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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 June 30, 2013
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
Pioneer Bond Fund
--------------------------------------------------------------------------------
Annual Report | June 30, 2013
--------------------------------------------------------------------------------
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 74
Notes to Financial Statements 85
Report of Independent Registered Public Accounting Firm 96
Trustees, Officers and Service Providers 98
Pioneer Bond Fund | Annual Report | 6/30/13 1
President's Letter
Dear Shareowner,
When we look at the U.S. economy as we head into the second half of 2013, we
continue to see slow, but ongoing, growth. Employment has been steadily rising.
Consumer incomes, savings, wealth, and debt-servicing capacity have been solid
buttresses for the recovering housing and auto industries. Industrial activity
is growing only modestly, but current corporate profits are generally solid and
balance sheets appear able to support needed capital spending and dividend*
payouts. The scaled-back "fiscal cliff" tax increases and spending cuts have
meaningfully cut the budget deficit without, it seems, driving the economy back
into recession. In addition, we feel that continuing slack in labor markets and
capacity utilization offers the potential for continuing growth without
bottlenecks and rising inflation.
After observing the strengthening economic trends, the Federal Reserve (the Fed)
has hinted that it may begin to scale back its bond purchases (currently $85
billion per month in quantitative easing, or "QE") later in 2013, and could
terminate the purchases altogether sometime in 2014, depending on subsequent
economic data releases. Pioneer believes that, barring an external shock, modest
economic growth can be sustained at least over the next couple of years without
continuous, aggressive intervention from the Fed.
The Fed has also said that short-term interest rates are likely to remain near
zero for some time to come. Given that inflation remains subdued and
unemployment remains high, there is no urgency about raising rates.
While inflation is not a near-term concern, the Fed's aggressive monetary
policies helped investors drive long-term Treasury yields to unsustainably low
levels. A return to more normal levels in response to expectations of a stronger
economy and the potential for less QE resulted in disappointing returns for bond
investors during the first half of 2013, but the stock market rewarded
shareholders who were undaunted by the double-barreled threat of the "fiscal
cliff" and debt-ceiling debates at the beginning of 2013.
The Standard & Poor's 500 Index, a broad measure of the U.S. stock market,
returned 13.82% during the first six months of 2013, while the Barclays
Aggregate Bond Index, which tracks the performance of a higher-quality U.S. bond
universe, returned -2.44%. Investors showed a rising preference for
higher-yielding corporate paper over government bonds during the first half of
2013, helping the Bank of America Merrill Lynch High Yield Master II Index,
which measures the performance of high-yield corporate bonds, to post a 1.50%
return for the six months ended June 30, 2013. Three-month Treasury bills,
generally regarded as essentially "risk free" by the markets, returned 0.03% in
the first half of 2013.
* Dividends are not guaranteed.
2 Pioneer Bond Fund | Annual Report | 6/30/13
There are certainly risks and uncertainties that continue to plague the global
economy. Europe remains in recession and a number of countries in the emerging
markets have experienced difficulties. Still, a potential ending of the European
recession, continuing economic improvement in Japan in response to the new
government's quantitative easing policies, and a "soft landing" of 7% growth in
China could very well result in an improving global outlook over the remainder
of 2013.
There are also geopolitical worries abroad and political fights at home, and
while most of the widely recognized risks we've outlined may already be "priced
in" to the market, we believe investors should continue to expect market
volatility.
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.
Pioneer's investment teams have, since 1928, 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 rewards 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 | Annual Report | 6/30/13 3
Portfolio Management Discussion | 6/30/13
The bond market, after enjoying strong performance during most of 2012, faced
new challenges in the first half of 2013 due to a variety of concerns that led
to declines in prices of Treasuries and other government securities. In that
changing environment, credit-sensitive securities positively affected by the
business cycle outperformed other sectors of the bond market, amid evidence of a
sustained domestic economic recovery. In the following interview, Kenneth J.
Taubes reviews the market environment and the factors that affected the
performance of Pioneer Bond Fund during the 12 months ended June 30, 2013. Mr.
Taubes, Chief Investment Officer, U.S., and a portfolio manager at Pioneer
Investments, is responsible for the daily management of the Portfolio, along
with Charles Melchreit, a senior vice president and a portfolio manager at
Pioneer.
Q How did the Fund perform during the 12 months ended June 30, 2013?
A Pioneer Bond Fund's Class A shares returned 3.21% at net asset value during
the 12 months ended June 30, 2013, while the Fund's benchmark, the Barclays
Aggregate Bond Index (the Barclays Index), returned -0.69%. During the same
period, the average return of the 85 mutual funds in Lipper's Corporate
Debt, A-rated category was 0.44%.
Q How would you describe the investment environment for fixed-income
investors during the 12 months ended June 30, 2013?
A The fiscal year began in the summer of 2012 amid growing confidence that
the domestic economy would continue to grow and that interest rates--
especially short-term rates--were likely to remain low, thus encouraging
further economic expansion. Earlier market fears that the economy might
fall back into recession appeared to abate. As the period progressed,
economic growth continued, although the improvements tended to occur more
slowly than most observers hoped. While the economic rebound in the U.S.
technically had started in late 2009, more general optimism that the
recovery could sustain itself only started to take hold for many investors
in late 2012 and early 2013.
In that environment, credit-sensitive securities outperformed
higher-quality investments, with high-yield corporate bonds continuing to
post positive returns. Corporate securities issued by companies in certain
interest-rate-sensitive industries--notably in the housing and automotive
sectors-- benefited from an environment of low interest rates and an
improving job market, which encouraged homebuyers and consumers in general.
Despite the improving domestic economy, other factors did weigh on the
market and affect bond prices during the 12-month period. The other factors
included
4 Pioneer Bond Fund | Annual Report | 6/30/13
concerns about possible "contagion" effects of the continued sovereign-debt
problems in the euro zone as well as the recession in Europe, and evidence
of slowing growth trends in China and the effect that country's economic
issues would have on other emerging economies. Moreover, extraordinarily
low bond yields encouraged investors to consider purchasing other asset
classes during the six-month period, notably equities.
During a period in which uncertainties seemed to grow about economic issues
in many foreign markets, the steady, if slow, growth of the U.S. economy
led to increased confidence in the value of the U.S. dollar, which tended
to appreciate in value relative to many other currencies.
During the 12-month period, high-yield corporate bonds, in particular,
delivered healthy results--especially over the first half of 2013, as only
convertible bonds and bank loans outperformed high-yield corporates between
January and June, 2013. A variety of concerns undermined the performance of
Treasuries and other government securities during the 12-month period, as
longer-term interest rates began to rise. Even investment-grade corporate
bonds began struggling when longer-term rates moved higher--moves often
fueled by speculation that the Federal Reserve Board (the Fed), given the
steadily improving domestic economy, might consider tapering the pace of
its accommodative monetary policies that had helped to keep interest rates
low. Such speculation picked up in May of 2013 when Fed Chairman Ben
Bernanke said that the central bank's quantitative easing program of buying
Treasuries and other government securities might begin to be cut back as
early as the end of 2013, depending on economic data trends. The Fed also
continued to indicate, however, that short-term interest rates, as
influenced by the federal funds rate, were likely to remain at record low
levels for the foreseeable future.
Bond prices tend to decline as yields rise, and so during the 12 months
ended June 30, 2013, the yields on five-year Treasuries rose from 0.72% to
1.40%, while the yields of 10-year and 30-year Treasuries climbed from
1.65% to 2.49% and 2.75% to 3.50%, respectively.
Q Could you discuss the factors that contributed to the Fund's outperformance
relative to its benchmark during the 12 months ended June 30, 2013?
A Although the Fund's performance was somewhat muted during the 12-month
period, its performance was notably better than that of the overall market,
primarily due to good asset allocation results. Throughout the 12-month
period, the Fund's assets were focused on credit-sensitive securities. As
market attitudes about the sustainability of the economic recovery grew
stronger, investments affected by the credit-worthiness of corporations
tended to hold up much better than government securities, which are more
affected by moves in interest rates.
Pioneer Bond Fund | Annual Report | 6/30/13 5
During the period, the Fund had substantially overweight positions in both
high-yield and investment-grade corporates relative to the Barclays Index,
and both of those asset classes outperformed. Performance also was helped
by the Fund's out-of-benchmark exposures to other corporate-related
securities, including commercial mortgages, bank loans and event-linked
("catastrophe") bonds issued by insurance companies. Both bank loans and
catastrophe bonds feature floating-rate yields, which typically increase
along with interest rates. That factor gives the two asset classes added
price protection during times of rising interest rates.
In addition to good asset allocation results, duration positioning gave
further support to benchmark-relative performance. We maintained a
shorter-than-benchmark duration in the Fund's portfolio during the period,
as we focused on securities with shorter maturities, which are less
sensitive to interest-rate changes than securities with longer maturities.
(Duration is a measure of a portfolio's price-sensitivity to changes in
interest rates.)
At the end of the fiscal year, on June 30, 2013, the top asset allocations
in the Fund's portfolio were to domestic corporate bonds (roughly 25%);
government securities and collateralized mortgage obligations (a combined
40% between the two asset classes); and international corporate bonds
(roughly 10%). Rounding out the top five was a roughly 8.5% portfolio
allocation to asset-backed securities.
Q What were some of the individual investments that had the largest effect on
the Fund's performance during the 12 months ended June 30, 2013?
A The Fund had generally strong security selection results among corporate
bond holdings, with solid performance coming from bond positions in
investment bank Goldman Sachs as well as bonds issued by Springfield
Finance and insurers MetLife, Allstate and Hanover Group. In addition, the
Fund's holdings of the convertible securities of WellPoint, a health care
company that operates benefit programs, including Blue Cross and Blue
Shield programs, throughout the country, fared well.
Disappointing investments in the portfolio during the period included a
non-agency mortgage security issued by Countrywide and two mortgage
securities backed by a multi-family-project, which underperformed as the
loans were refinanced earlier than projected.
6 Pioneer Bond Fund | Annual Report | 6/30/13
Q What is your investment outlook?
A As we start a new fiscal year for the Fund, interest rates already have
started rising. Such developments tend to erode the prices of government
debt and other higher-rated securities. Nevertheless, we should not lose
sight of the fact that rates are climbing because investors believe the
economy is strengthening. That view is supported by a variety of economic
indicators, including increases in private payrolls, housing sales, new car
purchases and general consumer spending. Moreover we think that as time
passes, the economic-slowing effects of higher tax rates implemented at
the start of 2013 and government spending cutbacks made during the year
will start to recede, and so it is possible that the economic recovery will
pick up more steam.
Given that view, we believe it continues to make sense for us to focus the
Fund's investments on corporate debt, even if interest rates do increase
further. Corporations with healthy financial balance sheets should do well
as the economy continues to strengthen, and default rates on corporate
bonds are likely to remain low in a recovering economy. We also believe we
should maintain a lower-than-benchmark duration to protect the Fund against
the effects of rising Treasury yields.
We think the Fund is well positioned for an environment of persistent
economic growth as we head into the second half of 2013.
Pioneer Bond Fund | Annual Report | 6/30/13 7
Please refer to the Schedule of Investments on pages 20-73 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 | Annual Report | 6/30/13
Portfolio Summary | 6/30/13
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 25.8%
Collateralized Mortgage Obligations 19.9%
U.S. Government Securities 19.7%
International Corporate Bonds 10.0%
Asset Backed Securities 8.6%
Municipal Bonds 7.0%
Senior Secured Loans 5.4%
U.S. Preferred Stocks 1.7%
Convertible Corporate Bonds 0.8%
Warrants 0.6%
Convertible Preferred Stocks 0.4%
International Preferred Stocks 0.1%
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AAA 30.0%
AA 9.6%
A 15.5%
BBB 28.5%
BB 8.5%
B 3.8%
CCC 0.7%
Not Rated 2.0%
Cash Equivalent 1.4%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Fannie Mae, 3.0%, 8/1/42 1.47%
--------------------------------------------------------------------------------
2. Fannie Mae, 4.5%, 1/1/42 1.04
--------------------------------------------------------------------------------
3. U.S. Treasury Bonds, 4.5%, 8/15/39 0.68
--------------------------------------------------------------------------------
4. U.S. Treasury Bonds, 4.5%, 5/15/38 0.63
--------------------------------------------------------------------------------
5. U.S. Treasury Bonds, 4.5%, 2/15/36 0.63
--------------------------------------------------------------------------------
6. U.S. Treasury Notes, 0.25%, 9/15/15 0.63
--------------------------------------------------------------------------------
7. U.S. Treasury Notes, 2.75%, 2/15/19 0.59
--------------------------------------------------------------------------------
8. Goldman Sachs Capital II, Floating Rate Note, 6/1/43 0.55
--------------------------------------------------------------------------------
9. U.S. Treasury Bonds, 4.25%, 5/15/39 0.55
--------------------------------------------------------------------------------
10. U.S. Treasury Notes, 0.25%, 2/28/15 0.55
--------------------------------------------------------------------------------
* 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 | Annual Report | 6/30/13 9
Prices and Distributions | 6/30/13
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 6/30/13 6/30/12
--------------------------------------------------------------------------------
A $9.67 $9.73
--------------------------------------------------------------------------------
B $9.61 $9.67
--------------------------------------------------------------------------------
C $9.57 $9.63
--------------------------------------------------------------------------------
R $9.76 $9.82
--------------------------------------------------------------------------------
Y $9.58 $9.65
--------------------------------------------------------------------------------
Z $9.70 $9.76
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 6/30/13 12/20/12
--------------------------------------------------------------------------------
K* $9.67 $9.94
--------------------------------------------------------------------------------
Distributions per Share: 7/1/12-6/30/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.3749 $ -- $ --
--------------------------------------------------------------------------------
B $0.2712 $ -- $ --
--------------------------------------------------------------------------------
C $0.2878 $ -- $ --
--------------------------------------------------------------------------------
K* $0.2118 $ -- $ --
--------------------------------------------------------------------------------
R $0.3379 $ -- $ --
--------------------------------------------------------------------------------
Y $0.3945 $ -- $ --
--------------------------------------------------------------------------------
Z $0.3952 $ -- $ --
--------------------------------------------------------------------------------
* Class K shares were first publicly offered on December 20, 2012.
Index Definition
--------------------------------------------------------------------------------
The Barclays Aggregate Bond Index is an unmanaged 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.
10 Pioneer Bond Fund | Annual Report | 6/30/13
Performance Update | 6/30/13 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 Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2013)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
10 Years 5.41% 4.93%
5 Years 6.63 5.65
1 Year 3.21 -1.45
--------------------------------------------------------------------------------
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
Pioneer Bond Fund Barclays Aggregate Bond Index
6/30/2003 $ 9,550 $ 10,000
6/30/2004 $ 9,838 $ 10,032
6/30/2005 $ 10,591 $ 10,714
6/30/2006 $ 10,459 $ 10,628
6/30/2007 $ 11,014 $ 11,279
6/30/2008 $ 11,745 $ 12,082
6/30/2009 $ 12,056 $ 12,813
6/30/2010 $ 13,829 $ 14,029
6/30/2011 $ 14,808 $ 14,577
6/30/2012 $ 15,683 $ 15,666
6/30/2013 $ 16,186 $ 15,559
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 | Annual Report | 6/30/13 11
Performance Update | 6/30/13 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
Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 4.39% 4.39%
5 Years 5.53 5.53
1 Year 2.15 -1.82
--------------------------------------------------------------------------------
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
Pioneer Bond Fund Barclays Aggregate Bond Index
6/30/2003 $ 10,000 $ 10,000
6/30/2004 $ 10,204 $ 10,032
6/30/2005 $ 10,889 $ 10,714
6/30/2006 $ 10,656 $ 10,628
6/30/2007 $ 11,110 $ 11,279
6/30/2008 $ 11,743 $ 12,082
6/30/2009 $ 11,934 $ 12,813
6/30/2010 $ 13,541 $ 14,029
6/30/2011 $ 14,351 $ 14,577
6/30/2012 $ 15,043 $ 15,666
6/30/2013 $ 15,366 $ 15,559
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 fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Bond Fund | Annual Report | 6/30/13
Performance Update | 6/30/13 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
Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 4.49% 4.49%
5 Years 5.67 5.67
1 Year 2.33 2.33
--------------------------------------------------------------------------------
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
Pioneer Bond Fund Barclays Aggregate Bond Index
6/30/2003 $ 10,000 $ 10,000
6/30/2004 $ 10,211 $ 10,032
6/30/2005 $ 10,893 $ 10,714
6/30/2006 $ 10,666 $ 10,628
6/30/2007 $ 11,135 $ 11,279
6/30/2008 $ 11,780 $ 12,082
6/30/2009 $ 11,971 $ 12,813
6/30/2010 $ 13,602 $ 14,029
6/30/2011 $ 14,427 $ 14,577
6/30/2012 $ 15,165 $ 15,666
6/30/2013 $ 15,519 $ 15,559
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 | Annual Report | 6/30/13 13
Performance Update | 6/30/13 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
Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 5.43% 5.43%
5 Years 6.66 6.66
1 Year 3.38 3.38
--------------------------------------------------------------------------------
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
Pioneer Bond Fund Barclays Aggregate Bond Index
6/30/2003 $ 10,000 $ 10,000
6/30/2004 $ 10,298 $ 10,032
6/30/2005 $ 11,086 $ 10,714
6/30/2006 $ 10,948 $ 10,628
6/30/2007 $ 11,529 $ 11,279
6/30/2008 $ 12,294 $ 12,082
6/30/2009 $ 12,620 $ 12,813
6/30/2010 $ 14,476 $ 14,029
6/30/2011 $ 15,501 $ 14,577
6/30/2012 $ 16,417 $ 15,666
6/30/2013 $ 16,972 $ 15,559
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 the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. 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.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Bond Fund | Annual Report | 6/30/13
Performance Update | 6/30/13 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
Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 5.11% 5.11%
5 Years 6.23 6.23
1 Year 2.80 2.80
--------------------------------------------------------------------------------
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
Pioneer Bond Fund Barclays Aggregate Bond Index
6/30/2003 $ 10,000 $10,000
6/30/2004 $ 10,320 $10,032
6/30/2005 $ 11,070 $10,714
6/30/2006 $ 10,911 $10,628
6/30/2007 $ 11,462 $11,279
6/30/2008 $ 12,167 $12,082
6/30/2009 $ 12,453 $12,813
6/30/2010 $ 14,218 $14,029
6/30/2011 $ 15,167 $14,577
6/30/2012 $ 16,013 $15,666
6/30/2013 $ 16,461 $15,559
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 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 | Annual Report | 6/30/13 15
Performance Update | 6/30/13 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
Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 5.75% 5.75%
5 Years 6.89 6.89
1 Year 3.34 3.34
--------------------------------------------------------------------------------
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
Pioneer Bond Fund Barclays Aggregate Bond Index
6/30/2003 $ 5,000,000 $ 5,000,000
6/30/2004 $ 5,173,826 $ 5,015,997
6/30/2005 $ 5,591,226 $ 5,357,162
6/30/2006 $ 5,547,839 $ 5,314,014
6/30/2007 $ 5,861,446 $ 5,639,267
6/30/2008 $ 6,266,692 $ 6,040,960
6/30/2009 $ 6,451,556 $ 6,406,251
6/30/2010 $ 7,423,127 $ 7,014,736
6/30/2011 $ 7,961,349 $ 7,288,411
6/30/2012 $ 8,460,742 $ 7,833,124
6/30/2013 $ 8,743,040 $ 7,779,255
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 | Annual Report | 6/30/13
Performance Update | 6/30/13 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
Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 5.60% 5.60%
5 Years 6.93 6.93
1 Year 3.41 3.41
--------------------------------------------------------------------------------
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
Pioneer Bond Fund Barclays Aggregate Bond Index
6/30/2003 $ 10,000 $ 10,000
6/30/2004 $ 10,298 $ 10,032
6/30/2005 $ 11,086 $ 10,714
6/30/2006 $ 10,948 $ 10,628
6/30/2007 $ 11,529 $ 11,279
6/30/2008 $ 12,336 $ 12,082
6/30/2009 $ 12,758 $ 12,813
6/30/2010 $ 14,631 $ 14,029
6/30/2011 $ 15,699 $ 14,577
6/30/2012 $ 16,676 $ 15,666
6/30/2013 $ 17,245 $ 15,559
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 | Annual Report | 6/30/13 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 January 1, 2013 through June 30, 2013.
---------------------------------------------------------------------------------------------------
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 1/1/13
---------------------------------------------------------------------------------------------------
Ending Account $1,032.10 $1,021.50 $1,023.30 $ 994.90 $1,028.00 $1,033.40 $1,034.10
Value (after expenses)
on 6/30/13
---------------------------------------------------------------------------------------------------
Expenses Paid $ 4.19 $ 9.36 $ 8.47 $ 2.82 $ 6.17 $ 3.26 $ 3.21
During Period*
---------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.85%,
1.90%, 1.72%, 0.57%, 1.25%, 0.66%, 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 181/365 (to
reflect the one-half year period).
18 Pioneer Bond Fund | Annual Report | 6/30/13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses,which is not the Fund's actual
return.The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.You may
use this information to compare the ongoing costs of investing in the Fund and
other funds.To do so,compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs,such as sales
charges (loads) that are charged at the time of the transaction.Therefore,the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds.In addition,if
these transaction costs were included,your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Bond Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from January 1, 2013 through June 30, 2013.
---------------------------------------------------------------------------------------------------
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 1/1/13
---------------------------------------------------------------------------------------------------
Ending Account $1,020.58 $1,015.37 $1,016.27 $1,021.97 $1,018.60 $1,021.52 $1,021.57
Value (after expenses)
on 6/30/13
---------------------------------------------------------------------------------------------------
Expenses Paid $ 4.26 $ 9.49 $ 8.60 $ 2.86 $ 6.26 $ 3.31 $ 3.26
During Period*
---------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.85%,
1.90%, 1.72%, 0.57%, 1.25%, 0.66%, 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 181/365 (to
reflect the one-half year period).
Pioneer Bond Fund | Annual Report | 6/30/13 19
Schedule of Investments | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE
BONDS -- 0.8%
HEALTH CARE EQUIPMENT &
SERVICES -- 0.5%
Health Care Services -- 0.1%
766,000 B+/B2 Omnicare, Inc., 3.25%, 12/15/35 $ 788,980
---------------------------------------------------------------------------------------------------------------------
Managed Health Care -- 0.4%
5,725,000 A-/NR WellPoint, Inc., 2.75%,
10/15/42 (144A) $ 7,127,625
-------------------
Total Health Care Equipment
& Services $ 7,916,605
---------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.3%
Semiconductors -- 0.3%
4,725,000 A-/NR Intel Corp., 2.95%, 12/15/35 $ 5,141,391
-------------------
Total Semiconductors &
Semiconductor Equipment $ 5,141,391
---------------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $11,188,780) $ 13,057,996
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Shares
---------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 2.0%
BANKS -- 0.8%
Diversified Banks -- 0.5%
64,000 6.50 A-/Baa1 US Bancorp, Floating Rate
Note (Perpetual) $ 1,798,400
235,000 6.00 A-/Baa1 US Bancorp, Floating Rate
Note (Perpetual) 6,441,350
-------------------
$ 8,239,750
---------------------------------------------------------------------------------------------------------------------
Regional Banks -- 0.3%
85,000 BBB/Baa2 BB&T Corp., 5.625% (Perpetual) $ 2,048,500
28,000 6.25 A-/NR CoBank ACB, Floating Rate
Note (Perpetual) (144A) 2,890,126
-------------------
$ 4,938,626
-------------------
Total Banks $ 13,178,376
---------------------------------------------------------------------------------------------------------------------
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 $ 3,230,600
-------------------
Total Diversified Financials $ 3,230,600
---------------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.6%
Life & Health Insurance -- 0.2%
153,800 7.38 BB+/WR Delphi Financial Group, Inc., Floating
Rate Note, 5/15/37 $ 3,772,914
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.3%
50,000 5.95 BBB-/Ba1 Aspen Insurance Holdings, Ltd.,
Floating Rate Note (Perpetual) $ 1,275,000
147,475 5.10 BBB/Baa1 The Allstate Corp., Floating Rate
Note, 1/15/53 3,773,885
-------------------
$ 5,048,885
---------------------------------------------------------------------------------------------------------------------
Reinsurance -- 0.2%
1,250,000 0.00 NR/NR Altair Re, Floating Rate Note,
4/30/16 $ 1,279,375
950,000 NR/NR Pangaea Re, 0.0%, 10/1/15 (d) 962,160
-------------------
$ 2,241,535
-------------------
Total Insurance $ 11,063,334
---------------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.3%
Electric Utilities -- 0.3%
164,000 BB+/Ba1 PPL Capital Funding, Inc.,
5.9%, 4/30/73 $ 3,949,120
-------------------
Total Utilities $ 3,949,120
---------------------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $30,757,962) $ 31,421,430
---------------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED
STOCKS -- 0.4%
BANKS -- 0.4%
Diversified Banks -- 0.4%
5,610 BBB+/Ba1 Wells Fargo & Co., 7.5% (Perpetual) $ 6,698,340
-------------------
Total Banks $ 6,698,340
---------------------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE
PREFERRED STOCKS
(Cost $5,839,986) $ 6,698,340
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
Principal
Amount ($)
---------------------------------------------------------------------------------------------------------------------
ASSET BACKED
SECURITIES -- 8.5%
MATERIALS -- 2.1%
Diversified Metals & Mining -- 0.1%
881,218 NR/A1 BCMSC Trust 1998-A, 6.65%,
4/15/28 $ 907,940
366,749 BBB+/Baa1 Lehman ABS Manufactured
Housing Contract Trust 2001-B,
5.873%, 4/15/40 397,892
-------------------
$ 1,305,832
---------------------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.3%
1,293,093 6.50 BBB+/A2 ACE Securities Corp. Manufactured
Housing Trust Series 2003-MH1,
Floating Rate Note, 8/15/30 (144A) $ 1,346,815
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 21
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Precious Metals &
Minerals -- (continued)
786,230 6.50 BB+/Baa2 ACE Securities Corp. Manufactured
Housing Trust Series 2003-MH1,
Floating Rate Note, 8/15/30 (144A) $ 788,177
700,000 NR/B1 Credit-Based Asset Servicing and
Securitization LLC, 5.637%,
10/25/36 (Step) (144A) 674,852
892,456 0.89 AA+/Baa3 Credit-Based Asset Servicing and
Securitization LLC, Floating Rate
Note, 5/25/50 (144A) 878,225
808,952 A/NR Mid-State Capital Trust 2010-1,
5.25%, 12/15/45 (144A) 841,061
-------------------
$ 4,529,130
---------------------------------------------------------------------------------------------------------------------
Steel -- 1.7%
413,037 1.27 AAA/A1 Accredited Mortgage Loan Trust 2004-3,
Floating Rate Note, 10/25/34 $ 387,888
1,961,218 0.46 BB+/Baa3 Aegis Asset Backed Securities Trust
2005-5, Floating Rate Note, 12/25/35 1,811,048
33,105 0.85 AA+/A3 Asset Backed Securities Corp. Home
Equity, Floating Rate Note, 4/25/35 33,063
1,462,628 AAA/Aaa Bayview Financial Mortgage Pass-Through
Trust 2006-A, 5.865%, 2/28/41 (Step) 1,563,681
1,486,142 0.65 AA/Aa2 Bayview Financial Mortgage Pass-Through
Trust Series 2005-B, Floating Rate
Note, 4/28/39 1,450,423
2,657,981 0.69 A+/Ba3 Bear Stearns Asset Backed Securities I
Trust 2005-FR1, Floating Rate Note,
6/25/35 2,579,895
1,325,796 0.69 AA+/NR Bear Stearns Asset Backed Securities I
Trust 2005-HE8, Floating Rate Note,
8/25/35 1,320,738
500,000 0.60 BBB+/Ba2 Bear Stearns Asset Backed Securities I
Trust 2006-EC1, Floating Rate Note,
12/25/35 470,444
389,984 0.46 AA+/A1 Citigroup Mortgage Loan Trust 2006-HE1,
Floating Rate Note, 1/25/36 384,064
3,743,197 0.59 AA+/Aa2 First NLC Trust 2005-2, Floating Rate
Note, 9/25/35 3,635,820
1,684,660 0.44 B+/B3 GSAA Home Equity Trust 2005-11,
Floating Rate Note, 10/25/35 1,670,273
729,839 0.60 AAA/Aaa Home Equity Asset Trust 2005-5,
Floating Rate Note, 11/25/35 724,911
531,906 0.57 A+/Baa2 Home Equity Asset Trust 2005-7,
Floating Rate Note, 1/25/36 508,170
744,428 0.38 AA+/Aa1 HSBC Home Equity Loan Trust USA
2007-2, Floating Rate Note, 7/20/36 721,950
The accompanying notes are an integral part of these financial statements.
22 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Steel -- (continued)
1,907,917 1.39 A+/Aa2 HSBC Home Equity Loan Trust USA
2007-3, Floating Rate Note, 11/20/36 $ 1,903,873
1,193,178 NR/Baa1 Irwin Home Equity Loan Trust 2005-1,
5.32%, 6/25/35 (Step) 1,159,633
625,801 0.89 A/A2 Irwin Whole Loan Home Equity Trust
2005-C, Floating Rate Note, 3/25/25 566,895
313,037 0.25 CCC/Ca Morgan Stanley ABS Capital I Inc Trust
2007-HE3, Floating Rate Note,
12/25/36 154,192
519,350 0.34 B-/Caa2 Nationstar Home Equity Loan Trust
2007-A, Floating Rate Note, 3/25/37 482,556
908,073 0.54 AAA/Aaa New Century Home Equity Loan Trust
Series 2005-1, Floating Rate Note,
3/25/35 880,804
952,679 0.45 NR/Aaa New Century Home Equity Loan Trust
Series 2005-2, Floating Rate Note,
6/25/35 949,828
774,418 0.45 AA+/Aa3 Option One Mortgage Loan Trust
2005-4 Asset-Backed Certificates
Series 2005-4, Floating Rate Note,
11/25/35 759,430
18,327 0.31 A+/Aa3 Option One Mortgage Loan Trust
2007-HL1, Floating Rate Note,
2/25/38 18,301
783,776 0.63 AA+/A1 RASC Series 2005-KS7 Trust, Floating
Rate Note, 8/25/35 764,661
2,951,705 AA-/A2 Terwin Mortgage Trust Series TMTS
2005-16HE, 4.606%, 9/25/36 (Step) 3,109,887
-------------------
$ 28,012,428
-------------------
Total Materials $ 33,847,390
---------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Railroads -- 0.1%
1,714,844 A/NR Trinity Rail Leasing LP, 2.266%,
1/15/43 (144A) $ 1,736,010
-------------------
Total Transportation $ 1,736,010
---------------------------------------------------------------------------------------------------------------------
AUTOMOBILES &
COMPONENTS -- 0.3%
Automobile Manufacturers -- 0.3%
650,000 AA-/Aa2 AmeriCredit Automobile Receivables
Trust 2010-4, 4.2%, 11/8/16 $ 675,082
800,000 A+/NR AmeriCredit Automobile Receivables
Trust 2013-1, 1.57%, 1/8/19 778,590
500,000 NR/Aa3 AmeriCredit Automobile Receivables
Trust, 4.04%, 7/10/17 521,772
656,452 A+/NR Santander Drive Auto Receivables
Trust 2011-S2, 3.35%, 6/15/17 (144A) 659,734
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 23
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Automobile
Manufacturers -- (continued)
1,450,000 A/A1 Santander Drive Auto Receivables
Trust 2012-1, 3.78%, 11/15/17 $ 1,505,204
850,000 A/A1 Santander Drive Auto Receivables
Trust 2012-5, 2.7%, 8/15/18 855,350
-------------------
$ 4,995,732
-------------------
Total Automobiles & Components $ 4,995,732
---------------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 0.1%
Apparel, Accessories & Luxury
Goods -- 0.1%
1,366,658 BBB/NR Icon Brands Holdings LLC 2012-1,
4.229%, 1/25/43 (144A) $ 1,345,072
-------------------
Total Consumer Durables & Apparel $ 1,345,072
---------------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Hotels, Resorts & Cruise
Lines -- 0.2%
1,676,315 A/NR Westgate Resorts 2012-2 LLC, 3.0%,
1/20/25 (144A) $ 1,697,269
1,687,226 NR/NR Westgate Resorts 2012-A LLC, 2.25%,
8/20/25 (144A) 1,689,863
443,722 A/NR Westgate Resorts LLC, 2.5%,
3/20/25 (144A) 446,634
-------------------
$ 3,833,766
-------------------
Total Consumer Services $ 3,833,766
---------------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Food Retail -- 0.2%
2,988,750 BBB-/NR CKE Restaurant Holdings, Inc., 4.474%,
3/20/43 (144A) $ 2,986,664
-------------------
Total Food & Staples Retailing $ 2,986,664
---------------------------------------------------------------------------------------------------------------------
BANKS -- 3.6%
Diversified Banks -- 0.0%+
334,315 0.28 NR/Aa1 Wells Fargo Home Equity Asset-Backed
Securities 2007-2 Trust, Floating
Rate Note, 4/25/37 $ 332,164
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 3.6%
691,243 0.37 BB+/B3 ACE Securities Corp. Home Equity
Loan Trust Series 2006-ASAP2,
Floating Rate Note, 3/25/36 $ 665,679
2,261,208 3.47 NR/NR Bayview Opportunity Master Fund IIa
Trust 2012-4NPL, Floating Rate
Note, 7/28/32 (144A) 2,287,552
The accompanying notes are an integral part of these financial statements.
24 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
278,162 A/NR Beacon Container Finance LLC, 3.72%,
9/20/27 (144A) $ 277,353
169,453 AA/NR CarNow Auto Receivables Trust 2012-1,
2.09%, 1/15/15 (144A) 169,606
310,276 0.93 AA/A3 Carrington Mortgage Loan Trust Series
2005-NC1, Floating Rate Note,
2/25/35 304,347
183,361 0.59 AA+/Baa1 Carrington Mortgage Loan Trust Series
2005-NC4, Floating Rate Note,
9/25/35 179,840
2,357,966 BB-/B1 Citicorp Residential Mortgage Trust
Series 2006-1, 5.939%, 7/25/36
(Step) 2,351,854
380,793 B+/B2 Citicorp Residential Mortgage Trust
Series 2006-2, 5.775%, 9/25/36
(Step) 387,306
2,558,223 B-/B1 Citicorp Residential Mortgage Trust
Series 2006-3, 5.703%, 11/25/36
(Step) 2,552,234
1,620,417 B-/B2 Citicorp Residential Mortgage Trust
Series 2007-1, 5.892%, 3/25/37
(Step) 1,594,424
77,449 0.60 AAA/A3 Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 7/25/35 77,434
1,331,451 0.89 BBB-/Ba1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 12/25/34 1,319,347
1,935,480 5.07 BB+/Ba3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 2/25/36 2,010,987
37,725 0.30 BBB-/Ba3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 5/25/37 37,650
1,711,250 A/NR Cronos Containers Program, Ltd.,
3.81%, 9/18/27 (144A) 1,708,897
448,366 BBB/Baa2 Drug Royalty II LP 1 2012-1, 4.474%,
1/15/25 (144A) 450,069
269,019 4.28 BBB/Baa2 Drug Royalty II LP 1 2012-1, Floating
Rate Note, 1/15/25 (144A) 273,055
208,372 1.19 BBB/Ba1 Ellington Loan Acquisition Trust 2007-1,
Floating Rate Note, 5/26/37 (144A) 208,311
139,609 0.99 BBB/Ba1 Ellington Loan Acquisition Trust 2007-1,
Floating Rate Note, 5/27/37 (144A) 138,373
206,391 0.73 AAA/NR First Franklin Mortgage Loan Trust
2004-FF10, Floating Rate Note,
9/25/34 205,544
985,679 AAA/NR First Investors Auto Owner Trust 2012-2,
1.47%, 5/15/18 (144A) 991,153
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 25
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,200,000 A/NR First Investors Auto Owner Trust
2013-1, 2.02%, 1/15/19 (144A) $ 1,166,035
732,215 0.65 AA+/A3 Fremont Home Loan Trust 2005-2,
Floating Rate Note, 6/25/35 728,697
2,600,000 A/NR FRS I LLC, 3.08%, 4/15/43 (144A) 2,545,122
299,360 0.84 A/Baa3 GSAMP Trust 2005-HE2, Floating
Rate Note, 3/25/35 297,309
17,583 0.57 A+/Aa1 GSAMP Trust 2005-WMC1, Floating
Rate Note, 9/25/35 17,578
1,821,726 1.54 BBB+/Baa3 GSRPM Mortgage Loan Trust 2003-2,
Floating Rate Note, 6/25/33 1,725,408
1,150,000 A/NR HLSS Servicer Advance Receivables
Backed Notes, 1.644%, 1/15/44
(144A) 1,148,620
1,620,000 AA/NR HLSS Servicer Advance Receivables
Backed Notes, 1.744%, 1/16/46
(144A) 1,602,666
800,000 BBB/NR HLSS Servicer Advance Receivables
Backed Notes, 2.487%, 1/15/14
(144A) 800,000
750,000 A/NR HLSS Servicer Advance Receivables
Backed Notes, 3.22%, 10/15/43
(144A) 752,625
224,000 A/NR HLSS Servicer Advance Receivables
Backed Notes, 3.96%, 10/15/45
(144A) 230,026
3,048,000 NR/NR Horizon Funding Trust 2013-1, 3.0%,
5/15/18 (144A) 3,043,428
1,326,000 NR/Aaa Leaf Receivables Funding 8 LLC,
1.55%, 11/15/17 (144A) 1,330,270
2,203,000 NR/Aa2 Leaf Receivables Funding 8 LLC,
1.92%, 9/15/20 (144A) 2,223,598
2,115,028 2.44 A+/Baa1 Madison Avenue Manufactured
Housing Contract, Floating Rate
Note, 3/25/32 2,113,983
1,087,000 AAA/NR Nationstar Mortgage Advance
Receivable Trust, 1.679%,
6/20/46 (144A) 1,085,836
711,599 5.91 AA/A3 Origen Manufactured Housing
Contract Trust 2004-A, Floating
Rate Note, 1/15/35 760,068
484,000 5.46 AAA/Aa3 Origen Manufactured Housing
Contract Trust 2004-B, Floating
Rate Note, 11/15/35 503,854
The accompanying notes are an integral part of these financial statements.
26 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
386,910 NR/A2 Oxford Finance Funding Trust
2012-1, 3.9%, 3/15/17 (144A) $ 390,295
526,376 0.89 AAA/Aaa PFS Financing Corp., Floating Rate
Note, 10/17/16 (144A) 528,814
775,712 1.69 A/NR PFS Financing Corp., Floating Rate
Note, 10/17/16 (144A) 781,870
1,308,192 0.44 B/Baa2 RAAC Series 2006-RP2 Trust, Floating
Rate Note, 2/25/37 (144A) 1,250,427
521,911 0.38 A-/A2 RAAC Series 2006-SP1 Trust, Floating
Rate Note, 9/25/45 510,845
320,955 0.38 B+/B2 RAMP Series 2006-NC1 Trust, Floating
Rate Note, 1/25/36 311,535
210,497 A/NR Santander Drive Auto Receivables Trust
2010-1, 1.89%, 5/15/17 (144A) 211,153
1,815,626 AA/NR SNAAC Auto Receivables Trust 2013-1,
1.14%, 7/16/18 (144A) 1,812,574
1,400,000 A/NR SNAAC Auto Receivables Trust, 3.11%,
6/15/17 (144A) 1,414,435
298,863 A/NR STORE Master Funding LLC, 4.16%,
3/20/43 (144A) 294,193
2,071,589 A/NR STORE Master Funding LLC, 5.77%,
8/20/42 (144A) 2,123,316
1,954,658 0.39 CCC/Ba3 Structured Asset Investment Loan Trust
2006-1, Floating Rate Note, 1/25/36 1,891,204
3,965,775 0.41 B-/Baa3 Structured Asset Securities Corp
Mortgage Loan Trust 2006-GEL4,
Floating Rate Note, 10/25/36 (144A) 3,808,952
543,059 A+/Baa2 Structured Asset Securities Corp.,
4.77%, 10/25/34 (Step) 554,782
953,007 A+/NR SVO 2012-A VOI Mortgage LLC, 2.0%,
9/20/29 (144A) 946,387
-------------------
$ 57,096,920
-------------------
Total Banks $ 57,429,084
---------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.9%
Other Diversified Financial
Services -- 0.7%
1,900,000 A/A1 Capital Auto Receivables Asset Trust
2013-1, 1.74%, 10/22/18 $ 1,864,212
1,400,000 BBB/NR DT Auto Owner Trust 2011-1, 4.89%,
1/17/17 (144A) 1,422,166
1,000,000 AA/NR DT Auto Owner Trust 2012-1, 2.26%,
10/16/17 (144A) 1,002,911
156,110 0.43 AA+/A1 JP Morgan Mortgage Acquisition Corp
2005-OPT2, Floating Rate Note,
12/25/35 155,619
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 27
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
800,000 AA/NR Prestige Auto Receivables Trust 2011-1,
3.9%, 7/16/18 (144A) $ 820,681
1,950,741 A+/NR Sierra Timeshare 2012-2 Receivables
Funding LLC, 2.38%, 3/20/29 (144A) 1,965,963
519,137 A+/NR Sierra Timeshare 2012-3 Receivables
Funding LLC, 1.87%, 8/20/29 (144A) 520,341
2,800,000 A/NR Springleaf Funding Trust 2013-A,
2.58%, 9/15/21 (144A) 2,751,000
971,667 A-/NR Textainer Marine Containers, Ltd.,
4.21%, 4/15/27 (144A) 984,970
-------------------
$ 11,487,863
---------------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.6%
1,400,000 1.06 AAA/Aaa Ally Master Owner Trust, Floating Rate
Note, 1/15/16 $ 1,402,106
4,881,719 BBB+/Baa1 Domino's Pizza Master Issuer LLC,
5.216%, 1/25/42 (144A) 5,211,494
1,659,000 0.63 NR/Aaa GE Dealer Floorplan Master Note Trust,
Floating Rate Note, 10/20/17 1,647,080
554,333 NR/A2 Hercules Capital Funding Trust 2012-1,
3.32%, 12/16/17 (144A) 556,412
853,290 NR/Aaa JG Wentworth XXII LLC, 3.82%,
12/15/48 (144A) 892,871
-------------------
$ 9,709,963
---------------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.5%
428,000 BBB/NR American Credit Acceptance
Receivables Trust 2012-2, 4.05%,
2/15/18 (144A) $ 431,469
1,684,084 A+/NR American Credit Acceptance
Receivables Trust, 1.64%,
11/15/16 (144A) 1,681,735
1,534,090 NR/Aa3 California Republic Auto Receivables
Trust 2012-1, 1.18%, 8/15/17
(144A) 1,530,370
800,000 1.49 AAA/Aaa Chase Issuance Trust, Floating Rate
Note, 8/17/15 801,119
908,333 A/NR Global SC Finance II SRL, 4.11%,
7/19/27 (144A) 913,108
1,350,000 NR/Aaa Santander Drive Auto Receivables
Trust 2011-2, 2.66%, 1/15/16 1,363,293
900,000 1.03 AAA/Aaa SLM Student Loan Trust 2004-10,
Floating Rate Note, 4/27/26 (144A) 898,830
-------------------
$ 7,619,924
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.1%
1,150,250 A/NR Triton Container Finance LLC, 4.21%,
5/14/27 (144A) $ 1,155,451
---------------------------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 0.0%+
700,000 0.64 NR/Aaa Chesapeake Funding LLC, Floating
Rate Note, 5/7/24 (144A) $ 698,576
400,000 1.34 NR/Aa2 Chesapeake Funding LLC, Floating
Rate Note, 5/7/24 (144A) 398,486
-------------------
$ 1,097,062
-------------------
Total Diversified Financials $ 31,070,263
---------------------------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $136,025,536) $ 137,243,981
---------------------------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 19.6%
CONSUMER SERVICES -- 0.0%+
Hotels, Resorts & Cruise
Lines -- 0.0%+
303,968 NR/Baa3 S2 Hospitality LLC, 4.5%,
4/15/25 (144A) $ 303,611
-------------------
Total Consumer Services $ 303,611
---------------------------------------------------------------------------------------------------------------------
BANKS -- 14.3%
Thrifts & Mortgage Finance -- 14.3%
1,750,000 NR/NR A10 Securitization 2013-1 LLC,
2.4%, 11/15/25 (144A) $ 1,734,436
782,114 0.64 CCC/NR Alternative Loan Trust 2003-14T1,
Floating Rate Note, 8/25/18 736,524
1,505,752 BBB+/NR Alternative Loan Trust 2003-21T1,
5.75%, 12/25/33 1,551,208
752,076 BB-/B2 Alternative Loan Trust 2003-J1,
4.75%, 10/25/33 767,203
1,464,695 B-/NR Alternative Loan Trust 2004-14T2,
5.5%, 8/25/34 1,445,842
886,436 CCC/B2 Alternative Loan Trust 2004-28CB,
5.5%, 1/25/35 901,100
661,694 BBB+/Ba3 Alternative Loan Trust 2004-2CB,
5.125%, 3/25/34 667,269
813,237 BB+/Ba2 Alternative Loan Trust 2004-4CB,
4.25%, 4/25/34 815,847
490,774 0.46 BB+/B2 Alternative Loan Trust 2004-8CB,
Floating Rate Note, 6/25/34 438,039
3,714,858 0.63 A+/Ba1 Alternative Loan Trust 2005-J4,
Floating Rate Note, 7/25/35 3,521,529
897,007 A+/Baa2 Banc of America Alternative Loan
Trust 2003-2, 5.75%, 4/25/33 973,038
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 29
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,832,941 NR/Baa2 Banc of America Alternative Loan
Trust 2003-7, 5.5%, 9/25/33 $ 1,865,521
1,086,594 NR/B1 Banc of America Alternative Loan
Trust 2004-10, 5.5%, 11/25/19 1,100,171
1,274,600 NR/Ba3 Banc of America Alternative Loan
Trust 2004-12, 5.5%, 1/25/20 1,295,161
1,406,380 NR/B3 Banc of America Alternative Loan
Trust 2004-2, 5.5%, 3/25/19 1,444,373
1,853,990 NR/Ba2 Banc of America Alternative Loan
Trust 2004-2, 6.0%, 3/25/34 1,911,898
983,279 NR/B2 Banc of America Alternative Loan
Trust 2004-4, 5.25%, 5/25/34 999,081
1,733,098 NR/Ba3 Banc of America Alternative Loan
Trust 2004-6, 5.0%, 7/25/19 1,767,624
1,202,785 BBB+/NR Banc of America Funding 2003-3
Trust, 5.5%, 10/25/33 1,264,206
1,557,860 CCC/NR Banc of America Funding 2005-8
Trust, 5.5%, 1/25/36 1,527,256
1,203,574 0.32 BB-/A Banc of America Funding 2010-R4
Trust, Floating Rate Note,
8/26/36 (144A) 1,175,218
220,162 0.30 AAA/NR Banc of America Funding 2010-R4
Trust, Floating Rate Note,
9/26/46 (144A) 219,596
400,000 1.29 A-/Aaa Banc of America Large Loan
Trust 2007-BMB1, Floating Rate
Note, 8/15/29 (144A) 396,347
763,182 3.08 NR/Baa3 Banc of America Mortgage 2003-H
Trust, Floating Rate Note, 9/25/33 758,306
7,965,417 NR/Caa2 Bayview Commercial Asset Trust,
3.89%, 9/25/37 (Step) (144A)(c) 733,615
11,785,993 4.70 NR/Caa2 Bayview Commercial Asset Trust,
Floating Rate Note, 7/25/37 (144A)(c) 589,300
996,701 2.98 NR/NR Bayview Opportunity Master Fund
Trust IIB LP, Floating Rate Note,
1/28/33 (144A) 996,701
354,374 2.59 NR/NR BCAP LLC 2010-RR10 Trust, Floating
Rate Note, 12/27/34 (144A) 359,496
167,649 2.89 NR/NR BCAP LLC 2010-RR11-I Trust, Floating
Rate Note, 6/27/36 (144A) 167,869
3,656,404 0.79 A+/Ba3 Bear Stearns ALT-A Trust 2004-4,
Floating Rate Note, 6/25/34 3,381,142
1,239,307 0.75 AA+/Baa3 Bear Stearns ALT-A Trust 2005-1,
Floating Rate Note, 1/25/35 1,194,509
1,342,456 2.34 AA+/Baa2 Bear Stearns ARM Trust 2003-5,
Floating Rate Note, 8/25/33 1,304,750
The accompanying notes are an integral part of these financial statements.
30 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,000,000 5.21 NR/Baa2 Bear Stearns Commercial Mortgage
Securities Trust 2005-PWR7, Floating
Rate Note, 2/11/41 $ 1,017,259
2,131,070 0.89 AA+/A3 Bella Vista Mortgage Trust 2004-1,
Floating Rate Note, 11/20/34 1,963,219
165,768 A+/Baa1 Chase Mortgage Finance Trust Series
2003-S11, 5.0%, 10/25/33 171,333
1,036,825 4.79 A+/Ba1 CHL Mortgage Pass-Through Trust
2003-56, Floating Rate Note,
12/25/33 1,030,615
1,003,554 NR/Baa3 CHL Mortgage Pass-Through Trust
2004-9, 5.25%, 6/25/34 1,017,453
1,500,000 0.36 AA/Aaa Citigroup Commercial Mortgage
Trust 2007-FL3A, Floating Rate Note,
4/15/22 (144A) 1,479,968
2,048,663 2.36 BBB-/NR Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 8/25/34 2,043,242
1,000,000 4.65 AA-/A1 City Center Trust 2011-CCHP, Floating
Rate Note, 7/15/28 (144A) 1,000,821
819,873 0.63 BBB+/A2 CNL Commercial Mortgage Loan
Trust 2003-2, Floating Rate Note,
10/25/30 (144A) 714,764
645,185 0.49 AAA/Aaa COMM 2005-FL11 Mortgage
Trust, Floating Rate Note, 11/15/17
(144A) 643,572
1,377,109 0.53 AAA/Aaa COMM 2005-FL11 Mortgage
Trust, Floating Rate Note, 11/15/17
(144A) 1,370,223
4,212,966 0.32 AA-/A1 COMM 2006-FL12 Mortgage
Trust, Floating Rate Note, 12/15/20
(144A) 4,118,229
2,550,108 0.37 A+/A1 COMM 2007-FL14 Mortgage
Trust, Floating Rate Note, 6/15/22
(144A) 2,528,919
850,000 NR/Aaa COMM 2012-CCRE2 Mortgage
Trust, 3.147%, 8/15/45 812,745
450,000 NR/Aaa COMM 2012-CCRE2 Mortgage
Trust, 3.791%, 8/15/45 442,281
915,000 AAA/Aaa COMM 2012-CCRE4 Mortgage
Trust, 2.436%, 10/15/22 870,627
3,500,000 NR/Aaa COMM 2012-LC4 Mortgage
Trust, 4.063%, 12/10/44 3,500,304
1,900,000 AAA/Aaa COMM 2013-LC6 Mortgage
Trust, 2.941%, 1/10/46 1,768,970
3,954,373 2.14 AAA/NR Commercial Mortgage Pass Through
Certificates, Floating Rate Note,
11/17/26 (144A) 3,980,915
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 31
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
439,466 0.56 AA+/Aa3 DSLA Mortgage Loan Trust 2004-AR3,
Floating Rate Note, 7/19/44 $ 400,779
1,100,000 1.29 AA-/NR Extended Stay America Trust 2013-ESH,
Floating Rate Note, 12/5/31 (144A) 1,092,879
364,097 5.71 NR/Baa1 First Horizon Mortgage Pass-Through
Trust 2004-AR5, Floating Rate Note,
10/25/34 359,467
509,891 2.66 BB-/B1 First Horizon Mortgage Pass-Through
Trust 2005-AR1, Floating Rate Note,
4/25/35 502,117
103,617 CCC/NR First Horizon Mortgage Pass-Through
Trust 2006-1, 6.0%, 5/25/36 102,662
853,626 0.36 A/Aa3 GE Business Loan Trust 2007-1,
Floating Rate Note, 4/16/35 (144A) 791,738
419,885 BB/Caa3 Global Mortgage Securitization, Ltd.,
5.25%, 4/25/32 397,106
800,000 5.31 A/A1 GMAC Commercial Mortgage Securities
Inc Series 2003-C3 Trust, Floating
Rate Note, 4/10/40 809,276
3,375,000 AAA/NR GMAC Commercial Mortgage Securities
Inc Series 2004-C3 Trust, 4.864%,
12/10/41 3,522,430
1,000,000 AA-/NR GS Mortgage Securities Corp. II,
3.682%, 2/10/46 (144A) 915,877
1,550,000 1.94 NR/A3 GS Mortgage Securities Corp. II,
Floating Rate Note, 11/8/29 (144A) 1,533,852
1,250,000 NR/Aaa GS Mortgage Securities Corp. II,
3.377%, 5/10/45 1,232,018
900,000 NR/Aaa GS Mortgage Securities Corp. II,
5.56%, 11/10/39 996,747
3,000,000 1.26 AAA/Aaa GS Mortgage Securities Corp. II,
Floating Rate Note, 3/6/20 (144A) 3,007,557
700,000 2.20 AA/NR GS Mortgage Securities Corp. II,
Floating Rate Note, 3/6/20 (144A) 702,385
1,651,292 2.46 A+/NR GSR Mortgage Loan Trust 2003-9,
Floating Rate Note, 8/25/33 1,628,572
268,066 5.73 B/NR GSR Mortgage Loan Trust 2004-3F,
Floating Rate Note, 2/25/34 261,431
1,714,345 2.79 A+/B1 GSR Mortgage Loan Trust 2004-7,
Floating Rate Note, 6/25/34 1,698,634
392,224 2.97 BBB+/NR GSR Mortgage Loan Trust 2005-AR1,
Floating Rate Note, 1/25/35 380,522
3,044,184 0.54 AA+/Aa3 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 6/25/34 2,884,395
772,732 0.91 BBB/Baa2 Impac CMB Trust Series 2004-5,
Floating Rate Note, 10/25/34 749,004
The accompanying notes are an integral part of these financial statements.
32 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Amount ($) Rate (b) Ratings
Principal (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
536,585 0.99 BB+/Ba1 Impac CMB Trust Series 2004-6,
Floating Rate Note, 10/25/34 $ 453,759
983,403 0.97 BBB/Baa1 Impac CMB Trust Series 2004-6,
Floating Rate Note, 10/25/34 935,086
2,711,384 0.93 BBB+/A3 Impac CMB Trust Series 2004-7,
Floating Rate Note, 11/25/34 2,577,114
834,477 0.95 B/Ba2 Impac CMB Trust Series 2004-9,
Floating Rate Note, 1/25/35 756,846
2,214,401 0.99 AAA/Aaa Impac Secured Assets CMN Owner
Trust, Floating Rate Note, 11/25/34 2,023,218
875,019 0.54 AAA/Aaa Impac Secured Assets Trust 2006-1,
Floating Rate Note, 5/25/36 855,146
612,555 0.54 AAA/Aaa Impac Secured Assets Trust 2006-2,
Floating Rate Note, 8/25/36 576,556
2,800,000 2.56 A/A2 JP Morgan Chase Commercial
Mortgage Securities Corp., Floating
Rate Note, 10/15/25 (144A) 2,815,212
1,100,000 0.35 AA/Aa3 JP Morgan Chase Commercial
Mortgage Securities Trust 2006-LDP9,
Floating Rate Note, 5/15/47 1,096,212
131,314 0.57 NR/Aa1 JP Morgan Chase Commercial
Mortgage Securities Trust 2007-FL1,
Floating Rate Note, 7/15/19 (144A) 127,802
1,600,000 AAA/NR JP Morgan Chase Commercial
Mortgage Securities Trust 2010-C2,
3.616%, 11/15/43 (144A) 1,688,821
1,350,000 NR/Aaa JP Morgan Chase Commercial
Mortgage Securities Trust 2011-C5,
4.171%, 8/15/46 1,408,977
1,672,860 2.09 AAA/Aaa JP Morgan Chase Commercial
Mortgage Securities Trust 2011-FL1,
Floating Rate Note, 11/15/28 (144A) 1,675,011
900,000 3.98 AA/NR JP Morgan Chase Commercial
Mortgage Securities Trust 2012-C8,
Floating Rate Note, 10/15/45 (144A) 861,514
1,500,000 1.99 A-/NR JP Morgan Chase Commercial
Mortgage Series Trust 2013-FL3,
Floating Rate Note, 4/15/28 (144A) 1,469,358
1,516,269 2.14 A+/Baa1 JP Morgan Mortgage Trust 2003-A1,
Floating Rate Note, 10/25/33 1,515,450
1,506,717 4.44 A+/Baa1 JP Morgan Mortgage Trust 2003-A1,
Floating Rate Note, 10/25/33 1,501,326
2,513,032 2.52 AA+/Baa3 JP Morgan Mortgage Trust 2004-A1,
Floating Rate Note, 2/25/34 2,536,400
1,024,434 4.75 AA+/Baa1 JP Morgan Mortgage Trust 2004-A1,
Floating Rate Note, 2/25/34 1,016,086
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 33
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Amount ($) Rate (b) Ratings
Principal (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
315,256 2.84 A+/NR JP Morgan Mortgage Trust 2004-A2,
Floating Rate Note, 5/25/34 $ 311,539
1,330,835 2.61 AA+/Baa2 JP Morgan Mortgage Trust 2004-A5,
Floating Rate Note, 12/25/34 1,327,578
463,488 2.35 BBB+/Ba1 JP Morgan Mortgage Trust 2005-A4,
Floating Rate Note, 7/25/35 456,434
972,832 3.50 AAA/NR JP Morgan Mortgage Trust 2013-2,
Floating Rate Note, 5/25/43 (144A) 950,401
1,898,326 5.62 BBB+/NR LB-UBS Commercial Mortgage
Trust 2002-C4, Floating Rate Note,
10/15/35 (144A) 1,893,460
1,464,989 AAA/Aaa LB-UBS Commercial Mortgage
Trust 2004-C1, 4.568%, 1/15/31 1,489,179
1,605,866 AAA/Aaa LB-UBS Commercial Mortgage
Trust 2005-C3, 4.664%, 7/15/30 1,623,380
473,293 0.89 AA/Aaa Lehman Brothers Floating Rate
Commercial Mortgage Trust
2007-LLF C5, Floating Rate Note,
6/15/22 (144A) 473,293
550,000 1.09 BBB+/A1 Lehman Brothers Floating Rate
Commercial Mortgage Trust
2007-LLF C5, Floating Rate Note,
6/15/22 (144A) 548,449
13,165 5.41 AAA/Aaa Lehman Brothers Small Balance
Commercial Mortgage Trust 2006-3,
Floating Rate Note, 12/25/36
(144A) 13,204
87,155 1.04 AAA/Aaa Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3
Class 1A2, Floating Rate Note,
10/25/37 (144A) 86,781
397,390 1.14 A+/Aa1 Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3
Class 1A4, Floating Rate Note,
10/25/37 (144A) 394,515
2,413,732 0.44 A+/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
2/25/30 (144A) 2,075,809
659,959 0.44 A+/Aa3 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
9/25/30 (144A) 573,637
1,430,000 1.29 A+/B1 MASTR Adjustable Rate Mortgages
Trust 2004-11, Floating Rate Note,
11/25/34 1,267,761
1,145,091 5.29 B-/B3 MASTR Adjustable Rate Mortgages
Trust, Floating Rate Note, 1/25/35 1,110,389
1,141,016 BB+/NR MASTR Alternative Loan Trust 2004-10,
5.5%, 10/25/19 1,172,357
The accompanying notes are an integral part of these financial statements.
34 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
190,182 AAA/NR MASTR Alternative Loan Trust
2004-13, 4.5%, 1/25/15 $ 190,476
343,384 B+/NR MASTR Alternative Loan Trust
2004-13, 5.5%, 1/25/35 350,679
2,644,119 B-/NR MASTR Alternative Loan Trust
2004-6, 6.0%, 7/25/34 2,715,505
1,853,486 A+/NR MASTR Alternative Loan Trust
2005-1, 5.5%, 2/25/35 1,850,466
988,320 6.60 A-/NR MASTR Seasoned Securitization
Trust 2005-1, Floating Rate Note,
9/25/32 1,035,492
1,328,559 0.65 A+/A3 Merrill Lynch Mortgage Investors
Trust Series MLCC 2004-A, Floating
Rate Note, 4/25/29 1,284,826
339,461 2.44 BBB/B1 Merrill Lynch Mortgage Investors
Trust Series MLCC 2005-2, Floating
Rate Note, 10/25/35 336,929
2,946,574 0.65 AA+/Ba3 Merrill Lynch Mortgage Investors
Trust Series MLCC 2005-A, Floating
Rate Note, 3/25/30 2,756,953
690,932 5.24 AAA/NR Merrill Lynch Mortgage Trust Class A4,
Floating Rate Note, 11/12/35 695,431
3,937,777 0.47 A+/Ba2 Morgan Stanley Mortgage Loan
Trust 2005-6AR, Floating Rate
Note, 11/25/35 3,674,288
2,950,000 NR/NR Morgan Stanley Re-REMIC
Trust 2010-R9, 5.0%, 11/26/36
(144A) 3,083,782
3,124,990 0.97 AA+/Baa1 MortgageIT Trust 2004-1, Floating
Rate Note, 11/25/34 2,971,022
392,742 0.49 BBB+/Baa3 MortgageIT Trust 2005-3, Floating
Rate Note, 8/25/35 357,996
2,856,062 1.39 AAA/Aaa NorthStar 2012-1 Mortgage Trust,
Floating Rate Note, 8/25/29 (144A) 2,847,176
871,068 0.44 BB+/B2 Opteum Mortgage Acceptance Corp
Asset Backed Pass-Through Certificates
2005-5, Floating Rate Note, 12/25/35 856,250
743,895 NR/A2 PHH Mortgage Capital LLC, 6.6%,
12/25/27 (Step) (144A) 746,403
569,515 BB+/Caa1 RAAC Series 2004-SP2 Trust, 6.0%,
1/25/32 580,884
750,431 1.59 B-/Ba3 RESI Finance LP, Floating Rate Note,
9/10/35 (144A) 660,534
541,268 B-/NR Residential Asset Securitization
Trust 2004-A10, 5.5%, 2/25/35 550,766
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 35
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
698,346 BBB/NR Residential Asset Securitization
Trust 2004-A8, 5.25%, 11/25/34 $ 729,960
1,824,091 B/NR Residential Asset Securitization
Trust 2004-A9, 5.75%, 12/25/34 1,871,754
1,521,579 CCC/NR Residential Asset Securitization
Trust 2005-A9, 5.5%, 7/25/35 1,483,482
1,232,514 NR/B3 RFMSI Series 2005-S5 Trust, 5.25%,
7/25/35 1,240,954
4,000,000 5.69 NR/C SASCO 2007-BHC1 Trust, Floating
Rate Note, 12/18/49 (144A) 550,560
2,004,076 2.67 BBB+/B2 SASCO Mortgage Pass-Through
Certificates Series 2004-S4, Floating
Rate Note, 12/25/34 2,023,315
3,618,376 0.85 AA+/Baa1 Sequoia Mortgage Trust 2003-2,
Floating Rate Note, 6/20/33 3,596,904
1,519,886 0.81 AA+/Baa3 Sequoia Mortgage Trust 2003-5,
Floating Rate Note, 9/20/33 1,487,659
1,254,392 0.70 AA/A3 Sequoia Mortgage Trust 2004-12,
Floating Rate Note, 1/20/35 1,157,738
1,523,792 0.41 BBB+/Ba3 Sequoia Mortgage Trust 2005-2,
Floating Rate Note, 3/20/35 1,396,176
819,892 3.00 AAA/NR Sequoia Mortgage Trust 2013-7,
Floating Rate Note, 6/25/43 774,071
891,000 3.00 NR/Aaa Sequoia Mortgage Trust, Floating Rate
Note, 6/25/43 840,254
456,367 NR/Baa3 SMA Issuer I LLC, 3.5%, 8/20/25
(144A) 458,395
2,548,560 2.22 AAA/NR Springleaf Mortgage Loan Trust 2012-2,
Floating Rate Note, 10/25/57 (144A) 2,585,532
750,000 3.79 A-/NR Springleaf Mortgage Loan Trust, Floating
Rate Note, 6/25/58 (144A) 752,204
4,238,549 0.87 AA+/A2 Structured Asset Mortgage Investments II
Trust 2004-AR8, Floating Rate Note,
5/19/35 4,025,842
1,376,457 0.93 A+/Ba1 Structured Asset Mortgage Investments
Trust 2003-AR2, Floating Rate Note,
12/19/33 1,267,361
1,244,332 2.70 A+/Baa3 Structured Asset Securities Corp.
Mortgage Certificates Series 2003-31A,
Floating Rate Note, 10/25/33 1,240,387
1,322,347 0.84 NR/NR Structured Asset Securities Corp.
Reverse Mortgage Loan Trust 2002-RM1,
Floating Rate Note, 10/25/37 (144A) 1,305,818
1,049,788 2.73 NR/Baa2 Thornburg Mortgage Securities
Trust 2003-3, Floating Rate Note,
6/25/43 1,031,397
The accompanying notes are an integral part of these financial statements.
36 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
3,962,157 0.93 BBB+/Baa3 Thornburg Mortgage Securities
Trust 2004-3, Floating Rate Note,
9/25/44 $ 3,756,921
1,399,427 0.77 BBB+/A1 Thornburg Mortgage Securities
Trust 2004-4, Floating Rate Note,
12/25/44 1,249,019
1,064,427 4.10 AAA/Ba1 Thornburg Mortgage Securities
Trust Class II4A, Floating Rate Note,
3/25/44 1,059,722
4,470,000 AAA/Aa1 Timberstar Trust, 5.668%,
10/15/36 (144A) 5,001,993
1,435,000 AA/Aa3 Timberstar Trust, 5.747%,
10/15/36 (144A) 1,574,789
282,973 0.77 BB+/Aaa UBS Commercial Mortgage Trust
2007-FL1, Floating Rate Note,
7/15/24 (144A) 282,449
3,787,250 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust Series 2004-C15, 4.803%,
10/15/41 3,936,081
198,741 2.22 NR/Ba3 WaMu Mortgage Pass Through
Certificates, Floating Rate Note,
2/27/34 160,601
1,711,179 2.56 A+/Ba2 WaMu Mortgage Pass Through
Certificates, Floating Rate Note,
3/25/34 1,683,292
2,540,277 2.50 BBB/NR WaMu Mortgage Pass Through
Certificates, Floating Rate Note,
3/25/35 2,494,003
3,025,464 2.44 A+/A2 WaMu Mortgage Pass Through
Certificates, Floating Rate Note,
6/25/33 3,038,634
1,146,762 2.46 BB+/Ba1 WaMu Mortgage Pass Through
Certificates, Floating Rate Note,
8/25/33 1,047,894
155,172 2.43 A+/Ba3 WaMu Mortgage Pass Through
Certificates, Floating Rate Note,
8/25/34 151,693
183,657 2.45 B-/NR WaMu Mortgage Pass Through
Certificates, Floating Rate Note,
8/25/35 176,320
4,273,059 2.44 BBB+/NR WaMu Mortgage Pass-Through
Certificates, Floating Rate Note,
1/25/35 4,281,238
1,927,000 NR/Aaa Wells Fargo Commercial Mortgage
Trust 2012-LC5, 3.539%, 10/15/45 1,846,870
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 37
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
3,232,574 NR/Aaa Wells Fargo Commercial Mortgage
Trust, 3.349%, 11/15/43 (144A) $ 3,374,066
717,669 2.51 NR/WR Wells Fargo Mortgage Backed
Securities 2003-B Trust, Floating
Rate Note, 2/25/33 718,493
817,659 4.55 AA+/Aa2 Wells Fargo Mortgage Backed
Securities 2003-L Trust, Floating
Rate Note, 11/25/33 805,016
364,276 4.51 A+/Baa1 Wells Fargo Mortgage Backed
Securities 2003-L Trust, Floating
Rate Note, 11/25/33 352,009
483,022 2.65 AA+/A2 Wells Fargo Mortgage Backed
Securities 2004-V Trust, Floating
Rate Note, 10/25/34 485,799
461,837 AA+/A1 Wells Fargo Mortgage Backed
Securities 2006-16 Trust, 5.0%,
11/25/36 477,037
1,867,952 4.94 BBB+/Ba3 Wells Fargo Mortgage Backed Securities
Trust, Floating Rate Note, 8/25/34 1,895,688
350,000 5.39 NR/A2 WFRBS Commercial Mortgage
Trust 2011-C2, Floating Rate Note,
2/15/44 (144A) 364,437
-------------------
$ 231,686,827
-------------------
Total Banks $ 231,686,827
---------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.9%
Other Diversified Financial
Services -- 2.6%
1,265,179 2.89 AA+/NR Banc of America Mortgage 2003-F
Trust, Floating Rate Note, 7/25/33 $ 1,243,250
1,031,122 3.16 NR/Ba2 Banc of America Mortgage 2003-I
Trust, Floating Rate Note, 10/25/33 1,021,573
317,902 2.70 AA+/NR Banc of America Mortgage 2004-E
Trust, Floating Rate Note, 6/25/34 314,803
689,012 5.07 BBB+/NR Banc of America Mortgage 2005-H
Trust, Floating Rate Note, 9/25/35 677,553
1,572,914 A+/NR Banc of America Mortgage
Trust 2004-11, 5.75%, 1/25/35 1,611,872
156,042 BB+/NR Banc of America Mortgage
Trust 2004-7, 4.5%, 8/25/19 158,497
1,350,740 A+/NR Banc of America Mortgage
Trust 2004-9, 5.5%, 11/25/34 1,407,821
550,447 NR/B1 Citicorp Mortgage Securities
Trust Series 2006-1, 5.0%, 2/25/36 566,339
772,409 0.31 AA/Aaa Commercial Mortgage Pass-Through
Certificates Series 2007-TFL1,
Floating Rate Note, 2/15/22 (144A) 765,431
The accompanying notes are an integral part of these financial statements.
38 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
1,900,000 5.58 NR/Aa2 DBUBS 2011-LC3 Mortgage Trust,
Floating Rate Note, 8/10/44 (144A) $ 2,042,200
1,895,000 1.49 AA-/NR Del Coronado Trust 2013-DEL,
Floating Rate Note, 3/15/26 (144A) 1,886,937
1,684,154 0.44 AA/Aa3 GE Business Loan Trust 2005-1,
Floating Rate Note, 6/15/33 (144A) 1,584,453
1,435,313 0.39 BB+/Baa2 Impac Secured Assets Trust 2006-5,
Floating Rate Note, 12/25/36 1,231,613
1,454,655 B+/Baa3 JP Morgan Mortgage Trust 2004-S1,
5.0%, 9/25/34 1,500,256
2,224,245 B-/Ba2 JP Morgan Mortgage Trust 2004-S1,
6.0%, 9/25/34 2,283,508
603,610 3.00 NR/NR La Hipotecaria Panamanian Mortgage
Trust 2010-1, Floating Rate Note,
9/8/39 (144A) 627,000
1,395,000 5.52 NR/A2 LSTAR Commercial Mortgage Trust,
Floating Rate Note, 10/25/19 (144A) 1,476,707
975,373 2.54 A+/NR Merrill Lynch Mortgage Investors
Trust Series MLMI 2005-A2, Floating
Rate Note, 2/25/35 975,374
2,550,560 AAA/NR Morgan Stanley Capital I Trust
2004-HQ4, 4.97%, 4/14/40 2,621,226
1,000,000 BBB-/NR Morgan Stanley Capital I Trust
2007-HQ13, 5.569%, 12/15/44 1,083,629
678,438 0.29 AA+/Aaa Morgan Stanley Capital I, Inc.,
Floating Rate Note, 10/15/20 (144A) 672,446
5,102,000 0.32 A+/Aa1 Morgan Stanley Capital I, Inc.,
Floating Rate Note, 10/15/20 (144A) 5,045,322
825,491 NR/Baa3 ORES NPL LLC, 4.0%, 9/25/44
(144A) 824,916
744,541 NR/Ba1 RALI Series 2003-QS14 Trust, 5.0%,
7/25/18 759,935
3,084,550 NR/B1 RALI Series 2004-QS13 Trust, 5.0%,
9/25/19 3,169,819
1,306,714 NR/B3 RALI Series 2004-QS16 Trust, 5.5%,
12/25/34 1,342,989
1,791,014 NR/Baa3 RALI Series 2004-QS3 Trust, 5.0%,
3/25/19 1,864,461
1,169,057 2.50 A+/Baa1 Structured Adjustable Rate Mortgage
Loan Trust Class A1, Floating Rate
Note, 3/25/34 1,147,040
718,680 2.50 BBB-/B3 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note,
1/25/35 687,333
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 39
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
639,404 5.30 BBB+/Ba2 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note,
11/25/34 $ 630,875
392,811 NR/NR VOLT XV LLC, 3.222%, 5/27/53
(Step) (144A) 380,045
-------------------
$ 41,605,223
---------------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%+
272,904 BB+/Baa2 Spirit Master Funding LLC, 5.74%,
3/20/25 (144A) $ 267,265
---------------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
1,645,519 4.50 AA/Baa3 GMACM Mortgage Loan Trust 2003-AR1,
Floating Rate Note, 10/19/33 $ 1,658,372
---------------------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.0%+
506,741 2.72 NR/NR Jefferies & Co., Inc., Floating Rate
Note, 5/26/37 (144A) $ 510,415
---------------------------------------------------------------------------------------------------------------------
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 $ 1,482,568
1,156,606 7.64 BBB+/Aa3 Bear Stearns Commercial Mortgage
Securities Trust 2002 Top6, Floating
Rate Note, 10/15/36 (144A) 1,196,606
-------------------
$ 2,679,174
-------------------
Total Diversified Financials $ 46,720,449
---------------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.3%
Mortgage REITs -- 1.2%
339,646 B+/NR Credit Suisse First Boston Mortgage
Securities Corp., 5.5%, 6/25/33 $ 338,948
651,563 2.71 BBB+/Ba1 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
11/25/33 638,186
681,906 1.54 AA+/A3 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
12/25/33 671,710
648,241 2.63 BBB+/B1 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
6/25/34 638,801
482,457 1.69 NR/WR Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
8/25/33 461,380
3,250,000 6.45 D/Caa2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate Note,
9/15/34 (144A) 1,525,550
The accompanying notes are an integral part of these financial statements.
40 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Mortgage REITs -- (continued)
650,000 3.49 NR/A2 FREMF Mortgage Trust Class B,
Floating Rate Note, 11/25/46
(144A) $ 660,316
858,000 3.82 NR/NR FREMF Mortgage Trust Class B,
Floating Rate Note, 6/25/47 (144A) 834,467
5,000,000 4.29 A-/NR FREMF Mortgage Trust Class B,
Floating Rate Note, 7/25/48 (144A) 5,093,545
1,500,000 4.60 NR/NR FREMF Mortgage Trust, Floating
Rate Note, 11/25/49 (144A) 1,487,889
900,000 3.31 A-/Baa2 FREMF Mortgage Trust, Floating
Rate Note, 10/25/17 (144A) 838,357
850,000 5.44 NR/A3 FREMF Mortgage Trust, Floating
Rate Note, 4/25/20 (144A) 896,749
1,750,000 4.77 NR/A3 FREMF Mortgage Trust, Floating
Rate Note, 4/25/44 (144A) 1,815,091
1,250,000 4.89 NR/A3 FREMF Mortgage Trust, Floating
Rate Note, 7/25/44 (144A) 1,299,408
600,000 5.16 A+/NR FREMF Mortgage Trust, Floating
Rate Note, 9/25/43 624,342
1,250,000 4.16 NR/Baa2 FREMF Mortgage Trust, Floating
Rate Note, 9/25/44 (144A) 1,170,224
890,000 5.16 NR/NR FREMF Mortgage Trust, Floating
Rate Note, 9/25/45 (144A) 921,463
-------------------
$ 19,916,426
---------------------------------------------------------------------------------------------------------------------
Diversified Real Estate
Activities -- 0.1%
1,067,103 0.63 B+/Baa1 Mellon Residential Funding Corp.
Mortgage Pass-Through Trust
Series 2000-TBC3, Floating Rate
Note, 12/15/30 $ 1,020,758
-------------------
Total Real Estate $ 20,937,184
---------------------------------------------------------------------------------------------------------------------
GOVERNMENT -- 1.1%
Government -- 1.1%
5,707 NR/NR Fannie Mae REMICS, 10.3%,
4/25/19 $ 6,517
1,000,000 NR/NR Fannie Mae REMICS, 4.5%, 6/25/29 1,089,400
866,277 NR/NR Fannie Mae REMICS, 5.0%, 3/25/24 881,400
2,888,181 NR/NR Fannie Mae REMICS, 5.0%, 7/25/33 2,967,485
214,666 NR/NR Fannie Mae REMICS, 5.0%, 9/25/39 218,501
1,890,864 NR/NR Freddie Mac REMICS, 5.0%, 6/15/33 1,924,703
1,038,669 NR/NR Freddie Mac REMICS, 5.0%, 6/15/34 1,070,300
1,944,150 NR/NR Government National Mortgage
Association, 3.0%, 4/20/41 1,997,560
375,000 NR/NR Government National Mortgage
Association, 4.973%, 4/16/42 411,528
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 41
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Government -- (continued)
678,307 NR/NR Government National Mortgage
Association, 5.25%, 8/16/35 $ 767,486
49,002,111 0.56 NR/NR Government National Mortgage
Association, Floating Rate Note,
11/16/51 (c) 1,766,575
11,804,641 1.03 NR/NR Government National Mortgage
Association, Floating Rate Note,
2/16/53 (c) 1,007,491
8,158,112 1.05 NR/NR Government National Mortgage
Association, Floating Rate Note,
3/16/53 (c) 671,462
13,742,413 1.10 NR/NR Government National Mortgage
Association, Floating Rate Note,
8/16/52 (c) 1,038,253
12,761,661 1.07 NR/NR Government National Mortgage
Association, Floating Rate Note,
9/16/52 (c) 1,137,779
-------------------
$ 16,956,440
-------------------
Total Government $ 16,956,440
---------------------------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $319,517,838) $ 316,604,511
---------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 35.3%
ENERGY -- 2.7%
Oil & Gas Drilling -- 0.1%
1,025,000 BBB+/Baa1 Pride International, Inc., 6.875%,
8/15/20 $ 1,216,480
---------------------------------------------------------------------------------------------------------------------
Oil & Gas Equipment &
Services -- 0.2%
125,000 BBB-/Baa2 Weatherford International, Ltd.
Bermuda, 5.95%, 4/15/42 $ 118,146
2,815,000 BBB-/Baa2 Weatherford International, Ltd.
Bermuda, 9.625%, 3/1/19 3,558,782
-------------------
$ 3,676,928
---------------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.6%
1,800,000 B/B2 EP Energy LLC, 9.375%, 5/1/20 $ 2,034,000
901,000 BBB/Baa2 Marathon Oil Corp., 5.9%, 3/15/18 1,035,463
1,400,000 BBB-/Ba1 Newfield Exploration Co., 5.625%,
7/1/24 1,358,000
933,629 A/Aa3 Ras Laffan Liquefied Natural Gas Co.,
Ltd. III, 5.832%, 9/30/16 (144A) 991,980
1,000,000 BBB/Baa2 TNK-BP Finance SA, 6.625%,
3/20/17 (144A) 1,085,000
2,080,000 BBB/Baa2 TNK-BP Finance SA, 7.5%,
7/18/16 (144A) 2,306,200
The accompanying notes are an integral part of these financial statements.
42 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- (continued)
1,000,000 BBB/Baa2 TNK-BP Finance SA, 7.875%,
3/13/18 (144A) $ 1,137,500
-------------------
$ 9,948,143
---------------------------------------------------------------------------------------------------------------------
Oil & Gas Refining &
Marketing -- 0.4%
2,475,000 BBB/Baa2 Spectra Energy Capital LLC, 6.2%,
4/15/18 $ 2,883,793
2,890,000 BBB/Baa2 Valero Energy Corp., 9.375%,
3/15/19 3,789,472
-------------------
$ 6,673,265
---------------------------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- 1.4%
435,000 BBB-/Baa2 Boardwalk Pipelines LP, 5.5%,
2/1/17 $ 479,975
1,535,000 BBB-/Baa3 Buckeye Partners LP, 6.05%, 1/15/18 1,727,699
2,900,000 BBB/Baa2 DCP Midstream LLC, 9.75%,
3/15/19 (144A) 3,739,930
3,950,000 5.85 BB+/Baa3 DCP Midstream LLC, Floating Rate
Note, 5/21/43 (144A) 3,792,000
1,200,000 0.00 NR/NR Energy Transfer Partners LP, Floating
Rate Note, 11/1/66 1,080,000
3,250,000 BBB/Baa2 Kinder Morgan Energy Partners LP,
5.95%, 2/15/18 3,766,259
1,500,000 BBB/Baa2 Spectra Energy Capital LLC, 6.75%,
7/15/18 1,765,350
2,200,000 BBB-/Baa3 Sunoco Logistics Partners Operations
LP, 6.1%, 2/15/42 2,298,718
2,475,000 BBB-/Baa3 The Williams Companies, Inc., 7.75%,
6/15/31 2,890,674
-------------------
$ 21,540,605
-------------------
Total Energy $ 43,055,421
---------------------------------------------------------------------------------------------------------------------
MATERIALS -- 1.7%
Diversified Chemicals -- 0.1%
980,000 BBB/Baa2 Eastman Chemical Co., 4.8%,
9/1/42 $ 927,458
---------------------------------------------------------------------------------------------------------------------
Construction Materials -- 0.3%
3,328,000 B/NR Cemex Espana Luxembourg, 9.875%,
4/30/19 (144A) $ 3,594,240
475,000 BBB/Baa2 Holcim US Finance Sarl & Cie SCS,
6.0%, 12/30/19 (144A) 530,371
-------------------
$ 4,124,611
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 43
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Aluminum -- 0.1%
2,425,000 BBB-/Ba1 Alcoa, Inc., 6.15%, 8/15/20 $ 2,483,908
---------------------------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.6%
900,000 BBB-/Baa2 AngloGold Ashanti Holdings Plc,
5.125%, 8/1/22 $ 795,820
3,085,000 BBB-/Baa2 AngloGold Ashanti Holdings Plc,
5.375%, 4/15/20 2,884,157
2,525,000 BBB/Baa3 Freeport-McMoRan Copper & Gold,
Inc., 3.875%, 3/15/23 (144A) 2,285,357
5,000,000 BB+/Ba1 Gold Fields Orogen Holding BVI, Ltd.,
4.875%, 10/7/20 (144A) 4,225,000
-------------------
$ 10,190,334
---------------------------------------------------------------------------------------------------------------------
Gold -- 0.1%
1,650,000 BBB+/Baa2 Goldcorp, Inc., 3.7%, 3/15/23 $ 1,461,118
---------------------------------------------------------------------------------------------------------------------
Steel -- 0.5%
500,000 BB+/Ba1 ArcelorMittal, 6.0%, 3/1/21 $ 497,500
3,900,000 BB+/Ba1 ArcelorMittal, 6.125%, 6/1/18 4,017,000
2,805,000 BB+/Ba2 Commercial Metals Co., 7.35%,
8/15/18 3,008,362
-------------------
$ 7,522,862
-------------------
Total Materials $ 26,710,291
---------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.9%
Aerospace & Defense -- 0.1%
2,250,000 BB/Ba2 Bombardier, Inc., 4.25%,
1/15/16 (144A) $ 2,300,625
---------------------------------------------------------------------------------------------------------------------
Building Products -- 0.3%
825,000 BBB-/Ba3 Masco Corp., 5.95%, 3/15/22 $ 866,250
4,260,000 BBB-/Ba3 Masco Corp., 7.125%, 3/15/20 4,749,900
-------------------
$ 5,616,150
---------------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.2%
2,950,000 BBB+/Baa2 Tyco Electronics Group SA, 6.55%,
10/1/17 $ 3,414,920
---------------------------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.3%
3,200,000 A/A3 Cummins, Inc., 5.65%, 3/1/98 $ 3,030,864
910,000 A/A3 Cummins, Inc., 6.75%, 2/15/27 1,054,267
-------------------
$ 4,085,131
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.3%
2,150,000 BBB/Baa2 Ingersoll-Rand Global Holding Co.,
Ltd., 9.5%, 4/15/14 $ 2,294,622
1,810,000 BBB/Baa3 Valmont Industries, Inc., 6.625%,
4/20/20 2,063,824
-------------------
$ 4,358,446
---------------------------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.7%
3,525,000 BB+/NR Aviation Capital Group Corp., 6.75%,
4/6/21 (144A) $ 3,712,382
5,660,000 BBB/Baa2 GATX Corp., 6.0%, 2/15/18 6,339,404
1,175,000 BBB/Baa2 Glencore Funding LLC, 4.125%,
5/30/23 (144A) 1,047,964
-------------------
$ 11,099,750
-------------------
Total Capital Goods $ 30,875,022
---------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Airlines -- 0.1%
135,834 BBB/Baa2 Southwest Airlines Co., 7.67%,
1/2/14 $ 138,376
1,500,000 BBB/Ba1 US Airways 2013-1 Class A Pass
Through Trust, 3.95%, 11/15/25 1,443,750
-------------------
$ 1,582,126
---------------------------------------------------------------------------------------------------------------------
Trucking -- 0.0%+
529,000 BBB-/Baa2 Asciano Finance, Ltd., 4.625%,
9/23/20 (144A) $ 533,063
-------------------
Total Transportation $ 2,115,189
---------------------------------------------------------------------------------------------------------------------
AUTOMOBILES &
COMPONENTS -- 0.0%+
Automobile Manufacturers -- 0.0%+
655,000 BBB+/Baa1 Hyundai Motor Manufacturing
Czech s.r.o., 4.5%, 4/15/15 (144A) $ 683,387
-------------------
Total Automobiles & Components $ 683,387
---------------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 0.0%+
Home Furnishings -- 0.0%+
800,000 BBB-/Ba1 Mohawk Industries, Inc., 3.85%,
2/1/23 $ 767,751
-------------------
Total Consumer Durables & Apparel $ 767,751
---------------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.9%
Education Services -- 0.9%
525,000 AA+/Aaa Amherst College, 3.794%, 11/1/42 $ 485,396
1,000,000 NR/Aa2 Bowdoin College, 4.693%, 7/1/12 863,262
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 45
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Education Services -- (continued)
1,100,000 AAA/Aaa Massachusetts Institute of Technology,
5.6%, 7/1/11 $ 1,325,870
2,600,000 AAA/NR President and Fellows of Harvard
College, 2.3%, 10/1/23 2,460,754
3,095,000 AAA/Aaa President and Fellows of Harvard
College, 6.3%, 10/1/37 3,479,254
1,900,000 A+/A1 The George Washington University,
1.827%, 9/15/17 1,888,209
3,550,000 AA-/Aa2 Tufts University, 5.017%, 4/15/12 3,542,698
-------------------
$ 14,045,443
-------------------
Total Consumer Services $ 14,045,443
---------------------------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Internet Retail -- 0.1%
800,000 BBB-/Ba1 Expedia, Inc., 5.95%, 8/15/20 $ 849,010
-------------------
Total Retailing $ 849,010
---------------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Drug Retail -- 0.1%
727,710 BBB+/Baa2 CVS Pass-Through Trust, 5.298%,
1/11/27 (144A) $ 792,810
1,463,946 BBB+/Baa2 CVS Pass-Through Trust, 5.773%,
1/10/33 (144A) 1,601,484
-------------------
$ 2,394,294
-------------------
Total Food & Staples Retailing $ 2,394,294
---------------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE &
TOBACCO -- 1.0%
Distillers & Vintners -- 0.1%
1,500,000 BBB-/Baa2 Beam, Inc., 3.25%, 5/15/22 $ 1,445,116
---------------------------------------------------------------------------------------------------------------------
Agricultural Products -- 0.3%
5,175,000 BBB/Baa2 Viterra, Inc., 5.95%, 8/1/20 (144A) $ 5,471,667
---------------------------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.5%
3,240,000 BBB/Baa2 Kraft Foods Group, Inc., 3.5%,
6/6/22 $ 3,208,501
3,725,000 BBB-/Baa2 Mondelez International, Inc., 6.5%,
2/9/40 4,444,424
-------------------
$ 7,652,925
---------------------------------------------------------------------------------------------------------------------
Tobacco -- 0.1%
1,050,000 BBB-/Baa2 Lorillard Tobacco Co., 3.75%,
5/20/23 $ 968,838
-------------------
Total Food, Beverage & Tobacco $ 15,538,546
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.2%
Personal Products -- 0.2%
3,720,000 BBB-/Baa2 Avon Products, Inc., 5.0%, 3/15/23 $ 3,697,632
-------------------
Total Household & Personal Products $ 3,697,632
---------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.3%
Health Care Services -- 0.2%
2,600,000 AA-/Aa3 Catholic Health Initiatives, 4.35%,
11/1/42 $ 2,367,747
---------------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
2,400,000 A-/A3 NYU Hospitals Center, 4.428%,
7/1/42 $ 2,195,458
-------------------
Total Health Care Equipment
& Services $ 4,563,205
---------------------------------------------------------------------------------------------------------------------
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 $ 6,190,341
-------------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 6,190,341
---------------------------------------------------------------------------------------------------------------------
BANKS -- 4.3%
Diversified Banks -- 2.1%
3,515,000 BBB+/Baa3 Barclays Bank Plc, 6.05%,
12/4/17 (144A) $ 3,802,246
3,815,000 NR/Baa2 BBVA Bancomer SA Texas, 6.5%,
3/10/21 (144A) 4,005,750
3,435,000 AA-/Aa2 Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA
Netherlands, 3.875%, 2/8/22 3,459,110
625,000 A+/Aa3 Export-Import Bank of Korea,
5.875%, 1/14/15 664,919
1,855,000 A/Aa3 Industrial Bank of Korea, 7.125%,
4/23/14 (144A) 1,939,070
3,476,000 BBB+/Baa2 Intesa Sanpaolo S.p.A., 3.625%,
8/12/15 (144A) 3,483,811
1,400,000 BBB+/Baa2 Intesa Sanpaolo S.p.A., 6.5%,
2/24/21 (144A) 1,410,041
3,000,000 BBB/A3 Macquarie Bank, Ltd., 6.625%,
4/7/21 (144A) 3,174,330
4,500,000 A/Baa1 Nordea Bank AB, 4.25%,
9/21/22 (144A) 4,439,588
1,578,947 3.02 A/NR SBP DPR Finance Co., Floating
Rate Note, 3/15/17 (144A) 1,573,853
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 47
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
2,600,000 4.50 NR/Baa3 Scotiabank Peru SA, Floating Rate
Note, 12/13/27 (144A) $ 2,333,500
2,200,000 A/A2 Standard Chartered Bank, 6.4%,
9/26/17 (144A) 2,474,802
1,300,000 A-/A3 Standard Chartered Plc, 3.95%,
1/11/23 (144A) 1,209,320
-------------------
$ 33,970,340
---------------------------------------------------------------------------------------------------------------------
Regional Banks -- 1.9%
1,190,000 A-/NR CoBank ACB, 7.875%, 4/16/18
(144A) $ 1,451,958
3,350,000 A/A2 HSBC Bank USA NA New York NY,
6.0%, 8/9/17 3,785,604
2,505,000 A/A1 Mellon Funding Corp., 5.5%,
11/15/18 2,886,587
1,435,000 A-/A3 PNC Bank NA, 6.0%, 12/7/17 1,659,067
4,080,000 BBB-/Baa2 Sovereign Bank, 8.75%, 5/30/18 4,933,136
1,025,000 BBB/Baa1 SunTrust Banks, Inc., 3.5%, 1/20/17 1,072,630
6,273,000 4.49 BBB/Baa3 The PNC Financial Services Group,
Inc., Floating Rate Note (Perpetual) 6,238,498
1,860,000 4.85 BBB/Baa3 The PNC Financial Services Group,
Inc., Floating Rate Note (Perpetual) 1,734,450
1,050,000 6.75 BBB/Baa3 The PNC Financial Services Group,
Inc., Floating Rate Note (Perpetual) 1,139,250
1,450,000 BBB-/NR UBS AG, 7.625%, 8/17/22 1,591,300
3,520,000 A+/A1 Wachovia Bank NA, 6.0%, 11/15/17 4,016,721
-------------------
$ 30,509,201
---------------------------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.3%
2,300,000 BBB-/Baa2 Astoria Financial Corp., 5.0%,
6/19/17 $ 2,417,075
2,000,000 BBB/Baa2 Santander Holdings USA, Inc.
Pennsylvania, 3.0%, 9/24/15 2,050,664
-------------------
$ 4,467,739
-------------------
Total Banks $ 68,947,280
---------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 8.2%
Other Diversified Financial
Services -- 3.7%
3,000,000 BBB+/Baa2 Alterra Finance LLC, 6.25%, 9/30/20 $ 3,424,944
1,100,000 BBB+/Baa3 Bank of America Corp., 7.75%,
8/15/15 1,217,279
1,250,000 5.25 BB-/NR Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) 1,234,625
The accompanying notes are an integral part of these financial statements
48 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
1,100,000 6.85 NR/NR Caelus Re, Ltd., Floating Rate Note,
4/7/17 (Cat Bond) (144A) $ 1,093,620
1,000,000 A-/NR Carlyle Holdings Finance LLC,
3.875%, 2/1/23 (144A) 967,789
3,160,000 A-/NR Carlyle Holdings II Finance LLC,
5.625%, 3/30/43 (144A) 2,956,006
2,000,000 5.95 BB/B1 Citigroup, Inc., Floating Rate
Note (Perpetual) 1,990,200
3,100,000 5.35 BB/B1 Citigroup, Inc., Floating Rate
Note (Perpetual) 2,906,250
300,000 9.00 BB-/NR Compass Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 307,560
950,000 10.25 BB-/NR Compass Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 978,880
250,000 9.00 BB/NR East Lane Re V, Ltd., Floating Rate
Note, 3/16/16 (Cat Bond) (144A) 268,275
250,000 7.35 BB-/NR Embarcadero Reinsurance, Ltd.,
Floating Rate Note, 2/13/15 (Cat
Bond) (144A) 258,375
500,000 6.60 BB-/NR Embarcadero Reinsurance, Ltd.,
Floating Rate Note, 8/4/14 (Cat
Bond) (144A) 510,900
650,000 5.00 BB+/NR Embarcadero Reinsurance, Ltd.,
Floating Rate Note, 8/7/15 (Cat
Bond) (144A) 673,660
4,860,000 AA/A2 General Electric Capital Corp., 5.3%,
2/11/21 5,331,279
1,800,000 7.12 AA-/Baa1 General Electric Capital Corp., Floating
Rate Note (Perpetual) 2,034,000
1,840,000 BBB+/Baa1 Hyundai Capital Services, Inc.,
6.0%, 5/5/15 (144A) 1,975,913
900,000 0.00 BB+/NR Ibis Re II, Ltd., Floating Rate Note,
6/28/16 (Cat Bond) (144A) 899,550
2,575,000 A/A2 JPMorgan Chase & Co., 6.0%,
1/15/18 2,938,492
6,140,000 7.90 BBB/Ba1 JPMorgan Chase & Co., Floating
Rate Note (Perpetual) 6,938,200
5,025,000 A-/NR KKR Group Finance Co. II LLC,
5.5%, 2/1/43 (144A) 4,590,393
2,400,000 6.00 BB/NR Lodestone Re, Ltd., Floating Rate
Note, 1/8/14 (Cat Bond) (144A) 2,397,360
1,000,000 7.25 BB/NR Lodestone Re, Ltd., Floating Rate
Note, 1/8/14 (Cat Bond) (144A) 1,000,200
1,200,000 4.00 BB/NR Longpoint Re, Ltd. III, Floating Rate
Note, 5/18/16 (Cat Bond) (144A) 1,194,960
The accompanying notes are an integral part of these financial statements
Pioneer Bond Fund | Annual Report | 6/30/13 49
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
750,000 7.50 BB-/NR Queen Street II Capital, Ltd., Floating
Rate Note, 4/9/14 (Cat Bond)
(144A) $ 754,275
500,000 7.50 BB-/NR Queen Street IV Capital, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond)
(144A) 507,850
650,000 9.00 BB-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (Cat
Bond) (144A) 668,005
725,000 8.75 B+/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (Cat
Bond) (144A) 753,348
1,500,000 7.00 BB/NR Shore Re, Ltd., Floating Rate Note,
7/8/13 (Cat Bond) (144A) 1,499,700
300,000 8.50 B+/NR Tar Heel Re, Ltd., Floating Rate Note,
5/9/16 (Cat Bond) (144A) 305,820
1,250,000 7.70 BBB/NR Tiers Trust, Floating Rate Note,
10/15/97 (144A) (e) 787,549
6,500,000 2.90 BBB-/NR Vita Capital V, Ltd., Floating Rate
Note, 1/15/17 (Cat Bond) (144A) 6,644,950
-------------------
$ 60,010,207
---------------------------------------------------------------------------------------------------------------------
Specialized Finance -- 0.9%
2,900,000 BBB+/Baa1 BM&FBovespa SA, 5.5%,
7/16/20 (144A) $ 2,961,625
5,205,000 BBB-/WR Cantor Fitzgerald LP, 7.875%,
10/15/19 (144A) 5,326,292
625,000 5.25 BB+/NR Kibou, Ltd., Floating Rate Note,
2/16/15 (Cat Bond) (144A) 649,875
1,475,000 BBB+/Baa2 LeasePlan Corp. NV, 2.5%,
5/16/18 (144A) 1,421,474
2,000,000 A+/A1 National Rural Utilities Cooperative
Finance Corp., 5.45%, 2/1/18 2,301,066
950,000 3.50 BB+/NR Sanders Re, Ltd., Floating Rate
Note, 5/5/17 (Cat Bond) (144A) 940,025
1,000,000 4.00 BB/NR Sanders Re, Ltd., Floating Rate
Note, 5/5/17 (Cat Bond) (144A) 989,500
-------------------
$ 14,589,857
---------------------------------------------------------------------------------------------------------------------
Consumer Finance -- 0.6%
925,000 BB+/Ba1 Banque PSA Finance SA, 5.75%,
4/4/21 (144A) $ 875,272
1,465,000 BBB/Baa1 Capital One Bank USA NA, 8.8%,
7/15/19 1,879,142
The accompanying notes are an integral part of these financial statements.
50 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
2,575,000 A/A2 Caterpillar Financial Services Corp.,
7.05%, 10/1/18 $ 3,189,902
790,000 BBB+/A3 Nissan Motor Acceptance Corp.,
4.5%, 1/30/15 (144A) 832,731
3,155,000 4.00 BBB-/Ba1 SLM Corp., Floating Rate Note,
7/25/14 3,170,775
-------------------
$ 9,947,822
---------------------------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.6%
1,400,000 A/NR Blackstone Holdings Finance Co.
LLC, 4.75%, 2/15/23 (144A) $ 1,480,994
733,000 A-/A3 Eaton Vance Corp., 6.5%, 10/2/17 843,623
4,050,000 BBB-/Baa3 Janus Capital Group, Inc., 6.7%,
6/15/17 4,522,141
2,000,000 A/A1 The Bank of New York Mellon Corp.,
4.95%, 3/15/15 2,136,950
1,250,000 4.50 BBB/Baa1 The Bank of New York Mellon Corp.,
Floating Rate Note (Perpetual) 1,175,000
-------------------
$ 10,158,708
---------------------------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 2.4%
11,040,000 4.00 BB+/Ba2 Goldman Sachs Capital II, Floating
Rate Note, 6/1/43 $ 8,776,800
1,000,000 BBB/Baa3 Jefferies Group LLC, 5.125%,
1/20/23 992,289
600,000 BBB/Baa3 Jefferies Group LLC, 5.125%,
4/13/18 627,001
4,125,000 BBB/Baa3 Jefferies Group LLC, 6.875%,
4/15/21 4,536,642
250,000 BBB/Baa3 Jefferies Group LLC, 8.5%, 7/15/19 301,250
2,730,000 BBB/A3 Macquarie Group, Ltd., 6.0%,
1/14/20 (144A) 2,834,777
221,000 A-/Baa2 Merrill Lynch & Co., Inc., 5.0%,
2/3/14 225,792
4,350,000 BBB+/Baa3 Merrill Lynch & Co., Inc., 7.75%,
5/14/38 4,975,895
5,100,000 BBB+/Baa2 Morgan Stanley, 4.1%, 5/22/23 4,711,987
300,000 BBB+/Baa2 Morgan Stanley, 4.875%, 11/1/22 296,370
3,125,000 A-/Baa1 Morgan Stanley, 5.5%, 1/26/20 3,354,334
4,750,000 NR/Baa3 Scottrade Financial Services, Inc.,
6.125%, 7/11/21 (144A) 4,646,203
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 51
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- (continued)
2,000,000 A-/A3 The Goldman Sachs Group, Inc.,
5.5%, 11/15/14 $ 2,113,606
-------------------
$ 38,392,946
-------------------
Total Diversified Financials $ 133,099,540
---------------------------------------------------------------------------------------------------------------------
INSURANCE -- 6.8%
Life & Health Insurance -- 2.1%
1,850,000 BBB/WR Delphi Financial Group, Inc.,
7.875%, 1/31/20 $ 2,169,900
1,690,000 A-/Baa1 Lincoln National Corp., 8.75%,
7/1/19 2,166,805
3,380,000 6.05 BBB/Baa3 Lincoln National Corp., Floating Rate
Note, 4/20/67 3,311,318
4,200,000 BBB/Baa2 MetLife, Inc., 10.75%, 8/1/39 6,489,000
4,250,000 A-/Baa2 Protective Life Corp., 7.375%,
10/15/19 5,149,317
1,090,000 A/Baa2 Prudential Financial, Inc., 4.5%,
11/16/21 1,148,358
2,140,000 8.88 BBB+/Baa3 Prudential Financial, Inc., Floating
Rate Note, 6/15/38 2,568,000
1,500,000 5.62 BBB+/Baa3 Prudential Financial, Inc., Floating
Rate Note, 6/15/43 1,470,000
1,800,000 5.88 BBB+/Baa3 Prudential Financial, Inc., Floating
Rate Note, 9/15/42 1,804,500
3,205,000 AA-/Aa2 Teachers Insurance & Annuity
Association of America, 6.85%,
12/16/39 (144A) 3,914,084
1,080,000 BBB/Baa2 Unum Group, 5.75%, 8/15/42 1,145,464
500,000 2.75 BBB+/NR Vitality Re IV, Ltd., Floating Rate
Note, 1/9/16 (Cat Bond) (144A) 505,900
1,400,000 5.88 NR/NR Wilton Re Finance LLC, Floating
Rate Note, 3/30/33 (144A) 1,358,986
-------------------
$ 33,201,632
---------------------------------------------------------------------------------------------------------------------
Multi-line Insurance -- 1.2%
3,900,000 BBB/Baa2 Assurant, Inc., 4.0%, 3/15/23 $ 3,775,282
2,335,000 BBB/A3 AXA SA, 8.6%, 12/15/30 2,825,350
1,800,000 6.46 BBB-/Baa1 AXA SA, Floating Rate Note
(Perpetual) (144A) 1,761,750
3,960,000 BBB-/Baa3 Genworth Holdings, Inc., 7.2%,
2/15/21 4,446,237
3,035,000 BBB-/Baa2 Liberty Mutual Group, Inc., 7.3%,
6/15/14 (144A) 3,187,761
2,650,000 A+/A2 Loews Corp., 5.25%, 3/15/16 2,905,696
-------------------
$ 18,902,076
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
52 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Property & Casualty
Insurance -- 1.9%
500,000 4.37 BB+/NR Blue Danube II, Ltd., Floating Rate
Note, 5/23/16 (Cat Bond) (144A) $ 497,200
1,200,000 BBB-/Baa3 Fidelity National Financial, Inc.,
5.5%, 9/1/22 1,271,794
1,350,000 NR/Baa3 First American Financial Corp.,
4.3%, 2/1/23 1,298,788
1,000,000 BBB-/Baa2 OneBeacon US Holdings, Inc.,
4.6%, 11/9/22 994,822
3,800,000 6.80 BBB/Baa3 QBE Capital Funding II LP, Floating
Rate Note (Perpetual) (144A) 3,763,516
1,100,000 A-/Baa1 QBE Insurance Group, Ltd., 2.4%,
5/1/18 (144A) 1,078,377
5,455,000 6.50 BBB/Baa1 The Allstate Corp., Floating Rate
Note, 5/15/57 5,891,400
700,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.5%, 3/1/20 804,528
1,952,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.625%, 10/15/25 2,420,261
2,000,000 A/A2 The Travelers Companies, Inc.,
6.25%, 6/15/37 2,414,300
3,600,000 BBB/Baa3 White Mountains Re Group,
6.375%, 3/20/17 (144A) 3,935,938
2,110,000 7.51 BB+/Ba2 White Mountains Re Group,
Floating Rate Note (Perpetual) (144A) 2,176,904
5,005,000 6.50 BBB-/Ba1 XL Group Plc, Floating Rate
Note (Perpetual) 4,879,875
-------------------
$ 31,427,703
---------------------------------------------------------------------------------------------------------------------
Reinsurance -- 1.5%
1,800,000 6.38 NR/NR Aquarius + Investments Plc for Swiss
Reinsurance Co., Ltd., Floating Rate
Note, 9/1/24 $ 1,794,600
250,000 8.15 BB-/NR Atlas Reinsurance VII, Ltd., Floating
Rate Note, 1/7/16 (Cat Bond)
(144A) 252,650
250,000 6.12 BB+/NR Blue Danube, Ltd., Floating Rate
Note, 4/10/15 (Cat Bond) (144A) 258,775
350,000 2.50 BB+/NR Bosphorus 1 Re, Ltd., Floating Rate
Note, 5/3/16 (Cat Bond) (144A) 348,145
1,000,000 4.50 NR/Baa1 Combine Re, Ltd., Floating Rate
Note, 1/7/15 (Cat Bond) (144A) 1,031,000
1,050,000 5.00 BB+/NR Foundation Re III, Ltd., Floating
Rate Note, 2/25/15 (Cat Bond) 1,073,730
1,100,000 5.75 BB/NR Foundation Re III, Ltd., Floating Rate
Note, 2/3/14 (Cat Bond) (144A) 1,096,810
600,000 6.00 BB+/NR Longpoint Re, Ltd., Floating Rate
Note, 6/12/15 (Cat Bond) (144A) 624,660
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 53
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
2,650,000 BBB/NR Montpelier Re Holdings, Ltd.,
4.7%, 10/15/22 $ 2,605,188
650,000 9.00 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 677,040
500,000 8.71 B+/NR Mythen Re, Ltd. Series 2012-2
Class A, Floating Rate Note, 1/5/17
(Cat Bond) (144A) 511,450
250,000 8.61 NR/Ba3 Mythen, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 263,900
500,000 8.11 NR/Ba3 Mythen, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 535,500
5,048,000 BBB/NR Platinum Underwriters Finance, Inc.,
7.5%, 6/1/17 5,640,373
250,000 10.35 B/NR Queen Street VI Re, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond) (144A) 259,525
400,000 8.60 B/NR Queen Street VII Re, Ltd., Floating Rate
Note, 4/8/16 (Cat Bond) (144A) 405,880
1,450,000 6.75 BBB-/Baa3 Reinsurance Group of America, Inc.,
Floating Rate Note, 12/15/65 1,451,812
2,800,000 4.50 BB+/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 2,834,160
275,000 10.00 BB-/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) 296,175
800,000 8.00 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) 875,360
250,000 0.00 B-/NR Residential Reinsurance 2013, Ltd.,
Floating Rate Note, 6/6/17 (Cat
Bond) (144A) 247,625
1,400,000 9.41 B/NR Successor X, Ltd. Class IV-E3, Floating
Rate Note, 2/25/14 (Cat Bond)
(144A) 1,403,080
250,000 11.25 B-/NR Successor X, Ltd., Floating Rate
Note, 11/10/15 (Cat Bond) (144A) 253,425
-------------------
$ 24,740,863
-------------------
Total Insurance $ 108,272,274
---------------------------------------------------------------------------------------------------------------------
REAL ESTATE -- 2.8%
Diversified REITs -- 0.4%
725,000 BBB/Baa2 Digital Realty Trust LP, 5.875%,
2/1/20 $ 791,083
The accompanying notes are an integral part of these financial statements.
54 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Diversified REITs -- (continued)
1,050,000 BBB/Baa2 Goodman Funding Pty, Ltd., 6.0%,
3/22/22 (144A) $ 1,156,251
3,455,000 BBB/Baa2 Goodman Funding Pty, Ltd.,
6.375%, 4/15/21 (144A) 3,869,337
-------------------
$ 5,816,671
---------------------------------------------------------------------------------------------------------------------
Office REITs -- 0.7%
1,093,000 BBB-/Baa2 Alexandria Real Estate Equities, Inc.,
3.9%, 6/15/23 $ 1,043,509
2,670,000 BBB-/Baa2 Alexandria Real Estate Equities, Inc.,
4.6%, 4/1/22 2,721,072
900,000 BBB-/Baa3 BioMed Realty LP, 4.25%, 7/15/22 884,863
1,500,000 BBB-/Baa3 Corporate Office Properties LP, 3.6%,
5/15/23 (144A) 1,384,467
2,100,000 BBB-/Baa2 Highwoods Realty LP, 3.625%,
1/15/23 1,954,422
1,200,000 BBB/Baa2 Mack-Cali Realty LP, 4.5%, 4/18/22 1,205,932
2,550,000 BBB/Baa2 Piedmont Operating Partnership LP,
3.4%, 6/1/23 (144A) 2,322,124
-------------------
$ 11,516,389
---------------------------------------------------------------------------------------------------------------------
Retail REITs -- 0.2%
575,000 BBB-/Baa3 DDR Corp., 4.625%, 7/15/22 $ 581,089
2,905,000 BBB-/Baa3 DDR Corp., 7.5%, 4/1/17 3,368,722
-------------------
$ 3,949,811
---------------------------------------------------------------------------------------------------------------------
Specialized REITs -- 1.2%
730,000 BBB-/Baa3 CubeSmart LP, 4.8%, 7/15/22 $ 757,666
4,125,000 BBB/Baa2 Health Care Real Estate Investment
Trust, Inc., 6.2%, 6/1/16 4,631,896
2,425,000 BBB-/Baa3 Healthcare Realty Trust, Inc., 6.5%,
1/17/17 2,711,150
1,985,000 BBB-/Baa2 Hospitality Properties Trust, 5.0%,
8/15/22 1,980,832
4,175,000 BBB-/Baa2 Hospitality Properties Trust, 7.875%,
8/15/14 4,341,048
4,285,000 BBB-/Baa3 Senior Housing Properties Trust,
6.75%, 4/15/20 4,714,156
-------------------
$ 19,136,748
---------------------------------------------------------------------------------------------------------------------
Diversified Real Estate
Activities -- 0.3%
4,125,000 A-/A2 WEA Finance LLC, 7.125%,
4/15/18 (144A) $ 4,895,373
-------------------
Total Real Estate $ 45,314,992
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 55
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.0%+
Data Processing & Outsourced
Services -- 0.0%+
447,000 B-/Caa1 First Data Corp., 8.25%, 1/15/21
(144A) $ 455,940
-------------------
Total Software & Services $ 455,940
---------------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.1%
Computer Hardware -- 0.1%
2,100,000 BB/Ba3 NCR Corp., 4.625%, 2/15/21 $ 2,005,500
-------------------
Total Technology Hardware
& Equipment $ 2,005,500
---------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.2%
Semiconductor Equipment -- 0.2%
3,100,000 BBB/Baa1 KLA-Tencor Corp., 6.9%, 5/1/18 $ 3,608,744
-------------------
Total Semiconductors &
Semiconductor Equipment $ 3,608,744
---------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 1.3%
Integrated Telecommunication
Services -- 1.0%
1,955,000 B/B1 Cincinnati Bell, Inc., 8.25%,
10/15/17 $ 2,038,088
469,000 B/B1 Cincinnati Bell, Inc., 8.375%,
10/15/20 481,898
3,355,000 NR/A2 GTP Acquisition Partners I LLC,
4.347%, 6/15/16 (144A) 3,526,343
797,365 NR/NR GTP Cellular Sites LLC, 3.721%,
3/15/17 (144A) 813,968
3,950,000 NR/A2 GTP Towers Issuer LLC, 4.436%,
2/15/15 (144A) 4,102,857
2,750,000 BBB/Baa2 Telefonica Emisiones SAU, 6.221%,
7/3/17 2,998,889
1,500,000 NR/NR Unison Ground Lease Funding LLC,
2.981%, 3/15/20 (144A) 1,433,152
-------------------
$ 15,395,195
---------------------------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.3%
3,015,000 NR/A2 Crown Castle Towers LLC, 4.883%,
8/15/20 (144A) $ 3,242,129
1,625,000 NR/A2 Crown Castle Towers LLC, 6.113%,
1/15/20 (144A) 1,864,647
-------------------
$ 5,106,776
-------------------
Total Telecommunication Services $ 20,501,971
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
56 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
UTILITIES -- 2.3%
Electric Utilities -- 1.3%
980,000 A-/A3 Commonwealth Edison Co., 6.15%,
9/15/17 $ 1,142,476
656,493 BBB-/Baa3 Crockett Cogeneration LP, 5.869%,
3/30/25 (144A) 705,220
5,400,000 5.25 BBB+/A3 Electricite de France SA, Floating
Rate Note (Perpetual) (144A) 5,162,400
3,365,000 BBB+/Baa2 Enel Finance International NV,
5.125%, 10/7/19 (144A) 3,494,660
848,166 BB/Baa3 FPL Energy American Wind LLC,
6.639%, 6/20/23 (144A) 786,319
155,715 B/Ba2 FPL Energy Wind Funding LLC,
6.876%, 6/27/17 (144A) 130,801
1,925,000 BB+/Baa3 Israel Electric Corp, Ltd., 7.25%,
1/15/19 (144A) 2,050,125
610,000 BB+/Baa3 Israel Electric Corp, Ltd., 9.375%,
1/28/20 (144A) 719,800
910,000 BBB+/A3 Nevada Power Co., 6.5%, 8/1/18 1,091,550
802,596 NR/WR Orcal Geothermal, Inc., 6.21%,
12/30/20 (144A) 786,544
2,690,000 BBB/Baa3 Public Service Co. of New Mexico,
7.95%, 5/15/18 3,232,872
2,200,000 6.25 BBB-/Baa2 Southern California Edison Co.,
Floating Rate Note (Perpetual) 2,310,000
-------------------
$ 21,612,767
---------------------------------------------------------------------------------------------------------------------
Gas Utilities -- 0.2%
2,324,545 A+/A1 Nakilat, Inc., 6.267%, 12/31/33
(144A) $ 2,440,772
---------------------------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.4%
5,055,000 BBB+/Baa1 New York State Electric & Gas Corp.,
6.15%, 12/15/17 (144A) $ 5,666,028
336,944 NR/NR Ormat Funding Corp., 8.25%,
12/30/20 303,250
-------------------
$ 5,969,278
---------------------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.4%
622,768 BBB-/NR Alta Wind Holdings LLC, 7.0%,
6/30/35 (144A) $ 653,382
850,000 6.65 BB/NR East Lane Re, Ltd., Floating Rate Note,
3/13/15 (Cat Bond) (144A) 878,135
2,105,000 BBB-/Baa3 Kiowa Power Partners LLC, 5.737%,
3/30/21 (144A) 2,207,194
1,016,000 BB+/Ba1 NSG Holdings LLC, 7.75%,
12/15/25 (144A) 1,051,560
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 57
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- (continued)
2,378,848 BBB-/Baa3 Panoche Energy Center LLC, 6.885%,
7/31/29 (144A) $ 2,341,434
-------------------
$ 7,131,705
-------------------
Total Utilities $ 37,154,522
---------------------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $534,117,208) $ 570,846,295
---------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 19.4%
33,571,912 AAA/Aaa Federal National Mortgage Association,
3.0%, 8/1/42-12/1/42 $ 32,850,454
2,355,339 AAA/Aaa Federal National Mortgage Association,
3.5%, 11/1/42-12/1/42 2,397,214
16,850,119 AAA/Aaa Federal National Mortgage Association,
4.0%, 7/1/18-2/1/43 17,581,570
30,723,561 AAA/Aaa Federal National Mortgage Association,
4.5%, 11/1/20-1/1/42 32,558,926
15,341,758 AAA/Aaa Federal National Mortgage Association,
5.0%, 12/1/17-8/1/40 16,641,685
5,990,183 AAA/Aaa Federal National Mortgage Association,
5.5%, 9/1/17-6/1/36 6,489,871
5,912,655 AAA/Aaa Federal National Mortgage Association,
6.0%, 6/1/16-7/1/38 6,511,595
1,222,805 AAA/Aaa Federal National Mortgage Association,
6.5%, 1/1/15-11/1/37 1,382,250
131,535 AAA/Aaa Federal National Mortgage Association,
7.0%, 7/1/21-1/1/32 152,101
3,343 AAA/Aaa Federal National Mortgage Association,
7.5%, 8/1/20-4/1/30 3,601
19,895 AAA/Aaa Federal National Mortgage Association,
8.0%, 4/1/20-5/1/31 23,142
1,172,766 AAA/Aaa Federal Home Loan Mortgage Corp.,
4.5%, 3/1/20-10/1/20 1,235,492
4,953,936 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.0%, 10/1/20-10/1/38 5,304,109
2,112,937 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.5%, 12/1/18-11/1/35 2,284,917
5,089,283 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.0%, 5/1/17-12/1/36 5,601,476
453,482 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 11/1/30-4/1/34 506,029
494,992 AAA/Aaa Federal Home Loan Mortgage Corp.,
7.0%, 8/1/22-11/1/30 536,804
7,211,374 AAA/Aaa Government National Mortgage
Association I, 4.5%, 7/15/33-8/15/41 7,680,271
The accompanying notes are an integral part of these financial statements.
58 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
U.S. Government and Agency
Obligations -- (continued)
1,835,612 AAA/Aaa Government National Mortgage
Association I, 5.0%,
10/15/18-4/15/35 $ 2,004,664
7,892,193 AAA/Aaa Government National Mortgage
Association I, 5.5%,
10/15/17-2/15/37 8,602,889
8,366,023 AAA/Aaa Government National Mortgage
Association I, 6.0%,
8/15/13-10/15/36 9,341,356
4,179,092 AAA/Aaa Government National Mortgage
Association I, 6.5%,
1/15/29-7/15/35 4,768,180
728,109 AAA/Aaa Government National Mortgage
Association I, 7.0%,
12/15/13-5/15/32 849,134
142,301 AAA/Aaa Government National Mortgage
Association I, 7.5%,
2/15/26-12/15/31 159,813
5,181 AAA/Aaa Government National Mortgage
Association I, 7.75%, 2/15/30 5,688
4,600,392 AAA/Aaa Government National Mortgage
Association II, 4.5%,
12/20/34-9/20/41 4,956,055
1,672,526 AAA/Aaa Government National Mortgage
Association II, 5.5%,
10/20/19-4/20/34 1,804,710
56,584 AAA/Aaa Government National Mortgage
Association II, 6.5%,
2/20/29-4/20/29 64,497
260,321 AAA/Aaa Government National Mortgage
Association II, 7.0%,
11/20/28-12/20/30 302,914
1,200,000 NR/NR U.S. Treasury Bonds, 3.125%, 2/15/43 1,120,126
7,620,000 AA+/Aaa U.S. Treasury Bonds, 4.25%, 5/15/39 8,760,623
1,365,000 AA+/Aaa U.S. Treasury Bonds, 4.375%, 11/15/39 1,600,037
5,450,000 AA+/Aaa U.S. Treasury Bonds, 4.375%, 2/15/38 6,381,612
2,000,000 AA+/Aaa U.S. Treasury Bonds, 4.375%, 5/15/40 2,345,624
8,440,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 2/15/36 10,050,192
8,435,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 5/15/38 10,064,009
9,068,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 8/15/39 10,841,928
4,000,000 AA+/Aaa U.S. Treasury Bonds, 4.625%, 2/15/40 4,874,376
5,100,000 AA+/Aaa U.S. Treasury Bonds, 5.25%, 11/15/28 6,483,375
4,000,000 AA+/Aaa U.S. Treasury Bonds, 5.375%, 2/15/31 5,210,624
840,000 AA+/Aaa U.S. Treasury Bonds, 5.5%, 8/15/28 1,093,050
4,750,000 AA+/Aaa U.S. Treasury Bonds, 6.25%, 8/15/23 6,373,906
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 59
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
U.S. Government and Agency
Obligations -- (continued)
450,000 AA+/Aaa U.S. Treasury Bonds, 7.875%,
2/15/21 $ 637,735
8,700,000 NR/NR U.S. Treasury Notes, 0.25%, 2/28/15 8,693,545
10,000,000 AA+/Aaa U.S. Treasury Notes, 0.25%, 9/15/15 9,959,380
5,000,000 AA+/Aaa U.S. Treasury Notes, 0.625%, 8/31/17 4,897,265
7,100,000 NR/NR U.S. Treasury Notes, 0.75%, 2/28/18 6,926,384
5,000,000 AA+/Aaa U.S. Treasury Notes, 1.625%, 8/15/22 4,691,015
3,400,000 NR/NR U.S. Treasury Notes, 2.0%, 2/15/23 3,272,235
8,000,000 AA+/Aaa U.S. Treasury Notes, 2.125%, 8/15/21 7,967,504
2,700,000 AA+/Aaa U.S. Treasury Notes, 2.625%,
11/15/20 2,813,273
8,750,000 AA+/Aaa U.S. Treasury Notes, 2.75%, 2/15/19 9,313,281
6,380,000 AA+/Aaa U.S. Treasury Notes, 3.125%, 5/15/19 6,923,793
---------------------------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $300,716,747) $ 313,896,299
---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 6.9%
Municipal Airport -- 0.1%
1,000,000 BBB/Baa1 Indianapolis Airport Authority, 5.1%,
1/15/17 $ 1,108,950
---------------------------------------------------------------------------------------------------------------------
Municipal Development -- 0.7%
2,925,000 AA-/Aa3 California Statewide Communities
Development Authority, 6.0%,
8/15/42 $ 3,354,244
2,350,000 BBB-/Baa3 Louisiana Local Government
Environmental Facilities &
Community Development Authority,
6.5%, 11/1/35 2,549,186
2,560,000 BBB/Baa2 Parish of St. John the Baptist
Louisiana, 5.125%, 6/1/37 2,566,374
2,310,000 BBB/Baa3 Selma Industrial Development
Board, 5.8%, 5/1/34 2,492,051
-------------------
$ 10,961,855
---------------------------------------------------------------------------------------------------------------------
Municipal General -- 1.1%
4,075,000 AA/A2 JobsOhio Beverage System,
3.985%, 1/1/29 $ 3,837,672
1,035,000 AA/A2 JobsOhio Beverage System,
4.532%, 1/1/35 978,758
4,500,000 AA-/A1 New Jersey Economic Development
Authority, 0.0%, 2/15/18 (d) 3,927,825
2,750,000 A+/A1 New Jersey Transportation Trust
Fund Authority, 5.5%, 6/15/41 2,962,822
The accompanying notes are an integral part of these financial statements.
60 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Municipal General -- (continued)
2,400,000 AAA/Aa1 New York City Transitional Finance
Authority Future Tax Secured Revenue,
5.0%, 11/1/33 $ 2,562,264
1,050,000 BBB/A3 Texas Municipal Gas Acquisition &
Supply Corp III, 5.0%, 12/15/30 1,049,979
2,100,000 BBB/A3 Texas Municipal Gas Acquisition &
Supply Corp III, 5.0%, 12/15/31 2,087,442
-------------------
$ 17,406,762
---------------------------------------------------------------------------------------------------------------------
Municipal Higher Education -- 2.9%
1,025,000 A+/NR Baylor University, 4.313%, 3/1/42 $ 945,388
1,980,000 AAA/Aaa California Educational Facilities
Authority, 5.0%, 6/1/43 2,315,927
3,000,000 AAA/Aaa Connecticut State Health &
Educational Facility Authority,
5.0%, 7/1/40 3,242,970
4,600,000 AAA/Aaa Connecticut State Health &
Educational Facility Authority,
5.0%, 7/1/42 4,862,522
2,300,000 AAA/Aaa Houston Higher Education Finance
Corp., 4.5%, 11/15/37 2,367,137
1,500,000 AAA/Aaa Houston Higher Education Finance
Corp., 5.0%, 5/15/40 1,606,140
1,100,000 AA/Aa1 Illinois Finance Authority, 5.0%,
10/1/51 1,134,452
1,200,000 AAA/Aaa Massachusetts Development
Finance Agency, 5.0%, 10/15/40 1,303,632
6,500,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 11/15/36 7,296,510
1,425,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 7/1/32 1,768,454
1,000,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 6.0%, 7/1/36 1,152,110
2,850,000 AAA/Aaa Missouri State Health & Educational
Facilities Authority, 5.0%, 11/15/39 3,064,035
1,600,000 AA/Aa1 New York State Dormitory Authority
Series A, 5.0%, 7/1/40 1,716,144
2,590,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 10/1/41 2,777,205
2,150,000 AA/Aa1 New York State Dormitory Authority,
5.0%, 7/1/35 2,322,538
875,000 AA-/Aa3 New York State Dormitory Authority,
5.0%, 7/1/37 937,221
3,700,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 7/1/38 3,952,895
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 61
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Municipal Higher
Education -- (continued)
800,000 AAA/Aaa Permanent University Fund,
5.0%, 7/1/30 $ 891,872
2,600,000 AA/Aa1 University of California, 3.38%,
5/15/28 2,420,470
525,000 AAA/Aaa University of Texas System,
5.0%, 8/15/43 564,386
-------------------
$ 46,642,008
---------------------------------------------------------------------------------------------------------------------
Municipal Medical -- 0.2%
325,000 AA-/A1 Massachusetts Development
Finance Agency, 5.25%, 4/1/37 $ 342,969
550,000 AA-/A1 Massachusetts Development
Finance Agency, 5.375%, 4/1/41 580,816
1,765,000 AA-/Aa2 Ohio Higher Educational Facility
Commission, 5.0%, 1/1/42 1,797,088
-------------------
$ 2,720,873
---------------------------------------------------------------------------------------------------------------------
Municipal Pollution -- 0.4%
995,000 A-/Baa1 County of Sweetwater Wyoming,
5.6%, 12/1/35 $ 1,055,406
980,000 BBB/Baa3 Courtland Industrial Development
Board, 5.0%, 8/1/27 979,980
3,965,000 5.95 BBB/NR Port Freeport Texas, Floating Rate
Note, 5/15/33 4,277,997
-------------------
$ 6,313,383
---------------------------------------------------------------------------------------------------------------------
Municipal Power -- 0.2%
4,060,000 AA-/Aa3 South Carolina State Public Service
Authority, 5.0%, 12/1/43 $ 4,250,292
---------------------------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.1%
1,600,000 AA/Aa2 Harris County Metropolitan Transit
Authority, 5.0%, 11/1/41 $ 1,668,608
600,000 AA-/Aa3 Port Authority of New York & New
Jersey, 4.458%, 10/1/62 544,026
-------------------
$ 2,212,634
---------------------------------------------------------------------------------------------------------------------
Municipal Water -- 0.9%
2,400,000 AAA/Aa1 City of Charleston South Carolina
Waterworks & Sewer System
Revenue, 5.0%, 1/1/35 $ 2,593,104
2,800,000 AAA/Aa1 City of Charleston South Carolina
Waterworks & Sewer System
Revenue, 5.0%, 1/1/41 2,991,296
3,275,000 AA-/Aa3 City of San Francisco California
Public Utilities Commission Water
Revenue, 5.0%, 11/1/37 3,454,274
The accompanying notes are an integral part of these financial statements.
62 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Municipal Water -- (continued)
800,000 AAA/Aa2 Hampton Roads Sanitation District,
5.0%, 4/1/38 $ 842,072
1,415,000 AAA/Aaa Metropolitan Water Reclamation
District of Greater Chicago, 5.0%,
12/1/30 1,532,162
1,200,000 AAA/Aaa Metropolitan Water Reclamation
District of Greater Chicago, 5.0%,
12/1/32 1,291,296
1,750,000 AAA/NR Tarrant Regional Water District,
5.0%, 3/1/52 1,807,085
-------------------
$ 14,511,289
---------------------------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.3%
1,800,000 AAA/Aa1 State of Florida, 4.0%, 6/1/27 $ 1,843,668
560,000 AA+/Aa1 State of Washington, 3.0%, 7/1/28 488,914
1,660,000 AA+/Aa1 State of Washington, 5.0%, 7/1/18 1,933,684
1,400,000 AA+/Aa1 State of Washington, 5.0%, 8/1/39 1,488,942
-------------------
$ 5,755,208
---------------------------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $108,858,572) $ 111,883,254
---------------------------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE
LOAN INTERESTS -- 5.4%**
ENERGY -- 0.2%
Integrated Oil & Gas -- 0.1%
2,005,939 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term
Loan, 5/2/16 $ 2,015,969
---------------------------------------------------------------------------------------------------------------------
Oil & Gas Refining &
Marketing -- 0.1%
1,446,125 3.75 BB/Ba2 Pilot Travel Centers LLC, Refinancing
Tranche B Term Loan, 3/30/18 $ 1,425,518
-------------------
Total Energy $ 3,441,487
---------------------------------------------------------------------------------------------------------------------
MATERIALS -- 0.3%
Commodity Chemicals -- 0.1%
781,786 4.50 NR/Ba2 Tronox, Inc., New Term Loan,
1/24/17 $ 786,812
---------------------------------------------------------------------------------------------------------------------
Diversified Chemicals -- 0.0%+
125,851 3.03 BBB/Ba1 Celanese US Holdings LLC, Dollar
Term C Loan (Extended), 10/31/16 $ 127,004
---------------------------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
1,611,537 5.59 BB+/Ba1 Chemtura Corp., Term Facility, 8/29/16 $ 1,621,610
257,302 2.73 BB+/Ba1 Huntsman International LLC,
Extended Term B Loan, 4/19/17 258,335
-------------------
$ 1,879,945
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 63
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.0%+
422,875 4.50 B/B1 BWAY Holding Co., Initial Term Loan,
8/31/17 $ 424,989
---------------------------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.1%
1,181,750 5.25 BB-/B1 Fairmount Minerals, Ltd., Tranche B
Term Loan, 3/15/17 $ 1,185,074
-------------------
Total Materials $ 4,403,824
---------------------------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.5%
Aerospace & Defense -- 0.4%
1,362,245 6.25 B-/B2 DAE Aviation Holdings, Inc., Tranche B-1
Loan, 11/2/18 $ 1,363,948
617,552 6.25 B/B2 Standard Aero, Ltd., Tranche B-2
Loan, 11/2/18 618,324
1,316,700 3.75 BBB-/Ba2 DigitalGlobe, Inc., Term Loan, 1/31/20 1,316,289
743,451 6.25 BB-/WR DynCorp International, Inc., Term Loan,
7/7/16 748,098
641,875 3.75 BBB-/Ba1 Spirit Aerosystems, Inc., Term B Loan,
4/18/19 647,759
1,565,223 4.50 BB-/B1 Tasc, Inc., New Tranche B Term Loan,
12/18/15 1,570,114
-------------------
$ 6,264,532
---------------------------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.1%
2,353,175 4.50 B+/Ba3 WESCO International, Inc., Tranche B-1
Loan, 12/4/19 $ 2,362,421
-------------------
Total Capital Goods $ 8,626,953
---------------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES &
SUPPLIES -- 0.2%
Environmental & Facilities
Services -- 0.2%
2,549,865 2.19 NR/WR Synagro Technologies, Inc., Term Loan
(First Lien), 4/2/14 $ 2,511,617
-------------------
Total Commercial Services &
Supplies $ 2,511,617
---------------------------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Air Freight & Logistics -- 0.1%
462,700 0.18 NR/NR CEVA Group Plc, Dollar Tranche B
Pre-Funded Term Loan, 8/31/16 $ 434,938
351,403 5.28 NR/NR CEVA Group Plc, EGL Tranche B Term
Loan, 8/31/16 338,665
843,532 5.28 CCC+/B3 CEVA Group Plc, US Tranche B Term
Loan, 8/31/16 799,247
-------------------
$ 1,572,850
-------------------
Total Transportation $ 1,572,850
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
64 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.5%
Auto Parts & Equipment -- 0.3%
236,793 3.20 BB-/Ba3 Allison Transmission, Inc., New Term B-2
Loan, 8/7/17 $ 237,927
1,005,278 4.25 BB-/Ba3 Allison Transmission, Inc., Term B-3
Loan, 8/15/19 1,011,718
1,047,162 2.13 B/B1 Federal-Mogul Corp., Tranche B Term
Loan, 12/29/14 1,002,096
534,266 2.13 B/B1 Federal-Mogul Corp., Tranche C Term
Loan, 12/29/14 511,274
836,566 5.50 NR/NR TI Group Automotive Systems LLC,
Additional Term Loan, 3/28/19 844,137
688,096 3.75 BB/Ba2 Tomkins LLC, Term B-2 Loan,
9/29/16 692,611
-------------------
$ 4,299,763
---------------------------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.2%
4,190,000 4.75 BB/Ba1 Goodyear Tire & Rubber Co.,
Loan (Second Lien), 4/30/19 $ 4,207,024
-------------------
Total Automobiles & Components $ 8,506,787
---------------------------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 0.1%
Apparel, Accessories & Luxury
Goods -- 0.1%
905,730 3.25 BBB-/Ba1 PVH Corp., Tranche B Term Loan,
2/13/19 $ 906,484
-------------------
Total Consumer Durables & Apparel $ 906,484
---------------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Casinos & Gaming -- 0.1%
1,061,563 4.00 BB+/Ba1 Pinnacle Entertainment, Inc., Series A
Incremental Term Loan, 3/19/19 $ 1,064,549
---------------------------------------------------------------------------------------------------------------------
Restaurants -- 0.0%+
486,325 3.75 BB/Ba3 Burger King Corp., Tranche B Term
Loan (2012), 9/28/19 $ 489,017
-------------------
Total Consumer Services $ 1,553,566
---------------------------------------------------------------------------------------------------------------------
MEDIA -- 0.6%
Advertising -- 0.1%
1,081,346 6.50 B-/B2 Affinion Group, Inc., Tranche B Term
Loan, 10/9/16 $ 1,030,176
---------------------------------------------------------------------------------------------------------------------
Broadcasting -- 0.1%
2,300,409 4.50 B+/B2 Univision Communications, Inc., 2013
Converted Extended First-Lien Term
Loan, 2/22/20 $ 2,283,568
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 65
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
1,725,000 3.00 BB+/Baa3 Charter Communications Operating
LLC, Term F Facility Loan, 1/3/21 $ 1,717,933
---------------------------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.2%
684,691 3.75 NR/Baa3 Cinedigm Digital Funding I LLC, Term
Loan, 2/28/18 $ 686,403
1,644,793 4.50 BB-/Ba2 Live Nation Entertainment, Inc.,
Term B Loan, 11/7/16 1,657,458
-------------------
$ 2,343,861
---------------------------------------------------------------------------------------------------------------------
Publishing -- 0.1%
2,252,319 3.75 B+/Ba3 Interactive Data Corp., Refinanced
Term Loan, 2/11/18 $ 2,245,280
-------------------
Total Media $ 9,620,818
---------------------------------------------------------------------------------------------------------------------
RETAILING -- 0.2%
Automotive Retail -- 0.2%
3,836,700 4.25 BB/NR Chrysler Group LLC, Tranche B Term
Loan, 5/24/17 $ 3,857,583
-------------------
Total Retailing $ 3,857,583
---------------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE &
TOBACCO -- 0.0%+
Packaged Foods & Meats -- 0.0%+
23,940 3.25 BB/Ba3 Pinnacle Foods Finance LLC, New
Term Loan G, 4/29/20 $ 23,848
-------------------
Total Food, Beverage & Tobacco $ 23,848
---------------------------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.1%
Household Products -- 0.0%+
324,836 5.25 B-/B2 Wash Multifamily Laundry Systems,
LLC U.S. Term Loan, 2/21/19 $ 326,866
---------------------------------------------------------------------------------------------------------------------
Personal Products -- 0.1%
861,429 3.50 BB-/Ba3 NBTY, Inc., Term B-2 Loan, 10/1/17 $ 862,954
-------------------
Total Household & Personal
Products $ 1,189,820
---------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.7%
Health Care Equipment -- 0.0%+
694,750 4.50 BBB-/Ba2 Hologic, Inc., Tranche B Term Loan,
4/29/19 $ 697,952
---------------------------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
2,166,633 5.00 BB-/B1 Immucor, Inc., Term B-2 Loan,
8/19/18 $ 2,175,661
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
66 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Health Care Services -- 0.1%
547,250 6.75 B+/B1 Ardent Medical Services, Inc., 1st
Lien Term Loan, 7/2/18 $ 550,214
390,000 4.50 BB-/Ba2 DaVita HealthCare Partners, Inc.,
Tranche B Term Loan, 10/20/16 392,557
-------------------
$ 942,771
---------------------------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.5%
2,199,732 3.77 BB/Ba2 Community Health Systems, Inc.,
Extended Term Loan, 7/25/14 $ 2,205,231
747,900 2.95 BB/Ba3 HCA, Inc., Tranche B-4 Term Loan,
5/1/18 745,797
1,793,613 3.03 BB/Ba3 HCA, Inc., Tranche B-5 Term Loan,
3/31/17 1,787,073
1,629,366 3.50 BB-/Ba3 Health Management Associates, Inc.,
Replacement Term B Loan, 11/18/18 1,629,366
955,684 2.44 BB+/Ba2 Universal Health Services, Inc.,
Tranche B-1 Term Loan, 11/15/16 958,671
-------------------
$ 7,326,138
---------------------------------------------------------------------------------------------------------------------
Health Care Technology -- 0.0%+
457,795 3.75 NR/Ba3 IMS Healthcare, Inc., Tranche B-1
Dollar Term Loan, 9/1/17 $ 458,424
-------------------
Total Health Care Equipment
& Services $ 11,600,946
---------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS,
BIOTECHNOLOGY & LIFE
SCIENCES -- 0.4%
Biotechnology -- 0.1%
1,004,956 4.25 BB+/Ba2 Grifols, Inc., New U.S. Tranche B Term
Loan, 6/4/17 $ 1,011,506
---------------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.1%
152,673 4.00 BB+/Ba1 Endo Health Solutions, Inc., Term
Loan B 2011, 6/18/18 $ 152,782
1,697,542 3.50 BBB-/Baa2 RPI Finance Trust, 6.75 Year Term
Loan (2012), 5/9/18 1,701,786
621,875 3.50 NR/Ba1 Valeant Pharmaceuticals
International, Inc., Series C-1
Tranche B Term Loan, 12/11/19 618,183
-------------------
$ 2,472,751
---------------------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.2%
2,700,440 3.70 BB-/Ba3 Catalent Pharma Solutions, Inc.,
Refinancing Dollar Term-1 (2016),
9/15/16 $ 2,691,439
-------------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 6,175,696
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 67
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Other Diversified Financial
Services -- 0.1%
198,004 4.75 B/B1 WideOpenWest Finance LLC, Term B
Loan, 3/27/19 $ 198,808
999,288 5.25 BB/Ba3 Ship Luxco 3 S.a.r.l., Facility B2AII
Term Loan, 11/29/19 1,007,532
-------------------
$ 1,206,340
-------------------
Total Diversified Financials $ 1,206,340
---------------------------------------------------------------------------------------------------------------------
INSURANCE -- 0.5%
Insurance Brokers -- 0.1%
1,746,201 3.70 B+/B1 HUB International, Term Loan,
6/13/17 $ 1,749,631
---------------------------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.4%
6,303,325 5.25 B-/B1 USI, Inc., Initial Term Loan,
12/27/19 $ 6,324,006
-------------------
Total Insurance $ 8,073,637
---------------------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Internet Software & Services -- 0.1%
1,388,050 4.00 BB+/Ba3 Autotrader.com, Inc., Tranche B-1
Term Loan, 12/15/16 $ 1,399,841
---------------------------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.1%
1,017,010 3.94 BB/Ba3 SunGard Data Systems, Inc., Tranche C
Term Loan, 2/28/17 $ 1,019,552
---------------------------------------------------------------------------------------------------------------------
Application Software -- 0.0%+
376,387 3.20 BB+/Baa2 Nuance Communications, Inc., Term C
Loan, 3/31/16 $ 377,892
---------------------------------------------------------------------------------------------------------------------
Systems Software -- 0.0%+
130,875 2.20 BBB-/Ba2 The Reynolds & Reynolds Co.,
Tranche B Term Loan, 3/9/18 $ 131,366
-------------------
Total Software & Services $ 2,928,651
---------------------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.3%
Communications Equipment -- 0.3%
925,793 3.75 BB/Ba2 CommScope, Inc., Tranche 2 Term
Loan, 1/14/18 $ 928,976
2,958,172 4.00 BBB-/Ba3 Riverbed Technology, Inc., Loan,
12/18/19 2,976,661
-------------------
$ 3,905,637
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
68 Pioneer Bond Fund | Annual Report | 6/30/13
---------------------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------------------
Electronic Components -- 0.0%+
387,481 2.45 BB+/Ba2 Flextronics International, Ltd.,
A Closing Date Loan, 10/1/14 $ 388,127
71,616 2.45 BB+/Ba2 Flextronics International, Ltd.,
A-1-A Delayed Draw Loan, 10/1/14 71,735
45,584 2.45 BB+/Ba2 Flextronics International, Ltd.,
A-2 Delayed Draw Loan, 10/1/14 45,660
53,182 2.45 BB+/Ba2 Flextronics International, Ltd.,
A-3 Delayed Draw Loan, 10/1/14 53,270
-------------------
$ 558,792
-------------------
Total Technology Hardware &
Equipment $ 4,464,429
---------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.2%
Semiconductor Equipment -- 0.2%
3,048,411 4.50 BB-/B1 Aeroflex, Inc., Tranche B-1 Term Loan,
11/9/19 $ 3,059,843
---------------------------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%+
854,350 3.75 BB/Ba2 Microsemi Corp., Term Loan,
2/19/20 $ 859,333
-------------------
Total Semiconductors &
Semiconductor Equipment $ 3,919,176
---------------------------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Independent Power Producers
& Energy Traders -- 0.1%
1,342,660 2.75 BB+/Baa3 NRG Energy, Inc., Term Loan
(2013), 7/1/18 $ 1,332,111
802,775 4.75 BB+/Ba1 NSG Holdings LLC, New Term
Loan, 12/11/19 816,824
-------------------
$ 2,148,935
-------------------
Total Utilities $ 2,148,935
---------------------------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $85,349,751) $ 86,733,447
---------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 69
Schedule of Investments | 6/30/13 (continued)
---------------------------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------------------------
RIGHTS / WARRANTS -- 0.0%+
AUTOMOBILES &
COMPONENTS -- 0.0%+
Auto Parts & Equipment -- 0.0%+
247 Lear Corp., 11/9/14 $ 28,714
-------------------
Total Automobiles & Components $ 28,714
---------------------------------------------------------------------------------------------------------------------
TOTAL RIGHTS / WARRANTS
(Cost $13,341) $ 28,714
---------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 98.3%
(Cost $1,532,385,721) (a) $ 1,588,414,267
---------------------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 1.7% $ 26,972,071
---------------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 1,615,386,338
=====================================================================================================================
CREDIT DEFAULT
SWAP AGREEMENTS
---------------------------------------------------------------------------------------------------------------------
Notional Swap Counterparty/ Unrealized
Principal($) Referenced Obligation Appreciation
---------------------------------------------------------------------------------------------------------------------
14,000,000 JPMorgan Chase & Co., Index:
Markit CDX.NA.IG.18, 1.0%, 6/20/17 $ 195,506
---------------------------------------------------------------------------------------------------------------------
TOTAL CREDIT DEFAULT
SWAP AGREEMENTS
(Cost $3,045) $ 195,506
---------------------------------------------------------------------------------------------------------------------
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
REIT Real Estate Investment Trust.
+ Rounds to less than 0.05%.
(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 June 30, 2013, the value of these securities
amounted to $408,370,165 or 25.3% 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.
The accompanying notes are an integral part of these financial statements.
70 Pioneer Bond Fund | Annual Report | 6/30/13
(a) At June 30, 2013, the net unrealized appreciation on investments based
on cost for federal income tax purposes of $1,535,003,268 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 79,564,569
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (26,153,570)
------------
Net unrealized appreciation $ 53,410,999
============
(b) Debt obligation with a variable interest rate. Rate shown is rate at
end of period.
(c) Security represents the interest only portion of payments on a pool of
underlying mortgages or mortgage-backed securities.
(d) Security issued with a zero coupon. Income is earned through accretion
of discount.
(e) Security is valued using fair value methods (other than prices
supplied by independent pricing services). See Notes to Financial
Statements -- Note 1A.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended June 30, 2013 were as follows:
----------------------------------------------------------------------
Purchases Sales
----------------------------------------------------------------------
Long-Term U.S. Government Securities $151,455,037 $102,839,254
Other Long-Term Securities $541,943,245 $324,724,699
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 accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 71
Schedule of Investments | 6/30/13 (continued)
The following is a summary of the inputs used as of June 30, 2013, in valuing
the Fund's investments:
----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 13,057,996 $ -- $ 13,057,996
Preferred Stocks 22,516,855 6,663,040 2,241,535 31,421,430
Convertible Preferred Stocks 6,698,340 -- -- 6,698,340
Asset Backed Securities -- 137,243,981 -- 137,243,981
Collateralized Mortgage
Obligations -- 316,604,511 -- 316,604,511
Corporate Bonds -- 570,058,746 787,549 570,846,295
U.S. Government
Agency Obligations -- 313,896,299 -- 313,896,299
Municipal Bonds -- 111,883,254 -- 111,883,254
Senior Floating Rate
Loan Interests -- 86,733,447 -- 86,733,447
Rights/Warrants 28,714 -- -- 28,714
----------------------------------------------------------------------------------------------------
Total $ 29,243,909 $1,556,141,274 $ 3,029,084 $1,588,414,267
====================================================================================================
Other Financial Instruments:
Unrealized appreciation on
credit default swaps $ -- $ 195,506 $ -- $ 195,506
Net unrealized appreciation
on futures contracts 356,124 -- -- 356,124
----------------------------------------------------------------------------------------------------
Total $ 356,124 $ 195,506 $ -- $ 551,630
====================================================================================================
During the year ended June 30, 2013, there were no transfers between Levels 1, 2
and 3.
The accompanying notes are an integral part of these financial statements.
72 Pioneer Bond Fund | Annual Report | 6/30/13
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
--------------------------------------------------------------------------------
Preferred Corporate
Stocks Bonds Total
--------------------------------------------------------------------------------
Balance as of 6/30/12 $ -- $ -- $ --
Realized gain (loss)1 -- -- --
Change in unrealized appreciation
(depreciation)2 41,535 84,799 126,334
Purchases 2,200,000 702,750 2,902,750
Sales -- -- --
Transfers in and out of Level 3** -- -- --
--------------------------------------------------------------------------------
Balance as of 6/30/13 $ 2,241,535 $ 787,549 $ 3,029,084
================================================================================
(1) Realized gain (loss) on these securities is included in the net
realized gain (loss) from investments in the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included
in the change in unrealized gain (loss) on investments in the
Statement of Operations.
** Transfers are calculated on the beginning of period values.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 73
Statement of Assets and Liabilities | 6/30/13
ASSETS:
Investment in securities (cost $1,532,385,721) $1,588,414,267
Cash 15,340,216
Futures Collateral 280,127
Receivables --
Investment securities sold 56,483,004
Fund shares sold 4,128,291
Interest 12,269,794
Dividends 217,072
Due from Pioneer Investment Management, Inc. 215,035
Variation margin 13,577
Net unrealized appreciation on futures contracts 356,124
Unrealized appreciation on credit default swaps 195,506
Other 22,071
---------------------------------------------------------------------------------------------------
Total assets $1,677,935,084
===================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 38,470,822
Fund shares repurchased 22,101,619
Dividends 1,067,036
Credit default swaps, premiums received 3,405
Due to affiliates 387,854
Accrued expenses 258,216
Credit default swap collateral 259,794
---------------------------------------------------------------------------------------------------
Total liabilities $ 62,548,746
===================================================================================================
NET ASSETS:
Paid-in capital $1,579,207,574
Undistributed net investment income 155,624
Accumulated net realized loss on investments and futures contracts (20,557,036)
Net unrealized appreciation on investments 56,028,546
Net unrealized appreciation on credit default swap 195,506
Net unrealized appreciation on futures contracts 356,124
---------------------------------------------------------------------------------------------------
Total net assets $1,615,386,338
===================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $565,569,080/58,468,501 shares) $ 9.67
Class B (based on $8,804,710/915,808 shares) $ 9.61
Class C (based on $87,762,980/9,173,621 shares) $ 9.57
Class K (based on $9,736/1,007 shares) $ 9.67
Class R (based on $31,168,876/3,193,540 shares) $ 9.76
Class Y (based on $916,182,104/95,609,344 shares) $ 9.58
Class Z (based on $5,888,852/607,270 shares) $ 9.70
MAXIMUM OFFERING PRICE:
Class A ($9.67 / 95.5% ) $ 10.13
===================================================================================================
The accompanying notes are an integral part of these financial statements.
74 Pioneer Bond Fund | Annual Report | 6/30/13
Statement of Operations
For the Year Ended 6/30/13
INVESTMENT INCOME:
Interest $ 71,728,059
Dividends 2,022,666
-----------------------------------------------------------------------------------------------
Total investment income $ 73,750,725
===============================================================================================
EXPENSES:
Management fees $ 7,666,695
Transfer agent fees
Class A 315,452
Class B 42,602
Class C 46,733
Class R 8,432
Class Y 70,472
Class Z 7,790
Distribution fees
Class A 1,324,184
Class B 113,153
Class C 985,984
Class R 137,342
Shareholder communications expense 1,699,372
Administrative reimbursements 463,117
Custodian fees 145,415
Registration fees 254,493
Professional fees 122,683
Printing expense 48,602
Fees and expenses of nonaffiliated Trustees 65,725
Miscellaneous 284,757
-----------------------------------------------------------------------------------------------
Total expenses $ 13,803,003
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (905,790)
-----------------------------------------------------------------------------------------------
Net expenses $ 12,897,213
-----------------------------------------------------------------------------------------------
Net investment income $ 60,853,512
-----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND CREDIT DEFAULT SWAP:
Net realized gain (loss) on:
Investments $ (1,979,539)
Futures contracts 1,686,471
Credit default swap 141,945 $ (151,123)
-----------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ (15,055,055)
Futures contracts 24,434
Credit default swap 272,128 $ (14,758,493)
-----------------------------------------------------------------------------------------------
Net loss on investments, futures contracts and credit
default swap $ (14,909,616)
-----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 45,943,896
===============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 75
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Year Ended Year Ended
6/30/13 6/30/12
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 60,853,512 $ 59,027,080
Net realized loss on investments, futures contracts
and credit default swaps (151,123) (335,503)
Change in net unrealized appreciation (depreciation) on
investments, futures contracts and credit default swap (14,758,493) 17,926,112
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 45,943,896 $ 76,617,689
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.37 and $0.43 per share, respectively) $ (19,971,054) $ (19,730,298)
Class B ($0.27 and $0.33 per share, respectively) (315,610) (543,288)
Class C ($0.29 and $0.35 per share, respectively) (2,893,417) (3,283,618)
Class K ($0.21 and $0.00 per share, respectively) (215) --
Class R ($0.34 and $0.40 per share, respectively) (922,219) (844,452)
Class Y ($0.39 and $0.45 per share, respectively) (36,953,978) (36,596,527)
Class Z ($0.40 and $0.46 per share, respectively) (201,696) (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 $ (61,258,189) $ (67,897,646)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 622,314,487 $ 495,304,090
Reinvestment of distributions 46,411,448 41,060,757
Cost of shares repurchased (471,635,739) (452,496,717)
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 197,090,196 $ 83,868,130
--------------------------------------------------------------------------------------------------
Net increase in net assets $ 181,775,903 $ 92,588,173
--------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of year 1,433,610,435 1,341,022,262
--------------------------------------------------------------------------------------------------
End of year $1,615,386,338 $1,433,610,435
==================================================================================================
Undistributed (distributions in excess of) net
investment income $ 155,624 $ (1,392,581)
==================================================================================================
The accompanying notes are an integral part of these financial statements.
76 Pioneer Bond Fund | Annual Report | 6/30/13
------------------------------------------------------------------------------------------------
'13 Shares '13 Amount '12 Shares '12 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 24,375,983 $ 241,840,642 16,727,695 $ 161,640,303
Reinvestment of distributions 1,779,061 17,627,684 1,828,665 17,631,168
Less shares repurchased (14,312,751) (141,497,556) (23,798,695) (230,385,873)
------------------------------------------------------------------------------------------------
Net increase (decrease) 11,842,293 $ 117,970,770 (5,242,335) $ (51,114,402)
================================================================================================
Class B
Shares exchanged 88,345 $ 868,374 247,924 $ 2,395,584
Reinvestment of distributions 28,586 281,456 60,804 582,295
Less shares repurchased (538,851) (5,303,792) (895,246) (8,592,690)
------------------------------------------------------------------------------------------------
Net decrease (421,920) $ (4,153,962) (586,518) $ (5,614,811)
================================================================================================
Class C
Shares sold 2,835,146 $ 27,818,936 3,526,577 $ 33,738,657
Reinvestment of distributions 216,666 2,124,028 270,485 2,578,644
Less shares repurchased (3,614,367) (35,367,504) (2,738,794) (26,122,885)
------------------------------------------------------------------------------------------------
Net increase (decrease) (562,555) $ (5,424,540) 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 1,825,311 $ 18,270,357 1,408,283 $ 13,985,377
Reinvestment of distributions 83,994 839,417 80,268 780,766
Less shares repurchased (1,149,162) (11,490,246) (1,160,309) (11,320,599)
------------------------------------------------------------------------------------------------
Net increase 760,143 $ 7,619,528 328,242 $ 3,445,544
================================================================================================
Class Y
Shares sold 33,476,220 $ 328,848,985 29,204,230 $ 277,000,768
Reinvestment of distributions 2,580,484 25,341,202 2,032,263 19,420,618
Less shares repurchased (28,264,359) (276,929,646) (18,352,855) (175,882,776)
------------------------------------------------------------------------------------------------
Net increase 7,792,345 $ 77,260,541 12,883,638 $ 120,538,610
================================================================================================
Class Z
Shares sold 468,315 $ 4,657,193 156,608 $ 6,543,401
Reinvestment of distributions 19,896 197,661 6,949 67,266
Less shares repurchased (106,004) (1,046,995) (19,851) (191,894)
------------------------------------------------------------------------------------------------
Net increase 382,207 $ 3,807,859 143,706 $ 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 | Annual Report | 6/30/13 77
Financial Highlights
---------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/13 6/30/12 6/30/11 6/30/10 6/30/09
---------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.73 $ 9.66 $ 9.44 $ 8.63 $ 9.10
---------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.38 $ 0.42 $ 0.45 $ 0.45 $ 0.50
Net realized and unrealized gain (loss) on investments (0.07) 0.13 0.21 0.80 (0.31)
---------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.31 $ 0.55 $ 0.66 $ 1.25 $ 0.19
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.37) (0.43) (0.44) (0.44) (0.55)
Net realized gain -- (0.05) -- -- (0.11)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.06) $ 0.07 $ 0.22 $ 0.81 $ (0.47)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.67 $ 9.73 $ 9.66 $ 9.44 $ 8.63
===========================================================================================================================
Total return* 3.21% 5.91% 7.08% 14.71% 2.65%
Ratio of net expenses to average net assets+ 0.85% 0.85% 0.85% 0.85% 0.89%(a)
Ratio of net investment income to average net assets+ 3.77% 4.35% 4.63% 4.86% 5.88%
Portfolio turnover rate 28% 21% 36% 41% 34%
Net assets, end of period (in thousands) $565,569 $453,772 $500,905 $420,706 $320,036
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.01% 1.03% 1.06% 1.07% 1.09%
Net investment income 3.61% 4.17% 4.42% 4.64% 5.68%
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)
Net investment income 3.77% 4.35% 4.63% 4.86% 5.88%
===========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratio with no reduction for fees paid indirectly.
(a) On October 1, 2008, Pioneer contractually lowered Class A shares' expense
limitation from 1.00% to 0.85% of the average daily net assets attributable
to Class A shares. The expense limit will be in effect through November 1,
2013.
The accompanying notes are an integral part of these financial statements.
78 Pioneer Bond Fund | Annual Report | 6/30/13
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/13 6/30/12 6/30/11 6/30/10 6/30/09
-----------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.67 $ 9.60 $ 9.38 $ 8.58 $ 9.05
-----------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.27 $ 0.31 $ 0.35 $ 0.35 $ 0.42
Net realized and unrealized gain (loss) on investments (0.06) 0.14 0.21 0.79 (0.31)
-----------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.21 $ 0.45 $ 0.56 $ 1.14 $ 0.11
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.27) (0.33) (0.34) (0.34) (0.47)
Net realized gain -- (0.05) -- -- (0.11)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.06) $ 0.07 $ 0.22 $ 0.80 $ (0.47)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.61 $ 9.67 $ 9.60 $ 9.38 $ 8.58
=============================================================================================================================
Total return* 2.15% 4.82% 5.99% 13.47% 1.62%
Ratio of net expenses to average net assets+ 1.90% 1.90% 1.90% 1.90% 1.90%
Ratio of net investment income to average net assets+ 2.78% 3.31% 3.59% 3.89% 4.90%
Portfolio turnover rate 28% 21% 36% 41% 34%
Net assets, end of period (in thousands) $ 8,805 $12,942 $18,474 $27,342 $31,738
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 2.05% 2.02% 1.95% 1.98% 1.99%
Net investment income 2.63% 3.19% 3.54% 3.81% 4.81%
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%
Net investment income 2.78% 3.31% 3.59% 3.89% 4.90%
=============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 79
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/13 6/30/12 6/30/11 6/30/10 6/30/09
-----------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.63 $ 9.55 $ 9.34 $ 8.54 $ 9.02
-----------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.29 $ 0.33 $ 0.36 $ 0.37 $ 0.42
Net realized and unrealized gain (loss) on investments (0.06) 0.15 0.20 0.78 (0.31)
-----------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.23 $ 0.48 $ 0.56 $ 1.15 $ 0.11
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.29) (0.35) (0.35) (0.35) (0.48)
Net realized gain -- (0.05) -- -- (0.11)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.06) $ 0.08 $ 0.21 $ 0.80 $ (0.48)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.57 $ 9.63 $ 9.55 $ 9.34 $ 8.54
=============================================================================================================================
Total return* 2.33% 5.12% 6.06% 13.63% 1.62%
Ratio of net expenses to average net assets+ 1.72% 1.73% 1.73% 1.79% 1.83%
Ratio of net investment income to average net assets+ 2.93% 3.47% 3.75% 3.91% 4.93%
Portfolio turnover rate 28% 21% 36% 41% 34%
Net assets, end of period (in thousands) $87,763 $93,737 $82,915 $81,892 $53,045
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.72% 1.73% 1.73% 1.79% 1.83%
Net investment income 2.93% 3.47% 3.75% 3.91% 4.93%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 1.72% 1.73% 1.73% 1.79% 1.83%
Net investment income 2.93% 3.47% 3.75% 3.91% 4.93%
=============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
80 Pioneer Bond Fund | Annual Report | 6/30/13
-----------------------------------------------------------------------------------------------
12/20/12 (a)
to
6/30/13
-----------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.94
-----------------------------------------------------------------------------------------------
Decrease from investment operations:
Net investment income $ 0.20
Net realized and unrealized loss on investments (0.26)
-----------------------------------------------------------------------------------------------
Net decrease from investment operations $ (0.06)
-----------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.21)
Net realized gain --
-----------------------------------------------------------------------------------------------
Net decrease in net asset value $ (0.27)
-----------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.67
===============================================================================================
Total return* (0.61)%(b)
Ratio of net expenses to average net assets+ 0.57%**
Ratio of net investment income to average net assets+ 3.86%**
Portfolio turnover rate 28%**
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 3.86%**
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 3.86%**
===============================================================================================
* 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 | Annual Report | 6/30/13 81
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/13 6/30/12 6/30/11 6/30/10 6/30/09
-----------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 9.82 $ 9.74 $ 9.52 $ 8.71 $ 9.18
-----------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.34 $ 0.39 $ 0.41 $ 0.42 $ 0.48
Net realized and unrealized gain (loss) on investments (0.06) 0.14 0.22 0.80 (0.31)
-----------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.28 $ 0.53 $ 0.63 $ 1.22 $ 0.17
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.34) (0.40) (0.41) (0.41) (0.53)
Net realized gain -- (0.05) -- -- (0.11)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.06) $ 0.08 $ 0.22 $ 0.81 $ (0.47)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.76 $ 9.82 $ 9.74 $ 9.52 $ 8.71
=============================================================================================================================
Total return* 2.80% 5.58% 6.67% 14.18% 2.35%
Ratio of net expenses to average net assets+ 1.25% 1.25% 1.24% 1.25% 1.25%
Ratio of net investment income to average net assets+ 3.36% 3.94% 4.25% 4.50% 5.53%
Portfolio turnover rate 28% 21% 36% 41% 34%
Net assets, end of period (in thousands) $31,169 $23,892 $20,508 $18,186 $15,404
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.35% 1.35% 1.24% 1.26% 1.30%
Net investment income 3.26% 3.84% 4.25% 4.49% 5.48%
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%
Net investment income 3.36% 3.94% 4.25% 4.50% 5.53%
=============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
82 Pioneer Bond Fund | Annual Report | 6/30/13
-----------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/13 6/30/12 6/30/11 6/30/10 6/30/09
-----------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.65 $ 9.57 $ 9.36 $ 8.55 $ 9.02
-----------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.39 $ 0.44 $ 0.47 $ 0.47 $ 0.53
Net realized and unrealized gain (loss) on investments (0.07) 0.14 0.20 0.79 (0.31)
-----------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.32 $ 0.58 $ 0.67 $ 1.26 $ 0.22
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.39) (0.45) (0.46) (0.45) (0.58)
Net realized gain -- (0.05) -- -- (0.11)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.07) $ 0.08 $ 0.21 $ 0.81 $ (0.47)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.58 $ 9.65 $ 9.57 $ 9.36 $ 8.55
=============================================================================================================================
Total return* 3.34% 6.27% 7.25% 15.06% 2.95%
Ratio of net expenses to average net assets+ 0.66% 0.65% 0.61% 0.61% 0.63%
Ratio of net investment income to average net assets+ 3.97% 4.55% 4.88% 5.13% 6.10%
Portfolio turnover rate 28% 21% 36% 41% 34%
Net assets, end of period (in thousands) $916,182 $847,072 $717,433 $713,869 $589,661
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.66% 0.65% 0.61% 0.61% 0.64%
Net investment income 3.97% 4.55% 4.88% 5.13% 6.09%
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 0.66% 0.65% 0.61% 0.61% 0.63%
Net investment income 3.97% 4.55% 4.88% 5.13% 6.10%
=============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/13 83
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/13 6/30/12 6/30/11 6/30/10 6/30/09
------------------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 9.76 $ 9.68 $ 9.46 $ 8.67 $ 9.10
------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.40 $ 0.45 $ 0.47 $ 0.48 $ 0.54
Net realized and unrealized gain (loss) on investments (0.06) 0.14 0.21 0.77 (0.28)
------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.34 $ 0.59 $ 0.68 $ 1.25 $ 0.26
------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.40) (0.46) (0.46) (0.46) (0.58)
Net realized gain -- (0.05) -- -- (0.11)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.06) $ 0.08 $ 0.22 $ 0.79 $ (0.43)
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.70 $ 9.76 $ 9.68 $ 9.46 $ 8.67
==============================================================================================================================
Total return* 3.41% 6.23% 7.30% 14.68% 3.42%
Ratio of net expenses to average net assets+ 0.65% 0.65% 0.65% 0.63% 0.65%
Ratio of net investment income to average net assets+ 3.95% 4.50% 4.82% 5.00% 5.91%
Portfolio turnover rate 28% 21% 36% 41% 34%
Net assets, end of period (in thousands) $ 5,889 $2,196 $ 787 $ 720 $ 382
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.87% 0.83% 0.72% 0.63% 0.67%
Net investment income 3.73% 4.32% 4.75% 5.00% 5.89%
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%
Net investment income 3.95% 4.50% 4.82% 5.00% 5.91%
==============================================================================================================================
* 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.
+ Ratios with no fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
84 Pioneer Bond Fund | Annual Report | 6/30/13
Notes to Financial Statements | 6/30/13
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. 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 | Annual Report | 6/30/13 85
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
86 Pioneer Bond Fund | Annual Report | 6/30/13
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 June 30, 2013, one security was valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services) representing 0.19% 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 June 30, 2013, 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
differences in the recognition or classification of income or distributions
Pioneer Bond Fund | Annual Report | 6/30/13 87
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. At
June 30, 2013, the Fund reclassified $1,952,882 to increase undistributed
net investment income and $1,952,882 to increase accumulated net realized
loss on investments to reflect permanent book/tax differences. These
adjustments have no impact on net assets or the results of operations.
At June 30, 2013, the Fund had a net capital loss carryforward of
$18,403,543 of which the following amounts will expire between 2014 and
2016 if not utilized: $3,460,905 in 2014, $7,351,686 in 2015 and $7,590,952
in 2016.
The tax character of distributions paid during the years ended June 30,
2013 and June 30, 2012 was as follows:
---------------------------------------------------------------------------
2013 2012
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $61,258,189 $61,062,120
Long-term capital gain -- 6,835,526
---------------------------------------------------------------------------
Total $61,258,189 $67,897,646
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at June 30, 2013:
---------------------------------------------------------------------------
2013
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 2,242,622
Capital loss carryforward (18,403,543)
Dividends payable (1,067,036)
Net unrealized appreciation 53,406,721
---------------------------------------------------------------------------
Total $ 36,178,764
===========================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe 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 $108,230 in underwriting commissions on the sale of
Class A shares during the year ended June 30, 2013.
88 Pioneer Bond Fund | Annual Report | 6/30/13
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
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"
Pioneer Bond Fund | Annual Report | 6/30/13 89
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 appreciation or depreciation. When the
contract is closed, the Fund realizes a gain or loss equal to the
difference between the opening and closing value of the contract as well as
any fluctuation in foreign currency exchange rates where applicable.
Futures contracts are subject to market risk, interest rate risk and
currency exchange rate risk. Changes in value of the contracts may not
directly correlate to the changes in value of the underlying securities.
These risks may decrease the effectiveness of the Fund's hedging strategies
and potentially result in a loss. With futures, there is minimal
counterparty credit risk to the Fund since futures are exchange-traded and
the exchange's clearinghouse, as counterparty to all exchange-traded
futures, guarantees the futures against default. The average number of
contracts open during the year ended June 30, 2013 was 865.
At June 30, 2013, open futures contracts were as follows:
---------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation/
Type Long/(Short) Month Value (Depreciation)
---------------------------------------------------------------------------------
U.S. 5 Year Note (CBT) (374) 9/13 $(45,271,533) $ 566,092
U.S. Long Bond (CBT) 39 9/13 5,297,906 (159,656)
U.S. 10 Year Note (CBT) 78 9/13 9,871,875 (31,688)
U.S. 2 Year Note (CBT) (218) 9/13 (47,960,000) 37,470
U.S. Ultra Bond (CBT) 10 9/13 1,473,125 (56,094)
---------------------------------------------------------------------------------
$(76,588,627) $ 356,124
---------------------------------------------------------------------------------
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
90 Pioneer Bond Fund | Annual Report | 6/30/13
receive from the counterparty a periodic stream of payments during the term
of the contract provided that no event of default occurred. The maximum
exposure of loss to the seller would be the notional value of the credit
default swaps outstanding. If no default occurs, the Fund would keep the
stream of payments and would have no payment obligation. The Fund may also
buy credit default swap contracts in order to hedge against the risk of
default of debt securities, in which case the Fund would function as the
counterparty referenced above.
When the Fund enters into a credit default swap contract, one party, the
protection buyer, makes an upfront or periodic payment to the protection
seller in exchange for the right to receive a contingent payment. An
upfront payment received by the Fund, as the protection seller, is recorded
as a liability in the Fund's records. An upfront payment made by the Fund,
as the protection buyer, is recorded as an asset in the Fund's records.
Periodic payments received or paid by the Fund are recorded as realized
gains or losses.
The credit default swap contracts are marked-to-market daily using
valuations supplied by independent sources and the change in value, if any,
is recorded as unrealized gain or loss. Payments received or made as a
result of a credit event or upon termination of the contract are
recognized, net of the appropriate amount of the upfront payment, as
realized gains or losses.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund.
During the year ended June 30, 2013, the Fund entered into one credit
default swap contract, with a notional amount of $14,000,000, which was
still open at year end. Credit default swap contracts outstanding at year
end are listed at the end of the Fund's schedule of investments.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.50% of
the Fund's average daily net assets up to $1 billion; 0.45% of the next $1
billion; and 0.40% of the excess over $2 billion. For the year ended June 30,
2013, the effective management fee (excluding waivers and/or assumption of
expenses) was equal to 0.48% of the Fund's average daily net assets.
Pioneer Bond Fund | Annual Report | 6/30/13 91
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 0.85%, 1.90%, 1.25% and 0.65% of the average
daily net assets attributable to Class A, Class B, Class R and Class Z shares,
respectively. Fees waived and expenses reimbursed during the year ended June 30,
2013 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
$110,278 in management fees, administrative costs and certain other
reimbursements payable to PIM at June 30, 2013.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended June 30, 2013, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 698,173
Class B 12,081
Class C 103,895
Class R 68,287
Class Y 809,696
Class Z 7,240
--------------------------------------------------------------------------------
Total $1,699,372
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $249,840 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at June 30, 2013.
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
92 Pioneer Bond Fund | Annual Report | 6/30/13
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 $27,736 in distribution fees payable to PFD at June 30, 2013.
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 year ended June 30, 2013, CDSCs in the amount of $23,371 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the year ended June 30, 2013, the Fund's expenses were
not reduced under such arrangements.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect as of fiscal year end is in the amount of $215
million. Under such facility, depending on the type of loan, interest on
borrowings is
Pioneer Bond Fund | Annual Report | 6/30/13 93
payable at the London Interbank Offered Rate (LIBOR) plus 0.90% on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Euro dollar rate on the borrowing date. The Funds pay an annual commitment fee
to participate in the credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the year ended June 30, 2013, the Fund had no borrowings under
the credit facility.
7. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of June 30, 2013 were as follows:
--------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments Asset Derivatives 2013 Liabilities Derivatives 2013
Under Accounting -----------------------------------------------------------
Standards Codification Balance Sheet Balance Sheet
(ASC) 815 Location Value Location Value
--------------------------------------------------------------------------------------
Interest Rate Futures* Net unrealized Net unrealized
appreciation on depreciation on
futures contracts $356,124 futures contracts $ --
Credit Default Swaps Net unrealized Net unrealized
appreciation on depreciation on
credit default credit default
swaps $195,506 swaps $ --
--------------------------------------------------------------------------------------
Total $551,630 $ --
======================================================================================
* 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.
94 Pioneer Bond Fund | Annual Report | 6/30/13
The effect of derivative instruments on the Statement of Operations for the
year ended June 30, 2013 was as follows:
---------------------------------------------------------------------------------------------
Change in
Derivatives Not Realized Unrealized
Accounted for as Gain or Appreciation
Hedging Instruments Loss on or (Depreciation)
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 gain on futures $1,686,471
contracts
Interest Rate Futures Change in unrealized appreciation $ 24,434
on futures contracts
Credit Default Swaps Net realized gain on credit $ 141,945
default swaps
Credit Default Swaps Change in unrealized appreciation $272,128
on credit default swaps
Pioneer Bond Fund | Annual Report | 6/30/13 95
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and the Shareowners of Pioneer Bond Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Bond Fund (the "Fund"), including the schedule of investments, as of June 30,
2013, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the periods indicated therein.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial reporting. Accord-
ingly, we express no such opinion. An audit also includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial state-
ments and financial highlights, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. Our procedures included confirmation of securities owned
as of June 30, 2013, by correspondence with the custodian, brokers and agent
banks or by other appropriate auditing procedures where replies from brokers and
agent banks were not received. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Bond Fund at June 30, 2013, the results of its operations for the year
then ended, the changes in its net assets for each of the two years in the
period then ended, and the financial highlights for each of the periods
indicated therein, in conformity with U.S. generally accepted accounting
principles.
Ernst & Young LLP
Boston, Massachusetts
August 22, 2013
96 Pioneer Bond Fund | Annual Report | 6/30/13
ADDITIONAL INFORMATION (unaudited)
The percentage of the Fund's ordinary income distributions that are exempt from
nonresident alien (NRA) tax withholding resulting from qualified interest income
was 82.92%.
Pioneer Bond Fund | Annual Report | 6/30/13 97
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves as
a trustee of each of the 52 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
98 Pioneer Bond Fund | Annual Report | 6/30/13
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (62) Trustee since 2006. Chairman and Chief Executive Officer, Director, Broadridge Financial
Chairman of the Board Serves until a successor Quadriserv, Inc. (technology products Solutions, Inc. (investor
and Trustee trustee is elected or for securities lending industry) communications and securities
earlier retirement or (2008 - present); private investor processing provider for
removal. (2004 - 2008); and Senior Executive financial services industry)
Vice President, The Bank of New York (2009 - present); Director,
(financial and securities services) Quadriserv, Inc. (2005 -
(1986 - 2004) present); and Commissioner, New
Jersey State Civil Service
Commission (2011 - present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (69) Trustee since 2005. Managing Partner, Federal City Director of Enterprise Community
Trustee Serves until a successor Capital Advisors (corporate advisory Investment, Inc. (privately held
trustee is elected or services company) (1997 - 2004 and affordable housing finance
earlier retirement or 2008 - present); Interim Chief company) (1985 - 2010); Director
removal. Executive Officer, Oxford Analytica, of Oxford Analytica, Inc.
Inc. (privately held research and (2008 - present); Director of
consulting company) (2010); Executive The Swiss Helvetia Fund, Inc.
Vice President and Chief Financial (closed-end fund) (2010 -
Officer, I-trax, Inc. (publicly present); and Director of New
traded health care services company) York Mortgage Trust (publicly
(2004 - 2007); and Executive Vice traded mortgage REIT) (2004 -
President and Chief Financial 2009, 2012 - present)
Officer, Pedestal Inc.
(internet-based mortgage trading
company) (2000 - 2002)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Bond Fund | Annual Report | 6/30/13 99
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (68) Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon Institutional
Trustee Serves until a successor Political Economy, Harvard Funds Investment Trust and
trustee is elected or University (1972 - present) Mellon Institutional Funds
earlier Master Portfolio (oversaw 17
retirement or removal. portfolios in fund complex)
(1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (66) Trustee since 1996. Founding Director, Vice President None
Trustee Serves until a successor and Corporate Secretary, The
trustee is elected or Winthrop Group, Inc. (consulting
earlier firm) (1982-present); Desautels
retirement or removal. Faculty of Management, McGill
University (1999 - present); and
Manager of Research Operations and
Organizational Learning, Xerox PARC,
Xerox's advance research center
(1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (65) Trustee since 1996. President and Chief Executive Director of New America High
Trustee Serves until a successor Officer, Newbury, Piret & Company, Income Fund, Inc. (closed-end
trustee is elected or Inc. (investment banking firm) (1981 investment company) (2004 -
earlier - present) present); and member, Board of
retirement or removal. Governors, Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (84) Trustee since 2012. Senior Counsel, Sullivan & Cromwell Director, The Swiss Helvetia
Trustee Serves until a successor LLP (law firm) (1998 - present); and Fund, Inc. (closed-end
trustee is elected or Partner, Sullivan & Cromwell LLP investment company); and
earlier (prior to 1998) Director, Invesco, Ltd.
retirement or removal. (formerly AMVESCAP, PLC)
(investment manager) (1997-2005)
------------------------------------------------------------------------------------------------------------------------------------
100 Pioneer Bond Fund | Annual Report | 6/30/13
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (87)* Trustee since 1996. Non-Executive Chairman and a director None
Trustee, President and Serves until a successor of Pioneer Investment Management USA
Chief Executive Officer trustee is elected or Inc. ("PIM-USA"); Chairman and a
of the Fund earlier director of Pioneer; Chairman and
retirement or removal. Director of Pioneer Institutional
Asset Management, Inc. (since 2006);
Director of Pioneer Alternative
Investment Management Limited
(Dublin) (until October 2011);
President and a director of Pioneer
Alternative Investment Management
(Bermuda) Limited and affiliated
funds; Deputy Chairman and a director
of Pioneer Global Asset Management
S.p.A. ("PGAM") (until April 2010);
Director of PIOGLOBAL Real Estate
Investment Fund (Russia) (until June
2006); Director of Nano-C, Inc.
(since 2003); Director of Cole
Management Inc. (2004 - 2011);
Director of Fiduciary Counseling,
Inc. (until December 2011); President
and Director of Pioneer Funds
Distributor, Inc. ("PFD") (until May
2006); President of all of the
Pioneer Funds; and Retired Partner,
Wilmer Cutler Pickering Hale and Dorr
LLP
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (54)* Trustee since 2007. Director, CEO and President of None
Trustee and Executive Serves until a successor PIM-USA (since February 2007);
Vice President trustee is elected or Director and President of Pioneer and
earlier Pioneer Institutional Asset
retirement or removal. Management, Inc. (since February
2007); Executive Vice President of
all of the Pioneer Funds (since March
2007); Director of PGAM (2007 -
2010); Head of New Europe Division,
PGAM (2000 - 2005); and Head of New
Markets Division, PGAM (2005 - 2007)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
Pioneer Bond Fund | Annual Report | 6/30/13 101
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (48) Since 2003. Serves at Vice President and Associate General None
Secretary the discretion of the Counsel of Pioneer since January
Board. 2008 and Secretary of all of the
Pioneer Funds since June 2010;
Assistant Secretary of all of the
Pioneer Funds from September 2003 to
May 2010; and Vice President and
Senior Counsel of Pioneer from July
2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (52) Since 2010. Serves at Fund Governance Director of Pioneer None
Assistant Secretary the discretion of the since December 2006 and Assistant
Board. Secretary of all the Pioneer Funds
since June 2010; Manager - Fund
Governance of Pioneer from December
2003 to November 2006; and Senior
Paralegal of Pioneer from January
2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (50) Since 2010. Serves at Counsel of Pioneer since June 2007 None
Assistant Secretary the discretion of the and Assistant Secretary of all the
Board. Pioneer Funds since June 2010; and
Vice President and Counsel at State
Street Bank from October 2004 to
June 2007
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (53) Since 2008. Serves at Vice President - Fund Treasury of None
Treasurer and Chief the discretion of the Pioneer; Treasurer of all of the
Financial and Accounting Board. Pioneer Funds since March 2008;
Officer of the Fund Deputy Treasurer of Pioneer from
March 2004 to February 2008; and
Assistant Treasurer of all of the
Pioneer Funds from March 2004 to
February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (48) Since 2000. Serves at Assistant Vice President - Fund None
Assistant Treasurer the discretion of the Treasury of Pioneer; and Assistant
Board. Treasurer of all of the Pioneer
Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (54) Since 2002. Serves at Fund Accounting Manager - Fund None
Assistant Treasurer the discretion of the Treasury of Pioneer; and Assistant
Board. Treasurer of all of the Pioneer
Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (33) Since 2009. Serves at Fund Administration Manager - Fund None
Assistant Treasurer the discretion of the Treasury of Pioneer since November
Board. 2008; Assistant Treasurer of all of
the Pioneer Funds since January
2009; and Client Service Manager -
Institutional Investor Services at
State Street Bank from March 2003 to
March 2007
------------------------------------------------------------------------------------------------------------------------------------
102 Pioneer Bond Fund | Annual Report | 6/30/13
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (60) Since 2010. Serves at Chief Compliance Officer of Pioneer None
Chief Compliance Officer the discretion of the and of all the Pioneer Funds since
Board. March 2010; Director of Adviser and
Portfolio Compliance at Pioneer
since October 2005; and Senior
Compliance Officer for Columbia
Management Advisers, Inc. from
October 2003 to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelley O'Donnell (42) Since 2006. Serves at the Director--Transfer Agency Compliance None
Anti-Money discretion of the Board. of Pioneer and Anti-Money Laundering
Laundering Officer Officer of all the Pioneer Funds
since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Bond Fund | Annual Report | 6/30/13 103
This page for your notes.
104 Pioneer Bond Fund | Annual Report | 6/30/13
This page for your notes.
Pioneer Bond Fund | Annual Report | 6/30/13 105
This page for your notes.
106 Pioneer Bond Fund | Annual Report | 6/30/13
This page for your notes.
Pioneer Bond Fund | Annual Report | 6/30/13 107
This page for your notes.
108 Pioneer Bond Fund | Annual Report | 6/30/13
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 19398-07-0813
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
Audit Fees
Fees for audit services provided to the Fund,
including fees associated with the filings to
update its Form N-2 and issuance of comfort
letters, totaled approximately $42,076 in 2013
and $42,100 in 2012.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
Audit-Related Fees
Audit related fees for the Fund's audit
related services totaled approximately
$9,652 and $9,652 in 2013 and 2012,
respectively.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
Tax Fees
Fees for tax compliance services, primarily for
tax returns, totaled approximately $8,290 and
$8,290 for 2013 and 2012, respectively.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
Other Fees
There were no other fees for 2013 and 2012.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts
entered into on or after May 6, 2003, the
effective date of the new SEC pre-approval
rules, the Fund's audit committee is required to
pre-approve services to affiliates defined by
SEC rules to the extent that the services are
determined to have a direct impact on the
operations or financial reporting of the Fund.
For the years ended June 30, 2013 and 2012,
there were no services provided to an affiliate
that required the Fund's audit committee pre-
approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund and
affiliates, as previously defined, totaled
approximately $17,942 in 2013 and $17,942 in
2012.
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Bond Fund
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date August 29, 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 August 29, 2013
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date August 29, 2013
* Print the name and title of each signing officer under his or her signature.