
1,750,000 4.94 NR/A3 FREMF Mortgage Trust, Floating Rate
Note, 4/25/44 (144A) 1,915,062
1,250,000 5.05 NR/A3 FREMF Mortgage Trust, Floating Rate
Note, 7/25/44 (144A) 1,375,145
600,000 5.40 A+/NR FREMF Mortgage Trust, Floating Rate
Note, 9/25/43 670,372
890,000 5.33 NR/NR FREMF Mortgage Trust, Floating Rate
Note, 9/25/45 (144A) 990,521
-------------
$ 19,600,093
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.1%
1,172,792 0.65 AAA/Aaa Mellon Residential Funding Corp.,
Floating Rate Note, 12/15/30 $ 1,166,053
---------------------------------------------------------------------------------------------------------
Real Estate Services -- 0.0%
1,130,000 0.96 AA+/Aa1 Banc of America Large Loan Trust
2007-BMB1, Floating Rate Note,
8/15/29 (144A) $ 1,111,796
-------------
Total Real Estate $ 21,877,942
---------------------------------------------------------------------------------------------------------
GOVERNMENT -- 1.5%
Government -- 1.5%
6,896 NR/NR Fannie Mae REMICS, 10.3%, 4/25/19 $ 7,721
1,000,000 NR/NR Fannie Mae REMICS, 4.5%, 6/25/29 1,113,232
1,876,632 NR/NR Fannie Mae REMICS, 5.0%, 3/25/24 1,928,119
4,453,457 NR/NR Fannie Mae REMICS, 5.0%, 7/25/33 4,612,485
387,145 NR/NR Fannie Mae REMICS, 5.0%, 9/25/39 404,721
42,320 NR/NR Fannie Mae REMICS, 5.69%, 1/25/32 42,901
3,484,086 NR/NR Freddie Mac REMICS, 5.0%, 6/15/33 3,582,491
1,906,185 NR/NR Freddie Mac REMICS, 5.0%, 6/15/34 1,967,482
18,705 NR/NR Freddie Mac REMICS, 5.0%, 8/15/35 18,698
1,185,786 NR/NR Freddie Mac REMICS, 5.5%, 2/15/33 1,196,160
1,994,426 NR/NR Government National Mortgage
Association, 3.0%, 4/20/41 2,103,326
375,000 NR/NR Government National Mortgage
Association, 4.973%, 4/16/42 428,602
660,771 NR/NR Government National Mortgage
Association, 5.25%, 8/16/35 781,878
68,095,019 0.65 NR/NR Government National Mortgage
Association, Floating Rate Note,
11/16/51 (d) 2,735,922
11,893,956 1.03 NR/NR Government National Mortgage
Association, Floating Rate Note,
2/16/53 (d) 1,012,128
8,230,169 1.05 NR/NR Government National Mortgage
Association, Floating Rate Note,
3/16/53 (d) 685,729
13,842,764 1.10 NR/NR Government National Mortgage
Association, Floating Rate Note,
8/16/52 (d) 1,073,617
12,892,976 1.07 NR/NR Government National Mortgage
Association, Floating Rate Note,
9/16/52 (d) 1,121,199
-------------
$ 24,816,411
-------------
Total Government $ 24,816,411
---------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $299,800,933) $ 302,749,752
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 37
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 35.5%
ENERGY -- 3.3%
Oil & Gas Drilling -- 0.1%
1,025,000 BBB+/Baa1 Pride International, Inc., 6.875%,
8/15/20 $ 1,296,328
---------------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.2%
125,000 BBB-/Baa2 Weatherford International, Ltd.
Bermuda, 5.95%, 4/15/42 $ 135,669
2,815,000 BBB-/Baa2 Weatherford International, Ltd.
Bermuda, 9.625%, 3/1/19 3,672,548
-------------
$ 3,808,217
---------------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.9%
2,292,000 BB/B1 Denbury Resources, Inc., 8.25%,
2/15/20 $ 2,578,500
1,800,000 B/NR EP Energy LLC, 9.375%, 5/1/20 2,029,500
866,879 BBB+/NR Gazprom OAO Via Gazprom
International SA, 7.201%, 2/1/20 971,243
901,000 BBB/Baa2 Marathon Oil Corp., 5.9%, 3/15/18 1,089,741
1,400,000 BBB-/Ba1 Newfield Exploration Co., 5.625%,
7/1/24 1,512,000
1,037,472 A/Aa3 Ras Laffan Liquefied Natural Gas Co.,
Ltd. III, 5.832%, 9/30/16 (144A) 1,142,775
1,000,000 BBB-/Baa2 TNK-BP Finance SA, 6.625%,
3/20/17 (144A) 1,137,500
2,080,000 BBB-/Baa2 TNK-BP Finance SA, 7.5%,
7/18/16 (144A) 2,407,600
1,000,000 BBB-/Baa2 TNK-BP Finance SA, 7.875%,
3/13/18 (144A) 1,213,900
-------------
$ 14,082,759
---------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.4%
2,475,000 BBB/Baa2 Spectra Energy Capital LLC, 6.2%,
4/15/18 $ 3,013,607
2,890,000 BBB/Baa2 Valero Energy Corp., 9.375%, 3/15/19 3,975,134
-------------
$ 6,988,741
---------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.7%
435,000 BBB-/Baa2 Boardwalk Pipelines LP, 5.5%, 2/1/17 $ 480,554
1,535,000 BBB/Baa3 Buckeye Partners LP, 6.05%, 1/15/18 1,728,055
2,900,000 BBB/Baa2 DCP Midstream LLC, 9.75%,
3/15/19 (144A) 3,836,192
3,250,000 BBB/Baa2 Kinder Morgan Energy Partners LP,
5.95%, 2/15/18 3,891,267
3,500,000 BBB/Baa2 Plains All American Pipeline LP,
6.125%, 1/15/17 4,127,308
3,885,000 A/A3 Questar Pipeline Co., 5.83%, 2/1/18 4,566,021
1,200,000 3.33 BB/Ba1 Southern Union Co., Floating Rate
Note, 11/1/66 1,027,500
The accompanying notes are an integral part of these financial statements.
38 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation --
(continued)
1,500,000 BBB/Baa2 Spectra Energy Capital LLC, 6.75%,
7/15/18 $ 1,775,068
2,200,000 BBB-/Baa3 Sunoco Logistics Partners Operations
LP, 6.1%, 2/15/42 2,530,200
2,475,000 BBB-/Baa3 The Williams Companies, Inc., 7.75%,
6/15/31 3,157,813
-------------
$ 27,119,978
-------------
Total Energy $ 53,296,023
---------------------------------------------------------------------------------------------------------
MATERIALS -- 1.7%
Diversified Chemicals -- 0.1%
980,000 BBB/Baa2 Eastman Chemical Co., 4.8%, 9/1/42 $ 1,048,286
---------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.2%
2,400,000 BBB/Baa2 Cytec Industries, Inc., 8.95%, 7/1/17 $ 3,009,341
---------------------------------------------------------------------------------------------------------
Construction Materials -- 0.3%
3,328,000 B-/NR Cemex Espana Luxembourg, 9.875%,
4/30/19 (144A) $ 3,710,720
475,000 BBB/Baa2 Holcim US Finance Sarl & Cie SCS,
6.0%, 12/30/19 (144A) 538,759
-------------
$ 4,249,479
---------------------------------------------------------------------------------------------------------
Aluminum -- 0.2%
2,425,000 BBB-/Baa3 Alcoa, Inc., 6.15%, 8/15/20 $ 2,648,449
---------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.5%
900,000 BBB-/Baa2 AngloGold Ashanti Holdings Plc,
5.125%, 8/1/22 $ 912,135
3,085,000 BBB-/Baa2 AngloGold Ashanti Holdings Plc,
5.375%, 4/15/20 3,183,908
5,000,000 BB+/Ba1 Gold Fields Orogen Holding BVI, Ltd.,
4.875%, 10/7/20 (144A) 4,913,810
-------------
$ 9,009,853
---------------------------------------------------------------------------------------------------------
Steel -- 0.4%
500,000 BB+/Ba1 ArcelorMittal, 6.0%, 3/1/21 $ 498,566
3,900,000 BB+/Ba1 ArcelorMittal, 6.125%, 6/1/18 3,952,650
2,805,000 BB+/Ba2 Commercial Metals Co., 7.35%,
8/15/18 3,043,425
-------------
$ 7,494,641
-------------
Total Materials $ 27,460,049
---------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.9%
Aerospace & Defense -- 0.2%
3,020,000 BB/Ba2 Esterline Technologies Corp.,
6.625%, 3/1/17 $ 3,103,050
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 39
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Building Products -- 0.3%
825,000 BBB-/Ba3 Masco Corp., 5.95%, 3/15/22 $ 914,506
4,260,000 BBB-/Ba3 Masco Corp., 7.125%, 3/15/20 4,956,216
-------------
$ 5,870,722
---------------------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.2%
2,665,000 BB/Ba3 Anixter, Inc., 5.95%, 3/1/15 $ 2,834,894
---------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.2%
2,950,000 BBB+/Baa2 Tyco Electronics Group SA, 6.55%,
10/1/17 $ 3,537,377
---------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.1%
910,000 A/Baa1 Cummins, Inc., 6.75%, 2/15/27 $ 1,130,421
---------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.3%
2,150,000 BBB+/Baa1 Ingersoll-Rand Global Holding Co.,
Ltd., 9.5%, 4/15/14 $ 2,379,418
1,810,000 BBB-/Baa3 Valmont Industries, Inc., 6.625%,
4/20/20 2,131,049
-------------
$ 4,510,467
---------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.6%
3,525,000 BB+/NR Aviation Capital Group Corp.,
6.75%, 4/6/21 (144A) $ 3,643,792
5,660,000 BBB/Baa2 GATX Corp., 6.0%, 2/15/18 6,318,501
-------------
$ 9,962,293
-------------
Total Capital Goods $ 30,949,224
---------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Airlines -- 0.0%
378,399 BBB/Baa2 Southwest Airlines Co., 7.67%, 1/2/14 $ 390,866
---------------------------------------------------------------------------------------------------------
Trucking -- 0.1%
529,000 BBB-/Baa2 Asciano Finance, Ltd., 4.625%,
9/23/20 (144A) $ 548,908
-------------
Total Transportation $ 939,774
---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Automobile Manufacturers -- 0.1%
655,000 BBB+/Baa1 Hyundai Motor Manufacturing
Czech sro, 4.5%, 4/15/15 (144A) $ 697,850
790,000 BBB+/A3 Nissan Motor Acceptance Corp.,
4.5%, 1/30/15 (144A) 844,948
-------------
$ 1,542,798
-------------
Total Automobiles & Components $ 1,542,798
---------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.3%
Household Appliances -- 0.3%
4,235,000 BBB-/Baa3 Whirlpool Corp., 5.5%, 3/1/13 $ 4,269,016
-------------
Total Consumer Durables & Apparel $ 4,269,016
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.8%
Education Services -- 0.8%
525,000 NR/Aaa Amherst College, 3.794%, 11/1/42 $ 500,078
1,000,000 NR/Aa2 Bowdoin College, 4.693%, 7/1/12 942,800
1,100,000 AAA/Aaa Massachusetts Institute of Technology,
5.6%, 7/1/11 1,596,232
3,095,000 AAA/Aaa President and Fellows of Harvard
College, 6.3%, 10/1/37 3,592,521
1,900,000 A+/A1 The George Washington University,
1.827%, 9/15/17 1,935,017
3,550,000 AA-/Aa2 Tufts University, 5.017%, 4/15/12 4,055,875
-------------
$ 12,622,523
-------------
Total Consumer Services $ 12,622,523
---------------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Internet Retail -- 0.1%
800,000 BBB-/Ba1 Expedia, Inc., 5.95%, 8/15/20 $ 890,082
-------------
Total Retailing $ 890,082
---------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Drug Retail -- 0.2%
746,304 BBB+/Baa2 CVS Pass-Through Trust, 5.298%,
1/11/27 (144A) $ 830,307
1,483,838 BBB+/Baa2 CVS Pass-Through Trust, 5.773%,
1/10/33 (144A) 1,749,594
-------------
$ 2,579,901
-------------
Total Food & Staples Retailing $ 2,579,901
---------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.0%
Distillers & Vintners -- 0.1%
1,500,000 BBB-/Baa2 Beam, Inc., 3.25%, 5/15/22 $ 1,555,695
---------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.4%
5,175,000 BBB-/Baa2 Viterra, Inc., 5.95%, 8/1/20 (144A) $ 5,602,377
---------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.5%
3,240,000 BBB/Baa2 Kraft Foods Group, Inc., 3.5%,
6/6/22 (144A) $ 3,458,269
3,725,000 BBB-/Baa2 Mondelez International, Inc.,
6.5%, 2/9/40 5,003,982
-------------
$ 8,462,251
-------------
Total Food, Beverage & Tobacco $ 15,620,323
---------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.3%
Health Care Services -- 0.1%
2,600,000 AA-/Aa3 Catholic Health Initiatives, 4.35%,
11/1/42 $ 2,651,558
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 41
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.2%
385,000 BB/Ba3 HCA, Inc., 8.5%, 4/15/19 $ 429,275
2,400,000 A-/A3 NYU Hospitals Center, 4.428%,
7/1/42 2,329,944
-------------
$ 2,759,219
-------------
Total Health Care Equipment & Services $ 5,410,777
---------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.4%
Life Sciences Tools & Services -- 0.4%
5,366,000 BBB+/Baa2 Agilent Technologies, Inc., 6.5%, 11/1/17 $ 6,486,646
-------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 6,486,646
---------------------------------------------------------------------------------------------------------
BANKS -- 4.5%
Diversified Banks -- 2.3%
3,515,000 BBB+/Baa3 Barclays Bank Plc, 6.05%,
12/4/17 (144A) $ 3,888,954
3,815,000 NR/A3 BBVA Bancomer SA Texas, 6.5%,
3/10/21 (144A) 4,234,650
3,435,000 AA-/Aa2 Cooperatieve Centrale Raiffeisen-
Boerenleenbank BA Netherlands,
3.875%, 2/8/22 3,696,486
2,820,000 8.38 BBB-/Ba2 Credit Agricole SA, Floating Rate Note
(Perpetual) (144A) 2,989,200
625,000 A+/Aa3 Export-Import Bank of Korea, 5.875%,
1/14/15 683,424
1,855,000 A/Aa3 Industrial Bank of Korea, 7.125%,
4/23/14 (144A) 1,995,616
3,476,000 BBB+/Baa2 Intesa Sanpaolo S.p.A., 3.625%,
8/12/15 (144A) 3,478,051
1,400,000 BBB+/Baa2 Intesa Sanpaolo S.p.A., 6.5%,
2/24/21 (144A) 1,475,187
3,000,000 BBB/A3 Macquarie Bank, Ltd., 6.625%,
4/7/21 (144A) 3,316,020
4,500,000 A/Baa1 Nordea Bank AB, 4.25%,
9/21/22 (144A) 4,634,964
1,789,474 3.06 A/NR SBP DPR Finance Co., Floating Rate
Note, 3/15/17 (144A) 1,783,025
2,600,000 4.50 NR/Baa2 Scotiabank Peru SA, Floating Rate
Note, 12/13/27 (144A) 2,593,500
2,200,000 A/A2 Standard Chartered Bank, 6.4%,
9/26/17 (144A) 2,561,174
-------------
$ 37,330,251
---------------------------------------------------------------------------------------------------------
Regional Banks -- 2.0%
1,585,000 BB+/Baa3 Capital One Capital VI, 8.875%,
5/15/40 $ 1,585,000
1,190,000 A-/NR CoBank ACB, 7.875%, 4/16/18 (144A) 1,511,988
The accompanying notes are an integral part of these financial statements.
42 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Regional Banks -- (continued)
3,350,000 A/A2 HSBC Bank USA NA New York NY,
6.0%, 8/9/17 $ 3,914,177
2,505,000 A/A1 Mellon Funding Corp., 5.5%,
11/15/18 2,941,601
1,435,000 A-/A3 PNC Bank NA, 6.0%, 12/7/17 1,727,284
6,273,000 8.25 BBB/Baa3 PNC Financial Services Group, Inc.,
Floating Rate Note (Perpetual) 6,382,778
1,050,000 6.75 BBB/Baa3 PNC Financial Services Group, Inc.,
Floating Rate Note (Perpetual) 1,192,527
1,500,000 8.70 BBB/Baa3 PNC Preferred Funding Trust III, Floating
Rate Note (Perpetual) (144A) 1,512,120
4,080,000 BBB-/Baa2 Sovereign Bank, 8.75%, 5/30/18 4,804,114
1,025,000 BBB/Baa1 SunTrust Banks, Inc., 3.5%, 1/20/17 1,100,771
1,450,000 BBB-/NR UBS AG, 7.625%, 8/17/22 1,601,579
3,520,000 A+/A1 Wachovia Bank NA, 6.0%, 11/15/17 4,221,100
-------------
$ 32,495,039
---------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.2%
2,300,000 BBB-/Baa2 Astoria Financial Corp., 5.0%, 6/19/17 $ 2,444,116
2,000,000 BBB/Baa2 Santander Holdings USA, Inc.
Pennsylvania, 3.0%, 9/24/15 2,036,678
-------------
$ 4,480,794
-------------
Total Banks $ 74,306,084
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 8.2%
Other Diversified Financial Services -- 3.3%
3,000,000 BBB+/Baa2 Alterra Finance LLC, 6.25%, 9/30/20 $ 3,466,323
1,100,000 BBB+/Baa3 Bank of America Corp., 7.75%,
8/15/15 1,246,819
1,600,000 6.50 BB+/NR Caelus Re II, Ltd., Floating Rate Note,
5/24/13 (Cat Bond) (144A) 1,614,400
2,000,000 5.95 BB/NR Citigroup, Inc., Floating Rate Note
(Perpetual) 2,025,000
300,000 9.00 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 304,800
950,000 10.25 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 964,535
250,000 9.00 BB/NR East Lane Re V, Ltd., Floating Rate Note,
3/16/16 (Cat Bond) (144A) 268,150
250,000 6.73 BB-/NR Embarcadero Reinsurance, Ltd., Floating
Rate Note, 8/4/14 (Cat Bond) (144A) 252,000
650,000 5.00 BB+/NR Embarcadero Reinsurance, Ltd., Floating
Rate Note, 8/7/15 (Cat Bond) (144A) 662,480
4,860,000 AA/A2 General Electric Capital Corp., 5.3%,
2/11/21 5,641,401
1,800,000 7.12 AA-/Baa1 General Electric Capital Corp., Floating
Rate Note (Perpetual) 2,034,522
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 43
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
890,000 BBB+/Baa1 Hyundai Capital Services, Inc., 3.5%,
9/13/17 (144A) $ 939,849
1,840,000 BBB+/Baa1 Hyundai Capital Services, Inc., 6.0%,
5/5/15 (144A) 2,020,576
2,250,000 6.20 BB-/NR Ibis Re, Ltd., Floating Rate Note,
5/3/13 (Cat Bond) (144A) 2,273,625
250,000 9.25 B/NR Ibis Re, Ltd., Floating Rate Note,
5/3/13 (Cat Bond) (144A) 255,125
2,575,000 A/A2 JPMorgan Chase & Co., 6.0%, 1/15/18 3,082,757
6,140,000 7.90 BBB/Ba1 JPMorgan Chase & Co., Floating Rate
Note (Perpetual) 6,956,681
2,400,000 6.00 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 2,400,960
750,000 7.25 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 753,750
1,650,000 6.25 BB/NR Lodestone Re, Ltd., Floating Rate Note,
5/17/13 (Cat Bond) (144A) 1,660,725
2,550,000 8.25 BB-/NR Lodestone Re, Ltd., Floating Rate Note,
5/17/13 (Cat Bond) (144A) 2,579,835
750,000 7.50 BB-/NR Queen Street II Capital, Ltd., Floating
Rate Note, 4/9/14 (Cat Bond) (144A) 753,975
500,000 7.50 BB-/NR Queen Street IV Capital, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond) (144A) 498,550
800,000 6.25 BB/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13
(Cat Bond) (144A) 809,200
1,500,000 0.00 BB/NR Residential Reinsurance 2010, Ltd.,
Floating Rate Note, 6/6/13
(Cat Bond) (144A) 1,520,100
400,000 9.00 BB-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15
(Cat Bond) (144A) 416,560
1,500,000 7.00 BB/NR Shore Re, Ltd., Floating Rate Note,
7/8/13 (Cat Bond) (144A) 1,534,650
1,250,000 7.70 BBB/NR TIERS Trust, Floating Rate Note,
10/15/97 (144A) (c) 738,322
6,500,000 3.12 BBB-/NR Vita Capital V, Ltd., Floating Rate Note,
1/15/17 (Cat Bond) (144A) 6,524,050
-------------
$ 54,199,720
---------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.9%
2,850,000 BBB-/Baa3 Banque PSA Finance SA, 5.75%,
4/4/21 (144A) $ 2,802,576
2,900,000 BBB+/Baa1 BM&FBovespa SA, 5.5%,
7/16/20 (144A) 3,277,000
5,205,000 BBB-/WR Cantor Fitzgerald LP, 7.875%,
10/15/19 (144A) 5,336,317
The accompanying notes are an integral part of these financial statements.
44 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Specialized Finance -- (continued)
625,000 5.25 BB+/NR Kibou, Ltd., Floating Rate Note,
2/16/15 (Cat Bond) (144A) $ 638,938
2,000,000 A+/A1 National Rural Utilities Cooperative
Finance Corp., 5.45%, 2/1/18 2,404,800
-------------
$ 14,459,631
---------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.8%
1,465,000 BBB/Baa1 Capital One Bank USA NA, 8.8%,
7/15/19 $ 1,983,752
2,575,000 A/A2 Caterpillar Financial Services Corp.,
7.05%, 10/1/18 3,313,443
3,155,000 4.00 BBB-/Ba1 SLM Corp., Floating Rate Note, 7/25/14 3,187,370
4,435,000 CCC/Caa1 Springleaf Finance Corp., 6.9%,
12/15/17 3,969,325
-------------
$ 12,453,890
---------------------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 0.8%
1,400,000 A/NR Blackstone Holdings Finance Co. LLC,
4.75%, 2/15/23 (144A) $ 1,488,280
3,945,000 A-/A3 Eaton Vance Corp., 6.5%, 10/2/17 4,759,721
4,050,000 BBB-/Baa3 Janus Capital Group, Inc., 6.7%, 6/15/17 4,628,810
2,000,000 A/A1 The Bank of New York Mellon Corp.,
4.95%, 3/15/15 2,180,574
-------------
$ 13,057,385
---------------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 2.4%
11,040,000 4.00 BB+/Ba2 Goldman Sachs Capital II, Floating
Rate Note, 6/1/43 $ 8,623,123
600,000 BBB/Baa3 Jefferies Group, Inc., 5.125%, 4/13/18 630,000
4,125,000 BBB/Baa3 Jefferies Group, Inc., 6.875%, 4/15/21 4,620,000
250,000 BBB/Baa3 Jefferies Group, Inc., 8.5%, 7/15/19 298,750
2,730,000 BBB/A3 Macquarie Group, Ltd., 6.0%,
1/14/20 (144A) 2,954,103
221,000 A-/Baa2 Merrill Lynch & Co., Inc., 5.0%, 2/3/14 229,983
3,875,000 A-/Baa2 Merrill Lynch & Co., Inc., 5.45%, 2/5/13 3,891,821
4,350,000 BBB+/Baa3 Merrill Lynch & Co., Inc., 7.75%, 5/14/38 5,662,391
300,000 BBB+/Baa2 Morgan Stanley, 4.875%, 11/1/22 310,618
3,125,000 A-/Baa1 Morgan Stanley, 5.5%, 1/26/20 3,505,603
2,765,000 A-/Baa1 Morgan Stanley, 6.625%, 4/1/18 3,258,760
500,000 4.75 B+/NR Queen Street III Capital, Ltd., Floating
Rate Note, 7/28/14 (Cat Bond) (144A) 503,050
3,450,000 NR/Baa3 Scottrade Financial Services, Inc.,
6.125%, 7/11/21 (144A) 3,548,774
2,000,000 A-/A3 The Goldman Sachs Group, Inc.,
5.5%, 11/15/14 2,156,276
-------------
$ 40,193,252
-------------
Total Diversified Financials $ 134,363,878
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 45
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
INSURANCE -- 5.9%
Life & Health Insurance -- 1.9%
1,850,000 BBB/Baa2 Delphi Financial Group, Inc., 7.875%,
1/31/20 $ 2,262,833
1,690,000 A-/Baa2 Lincoln National Corp., 8.75%,
7/1/19 2,260,030
3,380,000 6.05 BBB/Ba1 Lincoln National Corp., Floating Rate
Note, 4/20/67 3,367,325
4,200,000 BBB/Baa2 MetLife, Inc., 10.75%, 8/1/39 6,342,000
4,250,000 A-/Baa2 Protective Life Corp., 7.375%,
10/15/19 5,165,994
2,800,000 A/Baa2 Prudential Financial, Inc., 2.75%,
1/14/13 2,802,640
1,090,000 A/Baa2 Prudential Financial, Inc., 4.5%,
11/16/21 1,225,861
2,140,000 8.88 BBB+/Baa3 Prudential Financial, Inc., Floating
Rate Note, 6/15/38 2,600,100
1,500,000 5.62 BBB+/Baa3 Prudential Financial, Inc., Floating
Rate Note, 6/15/43 1,554,450
1,800,000 5.88 BBB+/Baa3 Prudential Financial, Inc., Floating
Rate Note, 9/15/42 1,890,000
1,080,000 BBB/Baa2 Unum Group, 5.75%, 8/15/42 1,159,947
500,000 4.61 BBB+/NR Vitality Re, Ltd., Floating Rate Note,
1/7/14 (Cat Bond) (144A) 508,100
-------------
$ 31,139,280
---------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.8%
3,960,000 BBB-/Baa3 Genworth Financial, Inc., 7.2%,
2/15/21 $ 4,276,800
3,035,000 BBB-/Baa2 Liberty Mutual Group, Inc., 7.3%,
6/15/14 (144A) 3,258,683
2,060,000 7.00 BB/Baa3 Liberty Mutual Group, Inc., Floating
Rate Note, 3/15/37 (144A) 2,047,125
85,000 10.75 BB/Baa3 Liberty Mutual Group, Inc., Floating
Rate Note, 6/15/58 (144A) 126,650
2,650,000 A+/A2 Loews Corp., 5.25%, 3/15/16 2,953,483
-------------
$ 12,662,741
---------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.7%
1,200,000 BBB-/Baa3 Fidelity National Financial, Inc.,
5.5%, 9/1/22 $ 1,328,190
1,000,000 BBB-/Baa2 OneBeacon US Holdings, Inc.,
4.6%, 11/9/22 1,028,204
3,600,000 BBB/Baa3 Sirius International Group, Ltd.,
6.375%, 3/20/17 (144A) 3,931,776
The accompanying notes are an integral part of these financial statements.
46 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- (continued)
2,110,000 7.51 BB+/Ba2 Sirius International Group, Ltd., Floating
Rate Note (Perpetual) (144A) $ 2,177,478
5,455,000 6.50 BBB/Baa1 The Allstate Corp., Floating Rate Note,
5/15/57 5,802,756
700,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.5%, 3/1/20 829,828
5,000,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.625%, 10/15/25 6,203,425
2,000,000 A/A2 The Travelers Companies, Inc.,
6.25%, 6/15/37 2,707,734
5,005,000 6.50 BBB-/Ba1 XL Group Plc, Floating Rate Note
(Perpetual) 4,679,675
-------------
$ 28,689,066
---------------------------------------------------------------------------------------------------------
Reinsurance -- 1.5%
250,000 8.13 BB-/NR Atlas Reinsurance VII, Ltd., Floating
Rate Note, 1/7/16 (144A) $ 247,200
250,000 6.30 BB+/NR Blue Danube, Ltd., Floating Rate Note,
4/10/15 (Cat Bond) (144A) 257,025
500,000 9.25 BB/NR Blue Fin, Ltd., Floating Rate Note,
5/28/13 (Cat Bond) (144A) 504,750
250,000 14.00 B-/NR Blue Fin, Ltd., Floating Rate Note,
5/28/13 (Cat Bond) (144A) 243,750
1,000,000 4.50 NR/Baa1 Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) 1,023,600
1,050,000 5.00 BB+/NR Foundation Re III, Ltd., Floating Rate
Note, 2/25/15 (Cat Bond) 1,058,190
850,000 5.75 BB/NR Foundation Re III, Ltd., Floating Rate
Note, 2/3/14 (Cat Bond) (144A) 853,145
1,875,000 6.50 BB-/NR Johnston Re, Ltd., Floating Rate Note,
5/8/13 (Cat Bond) (144A) 1,901,812
600,000 6.00 BB+/NR Longpoint Re, Ltd., Floating Rate Note,
6/12/15 (Cat Bond) (144A) 598,800
2,650,000 BBB/NR Montpelier Re Holdings, Ltd.,
4.7%, 10/15/22 2,711,173
650,000 9.00 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 662,285
500,000 8.71 B+/NR Mythen Re, Ltd. Series 2012-2
Class A, Floating Rate Note, 1/5/17
(Cat Bond) (144A) 499,350
250,000 8.72 NR/Ba3 Mythen, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 266,000
500,000 8.22 NR/Ba3 Mythen, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 522,750
5,048,000 BBB/NR Platinum Underwriters Finance, Inc.,
7.5%, 6/1/17 5,654,790
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 47
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 10.35 B/NR Queen Street VI Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) $ 258,025
400,000 8.60 B/NR Queen Street VII Re, Ltd., Floating Rate
Note, 4/8/16 (Cat Bond) (144A) 398,400
1,450,000 6.75 BBB-/Baa3 Reinsurance Group of America, Inc.,
Floating Rate Note, 12/15/65 1,448,188
2,500,000 0.00 BB+/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16
(Cat Bond) (144A) 2,487,250
275,000 10.00 BB-/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16
(Cat Bond) (144A) 295,158
800,000 8.00 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16
(Cat Bond) (144A) 821,760
1,400,000 9.66 B/NR Successor X, Ltd. Class IV-E3, Floating
Rate Note, 2/25/14 (Cat Bond) (144A) 1,406,160
250,000 11.25 B-/NR Successor X, Ltd., Floating Rate Note,
11/10/15 (Cat Bond) (144A) 247,875
-------------
$ 24,367,436
-------------
Total Insurance $ 96,858,523
---------------------------------------------------------------------------------------------------------
REAL ESTATE -- 2.8%
Diversified REITs -- 0.5%
1,765,000 BBB/Baa2 Digital Realty Trust LP, 4.5%, 7/15/15 $ 1,877,971
725,000 BBB/Baa2 Digital Realty Trust LP, 5.875%, 2/1/20 828,390
1,050,000 BBB/Baa2 Goodman Funding Pty, Ltd., 6.0%,
3/22/22 (144A) 1,176,454
3,455,000 BBB/Baa2 Goodman Funding Pty, Ltd., 6.375%,
4/15/21 (144A) 3,925,143
-------------
$ 7,807,958
---------------------------------------------------------------------------------------------------------
Office REITs -- 0.5%
2,670,000 BBB-/Baa2 Alexandria Real Estate Equities, Inc.,
4.6%, 4/1/22 $ 2,865,922
900,000 BBB-/Baa3 BioMed Realty LP, 4.25%, 7/15/22 938,899
2,100,000 BBB-/Baa3 Highwoods Realty LP, 3.625%, 1/15/23 2,056,438
1,200,000 BBB/Baa2 Mack-Cali Realty LP, 4.5%, 4/18/22 1,279,849
1,607,000 BBB/Baa2 Mack-Cali Realty LP, 5.125%, 2/15/14 1,664,489
-------------
$ 8,805,597
---------------------------------------------------------------------------------------------------------
Retail REITs -- 0.2%
575,000 BBB-/Baa3 DDR Corp., 4.625%, 7/15/22 $ 627,527
2,905,000 BBB-/Baa3 DDR Corp., 7.5%, 4/1/17 3,484,501
-------------
$ 4,112,028
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Specialized REITs -- 1.3%
730,000 BBB-/Baa3 CubeSmart LP, 4.8%, 7/15/22 $ 792,862
860,000 BBB-/Baa2 Health Care Real Estate Investment
Trust, Inc., 6.0%, 11/15/13 897,376
4,125,000 BBB-/Baa2 Health Care Real Estate Investment
Trust, Inc., 6.2%, 6/1/16 4,705,779
2,425,000 BBB-/Baa3 Healthcare Realty Trust, Inc., 6.5%,
1/17/17 2,772,740
1,985,000 BBB-/Baa2 Hospitality Properties Trust, 5.0%,
8/15/22 2,100,154
4,175,000 BBB-/Baa2 Hospitality Properties Trust, 7.875%,
8/15/14 4,456,909
4,285,000 BBB-/Baa3 Senior Housing Properties Trust,
6.75%, 4/15/20 4,875,563
-------------
$ 20,601,383
---------------------------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.3%
4,125,000 A-/A2 WEA Finance LLC, 7.125%,
4/15/18 (144A) $ 5,082,837
---------------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 0.0%
54,000 B/B3 Forest City Enterprises, Inc., 7.625%,
6/1/15 $ 54,000
-------------
Total Real Estate $ 46,463,803
---------------------------------------------------------------------------------------------------------
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
---------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.1%
Computer Hardware -- 0.1%
2,100,000 BB/Ba3 NCR Corp., 4.625%, 2/15/21 (144A) $ 2,100,000
-------------
Total Technology Hardware & Equipment $ 2,100,000
---------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.2%
Semiconductor Equipment -- 0.2%
3,100,000 BBB/Baa1 KLA-Tencor Corp., 6.9%, 5/1/18 $ 3,723,838
-------------
Total Semiconductors & Semiconductor
Equipment $ 3,723,838
---------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.2%
Integrated Telecommunication Services -- 0.9%
2,530,000 B/B1 Cincinnati Bell, Inc., 8.25%, 10/15/17 $ 2,726,075
469,000 B/B1 Cincinnati Bell, Inc., 8.375%, 10/15/20 507,692
3,355,000 NR/A2 GTP Acquisition Partners I LLC,
4.347%, 6/15/16 (144A) 3,555,488
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 49
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Integrated Telecommunication
Services -- (continued)
800,000 NR/NR GTP Cellular Sites LLC, 3.721%,
3/15/17 (144A) $ 819,085
3,950,000 NR/A2 GTP Towers Issuer LLC, 4.436%,
2/15/15 (144A) 4,112,633
2,750,000 BBB/Baa2 Telefonica Emisiones SAU, 6.221%,
7/3/17 3,059,375
-------------
$ 14,780,348
---------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.3%
3,015,000 NR/A2 Crown Castle Towers LLC, 4.883%,
8/15/20 (144A) $ 3,402,014
1,625,000 NR/A2 Crown Castle Towers LLC, 6.113%,
1/15/20 (144A) 1,957,285
-------------
$ 5,359,299
-------------
Total Telecommunication Services $ 20,139,647
---------------------------------------------------------------------------------------------------------
UTILITIES -- 2.4%
Electric Utilities -- 1.3%
980,000 A-/A3 Commonwealth Edison Co., 6.15%,
9/15/17 $ 1,188,216
667,350 BBB-/Baa3 Crockett Cogeneration LP, 5.869%,
3/30/25 (144A) 687,657
3,365,000 BBB+/Baa2 Enel Finance International NV,
5.125%, 10/7/19 (144A) 3,556,344
1,009,764 BB/Baa3 FPL Energy American Wind LLC,
6.639%, 6/20/23 (144A) 970,520
255,150 B/Ba2 FPL Energy Wind Funding LLC,
6.876%, 6/27/17 (144A) 221,980
1,925,000 BB+/Baa3 Israel Electric Corp, Ltd., 7.25%,
1/15/19 (144A) 2,091,512
610,000 BB+/Baa3 Israel Electric Corp, Ltd., 9.375%,
1/28/20 (144A) 726,662
910,000 BBB/Baa1 Nevada Power Co., 6.5%, 8/1/18 1,143,366
802,596 NR/WR Orcal Geothermal, Inc., 6.21%,
12/30/20 (144A) 810,622
2,690,000 BBB-/Baa3 Public Service Co. of New Mexico,
7.95%, 5/15/18 3,268,552
2,200,000 6.25 BBB-/Baa2 Southern California Edison Co.,
Floating Rate Note (Perpetual) 2,388,562
3,550,000 BBB+/A3 West Penn Power Co., 5.95%,
12/15/17 (144A) 4,213,953
-------------
$ 21,267,946
---------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.2%
2,324,509 A+/A1 Nakilat, Inc., 6.267%,
12/31/33 (144A) $ 2,856,799
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
50 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.4%
5,055,000 BBB+/Baa1 New York State Electric & Gas Corp.,
6.15%, 12/15/17 (144A) $ 5,691,652
336,944 NR/NR Ormat Funding Corp., 8.25%,
12/30/20 313,358
-------------
$ 6,005,010
---------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.5%
627,655 BBB-/NR Alta Wind Holdings LLC, 7.0%,
6/30/35 (144A) $ 675,420
2,675,000 BB-/Ba3 InterGen NV, 9.0%, 6/30/17 (144A) 2,394,125
2,105,000 BBB-/Baa3 Kiowa Power Partners LLC, 5.737%,
3/30/21 (144A) 2,223,490
1,016,000 BB+/Ba1 NSG Holdings LLC, 7.75%,
12/15/25 (144A) 1,046,480
2,421,769 BBB-/Baa3 Panoche Energy Center LLC, 6.885%,
7/31/29 (144A) 2,606,283
-------------
$ 8,945,798
-------------
Total Utilities $ 39,075,553
---------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $518,350,425) $ 579,545,462
---------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 18.0%
1,503,437 AAA/Aaa Federal Home Loan Mortgage Corp.,
4.5%, 3/1/20-10/1/20 $ 1,604,833
6,377,938 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.0%, 10/1/20-10/1/38 6,901,537
2,728,357 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.5%, 12/1/18-11/1/35 2,960,120
6,921,706 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.0%, 5/1/17-12/1/36 7,614,447
524,584 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 11/1/30-4/1/34 597,746
594,813 AAA/Aaa Federal Home Loan Mortgage Corp.,
7.0%, 8/1/22-11/1/30 649,240
14,398,345 AAA/Aaa Federal National Mortgage Association,
4.0%, 7/1/18-4/1/42 15,493,775
39,111,891 AAA/Aaa Federal National Mortgage Association,
4.5%, 11/1/20-1/1/42 42,399,600
18,274,249 AAA/Aaa Federal National Mortgage Association,
5.0%, 12/1/17-8/1/40 19,969,306
7,789,214 AAA/Aaa Federal National Mortgage Association,
5.5%, 9/1/17-6/1/36 8,483,919
7,373,386 AAA/Aaa Federal National Mortgage Association,
6.0%, 6/1/16-7/1/38 8,187,710
1,459,061 AAA/Aaa Federal National Mortgage Association,
6.5%, 1/1/15-11/1/37 1,669,738
147,517 AAA/Aaa Federal National Mortgage Association,
7.0%, 7/1/21-1/1/32 175,028
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 51
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
3,518 AAA/Aaa Federal National Mortgage Association,
7.5%, 8/1/20-4/1/30 $ 3,849
25,224 AAA/Aaa Federal National Mortgage Association,
8.0%, 2/1/29-5/1/31 30,443
8,765,137 AAA/Aaa Government National Mortgage Association I,
4.5%, 7/15/33-8/15/41 9,613,443
2,328,323 AAA/Aaa Government National Mortgage Association I,
5.0%, 10/15/18-4/15/35 2,575,635
9,387,253 AAA/Aaa Government National Mortgage Association I,
5.5%, 10/15/17-2/15/37 10,324,640
9,720,692 AAA/Aaa Government National Mortgage Association I,
6.0%, 4/15/14-10/15/36 10,917,624
4,714,533 AAA/Aaa Government National Mortgage Association I,
6.5%, 1/15/29-7/15/35 5,552,847
798,442 AAA/Aaa Government National Mortgage Association I,
7.0%, 12/15/13-5/15/32 956,781
148,917 AAA/Aaa Government National Mortgage Association I,
7.5%, 2/15/26-12/15/31 174,924
5,253 AAA/Aaa Government National Mortgage Association I,
7.75%, 2/15/30 5,779
5,532,011 AAA/Aaa Government National Mortgage Association II,
4.5%, 12/20/34-9/20/41 6,103,477
1,961,450 AAA/Aaa Government National Mortgage Association II,
5.5%, 10/20/19-4/20/34 2,149,793
62,120 AAA/Aaa Government National Mortgage Association II,
6.5%, 2/20/29-4/20/29 71,458
287,531 AAA/Aaa Government National Mortgage Association II,
7.0%, 11/20/28-12/20/30 347,499
7,620,000 AA+/Aaa U.S. Treasury Bonds, 4.25%, 5/15/39 9,721,451
1,365,000 AA+/Aaa U.S. Treasury Bonds, 4.375%, 11/15/39 1,775,780
5,450,000 AA+/Aaa U.S. Treasury Bonds, 4.375%, 2/15/38 7,071,375
2,000,000 AA+/Aaa U.S. Treasury Bonds, 4.375%, 5/15/40 2,603,438
7,340,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 2/15/36 9,660,130
8,435,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 5/15/38 11,150,016
9,068,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 8/15/39 12,016,515
4,000,000 AA+/Aaa U.S. Treasury Bonds, 4.625%, 2/15/40 5,404,376
5,100,000 AA+/Aaa U.S. Treasury Bonds, 5.25%, 11/15/28 7,045,966
4,000,000 AA+/Aaa U.S. Treasury Bonds, 5.375%, 2/15/31 5,710,000
840,000 AA+/Aaa U.S. Treasury Bonds, 5.5%, 8/15/28 1,187,156
4,750,000 AA+/Aaa U.S. Treasury Bonds, 6.25%, 8/15/23 6,810,312
450,000 AA+/Aaa U.S. Treasury Bonds, 7.875%, 2/15/21 677,250
10,000,000 AA+/Aaa U.S. Treasury Notes, 0.25%, 9/15/15 9,978,120
5,000,000 AA+/Aaa U.S. Treasury Notes, 0.625%, 8/31/17 4,995,310
5,000,000 AA+/Aaa U.S. Treasury Notes, 1.625%, 8/15/22 4,967,190
8,000,000 AA+/Aaa U.S. Treasury Notes, 2.125%, 8/15/21 8,410,000
2,700,000 AA+/Aaa U.S. Treasury Notes, 2.625%, 11/15/20 2,963,250
The accompanying notes are an integral part of these financial statements.
52 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- (continued)
8,750,000 AA+/Aaa U.S. Treasury Notes, 2.75%, 2/15/19 $ 9,688,578
6,380,000 AA+/Aaa U.S. Treasury Notes, 3.125%, 5/15/19 7,225,350
---------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $266,792,358) $ 294,596,754
---------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS -- 0.3%
4,600,000 BBB/Baa1 Russian Foreign Bond -- Eurobond,
4.5%, 4/4/22 (144A) $ 5,267,000
---------------------------------------------------------------------------------------------------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $4,568,736) $ 5,267,000
---------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 6.9%
Municipal Airport -- 0.1%
1,000,000 BBB/Baa1 Indianapolis Airport Authority, 5.1%,
1/15/17 $ 1,120,430
---------------------------------------------------------------------------------------------------------
Municipal Development -- 0.7%
2,925,000 AA-/Aa3 California Statewide Communities
Development Authority, 6.0%, 8/15/42 $ 3,472,268
2,350,000 BBB-/Baa3 Louisiana Local Government
Environmental Facilities & Community
Development Authority, 6.5%, 11/1/35 2,734,718
2,560,000 BBB/Baa2 Parish of St. John the Baptist Louisiana,
5.125%, 6/1/37 2,726,630
2,310,000 BBB/Baa3 Selma Industrial Development Board,
5.8%, 5/1/34 2,614,181
-------------
$ 11,547,797
---------------------------------------------------------------------------------------------------------
Municipal General -- 0.8%
4,500,000 AA-/Aa3 New Jersey Economic Development
Authority, 2/15/18 $ 3,892,320
2,750,000 A+/A1 New Jersey Transportation Trust Fund
Authority, 5.5%, 6/15/41 3,166,900
2,400,000 AAA/Aa1 New York City Transitional Finance
Authority Future Tax Secured Revenue,
5.0%, 11/1/33 2,779,968
800,000 NR/NR State of California, 2.5%, 6/20/13 808,064
1,050,000 BBB/A3 Texas Municipal Gas Acquisition &
Supply Corp III, 5.0%, 12/15/30 1,135,722
2,100,000 BBB/A3 Texas Municipal Gas Acquisition &
Supply Corp III, 5.0%, 12/15/31 2,253,552
-------------
$ 14,036,526
---------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 3.0%
1,025,000 A+/NR Baylor University, 4.313%, 3/1/42 $ 1,057,472
4,380,000 AA-/Aa2 California State University, 5.0%, 11/1/39 4,865,085
3,000,000 AAA/Aaa Connecticut State Health & Educational
Facility Authority, 5.0%, 7/1/40 3,434,580
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 53
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Municipal Higher Education -- (continued)
4,600,000 AAA/Aaa Connecticut State Health & Educational
Facility Authority, 5.0%, 7/1/42 $ 5,089,762
2,300,000 AAA/Aaa Houston Higher Education Finance Corp.,
4.5%, 11/15/37 2,489,934
1,500,000 AAA/Aaa Houston Higher Education Finance Corp.,
5.0%, 5/15/40 1,720,545
1,100,000 AA/Aa1 Illinois Finance Authority, 5.0%, 10/1/51 1,221,627
1,200,000 AAA/Aaa Massachusetts Development Finance
Agency, 5.0%, 10/15/40 1,393,572
6,500,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 11/15/36 7,762,365
1,425,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 7/1/32 2,062,217
1,000,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 6.0%, 7/1/36 1,205,620
2,850,000 AAA/Aaa Missouri State Health & Educational
Facilities Authority, 5.0%, 11/15/39 3,406,377
1,600,000 AA/Aa1 New York State Dormitory Authority
Series A, 5.0%, 7/1/40 1,836,640
2,590,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 10/1/41 3,019,500
2,150,000 AA/Aa1 New York State Dormitory Authority,
5.0%, 7/1/35 2,486,862
875,000 AA-/Aa3 New York State Dormitory Authority,
5.0%, 7/1/37 1,011,684
3,700,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 7/1/38 4,199,019
800,000 AAA/Aaa Permanent University Fund, 5.0%,
7/1/30 1,005,736
525,000 AAA/Aaa University of Texas System, 5.0%,
8/15/43 616,975
-------------
$ 49,885,572
---------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.1%
325,000 AA-/A1 Massachusetts Development Finance
Agency, 5.25%, 4/1/37 $ 368,170
550,000 AA-/A1 Massachusetts Development Finance
Agency, 5.375%, 4/1/41 623,733
-------------
$ 991,903
---------------------------------------------------------------------------------------------------------
Municipal Utility District -- 0.3%
4,060,000 AA-/Aa3 South Carolina State Public Service
Authority, 5.0%, 12/1/43 $ 4,537,943
---------------------------------------------------------------------------------------------------------
Municipal Pollution -- 0.4%
995,000 A-/Baa1 County of Sweetwater Wyoming,
5.6%, 12/1/35 $ 1,060,103
The accompanying notes are an integral part of these financial statements.
54 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Municipal Pollution -- (continued)
980,000 BBB/Baa3 Courtland Industrial Development
Board, 5.0%, 8/1/27 $ 982,470
3,965,000 5.95 BBB/NR Port Freeport Texas, Floating Rate Note,
5/15/33 4,518,792
-------------
$ 6,561,365
---------------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.1%
1,600,000 AA/Aa2 Harris County Metropolitan Transit
Authority, 5.0%, 11/1/41 $ 1,830,608
600,000 AA-/Aa3 Port Authority of New York & New Jersey,
4.458%, 10/1/62 588,732
-------------
$ 2,419,340
---------------------------------------------------------------------------------------------------------
Municipal Water -- 1.0%
2,400,000 AAA/Aa1 City of Charleston South Carolina
Waterworks & Sewer System Revenue,
5.0%, 1/1/35 $ 2,796,648
2,800,000 AAA/Aa1 City of Charleston South Carolina
Waterworks & Sewer System Revenue,
5.0%, 1/1/41 3,217,144
3,275,000 AA-/Aa3 City of San Francisco California Public
Utilities Commission Water Revenue,
5.0%, 11/1/37 3,750,104
800,000 AAA/Aa2 Hampton Roads Sanitation District,
5.0%, 4/1/38 899,472
1,415,000 AAA/Aaa Metropolitan Water Reclamation
District of Greater Chicago, 5.0%,
12/1/30 1,706,193
1,200,000 AAA/Aaa Metropolitan Water Reclamation
District of Greater Chicago, 5.0%,
12/1/32 1,429,968
1,750,000 AAA/NR Tarrant Regional Water District, 5.0%,
3/1/52 1,974,735
-------------
$ 15,774,264
---------------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.4%
1,800,000 AAA/Aa1 State of Florida, 4.0%, 6/1/27 $ 2,019,780
560,000 AA+/Aa1 State of Washington, 3.0%, 7/1/28 554,702
1,660,000 AA+/Aa1 State of Washington, 5.0%, 7/1/18 2,009,563
1,400,000 AA+/Aa1 State of Washington, 5.0%, 8/1/39 1,596,812
-------------
$ 6,180,857
---------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $101,546,918) $ 113,055,997
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 55
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE LOAN INTERESTS -- 6.3%**
ENERGY -- 0.2%
Integrated Oil & Gas -- 0.1%
2,408,205 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term
Loan, 6/1/16 $ 2,420,246
---------------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.1%
1,453,410 3.75 BB/Ba2 Pilot Travel Centers LLC, Refinancing
Tranche B Term Loan, 3/30/18 $ 1,462,949
-------------
Total Energy $ 3,883,195
---------------------------------------------------------------------------------------------------------
MATERIALS -- 0.3%
Commodity Chemicals -- 0.1%
781,786 4.25 NR/Ba2 Tronox, Inc., Closing Date Term Loan,
1/24/17 $ 790,581
213,214 4.25 NR/Ba2 Tronox, Inc., Delayed Draw Term Loan,
1/24/17 215,413
-------------
$ 1,005,994
---------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.0%
126,498 3.11 BBB-/Ba1 Celanese US Holdings LLC, Dollar
Term C Loan (Extended), 10/31/16 $ 127,770
---------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
1,620,000 5.50 BB+/Ba1 Chemtura Corp., Term Facility, 8/11/16 $ 1,647,001
257,302 2.76 BB+/Ba1 Huntsman International LLC, Extended
Term B Loan, 4/19/17 257,677
-------------
$ 1,904,678
---------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.0%
425,000 4.50 B/Ba3 BWAY Holding Co., Initial Term Loan,
8/31/17 $ 427,745
---------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.1%
1,181,750 5.25 BB-/B1 Fairmount Minerals, Ltd., Tranche B
Term Loan, 3/1/17 $ 1,179,851
-------------
Total Materials $ 4,646,038
---------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.6%
Aerospace & Defense -- 0.4%
1,369,108 6.25 B-/B2 DAE Aviation Holdings, Inc., Tranche B-1
Loan, 10/18/18 $ 1,389,644
620,664 6.25 B/B2 DAE Aviation Holdings, Inc., Tranche B-2
Loan, 10/18/18 629,974
1,633,500 5.75 BB+/Ba3 DigitalGlobe, Inc., Term Loan, 9/21/18 1,640,986
743,451 6.25 BB-/Ba2 DynCorp International, Inc., Term Loan,
7/7/16 748,717
645,125 3.75 BBB-/Ba1 Spirit Aerosystems, Inc., Term B Loan,
3/27/19 650,232
1,573,208 4.50 BB-/B1 Tasc, Inc., New Tranche B Term Loan,
4/25/15 1,574,437
-------------
$ 6,633,990
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
56 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.2%
2,365,000 4.50 B+/Ba3 WESCO International, Inc., Tranche B-1
Loan, 12/4/19 $ 2,380,964
-------------
Total Capital Goods $ 9,014,954
---------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Environmental & Facilities Services -- 0.2%
2,563,428 2.31 CCC-/Caa2 Synagro Technologies, Inc., Term Loan
(First Lien), 4/2/14 $ 2,329,516
---------------------------------------------------------------------------------------------------------
Office Services & Supplies -- 0.0%
453,819 4.25 BB+/Ba1 ACCO Brands Corp., Term B Loan, 1/4/19 $ 458,074
-------------
Total Commercial Services & Supplies $ 2,787,590
---------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Air Freight & Logistics -- 0.1%
462,700 0.21 NR/NR CEVA Group Plc, Dollar Tranche B
Pre Funded Term Loan, 8/31/16 $ 441,589
351,403 5.31 NR/NR CEVA Group Plc, EGL Tranche B
Term Loan, 8/31/16 339,325
843,532 5.31 B-/B1 CEVA Group Plc, US Tranche B
Term Loan, 8/31/16 805,046
-------------
$ 1,585,960
-------------
Total Transportation $ 1,585,960
---------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.8%
Auto Parts & Equipment -- 0.3%
237,983 2.71 BB-/Ba3 Allison Transmission, Inc., Term B-1
Loan, 8/7/14 $ 239,544
1,010,343 4.25 BB-/Ba3 Allison Transmission, Inc., Term B-3
Loan, 8/23/19 1,021,709
1,607,026 3.50 BBB/Baa2 Delphi Automotive LLP, Tranche B
Term Loan, 3/31/17 1,617,271
1,052,703 2.15 B/B1 Federal-Mogul Corp., Tranche B
Term Loan, 12/29/14 969,144
537,093 2.15 B/B1 Federal-Mogul Corp., Tranche C
Term Loan, 12/28/15 494,461
838,663 6.75 NR/NR TI Group Automotive Systems LLC,
Term Loan, 3/1/19 849,146
528,400 4.25 BB/Ba2 Tomkins LLC, Term B-1 Loan, 9/21/16 532,361
-------------
$ 5,723,636
---------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.3%
4,190,000 4.75 BB/Ba1 The Goodyear Tire & Rubber Co., Loan
(Second Lien), 3/27/19 $ 4,225,615
---------------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.2%
3,856,275 6.00 BB/Ba2 Chrysler Group LLC, Tranche B Term
Loan, 4/28/17 $ 3,946,234
-------------
Total Automobiles & Components $ 13,895,485
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 57
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Apparel, Accessories & Luxury Goods -- 0.1%
1,945,000 0.00 BBB-/Ba1 PVH Corp., 12/19/19 $ 1,959,239
-------------
Total Consumer Durables & Apparel $ 1,959,239
---------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Casinos & Gaming -- 0.1%
1,066,938 4.00 BB+/Ba1 Pinnacle Entertainment, Inc., Series A
Term Loan, 3/5/19 $ 1,076,273
---------------------------------------------------------------------------------------------------------
Restaurants -- 0.0%
488,775 3.75 BB/Ba3 Burger King Corp., Tranche B Term Loan
(2012), 9/28/19 $ 492,746
---------------------------------------------------------------------------------------------------------
Specialized Consumer Services - 0.0%
325,677 7.00 B+/B1 Web Service Co. LLC, Term Loan, 9/28/14 $ 325,677
-------------
Total Consumer Services $ 1,894,696
---------------------------------------------------------------------------------------------------------
MEDIA -- 0.7%
Advertising -- 0.1%
1,086,925 6.50 B/Ba3 Affinion Group, Inc., Tranche B Term Loan,
10/9/16 $ 997,059
---------------------------------------------------------------------------------------------------------
Broadcasting -- 0.1%
2,306,174 4.46 B+/B2 Univision Communications, Inc., Extended
First-Lien Term Loan, 3/29/17 $ 2,272,843
---------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.2%
2,087,398 3.47 BB+/Baa3 Charter Communications Operating LLC,
Term C Loan, 9/6/16 $ 2,101,089
918,063 4.00 BB+/Baa3 Charter Communications Operating LLC,
Term D Loan, 3/28/19 926,526
199,000 6.25 B/B1 WideOpenWest LLC, Term Loan, 4/18/18 201,596
-------------
$ 3,229,211
---------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
770,061 5.25 NR/Ba1 Cinedigm Digital Funding I LLC, Term
Loan, 3/31/16 $ 773,430
1,653,272 4.50 BB-/Ba2 Live Nation Entertainment, Inc., Term B
Loan, 10/20/16 1,663,591
-------------
$ 2,437,021
---------------------------------------------------------------------------------------------------------
Publishing -- 0.1%
2,287,834 4.50 B+/Ba3 Interactive Data Corp., Term B Loan,
1/31/18 $ 2,302,833
-------------
Total Media $ 11,238,967
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
58 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
RETAILING -- 0.0%
Apparel Retail -- 0.0%
493,342 4.75 BB+/Ba2 Ascena Retail Group, Inc., Tranche B
Term Loan, 5/17/18 $ 497,967
-------------
Total Retailing $ 497,967
---------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.0%
Food Retail -- 0.0%
153,597 2.71 B+/Ba3 Pinnacle Foods Group, Inc., Initial Term
Loan, 4/19/14 $ 154,157
-------------
Total Food & Staples Retailing $ 154,157
---------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.0%
Packaged Foods & Meats -- 0.0%
304,425 4.00 BB/Ba1 B&G Foods, Inc., Tranche B Term Loan
(2012), 11/30/18 $ 306,424
-------------
Total Food, Beverage & Tobacco $ 306,424
---------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 0.1%
Personal Products -- 0.1%
861,429 4.25 BB-/Ba3 NBTY, Inc., Term B-1 Loan, 10/1/17 $ 870,956
-------------
Total Household & Personal Products $ 870,956
---------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.8%
Health Care Equipment -- 0.0%
698,250 4.50 BBB-/Ba2 Hologic, Inc., Tranche B Term Loan,
4/29/19 $ 707,487
---------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
2,177,520 5.75 BB-/NR Immucor, Inc., Term B-1 Loan, 8/19/18 $ 2,207,461
---------------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
550,000 0.00 B+/B1 Ardent Medical Services, Inc., 1st
Lien Term Loan, 5/2/18 $ 556,531
1,600,681 7.25 B/B1 Ardent Medical Services, Inc., Term
Loan, 9/15/15 1,604,683
392,000 4.50 BB-/Ba2 DaVita HealthCare Partners, Inc.,
Tranche B Term Loan, 10/20/16 395,234
-------------
$ 2,556,448
---------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.5%
2,199,732 3.81 BB/Ba3 Community Health Systems, Inc.,
Extended Term Loan, 7/25/14 $ 2,216,052
747,900 3.46 BB/Ba3 HCA Holdings, Inc., Tranche B-3 Term
Loan, 5/1/18 750,771
1,793,613 3.56 BB/Ba3 HCA, Inc., Tranche B-2 Term Loan, 3/17/17 1,800,900
1,663,200 4.50 BB-/Ba3 Health Management Associates, Inc.,
Term B Loan, 11/1/18 1,678,638
955,684 3.75 BB+/Ba2 Universal Health Services, Inc.,
Tranche B Term Loan 2011, 11/30/16 961,180
-------------
$ 7,407,541
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 59
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.0%
461,955 4.50 BB-/Ba3 IMS Health, Inc., Tranche B Dollar
Term Loan, 8/31/17 $ 465,599
-------------
Total Health Care Equipment & Services $ 13,344,536
---------------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 0.3%
Biotechnology -- 0.0%
1,011,587 4.50 BB+/Ba2 Grifols, Inc., New U.S. Tranche B Term
Loan, 6/4/17 $ 1,022,757
---------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
404,815 4.00 BBB-/Baa3 Endo Health Solutions, Inc., Term
Loan B 2011, 4/14/18 $ 409,117
625,000 0.00 BBB-/Ba1 Valeant Pharmaceuticals International,
Inc., Series C Tranch Term Loan 9/12/19 630,000
-------------
$ 1,039,117
---------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.2%
2,714,804 4.21 BB-/Ba3 Catalent Pharma Solutions, Inc.,
Extended Dollar Term-1 Loan, 9/15/16 $ 2,734,318
-------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 4,796,192
---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.2%
Other Diversified Financial Services -- 0.2%
1,717,810 3.50 BBB-/Baa2 RPI Finance Trust, 6.75 Year Term Loan
(2012), 5/10/18 $ 1,734,272
999,288 5.25 NR/Ba2 WorldPay, Facility B2A Term Loan, 8/6/17 1,007,407
-------------
$ 2,741,679
-------------
Total Diversified Financials $ 2,741,679
---------------------------------------------------------------------------------------------------------
INSURANCE -- 0.5%
Insurance Brokers -- 0.1%
1,754,997 4.71 B+/B1 HUB International Holdings, Inc., 2017
Initial Term Loan (Extended), 6/13/17 $ 1,771,573
---------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.4%
6,335,000 0.00 NR/NR USI Insurance Services LLC, Intial
Term Loan 11/29/19 $ 6,329,723
-------------
Total Insurance $ 8,101,296
---------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Internet Software & Services -- 0.1%
1,395,150 4.00 BB+/Ba3 Autotrader.com, Inc., Tranche B-1 Term
Loan, 12/15/16 $ 1,409,973
---------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.1%
1,663,275 3.96 BB/Ba3 SunGard Data Systems, Inc., Tranche C
Term Loan, 2/28/17 $ 1,675,219
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
60 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
Application Software -- 0.0%
378,276 3.22 BB+/Baa2 Nuance Communications, Inc., Term C
Loan, 3/31/16 $ 380,522
---------------------------------------------------------------------------------------------------------
Systems Software -- 0.0%
160,086 3.75 BBB-/Ba2 The Reynolds & Reynolds Co., Tranche B
Term Loan, 3/9/18 $ 161,186
-------------
Total Software & Services $ 3,626,900
---------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.5%
Communications Equipment -- 0.3%
930,529 4.25 BB/Ba3 CommScope, Inc., Tranche 1 Term Loan,
1/14/18 $ 938,090
3,240,000 4.00 BBB-/Ba3 Riverbed Technology, Inc., Loan,
10/29/19 3,272,400
-------------
$ 4,210,490
---------------------------------------------------------------------------------------------------------
Electronic Components -- 0.2%
2,662,260 2.46 BB+/Ba2 Flextronics Semiconductor, Ltd., A
Closing Date Loan, 10/1/14 $ 2,666,919
492,051 2.46 BB+/Ba2 Flextronics Semiconductor, Ltd., A-1-A
Delayed Draw Loan, 10/1/14 492,912
313,187 2.46 BB+/Ba2 Flextronics Semiconductor, Ltd., A-2
Delayed Draw Loan, 10/1/14 313,872
365,385 2.46 BB+/Ba2 Flextronics Semiconductor, Ltd., A-3
Delayed Draw Loan, 10/1/14 366,184
-------------
$ 3,839,887
-------------
Total Technology Hardware & Equipment $ 8,050,377
---------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 0.3%
Semiconductor Equipment -- 0.2%
3,178,241 5.75 BB-/B1 Aeroflex, Inc., Tranche B Term Loan,
4/25/18 $ 3,213,997
---------------------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
917,876 4.00 BB/Ba2 Microsemi Corp., Term Loan, 2/2/18 $ 926,366
507,450 4.25 BBB-/Ba2 Semtech Corp., B Term Loan, 2/21/17 512,842
-------------
$ 1,439,208
-------------
Total Semiconductors & Semiconductor
Equipment $ 4,653,205
---------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.1%
Wireless Telecommunication Services -- 0.1%
1,180,000 3.21 B/B3 Intelsat Jackson Holdings SA, Term Loan
(Unsecured), 2/1/14 $ 1,181,844
-------------
Total Telecommunication Services $ 1,181,844
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 61
Schedule of Investments | 12/31/12 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Electric Utilities -- 0.1%
2,020,237 4.75 CCC/Caa1 Texas Competitive Electric Holdings Co.
LLC, 2017 Term Loan (Extending),
10/10/17 $ 1,360,413
---------------------------------------------------------------------------------------------------------
Independent Power Producers & Energy
Traders -- 0.1%
1,349,450 4.00 BB+/Baa3 NRG Energy, Inc., Term Loan, 5/5/18 $ 1,365,790
815,000 0.00 NR/NR NSG Holdings LLC, 1st Lien Term Loan,
11/15/19 829,262
-------------
$ 2,195,052
-------------
Total Utilities $ 3,555,465
---------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
(Cost $101,324,540) $ 102,787,122
---------------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 3.7%
Repurchase Agreements -- 3.0%
12,050,000 NR/Aaa Bank of Nova Scotia, Inc., 0.18%,
dated 12/31/12, repurchase price of
$12,050,000 plus accrued interest on
1/2/13 collateralized by $12,291,150
U.S. Treasury Notes, 0.75%, 8/31/14 $ 12,050,000
12,050,000 NR/Aaa Deutsche Bank AG, 0.15%, dated
12/31/12, repurchase price of
$12,050,000 plus accrued interest on
1/2/13 collateralized by the following:
$8,503,098 U.S. Treasury Bond,
11.25%, 2/15/15
$3,787,909 U.S. Treasury Note,
0.75%, 12/31/17 12,050,000
12,050,000 NR/Aaa JPMorgan, Inc., 0.24%, dated 12/31/12,
repurchase price of $12,050,000 plus
accrued interest on 1/2/13 collateralized
by $12,291,208 Federal National
Mortgage Association, 3.0-5.5%,
7/1/22-9/1/42 12,050,000
12,050,000 NR/Aaa RBC Capital Markets Corp., 0.18%,
dated 12/31/12, repurchase price of
$12,050,000 plus accrued interest on
1/2/13 collateralized by $12,291,000
Freddie Mac Giant, 3.5%, 9/1/42 12,050,000
12,050,000 NR/Aaa TD Securities, Inc., 0.17%, dated
12/31/12, repurchase price of
$12,050,000 plus accrued interest on
1/2/13 collateralized by $12,291,025
U.S. Treasury Strip, 0.125%, 7/15/22 12,050,000
-------------
$ 60,250,000
---------------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $60,250,000) $ 60,250,000
---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
62 Pioneer Bond Fund | Semiannual Report | 12/31/12
---------------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate(b) Ratings Value
---------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.3%
(Cost $1,510,708,552) (a) $ 1,621,672,659
---------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.7% $ 11,570,578
---------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 1,633,243,237
=========================================================================================================
CREDIT DEFAULT SWAP AGREEMENTS
---------------------------------------------------------------------------------------------------------
Notional Swap Counterparty/
Principal($) Referenced Obligation Unrealized Gain
---------------------------------------------------------------------------------------------------------
14,000,000 JPMorgan Chase & Co., Index: Markit
CDX.NA.IG.18, 1.0%, 6/20/17 $ 108,033
---------------------------------------------------------------------------------------------------------
TOTAL CREDIT DEFAULT SWAP AGREEMENTS
(Cost $16,039) $ 108,033
---------------------------------------------------------------------------------------------------------
* Non-income producing security.
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
REIT Real Estate Investment Trust.
(Perpetual) Security with no stated maturity date.
(Cat Bond) Catastrophe bond is a high-yield debt instrument that is
usually insurance linked and meant to raise money in case of a
catastrophe.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At December 31, 2012, the value of these securities
amounted to $379,860,511 or 23.3% 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 rate of a certificate of deposit or (iv) other base
lending rates used by commercial lenders. The rate shown is the
coupon rate at period end.
(a) At December 31, 2012, the net unrealized gain on investments based
on cost for federal income tax purposes of $1,510,708,552 was as
follows:
Aggregate gross unrealized gain for all investments in which there
is an excess of value over tax cost $ 122,476,514
Aggregate gross unrealized loss for all investments in which there
is an excess of tax cost over value (11,512,407)
---------------
Net unrealized gain $ 110,964,107
===============
(b) Debt obligation with a variable interest rate. Rate shown is rate at
end of period.
(c) Security is valued using fair value methods (other than prices
supplied by independent pricing services). See Notes to Financial
Statements -- Note 1A.
(d) Security represents the interest only portion of payments on a pool
of underlying mortgages or mortgage-backed securities.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 63
Schedule of Investments | 12/31/12 (unaudited) (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
year ended December 31, 2012 were as follows:
--------------------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------------------
Long-Term U.S. Government Securities $ 27,448,496 $ 28,762,910
Other Long-Term Securities $297,643,222 $125,159,948
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.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes to
Financial Statements -- Note 1A.
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 December 31, 2012, in
valuing the Fund's investments:
----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 14,400,772 $ -- $ 14,400,772
Preferred Stocks 17,599,060 2,930,376 -- 20,529,436
Convertible Preferred Stocks 6,872,250 -- -- 6,872,250
Common Stocks 4,432,690 -- -- 4,432,690
Asset Backed Securities -- 117,185,424 -- 117,185,424
Collateralized Mortgage Obligations -- 302,749,752 -- 302,749,752
Corporate Bonds -- 578,807,140 738,322 579,545,462
U.S. Government and Agency Obligations -- 294,596,754 -- 294,596,754
Foreign Government Bonds -- 5,267,000 -- 5,267,000
Municipal Bonds -- 113,055,997 -- 113,055,997
Senior Floating Rate Loan Interests -- 102,787,122 -- 102,787,122
Repurchase Agreements -- 60,250,000 -- 60,250,000
----------------------------------------------------------------------------------------------------
Total $ 28,904,000 $1,592,030,337 $ 738,322 $1,621,672,659
====================================================================================================
Other Financial Instruments:
Credit default swaps $ -- $ 108,033 $ -- $ 108,033
Futures contracts 4,221 -- -- 4,221
----------------------------------------------------------------------------------------------------
Total $ 4,221 $ 108,033 $ -- $ 112,254
====================================================================================================
During the year ended December 31, 2012, there were no transfers between Levels
1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
64 Pioneer Bond Fund | Semiannual Report | 12/31/12
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
--------------------------------------------------------------------------------
Collateralized
Mortgage
Obligations
--------------------------------------------------------------------------------
Balance as of 6/30/12 $ --
Realized gain (loss)1 --
Change in unrealized appreciation (depreciation)2 35,572
Purchases 702,750
Sales --
Transfers in and out of Level 3** --
--------------------------------------------------------------------------------
Balance as of 12/31/12 $ 738,322
================================================================================
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 | Semiannual Report | 12/31/12 65
Statement of Assets and Liabilities | 12/31/12 (unaudited)
ASSETS:
Investment in securities (cost $1,510,708,552) $1,621,672,659
Cash 5,362,237
Futures Collateral 347,350
Receivables --
Investment securities sold 2,306,466
Fund shares sold 7,165,389
Interest and dividends 12,663,042
Due from Pioneer Investment Management, Inc. 55,990
Unrealized appreciation on futures contracts 4,576
Unrealized appreciation on credit default swaps 108,033
Other 115,884
------------------------------------------------------------------------------
Total assets $1,649,801,626
==============================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 9,650,620
Fund shares repurchased 4,897,346
Dividends 1,444,337
Variation margin 13,107
Credit default swaps, premiums received 3,405
Due to affiliates 402,974
Accrued expenses 146,600
------------------------------------------------------------------------------
Total liabilities $ 16,558,389
==============================================================================
NET ASSETS:
Paid-in capital $1,553,408,955
Distributions in excess of net investment income (2,687,116)
Accumulated net realized loss on investments
and futures contracts (28,555,318)
Net unrealized gain on investments 110,964,107
Net unrealized gain on credit default swaps 108,033
Net unrealized gain on futures contracts 4,576
------------------------------------------------------------------------------
Total net assets $1,633,243,237
==============================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $545,823,317/54,986,263 shares) $ 9.93
Class B (based on $11,625,358/1,178,452 shares) $ 9.86
Class C (based on $100,383,839/10,224,634 shares) $ 9.82
Class K (based on $9,994/1,007 shares) $ 9.92
Class R (based on $26,681,954/2,664,468 shares) $ 10.01
Class Y (based on $942,697,875/95,831,040 shares) $ 9.84
Class Z (based on $6,020,900/605,053 shares) $ 9.95
MAXIMUM OFFERING PRICE:
Class A ($9.93 / 95.5%) $ 10.40
==============================================================================
The accompanying notes are an integral part of these financial statements.
66 Pioneer Bond Fund | Semiannual Report | 12/31/12
Statement of Operations (unaudited)
For the Six Months Ended 12/31/12
INVESTMENT INCOME:
Interest $ 36,329,611
Dividends 1,061,632
-------------------------------------------------------------------------------------------------
Total investment income $ 37,391,243
=================================================================================================
EXPENSES:
Management fees $ 3,699,610
Transfer agent fees
Class A 160,119
Class B 22,651
Class C 22,692
Class R 4,226
Class Y 37,839
Class Z 660
Distribution fees
Class A 610,910
Class B 62,350
Class C 491,610
Class R 64,001
Shareholder communications expense 711,540
Administrative reimbursements 219,029
Custodian fees 73,897
Registration fees 76,581
Professional fees 47,775
Printing expense 4,207
Fees and expenses of nonaffiliated Trustees 31,382
Miscellaneous 113,574
-------------------------------------------------------------------------------------------------
Total expenses $ 6,454,653
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (374,419)
-------------------------------------------------------------------------------------------------
Net expenses $ 6,080,234
-------------------------------------------------------------------------------------------------
Net investment income $ 31,311,009
-------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS, AND CREDIT DEFAULT SWAPS:
Net realized gain (loss) on:
Investments $ (9,517,247)
Futures contracts (651,929)
Credit default swaps 66,889 $ (10,102,287)
-------------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $ 39,880,506
Futures contracts (327,114)
Credit default swaps 184,655 $ 39,738,047
-------------------------------------------------------------------------------------------------
Net gain on investments and futures contracts $ 29,635,760
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 60,946,769
=================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 67
Statement of Changes in Net Assets
-------------------------------------------------------------------------------------------------
Six Months
Ended
12/31/12 Year Ended
(unaudited) 6/30/12
-------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 31,311,009 $ 59,027,080
Net realized gain (loss) on investments, futures contracts
and credit default swaps (10,102,287) (335,503)
Change in net unrealized gain (loss) on investments
and futures contracts 39,738,047 17,926,110
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 60,946,769 $ 76,617,687
-------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.21 and $0.43 per share, respectively) $ (10,258,752) $ (19,730,298)
Class B ($0.16 and $0.33 per share, respectively) (196,773) (543,288)
Class C ($0.17 and $0.35 per share, respectively) (1,643,775) (3,283,618)
Class K* ($0.03 and $0.00 per share, respectively) (30) --
Class R ($0.19 and $0.40 per share, respectively) (483,579) (844,452)
Class Y ($0.22 and $0.45 per share, respectively) (19,932,115) (36,596,527)
Class Z ($0.22 and $0.46 per share, respectively) (90,520) (63,937)
Net realized gain:
Class A ($0.00 and $0.05 per share, respectively) -- (2,175,260)
Class B ($0.00 and $0.05 per share, respectively) -- (84,708)
Class C ($0.00 and $0.05 per share, respectively) -- (468,609)
Class R ($0.00 and $0.05 per share, respectively) -- (100,096)
Class Y ($0.00 and $0.05 per share, respectively) -- (4,001,897)
Class Z ($0.00 and $0.05 per share, respectively) -- (4,956)
-------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (32,605,544) $ (67,897,646)
-------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 319,700,535 $ 495,304,092
Reinvestment of distributions 23,472,477 41,060,757
Cost of shares repurchased (171,881,435) (452,496,717)
-------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 171,291,577 $ 83,868,132
-------------------------------------------------------------------------------------------------
Net increase in net assets $ 199,632,802 $ 92,588,173
NET ASSETS:
Beginning of period 1,433,610,435 1,341,022,262
-------------------------------------------------------------------------------------------------
End of period $1,633,243,237 $1,433,610,435
=================================================================================================
Undistributed (distributions in excess of) net
investment income $ (2,687,116) $ (1,392,581)
=================================================================================================
* Class K shares were first publicly offered on December 20, 2012.
The accompanying notes are an integral part of these financial statements.
68 Pioneer Bond Fund | Semiannual Report | 12/31/12
-------------------------------------------------------------------------------------------------
12/31/12 12/31/12
Shares Amount 6/30/12 6/30/12
(unaudited) (unaudited) Shares Amount
-------------------------------------------------------------------------------------------------
Class A
Shares sold 13,347,936 $132,416,012 16,727,695 $ 161,640,305
Reinvestment of distributions 898,108 8,912,113 1,828,665 17,631,168
Less shares repurchased (5,885,989) (58,248,187) (23,798,695) (230,385,873)
-------------------------------------------------------------------------------------------------
Net increase (decrease) 8,360,055 $ 83,079,938 (5,242,335) $ (51,114,400)
=================================================================================================
Class B
Shares exchanged 69,528 $ 685,032 247,924 $ 2,395,584
Reinvestment of distributions 18,721 184,414 60,804 582,295
Less shares repurchased (247,525) (2,433,833) (895,246) (8,592,690)
-------------------------------------------------------------------------------------------------
Net decrease (159,276) $ (1,564,387) (586,518) $ (5,614,811)
=================================================================================================
Class C
Shares sold 1,420,696 $ 13,937,806 3,526,577 $ 33,738,657
Reinvestment of distributions 124,009 1,217,004 270,485 2,578,644
Less shares repurchased (1,056,247) (10,348,895) (2,738,794) (26,122,885)
-------------------------------------------------------------------------------------------------
Net increase 488,458 $ 4,805,915 1,058,268 $ 10,194,416
=================================================================================================
Class K*
Shares sold 1,007 $ 10,000
Reinvestment of distributions -- --
Less shares repurchased -- --
-------------------------------------------------------------------------------------------------
Net increase 1,007 $ 10,000
=================================================================================================
Class R
Shares sold 562,262 $ 5,624,524 1,408,283 $ 13,985,377
Reinvestment of distributions 43,601 436,342 80,268 780,766
Less shares repurchased (374,792) (3,744,849) (1,160,309) (11,320,599)
-------------------------------------------------------------------------------------------------
Net increase 231,071 $ 2,316,017 328,242 $ 3,445,544
=================================================================================================
Class Y
Shares sold 16,612,164 $163,140,651 29,204,230 $ 277,000,768
Reinvestment of distributions 1,284,243 12,633,338 2,032,263 19,420,618
Less shares repurchased (9,882,366) (96,906,850) (18,352,855) (175,882,776)
-------------------------------------------------------------------------------------------------
Net increase 8,014,041 $ 78,867,139 12,883,638 $ 120,538,610
=================================================================================================
Class Z
Shares sold 390,999 $ 3,886,510 156,608 $ 6,543,401
Reinvestment of distributions 8,968 89,266 6,949 67,266
Less shares repurchased (19,977) (198,821) (19,851) (191,894)
-------------------------------------------------------------------------------------------------
Net increase 379,990 $ 3,776,955 143,706 $ 6,418,773
=================================================================================================
* Class K shares were first publicly offered on December 20, 2012.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 69
Financial Highlights
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/12 Ended Ended Ended Ended Ended
(unaudited) 6/30/12 6/30/11 6/30/10 6/30/09 6/30/08
-----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.73 $ 9.66 $ 9.44 $ 8.63 $ 9.10 $ 8.95
-----------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.20 $ 0.42 $ 0.45 $ 0.45 $ 0.50 $ 0.43
Net realized and unrealized gain (loss) on investments 0.21 0.13 0.21 0.80 (0.31) 0.16
-----------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.41 $ 0.55 $ 0.66 $ 1.25 $ 0.19 $ 0.59
-----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.21) (0.43) (0.44) (0.44) (0.55) (0.44)
Net realized gain -- (0.05) -- -- (0.11) --
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.20 $ 0.07 $ 0.22 $ 0.81 $ (0.47) $ 0.15
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.93 $ 9.73 $ 9.66 $ 9.44 $ 8.63 $ 9.10
===================================================================================================================================
Total return* 4.22% 5.91% 7.08% 14.71% 2.65% 6.64%
Ratio of net expenses to average net assets+ 0.85%** 0.85% 0.85% 0.85% 0.89%(a) 1.00%
Ratio of net investment income to average net assets+ 4.03%** 4.35% 4.63% 4.86% 5.88% 4.60%
Portfolio turnover rate 20% 21% 36% 41% 34% 73%
Net assets, end of period (in thousands) $545,823 $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 0.99%** 1.03% 1.06% 1.07% 1.09% 1.04%
Net investment income 3.89%** 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% 0.85% 0.89%(a) 1.00%
Net investment income 4.03%** 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.
** Annualized.
The accompanying notes are an integral part of these financial statements.
70 Pioneer Bond Fund | Semiannual Report | 12/31/12
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/12 Ended Ended Ended Ended Ended
(unaudited) 6/30/12 6/30/11 6/30/10 6/30/09 6/30/08
----------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.67 $ 9.60 $ 9.38 $ 8.58 $ 9.05 $ 8.90
----------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.15 $ 0.31 $ 0.35 $ 0.35 $ 0.42 $ 0.34
Net realized and unrealized gain (loss) on investments 0.20 0.14 0.21 0.79 (0.31) 0.16
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.35 $ 0.45 $ 0.56 $ 1.14 $ 0.11 $ 0.50
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.16) (0.33) (0.34) (0.34) (0.47) (0.35)
Net realized gain -- (0.05) -- -- (0.11) --
----------------------------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.19 $ 0.07 $ 0.22 $ 0.80 $ (0.47) $ 0.15
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.86 $ 9.67 $ 9.60 $ 9.38 $ 8.58 $ 9.05
==================================================================================================================================
Total return* 3.61% 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% 1.90%
Ratio of net investment income to average net assets+ 2.98%** 3.31% 3.59% 3.89% 4.90% 3.72%
Portfolio turnover rate 20% 21% 36% 41% 34% 73%
Net assets, end of period (in thousands) $11,625 $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 2.01%** 2.02% 1.95% 1.98% 1.99% 1.90%
Net investment income 2.87%** 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% 1.90% 1.89%
Net investment income 2.98%** 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.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 71
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/12 Ended Ended Ended Ended Ended
(unaudited) 6/30/12 6/30/11 6/30/10 6/30/09 6/30/08
----------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.63 $ 9.55 $ 9.34 $ 8.54 $ 9.02 $ 8.87
----------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.16 $ 0.33 $ 0.36 $ 0.37 $ 0.42 $ 0.35
Net realized and unrealized gain (loss) on investments 0.20 0.15 0.20 0.78 (0.31) 0.16
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.36 $ 0.48 $ 0.56 $ 1.15 $ 0.11 $ 0.51
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.17) (0.35) (0.35) (0.35) (0.48) (0.36)
Net realized gain -- (0.05) -- -- (0.11) --
----------------------------------------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.19 $ 0.08 $ 0.21 $ 0.80 $ (0.48) $ 0.15
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.82 $ 9.63 $ 9.55 $ 9.34 $ 8.54 $ 9.02
==================================================================================================================================
Total return* 3.71% 5.12% 6.06% 13.63% 1.62% 5.80%
Ratio of net expenses to average net assets+ 1.71%** 1.73% 1.73% 1.79% 1.83% 1.82%
Ratio of net investment income to average net assets+ 3.17%** 3.47% 3.75% 3.91% 4.93% 3.79%
Portfolio turnover rate 20% 21% 36% 41% 34% 73%
Net assets, end of period (in thousands) $100,384 $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 1.71%** 1.73% 1.73% 1.79% 1.83% 1.82%
Net investment income 3.17%** 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 1.71%** 1.73% 1.73% 1.79% 1.83% 1.82%
Net investment income 3.17%** 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.
** Annualized.
The accompanying notes are an integral part of these financial statements.
72 Pioneer Bond Fund | Semiannual Report | 12/31/12
--------------------------------------------------------------------------------
12/20/12 (a)
to
12/31/12
(unaudited)
--------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.94
--------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.01
Net realized and unrealized gain (loss) on investments --
--------------------------------------------------------------------------------
Net increase from investment operations $ 0.17
--------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.19)
Net realized gain --
--------------------------------------------------------------------------------
Net decrease in net asset value $ (0.02)
--------------------------------------------------------------------------------
Net asset value, end of period $ 9.92
================================================================================
Total return* 0.20%(b)
Ratio of net expenses to average net assets+ 0.57%**
Ratio of net investment income to average net assets+ 0.25%**
Portfolio turnover rate 20%
Net assets, end of period (in thousands) $ 10
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.57%**
Net investment income 0.25%**
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 0.57%**
Net investment income 0.25%**
================================================================================
* 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.
(a) Class K shares were first publicly offered on December 20, 2012.
(b) Not annualized.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 73
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/12 Ended Ended Ended Ended Ended
(unaudited) 6/30/12 6/30/11 6/30/10 6/30/09 6/30/08
----------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 9.82 $ 9.74 $ 9.52 $ 8.71 $ 9.18 $ 9.05
----------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.18 $ 0.39 $ 0.41 $ 0.42 $ 0.48 $ 0.40
Net realized and unrealized gain (loss) on investments 0.20 0.14 0.22 0.80 (0.31) 0.15
----------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.38 $ 0.53 $ 0.63 $ 1.22 $ 0.17 $ 0.55
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.19) (0.40) (0.41) (0.41) (0.53) (0.42)
Net realized gain -- (0.05) -- -- (0.11) --
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.19 $ 0.08 $ 0.22 $ 0.81 $ (0.47) $ 0.13
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.01 $ 9.82 $ 9.74 $ 9.52 $ 8.71 $ 9.18
==================================================================================================================================
Total return* 3.89% 5.58% 6.67% 14.18% 2.35% 6.15%
Ratio of net expenses to average net assets+ 1.25%** 1.25% 1.24% 1.25% 1.25% 1.25%
Ratio of net investment income to average net assets+ 3.63%** 3.94% 4.25% 4.50% 5.53% 4.35%
Portfolio turnover rate 20% 21% 36% 41% 34% 73%
Net assets, end of period (in thousands) $26,682 $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 1.38%** 1.35% 1.24% 1.26% 1.30% 1.31%
Net investment income 3.50%** 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%** 1.25% 1.24% 1.25% 1.25% 1.25%
Net investment income 3.63%** 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.
** Annualized.
The accompanying notes are an integral part of these financial statements.
74 Pioneer Bond Fund | Semiannual Report | 12/31/12
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/12 Ended Ended Ended Ended Ended
(unaudited) 6/30/12 6/30/11 6/30/10 6/30/09 6/30/08
----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.65 $ 9.57 $ 9.36 $ 8.55 $ 9.02 $ 8.88
----------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.21 $ 0.44 $ 0.47 $ 0.47 $ 0.53 $ 0.45
Net realized and unrealized gain (loss) on investments 0.20 0.14 0.20 0.79 (0.31) 0.16
----------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.41 $ 0.58 $ 0.67 $ 1.26 $ 0.22 $ 0.61
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.22) (0.45) (0.46) (0.45) (0.58) (0.47)
Net realized gain -- (0.05) -- -- (0.11) --
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.19 $ 0.08 $ 0.21 $ 0.81 $ (0.47) $ 0.14
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.84 $ 9.65 $ 9.57 $ 9.36 $ 8.55 $ 9.02
==================================================================================================================================
Total return* 4.26% 6.27% 7.25% 15.06% 2.95% 6.91%
Ratio of net expenses to average net assets+ 0.63%** 0.65% 0.61% 0.61% 0.63% 0.59%
Ratio of net investment income to average net assets+ 4.24%** 4.55% 4.88% 5.13% 6.10% 5.02%
Portfolio turnover rate 20% 21% 36% 41% 34% 73%
Net assets, end of period (in thousands) $942,698 $847,069 $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 0.63%** 0.65% 0.61% 0.61% 0.64% 0.61%
Net investment income 4.24%** 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 0.63%** 0.65% 0.61% 0.61% 0.63% 0.59%
Net investment income 4.24%** 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.
** Annualized.
Pioneer Bond Fund | Semiannual Report | 12/31/12 75
The accompanying notes are an integral part of these financial statements.
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year 7/6/07(a)
12/31/12 Ended Ended Ended Ended to
(unaudited) 6/30/12 6/30/11 6/30/10 6/30/09 6/30/08
----------------------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 9.76 $ 9.68 $ 9.46 $ 8.67 $ 9.10 $ 8.89
----------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.21 $ 0.45 $ 0.47 $ 0.48 $ 0.54 $ 0.45
Net realized and unrealized gain (loss) on investments 0.20 0.14 0.21 0.77 (0.28) 0.22
----------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.41 $ 0.59 $ 0.68 $ 1.25 $ 0.26 $ 0.67
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.22) (0.46) (0.46) (0.46) (0.58) (0.46)
Net realized gain -- (0.05) -- -- (0.11) --
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.19 $ 0.08 $ 0.22 $ 0.79 $ (0.43) $ 0.21
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.95 $ 9.76 $ 9.68 $ 9.46 $ 8.67 $ 9.10
==================================================================================================================================
Total return* 4.21% 6.23% 7.30% 14.68% 3.42% 7.63%(b)
Ratio of net expenses to average net assets+ 0.65%** 0.65% 0.65% 0.63% 0.65% 0.58%**
Ratio of net investment income to average net assets+ 4.23%** 4.50% 4.82% 5.00% 5.91% 5.00%**
Portfolio turnover rate 8% 6% 36% 41% 34% 73%
Net assets, end of period (in thousands) $6,021 $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 0.79%** 0.83% 0.72% 0.63% 0.67% 0.58%**
Net investment income 4.09%** 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% 0.65% 0.63% 0.65% 0.58%**
Net investment income 4.23%** 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.
76 Pioneer Bond Fund | Semiannual Report | 12/31/12
Notes to Financial Statements | 12/31/12 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Bond Fund (the Fund) is a Delaware statutory trust. The Fund is
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 seven classes of shares designated as Class A, Class B, Class C,
Class K, Class R, Class Y and Class Z shares. Class K shares were first publicly
offered on December 20, 2012. 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 K,
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.
Pioneer Bond Fund | Semiannual Report | 12/31/12 77
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
using inputs/data furnished 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. Credit default swaps are valued by an independent pricing
service based upon valuation models incorporating default
probabilities, estimated recovery rates, actual reported transactions,
and other available market data. 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. Shares of money market mutual funds are valued at their 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 by or
at the direction or with the approval of the Valuation Committee using
fair value methods pursuant to procedures adopted by the Board of
Trustees. The Valuation Committee is comprised of certain members of 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 significantly from exchange prices and such
differences could be material. Pioneer Investment
78 Pioneer Bond Fund | Semiannual Report | 12/31/12
Management, Inc. (PIM) is responsible for monitoring developments that
may impact fair valued securities and for discussing and assessing fair
values on an ongoing basis, and at least quarterly, with the Valuation
Committee.
At December 31, 2012, one security was valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services) representing 0.05% of net assets. Inputs used when applying fair
value methods to value a security may include credit ratings, the
financial condition of the company, current market conditions and
comparable securities.
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 provision for federal income taxes
is required. As of December 31, 2012, the Fund did not have any interest
and penalties related to uncertain tax positions, which, if applicable,
would be recorded as an income tax expense in the Statement of Operations.
Tax years for the prior three fiscal years are subject to examination by
Federal and State tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting
from
Pioneer Bond Fund | Semiannual Report | 12/31/12 79
differences in the recognition or classification of income or
distributions for financial statement and tax purposes. Capital accounts
within the financial statements are adjusted for permanent book/tax
differences to reflect tax character, but are not adjusted for temporary
differences.
The tax character of current year distributions payable will be determined
at the end of the Fund's taxable year. The tax character of distributions
paid during the year ended June 30, 2012 was as follows:
-------------------------------------------------------------------------
2012
-------------------------------------------------------------------------
Distributions paid from:
Ordinary income $61,062,120
Long-term capital gain 6,835,526
-------------------------------------------------------------------------
Total $67,897,646
=========================================================================
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 $54,883 in underwriting commissions on the sale of
Class A shares during the six months ended December 31, 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.
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 K, Class Y and Class Z shares do
not pay
80 Pioneer Bond Fund | Semiannual Report | 12/31/12
distribution fees. All expenses and fees paid to the transfer agent,
Pioneer Investment Management Shareholder Services, Inc. (PIMSS), for its
services are allocated among the classes of shares based on the number of
accounts in each class and the ratable allocation of related out-of-pocket
expenses (see Note 3).
The Fund declares as daily dividends substantially all of its net
investment income. All dividends are paid on a monthly basis. Short-term
capital gain distributions, if any, may be declared with the daily
dividends. Distributions to shareowners are recorded as of the ex-dividend
date. Distributions paid by the Fund with respect to each class of shares
are calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class B, Class C, Class K,
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 unaudited 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 six months ended December 31,
2012 was 877.
Pioneer Bond Fund | Semiannual Report | 12/31/12 81
At December 31, 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) (377) 3/13 $ (46,904,100) $ 73,636
U.S. Long Bond (CBT) (7) 3/13 (1,032,500) 17,883
U.S. 10 Year Note (CBT) (146) 3/13 (19,386,062) 31,791
U.S. 2 Year Note (CBT) (218) 3/13 (48,062,190) (10,218)
U.S. Ultra Bond (CBT) 30 3/13 4,877,812 (108,516)
--------------------------------------------------------------------------------
$(110,507,040) $ 4,576
--------------------------------------------------------------------------------
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. PIM is responsible for determining that the value of the collateral
remains at least equal to the repurchase price.
H. 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.
82 Pioneer Bond Fund | Semiannual Report | 12/31/12
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.
During the six months ended December 31, 2012, the Fund entered into one
credit default swap contract, with a notional amount of $14,000,000, which
was still open at period end. Credit default swap contracts outstanding at
period 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 six months ended
December 31, 2012, the effective management fee (excluding waivers and/or
assumption of expenses) was equal to 0.48% 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% and 0.65%
of the average daily net assets attributable to Class A, Class B, Class C, Class
R and Class Z shares, respectively. Fees waived and expenses reimbursed during
the six months ended December 31, 2012 are reflected on the Statement of
Operations. These expense limitations are in effect through November 1, 2014.
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
$121,892 in management fees, administrative costs and certain other
reimbursements payable to PIM at December 31, 2012.
Pioneer Bond Fund | Semiannual Report | 12/31/12 83
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 six months ended December 31, 2012, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $291,809
Class B 5,846
Class C 54,674
Class R 37,262
Class Y 318,092
Class Z 3,857
--------------------------------------------------------------------------------
Total $711,540
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $252,485 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at December 31, 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 $28,597 in distribution fees payable to PFD at December 31, 2012.
84 Pioneer Bond Fund | Semiannual Report | 12/31/12
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 K, 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 subject to any
CDSC that applied to the original purchase of those shares. There is no CDSC for
Class R, Class Y or Class Z shares. Proceeds from the CDSCs are paid to PFD. For
the six months ended December 31, 2012, CDSCs in the amount of $9,406 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 six months ended December 31, 2012, the Fund's
expenses were not reduced under such arrangements.
Pioneer Bond Fund | Semiannual Report | 12/31/12 85
6. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of December 31, 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 $ 4,576 Payables $ --
Credit Default Swaps Receivables $108,033 Payables $ --
--------------------------------------------------------------------------------
* Reflects the unrealized appreciation 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 six
months ended December 31, 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) 815 in Income in Income in Income
--------------------------------------------------------------------------------
Interest Rate Futures Net realized loss on futures $(651,929)
contracts
Interest Rate Futures Change in unrealized loss on $(327,114)
futures contracts
Credit Default Swaps Net realized gain on credit $ 66,889
default swaps
Credit Default Swaps Change in unrealized gain on $ 184,655
credit default swaps
86 Pioneer Bond Fund | Semiannual Report | 12/31/12
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Bond Fund (the Fund) pursuant to an investment advisory agreement
between PIM and the Fund. In order for PIM to remain the investment adviser of
the Fund, the Trustees of the Fund must determine annually whether to renew the
investment advisory agreement for the Fund.
The contract review process began in March 2012 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2012, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2012 and September 2012. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, October, and November, 2012 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at each regularly scheduled meeting.
At a meeting held on November 13, 2012, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund, its research process and its process for trade execution. The Trustees
considered the resources of PIM and the personnel of PIM who provide investment
management services to the Fund. The Trustees considered the non-investment
resources and personnel of PIM involved in PIM's services to the Fund, including
PIM's compliance and legal resources and personnel. The Trustees also considered
the substantial attention and high priority given by PIM's senior management to
the Pioneer fund complex. In addition, the Trustees considered PIM's plans to
increase resources in its investment management function and other enhancements
to PIM's advisory capabilities.
Pioneer Bond Fund | Semiannual Report | 12/31/12 87
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fourth quintile of its Morningstar
category for the one year period ended June 30, 2012 and in the second quintile
of its Morningstar category for the three and five year periods ended June 30,
2012. (In all quintile rankings referred to throughout this disclosure, first
quintile is most favorable to the Fund's shareowners. Thus, highest relative
performance would be first quintile and lowest relative expenses would also be
first quintile.) The Trustees also considered that the Fund's twelve month
average gross portfolio yield (using month end 30 day effective yields) exceeded
the twelve month average yield of the Fund's benchmark index. The Trustees
concluded that the investment performance of the Fund was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Trust Research
and Consulting, LLC (Strategic Insight), an independent third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2012 was in the third quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoints in the management fee schedule and the
reduced fee rates above certain asset levels. The Trustees considered that the
Fund's expense ratio for the twelve months ended June 30, 2012 was in the second
quintile relative to its Strategic Insight peer group for the comparable period.
88 Pioneer Bond Fund | Semiannual Report | 12/31/12
The Trustees reviewed gross and net management fees charged by PIM to its
institutional and other clients, including publicly offered European funds, U.S.
registered investment companies (in a sub-advisory capacity), and unaffiliated
foreign and domestic separate accounts. The Trustees also considered PIM's costs
in providing services to the Fund and to its other clients and considered the
differences in management fees and profit margins for PIM's Fund and non-Fund
services. In evaluating the fees associated with PIM's client accounts, the
Trustees took into account the respective demands, resources and complexity
associated with the Fund and client accounts. The Trustees noted that in some
instances the fee rates for those clients were lower than the management fee for
the Fund and considered that, under the investment advisory agreement with the
Fund, PIM performs additional services for the Fund that it does not provide to
those other clients or services that are broader in scope, including oversight
of the Fund's other service providers and activities related to compliance and
the extensive regulatory and tax regimes to which the Fund is subject. The
Trustees also considered the different entrepreneurial risks associated with
PIM's management of the Fund and the other client accounts. The Trustees
concluded that the management fee payable by the Fund to PIM was reasonable in
relation to the nature and quality of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoints in the management fee schedule. The Trustees recognize
that economies of scale are difficult to identify and quantify, rarely
identifiable on a Fund-by-Fund basis, and that, among other factors that may be
relevant, are the following: fee levels, expense subsidization, investment by
PIM in research and analytical capabilities and PIM's commitment and resource
Pioneer Bond Fund | Semiannual Report | 12/31/12 89
allocation to the Funds. The Trustees noted that profitability also may be an
indicator of the availability of any economies of scale, although profitability
may vary for other reasons particularly, for example during the recent difficult
periods for financial markets, as the level of services was maintained
notwithstanding a significant decline in PIM's fee revenues from the Funds.
Accordingly, the Trustees concluded that economies of scale, if any, were being
appropriately shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with the
Fund and the other Pioneer funds. The Trustees concluded that the receipt of
these benefits was reasonable in the context of the overall relationship between
PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
90 Pioneer Bond Fund | Semiannual Report | 12/31/12
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman John F. Cogan, Jr., President*
David R. Bock Daniel K. Kingsbury, Executive
John F. Cogan, Jr. Vice President
Benjamin M. Friedman Mark E. Bradley, Treasurer**
Margaret B.W. Graham Christopher J. Kelley, Secretary
Daniel K. Kingsbury
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at http://www.sec.gov.
* Chief Executive Officer of the Fund.
** Chief Financial and Accounting Officer of the Fund.
Pioneer Bond Fund | Semiannual Report | 12/31/12 91
This page for your notes.
92 Pioneer Bond Fund | Semiannual Report | 12/31/12
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) 2013 Pioneer Investments 18633-07-0213
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.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Bond Fund
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date March 1, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date March 1, 2013
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date March 1, 2013
* Print the name and title of each signing officer under his or her signature.