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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, 2013 through June 30, 2014
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 STOCKHOLDERS.
Pioneer Bond Fund
--------------------------------------------------------------------------------
Annual Report | June 30, 2014
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIOBX
Class B PBOBX
Class C PCYBX
Class K PBFKX
Class R PBFRX
Class Y PICYX
Class Z PIBZX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 19
Schedule of Investments 21
Financial Statements 69
Notes to Financial Statements 80
Report of Independent Registered Public Accounting Firm 92
Trustees, Officers and Service Providers 94
Pioneer Bond Fund | Annual Report | 6/30/14 1
President's Letter
Dear Shareowner,
As we move past the midway point of 2014, U.S. economic growth is still expected
to exceed 2% for the full calendar year, despite the fact that U.S. gross
domestic product (GDP) for the first quarter was revised down to -2.9% in May.
The markets, in fact, almost completely ignored that bad news, as more timely
data -- especially labor market data -- pointed to continuing economic strength.
By mid-year, the number of people filing initial unemployment claims and the
number of job openings were at levels last seen during the boom years of 2005
through 2007, and unemployment was down to just over 6%. Barring an external
shock, we think it's likely that the domestic economic expansion will continue.
The Federal Reserve System (the Fed) is widely expected to end its stimulative
QE (quantitative easing) program by the end of this year and to begin raising
the Federal funds rate in 2015; two more signs that the U.S. economic recovery
is on increasingly solid footing. The timing and pace of Fed's actions remain
uncertain, however, as Fed Chair Janet Yellen has continually stressed that Fed
policy will be sensitive to incoming economic data, and any signs of
accelerating inflation could prompt an earlier increase in the Federal funds
rate.
A modestly improving European economy and continuing economic improvement in
Japan appear likely to result in improving global economic growth in the second
half of 2014, further supporting the U.S. economy. Some slack remains in the
labor markets and capacity utilization, which offers the potential for
continuing non-inflationary growth.
While the U.S. economy appears robust and the global economy seems to be
improving, there are still weaknesses and risks to the economic outlook. Risks
of an adverse shock also remain. Military conflicts and political tensions are
widespread, with particular concerns about recent developments in the Middle
East that could prove disruptive to the global oil supply. While most of the
widely recognized risks may already be "priced into" the market, we caution
against complacency and believe investors should continue to expect market
volatility.
2 Pioneer Bond Fund | Annual Report | 6/30/14
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification 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 equity and bond markets, using in-depth research to identify undervalued
individual securities, and using thoughtful risk management to construct
portfolios which seek to 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.
* Mr. Kingsbury resigned effective August 8, 2014.
Pioneer Bond Fund | Annual Report | 6/30/14 3
Portfolio Management Discussion | 6/30/14
Fixed-income investments turned in positive performance during the 12-month
period ended June 30, 2014, especially during the second half of the period as
market volatility declined, helping both the credit-sensitive and government
sectors. In the following interview, Kenneth J. Taubes and Charles Melchreit
review the factors that affected the performance of Pioneer Bond Fund during the
12-month period ended June 30, 2014. Mr. Taubes, Chief Investment Officer, U.S.,
and a portfolio manager at Pioneer Investments, is responsible for the daily
management of the Fund, along with Charles Melchreit, a senior vice president
and a portfolio manager at Pioneer.
Q How did the Fund perform during the 12-month period ended June 30, 2014?
A Pioneer Bond Fund's Class A shares returned 6.19% at net asset value
during the 12-month period ended June 30, 2014, while the Fund's benchmark,
the Barclays Aggregate Bond Index (the Barclays Index), returned 4.37%.
During the same period, the average return of the 51 mutual funds in
Lipper's Corporate Debt A-rated Funds category was 6.50%, and the average
return of the 1,057 mutual funds in Morningstar's Intermediate-Term Bond
Funds category was 5.07%.
Q How would you describe the investment environment in the fixed-income
markets during the 12-month period ended June 30, 2014?
A The overall environment for investing in the bond markets during the
period was supportive. This was especially true during the second half of
the 12-month period when yields of longer-maturity Treasuries declined,
leading to healthy returns for government securities at the same time that
credit-sensitive sectors rallied as investors grew more confident about the
domestic economic outlook. Early in the 12-month period, Treasury rates had
risen, eroding returns of all fixed-income asset classes as concerns arose
about the effects of the potential removal from the economy of some of the
Federal Reserve's (the Fed's) monetary stimulus. Those worries abated later
in the period, however, as the Fed made it clear that it would keep short-
term interest rates low and would only gradually taper its quantitative
easing (QE) program of monthly bond purchases. Market volatility, which had
unsettled investors early in the period, declined substantially as the
period progressed, leading to healthy returns throughout the fixed-income
markets, especially among the more credit-sensitive issues, which
outperformed Treasuries.
4 Pioneer Bond Fund | Annual Report | 6/30/14
As the period progressed, investors grew more confident that economies
in the United States and Europe would continue to slowly improve, helped by
accommodative monetary policies from central banks like the Fed and the
European Central Bank (ECB). Although U.S. gross domestic product (GDP)
growth for the first quarter was disappointing (-2.9%), investors focused
on more encouraging economic indicators, including job growth, industrial
production, and the recovering housing market. In addition, government
fiscal policies - including spending cuts and tax hikes - that restrained
growth during 2013 seemed less likely to drag on the economy in 2014. The
capital markets also demonstrated their resiliency in the face of a
succession of problems overseas, ranging from slowing economic growth in
China, turmoil in the Middle East, and heightened tensions between Russia
and the Ukraine.
In the U.S, the Fed began tapering QE midway through the period by reducing
its monthly bond purchases, and planned to complete the program by the end
of 2014. At the same time, with little evidence of rising inflationary
pressures, the Fed kept short-term interest rates at exceptionally low
levels. In Europe, economies continued to improve slowly, led by growth in
Germany and some gains in the peripheral European Union (E.U.) economies,
where problems had been the most severe. The ECB maintained accommodative
policies designed to keep European banks liquid and able to lend. In Asia,
the new government in China appeared determined not to allow economic
growth to slow by too much, while Japan continued to push forward with
monetary and fiscal stimulus programs designed to encourage economic
expansion and curb the nation's deflation problem. Emerging economies that
are highly dependent on growth in China did feel pressure, but even the
performance of emerging markets debt recovered during the period as many
governments moved aggressively to control inflation.
In that environment, riskier, credit-sensitive securities outperformed the
overall fixed-income market, with high-yield and investment-grade corporate
bonds producing solid returns. Bank loans, asset-backed debt and
convertible securities also performed well. Meanwhile, after rising earlier
in the period, longer-term Treasury yields declined over the final few
months, leading to price appreciation for most longer-maturity Treasury and
government securities, although Treasuries lagged the credit sectors in
performance. The yield curve - which reflects the difference in yields of
fixed-income securities with longer and shorter maturities - flattened
somewhat as longer-maturity Treasury rates declined and shorter-maturity
yields rose slightly. The rally in longer-maturity Treasuries towards the
latter
Pioneer Bond Fund | Annual Report | 6/30/14 5
part of the period was somewhat of a surprise to the markets, but
increased geopolitical risks and fears about inflation pressures encouraged
investments in Treasuries, which are still considered by many as the safest
investment haven during "risk-averse" periods. In addition, the yield
advantage that 10-year Treasuries offered over sovereign-debt rates in
other economies encouraged some speculation in Treasuries.
Q How did you position the Fund's portfolio during the 12-month period
ended June 30, 2014?
A We maintained a consistent emphasis on the credit-sensitive
sectors in the Fund's portfolio during the 12-month period, which helped to
drive the Fund's outperformance of the benchmark Barclays Index. We
maintained overweighted portfolio positions in credit-sensitive debt, with
healthy exposures to investment-grade corporate bonds, non-agency mortgages
and commercial mortgage-backed securities, asset-backed debt and bank
loans. At the same time, we underweighted the Fund in Treasuries and
government mortgages, although we added to existing positions in government
agency mortgages as the period progressed when we began paring back the
portfolio's credit-sensitive positions. We did become somewhat more
cautious about higher valuations as the period wore on, and so we sold some
credit-sensitive securities that might become more difficult to trade
should market volatility increase.
We raised the overall credit quality of the Fund's portfolio during the
period as we reduced exposure to high-yield and investment-grade corporate
bonds as well as bank loans. Nevertheless, at the end of the period, the
Fund remained overweight in the credit-sensitive sectors and underweight in
government mortgages.
Throughout the 12-month period, we maintained a shorter-than-benchmark
duration positioning in the portfolio. {Duration is measure of the
sensitivity of the price (the value of principal) of a fixed-income
investment to a change in interest rates, expressed as a number of years.}
The short duration position had a modest, negative effect on the Fund's
benchmark-relative performance in the second half of the period when
Treasuries rallied. Despite that development, we kept the portfolio's
shorter-duration positioning intact, particularly as the flattening of the
yield curve over the second half of the period increased the interest-rate
risks of longer-duration portfolios.
At the end of the 12-month period on
June 30, 2014, the Fund's exposure to the credit-sensitive sectors was led
by U.S. investment-grade corporate bonds, which also represented the
largest overall portfolio allocation. Government agency mortgages and
non-agency mortgage-backed debt, respectively, were the second- and
third-largest allocations in the portfolio as of period end. The effective
duration of the portfolio on June 30, 2014, was 4.06 years.
6 Pioneer Bond Fund | Annual Report | 6/30/14
Q Which of your investment strategies or individual investments had the
biggest effect on the Fund's performance during the 12-month period end
June 30, 2014, either from a positive or negative standpoint?
A As noted previously, the main driver of the Fund's outperformance
relative to the Barclays Index during the period was the overweight in the
credit-sensitive sectors, while the corresponding underweighting of
Treasuries also helped. The Fund's exposure to some higher-coupon Fannie
Mae mortgages was another positive performance contributor, as those
securities gained in value when interest rates declined over the second
half of the period and mortgage prepayments remained low. In addition, the
Fund's investments in securities issued by financial companies helped, as
did investments in municipal bonds and convertible bonds. Two notable
outperformers in the portfolio during the 12-month period were securities
issued by private equity companies KKR and the Carlyle Group.
A noteworthy factor detracting from the Fund's benchmark-relative
performance during the period was the portfolio's more than 4.5% allocation
to cash on June 30, 2014. Also holding back results somewhat were the
portfolio's investments in some lower-coupon government agency mortgages
and a security issued by investment bank Goldman Sachs. As noted
previously, the portfolio's shorter-than-benchmark duration positioning
also held back the Fund's results when Treasury yields rallied later in the
period. The negative effects of the Fund's short-duration positioning were
partially offset by good positioning on the yield curve; specifically, the
Fund's exposures to 30-year and 10-year bonds.
Q Did you invest the Fund in derivative securities during the 12-month period
ended June 30, 2014?
A We did invest in Treasury futures to manage the portfolio's interest-rate
sensitivity and yield-curve positioning. Because the futures were part of
our strategy to maintain a lower-than-benchmark duration position, they
tended to hold back the Fund's results when interest rates declined during
the second half of the period.
Q What is your investment outlook and how have you positioned the Fund's
portfolio in accordance with that outlook?
A We believe the fundamental strengths in the credit sectors remain solid,
given the prospect of continuing economic growth and the general health of
corporate balance sheets.
We are generally positive about the investment outlook. We anticipate
that the Fed will continue to gradually lessen its accommodative monetary
policy as the economy grows, and we think credit-sensitive securities have
the potential to continue to perform well. At the same time, we do not
anticipate robust performance from any particular fixed-income asset class,
Pioneer Bond Fund | Annual Report | 6/30/14 7
as the gradual increase of short-term Treasury yields to normal levels
and the resulting increase in market interest rates should have a modest
negative effect on most bond prices.
As noted previously, we have maintained an overweight to credit in the Fund,
even though we have reduced exposure in light of the higher valuations of
some corporate debt; and we have increased the portfolio's investments in
government agency mortgages, which have less credit risk. Despite the
increased allocation, government mortgages remained an underweight relative
to the Barclays Index at period end. In light of the flattening of the yield
curve (reflecting the narrowing differences between yields of shorter and
longer-maturity securities), we have reduced the Fund's duration by reducing
exposures to the 10-year and 30-year parts of the curve.
Given the possibility of increases in short-term interest rates, we see some
value in floating-rate debt and have retained the portfolio's allocations to
bank loans and event-linked (catastrophe) bonds.
As we have modestly reduced exposure to the credit sectors, we have
improved the overall credit quality of the portfolio's assets.
8 Pioneer Bond Fund | Annual Report | 6/30/14
Please refer to the Schedule of Investments on pages 21-68 for a full listing of
Fund securities.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial
failure of the issuers of the underlying securities and their inability to meet
their debt obligations.
Prepayment risk is the chance that an issuer may exercise its right to prepay
its security, if falling interest rates prompt the issuer to do so. 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.
Investments in high-yield or lower-rated securities are subject to
greater-than-average price volatility, illiquidity and possibility of default.
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. Mortgage-backed securities are also subject to pre-payments.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors.
These risks may increase share price volatility.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These opinions should not
be relied upon for any other purposes.
Pioneer Bond Fund | Annual Report | 6/30/14 9
Portfolio Summary | 6/30/14
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 34.5%
U.S. Government Securities 25.1%
Collateralized Mortgage Obligations 18.0%
Asset Backed Securities 6.7%
Municipal Bonds 4.3%
Senior Secured Loans 4.1%
Temporary Cash Investments 3.9%
U.S. Preferred Stocks 2.6%
Convertible Corporate Bonds 0.4%
Convertible Preferred Stocks 0.4%
International Corporate Bonds 0.0%+
Warrants 0.0%+
International Preferred Stocks 0.0%+
+ Amount rounds to less than 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 33.9%
AA 5.5%
A 15.7%
BBB 27.0%
BB 8.4%
B 3.8%
CCC 0.4%
Not Rated 1.6%
Cash Equivalent 3.7%
Due to rounding, figures may not total 100%. Credit rating breakdown reflects
the average of available ratings across Moody's, Standard & Poor's (S&P) and
Fitch. Bond ratings are ordered highest to lowest in portfolio. Based on S&P'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, 30YR Pool 5.0%, TBA 1.99%
--------------------------------------------------------------------------------
2. Fannie Mae, 3.0%, 8/1/42 1.35
--------------------------------------------------------------------------------
3. Fannie Mae, 3.5%, 2/1/44 1.11
--------------------------------------------------------------------------------
4. Fannie Mae, 30YR Pool, 4.5%, TBA 0.97
--------------------------------------------------------------------------------
5. Government National Mortgage Association I, 4.0%, 7/21/14 0.96
--------------------------------------------------------------------------------
6. Fannie Mae, 4.0%, 2/1/42 0.82
--------------------------------------------------------------------------------
7. Fannie Mae, 4.5%, 1/1/42 0.80
--------------------------------------------------------------------------------
8. U.S. Treasury Bonds, 4.5%, 8/15/39 0.66
--------------------------------------------------------------------------------
9. Fannie Mae, 4.5%, 1/1/42 0.62
--------------------------------------------------------------------------------
10. JP Morgan Mortgage Trust 2014-2, Floating Rate Note, 6/25/29 (144A) 0.61
--------------------------------------------------------------------------------
* 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.
10 Pioneer Bond Fund | Annual Report | 6/30/14
Prices and Distributions | 6/30/14
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 6/30/14 6/30/13
--------------------------------------------------------------------------------
A $9.88 $9.67
--------------------------------------------------------------------------------
B $9.82 $9.61
--------------------------------------------------------------------------------
C $9.77 $9.57
--------------------------------------------------------------------------------
K $9.87 $9.67
--------------------------------------------------------------------------------
R $9.97 $9.76
--------------------------------------------------------------------------------
Y $9.79 $9.58
--------------------------------------------------------------------------------
Z $9.90 $9.70
--------------------------------------------------------------------------------
Distributions per Share: 7/1/13-6/30/14
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.3755 $ -- $ --
--------------------------------------------------------------------------------
B $0.2723 $ -- $ --
--------------------------------------------------------------------------------
C $0.2880 $ -- $ --
--------------------------------------------------------------------------------
K $0.4014 $ -- $ --
--------------------------------------------------------------------------------
R $0.3394 $ -- $ --
--------------------------------------------------------------------------------
Y $0.3900 $ -- $ --
--------------------------------------------------------------------------------
Z $0.3959 $ -- $ --
--------------------------------------------------------------------------------
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 12-18.
Pioneer Bond Fund | Annual Report | 6/30/14 11
Performance Update | 6/30/14 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Bond Fund at public offering price
during the periods shown, compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2014)
--------------------------------------------------------------------------------
Net Public Barclays
Asset Offering Aggregate
Value Price Bond
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 Years 5.74% 5.26% 4.93%
5 Years 7.35 6.36 4.85
1 Year 6.19 1.37 4.37
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.01% 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
6/30/2004 $ 9,550 $ 10,000
6/30/2005 $ 10,283 $ 10,680
6/30/2006 $ 10,155 $ 10,594
6/30/2007 $ 10,694 $ 11,243
6/30/2008 $ 11,404 $ 12,043
6/30/2009 $ 11,706 $ 12,772
6/30/2010 $ 13,428 $ 13,985
6/30/2011 $ 14,378 $ 14,530
6/30/2012 $ 15,228 $ 15,616
6/30/2013 $ 15,716 $ 15,509
6/30/2014 $ 16,690 $ 16,187
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, 2015, 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.
12 Pioneer Bond Fund | Annual Report | 6/30/14
Performance Update | 6/30/14 Class B Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class B shares of Pioneer Bond Fund during the periods shown,
compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2014)
--------------------------------------------------------------------------------
Barclays
Aggregate
If If Bond
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 4.70% 4.70% 4.93%
5 Years 6.24 6.24 4.85
1 Year 5.11 1.11 4.37
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.05% 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
6/30/2004 $ 10,000 $ 10,000
6/30/2005 $ 10,672 $ 10,680
6/30/2006 $ 10,443 $ 10,594
6/30/2007 $ 10,888 $ 11,243
6/30/2008 $ 11,508 $ 12,043
6/30/2009 $ 11,695 $ 12,772
6/30/2010 $ 13,270 $ 13,985
6/30/2011 $ 14,065 $ 14,530
6/30/2012 $ 14,742 $ 15,616
6/30/2013 $ 15,059 $ 15,509
6/30/2014 $ 15,828 $ 16,187
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, 2015, 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.
Pioneer Bond Fund | Annual Report | 6/30/14 13
Performance Update | 6/30/14 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Bond Fund during the periods shown,
compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2014)
--------------------------------------------------------------------------------
Barclays
Aggregate
If If Bond
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 4.80% 4.80% 4.93%
5 Years 6.40 6.40 4.85
1 Year 5.20 5.20 4.37
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.72%
--------------------------------------------------------------------------------
[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
6/30/2004 $ 10,000 $ 10,000
6/30/2005 $ 10,668 $ 10,680
6/30/2006 $ 10,446 $ 10,594
6/30/2007 $ 10,904 $ 11,243
6/30/2008 $ 11,536 $ 12,043
6/30/2009 $ 11,723 $ 12,772
6/30/2010 $ 13,321 $ 13,985
6/30/2011 $ 14,128 $ 14,530
6/30/2012 $ 14,852 $ 15,616
6/30/2013 $ 15,198 $ 15,509
6/30/2014 $ 15,988 $ 16,187
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). 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.
14 Pioneer Bond Fund | Annual Report | 6/30/14
Performance Update | 6/30/14 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class K shares of Pioneer Bond Fund during the periods
shown, compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2014)
--------------------------------------------------------------------------------
Barclays
Aggregate
If If Bond
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 5.77% 5.77% 4.93%
5 Years 7.42 7.42 4.85
1 Year 6.37 6.37 4.37
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.57%
--------------------------------------------------------------------------------
[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
6/30/2004 $ 10,000 $ 10,000
6/30/2005 $ 10,765 $ 10,680
6/30/2006 $ 10,631 $ 10,594
6/30/2007 $ 11,195 $ 11,243
6/30/2008 $ 11,938 $ 12,043
6/30/2009 $ 12,254 $ 12,772
6/30/2010 $ 14,057 $ 13,985
6/30/2011 $ 15,052 $ 14,530
6/30/2012 $ 15,941 $ 15,616
6/30/2013 $ 16,480 $ 15,509
6/30/2014 $ 17,530 $ 16,187
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.
Pioneer Bond Fund | Annual Report | 6/30/14 15
Performance Update | 6/30/14 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Bond Fund during the periods
shown, compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2014)
--------------------------------------------------------------------------------
Barclays
Aggregate
If If Bond
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 5.37% 5.37% 4.93%
5 Years 6.93 6.93 4.85
1 Year 5.75 5.75 4.37
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2013)
--------------------------------------------------------------------------------
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
6/30/2004 $ 10,000 $ 10,000
6/30/2005 $ 10,727 $ 10,680
6/30/2006 $ 10,574 $ 10,594
6/30/2007 $ 11,107 $ 11,243
6/30/2008 $ 11,790 $ 12,043
6/30/2009 $ 12,067 $ 12,772
6/30/2010 $ 13,778 $ 13,985
6/30/2011 $ 14,697 $ 14,530
6/30/2012 $ 15,517 $ 15,616
6/30/2013 $ 15,952 $ 15,509
6/30/2014 $ 16,868 $ 16,187
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, 2015, 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.
16 Pioneer Bond Fund | Annual Report | 6/30/14
Performance Update | 6/30/14 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Bond Fund during the periods
shown, compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2014)
--------------------------------------------------------------------------------
Barclays
Aggregate
If If Bond
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 6.04% 6.04% 4.93%
5 Years 7.60 7.60 4.85
1 Year 6.41 6.41 4.37
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2013)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.66%
--------------------------------------------------------------------------------
[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
6/30/2004 $ 5,000,000 $ 5,000,000
6/30/2005 $ 5,403,376 $ 5,340,077
6/30/2006 $ 5,361,447 $ 5,297,067
6/30/2007 $ 5,664,518 $ 5,621,284
6/30/2008 $ 6,056,149 $ 6,021,696
6/30/2009 $ 6,234,801 $ 6,385,821
6/30/2010 $ 7,173,731 $ 6,992,365
6/30/2011 $ 7,693,870 $ 7,265,168
6/30/2012 $ 8,176,485 $ 7,808,145
6/30/2013 $ 8,449,298 $ 7,754,446
6/30/2014 $ 8,991,086 $ 8,093,575
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class 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.
Pioneer Bond Fund | Annual Report | 6/30/14 17
Performance Update | 6/30/14 Class Z Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class Z shares of Pioneer Bond Fund during the periods shown,
compared to that of the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of June 30, 2014)
--------------------------------------------------------------------------------
Barclays
Aggregate
If If Bond
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 5.94% 5.94% 4.93%
5 Years 7.52 7.52 4.85
1 Year 6.29 6.29 4.37
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2013)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.87% 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
6/30/2004 $ 10,000 $ 10,000
6/30/2005 $ 10,765 $ 10,680
6/30/2006 $ 10,631 $ 10,594
6/30/2007 $ 11,195 $ 11,243
6/30/2008 $ 11,979 $ 12,043
6/30/2009 $ 12,389 $ 12,772
6/30/2010 $ 14,207 $ 13,985
6/30/2011 $ 15,244 $ 14,530
6/30/2012 $ 16,193 $ 15,616
6/30/2013 $ 16,746 $ 15,509
6/30/2014 $ 17,799 $ 16,187
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, 2015, 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.
18 Pioneer Bond Fund | Annual Report | 6/30/14
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, 2014 through June 30, 2014.
-----------------------------------------------------------------------------------------------------------------
Share Class A B C K R Y Z
-----------------------------------------------------------------------------------------------------------------
Beginning $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Account Value
on 1/1/14
-----------------------------------------------------------------------------------------------------------------
Ending Account $1,061.90 $1,051.10 $1,052.00 $1,063.70 $1,057.50 $1,064.10 $1,062.90
Value (after
expenses) on
6/30/14
-----------------------------------------------------------------------------------------------------------------
Expenses Paid $ 4.31 $ 9.62 $ 8.76 $ 2.84 $ 6.34 $ 3.35 $ 3.30
During Period*
-----------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of
0.85%, 1.90%, 1.73%, 0.56%, 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 | 6/30/14 19
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, 2014 through June 30, 2014.
--------------------------------------------------------------------------------------------------------------------
Share Class A B C K R Y Z
--------------------------------------------------------------------------------------------------------------------
Beginning $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Account Value
on 1/1/14
--------------------------------------------------------------------------------------------------------------------
Ending Account $1,020.58 $1,015.37 $1,016.22 $1,022.02 $1,018.60 $1,021.52 $1,021.57
Value (after
expenses) on
6/30/14
--------------------------------------------------------------------------------------------------------------------
Expenses Paid $ 4.26 $ 9.49 $ 8.65 $ 2.81 $ 6.26 $ 3.31 $ 3.26
During Period*
--------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.85%,
1.90%, 1.73%, 0.56%, 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).
20 Pioneer Bond Fund | Annual Report | 6/30/14
Schedule of Investments | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE
BOND -- 0.3%
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.3%
Semiconductors -- 0.3%
4,725,000 A-/NR Intel Corp., 2.95%, 12/15/35 $ 5,873,766
----------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE CORPORATE BOND
(Cost $4,777,007) $ 5,873,766
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Shares
----------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 2.5%
BANKS -- 0.8%
Diversified Banks -- 0.5%
64,000 6.50 A-/Baa1 US Bancorp, Floating Rate
Note (Perpetual) $ 1,808,640
235,000 6.00 A-/Baa1 US Bancorp, Floating Rate
Note (Perpetual) 6,441,350
--------------
$ 8,249,990
----------------------------------------------------------------------------------------------------
Regional Banks -- 0.3%
85,000 BBB/Baa2 BB&T Corp., 5.625% (Perpetual) $ 2,017,900
28,000 6.25 A-/NR CoBank ACB, Floating Rate Note
(Perpetual) (144A) 2,914,626
43,050 6.62 BBB-/Ba1 Fifth Third Bancorp, Floating Rate
Note (Perpetual) 1,152,879
--------------
$ 6,085,405
--------------
Total Banks $ 14,335,395
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.9%
Other Diversified
Financial Services -- 0.5%
116,000 7.88 BB+/Ba2 Citigroup Capital XIII, Floating Rate
Note, 10/30/40 $ 3,213,200
197,000 7.12 BB+/B1 Citigroup, Inc., Floating Rate
Note (Perpetual) 5,446,853
--------------
$ 8,660,053
----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.3%
167,900 5.75 BBB-/Baa1 SCE Trust III, Floating Rate
Note (Perpetual) $ 4,432,560
----------------------------------------------------------------------------------------------------
Asset Management &
Custody Banks -- 0.1%
54,200 5.90 BBB+/Baa2 State Street Corp., Floating Rate
Note, 12/31/73 $ 1,420,040
--------------
Total Diversified Financials $ 14,512,653
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 21
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Rate (b) Ratings
Shares (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
INSURANCE -- 0.6%
Life & Health Insurance -- 0.2%
153,800 7.38 BBB-/NR Delphi Financial Group, Inc., Floating
Rate Note, 5/15/37 $ 3,782,526
----------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.3%
50,000 5.95 BBB-/Ba1 Aspen Insurance Holdings, Ltd.,
Floating Rate Note (Perpetual) $ 1,245,000
147,475 5.10 BBB/Baa1 The Allstate Corp., Floating Rate
Note, 1/15/53 3,706,047
--------------
$ 4,951,047
----------------------------------------------------------------------------------------------------
Reinsurance -- 0.1%
420,899 0.00 NR/NR Altair Re, Floating Rate Note,
4/30/16 (Cat Bond) $ 528,102
1,500,000 0.00 NR/NR Altair Re, Floating Rate Note,
6/30/16 (Cat Bond) 1,552,950
--------------
$ 2,081,052
--------------
Total Insurance $ 10,814,625
----------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Electric Utilities -- 0.2%
164,000 BB+/Ba1 PPL Capital Funding, Inc.,
5.9%, 4/30/73 $ 4,022,920
--------------
Total Utilities $ 4,022,920
----------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $42,030,874) $ 43,685,593
----------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED
STOCK -- 0.4%
BANKS -- 0.4%
Diversified Banks -- 0.4%
5,610 BBB+/Baa3 Wells Fargo & Co., 7.5% (Perpetual) $ 6,810,540
----------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE
PREFERRED STOCK
(Cost $5,839,986) $ 6,810,540
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Principal
Amount ($)
----------------------------------------------------------------------------------------------------
ASSET BACKED
SECURITIES -- 6.6%
CONSUMER SERVICES -- 0.2%
Hotels, Resorts
& Cruise Lines -- 0.2%
1,007,221 A/NR Westgate Resorts 2012-2 LLC, 3.0%,
1/20/25 (144A) $ 1,014,473
1,316,718 NR/NR Westgate Resorts 2012-A LLC, 2.25%,
8/20/25 (144A) 1,318,430
The accompanying notes are an integral part of these financial statements.
22 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Hotels, Resorts
& Cruise Lines -- (continued)
1,333,177 NR/NR Westgate Resorts 2012-A LLC, 3.75%,
8/20/25 (144A) $ 1,350,532
287,425 A/NR Westgate Resorts LLC, 2.5%,
3/20/25 (144A) 288,776
--------------
$ 3,972,211
--------------
Total Consumer Services $ 3,972,211
----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Food Retail -- 0.2%
3,850,425 BBB-/NR CKE Restaurant Holdings, Inc.,
4.474%, 3/20/43 (144A) $ 3,954,829
--------------
Total Food & Staples Retailing $ 3,954,829
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT
& SERVICES -- 0.1%
Health Care Distributors -- 0.1%
750,000 3.08 BBB/NR Drug Royalty II LP 2, Floating Rate
Note, 7/15/23 (144A) $ 751,875
--------------
Total Health Care
Equipment & Services $ 751,875
----------------------------------------------------------------------------------------------------
BANKS -- 4.4%
Thrifts & Mortgage Finance -- 4.4%
477,901 6.50 BB+/Baa2 ACE Securities Corp., Manufactured
Housing Trust Series 2003-MH1,
Floating Rate Note, 8/15/30 (144A) $ 478,201
1,172,150 6.50 BBB+/A2 ACE Securities Corp., Manufactured
Housing Trust Series 2003-MH1,
Floating Rate Note, 8/15/30 (144A) 1,217,276
1,507,004 0.42 BB+/Baa3 Aegis Asset Backed Securities Trust
2005-5, Floating Rate Note, 12/25/35 1,421,186
400,000 0.65 A+/Baa1 Bayview Financial Mortgage
Pass-Through Trust 2005-C, Floating
Rate Note, 6/28/44 385,176
1,462,628 AAA/Aaa Bayview Financial Mortgage
Pass-Through Trust 2006-A, 5.865%,
2/28/41 (Step) 1,504,974
1,486,142 0.60 AA/Aa2 Bayview Financial Mortgage
Pass-Through Trust Series 2005-B,
Floating Rate Note, 4/28/39 1,462,456
394,270 NR/A1 BCMSC Trust 1998-A, 6.65%, 4/15/28 398,056
248,137 A/NR Beacon Container Finance LLC,
3.72%, 9/20/27 (144A) 253,345
2,032,518 0.65 A+/Ba1 Bear Stearns Asset Backed
Securities I Trust 2005-FR1, Floating
Rate Note, 6/25/35 1,993,569
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 23
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,186,828 0.64 A+/NR Bear Stearns Asset Backed Securities
Trust 2006-SD2, Floating Rate
Note, 6/25/36 $ 1,164,917
227,143 0.89 AA/Baa3 Carrington Mortgage Loan Trust
Series 2005-NC1, Floating Rate
Note, 2/25/35 226,884
116,322 0.55 AA+/A1 Carrington Mortgage Loan Trust
Series 2005-NC4, Floating Rate
Note, 9/25/35 114,826
400,000 1.35 NR/A2 Chesapeake Funding LLC, Floating
Rate Note, 3/4/26 400,000
400,000 1.30 NR/Aa2 Chesapeake Funding LLC, Floating
Rate Note, 5/7/24 (144A) 403,056
1,989,023 BB-/Ba2 Citicorp Residential Mortgage
Trust Series 2006-1, 5.939%,
7/25/36 (Step) 2,072,562
318,208 B+/B2 Citicorp Residential Mortgage
Trust Series 2006-2, 5.775%,
9/25/36 (Step) 334,907
2,119,177 B-/B1 Citicorp Residential Mortgage
Trust Series 2006-3, 5.703%,
11/25/36 (Step) 2,225,793
1,337,905 B-/B2 Citicorp Residential Mortgage
Trust Series 2007-1, 5.892%,
3/25/37 (Step) 1,407,288
81,525 0.42 AA+/A1 Citigroup Mortgage Loan Trust
2006-HE1, Floating Rate
Note, 1/25/36 81,271
892,044 4.00 AA/NR Citigroup Mortgage Loan Trust
2014-A, Floating Rate Note,
1/1/35 (144A) 928,658
971,453 1.20 BBB-/Ba1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 12/25/34 965,204
1,935,480 5.07 BB+/Ba2 Countrywide Asset-Backed Certificates,
Floating Rate Note, 2/25/36 1,972,196
700,000 NR/Ba2 Credit-Based Asset Servicing and
Securitization LLC, 5.6472%,
10/25/36 (Step) (144A) 683,536
1,526,250 A/NR Cronos Containers Program, Ltd.,
3.81%, 9/18/27 (144A) 1,533,901
63,788 1.23 AAA/NR First Franklin Mortgage Loan Trust
2004-FF10, Floating Rate
Note, 9/25/34 63,692
464,835 AAA/NR First Investors Auto Owner Trust
2012-2, 1.47%, 5/15/18 (144A) 466,870
2,079,856 0.55 AA+/Aa2 First NLC Trust 2005-2, Floating Rate
Note, 9/25/35 2,064,457
The accompanying notes are an integral part of these financial statements.
24 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,434,803 NR/NR GMAT 2013-1 Trust, 3.9669%,
8/25/53 (Step) $ 1,437,505
851,740 0.40 B+/B3 GSAA Home Equity Trust 2005-11,
Floating Rate Note, 10/25/35 847,825
595,875 0.90 AA+/Ba1 GSAMP Trust 2005-HE1, Floating
Rate Note, 12/25/34 582,393
1,561,584 1.50 BBB+/Baa3 GSRPM Mortgage Loan Trust 2003-2,
Floating Rate Note, 6/25/33 1,498,042
968,273 0.45 A+/Baa1 GSRPM Mortgage Loan Trust 2006-2,
Floating Rate Note, 9/25/36 (144A) 913,308
1,620,000 AA/NR HLSS Servicer Advance Receivables
Trust, 1.7436%, 1/16/46 (144A) 1,616,274
224,000 A/NR HLSS Servicer Advance Receivables
Trust, 3.96%, 10/15/45 (144A) 228,032
424,845 0.53 A+/A2 Home Equity Asset Trust 2005-7,
Floating Rate Note, 1/25/36 410,642
2,185,612 NR/A2 Horizon Funding Trust 2013-1, 3.0%,
5/15/18 (144A) 2,191,076
1,444,152 1.35 A+/Aa2 HSBC Home Equity Loan Trust USA
2007-3, Floating Rate Note, 11/20/36 1,445,376
1,269,288 BBB/NR Icon Brands Holdings LLC, 4.229%,
1/25/43 (144A) 1,281,180
730,047 NR/Baa1 Irwin Home Equity Loan Trust 2005-1,
5.32%, 6/25/35 (Step) 716,159
381,350 0.85 AA+/A2 Irwin Whole Loan Home Equity Trust
2005-C, Floating Rate Note, 3/25/25 370,337
1,326,000 NR/Aaa Leaf Receivables Funding 8 LLC,
1.55%, 11/15/17 (144A) 1,333,890
2,203,000 NR/Aaa Leaf Receivables Funding 8 LLC,
1.92%, 9/15/20 (144A) 2,212,275
365,672 BBB+/Baa1 Lehman ABS Manufactured Housing
Contract Trust 2001-B,
5.873%, 4/15/40 385,515
1,862,749 0.40 A+/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
2/25/30 (144A) 1,653,961
1,182,900 2.40 A+/A3 Madison Avenue Manufactured
Housing Contract Trust 2002-A,
Floating Rate Note, 3/25/32 1,182,196
386,807 0.30 B-/B3 Nationstar Home Equity Loan Trust
2007-A, Floating Rate Note, 3/25/37 367,087
908,073 0.85 AAA/Aaa New Century Home Equity Loan Trust
2005-1, Floating Rate Note, 3/25/35 907,561
1,900,000 3.75 AAA/NR New Residential Mortgage Loan Trust
2014-1, Floating Rate Note,
1/25/54 (144A) 1,965,789
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 25
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
608,424 5.91 AA/A3 Origen Manufactured Housing
Contract Trust 2004-A, Floating Rate
Note, 1/15/35 $ 644,710
424,412 5.46 AAA/Aa3 Origen Manufactured Housing
Contract Trust 2004-B, Floating Rate
Note, 11/15/35 436,679
103,571 NR/A2 Oxford Finance Funding Trust 2012-1,
3.9%, 3/15/17 (144A) 104,218
526,376 0.85 AAA/Aaa PFS Financing Corp., Floating Rate
Note, 10/17/16 (144A) 526,631
775,712 1.65 A/NR PFS Financing Corp., Floating Rate
Note, 10/17/16 (144A) 776,608
1,500,000 NR/NR Progreso Receivables Funding I LLC,
4.0%, 7/9/18 (144A) 1,505,625
1,163,424 0.40 B/Baa2 RAAC Series 2006-RP2 Trust, Floating
Rate Note, 2/25/37 (144A) 1,129,487
953,717 2.63 A+/Ba2 SASCO Mortgage Pass-Through
Certificates Series 2004-S4, Floating
Rate Note, 12/25/34 953,042
633,359 AAA/NR SNAAC Auto Receivables Trust
2013-1, 1.14%, 7/16/18 (144A) 634,058
705,164 AAA/NR SNAAC Auto Receivables Trust, 3.11%,
6/15/17 (144A) 707,548
267,979 A+/NR Spirit Master Funding LLC, 5.74%,
3/20/42 (144A) 295,782
2,800,000 A/NR Springleaf Funding Trust 2013-A,
2.58%, 9/15/21 (144A) 2,820,518
1,200,000 A/NR Springleaf Funding Trust 2014-A,
2.41%, 12/25/22 (144A) 1,202,118
294,179 A+/NR STORE Master Funding LLC, 4.16%,
3/20/43 (144A) 299,521
2,042,044 A+/NR STORE Master Funding LLC, 5.77%,
8/20/42 (144A) 2,212,207
1,498,466 0.35 CCC/Ba3 Structured Asset Investment Loan
Trust 2006-1, Floating Rate
Note, 1/25/36 1,452,845
2,642,984 0.37 B-/Baa3 Structured Asset Securities Corp.,
Mortgage Loan Trust 2006-GEL4,
Floating Rate Note, 10/25/36 (144A) 2,562,392
231,652 A+/Baa2 Structured Asset Securities Corp.,
4.77%, 10/25/34 (Step) 240,901
702,068 A+/NR SVO 2012-A VOI Mortgage LLC, 2.0%,
9/20/29 (144A) 704,518
771,441 1.09 AA+/A1 Terwin Mortgage Trust Series TMTS
2003-8HE, Floating Rate
Note, 12/25/34 748,592
The accompanying notes are an integral part of these financial statements.
26 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
2,830,743 AA/A2 Terwin Mortgage Trust Series TMTS
2005-16HE, 4.60715%,
9/25/36 (Step) $ 2,950,294
3,134,000 2.55 AAA/Aaa Trafigura Securitisation Finance Plc,
Floating Rate Note, 10/15/15 (144A) 3,166,731
--------------
$ 75,845,705
--------------
Total Banks $ 75,845,705
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.7%
Other Diversified
Financial Services -- 0.6%
1,900,000 AA/Aa3 Capital Auto Receivables Asset
Trust/ Ally, 1.74%, 10/22/18 $ 1,903,435
1,800,000 2.10 NR/A2 Colony American Homes 2014-1,
Floating Rate Note, 5/17/31 1,801,062
739,675 AA/NR Mid-State Capital Trust 2010-1,
5.25%, 12/15/45 (144A) 767,197
1,605,513 A+/NR Sierra Timeshare 2012-2 Receivables
Funding LLC, 2.38%, 3/20/29 (144A) 1,630,632
308,042 A+/NR Sierra Timeshare 2012-3 Receivables
Funding LLC, 1.87%, 8/20/29 (144A) 310,696
3,503,940 NR/NR TOPRE 13-LTR, 3.47%,
11/20/28 (144A) 3,507,780
765,000 1.85 B/B2 Truman Capital Mortgage Loan Trust,
Floating Rate Note, 1/25/34 752,208
--------------
$ 10,673,010
----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.4%
3,914,279 BBB+/Baa1 Domino's Pizza Master Issuer LLC,
5.216%, 1/25/42 (144A) $ 4,206,370
1,659,000 0.59 NR/Aaa GE Dealer Floorplan Master Note
Trust, Floating Rate Note, 10/20/17 1,662,695
233,996 NR/A2 Hercules Capital Funding Trust
2012-1, 3.32%, 12/16/17 (144A) 234,874
750,878 NR/Aaa JG Wentworth XXII LLC, 3.82%,
12/15/48 (144A) 792,884
--------------
$ 6,896,823
----------------------------------------------------------------------------------------------------
Consumer Finance -- 0.6%
428,000 BBB+/NR American Credit Acceptance
Receivables Trust 2012-2, 4.05%,
2/15/18 (144A) $ 435,122
580,162 A+/NR American Credit Acceptance
Receivables Trust, 1.64%,
11/15/16 (144A) 581,340
600,000 1.60 NR/Aa2 American Homes 4 Rent 2014-SFR1,
Floating Rate Note, 6/17/31 600,115
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 27
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
500,000 NR/Aaa AmeriCredit Automobile Receivables
Trust 2011-3, 4.04%, 7/10/17 $ 517,592
800,000 A+/NR AmeriCredit Automobile Receivables
Trust 2013-1, 1.57%, 1/8/19 803,173
792,411 NR/Aaa California Republic Auto Receivables
Trust 2012-1, 1.18%, 8/15/17 (144A) 796,404
1,200,000 A+/NR First Investors Auto Owner Trust
2013-1, 2.02%, 1/15/19 (144A) 1,202,574
808,333 A/NR Global SC Finance II SRL, 4.11%,
7/19/27 (144A) 811,365
666,677 AA+/NR Prestige Auto Receivables Trust
2011-1, 3.9%, 7/16/18 (144A) 672,861
134,300 NR/Aaa Santander Drive Auto Receivables
Trust 2011-2, 2.66%, 1/15/16 134,427
1,450,000 AA/Aaa Santander Drive Auto Receivables
Trust 2012-1, 3.78%, 11/15/17 1,488,526
850,000 A/Aaa Santander Drive Auto Receivables
Trust 2012-5, 2.7%, 8/15/18 873,751
900,000 0.98 AAA/Aa1 SLM Student Loan Trust 2004-10,
Floating Rate Note, 4/27/26 (144A) 907,084
--------------
$ 9,824,334
----------------------------------------------------------------------------------------------------
Asset Management
& Custody Banks -- 0.1%
1,021,250 A/NR Triton Container Finance LLC, 4.21%,
5/14/27 (144A) $ 1,021,250
--------------
Total Diversified Financials $ 28,415,417
----------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $111,203,007) $ 112,940,037
----------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 17.6%
BANKS -- 14.8%
Thrifts & Mortgage Finance -- 14.8%
1,589,664 NR/NR A10 Securitization 2013-1 LLC, 2.4%,
11/15/25 (144A) $ 1,596,694
2,794,000 NR/NR A10 Term Asset Financing 2013-2
LLC, 2.62%, 11/15/27 (144A) 2,796,372
574,619 0.60 CCC/NR Alternative Loan Trust 2003-14T1,
Floating Rate Note, 8/25/18 546,036
1,759,598 BBB+/NR Alternative Loan Trust 2003-21T1,
5.75%, 12/25/33 1,841,859
470,063 BB-/B2 Alternative Loan Trust 2003-J1,
4.75%, 10/25/33 481,379
121,489 BBB+/Ba1 Alternative Loan Trust 2004-2CB,
5.125%, 3/25/34 121,603
The accompanying notes are an integral part of these financial statements.
28 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
406,608 BB+/Ba2 Alternative Loan Trust 2004-4CB,
4.25%, 4/25/34 $ 415,272
5,426,539 0.59 A+/Baa3 Alternative Loan Trust 2005-J4,
Floating Rate Note, 7/25/35 5,255,353
728,535 A+/Baa2 Bank of America Alternative Loan
Trust 2003-2, 5.75%, 4/25/33 755,434
1,591,914 NR/Baa2 Bank of America Alternative Loan
Trust 2003-7, 5.5%, 9/25/33 1,657,647
817,028 NR/B1 Bank of America Alternative Loan
Trust 2004-10, 5.5%, 11/25/19 825,664
801,450 NR/Ba3 Bank of America Alternative Loan
Trust 2004-12, 5.5%, 1/25/20 812,868
1,039,636 NR/B3 Bank of America Alternative Loan
Trust 2004-2, 5.5%, 3/25/19 1,064,354
1,554,606 NR/Ba2 Bank of America Alternative Loan
Trust 2004-2, 6.0%, 3/25/34 1,608,221
706,430 NR/B2 Bank of America Alternative Loan
Trust 2004-4, 5.25%, 5/25/34 715,967
1,536,420 NR/Ba3 Bank of America Alternative Loan
Trust 2004-6, 5.0%, 7/25/19 1,562,900
853,018 BBB+/NR Bank of America Funding 2003-3
Trust, 5.5%, 10/25/33 884,789
1,371,301 CCC/NR Bank of America Funding 2005-8
Trust, 5.5%, 1/25/36 1,385,644
653,072 0.28 BB-/A Bank of America Funding 2010-R4
Trust REMICS, Floating Rate Note,
8/26/36 (144A) 648,186
400,000 1.25 A-/Aaa Bank of America Large Loan Trust
2007-BMB1, Floating Rate Note,
8/15/29 (144A) 399,905
1,248,878 2.69 BBB/NR Bank of America Mortgage 2003-F
Trust, Floating Rate Note, 7/25/33 1,264,539
671,807 2.74 NR/Baa3 Bank of America Mortgage 2003-H
Trust, Floating Rate Note, 9/25/33 672,774
869,090 2.82 NR/Ba2 Bank of America Mortgage 2003-I
Trust, Floating Rate Note, 10/25/33 880,360
530,418 5.12 BBB+/NR Bank of America Mortgage 2005-H
Trust, Floating Rate Note, 9/25/35 532,645
1,192,237 A+/NR Bank of America Mortgage Trust
2004-11, 5.75%, 1/25/35 1,212,898
102,731 B-/NR Bank of America Mortgage Trust
2004-7, 4.5%, 8/25/19 104,233
1,170,406 A+/NR Bank of America Mortgage Trust
2004-9, 5.5%, 11/25/34 1,190,160
10,122,430 NR/Caa2 Bayview Commercial Asset Trust,
7/25/37 (Step) (144A) (c) (d) 58,710
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 29
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
6,921,535 NR/Caa2 Bayview Commercial Asset Trust,
3.53033%, 9/25/37 (Step) (144A) (c) $ 448,515
465,773 2.98 NR/NR Bayview Opportunity Master Fund
Trust IIB LP, Floating Rate Note,
1/28/33 (144A) 465,867
1,890,365 0.85 AA+/Baa1 Bear Stearns ALT-A Trust 2004-12,
Floating Rate Note, 1/25/35 1,835,918
1,959,656 0.85 AAA/A3 Bear Stearns ALT-A Trust 2004-12,
Floating Rate Note, 1/25/35 1,916,628
3,121,749 0.75 A+/Ba1 Bear Stearns ALT-A Trust 2004-4,
Floating Rate Note, 6/25/34 3,000,713
1,070,871 0.71 AA+/Baa1 Bear Stearns ALT-A Trust 2005-1,
Floating Rate Note, 1/25/35 1,068,659
839,296 2.33 AA+/Baa2 Bear Stearns ARM Trust 2003-5,
Floating Rate Note, 8/25/33 842,748
3,238,162 2.74 A+/Ba3 Bear Stearns ARM Trust 2003-6,
Floating Rate Note, 8/25/33 3,255,752
199,600 7.66 AAA/Aaa Bear Stearns Commercial Mortgage
Securities Trust 2002-TOP6, Floating
Rate Note, 10/15/36 (144A) 200,280
1,000,000 5.21 NR/Ba1 Bear Stearns Commercial Mortgage
Securities Trust 2005-PWR7, Floating
Rate Note, 2/11/41 1,009,636
2,064,693 0.85 AA+/Baa3 Bella Vista Mortgage Trust 2004-1,
Floating Rate Note, 11/20/34 2,000,109
621,427 2.65 A+/Ba1 CHL Mortgage Pass-Through Trust
2003-56, Floating Rate
Note, 12/25/33 626,930
898,070 0.32 AA/Aaa Citigroup Commercial Mortgage Trust
2007-FL3, Floating Rate Note,
4/15/22 (144A) 891,497
1,388,403 1.15 AA+/NR Citigroup Mortgage Loan Trust
2010-7 REMICS, Floating Rate Note,
9/25/37 (144A) 1,388,129
1,605,344 2.17 BB/NR Citigroup Mortgage Loan Trust, Inc.,
REMICS, Floating Rate Note, 8/25/34 1,609,693
1,000,000 4.65 AA-/A3 City Center Trust 2011-CCHP, Floating
Rate Note, 7/15/28 (144A) 1,000,050
540,387 0.59 A+/A2 CNL Commercial Mortgage Loan Trust
2003-2, Floating Rate Note,
10/25/30 (144A) 462,834
2,135,318 0.28 AA-/A1 COMM 2006-FL12 Mortgage Trust,
Floating Rate Note, 12/15/20 (144A) 2,128,243
484,698 0.32 BBB/A1 COMM 2006-FL12 Mortgage Trust,
Floating Rate Note, 12/15/20 (144A) 483,062
450,000 NR/Aaa COMM 2012-CCRE2 Mortgage Trust
REMICS, 3.791%, 8/15/45 465,556
The accompanying notes are an integral part of these financial statements.
30 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
850,000 NR/Aaa COMM 2012-CCRE2 Mortgage Trust,
3.147%, 8/15/45 $ 859,033
915,000 AAA/Aaa COMM 2012-CCRE4 Mortgage Trust,
2.436%, 10/15/45 910,945
4,000,000 NR/Aaa COMM 2012-LC4 Mortgage Trust,
4.063%, 12/10/44 4,231,164
1,900,000 AAA/Aaa COMM 2013-LC6 Mortgage Trust,
2.941%, 1/10/46 1,876,277
3,638,736 2.09 AAA/NR Commercial Mortgage Pass Through
Certificates, Floating Rate Note,
11/17/26 (144A) 3,664,069
2,663,946 NR/Baa1 Credit Suisse Commercial
Mortgage Trust Series 2007-C1,
5.361%, 2/15/40 2,858,846
244,902 B-/NR Credit Suisse First Boston Mortgage
Securities Corp., 5.5%, 6/25/33 245,871
531,655 2.57 BBB+/Ba2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate
Note, 11/25/33 531,469
288,899 1.50 AA+/A3 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate
Note, 12/25/33 289,129
1,777,653 5.01 NR/Aaa Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate
Note, 2/15/38 1,791,485
569,761 2.45 BBB+/B1 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate
Note, 6/25/34 572,859
93,331 0.85 AA+/Baa3 Credit-Based Asset Servicing and
Securitization LLC, Floating Rate
Note, 5/25/50 (144A) 93,896
1,900,000 5.58 NR/Aa2 DBUBS 2011-LC3 Mortgage Trust,
Floating Rate Note, 8/10/44 (144A) 2,145,096
1,100,000 1.25 AA-/NR Extended Stay America Trust
2013-ESH, Floating Rate Note,
12/5/31 (144A) 1,099,278
449,478 2.57 BB-/B1 First Horizon Mortgage Pass-Through
Trust 2005-AR1, Floating Rate
Note, 4/25/35 454,753
1,035,698 CCC/Caa3 Global Mortgage Securitization, Ltd.,
5.25%, 4/25/32 (144A) 1,000,117
2,008,072 0.42 BB/Ba2 Global Mortgage Securitization, Ltd.,
Floating Rate Note, 4/25/32 1,928,159
3,375,000 AAA/NR GMAC Commercial Mortgage
Securities Inc Series 2004-C3 Trust,
4.864%, 12/10/41 3,407,255
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 31
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,199,597 3.39 BBB/Baa3 GMACM Mortgage Loan Trust
2003-AR1, Floating Rate
Note, 10/19/33 $ 1,185,962
5,969,586 AA+/Aaa Government National Mortgage
Association REMICS, 2.1%, 2/16/48 5,962,650
1,250,000 NR/Aaa GS Mortgage Securities Corp. II,
3.377%, 5/10/45 1,291,759
1,000,000 AA-/NR GS Mortgage Securities Corp. II,
3.682%, 2/10/46 (144A) 1,003,925
900,000 NR/Aaa GS Mortgage Securities Corp. II,
5.56%, 11/10/39 975,910
1,550,000 1.90 NR/A3 GS Mortgage Securities Corp. II,
Floating Rate Note, 11/8/29 (144A) 1,565,539
1,226,184 2.30 A+/NR GSR Mortgage Loan Trust 2003-9,
Floating Rate Note, 8/25/33 1,252,709
1,935,396 2.67 A+/B1 GSR Mortgage Loan Trust 2004-7,
Floating Rate Note, 6/25/34 1,891,632
729,190 2.67 BBB+/NR GSR Mortgage Loan Trust 2005-AR1,
Floating Rate Note, 1/25/35 741,213
1,300,000 AAA/NR HLSS Servicer Advance Receivables
Trust, 1.2437%, 1/17/45 1,301,040
2,414,108 0.50 AA+/Aa3 Homestar Mortgage Acceptance
Corp., Floating Rate Note, 6/25/34 2,394,658
616,878 0.87 BBB-/Baa2 Impac CMB Trust Series 2004-5,
Floating Rate Note, 10/25/34 600,763
575,931 0.95 B-/Ba1 Impac CMB Trust Series 2004-6,
Floating Rate Note, 10/25/34 551,763
2,368,402 0.89 BBB+/A3 Impac CMB Trust Series 2004-7,
Floating Rate Note, 11/25/34 2,279,412
776,544 0.91 B/Ba3 Impac CMB Trust Series 2004-9,
Floating Rate Note, 1/25/35 708,884
2,162,543 0.95 AAA/Aaa Impac Secured Assets CMN Owner
Trust, Floating Rate Note, 11/25/34 2,110,939
458,083 0.50 AAA/Aaa Impac Secured Assets Trust 2006-2,
Floating Rate Note, 8/25/36 448,939
1,303,806 0.35 BB+/Baa2 Impac Secured Assets Trust 2006-5,
Floating Rate Note, 12/25/36 1,212,155
2,800,000 2.52 A/A2 JP Morgan Chase Commercial
Mortgage Securities Corp., Floating
Rate Note, 10/15/25 (144A) 2,804,679
464,875 0.31 AA/Aa3 JP Morgan Chase Commercial
Mortgage Securities Trust 2006-LDP9,
Floating Rate Note, 5/15/47 463,359
1,600,000 AAA/NR JP Morgan Chase Commercial
Mortgage Securities Trust 2010-C2,
3.6159%, 11/15/43 (144A) 1,702,942
The accompanying notes are an integral part of these financial statements.
32 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,350,000 NR/Aaa JP Morgan Chase Commercial
Mortgage Securities Trust 2011-C5,
4.1712%, 8/15/46 $ 1,465,017
900,000 3.98 AA/NR JP Morgan Chase Commercial
Mortgage Securities Trust 2012-C8,
Floating Rate Note, 10/15/45 (144A) 926,515
1,368,000 3.00 AA-/NR JP Morgan Chase Commercial
Mortgage Securities Trust 2013-ALC,
Floating Rate Note, 7/17/26 (144A) 1,388,190
1,500,000 1.95 A-/NR JP Morgan Chase Commercial
Mortgage Securities Trust 2013-FL3,
Floating Rate Note, 4/15/28 (144A) 1,506,519
1,429,944 2.03 A+/Baa1 JP Morgan Mortgage Trust 2003-A1,
Floating Rate Note, 10/25/33 1,442,242
1,105,888 2.49 A+/Baa1 JP Morgan Mortgage Trust 2003-A1,
Floating Rate Note, 10/25/33 1,112,314
2,048,670 2.49 AA+/Baa3 JP Morgan Mortgage Trust 2004-A1,
Floating Rate Note, 2/25/34 2,112,596
984,888 2.49 AA+/Baa1 JP Morgan Mortgage Trust 2004-A1,
Floating Rate Note, 2/25/34 1,009,355
241,603 2.61 A+/NR JP Morgan Mortgage Trust 2004-A2,
Floating Rate Note, 5/25/34 242,638
1,172,511 2.28 AA+/Baa2 JP Morgan Mortgage Trust 2004-A5,
Floating Rate Note, 12/25/34 1,178,575
985,367 B+/Baa3 JP Morgan Mortgage Trust 2004-S1,
5.0%, 9/25/34 1,026,792
1,884,740 B-/Ba2 JP Morgan Mortgage Trust 2004-S1,
6.0%, 9/25/34 1,915,381
356,791 2.20 BBB+/Baa3 JP Morgan Mortgage Trust 2005-A4,
Floating Rate Note, 7/25/35 357,793
884,529 3.50 AAA/NR JP Morgan Mortgage Trust 2013-2,
Floating Rate Note, 5/25/43 (144A) 889,458
989,399 3.50 AAA/NR JP Morgan Mortgage Trust 2014-1
REMICS, Floating Rate Note,
1/25/44 (144A) 980,956
10,055,000 3.00 AAA/NR JP Morgan Mortgage Trust 2014-2,
Floating Rate Note, 6/25/29 (144A) 10,279,666
532,610 2.75 NR/NR La Hipotecaria Panamanian Mortgage
Trust 2010-1, Floating Rate Note,
9/8/39 (144A) 552,084
207,242 AAA/Aaa LB-UBS Commercial Mortgage Trust
2004-C1, 4.568%, 1/15/31 214,154
2,255,000 5.20 NR/Baa2 LB-UBS Commercial Mortgage Trust
2005-C2 REMICS, Floating Rate
Note, 4/15/30 2,320,066
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 33
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,000,000 5.15 NR/Aaa LB-UBS Commercial Mortgage Trust
2005-C2, Floating Rate Note, 4/15/30 $ 1,023,570
324,985 1.10 A+/Aa1 Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3
Class 1A4, Floating Rate Note,
10/25/37 (144A) 322,738
518,590 0.40 A+/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
9/25/30 (144A) 485,321
1,395,000 5.33 NR/A1 LSTAR Commercial Mortgage Trust,
Floating Rate Note, 6/25/43 (144A) 1,418,497
1,012,907 5.24 B-/B3 MASTR Adjustable Rate Mortgages
Trust, Floating Rate Note, 1/25/35 967,034
880,150 BB+/NR MASTR Alternative Loan Trust
2004-10, 5.5%, 10/25/19 901,807
26,741 AAA/NR MASTR Alternative Loan Trust
2004-13, 4.5%, 1/25/15 26,701
2,254,705 B-/NR MASTR Alternative Loan Trust 2004-6,
6.0%, 7/25/34 2,294,093
1,520,488 A+/NR MASTR Alternative Loan Trust 2005-1,
5.5%, 2/25/35 1,544,034
782,513 6.62 A-/NR MASTR Seasoned Securitization Trust
2005-1, Floating Rate Note, 9/25/32 818,035
623,876 0.63 AA+/Baa1 Mellon Residential Funding Corp.,
Mortgage Pass-Through Trust
Series 2000 TBC2, Floating Rate
Note, 6/15/30 616,859
861,506 0.59 AA+/Baa1 Mellon Residential Funding Corp.,
Mortgage Pass-Through Trust
Series 2000-TBC3, Floating Rate
Note, 12/15/30 818,870
272,264 2.40 BBB/B1 Merrill Lynch Mortgage Investors
Trust Series 2005-2, Floating Rate
Note, 10/25/35 276,101
3,627,175 0.42 AA+/A3 Merrill Lynch Mortgage Investors
Trust Series 2005-A3, Floating Rate
Note, 4/25/35 3,471,069
3,153,275 0.43 A+/Baa2 Morgan Stanley Mortgage Loan
Trust 2005-6AR, Floating Rate
Note, 11/25/35 3,114,395
2,851,986 0.93 AA+/Baa1 MortgageIT Trust 2004-1, Floating
Rate Note, 11/25/34 2,779,354
943,199 3.75 AAA/NR Nationstar Mortgage Loan Trust
2013-A, Floating Rate Note,
12/25/52 (144A) 960,884
The accompanying notes are an integral part of these financial statements.
34 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
2,579,027 0.34 NR/NR Nomura Resecuritization Trust
2011-3R, Floating Rate Note,
7/26/37 (144A) $ 2,503,203
2,085,351 1.35 AAA/Aaa NorthStar 2012-1 Mortgage Trust,
Floating Rate Note, 8/25/29 (144A) 2,087,157
5,577,903 3.25 AAA/NR NRP Mortgage Trust 2013-1, Floating
Rate Note, 7/25/43 (144A) 5,691,011
462,128 0.40 BB+/Ba3 Opteum Mortgage Acceptance Corp.,
Asset Backed Pass-Through
Certificates 2005-5, Floating Rate
Note, 12/25/35 457,113
1,474,859 NR/NR ORES 2014-LV3 LLC, 3.0%,
3/27/24 (144A) 1,474,956
446,744 NR/A2 PHH Mortgage Capital LLC, 6.6%,
12/25/27 (Step) (144A) 453,269
430,644 BB+/Caa1 RAAC Series 2004-SP2 Trust,
6.0%, 1/25/32 438,793
751,431 0.72 B+/Ba1 RALI Series 2003-QS11 Trust,
Floating Rate Note, 6/25/33 713,168
760,622 0.70 B-/Ba2 RALI Series 2003-QS13 Trust,
Floating Rate Note, 7/25/33 707,444
531,322 NR/Ba3 RALI Series 2003-QS14 Trust,
5.0%, 7/25/18 540,215
2,308,639 NR/B1 RALI Series 2004-QS13 Trust,
5.0%, 9/25/19 2,363,137
831,700 NR/B3 RALI Series 2004-QS16 Trust,
5.5%, 12/25/34 846,215
1,310,285 NR/Ba2 RALI Series 2004-QS3 Trust,
5.0%, 3/25/19 1,341,984
573,868 1.55 B-/Ba3 RESI Finance LP, Floating Rate Note,
9/10/35 (144A) 498,599
284,109 B-/NR Residential Asset Securitization Trust
2004-A10, 5.5%, 2/25/35 289,107
487,238 BBB/NR Residential Asset Securitization Trust
2004-A8, 5.25%, 11/25/34 506,960
1,563,435 B/NR Residential Asset Securitization Trust
2004-A9, 5.75%, 12/25/34 1,618,298
1,000,578 NR/B3 RFMSI Series 2005-S5 Trust,
5.25%, 7/25/35 1,033,076
2,815,888 0.81 AA/Ba1 Sequoia Mortgage Trust 2003-2,
Floating Rate Note, 6/20/33 2,737,770
1,332,542 0.77 AA+/Baa3 Sequoia Mortgage Trust 2003-5,
Floating Rate Note, 9/20/33 1,305,186
1,183,989 0.62 AA/Baa3 Sequoia Mortgage Trust 2004-12
REMICS, Floating Rate Note, 1/20/35 1,099,979
1,081,723 0.49 A+/Baa2 Sequoia Mortgage Trust 2004-9,
Floating Rate Note, 10/20/34 1,034,907
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 35
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,396,469 0.37 BBB+/Ba1 Sequoia Mortgage Trust 2005-2,
Floating Rate Note, 3/20/35 $ 1,295,253
2,185,318 3.00 NR/Aaa Sequoia Mortgage Trust 2013-6,
Floating Rate Note, 5/25/43 2,031,448
1,761,837 3.00 AAA/NR Sequoia Mortgage Trust 2013-7,
Floating Rate Note, 6/25/43 1,683,025
700,291 2.25 NR/Aaa Sequoia Mortgage Trust 2013-8,
Floating Rate Note, 6/25/43 663,115
835,876 3.00 NR/Aaa Sequoia Mortgage Trust 2013-8,
Floating Rate Note, 6/25/43 798,681
2,081,531 AAA/Aaa Sequoia Mortgage Trust 2013-9,
3.5%, 7/25/43 (144A) 2,074,535
48,580 NR/Baa3 SMA Issuer I LLC, 3.5%,
8/20/25 (144A) 48,594
1,796,077 2.22 AAA/NR Springleaf Mortgage Loan Trust
2012-2, Floating Rate Note,
10/25/57 (144A) 1,818,934
750,000 3.79 A-/NR Springleaf Mortgage Loan Trust,
Floating Rate Note, 6/25/58 (144A) 756,068
665,984 2.52 BBB-/B3 Structured Adjustable Rate
Mortgage Loan Trust, Floating Rate
Note, 1/25/35 662,086
452,322 4.59 BBB+/Ba2 Structured Adjustable Rate
Mortgage Loan Trust, Floating Rate
Note, 11/25/34 447,132
4,513,751 0.84 AA+/Baa1 Structured Asset Mortgage
Investments II Trust 2004-AR8,
Floating Rate Note, 5/19/35 4,423,056
1,186,427 0.90 A+/Ba1 Structured Asset Mortgage
Investments Trust 2003-AR2,
Floating Rate Note, 12/19/33 1,136,636
843,644 2.69 A+/Baa3 Structured Asset Securities Corp.
Mortgage Certificates Series 2003-31A,
Floating Rate Note, 10/25/33 844,406
933,687 0.45 B-/B2 Structured Asset Securities Corp. Trust
2005-14, Floating Rate Note, 7/25/35 848,746
854,996 2.17 NR/Baa2 Thornburg Mortgage Securities Trust
2003-3, Floating Rate Note, 6/25/43 855,693
3,289,927 0.89 BBB+/Baa3 Thornburg Mortgage Securities Trust
2004-3, Floating Rate Note, 9/25/44 3,192,940
761,569 1.77 AAA/Baa3 Thornburg Mortgage Securities
Trust Class II4A, Floating Rate
Note, 3/25/44 756,876
4,470,000 AAA/Aa1 TimberStar Trust 1 REMICS, 5.668%,
10/15/36 (144A) 4,869,578
1,435,000 AA/Aa3 TimberStar Trust 1, 5.7467%,
10/15/36 (144A) 1,562,414
The accompanying notes are an integral part of these financial statements.
36 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,011,393 NR/NR VOLT XXIII LLC, 3.625%,
11/25/53 (Step) $ 1,019,877
3,400,175 AAA/Aaa Wachovia Bank Commercial
Mortgage Trust Series 2004-C15,
4.803%, 10/15/41 3,409,172
2,403,017 2.44 A+/Baa1 WaMu Mortgage Pass-Through
Certificates Series 2003-AR6 Trust,
Floating Rate Note, 6/25/33 2,429,217
2,081,888 2.41 BBB/NR WaMu Mortgage Pass-Through
Certificates Series 2005-AR3 Trust,
Floating Rate Note, 3/25/35 2,088,896
3,359,910 2.40 BBB+/NR WaMu Mortgage Pass-Through
Certificates, Floating Rate
Note, 1/25/35 3,374,882
1,233,457 0.56 AA+/A1 Wells Fargo Alternative Loan 2005-2
Trust, Floating Rate Note, 10/25/35 1,221,147
1,927,000 NR/Aaa Wells Fargo Commercial Mortgage Trust
2012-LC5 REMICS, 3.539%, 10/15/45 1,962,353
1,800,000 1.18 AAA/NR Wells Fargo Commercial Mortgage Trust
2014-TISH, Floating Rate Note,
2/15/27 (144A) 1,803,958
2,946,198 NR/Aaa Wells Fargo Commercial Mortgage
Trust, 3.349%, 11/15/43 (144A) 3,073,185
624,998 2.49 AA+/Baa1 Wells Fargo Mortgage Backed
Securities 2003-L Trust, Floating Rate
Note, 11/25/33 634,350
260,728 2.54 BBB+/Baa3 Wells Fargo Mortgage Backed
Securities 2003-L Trust, Floating Rate
Note, 11/25/33 257,350
1,020,521 2.62 A+/Ba1 Wells Fargo Mortgage Backed
Securities 2004-K Trust, Floating Rate
Note, 7/25/34 1,034,266
276,678 AA+/Baa1 Wells Fargo Mortgage Backed
Securities 2006-16 Trust,
5.0%, 11/25/36 286,849
1,076,773 4.86 BBB+/Ba3 Wells Fargo Mortgage Backed
Securities Trust, Floating Rate
Note, 8/25/34 1,067,782
350,000 5.39 NR/A2 WF-RBS Commercial Mortgage
Trust 2011-C2, Floating Rate Note,
2/15/44 (144A) 391,446
--------------
$ 254,128,984
--------------
Total Banks $ 254,128,984
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 37
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.3%
Other Diversified
Financial Services -- 1.3%
1,895,000 1.45 AA-/NR Del Coronado Trust 2013-DEL,
Floating Rate Note, 3/15/26 (144A) $ 1,893,380
2,362,483 0.40 A+/Aa3 GE Business Loan Trust 2005-1,
Floating Rate Note, 6/15/33 (144A) 2,259,533
1,511,247 0.32 A+/Aa3 GE Business Loan Trust 2007-1,
Floating Rate Note, 4/16/35 (144A) 1,420,855
345,194 2.55 NR/NR Jefferies Resecuritization Trust
2009-R2, Floating Rate Note,
5/26/37 (144A) 344,316
5,179,445 2.50 NR/NR JP Morgan Mortgage Trust 2013-1,
Floating Rate Note, 3/25/43 (144A) 5,125,139
905,232 AAA/NR Morgan Stanley Capital I Trust
2004-HQ4 REMICS, 4.97%, 4/14/40 904,910
2,400,000 5.07 BBB-/NR Morgan Stanley Capital I Trust
2005-HQ6 REMICS, Floating Rate
Note, 8/13/42 2,481,348
1,000,000 BBB-/NR Morgan Stanley Capital I Trust
2007-HQ13, 5.569%, 12/15/44 1,088,988
645,998 0.25 AA+/Aaa Morgan Stanley Capital I, Inc., Floating
Rate Note, 10/15/20 (144A) 645,256
5,102,000 0.28 A+/Aa1 Morgan Stanley Capital I, Inc., Floating
Rate Note, 10/15/20 (144A) 5,081,291
200,000 A+/NR Spirit Master Funding VII LLC,
3.8868%, 12/20/43 206,918
--------------
$ 21,451,934
--------------
Total Diversified Financials $ 21,451,934
----------------------------------------------------------------------------------------------------
GOVERNMENT -- 1.5%
548,223 AA+/Aaa Federal Home Loan Mortgage Corp.,
REMICS, 5.0%, 6/15/33 $ 554,107
251,970 AA+/Aaa Federal Home Loan Mortgage Corp.,
REMICS, 5.0%, 6/15/34 254,402
1,250,000 AA+/Baa2 Federal Home Loan Mortgage Corp.,
4.304%, 9/25/44 (144A) 1,308,030
4,117 AA+/NR Federal National Mortgage Association
REMICS, 10.3%, 4/25/19 4,639
886,711 AA+/Aaa Federal National Mortgage Association
REMICS, 4.5%, 6/25/29 961,393
1,219,998 AA+/Aaa Federal National Mortgage Association
REMICS, 5.0%, 7/25/33 1,240,631
149,778 AA+/Aaa Federal National Mortgage Association
REMICS, 5.0%, 9/25/39 156,854
850,000 AA+/A3 FREMF Mortgage Trust 2010-K7,
5.618%, 4/25/20 (144A) 960,427
The accompanying notes are an integral part of these financial statements.
38 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Government -- (continued)
600,000 A+/Aaa FREMF Mortgage Trust 2010-K8,
5.405%, 9/25/43 (144A) $ 671,684
890,000 AA+/Aaa FREMF Mortgage Trust 2010-K9
REMICS, 5.36%, 9/25/45 (144A) 994,346
1,500,000 AA+/Aaa FREMF Mortgage Trust 2011-K10,
4.774%, 11/25/49 (144A) 1,622,451
1,750,000 NR/A3 FREMF Mortgage Trust 2011-K702,
4.936%, 4/25/44 (144A) 1,899,879
1,250,000 AA+/A3 FREMF Mortgage Trust 2011-K703,
5.051%, 7/25/44 (144A) 1,362,905
900,000 A-/Baa2 FREMF Mortgage Trust 2013-K502,
3.31%, 3/25/45 (144A) 913,344
650,000 3.61 NR/A2 FREMF Mortgage Trust Class B,
Floating Rate Note, 11/25/46 (144A) 673,496
858,000 3.95 AA+/Aaa FREMF Mortgage Trust Class B,
Floating Rate Note, 6/25/47 (144A) 899,407
5,000,000 4.44 A-/Aaa FREMF Mortgage Trust Class B,
Floating Rate Note, 7/25/48 (144A) 5,326,670
11,536,457 AA+/Aaa Government National Mortgage
Association, 1.015%, 2/16/53 (c) 893,256
7,955,993 AA+/Aaa Government National Mortgage
Association, 1.033%, 3/16/53 (c) 589,873
13,307,387 AA+/Aaa Government National Mortgage
Association, 1.063%, 8/16/52 (c) 892,047
12,483,470 AA+/Aaa Government National Mortgage
Association, 1.066%, 9/16/52 (c) 1,003,908
1,790,719 AA+/Aaa Government National Mortgage
Association, 3.0%, 4/20/41 1,861,087
299,545 AA+/Aaa Government National Mortgage
Association, 4.973%, 4/16/42 319,738
714,788 AA+/Aaa Government National Mortgage
Association, 5.25%, 8/16/35 800,016
--------------
$ 26,164,590
--------------
Total Government $ 26,164,590
----------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $297,726,860) $ 301,745,508
----------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 33.7%
ENERGY -- 3.7%
Oil & Gas Drilling -- 0.4%
1,025,000 BBB+/Baa1 Pride International, Inc.,
6.875%, 8/15/20 $ 1,245,522
4,460,000 BBB-/Baa3 Rowan Companies, Inc.,
4.75%, 1/15/24 4,718,809
--------------
$ 5,964,331
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 39
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Oil & Gas Equipment
& Services -- 0.3%
1,300,000 A/A2 Halliburton Co., 7.6%, 8/15/96 (144A) $ 1,938,082
125,000 BBB-/Baa3 Weatherford International, Ltd.,
Bermuda, 5.95%, 4/15/42 141,761
2,815,000 BBB-/Baa3 Weatherford International, Ltd.,
Bermuda, 9.625%, 3/1/19 3,694,110
--------------
$ 5,773,953
----------------------------------------------------------------------------------------------------
Oil & Gas Exploration
& Production -- 0.7%
2,230,000 BBB+/Baa1 Canadian Natural Resources, Ltd.,
6.5%, 2/15/37 $ 2,836,489
1,800,000 B/B2 EP Energy LLC, 9.375%, 5/1/20 2,061,000
901,000 BBB/Baa1 Marathon Oil Corp., 5.9%, 3/15/18 1,031,342
1,400,000 BBB-/Ba1 Newfield Exploration Co.,
5.625%, 7/1/24 1,536,500
719,040 A/Aa3 Ras Laffan Liquefied Natural Gas
Co., Ltd., III, 5.832%, 9/30/16 (144A) 762,182
1,000,000 BBB-/Baa1 Rosneft Finance SA, 6.625%,
3/20/17 (144A) 1,095,000
2,080,000 BBB-/Baa1 Rosneft Finance SA, 7.5%,
7/18/16 (144A) 2,277,600
1,000,000 BBB-/Baa1 Rosneft Finance SA, 7.875%,
3/13/18 (144A) 1,141,250
--------------
$ 12,741,363
----------------------------------------------------------------------------------------------------
Oil & Gas Refining
& Marketing -- 0.5%
1,340,000 BBB/Baa3 EnLink Midstream Partners LP,
4.4%, 4/1/24 $ 1,406,160
2,475,000 BBB-/Baa2 Spectra Energy Capital LLC,
6.2%, 4/15/18 2,840,456
2,890,000 BBB/Baa2 Valero Energy Corp., 9.375%, 3/15/19 3,793,304
--------------
$ 8,039,920
----------------------------------------------------------------------------------------------------
Oil & Gas Storage
& Transportation -- 1.8%
2,900,000 BBB-/Baa2 DCP Midstream LLC, 9.75%,
3/15/19 (144A) $ 3,739,164
3,950,000 5.85 BB/Baa3 DCP Midstream LLC, Floating Rate
Note, 5/21/43 (144A) 3,752,500
1,200,000 3.24 BB/Ba1 Energy Transfer Partners LP, Floating
Rate Note, 11/1/66 1,102,800
5,310,000 BBB+/Baa1 Enterprise Products Operating LLC,
3.9%, 2/15/24 5,492,977
3,250,000 BBB/Baa2 Kinder Morgan Energy Partners LP,
5.95%, 2/15/18 3,708,256
The accompanying notes are an integral part of these financial statements.
40 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Oil & Gas Storage
& Transportation -- (continued)
1,500,000 BBB-/Baa2 Spectra Energy Capital LLC,
6.75%, 7/15/18 $ 1,721,550
1,500,000 BBB-/Baa3 Sunoco Logistics Partners Operations
LP, 4.25%, 4/1/24 1,544,188
2,200,000 BBB-/Baa3 Sunoco Logistics Partners Operations
LP, 6.1%, 2/15/42 2,538,371
2,475,000 BB+/Baa3 The Williams Companies, Inc.,
7.75%, 6/15/31 2,982,318
3,605,000 BBB/Baa2 Williams Partners LP, 4.3%, 3/4/24 3,759,647
--------------
$ 30,341,771
--------------
Total Energy $ 62,861,338
----------------------------------------------------------------------------------------------------
MATERIALS -- 1.6%
Diversified Chemicals -- 0.4%
4,845,000 BBB-/Baa2 CF Industries, Inc., 5.15%, 3/15/34 $ 5,161,621
980,000 BBB/Baa2 Eastman Chemical Co., 4.8%, 9/1/42 995,066
--------------
$ 6,156,687
----------------------------------------------------------------------------------------------------
Fertilizers & Agricultural
Chemicals -- 0.1%
2,675,000 BBB+/A3 Monsanto Co., 3.375%, 7/15/24 $ 2,692,682
----------------------------------------------------------------------------------------------------
Construction Materials -- 0.2%
3,328,000 B+/NR CEMEX Espana SA, 9.875%,
4/30/19 (144A) $ 3,818,880
475,000 BBB/Baa2 Holcim US Finance Sarl & Cie SCS,
6.0%, 12/30/19 (144A) 550,347
--------------
$ 4,369,227
----------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.5%
2,335,000 BB+/Baa3 AngloGold Ashanti Holdings Plc,
5.375%, 4/15/20 $ 2,371,347
1,850,000 BBB/Baa3 Freeport-McMoRan, Inc.,
3.875%, 3/15/23 1,844,369
5,000,000 BB+/Ba1 Gold Fields Orogen Holding BVI, Ltd.,
4.875%, 10/7/20 (144A) 4,600,000
--------------
$ 8,815,716
----------------------------------------------------------------------------------------------------
Gold -- 0.1%
1,650,000 BBB+/Baa2 Goldcorp, Inc., 3.7%, 3/15/23 $ 1,627,456
----------------------------------------------------------------------------------------------------
Steel -- 0.3%
1,175,000 BBB/Baa2 Glencore Funding LLC, 4.125%,
5/30/23 (144A) $ 1,180,101
3,135,000 BBB/Baa3 Worthington Industries, Inc.,
4.55%, 4/15/26 3,260,851
--------------
$ 4,440,952
--------------
Total Materials $ 28,102,720
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 41
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.9%
Aerospace & Defense -- 0.1%
2,250,000 BB-/Ba3 Bombardier, Inc., 4.25%,
1/15/16 (144A) $ 2,323,125
----------------------------------------------------------------------------------------------------
Building Products -- 0.5%
825,000 BBB-/Ba3 Masco Corp., 5.95%, 3/15/22 $ 911,625
4,260,000 BBB-/Ba3 Masco Corp., 7.125%, 3/15/20 5,012,827
1,750,000 5.75 BBB+/Baa2 Stanley Black & Decker, Inc., Floating
Rate Note, 12/15/53 1,890,000
--------------
$ 7,814,452
----------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.2%
2,950,000 A-/Baa1 Tyco Electronics Group SA,
6.55%, 10/1/17 $ 3,413,699
----------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 0.3%
3,200,000 A/A3 Cummins, Inc., 5.65%, 3/1/98 $ 3,623,453
910,000 A/A3 Cummins, Inc., 6.75%, 2/15/27 1,136,841
--------------
$ 4,760,294
----------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.1%
1,810,000 BBB/Baa2 Valmont Industries, Inc.,
6.625%, 4/20/20 $ 2,150,819
----------------------------------------------------------------------------------------------------
Trading Companies
& Distributors -- 0.7%
3,525,000 BB+/NR Aviation Capital Group Corp., 6.75%,
4/6/21 (144A) $ 3,965,361
2,260,000 BBB/Baa2 GATX Corp., 5.2%, 3/15/44 2,408,491
5,660,000 BBB/Baa2 GATX Corp., 6.0%, 2/15/18 6,387,412
--------------
$ 12,761,264
--------------
Total Capital Goods $ 33,223,653
----------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Airlines -- 0.1%
1,500,000 A-/Baa1 US Airways 2013-1 Class A Pass
Through Trust, 3.95%, 5/15/27 $ 1,522,500
----------------------------------------------------------------------------------------------------
Trucking -- 0.0%+
529,000 BBB-/Baa2 Asciano Finance, Ltd., 4.625%,
9/23/20 (144A) $ 564,761
--------------
Total Transportation $ 2,087,261
----------------------------------------------------------------------------------------------------
AUTOMOBILES &
COMPONENTS -- 0.4%
Auto Parts & Equipment -- 0.3%
5,400,000 BBB-/Baa3 Delphi Corp., 4.15%, 3/15/24 $ 5,607,041
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.1%
655,000 BBB+/Baa1 Hyundai Motor Manufacturing Czech
s.r.o., 4.5%, 4/15/15 (144A) $ 673,341
790,000 BBB+/A3 Nissan Motor Acceptance Corp.,
4.5%, 1/30/15 (144A) 807,170
--------------
$ 1,480,511
--------------
Total Automobiles & Components $ 7,087,552
----------------------------------------------------------------------------------------------------
CONSUMER DURABLES
& APPAREL -- 0.1%
Home Furnishings -- 0.1%
800,000 BBB/Baa3 Mohawk Industries, Inc.,
3.85%, 2/1/23 $ 797,000
--------------
Total Consumer Durables & Apparel $ 797,000
----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.5%
Casinos & Gaming -- 0.1%
1,010,000 BBB-/Ba1 GLP Capital LP, 4.375%,
11/1/18 (144A) $ 1,042,825
----------------------------------------------------------------------------------------------------
Education Services -- 0.4%
1,000,000 NR/Aa2 Bowdoin College, 4.693%, 7/1/12 $ 939,135
2,600,000 AAA/Aaa President and Fellows of Harvard
College, 2.3%, 10/1/23 2,442,440
3,550,000 AA-/Aa2 Tufts University, 5.017%, 4/15/12 3,604,801
--------------
$ 6,986,376
--------------
Total Consumer Services $ 8,029,201
----------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Movies & Entertainment -- 0.2%
3,200,000 BBB/Baa2 Viacom, Inc., 5.25%, 4/1/44 $ 3,380,589
--------------
Total Media $ 3,380,589
----------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Internet Retail -- 0.1%
800,000 BBB-/Ba1 Expedia, Inc., 5.95%, 8/15/20 $ 905,166
--------------
Total Retailing $ 905,166
----------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.1%
Drug Retail -- 0.1%
689,016 BBB+/Baa1 CVS Pass-Through Trust, 5.298%,
1/11/27 (144A) $ 767,633
1,422,401 BBB+/Baa1 CVS Pass-Through Trust, 5.773%,
1/10/33 (144A) 1,592,214
--------------
$ 2,359,847
--------------
Total Food & Staples Retailing $ 2,359,847
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 43
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE
& TOBACCO -- 1.0%
Agricultural Products -- 0.3%
5,175,000 BBB/Baa2 Viterra, Inc., 5.95%, 8/1/20 (144A) $ 5,906,538
----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.6%
4,200,000 BBB/NR Grupo Bimbo SAB de CV, 3.875%,
6/27/24 (144A) $ 4,191,684
3,240,000 BBB/Baa2 Kraft Foods Group, Inc., 3.5%, 6/6/22 3,326,719
2,581,000 BBB-/Baa1 Mondelez International, Inc.,
6.5%, 2/9/40 3,305,043
--------------
$ 10,823,446
----------------------------------------------------------------------------------------------------
Tobacco -- 0.1%
1,050,000 BBB-/Baa2 Lorillard Tobacco Co., 3.75%, 5/20/23 $ 1,036,997
--------------
Total Food, Beverage & Tobacco $ 17,766,981
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT
& SERVICES -- 0.3%
Health Care Services -- 0.2%
2,600,000 A+/A1 Catholic Health Initiatives,
4.35%, 11/1/42 $ 2,491,629
----------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
2,400,000 A-/A3 NYU Hospitals Center,
4.428%, 7/1/42 $ 2,252,851
--------------
Total Health Care Equipment
& Services $ 4,744,480
----------------------------------------------------------------------------------------------------
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 $ 6,135,425
--------------
Total Pharmaceuticals, Biotechnology
& Life Sciences $ 6,135,425
----------------------------------------------------------------------------------------------------
BANKS -- 4.7%
Diversified Banks -- 2.6%
1,865,000 BBB+/A3 Australia & New Zealand Banking
Group, Ltd., 4.5%, 3/19/24 (144A) $ 1,914,229
3,515,000 BBB/Baa3 Barclays Bank Plc, 6.05%,
12/4/17 (144A) 3,987,465
2,400,000 NR/A2 BBVA Bancomer SA Texas, 4.375%,
4/10/24 (144A) 2,445,000
3,815,000 NR/Baa2 BBVA Bancomer SA Texas, 6.5%,
3/10/21 (144A) 4,301,412
The accompanying notes are an integral part of these financial statements.
44 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Diversified Banks -- (continued)
2,000,000 5.90 BB+/Ba3 Citigroup, Inc., Floating Rate
Note (Perpetual) $ 2,020,000
3,435,000 AA-/Aa2 Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA
Netherlands, 3.875%, 2/8/22 3,638,720
625,000 A+/Aa3 Export-Import Bank of Korea, Ltd.,
5.875%, 1/14/15 642,088
1,305,000 A/A2 HSBC Bank Plc, 7.65%, 5/1/25 1,712,609
3,940,000 A-/A3 HSBC Holdings Plc, 4.25%, 3/14/24 4,054,756
3,476,000 BBB/Baa2 Intesa Sanpaolo S.p.A., 3.625%,
8/12/15 (144A) 3,551,447
1,400,000 BBB/Baa2 Intesa Sanpaolo S.p.A., 6.5%,
2/24/21 (144A) 1,655,847
840,000 BBB/Baa2 Macquarie Bank, Ltd., 6.625%,
4/7/21 (144A) 964,286
4,500,000 A/Baa1 Nordea Bank AB, 4.25%,
9/21/22 (144A) 4,662,140
1,157,895 2.98 A/NR SBP DPR Finance Co., Floating Rate
Note, 3/15/17 (144A) 1,155,413
2,600,000 4.50 NR/Baa3 Scotiabank Peru SA, Floating Rate
Note, 12/13/27 (144A) 2,489,500
2,200,000 A/A2 Standard Chartered Bank, 6.4%,
9/26/17 (144A) 2,490,981
1,300,000 A-/A3 Standard Chartered Plc, 3.95%,
1/11/23 (144A) 1,293,174
1,645,000 5.90 BBB+/Baa3 Wells Fargo & Co., Floating Rate
Note, 12/29/49 1,744,934
--------------
$ 44,724,001
----------------------------------------------------------------------------------------------------
Regional Banks -- 1.8%
1,190,000 A-/NR CoBank ACB, 7.875%,
4/16/18 (144A) $ 1,419,327
3,350,000 A/A2 HSBC Bank USA NA New York NY,
6.0%, 8/9/17 3,774,291
3,960,000 6.45 BBB/Baa3 M&T Bank Corp., Floating Rate
Note (Perpetual) 4,222,350
2,505,000 A/A2 Mellon Funding Corp., 5.5%, 11/15/18 2,846,437
1,435,000 A-/A3 PNC Bank NA, 6.0%, 12/7/17 1,643,636
4,080,000 BBB-/Baa2 Santander Bank NA, 8.75%, 5/30/18 4,966,523
1,025,000 BBB/Baa1 SunTrust Banks, Inc., 3.5%, 1/20/17 1,085,250
6,273,000 4.45 BBB/Baa3 The PNC Financial Services Group,
Inc., Floating Rate Note (Perpetual) 6,273,000
1,320,000 6.75 BBB/Baa3 The PNC Financial Services Group,
Inc., Floating Rate Note (Perpetual) 1,471,800
3,540,000 A+/A1 Wells Fargo Bank NA, 6.0%, 11/15/17 4,055,789
--------------
$ 31,758,403
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 45
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.3%
2,300,000 BBB-/Baa2 Astoria Financial Corp., 5.0%, 6/19/17 $ 2,498,672
2,000,000 BBB/Baa2 Santander Holdings USA, Inc.
Pennsylvania, 3.0%, 9/24/15 2,054,272
--------------
$ 4,552,944
--------------
Total Banks $ 81,035,348
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 6.1%
Other Diversified
Financial Services -- 2.8%
3,000,000 BBB+/Baa2 Alterra Finance LLC, 6.25%, 9/30/20 $ 3,457,215
1,100,000 BBB+/Baa3 Bank of America Corp.,
7.75%, 8/15/15 1,182,116
5,930,000 A-/NR Carlyle Holdings II Finance LLC,
5.625%, 3/30/43 (144A) 6,559,547
2,000,000 5.95 BB+/Ba3 Citigroup, Inc., Floating Rate
Note (Perpetual) 2,020,000
5,275,000 AA-/Aa3 CNOOC Nexen Finance 2014 ULC,
4.25%, 4/30/24 5,408,637
4,860,000 AA/A2 General Electric Capital Corp.,
5.3%, 2/11/21 5,526,398
1,800,000 7.12 AA-/Baa1 General Electric Capital Corp.,
Floating Rate Note (Perpetual) 2,124,360
2,575,000 A/A3 JPMorgan Chase & Co., 6.0%, 1/15/18 2,948,681
2,325,000 5.15 BBB/Ba1 JPMorgan Chase & Co., Floating Rate
Note (Perpetual) 2,229,094
1,890,000 6.12 BBB/Ba1 JPMorgan Chase & Co., Floating Rate
Note, 12/29/49 1,931,930
4,015,000 6.75 BBB/Ba1 JPMorgan Chase & Co., Floating Rate
Note, 8/29/49 4,321,144
5,025,000 A/NR KKR Group Finance Co., II LLC, 5.5%,
2/1/43 (144A) 5,338,867
4,750,000 A+/Aa3 Sinopec Group Overseas Development
2014, Ltd., 4.375%, 4/10/24 (144A) 4,917,528
1,250,000 0.00 BBB/NR Tiers Trust, Floating Rate Note,
10/15/97 (144A) (e) 934,199
--------------
$ 48,899,716
----------------------------------------------------------------------------------------------------
Specialized Finance -- 0.7%
3,200,000 BBB+/Baa1 BM&FBovespa SA, 5.5%,
7/16/20 (144A) $ 3,464,000
2,980,000 BBB-/NR Cantor Fitzgerald LP, 7.875%,
10/15/19 (144A) 3,306,322
1,475,000 BBB+/Baa2 LeasePlan Corp. NV, 2.5%,
5/16/18 (144A) 1,487,207
2,000,000 A+/A1 National Rural Utilities Cooperative
Finance Corp., 5.45%, 2/1/18 2,269,904
--------------
$ 10,527,433
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Consumer Finance -- 0.4%
1,465,000 BBB/Baa1 Capital One Bank USA NA,
8.8%, 7/15/19 $ 1,898,392
2,245,000 BBB+/Baa1 Hyundai Capital America, 1.45%,
2/6/17 (144A) 2,253,457
3,155,000 4.00 BB/Ba3 Navient Corp., Floating Rate
Note, 7/25/14 3,155,032
--------------
$ 7,306,881
----------------------------------------------------------------------------------------------------
Asset Management
& Custody Banks -- 0.9%
2,525,000 BBB/NR Affiliated Managers Group, Inc.,
4.25%, 2/15/24 $ 2,612,426
1,725,000 A+/NR Blackstone Holdings Finance Co.,
LLC, 5.0%, 6/15/44 (144A) 1,779,201
1,400,000 A+/NR Blackstone Holdings Finance Co.,
LLC, 4.75%, 2/15/23 (144A) 1,528,506
733,000 A-/A3 Eaton Vance Corp., 6.5%, 10/2/17 842,128
4,290,000 BBB/Baa1 Legg Mason, Inc., 5.625%, 1/15/44 4,663,106
2,000,000 A/A2 The Bank of New York Mellon Corp.,
4.95%, 3/15/15 2,065,666
1,250,000 4.50 BBB/Baa2 The Bank of New York Mellon Corp.,
Floating Rate Note (Perpetual) 1,162,500
--------------
$ 14,653,533
----------------------------------------------------------------------------------------------------
Investment Banking
& Brokerage -- 1.3%
2,730,000 BBB/A3 Macquarie Group, Ltd., 6.0%,
1/14/20 (144A) $ 3,092,648
4,350,000 BBB+/Baa3 Merrill Lynch & Co., Inc.,
7.75%, 5/14/38 5,975,673
5,100,000 BBB+/Baa3 Morgan Stanley Co., 4.1%, 5/22/23 5,173,506
300,000 BBB+/Baa3 Morgan Stanley Co., 4.875%, 11/1/22 322,025
3,135,000 A-/Baa2 Morgan Stanley Co., 5.5%, 1/26/20 3,588,221
643,000 NR/Aa1 North American Development Bank,
2.3%, 10/10/18 652,541
2,000,000 A-/Baa1 The Goldman Sachs Group, Inc.,
5.5%, 11/15/14 2,037,420
1,450,000 BBB/NR UBS AG, 7.625%, 8/17/22 1,745,904
--------------
$ 22,587,938
--------------
Total Diversified Financials $ 103,975,501
----------------------------------------------------------------------------------------------------
INSURANCE -- 6.4%
Life & Health Insurance -- 1.7%
1,850,000 BBB+/NR Delphi Financial Group, Inc.,
7.875%, 1/31/20 $ 2,245,360
1,690,000 A-/Baa1 Lincoln National Corp., 8.75%, 7/1/19 2,191,176
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 47
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Life & Health Insurance -- (continued)
4,200,000 BBB/Baa2 MetLife, Inc., 10.75%, 8/1/69 $ 6,672,750
4,250,000 A-/Baa2 Protective Life Corp.,
7.375%, 10/15/19 5,258,559
1,090,000 A/Baa1 Prudential Financial, Inc.,
4.5%, 11/16/21 1,199,922
1,500,000 5.62 BBB+/Baa2 Prudential Financial, Inc., Floating
Rate Note, 6/15/43 1,604,520
2,140,000 8.88 BBB+/Baa2 Prudential Financial, Inc., Floating
Rate Note, 6/15/68 2,624,282
1,800,000 5.88 BBB+/Baa2 Prudential Financial, Inc., Floating
Rate Note, 9/15/42 1,955,250
3,205,000 AA-/Aa2 Teachers Insurance & Annuity
Association of America, 6.85%,
12/16/39 (144A) 4,274,201
1,080,000 BBB/Baa2 Unum Group, Inc., 5.75%, 8/15/42 1,257,787
--------------
$ 29,283,807
----------------------------------------------------------------------------------------------------
Multi-line Insurance -- 0.6%
3,900,000 BBB+/Baa2 Assurant, Inc., 4.0%, 3/15/23 $ 3,923,614
2,335,000 BBB/A3 AXA SA, 8.6%, 12/15/30 3,137,656
2,650,000 A+/A2 Loews Corp., 5.25%, 3/15/16 2,851,151
--------------
$ 9,912,421
----------------------------------------------------------------------------------------------------
Property &
Casualty Insurance -- 0.9%
700,000 0.00 NR/NR Arlington, Ltd., Floating Rate
Note, 8/1/15 $ 705,670
1,200,000 BBB-/Baa3 Fidelity National Financial, Inc.,
5.5%, 9/1/22 1,309,720
1,000,000 BBB-/Baa2 OneBeacon US Holdings, Inc.,
4.6%, 11/9/22 1,032,432
1,100,000 A-/Baa2 QBE Insurance Group, Ltd., 2.4%,
5/1/18 (144A) 1,098,184
5,455,000 6.50 BBB/Baa1 The Allstate Corp., Floating Rate
Note, 5/15/57 5,945,950
700,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.5%, 3/1/20 836,342
1,952,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.625%, 10/15/25 2,388,436
2,000,000 A/A2 The Travelers Companies, Inc.,
6.25%, 6/15/37 2,579,222
--------------
$ 15,895,956
----------------------------------------------------------------------------------------------------
Reinsurance -- 3.2%
1,800,000 6.38 NR/NR Aquarius + Investments Plc for Swiss
Reinsurance Co., Ltd., Floating Rate
Note, 9/1/24 $ 1,926,000
The accompanying notes are an integral part of these financial statements.
48 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
500,000 3.42 BB/NR Atlas IX Capital, Ltd., Floating Rate
Note, 1/17/19 (Cat Bond) (144A) $ 514,700
250,000 8.10 BB-/NR Atlas Reinsurance VII, Ltd., Floating
Rate Note, 1/7/16 (Cat Bond) (144A) 259,050
500,000 0.02 BB+/NR Blue Danube II, Ltd., Floating Rate
Note, 5/23/16 (Cat Bond) (144A) 504,600
850,000 11.08 BB-/NR Blue Danube, Ltd., Floating Rate Note,
4/10/15 (Cat Bond) (144A) 883,320
250,000 6.23 BB+/NR Blue Danube, Ltd., Floating Rate Note,
4/10/15 (Cat Bond) (144A) 254,150
350,000 2.53 BB+/NR Bosphorus 1 Re, Ltd., Floating Rate
Note, 5/3/16 (Cat Bond) (144A) 349,230
1,250,000 5.29 BB-/NR Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) 1,261,625
1,350,000 6.89 NR/NR Caelus Re, Ltd., Floating Rate Note,
4/7/17 (Cat Bond) (144A) 1,399,950
250,000 0.00 NR/NR Citrus Re, Ltd., Floating Rate Note,
4/18/17 (Cat Bond) (144A) 244,925
550,000 0.00 NR/NR Citrus Re, Ltd., Floating Rate Note,
4/24/17 (Cat Bond) (144A) 535,865
1,000,000 4.73 NR/Baa1 Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) 1,011,100
300,000 9.04 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 303,180
950,000 10.26 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 961,970
250,000 9.05 BB/NR East Lane Re V, Ltd., Floating Rate
Note, 3/16/16 (Cat Bond) (144A) 265,600
250,000 7.40 BB-/NR Embarcadero Reinsurance, Ltd.,
Floating Rate Note, 2/13/15
(Cat Bond) (144A) 253,375
650,000 5.23 BB+/NR Embarcadero Reinsurance, Ltd.,
Floating Rate Note, 8/7/15
(Cat Bond) (144A) 663,130
1,050,000 5.02 BB+/NR Foundation Re III, Ltd., Floating Rate
Note, 2/25/15 (Cat Bond) (144A) 1,053,360
1,200,000 7.43 NR/NR Galileo Re, Ltd., Floating Rate Note,
1/9/19 (Cat Bond) (144A) 1,223,160
900,000 4.02 BB+/NR Ibis Re II, Ltd., Floating Rate Note,
6/28/16 (Cat Bond) (144A) 904,050
1,600,000 0.00 NR/NR Kane Pl-1, Floating Rate Note, 6/12/15 1,415,840
1,004,000 0.00 NR/NR KANE-PI5, Floating Rate Note, 7/18/16 1,040,244
1,950,000 0.00 BB-/NR Kilimanjaro Re, Ltd., Floating Rate
Note, 4/30/18 (Cat Bond) (144A) 1,923,480
350,000 0.00 BB-/NR Kilimanjaro Re, Ltd., Floating Rate
Note, 4/30/18 (Cat Bond) (144A) 343,770
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 49
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
250,000 9.78 NR/NR Loma Reinsurance, Ltd. Bermuda,
Floating Rate Note, 1/8/18
(Cat Bond) (144A) $ 255,625
1,200,000 4.03 BB/NR Longpoint Re, Ltd. III, Floating Rate
Note, 5/18/16 (Cat Bond) (144A) 1,210,440
1,000,000 0.00 NR/NR Merna Reinsurance V, Ltd., Floating
Rate Note, 4/7/17 (Cat Bond) (144A) 1,001,900
2,650,000 BBB/NR Montpelier Re Holdings, Ltd.,
4.7%, 10/15/22 2,738,733
650,000 9.03 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 663,000
500,000 8.22 NR/Ba3 Mythen Re, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 518,300
750,000 8.72 NR/Ba3 Mythen Re, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 774,075
500,000 8.55 B+/NR Mythen Re, Ltd., Series 2012-2
Class A, Floating Rate Note, 1/5/17
(Cat Bond) (144A) 528,100
5,048,000 BBB/NR Platinum Underwriters Finance, Inc.,
7.5%, 6/1/17 5,794,968
500,000 7.52 BB-/NR Queen Street IV Capital, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond) (144A) 506,000
250,000 8.52 BB-/NR Queen Street V Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 254,350
250,000 10.58 B/NR Queen Street VI Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 256,875
900,000 8.62 B/NR Queen Street VII Re, Ltd., Floating
Rate Note, 4/8/16 (Cat Bond) (144A) 932,760
725,000 8.78 B+/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 12/6/16
(Cat Bond) (144A) 757,045
1,125,000 9.03 BB-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15
(Cat Bond) (144A) 1,166,962
2,800,000 4.53 BB+/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16
(Cat Bond) (144A) 2,858,520
275,000 10.03 BB-/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16
(Cat Bond) (144A) 301,730
800,000 8.03 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16
(Cat Bond) (144A) 868,960
250,000 9.28 B-/NR Residential Reinsurance 2013, Ltd.,
Floating Rate Note, 6/6/17
(Cat Bond) (144A) 260,550
800,000 0.00 BB+/NR Sanders Re, Ltd., Floating Rate Note,
5/25/18 (Cat Bond) 792,080
The accompanying notes are an integral part of these financial statements.
50 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
1,200,000 3.53 BB+/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) $ 1,186,680
1,250,000 4.03 BB/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 1,238,250
250,000 NR/NR Silverton Re, Ltd., 9/16/16
(Cat Bond) (144A) (d) 287,650
3,600,000 BBB/Baa3 Sirius International Group, Ltd.,
6.375%, 3/20/17 (144A) 3,981,524
2,110,000 7.51 BB+/Ba2 Sirius International Group, Ltd.,
Floating Rate Note (Perpetual) (144A) 2,215,500
250,000 11.27 B-/NR Successor X, Ltd., Floating Rate Note,
11/10/15 (Cat Bond) (144A) 260,175
300,000 8.52 B+/NR Tar Heel Re, Ltd., Floating Rate Note,
5/9/16 (Cat Bond) (144A) 310,530
250,000 6.28 NR/NR Tradewynd Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 250,400
1,500,000 2.72 BBB-/NR Vita Capital V, Ltd., Floating Rate Note,
1/15/17 (Cat Bond) (144A) 1,524,750
500,000 2.78 BBB+/NR Vitality Re IV, Ltd., Floating Rate Note,
1/9/17 (Cat Bond) (144A) 511,200
500,000 1.78 BBB+/NR Vitality Re V, Ltd., Floating Rate Note,
1/7/19 (Cat Bond) (144A) 498,900
1,400,000 5.88 NR/NR Wilton Re Finance LLC, Floating Rate
Note, 3/30/33 (144A) 1,459,500
--------------
$ 55,661,706
--------------
Total Insurance $ 110,753,890
----------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.7%
Diversified REIT -- 0.3%
1,475,000 BBB-/Baa2 DCT Industrial Operating Partnership
LP, 4.5%, 10/15/23 $ 1,519,592
725,000 BBB/Baa2 Digital Realty Trust LP, 5.875%, 2/1/20 805,770
1,715,000 BBB-/Baa2 WP Carey, Inc., 4.6%, 4/1/24 1,782,358
--------------
$ 4,107,720
----------------------------------------------------------------------------------------------------
Office REIT -- 0.6%
1,093,000 BBB-/Baa2 Alexandria Real Estate Equities, Inc.,
3.9%, 6/15/23 $ 1,088,405
2,670,000 BBB-/Baa2 Alexandria Real Estate Equities, Inc.,
4.6%, 4/1/22 2,823,130
900,000 BBB/Baa3 BioMed Realty LP, 4.25%, 7/15/22 927,948
1,500,000 BBB-/Baa3 Corporate Office Properties LP,
3.6%, 5/15/23 1,434,318
2,100,000 BBB/Baa2 Highwoods Realty LP, 3.625%, 1/15/23 2,074,010
2,550,000 BBB/Baa2 Piedmont Operating Partnership LP,
3.4%, 6/1/23 2,424,040
--------------
$ 10,771,851
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 51
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Health Care REIT -- 0.2%
3,945,000 BBB-/Ba1 Omega Healthcare Investors, Inc.,
4.95%, 4/1/24 (144A) $ 4,029,273
----------------------------------------------------------------------------------------------------
Specialized REIT -- 0.6%
730,000 BBB-/Baa3 CubeSmart LP, 4.8%, 7/15/22 $ 785,635
1,000,000 BBB/Baa2 Health Care Real Estate Investment
Trust, Inc., 4.5%, 1/15/24 1,053,668
2,425,000 BBB-/Baa3 Healthcare Realty Trust, Inc.,
6.5%, 1/17/17 2,726,471
1,930,000 BBB-/Baa2 Hospitality Properties Trust,
5.0%, 8/15/22 2,041,791
2,865,000 BBB-/Baa3 Senior Housing Properties Trust,
6.75%, 4/15/20 3,309,932
--------------
$ 9,917,497
--------------
Total Real Estate $ 28,826,341
----------------------------------------------------------------------------------------------------
SOFTWARE &
SERVICES -- 0.0%+
Home Entertainment
Software -- 0.0%+
650,000 BB+/Ba2 Activision Blizzard, Inc., 6.125%,
9/15/23 (144A) $ 715,000
--------------
Total Software & Services $ 715,000
----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE
& EQUIPMENT -- 0.3%
Communications Equipment -- 0.2%
3,485,000 AA-/A1 Cisco Systems, Inc., 3.625%, 3/4/24 $ 3,582,071
----------------------------------------------------------------------------------------------------
Computer Hardware -- 0.1%
2,100,000 BB/Ba3 NCR Corp., 4.625%, 2/15/21 $ 2,115,750
--------------
Total Technology Hardware
& Equipment $ 5,697,821
----------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.2%
Semiconductor Equipment -- 0.2%
3,100,000 BBB+/Baa1 KLA-Tencor Corp., 6.9%, 5/1/18 $ 3,647,342
--------------
Total Semiconductors &
Semiconductor Equipment $ 3,647,342
----------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 1.4%
Integrated Telecommunication
Services -- 1.1%
469,000 B/B3 Cincinnati Bell, Inc.,
8.375%, 10/15/20 $ 514,141
3,355,000 NR/A2 GTP Acquisition Partners I LLC,
4.347%, 6/15/16 (144A) 3,469,875
The accompanying notes are an integral part of these financial statements.
52 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Integrated Telecommunication
Services -- (continued)
786,823 NR/NR GTP Cellular Sites LLC, 3.721%,
3/15/17 (144A) $ 824,172
3,950,000 NR/A2 GTP Towers Issuer LLC, 4.436%,
2/15/15 (144A) 4,014,176
2,750,000 BBB/Baa2 Telefonica Emisiones SAU,
6.221%, 7/3/17 3,111,999
1,500,000 NR/NR Unison Ground Lease Funding LLC,
2.981%, 3/15/20 (144A) 1,512,405
3,460,000 BBB+/Baa1 Verizon Communications, Inc.,
6.55%, 9/15/43 4,354,206
--------------
$ 17,800,974
----------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.3%
3,015,000 NR/A2 Crown Castle Towers LLC, 4.883%,
8/15/20 (144A) $ 3,330,309
1,625,000 NR/A2 Crown Castle Towers LLC, 6.113%,
1/15/20 (144A) 1,912,667
--------------
$ 5,242,976
--------------
Total Telecommunication Services $ 23,043,950
----------------------------------------------------------------------------------------------------
UTILITIES -- 2.5%
Electric Utilities -- 1.5%
980,000 A-/A2 Commonwealth Edison Co.,
6.15%, 9/15/17 $ 1,126,104
589,337 BBB-/Baa3 Crockett Cogeneration LP, 5.869%,
3/30/25 (144A) 635,323
4,250,000 A+/Aa3 Electricite de France SA, 6.0%,
1/22/14 (144A) 4,799,359
2,150,000 5.25 BBB+/A3 Electricite de France SA, Floating
Rate Note (Perpetual) (144A) 2,193,280
3,365,000 BBB/Baa2 Enel Finance International NV,
5.125%, 10/7/19 (144A) 3,788,556
2,320,000 8.75 BB+/Ba1 Enel S.p.A., Floating Rate Note,
9/24/73 (144A) 2,731,800
653,846 BB/Baa3 FPL Energy American Wind LLC,
6.639%, 6/20/23 (144A) 669,352
95,911 B-/Ba2 FPL Energy Wind Funding LLC,
6.876%, 6/27/17 (144A) 94,592
1,925,000 BB+/Baa3 Israel Electric Corp., Ltd., 7.25%,
1/15/19 (144A) 2,187,281
610,000 BB+/Baa3 Israel Electric Corp., Ltd., 9.375%,
1/28/20 (144A) 761,341
910,000 A/A2 Nevada Power Co., 6.5%, 8/1/18 1,075,965
662,691 NR/NR Orcal Geothermal, Inc., 6.21%,
12/30/20 (144A) 675,945
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 53
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Electric Utilities -- (continued)
2,690,000 BBB/Baa2 Public Service Co. of New Mexico,
7.95%, 5/15/18 $ 3,229,625
2,200,000 6.25 BBB-/Baa1 Southern California Edison Co.,
Floating Rate Note (Perpetual) 2,387,000
--------------
$ 26,355,523
----------------------------------------------------------------------------------------------------
Gas Utilities -- 0.3%
2,125,000 BBB-/Baa3 DCP Midstream Operating LP,
5.6%, 4/1/44 $ 2,347,581
2,239,480 A+/A1 Nakilat, Inc., 6.267%,
12/31/33 (144A) 2,449,431
--------------
$ 4,797,012
----------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.3%
5,055,000 BBB+/A3 New York State Electric & Gas Corp.,
6.15%, 12/15/17 (144A) $ 5,534,371
282,205 NR/NR Ormat Funding Corp., 8.25%, 12/30/20 280,794
--------------
$ 5,815,165
----------------------------------------------------------------------------------------------------
Independent Power Producers
& Energy Traders -- 0.4%
580,440 BBB-/NR Alta Wind Holdings LLC, 7.0%,
6/30/35 (144A) $ 643,821
1,944,463 BBB-/Baa3 Kiowa Power Partners LLC, 5.737%,
3/30/21 (144A) 2,110,755
1,016,000 BB+/Ba1 NSG Holdings LLC, 7.75%,
12/15/25 (144A) 1,097,280
2,291,212 BBB-/Baa3 Panoche Energy Center LLC, 6.885%,
7/31/29 (144A) 2,557,650
--------------
$ 6,409,506
--------------
Total Utilities $ 43,377,206
----------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $531,289,546) $ 578,553,612
----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCY OBLIGATIONS -- 24.5%
15,000,000 AAA/Aaa Fannie Mae, 30YR Pool, 4.5%, TBA $ 16,244,535
30,000,000 AAA/Aaa Fannie Mae, 30YR Pool 5.0%, TBA 33,314,064
36,502,804 AAA/Aaa Fannie Mae, 3.0%, 7/17/14-12/1/42 36,327,218
34,356,264 NR/NR Fannie Mae, 3.5%, 7/17/14-2/1/44 35,749,106
40,819,057 AAA/Aaa Fannie Mae, 4.0%, 7/1/18-5/1/44 43,420,798
47,953,882 AAA/Aaa Fannie Mae, 4.5%, 11/1/20-12/1/43 51,974,154
17,639,366 AA+/Aaa Fannie Mae, 5.0%, 12/1/17-2/1/41 19,540,147
4,192,394 AA+/Aaa Fannie Mae, 5.5%, 9/1/17-6/1/36 4,652,250
4,050,865 AA+/Aaa Fannie Mae, 6.0%, 6/1/16-7/1/38 4,582,449
894,763 AA+/Aaa Fannie Mae, 6.5%, 1/1/15-11/1/37 1,009,892
114,806 AA+/Aaa Fannie Mae, 7.0%, 7/1/21-1/1/32 128,944
The accompanying notes are an integral part of these financial statements.
54 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
U.S. Government and
Agency Obligations -- (continued)
1,002 AA+/Aaa Fannie Mae, 7.5%, 8/1/20 $ 1,085
16,788 AAA/Aaa Fannie Mae, 8.0%, 4/1/20-5/1/31 19,261
6,551,694 NR/NR Federal Home Loan Mortgage Corp.,
3.5%, 11/1/28-8/1/43 6,810,621
13,120,251 NR/NR Federal Home Loan Mortgage Corp.,
4.0%, 1/1/44-5/1/44 13,918,271
20,705,651 AA+/Aaa Federal Home Loan Mortgage Corp.,
4.5%, 3/1/20-11/1/43 22,411,245
3,587,555 AA+/Aaa Federal Home Loan Mortgage Corp.,
5.0%, 10/1/20-10/1/38 3,933,363
1,457,209 AA+/Aaa Federal Home Loan Mortgage Corp.,
5.5%, 12/1/18-11/1/35 1,612,720
3,549,872 AA+/Aaa Federal Home Loan Mortgage Corp.,
6.0%, 5/1/17-12/1/36 4,007,440
314,513 AA+/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 11/1/30-4/1/34 354,450
391,251 AA+/Aaa Federal Home Loan Mortgage Corp.,
7.0%, 8/1/22-11/1/30 430,182
1,597,399 AA+/Aaa Federal National Mortgage Association,
5.0%, 8/1/40 1,775,686
15,000,000 NR/NR Government National Mortgage
Association I, 4.0%, 7/21/14 16,021,875
7,413,687 NR/NR Government National Mortgage
Association I, 4.5%, 7/15/33-8/15/41 8,102,053
1,478,888 AA+/Aaa Government National Mortgage
Association I, 5.0%,
10/15/18-4/15/35 1,629,829
6,030,922 AA+/Aaa Government National Mortgage
Association I, 5.5%,
10/15/17-10/15/35 6,693,305
6,597,021 AA+/Aaa Government National Mortgage
Association I, 6.0%,
3/15/17-10/15/36 7,550,099
3,259,854 AAA/Aaa Government National Mortgage
Association I, 6.5%,
1/15/29-7/15/35 3,755,910
556,421 AA+/Aaa Government National Mortgage
Association I, 7.0%,
8/15/28-5/15/32 635,290
105,117 AAA/Aaa Government National Mortgage
Association I, 7.5%,
2/15/26-12/15/31 116,150
2,470 AA+/Aaa Government National Mortgage
Association I, 7.75%, 2/15/30 2,538
3,739,371 AA+/Aaa Government National Mortgage
Association II, 4.5%,
12/20/34-9/20/41 4,095,623
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 55
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
U.S. Government and
Agency Obligations -- (continued)
1,258,305 AA+/Aaa Government National Mortgage
Association II, 5.5%,
10/20/19-4/20/34 $ 1,377,067
47,653 AAA/Aaa Government National Mortgage
Association II, 6.5%,
2/20/29-4/20/29 55,477
106,118 AAA/Aaa Government National Mortgage
Association II, 7.0%, 1/20/29 123,321
100,956 AA+/Aaa Government National Mortgage
Association II, 7.0%, 11/20/28 117,305
3,036 AA+/Aaa Government National Mortgage
Association II, 7.0%, 12/20/30 3,580
10,375,000 NR/Aaa U.S. Treasury Bonds, 2.875%, 5/15/43 9,480,156
2,000,000 NR/Aaa U.S. Treasury Bonds, 3.125%, 2/15/43 1,925,312
7,620,000 AA+/Aaa U.S. Treasury Bonds, 4.25%, 5/15/39 8,947,549
1,365,000 AA+/Aaa U.S. Treasury Bonds, 4.375%, 11/15/39 1,634,588
4,650,000 AA+/Aaa U.S. Treasury Bonds, 4.375%, 2/15/38 5,551,663
2,000,000 AA+/Aaa U.S. Treasury Bonds, 4.375%, 5/15/40 2,398,438
8,435,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 5/15/38 10,256,437
9,068,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 8/15/39 11,053,040
4,000,000 AA+/Aaa U.S. Treasury Bonds, 4.625%, 2/15/40 4,974,376
4,000,000 AA+/Aaa U.S. Treasury Bonds, 5.375%, 2/15/31 5,251,876
6,000,000 NR/Aaa U.S. Treasury Notes, 2.75%, 2/15/24 6,136,404
--------------
$ 420,107,142
----------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $404,780,763) $ 420,107,142
----------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 4.2%
Municipal Airport -- 0.1%
1,000,000 BBB/Baa1 Indianapolis Airport Authority,
5.1%, 1/15/17 $ 1,102,170
----------------------------------------------------------------------------------------------------
Municipal Development -- 0.9%
2,925,000 AA-/Aa3 California Statewide Communities
Development Authority, 6.0%, 8/15/42 $ 3,506,636
2,350,000 BBB/Baa3 Louisiana Local Government
Environmental Facilities & Community
Development Authority, 6.5%, 11/1/35 2,698,458
4,500,000 AA/A2 New Jersey Economic Development
Authority, 2/15/18 (d) 4,142,205
2,560,000 BBB/Baa1 Parish of St. John the Baptist
Louisiana, 5.125%, 6/1/37 2,681,677
2,310,000 BBB/Baa2 Selma Industrial Development Board,
5.8%, 5/1/34 2,571,376
--------------
$ 15,600,352
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
56 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Municipal Education -- 0.0%+
525,000 AA+/Aaa Amherst College, 3.794%, 11/1/42 $ 479,449
----------------------------------------------------------------------------------------------------
Municipal General -- 0.9%
4,075,000 AA/A2 JobsOhio Beverage System,
3.985%, 1/1/29 $ 4,108,048
1,035,000 AA/A2 JobsOhio Beverage System,
4.532%, 1/1/35 1,071,122
2,750,000 A/A2 New Jersey Transportation Trust Fund
Authority, 5.5%, 6/15/41 3,051,180
2,400,000 AAA/Aa1 New York City Transitional Finance
Authority Future Tax Secured Revenue,
5.0%, 11/1/33 2,729,352
1,050,000 BBB/A3 Texas Municipal Gas Acquisition &
Supply Corp. III, 5.0%, 12/15/30 1,120,822
2,100,000 BBB/A3 Texas Municipal Gas Acquisition &
Supply Corp. III, 5.0%, 12/15/31 2,229,276
--------------
$ 14,309,800
----------------------------------------------------------------------------------------------------
Higher Municipal Education -- 1.7%
1,025,000 A+/NR Baylor University, 4.313%, 3/1/42 $ 994,404
1,980,000 AAA/Aaa California Educational Facilities
Authority, 5.0%, 6/1/43 2,517,412
1,500,000 AAA/Aaa Houston Higher Education Finance
Corp., 5.0%, 5/15/40 1,675,470
1,200,000 AAA/Aaa Massachusetts Development Finance
Agency, 5.0%, 10/15/40 1,369,188
6,500,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 11/15/36 7,533,370
1,425,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 7/1/32 1,894,138
1,000,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 6.0%, 7/1/36 1,181,040
1,100,000 AAA/Aaa Massachusetts Institute of Technology,
5.6%, 7/1/11 1,380,372
1,600,000 AA/Aa1 New York State Dormitory Authority
Series A, 5.0%, 7/1/40 1,809,568
800,000 AAA/Aaa Permanent University Fund,
5.0%, 7/1/30 958,128
3,095,000 AAA/Aaa President and Fellows of Harvard
College, 6.3%, 10/1/37 3,404,314
1,900,000 A+/A1 The George Washington University,
1.827%, 9/15/17 1,897,158
525,000 AAA/Aaa The University of Texas System,
5.0%, 8/15/43 586,945
2,600,000 AA/Aa2 University of California,
3.38%, 5/15/28 2,453,438
--------------
$ 29,654,945
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 57
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Municipal Medical -- 0.2%
325,000 AA-/A1 Massachusetts Development Finance
Agency, 5.25%, 4/1/37 $ 356,262
550,000 AA-/A1 Massachusetts Development Finance
Agency, 5.375%, 4/1/41 604,054
1,765,000 AA-/Aa2 Ohio Higher Educational Facility
Commission, 5.0%, 1/1/42 1,935,128
--------------
$ 2,895,444
----------------------------------------------------------------------------------------------------
Municipal Pollution -- 0.3%
995,000 A-/Baa1 County of Sweetwater Wyoming,
5.6%, 12/1/35 $ 1,017,686
3,965,000 5.95 BBB/NR Port Freeport Texas, Floating Rate
Note, 5/15/33 4,345,362
--------------
$ 5,363,048
----------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.1%
600,000 AA-/Aa3 Port Authority of New York & New
Jersey, 4.458%, 10/1/62 $ 611,562
1,000,000 AAA/Aaa Texas Transportation Commission
State Highway Fund, 5.0%, 4/1/33 1,165,220
--------------
$ 1,776,782
----------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.0%+
560,000 AA+/Aa1 State of Washington, 3.0%, 7/1/28 $ 558,589
----------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $65,916,235) $ 71,740,579
----------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE
LOAN INTERESTS -- 4.1%**
ENERGY -- 0.2%
Integrated Oil & Gas -- 0.1%
1,280,173 4.50 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term
Loan, 5/2/16 $ 1,289,775
----------------------------------------------------------------------------------------------------
Oil & Gas Refining
& Marketing -- 0.1%
1,431,555 3.75 BB/Ba2 Pilot Travel Centers LLC, Refinancing
Tranche B Term Loan, 3/30/18 $ 1,436,011
--------------
Total Energy $ 2,725,786
----------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Commodity Chemicals -- 0.1%
772,669 4.00 BBB-/Ba2 Tronox Pigments BV, New Term
Loan, 3/19/20 $ 774,987
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
58 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
801,537 3.50 BB+/Ba1 Chemtura Corp., New Term
Loan, 8/29/16 $ 804,042
254,694 2.69 BB+/Ba2 Huntsman International LLC, Extended
Term B Loan, 4/19/17 254,438
239,945 1.23 BBB-/Ba2 WR Grace & Co., Delayed Draw Term
Loan, 1/23/21 239,765
670,166 3.00 BBB-/Ba2 WR Grace & Co., U.S. Term
Loan, 1/23/21 669,664
--------------
$ 1,967,909
----------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.0%+
418,625 4.50 B/B1 BWAY Holding Co., Initial Term
Loan, 8/31/17 $ 420,718
--------------
Total Materials $ 3,163,614
----------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.3%
Aerospace & Defense -- 0.3%
647,771 6.50 B+/B1 TASC, Inc.,/VA, 1st Lien Term
Loan B, 5/12/20 $ 638,459
1,344,309 5.00 B/B2 DAE Aviation Holdings, Inc.,
Replacement Tranche B-1
Loan, 11/2/18 1,360,272
1,303,500 3.75 BBB-/Ba2 DigitalGlobe, Inc., Term Loan, 1/25/20 1,308,177
493,569 6.25 B+/Ba2 DynCorp International, Inc., Term
Loan, 7/7/16 495,496
635,375 3.25 BB+/Ba1 Spirit AeroSystems, Inc., Term
Loan B, 9/30/20 634,482
609,421 5.00 B/NR Standard Aero, Ltd., Replacement
Tranche B-2 Loan, 11/2/18 617,039
--------------
$ 5,053,925
----------------------------------------------------------------------------------------------------
Trading Companies
& Distributors -- 0.0%+
590,405 3.75 BB/Ba3 WESCO Distribution, Inc., Tranche
B-1 Loan, 12/12/19 $ 591,660
--------------
Total Capital Goods $ 5,645,585
----------------------------------------------------------------------------------------------------
AUTOMOBILES
& COMPONENTS -- 0.6%
Auto Parts & Equipment -- 0.2%
1,142,918 3.75 B+/Ba3 Allison Transmission, Inc., Term B-3
Loan, 8/23/19 $ 1,147,376
646,298 3.75 BB/Ba2 Gates Investments LLC, Term B-2
Loan, 9/29/16 647,752
828,179 5.50 NR/NR TI Group Automotive Systems LLC,
Additional Term Loan, 3/27/19 832,310
--------------
$ 2,627,438
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 59
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.2%
4,190,000 4.75 BB/Ba1 The Goodyear Tire & Rubber Co., Term
Loan (Second Lien), 3/27/19 $ 4,221,391
----------------------------------------------------------------------------------------------------
Automobile Manufacturers -- 0.2%
3,797,550 3.50 BB+/Ba1 Chrysler Group LLC, Term
Loan B, 5/24/17 $ 3,817,218
--------------
Total Automobiles & Components $ 10,666,047
----------------------------------------------------------------------------------------------------
CONSUMER DURABLES
& APPAREL -- 0.0%+
Apparel, Accessories
& Luxury Goods -- 0.0%+
609,363 3.25 BBB-/Ba1 PVH Corp., Tranche B Term
Loan, 12/19/19 $ 614,441
--------------
Total Consumer Durables & Apparel $ 614,441
----------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Casinos & Gaming -- 0.1%
894,913 3.75 BB+/Ba2 Pinnacle Entertainment, Inc., Tranche
B-2 Term Loan, 8/13/20 $ 897,520
----------------------------------------------------------------------------------------------------
Restaurants -- 0.0%+
481,425 3.75 BB/Ba3 Burger King Corp., Tranche B Term
Loan (2012), 9/28/19 $ 483,797
--------------
Total Consumer Services $ 1,381,317
----------------------------------------------------------------------------------------------------
MEDIA -- 0.5%
Advertising -- 0.1%
1,070,296 6.75 B/NR Affinion Group, Inc., Tranche B Term
Loan, 4/30/18 $ 1,076,735
----------------------------------------------------------------------------------------------------
Broadcasting -- 0.1%
2,277,434 4.00 B+/NR Univision Communications, Inc.,
Replacement First-Lien Term
Loan, 3/1/20 $ 2,278,502
----------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
1,707,750 3.00 BB+/Baa3 Charter Communications Operating
LLC, Term F Loan, 1/1/21 $ 1,685,336
161,107 4.75 B/Ba3 WideOpenWest Finance LLC, Term B
Loan, 4/1/19 161,976
--------------
$ 1,847,312
----------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
510,262 3.75 NR/Baa3 Cinedigm Digital Funding I LLC, Term
Loan, 2/28/18 $ 511,219
1,414,313 3.50 BB/Ba2 Live Nation Entertainment, Inc., Term
B-1 Loan, 8/17/20 1,416,375
--------------
$ 1,927,594
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
60 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Publishing -- 0.1%
750,547 4.75 B+/B2 Interactive Data Corp., 1ST Lien Term
Loan, 4/24/21 $ 757,935
--------------
Total Media $ 7,888,078
----------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Agricultural Products -- 0.1%
1,251,863 3.25 BBB-/Ba2 Darling International, Inc., Term B
USD Loan, 12/19/20 $ 1,253,427
----------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.0%+
23,700 3.25 BB-/Ba3 Pinnacle Foods Finance LLC, New
Term Loan G, 4/29/20 $ 23,619
--------------
Total Food, Beverage & Tobacco $ 1,277,046
----------------------------------------------------------------------------------------------------
HOUSEHOLD &
PERSONAL PRODUCTS -- 0.1%
Household Products -- 0.0%+
160,388 4.50 B-/B2 WASH Multifamily Laundry Systems
LLC, U.S. Term Loan, 2/21/19 $ 160,889
----------------------------------------------------------------------------------------------------
Personal Products -- 0.1%
1,433,078 4.75 B/B1 Federal Mogul Corp., 1st Lien Term
Loan, 4/15/21 $ 1,435,467
861,429 3.50 BB-/Ba3 NBTY, Inc., Term B-2 Loan, 10/1/17 863,986
--------------
$ 2,299,453
--------------
Total Household & Personal Products $ 2,460,342
----------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT
& SERVICES -- 0.6%
Health Care Equipment -- 0.0%+
558,074 3.25 BBB-/Ba2 Hologic, Inc., Refinancing Tranche B
Term Loan, 8/1/19 $ 558,423
----------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.1%
2,144,857 5.00 B+/B1 Immucor, Inc., Term B-2 Loan, 8/19/18 $ 2,160,275
----------------------------------------------------------------------------------------------------
Health Care Services -- 0.1%
253,678 3.75 BB/Ba1 Davita Healthcare Partners, Inc., 1st
Lien Term Loan, 6/19/21 $ 255,196
503,819 6.75 B+/B1 Ardent Medical Services, Inc., 1st
Lien Term Loan, 5/2/18 507,126
--------------
$ 762,322
----------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.4%
597,145 3.48 BB/Ba2 CHS, 2017 Term E Loan, 1/25/17 $ 599,289
3,204,578 4.25 BB/Ba2 CHS, 2021 Term D Loan, 1/27/21 3,228,363
742,291 2.98 BB/Ba3 HCA, Inc., Tranche B-4 Term
Loan, 5/1/18 744,146
1,780,161 2.90 BB/Ba3 HCA, Inc., Tranche B-5 Term
Loan, 3/31/17 1,786,359
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 61
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Health Care Facilities -- (continued)
704,687 2.40 BB+/Ba2 Universal Health Services, Inc.,
Tranche B-1 Term Loan, 11/15/16 $ 708,064
--------------
$ 7,066,221
----------------------------------------------------------------------------------------------------
Health Care Technology -- 0.0%+
456,097 3.50 BB-/Ba3 IMS Health, Inc., Term B Dollar
Loan, 3/17/21 $ 454,045
--------------
Total Health Care Equipment
& Services $ 11,001,286
----------------------------------------------------------------------------------------------------
PHARMACEUTICALS,
BIOTECHNOLOGY
& LIFE SCIENCES -- 0.2%
Pharmaceuticals -- 0.2%
389,025 3.23 BB/Ba1 Grifols Worldwide Operations USA, Inc.,
U.S. Tranche B Term Loam, 4/1/21 $ 389,050
1,665,299 3.25 BBB-/Baa2 RPI Finance Trust, Term B-2 Term
Loan, 5/9/18 1,669,662
614,063 3.75 BB/Ba1 Valeant Pharmaceuticals
International, Inc., Series C-2 Tranche
B Term Loan, 12/11/19 614,523
--------------
$ 2,673,235
----------------------------------------------------------------------------------------------------
Life Sciences Tools
& Services -- 0.0%+
899,887 4.50 BB-/Ba3 Catalent Pharma Solutions, Inc.,
1st Lien Term Loan 5/8/21 $ 906,355
--------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 3,579,590
----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Other Diversified
Financial Services -- 0.1%
999,288 5.25 BB/Ba3 WorldPay, Facility B2A Term
Loan, 11/20/19 $ 1,010,530
--------------
Total Diversified Financials $ 1,010,530
----------------------------------------------------------------------------------------------------
INSURANCE -- 0.4%
Insurance Brokers -- 0.4%
6,240,331 4.25 NR/B1 USI Insurance Services LLC, Term B
Loan, 12/30/19 $ 6,257,230
--------------
Total Insurance $ 6,257,230
----------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
IT Consulting &
Other Services -- 0.1%
953,650 3.90 BB/Ba3 SunGard Data Systems, Inc., Tranche
C Term Loan, 2/28/17 $ 957,028
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
62 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Application Software -- 0.0%+
372,623 2.90 BB+/Baa3 Nuance Communications, Inc., Term
C Loan, 8/7/19 $ 370,993
--------------
Total Software & Services $ 1,328,021
----------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE
& EQUIPMENT -- 0.0%+
Communications Equipment -- 0.0%+
329,000 2.73 BB+/Ba2 Commscope, Inc., Tranche 3 Term
Loan, 1/21/17 $ 329,206
493,500 3.25 BB+/Ba2 Commscope, Inc., Tranche 4 Term
Loan, 1/14/18 495,351
--------------
$ 824,557
--------------
Total Technology Hardware
& Equipment $ 824,557
----------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.2%
Semiconductor Equipment -- 0.2%
3,048,411 4.50 NR/B1 Aeroflex, Inc., Tranche B-1 Term
Loan, 11/9/19 $ 3,063,653
----------------------------------------------------------------------------------------------------
Semiconductors -- 0.0%+
395,014 3.25 BB+/Ba2 Microsemi Corp., Term Loan
(First Lien), 3/14/21 $ 393,657
--------------
Total Semiconductors &
Semiconductor Equipment $ 3,457,310
----------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 0.1%
Integrated Telecommunication
Services -- 0.1%
1,940,338 4.00 BB-/Ba3 Cincinnati Bell, Inc., Tranche B Term
Loan, 9/10/20 $ 1,942,965
--------------
Total Telecommunication Services $ 1,942,965
----------------------------------------------------------------------------------------------------
UTILITIES -- 0.3%
Electric Utilities -- 0.2%
992,440 1.50 NR/NR Texas Competitive Electric Holdings
Co., LLC, DIP Delay Draw Term
Loan, 5/5/16 $ 996,782
1,285,660 3.75 BB+/Baa3 Texas Competitive Electric Holdings
Co., LLC, DIP Delayed Draw Term Loan
(2014), 5/5/16 1,293,294
--------------
$ 2,290,076
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 63
Schedule of Investments | 6/30/14 (continued)
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
Independent Power Producers
& Energy Traders -- 0.1%
1,329,200 2.75 BB+/Baa3 NRG Energy, Inc., Term Loan
(2013), 7/1/18 $ 1,327,910
784,624 3.75 BB+/Ba1 NSG Holdings LLC, New Term
Loan, 12/11/19 785,604
$ 2,113,514
--------------
Total Utilities $ 4,403,590
----------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING
RATE LOAN INTERESTS
(Cost $68,131,570) $ 69,627,335
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Shares
----------------------------------------------------------------------------------------------------
RIGHTS / WARRANTS -- 0.0%+
AUTOMOBILES &
COMPONENTS -- 0.0%+
Auto Parts & Equipment -- 0.0%+
247 Lear Corp., 11/9/14 $ 43,771
----------------------------------------------------------------------------------------------------
TOTAL RIGHTS / WARRANTS
(Cost $13,341) $ 43,771
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Principal
Amount ($)
----------------------------------------------------------------------------------------------------
TEMPORARY CASH
INVESTMENTS -- 3.8%
Repurchase Agreements -- 3.8%
50,000,000 Royal Bank of Canada, 0.08%, dated
6/30/14, repurchase price of
$50,000,000 plus accrued interest
on 7/1/14 collateralized by the
following: $32,705,533 Federal
National Mortgage Association,
3.00-5.00%, 6/1/27-5/1/44
$14,567,502 Freddie Mac Giant,
3.50-4.00%, 9/1/42-6/1/44
$3,726,965 Government National
Mortgage Association, 6.00%, 5/20/44 $ 50,000,000
15,000,000 TD Securities USA LLC, 0.09%, dated
6/30/14, repurchase price of
$15,000,000 plus accrued interest
on 7/1/14 collateralized by
$15,300,000 Federal National
Mortgage Association, 3.50-4.00%,
9/1/26-10/1/33 15,000,000
--------------
$ 65,000,000
----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
64 Pioneer Bond Fund | Annual Report | 6/30/14
----------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (b) Ratings
Amount ($) (unaudited) (unaudited) Value
----------------------------------------------------------------------------------------------------
TOTAL TEMPORARY
CASH INVESTMENTS
(Cost $65,000,000) $ 65,000,000
----------------------------------------------------------------------------------------------------
TOTAL INVESTMENT
IN SECURITIES -- 97.7%
(Cost $1,596,709,189) (a) $1,676,127,883
----------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 2.3% $ 38,710,812
----------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,714,838,695
====================================================================================================
TBA To Be Announced.
NR Not rated by either S&P or Moody's.
REIT Real Estate Investment Trust.
+ Rounds to less than 0.01%.
(Perpetual) Security with no stated maturity date.
(Cat Bond) Catastrophe bond is a high-yield debt instrument that is usually
insurance linked and used to raise money in case of a catastrophe.
(Step) Stepup 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, 2014, the value of these securities
amounted to $391,494,294 or 22.8% of total net assets.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major U.S. banks,
(iii) the rate of a certificate of deposit or (iv) other base
lending rates used by commercial lenders. The rate shown is the
coupon rate at period end.
(a) At June 30, 2014, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $1,599,359,040 was
as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $83,623,494
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (6,854,651)
-----------
Net unrealized appreciation $76,768,843
===========
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 65
Schedule of Investments | 6/30/14 (continued)
(b) Debt obligation with a variable interest rate. Rate shown is rate at
end of period.
(c) Security represents the interest only portion of payments on a pool
of underlying mortgages or mortgage-backed securities.
(d) Security issued with a zero coupon. Income is earned through
accretion of discount.
(e) Security is valued using fair value methods (other than prices
supplied by independent pricing services or broker-dealers). See
Notes to Financial Statements -- Note 1A.
Purchases and sales of securities (excluding temporary cash investments) for the
year ended June 30, 2014 were as follows:
--------------------------------------------------------------------
Purchases Sales
--------------------------------------------------------------------
Long-Term U.S. Government Securities 397,141,662 200,117,941
Other Long-Term Securities 344,205,591 423,447,874
CREDIT DEFAULT SWAP AGREEMENTS -- BUY PROTECTION
------------------------------------------------------------------------------------------------------------
Premiums Net Unrealized
Notional Obligation Expiration Received Appreciation
Principal ($) Counterparty Entity/Index Coupon Date (Paid) (Depreciation)
------------------------------------------------------------------------------------------------------------
(8,100,000) JP Morgan MARKIT CME North
Securities LLC America High Yield 5.00% 6/20/19 $(613,955) $(99,974)
------------------------------------------------------------------------------------------------------------
$(613,955) $(99,974)
------------------------------------------------------------------------------------------------------------
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 or broker-dealers)
as Level 3. See Notes to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
66 Pioneer Bond Fund | Annual Report | 6/30/14
The following is a summary of the inputs used as of June 30, 2014, in valuing
the Fund's assets:
----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 5,873,766 $ -- $ 5,873,766
Preferred Stocks
Banks
Regional Banks -- 2,914,626 -- 2,914,626
Insurance
Life & Health Insurance -- 3,782,526 -- 3,782,526
Reinsurance -- -- 2,081,052 2,081,052
All Other Preferred Stocks 34,907,389 34,907,389
Convertible Preferred Stocks 6,810,540 -- -- 6,810,540
Asset Backed Securities -- 112,940,037 -- 112,940,037
Collateralized Mortgage
Obligations -- 301,745,508 -- 301,745,508
Corporate Bonds
Diversified Financials
Other Diversified
Financial Services -- -- 934,199 934,199
Insurance
Property & Casualty
Insurance -- -- 2,121,510 2,121,510
Reinsurance 1,327,894 1,327,894
All Other Corporate Bonds -- 574,170,009 -- 574,170,009
U.S. Government Agency
Obligations -- 420,107,142 -- 420,107,142
Municipal Bonds -- 71,740,579 -- 71,740,579
Senior Floating Rate
Loan Interests -- 69,627,335 -- 69,627,335
Rights/Warrants 43,771 -- -- 43,771
Repurchase Agreements -- 65,000,000 -- 65,000,000
----------------------------------------------------------------------------------------------------
Total $ 41,761,700 $ 1,627,901,528 $ 6,464,655 $1,676,127,883
====================================================================================================
Other Financial Instruments
Net unrealized Appreciation
on Futures Contracts $ 958,062 $ -- $ -- $ 958,062
Net unrealized Depreciation
on Swap Contracts -- (99,974) -- (99,974)
----------------------------------------------------------------------------------------------------
Total Other Financial
Instruments $ 958,062 $ (99,974) $ -- $ 858,088
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 67
Schedule of Investments | 6/30/14 (continued)
Following is a reconciliation of assets using significant unobservable inputs
(Level 3):
----------------------------------------------------------------------------------------------------
Preferred Corporate
Stocks Bonds Total
----------------------------------------------------------------------------------------------------
Balance as of 6/30/13 $ 2,241,535 $ 787,549 $ 3,029,084
Realized gain (loss)(1) 96,739 -- 96,739
Change in unrealized appreciation (depreciation)(2) 120,718 242,054 362,772
Purchases 1,497,900 3,354,000 4,851,900
Sales (1,875,840) -- (1,875,840)
Transfers in and out of Level 3** -- -- --
----------------------------------------------------------------------------------------------------
Balance as of 6/30/14 $ 2,081,052 $4,383,603 $ 6,464,655
====================================================================================================
(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 appreciation (depreciation) on investments in the
Statement of Operations.
** Transfers are calculated on the beginning of period values.
During the year ended June 30, 2014, there were no transfers between Levels
1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments still
held as of 6/30/14 $ 362,772
-----------
The accompanying notes are an integral part of these financial statements.
68 Pioneer Bond Fund | Annual Report | 6/30/14 68
Statement of Assets and Liabilities | 6/30/14
ASSETS:
Investment in securities (cost $1,596,709,189) $1,676,127,883
Cash 76,727,368
Futures Collateral 2,298,450
Receivables --
Investment securities sold 2,735,636
Fund shares sold 34,936,721
Interest 11,003,259
Dividends 223,478
Due from Pioneer Investment Management, Inc. 131,324
Net unrealized appreciation on futures contracts 958,062
Other assets 67,082
--------------------------------------------------------------------------------------
Total assets $1,805,209,263
======================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 86,143,558
Fund shares repurchased 2,187,283
Dividends 605,287
Variation margin 178,701
Due to affiliates 415,109
Accrued expenses 126,701
Credit default swaps, premiums received 613,955
Net unrealized depreciation on swap contracts 99,974
--------------------------------------------------------------------------------------
Total liabilities $ 90,370,568
======================================================================================
NET ASSETS:
Paid-in capital $1,643,487,624
Distributions in excess of net investment income (1,372,548)
Accumulated net realized loss on investments, swap contracts
and futures contracts (7,553,163)
Net unrealized appreciation on investments 79,418,694
Net unrealized appreciation on futures contracts 958,062
Net unrealized depreciation on swap contracts (99,974)
--------------------------------------------------------------------------------------
Total net assets $1,714,838,695
======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $706,961,729/71,549,134 shares) $ 9.88
Class B (based on $5,361,804/545,952 shares) $ 9.82
Class C (based on $73,224,472/7,493,528 shares) $ 9.77
Class K (based on $4,397,536/445,425 shares) $ 9.87
Class R (based on $48,264,026/4,841,147 shares) $ 9.97
Class Y (based on $871,801,321/89,060,424 shares) $ 9.79
Class Z (based on $4,827,807/487,524 shares) $ 9.90
MAXIMUM OFFERING PRICE:
Class A ($9.88 / 95.5% ) $ 10.35
======================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 69
Statement of Operations
For the Year Ended 6/30/14
INVESTMENT INCOME:
Interest $65,039,791
Dividends 2,623,365
--------------------------------------------------------------------------------------
Total investment income $67,663,156
======================================================================================
EXPENSES:
Management fees $ 7,446,008
Transfer agent fees
Class A 285,144
Class B 32,392
Class C 37,042
Class R 8,950
Class Y 56,331
Class Z 4,726
Distribution fees
Class A 1,493,016
Class B 68,226
Class C 770,525
Class R 183,421
Shareholder communications expense 1,936,983
Administrative reimbursements 487,793
Custodian fees 107,042
Registration fees 129,955
Professional fees 118,144
Printing expense 72,614
Fees and expenses of nonaffiliated Trustees 56,271
Miscellaneous 145,880
--------------------------------------------------------------------------------------
Total expenses $13,440,463
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (961,111)
--------------------------------------------------------------------------------------
Net expenses $12,479,352
--------------------------------------------------------------------------------------
Net investment income $55,183,804
--------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND SWAP CONTRACTS:
Net realized gain (loss) on:
Investments $16,450,006
Futures contracts (2,515,629)
Swap contracts 109,554 $14,043,931
--------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $23,390,148
Futures contracts 601,938
Swap contracts (295,480) $23,696,606
--------------------------------------------------------------------------------------
Net gain on investments, futures contracts and
swap contracts $37,740,537
--------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $92,924,341
======================================================================================
The accompanying notes are an integral part of these financial statements.
70 Pioneer Bond Fund | Annual Report | 6/30/14
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------
Year Ended Year Ended
6/30/14 6/30/13
--------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 55,183,804 $ 60,853,512
Net realized gain (loss) on investments, futures
contracts and swap contracts 14,043,931 (151,123)
Change in net unrealized appreciation (depreciation) on
investments, futures contracts and swap contracts 23,696,606 (14,758,493)
--------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 92,924,341 $ 45,943,896
--------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.38 and $0.37 per share, respectively) $ (22,667,902) $ (19,971,054)
Class B ($0.27 and $0.27 per share, respectively) (193,002) (315,610)
Class C ($0.29 and $0.29 per share, respectively) (2,298,637) (2,893,417)
Class K ($0.40 and $0.21 per share, respectively) (38,942) (215)
Class R ($0.34 and $0.34 per share, respectively) (1,255,219) (922,219)
Class Y ($0.39 and $0.39 per share, respectively) (32,906,308) (36,953,978)
Class Z ($0.40 and $0.40 per share, respectively) (162,131) (201,696)
--------------------------------------------------------------------------------------------
Total distributions to shareowners $ (59,522,141) $ (61,258,189)
--------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS
Net proceeds from sale or exchange of shares $ 666,056,558 $ 622,314,487
Reinvestment of distributions 47,974,430 46,411,448
Cost of shares repurchased (647,980,831) (471,635,739)
--------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 66,050,157 $ 197,090,196
--------------------------------------------------------------------------------------------
Net increase in net assets $ 99,452,357 $ 181,775,903
NET ASSETS:
Beginning of year $1,615,386,338 $1,433,610,435
--------------------------------------------------------------------------------------------
End of year $1,714,838,695 $1,615,386,338
============================================================================================
Undistributed (distributions in excess of)
net investment income $ (1,372,548) $ 155,624
============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 71
Statements of Changes in Net Assets (continued)
--------------------------------------------------------------------------------------------
'14 Shares '14 Amount '13 Shares '13 Amount
--------------------------------------------------------------------------------------------
Class A
Shares sold 33,575,403 $ 326,968,655 24,375,983 $ 241,840,642
Reinvestment of
distributions 2,135,282 20,747,926 1,779,061 17,627,684
Less shares repurchased (22,630,052) (219,467,397) (14,312,751) (141,497,556)
--------------------------------------------------------------------------------------------
Net increase 13,080,633 $ 128,249,184 11,842,293 $ 117,970,770
============================================================================================
Class B
Shares exchanged 17,772 $ 171,327 88,345 $ 868,374
Reinvestment of
distributions 16,903 162,846 28,586 281,456
Less shares repurchased (404,531) (3,892,942) (538,851) (5,303,792)
--------------------------------------------------------------------------------------------
Net decrease (369,856) $ (3,558,769) (421,920) $ (4,153,962)
============================================================================================
Class C
Shares sold 1,238,186 $ 11,902,291 2,835,146 $ 27,818,936
Reinvestment of
distributions 176,433 1,692,531 216,666 2,124,028
Less shares repurchased (3,094,712) (29,662,070) (3,614,367) (35,367,504)
--------------------------------------------------------------------------------------------
Net decrease (1,680,093) $ (16,067,248) (562,555) $ (5,424,540)
============================================================================================
Class K*
Shares sold 459,929 $ 4,490,799 1,007 $ 10,000
Reinvestment of
distributions 3,958 38,794 -- --
Less shares repurchased (19,469) (191,302) -- --
--------------------------------------------------------------------------------------------
Net increase 444,418 $ 4,338,291 1,007 $ 10,000
============================================================================================
Class R
Shares sold 2,689,792 $ 26,402,096 1,825,311 $ 18,270,357
Reinvestment of
distributions 119,608 1,172,422 83,994 839,417
Less shares repurchased (1,161,793) (11,353,848) (1,149,162) (11,490,246)
--------------------------------------------------------------------------------------------
Net increase 1,647,607 $ 16,220,670 760,143 $ 7,619,528
============================================================================================
Class Y
Shares sold 30,497,633 $ 293,771,461 33,476,220 $ 328,848,985
Reinvestment of
distributions 2,494,174 24,002,560 2,580,484 25,341,202
Less shares repurchased (39,540,727) (379,763,123) (28,264,359) (276,929,646)
--------------------------------------------------------------------------------------------
Net increase
(decrease) (6,548,920) $ (61,989,102) 7,792,345 $ 77,260,541
============================================================================================
Class Z
Shares sold 241,257 $ 2,349,929 468,315 $ 4,657,193
Reinvestment of
distributions 16,156 157,351 19,896 197,661
Less shares repurchased (377,159) (3,650,149) (106,004) (1,046,995)
--------------------------------------------------------------------------------------------
Net increase
(decrease) (119,746) $ (1,142,869) 382,207 $ 3,807,859
============================================================================================
* Class K shares were first publicly offered on December 20, 2012.
The accompanying notes are an integral part of these financial statements.
72 Pioneer Bond Fund | Annual Report | 6/30/14
Financial Highlights
-----------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/14 6/30/13 6/30/12 6/30/11 6/30/10
-----------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.67 $ 9.73 $ 9.66 $ 9.44 $ 8.63
-----------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.35 $ 0.38 $ 0.42 $ 0.45 $ 0.45
Net realized and unrealized gain (loss) on investments 0.24 (0.07) 0.13 0.21 0.80
-----------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.59 $ 0.31 $ 0.55 $ 0.66 $ 1.25
-----------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.38) $ (0.37) $ (0.43) $ (0.44) $ (0.44)
Net realized gain -- -- (0.05) -- --
-----------------------------------------------------------------------------------------------------------------
Total distributions $ (0.38) $ (0.37) $ (0.48) $ (0.44) $ (0.44)
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.21 $ (0.06) $ 0.07 $ 0.22 $ 0.81
-----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.88 $ 9.67 $ 9.73 $ 9.66 $ 9.44
=================================================================================================================
Total return* 6.19% 3.21% 5.91% 7.08% 14.71%
Ratio of net expenses to average net assets 0.85% 0.85% 0.85% 0.85% 0.85%
Ratio of net investment income to average net assets 3.52% 3.77% 4.35% 4.63% 4.86%
Portfolio turnover rate 41% 28% 21% 36% 41%
Net assets, end of period (in thousands) $706,962 $565,569 $453,772 $500,905 $420,706
Ratios with no waiver of fees
and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.00% 1.01% 1.03% 1.06% 1.07%
Net investment income 3.37% 3.61% 4.17% 4.42% 4.64%
=================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 73
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/14 6/30/13 6/30/12 6/30/11 6/30/10
-----------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.61 $ 9.67 $ 9.60 $ 9.38 $ 8.58
-----------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.24 $ 0.27 $ 0.31 $ 0.35 $ 0.35
Net realized and unrealized gain (loss) on investments 0.24 (0.06) 0.14 0.21 0.79
-----------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.48 $ 0.21 $ 0.45 $ 0.56 $ 1.14
-----------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.27) $ (0.27) $ (0.33) $ (0.34) $ (0.34)
Net realized gain -- -- (0.05) -- --
-----------------------------------------------------------------------------------------------------------------
Total distributions $ (0.27) $ (0.27) $ (0.38) $ (0.34) $ (0.34)
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.21 $ (0.06) $ 0.07 $ 0.22 $ 0.80
-----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.82 $ 9.61 $ 9.67 $ 9.60 $ 9.38
=================================================================================================================
Total return* 5.11% 2.15% 4.82% 5.99% 13.47%
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 2.53% 2.78% 3.31% 3.59% 3.89%
Portfolio turnover rate 41% 28% 21% 36% 41%
Net assets, end of period (in thousands) $ 5,362 $ 8,805 $12,942 $18,474 $27,342
Ratios with no waiver of fees
and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 2.18% 2.05% 2.02% 1.95% 1.98%
Net investment income 2.25% 2.63% 3.19% 3.54% 3.81%
=================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
74 Pioneer Bond Fund | Annual Report | 6/30/14
-----------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/14 6/30/13 6/30/12 6/30/11 6/30/10
-----------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.57 $ 9.63 $ 9.55 $ 9.34 $ 8.54
-----------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.26 $ 0.29 $ 0.33 $ 0.36 $ 0.37
Net realized and unrealized gain (loss) on investments 0.23 (0.06) 0.15 0.20 0.78
-----------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.49 $ 0.23 $ 0.48 $ 0.56 $ 1.15
-----------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.29) $ (0.29) $ (0.35) $ (0.35) $ (0.35)
Net realized gain -- -- (0.05) -- --
-----------------------------------------------------------------------------------------------------------------
Total distributions $ (0.29) $ (0.29) $ (0.40) $ (0.35) $ (0.35)
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.20 $ (0.06) $ 0.08 $ 0.21 $ 0.80
-----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.77 $ 9.57 $ 9.63 $ 9.55 $ 9.34
=================================================================================================================
Total return* 5.20% 2.33% 5.12% 6.06% 13.63%
Ratio of net expenses to average net assets 1.73% 1.72% 1.73% 1.73% 1.79%
Ratio of net investment income to average net assets 2.69% 2.93% 3.47% 3.75% 3.91%
Portfolio turnover rate 41% 28% 21% 36% 41%
Net assets, end of period (in thousands) $73,224 $87,763 $93,737 $82,915 $81,892
Ratios with no waiver of fees
and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.73% 1.72% 1.73% 1.73% 1.79%
Net investment income 2.69% 2.93% 3.47% 3.75% 3.91%
=================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 75
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------
12/20/12 (a)
Year Ended to
6/30/14 6/30/13
-----------------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.67 $ 9.94
-----------------------------------------------------------------------------------------------------------------
Decrease from investment operations:
Net investment income $ 0.40 $ 0.20
Net realized and unrealized loss on investments 0.20 (0.26)
-----------------------------------------------------------------------------------------------------------------
Net decrease from investment operations $ 0.60 $ (0.06)
-----------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.40) $ (0.21)
Net realized gain -- --
-----------------------------------------------------------------------------------------------------------------
Total distributions $ (0.40) $ (0.21)
-----------------------------------------------------------------------------------------------------------------
Net decrease in net asset value $ 0.20 $ (0.27)
-----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.87 $ 9.67
=================================================================================================================
Total return* 6.37% (0.61)%(b)
Ratio of net expenses to average net assets 0.56% 0.57%**
Ratio of net investment income to average net assets 3.59% 3.86%**
Portfolio turnover rate 41% 28%
Net assets, end of period (in thousands) $ 4,398 $ 10
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.56% 0.57%**
Net investment income 3.59% 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.
(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.
76 Pioneer Bond Fund | Annual Report | 6/30/14
-----------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/14 6/30/13 6/30/12 6/30/11 6/30/10
-----------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 9.76 $ 9.82 $ 9.74 $ 9.52 $ 8.71
-----------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.32 $ 0.34 $ 0.39 $ 0.41 $ 0.42
Net realized and unrealized gain (loss) on investments 0.23 (0.06) 0.14 0.22 0.80
-----------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.55 $ 0.28 $ 0.53 $ 0.63 $ 1.22
-----------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.34) $ (0.34) $ (0.40) $ (0.41) $ (0.41)
Net realized gain -- -- (0.05) -- --
-----------------------------------------------------------------------------------------------------------------
Total distributions $ (0.34) $ (0.34) $ (0.45) $ (0.41) $ (0.41)
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.21 $ (0.06) $ 0.08 $ 0.22 $ 0.81
-----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.97 $ 9.76 $ 9.82 $ 9.74 $ 9.52
=================================================================================================================
Total return* 5.75% 2.80% 5.58% 6.67% 14.18%
Ratio of net expenses to average net assets 1.25% 1.25% 1.25% 1.24% 1.25%
Ratio of net investment income to average net assets 3.12% 3.36% 3.94% 4.25% 4.50%
Portfolio turnover rate 41% 28% 21% 36% 41%
Net assets, end of period (in thousands) $48,264 $31,169 $23,892 $20,508 $18,186
Ratios with no waiver of fees
and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.32% 1.35% 1.35% 1.24% 1.26%
Net investment income 3.05% 3.26% 3.84% 4.25% 4.49%
=================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 77
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/14 6/30/13 6/30/12 6/30/11 6/30/10
-----------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.58 $ 9.65 $ 9.57 $ 9.36 $ 8.55
-----------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.36 $ 0.39 $ 0.44 $ 0.47 $ 0.47
Net realized and unrealized gain (loss) on investments 0.24 (0.07) 0.14 0.20 0.79
-----------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.60 $ 0.32 $ 0.58 $ 0.67 $ 1.26
-----------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.39) $ (0.39) $ (0.45) $ (0.46) $ (0.45)
Net realized gain -- -- (0.05) -- --
-----------------------------------------------------------------------------------------------------------------
Total distributions $ (0.39) $ (0.39) $ (0.50) $ (0.46) $ (0.45)
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.21 $ (0.07) $ 0.08 $ 0.21 $ 0.81
-----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.79 $ 9.58 $ 9.65 $ 9.57 $ 9.36
=================================================================================================================
Total return* 6.41% 3.34% 6.27% 7.25% 15.06%
Ratio of net expenses to average net assets 0.66% 0.66% 0.65% 0.61% 0.61%
Ratio of net investment income to average net assets 3.72% 3.97% 4.55% 4.88% 5.13%
Portfolio turnover rate 41% 28% 21% 36% 41%
Net assets, end of period (in thousands) $871,801 $916,182 $847,072 $717,433 $713,869
Ratios with no waiver of fees
and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.66% 0.66% 0.65% 0.61% 0.61%
Net investment income 3.72% 3.97% 4.55% 4.88% 5.13%
=================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
78 Pioneer Bond Fund | Annual Report | 6/30/14
-----------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
6/30/14 6/30/13 6/30/12 6/30/11 6/30/10
-----------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 9.70 $ 9.76 $ 9.68 $ 9.46 $ 8.67
-----------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.38 $ 0.40 $ 0.45 $ 0.47 $ 0.48
Net realized and unrealized gain (loss) on investments 0.22 (0.06) 0.14 0.21 0.77
-----------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.60 $ 0.34 $ 0.59 $ 0.68 $ 1.25
-----------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.40) $ (0.40) $ (0.46) $ (0.46) $ (0.46)
Net realized gain -- -- (0.05) -- --
-----------------------------------------------------------------------------------------------------------------
Total distributions $ (0.40) $ (0.40) $ (0.51) $ (0.46) $ (0.46)
-----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.20 $ (0.06) $ 0.08 $ 0.22 $ 0.79
-----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.90 $ 9.70 $ 9.76 $ 9.68 $ 9.46
=================================================================================================================
Total return* 6.29% 3.41% 6.23% 7.30% 14.68%
Ratio of net expenses to average net assets 0.65% 0.65% 0.65% 0.65% 0.63%
Ratio of net investment income to average net assets 3.70% 3.95% 4.50% 4.82% 5.00%
Portfolio turnover rate 41% 28% 21% 36% 41%
Net assets, end of period (in thousands) $ 4,828 $ 5,889 $ 2,196 $ 787 $ 720
Ratios with no waiver of fees
and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.82% 0.87% 0.83% 0.72% 0.63%
Net investment income 3.53% 3.73% 4.32% 4.75% 5.00%
=================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Annual Report | 6/30/14 79
Notes to Financial Statements | 6/30/14
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.
80 Pioneer Bond Fund | Annual Report | 6/30/14
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, an independent pricing service. If
price information is not available from Loan Pricing Corporation, or if the
price information is deemed to be unreliable, price information will be
obtained from an alternative loan interest pricing service. If no reliable
price quotes are available from either the primary or alternative pricing
service, broker quotes will be solicited. 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 such funds' 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 a
fair valuation team comprised of certain personnel of Pioneer Investment
Management, Inc. (PIM), the Fund's investment adviser, pursuant to
procedures adopted by the Fund's Board of Trustees. PIM's fair valuation
team uses fair value methods approved by the Valuation Committee of the
Board of Trustees. PIM's fair valuation team 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 of the Board of Trustees.
Pioneer Bond Fund | Annual Report | 6/30/14 81
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. 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.
At June 30, 2014, one security was valued using fair value methods (in
addition to securities valued using prices supplied by independent pricing
services) representing 0.1% of net assets.
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, 2014, the Fund did not accrue any interest or penalties with
respect to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax returns filed
within the prior three years remain subject to examination by Federal and
State tax authorities.
82 Pioneer Bond Fund | Annual Report | 6/30/14
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
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, 2014, the Fund reclassified $2,810,165 to decrease Distributions
in excess of net investment income, $1,040,058 to increase accumulated net
realized loss on investments, swap contracts and futures contracts and
$1,770,107 to increase Paid-in capital to reflect permanent book/tax
differences. These adjustments have no impact on the net assets or results
of operations.
At June 30, 2014, the Fund was permitted to carry forward $4,795,956 of
long-term losses without limitation. Additionally, during the year ended
June 30, 2014, a capital loss carry forward of $13,607,587 was utilized to
offset net realized gains by the Fund.
The tax character of distributions paid during the years ended June 30,
2014 and June 30, 2013 was as follows:
---------------------------------------------------------------------------
2014 2013
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $59,522,141 $61,258,189
Long-term capital gain -- --
---------------------------------------------------------------------------
Total $59,522,141 $61,258,189
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at June 30, 2014:
-------------------------------------------------------------------------
2014
-------------------------------------------------------------------------
Distributable earnings:
Capital loss carryforward $ (4,795,956)
Dividends payable (605,287)
Net unrealized appreciation 76,752,314
-------------------------------------------------------------------------
Total $ 71,351,071
=========================================================================
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.
Pioneer Bond Fund | Annual Report | 6/30/14 83
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 $49,784 in underwriting commissions on the sale of
Class A shares during the year ended June 30, 2014.
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 in order to attempt 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
84 Pioneer Bond Fund | Annual Report | 6/30/14
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. The amount of cash deposited with the broker as collateral at
June 30, 2014 was $2,298,450. 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. The use of 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. The average
value of contracts open during the year ended June 30, 2014 was
$170,423,193.
At June 30, 2014, open futures contracts were as follows:
----------------------------------------------------------------------------------------
Number of
Contracts Settlement Unrealized
Type Long/(Short) Month Value Appreciation
----------------------------------------------------------------------------------------
U.S. Long Bond (CBT) (100) 9/14 $ (13,718,750) $ 71,094
U.S. Ultra Bond (CBT) (36) 9/14 (5,397,750) 35,719
U.S. 10 Year Note (CBT) (1,268) 9/14 (158,717,938) 673,624
U.S. 2 Year Note (CBT) (170) 9/14 (37,330,938) 37,188
U.S. 5 Year Note (CBT) (321) 9/14 (38,346,961) 140,437
---------------------------------------------------------------------------------------
$ (253,512,337) $ 958,062
---------------------------------------------------------------------------------------
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 seek to increase the Fund's
income, or to attempt to hedge the risk of default on portfolio securities.
A credit default swap index is used to hedge risk or take a position on a
basket of credit entities or indices. 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
Pioneer Bond Fund | Annual Report | 6/30/14 85
corporate issuer of a debt obligation, which would likely result in a loss
to the Fund. In return, the Fund would receive from the counterparty a
periodic stream of payments during the term of the contract provided that
no event of default occurred. The maximum exposure of loss to the seller
would be the notional value of the credit default swaps outstanding. If no
default occurs, the Fund would keep the stream of payments and would have
no payment obligation. The Fund may also buy credit default swap contracts
in order to hedge against the risk of default of debt securities, in which
case the Fund would function as the counterparty referenced above.
When the Fund enters into a credit default swap contract, 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
made by the Fund, as the protection buyer, is recorded as an asset in the
Statement of Assets and Liabilities. Periodic payments received or paid by
the Fund are recorded as realized gains or losses in the Statement of
Operations.
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 appreciation or depreciation in the Statement of
Assets and Liabilities. 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 in
the Statement of Operations.
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.
Open credit default swap contracts at June 30, 2014 are listed in the
Schedule of Investments. The average value of swap contracts open during
the year ended June 30, 2014 was $3,769,868.
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,
2014, the effective management fee (excluding waivers and/or assumption of
expenses) was equal to 0.48% of the Fund's average daily net assets.
86 Pioneer Bond Fund | Annual Report | 6/30/14
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 0.85%, 1.90%, 1.90%, 1.25% and
0.65% of the average daily net assets attributable to Class A, Class B, Class C,
Class R and Class Z shares, respectively. Fees waived and expenses reimbursed
during the year ended June 30, 2014 are reflected on the Statement of
Operations. These expense limitations are in effect through November 1, 2015.
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
$106,205 in management fees, administrative costs and certain other
reimbursements payable to PIM at June 30, 2014.
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, 2014, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 897,000
Class B 10,099
Class C 94,100
Class K 34
Class R 87,000
Class Y 842,500
Class Z 6,250
-------------------------------------------------------------------------------
Total $1,936,983
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $278,636 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at June 30, 2014.
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
Pioneer Bond Fund | Annual Report | 6/30/14 87
average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD
1.00% of the average daily net assets attributable to Class B and Class C
shares. The fee for Class B and Class C shares consists of a 0.25% service fee
and a 0.75% distribution fee paid as compensation for personal services and/or
account maintenance services or distribution services with regard to Class B and
Class C shares. Pursuant to the Plan, the Fund further pays PFD 0.50% of the
average daily net assets attributable to Class R shares for distribution
services. Included in "Due to affiliates" reflected on the Statement of Assets
and Liabilities is $30,268 in distribution fees payable to PFD at June 30, 2014.
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 12 months 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 CDSC are paid to PFD. For
the year ended June 30, 2014, CDSC in the amount of $16,085 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, 2014, 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
88 Pioneer Bond Fund | Annual Report | 6/30/14
facility in effect until February 12, 2014 was in the amount of $215 million. As
of February 12, 2014, the facility is in the amount of $240 million. Under such
facility, depending on the type of loan, interest on borrowings is payable at
the London Interbank Offered Rate (LIBOR) plus 0.90% (0.85% as of February 12,
2014) 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 Eurodollar rate on the borrowing date. The Funds pay an
annual commitment fee to participate in a 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, 2014, the Fund had no
borrowings under a credit facility.
7. Assets and Liabilities Offsetting
Financial instruments subject to an enforceable master netting agreement have
been offset on the Statement of Assets and Liabilities. The following charts
show gross assets and liabilities of the Fund as of June 30, 2014.
--------------------------------------------------------------------------------------------
Assets:
Net
Gross Amounts Gross Amounts
Amounts of Assets Not Offset in
Offset Presented the Statement of
in the in the Assets and Liabilities
Gross Statement Statement ------------------------
Amounts of of Assets of Assets Cash
Recognized and and Financial Collateral Net
Description Assets Liabilities Liabilities Instruments Received Amount
--------------------------------------------------------------------------------------------
Futures
contracts $958,062 $ -- $ -- $ -- $ -- $958,062
Swap contracts -- -- -- -- -- --
--------------------------------------------------------------------------------------------
$958,062 $ -- $ -- $ -- $ -- $958,062
============================================================================================
---------------------------------------------------------------------------------------------
Liabilities:
Net
Gross Amounts Gross Amounts
Amounts of Assets Not Offset in
Offset Presented the Statement of
in the in the Assets and Liabilities
Gross Statement Statement ------------------------
Amounts of of Assets of Assets Cash
Recognized and and Financial Collateral Net
Description Liabilities Liabilities Liabilities Instruments Received Amount
---------------------------------------------------------------------------------------------
Futures
contracts $ -- $ -- $ -- $ -- $ -- $ --
Swap contracts 99,974 -- -- -- -- 99,974
---------------------------------------------------------------------------------------------
$99,974 $ -- $ -- $ -- $ -- $99,974
=============================================================================================
Pioneer Bond Fund | Annual Report | 6/30/14 89
8. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of June 30, 2014 were as follows:
--------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Asset Derivatives 2014 Liabilities Derivatives 2014
Hedging Instruments -------------------------------------------------------------
Under Accounting Statement of Assets Statement of Assets
Standards Codification and Liabilities and Liabilities
(ASC) 815 Location Value Location Value
--------------------------------------------------------------------------------------------
Futures contracts* Net unrealized Net unrealized
appreciation on depreciation on
futures contracts $958,062 futures contracts $ --
Swap Contracts Net unrealized Net unrealized
appreciation on depreciation on
swap contracts $ -- swap contracts $99,974
--------------------------------------------------------------------------------------------
Total $958,062 $99,974
============================================================================================
* Reflects the unrealized appreciation on futures contracts (see Note 1F).
The effect of derivative instruments on the Statement of Operations for the
year ended June 30, 2014 was as follows:
--------------------------------------------------------------------------------------------------
Change in
Derivatives Not Realized Unrealized
Accounted for as Gain or Appreciation or
Hedging Instruments Loss on (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
--------------------------------------------------------------------------------------------------
Futures contracts Net realized gain (loss) on
futures contracts $(2,515,629)
Futures contracts Change in unrealized appreciation
(depreciation) on futures contracts $ 601,938
Swap Contracts Net realized gain (loss) on
swap contracts $ 109,554
Swap Contracts Change in unrealized appreciation
(depreciation) on swap contracts $(295,480)
9. Change in Independent Registered Public Accounting Firm
The board of Trustees of the Fund, with the approval and recommendation of the
Audit Committee, appointed Deloitte & Touche LLP to serve as the Fund's
independent registered public accounting firm for the fiscal year ending June
30, 2014. Deloitte & Touche LLP replaces Ernst & Young LLP, which resigned as
the Fund's independent registered public accounting firm, effective upon
completion of the audit of the Fund's financial statements for the fiscal year
ended June 30, 2013.
90 Pioneer Bond Fund | Annual Report | 6/30/14
During the periods that Ernst & Young LLP served as the Fund's independent
registered public accounting firm, including the Fund's two most recent fiscal
years, Ernst & Young LLP's reports on the financial statements of the Fund have
not contained an adverse opinion or disclaimer of opinion and have not been
qualified or modified as to uncertainty, audit scope or accounting principles.
Further, there have been no disagreements with Ernst & Young LLP on any matter
of accounting principles or practices, financial statement disclosure, or
auditing scope or procedure, which, if not resolved to the satisfaction of Ernst
& Young LLP would have caused Ernst & Young LLP to make reference to the subject
matter of the disagreement in connection with its report on the financial
statements. In addition, there have been no reportable events of the kind
described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange
Act of 1934.
10. Subsequent Events
Upcoming Conversion of Class B shares
As of the close of business on November 10, 2014 (the "Conversion Date"), all
outstanding Class B shares of the Pioneer funds will be converted to Class A
shares. Shareholders may continue to hold their Class B shares until the
Conversion Date. Prior to the Conversion Date, redemptions of Class B shares are
subject to any applicable contingent deferred sales charges (CDSC's). Class A
shares acquired through The conversion will not be subject to CDSCs, nor will
any sales charges be assessed in connection with The conversion. After the
Conversion Date, subsequent purchases of Class A shares will be subject to sales
charges as described in the Fund's prospectus.
Management Fee Change
As of July 1, 2014, Pioneer's management fees are calculated daily at the annual
rate 0.40% of the Portfolio's average daily net assets. Prior to July 1, 2014,
Pioneer's management fees were calculated daily at the 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.
In addition, as of July 1, 2014, PIM has contractually agreed to limit ordinary
expenses to the extent required to reduce Fund expenses to 1.10% and 0.58% of
the average daily net assets attributable to Class R and Class Y shares. Prior
to July 1, 2014, PIM had contractually agreed to limit ordinary expenses to the
extent required to reduce Fund expenses to 1.25% of Class R shares. Prior to
July 1, 2014, Class Y shares did not have an expense limitation. These expense
limitations are in effect through November 1, 2016.
Pioneer Bond Fund | Annual Report | 6/30/14 91
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and the Shareholders 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,
2014, and the related statements of operations and changes in net assets, and
the financial highlights for year then ended. 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 audit. The statement of changes in net assets
of the Fund for the year ended June 30, 2013, and the financial highlights for
the years ended June 30, 2013, 2012, 2011 and 2010 were audited by other
auditors. Those auditors expressed an unqualified opinion on those financial
statements and financial highlights in their report dated August 22, 2013.
We conducted our audit 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. The Fund
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audit included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Fund's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of June 30, 2014, by correspondence with the custodian,
brokers and agent banks; where replies were not received from brokers and agent
banks, we performed other auditing procedures. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Bond Fund as of June 30, 2014, and the results of its operations, the
changes in its net assets, and the financial highlights for the year then ended,
in conformity with accounting principles generally accepted in the United States
of America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
August 21, 2014
92 Pioneer Bond Fund | Annual Report | 6/30/14
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 81.10%.
Pioneer Bond Fund | Annual Report | 6/30/14 93
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche 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 55 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.
94 Pioneer Bond Fund | Annual Report | 6/30/14
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 (63) Trustee since 2006. Serves Private investor (2004-2008 and Director, Broadridge
Chairman of the Board and until a successor trustee 2013-present); Chairman (2008 - 2013) and Financial Solutions,
Trustee is elected or earlier Chief Executive Officer (2008 - 2012), Inc. (investor
retirement or removal. Quadriserv, Inc. (technology products for communications and
securities lending industry); and Senior securities processing
Executive Vice President, The Bank of New provider for financial
York (financial and securities services) services industry)
(1986 - 2004) (2009 - present);
Director, Quadriserv,
Inc. (2005 - 2013); and
Commissioner, New
Jersey State Civil
Service Commission
(2011 - present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (70) Trustee since 2005. Serves Managing Partner, Federal City Capital Director of Enterprise
Trustee until a successor trustee Advisors (corporate advisory services Community Investment,
is elected or earlier company) (1997 - 2004 and 2008 - present); Inc. (privately held
retirement or removal. Interim Chief Executive Officer, Oxford affordable housing
Analytica, Inc. (privately held research finance company) (1985
and consulting company) (2010); Executive - 2010); Director of
Vice President and Chief Financial Officer, Oxford Analytica, Inc.
I-trax, Inc. (publicly traded health care (2008 - present);
services company) (2004 - 2007); and Director of The Swiss
Executive Vice President and Chief Helvetia Fund, Inc.
Financial Officer, Pedestal Inc. (closed-end fund) (2010
(internet-based mortgage trading company) - present); and
(2000 - 2002) Director of New York
Mortgage Trust
(publicly traded
mortgage REIT) (2004 -
2009, 2012 - present)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (69) Trustee since 2008. Serves William Joseph Maier Professor of Political Trustee, Mellon
Trustee until a successor trustee Economy, Harvard University (1972 - Institutional Funds
is elected or earlier present) Investment Trust and
retirement or removal. Mellon Institutional
Funds Master Portfolio
(oversaw 17 portfolios
in fund complex)
(1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Bond Fund | Annual Report | 6/30/14 95
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
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (66) Trustee since 2002. Founding Director, Vice President and None
Trustee Serves until a successor Corporate Secretary, The Winthrop Group,
trustee is elected or Inc. (consulting firm) (1982 - present);
earlier retirement or Desautels Faculty of Management, McGill
removal. 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 2002. President and Chief Executive Officer, Director of New America
Trustee Serves until a successor Newbury, Piret & Company, Inc. (investment High Income Fund, Inc.
trustee is elected or banking firm) (1981 - present) (closed-end investment
earlier retirement or company) (2004 -
removal. present); and member,
Board of Governors,
Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (85)* Trustee since 2002. Senior Counsel, Sullivan & Cromwell LLP Director, The Swiss
Trustee Serves until a successor (law firm) (1998 - present); and Partner, Helvetia Fund, Inc.
trustee is elected or Sullivan & Cromwell LLP (prior to 1998) (closed-end investment
earlier retirement or company) (1995 - 2012);
removal. and Director, Invesco,
Ltd. (formerly
AMVESCAP, PLC)
(investment manager)
(1997-2005)
------------------------------------------------------------------------------------------------------------------------------------
* Retired effective July 15, 2014.
96 Pioneer Bond Fund | Annual Report | 6/30/14
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (55)*,++ Trustee since 2007. Chairman (2013 - 2014), Director, CEO and None
Trustee, President and Chief Serves until a successor President of PIM-USA (since February 2007);
Executive Officer of the trustee is elected or Chairman (2013 - 2014), Director and
Fund earlier retirement or President of Pioneer and Pioneer
removal. Institutional Asset Management, Inc.
(February 2007 - August 2014); Executive
Vice President of all of the Pioneer Funds
(2007 - 2013); Director of PGAM (2007 -
2010); Head of New Europe Division, PGAM
(2000 - 2005); and Head of New Markets
Division, PGAM (2005 - 2007)
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (55)* Trustee since 2014. Director and Executive Vice President None
Trustee Serves until a successor (since 2008) and Chief Investment Officer,
trustee is elected or U.S. (since 2010), of PIM-USA; Executive
earlier retirement or Vice President of Pioneer (since 2008);
removal. Executive Vice President of Pioneer
Institutional Asset Management, Inc. (since
2009); Portfolio Manager of Pioneer (since
1999)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Kingsbury and Mr. Taubes are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
++ Resigned effective August 8, 2014.
Pioneer Bond Fund | Annual Report | 6/30/14 97
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Mark D. Goodwin (49) Since 2014. Serves at the Executive Vice President and Chief None
Executive Vice President discretion of the Board. Operating Officer of Pioneer since 2005 and
Executive Vice President of all the Pioneer
funds since 2014
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (49) Since 2003. Serves at the Vice President and Associate General None
Secretary and Chief Legal discretion of the Board. Counsel of Pioneer since January 2008;
Officer Secretary and Chief Legal Officer 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 (53) Since 2010. Serves at the Fund Governance Director of Pioneer since None
Assistant Secretary discretion of the Board. December 2006 and Assistant Secretary of
all the Pioneer Funds since June 2010;
Manager - Fund Governance of Pioneer from
December 2003 to November 2006; and Senior
Paralegal of Pioneer from January 2000 to
November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (51) Since 2010. Serves at the Senior Counsel of Pioneer since May 2013 None
Assistant Secretary discretion of the Board. and Assistant Secretary of all the Pioneer
Funds since June 2010; Counsel of Pioneer
from June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (54) Since 2008. Serves at the Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief discretion of the Board. Treasurer of all of the Pioneer Funds since
Financial and Accounting March 2008; Deputy Treasurer of Pioneer
Officer of the Fund from March 2004 to February 2008; and
Assistant Treasurer of all of the Pioneer
Funds from March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
98 Pioneer Bond Fund | Annual Report | 6/30/14
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (48) Since 2002. Serves at the Director - Fund Treasury of Pioneer; and None
Assistant Treasurer discretion of the Board. Assistant Treasurer of all of the Pioneer
Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (55) Since 2002. Serves at the Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer discretion of the Board. Pioneer; and Assistant Treasurer of all of
the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (34) Since 2009. Serves at the Fund Administration Manager - Fund Treasury None
Assistant Treasurer discretion of the Board. of Pioneer since November 2008; Assistant
Treasurer of all of the Pioneer Funds since
January 2009; and Client Service Manager -
Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (61) Since 2010. Serves at the Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer discretion of the Board. all the Pioneer Funds since March 2010;
Director of Adviser and Portfolio
Compliance at Pioneer since October 2005;
and Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003
to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (43) Since 2006. Serves at the Director - Transfer Agency Compliance of None
Anti-Money Laundering discretion of the Board. Pioneer and Anti-Money Laundering Officer
Officer of all the Pioneer funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Bond Fund | Annual Report | 6/30/14 99
This page for your notes.
100 Pioneer Bond Fund | Annual Report | 6/30/14
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) 2014 Pioneer Investments 19398-08-0814
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 12(a)(1), 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.
The audit services provided to the Fund were totaled
approximately $40,803 payable to Deloitte & Touche
LLP for the year ended June 30, 2014 and $42,076 were
paid to the former auditor, Ernst & Young LLP for the
year ended June 30, 2013.
(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.
There were no audit related fees and other fees for
the Fund payable to Deloitte & Touche LLP for the
year ended June 30, 2014 and approximately
$9,652 were paid to the former auditor, Ernst &
Young LLP for the year ended June 30, 2013.
(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.
Fees for tax compliance services, primarily for tax
returns, totaled approximately $7,100 payable to
Deloitte & Touche LLP for the year ended June 30,
2014 and $8,290 were paid to the former auditor, Ernst
& Young LLP for the year ended June 30, 2013.
(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.
There were no audit related fees and other fees for
the Fund payable to Deloitte & Touche LLP for the
year ended June 30, 2014 and approximately
$9,652 were paid to the former auditor, Ernst &
Young LLP for the year ended June 30, 2013.
(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, 2014
and 2013, 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 accountants 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 registrants accountant
for services rendered to the registrant, and rendered to the registrants
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 were $7,100
payable to Deloitte & Touche LLP for the year ended
June 30, 2014 and $17,942 were paid to the former
auditor, Ernst & Young LLP for the year ended June 30,
2013.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants 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 registrant's 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 of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
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 registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's 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 registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
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 registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
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 registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R 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 and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
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.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) 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.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
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/ Mark Goodwin
Mark Goodwin, Executive Vice President
Date August 28, 2014
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/ Mark Goodwin
Mark Goodwin, Executive Vice President
Date August 28, 2014
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date August 28, 2014
* Print the name and title of each signing officer under his or her signature.