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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 December 31, 2013
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Bond Fund
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Semiannual Report | December 31, 2013
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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 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 18
Schedule of Investments 20
Financial Statements 70
Notes to Financial Statements 81
Approval of Investment Advisory Agreement 92
Trustees, Officers and Service Providers 97
Pioneer Bond Fund | Semiannual Report | 12/31/13 1
President's Letter
Dear Shareowner,
When we look into 2014, we foresee U.S. economic growth matching or exceeding
2013 levels. While unemployment remains high, employment has been rising
steadily. Consumer incomes, savings, wealth, and debt-servicing capacity have
been solid buttresses for the recovering housing and auto industries. Industrial
activity is growing only moderately, but current corporate profits are generally
solid and balance sheets appear able to support needed capital spending and
dividend* payouts. Tax hikes, spending restraint and a better economy have
meaningfully cut the federal budget deficit. A modestly improving European
economy, continuing economic improvement in Japan, and a "soft landing" of 7%
growth in China appear likely to result in improving global growth in 2014,
further supporting the U.S. economy. In addition, we feel that continuing slack
in labor markets and capacity utilization offers the potential for continuing
growth without bottlenecks and rising inflation, making it possible for the
Federal Reserve (the Fed) to continue its accommodative monetary policies.
After observing the strengthening economic trends, the Fed decided in December
2013 to start scaling back its QE (quantitative easing) program, but also said
that short-term interest rates are likely to remain near zero for some time to
come, given that inflation remains subdued and unemployment remains high.
The U.S. government's partial shutdown in October 2013 rattled the markets to a
degree, but does not appear to have had a significant negative impact on the
economy or capital markets. As the year drew to a close, leaders in Washington
reached a bipartisan budget agreement that establishes top-line government
spending levels for the next two fiscal years, a move which should help to
defuse the threat of another shutdown. That certainly was welcome news for
investors who had grown weary of infighting in Washington and wary of the risks
the policy uncertainty caused.
There are certainly risks and uncertainties facing the global economy as we head
into 2014. The European economy, while improving, remains weak, the Japanese
economy faces a tax hike this spring, and a number of emerging market countries
are experiencing difficulties. There are also geopolitical worries abroad and
the aforementioned political fights at home. While most of the widely recognized
risks we've outlined may already be "priced into" the market, we believe
investors should continue to expect market volatility.
* Dividends are not guaranteed.
2 Pioneer Bond Fund | Semiannual Report | 12/31/13
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 global 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 reward in an
ever-changing world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Bond Fund | Semiannual Report | 12/31/13 3
Portfolio Management Discussion | 12/31/13
Domestic fixed-income sectors produced mixed results during the six-month period
ended December 31, 2013, as rising interest rates resulted in price declines for
many securities. At the same time, a strengthening economy helped to produce
positive performance by corporate bonds and other credit-sensitive securities.
In the following interview, Kenneth J. Taubes reviews the market environment and
the factors that affected the performance of Pioneer Bond Fund during the six-
month period ended December 31, 2013. 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 six-month period ended December 31,
2013?
A Pioneer Bond Fund's Class A shares returned 1.47% at net asset value during
the six-month period ended December 31, 2013, while the Fund's benchmark,
the Barclays Aggregate Bond Index (the Barclays Index), returned 0.43%.
During the same period, the average return of the 1,100 mutual funds in
Morningstar's Intermediate-Term Bond Funds category was 0.91%, and the
average return of the 63 mutual funds in Lipper's Corporate Debt, A-rated
Funds category was 1.18%.
Q How would you describe the investment environment in the fixed-income
markets during the six-month period ended December 31, 2013?
A Interest rates continued to rise during the period, although not as
dramatically as they had in May and June of 2013, when market expectations
grew that the Federal Reserve (the Fed) soon would begin gradually reducing
the levels of some of its monetary stimulus, particularly its quantitative
easing (QE) bond-purchasing program. The increase in rates exerted downward
pressure on prices in the market, as bond prices tend to decline when
interest rates rise. During the six-month period, negative returns were
produced by many higher-quality and longer-duration securities, particularly
Treasuries and government agency bonds, as the yield on Five-year Treasuries
rose by 35 basis points (0.35%) during the period, while 10-year Treasury
yields rose by 54 basis points (0.54%). (Duration is a measure of a
security's or portfolio's price-sensitivity to changes in interest rates.)
While the trend of increasing rates affected most parts of the bond market,
rates on shorter-maturity instruments remained stable. Securities with
maturities of one-to-two years showed very little change as the Fed kept the
4 Pioneer Bond Fund | Semiannual Report | 12/31/13
influential Fed funds rate within the historically low range of 0% to 0.25%,
where it has been for more than five years. While rates rose on securities
with longer and intermediate maturities and the yield curve (which reflects
the difference in yields between longer and shorter maturity securities)
steepened, many benchmarks for fixed-income asset classes posted negative
returns for the full six-month period, as the yields on the bonds failed to
compensate for the declines in their prices. In this environment, portfolios
with longer maturities tended to underperform relative to those with shorter
maturities, which showed more price stability.
The story was somewhat different, however, in the more credit-sensitive
sectors. The domestic economy showed steady, albeit slow, improvement during
the period as new jobs were created, consumer spending expanded, the housing
industry improved and corporate earnings rose. The improving economic
backdrop inspired confidence in the outlook for corporate profits in
general, and credit-sensitive securities, like corporate bonds, tended to
outperform higher-rated securities such as Treasuries and government agency
debt that had little or no credit exposure but greater price-sensitivity to
the changing interest-rate environment.
Q Which of your investment strategies had the biggest effect on the Fund's
benchmark-relative returns during the six-month period ended December 31,
2013?
A The Fund outperformed both the Barclays Index benchmark and its Lipper and
Morningstar peers during the period because of favorable sector allocation,
good portfolio positioning with respect to interest-rate risk, and
successful security selection.
With regard to sector allocation, the Fund was overweight in credit-
sensitive securities, notably investment-grade and high-yield corporate
bonds, non-government asset-backed debt, and floating-rate bank loans.
Conversely, we significantly underweighted the portfolio to Treasuries and
government agency debt, including agency mortgages. The Fund's allocation
stance helped performance as the domestic economy improved, confidence in
credit sectors increased, and the yield spreads between lower-rated bonds
and higher-rated bonds narrowed (yield or credit spreads are commonly
defined as the differences in yield between Treasuries and other types of
fixed-income securities with similar maturities). Those factors combined to
drive significant outperformance by lower-rated, credit-sensitive
securities during the period.
To account for interest-rate risk, on average, we kept the overall duration
of the Fund's investments significantly shorter - by almost one year - than
that of the Barclays Index benchmark. As interest rates rose, the shorter-
duration positioning left the Fund's portfolio less vulnerable to price loss
than would a longer-duration position.
Pioneer Bond Fund | Semiannual Report | 12/31/13 5
Finally, the Fund experienced good security selection results among its
positions in credit-sensitive securities.
On the negative side, the Fund's holdings of municipal bonds, an asset class
that had a rough year in 2013, slightly underperformed during the six-month
period.
As of December 31, 2013, the Fund had an effective duration of 4.72 years.
Investment-grade corporate bonds issued by domestic institutions represented
the portfolio's largest concentration as of period end, at roughly 25% of
net assets. Non-agency mortgage-backed securities and commercial
mortgage-backed securities combined to account for around 18% of the Fund's
net assets, while asset-backed securities represented more than 8% of net
assets. Floating-rate bank loans accounted for just over 5% of the
portfolio's net assets, while more than 17% of net assets were invested in a
combination of Treasuries, government agency bonds and agency-backed
mortgages.
Q Which individual securities had the biggest effects on the Fund's
benchmark-relative performance during the six-month period ended December
31, 2013?
A The greatest support for the Fund's returns during the period came from
corporate debt holdings. Several portfolio holdings in the financials sector
stood out, including securities issued by asset managers Carlyle Group and
KKR. The debt of both companies fared well as they each benefited from
rising prices in real estate and the capital markets. Also in the financials
sector, securities issued by XL Capital, an insurance company, and by
Aviation Capital, an airline leasing company, also outperformed during the
period and aided the Fund's performance. Elsewhere, the Fund benefited from
the performance of securities issued by Masco, a manufacturer and
distributor of home building products, and by ArcelorMittal, a
Luxembourg-based mining and steel company.
Q Did you employ any derivative strategies during the six-month period ended
December 31, 2013?
A Yes, we invested the portfolio in some Treasury futures in an attempt to
reduce the Fund's exposure to interest-rate risk. The use of Treasury
futures had a positive impact on results.
6 Pioneer Bond Fund | Semiannual Report | 12/31/13
Q What is your investment outlook?
A We expect the domestic economy to continue to improve, with gross domestic
growth (GDP) in 2014 outpacing 2013. One important factor should be a
broadening of support for economic growth. In 2013, growth came principally
from the private sector, but in 2014 we expect that spending by state and
local governments - whose tax collections and overall finances have improved
as the economy has recovered - will begin contributing positively to GDP
expansion. Even the U.S. government, whose spending was limited during the
past year by budget "sequestration" and other restrictions, should become
less of a drag on the overall economy given the bipartisan budget agreement
in December that eased back on the sequestration cuts.
The U.S. economy has become more competitive in the global marketplace as a
weakened U.S. dollar and improved access to energy sources has led to
increased exports and a comeback by domestic manufacturers. We believe
growth trends are likely to persist, even as the Fed begins tapering its QE
program in January by cutting back on the pace of its monthly bond
purchases. Given the economy's positive momentum, we don't think the Fed's
tapering of QE will be a significant restriction on growth. We think the
tapering is more akin to easing up on the gas pedal than putting on the
brakes.
As interest rates have risen during the past year and the yield curve has
steepened, valuations of longer-maturity fixed-income securities have become
more attractive, with 10-year Treasuries approaching a yield of 3% and
longer-maturity Treasuries approaching 4% yields. At current levels,
longer-term bonds no longer have negative real yields (yields adjusted for
inflation). In contrast, intermediate- and short-maturity securities
continue to have negative yields.
As we enter 2014, we expect to continue to keep the Fund's portfolio
defensively positioned, but we may add exposure to longer-maturity
securities. With the economic expansion persisting, we believe that the
corporate sector and credit-sensitive securities generally offer attractive
opportunities, although we think government agency mortgages may become more
attractive.
Overall, we anticipate keeping the portfolio overweight in credit-sensitive
debt, at least early in the year.
Pioneer Bond Fund | Semiannual Report | 12/31/13 7
Please refer to the Schedule of Investments on pages 20-69 for a full listing of
Fund securities.
When interest rates rise, the prices of fixed-income securities in the Fund will
generally fall. Conversely, when interest rates fall, the prices of fixed-income
securities in the Fund will generally rise.
Investments in the Fund are subject to possible loss due to the financial fail-
ure of the issuers of the underlying securities and their inability to meet
their debt obligations.
Prepayment risk is the chance that 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.
8 Pioneer Bond Fund | Semiannual Report | 12/31/13
Portfolio Summary | 12/31/13
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Corporate Bonds 25.9%
Collateralized Mortgage Obligations 19.6%
U.S. Government Securities 15.8%
International Corporate Bonds 12.2%
Asset Backed Securities 8.7%
Municipal Bonds 8.2%
Senior Secured Loans 5.4%
U.S. Preferred Stocks 2.3%
Convertible Corporate Bonds 0.8%
Warrants 0.5%
Convertible Preferred Stocks 0.4%
International Preferred Stocks 0.2%
Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AAA 26.3%
AA 10.0%
A 16.0%
BBB 30.7%
BB 9.8%
B 3.7%
CCC 0.7%
Not Rated 2.1%
Cash Equivalent 0.7%
Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Government National Mortgage Association I, 5.5%, 4/15/19 5.09%
-------------------------------------------------------------------------------------
2. Fannie Mae, 3.0%, 8/1/42 1.57
-------------------------------------------------------------------------------------
3. Fannie Mae, 4.5%, 1/1/42 1.02
-------------------------------------------------------------------------------------
4. U.S. Treasury Bonds, 4.5%, 8/15/39 0.71
-------------------------------------------------------------------------------------
5. U.S. Treasury Bonds, 4.5%, 5/15/38 0.66
-------------------------------------------------------------------------------------
6. U.S. Treasury Bonds, 4.25%, 5/15/39 0.57
-------------------------------------------------------------------------------------
7. U.S. Treasury Bonds, 2.875%, 5/15/43 0.57
-------------------------------------------------------------------------------------
8. Goldman Sachs Capital II, Floating Rate Note (Perpetual) 0.55
-------------------------------------------------------------------------------------
9. Massachusetts Health & Educational Facilities Authority, 5.5%, 11/15/36 0.51
-------------------------------------------------------------------------------------
10. Fannie Mae, 3.0%, 9/1/42 0.49
-------------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The Fund is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
Pioneer Bond Fund | Semiannual Report | 12/31/13 9
Prices and Distributions | 12/31/13
Net Asset Value per Share
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--------------------------------------------------------------------------------
Class 12/31/13 6/30/13
--------------------------------------------------------------------------------
A $9.60 $9.67
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B $9.54 $9.61
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C $9.49 $9.57
--------------------------------------------------------------------------------
K $9.60 $9.67
--------------------------------------------------------------------------------
R $9.68 $9.76
--------------------------------------------------------------------------------
Y $9.51 $9.58
--------------------------------------------------------------------------------
Z $9.62 $9.70
--------------------------------------------------------------------------------
Distributions per Share: 7/1/13-12/31/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2115 $ -- $ --
--------------------------------------------------------------------------------
B $0.1601 $ -- $ --
--------------------------------------------------------------------------------
C $0.1676 $ -- $ --
--------------------------------------------------------------------------------
K $0.2255 $ -- $ --
--------------------------------------------------------------------------------
R $0.1936 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2182 $ -- $ --
--------------------------------------------------------------------------------
Z $0.2217 $ -- $ --
--------------------------------------------------------------------------------
Index Definition
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The Barclays Aggregate Bond Index is an unmanaged measure of the U.S. bond
market. Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It
is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-17.
10 Pioneer Bond Fund | Semiannual Report | 12/31/13
Performance Update | 12/31/13 Class A Shares
Investment Returns
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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 December 31, 2013)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
10 Years 5.34% 4.85%
5 Years 8.12 7.13
1 Year 0.49 -4.06
--------------------------------------------------------------------------------
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
12/31/2003 $ 9550.00 $ 10000.00
12/31/2004 $ 10095.00 $ 10434.00
12/31/2005 $ 10344.00 $ 10687.00
12/31/2006 $ 10711.00 $ 11150.00
12/31/2007 $ 11363.00 $ 11927.00
12/31/2008 $ 10868.00 $ 12552.00
12/31/2009 $ 12792.00 $ 13297.00
12/31/2010 $ 13999.00 $ 14166.00
12/31/2011 $ 14710.00 $ 15277.00
12/31/2012 $ 15984.00 $ 15921.00
12/31/2013 $ 16061.00 $ 15599.00
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.
Pioneer Bond Fund | Semiannual Report | 12/31/13 11
Performance Update | 12/31/13 Class B Shares
Investment Returns
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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 December 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 4.31% 4.31%
5 Years 7.01 7.01
1 Year -0.48 -4.35
--------------------------------------------------------------------------------
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
12/31/2003 $ 10000.00 $ 10000.00
12/31/2004 $ 10482.00 $ 10434.00
12/31/2005 $ 10633.00 $ 10687.00
12/31/2006 $ 10912.00 $ 11150.00
12/31/2007 $ 11475.00 $ 11927.00
12/31/2008 $ 10866.00 $ 12552.00
12/31/2009 $ 12669.00 $ 13297.00
12/31/2010 $ 13710.00 $ 14166.00
12/31/2011 $ 14272.00 $ 15277.00
12/31/2012 $ 15322.00 $ 15921.00
12/31/2013 $ 15249.00 $ 15599.00
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.
12 Pioneer Bond Fund | Semiannual Report | 12/31/13
Performance Update | 12/31/13 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 December 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 4.41% 4.41%
5 Years 7.15 7.15
1 Year -0.41 -0.41
--------------------------------------------------------------------------------
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
12/31/2003 $ 10000 $ 10000
12/31/2004 $ 10492 $ 10434
12/31/2005 $ 10648 $ 10687
12/31/2006 $ 10921 $ 11150
12/31/2007 $ 11502 $ 11927
12/31/2008 $ 10899 $ 12552
12/31/2009 $ 12712 $ 13297
12/31/2010 $ 13780 $ 14166
12/31/2011 $ 14356 $ 15277
12/31/2012 $ 15457 $ 15921
12/31/2013 $ 15393 $ 15599
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance shown for Class C shares does not
reflect the 1% front-end sales charge in effect prior to February 1, 2004. If
you paid a 1% sales charge, your returns would be lower than those shown above.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Bond Fund | Semiannual Report | 12/31/13 13
Performance Update | 12/31/13 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 December 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 5.37% 5.37%
5 Years 8.19 8.19
1 Year 0.89 0.89
--------------------------------------------------------------------------------
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
12/31/2003 $ 10000 $ 10,000
12/31/2004 $ 10571 $ 10,434
12/31/2005 $ 10831 $ 10,687
12/31/2006 $ 11216 $ 11,150
12/31/2007 $ 11899 $ 11,927
12/31/2008 $ 11380 $ 12,552
12/31/2009 $ 13394 $ 13,297
12/31/2010 $ 14659 $ 14,166
12/31/2011 $ 15403 $ 15,277
12/31/2012 $ 16721 $ 15,921
12/31/2013 $ 16871 $ 15,599
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on December 20, 2012, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. Class K shares are
not subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Bond Fund | Semiannual Report | 12/31/13
Performance Update | 12/31/13 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 December 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 4.99% 4.99%
5 Years 7.71 7.71
1 Year 0.11 0.11
--------------------------------------------------------------------------------
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
12/31/2003 $ 10000 $ 10,000
12/31/2004 $ 10562 $ 10,434
12/31/2005 $ 10785 $ 10,687
12/31/2006 $ 11141 $ 11,150
12/31/2007 $ 11806 $ 11,927
12/31/2008 $ 11231 $ 12,552
12/31/2009 $ 13175 $ 13,297
12/31/2010 $ 14372 $ 14,166
12/31/2011 $ 15046 $ 15,277
12/31/2012 $ 16261 $ 15,921
12/31/2013 $ 16279 $ 15,599
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.
Pioneer Bond Fund | Semiannual Report | 12/31/13 15
Performance Update | 12/31/13 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 December 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 5.66% 5.66%
5 Years 8.36 8.36
1 Year 0.66 0.66
--------------------------------------------------------------------------------
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
12/31/2003 $ 5000000 $ 5,000,000
12/31/2004 $ 5317401 $ 5,216,930
12/31/2005 $ 5464957 $ 5,343,652
12/31/2006 $ 5682750 $ 5,575,213
12/31/2007 $ 6051561 $ 5,963,623
12/31/2008 $ 5806117 $ 6,276,112
12/31/2009 $ 6848444 $ 6,648,338
12/31/2010 $ 7516395 $ 7,083,233
12/31/2011 $ 7917778 $ 7,638,678
12/31/2012 $ 8616708 $ 7,960,664
12/31/2013 $ 8673367 $ 7,799,542
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
16 Pioneer Bond Fund | Semiannual Report | 12/31/13
Performance Update | 12/31/13 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 December 31, 2013)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 5.52% 5.52%
5 Years 8.40 8.40
1 Year 0.69 0.69
--------------------------------------------------------------------------------
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
12/31/2003 $ 10000 $ 10,000
12/31/2004 $ 10571 $ 10,434
12/31/2005 $ 10831 $ 10,687
12/31/2006 $ 11216 $ 11,150
12/31/2007 $ 11928 $ 11,927
12/31/2008 $ 11438 $ 12,552
12/31/2009 $ 13538 $ 13,297
12/31/2010 $ 14832 $ 14,166
12/31/2011 $ 15616 $ 15,277
12/31/2012 $ 17000 $ 15,921
12/31/2013 $ 17117 $ 15,599
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.
Pioneer Bond Fund | Semiannual Report | 12/31/13 17
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses.You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Bond Fund
Based on actual returns from July 1, 2013 through December 31, 2013.
-----------------------------------------------------------------------------------------------------------
Share Class A B C K R Y Z
-----------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 7/1/13
-----------------------------------------------------------------------------------------------------------
Ending Account $1,014.70 $1,009.40 $1,009.20 $1,016.20 $1,011.70 $1,015.60 $1,014.70
Value (after expenses)
on 12/31/13
-----------------------------------------------------------------------------------------------------------
Expenses Paid $ 4.32 $ 9.62 $ 8.66 $ 4.07 $ 6.34 $ 3.35 $ 3.30
During Period*
-----------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.85%,
1.90%, 1.71%, 0.80%, 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 184/365 (to reflect
the one-half year period).
18 Pioneer Bond Fund | Semiannual Report | 12/31/13
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period. You may
use this information to compare the ongoing costs of investing in the Fund and
other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Bond Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from July 1, 2013 through December 31, 2013.
-----------------------------------------------------------------------------------------------------------
Share Class A B C K R Y Z
-----------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 7/1/13
-----------------------------------------------------------------------------------------------------------
Ending Account $1,020.92 $1,015.63 $1,016.59 $1,021.17 $1,018.90 $1,021.88 $1,021.93
Value (after expenses)
on 12/31/13
-----------------------------------------------------------------------------------------------------------
Expenses Paid $ 4.33 $ 9.65 $ 8.69 $ 4.08 $ 6.36 $ 3.36 $ 3.31
During Period*
-----------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.85%,
1.90%, 1.71%, 0.80%, 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 184/365 (to reflect
the one-half year period).
Pioneer Bond Fund | Semiannual Report | 12/31/13 19
Schedule of Investments | 12/31/13 (unaudited)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
CONVERTIBLE CORPORATE
BONDS -- 0.8%
HEALTH CARE EQUIPMENT &
SERVICES -- 0.4%
Health Care Services -- 0.0%+
766,000 B+/B2 Omnicare, Inc., 3.25%, 12/15/35 $ 818,662
-------------------------------------------------------------------------------------------------
Managed Health Care -- 0.4%
4,090,000 A-/NR WellPoint, Inc., 2.75%, 10/15/42 $ 5,536,838
-------------
Total Health Care Equipment
& Services $ 6,355,500
-------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.4%
Semiconductors -- 0.4%
4,725,000 A-/NR Intel Corp., 2.95%, 12/15/35 $ 5,292,000
-------------
Total Semiconductors &
Semiconductor Equipment $ 5,292,000
-------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE
CORPORATE BONDS
(Cost $9,553,849) $ 11,647,500
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Shares
-------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 2.6%
BANKS -- 1.0%
Diversified Banks -- 0.6%
64,000 6.50 A-/Baa1 US Bancorp, Floating Rate
Note (Perpetual) $ 1,683,200
235,000 6.00 A-/Baa1 US Bancorp, Floating Rate
Note (Perpetual) 6,431,950
-------------
$ 8,115,150
-------------------------------------------------------------------------------------------------
Regional Banks -- 0.4%
85,000 BBB/Baa2 BB&T Corp., 5.625% (Perpetual) $ 1,729,750
28,000 6.25 A-/NR CoBank ACB, Floating Rate Note
(Perpetual) (144A) 2,696,750
43,050 6.62 BBB-/Ba1 Fifth Third Bancorp, Floating Rate
Note (Perpetual) 1,074,958
-------------
$ 5,501,458
-------------
Total Banks $ 13,616,608
-------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.6%
Other Diversified Financial
Services -- 0.6%
116,000 7.88 BB+/Ba2 Citigroup Capital XIII, Floating
Rate Note, 10/30/40 $ 3,161,000
The accompanying notes are an integral part of these financial statements.
20 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Shares Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
197,000 7.12 BB+/B1 Citigroup, Inc., Floating Rate
Note (Perpetual) $ 5,110,180
-------------
$ 8,271,180
-------------
Total Diversified Financials $ 8,271,180
-------------------------------------------------------------------------------------------------
INSURANCE -- 0.8%
Life & Health Insurance -- 0.3%
153,800 7.38 BBB-/WR Delphi Financial Group, Inc., Floating
Rate Note, 5/15/37 $ 3,806,550
-------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 0.3%
50,000 5.95 BBB-/Ba1 Aspen Insurance Holdings, Ltd.,
Floating Rate Note (Perpetual) $ 1,133,500
147,475 5.10 BBB/Baa1 The Allstate Corp., Floating Rate
Note, 1/15/53 3,555,622
-------------
$ 4,689,122
-------------------------------------------------------------------------------------------------
Reinsurance -- 0.2%
900,000 0.00 NR/NR Altair Re III, Floating Rate Note,
6/30/16 (Cat Bond) $ 900,000
1,250,000 0.00 NR/NR Altair Re, Floating Rate Note,
4/30/16 (Cat Bond) 1,375,250
950,000 NR/NR Pangaea Re, 10/1/15 (d)
(Cat Bond) 1,020,994
-------------
$ 3,296,244
-------------
Total Insurance $ 11,791,916
-------------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Electric Utilities -- 0.2%
164,000 BB+/Ba1 PPL Capital Funding, Inc.,
5.9%, 4/30/73 $ 3,406,280
-------------
Total Utilities $ 3,406,280
-------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $37,656,062) $ 37,085,984
-------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED
STOCKS -- 0.4%
BANKS -- 0.4%
Diversified Banks -- 0.4%
5,610 BBB+/Baa3 Wells Fargo & Co., 7.5% (Perpetual) $ 6,199,050
-------------
Total Banks $ 6,199,050
-------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE
PREFERRED STOCKS
(Cost $5,839,986) $ 6,199,050
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 21
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 8.6%
MATERIALS -- 1.7%
Diversified Metals & Mining -- 0.1%
618,197 NR/A1 BCMSC Trust 1998-A, 6.65%, 4/15/28 $ 628,654
324,820 BBB+/Baa1 Lehman ABS Manufactured Housing
Contract Trust 2001-B, 5.873%,
4/15/40 344,054
-------------
$ 972,708
-------------------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.2%
628,918 6.50 BB+/Baa2 ACE Securities Corp. Manufactured
Housing Trust Series 2003-MH1,
Floating Rate Note, 8/15/30 (144A) $ 629,786
1,231,387 6.50 BBB+/A2 ACE Securities Corp. Manufactured
Housing Trust Series 2003-MH1,
Floating Rate Note, 8/15/30 (144A) 1,280,862
700,000 NR/Ba2 Credit-Based Asset Servicing and
Securitization LLC, 5.63098%,
10/25/36 (Step) (144A) 681,843
772,021 A/NR Mid-State Capital Trust 2010-1,
5.25%, 12/15/45 (144A) 801,564
-------------
$ 3,394,055
-------------------------------------------------------------------------------------------------
Steel -- 1.4%
1,721,866 0.43 BB+/Baa3 Aegis Asset Backed Securities Trust
2005-5, Floating Rate Note, 12/25/35 $ 1,607,824
1,462,628 AAA/Aaa Bayview Financial Mortgage Pass-Through
Trust 2006-A, 5.865%, 2/28/41 (Step) 1,519,441
1,486,142 0.62 AA/Aa2 Bayview Financial Mortgage Pass-Through
Trust Series 2005-B, Floating Rate
Note, 4/28/39 1,454,805
2,332,812 0.66 A+/Ba3 Bear Stearns Asset Backed Securities I
Trust 2005-FR1, Floating Rate Note,
6/25/35 2,283,900
241,927 0.43 AA+/A1 Citigroup Mortgage Loan Trust
2006-HE1, Floating Rate Note,
1/25/36 239,950
2,965,594 0.56 AA+/Aa2 First NLC Trust 2005-2, Floating Rate
Note, 9/25/35 2,894,817
1,248,744 0.41 B+/B3 GSAA Home Equity Trust 2005-11,
Floating Rate Note, 10/25/35 1,244,423
51,289 0.57 AAA/Aaa Home Equity Asset Trust 2005-5,
Floating Rate Note, 11/25/35 51,254
478,325 0.54 A+/A2 Home Equity Asset Trust 2005-7,
Floating Rate Note, 1/25/36 459,584
1,670,532 1.37 A+/Aa2 HSBC Home Equity Loan Trust USA
2007-3, Floating Rate Note, 11/20/36 1,657,821
The accompanying notes are an integral part of these financial statements.
22 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Steel -- (continued)
948,394 NR/Baa1 Irwin Home Equity Loan Trust 2005-1,
5.32%, 6/25/35 (Step) $ 925,920
483,937 0.86 AA+/A2 Irwin Whole Loan Home Equity Trust
2005-C, Floating Rate Note, 3/25/25 444,360
458,213 0.31 B-/Caa2 Nationstar Home Equity Loan Trust
2007-A, Floating Rate Note, 3/25/37 430,040
908,073 0.86 AAA/Aaa New Century Home Equity Loan Trust
2005-1, Floating Rate Note, 3/25/35 884,972
771,441 1.10 AA+/A1 Terwin Mortgage Trust Series TMTS
2003-8HE, Floating Rate Note,
12/25/34 751,144
2,792,862 AA-/A2 Terwin Mortgage Trust Series TMTS
2005-16HE, 4.466154%,
9/25/36 (Step) 2,915,634
-------------
$ 19,765,889
-------------
Total Materials $ 24,132,652
-------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Railroads -- 0.1%
1,611,039 A/NR Trinity Rail Leasing LP, 2.266%,
1/15/43 (144A) $ 1,582,537
-------------
Total Transportation $ 1,582,537
-------------------------------------------------------------------------------------------------
AUTOMOBILES &
COMPONENTS -- 0.3%
Automobile Manufacturers -- 0.3%
500,000 NR/Aa1 AmeriCredit Automobile Receivables
Trust 2011-3, 4.04%, 7/10/17 $ 520,644
800,000 A+/NR AmeriCredit Automobile Receivables
Trust 2013-1, 1.57%, 1/8/19 791,582
6,822 AA-/NR Santander Drive Auto Receivables
Trust 2011-S2, 3.35%,
6/15/17 (144A) 6,836
1,450,000 AA/Aaa Santander Drive Auto Receivables
Trust 2012-1, 3.78%, 11/15/17 1,499,180
850,000 A/Aa1 Santander Drive Auto Receivables
Trust 2012-5, 2.7%, 8/15/18 873,131
-------------
$ 3,691,373
-------------
Total Automobiles & Components $ 3,691,373
-------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.2%
Hotels, Resorts & Cruise Lines -- 0.2%
1,315,767 A/NR Westgate Resorts 2012-2 LLC, 3.0%,
1/20/25 (144A) $ 1,326,043
1,425,511 NR/NR Westgate Resorts 2012-A LLC,
2.25%, 8/20/25 (144A) 1,427,293
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 23
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Hotels, Resorts & Cruise
Lines -- (continued)
362,878 A/NR Westgate Resorts LLC, 2.5%,
3/20/25 (144A) $ 364,351
-------------
$ 3,117,687
-------------
Total Consumer Services $ 3,117,687
-------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.3%
Food Retail -- 0.3%
3,879,855 BBB-/NR CKE Restaurant Holdings, Inc.,
4.474%, 3/20/43 (144A) $ 3,875,447
-------------
Total Food & Staples Retailing $ 3,875,447
-------------------------------------------------------------------------------------------------
BANKS -- 3.9%
Diversified Banks -- 0.0%+
48,351 0.25 NR/Aa1 Wells Fargo Home Equity Asset-Backed
Securities 2007-2 Trust, Floating
Rate Note, 4/25/37 $ 48,274
-------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 3.9%
452,549 0.34 BB+/Ba3 ACE Securities Corp. Home Equity
Loan Trust Series 2006-ASAP2,
Floating Rate Note, 3/25/36 $ 440,600
263,296 A/NR Beacon Container Finance LLC,
3.72%, 9/20/27 (144A) 263,735
1,368,320 0.65 A+/NR Bear Stearns Asset Backed Securities
Trust 2006-SD2, Floating Rate
Note, 6/25/36 1,345,424
301,397 0.90 AA/A3 Carrington Mortgage Loan Trust
Series 2005-NC1, Floating Rate
Note, 2/25/35 299,189
144,677 0.56 AA+/A1 Carrington Mortgage Loan Trust
Series 2005-NC4, Floating Rate
Note, 9/25/35 142,368
2,133,024 BB-/B1 Citicorp Residential Mortgage Trust
Series 2006-1, 5.939%,
7/25/36 (Step) 2,126,712
340,537 B+/B2 Citicorp Residential Mortgage Trust
Series 2006-2, 5.775%,
9/25/36 (Step) 345,874
2,231,641 B-/B1 Citicorp Residential Mortgage Trust
Series 2006-3, 5.703%,
11/25/36 (Step) 2,225,995
1,421,584 B-/B2 Citicorp Residential Mortgage Trust
Series 2007-1, 5.892%,
3/25/37 (Step) 1,398,485
1,133,830 1.21 BBB-/Ba1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 12/25/34 1,125,773
1,935,480 5.07 BB+/Ba3 Countrywide Asset-Backed Certificates,
Floating Rate Note, 2/25/36 2,004,964
The accompanying notes are an integral part of these financial statements.
24 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,618,750 A/NR Cronos Containers Program, Ltd.,
3.81%, 9/18/27 (144A) $ 1,620,524
393,536 BBB/Baa2 Drug Royalty II LP 1, 4.474%,
1/15/25 (144A) 400,227
236,122 4.24 BBB/Baa2 Drug Royalty II LP 1, Floating Rate
Note, 1/15/25 (144A) 241,151
4,237 1.16 BBB/Baa1 Ellington Loan Acquisition Trust
2007-1, Floating Rate Note,
5/26/37 (144A) 4,236
2,839 0.96 BBB/Baa1 Ellington Loan Acquisition Trust
2007-1, Floating Rate Note,
5/27/37 (144A) 2,838
121,632 1.24 AAA/NR First Franklin Mortgage Loan Trust
2004-FF10, Floating Rate
Note, 9/25/34 121,333
700,543 AAA/NR First Investors Auto Owner Trust
2012-2, 1.47%, 5/15/18 (144A) 704,192
1,200,000 A/NR First Investors Auto Owner Trust
2013-1, 2.02%, 1/15/19 (144A) 1,178,512
2,599,330 A/NR FRS I LLC, 3.08%, 4/15/43 (144A) 2,538,524
1,444,746 NR/NR GMAT Trust, 3.9669%,
8/25/53 (Step) 1,443,081
804,334 0.91 AA+/Ba1 GSAMP Trust 2005-HE1, Floating
Rate Note, 12/25/34 789,147
241,427 0.81 A/Baa3 GSAMP Trust 2005-HE2, Floating
Rate Note, 3/25/35 239,183
1,715,626 1.51 BBB+/Baa3 GSRPM Mortgage Loan Trust 2003-2,
Floating Rate Note, 6/25/33 1,635,986
1,095,198 0.46 A+/Baa1 GSRPM Mortgage Loan Trust 2006-2,
Floating Rate Note, 9/25/36 (144A) 1,021,598
1,150,000 A/NR HLSS Servicer Advance Receivables
Backed Notes, 1.6443%,
1/15/44 (144A) 1,150,000
1,620,000 AA/NR HLSS Servicer Advance Receivables
Backed Notes, 1.7436%,
1/16/46 (144A) 1,622,106
800,000 BBB/NR HLSS Servicer Advance Receivables
Backed Notes, 2.487%,
1/15/44 (144A) 800,240
224,000 A/NR HLSS Servicer Advance Receivables
Backed Notes, 3.96%,
10/15/45 (144A) 229,152
2,687,086 NR/A2 Horizon Funding Trust 2013-1, 3.0%,
5/15/18 (144A) 2,687,086
1,317,973 BBB/NR Icon Brands Holdings LLC, 4.229%,
1/25/43 (144A) 1,310,463
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 25
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,326,000 NR/Aaa Leaf Receivables Funding 8 LLC,
1.55%, 11/15/17 (144A) $ 1,333,028
2,203,000 NR/Aa2 Leaf Receivables Funding 8 LLC,
1.92%, 9/15/20 (144A) 2,210,975
2,079,439 0.41 A+/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
2/25/30 (144A) 1,916,461
1,660,149 2.41 A+/A3 Madison Avenue Manufactured
Housing Contract Trust 2002-A,
Floating Rate Note, 3/25/32 1,658,647
1,087,000 AAA/NR Nationstar Mortgage Advance
Receivables Trust 2013-T2, 1.679%,
6/20/46 (144A) 1,085,348
654,721 5.91 AA/A3 Origen Manufactured Housing
Contract Trust 2004-A, Floating
Rate Note, 1/15/35 696,104
460,477 5.46 AAA/Aa3 Origen Manufactured Housing
Contract Trust 2004-B, Floating
Rate Note, 11/15/35 476,210
250,352 NR/A2 Oxford Finance Funding Trust
2012-1, 3.9%, 3/15/17 (144A) 252,856
526,376 0.87 AAA/Aaa PFS Financing Corp., Floating Rate
Note, 10/17/16 (144A) 526,620
775,712 1.67 A/NR PFS Financing Corp., Floating Rate
Note, 10/17/16 (144A) 773,725
1,384,139 0.41 B/Baa2 RAAC Series 2006-RP2 Trust, Floating
Rate Note, 2/25/37 (144A) 1,333,575
262,647 0.35 B+/B2 RAMP Series 2006-NC1 Trust, Floating
Rate Note, 1/25/36 256,012
35,819 AA/NR Santander Drive Auto Receivables
Trust 2010-1, 1.89%, 5/15/17 (144A) 35,828
1,472,072 2.64 A+/B2 SASCO Mortgage Pass-Through
Certificates Series 2004-S4, Floating
Rate Note, 12/25/34 1,476,543
1,174,526 AA/NR SNAAC Auto Receivables Trust 2013-1,
1.14%, 7/16/18 (144A) 1,173,580
1,400,000 A/NR SNAAC Auto Receivables Trust, 3.11%,
6/15/17 (144A) 1,413,160
296,549 A/NR STORE Master Funding LLC, 4.16%,
3/20/43 (144A) 295,701
2,057,026 A/NR STORE Master Funding LLC, 5.77%,
8/20/42 (144A) 2,216,034
1,715,985 0.36 CCC/Ba3 Structured Asset Investment Loan
Trust 2006-1, Floating Rate
Note, 1/25/36 1,659,196
The accompanying notes are an integral part of these financial statements.
26 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
3,236,098 0.38 B-/Baa3 Structured Asset Securities Corp
Mortgage Loan Trust 2006-GEL4,
Floating Rate Note,
10/25/36 (144A) $ 3,122,064
364,791 A+/Baa2 Structured Asset Securities Corp.,
4.77%, 10/25/34 (Step) 371,618
814,759 A+/NR SVO 2012-A VOI Mortgage LLC,
2.0%, 9/20/29 (144A) 812,396
-------------
$ 56,554,379
-------------
Total Banks $ 56,602,653
-------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.1%
Other Diversified Financial
Services -- 1.0%
1,900,000 A/A1 Capital Auto Receivables Asset Trust/
Ally, 1.74%, 10/22/18 $ 1,876,339
1,105,499 AA+/NR DT Auto Owner Trust 2011-1,
4.89%, 1/17/17 (144A) 1,110,152
243,811 AA+/NR DT Auto Owner Trust 2012-1, 2.26%,
10/16/17 (144A) 243,981
108,512 0.40 AA+/A1 JP Morgan Mortgage Acquisition Corp
2005-OPT2, Floating Rate
Note, 12/25/35 108,253
800,000 AA/NR Prestige Auto Receivables Trust 2011-1,
3.9%, 7/16/18 (144A) 813,983
2,029,922 A+/NR Sierra Timeshare 2012-2 Receivables
Funding LLC, 2.38%, 3/20/29 (144A) 2,050,211
383,965 A+/NR Sierra Timeshare 2012-3 Receivables
Funding LLC, 1.87%, 8/20/29 (144A) 385,279
2,800,000 A/NR Springleaf Funding Trust 2013-A,
2.58%, 9/15/21 (144A) 2,795,926
916,667 A-/NR Textainer Marine Containers, Ltd.,
4.21%, 4/15/27 (144A) 923,557
4,681,803 NR/NR Topre Corp. 2013-LTR, 3.47%
11/20/28 4,677,458
-------------
$ 14,985,139
-------------------------------------------------------------------------------------------------
Specialized Finance -- 0.6%
1,400,000 1.04 AAA/Aaa Ally Master Owner Trust, Floating
Rate Note, 1/15/16 $ 1,400,356
3,944,661 BBB+/Baa1 Domino's Pizza Master Issuer LLC,
5.216%, 1/25/42 (144A) 4,181,108
1,659,000 0.61 NR/Aaa GE Dealer Floorplan Master Note
Trust, Floating Rate Note, 10/20/17 1,660,357
450,209 NR/A2 Hercules Capital Funding Trust 2012-1,
3.32%, 12/16/17 (144A) 451,897
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 27
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Specialized Finance -- (continued)
801,552 NR/Aaa JG Wentworth XXII LLC, 3.82%,
12/15/48 (144A) $ 833,647
-------------
$ 8,527,365
-------------------------------------------------------------------------------------------------
Consumer Finance -- 0.4%
428,000 BBB+/NR American Credit Acceptance
Receivables Trust 2012-2, 4.05%,
2/15/18 (144A) $ 434,520
1,087,314 A+/NR American Credit Acceptance
Receivables Trust, 1.64%,
11/15/16 (144A) 1,089,408
1,131,877 NR/Aa2 California Republic Auto Receivables
Trust 2012-1, 1.18%, 8/15/17 (144A) 1,130,436
858,333 A/NR Global SC Finance II SRL, 4.11%,
7/19/27 (144A) 864,209
937,285 NR/Aaa Santander Drive Auto Receivables
Trust 2011-2, 2.66%, 1/15/16 942,314
900,000 0.99 AAA/Aaa SLM Student Loan Trust 2004-10,
Floating Rate Note, 4/27/26 (144A) 895,640
-------------
$ 5,356,527
-------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.1%
1,085,750 A/NR Triton Container Finance LLC,
4.21%, 5/14/27 (144A) $ 1,094,933
-------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 0.0%+
400,000 1.32 NR/Aa2 Chesapeake Funding LLC, Floating
Rate Note, 5/7/24 (144A) $ 398,664
-------------
Total Diversified Financials $ 30,362,628
-------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $122,160,497) $ 123,364,977
-------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 19.3%
MATERIALS -- 0.1%
Precious Metals & Minerals -- 0.1%
552,442 0.86 AA+/Baa3 Credit-Based Asset Servicing and
Securitization LLC, Floating Rate
Note, 5/25/50 (144A) $ 550,441
-------------
Total Materials $ 550,441
-------------------------------------------------------------------------------------------------
BANKS -- 13.4%
Diversified Banks -- 0.0%+
156,962 3.04 NR/Ba3 Banc of America Mortgage 2004-L
Trust, Floating Rate Note, 1/25/35 $ 154,930
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 13.4%
1,750,000 NR/NR A10 Securitization 2013-1 LLC, 2.4%,
11/15/25 (144A) $ 1,744,146
2,794,000 NR/NR A10 Term Asset Financing 2013-2
LLC, 2.62%, 11/15/27 (144A) 2,780,846
632,096 0.61 CCC/NR Alternative Loan Trust 2003-14T1,
Floating Rate Note, 8/25/18 598,171
1,310,409 BBB+/NR Alternative Loan Trust 2003-21T1,
5.75%, 12/25/33 1,352,371
536,198 BB-/B2 Alternative Loan Trust 2003-J1,
4.75%, 10/25/33 546,292
704,184 CCC/B2 Alternative Loan Trust 2004-28CB,
5.5%, 1/25/35 714,682
382,620 BBB+/Ba1 Alternative Loan Trust 2004-2CB,
5.125%, 3/25/34 384,759
586,206 BB+/Ba2 Alternative Loan Trust 2004-4CB,
4.25%, 4/25/34 588,564
3,714,858 0.60 A+/Baa3 Alternative Loan Trust 2005-J4,
Floating Rate Note, 7/25/35 3,572,037
790,764 A+/Baa2 Banc of America Alternative Loan
Trust 2003-2, 5.75%, 4/25/33 858,660
1,679,050 NR/Baa2 Banc of America Alternative Loan
Trust 2003-7, 5.5%, 9/25/33 1,723,426
932,469 NR/B1 Banc of America Alternative Loan
Trust 2004-10, 5.5%, 11/25/19 943,084
1,068,975 NR/Ba3 Banc of America Alternative Loan
Trust 2004-12, 5.5%, 1/25/20 1,084,902
1,246,719 NR/B3 Banc of America Alternative Loan
Trust 2004-2, 5.5%, 3/25/19 1,277,863
1,678,157 NR/Ba2 Banc of America Alternative Loan
Trust 2004-2, 6.0%, 3/25/34 1,733,831
839,993 NR/B2 Banc of America Alternative Loan
Trust 2004-4, 5.25%, 5/25/34 852,280
1,522,172 NR/Ba3 Banc of America Alternative Loan
Trust 2004-6, 5.0%, 7/25/19 1,549,844
972,219 BBB+/NR Banc of America Funding 2003-3
Trust, 5.5%, 10/25/33 1,021,469
1,438,813 CCC/NR Banc of America Funding 2005-8
Trust, 5.5%, 1/25/36 1,409,718
944,842 0.30 BB-/A Banc of America Funding 2010-R4
Trust, Floating Rate Note,
8/26/36 (144A) 935,567
24,707 0.26 AAA/NR Banc of America Funding 2010-R4
Trust, Floating Rate Note,
9/26/46 (144A) 24,693
400,000 1.27 A-/Aaa Banc of America Large Loan
Trust 2007-BMB1, Floating Rate
Note, 8/15/29 (144A) 396,870
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 29
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
710,053 2.77 NR/Baa3 Banc of America Mortgage 2003-H
Trust, Floating Rate Note, 9/25/33 $ 711,701
7,355,951 NR/Caa2 Bayview Commercial Asset Trust,
3.855%, 9/25/37 (Step) (144A) (c) 441,357
10,978,485 NR/Caa2 Bayview Commercial Asset Trust,
4.69517%, 7/25/37 (Step)
(144A) (c) 219,570
1,112,733 3.47 NR/NR Bayview Opportunity Master Fund IIa
Trust 2012-4NPL, Floating Rate Note,
7/28/32 (144A) 1,112,399
579,379 2.98 NR/NR Bayview Opportunity Master Fund
Trust IIB LP, Floating Rate Note,
1/28/33 (144A) 573,238
313,350 2.50 NR/NR BCAP LLC 2010-RR10 Trust, Floating
Rate Note, 12/27/34 (144A) 315,447
3,320,044 0.76 A+/Ba1 Bear Stearns ALT-A Trust 2004-4,
Floating Rate Note, 6/25/34 3,110,619
1,148,292 0.72 AA+/Baa1 Bear Stearns ALT-A Trust 2005-1,
Floating Rate Note, 1/25/35 1,122,083
1,124,337 2.35 AA+/Baa2 Bear Stearns ARM Trust 2003-5,
Floating Rate Note, 8/25/33 1,102,579
1,000,000 5.21 NR/Ba1 Bear Stearns Commercial Mortgage
Securities Trust 2005-PWR7,
Floating Rate Note, 2/11/41 1,010,490
2,072,826 0.87 AA+/Baa3 Bella Vista Mortgage Trust 2004-1,
Floating Rate Note, 11/20/34 1,956,399
155,185 A+/Baa1 Chase Mortgage Finance Trust Series
2003-S11, 5.0%, 10/25/33 157,740
658,952 2.58 A+/Ba1 CHL Mortgage Pass-Through Trust
2003-56, Floating Rate Note, 12/25/33 655,045
660,920 NR/Baa3 CHL Mortgage Pass-Through Trust
2004-9, 5.25%, 6/25/34 667,359
1,682,691 0.34 AA/Aaa Citigroup Commercial Mortgage Trust
2007-FL3, Floating Rate Note,
4/15/22 (144A) 1,675,193
1,917,589 1.17 AA+/NR Citigroup Mortgage Loan Trust 2010-7,
Floating Rate Note, 9/25/37 (144A) 1,876,054
1,732,465 2.30 BBB-/NR Citigroup Mortgage Loan Trust, Inc.,
Floating Rate Note, 8/25/34 1,743,288
1,000,000 4.65 AA-/A1 City Center Trust 2011-CCHP, Floating
Rate Note, 7/15/28 (144A) 1,009,617
623,626 0.60 BBB+/A2 CNL Commercial Mortgage Loan Trust
2003-2, Floating Rate Note,
10/25/30 (144A) 531,270
1,627,162 0.30 AA-/A1 COMM 2006-FL12 Mortgage Trust,
Floating Rate Note, 12/15/20 (144A) 1,606,905
The accompanying notes are an integral part of these financial statements.
30 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,118,656 0.35 A+/A1 COMM 2007-FL14 Mortgage Trust,
Floating Rate Note, 6/15/22 (144A) $ 1,106,071
850,000 NR/Aaa COMM 2012-CCRE2 Mortgage Trust,
3.147%, 8/15/45 820,870
450,000 NR/Aaa COMM 2012-CCRE2 Mortgage Trust,
3.791%, 8/15/45 443,703
915,000 AAA/Aaa COMM 2012-CCRE4 Mortgage Trust,
2.436%, 10/15/45 880,844
4,000,000 NR/Aaa COMM 2012-LC4 Mortgage Trust,
4.063%, 12/10/44 4,049,896
1,900,000 AAA/Aaa COMM 2013-LC6 Mortgage Trust,
2.941%, 1/10/46 1,780,095
3,907,360 2.11 AAA/NR Commercial Mortgage Pass Through
Certificates, Floating Rate Note,
11/17/26 (144A) 3,912,385
1,100,000 1.27 AA-/NR Extended Stay America Trust
2013-ESH, Floating Rate Note,
12/5/31 (144A) 1,100,742
322,966 5.25 NR/Ba1 First Horizon Mortgage Pass-Through
Trust 2004-AR5, Floating Rate
Note, 10/25/34 316,343
475,859 2.65 BB-/B1 First Horizon Mortgage Pass-Through
Trust 2005-AR1, Floating Rate
Note, 4/25/35 473,313
777,435 0.34 A/Aa3 GE Business Loan Trust 2007-1,
Floating Rate Note, 4/16/35 (144A) 703,062
356,905 NR/Aaa GE Capital Commercial Mortgage
Corp., 4.893%, 3/10/40 357,279
1,135,539 BB/Caa3 Global Mortgage Securitization, Ltd.,
5.25%, 4/25/32 (144A) 1,115,283
3,375,000 AAA/NR GMAC Commercial Mortgage
Securities Inc Series 2004-C3 Trust,
4.864%, 12/10/41 3,464,012
1,250,000 NR/Aaa GS Mortgage Securities Corp. II,
3.377%, 5/10/45 1,240,919
1,000,000 AA-/NR GS Mortgage Securities Corp. II,
3.682%, 2/10/46 (144A) 940,626
900,000 NR/Aaa GS Mortgage Securities Corp. II,
5.56%, 11/10/39 986,834
1,550,000 1.92 NR/A3 GS Mortgage Securities Corp. II,
Floating Rate Note, 11/8/29 (144A) 1,540,440
1,620,915 2.35 A+/NR GSR Mortgage Loan Trust 2003-9,
Floating Rate Note, 8/25/33 1,612,034
256,557 5.71 B/NR GSR Mortgage Loan Trust 2004-3F,
Floating Rate Note, 2/25/34 228,217
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 31
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
2,010,193 2.82 A+/B1 GSR Mortgage Loan Trust 2004-7,
Floating Rate Note, 6/25/34 $ 1,956,059
370,821 2.62 BBB+/NR GSR Mortgage Loan Trust 2005-AR1,
Floating Rate Note, 1/25/35 370,273
2,718,997 0.51 AA+/Aa3 Homestar Mortgage Acceptance Corp.,
Floating Rate Note, 6/25/34 2,631,413
680,714 0.88 BBB/Baa2 Impac CMB Trust Series 2004-5,
Floating Rate Note, 10/25/34 645,474
505,791 0.96 BB+/Ba1 Impac CMB Trust Series 2004-6,
Floating Rate Note, 10/25/34 478,899
926,967 0.94 BBB/Baa1 Impac CMB Trust Series 2004-6,
Floating Rate Note, 10/25/34 865,144
2,556,029 0.90 BBB+/A3 Impac CMB Trust Series 2004-7,
Floating Rate Note, 11/25/34 2,406,956
797,251 0.92 B/Ba3 Impac CMB Trust Series 2004-9,
Floating Rate Note, 1/25/35 697,881
2,214,401 0.96 AAA/Aaa Impac Secured Assets CMN Owner
Trust, Floating Rate Note, 11/25/34 2,126,956
537,566 0.51 AAA/Aaa Impac Secured Assets Trust 2006-2,
Floating Rate Note, 8/25/36 521,232
2,800,000 2.54 A/A2 JP Morgan Chase Commercial
Mortgage Securities Corp., Floating
Rate Note, 10/15/25 (144A) 2,809,688
661,881 0.32 AA/Aa3 JP Morgan Chase Commercial
Mortgage Securities Trust 2006-LDP9,
Floating Rate Note, 5/15/47 661,665
1,600,000 AAA/NR JP Morgan Chase Commercial
Mortgage Securities Trust 2010-C2,
3.6159%, 11/15/43 (144A) 1,684,242
1,350,000 NR/Aaa JP Morgan Chase Commercial
Mortgage Securities Trust 2011-C5,
4.1712%, 8/15/46 1,417,682
900,000 3.98 AA/NR JP Morgan Chase Commercial
Mortgage Securities Trust 2012-C8,
Floating Rate Note, 10/15/45 (144A) 873,644
1,368,000 3.01 AA-/NR JP Morgan Chase Commercial
Mortgage Securities Trust 2013-ALC,
Floating Rate Note, 7/17/26 (144A) 1,381,618
1,500,000 1.97 A-/NR JP Morgan Chase Commercial
Mortgage Securities Trust 2013-FL3,
Floating Rate Note, 4/15/28 (144A) 1,492,402
1,368,761 2.02 A+/Baa1 JP Morgan Mortgage Trust 2003-A1,
Floating Rate Note, 10/25/33 1,353,456
1,127,446 2.49 A+/Baa1 JP Morgan Mortgage Trust 2003-A1,
Floating Rate Note, 10/25/33 1,109,462
2,091,874 2.49 AA+/Baa3 JP Morgan Mortgage Trust 2004-A1,
Floating Rate Note, 2/25/34 2,103,068
The accompanying notes are an integral part of these financial statements.
32 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,005,968 3.06 AA+/Baa1 JP Morgan Mortgage Trust 2004-A1,
Floating Rate Note, 2/25/34 $ 998,779
267,093 2.84 A+/NR JP Morgan Mortgage Trust 2004-A2,
Floating Rate Note, 5/25/34 265,655
1,211,756 2.30 AA+/Baa2 JP Morgan Mortgage Trust 2004-A5,
Floating Rate Note, 12/25/34 1,200,962
416,282 2.26 BBB+/Ba1 JP Morgan Mortgage Trust 2005-A4,
Floating Rate Note, 7/25/35 412,243
914,901 3.50 AAA/NR JP Morgan Mortgage Trust 2013-2,
Floating Rate Note, 5/25/43 (144A) 881,481
572,754 5.62 BBB+/NR LB-UBS Commercial Mortgage Trust
2002-C4, Floating Rate Note,
10/15/35 (144A) 575,218
400,819 AAA/Aaa LB-UBS Commercial Mortgage Trust
2004-C1, 4.568%, 1/15/31 409,961
79,775 1.07 BBB+/Aa2 Lehman Brothers Floating Rate
Commercial Mortgage Trust 2007-LLF C5,
Floating Rate Note, 6/15/22 (144A) 79,555
962 1.01 AAA/Aaa Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3
Class 1A2, Floating Rate Note,
10/25/37 (144A) 961
359,480 1.11 A+/Aa1 Lehman Brothers Small Balance
Commercial Mortgage Trust 2007-3
Class 1A4, Floating Rate Note,
10/25/37 (144A) 356,784
589,058 0.41 A+/Aa1 Lehman Brothers Small Balance
Commercial, Floating Rate Note,
9/25/30 (144A) 522,728
1,138,642 5.28 B-/B3 MASTR Adjustable Rate Mortgages
Trust, Floating Rate Note, 1/25/35 1,143,639
1,002,857 BB+/NR MASTR Alternative Loan Trust 2004-10,
5.5%, 10/25/19 1,028,410
81,226 AAA/NR MASTR Alternative Loan Trust 2004-13,
4.5%, 1/25/15 81,244
278,967 B+/NR MASTR Alternative Loan Trust 2004-13,
5.5%, 1/25/35 284,612
2,312,669 B-/NR MASTR Alternative Loan Trust 2004-6,
6.0%, 7/25/34 2,373,286
1,651,492 A+/NR MASTR Alternative Loan Trust 2005-1,
5.5%, 2/25/35 1,652,683
849,766 6.60 A-/NR MASTR Seasoned Securitization Trust
2005-1, Floating Rate Note, 9/25/32 888,713
308,051 2.38 BBB/B1 Merrill Lynch Mortgage Investors Trust
Series 2005-2, Floating Rate
Note, 10/25/35 307,840
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 33
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
1,228,893 0.62 A+/Baa1 Merrill Lynch Mortgage Investors Trust
Series MLCC 2004-A, Floating Rate
Note, 4/25/29 $ 1,151,847
3,499,957 0.44 A+/Baa2 Morgan Stanley Mortgage Loan Trust
2005-6AR, Floating Rate Note,
11/25/35 3,383,720
2,950,000 NR/NR Morgan Stanley Re-REMIC Trust
2010-R9, 5.0%, 11/26/36 (144A) 2,980,201
2,963,682 0.94 AA+/Baa1 MortgageIT Trust 2004-1, Floating
Rate Note, 11/25/34 2,808,771
2,554,644 1.37 AAA/Aaa NorthStar 2012-1 Mortgage Trust,
Floating Rate Note, 8/25/29 (144A) 2,555,600
674,771 0.41 BB+/B2 Opteum Mortgage Acceptance Corp
Asset Backed Pass-Through
Certificates 2005-5, Floating Rate
Note, 12/25/35 659,266
577,110 NR/A2 PHH Mortgage Capital LLC, 6.6%,
12/25/27 (Step) (144A) 588,455
459,507 BB+/Caa1 RAAC Series 2004-SP2 Trust, 6.0%,
1/25/32 468,256
639,319 1.57 B-/Ba3 RESI Finance LP, Floating Rate Note,
9/10/35 (144A) 568,290
390,246 B-/NR Residential Asset Securitization Trust
2004-A10, 5.5%, 2/25/35 396,632
588,911 BBB/NR Residential Asset Securitization Trust
2004-A8, 5.25%, 11/25/34 600,320
1,566,983 B/NR Residential Asset Securitization Trust
2004-A9, 5.75%, 12/25/34 1,615,518
1,362,220 CCC/NR Residential Asset Securitization Trust
2005-A9, 5.5%, 7/25/35 1,323,824
1,066,854 NR/B3 RFMSI Series 2005-S5 Trust, 5.25%,
7/25/35 1,076,230
3,155,453 0.83 AA+/Ba1 Sequoia Mortgage Trust 2003-2,
Floating Rate Note, 6/20/33 3,037,884
1,449,334 0.79 AA+/Baa3 Sequoia Mortgage Trust 2003-5,
Floating Rate Note, 9/20/33 1,422,972
1,238,960 0.64 AA/Baa3 Sequoia Mortgage Trust 2004-12,
Floating Rate Note, 1/20/35 1,171,163
1,468,474 0.39 BBB+/Ba3 Sequoia Mortgage Trust 2005-2,
Floating Rate Note, 3/20/35 1,333,069
801,370 3.00 AAA/NR Sequoia Mortgage Trust 2013-7,
Floating Rate Note, 6/25/43 736,764
1,463,228 2.25 NR/Aaa Sequoia Mortgage Trust 2013-8,
Floating Rate Note, 6/25/43 1,383,824
861,377 3.00 NR/Aaa Sequoia Mortgage Trust 2013-8,
Floating Rate Note, 6/25/43 791,833
The accompanying notes are an integral part of these financial statements.
34 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
195,544 NR/Baa3 SMA Issuer I LLC, 3.5%,
8/20/25 (144A) $ 195,968
2,152,211 2.22 AAA/NR Springleaf Mortgage Loan Trust
2012-2, Floating Rate Note,
10/25/57 (144A) 2,192,511
750,000 3.79 A-/NR Springleaf Mortgage Loan Trust,
Floating Rate Note, 6/25/58 (144A) 712,813
4,117,544 0.85 AA+/Baa1 Structured Asset Mortgage
Investments II Trust 2004-AR8,
Floating Rate Note, 5/19/35 3,995,875
1,160,447 0.91 A+/Ba1 Structured Asset Mortgage
Investments Trust 2003-AR2,
Floating Rate Note, 12/19/33 1,092,163
948,361 2.65 A+/Baa3 Structured Asset Securities Corp.
Mortgage Certificates Series
2003-31A, Floating Rate Note,
10/25/33 953,281
945,182 0.81 NR/NR Structured Asset Securities Corp.
Reverse Mortgage Loan Trust
2002-RM1, Floating Rate Note,
10/25/37 (144A) 931,595
918,704 2.72 NR/Baa2 Thornburg Mortgage Securities
Trust 2003-3, Floating Rate
Note, 6/25/43 909,003
3,510,417 0.90 BBB+/Baa3 Thornburg Mortgage Securities
Trust 2004-3, Floating Rate
Note, 9/25/44 3,359,750
1,310,144 0.74 BBB+/Baa1 Thornburg Mortgage Securities
Trust 2004-4, Floating Rate
Note, 12/25/44 1,198,497
774,078 4.00 AAA/Ba1 Thornburg Mortgage Securities
Trust Class II4A, Floating Rate
Note, 3/25/44 768,942
4,470,000 AAA/Aa1 TimberStar Trust 1, 5.668%,
10/15/36 (144A) 4,877,731
1,435,000 AA/Aa3 TimberStar Trust 1, 5.7467%,
10/15/36 (144A) 1,556,781
3,787,250 AAA/Aaa Wachovia Bank Commercial
Mortgage Trust Series 2004-C15,
4.803%, 10/15/41 3,873,001
178,778 2.21 NR/Ba3 WaMu Mortgage Pass-Through
Certificates Series 2002-AR2 Trust,
Floating Rate Note, 2/27/34 144,859
2,635,441 2.44 A+/Baa1 WaMu Mortgage Pass-Through
Certificates Series 2003-AR6 Trust,
Floating Rate Note, 6/25/33 2,669,272
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 35
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Thrifts & Mortgage
Finance -- (continued)
136,690 2.42 A+/Ba3 WaMu Mortgage Pass-Through
Certificates Series 2004-AR9 Trust,
Floating Rate Note, 8/25/34 $ 135,533
2,270,283 2.49 BBB/NR WaMu Mortgage Pass-Through
Certificates Series 2005-AR3 Trust,
Floating Rate Note, 3/25/35 2,251,067
167,014 2.41 B-/NR WaMu Mortgage Pass-Through
Certificates Series 2005-AR7 Trust,
Floating Rate Note, 8/25/35 163,746
3,743,082 2.41 BBB+/NR WaMu Mortgage Pass-Through
Certificates, Floating Rate Note,
1/25/35 3,722,458
1,233,457 0.57 AA+/A1 Wells Fargo Alternative Loan 2005-2
Trust, Floating Rate Note, 10/25/35 1,207,290
1,927,000 NR/Aaa Wells Fargo Commercial Mortgage
Trust 2012-LC5, 3.539%, 10/15/45 1,863,735
3,092,746 NR/Aaa Wells Fargo Commercial Mortgage
Trust, 3.349%, 11/15/43 (144A) 3,220,099
660,349 2.50 NR/NR Wells Fargo Mortgage Backed
Securities 2003-B Trust, Floating
Rate Note, 2/25/33 650,681
684,419 2.49 AA+/Baa1 Wells Fargo Mortgage Backed
Securities 2003-L Trust, Floating
Rate Note, 11/25/33 678,060
327,994 2.53 A+/Baa1 Wells Fargo Mortgage Backed
Securities 2003-L Trust, Floating
Rate Note, 11/25/33 321,730
414,483 2.63 AA+/Baa1 Wells Fargo Mortgage Backed
Securities 2004-V Trust, Floating
Rate Note, 10/25/34 421,338
334,004 AA+/Baa1 Wells Fargo Mortgage Backed
Securities 2006-16 Trust, 5.0%,
11/25/36 343,976
1,399,428 4.93 BBB+/Ba3 Wells Fargo Mortgage Backed
Securities Trust, Floating Rate
Note, 8/25/34 1,422,071
350,000 5.39 NR/A2 WF-RBS Commercial Mortgage
Trust 2011-C2, Floating Rate Note,
2/15/44 (144A) 369,920
-------------
$ 192,075,549
-------------
Total Banks $ 192,230,479
-------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.1%
Other Diversified Financial
Services -- 2.9%
1,390,026 2.77 A-/NR Banc of America Mortgage 2003-F
Trust, Floating Rate Note, 7/25/33 $ 1,411,314
The accompanying notes are an integral part of these financial statements.
36 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
896,110 2.80 NR/Ba2 Banc of America Mortgage 2003-I Trust,
Floating Rate Note, 10/25/33 $ 896,035
303,596 2.70 AA+/NR Banc of America Mortgage 2004-E
Trust, Floating Rate Note, 6/25/34 304,463
594,803 5.09 BBB+/NR Banc of America Mortgage 2005-H
Trust, Floating Rate Note, 9/25/35 588,114
1,228,790 A+/NR Banc of America Mortgage Trust
2004-11, 5.75%, 1/25/35 1,260,402
131,989 B-/NR Banc of America Mortgage Trust
2004-7, 4.5%, 8/25/19 134,191
1,235,297 A+/NR Banc of America Mortgage Trust
2004-9, 5.5%, 11/25/34 1,275,709
484,939 NR/B1 Citicorp Mortgage Securities Trust
Series 2006-1, 5.0%, 2/25/36 499,903
2,714,042 NR/Baa1 Credit Suisse Commercial Mortgage
Trust Series 2007-C1, 5.361%, 2/15/40 2,893,109
711,481 0.29 AA/Aaa Credit Suisse First Boston Mortgage
Securities Corp Series 2007-TFL1,
Floating Rate Note, 2/15/22 (144A) 706,714
1,900,000 5.42 NR/Aa2 DBUBS 2011-LC3 Mortgage Trust,
Floating Rate Note, 8/10/44 (144A) 2,077,215
1,895,000 1.47 AA-/NR Del Coronado Trust 2013-DEL,
Floating Rate Note, 3/15/26 (144A) 1,890,450
1,556,990 0.42 AA/Aa3 GE Business Loan Trust 2005-1,
Floating Rate Note, 6/15/33 (144A) 1,458,869
1,262,355 0.36 BB+/Baa2 Impac Secured Assets Trust 2006-5,
Floating Rate Note, 12/25/36 1,151,446
1,177,333 B+/Baa3 JP Morgan Mortgage Trust 2004-S1,
5.0%, 9/25/34 1,212,049
2,004,654 B-/Ba2 JP Morgan Mortgage Trust 2004-S1,
6.0%, 9/25/34 2,062,362
565,692 3.00 NR/NR La Hipotecaria Panamanian
Mortgage Trust 2010-1, Floating
Rate Note, 9/8/39 (144A) 589,999
1,395,000 5.43 NR/A2 LSTAR Commercial Mortgage Trust,
Floating Rate Note, 6/25/43 (144A) 1,470,451
3,479,994 AAA/NR Morgan Stanley Capital I Trust
2004-HQ4, 4.97%, 4/14/40 3,522,530
1,000,000 BBB-/NR Morgan Stanley Capital I Trust
2007-HQ13, 5.569%, 12/15/44 1,078,629
663,795 0.27 AA+/Aaa Morgan Stanley Capital I, Inc.,
Floating Rate Note, 10/15/20 (144A) 651,169
5,102,000 0.30 A+/Aa1 Morgan Stanley Capital I, Inc.,
Floating Rate Note, 10/15/20 (144A) 4,975,322
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 37
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Other Diversified Financial
Services -- (continued)
1,081,602 3.75 AAA/NR Nationstar Mortgage Loan Trust
2013-A, Floating Rate Note,
12/25/52 (144A) $ 1,110,662
640,517 NR/Ba1 RALI Series 2003-QS14 Trust,
5.0%, 7/25/18 652,441
2,666,400 NR/B1 RALI Series 2004-QS13 Trust,
5.0%, 9/25/19 2,734,452
1,037,197 NR/B3 RALI Series 2004-QS16 Trust,
5.5%, 12/25/34 1,064,882
1,493,845 NR/Ba2 RALI Series 2004-QS3 Trust,
5.0%, 3/25/19 1,542,336
687,524 2.37 BBB-/B3 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note,
1/25/35 667,311
506,617 5.21 BBB+/Ba2 Structured Adjustable Rate Mortgage
Loan Trust, Floating Rate Note,
11/25/34 497,250
351,974 NR/NR VOLT XV LLC, 3.22162%, 5/27/53
(Step) (144A) 350,654
-------------
$ 40,730,433
-------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%+
270,267 BB+/Baa2 Spirit Master Funding LLC, 5.74%,
3/20/25 (144A) $ 266,913
-------------------------------------------------------------------------------------------------
Consumer Finance -- 0.1%
1,304,794 3.36 AA/Baa3 GMACM Mortgage Loan Trust
2003-AR1, Floating Rate Note,
10/19/33 $ 1,328,622
-------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.0%+
419,681 2.59 NR/NR Jefferies & Co., Inc., Floating Rate
Note, 5/26/37 (144A) $ 419,987
-------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 0.1%
1,198,702 4.88 AAA/NR Banc of America Merrill Lynch
Commercial Mortgage, Inc., Floating
Rate Note, 7/10/42 $ 1,211,786
617,503 7.41 BBB+/Aaa Bear Stearns Commercial Mortgage
Securities Trust 2002-TOP6, Floating
Rate Note, 10/15/36 (144A) 627,222
-------------
$ 1,839,008
-------------
Total Diversified Financials $ 44,584,963
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.7%
Diversified REIT -- 0.0%+
200,000 A+/NR Spirit Master Funding LLC,
3.8868%, 12/20/43 $ 200,250
-------------------------------------------------------------------------------------------------
Mortgage REIT -- 1.6%
285,140 B-/NR Credit Suisse First Boston Mortgage
Securities Corp., 5.5%, 6/25/33 $ 284,506
611,307 2.55 BBB+/Ba1 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate
Note, 11/25/33 602,975
401,270 1.51 AA+/A3 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate
Note, 12/25/33 401,172
1,929,232 5.01 NR/Aaa Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate
Note, 2/15/38 1,984,427
584,909 2.57 BBB+/B1 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate
Note, 6/25/34 581,389
3,250,000 6.45 D/Caa2 Credit Suisse First Boston Mortgage
Securities Corp., Floating Rate
Note, 9/15/34 (144A) 3,243,468
1,250,000 4.16 NR/Baa2 Federal Home Loan Mortgage Corp.,
Floating Rate Note, 9/25/44 (144A) 1,206,025
850,000 5.44 NR/A3 FREMF Mortgage Trust 2010-K7,
Floating Rate Note, 4/25/20 (144A) 906,660
600,000 5.24 A+/NR FREMF Mortgage Trust 2010-K8,
Floating Rate Note, 9/25/43 (144A) 631,822
890,000 5.19 NR/NR FREMF Mortgage Trust 2010-K9
REMICS, Floating Rate Note,
9/25/45 (144A) 932,823
1,500,000 4.62 NR/NR FREMF Mortgage Trust 2011-K10,
Floating Rate Note, 11/25/49 (144A) 1,517,858
1,750,000 4.77 NR/A3 FREMF Mortgage Trust 2011-K702,
Floating Rate Note, 4/25/44 (144A) 1,848,406
1,250,000 4.89 NR/A3 FREMF Mortgage Trust 2011-K703,
Floating Rate Note, 7/25/44 (144A) 1,323,456
900,000 3.20 A-/Baa2 FREMF Mortgage Trust 2013-K502,
Floating Rate Note, 3/25/45 (144A) 858,110
650,000 3.49 NR/A2 FREMF Mortgage Trust Class B, Floating
Rate Note, 11/25/46 (144A) 670,036
858,000 3.82 NR/NR FREMF Mortgage Trust Class B, Floating
Rate Note, 6/25/47 (144A) 848,257
5,000,000 4.29 A-/NR FREMF Mortgage Trust Class B, Floating
Rate Note, 7/25/48 (144A) 5,191,295
-------------
$ 23,032,685
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 39
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Diversified Real Estate
Activities -- 0.1%
724,614 0.65 AA+/Baa1 Mellon Residential Funding Corp.
Mortgage Pass-Through Trust Series
2000 TBC2, Floating Rate Note,
6/15/30 $ 699,714
934,584 0.61 AA+/Baa1 Mellon Residential Funding Corp.
Mortgage Pass-Through Trust Series
2000-TBC3, Floating Rate Note,
12/15/30 912,324
-------------
$ 1,612,038
-------------
Total Real Estate $ 24,844,973
-------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 0.2%
Wireless Telecommunication
Services -- 0.2%
3,015,000 NR/A2 Crown Castle Towers LLC, 4.883%,
8/15/20 (144A) $ 3,163,112
-------------
Total Telecommunication Services $ 3,163,112
-------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.8%
Government -- 0.8%
999,400 NR/NR Federal Home Loan Mortgage Corp.
REMICS, 5.0%, 6/15/33 $ 1,015,091
488,136 NR/NR Federal Home Loan Mortgage Corp.
REMICS, 5.0%, 6/15/34 498,005
5,087 NR/NR Federal National Mortgage Association
REMICS, 10.3%, 4/25/19 5,771
1,000,000 NR/NR Federal National Mortgage Association
REMICS, 4.5%, 6/25/29 1,081,310
140,829 NR/NR Federal National Mortgage Association
REMICS, 5.0%, 3/25/24 141,070
1,828,246 NR/NR Federal National Mortgage Association
REMICS, 5.0%, 7/25/33 1,884,818
168,716 NR/NR Federal National Mortgage Association
REMICS, 5.0%, 9/25/39 172,729
1,865,752 NR/NR Government National Mortgage
Association, 3.0%, 4/20/41 1,919,801
375,000 NR/NR Government National Mortgage
Association, 4.973%, 4/16/42 404,013
696,309 NR/NR Government National Mortgage
Association, 5.25%, 8/16/35 769,041
11,700,082 1.03 NR/NR Government National Mortgage
Association, Floating Rate
Note, 2/16/53 (c) 949,380
8,082,700 1.05 NR/NR Government National Mortgage
Association, Floating Rate
Note, 3/16/53 (c) 631,065
The accompanying notes are an integral part of these financial statements.
40 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Government -- (continued)
13,569,635 1.08 NR/NR Government National Mortgage
Association, Floating Rate
Note, 8/16/52 (c) $ 964,068
12,624,601 1.07 NR/NR Government National Mortgage
Association, Floating Rate
Note, 9/16/52 (c) 1,058,535
-------------
$ 11,494,697
-------------
Total Government $ 11,494,697
-------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $274,387,054) $ 276,868,665
-------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 37.4%
ENERGY -- 2.9%
Oil & Gas Drilling -- 0.1%
1,025,000 BBB+/Baa1 Pride International, Inc., 6.875%,
8/15/20 $ 1,227,311
-------------------------------------------------------------------------------------------------
Oil & Gas Equipment &
Services -- 0.4%
1,300,000 A/A2 Halliburton Co., 7.6%,
8/15/96 (144A) $ 1,721,658
125,000 BBB-/Baa2 Weatherford International, Ltd.
Bermuda, 5.95%, 4/15/42 125,242
2,815,000 BBB-/Baa2 Weatherford International, Ltd.
Bermuda, 9.625%, 3/1/19 3,616,892
-------------
$ 5,463,792
-------------------------------------------------------------------------------------------------
Oil & Gas Exploration &
Production -- 0.7%
1,800,000 B/B2 EP Energy LLC, 9.375%, 5/1/20 $ 2,076,750
901,000 BBB/Baa1 Marathon Oil Corp., 5.9%, 3/15/18 1,025,230
1,400,000 BBB-/Ba1 Newfield Exploration Co.,
5.625%, 7/1/24 1,393,000
829,785 A/Aa3 Ras Laffan Liquefied Natural Gas
Co., Ltd. III, 5.832%, 9/30/16 (144A) 881,647
1,000,000 BBB/Baa1 Rosneft Finance SA, 6.625%,
3/20/17 (144A) 1,105,000
2,080,000 BBB/Baa1 Rosneft Finance SA, 7.5%,
7/18/16 (144A) 2,337,400
1,000,000 BBB/Baa1 Rosneft Finance SA, 7.875%,
3/13/18 (144A) 1,155,000
-------------
$ 9,974,027
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 41
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.4%
2,475,000 BBB-/Baa2 Spectra Energy Capital LLC,
6.2%, 4/15/18 $ 2,792,466
2,890,000 BBB/Baa2 Valero Energy Corp., 9.375%, 3/15/19 3,724,589
-------------
$ 6,517,055
-------------------------------------------------------------------------------------------------
Oil & Gas Storage &
Transportation -- 1.3%
2,900,000 BBB-/Baa2 DCP Midstream LLC, 9.75%,
3/15/19 (144A) $ 3,608,287
3,950,000 5.85 BB/Baa3 DCP Midstream LLC, Floating Rate
Note, 5/21/43 (144A) 3,673,500
1,200,000 3.26 NR/NR Energy Transfer Partners LP, Floating
Rate Note, 11/1/66 1,092,000
3,250,000 BBB/Baa2 Kinder Morgan Energy Partners LP,
5.95%, 2/15/18 3,693,284
1,500,000 BBB-/Baa2 Spectra Energy Capital LLC,
6.75%, 7/15/18 1,721,247
2,200,000 BBB-/Baa3 Sunoco Logistics Partners
Operations LP, 6.1%, 2/15/42 2,246,171
2,475,000 BBB-/Baa3 The Williams Companies, Inc.,
7.75%, 6/15/31 2,653,747
-------------
$ 18,688,236
-------------
Total Energy $ 41,870,421
-------------------------------------------------------------------------------------------------
MATERIALS -- 1.7%
Diversified Chemicals -- 0.1%
980,000 BBB/Baa2 Eastman Chemical Co., 4.8%, 9/1/42 $ 925,357
-------------------------------------------------------------------------------------------------
Construction Materials -- 0.3%
3,328,000 B+/NR Cemex Espana Luxembourg,
9.875%, 4/30/19 (144A) $ 3,802,240
475,000 BBB/Baa2 Holcim US Finance Sarl & Cie SCS,
6.0%, 12/30/19 (144A) 536,874
-------------
$ 4,339,114
-------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.7%
900,000 BB+/Baa3 AngloGold Ashanti Holdings Plc,
5.125%, 8/1/22 $ 776,250
3,085,000 BB+/Baa3 AngloGold Ashanti Holdings Plc,
5.375%, 4/15/20 2,884,475
2,525,000 BBB/Baa3 Freeport-McMoRan Copper & Gold,
Inc., 3.875%, 3/15/23 2,387,754
5,000,000 BB+/Ba1 Gold Fields Orogen Holding BVI,
Ltd., 4.875%, 10/7/20 (144A) 4,043,345
-------------
$ 10,091,824
-------------------------------------------------------------------------------------------------
Gold -- 0.1%
1,650,000 BBB+/Baa2 Goldcorp, Inc., 3.7%, 3/15/23 $ 1,475,689
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Steel -- 0.5%
500,000 BB+/Ba1 ArcelorMittal, 6.0%, 3/1/21 $ 530,000
3,900,000 BB+/Ba1 ArcelorMittal, 6.125%, 6/1/18 4,280,250
1,105,000 BB+/Ba2 Commercial Metals Co.,
7.35%, 8/15/18 1,259,700
1,175,000 BBB/Baa2 Glencore Funding LLC, 4.125%,
5/30/23 (144A) 1,098,055
-------------
$ 7,168,005
-------------
Total Materials $ 23,999,989
-------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 2.1%
Aerospace & Defense -- 0.2%
2,250,000 BB/Ba2 Bombardier, Inc., 4.25%,
1/15/16 (144A) $ 2,351,250
-------------------------------------------------------------------------------------------------
Building Products -- 0.5%
825,000 BBB-/Ba3 Masco Corp., 5.95%, 3/15/22 $ 872,438
4,260,000 BBB-/Ba3 Masco Corp., 7.125%, 3/15/20 4,862,828
1,750,000 5.75 BBB+/Baa2 Stanley Black & Decker, Inc.,
Floating Rate Note, 12/15/53 1,841,875
-------------
$ 7,577,141
-------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.2%
2,950,000 BBB+/Baa2 Tyco Electronics Group SA,
6.55%, 10/1/17 $ 3,375,968
-------------------------------------------------------------------------------------------------
Construction & Farm Machinery
& Heavy Trucks -- 0.3%
3,200,000 A/A3 Cummins, Inc., 5.65%, 3/1/98 $ 3,067,782
910,000 A/A3 Cummins, Inc., 6.75%, 2/15/27 1,061,237
-------------
$ 4,129,019
-------------------------------------------------------------------------------------------------
Industrial Machinery -- 0.2%
1,810,000 BBB/Baa2 Valmont Industries, Inc.,
6.625%, 4/20/20 $ 2,030,764
-------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.7%
3,525,000 BB+/NR Aviation Capital Group Corp.,
6.75%, 4/6/21 (144A) $ 3,833,201
5,660,000 BBB/Baa2 GATX Corp., 6.0%, 2/15/18 6,315,977
-------------
$ 10,149,178
-------------
Total Capital Goods $ 29,613,320
-------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Airlines -- 0.1%
135,834 BBB/Baa2 Southwest Airlines Co., 7.67%,
1/2/14 $ 135,851
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 43
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Airlines -- (continued)
1,500,000 A-/Baa1 US Airways 2013-1 Class A Pass
Through Trust, 3.95%, 5/15/27 $ 1,458,750
-------------
$ 1,594,601
-------------------------------------------------------------------------------------------------
Trucking -- 0.0%+
529,000 BBB-/Baa2 Asciano Finance, Ltd., 4.625%,
9/23/20 (144A) $ 529,548
-------------
Total Transportation $ 2,124,149
-------------------------------------------------------------------------------------------------
AUTOMOBILES &
COMPONENTS -- 0.0%+
Automobile Manufacturers -- 0.0%+
655,000 BBB+/Baa1 Hyundai Motor Manufacturing
Czech s.r.o., 4.5%, 4/15/15 (144A) $ 682,059
-------------
Total Automobiles & Components $ 682,059
-------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 0.1%
Home Furnishings -- 0.1%
800,000 BBB/Baa3 Mohawk Industries, Inc.,
3.85%, 2/1/23 $ 760,000
-------------
Total Consumer Durables & Apparel $ 760,000
-------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.6%
Casinos & Gaming -- 0.2%
1,010,000 BBB-/Ba1 GLP Capital LP, 4.375%,
11/1/18 (144A) $ 1,032,725
1,885,000 BBB-/Ba1 GLP Capital LP, 4.875%,
11/1/20 (144A) 1,885,000
-------------
$ 2,917,725
-------------------------------------------------------------------------------------------------
Education Services -- 0.4%
1,000,000 NR/Aa2 Bowdoin College, 4.693%, 7/1/12 $ 792,108
2,600,000 AAA/Aaa President and Fellows of Harvard
College, 2.3%, 10/1/23 2,321,072
3,550,000 AA-/Aa2 Tufts University, 5.017%, 4/15/12 3,221,845
-------------
$ 6,335,025
-------------
Total Consumer Services $ 9,252,750
-------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Internet Retail -- 0.1%
800,000 BBB-/Ba1 Expedia, Inc., 5.95%, 8/15/20 $ 865,902
-------------
Total Retailing $ 865,902
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 0.2%
Drug Retail -- 0.2%
708,619 BBB+/Baa1 CVS Pass-Through Trust, 5.298%,
1/11/27 (144A) $ 768,650
1,443,473 BBB+/Baa1 CVS Pass-Through Trust, 5.773%,
1/10/33 (144A) 1,515,723
-------------
$ 2,284,373
-------------
Total Food & Staples Retailing $ 2,284,373
-------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 1.1%
Distillers & Vintners -- 0.1%
1,500,000 BBB-/Baa2 Beam, Inc., 3.25%, 5/15/22 $ 1,437,578
-------------------------------------------------------------------------------------------------
Agricultural Products -- 0.4%
5,175,000 BBB/Baa2 Viterra, Inc., 5.95%, 8/1/20 (144A) $ 5,496,352
-------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.5%
3,240,000 BBB/Baa2 Kraft Foods Group, Inc., 3.5%, 6/6/22 $ 3,157,685
3,725,000 BBB-/Baa1 Mondelez International, Inc.,
6.5%, 2/9/40 4,451,379
-------------
$ 7,609,064
-------------------------------------------------------------------------------------------------
Tobacco -- 0.1%
1,050,000 BBB-/Baa2 Lorillard Tobacco Co., 3.75%,
5/20/23 $ 955,887
-------------
Total Food, Beverage & Tobacco $ 15,498,881
-------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.2%
Personal Products -- 0.2%
3,720,000 BBB-/Baa2 Avon Products, Inc., 5.0%, 3/15/23 $ 3,616,662
-------------
Total Household & Personal Products $ 3,616,662
-------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.3%
Health Care Services -- 0.2%
2,600,000 A+/A1 Catholic Health Initiatives,
4.35%, 11/1/42 $ 2,255,508
-------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.1%
2,400,000 A-/A3 NYU Hospitals Center, 4.428%, 7/1/42 $ 2,003,338
-------------
Total Health Care Equipment
& Services $ 4,258,846
-------------------------------------------------------------------------------------------------
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 $ 6,215,647
-------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 6,215,647
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 45
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
BANKS -- 4.7%
Diversified Banks -- 2.4%
3,515,000 BBB/Baa3 Barclays Bank Plc, 6.05%,
12/4/17 (144A) $ 3,929,710
3,815,000 NR/Baa2 BBVA Bancomer SA Texas, 6.5%,
3/10/21 (144A) 4,024,825
3,435,000 AA-/Aa2 Cooperatieve Centrale
Raiffeisen-Boerenleenbank BA
Netherlands, 3.875%, 2/8/22 3,453,724
625,000 A+/Aa3 Export-Import Bank of Korea,
5.875%, 1/14/15 656,797
1,855,000 A+/Aa3 Industrial Bank of Korea, 7.125%,
4/23/14 (144A) 1,890,503
3,476,000 BBB/Baa2 Intesa Sanpaolo S.p.A., 3.625%,
8/12/15 (144A) 3,576,613
1,400,000 BBB/Baa2 Intesa Sanpaolo S.p.A., 6.5%,
2/24/21 (144A) 1,532,976
3,000,000 BBB/Baa2 Macquarie Bank, Ltd., 6.625%,
4/7/21 (144A) 3,317,817
4,500,000 A/Baa1 Nordea Bank AB, 4.25%,
9/21/22 (144A) 4,449,465
1,368,421 2.99 A/NR SBP DPR Finance Co., Floating Rate
Note, 3/15/17 (144A) 1,364,567
2,600,000 4.50 NR/Baa3 Scotiabank Peru SA, Floating Rate
Note, 12/13/27 (144A) 2,275,000
2,200,000 A/A2 Standard Chartered Bank, 6.4%,
9/26/17 (144A) 2,491,522
1,300,000 A-/A3 Standard Chartered Plc, 3.95%,
1/11/23 (144A) 1,205,779
-------------
$ 34,169,298
-------------------------------------------------------------------------------------------------
Regional Banks -- 2.0%
1,190,000 A-/NR CoBank ACB, 7.875%,
4/16/18 (144A) $ 1,430,322
3,350,000 A/A2 HSBC Bank USA NA New York NY,
6.0%, 8/9/17 3,771,346
2,505,000 A/A2 Mellon Funding Corp., 5.5%, 11/15/18 2,836,690
1,435,000 A-/A3 PNC Bank NA, 6.0%, 12/7/17 1,635,249
4,080,000 BBB-/Baa2 Santander Bank NA, 8.75%, 5/30/18 4,902,300
1,025,000 BBB/Baa1 SunTrust Banks, Inc., 3.5%, 1/20/17 1,077,805
6,273,000 4.46 BBB/Baa3 The PNC Financial Services Group,
Inc., Floating Rate Note (Perpetual) 6,257,318
1,050,000 6.75 BBB/Baa3 The PNC Financial Services Group,
Inc., Floating Rate Note (Perpetual) 1,092,525
1,860,000 4.85 BBB/Baa3 The PNC Financial Services Group,
Inc., Floating Rate Note (Perpetual) 1,665,630
3,520,000 A+/A1 Wachovia Bank NA, 6.0%, 11/15/17 4,061,728
-------------
$ 28,730,913
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 0.3%
2,300,000 BBB-/Baa2 Astoria Financial Corp., 5.0%,
6/19/17 $ 2,467,070
2,000,000 BBB/Baa2 Santander Holdings USA, Inc.
Pennsylvania, 3.0%, 9/24/15 2,065,298
-------------
$ 4,532,368
-------------
Total Banks $ 67,432,579
-------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 6.7%
Other Diversified Financial
Services -- 2.0%
3,000,000 BBB+/Baa2 Alterra Finance LLC, 6.25%, 9/30/20 $ 3,375,255
1,100,000 BBB+/Baa3 Bank of America Corp., 7.75%,
8/15/15 1,210,239
4,160,000 A-/NR Carlyle Holdings II Finance LLC,
5.625%, 3/30/43 (144A) 4,089,347
2,000,000 5.95 BB+/Ba3 Citigroup, Inc., Floating Rate
Note (Perpetual) 1,850,700
4,860,000 AA/A2 General Electric Capital Corp.,
5.3%, 2/11/21 5,436,493
1,800,000 7.12 AA-/Baa1 General Electric Capital Corp.,
Floating Rate Note (Perpetual) 2,011,500
2,575,000 A/A3 JPMorgan Chase & Co., 6.0%,
1/15/18 2,965,053
2,325,000 5.15 BBB/Ba1 JPMorgan Chase & Co., Floating
Rate Note (Perpetual) 2,086,688
5,025,000 A/NR KKR Group Finance Co. II LLC,
5.5%, 2/1/43 (144A) 4,783,760
1,250,000 7.70 BBB/NR Tiers Trust, Floating Rate Note,
10/15/97 (144A) (e) 800,055
-------------
$ 28,609,090
-------------------------------------------------------------------------------------------------
Specialized Finance -- 0.9%
3,200,000 BBB+/Baa1 BM&FBovespa SA, 5.5%,
7/16/20 (144A) $ 3,352,000
5,205,000 BBB-/NR Cantor Fitzgerald LP, 7.875%,
10/15/19 (144A) 5,465,250
1,475,000 BBB+/Baa2 LeasePlan Corp NV, 2.5%,
5/16/18 (144A) 1,433,995
2,000,000 A+/A1 National Rural Utilities
Cooperative Finance Corp.,
5.45%, 2/1/18 2,255,808
-------------
$ 12,507,053
-------------------------------------------------------------------------------------------------
Consumer Finance -- 0.4%
1,465,000 BBB/Baa1 Capital One Bank USA NA,
8.8%, 7/15/19 $ 1,862,122
790,000 BBB+/A3 Nissan Motor Acceptance Corp.,
4.5%, 1/30/15 (144A) 821,188
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 47
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Consumer Finance -- (continued)
3,155,000 4.00 BBB-/Ba1 SLM Corp., Floating Rate Note,
7/25/14 $ 3,156,704
-------------
$ 5,840,014
-------------------------------------------------------------------------------------------------
Asset Management & Custody
Banks -- 0.7%
1,400,000 A+/NR Blackstone Holdings Finance Co.
LLC, 4.75%, 2/15/23 (144A) $ 1,450,701
733,000 A-/A3 Eaton Vance Corp., 6.5%, 10/2/17 831,987
4,050,000 BBB-/Baa3 Janus Capital Group, Inc., 6.7%,
6/15/17 4,509,987
2,000,000 A/A2 The Bank of New York Mellon Corp.,
4.95%, 3/15/15 2,100,292
1,250,000 4.50 BBB/Baa2 The Bank of New York Mellon Corp.,
Floating Rate Note (Perpetual) 1,134,375
-------------
$ 10,027,342
-------------------------------------------------------------------------------------------------
Investment Banking &
Brokerage -- 2.7%
11,040,000 4.00 BB+/Ba2 Goldman Sachs Capital II, Floating
Rate Note (Perpetual) $ 7,761,120
3,125,000 BBB/Baa3 Jefferies Group LLC, 6.875%, 4/15/21 3,559,469
2,730,000 BBB/A3 Macquarie Group, Ltd., 6.0%,
1/14/20 (144A) 3,015,394
221,000 A-/Baa2 Merrill Lynch & Co., Inc., 5.0%,
2/3/14 221,811
4,350,000 BBB+/Baa3 Merrill Lynch & Co., Inc., 7.75%,
5/14/38 5,616,133
5,100,000 BBB+/Baa3 Morgan Stanley, 4.1%, 5/22/23 4,935,530
300,000 BBB+/Baa3 Morgan Stanley, 4.875%, 11/1/22 307,098
3,125,000 A-/Baa2 Morgan Stanley, 5.5%, 1/26/20 3,508,038
1,600,000 NR/Aaa North American Development Bank,
2.3%, 10/10/18 1,575,504
4,750,000 NR/Baa3 Scottrade Financial Services, Inc.,
6.125%, 7/11/21 (144A) 4,690,649
2,000,000 A-/Baa1 The Goldman Sachs Group, Inc.,
5.5%, 11/15/14 2,084,510
1,450,000 BBB-/NR UBS AG, 7.625%, 8/17/22 1,660,707
-------------
$ 38,935,963
-------------------------------------------------------------------------------------------------
Diversified Capital Markets -- 0.0%+
300,000 7.50 BB-/NR Credit Suisse Group AG, Floating
Rate Note (Perpetual) (144A) $ 316,875
-------------
Total Diversified Financials $ 96,236,337
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
48 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
INSURANCE -- 9.1%
Life & Health Insurance -- 2.2%
1,850,000 BBB+/NR Delphi Financial Group, Inc.,
7.875%, 1/31/20 $ 2,151,278
1,690,000 A-/Baa1 Lincoln National Corp., 8.75%,
7/1/19 2,175,294
3,380,000 6.05 BBB/Baa3 Lincoln National Corp., Floating
Rate Note, 4/20/67 3,354,650
4,200,000 BBB/Baa2 MetLife, Inc., 10.75%, 8/1/69 6,195,000
4,250,000 A-/Baa2 Protective Life Corp., 7.375%,
10/15/19 5,183,245
1,090,000 A/Baa1 Prudential Financial, Inc., 4.5%,
11/16/21 1,160,068
1,500,000 5.62 BBB+/Baa2 Prudential Financial, Inc., Floating
Rate Note, 6/15/43 1,470,000
2,140,000 8.88 BBB+/Baa2 Prudential Financial, Inc., Floating
Rate Note, 6/15/68 2,602,775
1,800,000 5.88 BBB+/Baa2 Prudential Financial, Inc., Floating
Rate Note, 9/15/42 1,829,250
3,205,000 AA-/Aa2 Teachers Insurance & Annuity
Association of America, 6.85%,
12/16/39 (144A) 3,956,217
1,080,000 BBB/Baa2 Unum Group, 5.75%, 8/15/42 1,103,693
-------------
$ 31,181,470
-------------------------------------------------------------------------------------------------
Multi-line Insurance -- 1.0%
3,900,000 BBB+/Baa2 Assurant, Inc., 4.0%, 3/15/23 $ 3,752,568
2,335,000 BBB/A3 AXA SA, 8.6%, 12/15/30 2,874,969
1,807,000 BBB-/Baa3 Genworth Holdings, Inc., 7.2%,
2/15/21 2,098,314
3,035,000 BBB-/Baa2 Liberty Mutual Group, Inc., 7.3%,
6/15/14 (144A) 3,119,725
2,650,000 A+/A2 Loews Corp., 5.25%, 3/15/16 2,888,683
-------------
$ 14,734,259
-------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.5%
1,200,000 BBB-/Baa3 Fidelity National Financial, Inc.,
5.5%, 9/1/22 $ 1,244,597
1,350,000 NR/Baa3 First American Financial Corp.,
4.3%, 2/1/23 1,285,862
250,000 N/A NR/NR Loma Reinsurance, Ltd. Bermuda,
Floating Rate Note, 1/8/18 (Cat
Bond) (144A) 250,025
1,000,000 BBB-/Baa2 OneBeacon US Holdings, Inc.,
4.6%, 11/9/22 981,130
2,670,000 6.80 BBB/Ba1 QBE Capital Funding II LP, Floating
Rate Note (Perpetual) (144A) 2,643,300
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 49
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Property & Casualty
Insurance -- (continued)
1,100,000 A-/Baa2 QBE Insurance Group, Ltd., 2.4%,
5/1/18 (144A) $ 1,056,770
5,455,000 6.50 BBB/Baa1 The Allstate Corp., Floating Rate
Note, 5/15/57 5,675,928
700,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.5%, 3/1/20 828,127
1,952,000 BBB-/Baa3 The Hanover Insurance Group, Inc.,
7.625%, 10/15/25 2,292,044
2,000,000 A/A2 The Travelers Companies, Inc.,
6.25%, 6/15/37 2,397,540
2,948,000 6.50 BBB/Ba1 XL Group Plc, Floating Rate Note
(Perpetual) 2,900,095
-------------
$ 21,555,418
-------------------------------------------------------------------------------------------------
Reinsurance -- 4.4%
1,800,000 6.38 NR/NR Aquarius + Investments Plc for Swiss
Reinsurance Co., Ltd., Floating Rate
Note, 9/1/24 $ 1,867,500
1,350,000 4.25 BB+/NR Armor Re, Ltd., Floating Rate Note,
5/14/14 (Cat Bond) (144A) 1,358,775
500,000 3.68 BB/NR Atlas IX Capital, Ltd., Floating Rate
Note, 1/17/19 (Cat Bond) (144A) 506,300
250,000 8.25 BB-/NR Atlas Reinsurance VII, Ltd., Floating
Rate Note, 1/7/16 (Cat Bond) (144A) 258,550
500,000 4.30 BB+/NR Blue Danube II, Ltd., Floating Rate
Note, 5/23/16 (Cat Bond) (144A) 505,050
250,000 6.24 BB+/NR Blue Danube, Ltd., Floating Rate
Note, 4/10/15 (Cat Bond) (144A) 258,250
350,000 2.56 BB+/NR Bosphorus 1 Re, Ltd., Floating Rate
Note, 5/3/16 (Cat Bond) (144A) 350,070
1,250,000 5.29 BB-/NR Caelus Re, Ltd., Floating Rate Note,
3/7/16 (Cat Bond) (144A) 1,267,250
1,100,000 6.85 NR/NR Caelus Re, Ltd., Floating Rate Note,
4/7/17 (Cat Bond) (144A) 1,136,850
1,000,000 4.74 NR/Baa1 Combine Re, Ltd., Floating Rate Note,
1/7/15 (Cat Bond) (144A) 1,021,000
950,000 10.28 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 998,545
300,000 9.03 BB-/NR Compass Re, Ltd., Floating Rate Note,
1/8/15 (Cat Bond) (144A) 310,470
250,000 9.06 BB/NR East Lane Re V, Ltd., Floating Rate
Note, 3/16/16 (Cat Bond) (144A) 271,600
850,000 6.71 BB/NR East Lane Re, Ltd., Floating Rate Note,
3/13/15 (Cat Bond) (144A) 882,300
250,000 7.30 BB-/NR Embarcadero Reinsurance, Ltd.,
Floating Rate Note, 2/13/15 (Cat
Bond) (144A) 258,125
The accompanying notes are an integral part of these financial statements.
50 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
500,000 6.67 BB-/NR Embarcadero Reinsurance, Ltd.,
Floating Rate Note, 2/4/16 (Cat
Bond) (144A) $ 507,850
650,000 5.24 BB+/NR Embarcadero Reinsurance, Ltd.,
Floating Rate Note, 8/7/15 (Cat
Bond) (144A) 671,515
4,475,000 17.79 B+/NR Everglades Re, Ltd., Floating Rate
Note, 4/30/14 (Cat Bond) (144A) 4,696,960
1,050,000 5.07 BB+/NR Foundation Re III, Ltd., Floating Rate
Note, 2/25/15 (Cat Bond) (144A) 1,076,355
2,450,000 5.80 BB/NR Foundation Re III, Ltd., Floating Rate
Note, 2/3/14 (Cat Bond) (144A) 2,456,615
1,200,000 7.40 NR/NR Galileo Re, Ltd., Floating Rate Note,
1/9/19 (Cat Bond) (144A) 1,231,080
900,000 4.04 BB+/NR Ibis Re II, Ltd., Floating Rate Note,
6/28/16 (Cat Bond) (144A) 913,050
1,850,000 7.66 BB-/NR Johnston Re, Ltd., Floating Rate Note,
5/8/14 (Cat Bond) (144A) 1,885,705
250,000 6.96 BB-/NR Johnston Re, Ltd., Floating Rate Note,
5/8/14 (Cat Bond) (144A) 254,225
1,000,000 7.27 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 1,000,200
2,400,000 6.02 BB/NR Lodestone Re, Ltd., Floating Rate Note,
1/8/14 (Cat Bond) (144A) 2,400,240
1,200,000 4.08 BB/NR Longpoint Re, Ltd. III, Floating Rate
Note, 5/18/16 (Cat Bond) (144A) 1,213,680
600,000 6.24 BB+/NR Longpoint Re, Ltd., Floating Rate Note,
6/12/15 (Cat Bond) (144A) 628,620
2,650,000 BBB/NR Montpelier Re Holdings, Ltd., 4.7%,
10/15/22 2,600,169
650,000 9.04 BB/NR Mystic Re, Ltd., Floating Rate Note,
3/12/15 (Cat Bond) (144A) 679,965
500,000 8.61 B+/NR Mythen Re, Ltd. Series 2012-2 Class A,
Floating Rate Note, 1/5/17 (Cat
Bond) (144A) 521,600
500,000 8.24 NR/Ba3 Mythen Re, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 535,150
250,000 8.74 NR/Ba3 Mythen Re, Ltd., Floating Rate Note,
5/7/15 (Cat Bond) (144A) 265,800
5,048,000 BBB/NR Platinum Underwriters Finance, Inc.,
7.5%, 6/1/17 5,565,082
750,000 7.56 BB-/NR Queen Street II Capital, Ltd., Floating
Rate Note, 4/9/14 (Cat Bond) (144A) 757,275
500,000 7.56 BB-/NR Queen Street IV Capital, Ltd., Floating
Rate Note, 4/9/15 (Cat Bond) (144A) 513,250
250,000 10.60 B/NR Queen Street VI Re, Ltd., Floating Rate
Note, 4/9/15 (Cat Bond) (144A) 263,025
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 51
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Reinsurance -- (continued)
900,000 8.66 B/NR Queen Street VII Re, Ltd., Floating Rate
Note, 4/8/16 (Cat Bond) (144A) $ 931,860
725,000 8.80 B+/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 772,778
650,000 9.06 BB-/NR Residential Reinsurance 2011, Ltd.,
Floating Rate Note, 6/6/15 (Cat
Bond) (144A) 694,720
2,800,000 4.57 BB+/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 12/6/16 (Cat
Bond) (144A) 2,886,240
800,000 8.07 BB/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) 885,280
275,000 10.24 BB-/NR Residential Reinsurance 2012, Ltd.,
Floating Rate Note, 6/6/16 (Cat
Bond) (144A) 309,155
250,000 9.32 B-/NR Residential Reinsurance 2013, Ltd.,
Floating Rate Note, 6/6/17 (Cat
Bond) (144A) 258,475
1,250,000 4.00 BB/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 1,240,750
1,200,000 3.54 BB+/NR Sanders Re, Ltd., Floating Rate Note,
5/5/17 (Cat Bond) (144A) 1,193,520
250,000 NR/NR Silverton RE, Ltd., 0.0%, 9/16/16
(Cat Bond) (144A) (d) 250,400
3,600,000 BBB/Baa3 Sirius International Group, Ltd.,
6.375%, 3/20/17 (144A) 3,901,975
2,110,000 7.51 BB+/Ba2 Sirius International Group, Ltd.,
Floating Rate Note (Perpetual) (144A) 2,174,287
1,400,000 9.30 B/NR Successor X, Ltd. Class IV-E3, Floating
Rate Note, 2/25/14 (Cat Bond) (144A) 1,411,760
250,000 11.32 B-/NR Successor X, Ltd., Floating Rate Note,
11/10/15 (Cat Bond) (144A) 263,925
300,000 8.66 B+/NR Tar Heel Re, Ltd., Floating Rate Note,
5/9/16 (Cat Bond) (144A) 319,170
250,000 6.25 NR/NR Tradewynd Re, Ltd., Floating Rate
Note, 1/8/15 (Cat Bond) (144A) 250,275
1,500,000 2.80 BBB-/NR Vita Capital V, Ltd., Floating Rate
Note, 1/15/17 (Cat Bond) (144A) 1,526,850
500,000 2.79 BBB+/NR Vitality Re IV, Ltd., Floating Rate
Note, 1/9/17 (Cat Bond) (144A) 509,550
1,400,000 5.88 NR/NR Wilton Re Finance LLC, Floating
Rate Note, 3/30/33 (144A) 1,379,000
-------------
$ 63,048,016
-------------
Total Insurance $ 130,519,163
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
52 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
REAL ESTATE -- 2.6%
Diversified REIT -- 0.4%
725,000 BBB/Baa2 Digital Realty Trust LP, 5.875%,
2/1/20 $ 771,296
1,050,000 BBB/Baa2 Goodman Funding Pty, Ltd., 6.0%,
3/22/22 (144A) 1,130,415
3,455,000 BBB/Baa2 Goodman Funding Pty, Ltd.,
6.375%, 4/15/21 (144A) 3,817,765
-------------
$ 5,719,476
-------------------------------------------------------------------------------------------------
Industrial REIT -- 0.1%
1,475,000 BBB-/Baa2 DCT Industrial Operating Partnership
LP, 4.5%, 10/15/23 (144A) $ 1,433,241
-------------------------------------------------------------------------------------------------
Office REIT -- 0.7%
1,093,000 BBB-/Baa2 Alexandria Real Estate Equities,
Inc., 3.9%, 6/15/23 $ 1,018,489
2,670,000 BBB-/Baa2 Alexandria Real Estate Equities,
Inc., 4.6%, 4/1/22 2,686,685
900,000 BBB-/Baa3 BioMed Realty LP, 4.25%, 7/15/22 864,090
1,500,000 BBB-/Baa3 Corporate Office Properties LP,
3.6%, 5/15/23 1,359,518
2,100,000 BBB/Baa2 Highwoods Realty LP, 3.625%,
1/15/23 1,919,988
2,550,000 BBB/Baa2 Piedmont Operating Partnership
LP, 3.4%, 6/1/23 2,263,255
-------------
$ 10,112,025
-------------------------------------------------------------------------------------------------
Retail REIT -- 0.3%
575,000 BBB-/Baa2 DDR Corp., 4.625%, 7/15/22 $ 586,487
2,905,000 BBB-/Baa2 DDR Corp., 7.5%, 4/1/17 3,385,809
-------------
$ 3,972,296
-------------------------------------------------------------------------------------------------
Specialized REIT -- 1.1%
730,000 BBB-/Baa3 CubeSmart LP, 4.8%, 7/15/22 $ 749,814
1,000,000 BBB/Baa2 Health Care Real Estate Investment
Trust, Inc., 4.5%, 1/15/24 987,348
2,425,000 BBB-/Baa3 Healthcare Realty Trust, Inc.,
6.5%, 1/17/17 2,719,521
1,985,000 BBB-/Baa2 Hospitality Properties Trust,
5.0%, 8/15/22 2,017,228
4,175,000 BBB-/Baa2 Hospitality Properties Trust,
7.875%, 8/15/14 4,208,888
4,285,000 BBB-/Baa3 Senior Housing Properties Trust,
6.75%, 4/15/20 4,757,935
-------------
$ 15,440,734
-------------
Total Real Estate $ 36,677,772
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 53
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.1%
Data Processing & Outsourced
Services -- 0.0%+
447,000 B-/Caa1 First Data Corp., 8.25%,
1/15/21 (144A) $ 475,496
-------------------------------------------------------------------------------------------------
Home Entertainment Software -- 0.1%
650,000 BB+/Ba2 Activision Blizzard, Inc., 6.125%,
9/15/23 (144A) $ 677,625
-------------
Total Software & Services $ 1,153,121
-------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.1%
Computer Hardware -- 0.1%
2,100,000 BB/Ba3 NCR Corp., 4.625%, 2/15/21 $ 2,010,750
-------------
Total Technology Hardware
& Equipment $ 2,010,750
-------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.3%
Semiconductor Equipment -- 0.3%
3,100,000 BBB/Baa1 KLA-Tencor Corp., 6.9%, 5/1/18 $ 3,627,437
-------------
Total Semiconductors &
Semiconductor Equipment $ 3,627,437
-------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 1.3%
Integrated Telecommunication
Services -- 1.2%
469,000 B/B3 Cincinnati Bell, Inc., 8.375%,
10/15/20 $ 507,692
3,355,000 NR/A2 GTP Acquisition Partners I LLC,
4.347%, 6/15/16 (144A) 3,531,010
792,094 NR/NR GTP Cellular Sites LLC, 3.721%,
3/15/17 (144A) 809,605
3,950,000 NR/A2 GTP Towers Issuer LLC, 4.436%,
2/15/15 (144A) 4,060,612
2,750,000 BBB/Baa2 Telefonica Emisiones SAU,
6.221%, 7/3/17 3,100,133
1,500,000 NR/NR Unison Ground Lease Funding
LLC, 2.981%, 3/15/20 (144A) 1,424,896
3,460,000 BBB+/Baa1 Verizon Communications, Inc.,
6.55%, 9/15/43 4,048,058
-------------
$ 17,482,006
-------------------------------------------------------------------------------------------------
Wireless Telecommunication
Services -- 0.1%
1,625,000 NR/A2 Crown Castle Towers LLC, 6.113%,
1/15/20 (144A) $ 1,822,163
-------------
Total Telecommunication Services $ 19,304,169
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
54 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
UTILITIES -- 2.7%
Electric Utilities -- 1.7%
980,000 A-/A3 Commonwealth Edison Co.,
6.15%, 9/15/17 $ 1,132,429
615,593 BBB-/Baa3 Crockett Cogeneration LP, 5.869%,
3/30/25 (144A) 646,141
5,400,000 5.25 BBB+/A3 Electricite de France SA, Floating
Rate Note (Perpetual) (144A) 5,370,300
3,365,000 BBB/Baa2 Enel Finance International NV,
5.125%, 10/7/19 (144A) 3,592,642
2,320,000 8.75 BB+/Ba1 Enel S.p.A., Floating Rate Note,
9/24/73 (144A) 2,522,691
716,928 BB/Baa3 FPL Energy American Wind LLC,
6.639%, 6/20/23 (144A) 701,777
132,661 B-/Ba2 FPL Energy Wind Funding LLC,
6.876%, 6/27/17 (144A) 127,355
1,925,000 BB+/Baa3 Israel Electric Corp., Ltd., 7.25%,
1/15/19 (144A) 2,139,156
610,000 BB+/Baa3 Israel Electric Corp., Ltd., 9.375%,
1/28/20 (144A) 739,944
910,000 A/A3 Nevada Power Co., 6.5%, 8/1/18 1,077,488
693,649 NR/NR Orcal Geothermal, Inc., 6.21%,
12/30/20 (144A) 679,776
2,690,000 BBB/Baa3 Public Service Co. of New Mexico,
7.95%, 5/15/18 3,197,520
2,200,000 6.25 BBB-/Baa2 Southern California Edison Co.,
Floating Rate Note (Perpetual) 2,277,000
-------------
$ 24,204,219
-------------------------------------------------------------------------------------------------
Gas Utilities -- 0.2%
2,268,712 A+/A1 Nakilat, Inc., 6.267%,
12/31/33 (144A) $ 2,382,148
-------------------------------------------------------------------------------------------------
Multi-Utilities -- 0.4%
5,055,000 BBB+/Baa1 New York State Electric & Gas Corp.,
6.15%, 12/15/17 (144A) $ 5,606,854
302,057 NR/NR Ormat Funding Corp., 8.25%,
12/30/20 289,975
-------------
$ 5,896,829
-------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- 0.4%
595,000 BBB-/NR Alta Wind Holdings LLC, 7.0%,
6/30/35 (144A) $ 629,445
2,105,000 BBB-/Baa3 Kiowa Power Partners LLC,
5.737%, 3/30/21 (144A) 2,237,133
1,016,000 BB+/Ba1 NSG Holdings LLC, 7.75%,
12/15/25 (144A) 1,082,040
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 55
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Independent Power Producers &
Energy Traders -- (continued)
2,336,778 BBB-/Baa3 Panoche Energy Center LLC,
6.885%, 7/31/29 (144A) $ 2,364,048
-------------
$ 6,312,666
-------------
Total Utilities $ 38,795,862
-------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $504,916,031) $ 536,800,189
-------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 15.5%
32,831,712 AAA/Aaa Fannie Mae, 3.0%, 8/1/42-12/1/42 $ 31,207,681
5,986,556 AAA/Aaa Fannie Mae, 3.5%, 11/1/42-7/1/43 5,955,215
15,888,775 AAA/Aaa Fannie Mae, 4.0%, 7/1/18-2/1/43 16,372,848
29,297,891 AAA/Aaa Fannie Mae, 4.5%, 10/1/35-12/1/43 31,061,723
11,343,927 AAA/Aaa Fannie Mae, 5.0%, 12/1/17-7/1/40 12,327,081
4,883,373 AAA/Aaa Fannie Mae, 5.5%, 9/1/17-6/1/36 5,333,632
4,736,087 AAA/Aaa Fannie Mae, 6.0%, 6/1/16-7/1/38 5,274,301
984,472 AAA/Aaa Fannie Mae, 6.5%, 1/1/15-11/1/37 1,098,661
123,388 AAA/Aaa Fannie Mae, 7.0%, 7/1/21-1/1/32 138,855
1,096 AAA/Aaa Fannie Mae, 7.5%, 8/1/20 1,194
17,852 AAA/Aaa Fannie Mae, 8.0%, 2/1/29-5/1/31 20,609
2,190,782 NR/NR Federal Home Loan Mortgage Corp.,
3.5%, 11/1/28 2,293,792
4,260,000 NR/NR Federal Home Loan Mortgage Corp.,
4.0%, 12/1/43 4,379,318
976,116 AAA/Aaa Federal Home Loan Mortgage Corp.,
4.5%, 3/1/20-10/1/20 1,036,868
4,066,740 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.0%, 10/1/20-10/1/38 4,380,829
1,692,168 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.5%, 12/1/18-11/1/35 1,838,209
3,971,022 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.0%, 5/1/17-12/1/36 4,416,170
418,501 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 11/1/30-4/1/34 468,995
473,842 AAA/Aaa Federal Home Loan Mortgage Corp.,
7.0%, 8/1/22-11/1/30 524,044
1,716,858 AAA/Aaa Federal National Mortgage
Association, 5.0%, 8/1/40 1,873,242
8,422,896 NR/NR Government National Mortgage
Association I, 4.5%, 7/15/33-8/15/41 9,040,184
1,603,391 AAA/Aaa Government National Mortgage
Association I, 5.0%, 10/15/18-4/15/35 1,749,302
6,813,619 AAA/Aaa Government National Mortgage
Association I, 5.5%, 10/15/17-2/15/37 7,505,605
The accompanying notes are an integral part of these financial statements.
56 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
U.S. Government and Agency
Obligations -- (continued)
7,386,099 AAA/Aaa Government National Mortgage
Association I, 6.0%,
4/15/14-10/15/36 $ 8,258,096
3,633,243 AAA/Aaa Government National Mortgage
Association I, 6.5%,
1/15/29-7/15/35 4,108,654
642,684 AAA/Aaa Government National Mortgage
Association I, 7.0%,
4/15/28-10/15/31 746,777
108,499 AAA/Aaa Government National Mortgage
Association I, 7.5%,
2/15/26-12/15/31 120,262
5,105 AAA/Aaa Government National Mortgage
Association I, 7.75%, 2/15/30 5,582
4,072,188 AAA/Aaa Government National Mortgage
Association II, 4.5%,
12/20/34-9/20/41 4,367,283
1,490,013 AAA/Aaa Government National Mortgage
Association II, 5.5%,
10/20/19-4/20/34 1,626,932
51,557 AAA/Aaa Government National Mortgage
Association II, 6.5%,
2/20/29-4/20/29 58,916
234,328 AAA/Aaa Government National Mortgage
Association II, 7.0%,
11/20/28-12/20/30 272,486
10,000,000 NR/Aaa U.S. Treasury Bonds, 2.875%, 5/15/43 8,104,690
1,200,000 NR/Aaa U.S. Treasury Bonds, 3.125%, 2/15/43 1,027,500
7,620,000 AA+/Aaa U.S. Treasury Bonds, 4.25%, 5/15/39 8,126,014
1,365,000 AA+/Aaa U.S. Treasury Bonds, 4.375%, 11/15/39 1,483,371
4,650,000 AA+/Aaa U.S. Treasury Bonds, 4.375%, 2/15/38 5,061,237
2,000,000 AA+/Aaa U.S. Treasury Bonds, 4.375%, 5/15/40 2,172,500
8,435,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 5/15/38 9,352,306
9,068,000 AA+/Aaa U.S. Treasury Bonds, 4.5%, 8/15/39 10,051,316
4,000,000 AA+/Aaa U.S. Treasury Bonds, 4.625%, 2/15/40 4,517,500
4,000,000 AA+/Aaa U.S. Treasury Bonds, 5.375%, 2/15/31 4,901,876
-------------
$ 222,661,656
-------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $219,207,650) $ 222,661,656
-------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 8.1%
Municipal Airport -- 0.1%
1,000,000 BBB/Baa1 Indianapolis Airport Authority,
5.1%, 1/15/17 $ 1,101,530
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 57
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Municipal Development -- 0.7%
2,925,000 AA-/Aa3 California Statewide Communities
Development Authority, 6.0%,
8/15/42 $ 3,271,262
2,350,000 BBB/Baa3 Louisiana Local Government
Environmental Facilities & Community
Development Authority, 6.5%, 11/1/35 2,508,296
2,560,000 BBB/Baa1 Parish of St. John the Baptist
Louisiana, 5.125%, 6/1/37 2,510,285
2,310,000 BBB/Baa3 Selma Industrial Development
Board, 5.8%, 5/1/34 2,356,339
-------------
$ 10,646,182
-------------------------------------------------------------------------------------------------
Municipal General -- 1.2%
4,075,000 AA/A2 JobsOhio Beverage System,
3.985%, 1/1/29 $ 3,719,904
1,035,000 AA/A2 JobsOhio Beverage System,
4.532%, 1/1/35 958,576
4,500,000 AA-/A1 New Jersey Economic Development
Authority, 0.0%, 2/15/18 (d) 3,934,845
2,750,000 A+/A1 New Jersey Transportation Trust Fund
Authority, 5.5%, 6/15/41 2,857,168
2,400,000 AAA/Aa1 New York City Transitional Finance
Authority Future Tax Secured Revenue,
5.0%, 11/1/33 2,533,320
1,050,000 BBB/A3 Texas Municipal Gas Acquisition &
Supply Corp. III, 5.0%, 12/15/30 1,008,200
2,100,000 BBB/A3 Texas Municipal Gas Acquisition &
Supply Corp. III, 5.0%, 12/15/31 2,001,804
-------------
$ 17,013,817
-------------------------------------------------------------------------------------------------
Municipal Higher Education -- 3.6%
525,000 AA+/Aaa Amherst College, 3.794%, 11/1/42 $ 436,195
1,025,000 A+/NR Baylor University, 4.313%, 3/1/42 894,702
1,980,000 AAA/Aaa California Educational Facilities
Authority, 5.0%, 6/1/43 2,227,936
3,000,000 AAA/Aaa Connecticut State Health &
Educational Facility Authority,
5.0%, 7/1/40 3,173,190
4,600,000 AAA/Aaa Connecticut State Health &
Educational Facility Authority,
5.0%, 7/1/42 4,720,336
2,850,000 AAA/Aaa Health & Educational Facilities
Authority of the State of Missouri,
5.0%, 11/15/39 2,977,082
2,300,000 AAA/Aaa Houston Higher Education Finance
Corp., 4.5%, 11/15/37 2,302,323
1,500,000 AAA/Aaa Houston Higher Education Finance
Corp., 5.0%, 5/15/40 1,565,220
The accompanying notes are an integral part of these financial statements.
58 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Municipal Higher
Education -- (continued)
1,100,000 AA/Aa1 Illinois Finance Authority,
5.0%, 10/1/51 $ 1,082,917
1,200,000 AAA/Aaa Massachusetts Development Finance
Agency, 5.0%, 10/15/40 1,279,176
6,500,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 11/15/36 7,192,835
1,425,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 5.5%, 7/1/32 1,731,974
1,000,000 AAA/Aaa Massachusetts Health & Educational
Facilities Authority, 6.0%, 7/1/36 1,120,720
1,100,000 AAA/Aaa Massachusetts Institute of Technology,
5.6%, 7/1/11 1,249,475
1,600,000 AA/Aa1 New York State Dormitory Authority
Series A, 5.0%, 7/1/40 1,659,936
2,590,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 10/1/41 2,726,467
2,150,000 AA/Aa1 New York State Dormitory Authority,
5.0%, 7/1/35 2,251,588
875,000 AA-/Aa3 New York State Dormitory Authority,
5.0%, 7/1/37 911,269
3,700,000 AAA/Aaa New York State Dormitory Authority,
5.0%, 7/1/38 3,882,632
800,000 AAA/Aaa Permanent University Fund, 5.0%,
7/1/30 896,696
3,095,000 AAA/Aaa President and Fellows of Harvard
College, 6.3%, 10/1/37 3,424,268
1,900,000 A+/A1 The George Washington University,
1.827%, 9/15/17 1,874,394
525,000 AAA/Aaa The University of Texas System,
5.0%, 8/15/43 549,675
2,600,000 AA/Aa1 University of California, 3.38%,
5/15/28 2,311,946
-------------
$ 52,442,952
-------------------------------------------------------------------------------------------------
Municipal Medical -- 0.2%
325,000 AA-/A1 Massachusetts Development Finance
Agency, 5.25%, 4/1/37 $ 335,650
550,000 AA-/A1 Massachusetts Development Finance
Agency, 5.375%, 4/1/41 569,811
1,765,000 AA-/Aa2 Ohio Higher Educational Facility
Commission, 5.0%, 1/1/42 1,766,271
-------------
$ 2,671,732
-------------------------------------------------------------------------------------------------
Municipal Pollution -- 0.4%
995,000 A-/Baa1 County of Sweetwater Wyoming,
5.6%, 12/1/35 $ 1,008,641
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 59
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Municipal Pollution -- (continued)
980,000 BBB/Baa3 Courtland Industrial Development
Board, 5.0%, 8/1/27 $ 971,386
3,965,000 5.95 BBB/NR Port Freeport Texas, Floating Rate
Note, 5/15/33 4,151,593
-------------
$ 6,131,620
-------------------------------------------------------------------------------------------------
Municipal Power -- 0.3%
4,060,000 AA-/A1 South Carolina State Public Service
Authority, 5.0%, 12/1/43 $ 4,028,657
-------------------------------------------------------------------------------------------------
Municipal Transportation -- 0.2%
1,600,000 AA+/Aa2 Metropolitan Transit Authority of Harris
County, 5.0%, 11/1/41 $ 1,651,152
600,000 AA-/Aa3 Port Authority of New York & New
Jersey, 4.458%, 10/1/62 508,704
-------------
$ 2,159,856
-------------------------------------------------------------------------------------------------
Municipal Water -- 1.0%
2,400,000 AAA/Aa1 City of Charleston South Carolina
Waterworks & Sewer System
Revenue, 5.0%, 1/1/35 $ 2,525,808
2,800,000 AAA/Aa1 City of Charleston South Carolina
Waterworks & Sewer System
Revenue, 5.0%, 1/1/41 2,919,112
3,275,000 AA-/Aa3 City of San Francisco California
Public Utilities Commission Water
Revenue, 5.0%, 11/1/37 3,396,764
800,000 AAA/Aa2 Hampton Roads Sanitation District,
5.0%, 4/1/38 823,888
1,415,000 AAA/Aa1 Metropolitan Water Reclamation
District of Greater Chicago, 5.0%,
12/1/30 1,492,471
1,200,000 AAA/Aa1 Metropolitan Water Reclamation
District of Greater Chicago, 5.0%,
12/1/32 1,251,720
1,750,000 AAA/NR Tarrant Regional Water District,
5.0%, 3/1/52 1,779,802
-------------
$ 14,189,565
-------------------------------------------------------------------------------------------------
Municipal Obligation -- 0.4%
1,800,000 AAA/Aa1 State of Florida, 4.0%, 6/1/27 $ 1,833,930
560,000 AA+/Aa1 State of Washington, 3.0%, 7/1/28 494,917
1,660,000 AA+/Aa1 State of Washington, 5.0%, 7/1/18 1,936,324
1,400,000 AA+/Aa1 State of Washington, 5.0%, 8/1/39 1,449,966
-------------
$ 5,715,137
-------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS
(Cost $115,456,175) $ 116,101,048
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
60 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
SENIOR FLOATING RATE
LOAN INTERESTS -- 5.3%**
ENERGY -- 0.2%
Integrated Oil & Gas -- 0.1%
1,636,642 2.74 BBB/Baa2 Glenn Pool Oil & Gas Trust, Term
Loan, 5/2/16 $ 1,655,054
-------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.1%
1,438,840 3.75 BB/Ba2 Pilot Travel Centers LLC, Refinancing
Tranche B Term Loan, 3/30/18 $ 1,442,204
-------------
Total Energy $ 3,097,258
-------------------------------------------------------------------------------------------------
MATERIALS -- 0.2%
Commodity Chemicals -- 0.1%
777,877 4.50 NR/Ba2 Tronox Pigments BV, New Term
Loan, 3/19/20 $ 789,059
-------------------------------------------------------------------------------------------------
Specialty Chemicals -- 0.1%
1,225,823 3.50 BB+/Ba1 Chemtura Corp., New Term Loan,
8/29/16 $ 1,231,952
257,302 3.25 BB+/Ba2 Huntsman International LLC, Extended
Term B Loan, 4/19/17 257,784
-------------
$ 1,489,736
-------------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.0%+
420,750 4.50 B/B1 BWAY Holding Co., Initial Term
Loan, 8/31/17 $ 423,818
-------------
Total Materials $ 2,702,613
-------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.5%
Aerospace & Defense -- 0.4%
1,355,382 6.25 B-/B2 DAE Aviation Holdings, Inc., Tranche
B-1 Loan, 11/2/18 $ 1,369,783
614,441 6.25 B/B2 DAE Aviation Holdings, Inc., Tranche
B-2 Loan, 11/2/18 620,970
1,310,100 3.75 BBB-/Ba2 DigitalGlobe, Inc., Term Loan, 1/25/20 1,316,028
629,868 6.25 BB-/WR DynCorp International, Inc., Term
Loan, 7/7/16 636,364
638,625 3.75 BBB-/Ba1 Spirit Aerosystems, Inc., Term B
Loan, 4/18/19 643,514
1,557,237 4.50 BB-/B1 TASC, Inc. Virginia, New Tranche B
Term Loan, 12/18/15 1,485,864
-------------
$ 6,072,523
-------------------------------------------------------------------------------------------------
Trading Companies &
Distributors -- 0.1%
590,405 4.50 BB/Ba3 WESCO Distribution, Inc., Tranche
B-1 Loan, 12/12/19 $ 592,619
-------------
Total Capital Goods $ 6,665,142
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 61
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Air Freight & Logistics -- 0.1%
462,700 0.14 CCC+/B2 CEVA Group Plc, Dollar Tranche B
Pre-Funded Term Loan, 8/31/16 $ 450,554
843,532 5.24 CCC+/B2 CEVA Logistics US Holdings, Inc.,
US Tranche B Term Loan, 8/31/16 821,389
351,403 5.24 CCC+/NR EGL, Inc., EGL Tranche B Term
Loan, 8/31/16 344,705
-------------
$ 1,616,648
-------------
Total Transportation $ 1,616,648
-------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.6%
Auto Parts & Equipment -- 0.3%
212,095 3.17 BB-/Ba3 Allison Transmission, Inc., New Term
B-2 Loan, 8/7/17 $ 212,891
1,000,252 3.75 B+/Ba3 Allison Transmission, Inc., Term B-3
Loan, 8/23/19 1,007,129
903,052 2.18 B/B1 Federal-Mogul Corp., Tranche B Term
Loan, 12/29/14 891,701
531,440 2.18 B/B1 Federal-Mogul Corp., Tranche C Term
Loan, 12/28/15 524,760
832,373 5.50 NR/NR TI Group Automotive Systems LLC,
Additional Term Loan, 3/27/19 838,876
684,567 3.75 BB/Ba2 Tomkins LLC, Term B-2 Loan, 9/29/16 688,161
-------------
$ 4,163,518
-------------------------------------------------------------------------------------------------
Tires & Rubber -- 0.3%
4,190,000 4.75 BB/Ba1 The Goodyear Tire & Rubber Co., Term
Loan (Second Lien), 3/27/19 $ 4,238,449
-------------
Total Automobiles & Components $ 8,401,967
-------------------------------------------------------------------------------------------------
CONSUMER DURABLES &
APPAREL -- 0.0%+
Apparel, Accessories & Luxury
Goods -- 0.0%+
652,811 3.25 BBB-/Ba1 PVH Corp., Tranche B Term Loan,
12/19/19 $ 656,891
-------------
Total Consumer Durables & Apparel $ 656,891
-------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.1%
Casinos & Gaming -- 0.1%
1,044,750 3.75 BB+/Ba2 Pinnacle Entertainment, Inc.,
Tranche B-2 Term Loan, 8/13/20 $ 1,051,280
-------------------------------------------------------------------------------------------------
Restaurants -- 0.0%+
483,875 3.75 BB/Ba3 Burger King Corp., Tranche B Term
Loan (2012), 9/28/19 $ 486,640
-------------
Total Consumer Services $ 1,537,920
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
62 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
MEDIA -- 0.7%
Advertising -- 0.1%
1,075,768 6.50 B-/B1 Affinion Group, Inc., Tranche B Term
Loan, 10/9/16 $ 1,062,513
-------------------------------------------------------------------------------------------------
Broadcasting -- 0.2%
2,288,878 4.50 B+/B2 Univision Communications, Inc.,
2013 Converted Extended First-Lien
Term Loan, 3/1/20 $ 2,304,818
-------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
1,716,375 3.00 BB+/Baa3 Charter Communications Operating
LLC, Term F Loan, 1/1/21 $ 1,703,931
197,011 4.75 B/B1 WideOpenWest Finance LLC, Term B
Loan, 4/1/19 198,231
-------------
$ 1,902,162
-------------------------------------------------------------------------------------------------
Movies & Entertainment -- 0.1%
595,494 4.50 NR/Baa3 Cinedigm Digital Funding I LLC, Term
Loan, 2/28/18 $ 597,727
1,421,438 3.50 BB/Ba3 Live Nation Entertainment, Inc.,
Term B-1 Loan, 8/17/20 1,425,436
-------------
$ 2,023,163
-------------------------------------------------------------------------------------------------
Publishing -- 0.2%
2,241,695 3.75 BB-/Ba3 Interactive Data Corp., Refinanced
Term Loan, 2/11/18 $ 2,248,001
-------------
Total Media $ 9,540,657
-------------------------------------------------------------------------------------------------
RETAILING -- 0.3%
Automotive Retail -- 0.3%
3,817,125 4.25 BB/Ba1 Chrysler Group LLC, Term Loan B,
5/24/17 $ 3,843,356
-------------
Total Retailing $ 3,843,356
-------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.1%
Agricultural Products -- 0.1%
1,255,000 3.25 NR/NR Darling International, Inc., Tranche
B-1 (1st Lien) Term Loan, 12/19/20 $ 1,267,550
-------------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 0.0%+
23,820 3.25 BB-/Ba3 Pinnacle Foods Finance LLC, New Term
Loan G, 4/29/20 $ 23,831
-------------
Total Food, Beverage & Tobacco $ 1,291,381
-------------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL
PRODUCTS -- 0.1%
Household Products -- 0.0%+
161,200 5.25 B-/B2 WASH Multifamily Laundry Systems
LLC, U.S. Term Loan, 2/21/19 $ 161,804
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 63
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Personal Products -- 0.1%
861,429 3.50 BB-/Ba3 NBTY, Inc., Term B-2 Loan, 10/1/17 $ 868,787
-------------
Total Household & Personal Products $ 1,030,591
-------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT &
SERVICES -- 0.8%
Health Care Equipment -- 0.0%+
561,679 3.75 BBB-/Ba2 Hologic, Inc., Refinancing Tranche B
Term Loan, 8/1/19 $ 565,892
-------------------------------------------------------------------------------------------------
Health Care Supplies -- 0.2%
2,155,745 5.00 BB-/B1 Immucor, Inc., Term B-2 Loan, 8/19/18 $ 2,170,117
-------------------------------------------------------------------------------------------------
Health Care Services -- 0.1%
544,500 6.75 B+/B1 Ardent Medical Services, Inc., 1st Lien
Term Loan, 5/2/18 $ 547,450
388,000 4.50 BB-/Ba2 DaVita HealthCare Partners, Inc.,
Tranche B Term Loan, 10/20/16 391,334
-------------
$ 938,784
-------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.5%
2,199,732 3.74 BB/Ba2 CHS, Extended Term Loan, 1/25/17 $ 2,218,979
746,030 3.00 BB/Ba3 HCA, Inc., Tranche B-4 Term Loan,
5/1/18 747,633
1,789,129 3.00 BB/Ba3 HCA, Inc., Tranche B-5 Term Loan,
3/31/17 1,792,623
1,621,095 3.50 BB-/Ba3 Health Management Associates, Inc.,
Replacement Term B Loan, 11/16/18 1,623,122
704,687 2.42 BB+/Ba2 Universal Health Services, Inc.,
Tranche B-1 Term Loan, 11/15/16 708,651
-------------
$ 7,091,008
-------------------------------------------------------------------------------------------------
Health Care Technology -- 0.0%+
457,240 3.75 BB-/Ba3 IMS Health, Inc., Tranche B-1 Dollar Term
Loan, 9/1/17 $ 459,755
-------------
Total Health Care Equipment
& Services $ 11,225,556
-------------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 0.4%
Biotechnology -- 0.0%+
998,324 4.25 BB+/Ba1 Grifols, Inc., New U.S. Tranche B Term
Loan, 6/1/17 $ 1,005,951
-------------------------------------------------------------------------------------------------
Pharmaceuticals -- 0.2%
1,688,978 0.00 NR/NR Royalty Pharma, Tranche B-2 Term
Loan, 5/9/18 $ 1,695,663
152,673 4.00 BB+/Ba1 Endo Health Solutions, Inc., Term
Loan B 2011, 6/17/18 153,016
The accompanying notes are an integral part of these financial statements.
64 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Pharmaceuticals -- (continued)
617,188 3.75 BB/Ba1 Valeant Pharmaceuticals International,
Inc., Series C-2 Tranche B Term
Loan, 12/11/19 $ 622,533
-------------
$ 2,471,212
-------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.2%
2,686,866 3.74 BB-/Ba3 Catalent Pharma Solutions, Inc.,
Refinancing Dollar Term-1 (2016),
9/15/16 $ 2,703,100
-------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 6,180,263
-------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.1%
Other Diversified
Financial Services -- 0.1%
999,288 5.75 BB/Ba3 WorldPay, Facility B2A Term Loan,
8/6/17 $ 1,011,029
-------------
Total Diversified Financials $ 1,011,029
-------------------------------------------------------------------------------------------------
INSURANCE -- 0.4%
Insurance Brokers -- 0.4%
6,271,769 4.25 NR/NR USI Insurance Services, Tranche B
Term Loan, 12/30/19 $ 6,310,967
-------------
Total Insurance $ 6,310,967
-------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.2%
Internet Software & Services -- 0.1%
1,380,950 4.00 BB+/Ba3 AutoTrader.com, Inc., Tranche B-1
Term Loan, 12/15/16 $ 1,390,013
-------------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.1%
1,017,010 3.92 BB/Ba3 SunGard Data Systems, Inc., Tranche C
Term Loan, 2/28/17 $ 1,022,413
-------------------------------------------------------------------------------------------------
Application Software -- 0.0%+
374,505 3.00 BB+/Baa3 Nuance Communications, Inc., Term C
Loan, 8/7/19 $ 372,866
-------------------------------------------------------------------------------------------------
Systems Software -- 0.0%+
119,969 2.17 BB/Ba3 The Reynolds & Reynolds Co.,
Tranche B Term Loan, 4/21/16 $ 120,455
-------------
Total Software & Services $ 2,905,747
-------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE &
EQUIPMENT -- 0.0%+
Communications Equipment -- 0.0%+
330,657 0.00 NR/NR CommScope Inc., Tranche B (1st Lien)
Term Loan, 1/21/17 $ 332,311
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 65
Schedule of Investments | 12/31/13 (unaudited) (continued)
-------------------------------------------------------------------------------------------------
Principal Floating S&P/Moody's
Amount ($) Rate (b) Ratings Value
-------------------------------------------------------------------------------------------------
Communications
Equipment -- (continued)
495,986 3.25 NR/NR CommScope Inc., Tranche B Term
Loan, 1/14/18 $ 500,016
-------------
$ 832,327
-------------
Total Technology Hardware
& Equipment $ 832,327
-------------------------------------------------------------------------------------------------
SEMICONDUCTORS &
SEMICONDUCTOR EQUIPMENT -- 0.3%
Semiconductor Equipment -- 0.2%
3,048,411 4.50 NR/B1 Aeroflex, Inc., Tranche B-1 Term
Loan, 11/9/19 $ 3,078,566
-------------------------------------------------------------------------------------------------
Semiconductors -- 0.1%
826,238 2.99 BB+/WR Microsemi Corp., Term Loan, 2/19/20 $ 831,402
-------------
Total Semiconductors &
Semiconductor Equipment $ 3,909,968
-------------------------------------------------------------------------------------------------
TELECOMMUNICATION
SERVICES -- 0.1%
Integrated Telecommunication
Services -- 0.1%
1,950,113 4.00 BB-/Ba3 Cincinnati Bell, Inc., Tranche B Term
Loan, 9/10/20 $ 1,956,729
-------------
Total Telecommunication Services $ 1,956,729
-------------------------------------------------------------------------------------------------
UTILITIES -- 0.1%
Independent Power Producers &
Energy Traders -- 0.1%
1,335,930 2.75 BB+/Baa3 NRG Energy, Inc., Term Loan
(2013), 7/1/18 $ 1,334,631
793,416 4.75 BB+/Ba1 NSG Holdings LLC, New Term
Loan, 12/11/19 807,301
-------------
$ 2,141,932
-------------
Total Utilities $ 2,141,932
-------------------------------------------------------------------------------------------------
TOTAL SENIOR FLOATING RATE
LOAN INTERESTS
(Cost $75,306,955) $ 76,858,942
-------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
66 Pioneer Bond Fund | Semiannual Report | 12/31/13
-------------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------------
RIGHTS / WARRANTS -- 0.0%+
AUTOMOBILES &
COMPONENTS -- 0.0%+
Auto Parts & Equipment -- 0.0%+
247 Lear Corp., 11/9/14 $ 40,273
-------------------------------------------------------------------------------------------------
TOTAL RIGHTS / WARRANTS
(Cost $13,341) $ 40,273
-------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN
SECURITIES -- 98.0%
(Cost $1,364,497,599) (a) $1,407,628,284
-------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 2.0% $ 29,200,065
-------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,436,828,349
=================================================================================================
NR Not rated by either S&P or Moody's.
WR Withdrawn rating.
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 meant to raise money in case of a
catastrophe.
(Step) Bond issued with an initial coupon rate which converts to a higher
rate at a later date.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At December 31, 2013, the value of these securities
amounted to $383,015,667 or 26.7% of total net assets.
** Senior floating rate loan interests in which the Fund invests
generally pay interest at rates that are periodically redetermined
by reference to a base lending rate plus a premium. These base
lending rates are generally (i) the lending rate offered by one or
more major European banks, such as LIBOR (London InterBank Offered
Rate), (ii) the prime rate offered by one or more major U.S.
banks, (iii) the rate of a certificate of deposit or (iv) other
base lending rates used by commercial lenders. The rate shown is
the coupon rate at period end.
(a) At December 31, 2013, the net unrealized appreciation on
investments based on cost for federal income tax purposes of
$1,367,115,146 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 63,373,336
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (22,860,198)
------------
Net unrealized appreciation $ 40,513,138
============
(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.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 67
Schedule of Investments | 12/31/13 (unaudited) (continued)
(e) Security is valued using fair value methods (other than prices
supplied by independent pricing services). See Notes to
Financial Statements -- Note 1A.
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended December 31, 2013 were as follows:
-----------------------------------------------------------------------------
Purchases Sales
-----------------------------------------------------------------------------
Long-Term U.S. Government Securities $17,112,310 $116,962,024
Other Long-Term Securities $92,061,322 $180,977,296
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of December 31, 2013, in
valuing the Fund's assets:
----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------------
Convertible Corporate Bonds $ -- $ 11,647,500 $ -- $ 11,647,500
Preferred Stocks 27,286,440 6,503,300 3,296,244 37,085,984
Convertible Preferred Stocks 6,199,050 -- -- 6,199,050
Asset Backed Securities -- 123,364,977 -- 123,364,977
Collateralized Mortgage
Obligations -- 276,868,665 -- 276,868,665
Corporate Bonds -- 536,000,134 800,055 536,800,189
U.S. Government Agency
Obligations -- 222,661,656 -- 222,661,656
Municipal Bonds -- 116,101,048 -- 116,101,048
Senior Floating Rate Loan
Interests -- 76,858,942 -- 76,858,942
Rights/Warrants 40,273 -- -- 40,273
----------------------------------------------------------------------------------------------------
Total $ 33,525,763 $ 1,370,006,222 $ 4,096,299 $1,407,628,284
====================================================================================================
Other Financial Instruments
Unrealized Appreciation on
Futures Contracts $ 798,907 -- -- $ 798,907
----------------------------------------------------------------------------------------------------
Total Other Financial
Instruments $ 798,907 $ -- $ -- $ 798,907
====================================================================================================
The accompanying notes are an integral part of these financial statements.
68 Pioneer Bond Fund | Semiannual Report | 12/31/13
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) -- -- --
Change in unrealized appreciation (depreciation)(2) 154,709 12,506 167,215
Net purchases (sales) 900,000 -- 900,000
Transfers in and out of Level 3** -- -- --
----------------------------------------------------------------------------------------------------
Balance as of 12/31/13 $3,296,244 $800,055 $4,096,299
====================================================================================================
(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 six months ended December 31, 2013, there were no transfers
between Levels 1, 2 and 3.
Net change in unrealized appreciation (depreciation) of investments still held
as of 12/31/13 $ 167,215
---------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 69
Statement of Assets and Liabilities | 12/31/13 (unaudited)
ASSETS:
Investment in securities (cost $1,364,497,599) $1,407,628,284
Cash 26,651,948
Futures Collateral 279,447
Receivables --
Investment securities sold 81,694
Fund shares sold 5,084,576
Interest 11,002,513
Dividends 223,478
Due from Pioneer Investment Management, Inc. 112,889
Net unrealized appreciation on futures contracts 798,907
Other assets 77,358
--------------------------------------------------------------------------------
Total assets $1,451,941,094
--------------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 8,823,635
Fund shares repurchased 3,745,392
Dividends 2,006,323
Due to affiliates 381,258
Accrued expenses 156,137
--------------------------------------------------------------------------------
Total liabilities $ 15,112,745
--------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $1,413,033,890
Distributions in excess of net investment income (3,868,432)
Accumulated net realized loss on investments
and futures contracts (16,266,701)
Net unrealized appreciation on investments 43,130,685
Net unrealized appreciation on futures contracts 798,907
--------------------------------------------------------------------------------
Total net assets $1,436,828,349
================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $533,803,989/55,619,338 shares) $ 9.60
Class B (based on $6,837,231/716,805 shares) $ 9.54
Class C (based on $75,376,023/7,941,284 shares) $ 9.49
Class K (based on $1,246,785/129,885 shares) $ 9.60
Class R (based on $36,041,603/3,721,913 shares) $ 9.68
Class Y (based on $779,899,089/82,022,429 shares) $ 9.51
Class Z (based on $3,623,629/376,646 shares) $ 9.62
MAXIMUM OFFERING PRICE:
Class A ($9.60 / 95.5% ) $ 10.05
================================================================================
The accompanying notes are an integral part of these financial statements.
70 Pioneer Bond Fund | Semiannual Report | 12/31/13
Statement of Operations (unaudited)
For the Six Months Ended 12/31/13
INVESTMENT INCOME:
Interest $ 32,774,834
Dividends 1,225,066
------------------------------------------------------------------------------------------------
Total investment income $ 33,999,900
------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 3,588,172
Transfer agent fees
Class A 143,558
Class B 16,929
Class C 18,714
Class K 76
Class R 4,271
Class Y 28,390
Class Z 2,526
Distribution fees
Class A 692,915
Class B 38,859
Class C 402,348
Class R 83,078
Shareholder communications expense 919,150
Administrative reimbursements 227,879
Custodian fees 53,675
Registration fees 53,401
Professional fees 52,367
Printing expense 20,685
Fees and expenses of nonaffiliated Trustees 23,782
Miscellaneous 56,040
------------------------------------------------------------------------------------------------
Total expenses $ 6,426,815
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (449,795)
------------------------------------------------------------------------------------------------
Net expenses $ 5,977,020
------------------------------------------------------------------------------------------------
Net investment income $ 28,022,880
------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND CREDIT DEFAULT SWAPS:
Net realized gain on:
Investments $ 4,023,482
Futures contracts 37,482
Credit default swaps 229,371 $ 4,290,335
------------------------------------------------------------------------------------------------
Change in net unrealized appreciation on:
Investments $(12,897,861)
Futures contracts 442,783
Credit default swaps (195,506) $(12,650,584)
------------------------------------------------------------------------------------------------
Net loss on investments, futures contracts and credit
default swaps $ (8,360,249)
------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 19,662,631
================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 71
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------------
Six Months
Ended
12/31/13 Year Ended
(unaudited) 6/30/13
------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 28,022,880 $ 60,853,512
Net realized gain (loss) on investments, futures
contracts and credit default swaps 4,290,335 (151,123)
Change in net unrealized appreciation (depreciation)
on investments, futures contracts and credit
default swaps (12,650,584) (14,758,493)
------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 19,662,631 $ 45,943,896
------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.21 and $0.37 per share, respectively) $ (11,879,900) $ (19,971,054)
Class B ($0.16 and $0.27 per share, respectively) (124,299) (315,610)
Class C ($0.17 and $0.29 per share, respectively) (1,372,700) (2,893,417)
Class K ($0.23 and $0.21 per share, respectively) (2,037) (215)
Class R ($0.19 and $0.34 per share, respectively) (661,143) (922,219)
Class Y ($0.22 and $0.39 per share, respectively) (17,921,697) (36,953,978)
Class Z ($0.22 and $0.40 per share, respectively) (85,160) (201,696)
------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (32,046,936) $ (61,258,189)
------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 205,942,004 $ 622,314,487
Reinvestment of distributions 25,721,298 46,411,448
Cost of shares repurchased (397,836,986) (471,635,739)
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ (166,173,684) $ 197,090,196
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (178,557,989) $ 181,775,903
NET ASSETS:
Beginning of period 1,615,386,338 1,433,610,435
------------------------------------------------------------------------------------------------------
End of period $1,436,828,349 $1,615,386,338
======================================================================================================
Undistributed (distributions in excess of) net
investment income $ (3,868,432) $ 155,624
======================================================================================================
The accompanying notes are an integral part of these financial statements.
72 Pioneer Bond Fund | Semiannual Report | 12/31/13
----------------------------------------------------------------------------------------------------------
'13 Shares '13 Amount
(unaudited) (unaudited) '13 Shares '13 Amount
----------------------------------------------------------------------------------------------------------
Class A
Shares sold 8,782,544 $ 85,059,586 24,375,983 $ 241,840,642
Reinvestment of distributions 1,131,194 10,907,239 1,779,061 17,627,684
Less shares repurchased (12,762,901) (122,866,715) (14,312,751) (141,497,556)
----------------------------------------------------------------------------------------------------------
Net increase (decrease) (2,849,163) $ (26,899,890) 11,842,293 $ 117,970,770
==========================================================================================================
Class B
Shares exchanged 10,730 $ 102,793 88,345 $ 868,374
Reinvestment of distributions 10,899 104,414 28,586 281,456
Less shares repurchased (220,632) (2,112,382) (538,851) (5,303,792)
----------------------------------------------------------------------------------------------------------
Net decrease (199,003) $ (1,905,175) (421,920) $ (4,153,962)
==========================================================================================================
Class C
Shares sold 513,697 $ 4,898,305 2,835,146 $ 27,818,936
Reinvestment of distributions 106,781 1,017,900 216,666 2,124,028
Less shares repurchased (1,852,815) (17,663,544) (3,614,367) (35,367,504)
----------------------------------------------------------------------------------------------------------
Net decrease (1,232,337) $ (11,747,339) (562,555) $ (5,424,540)
==========================================================================================================
Class K*
Shares sold 129,697 $ 1,246,978 1,007 $ 10,000
Reinvestment of distributions 195 1,873 -- --
Less shares repurchased (1,014) (9,807) -- --
----------------------------------------------------------------------------------------------------------
Net increase 128,878 $ 1,239,044 1,007 $ 10,000
==========================================================================================================
Class R
Shares sold 1,190,901 $ 11,589,809 1,825,311 $ 18,270,357
Reinvestment of distributions 63,893 621,307 83,994 839,417
Less shares repurchased (726,421) (7,069,557) (1,149,162) (11,490,246)
----------------------------------------------------------------------------------------------------------
Net increase 528,373 $ 5,141,559 760,143 $ 7,619,528
==========================================================================================================
Class Y
Shares sold 10,697,844 $ 102,335,589 33,476,220 $ 328,848,985
Reinvestment of distributions 1,359,422 12,985,647 2,580,484 25,341,202
Less shares repurchased (25,644,181) (245,098,200) (28,264,359) (276,929,646)
----------------------------------------------------------------------------------------------------------
Net increase (decrease) (13,586,915) $ (129,776,964) 7,792,345 $ 77,260,541
==========================================================================================================
Class Z
Shares sold 73,262 $ 708,944 468,315 $ 4,657,193
Reinvestment of distributions 8,579 82,918 19,896 197,661
Less shares repurchased (312,465) (3,016,781) (106,004) (1,046,995)
----------------------------------------------------------------------------------------------------------
Net increase (decrease) (230,624) $ (2,224,919) 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.
Pioneer Bond Fund | Semiannual Report | 12/31/13 73
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/13 Ended Ended Ended Ended Ended
(unaudited) 6/30/13 6/30/12 6/30/11 6/30/10 6/30/09
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 9.67 $ 9.73 $ 9.66 $ 9.44 $ 8.63 $ 9.10
------------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.18 $ 0.38 $ 0.42 $ 0.45 $ 0.45 $ 0.50
Net realized and unrealized gain (loss) on investments (0.04) (0.07) 0.13 0.21 0.80 (0.31)
------------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.14 $ 0.31 $ 0.55 $ 0.66 $ 1.25 $ 0.19
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.21) $ (0.37) $ (0.43) $ (0.44) $ (0.44) $ (0.55)
Net realized gain -- -- (0.05) -- -- (0.11)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.21) $ (0.37) $ (0.48) $ (0.44) $ (0.44) $ (0.66)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.07) $ (0.06) $ 0.07 $ 0.22 $ 0.81 $ (0.47)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.60 $ 9.67 $ 9.73 $ 9.66 $ 9.44 $ 8.63
====================================================================================================================================
Total return* 1.47% 3.21% 5.91% 7.08% 14.71% 2.65%
Ratio of net expenses to average net assets 0.85%** 0.85% 0.85% 0.85% 0.85% 0.89%(a)
Ratio of net investment income to average net assets 3.74%** 3.77% 4.35% 4.63% 4.86% 5.88%
Portfolio turnover rate 15%** 28% 21% 36% 41% 34%
Net assets, end of period (in thousands) $533,804 $565,569 $453,772 $500,905 $420,706 $320,036
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.00%** 1.01% 1.03% 1.06% 1.07% 1.09%
Net investment income 3.59%** 3.61% 4.17% 4.42% 4.64% 5.68%
====================================================================================================================================
* 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.
** Annualized.
(a) On October 1, 2008, Pioneer contractually lowered Class A shares' expense
limitation from 1.00% to 0.85% of the average daily net assets attributable
to Class A shares. The expense limit will be in effect through November 1,
2015.
The accompanying notes are an integral part of these financial statements.
74 Pioneer Bond Fund | Semiannual Report | 12/31/13
---------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/13 Ended Ended Ended Ended Ended
(unaudited) 6/30/13 6/30/12 6/30/11 6/30/10 6/30/09
---------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 9.61 $ 9.67 $ 9.60 $ 9.38 $ 8.58 $ 9.05
---------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.13 $ 0.27 $ 0.31 $ 0.35 $ 0.35 $ 0.42
Net realized and unrealized gain (loss) on investments (0.04) (0.06) 0.14 0.21 0.79 (0.31)
---------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.09 $ 0.21 $ 0.45 $ 0.56 $ 1.14 $ 0.11
---------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.16) $ (0.27) $ (0.33) $ (0.34) $ (0.34) $ (0.47)
Net realized gain -- -- (0.05) -- -- (0.11)
---------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.16) $ (0.27) $ (0.38) $ (0.34) $ (0.34) $ (0.58)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.07) $ (0.06) $ 0.07 $ 0.22 $ 0.80 $ (0.47)
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.54 $ 9.61 $ 9.67 $ 9.60 $ 9.38 $ 8.58
===========================================================================================================================
Total return* 0.94% 2.15% 4.82% 5.99% 13.47% 1.62%
Ratio of net expenses to average net assets 1.90%** 1.90% 1.90% 1.90% 1.90% 1.90%
Ratio of net investment income to average net assets 2.70%** 2.78% 3.31% 3.59% 3.89% 4.90%
Portfolio turnover rate 15%** 28% 21% 36% 41% 34%
Net assets, end of period (in thousands) $ 6,837 $ 8,805 $12,942 $18,474 $27,342 $31,738
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 2.13%** 2.05% 2.02% 1.95% 1.98% 1.99%
Net investment income 2.46%** 2.63% 3.19% 3.54% 3.81% 4.81%
===========================================================================================================================
* 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.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 75
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/13 Ended Ended Ended Ended Ended
(unaudited) 6/30/13 6/30/12 6/30/11 6/30/10 6/30/09
----------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 9.57 $ 9.63 $ 9.55 $ 9.34 $ 8.54 $ 9.02
----------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.14 $ 0.29 $ 0.33 $ 0.36 $ 0.37 $ 0.42
Net realized and unrealized gain (loss) on investments (0.05) (0.06) 0.15 0.20 0.78 (0.31)
----------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.09 $ 0.23 $ 0.48 $ 0.56 $ 1.15 $ 0.11
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.17) $ (0.29) $ (0.35) $ (0.35) $ (0.35) $ (0.48)
Net realized gain -- -- (0.05) -- -- (0.11)
----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.17) $ (0.29) $ (0.40) $ (0.35) $ (0.35) $ (0.59)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.08) $ (0.06) $ 0.08 $ 0.21 $ 0.80 $ (0.48)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.49 $ 9.57 $ 9.63 $ 9.55 $ 9.34 $ 8.54
==================================================================================================================================
Total return* 0.92% 2.33% 5.12% 6.06% 13.63% 1.62%
Ratio of net expenses to average net assets 1.71%** 1.72% 1.73% 1.73% 1.79% 1.83%
Ratio of net investment income to average net assets 2.89%** 2.93% 3.47% 3.75% 3.91% 4.93%
Portfolio turnover rate 15%** 28% 21% 36% 41% 34%
Net assets, end of period (in thousands) $75,376 $87,763 $93,737 $82,915 $81,892 $53,045
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.71%** 1.72% 1.73% 1.73% 1.79% 1.83%
Net investment income 2.89%** 2.93% 3.47% 3.75% 3.91% 4.93%
==================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
The accompanying notes are an integral part of these financial statements.
76 Pioneer Bond Fund | Semiannual Report | 12/31/13
--------------------------------------------------------------------------------------------------------
Six Months
Ended 12/20/12 (a)
12/31/13 to
(unaudited) 6/30/13
--------------------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 9.67 $ 9.94
--------------------------------------------------------------------------------------------------------
Decrease from investment operations:
Net investment income $ 0.21 $ 0.20
Net realized and unrealized loss on investments (0.05) (0.26)
--------------------------------------------------------------------------------------------------------
Net decrease from investment operations $ 0.16 $ (0.06)
--------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.23) $ (0.21)
--------------------------------------------------------------------------------------------------------
Net decrease in net asset value $ (0.07) $ (0.27)
--------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.60 $ 9.67
========================================================================================================
Total return* 1.62% (0.61)%(b)
Ratio of net expenses to average net assets 0.80%** 0.57%**
Ratio of net investment income to average net assets 2.47%** 3.86%**
Portfolio turnover rate 15%** 28%**
Net assets, end of period (in thousands) $ 1,247 $ 10
Ratios with no waiver of fees and assumption of expenses by the Adviser and
no reduction for fees paid indirectly:
Total expenses 0.80%** 0.57%**
Net investment income 2.47%** 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.
Pioneer Bond Fund | Semiannual Report | 12/31/13 77
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/13 Ended Ended Ended Ended Ended
(unaudited) 6/30/13 6/30/12 6/30/11 6/30/10 6/30/09
------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 9.76 $ 9.82 $ 9.74 $ 9.52 $ 8.71 $ 9.18
------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.16 $ 0.34 $ 0.39 $ 0.41 $ 0.42 $ 0.48
Net realized and unrealized gain (loss) on investments (0.05) (0.06) 0.14 0.22 0.80 (0.31)
------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.11 $ 0.28 $ 0.53 $ 0.63 $ 1.22 $ 0.17
------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.19) $ (0.34) $ (0.40) $ (0.41) $ (0.41) $ (0.53)
Net realized gain -- -- (0.05) -- -- (0.11)
------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.19) $ (0.34) $ (0.45) $ (0.41) $ (0.41) $ (0.64)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.08) $ (0.06) $ 0.08 $ 0.22 $ 0.81 $ (0.47)
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.68 $ 9.76 $ 9.82 $ 9.74 $ 9.52 $ 8.71
==============================================================================================================================
Total return* 1.17% 2.80% 5.58% 6.67% 14.18% 2.35%
Ratio of net expenses to average net assets 1.25%** 1.25% 1.25% 1.24% 1.25% 1.25%
Ratio of net investment income to average net assets 3.33%** 3.36% 3.94% 4.25% 4.50% 5.53%
Portfolio turnover rate 15%** 28% 21% 36% 41% 34%
Net assets, end of period (in thousands) $36,042 $31,169 $23,892 $20,508 $18,186 $15,404
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 1.42%** 1.35% 1.35% 1.24% 1.26% 1.30%
Net investment income 3.16%** 3.26% 3.84% 4.25% 4.49% 5.48%
==============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
78 Pioneer Bond Fund | Semiannual Report | 12/31/13
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/13 Ended Ended Ended Ended Ended
(unaudited) 6/30/13 6/30/12 6/30/11 6/30/10 6/30/09
-----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 9.58 $ 9.65 $ 9.57 $ 9.36 $ 8.55 $ 9.02
-----------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.19 $ 0.39 $ 0.44 $ 0.47 $ 0.47 $ 0.53
Net realized and unrealized gain (loss) on investments (0.04) (0.07) 0.14 0.20 0.79 (0.31)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.15 $ 0.32 $ 0.58 $ 0.67 $ 1.26 $ 0.22
-----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.22) $ (0.39) $ (0.45) $ (0.46) $ (0.45) $ (0.58)
Net realized gain -- -- (0.05) -- -- (0.11)
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.22) $ (0.39) $ (0.50) $ (0.46) $ (0.45) $ (0.69)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.07) $ (0.07) $ 0.08 $ 0.21 $ 0.81 $ (0.47)
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.51 $ 9.58 $ 9.65 $ 9.57 $ 9.36 $ 8.55
===================================================================================================================================
Total return* 1.56% 3.34% 6.27% 7.25% 15.06% 2.95%
Ratio of net expenses to average net assets 0.66%** 0.66% 0.65% 0.61% 0.61% 0.63%
Ratio of net investment income to average net assets 3.93%** 3.97% 4.55% 4.88% 5.13% 6.10%
Portfolio turnover rate 15%** 28% 21% 36% 41% 34%
Net assets, end of period (in thousands) $779,899 $916,182 $847,072 $717,433 $713,869 $589,661
Ratios with no waiver of fees and assumption of expenses by the
Adviser and no reduction for fees paid indirectly:
Total expenses 0.66%** 0.66% 0.65% 0.61% 0.61% 0.64%
Net investment income 3.93%** 3.97% 4.55% 4.88% 5.13% 6.09%
===================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semiannual Report | 12/31/13 79
Financial Highlights (continued)
-----------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
12/31/13 Ended Ended Ended Ended Ended
(unaudited) 6/30/13 6/30/12 6/30/11 6/30/10 6/30/09
-----------------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 9.70 $ 9.76 $ 9.68 $ 9.46 $ 8.67 $ 9.10
-----------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.20 $ 0.40 $ 0.45 $ 0.47 $ 0.48 $ 0.54
Net realized and unrealized gain (loss) on investments (0.06) (0.06) 0.14 0.21 0.77 (0.28)
-----------------------------------------------------------------------------------------------------------------------------
Net increase from investment operations $ 0.14 $ 0.34 $ 0.59 $ 0.68 $ 1.25 $ 0.26
-----------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.22) $ (0.40) $ (0.46) $ (0.46) $ (0.46) $ (0.58)
Net realized gain -- -- (0.05) -- -- (0.11)
-----------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.22) $ (0.40) $ (0.51) $ (0.46) $ (0.46) $ (0.69)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.08) $ (0.06) $ 0.08 $ 0.22 $ 0.79 $ (0.43)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.62 $ 9.70 $ 9.76 $ 9.68 $ 9.46 $ 8.67
=============================================================================================================================
Total return* 1.47% 3.41% 6.23% 7.30% 14.68% 3.42%
Ratio of net expenses to average net assets 0.65%** 0.65% 0.65% 0.65% 0.63% 0.65%
Ratio of net investment income to average net assets 3.89%** 3.95% 4.50% 4.82% 5.00% 5.91%
Portfolio turnover rate 15%** 28% 21% 36% 41% 34%
Net assets, end of period (in thousands) $ 3,624 $ 5,889 $ 2,196 $ 787 $ 720 $ 382
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 0.81%** 0.87% 0.83% 0.72% 0.63% 0.67%
Net investment income 3.73%** 3.73% 4.32% 4.75% 5.00% 5.89%
=============================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
The accompanying notes are an integral part of these financial statements.
80 Pioneer Bond Fund | Semiannual Report | 12/31/13
Notes to Financial Statements | 12/31/13 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Bond Fund (the Fund) is a Delaware statutory trust. The Fund is
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The investment objective of the Fund is to seek
current income consistent with preservation of capital.
The Fund offers seven classes of shares designated as Class A, Class B, Class C,
Class K, Class R, Class Y and Class Z shares. Class K shares were first publicly
offered on December 20, 2012. Effective as of the close of business on December
31, 2009, Class B shares are no longer offered to new or existing shareholders,
except that dividends and/or capital gain distributions may continue to be
reinvested in Class B shares, and shareholders may exchange their Class B shares
for Class B shares of other Pioneer funds, as permitted by existing exchange
privileges. Each class of shares represents an interest in the same portfolio of
investments of the Fund and has identical rights (based on relative net asset
values) to assets and liquidation proceeds. Share classes can bear different
rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board the flexibility to
specify either per-share voting or dollar-weighted voting when submitting
matters for shareholder approval. Under per-share voting, each share of a class
of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class K, Class Y or Class Z shares. Class B shares convert
to Class A shares approximately eight years after the date of purchase.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
Pioneer Bond Fund | Semiannual Report | 12/31/13 81
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 Trust's investment adviser, pursuant to
procedures adopted by the Trust'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.
82 Pioneer Bond Fund | Semiannual Report | 12/31/13
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 December 31, 2013, 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. Inputs used when applying fair
value methods to value a security may include credit ratings, the financial
condition of the company, current market conditions and comparable
securities.
Principal amounts of mortgage-backed securities, asset-backed securities and
corporate bonds are adjusted for monthly paydowns. Premiums and discounts
related to certain mortgage-backed securities are amortized or accreted in
proportion to the monthly paydowns. All discounts/premiums on debt
securities are accreted/amortized for financial reporting purposes over the
life of the respective securities, and such accretion/amortization is
included in interest income.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in
the exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis. Dividend and
interest income are reported net of unrecoverable foreign taxes withheld at
the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of December 31, 2013, 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.
Pioneer Bond Fund | Semiannual Report | 12/31/13 83
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.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the years ended June 30, 2013 and June 30, 2012 was as follows:
---------------------------------------------------------------------------
2013 2012
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $61,258,189 $61,062,120
Long-term capital gain -- 6,835,526
---------------------------------------------------------------------------
Total $61,258,189 $67,897,646
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at June 30, 2013:
---------------------------------------------------------------------------
2013
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 2,242,622
Capital loss carryforward (18,403,543)
Dividends payable (1,067,036)
Net unrealized appreciation 53,406,721
---------------------------------------------------------------------------
Total $ 36,178,764
===========================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales, adjustments
relating to catastrophe bonds, the tax treatment of premium and
amortization, the mark-to-market of futures contracts and credit default
swaps.
C. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned $23,839 in underwriting commissions on the sale of Class A shares
during the six months ended December 31, 2013.
84 Pioneer Bond Fund | Semiannual Report | 12/31/13
D. Class Allocations
Income, common expenses, and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B, Class C, and Class R shares of the Fund,
respectively (see Note 4). Class K, Class Y and Class Z shares do not pay
distribution fees. All expenses and fees paid to the transfer agent, Pioneer
Investment Management Shareholder Services, Inc. (PIMSS), for its services
are allocated among the classes of shares based on the number of accounts in
each class and the ratable allocation of related out-of-pocket expenses (see
Note 3).
The Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class B, Class C, Class K, Class R,
Class Y and Class Z shares can reflect different transfer agent and
distribution expense rates.
E. Risks
At times, the Fund's investments may represent industries or industry
sectors that are interrelated or have common risks, making the Fund more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors. The Fund's prospectus contains
unaudited information regarding the Fund's principal risks. Please refer to
that document when considering the Fund's principal risks.
Pioneer Bond Fund | Semiannual Report | 12/31/13 85
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
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
December 31, 2013 was $279,447 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 six months ended December 31, 2013 was
$127,919,386.
At December 31, 2013, open futures contracts were as follows:
---------------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation/
Type Long/(Short) Month Value (Depreciation)
---------------------------------------------------------------------------------------
U.S. Long Bond (CBT) 127 3/14 $ 16,295,688 $(271,847)
U.S. Ultra Bond (CBT) 65 3/14 8,856,250 (133,554)
U.S. 10 Year Note (CBT) (193) 3/14 (23,748,048) 434,275
U.S. 2 Year Note (CBT) (202) 3/14 (44,402,125) 78,905
U.S. 5 Year Note (CBT) (456) 3/14 (54,406,500) 691,128
---------------------------------------------------------------------------------------
$(97,404,735) $ 798,907
---------------------------------------------------------------------------------------
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.
86 Pioneer Bond Fund | Semiannual Report | 12/31/13
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. As a seller
of protection, the Fund would be required to pay the notional (or other
agreed-upon) value of the referenced debt obligation to the counterparty in
the event of a default by a U.S. or foreign corporate issuer of a debt
obligation, which would likely result in a loss to the Fund. In return, the
Fund would receive from the counterparty a periodic stream of payments
during the term of the contract provided that no event of default occurred.
The maximum exposure of loss to the seller would be the notional value of
the credit default swaps outstanding. If no default occurs, the Fund would
keep the stream of payments and would have no payment obligation. The Fund
may also buy credit default swap contracts in order to hedge against the
risk of default of debt securities, in which case the Fund would function as
the counterparty referenced above.
When the Fund enters into a credit default swap contract, either the buyer
or seller of protection will make a rebalancing payment to the other party.
The amount of the rebalancing payment is determined based on the value of
the contract on the trade date. Periodic payments received or paid by the
Fund are recorded as realized gains or losses.
The credit default swap contracts are marked-to-market daily using
valuations supplied by independent sources and the change in value, if any,
is recorded as unrealized appreciation or depreciation. Payments received or
made as a result of a credit event or upon termination of the contract are
recognized, net of the appropriate amount of the upfront payment, as
realized gains or losses.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund. In addition,
obligations under sell protection credit default swaps may be partially
offset by net amounts received from settlement of buy protection credit
default swaps entered into by the Fund for the same reference obligation
with the same counterparty.
Pioneer Bond Fund | Semiannual Report | 12/31/13 87
During the six months ended December 31, 2013, the Fund entered into one
credit default swap contract, with a notional amount of $14,000,000. The
Fund had no outstanding credit default swap contracts as of December 31,
2013.
The average value of swap contracts open during the six months ended
December 31, 2013 was $14,176,840.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.50% of
the Fund's average daily net assets up to $1 billion; 0.45% of the next $1
billion; and 0.40% of the excess over $2 billion. For the six months ended
December 31, 2013, the effective management fee (excluding waivers and/or
assumption of expenses) was equal to 0.48% of the Fund's average daily net
assets.
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 0.85%, 1.90%, 1.90%, 1.25% and 0.65% of the
average daily net assets attributable to Class A, Class B, Class C, Class R and
Class Z shares, respectively. Fees waived and expenses reimbursed during the six
months ended December 31, 2013 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
$98,052 in management fees, administrative costs and certain other
reimbursements payable to PIM at December 31, 2013.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the six months ended December 31, 2013, such out-of-pocket expenses by class of
shares were as follows:
88 Pioneer Bond Fund | Semiannual Report | 12/31/13
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $408,661
Class B 5,756
Class C 45,251
Class R 57,815
Class Y 399,056
Class Z 2,611
--------------------------------------------------------------------------------
Total $919,150
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $257,733 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at December 31, 2013.
4. Distribution and Service Plans
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B, Class C and
Class R shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average
daily net assets attributable to Class A shares as compensation for personal
services and/or account maintenance services or distribution services 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 $25,473 in distribution fees payable to PFD at December 31, 2013.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class K, Class R, Class
Y and Class Z shares) may be subject to a contingent deferred sales charge
(CDSC). A CDSC of 1.00% may be imposed on redemptions of certain net asset value
purchases of Class A shares within 12 months of purchase. Class B shares that
are redeemed within five years of purchase are subject to a CDSC at declining
rates beginning at 4.00%, based on the lower of cost or market value of shares
being redeemed. Redemptions of Class C shares within 12 months of purchase are
subject to a CDSC of 1.00%, based on the lower of
Pioneer Bond Fund | Semiannual Report | 12/31/13 89
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 six months ended December 31, 2013,
CDSC in the amount of $10,328 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended December 31, 2013, the Fund's
expenses were not reduced under such arrangements.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect as of fiscal year end is in the amount of $215
million. Under such facility, depending on the type of loan, interest on
borrowings is payable at the London Interbank Offered Rate (LIBOR) plus 0.90% on
an annualized basis, or the Alternate Base Rate, which is the greater of (a) the
facility's administrative agent's daily announced prime rate on the borrowing
date, (b) 2% plus the Federal Funds Rate on the borrowing date and (c) 2% plus
the overnight Euro dollar rate on the borrowing date. The Funds pay an annual
commitment fee to participate in the credit facility. The commitment fee is
allocated among participating Funds based on an allocation schedule set forth in
the credit agreement. For the six months ended December 31, 2013, the Fund had
no borrowings under the credit facility.
90 Pioneer Bond Fund | Semiannual Report | 12/31/13
7. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of December 31, 2013 were as follows:
------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments Asset Derivatives 2013 Liabilities Derivatives 2013
Under Accounting ---------------------------- ----------------------------
Standards Codification Balance Sheet Balance Sheet
(ASC) 815 Location Value Location Value
------------------------------------------------------------------------------------------
Interest Rate Futures* Net unrealized Net unrealized
appreciation on depreciation on
futures contracts $798,907 futures contracts $ --
------------------------------------------------------------------------------------------
Total $798,907 $ --
==========================================================================================
* Reflects the unrealized appreciation on futures contracts (see Note 1F).
The effect of derivative instruments on the Statement of Operations for the six
months ended December 31, 2013 was as follows:
----------------------------------------------------------------------------------------------
Change in
Derivatives Not Realized Unrealized
Accounted for as Gain or Appreciation
Hedging Instruments Loss on or (Depreciation)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
----------------------------------------------------------------------------------------------
Interest Rate Futures Net realized gain (loss) on
futures contracts $ 37,482
Interest Rate Futures Change in unrealized appreciation
(depreciation) on
futures contracts $ 442,783
Credit Default Swaps Net realized gain (loss) on
credit default swaps $229,371
Credit Default Swaps Change in unrealized appreciation
(depreciation) on credit
default swaps $(195,506)
Pioneer Bond Fund | Semiannual Report | 12/31/13 91
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Bond Fund (the Fund) pursuant to an investment advisory agreement
between PIM and the Fund. In order for PIM to remain the investment adviser of
the Fund, the Trustees of the Fund must determine annually whether to renew the
investment advisory agreement for the Fund.
The contract review process began in March 2013 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2013, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2013 and September 2013. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, and November, 2013 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at regularly scheduled meetings.
At a meeting held on November 12, 2013, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. In all quintile rankings referred to throughout this
disclosure, first quintile is most favorable to the Fund's shareowners. Thus,
highest relative performance would be first quintile and lowest relative
expenses would also be first quintile. The Trustees did not identify any single
factor as the controlling factor in determining to approve the renewal of the
agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund and its research process. The Trustees considered the resources of PIM and
the personnel of PIM who provide investment management services to the Fund.
They also reviewed the amount of non-Fund
92 Pioneer Bond Fund | Semiannual Report | 12/31/13
assets managed by the portfolio managers of the Fund. The Trustees considered
the non-investment resources and personnel of PIM involved in PIM's services
to the Fund, including PIM's compliance and legal resources and personnel. The
Trustees noted the substantial attention and high priority given by PIM's senior
management to the Pioneer fund complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees review the Fund's performance on a regular basis, based on analysis
and data prepared by PIM for this purpose and discuss performance issues with
PIM on an ongoing basis. For purposes of their contract renewal deliberations,
the Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the first quintile of its Morningstar
category for the one, three and ten year periods ended June 30, 2013 and in the
second quintile of its Morningstar category for the five year period ended June
30, 2013. The Trustees also considered that the Fund's yield (for the twelve
months ended June 30, 2013) exceeded the yield of the Fund's benchmark index for
the same period. The Trustees noted the discussions held throughout the year
regarding the Fund's performance and confirmed that those discussions were
factored into the Trustees' deliberations concerning the renewal of the advisory
agreement. The Trustees concluded that the investment performance of the Fund
was satisfactory.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the
Pioneer Bond Fund | Semiannual Report | 12/31/13 93
Independent Trustees for this purpose using data provided by Strategic Insight
Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent
third party.
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2013 was in the third quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoints in the management fee schedule and the
reduced fee rates above certain asset levels.
The Trustees considered that the expense ratio of the Fund's Class A shares for
the twelve months ended June 30, 2013 was in the third quintile relative to its
Morningstar peer group and in the first quintile relative to its Strategic
Insight peer group, in each case for the comparable period, and that the expense
ratio of the Fund's Class Y shares for the twelve months ended June 30, 2013 was
in the fourth quintile relative to its Morningstar peer group and in the third
quintile relative to its Strategic Insight peer group, in each case for the
comparable period. The Trustees noted that the expense ratio of the Fund's Class
Y shares was approximately six basis points higher than the median expense ratio
of the Fund's Morningstar peer group, and approximately the same as the median
expense ratio of the Fund's Strategic Insight peer group. The Trustees noted
that PIM was waiving fees and/or reimbursing expenses in order to limit the
ordinary operating expenses of the Fund. The Trustees considered the impact of
transfer agency, sub-transfer agency, and other non-management fee expenses on
the expense ratios of the Fund, and noted the impact of expenses relating to
small accounts and omnibus accounts on transfer and sub-transfer agency expenses
generally. The Trustees noted that they separately review the Fund's transfer
agency, sub-transfer agency and intermediary arrangements.
The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Fund and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Fund and non-Fund services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Fund and client accounts. The
Trustees noted that, in some instances, the fee rates for those clients were
lower than the management fee for the Fund and considered that, under the
investment advisory agreement with the Fund, PIM performs
94 Pioneer Bond Fund | Semiannual Report | 12/31/13
additional services for the Fund that it does not provide to those other clients
or services that are broader in scope, including oversight of the Fund's other
service providers and activities related to compliance and the extensive
regulatory and tax regimes to which the Fund is subject. The Trustees also
considered the different entrepreneurial risks associated with PIM's
management of the Fund and Pioneer's management of the other client
accounts. The Trustees concluded that the management fee payable by the
Fund to PIM was reasonable in relation to the nature and quality of the services
provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoints in the management fee schedule. The Trustees recognize
that economies of scale are difficult to identify and quantify, rarely
identifiable on a fund-by-fund basis, and that, among other factors that may be
relevant, are the following: fee levels, expense subsidization, investment by
PIM in research and analytical capabilities and PIM's commitment and resource
allocation to the Fund. The Trustees noted that profitability also may be an
indicator of the availability of any economies of scale, although profitability
may vary for other reasons particularly, for example during the recent difficult
periods for financial markets, as the level of services was maintained
notwithstanding a significant decline in PIM's fee revenues from the Fund.
Accordingly, the Trustees concluded that economies of scale, if any, were being
appropriately shared with the Fund.
Pioneer Bond Fund | Semiannual Report | 12/31/13 95
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with the
Fund and the other Pioneer funds. The Trustees concluded that the receipt of
these benefits was reasonable in the context of the overall relationship between
PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
96 Pioneer Bond Fund | Semiannual Report | 12/31/13
Trustees, Officers and Service Providers
Trustees+ Officers
Thomas J. Perna, Chairman Daniel K. Kingsbury, President and
David R. Bock Chief Executive Officer*
Benjamin M. Friedman Mark E. Bradley, Treasurer**
Margaret B.W. Graham Christopher J. Kelley, Secretary
Daniel K. Kingsbury John F. Cogan, Jr., President***
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at http://www.sec.gov.
* Mr. Kingsbury became President and Chief Executive Officer of the Fund
effective January 1, 2014. Mr. Mark D. Goodwin became Executive Vice
President of the Fund effective January 28, 2014.
** Chief Financial and Accounting Officer of the Fund.
*** Mr. Cogan resigned as President and Chief Executive Officer of the Fund
effective January 1, 2014.
+ Effective January 28, 2014, Mr. Marc O. Mayer and Mr. Kenneth J. Taubes
became Trustees of the Fund.
Pioneer Bond Fund | Semiannual Report | 12/31/13 97
This page for your notes.
98 Pioneer Bond Fund | Semiannual Report | 12/31/13
This page for your notes.
Pioneer Bond Fund | Semiannual Report | 12/31/13 99
This page for your notes.
100 Pioneer Bond Fund | Semiannual Report | 12/31/13
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2014 Pioneer Investments 18633-08-0214
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.
N\A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N\A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N\A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N\A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
N\A
(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.
N\A
(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/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date February 27, 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/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date February 27, 2014
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date February 27, 2014
* Print the name and title of each signing officer under his or her signature.