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Pioneer Bond Fund
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Semi-Annual Report | December 31, 2008
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Ticker Symbols:
Class A PIOBX
Class B PBOBX
Class C PCYBX
Class R PBFRX
Class Y PICYX
Class Z PIBZX
[LOGO]PIONEER
Investments(R)
visit us: pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 41
Notes to Financial Statements 51
Trustees, Officers and Service Providers 58
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 1
President's Letter
Dear Shareowner,
Stock and bond markets around the globe this year have experienced one of their
most tumultuous periods in history. Investors have witnessed volatility of a
magnitude that many have never before seen. Distance often provides the best
vantage point for perspective. Still, we believe that the benefits of basic
investment principles that have stood the test of time -- even in the midst of
market turmoil -- cannot be underestimated.
First, invest for the long term. The founder of Pioneer Investments, Philip L.
Carret, began his investment career during the 1920s. One lesson he learned is
that while great prosperity affords an advantageous time for selling stocks,
extreme economic slumps can create opportunities for purchase. Indeed, many of
our portfolio managers, who follow the value-conscious investing approach of
our founder, are looking at recent market conditions as an opportunity to buy
companies whose shares we believe have been unjustifiably beaten down by
indiscriminate selling, but that we have identified as having strong prospects
over time. While investors may be facing a sustained market downturn, we
continue to believe that patience, along with staying invested in the market,
are important considerations for long-term investors.
A second principle is to stay diversified across different types of
investments. The global scope of the current market weakness poses challenges
for this basic investment axiom. But the turbulence makes now a good time to
reassess your portfolio and make sure that your investments continue to meet
your needs. We believe you should work closely with your financial advisor to
find the mix of stocks, bonds and money market assets that is best aligned to
your particular risk tolerance and investment objective.
As the investment markets sort through the continuing crisis in the financial
industry, we are staying focused on the fundamentals and risk management. With
more than 80 years of experience behind us, we have learned how to navigate
turbulent markets. At Pioneer Investments, risk management has always been a
critical part of our culture -- not just during periods of extraordinary
volatility. Our investment process is based on fundamental research,
quantitative analysis and active portfolio management. This three-pillared
process, which we apply to each of our portfolios, is supported by an
integrated
2 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
team approach and is designed to carefully balance risk and reward. While we
see potential chances for making money in many corners of the market, it takes
research and experience to separate solid investment opportunities from
speculation.
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
www.pioneerinvestments.com. Thank you for investing with Pioneer.
Respectfully,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
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 the opinion of Fund management 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 | Semi-Annual Report | 12/31/08 3
Portfolio Management Discussion | 12/31/08
As a widening credit crisis undermined the health of the U.S. economy, fixed-
income investors fled to the relative safety of Treasuries and other
high-quality investments during the second half of 2008. Corporate bonds and
other fixed-income securities exposed to credit risk performed poorly,
especially in the final three months of the year. In the following interview,
Kenneth J. Taubes discusses the factors that influenced the performance of
Pioneer Bond Fund during the six months ended December 31, 2008. Mr. Taubes,
Head of U.S. Portfolio Management at Pioneer Investments, is responsible for
the daily management of the Fund.
Q How did the Fund perform during the six months ended December 31, 2008?
A Pioneer Bond Fund Class A shares had a total return of -5.37% at net asset
value during the six months ended December 31, 2008, while the Barclays
Capital (formerly Lehman Brothers) Aggregate Bond Index returned 4.07% and
the Barclays Capital Government/Credit Bond Index returned 4.68% over the
same period. During the same six-month period, the average return for the
173 mutual funds in Lipper's Corporate Debt, A-Rated category was -5.19%.
On December 31, 2008, the 30-day SEC yield of the Fund's Class A shares was
6.78%.
Q What was the investment environment like during the last six months of 2008?
A It was a very challenging period for any fixed-income portfolio that included
securities with credit risk. The widespread investor flight to quality,
which benefited U.S. Treasuries and other high-grade investments,
accelerated during the final six months of the year, particularly over the
final quarter of 2008. Fears of recession had first surfaced in late 2007
and continued into the early months of 2008, as a deteriorating credit
crisis resulted in less lending, which choked both corporate investments
and consumer spending. Unemployment rose, manufacturing activity weakened,
housing values declined and consumer spending fell. The crisis only
intensified in September when investment bank Lehman Brothers was forced
into bankruptcy and several other major financial institutions required
emergency government rescues because of their exposures to deteriorating
credit. Stocks and corporate bond prices fell precipitously in the final
months of the year, particularly in October and November, as major
commercial and investment banks teetered on the edge of collapse, economic
production contracted and consumer spending plummeted. In response to all
the developments, the Federal government acted aggressively. The U.S.
Federal Reserve Board (the Fed) lowered short-term interest rates to
near-zero,
4 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
while making other policy changes to inject liquidity into the financial
system. Congress and the Bush Administration agreed upon a $700 billion
financial rescue plan, and the incoming Obama Administration began
preparing an additional economic stimulus plan for consideration in 2009.
As the economic outlook continued to deteriorate, the yield spreads between
corporate bonds and Treasuries widened. Government agency mortgages trailed
Treasuries, but outperformed investment-grade corporates, which in turn
fared better than high-yield bonds.
In this environment, the Fund underperformed the more passive Barclays
indices, primarily because of investments in high-yield bonds and bank
loans, as the indices had little or no exposure to high-yield debt.
Q What were your principal strategies for the Fund during the six months ended
December 31, 2008?
A Throughout the period, we focused on government agency mortgage-backed
securities, principally investing in Ginnie Mae, Fannie Mae and Freddie Mac
mortgages. We emphasized them because of their high quality and superior
yields to Treasuries. They also carried significantly less credit risk than
corporate debt. The Fund had a relatively small position in Treasuries
because we thought they were overpriced. As the period progressed and
corporate bond prices fell lower following months of underperformance, we
began building the Fund's positions in corporate securities, primarily
investment-grade debt, where we saw appealing values, especially in light
of our assessment of the relative risks. We also established a position for
the Fund in non-government agency residential mortgages, where we saw
market values falling to extraordinarily low levels that were inconsistent
with the default records of those mortgages.
At the end of the year, approximately half the Fund's assets remained
invested in government agency mortgages, while about 13% of assets were
invested in high-yield corporate debt, including bank loans. At December
31, 2008, the average credit quality of Fund holdings was A+. We kept the
Fund's average effective duration -- which is a measure of price risk from
changes in interest rates -- relatively low, at 3.64 years, as we saw
little value in investing in longer-maturity bonds when Treasury yields had
fallen to extremely low absolute levels.
Q What types of investments had the greatest influence on the Fund's
performance during the six-month period ended December 31, 2008?
A The Fund's exposure to high-yield debt and its underweight position in
Treasuries were the principal factors contributing to underperformance
relative to the Barclays bond indices. Investments in both high-yield and
investment-grade corporate bonds held back the Fund's relative results,
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 5
especially in the final quarter of 2008, when corporate bond values
plummeted. Security selection also hurt the Fund's performance, as several
of our picks underperformed despite continuing to meet all their debt
obligations. In addition, our short duration positioning held back the
Fund's relative performance as longer-maturity Treasuries continued to
rally in the closing weeks of the period.
Among the investments that detracted from the Fund's results were:
securities of American General Finance, a subsidiary of American
International Group (AIG); Forest City Enterprises, a higher-quality real
estate developer; and Sallie Mae, a student loan provider. Asset-backed
securities of Domino's, the pizza chain, also underperformed. All these
securities continued to meet their debt obligations during the six-month
period, however. We also had a very small position in Washington Mutual,
which defaulted when the banking company failed, but that investment had a
negligible impact on overall Fund performance.
The Fund did see good performance from several selections, including: bonds
of Constellation Brands, a leading producer and marketer of wines, beer and
spirits; and the bank loans to Talecris, a health care services company
specializing in processing blood supplies.
Q What is your investment outlook?
A As we look ahead at the start of 2009, the market prices of high-yield and
investment-grade corporate debt have been approaching Depression-like lows.
However, we think the actions of the Federal government demonstrate that
officials are determined not to repeat the mistakes that preceded the Great
Depression of the 1930s. The Fed has eased the flow of money into the
credit markets, and the incoming administration has made it clear that
stimulating the economy is more important than balancing the budget during
an economic crisis.
We think that one day we may look back and recognize that this was a period
when there were extraordinary opportunities to invest in corporate debt and
other securities whose prices reflected an extremely pessimistic view of
the economy. We think many of the worst possible scenarios already are
factored into the prices of investments such as corporate bonds, bank
loans, non-agency mortgages and asset-backed debt. Given the extremely low
valuations, we have been increasing the Fund's investments in
investment-grade corporates, non-agency mortgages and some selective
high-yield bonds, which we think have excellent potential once the economy
starts to reverse its downslide and begins to recover.
6 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Please refer to the Schedule of Investments on pages 18-40 for a full listing
of Fund securities.
When interest rates rise, the prices of fixed-income securities in the Fund
will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities in the Fund will generally rise. Investments in the
Fund are subject to possible loss due to the financial failure of issuers of
underlying securities and their inability to meet their debt obligations.
Prepayment risk is the chance that mortgage-backed bonds will be paid off early
if falling interest rates prompt homeowners to refinance their mortgages.
Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund
would experience a decline in income and lose the opportunity for additional
price appreciation associated with falling interest rates. Investments in
high-yield or lower-rated securities are subject to greater-than-average risk.
The securities issued by U.S. Government sponsored entities (i.e., FNMA,
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 it more
susceptible to any economic, political, or regulatory developments or other
risks affecting those industries and sectors.
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 the opinion of Fund management as of the date of this report.
These opinions should not be relied upon for any other purposes.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 7
Portfolio Summary | 12/31/08
Portfolio Diversification
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(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
U.S. Government and Agency Obligations 41.3%
U.S. Corporate Bonds 33.1%
Collateralized Mortgage Obligations 10.6%
Senior Secured Floating Rate Loan Interests 5.3%
Asset Backed Securities 3.7%
Temporary Cash Investment 3.1%
Municipal Bonds 1.4%
Convertible Corporate Bonds 0.9%
Preferred Stock 0.6%
Portfolio Quality
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(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Treasury/Agency 53.9%
BBB 14.7%
BB 9.8%
A 9.5%
AA 4.8%
B & Lower 3.1%
AAA 2.8%
Commercial Paper 1.4%
10 Largest Holdings
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(As a percentage of total long-term holdings)*
1. Federal National Mortgage Association, 5.5%, 4/1/36 2.54%
2. U.S. Treasury Inflation Notes, 0.0%, 11/15/13 1.64
3. Federal National Mortgage Association, 5.0%, 6/1/36 1.03
4. Federal Home Loan Mortgage Corp., 4.5%, 10/1/35 1.01
5. JP Morgan Chase Commercial Mortgage Security Corp., 6.065392%, 4/15/45 0.98
6. LB-UBS Commercial Mortgage, 5.372%, 9/15/39 0.95
7. Federal National Mortgage Association, 5.0%, 2/1/22 0.93
8. Federal National Mortgage Association, 5.5%, 5/1/36 0.84
9. Federal National Mortgage Association, 5.5%, 4/1/36 0.76
10. Federal Home Loan Mortgage Corp., 5.0%, 10/1/20 0.71
* This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
8 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Prices and Distributions | 12/31/08
Net Asset Value per Share
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Class 12/31/08 6/30/08
A $8.22 $9.10
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B $8.17 $9.05
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C $8.14 $9.02
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R $8.29 $9.18
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Y $8.15 $9.02
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Class 12/31/08 6/30/08
Z $8.22 $9.10
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Distributions per Share: 7/1/08-12/31/08
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Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
A $ 0.2804 $ -- $ 0.1100
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B $ 0.2374 $ -- $ 0.1100
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C $ 0.2410 $ -- $ 0.1100
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R $ 0.2691 $ -- $ 0.1100
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Y $ 0.2947 $ -- $ 0.1100
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Z* $ 0.2534 $ -- $ 0.1100
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* Class Z shares were first publicly offered on July 6, 2007
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 9
Performance Update | 12/31/08 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 Pioneer Bond Fund at public offering price, compared to that
of the Barclays Capital Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2008)
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Net Asset Public Offering
Period Value (NAV) Price (POP)
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10 Years 4.28% 3.80%
5 Years 2.62 1.68
1 Year -4.36 -8.62
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Expense Ratio
(Per prospectus dated November 1, 2008)
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Gross Net
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1.04% 0.85%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Capital
Pioneer Bond Fund Aggregate Bond Index
12/98 9,550 10,000
9,240 9,918
12/00 10,021 11,071
10,777 12,006
12/02 11,722 13,237
12,760 13,780
12/04 13,488 14,378
13,820 14,727
12/06 14,311 15,365
15,182 16,436
12/08 14,521 17,297
Call 1-800-225-6292 or visit www.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 4.5% 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 contractual expense limitations currently in
effect through 11/1/13 for Class A shares. There can be no assurance that
Pioneer will extend the expense limitations 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.
The Barclays Capital Aggregate Bond Index is a measure of the U.S. bond market.
Index returns are calculated monthly, assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. You
cannot invest directly in an index.
10 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Performance Update | 12/31/08 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 Pioneer Bond Fund, compared to that of the Barclays Capital
Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2008)
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If If
Period Held Redeemed
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10 Years 3.38% 3.38%
5 Years 1.68 1.68
1 Year -5.30 -8.87
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Expense Ratio
(Per prospectus dated November 1, 2008)
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Gross Net
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1.90% 1.90%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Capital
Pioneer Bond Fund Aggregate Bond Index
12/98 10,000 10,000
9,615 9,918
12/00 10,317 11,071
11,023 12,006
12/02 11,882 13,237
12,826 13,780
12/04 13,444 14,378
13,638 14,727
12/06 13,996 15,365
14,717 16,436
12/08 13,936 17,297
Call 1-800-225-6292 or visit www.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). Effective December 1, 2004, the period during which a CDSC is applied
to withdrawals was shortened to 5 years. The maximum CDSC for Class B shares
continues to be 4%. For more complete information, please see the prospectus
for details. Note: Shares purchased prior to December 1, 2004 remain subject to
the CDSC in effect at the time you purchased those shares. For performance
information for shares purchased prior to December 1, 2004, please visit
www.pioneerinvestments.com.
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 11/1/10 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.
The Barclays Capital Aggregate Bond Index is a measure of the U.S. bond market.
Index returns are calculated monthly, assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. You
cannot invest directly in an index.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 11
Performance Update | 12/31/08 Class C 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 Pioneer Bond Fund, compared to that of the Barclays Capital
Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2008)
- -------------------------------------------------------------
If If
Period Held Redeemed
- -------------------------------------------------------------
10 Years 3.33% 3.33%
5 Years 1.74 1.74
1 Year -5.24 -5.24
- -------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2008)
- -------------------------------------------------------------
Gross Net
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1.82% 1.82%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Capital
Pioneer Bond Fund Aggregate Bond Index
12/98 10,000 10,000
9,593 9,918
12/00 10,318 11,071
10,974 12,006
12/02 11,817 13,237
12,735 13,780
12/04 13,361 14,378
13,560 14,727
12/06 13,908 15,365
14,648 16,436
12/08 13,880 17,297
Call 1-800-225-6292 or visit www.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 of 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 net expense ratio reflects contractual expense limitations currently in
effect through 11/1/09 for Class B shares. There can be no assurance that
Pioneer will extend the expense limitations 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.
The Barclays Capital Aggregate Bond Index is a measure of the U.S. bond market.
Index returns are calculated monthly, assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. You
cannot invest directly in an index.
12 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Performance Update | 12/31/08 Class R Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Bond Fund, compared to that of the Barclays Capital
Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2008)
- -------------------------------------------------------------
If If
Period Held Redeemed
- -------------------------------------------------------------
10 Years 3.94% 3.94%
5 Years 2.35 2.35
1 Year -4.87 -4.87
- -------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2008)
- -------------------------------------------------------------
Gross Net
- -------------------------------------------------------------
1.31% 1.25%
- -------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Capital
Pioneer Bond Fund Aggregate Bond Index
12/98 10,000 10,000
9,631 9,918
12/00 10,394 11,071
11,122 12,006
12/02 12,037 13,237
13,100 13,780
12/04 13,837 14,378
14,128 14,727
12/06 14,595 15,365
15,466 16,436
12/08 14,713 17,297
Call 1-800-225-6292 or visit www.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 of Class R shares for the period prior to the commencement of
operations of Class R shares on April 1, 2003 is based on the performance of
Class A shares, reduced to reflect the higher distribution and service fees of
Class R shares. For the period after April 1, 2003, the actual performance of
Class R shares is reflected. The performance of Class R shares does not reflect
the 1% CDSC that was in effect prior to July 1, 2004. Class R shares are not
subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitation currently in
effect through 11/1/10 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.
The Barclays Capital Aggregate Bond Index is a measure of the U.S. bond market.
Index returns are calculated monthly, assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. You
cannot invest directly in an index.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 13
Performance Update | 12/31/08 Class Y Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Bond Fund, compared to that of the Barclays Capital
Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2008)
- -------------------------------------------------------------
If If
Period Held Redeemed
- -------------------------------------------------------------
10 Years 4.59% 4.59%
5 Years 3.03 3.03
1 Year -4.05 -4.05
- -------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2008)
- -------------------------------------------------------------
Gross Net
- -------------------------------------------------------------
0.61% 0.61%
- -------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Capital
Pioneer Bond Fund Aggregate Bond Index
12/98 10,000 10,000
9,680 9,918
12/00 10,498 11,071
11,302 12,006
12/02 12,340 13,237
13,488 13,780
12/04 14,345 14,378
14,743 14,727
12/06 15,330 15,365
16,325 16,436
12/08 15,663 17,297
Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on September 20, 2001 reflects the NAV performance of the Fund's Class A
shares. The performance does not reflect differences in expenses, including the
Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Y shares
prior to their inception would have been higher. Class A shares are used as a
proxy through 9/20/01. 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.
The Barclays Capital Aggregate Bond Index is a measure of the U.S. bond market.
Index returns are calculated monthly, assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. You
cannot invest directly in an index.
14 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Performance Update | 12/31/08 Class Z Shares
Investment Returns
- --------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Bond Fund, compared to that of the Barclays Capital
Aggregate Bond Index.
Average Annual Total Returns
(As of December 31, 2008)
- -------------------------------------------------------------
If If
Period Held Redeemed
- -------------------------------------------------------------
10 Years 4.34% 4.34%
5 Years 2.72 2.72
1 Year -4.11 -4.11
- -------------------------------------------------------------
Expense Ratio
(Per prospectus dated November 1, 2008)
- -------------------------------------------------------------
Gross Net
- -------------------------------------------------------------
0.65% 0.65%
- -------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Barclays Capital
Pioneer Bond Fund Aggregate Bond Index
12/98 10,000 10,000
9,680 9,918
12/00 10,498 11,071
11,289 12,006
12/02 12,279 13,237
13,367 13,780
12/04 14,130 14,378
14,478 14,727
12/06 14,992 15,365
15,944 16,436
12/08 15,288 17,297
Call 1-800-225-6292 or visit www.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 July 6, 2007 would have been higher. 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 contractual expense limitation currently in
effect through 11/1/13 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.
The Barclays Capital Aggregate Bond Index is a measure of the U.S. bond market.
Index returns are calculated monthly, assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. You
cannot invest directly in an index.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
- --------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Bond Fund
Based on actual returns from July 1, 2008 through December 31, 2008.
Share Class A B C R Y Z
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 7/1/08
- ---------------------------------------------------------------------------------------------------------------------------
Ending Account Value $ 946.30 $ 941.20 $ 941.40 $ 944.40 $ 948.50 $ 947.80
(after expenses)
on 12/31/08
- ---------------------------------------------------------------------------------------------------------------------------
Expenses Paid $ 4.56 $ 9.30 $ 8.81 $ 6.13 $ 3.09 $ 3.09
During Period*
- ---------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.93%, 1.90%,
1.80%, 1.25%, 0.63%, and 0.63% for Class A, Class B, Class C, Class R,
Class Y, and Class Z shares, respectively, multiplied by the average account
value over the period, multiplied by 184/365 (to reflect the one-half year
period).
16 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
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, 2008 through December 31, 2008.
Share Class A B C R Y Z
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 7/1/08
- ---------------------------------------------------------------------------------------------------------------------------
Ending Account Value $ 1,020.52 $ 1,015.63 $ 1,016.13 $ 1,018.90 $ 1,022.03 $ 1,022.03
(after expenses)
on 12/31/08
- ---------------------------------------------------------------------------------------------------------------------------
Expenses Paid $ 4.74 $ 9.65 $ 9.15 $ 6.36 $ 3.21 $ 3.21
During Period*
- ---------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 0.93%, 1.90%,
1.80%, 1.25%, 0.63%, and 0.63% for Class A, Class B, Class C, Class R, Class
Y, and Class Z shares, respectively, multiplied by the average account value
over the period, multiplied by 184/365 (to reflect the one-half year
period).
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 17
Schedule of Investments | 12/31/08 (unaudited)
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
CONVERTIBLE CORPORATE BONDS -- 0.9%
CONSUMER SERVICES -- 0.2%
Casinos & Gaming -- 0.2%
$ 2,300,000 BB-/NR Scientific Games Corp., 0.75%, 12/1/24 $ 1,992,375
------------
Total Consumer Services $ 1,992,375
- ---------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.2%
Health Care Services -- 0.2%
2,570,000 B+/B3 Omnicare, Inc., 3.25%, 12/15/35 $ 1,442,413
------------
Total Health Care Equipment & Services $ 1,442,413
- ---------------------------------------------------------------------------------------------------
BANKS -- 0.2%
Regional Banks -- 0.2%
2,100,000 A-/A1 National City Corp., 4.0%, 2/1/11 (c) $ 1,871,625
------------
Total Banks $ 1,871,625
- ---------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Integrated Telecommunication Services -- 0.3%
2,800,000 B+/B1 Qwest Communications International, Inc.,
3.5%, 11/15/25 $ 2,355,500
------------
Total Telecommunication Services $ 2,355,500
- ---------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE
CORPORATE BONDS
(Cost $7,224,513) $ 7,661,913
- ---------------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 0.6%
DIVERSIFIED FINANCIALS -- 0.4%
Diversified Financial Services -- 0.4%
4,880 Bank of America Corp., 7.25%, 12/31/49 $ 3,172,000
------------
Total Diversified Financials $ 3,172,000
- ---------------------------------------------------------------------------------------------------
INSURANCE -- 0.2%
Life & Health Insurance -- 0.2%
153,800 Delphi Financial Group, Inc., 7.376%,
5/15/37 $ 1,853,290
------------
Total Insurance $ 1,853,290
- ---------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(Cost $7,295,844) $ 5,025,290
- ---------------------------------------------------------------------------------------------------
ASSET BACKED SECURITIES -- 3.7%
MATERIALS -- 0.0%
Steel -- 0.0%
347,245 0.00 AAA/Aaa CXHE 2006-A AV2, Floating Rate Note,
6/25/36 $ 332,551
------------
Total Materials $ 332,551
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
CONSUMER SERVICES -- 0.3%
Restaurants -- 0.3%
$ 4,535,000 BB/Ba3 Dunkin Brands Master Finance LLC,
8.28%, 6/20/31 (144A) $ 2,923,805
------------
Total Consumer Services $ 2,923,805
- ---------------------------------------------------------------------------------------------------
FOOD & DRUG RETAILING -- 0.3%
Food Retail -- 0.3%
5,325,000 BB/Aaa Dominos Pizza Master Issuer LLC, 7.629%,
4/25/37 $ 2,130,000
------------
Total Food & Drug Retailing $ 2,130,000
- ---------------------------------------------------------------------------------------------------
BANKS -- 2.2%
Thrifts & Mortgage Finance -- 2.2%
2,150,000 0.00 AAA/Aaa Carrington Mortgage, Floating Rate Note,
10/25/36 $ 1,824,303
1,684,495 0.00 AAA/Aaa CMLTI 2006-WFH2 A2A, Floating Rate
Note, 8/25/36 1,253,752
1,875,000 0.00 AA+/Aa1 Countrywide Asset Backed Certificates,
Floating Rate Note, 11/25/35 1,617,285
667,038 AAA/Aaa Countrywide Asset-Backed, 5.069%,
2/25/36 614,070
3,395,000 0.00 AA+/Aa1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 8/25/35 3,100,976
1,175,000 0.93 AA+/Aa1 Countrywide Asset-Backed Certificates,
Floating Rate Note, 10/25/35 965,654
2,203,090 AAA/Aaa FBR Securitization T, 2.76188%, 9/25/35 1,873,129
586,240 0.00 AAA/Aaa Lehman XS Trust., Floating Rate Note,
5/25/46 577,649
5,183,519 A/Baa1 Local Insight Media Finance LLC, 5.88%,
10/23/37 3,881,970
1,620,192 0.52 AAA/Aaa Morgan Stanley Ixis Real Estate, Floating
Rate Note, 11/25/36 1,535,915
1,570,501 0.00 AAA/Aaa SASC 2007-BC4 A3, Floating Rate Note,
11/25/37 1,402,614
------------
$ 18,647,317
------------
Total Banks $ 18,647,317
- ---------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.9%
Consumer Finance -- 0.3%
1,069,101 0.00 AAA/Aaa Nomura Home Equity Trust, Floating Rate
Note, 3/25/36 $ 1,015,516
1,500,000 0.91 AA+/Aa1 RASC 2005-KS7 M1, Floating Rate Note,
8/25/35 1,161,461
------------
$ 2,176,977
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 19
Schedule of Investments | 12/31/08 (unaudited) (continued)
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
Diversified Financial Services -- 0.1%
$ 420,000 0.91 AA/Aa2 Asset Backed Securities Corp., Floating
Rate Note, 4/25/35 $ 348,179
212,264 0.00 AAA/Aaa First Franklin Mortgage Loan Asset Backed
Certificates, Floating Rate Note, 9/24/34 174,491
------------
$ 522,670
- ---------------------------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.5%
822,771 0.00 AAA/Aaa GSAMP Trust, Floating Rate Note,
1/25/37 $ 749,682
927,250 0.00 AAA/Aaa GSAMP Trust, Floating Rate Note,
11/25/35 853,433
1,217,527 0.00 A/Aa2 GSAMP Trust, Floating Rate Note,
3/25/35 1,119,864
1,725,000 0.00 AAA/B2 MLMI 2006-AR1 A2C, Floating Rate Note,
3/25/37 1,168,548
------------
$ 3,891,527
- ---------------------------------------------------------------------------------------------------
Specialized Finance -- 0.0%
900,000 0.00 AAA/Aaa SLMA 2004-10 A6B, Floating Rate Note,
4/27/26 $ 747,000
------------
Total Diversified Financials $ 7,338,174
- ---------------------------------------------------------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(Cost $38,442,070) $ 31,371,847
- ---------------------------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 10.6%
MATERIALS -- 0.1%
Steel -- 0.1%
120,154,349 AAA/Aaa MSDWC 2000-1345 X, 0.7259%, 9/3/15 $ 1,182,835
------------
Total Materials $ 1,182,835
- ---------------------------------------------------------------------------------------------------
BANKS -- 7.5%
Diversified Banks -- 0.1%
1,871,149 AAA/Aa2 RALI 2005-QA10 A41, 5.7412%, 9/25/35 $ 1,034,287
- ---------------------------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 7.4%
1,440,000 AAA/Aaa BanK of America Commercial Mortgage,
Inc., 4.877%, 7/10/42 $ 1,204,751
4,370,029 AAA/Ba1 Chase Mortgage Finance Corp., 5.5%,
5/25/37 3,520,125
3,955,416 AAA/Aaa Countrywide Alternative Loan Trust, 6.0%,
6/25/35 2,489,440
3,375,000 AAA/Aaa GMAC Commercial Mortgage Securities,
Inc., 4.864%, 12/10/41 2,788,893
2,900,000 AAA/Aaa GS Mortgage Securities Corp., II, 7.12%,
11/18/29 2,774,808
1,266,317 0.00 NR/Aaa IMPAC CMB Trust, Floating Rate Note,
11/25/35 627,333
The accompanying notes are an integral part of these financial statements.
20 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
Thrifts & Mortgage Finance -- (continued)
$ 10,135,000 AAA/Aaa JP Morgan Chase Commercial Mortgage
Security Corp., 6.065392%, 4/15/45 $ 8,085,265
2,600,000 AAA/Aaa JP Morgan Mortgage Trust, 4.5%,
8/25/19 2,128,820
4,045,295 AAA/Aaa JP Morgan Mortgage Trust, 6.0%,
8/25/34 3,557,332
1,750,000 AAA/Aaa JPMCC 2002-C3 B, 5.146%, 7/12/35 1,570,207
1,750,000 AAA/Aaa JPMCC 2004-PNC1 A3, 5.299%,
6/12/41 1,581,631
10,000,000 AAA/Aaa LB-UBS Commercial Mortgage, 5.372%,
9/15/39 7,845,059
1,097,989 AAA/Aaa MASTR Asset Securitization Trust, 5.5%,
11/25/33 962,769
8,510,000 5.70 AAA/Aaa SASC 2007 BHC1 A1, Floating Rate Note,
12/18/49 2,830,171
2,890,000 5.74 AA+/NR SASC 2007 BHC1 A2, Floating Rate Note,
12/18/49 958,989
2,010,000 NR/Ba1 SBA CMBS Trust, 6.709%, 11/15/36 1,366,800
1,435,000 AA/Aa2 T SRA R 2006-1 B, 5.7467%, 10/15/36 875,126
4,470,000 AAA/Aaa TSTAR 2006-1A A, 5.668%, 10/15/36 3,589,445
3,787,250 AAA/Aaa Wachovia Bank Commercial Mortgage
Trust, 4.803%, 10/15/41 3,040,079
1,977,233 AAA/Aaa WAMU Mortgage Pass-Through
Certificates, 4.5%, 8/25/18 1,559,291
2,921,516 0.00 AAA/Aaa WAMU Mortgage Pass-Through
Certificates, Floating Rate Note, 4/25/45 1,379,204
1,450,000 AAA/Aaa WBCMT 2003-C9 B, 5.109%, 12/15/35 1,262,822
3,380,786 AAA/NR Wells Fargo Mortgage Backed Securities
5.0%, 11/25/20 3,199,068
2,821,761 NR/Aaa Wells Fargo Mortgage Backed Securities,
5.0%, 3/25/21 2,049,304
717,986 AAA/Aaa Wells Fargo Mortgage Backed Securities,
5.25%, 12/25/33 742,978
------------
$ 61,989,710
------------
Total Banks $ 63,023,997
- ---------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.8%
Diversified Financial Services -- 1.8%
2,127,761 NR/Aaa CMSI 2006-1 3A1, 5.0%, 2/25/36 $ 1,612,040
692,097 AAA/Aaa First Horizon Mortgage Pass- Through Trust,
5.0%, 3/25/18 675,660
1,270,000 NR/Ba1 Global Signal, 7.036%, 2/15/36 (144A) 834,885
331,175 0.00 AAA/Aaa Impac Securities Assets Corp., Floating
Rate Note, 11/25/34 164,344
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 21
Schedule of Investments | 12/31/08 (unaudited) (continued)
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
Diversified Financial Services -- (continued)
$ 1,656,181 0.00 AAA/Aaa Impac Securities Assets Corp., Floating
Rate Note, 5/25/36 $ 1,175,694
2,808,450 AAA/NR J.P. Morgan Alternative Loan Trust, 6.0%,
3/25/36 2,059,179
4,898,824 AAA/AAA Master Alternative Loans Trust, 6.0%,
7/25/34 3,818,021
1,405,622 AAA/Aaa Morgan Stanley Capital I, 5.25%,
12/25/17 1,376,675
426,588 AAA/Aaa Morgan Stanley Capital I, 7.0%, 7/25/33 402,992
919,750 0.00 AAA/Aa3 Residential Accredit Loans, Inc., Floating
Rate Note, 9/25/46 726,051
2,444,768 AAA/Aaa Residential Funding Mortgage Securities I,
5.5%, 11/25/35 2,062,797
202,444 AAA/Aaa Salomon Brothers Mortgage Securities,
8.0%, 9/25/30 152,529
575,000 NR/Ba2 Tower 2004-2A F, 6.376%, 12/15/14 434,700
------------
$ 15,495,567
------------
Total Diversified Financials $ 15,495,567
- ---------------------------------------------------------------------------------------------------
REAL ESTATE -- 0.5%
Mortgage Real Estate Investment Trust -- 0.5%
4,318,725 AAA/Aaa CS First Boston Mortgage Security, 3.5%,
7/25/18 $ 3,791,275
722,923 AA/Aa2 CS First Boston Mortgage Security, 7.0%,
5/25/32 409,923
------------
$ 4,201,198
------------
Total Real Estate $ 4,201,198
- ---------------------------------------------------------------------------------------------------
GOVERNMENT -- 0.7%
741,304 AAA/Aaa Fannie Mae, 5.69%, 1/25/32 $ 755,877
700,421 AAA/Aaa Federal Home Loan Bank, 6.0%, 4/15/32 718,246
5,626 NR/NR Federal National Mortgage Association,
10.3%, 4/25/19 5,922
7,751 NR/NR Federal National Mortgage Association,
10.3%, 4/25/19 9,098
448,762 AAA/Aaa Freddie Mac, 5.0%, 8/15/35 453,399
3,824,108 AAA/Aaa Freddie Mac, 6.1%, 9/15/18 3,823,132
------------
$ 5,765,674
------------
Total Government $ 5,765,674
- ---------------------------------------------------------------------------------------------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $114,853,527) $ 89,669,271
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
CORPORATE BONDS -- 33.3%
ENERGY -- 3.0%
Integrated Oil & Gas -- 0.1%
$ 990,000 BBB+/Baa1 Marathon Oil Corp. 5.9%, 3/15/18 $ 826,813
45,000 BBB/Baa2 Petro-Canada, 4.0%, 7/15/13 38,588
------------
$ 865,401
- ---------------------------------------------------------------------------------------------------
Oil & Gas Drilling -- 0.3%
1,600,000 BBB+/Baa2 Transocean Sedco, 1.5%, 12/15/37 $ 1,296,000
1,275,000 BBB+/Baa2 Transocean Sedco, 1.625%, 12/15/37 1,110,844
------------
$ 2,406,844
- ---------------------------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 0.1%
1,000,000 0.00 NR/NR Sevan Marine ASA, Floating Rate Note,
5/14/13 (144A) $ 500,900
- ---------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.6%
2,180,000 BBB/Baa2 Canadian National Resources, Ltd., 5.9%,
2/1/18 $ 1,883,479
2,181,573 BBB+/NR Gazprom International SA, 7.201%,
2/1/20 1,592,549
1,605,000 A/Aa2 Ras Laffan LNG 3 Co., Ltd., 5.832%,
9/30/16 (144A) 1,194,842
------------
$ 4,670,870
- ---------------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.2%
2,475,000 BBB/Baa1 Spectra Energy Capital, 6.2%, 4/15/18 $ 2,147,681
- ---------------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 1.7%
435,000 BBB-/Baa2 Boardwalk Pipelines LLC, 5.5%, 2/1/17 $ 351,741
1,535,000 BBB/Baa2 Buckeye Partners LP, 6.05%, 1/15/18 1,286,729
1,150,000 B+/B1 Holly Energy Partners LP, 6.25%, 3/1/15 770,500
3,250,000 BBB/Baa2 Kinder Morgan Energy 5.95%, 2/15/18 (c) 2,773,761
2,915,000 BBB-/Baa3 NGPL Pipeco LLC, 6.514%, 12/15/12
(144A) 2,766,390
2,700,000 BBB-/Baa3 Plains All America Pipeline LP, 6.125%,
1/15/17 2,147,016
3,885,000 A-/A3 Questar Pipeline Co., 5.83%, 2/1/18 3,591,286
1,895,000 7.20 BB/Ba1 Southern Union Co., 7.2%, 11/1/66 653,775
------------
$ 14,341,198
------------
Total Energy $ 24,932,894
- ---------------------------------------------------------------------------------------------------
MATERIALS -- 1.4%
Aluminum -- 0.1%
2,290,000 B/B3 Novelis, Inc., 7.25%, 2/15/15 $ 1,328,200
- ---------------------------------------------------------------------------------------------------
Commodity Chemicals -- 0.1%
2,000,000 B+/Ba3 Nova Chemicals, Ltd., 6.5%, 1/15/12 (c) $ 830,000
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 23
Schedule of Investments | 12/31/08 (unaudited) (continued)
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
Construction Materials -- 0.1%
$ 2,260,000 BB+/NR C8 Capital SPV, Ltd., 6.64%, 12/31/49 (c) $ 1,145,820
- ---------------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.2%
2,965,000 5.88 BBB-/Ba2 Freeport-McMoran Copper & Gold, Inc.,
Floating Rate Note, 4/1/15 $ 1,956,900
- ---------------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.5%
4,510,000 BBB/Baa2 Agrium, Inc., 6.75%, 1/15/19 $ 4,317,188
45,000 A-/Baa1 Potash Corp. Saskatchewan, 4.875%,
3/1/13 42,611
------------
$ 4,359,799
- ---------------------------------------------------------------------------------------------------
Steel -- 0.4%
3,900,000 BBB+/Baa2 ArcelorMittal, 6.125%, 6/1/18 $ 2,670,556
1,230,000 BBB/Baa2 Commercial Metals Co., 7.35%, 8/15/18 984,868
------------
$ 3,655,424
------------
Total Materials $ 13,276,143
- ---------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 1.4%
Aerospace & Defense -- 0.1%
40,000 A+/A2 Boeing Co., 5.125%, 2/15/13 $ 39,961
- ---------------------------------------------------------------------------------------------------
Building Products -- 0.1%
2,225,000 6.72 BB+/BBB- C10 Capital SPV Ltd, Floating Rate Note,
12/31/49 $ 1,058,722
- ---------------------------------------------------------------------------------------------------
Electrical Component & Equipment -- 0.5%
2,665,000 BB+/Ba1 Anixter International Corp., 5.95%,
3/1/15 $ 2,132,000
2,670,000 BB-/Ba1 Belden CDT, Inc., 7.0%, 3/15/17 2,002,500
------------
$ 4,134,500
- ---------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.7%
5,660,000 BBB+/Baa1 GATX Financial Corp., 6.0%, 2/15/18 $ 5,031,814
3,100,000 BBB-/Baa2 Glencore Funding LLC, 6.0%, 4/15/14
(144A) 1,254,874
------------
$ 6,286,688
------------
Total Capital Goods $ 11,519,871
- ---------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.4%
Office Services & Supplies -- 0.4%
3,110,000 A/A1 Pitney Bowes, Inc., 5.6%, 3/15/18 $ 3,083,316
------------
Total Commercial Services & Supplies $ 3,083,316
- ---------------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.3%
Airlines -- 0.1%
1,158,244 0.00 A-/A2 Southwest Airlines Co., 7.67%, 1/2/14 $ 1,128,593
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
Railroads -- 1.2%
$ 2,140,000 BBB/Baa1 Burlington Sante Fe Corp., 5.75%,
3/15/08 $ 2,062,919
3,400,000 BB-/B1 Kansas City Southern Mexico, 7.625%,
12/1/13 2,788,000
5,125,000 BBB/Baa2 Union Pacific Corp., 5.7%, 8/15/18 (c) 4,934,017
------------
$ 9,784,936
------------
Total Transportation $ 10,913,529
- ---------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.1%
Auto Parts & Equipment -- 0.1%
3,255,000 B-/B3 Lear Corp., 8.75%, 12/1/16 $ 943,950
------------
Total Automobiles & Components $ 943,950
- ---------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.4%
Household Appliances -- 0.4%
4,235,000 BBB/Baa2 Whirlpool Corp., 5.5%, 3/1/13 $ 3,350,656
------------
Total Consumer Durables & Apparel $ 3,350,656
- ---------------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.7%
Casinos & Gaming -- 0.0%
1,780,000 C/Ca Station Casinos, Inc., 6.625%, 3/15/18 $ 102,350
- ---------------------------------------------------------------------------------------------------
Education Services -- 0.7%
2,470,000 AAA/Aaa President & Fellows of Harvard, 3.7%,
4/1/13 $ 2,436,532
3,095,000 AAA/Aaa President & Fellows of Harvard, 6.3%,
10/1/37 3,341,826
------------
$ 5,778,358
------------
Total Consumer Services $ 5,880,708
- ---------------------------------------------------------------------------------------------------
MEDIA -- 1.0%
Broadcasting -- 0.7%
2,620,000 BBB+/Baa1 Grupo Telivisa SA, 6.0%, 5/15/18 (144A) $ 2,203,158
4,250,000 BB-/B3 Intelsat Sub, 8.5%, 1/15/13 (144A) (c) 3,931,250
------------
$ 6,134,408
- ---------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.3%
1,600,000 BBB/Baa2 British Sky Broadcasting, 6.1%, 2/15/18
(144A) $ 1,313,758
135,000 0.00 BBB+/Baa2 Comcast Corp., 5.3%, 1/15/14 126,243
425,000 BBB+/Baa2 Time Warner Cable, Inc., 8.75%, 2/14/19 462,117
------------
$ 1,902,118
------------
Total Media $ 8,036,526
- ---------------------------------------------------------------------------------------------------
RETAILING -- 0.4%
Department Stores -- 0.0%
25,000 A-/Baa1 Nordstrom, Inc., 5.625%, 1/15/09 $ 25,017
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 25
Schedule of Investments | 12/31/08 (unaudited) (continued)
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
Specialty Stores -- 0.4%
$ 3,545,000 B/B3 Sally Holdings, Inc., 9.25%, 11/15/14
(144A) (c) $ 3,048,700
------------
Total Retailing $ 3,073,717
- ---------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 0.9%
Agricultural Products -- 0.4%
3,500,000 A/A2 Cargill, Inc., 5.2%, 1/22/13 (144A) $ 3,206,333
- ---------------------------------------------------------------------------------------------------
Brewers -- 0.0%
55,000 BBB+/Baa1 Miller Brewing Co., 5.5%, 8/15/13
(144A) $ 51,281
- ---------------------------------------------------------------------------------------------------
Distillers & Vintners -- 0.3%
2,765,000 BB-/Ba3 Constellation Brands, Inc., 8.375%,
12/15/14 (c) $ 2,626,750
- ---------------------------------------------------------------------------------------------------
Soft Drinks -- 0.0%
55,000 A/A2 Bottling Group LLC, 5.0%, 11/15/13 $ 53,723
- ---------------------------------------------------------------------------------------------------
Tobacco -- 0.2%
1,535,000 A/A3 UST, Inc., 5.75%, 3/1/18 $ 1,259,785
------------
Total Food, Beverage & Tobacco $ 7,197,872
- ---------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 0.6%
Health Care Facilities -- 0.3%
3,005,000 BB-/B2 HCA, Inc., 9.625%, 11/15/16 $ 2,343,900
- ---------------------------------------------------------------------------------------------------
Managed Health Care -- 0.3%
3,275,000 A-/Baa1 United Health Group, Inc., 4.875%,
2/15/13 $ 3,057,619
------------
Total Health Care Equipment & Services $ 5,401,519
- ---------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.7%
Biotechnology -- 0.7%
5,570,000 BBB+/Baa3 Biogen Idec, Inc., 6.0%, 3/1/13 $ 5,509,215
------------
Total Pharmaceuticals & Biotechnology $ 5,509,215
- ---------------------------------------------------------------------------------------------------
BANKS -- 3.5%
Diversified Banks -- 1.1%
3,515,000 A+/Aa2 Barclays Plc, 6.05%, 12/4/17 $ 3,100,915
3,520,000 A+/A1 Wachovia Corp., 5.75%, 6/15/17 (c) 3,503,600
2,235,000 AA/Aa1 Wells Fargo Co., 4.375%, 1/31/13 2,188,548
------------
$ 8,793,063
- ---------------------------------------------------------------------------------------------------
Regional Banks -- 2.4%
1,870,000 A/A1 American Express Bank FSB, Ltd., 5.5%,
4/16/13 $ 1,771,339
4,500,000 A+/Aa3 Branch Banking & Trust Co., 4.875%,
1/15/13 4,239,279
1,190,000 A/NR Cobank, ACB, 7.875%, 4/16/18 (144A) 1,202,132
930,000 A-/A2 Keycorp, 6.5%, 5/14/13 857,355
The accompanying notes are an integral part of these financial statements.
26 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
Regional Banks -- (continued)
$ 2,505,000 A+/Aa3 Mellon Funding Corp., 5.5%, 11/15/18 $ 2,159,425
1,435,000 A+/A1 PNC Bank NA, 6.0%, 12/7/17 1,426,126
1,473,000 8.25 A-/A3 PNC Funding Corp., Floating Rate Note,
5/29/49 1,186,932
2,755,000 BBB/Baa2 Sovereign Bancorp, 8.75%, 5/30/18 2,721,761
3,520,000 A+/Aa3 Wachovia Bank NA, 6.0%, 11/15/17 3,397,948
1,275,000 A+/Aa2 Wells Fargo Capital, 9.75%, 12/29/49 (c) 1,287,750
585,000 BBB/NR Zions Bancorp, 5.5%, 11/16/15 413,717
------------
$ 20,663,764
------------
Total Banks $ 29,456,827
- ---------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 7.3%
Asset Management & Custody Banks -- 1.1%
2,000,000 A+/Aa3 Bank of New York, 4.95%, 3/15/15 $ 1,918,438
3,945,000 A-/A3 Eaton Vance Corp., 6.5%, 10/2/17 3,495,641
4,000,000 A+/A1 State Street Corp., 7.65%, 6/15/10 4,161,760
------------
$ 9,575,839
- ---------------------------------------------------------------------------------------------------
Consumer Finance -- 1.5%
4,435,000 BBB/Baa1 American General Finance, 6.9%,
12/15/17 $ 1,919,348
3,875,000 A+/Aa3 American Honda Finance, 6.7%, 10/1/13
(144A) 3,906,035
2,575,000 A/A2 Caterpillar Financial, 7.05%, 10/1/18 (c) 2,710,260
2,630,000 CCC+/Caa1 Ford Motor Credit Co., 5.7%, 1/15/10 (c) 2,235,053
3,155,000 4.00 BBB-/Baa2 SLM Corp., Floating Rate Note, 7/25/14 1,590,846
------------
$ 12,361,542
- ---------------------------------------------------------------------------------------------------
Diversified Financial Services -- 1.8%
1,450,000 8.40 BBB/Baa2 C VAR, Floating Rate Note, Perpetual $ 957,421
2,575,000 A+/Aa2 JP Morgan Chase & Co., 6.0%, 1/15/18 (c) 2,717,974
4,900,000 A-/A1 JPMorgan Chase & Co., 7.9%, 4/29/49 4,075,967
1,100,000 A/Aa3 Nationsbank Corp., 7.75%, 8/15/15 1,124,927
1,153,920 A-/Baa1 PF Export Receivable Master Trust,
6.436%, 6/1/15 (144A) 1,142,381
1,860,842 BBB/Baa2 Power Receivables Finance LLC, 6.29%,
1/1/12 (144A) 1,822,843
200,000 BB/Baa2 TNK-BP Finance SA, 6.625%, 3/20/17 96,000
1,000,000 BB/Baa2 TNK-BP Finance SA, 6.625%, 3/20/17
(144A) 480,000
2,080,000 BB/Baa2 TNK-BP Finance SA, 7.5%, 7/18/16
(144A) 1,081,600
1,000,000 BB/Baa2 TNK-BP Finance SA, 7.875%, 3/13/18
(144A) 500,000
------------
$ 13,999,113
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 27
Schedule of Investments | 12/31/08 (unaudited) (continued)
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
Investment Banking & Brokerage -- 1.3%
$ 9,740,000 5.79 BBB/A3 Goldman Sachs Capital, Floating Rate
Note., 12/29/49 $ 3,744,280
3,325,000 A/A2 Merrill Lynch & Co., 5.45%, 2/5/13 3,196,143
4,765,000 A/A2 Morgan Stanley Dean Witter, 6.625%,
4/1/18 4,180,287
------------
$ 11,120,710
- ---------------------------------------------------------------------------------------------------
Specialized Finance -- 1.6%
5,280,000 BBB+/Baa1 CIT Group, Inc., 7.625%, 11/30/12 $ 4,457,212
5,904,965 NR/Baa3 Coso Geothermal Power, 7.0%, 7/15/26
(144A) 4,930,646
2,500,000 A-/Baa1 International Lease Finance Corp.,
6.375%, 3/25/13 1,698,240
2,000,000 A+/A1 National Rural Utilities Corp., 5.45%,
2/1/18 1,775,818
1,075,000 A+/A1 National Rural Utilities Corp., 10.375%,
11/1/18 1,258,189
------------
$ 14,120,105
------------
Total Diversified Financials $ 61,177,309
- ---------------------------------------------------------------------------------------------------
INSURANCE -- 2.8%
Life & Health Insurance -- 0.2%
2,800,000 A+/A3 Prudential Financial, 5.15%, 1/15/13 $ 2,274,306
- ---------------------------------------------------------------------------------------------------
Multi-Line Insurance -- 1.0%
4,620,000 BB/Baa3 Liberty Mutual Group, 7.0%, 3/15/37
(144A) $ 2,203,195
3,035,000 BBB-/Baa2 Liberty Mutual Group, 7.3%, 6/15/14
(144A) 2,841,868
650,000 10.75 BB/Baa3 Liberty Mutual Group, Floating Rate Note,
6/15/58 (144A) 357,500
2,650,000 A/A3 Loew Corp., 5.25%, 3/15/16 2,392,274
------------
$ 7,794,837
- ---------------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.0%
3,742,000 BB+/Ba2 Ambac Financial Group, Inc., 6.15%,
2/15/37 (c) $ 374,174
5,000,000 BBB-/Baa3 Hanover Insurance Group, Inc., 7.625%,
10/15/25 3,000,000
4,135,000 BB/NR Kingsway America, Inc., 7.5%, 2/1/14 3,445,075
2,270,000 14.00 A/Baa3 MBIA, Inc., Floating Rate Note, 1/15/33
(144A) (c) 1,157,700
------------
$ 7,976,949
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
28 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
Reinsurance -- 0.6%
$ 2,150,000 AAA/Aaa Berkshire Hathway, Inc., 5.0%, 8/15/13 $ 2,187,068
4,720,000 BBB+/NA Platinum Underwriters HD, 7.5%, 6/1/17 3,063,936
------------
$ 5,251,004
------------
Total Insurance $ 23,297,096
- -------------------------------------------------------------------------------------------------------
REAL ESTATE -- 1.7%
Diversified Real Estate Activities -- 0.4%
4,125,000 A-/A2 WEA Finance LLC, 7.125%, 4/15/18 $ 2,926,238
- -------------------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 0.3%
8,180,000 B+/B1 Forest City Enterprises, Inc., 7.625%,
6/1/15 $ 2,863,000
- -------------------------------------------------------------------------------------------------------
Retail Real Estate Investment Trust -- 0.4%
3,470,000 AAA/Aaa Trustreet Properties, Inc., 7.5%, 4/1/15 $ 3,765,134
- -------------------------------------------------------------------------------------------------------
Specialized Real Estate Investment Trust -- 0.6%
4,125,000 BBB-/Baa2 Health Care REIT, Inc., 6.2%, 6/1/16 $ 2,640,000
860,000 BBB-/Baa2 Health Care, Inc., 6.0%, 11/15/13 579,026
935,000 BBB-/Baa2 Health Care, Inc., 8.0%, 9/12/12 801,136
565,000 BBB-/Ba1 Ventas Realty Capital Corp., 7.125%,
6/1/15 (144A) 442,113
------------
$ 4,462,275
------------
Total Real Estate $ 14,016,647
- -------------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.3%
Data Processing & Outsourced Services -- 0.3%
4,845,000 B/B3 First Data Corp., 9.875%, 9/24/15
(144A) (c) $ 2,931,225
------------
Total Software & Services $ 2,931,225
- -------------------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 0.6%
Electronic Equipment & Instruments -- 0.4%
5,070,000 BBB-/Ba1 Agilent Technologies, Inc., 6.5%, 11/1/17 $ 3,485,133
- -------------------------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.2%
2,170,000 BB-/Ba2 Flextronics International, Ltd., 6.5%,
5/15/13 $ 1,714,300
------------
Total Technology Hardware & Equipment $ 5,199,433
- -------------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.2%
Semiconductor Equipment -- 0.2%
3,140,000 BBB/Baa1 Klac Instruments Corp., 6.9%, 5/1/18 $ 2,374,879
------------
Total Semiconductors $ 2,374,879
- -------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 29
Schedule of Investments | 12/31/08 (unaudited) (continued)
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
TELECOMMUNICATION SERVICES -- 0.8%
Integrated Telecommunication Services -- 0.8%
$ 1,990,000 BBB-/Baa3 Embarq Corp., 7.082%, 6/1/16 (c) $ 1,532,300
2,100,000 A/A3 Verizon Communications, Inc., 8.75%,
11/1/18 2,463,766
2,725,000 BB/Ba3 Windstream Corp., 8.125%, 8/1/13 (c) 2,507,000
------------
$ 6,503,066
------------
Total Telecommunication Services $ 6,503,066
- ---------------------------------------------------------------------------------------------------
UTILITIES -- 3.9%
Electric Utilities -- 2.6%
980,000 BBB+/Baa2 Commonwealth Edison Co., 6.15%,
9/15/17 $ 911,251
845,617 BBB-/Baa3 Crocket Cogeneration LP, 5.869%,
3/30/25 (144A) 673,204
2,270,000 BBB+/Baa3 Entergy Gulf States, Inc., 5.7%, 6/1/15 2,049,386
1,714,104 BBB-/Baa3 FPL Energy America Wind LLC, 6.639%,
6/20/23 (144A) 1,472,587
647,850 BB-/Ba2 FPL Energy Wind Funding, 6.876%,
6/27/17 (144A) 608,169
1,925,000 BBB+/Baa2 Israel Electric Corp., 7.25%, 1/15/19
(144A) 1,795,351
910,000 BBB/Baa3 Nevada Power Co., 6.5%, 8/1/18 875,527
5,055,000 BBB+/Baa1 NY State Gas and Electric Corp., 6.15%,
12/15/17 (144A) 4,600,535
1,224,826 NR/WR OrCal Geothermal, Inc., 6.21%, 12/30/20
(144A) 1,375,896
2,690,000 BB+/Baa3 Public Service of New Mexico, 7.95%,
5/15/18 2,189,009
500,000 A/A2 Southern California Edison Co., 5.75%,
3/15/14 523,969
2,500,000 CCC/B3 TXU Energy Co., 10.25%, 11/1/15 (c) 1,775,000
3,550,000 BBB+/Baa2 West Penn Power Co., 5.95%, 12/15/17 2,990,705
------------
$ 21,840,589
- ---------------------------------------------------------------------------------------------------
Gas Utilities -- 0.2%
2,450,000 A/Aa3 Nakilat, Inc., 6.267%, 12/31/33 (144A) $ 1,641,721
- ---------------------------------------------------------------------------------------------------
Independent Power Producer & Energy Traders -- 1.0%
2,675,000 BB-/Ba3 Intergen NV, 9.0%, 6/30/17 $ 2,193,500
2,105,000 BBB-/Baa3 Kiowa Power Partners LLC, 5.737%,
3/30/21 (144A) 1,611,083
2,610,000 BBB-/Baa3 Panoche Energy Center LLC, 6.885%,
7/31/29 (144A) 2,209,730
2,748,495 BB/Ba2 Tenaska Alabama Partners LP, 7.0%,
6/30/21 (144A) 2,155,744
------------
$ 8,170,057
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
30 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
Multi-Utilities -- 0.1%
$ 1,365,000 BB/Ba2 NSG Holdings LLC, 7.75%, 12/15/25
(144A) $ 1,064,700
------------
Total Utilities $ 32,717,067
- -------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $342,668,611) $280,793,465
- -------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 41.5%
BANKS -- 0.2%
Diversified Banks -- 0.2%
1,460,000 A/Aa3 Korea Development Bank, 5.3%, 1/17/13 $ 1,329,184
------------
Total Banks $ 1,329,184
- -------------------------------------------------------------------------------------------------
GOVERNMENT -- 41.3%
140,000 AAA/Aaa Fannie Mae, 5.24%, 8/7/18 $ 147,632
31,021,407 AAA/Aaa Federal Home Loan Mortgage Corp.,
4.5%, 11/1/18 - 11/1/35 31,656,294
8,729,261 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.0%, 10/1/20 - 6/1/35 8,966,417
9,197,922 AAA/Aaa Federal Home Loan Mortgage Corp.,
5.5%, 12/1/18 - 11/1/35 9,445,073
18,173,957 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.0%, 5/1/17 - 6/1/35 18,767,566
1,523,165 AAA/Aaa Federal Home Loan Mortgage Corp.,
6.5%, 3/1/13 - 11/1/33 1,589,193
23,424 AAA/Aaa Federal Home Loan Mortgage Corp.,
7.0%, 11/1/30 - 12/1/30 24,617
6,485 AAA/Aaa Federal Home Loan Mortgage Corp.,
8.0%, 8/1/31 6,775
2,055 AAA/Aaa Federal Home Loan Mortgage Corp.,
8.048%, 10/1/33 2,108
4,454,057 AAA/Aaa Federal National Mortgage Association,
4.0%, 7/1/18 - 3/1/36 4,492,458
21,379,013 AAA/Aaa Federal National Mortgage Association,
4.5%, 4/1/19 - 3/1/37 21,860,964
159,106 AAA/Aaa Federal National Mortgage Association,
4.79%, 12/1/12 161,902
25,611,268 AAA/Aaa Federal National Mortgage Association,
5.0%, 12/1/17 - 6/1/36 26,275,243
68,210,681 AAA/Aaa Federal National Mortgage Association,
5.5%, 9/1/17 - 6/1/36 70,086,511
23,812,927 AAA/Aaa Federal National Mortgage Association,
6.0%, 6/1/16 - 12/1/35 24,575,305
2,324,317 AAA/Aaa Federal National Mortgage Association,
6.5%, 7/1/29 - 7/1/34 2,428,397
2,426,116 AAA/Aaa Federal National Mortgage Association,
7.0%, 3/1/12 - 1/1/32 2,535,806
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 31
Schedule of Investments | 12/31/08 (unaudited) (continued)
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
$ 8,491 AAA/Aaa Federal National Mortgage Association,
7.5%, 8/1/20 - 4/1/30 $ 8,997
47,297 AAA/Aaa Federal National Mortgage Association,
8.0%, 4/1/20 - 5/1/31 50,105
18,201,697 AAA/Aaa Government National Mortgage
Association, 4.5%, 7/15/33 - 6/15/38 18,596,581
3,339,716 AAA/Aaa Government National Mortgage
Association, 5.0%, 10/15/18 - 4/15/35 3,455,210
23,284,692 AAA/Aaa Government National Mortgage
Association, 5.5%, 10/15/17 - 2/15/37 24,096,355
25,228,431 AAA/Aaa Government National Mortgage
Association, 6.0%, 4/15/14 - 10/15/36 26,150,866
12,048,321 AAA/Aaa Government National Mortgage
Association, 6.5%, 8/15/11 - 7/15/35 12,655,108
1,598,477 AAA/Aaa Government National Mortgage
Association, 7.0%, 9/15/11 - 5/15/32 1,689,087
172,448 AAA/Aaa Government National Mortgage
Association, 7.5%, 8/15/11 - 12/15/31 182,842
12,104 AAA/Aaa Government National Mortgage
Association, 7.75%,
11/15/29 - 2/15/30 12,819
13,833 AAA/Aaa Government National Mortgage
Association, 8.0%, 5/15/10 14,469
358,262 AAA/Aaa Government National Mortgage
Association, I, 6.0%, 2/15/29 371,638
97,057 AAA/Aaa Government National Mortgage
Association, I, 7.0%,
12/15/30 - 3/15/31 102,654
18,330 AAA/Aaa Government National Mortgage
Association, I, 7.5%, 10/15/29 19,425
2,398,859 AAA/Aaa Government National Mortgage
Association, II, 4.5%,
12/20/34 - 1/20/35 2,426,931
2,203,193 AAA/Aaa Government National Mortgage
Association, II, 5.5%,
10/20/19 - 11/20/34 2,281,250
115,471 AAA/Aaa Government National Mortgage
Association, II, 6.5%,
2/20/29 - 4/20/29 121,567
494,843 AAA/Aaa Government National Mortgage
Association, II, 7.0%,
11/20/28 - 12/20/30 521,312
1,420,000 AAA/Aaa U.S. Treasury Bonds, 3.875%, 5/15/18 1,619,242
1,500,000 AAA/Aaa U.S. Treasury Bonds, 4.25%, 11/15/13 1,711,875
3,750,000 AAA/Aaa U.S. Treasury Bonds, 6.25%, 8/15/23 5,114,648
14,572,000 AAA/Aaa U.S. Treasury Inflation Notes, 0.0%,
11/15/13 13,453,424
The accompanying notes are an integral part of these financial statements.
32 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
$ 500,000 AAA/Aaa U.S. Treasury Inflation Notes, 0.0%,
5/15/13 $ 467,624
3,517,440 AAA/Aaa U.S. Treasury Inflation Notes, 2.0%,
1/15/14 3,332,774
1,750,000 AAA/Aaa U.S. Treasury Notes, 3.625%, 5/15/13 1,922,813
625,000 AAA/Aaa U.S. Treasury Notes, 4.0%, 2/15/15 712,109
2,000,000 AAA/Aaa U.S. Treasury Notes, 4.375%, 2/15/38 2,678,750
840,000 AAA/Aaa U.S. Treasury Notes, 5.5%, 8/15/28 1,135,304
450,000 AAA/Aaa U.S. Treasury Notes, 7.875%, 2/15/21 668,813
------------
Total Government $348,596,853
- ---------------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $333,503,413) $349,926,037
- ---------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 1.4%
GOVERNMENT -- 1.4%
Municipal Higher Education -- 1.4%
4,380,000 AAA/Aa3 California State University Revenue, 5.0%,
11/1/39 $ 4,033,717
4,600,000 AAA/Aaa Connecticut State Health & Educational,
5.0%, 7/1/42 4,541,074
730,000 AAA/Aaa Houston Higher Education Finance Corp.,
5.0%, 5/15/47 685,901
2,350,000 AAA/Aaa New York State Dormitory Authority, 5.0%,
7/1/38 2,328,521
------------
$ 11,589,213
- ---------------------------------------------------------------------------------------------------
Municipal Tobacco -- 0.0%
315,000 AAA/WR Tobacco Settlement Authority Iowa,
6.79%, 6/1/10 $ 319,697
------------
TOTAL MUNICIPAL BONDS
(Cost $11,903,479) $ 11,908,910
- ---------------------------------------------------------------------------------------------------
SENIOR SECURED FLOATING RATE
LOAN INTERESTS -- 5.4%*
ENERGY -- 0.3%
Integrated Oil & Gas -- 0.1%
1,795,500 8.00 NR/Ba3 Hudson Products Holdings, Inc., Term
Loan, 8/24/15 $ 1,418,445
- ---------------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 0.2%
2,930,487 4.34 B+/B2 Calpine Corp., First Priority Term Loan,
3/31,14 $ 2,173,793
------------
Total Energy $ 3,592,238
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 33
Schedule of Investments | 12/31/08 (unaudited) (continued)
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
MATERIALS -- 0.5%
Paper Packaging -- 0.5%
$ 2,375,819 5.50 B+/B2 Graham Packaging Co., New Term Loan,
10/7/11 $ 1,730,388
2,955,679 6.72 BB/Ba2 Graphic Packaging International, Inc.,
Incremental Term, 5/16/14 2,209,370
------------
$ 3,939,758
------------
Total Materials $ 3,939,758
- ---------------------------------------------------------------------------------------------------
CAPITAL GOODS -- 0.3%
Aerospace & Defense -- 0.2%
3,391,757 5.44 B+/Ba3 Aeroflex, Inc., Tranche B-1 Term, 8/15/14 $ 2,136,807
- ---------------------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.1%
912,849 5.56 BB-/Ba3 Accuride Corp., Term Advance, 1/31/12 $ 631,577
------------
Total Capital Goods $ 2,768,384
- ---------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 0.2%
Environmental & Facilities Services -- 0.2%
2,969,849 4.24 BB-/B2 Synagro Technologies, Inc., Term Loan,
4/2/14 $ 2,004,648
------------
Total Commercial Services & Supplies $ 2,004,648
- ---------------------------------------------------------------------------------------------------
TRANSPORTATION -- 0.1%
Air Freight & Couriers -- 0.1%
402,514 3.10 B/Ba2 TNT Logistics, Additional Pre-funded Loan,
11/4/13 $ 249,559
1,214,127 5.05 NR/Ba2 TNT Logistics, U.S. Term Loan, 11/4/13 752,758
------------
$ 1,002,317
------------
Total Transportation $ 1,002,317
- ---------------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 0.2%
Tires & Rubber -- 0.2%
3,440,000 2.22 BB/Ba1 Goodyear Tire & Rubber Co., Second Lien
Loan, 4/30/14 $ 2,210,200
------------
Total Automobiles & Components $ 2,210,200
- ---------------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 0.1%
Housewares & Specialties -- 0.1%
1,305,128 3.96 BB-/Ba3 Jarden Corp., Term Loan B-3, 1/24/12 $ 1,019,305
------------
Total Consumer Durables & Apparel $ 1,019,305
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
CONSUMER SERVICES -- 0.2%
Casinos & Gaming -- 0.2%
$ 1,548,060 5.44 NA/NA Fontaineblue Las Vegas, Initial Term Loan,
6/6/14 $ 445,067
395,128 6.55 BB-/Ba3 Gateway Casinos & Entertainment, Inc.,
Delayed Draw, 9/30/14 175,832
1,955,885 6.55 BB-/Ba3 Gateway Casinos & Entertainment, Inc.,
Term Advance, 9/30/14 870,369
------------
$ 1,491,268
------------
Total Consumer Services $ 1,491,268
- ---------------------------------------------------------------------------------------------------
MEDIA -- 0.2%
Broadcasting -- 0.1%
3,300,000 2.71 B-/B2 Univision Communication, Inc., Initial Term
Loan, 9/29/14 $ 1,356,666
- ---------------------------------------------------------------------------------------------------
Cable & Satellite -- 0.1%
970,446 6.40 B/B3 Knology, Inc., Term Loan, 4/30/12 $ 558,006
------------
Total Media $ 1,914,672
- ---------------------------------------------------------------------------------------------------
RETAILING -- 0.1%
Internet Retail -- 0.1%
1,358,000 6.64 BBB-/Ba1 Ticketmaster Corp., Term B Loan, 7/25/14 $ 937,020
------------
Total Retailing $ 937,020
- ---------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.3%
Health Care Equipment -- 0.4%
4,169,535 5.64 B+/B2 Talecris Biotherapeutics Holdings Corp.,
First Term Lien, 12/6/13 $ 3,658,767
- ---------------------------------------------------------------------------------------------------
Health Care Facilities -- 0.6%
1,709,567 4.45 BB/Ba3 CHS/Community Health Systems, Inc.,
Funded Term, 7/13/14 $ 1,339,446
87,433 1.80 BB/Ba3 CHS/Community Health Systems, Inc.,
Delayed Draw, 7/25/14 22,835
2,842,000 3.71 BB+/Ba2 HCA, Inc., Tranche B Term, 11/18/13 2,246,956
1,169,821 4.82 B+/Ba2 Sun Health Care Group, Inc., Term Loan,
4/19/14 807,177
265,517 1.36 B+/Ba2 Sun Health Care Group, Inc., Synthetic LC,
4/21/14 183,207
157,419 3.74 B+/Ba2 Sun Health Care Group, Inc., Delayed
Draw, 4/19/14 108,619
------------
$ 4,708,240
- ---------------------------------------------------------------------------------------------------
Health Care Services -- 0.2%
2,829,716 3.71 BB-/Ba3 Catalent Pharma Solutions, Inc., Dollar
Term Loan, 4/10/14 $ 1,719,053
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 35
Schedule of Investments | 12/31/08 (unaudited) (continued)
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
Health Care Supplies -- 0.1%
$ 1,425,597 4.71 BB-/B1 Bausch & Lomb, Term Loan, 4/24/15 $ 977,552
360,000 3.43 BB-/B1 Bausch & Lomb, Delayed Draw, 4/24/15 148,114
------------
$ 1,125,666
------------
Total Health Care Equipment & Services $ 11,211,726
- ---------------------------------------------------------------------------------------------------
PHARMACEUTICALS & BIOTECHNOLOGY -- 0.1%
Life Sciences Tools & Services -- 0.1%
1,047,375 5.25 BBB-/Baa3 Life Technologies Corp., Term B Facility,
6/11/16 $ 984,533
------------
Total Pharmaceuticals & Biotechnology $ 984,533
- ---------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.5%
Diversified Financial Services -- 0.5%
5,558,000 4.94 BB/Ba2 Metavante Corp., Term Loan, 11/1/14 $ 4,168,500
------------
Total Diversified Financials $ 4,168,500
- ---------------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.3%
IT Consulting & Other Services -- 0.2%
2,425,253 4.02 BB/Ba3 Sungard Data Systems, Inc., New U.S.
Term, 2/28/14 $ 1,675,849
- ---------------------------------------------------------------------------------------------------
Systems Software -- 0.1%
1,039,395 6.34 B+/Ba2 Macrovision Solutions Corp., Term Loan,
5/2/13 $ 945,849
------------
Total Software & Services $ 2,621,698
- ---------------------------------------------------------------------------------------------------
SEMICONDUCTORS -- 0.1%
Semiconductor Equipment -- 0.1%
330,636 7.07 BB-/Ba1 Flextronics Semiconductor, A-1-A Delayed
Draw, 10/1/14 $ 212,709
1,150,614 6.16 BB-/Ba1 Flextronics Semiconductor, A Closing Date
Loan, 10/1/14 740,228
------------
$ 952,937
------------
Total Semiconductors $ 952,937
- ---------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.3%
Integrated Telecommunication Services -- 0.2%
240,834 4.46 B+/B2 Telesat Canda, U.S. Term II Loan,
10/24/14 $ 166,434
2,803,993 6.10 B+/B2 Telesat Canda, U.S. Term I Loan,
10/24/14 1,937,758
------------
$ 2,104,192
- ---------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
796,975 3.51 BB-/Ba2 Centennial Cellular, New Term Loan,
2/9/11 $ 761,112
------------
Total Telecommunication Services $ 2,865,304
- ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
UTILITIES -- 0.2%
Electric Utilities -- 0.2%
$ 1,975,000 5.60 BBB-/Ba1 Texas Competitive Electric Holdings, Initial
Tranche B-2, 10/10/13 $ 1,378,385
------------
Total Utilities $ 1,378,385
- -----------------------------------------------------------------------------------------------------
TOTAL SENIOR SECURED FLOATING
RATE LOAN INTERESTS
(Cost $61,847,027) $ 45,062,893
- -----------------------------------------------------------------------------------------------------
TEMPORARY CASH INVESTMENTS -- 3.1%
Securities Lending Collateral -- 3.1% (d)
Certificates of Deposit:
605,028 Abbey National Plc, 3.15%, 8/13/09 $ 605,028
604,946 Bank of Nova Scotia, 3.21%, 5/5/09 604,946
966,880 Bank of Scotland NY, 2.92%, 6/5/09 966,880
1,089,050 Barclays Bank, 1.5%, 5/27/09 1,089,050
192,361 Calyon NY, 4.62%, 1/16/09 192,361
1,210,056 CBA, 4.87%, 7/16/09 1,210,056
1,089,050 DNB NOR Bank ASA NY, 3.04%, 6/5/09 1,089,050
1,108,411 Intesa SanPaolo S.p.A., 1.44%, 5/22/09 1,108,411
70,088 NORDEA NY, 4.13%, 4/9/09 70,088
907,542 Royal Bank of Canada NY, 2.7%, 8/7/09 907,542
605,028 Royal Bank of Scotland, 3.06%, 3/5/09 605,028
120,950 Skandinavian Enskilda Bank NY, 3.06%,
2/13/09 120,950
1,210,056 Societe Generale, 3.29%, 9/4/09 1,210,056
1,089,050 Svenska Bank NY, 4.61%, 7/8/09 1,089,050
1,210,056 U.S. Bank NA, 2.25%, 8/24/09 1,210,054
------------
$ 12,078,550
- -----------------------------------------------------------------------------------------------------
Commercial Paper:
1,188,275 American Honda Finance Corp., 4.95%,
7/14/09 $ 1,188,275
115,305 BBVA U.S., 2.83%, 3/12/09 115,305
605,028 CME Group, Inc., 2.9%, 8/6/09 605,028
604,964 General Electric Capital Corp., 2.86%,
3/16/09 604,964
1,210,056 HSBC Bank, Inc., 2.5%, 8/14/09 1,210,056
605,028 IBM, 2.39%, 9/25/09 605,028
1,089,050 Met Life Global Funding, 3.19%, 6/12/09 1,089,050
1,210,056 Monumental Global Funding, Ltd., 2.5%,
8/17/09 1,210,056
1,089,050 New York Life Global, 2.13%, 09/04/09 1,089,050
1,028,547 Westpac Banking Corp., 2.34%, 6/1/09 1,028,546
------------
$ 8,745,358
- -----------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 37
Schedule of Investments | 12/31/08 (unaudited) (continued)
Principal Floating S&P/Moody's
Amount Rate (b) Ratings Value
Tri-party Repurchase Agreements:
$ 205,564 Barclays Capital Markets, 0.5%, 1/2/09 $ 205,563
2,662,122 Deutsche Bank, 0.25%, 1/2/09 2,662,122
------------
$ 2,867,685
- --------------------------------------------------------------------------------------------------
Time Deposit:
1,210,056 BNP Paribas, 0.01%, 1/2/09 $ 1,210,056
- --------------------------------------------------------------------------------------------------
Money Market Mutual Funds:
302,514 Columbia Government Reserves Fund,
0.82%, 1/2/09 $ 302,514
907,542 JP Morgan, U.S. Government Money
Market Fund, 0.98%, 1/2/09 907,542
------------
$ 1,210,056
- --------------------------------------------------------------------------------------------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $26,111,705) $ 26,111,705
- --------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 100.5%
(Cost $943,850,189) (a) $847,531,331
- --------------------------------------------------------------------------------------------------
OTHER ASSETS AND
LIABILITIES -- (0.5)% $ (4,083,901)
- --------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $843,447,430
==================================================================================================
* Senior secured floating rate loan interests in which the Portfolio invests
generally pay interest at rates that are periodically redetermined by
reference to a base lending rate plus a premium. These baselending 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 United States banks, (iii) the certificate
of deposit or (iv) other base lending rates used by commercial lenders.
The rate shown is the coupon rate at period end.
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, 2008, the value of these securities amounted to $66,603,249
or 7.9% of total net assets.
(a) At December 31, 2008, the net unrealized loss on investments based on
cost for federal income tax purposes of $941,605,319 was as follows:
Aggregate gross unrealized gain for all investments in which there is an
excess of value over tax cost $ 22,720,567
Aggregate gross unrealized loss for all investments in which there is an
excess of tax cost over value (116,794,555)
------------
Net unrealized gain $(94,073,988)
============
(b) Debt obligation with a variable interest rate. Rate shown is rate at
period end.
The accompanying notes are an integral part of these financial statements.
38 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
(c) At December 31, 2008, the following securities were out on loan:
Principal
Amount Security Value
$ 3,689,000 Ambac Financial Group, Inc., 6.15%, 2/15/37 $ 368,874
2,065,000 C8 Capital SPV, Ltd., 6.64%, 12/31/49 1,046,955
2,156,000 Caterpillar Financial Services Corp., 7.05%, 10/1/18 2,269,251
1,300,000 Constellation Brands, Inc., 8.375%, 12/15/14 1,235,000
187,000 Embarq Corp., 7.082%, 6/1/16 143,990
3,089,000 First Data Corp., 9.875%, 9/24/15 (144A) 1,868,845
2,603,700 Ford Motor Credit Co., 5.7%, 1/15/10 2,212,702
1,720,000 Intelsat Sub, 8.5%, 1/15/13 (144A) 1,591,000
300,000 JP Morgan Chase & Co., 6.0%, 1/15/18 316,657
3,200,000 Kinder Morgan Energy, 5.95%, 2/15/18 2,731,088
2,166,000 MBIA, Inc., Floating Rate Note, 1/15/33 (144A) 1,104,660
1,000,000 National City Corp., 4.0%, 2/1/11 891,250
1,000,000 Nova Chemicals, Ltd., 6.5%, 1/15/12 415,000
3,469,000 Sally Holdings LLC, 9.25%, 11/15/14 (144A) 2,983,340
1,610,000 TXU Energy Co., 10.25%, 11/1/15 1,143,100
1,000,000 Union Pacific Corp., 5.7%, 8/15/18 962,735
1,000,000 Wachovia Corp., 5.75%, 6/15/17 995,341
1,000,000 Wells Fargo Capital, 9.75%, 12/29/49 1,010,000
1,722,000 Windstream Corp., 8.125%, 8/1/13 1,584,240
----------------------------------------------------------------------------------------
Total $24,874,028
========================================================================================
(d) Securities lending collateral is managed by Credit Suisse New York
Branch.
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended December 31, 2008, were as follows:
Purchases Sales
Long-term U.S. Government $49,503,781 $191,251,428
Other Long-term Securities $65,598,779 $ 65,138,513
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest priority is given to
Level 3.
Level 1 -- quoted prices in active markets for identical securities
Level 2 -- other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
etc.)
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments)
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 39
Schedule of Investments | 12/31/08 (unaudited) (continued)
The following is a summary of the inputs used as of December 31, 2008, in
valuing the Fund's assets:
Investments
Valuation Inputs in Securities
Level 1 -- Quoted Prices $ 35,989,377
Level 2 -- Other Significant Observable Inputs 807,752,794
Level 3 -- Significant Unobservable Inputs 3,789,160
- --------------------------------------------------------------------------------
Total $847,531,331
================================================================================
Following is a reconciliation of assets valued using significant unobservable
inputs (Level 3):
Investments
Valuation Inputs in Securities
Balance as of 6/30/08 $ --
Realized gain (loss) --
Change in unrealized appreciation (depreciation)(1) (3,847,150)
Net purchases (sales) --
Transfers in and out of Level 3 7,636,310
- --------------------------------------------------------------------------------
Balance as of 12/31/08 $3,789,160
================================================================================
1 Unrealized appreciation/(depreciation) on these securities is included in the
change in net unrealized gain (loss) from investments in the Statement of
Operations.
The accompanying notes are an integral part of these financial statements.
40 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Statement of Assets and Liabilities | 12/31/08 (unaudited)
ASSETS:
Investment in securities (including securities loaned of
$24,874,028) (cost $943,850,189) $847,531,331
Cash 24,937,430
Receivables --
Investment securities sold 7,250
Fund shares sold 1,233,525
Dividends, interest and foreign taxes withheld 8,474,984
Due from Pioneer Investment Management, Inc. 94,277
Other 57,030
- ---------------------------------------------------------------------------
Total assets $882,335,827
- ---------------------------------------------------------------------------
LIABILITIES:
Payables --
Investment securities purchased $ 6,412,939
Fund shares repurchased 1,426,953
Dividends 4,230,592
Upon return of securities loaned 26,111,705
Due to affiliates 197,415
Unrealized depreciation on unfunded corporate loans 341,544
Accrued expenses 167,249
- ---------------------------------------------------------------------------
Total liabilities $ 38,888,397
- ---------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $942,910,599
Distributions in excess of net investment income (1,057,540)
Accumulated net realized loss on investments (1,745,227)
Net unrealized loss on investments (96,660,402)
- ---------------------------------------------------------------------------
Total net assets $843,447,430
===========================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $267,325,816/32,536,980 shares) $ 8.22
Class B (based on $29,869,377/3,656,358 shares) $ 8.17
Class C (based on $41,052,919/5,043,665 shares) $ 8.14
Class R (based on $11,702,382/1,410,825 shares) $ 8.29
Class Y $493,404,473/60,570,441 shares) $ 8.15
Class Z (based on $92,463/11,248 shares) $ 8.22
MAXIMUM OFFERING PRICE:
Class A ($8.22 [divided by] 95.5%) $ 8.61
===========================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 41
Statement of Operations (unaudited)
For the Six Months Ended 12/31/08
INVESTMENT INCOME:
Dividends $ 230,254
Interest 29,204,947
Other income 1,401,333
Income from securities loaned, net 223,382
- --------------------------------------------------------------------------------------------
Total investment income $ 31,059,916
- --------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 2,287,902
Transfer agent fees
Class A 171,474
Class B 52,538
Class C 23,048
Class R 997
Class Y 74,393
Class Z 20
Distribution fees
Class A 338,328
Class B 161,354
Class C 186,399
Class R 30,118
Shareholder communications expense 317,711
Administrative fees 179,043
Custodian fees 40,399
Registration fees 42,486
Professional fees 68,519
Printing expense 23,552
Fees and expenses of nonaffiliated trustees 13,893
Miscellaneous 92,781
- --------------------------------------------------------------------------------------------
Total expenses $ 4,104,955
Less fees waived and expenses reimbursed by Pioneer
Investment Management, Inc. (349,385)
Less fees paid indirectly (4,257)
- --------------------------------------------------------------------------------------------
Net expenses $ 3,751,313
- --------------------------------------------------------------------------------------------
Net investment income $ 27,308,603
- --------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Net realized loss on investments $ (1,419,552)
- --------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) from:
Investments $ (74,658,197)
Unfunded corporate loans (541,072) $(75,199,269)
- --------------------------------------------------------------------------------------------
Net loss on investments $(76,618,821)
- --------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $(49,310,218)
============================================================================================
The accompanying notes are an integral part of these financial statements.
42 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Statements of Changes in Net Assets
For the Six Months Ended 12/31/08 and the Year Ended 6/30/08, respectively
Six Months
Ended
12/31/08 Year Ended
(unaudited) 6/30/08
FROM OPERATIONS:
Net investment income $ 27,308,603 $ 51,825,913
Net realized gain (loss) on investments (1,419,552) 22,626,379
Change in net unrealized gain (loss) on investments (75,199,269) (5,359,675)
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations $ (49,310,218) $ 69,092,617
- ---------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.28 and $0.44 per share, respectively) $ (8,727,205) $ (13,384,781)
Class B ($0.24 and $0.35 per share, respectively) (877,731) (1,396,309)
Class C ($0.24 and $0.36 per share, respectively) (1,066,752) (1,444,779)
Class R ($0.27 and $0.42 per share, respectively) (370,355) (415,563)
Class Y ($0.29 and $0.47 per share, respectively) (18,865,097) (36,608,750)
Class Z ($0.25 and $0.46 per share, respectively) (3,316) (5,199)
Net realized gain:
Class A ($0.11 and $0.00 per share, respectively) (3,453,124) --
Class B ($0.11 and $0.00 per share, respectively) (396,155) --
Class C ($0.11 and $0.00 per share, respectively) (501,217) --
Class R ($0.11 and $0.00 per share, respectively) (153,608) --
Class Y ($0.11 and $0.00 per share, respectively) (6,405,050) --
Class Z ($0.11 and $0.00 per share, respectively) (1,237) --
- ---------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (40,820,847) $ (53,255,381)
- ---------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 211,239,168 $ 457,654,598
Shares issued in reorganization -- 90,154,588
Reinvestment of distributions 21,539,345 29,121,113
Cost of shares repurchased (356,634,198) (507,259,339)
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from Fund
share transactions $ (123,855,685) $ 69,670,960
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (213,986,750) $ 85,508,196
NET ASSETS:
Beginning of period $1,057,434,180 $ 971,925,984
- ---------------------------------------------------------------------------------------------------------
End of period $ 843,447,430 $1,057,434,180
- ---------------------------------------------------------------------------------------------------------
Undistributed (distributions in excess of) net investment income $ (1,057,540) $ 1,544,313
- ---------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 43
Statements of Changes in Net Assets (continued)
'08 Shares '08 Amount '08 Shares '08 Amount
(unaudited) (unaudited)
Class A
Shares sold 8,657,965 $ 75,473,041 12,106,796 $111,370,558
Reinvestment of distributions 992,883 8,291,337 937,422 8,600,726
Less shares repurchased (6,354,828) (54,654,215) (15,591,016) (143,012,771)
- -------------------------------------------------------------------------------------------------------------
Net increase (decrease) 3,296,020 $ 29,110,163 (2,546,798) $(23,041,487)
=============================================================================================================
Class B
Shares sold 705,187 $ 6,071,739 1,431,526 $ 13,124,674
Reinvestment of distributions 118,150 980,557 117,584 1,072,898
Less shares repurchased (936,647) (8,010,915) (1,863,870) (16,985,938)
- -------------------------------------------------------------------------------------------------------------
Net decrease (113,310) $ (958,619) (314,760) $ (2,788,366)
=============================================================================================================
Class C
Shares sold 2,020,382 $ 17,205,436 2,411,449 $ 21,862,115
Reinvestment of distributions 108,203 891,533 88,577 805,704
Less shares repurchased (1,054,016) (9,020,585) (2,018,254) (18,323,495)
- -------------------------------------------------------------------------------------------------------------
Net increase 1,074,569 $ 9,076,384 481,772 $ 4,344,324
=============================================================================================================
Class R
Shares sold 618,011 $ 5,482,513 1,111,634 $ 10,336,628
Reinvestment of distributions 55,502 466,952 37,244 345,439
Less shares repurchased (489,039) (4,253,950) (642,234) (5,949,196)
- -------------------------------------------------------------------------------------------------------------
Net increase 184,474 $ 1,695,515 506,644 $ 4,732,871
=============================================================================================================
Class Y
Shares sold 12,467,301 $ 107,006,355 33,131,515 $300,860,623
Shares issued in reorganization -- -- 9,939,866 90,154,588
Reinvestment of distributions 1,305,855 10,908,966 2,008,520 18,296,346
Less shares repurchased (31,903,803) (280,694,454) (35,477,686) (322,987,939)
- -------------------------------------------------------------------------------------------------------------
Net increase (decrease) (18,130,647) $(162,779,133) 9,602,215 $ 86,323,618
=============================================================================================================
Class Z
Shares sold 9 $ 84 11,249 $ 100,000
Less shares repurchased (9) (79) -- --
- -------------------------------------------------------------------------------------------------------------
Net increase -- $ 5 11,249 $ 100,000
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Financial Highlights
Six Months Ended Year
12/31/08 Ended
(unaudited) 6/30/08
Class A
Net asset value, beginning of period $ 9.10 $ 8.95
- ------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.25 $ 0.43
Net realized and unrealized gain (loss) on investments (0.74) 0.16
- ------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.49) $ 0.59
Distributions to shareowners:
Net investment income (0.28) (0.44)
Net realized gain (0.11) --
- ------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.88) $ 0.15
- ------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.22 $ 9.10
======================================================================================================
Total return* (5.37)% 6.64%
Ratio of net expenses to average net assets+ 0.93%** 1.00%
Ratio of net investment income to average net assets+ 5.89%** 4.60%
Portfolio turnover rate 25%** 73%
Net assets, end of period (in thousands) $267,325 $265,959
Ratios with no assumption of expenses by PIM and no reduction for fees
paid indirectly:
Net expenses 1.08%** 1.04%
Net investment income 5.74%** 4.56%
Ratios with assumption of expenses by PIM and reduction for fees paid
indirectly:
Net expenses 0.93%** 1.00%
Net investment income 5.89%** 4.60%
- ------------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended
6/30/07 6/30/06 6/30/05 6/30/04
Class A
Net asset value, beginning of period $ 8.89 $ 9.40 $ 9.18 $ 9.41
- --------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.40 $ 0.35 $ 0.40 $ 0.41
Net realized and unrealized gain (loss) on investments 0.07 (0.47) 0.29 (0.14)
- --------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.47 $ (0.12) $ 0.69 $ 0.27
Distributions to shareowners:
Net investment income (0.41) (0.39) (0.47) (0.50)
Net realized gain -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.06 $ (0.51) $ 0.22 $ (0.23)
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.95 $ 8.89 $ 9.40 $ 9.18
==========================================================================================================================
Total return* 5.31% (1.25)% 7.64% 2.98%
Ratio of net expenses to average net assets+ 1.00% 1.00% 1.05% 1.14%
Ratio of net investment income to average net assets+ 4.48% 3.91% 4.27% 4.42%
Portfolio turnover rate 31% 60% 49% 63%
Net assets, end of period (in thousands) $284,592 $208,454 $174,055 $160,421
Ratios with no assumption of expenses by PIM and no reduction for fees
paid indirectly:
Net expenses 1.00% 1.11% 1.18% 1.14%
Net investment income 4.48% 3.80% 4.14% 4.42%
Ratios with assumption of expenses by PIM and reduction for fees paid
indirectly:
Net expenses 1.00% 1.00% 1.05% 1.14%
Net investment income 4.48% 3.91% 4.27% 4.42%
- --------------------------------------------------------------------------------------------------------------------------
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges.
Total return would be reduced if sales charges were taken into account.
+ Ratio with no reduction for fees paid indirectly.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 45
Financial Highlights (continued)
Six Months Ended Year
12/31/08 Ended
(unaudited) 6/30/08
Class B
Net asset value, beginning of period $ 9.05 $ 8.90
- ----------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.21 $ 0.34
Net realized and unrealized gain (loss) on investments (0.74) 0.16
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.53) $ 0.50
Distributions to shareowners:
Net investment income (0.24) (0.35)
Net realized gain (0.11) --
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.88) $ 0.15
- ----------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.17 $ 9.05
====================================================================================================
Total return* (5.88)% 5.70%
Ratio of net expenses to average net assets+ 1.90%** 1.90%
Ratio of net investment income to average net assets+ 4.91%** 3.72%
Portfolio turnover rate 25%** 73%
Net assets, end of period (in thousands) $ 29,869 $ 34,106
Ratios with no assumption of expenses by PIM and no reduction for fees
paid indirectly:
Net expenses 1.97%** 1.90%
Net investment income 4.85%** 3.72%
Ratios with assumption of expenses by PIM and reduction for fees paid
indirectly:
Net expenses 1.90%** 1.89%
Net investment income 4.91%** 3.73%
====================================================================================================
Year Year Year Year
Ended Ended Ended Ended
6/30/07 6/30/06 6/30/05 6/30/04
Class B
Net asset value, beginning of period $ 8.85 $ 9.36 $ 9.14 $ 9.37
- --------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.33 $ 0.27 $ 0.32 $ 0.33
Net realized and unrealized gain (loss) on investments 0.05 (0.47) 0.28 (0.14)
- --------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.38 $ (0.20) $ 0.60 $ 0.19
Distributions to shareowners:
Net investment income (0.33) (0.31) (0.38) (0.42)
Net realized gain -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.05 $ (0.51) $ 0.22 $ (0.23)
- --------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.90 $ 8.85 $ 9.36 $ 9.14
====================================================================================================================
Total return* 4.26% (2.14)% 6.72% 2.04%
Ratio of net expenses to average net assets+ 1.92% 1.90% 1.95% 1.98%
Ratio of net investment income to average net assets+ 3.55% 3.06% 3.39% 3.55%
Portfolio turnover rate 31% 60% 49% 63%
Net assets, end of period (in thousands) $36,366 $49,552 $56,828 $57,774
Ratios with no assumption of expenses by PIM and no reduction for fees
paid indirectly:
Net expenses 2.02% 1.99% 2.02% 1.98%
Net investment income 3.45% 2.97% 3.32% 3.55%
Ratios with assumption of expenses by PIM and reduction for fees paid
indirectly:
Net expenses 1.90% 1.90% 1.95% 1.98%
Net investment income 3.57% 3.06% 3.39% 3.55%
- --------------------------------------------------------------------------------------------------------------------
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges.
Total return would be reduced if sales charges were taken into account.
+ Ratio with no reduction for fees paid indirectly.
** Annualized.
The accompanying notes are an integral part of these financial statements.
46 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Six Months Ended Year
12/31/08 Ended
(unaudited) 6/30/08
Class C
Net asset value, beginning of period $ 9.02 $ 8.87
- -----------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.21 $ 0.35
Net realized and unrealized gain (loss) on investments (0.74) 0.16
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.53) $ 0.51
Distributions to shareowners:
Net investment income (0.24) (0.36)
Net realized gain (0.11) --
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.88) $ 0.15
- -----------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.14 $ 9.02
=====================================================================================================
Total return* (5.86)% 5.80%
Ratio of net expenses to average net assets+ 1.80%** 1.82%
Ratio of net investment income to average net assets+ 5.02%** 3.79%
Portfolio turnover rate 25%** 73%
Net assets, end of period (in thousands) $ 41,053 $35,784
Ratios with no assumption of expenses by PIM and no reduction for fees
paid indirectly:
Net expenses 1.80%** 1.82%
Net investment income 5.02%** 3.79%
Ratios with assumption of expenses by PIM and reduction for fees paid
indirectly:
Net expenses 1.80%** 1.82%
Net investment income 5.02%** 3.79%
=====================================================================================================
Year Year Year Year
Ended Ended Ended Ended
6/30/07 6/30/06 6/30/05 6/30/04
Class C
Net asset value, beginning of period $ 8.81 $ 9.32 $ 9.11 $ 9.31
- --------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.33 $ 0.28 $ 0.32 $ 0.33
Net realized and unrealized gain (loss) on investments 0.06 (0.47) 0.28 (0.14)
- --------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.39 $ (0.19) $ 0.60 $ 0.19
Distributions to shareowners:
Net investment income (0.33) (0.32) (0.39) (0.39)
Net realized gain -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.06 $ (0.51) $ 0.21 $ (0.20)
- --------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.87 $ 8.81 $ 9.32 $ 9.11
====================================================================================================================
Total return* 4.39% (2.08)% 6.68% 2.11%
Ratio of net expenses to average net assets+ 1.85% 1.89% 1.92% 1.97%
Ratio of net investment income to average net assets+ 3.62% 3.07% 3.24% 3.59%
Portfolio turnover rate 31% 60% 49% 63%
Net assets, end of period (in thousands) $30,934 $35,942 $42,160 $27,545
Ratios with no assumption of expenses by PIM and no reduction for fees
paid indirectly:
Net expenses 1.85% 1.89% 1.92% 1.97%
Net investment income 3.62% 3.07% 3.24% 3.59%
Ratios with assumption of expenses by PIM and reduction for fees paid
indirectly:
Net expenses 1.84% 1.89% 1.91% 1.97%
Net investment income 3.63% 3.07% 3.25% 3.59%
====================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges.
Total return would be reduced if sales charges were taken into account.
+ Ratio with no reduction for fees paid indirectly.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 47
Financial Highlights (continued)
Six Months Ended Year
12/31/08 Ended
(unaudited) 6/30/08
Class R
Net asset value, beginning of period $ 9.18 $ 9.05
- ---------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.24 $ 0.40
Net realized and unrealized gain (loss) on investments (0.75) 0.15
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.51) $ 0.55
Distributions to shareowners:
Net investment income (0.27) (0.42)
Net realized gain (0.11) --
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.89) $ 0.13
- ---------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.29 $ 9.18
===================================================================================================
Total return* (5.56)% 6.15%
Ratio of net expenses to average net assets+ 1.25%** 1.25%
Ratio of net investment income to average net assets+ 5.58%** 4.35%
Portfolio turnover rate 25%** 73%
Net assets, end of period (in thousands) $11,702 $11,263
Ratios with no assumption of expenses by PIM and no reduction for fees
paid indirectly:
Net expenses 1.32%** 1.31%
Net investment income 5.52%** 4.30%
Ratios with assumption of expenses by PIM and reduction for fees paid
indirectly:
Net expenses 1.25%** 1.25%
Net investment income 5.58%** 4.35%
- ---------------------------------------------------------------------------------------------------
Year Year Year Year
Ended Ended Ended Ended
6/30/07 6/30/06 6/30/05 6/30/04
Class R
Net asset value, beginning of period $ 8.99 $ 9.50 $ 9.28 $ 9.50
- ------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.39 $ 0.34 $ 0.36 $ 0.47
Net realized and unrealized gain (loss) on investments 0.06 (0.47) 0.30 (0.17)
- ------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.45 $ (0.13) $ 0.66 $ 0.30
Distributions to shareowners:
Net investment income (0.39) (0.38) (0.44) (0.52)
Net realized gain -- -- -- --
- ------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.06 $ (0.51) $ 0.22 $ (0.22)
- ------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.05 $ 8.99 $ 9.50 $ 9.28
==================================================================================================================
Total return* 5.04% (1.43)% 7.27% 3.20%
Ratio of net expenses to average net assets+ 1.25% 1.25% 1.31% 1.32%
Ratio of net investment income to average net assets+ 4.24% 3.50% 3.77% 4.71%
Portfolio turnover rate 31% 60% 49% 63%
Net assets, end of period (in thousands) $ 6,511 $ 3,042 $ 1,259 $ 345
Ratios with no assumption of expenses by PIM and no reduction for fees
paid indirectly:
Net expenses 1.44% 1.46% 1.43% 1.32%
Net investment income 4.05% 3.29% 3.65% 4.71%
Ratios with assumption of expenses by PIM and reduction for fees paid
indirectly:
Net expenses 1.25% 1.25% 1.31% 1.32%
Net investment income 4.24% 3.50% 3.77% 4.71%
- ------------------------------------------------------------------------------------------------------------------
* 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 each end of each period.
+ Ratio with no reduction for fees paid indirectly.
** Annualized.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Six Months Ended Year
12/31/08 Ended
(unaudited) 6/30/08
Class Y
Net asset value, beginning of period $ 9.02 $ 8.88
- ------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.27 $ 0.45
Net realized and unrealized gain (loss) on investments (0.74) 0.16
- ------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.47) $ 0.61
Distributions to shareowners:
Net investment income (0.29) (0.47)
Net realized gain (0.11) --
- ------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.87) $ 0.14
- ------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.15 $ 9.02
======================================================================================================
Total return* (5.15)% 6.91%
Ratio of net expenses to average net assets+ 0.63%** 0.59%
Ratio of net investment income to average net assets+ 6.11%** 5.02%
Portfolio turnover rate 25%** 73%
Net assets, end of period (in thousands) $ 493,404 $710,219
Ratios with no assumption of expenses by PIM and no reduction for fees
paid indirectly:
Net expenses 0.68%** 0.61%
Net investment income 6.07%** 5.00%
Ratios with assumption of expenses by PIM and reduction for fees paid
indirectly:
Net expenses 0.63%** 0.59%
Net investment income 6.11%** 5.02%
======================================================================================================
Year Year Year Year
Ended Ended Ended Ended
6/30/07 6/30/06 6/30/05 6/30/04
Class Y
Net asset value, beginning of period $ 8.83 $ 9.33 $ 9.12 $ 9.35
- -----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.44 $ 0.39 $ 0.44 $ 0.46
Net realized and unrealized gain (loss) on investments 0.06 (0.46) 0.28 (0.14)
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.50 $ (0.07) $ 0.72 $ 0.32
Distributions to shareowners:
Net investment income (0.45) (0.43) (0.51) (0.55)
Net realized gain -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.05 $ (0.50) $ 0.21 $ (0.23)
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.88 $ 8.83 $ 9.33 $ 9.12
=======================================================================================================================
Total return* 5.65% (0.77)% 8.07% 3.48%
Ratio of net expenses to average net assets+ 0.57% 0.58% 0.61% 0.58%
Ratio of net investment income to average net assets+ 4.89% 4.20% 4.43% 5.05%
Portfolio turnover rate 31% 60% 49% 63%
Net assets, end of period (in thousands) $613,523 $521,480 $21,027 $13,617
Ratios with no assumption of expenses by PIM and no reduction for fees
paid indirectly:
Net expenses 0.57% 0.58% 0.61% 0.58%
Net investment income 4.89% 4.20% 4.43% 5.05%
Ratios with assumption of expenses by PIM and reduction for fees paid
indirectly:
Net expenses 0.57% 0.58% 0.61% 0.58%
Net investment income 4.89% 4.20% 4.43% 5.05%
=======================================================================================================================
* 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 each end of each period.
+ Ratio with no reduction for fees paid indirectly.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 49
Financial Highlights (continued)
Six Months
Ended
12/31/08 7/6/07 (a)
(unaudited) to 6/30/08
Class Z
Net asset value, beginning of period $ 9.10 $ 8.89
- --------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.23 $ 0.45
Net realized and unrealized gain on investments (0.75) 0.22
- --------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.52) $ 0.67
Distributions to shareowners:
Net investment income (0.25) (0.46)
Net realized gain (0.11) --
- --------------------------------------------------------------------------------------------
Net increase in net asset value $ (0.88) $ 0.21
- --------------------------------------------------------------------------------------------
Net asset value, end of period $ 8.22 $ 9.10
============================================================================================
Total return* (5.22)% 7.63%(b)
Ratio of net expenses to average net assets+ 0.63%** 0.58%**
Ratio of net investment income to average net assets+ 6.18%** 5.00%**
Portfolio turnover rate 25%** 73%**
Net assets, end of period (in thousands) $ 92 $ 102
Ratios with no assumption of expenses by PIM and no reduction
for fees paid indirectly:
Net expenses 0.65%** 0.58%**
Net investment income 6.16%** 5.00%**
Ratios with assumption of expenses by PIM and reduction for
fees paid indirectly:
Net expenses 0.63%** 0.58%**
Net investment income 6.18%** 5.00%**
- --------------------------------------------------------------------------------------------
(a) Class Z shares were first publicly offered on July 6, 2007.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at each end of each period.
** Annualized.
+ Ratios with no fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
50 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
Notes to Financial Statements | 12/31/08 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Bond Fund (the Fund) is a Delaware statutory trust registered under the
Investment Company Act of 1940 as a diversified, open-end management investment
company. The investment objectives of the Fund are to seek current income
consistent with preservation of capital.
The Fund offers six classes of shares designated as Class A, Class B, Class C,
Class R, Class Y and Class Z shares. Class R shares were first publicly offered
on April 1, 2003. Class Z shares were first publicly offered on April 30, 2007.
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
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 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. Share classes have exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class Y shares and 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.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors. The Fund's prospectuses contain unaudited information
regarding the Fund's principal risks. Please refer to those documents when
considering the Fund's principal risks.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 51
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. Securities are valued
at prices supplied by independent pricing services, which consider such
factors as Treasury spreads, yields, maturities and ratings. Valuations may
be supplemented by dealers and other sources, as required. Securities for
which there are no other readily available valuation methods are valued
using fair value methods pursuant to procedures adopted by the Board of
Trustees. At December 31, 2008 two securities have been fair valued, which
represents 0.45% of net assets. Principal amounts of mortgage-backed
securities are adjusted for monthly paydowns. Temporary cash investments are
valued at cost which approximates market value.
All discounts/premiums on debt securities are accreted/amortized for
financial reporting purposes over the life of the respective securities, and
are included in interest income. Market discount and premium are accreted or
amortized daily. Premiums and discounts related to certain mortgage-backed
securities are amortized or accreted in proportion to the underlying monthly
paydowns. Interest income is recorded on the accrual basis.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. Tax
years for the prior three fiscal years remain subject to examination by tax
authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Fund's distributions may be
shown in the accompanying financial statements as from or in excess of net
investment income or as from net realized gain on investment transactions,
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
52 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
The tax character of current year distributions paid will be determined at
the end of the current taxable year. The tax character of distributions paid
during the year ended June 30, 2008 was as follows:
2008
Distributions paid from:
Ordinary income $53,255,381
- -------------------------------------------------------------------------------
Total $53,255,381
===============================================================================
The difference between book basis and tax-basis unrealized appreciation is
attributable to the tax treatment of amortization.
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 $20,808 in underwriting commissions on the sale of
Class A shares during the six months ended December 31, 2008.
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 the 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. Class Y and Class Z shares are not subject to a distribution
plan. Shareowners of each class participate in all expenses and fees paid to
the transfer agent, Pioneer Investment Management Shareholder Services, Inc.
(PIMSS), for its services, which are allocated 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 each class
of shares can bear different transfer agent and distribution expense rates.
E. 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 at least equal to or in excess of the value of the repurchase
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 53
agreement. The collateral for all repurchase agreements is held in
safekeeping in the customer-only account of the Fund's custodian or
subcustodians. The Fund's investment adviser, Pioneer Investment Management,
Inc. (PIM), is responsible for determining that the value of the collateral
remains at least equal to the repurchase price.
F. Securities Lending
The Fund lends securities in its portfolio to certain broker-dealers or
other institutional investors. When entering into a securities loan
transaction, the Fund typically receives cash collateral from the borrower
equal to at least the value of the securities loaned, which is invested in
temporary cash investments. Credit Suisse, New York Branch, as the Fund's
security lending agent, manages the Fund's securities lending collateral.
The income earned on the investment of collateral is shared with the
borrower and the lending agent in payment of any rebate due to the borrower
with respect to the securities loan, and in compensation for the lending
agent's services to the Fund. The Fund also continues to receive interest or
payments in lieu of dividends on the securities loaned. Gain or loss on the
value of the loaned securities that may occur during the term of the loan
will be for the account of the Fund. The amount of the collateral is
required to be adjusted daily to reflect any price fluctuation in the value
of the loaned securities. The Fund has the right, under the lending
agreement, to terminate the loan and recover the securities from the
borrower with prior notice. The Fund will be required to return the cash
collateral to the borrower and could suffer a loss if the value of the
collateral, as invested, has declined.
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, 2008, the net management fee was equal to 0.25% of the Fund's
average daily net assets.
PIM has 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. Class Y shares do not have an expense limitation. These
expense limitations are in effect through November 1, 2013 for Class A shares
and Class Z shares through November 1, 2010 for Class B, Class C, Class R and
Class Z shares. PIM expects to continue its limitation of expenses unless the
expense limit agreement with the Fund is terminated pursuant to the terms of
the expense limit agreement. However, there can be no assurance that PIM will
extend the expense limitation beyond November 1, 2013 for Class A shares and
Class Z shares November 1, 2010 for Class B, Class C and Class R shares.
54 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
The Fund may terminate the expense limitation agreement at any time; provided,
however, that the Board of Trustees would not take such action unless it
determined termination of the agreement be in the best interests of the Fund
and its shareowners.
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. Included in "Due to Affiliates" reflected on
the Statement of Assets and Liabilities is $11,966 in management fees,
administrative costs and certain other services payable to PIM at June 30,
2008.
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 reimbursed PIMSS for out-of-pocket expenses related to
shareholder communications activities such as proxy and statement mailings,
outgoing phone calls and omnibus relationship contracts. For the year ended
December 31, 2008, such out of pocket expenses by class of shares were as
follows:
Shareholder Communications:
Class A $138,937
Class B 7,095
Class C 12,974
Class R 12,047
Class Y 146,653
Class Z 5
- --------------------------------------------------------------------------------
Total: $317,711
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $181,544 in transfer agent fees and shareholder communications
expense payable to PIMSS at December 31, 2008.
4. Distribution and Service Plans
The Fund 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 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 pays PFD 0.50% of the average daily net assets
attributable to Class R shares for distribution services. Prior to
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 55
February 1, 2008, PFD was reimbursed under the Distribution Plan for
distribution expenses in an amount of up to 0.25% of the average daily net
assets attributable to Class A shares. Included in "Due to affiliates"
reflected on the Statement of Assets and Liabilities is $3,905 in distribution
fees payable to PFD at December 31, 2008. The Fund also has adopted a separate
service plan for Class R shares (Service Plan). The Service Plan authorizes the
Fund to pay securities dealers, plan administrators or other service
organizations that agree to provide certain services to retirement plans or
plan participants holding shares of the Fund a service fee of up to 0.25% of
the Fund's average daily net assets attributable to Class R shares held by such
plans.
In addition, redemptions of each class of shares (except Class R and Class Y
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 18 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. Shares purchased as part of an exchange or acquired as a result of a
reorganization of another fund into the Fund remain subject to any contingent
deferred sales charge that applied to the shares you originally purchased.
Redemptions of Class C shares within one year of purchase are subject to a CDSC
of 1.00% based on the lower of cost or market value of shares being redeemed.
Proceeds from the CDSCs are paid to PFD. For the six months ended December 31,
2008, CDSCs in the amount of $44,910 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS
resulting 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, 2008, the Fund's
expenses were reduced $4,257 under such arrangements.
6. Unfunded Loan Commitments
As of December 31, 2008, the Fund had unfunded loan commitments of
approximately $708,489 (excluding unrealized appreciation on those commitments
of $341,544 as of December 31, 2008) which could be extended at the option of
the borrower, pursuant to the following loan agreements:
Unfunded
Borrower Commitment
Bausch & Lomb, Inc., Delayed Draw Term Loan $144,000
CHS/Community Health Systems, Inc., Delayed Draw Term Loan $ 58,289
Fontainebleau Las Vegas, LLC, Delayed Draw Term Loan $506,200
56 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
7. New Pronouncement
In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures
about Derivative Instruments and Hedging Activities ("SFAS 161"), was issued
and is effective for fiscal years beginning after November 15, 2008. SFAS 161
requires enhanced disclosures about an entity's derivative and hedging
activities. Management is currently evaluating the impact the adoption of
SFAS 161 will have on the Fund's financial statement disclosures.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 57
Trustees, Officers and Service Providers
Trustees
John F. Cogan, Jr., Chairman
David R. Bock
Mary K. Bush
Benjamin M. Friedman
Margaret B.W. Graham
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West
Officers
John F. Cogan, Jr., President
Daniel K. Kingsbury, Executive Vice President
Mark E. Bradley, Treasurer
Dorothy E. Bourassa, Secretary
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian
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 pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at http://www.sec.gov.
58 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
This page for your notes.
Pioneer Bond Fund | Semi-Annual Report | 12/31/08 59
This page for your notes.
60 Pioneer Bond Fund | Semi-Annual Report | 12/31/08
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
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
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: pioneerinvestments.com
This report must be 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.