-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, R60KYh/X41lFCyqrZlU4/ukAGYvPB139JcKQeJ+soFSHt02g5X2qXNXh4XHrsewX BH8oyd+yi0ATuChUN5RMaQ== 0000930709-06-000019.txt : 20060306 0000930709-06-000019.hdr.sgml : 20060306 20060306114545 ACCESSION NUMBER: 0000930709-06-000019 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051231 FILED AS OF DATE: 20060306 DATE AS OF CHANGE: 20060306 EFFECTIVENESS DATE: 20060306 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIONEER BOND FUND /DE/ CENTRAL INDEX KEY: 0000276776 IRS NUMBER: 042652279 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-02864 FILM NUMBER: 06666323 BUSINESS ADDRESS: STREET 1: 60 STATE ST 13TH FL CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 61774224947 MAIL ADDRESS: STREET 1: 60 STATE ST STREET 2: 13TH FLOOR CITY: BOSTON STATE: MA ZIP: 02109-1820 FORMER COMPANY: FORMER CONFORMED NAME: PIONEER BOND FUND /MA/ DATE OF NAME CHANGE: 19920703 0000276776 S000003927 Pioneer Bond Fund C000011026 Pioneer Bond Fund: Class A PIOBX C000011027 Pioneer Bond Fund: Class B PBOBX C000011028 Pioneer Bond Fund: Class C PCYBX C000011029 Pioneer Bond Fund: Class Y PICYX C000011030 Pioneer Bond Fund: Class I BFIOX C000011031 Pioneer Bond Fund: Class R PBFRX N-CSR 1 ncsr.txt OMB APPROVAL OMB Number: 3235-0570 Expires: September 30, 2007 Estimated average burden hours per response.....19.4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-02864 Pioneer Bond Fund (Exact name of registrant as specified in charter) 60 State Street, Boston, MA 02109 (Address of principal executive offices) (ZIP code) Dorothy E. Bourassa, Pioneer Investment Management, Inc., 60 State Street, Boston, MA 02109 (Name and address of agent for service) Registrant's telephone number, including area code: (617) 742-7825 Date of fiscal year end: June 30 Date of reporting period: July 1, 2005 through December 31, 2005 Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO SHAREOWNERS. - -------------------------------------------------------------------------------- PIONEER ----------------------- BOND FUND Semiannual Report 12/31/05 [LOGO] PIONEER INVESTMENTS(R) Table of Contents - -------------------------------------------------------------------------------- Letter to Shareowners 1 Portfolio Summary 2 Prices and Distributions 3 Performance Update 4 Comparing Ongoing Fund Expenses 10 Portfolio Management Discussion 12 Schedule of Investments 16 Financial Statements 39 Notes to Financial Statements 49 Factors Considered by the Independent Trustees in Approving the Management Contract 57 Trustees, Officers and Service Providers 62
Pioneer Bond Fund - -------------------------------------------------------------------------------- LETTER TO SHAREOWNERS 12/31/05 - -------------------------------------------------------------------------------- Dear Shareowner, - -------------------------------------------------------------------------------- As 2005 came to a close, U.S. investors looked back on a year of major challenges, though without much change in the market indices. The war in Iraq continued, oil prices soared, then dropped, while short-term interest rates ratcheted steadily higher and intermediate and long-term rates stayed about the same. Natural disasters also threatened economic expansion. Still, the economy moved forward as corporate earnings grew. The hope of a growing economy was not reflected by the small gains or losses in the major U.S. market indices. Among capitalization ranges, midcap issues made the most headway. Bond prices held firm and yields remained low, perhaps a sign that the Federal Reserve Board's interest rate hikes would temper the inflationary pressures induced by a growing economy. Among the nagging issues facing the U.S. economy in 2006 is the potential impact of high energy prices on consumer spending and corporate profits. Also unknown at this time is whether the Federal Reserve Board will continue to raise interest rates under its new chairman, Ben Bernanke, who stated his top priority will be to maintain continuity. Rising interest rates and improving business conditions made U.S. holdings more attractive to foreign investors, helping to strengthen the dollar versus the euro and other key currencies. Investors in many foreign markets enjoyed stellar returns. Double-digit gains were widespread in Europe, Asia and Latin America. Even the long-dormant Japanese economy began to stir, while emerging markets, especially those rich in natural resources, fed global economic growth. The disparity of returns among countries and sectors underscores the importance for investors to maintain a well-diversified portfolio. We believe this may be a good time for investors to review their holdings with their advisor and determine if they reflect the wide range of opportunities that exist across many asset classes, as last year's results make clear. Investing for income with Pioneer Adding one or more of Pioneer's income-oriented funds to your investment program may help improve your portfolio's overall balance. As a premier provider of fixed-income investments, Pioneer offers you a broad selection of actively managed bond funds to help meet a variety of investment needs. Pioneer also offers income-oriented equity funds, each managed using a value-oriented, total return investment philosophy that seeks enhanced return potential and lower volatility through active diversification. Your financial advisor can help you select among Pioneer's fixed-income choices. Respectfully, /s/ Osbert M. Hood Osbert M. Hood, President Pioneer Investment Management, 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. Before investing consider the fund's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus containing this information. Read it carefully. 1 Pioneer Bond Fund - -------------------------------------------------------------------------------- PORTFOLIO SUMMARY 12/31/05 - -------------------------------------------------------------------------------- Portfolio Diversification - -------------------------------------------------------------------------------- (As a percentage of total investment portfolio) [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Government Securities 67.7% U.S. Corporate Bonds 28.6% Temporary Cash Investment 1.9% Asset Backed Securities 1.4% Collateralized Mortgage Obligations 0.3% Municipal Bonds 0.1%
Portfolio Quality - -------------------------------------------------------------------------------- (As a percentage of holdings) [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
AAA 69.0% AA 5.6% A 11.6% BBB 6.7% BB 3.3% B 1.2% Cash 2.5%
10 Largest Holdings - -------------------------------------------------------------------------------- (As a percentage of long-term holdings) 1. U.S. Treasury Bonds, 6.25%, 8/15/23 6.08% 2. U.S. Treasury Bonds, 4.25%, 11/15/13 4.96 3. U.S. Treasury Notes, 3.625%, 6/15/10 3.15 4. U.S. Treasury Inflation Notes, 1.875%, 7/15/15 2.05 5. U.S. Treasury Notes, 5.5%, 8/15/28 2.02 6. U.S. Treasury Notes, 7.50%, 11/15/16 1.86 7. U.S. Treasury Inflation Notes, 3.0%, 7/15/12 1.82 8. U.S. Treasury Inflation Protected Security, 3.5%, 1/15/11 1.72 9. Federal Home Loan Mortgage Corp., 4.5%, 10/1/20 1.68 10. GE Electric Co., 5.0%, 2/1/13 1.39
This list excludes temporary cash investments and derivative instruments. Portfolio holdings will vary for other periods. 2 Pioneer Bond Fund - -------------------------------------------------------------------------------- PRICES AND DISTRIBUTIONS - -------------------------------------------------------------------------------- Net Asset Value Per Share - --------------------------------------------------------------------------------
Class 12/31/05 6/30/05 ----- -------- ------- A $9.18 $9.40 B $9.13 $9.36 C $9.10 $9.32 Investor $9.18 $9.40 R $9.27 $9.50 Y $9.11 $9.33
Distributions Per Share - --------------------------------------------------------------------------------
6/30/05 - 12/31/05 ------------------ Net Investment Short-Term Long-Term Class Income Capital Gains Capital Gains ----- ------ ------------- ------------- A $0.2078 $ - $ - B $0.1665 $ - $ - C $0.1691 $ - $ - Investor $0.2199 $ - $ - R $0.1985 $ - $ - Y $0.2246 $ - $ -
3 Pioneer Bond Fund - -------------------------------------------------------------------------------- PERFORMANCE UPDATE 12/31/05 CLASS A SHARES - -------------------------------------------------------------------------------- Investment Returns - -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Pioneer Bond Fund at public offering price, compared to that of the Lehman Brothers Aggregate Bond Index. [THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED DOCUMENT.]
Value of $10,000 Investment Pioneer Lehman Brothers Aggregate Bond Fund Bond Index 12/96 $9,550 $10,000 $9,740 $10,363 12/97 $10,633 $11,364 $11,451 $12,351 12/99 $11,084 $12,249 $12,021 $13,673 12/01 $12,927 $14,828 $14,061 $16,348 12/03 $15,306 $17,019 $16,179 $17,758 12/05 $16,578 $18,189
Average Annual Total Returns (As of December 31, 2005) Public Net Asset Offering Period Value (NAV) Price (POP) 10 Years 5.67% 5.19% 5 Years 6.64 5.66 1 Year 2.46 -2.13
- -------------------------------- Call 1-800-225-6292 or visit www.pioneerfunds.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 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 Lehman Brothers 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. 4 Pioneer Bond Fund - -------------------------------------------------------------------------------- PERFORMANCE UPDATE 12/31/05 CLASS B SHARES - -------------------------------------------------------------------------------- Investment Returns - -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Pioneer Bond Fund, compared to that of the Lehman Brothers Aggregate Bond Index. [THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED DOCUMENT.]
Value of $10,000 Investment Pioneer Lehman Brothers Aggregate Bond Fund Bond Index 12/96 $10,000 $10,000 $10,111 $10,363 12/97 $10,960 $11,364 $11,706 $12,351 12/99 $11,256 $12,249 $12,077 $13,673 12/01 $12,904 $14,828 $13,909 $16,348 12/03 $15,014 $17,019 $15,738 $17,758 12/05 $15,964 $18,189
Average Annual Total Returns (As of December 31, 2005) If If Period Held Redeemed 10 Years 4.79% 4.79% 5 Years 5.74 5.74 1 Year 1.44 -2.47
- -------------------------------- Call 1-800-225-6292 or visit www.pioneerfunds.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.pioneerfunds.com/bshares. 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 Lehman Brothers 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. 5 Pioneer Bond Fund - -------------------------------------------------------------------------------- PERFORMANCE UPDATE 12/31/05 CLASS C SHARES - -------------------------------------------------------------------------------- Investment Returns - -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Pioneer Bond Fund, compared to that of the Lehman Brothers Aggregate Bond Index. [THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED DOCUMENT.]
Value of $10,000 Investment Pioneer Lehman Brothers Aggregate Bond Fund Bond Index 1/96 $10,000 $10,000 $10,082 $10,295 12/97 $10,906 $11,289 $11,655 $12,269 12/99 $11,181 $12,168 $12,025 $13,583 12/01 $12,791 $14,730 $13,773 $16,241 12/03 $14,843 $16,907 $15,573 $17,641 12/05 $15,805 $18,069
Average Annual Total Returns (As of December 31, 2005) If If Period Held Redeemed Life-of-Class (1/31/96) 4.72% 4.72% 5 Years 5.62 5.62 1 Year 1.49 1.49
- -------------------------------- Call 1-800-225-6292 or visit www.pioneerfunds.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 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 Lehman Brothers 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. 6 Pioneer Bond Fund - -------------------------------------------------------------------------------- PERFORMANCE UPDATE 12/31/05 INVESTOR CLASS SHARES - -------------------------------------------------------------------------------- Investment Returns - -------------------------------------------------------------------------------- [THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED DOCUMENT.]
Value of $10,000 Investment Pioneer Lehman Brothers Aggregate Bond Fund Bond Index 12/04 $10,000 $10,000 12/05 $10,265 $10,243
Average Annual Total Returns (As of December 31, 2005) Public Net Asset Offering Period Value (NAV) Price (POP) Life-of-Class 12/10/04 2.69% 2.69% 1 Year 2.65 2.65
- -------------------------------- Call 1-800-225-6292 or visit www.pioneerfunds.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. Certain Pioneer funds (the "Funds") issued Investor Class shares in connection with the reorganization of Safeco mutual funds. The Funds are not offering additional Investor Class shares except in connection with the reinvestment of dividends on the Funds' outstanding Investor Class shares. All Investor Class shares of the Funds, whenever issued, convert to Class A shares of their respective Funds on December 10, 2006. Investor Class shares are not subject to sales charges. 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 does not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. 7 Pioneer Bond Fund - -------------------------------------------------------------------------------- PERFORMANCE UPDATE 12/31/05 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 Lehman Brothers Aggregate Bond Index. [THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED DOCUMENT.]
Value of $10,000 Investment Pioneer Lehman Brothers Aggregate Bond Fund Bond Index 12/95 $10,000 $10,000 $10,143 $10,363 12/97 $11,016 $11,364 $11,810 $12,351 12/99 $11,365 $12,249 $12,270 $13,673 12/01 $13,127 $14,828 $14,206 $16,348 12/03 $15,602 $17,019 $16,479 $17,758 12/05 $16,827 $18,189
Average Annual Total Returns (As of December 31, 2005) If If Period Held Redeemed 10 Years 5.34% 5.34% 5 Years 6.52 6.52 1 Year 2.11 2.11
- -------------------------------- Call 1-800-225-6292 or visit www.pioneerfunds.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 4/1/03 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, which performance may be influenced by the smaller asset size of Class R shares compared to Class A shares. 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 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 Lehman Brothers 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. 8 Pioneer Bond Fund - -------------------------------------------------------------------------------- PERFORMANCE UPDATE 12/31/05 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 Lehman Brothers Aggregate Bond Index. [THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED DOCUMENT.]
Value of $10,000 Investment Pioneer Lehman Brothers Aggregate Bond Fund Bond Index 12/95 $10,000 $10,000 $10,196 $10,363 12/97 $11,130 $11,364 $11,986 $12,351 12/99 $11,602 $12,249 $12,583 $13,673 12/01 $13,547 $14,828 $14,790 $16,348 12/03 $16,167 $17,019 $17,194 $17,758 12/05 $17,671 $18,189
Average Annual Total Returns (As of December 31, 2005) If If Period Held Redeemed 10 Years 5.86% 5.86% 5 Years 7.03 7.03 1 Year 2.77 2.77
- -------------------------------- Call 1-800-225-6292 or visit www.pioneerfunds.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 for periods prior to the inception of Y shares reflects the NAV performance of the Fund's A shares. The performance does not reflect differences in expenses, including the Rule 12b-1 fees applicable to A shares. Since fees for A shares are generally higher than those of Y shares, the performance shown 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 Lehman Brothers 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. 9 Pioneer Bond Fund - -------------------------------------------------------------------------------- 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, 2005 through December 31, 2005
Investor Share Class A B C Class R Y - ----------------------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value On 7/1/05 Ending Account $1,024.60 $1,014.40 $1,014.90 $1,026.50 $1,027.70 $1,021.10 Value (after expenses) On 12/31/05 Expenses Paid $ 5.10 $ 9.65 $ 9.40 $ 3.78 $ 2.96 $ 6.37 During Period*
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%, 1.85%, 0.74%, 1.25% and 0.58%, for Class A, Class B, Class C, Investor Class, Class R, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 10 Pioneer Bond Fund - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 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, 2005 through December 31, 2005
Investor Share Class A B C Class R Y - ----------------------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value On 7/1/05 Ending Account $1,020.16 $1,015.63 $1,015.88 $1,021.50 $1,022.28 $1,018.90 Value (after expenses) On 12/31/05 Expenses Paid $ 5.09 $ 9.65 $ 9.40 $ 3.77 $ 2.96 $ 6.36 During Period*
* Expenses are equal to the Fund's annualized expense ratio of 1.00%, 1.90%, 1.85%, 074%, 1.25% and 0.58%, for Class A, Class B, Class C, Investor Class, Class R, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 11 Pioneer Bond Fund - -------------------------------------------------------------------------------- PORTFOLIO MANAGEMENT DISCUSSION 12/31/05 - -------------------------------------------------------------------------------- Rising interest rates undermined the performance of most fixed income investments during the second half of 2005, a period in which some major benchmarks of bond market performance produced negative results. Interest rates rose among securities of virtually all maturities during the period, causing prices to slip. In the following interview, Kenneth J. Taubes discusses the factors that influenced Pioneer Bond Fund's performance during the six months ended December 31, 2005. Mr. Taubes, Director of Pioneer's Fixed Income Group, oversees the team responsible for the daily management of the Portfolio. Q: How did the Fund perform during the last six months of 2005? A: Pioneer Bond Fund performed in line with its benchmark and finished ahead of the average of its competitive group. The Fund's Class A shares had a total return of -0.11% at net asset value for the six months ended December 31, 2005. During the same period, the Lehman Aggregate Bond Index returned -0.08%, while the average return of the 187 funds in Lipper's A-Rated Corporate Debt Funds category was -0.33%. The Fund's SEC standardized 30-day yield for Class A shares was 4.05% on December 31, 2005. Call 1-800-225-6292 or visit www.pioneerfunds.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. Q: How would you describe the overall investment environment during the year? A: Against a backdrop of persistent economic growth, the Federal Reserve Board continued to tighten monetary policy. The central bank raised the key fed funds rate, which had been as low as 1.00% in June 2004, to 4.25% by the end of 2005. While these rate hikes were widely expected, they nevertheless had an impact on the financial markets. Yields rose and prices declined across the spectrum of maturities. Over the last six months, the difference between the yields of shorter- and longer-term securities grew smaller - the yield curve flattened. At year's end, the yield curve had inverted in some places. This phenomenon, when 12 Pioneer Bond Fund - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- interest rates of shorter maturity securities become higher than some longer maturity securities, is a reversal of the usual relationships and has been associated with a relatively restrictive Federal Reserve monetary policy. Because of the flattening of the yield curve, performance of fixed income portfolios was heavily influenced by the distribution of maturities in the portfolio. Intermediate term bonds, in the middle of the yield curve, tended to perform relatively worse. Corporate bonds delivered modestly positive results, with high-yield bonds performing slightly better as the higher income of these lower-rated securities made up for price differences on a total return basis. Mortgages generally outperformed corporate bonds as well as Treasuries, as they offered relatively good yield with less principal loss than other sectors. Q: What were your principal strategies during the six months, and how did they affect performance? A: Our increased emphasis on mortgage-backed securities and on Treasury Inflation Protected Securities (TIPS) tended to help performance. At the end of the period, on December 31, 2005, 39.9% of Fund assets were invested in mortgage securities. In addition, we were well positioned on the yield curve, with a greater emphasis on higher-yielding, longer-maturity bonds that outperformed intermediates. Recognizing that the yield advantages of lower-rated securities were declining, we upgraded the overall credit quality of our Fund, decreasing our exposure to corporates and increasing our investments in to Treasuries, predominately TIPS, as well as to mortgages. Treasuries accounted for 28.3% of Fund assets at the end of the period. Average credit quality for the Fund stood at AA at December 31, 2005, compared to A one year earlier. At the end of the year, only 4.4% of Fund assets were invested in high-yield, below investment grade bonds. The Fund's effective duration - a measure of sensitivity to changes in interest rates - was 4.81 years on December 31, 2005, while average maturity was 6.99 years. Security selection did not help performance during the six months. Although we de-emphasized the poor-performing automotive sector, we owned bonds of Delphi, a major automotive components manufacturer that filed for bankruptcy protection in 2005. Another 13 Pioneer Bond Fund - -------------------------------------------------------------------------------- PORTFOLIO MANAGEMENT DISCUSSION 12/31/05 (continued) - -------------------------------------------------------------------------------- disappointment was our investment in securities issued by Intelsat, the satellite communications company. Concerns about increasing competition in the industry caused the bonds to decline in value during the period. We have sold our holdings in both Delphi and in Intelsat. Corporate bond investments that had positive impacts on performance, however, included securities issued by insurer UnumProvident, whose credit rating was upgraded as the company benefited from an ongoing restructuring. Q: What is your investment outlook? A: We anticipate that the pace of economic growth may slow in 2006, but the economy should continue to expand. The Federal Reserve Board may continue to raise short-term rates in the early part of the year, but we do not anticipate that monetary policy will become so restrictive as to push the economy into recession. At a time when spreads - or the differences between yields - are narrow between yields of fixed income securities of different credit quality, we expect to continue to upgrade overall credit quality. We anticipate continuing to emphasize mortgage-backed securities over corporate bonds. Increased corporate merger-and-acquisition activity poses a potential threat to holders of investment grade, corporate bonds, as many merger deals benefit shareholders more than bondholders. 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 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 14 Pioneer Bond Fund - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 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. 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. Past performance is no guarantee of future results, and there is no guarantee that market forecasts discussed will be realized. 15 Pioneer Bond Fund - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS 12/31/05 (unaudited) - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value ASSET BACKED SECURITIES - 1.3% Transportation - 0.2% Airlines - 0.2% 1,469,362 A/A1 Southwest Airlines Co., 7.67%, 1/2/14 $ 1,531,354 ------------ Total Transportation $ 1,531,354 ------------ Food & Drug Retailing - 0.1% Hypermarkets & Supercenters - 0.0% 751,917 AA/Aa2 Wal-Mart Stores, 8.62%, 1/1/10 $ 791,009 ------------ Total Food & Drug Retailing $ 791,009 ------------ Diversified Financials - 0.6% Other Diversified Finance Services - 0.6% 1,686,480 BBB-/Baa2 PF Export Receivable Master Trust, 6.436%, 6/1/15 (144A) $ 1,683,883 1,257,759 BBB/Baa2 Power Receivables Finance, 6.29%, 1/1/12 (144A) 1,278,562 2,475,955 BB/Ba2 Caithness Coso Fund Corp., 6.263%, 6/15/14 (144A) 2,526,563 ------------ $ 5,489,008 ------------ Specialized Finance - 0.0% 90,000 AAA/Aaa MBNA Credit Card Master Note, Floating Rate Note, 12/15/08 $ 90,043 ------------ Total Diversified Financials $ 5,579,051 ------------ Utilities - 0.4% Electric Utilities - 0.4% 609,700 BBB-/Ba2 FPL Energy Wind Funding, 6.876%, 6/27/17 (144A) $ 608,938 1,755,467 BBB-/Baa2 FPL Energy America Wind LLC, 6.639%, 6/20/23 (144A) 1,825,422 463,439 B+/B1 Tenaska Alabama, Floating Rate Note, 6/30/21 (144A) 466,235 980,100 BBB-/Baa3 Empresa Electric, 8.625%, 4/30/13 (144A) 1,098,164 ------------ $ 3,998,759 ------------ Total Utilities $ 3,998,759 ------------ Total Asset Backed Securities (Cost $11,704,248) $ 11,900,173 ------------
16 The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value COLLATERALIZED MORTGAGE OBLIGATIONS - 0.3% Diversified Financials - 0.3% Other Diversified Finance Services - 0.3% 2,175,000 BBB-/Baa3 Tower 2004-1A E, 5.395%, 1/15/34 $ 2,092,639 525,000 NR/Ba2 Tower 2004-2A F, 6.376%, 12/15/14 523,547 ------------ Total Diversified Financials $ 2,616,186 ------------ Total Collateralized Mortgage Obligations (Cost $2,700,000) $ 2,616,186 ------------ CORPORATE BONDS - 28.3% Energy - 1.1% Integrated Oil & Gas - 0.7% 4,000,000 AA/Aa3 Texaco Capital Inc., 7.09%, 2/1/07 $ 4,059,316 45,000 BBB/Baa2 Petro-Canada, 4.0%, 7/15/13 41,655 2,000,000 A-/A1 Phillips Pete Co., 6.375%, 3/30/09 2,093,524 25,000 BBB+/Baa1 USX Corp., 6.85%, 3/1/08 25,976 ------------ $ 6,220,471 ------------ Oil & Gas Equipment And Services - 0.1% 875,000 B+/Ba3 Holly Energy Partners LP, 6.25%, 3/1/15 $ 847,656 ------------ Oil & Gas Exploration & Production - 0.3% 75,000 BBB/Baa1 Pemex Project Funding Master, 9.125%, 10/13/10 $ 86,325 2,000,000 BBB-/Baa3 Gazprom International SA., 7.201%, 2/1/20 (144A) 2,137,000 ------------ $ 2,223,325 ------------ Oil & Gas Refining & Marketing - 0.0% 320,000 BBB/Baa2 Boardwalk Pipelines LLC, 5.5%, 2/1/17 $ 317,371 ------------ Oil & Gas Storage & Transportation - 0.0% 65,000 BBB+/Baa1 Kinder Morgan Energy Partners, 6.75%, 3/15/11 $ 69,231 ------------ Total Energy $ 9,678,054 ------------ Materials - 1.5% Aluminum - 0.7% 1,700,000 B/B1 Novelis Inc., 7.25%, 02/15/15 $ 1,585,250 4,000,000 A-/A2 Alcoa, Inc., 7.375%, 8/1/10 4,383,808 ------------ $ 5,969,058 ------------ Commodity Chemicals - 0.2% 625,000 B+/B1 Invista, 9.25%, 5/1/12 (144A) $ 667,188 1,500,000 BB+/Ba2 Nova Chemicals, Ltd., 6.5%, 1/15/12 1,453,125 ------------ $ 2,120,313 ------------ Construction Materials - 0.2% 2,000,000 A+/A1 Vulcan Materials Co., 6.0%, 4/1/09 $ 2,087,046 ------------
The accompanying notes are an integral part of these financial statements. 17 Pioneer Bond Fund - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS 12/31/05 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value Fertilizers & Agricu Ltural Chemicals - 0.0% 45,000 BBB+/Baa1 Potash Corp. Saskatchewan, 4.875%, 3/1/13 $ 43,881 ------------ Paper Packaging - 0.1% 703,000 BB-/Ba3 Abitibi-Consolidated, Inc., 6.95%, 12/15/06 $ 708,273 ------------ Paper Products - 0.2% 1,300,000 BB/Ba3 Bowater Canada Finance, 7.95%, 11/15/11 $ 1,261,000 ------------ Specialty Chemicals - 0.1% 600,000 BB/Ba1 Ferro Corp., 7.625%, 5/1/13 $ 612,654 500,000 BB/Ba1 Ferro Corp., 7.125%, 4/1/28 508,620 ------------ $ 1,121,274 ------------ Total Materials $ 13,310,845 ------------ Capital Goods - 3.5% Aerospace & Defense - 0.5% 2,145,000 A/A3 McDonnell Douglas Corp., 6.875%, 11/1/06 $ 2,175,560 40,000 A/A3 Boeing Co., 5.125%, 2/15/13 40,332 2,000,000 A/A2 Honeywell Inc., 7.0%, 3/15/07 2,045,612 ------------ $ 4,261,504 ------------ Construction & Farm Machinery & Hvy Trks - 1.4% 6,000,000 A-/A3 Deere & Co., 7.0%, 3/15/12 $ 6,627,042 1,000,000 A/A2 Caterpillar Inc., 6.55%, 5/1/11 1,078,980 2,300,000 A/A2 Caterpillar Financial Services, 3.10%, 5/15/07 2,250,228 2,100,000 A/A2 Caterpillar Financial Services, 2.5%, 10/3/06 2,063,468 ------------ $ 12,019,718 ------------ Electrical Component & Equipment - 0.2% 1,545,000 NR/Ba1 Orcal Geothermal, 6.21%, 12/30/20 (144A) $ 1,549,311 ------------ Industrial Conglomerates - 1.3% 12,000,000 AAA/Aaa GE Electric Co., 5.0%, 2/1/13 $ 11,993,760 ------------ Trading Companies & Distributors - 0.1% 950,000 BB+/Ba1 Noble Group, Ltd., 6.625%, 3/17/15 (144A) $ 874,843 ------------ Total Capital Goods $ 30,699,136 ------------ Automobiles & Components - 0.3% Auto Parts & Equipment - 0.1% 990,000 B+/Ba2 Sun Sage BV, 8.25%, 3/26/09 (144A) $ 1,043,213 ------------ Automobile Manufacturers - 0.2% 130,000 BB+/Baa3 Ford Motor Co., 7.25%, 10/1/08 (b) $ 105,300 2,055,000 BB+/Baa2 Ford Motor Credit Co., 5.7%, 1/15/10 (b) 1,746,879 ------------ $ 1,852,179 ------------ Total Automobiles & Components $ 2,895,392 ------------
18 The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value Media - 0.6% Broadcasting & Cable Tv - 0.0% 135,000 BBB+/Baa2 Comcast Corp., 5.3%, 1/15/14 $ 132,441 ------------ Media - 0.6% 5,000,000 BBB+/Baa2 Comcast Cable Corp., 6.75%, 1/30/11 $ 5,294,030 ------------ Total Media $ 5,426,471 ------------ Retailing - 0.5% Department Stores - 0.1% 25,000 A-/Baa1 Nordstrom, Inc., 5.625%, 1/15/09 $ 25,220 1,000,000 BBB/Baa1 May Department Store Co., 7.9%, 10/15/07 1,041,152 ------------ $ 1,066,372 ------------ General Merchandise Stores - 0.4% 3,500,000 A+/A2 Target Corp., 5.875%, 3/1/12 $ 3,676,659 ------------ Total Retailing $ 4,743,031 ------------ Food & Drug Retailing - 0.5% Hypermarkets & Supercenters - 0.5% 4,500,000 AA/Aa2 Wal Mart Stores Inc., 5.45%, 8/1/06 $ 4,519,395 ------------ Total Food & Drug Retailing $ 4,519,395 ------------ Food Beverage & Tobacco - 1.2% Brewers - 0.0% 55,000 A/A3 Miller Brewing Co., 5.5%, 8/15/13 (144A) $ 56,062 ------------ Packaged Foods & Meats - 0.6% 5,055,000 A+/A1 Unilever Capital Corp., 7.125%, 11/1/10 $ 5,504,122 ------------ Soft Drinks - 0.6% 5,500,000 A/A3 Bottling Group LLC, 2.45%, 10/16/06 $ 5,394,114 55,000 A/A3 Bottling Group LLC, 5.0%, 11/15/13 55,010 ------------ $ 5,449,124 ------------ Total Food Beverage & Tobacco $ 11,009,308 ------------ Household & Personal Products - 0.8% Household Products - 0.8% 4,400,000 AA-/Aa3 Colgate-Palmolive Co., 5.34%, 3/27/06 $ 4,408,290 1,700,000 AA-/Aa2 Kimberly Clark Corp., 7.1%, 8/1/07 1,758,842 500,000 A-/A3 Clorox Co., 6.125%, 2/1/11 522,196 ------------ $ 6,689,328 ------------ Total Household & Personal Products $ 6,689,328 ------------ Health Care Equipment & Services - 0.8% Health Care Distributors - 0.3% 2,066,000 BBB/Baa3 Cardinal Health, Inc., 6.0%, 1/15/06 $ 2,066,498 ------------
The accompanying notes are an integral part of these financial statements. 19 Pioneer Bond Fund - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS 12/31/05 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value Health Care Facilities - 0.3% 2,735,000 BB+/Ba2 HCA, Inc., 6.3%, 10/1/12 $ 2,748,656 ------------ Health Care Supplies - 0.2% 1,874,000 BBB/Baa3 Bausch & Lomb, 7.125%, 8/1/28 $ 2,027,880 ------------ Total Health Care Equipment & Services $ 6,843,034 ------------ Pharmaceuticals & Biotechnology - 0.1% Pharmaceuticals - 0.1% 1,000,000 AA/Aa2 Glaxosmithline Capital PLC, 2.375%, 4/16/07 $ 970,048 ------------ Total Pharmaceuticals & Biotechnology $ 970,048 ------------ Banks - 1.7% Diversified Banks - 0.4% 45,000 A+/Aa2 US Bancorp, 3.125%, 3/15/08 $ 43,456 2,000,000 AA-/Aa1 US Bank, 3.75%, 2/6/09 1,936,476 1,100,000 A+/Aa3 Nationsbank Corp., 7.75%, 8/15/15 1,307,583 ------------ $ 3,287,515 ------------ Regional Banks - 1.3% 3,000,000 AA/Aa1 Province of British Columbia, 4.625%, 10/3/06 $ 2,999,127 4,500,000 A/Aa3 Branch Banking & Trust Co., 4.875%, 1/15/13 4,456,908 1,000,000 AA-/Aa1 Fifth Third FTB, 2.7%, 1/30/07 974,944 500,000 A+/Aa3 Suntrust Bank Atlanta, 6.375%, 4/1/11 530,049 3,159,000 A/A1 Suntrust Banks Inc., 7.375%, 7/1/06 3,189,560 ------------ $ 12,150,588 ------------ Total Banks $ 15,438,103 ------------ Diversified Financials - 2.7% Asset Management & Custody Banks - 1.8% 2,000,000 A/A1 Bank of New York, 4.95%, 3/15/15 $ 1,978,244 2,000,000 A/A2 Mellon Financial Co., 6.4%, 5/14/11 2,131,618 6,000,000 A+/A1 Northern Trust Co., 7.1%, 8/1/09 6,397,842 5,000,000 A+/A1 State Street Corp., 7.65%, 6/15/10 5,585,600 ------------ $ 16,093,304 ------------ Consumer Finance - 0.2% 2,340,000 A/A2 SLM Corp., Floating Rate Note, 7/25/14 $ 2,200,232 ------------ Investment Banking & Brokerage - 0.1% 1,275,000 B+/B1 E*Trade Financial Corp., 8.0%, 6/15/11 $ 1,326,000 ------------ Other Diversified Finance Services - 0.5% 1,000,000 A+/A3 Bank One Texas National, 6.25%, 2/15/08 $ 1,025,743 1,500,000 BBB-/Baa3 Bombardier Capital, Inc., 7.09%, 3/30/07 1,501,875 2,250,000 BBB-/Baa3 Glencore Funding LLC, 6.0%, 4/15/14 (144A) 2,116,220 ------------ $ 4,643,838 ------------ Total Diversified Financials $ 24,263,374 ------------
20 The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value Insurance - 6.5% Life & Health Insurance - 1.9% 2,830,000 B-/B2 Presidential Life Corp., 7.875%, 2/15/09 $ 2,801,700 1,000,000 A/A2 Metlife, 6.125%, 12/1/11 1,059,659 3,500,000 AA/Aa3 Protective Life, 4.0%, 10/7/09 3,407,936 2,850,000 BB+/Ba1 Provident Co., Inc., 7.0%, 7/15/18 2,947,054 90,000 A-/A3 Lincoln National Corp., 5.25%, 6/15/07 90,327 6,000,000 AA-/A1 Prudential Funding LLC, 6.6%, 5/15/08 6,235,188 ------------ $ 16,541,864 ------------ Multi-Line Insurance - 1.3% 1,950,000 A/Baa1 Loew Corp., 5.25%, 3/15/16 $ 1,927,136 4,450,000 BB/Ba1 Hanover Insurance Group, 7.625%, 10/15/25 4,563,609 5,000,000 AA+/Aa2 Asif Global Financial XVIII, 3.85%, 11/26/07 (144A) 4,903,445 ------------ $ 11,394,190 ------------ Property & Casualty Insurance - 2.4% 5,000,000 AA-/A2 John Hancock Financial Services, 5.625%, 12/1/08 $ 5,098,945 1,000,000 A/A2 Chubb Corp., 6.0%, 11/15/11 1,041,755 9,125,000 BBB+/A3 St. Paul Travelers, 5.75%, 3/15/07 9,173,034 3,000,000 AAA/Aaa Berkshire Hathway, Inc., 3.375%, 10/15/08 2,890,587 2,010,000 BBB-/NR Kingsway America, Inc., 7.5%, 2/1/14 2,071,022 1,410,000 BB/Baa3 Ohio Casualty Corp., 7.3%, 6/15/14 1,515,495 ------------ $ 21,790,838 ------------ Reinsurance - 0.9% 2,000,000 BBB-/Baa2 Odyssey Re Holdings, 7.65%, 11/1/13 $ 2,089,812 5,700,000 BBB/Baa2 Platinum Underwriters HD, 7.5%, 6/1/17 5,808,733 ------------ $ 7,898,545 ------------ Total Insurance $ 57,625,437 ------------ Real Estate - 1.7% Real Estate Management & Development - 0.3% 2,200,000 BB-/Ba3 Forest City Enterprises, 7.625%, 6/1/15 $ 2,332,000 ------------ Real Estate Investment Trusts - 1.4% 775,000 BBB-/Baa3 Hospitality Properties Trust, 5.125%, 2/15/15 $ 741,554 1,724,000 BB-/Ba2 Host Marriott LP, 6.375%, 3/15/15 1,719,690 935,000 BBB-/Baa3 Health Care, Inc., 8.0%, 9/12/12 1,042,592 860,000 BBB-/Baa3 Health Care, Inc., 6.0%, 11/15/13 860,523 3,575,000 BBB-/Baa3 Health Care, Inc., 6.2%, 6/1/16 3,576,487 985,000 BB/Ba3 Ventas Realty Capital Corp., 7.125%, 6/1/15 (144A) 1,034,250 890,000 B/B1 Crescent Real Estate, 7.5%, 9/15/07 903,350 1,100,000 BBB-/Baa3 Colonial Reality LP, 6.15%, 4/15/13 1,128,426 1,815,000 B+/B1 Trustreet Properties Inc., 7.5%, 4/1/15 1,815,000 ------------ $ 12,821,872 ------------ Total Real Estate $ 15,153,872 ------------
The accompanying notes are an integral part of these financial statements. 21 Pioneer Bond Fund - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS 12/31/05 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value Software & Services - 0.8% Data Processing & Outsourced Services - 0.8% 7,000,000 A+/A1 First Data Corp., 4.7% 11/01/06 $ 6,990,480 ------------ Total Software & Services $ 6,990,480 ------------ Technology Hardware & Equipment - 1.1% Communications Equipment - 0.3% 2,395,000 BBB-/Ba2 Corning, Inc., 5.9%, 3/15/14 $ 2,417,978 ------------ Computer Hardware - 0.8% 2,000,000 BBB-/Baa3 NCR Corp., 7.125%, 6/15/09 $ 2,092,086 5,000,000 A+/A1 International Business Machine 5.375%, 2/1/09 5,089,200 ------------ $ 7,181,286 ------------ Total Technology Hardware & Equipment $ 9,599,264 ------------ Semiconductors - 0.2% Semiconductors - 0.2% 2,195,000 BBB-/Baa3 Chartered Semiconductor, 6.375%, 8/3/15 $ 2,182,300 ------------ Total Semiconductors $ 2,182,300 ------------ Telecommunication Services - 0.3% Integrated Telecom Services - 0.3% 300,000 BB+/Ba1 AT&T Corp., 7.75%, 3/1/07 $ 308,577 1,500,000 A+/A3 GTE California Inc., 6.7%, 9/1/09 1,545,884 1,000,000 A+/Baa2 GTE California, Inc., 7.65%, 3/15/07 1,024,872 ------------ $ 2,879,333 ------------ Total Telecommunication Services $ 2,879,333 ------------ Utilities - 2.3% Electric Utilities - 1.0% 1,700,000 A/A2 Alabama Power Co., 7.125%, 10/1/07 $ 1,763,288 3,000,000 A/A2 Georgia Power Co., 4.0%, 1/15/11 2,860,725 65,000 BBB/Baa1 PSE & G Power, 6.95%, 6/1/12 70,442 1,000,000 BB-/Ba3 MSW Energy Holdings, 7.375%, 9/1/10 1,027,500 727,218 BBB-/Baa3 Crocket Cogeneration, 5.869%, 3/30/25 (144A) 720,127 1,555,000 BBB-/Baa3 Kiowa Power Partners LLC, 5.737%, 3/30/21 (144A) 1,559,572 710,000 BBB+/Baa3 Entergy Gulf States, 5.7%, 6/1/15 694,858 ------------ $ 8,696,512 ------------ Indep Power Producer & Energy Traders - 0.9% 5,000,000 BBB/Baa1 Duke Energy Corp., 6.25%, 1/15/12 $ 5,269,650 3,100,000 A/A1 Baltimore Gas & Electric Co., 7.5%, 1/15/07 3,177,884 ------------ $ 8,447,534 ------------
22 The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value Multi-Utilities - 0.4% 3,500,000 A-/A1 Wisconsin Electric Power Co., 6.625%, 11/15/06 $ 3,554,166 25,000 BBB+/Baa1 Dominion Resources, 6.25%, 6/30/12 26,155 ------------ $ 3,580,321 ------------ Total Utilities $ 20,724,367 ------------ Total Corporate Bonds (Cost $248,269,668) $251,640,572 ------------ US GOVERNMENT AND AGENCY OBLIGATIONS - 65.8% 140,000 AAA/Aaa Federal Home Loan Mortgage Corp., 5.24%, 8/7/18 $ 139,501 2,000,000 AAA/Aaa Federal Farm Credit Bank, Floating Rate Note, 1/3/07 1,999,896 65,000 AAA/Aaa Federal Home Loan Bank, 3.875%, 6/14/13 61,250 195,000 AAA/Aaa Federal Home Loan Bank, 6.0%, 4/15/32 200,356 435,155 AAA/Aaa Federal Home Loan Mortgage Corp., 4.5%, 11/1/18 424,415 718,011 AAA/Aaa Federal Home Loan Mortgage Corp., 4.5%, 4/1/35 675,529 3,325,155 AAA/Aaa Federal Home Loan Mortgage Corp., 4.5%, 5/1/20 3,235,730 5,120,629 AAA/Aaa Federal Home Loan Mortgage Corp., 4.5%, 8/1/20 4,990,475 681,539 AAA/Aaa Federal Home Loan Mortgage Corp., 5.0%, 7/1/35 659,815 1,625,661 AAA/Aaa Federal Home Loan Mortgage Corp., 5.5%, 11/1/34 1,612,330 1,853,155 AAA/Aaa Federal Home Loan Mortgage Corp., 5.5%, 11/1/34 1,839,118 1,962,554 AAA/Aaa Federal Home Loan Mortgage Corp., 5.5%, 12/1/18 1,982,320 2,449,843 AAA/Aaa Federal Home Loan Mortgage Corp., 5.5%, 9/1/33 2,433,356 74,160 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0% 3/1/33 74,988 313,624 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%, 1/1/33 317,125 306,975 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%, 1/1/34 310,402 786,649 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%, 1/1/34 794,578 1,182,527 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%, 12/1/33 1,195,728 272,942 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%, 12/1/33 276,804 348,051 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%, 12/1/33 351,936 709,649 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%, 2/1/33 718,494 530,106 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%, 3/1/33 536,317 2,045,313 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%, 3/1/33 2,069,280 1,209,249 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%, 4/1/35 1,221,467 4,868,577 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%, 5/1/34 4,917,653 958,172 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%, 5/1/34 967,830 3,227,588 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%, 6/1/35 3,260,200 1,240,529 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%, 6/1/35 1,253,064 2,060,924 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%, 8/1/34 2,081,698 1,576,610 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%, 9/1/33 1,594,210 58,565 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%, 1/1/29 60,264 591,975 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%, 10/1/33 609,403
The accompanying notes are an integral part of these financial statements. 23 Pioneer Bond Fund - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS 12/31/05 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value U.S. GOVERNMENT AND AGENCY OBLIGATIONS - (continued) 412,207 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%, 10/1/33 $ 424,741 130,274 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%, 11/1/33 134,094 3,612,457 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%, 3/1/13 3,710,043 138,615 AAA/Aaa Federal Home Loan Mortgage Corp., 6.5%, 7/1/32 142,306 10,035 AAA/Aaa Federal Home Loan Mortgage Corp., 7.0%, 12/1/30 10,454 6,553 AAA/Aaa Federal Home Loan Mortgage Corp., 8.0%, 4/1/08 6,716 5,705 AAA/Aaa Federal Home Loan Mortgage Corp., 8.0%, 9/15/06 5,708 5,915,498 AAA/Aaa Federal Home Loan Mortgage Corp., 4.5%, 10/1/20 5,756,411 14,850,477 AAA/Aaa Federal Home Loan Mortgage Corp., 4.5%, 10/1/20 14,451,098 9,972,816 AAA/Aaa Federal Home Loan Mortgage Corp., 4.5%, 10/1/35 9,382,757 5,953,619 AAA/Aaa Federal Home Loan Mortgage Corp., 4.5%, 11/1/20 5,793,507 2,764,462 AAA/Aaa Federal Home Loan Mortgage Corp., 4.5%, 3/1/20 2,690,116 10,983,740 AAA/Aaa Federal Home Loan Mortgage Corp., 4.50%, 10/1/35 10,333,868 799,040 AAA/Aaa Federal Home Loan Mortgage Corp., 4.50%, 11/1/35 751,764 5,991,967 AAA/Aaa Federal Home Loan Mortgage Corp., 4.50%, 9/1/35 5,637,442 199,726 AAA/Aaa Federal Home Loan Mortgage Corp., 4.50%, 9/1/35 187,909 8,879,209 AAA/Aaa Federal Home Loan Mortgage Corp., 5.0%, 10/1/20 8,791,560 2,920,900 AAA/Aaa Federal Home Loan Mortgage Corp., 5.0%, 6/1/35 2,827,796 4,966,806 AAA/Aaa Federal Home Loan Mortgage Corp., 5.5%, 11/1/35 4,922,312 4,929,517 AAA/Aaa Federal Home Loan Mortgage Corp., 5.5%, 8/1/35 4,885,357 457,881 AAA/Aaa Federal Home Loan Mortgage Corp., 6.0%, 5/1/17 467,385 16,726 AAA/Aaa Federal National Mortgage Association, 10.3%, 4/25/19 17,765 7,751 AAA/Aaa Federal National Mortgage Association, 10.3%, 4/25/19 9,146 6,474,255 AAA/Aaa Federal National Mortgage Association, 4.5%, 11/1/20 6,300,141 9,207,765 AAA/Aaa Federal National Mortgage Association, 4.5%, 4/1/19 8,973,590 3,724,480 AAA/Aaa Federal National Mortgage Association, 4.50%, 10/1/35 3,507,606 3,745,457 AAA/Aaa Federal National Mortgage Association, 4.50%, 10/1/35 3,527,362 198,288 AAA/Aaa Federal National Mortgage Association, 4.816%, 12/1/12 195,733 3,235,303 AAA/Aaa Federal National Mortgage Association, 5.0%, 10/1/20 3,200,868 257,728 AAA/Aaa Federal National Mortgage Association, 5.0%, 12/1/17 255,382 642,999 AAA/Aaa Federal National Mortgage Association, 5.0%, 2/1/20 636,155
24 The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value U.S. GOVERNMENT AND AGENCY OBLIGATIONS - (continued) 175,210 AAA/Aaa Federal National Mortgage Association, 5.0%, 3/1/33 $ 170,378 134,123 AAA/Aaa Federal National Mortgage Association, 5.0%, 5/1/34 130,219 8,704,568 AAA/Aaa Federal National Mortgage Association, 5.5%, 12/1/17 8,764,734 1,155,094 AAA/Aaa Federal National Mortgage Association, 5.5%, 12/1/18 1,162,763 240,336 AAA/Aaa Federal National Mortgage Association, 5.5%, 2/1/18 242,207 1,808,876 AAA/Aaa Federal National Mortgage Association, 5.5%, 3/1/25 1,805,108 915,477 AAA/Aaa Federal National Mortgage Association, 5.5%, 4/1/19 921,805 90,365 AAA/Aaa Federal National Mortgage Association, 5.5%, 7/1/23 90,383 2,258,723 AAA/Aaa Federal National Mortgage Association, 5.5%, 7/1/33 2,242,158 213,462 AAA/Aaa Federal National Mortgage Association, 5.5%, 9/1/17 214,937 3,647,244 AAA/Aaa Federal National Mortgage Association, 5.5%, 9/1/19 3,671,131 943,811 AAA/Aaa Federal National Mortgage Association, 6.0% 2/1/33 954,391 8,234 AAA/Aaa Federal National Mortgage Association, 6.0%, 1/1/29 8,338 11,762 AAA/Aaa Federal National Mortgage Association, 6.0%, 1/1/29 12,102 866,177 AAA/Aaa Federal National Mortgage Association, 6.0%, 10/1/32 875,887 236,892 AAA/Aaa Federal National Mortgage Association, 6.0%, 11/1/32 239,548 91,259 AAA/Aaa Federal National Mortgage Association, 6.0%, 2/1/32 92,339 77,044 AAA/Aaa Federal National Mortgage Association, 6.0%, 3/1/33 77,848 2,407,718 AAA/Aaa Federal National Mortgage Association, 6.0%, 4/1/33 2,432,856 3,065,778 AAA/Aaa Federal National Mortgage Association, 6.0%, 4/1/35 3,097,787
The accompanying notes are an integral part of these financial statements. 25 Pioneer Bond Fund - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS 12/31/05 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value U.S. GOVERNMENT AND AGENCY OBLIGATIONS - (continued) 477,991 AAA/Aaa Federal National Mortgage Association, 6.0%, 6/1/16 $ 488,612 2,253,554 AAA/Aaa Federal National Mortgage Association, 6.0%, 7/1/33 2,277,083 63,451 AAA/Aaa Federal National Mortgage Association, 6.0%, 8/1/32 64,162 1,827,041 AAA/Aaa Federal National Mortgage Association, 6.0%, 8/1/34 1,844,402 15,348 AAA/Aaa Federal National Mortgage Association, 6.0%, 9/1/29 15,537 1,107,503 AAA/Aaa Federal National Mortgage Association, 6.0%, 9/1/34 1,117,975 9,688,814 AAA/Aaa Federal National Mortgage Association, 6.00%, 7/1/35 9,780,423 91,729 AAA/Aaa Federal National Mortgage Association, 6.5%, 10/1/31 94,291 53,830 AAA/Aaa Federal National Mortgage Association, 6.5%, 10/1/31 55,333 257,912 AAA/Aaa Federal National Mortgage Association, 6.5%, 10/1/32 265,064 98,119 AAA/Aaa Federal National Mortgage Association, 6.5%, 2/1/32 100,859 168,466 AAA/Aaa Federal National Mortgage Association, 6.5%, 2/1/32 173,137 295,431 AAA/Aaa Federal National Mortgage Association, 6.5%, 3/1/32 303,624 19,352 AAA/Aaa Federal National Mortgage Association, 6.5%, 4/1/31 19,893 115,975 AAA/Aaa Federal National Mortgage Association, 6.5%, 5/1/31 119,214 230,999 AAA/Aaa Federal National Mortgage Association, 6.5%, 6/1/31 237,612 74,953 AAA/Aaa Federal National Mortgage Association, 6.5%, 7/1/29 77,210 55,319 AAA/Aaa Federal National Mortgage Association, 6.5%, 7/1/34 56,753 104,252 AAA/Aaa Federal National Mortgage Association, 6.5%, 8/1/31 107,164 108,957 AAA/Aaa Federal National Mortgage Association, 6.5%, 9/1/31 112,000
26 The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value U.S. GOVERNMENT AND AGENCY OBLIGATIONS - (continued) 163,487 AAA/Aaa Federal National Mortgage Association, 7.0%, 1/1/32 $ 170,664 63,626 AAA/Aaa Federal National Mortgage Association, 7.0%, 10/25/07 64,338 11,369 AAA/Aaa Federal National Mortgage Association, 7.0%, 12/1/30 11,868 37,599 AAA/Aaa Federal National Mortgage Association, 7.0%, 12/1/30 39,250 183,631 AAA/Aaa Federal National Mortgage Association, 7.0%, 12/1/31 191,692 15,819 AAA/Aaa Federal National Mortgage Association, 7.0%, 3/1/12 16,414 79,132 AAA/Aaa Federal National Mortgage Association, 7.0%, 4/1/31 82,606 48,757 AAA/Aaa Federal National Mortgage Association, 7.0%, 7/1/22 51,053 130,568 AAA/Aaa Federal National Mortgage Association, 7.0%, 8/1/31 136,300 77,147 AAA/Aaa Federal National Mortgage Association, 7.0%, 9/1/31 80,533 4,557 AAA/Aaa Federal National Mortgage Association, 7.5%, 4/1/30 4,776 11,979 AAA/Aaa Federal National Mortgage Association, 7.5%, 8/1/20 12,566 3,683 AAA/Aaa Federal National Mortgage Association, 8.0%, 1/1/31 3,934 3,416 AAA/Aaa Federal National Mortgage Association, 8.0%, 10/1/30 3,649 13,359 AAA/Aaa Federal National Mortgage Association, 8.0%, 2/1/29 14,263 2,904 AAA/Aaa Federal National Mortgage Association, 8.0%, 2/1/30 3,102 1,809 AAA/Aaa Federal National Mortgage Association, 8.0%, 2/1/30 1,933 50,117 AAA/Aaa Federal National Mortgage Association, 8.0%, 3/1/31 53,539 9,454 AAA/Aaa Federal National Mortgage Association, 8.0%, 4/1/20 10,106 3,988 AAA/Aaa Federal National Mortgage Association, 8.0%, 4/1/30 4,260
The accompanying notes are an integral part of these financial statements. 27 Pioneer Bond Fund - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS 12/31/05 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value U.S. GOVERNMENT AND AGENCY OBLIGATIONS - (continued) 2,887 AAA/Aaa Federal National Mortgage Association, 8.0%, 5/1/31 $ 3,084 2,622 AAA/Aaa Federal National Mortgage Association, 8.0%, 7/1/30 2,801 2,125,821 AAA/Aaa Federal National Mortgage Association, 6.0%, 7/1/33 2,148,016 2,347,309 AAA/Aaa Government National Mortgage Association II, 4.5%, 1/20/35 2,238,013 924,673 AAA/Aaa Government National Mortgage Association II, 4.5%, 12/20/34 881,488 211,956 AAA/Aaa Government National Mortgage Association II, 5.5%, 11/20/34 212,883 354,192 AAA/Aaa Government National Mortgage Association II, 5.5%, 2/20/34 355,741 2,079,228 AAA/Aaa Government National Mortgage Association II, 5.5%, 3/20/34 2,088,318 7,549,979 AAA/Aaa Government National Mortgage Association II, 6.0%, 11/20/33 7,722,878 267,530 AAA/Aaa Government National Mortgage Association II, 7.0%, 1/20/29 279,179 2,269 AAA/Aaa Government National Mortgage Association, 10.0%, 1/15/06 2,524 2,613 AAA/Aaa Government National Mortgage Association, 10.0%, 1/15/18 2,907 194,463 AAA/Aaa Government National Mortgage Association, 4.5%, 1/15/35 186,624 1,535,366 AAA/Aaa Government National Mortgage Association, 4.5%, 10/15/33 1,473,517 1,379,484 AAA/Aaa Government National Mortgage Association, 4.5%, 10/15/33 1,323,915 2,094,626 AAA/Aaa Government National Mortgage Association, 4.5%, 10/15/35 2,010,186 145,220 AAA/Aaa Government National Mortgage Association, 4.5%, 2/15/34 139,345 207,508 AAA/Aaa Government National Mortgage Association, 4.5%, 3/15/35 199,143 700,374 AAA/Aaa Government National Mortgage Association, 4.5%, 3/15/35 672,140 1,935,876 AAA/Aaa Government National Mortgage Association, 4.5%, 4/15/35 1,857,836
28 The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value U.S. GOVERNMENT AND AGENCY OBLIGATIONS - (continued) 691,580 AAA/Aaa Government National Mortgage Association, 4.5%, 4/15/35 $ 663,701 44,538 AAA/Aaa Government National Mortgage Association, 4.5%, 6/15/34 42,737 513,801 AAA/Aaa Government National Mortgage Association, 4.5%, 7/15/33 493,104 448,687 AAA/Aaa Government National Mortgage Association, 4.5%, 8/15/33 430,613 2,377,206 AAA/Aaa Government National Mortgage Association, 4.5%, 8/15/33 2,281,447 1,740,371 AAA/Aaa Government National Mortgage Association, 4.5%, 8/15/33 1,670,264 1,149,478 AAA/Aaa Government National Mortgage Association, 4.5%, 9/15/33 1,103,174 1,794,413 AAA/Aaa Government National Mortgage Association, 4.5%, 9/15/33 1,722,130 391,962 AAA/Aaa Government National Mortgage Association, 4.5%, 9/15/35 376,161 2,189,811 AAA/Aaa Government National Mortgage Association, 4.5%, 9/15/35 2,101,535 1,767,921 AAA/Aaa Government National Mortgage Association, 5.0%, 4/15/34 1,746,801 1,892,095 AAA/Aaa Government National Mortgage Association, 5.0%, 4/15/35 1,868,444 949,620 AAA/Aaa Government National Mortgage Association, 5.0%, 7/15/19 947,412 19,728 AAA/Aaa Government National Mortgage Association, 5.0%, 7/15/19 19,682 1,682,357 AAA/Aaa Government National Mortgage Association, 5.5%, 1/15/35 1,693,923 431,046 AAA/Aaa Government National Mortgage Association, 5.5%, 10/15/17 437,439 228,927 AAA/Aaa Government National Mortgage Association, 5.5%, 10/15/33 230,726 1,054,601 AAA/Aaa Government National Mortgage Association, 5.5%, 10/15/34 1,061,847 999,078 AAA/Aaa Government National Mortgage Association, 5.5%, 10/15/35 1,005,947 981,368 AAA/Aaa Government National Mortgage Association, 5.5%, 10/15/35 988,115
The accompanying notes are an integral part of these financial statements. 29 Pioneer Bond Fund - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS 12/31/05 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value U.S. GOVERNMENT AND AGENCY OBLIGATIONS - (continued) 1,988,547 AAA/Aaa Government National Mortgage Association, 5.5%, 10/15/35 $ 2,002,218 672,728 AAA/Aaa Government National Mortgage Association, 5.5%, 11/15/18 682,625 2,099,913 AAA/Aaa Government National Mortgage Association, 5.5%, 11/15/34 2,114,342 224,809 AAA/Aaa Government National Mortgage Association, 5.5%, 12/15/18 228,116 48,128 AAA/Aaa Government National Mortgage Association, 5.5%, 12/15/34 48,459 2,913,105 AAA/Aaa Government National Mortgage Association, 5.5%, 2/15/35 2,933,133 1,727,936 AAA/Aaa Government National Mortgage Association, 5.5%, 2/15/35 1,739,815 19,331 AAA/Aaa Government National Mortgage Association, 5.5%, 4/15/19 19,617 1,826,987 AAA/Aaa Government National Mortgage Association, 5.5%, 4/20/34 1,834,974 1,851,496 AAA/Aaa Government National Mortgage Association, 5.5%, 5/15/35 1,864,225 2,625,031 AAA/Aaa Government National Mortgage Association, 5.5%, 6/15/35 2,643,078 2,926,374 AAA/Aaa Government National Mortgage Association, 5.5%, 7/15/34 2,946,481 9,616,584 AAA/Aaa Government National Mortgage Association, 5.5%, 7/15/35 9,682,698 9,788,646 AAA/Aaa Government National Mortgage Association, 5.5%, 7/15/35 9,855,943 2,157,095 AAA/Aaa Government National Mortgage Association, 5.5%, 8/15/19 2,188,941 2,275,826 AAA/Aaa Government National Mortgage Association, 5.5%, 8/15/19 2,309,425 177,627 AAA/Aaa Government National Mortgage Association, 5.5%, 8/15/33 179,024 9,476,464 AAA/Aaa Government National Mortgage Association, 5.5%, 8/15/35 9,541,614 1,921,243 AAA/Aaa Government National Mortgage Association, 5.5%, 9/15/33 1,936,344 461,328 AAA/Aaa Government National Mortgage Association, 6.0%, 1/15/33 472,898
30 The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value U.S. GOVERNMENT AND AGENCY OBLIGATIONS - (continued) 1,038,475 AAA/Aaa Government National Mortgage Association, 6.0%, 1/15/33 $ 1,064,535 324,023 AAA/Aaa Government National Mortgage Association, 6.0%, 10/15/32 332,171 600,909 AAA/Aaa Government National Mortgage Association, 6.0%, 10/15/33 615,981 1,109,501 AAA/Aaa Government National Mortgage Association, 6.0%, 10/15/34 1,136,226 160,957 AAA/Aaa Government National Mortgage Association, 6.0%, 11/15/32 165,004 1,379,236 AAA/Aaa Government National Mortgage Association, 6.0%, 11/15/34 1,412,458 272,243 AAA/Aaa Government National Mortgage Association, 6.0%, 2/15/33 279,072 19,912 AAA/Aaa Government National Mortgage Association, 6.0%, 3/15/32 20,413 544,603 AAA/Aaa Government National Mortgage Association, 6.0%, 3/15/33 558,262 449,549 AAA/Aaa Government National Mortgage Association, 6.0%, 3/15/33 460,824 728,371 AAA/Aaa Government National Mortgage Association, 6.0%, 3/15/33 746,639 1,668,993 AAA/Aaa Government National Mortgage Association, 6.0%, 3/15/33 1,710,852 910,459 AAA/Aaa Government National Mortgage Association, 6.0%, 3/15/33 933,291 1,147,781 AAA/Aaa Government National Mortgage Association, 6.0%, 3/15/33 1,176,525 5,556 AAA/Aaa Government National Mortgage Association, 6.0%, 4/15/14 5,707 553,387 AAA/Aaa Government National Mortgage Association, 6.0%, 4/15/33 567,267 694,839 AAA/Aaa Government National Mortgage Association, 6.0%, 5/15/17 713,717 1,118,376 AAA/Aaa Government National Mortgage Association, 6.0%, 5/15/33 1,146,425 142,183 AAA/Aaa Government National Mortgage Association, 6.0%, 6/15/17 146,046 104,461 AAA/Aaa Government National Mortgage Association, 6.0%, 6/15/33 107,081
The accompanying notes are an integral part of these financial statements. 31 Pioneer Bond Fund - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS 12/31/05 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value U.S. GOVERNMENT AND AGENCY OBLIGATIONS - (continued) 751,368 AAA/Aaa Government National Mortgage Association, 6.0%, 7/15/33 $ 742,573 18,224 AAA/Aaa Government National Mortgage Association, 6.0%, 8/15/13 18,712 75,461 AAA/Aaa Government National Mortgage Association, 6.0%, 8/15/32 77,347 1,126,658 AAA/Aaa Government National Mortgage Association, 6.0%, 9/15/19 1,156,937 319,730 AAA/Aaa Government National Mortgage Association, 6.0%, 9/15/32 327,770 37,607 AAA/Aaa Government National Mortgage Association, 6.0%, 9/15/32 38,553 437,772 AAA/Aaa Government National Mortgage Association, 6.0%, 9/15/34 448,317 4,868,664 AAA/Aaa Government National Mortgage Association, 6.0%, 9/15/35 4,985,816 83,533 AAA/Aaa Government National Mortgage Association, 6.5%, 1/15/29 87,412 863,214 AAA/Aaa Government National Mortgage Association, 6.5%, 1/15/32 901,993 3,853,540 AAA/Aaa Government National Mortgage Association, 6.5%, 1/15/33 4,028,608 39,450 AAA/Aaa Government National Mortgage Association, 6.5%, 1/15/33 41,226 231,152 AAA/Aaa Government National Mortgage Association, 6.5%, 1/15/34 241,302 154,665 AAA/Aaa Government National Mortgage Association, 6.5%, 1/15/34 161,457 52,825 AAA/Aaa Government National Mortgage Association, 6.5%, 1/15/35 55,143 244,850 AAA/Aaa Government National Mortgage Association, 6.5%, 10/15/31 255,917 920,663 AAA/Aaa Government National Mortgage Association, 6.5%, 10/15/31 962,276 54,422 AAA/Aaa Government National Mortgage Association, 6.5%, 10/15/31 56,881 1,020,107 AAA/Aaa Government National Mortgage Association, 6.5%, 10/15/32 1,065,934 12,827 AAA/Aaa Government National Mortgage Association, 6.5%, 10/15/33 13,400
32 The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value U.S. GOVERNMENT AND AGENCY OBLIGATIONS - (continued) 42,933 AAA/Aaa Government National Mortgage Association, 6.5%, 11/15/31 $ 44,874 576,631 AAA/Aaa Government National Mortgage Association, 6.5%, 11/15/32 602,777 14,609 AAA/Aaa Government National Mortgage Association, 6.5%, 2/15/29 15,288 58,093 AAA/Aaa Government National Mortgage Association, 6.5%, 2/15/29 60,791 327,954 AAA/Aaa Government National Mortgage Association, 6.5%, 2/15/32 342,687 430,788 AAA/Aaa Government National Mortgage Association, 6.5%, 2/15/34 449,704 432,065 AAA/Aaa Government National Mortgage Association, 6.5%, 3/15/29 452,128 120,071 AAA/Aaa Government National Mortgage Association, 6.5%, 3/15/29 125,646 93,901 AAA/Aaa Government National Mortgage Association, 6.5%, 3/15/29 98,262 90,786 AAA/Aaa Government National Mortgage Association, 6.5%, 3/15/31 94,889 132,295 AAA/Aaa Government National Mortgage Association, 6.5%, 3/15/32 138,238 908,675 AAA/Aaa Government National Mortgage Association, 6.5%, 3/15/35 948,543 763,868 AAA/Aaa Government National Mortgage Association, 6.5%, 4/15/31 798,394 35,333 AAA/Aaa Government National Mortgage Association, 6.5%, 4/15/32 36,920 314,037 AAA/Aaa Government National Mortgage Association, 6.5%, 4/15/35 327,816 735 AAA/Aaa Government National Mortgage Association, 6.5%, 5/15/26 769 560,668 AAA/Aaa Government National Mortgage Association, 6.5%, 5/15/29 587,005 196,343 AAA/Aaa Government National Mortgage Association, 6.5%, 5/15/31 205,246 173,929 AAA/Aaa Government National Mortgage Association, 6.5%, 5/15/31 181,826 90,610 AAA/Aaa Government National Mortgage Association, 6.5%, 5/15/32 94,681
The accompanying notes are an integral part of these financial statements. 33 Pioneer Bond Fund - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS 12/31/05 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value U.S. GOVERNMENT AND AGENCY OBLIGATIONS - (continued) 19,412 AAA/Aaa Government National Mortgage Association, 6.5%, 6/15/31 $ 20,289 5,104,008 AAA/Aaa Government National Mortgage Association, 6.5%, 6/15/31 5,335,737 169,781 AAA/Aaa Government National Mortgage Association, 6.5%, 6/15/32 177,408 848,395 AAA/Aaa Government National Mortgage Association, 6.5%, 6/15/34 885,648 142,587 AAA/Aaa Government National Mortgage Association, 6.5%, 6/15/35 148,843 1,985,368 AAA/Aaa Government National Mortgage Association, 6.5%, 7/15/32 2,074,558 518,669 AAA/Aaa Government National Mortgage Association, 6.5%, 7/15/32 541,970 643,666 AAA/Aaa Government National Mortgage Association, 6.5%, 7/15/35 671,906 2,838,407 AAA/Aaa Government National Mortgage Association, 6.5%, 7/15/35 2,962,942 81,428 AAA/Aaa Government National Mortgage Association, 6.5%, 8/15/11 84,116 271,008 AAA/Aaa Government National Mortgage Association, 6.5%, 8/15/32 283,183 43,970 AAA/Aaa Government National Mortgage Association, 6.5%, 8/15/32 45,945 301,017 AAA/Aaa Government National Mortgage Association, 6.5%, 9/15/32 314,540 59,318 AAA/Aaa Government National Mortgage Association, 6.5%, 9/15/34 61,923 3,426,000 AAA/Aaa Government National Mortgage Association, 6.50%, 12/15/32 3,580,613 275,669 AAA/Aaa Government National Mortgage Association, 6.50%, 8/15/31 288,129 305,205 AAA/Aaa Government National Mortgage Association, 7.0%, 11/15/28 320,831 129,813 AAA/Aaa Government National Mortgage Association, 7.0%, 11/15/28 136,459 42,630 AAA/Aaa Government National Mortgage Association, 7.0%, 12/15/13 44,492 20,639 AAA/Aaa Government National Mortgage Association, 7.0%, 12/15/30 21,672
34 The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value U.S. GOVERNMENT AND AGENCY OBLIGATIONS - (continued) 65,648 AAA/Aaa Government National Mortgage Association, 7.0%, 2/15/30 $ 68,936 11,779 AAA/Aaa Government National Mortgage Association, 7.0%, 4/15/28 12,379 109,831 AAA/Aaa Government National Mortgage Association, 7.0%, 4/15/29 115,368 29,186 AAA/Aaa Government National Mortgage Association, 7.0%, 4/15/31 30,643 508,209 AAA/Aaa Government National Mortgage Association, 7.0%, 5/15/32 533,530 102,062 AAA/Aaa Government National Mortgage Association, 7.0%, 6/15/31 107,155 225,824 AAA/Aaa Government National Mortgage Association, 7.0%, 6/15/31 237,132 11,317 AAA/Aaa Government National Mortgage Association, 7.0%, 8/15/28 11,893 1,060,571 AAA/Aaa Government National Mortgage Association, 7.0%, 8/15/31 1,113,495 172,141 AAA/Aaa Government National Mortgage Association, 7.0%, 9/15/11 179,182 230,602 AAA/Aaa Government National Mortgage Association, 7.5%, 12/15/31 242,500 15,163 AAA/Aaa Government National Mortgage Association, 7.5%, 2/15/26 15,986 18,688 AAA/Aaa Government National Mortgage Association, 7.5%, 2/15/31 19,652 79,331 AAA/Aaa Government National Mortgage Association, 7.5%, 8/15/11 83,248 68,253 AAA/Aaa Government National Mortgage Association, 7.5%, 8/15/29 71,820 4,149 AAA/Aaa Government National Mortgage Association, 7.75%, 11/15/29 4,411 10,577 AAA/Aaa Government National Mortgage Association, 7.75%, 2/15/30 11,241 52,157 AAA/Aaa Government National Mortgage Association, 8.0%, 5/15/10 55,006 4,161 AAA/Aaa Government National Mortgage Association, 9.5%, 5/15/20 4,605 - AAA/Aaa Government National Mortgage Association, I, 10.0%, 1/15/06 -
The accompanying notes are an integral part of these financial statements. 35 Pioneer Bond Fund - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS 12/31/05 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value U.S. GOVERNMENT AND AGENCY OBLIGATIONS - (continued) 575,932 AAA/Aaa Government National Mortgage Association, I, 6.0%, 2/15/29 $ 590,528 56,151 AAA/Aaa Government National Mortgage Association, I, 7.0%, 12/15/30 58,962 41,807 AAA/Aaa Government National Mortgage Association, I, 7.0%, 3/15/31 43,894 19,258 AAA/Aaa Government National Mortgage Association, I, 7.5%, 10/15/29 20,264 1,012,898 AAA/Aaa Government National Mortgage Association, II, 5.5%, 10/20/19 1,024,691 13,800 AAA/Aaa Government National Mortgage Association, II, 6.5%, 2/20/29 14,341 6,904 AAA/Aaa Government National Mortgage Association, II, 6.5%, 3/20/29 7,175 197,687 AAA/Aaa Government National Mortgage Association, II, 6.5%, 4/20/29 205,447 467,997 AAA/Aaa Government National Mortgage Association, II, 7%, 11/20/28 488,625 16,860 AAA/Aaa Government National Mortgage Association, II, 7.0%, 12/20/30 17,588 343,773 AAA/Aaa Government National Mortgage Assoication, 4.5%, 4/15/35 329,915 239,631 AAA/Aaa Government National Mortgage Assoication, 4.5%, 5/15/34 229,938 35,000 AAA/Aaa U.S. Treasury Bonds, 4.25%, 8/15/13 34,687 135,000 AAA/Aaa U.S. Treasury Bonds, 3.125%, 10/15/08 130,586 4,600,000 AAA/Aaa U.S. Treasury Bonds, 4.0%, 2/15/14 4,475,299
36 The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value U.S. GOVERNMENT AND AGENCY OBLIGATIONS - (continued) 43,200,000 AAA/Aaa U.S. Treasury Bonds, 4.25%, 11/15/13 $ 42,788,261 4,650,000 AAA/Aaa U.S. Treasury Bonds, 5.25%, 11/15/28 5,071,769 43,900,000 AAA/Aaa U.S. Treasury Bonds, 6.25%, 8/15/23 52,422,790 135,000 AAA/Aaa U.S. Treasury Bonds, 7.125%, 2/15/23 174,635 1,000,000 AAA/Aaa U.S. Treasury Bonds, 8.0%, 11/15/21 1,377,695 17,950,369 AAA/Aaa U.S. Treasury Inflation Notes, 1.875%, 7/15/15 17,653,075 14,843,850 AAA/Aaa U.S. Treasury Inflation Notes, 3.0%, 7/15/12 15,695,056 1,794,720 AAA/Aaa U.S. Treasury Inflation Protected Security, 3.375%, 1/15/12 1,929,814 13,892,773 AAA/Aaa U.S. Treasury Inflation Protected Security, 3.5%, 1/15/11 14,847,901 2,000,000 AAA/Aaa U.S. Treasury Note 3.625%, 1/15/10 1,945,156 28,000,000 AAA/Aaa U.S. Treasury Notes, 3.625%, 6/15/10 27,174,224 2,925,000 AAA/Aaa U.S. Treasury Notes, 4.0%, 2/15/15 2,835,878 1,470,000 AAA/Aaa U.S. Treasury Notes, 4.25%, 11/15/14 1,452,888 1,450,000 AAA/Aaa U.S. Treasury Notes, 4.875%, 2/15/12 1,488,686 840,000 AAA/Aaa U.S. Treasury Notes, 5.25%, 2/15/29 916,617 3,260,000 AAA/Aaa U.S. Treasury Notes, 5.375%, 2/15/31 3,661,896 15,520,000 AAA/Aaa U.S. Treasury Notes, 5.5%, 8/15/28 17,450,905 105,000 AAA/Aaa U.S. Treasury Notes, 6.0%, 8/15/09 110,660 135,000 AAA/Aaa U.S. Treasury Notes, 7.0%, 7/15/06 136,777 12,800,000 AAA/Aaa U.S. Treasury Notes, 7.50%, 11/15/16 16,078,003 4,550,000 AAA/Aaa U.S. Treasury Strip, 0.0%, 2/15/11 3,650,333 11,000,000 AAA/Aaa U.S. Treasury Strip, 0.0%, 11/15/13 7,761,963 ------------ Total U.S. Government and Agency Obligations (Cost $590,589,421) $595,975,309 ------------ MUNICIPAL BONDS - 0.1% 530,000 A/Aa3 Tobacco Settlement Authority Iowa, 6.79%, 6/1/10 $ 553,468 ------------ Total Municipal Bonds (Cost $530,000) $ 553,468 ------------
The accompanying notes are an integral part of these financial statements. 37 Pioneer Bond Fund - -------------------------------------------------------------------------------- SCHEDULE OF INVESTMENTS 12/31/05 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount S&P/Moody's USD ($) Ratings Value TEMPORARY CASH INVESTMENTS - 1.9% Repurchase Agreement - 1.7% 15,000,000 UBS Warburg, Inc., 3.25%, dated 12/30/05, repurchase price of $15,000,000 plus accrued interest on 1/3/06 collateralized by $15,634,000 U.S. Treasury Bill, 4.0%, 6/29/06 $ 15,000,000 ------------ Shares Total Repurchase Agreement $ 15,000,000 ------------ Security Lending Collateral - 0.2% 1,861,915 Securities Lending Investment Fund, 4.24% $ 1,861,915 ------------ TOTAL TEMPORARY CASH INVESTMENTS (Cost $16,861,915) $ 16,861,915 ------------ TOTAL INVESTMENTS IN SECURITIES - 98.9% (Cost $295,408,155) (a) $879,547,623 ------------ OTHER ASSETS AND LIABILITIES - (1.1%) $ 9,220,641 ------------ TOTAL NET ASSETS - 100.0% $888,768,264 ============
(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, 2005, the value of these securities amounted to $26,148,998 or 2.9% of total net assets. (a) At June 30, 2005, the net unrealized gain on investments based on cost for federal income tax purposes of $870,651,989 was as follows: Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost $15,914,061 Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over value (7,018,425) ----------- Net unrealized gain $8,895,634 ===========
(b) At June 30, 2005, the following securities were out on loan:
Market Shares Security Value 122,750 Ford Motor Co., 7.25%, 10/1/08 $ 95,745 1,922,250 Ford Motor Credit Co., 5.7%, 1/15/10 1,633,913 ---------- Total $1,729,658 ==========
Purchases and sales of securities (excluding temporary cash investments) for the period ended December 31, 2005 were as follows:
Purchases Sales Long-term US Government 269,556,810 161,057,561 Other Long-term Securities 19,698,347 107,031,147
38 The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund - -------------------------------------------------------------------------------- STATEMENT OF ASSETS AND LIABILITIES 12/31/05 (unaudited) - -------------------------------------------------------------------------------- ASSETS: Investment in securities (including securities loaned of $1,729,658) (cost $870,651,989) $879,547,623 Cash 5,047,451 Receivables - Fund shares sold 2,378,166 Interest 8,671,420 Due from Pioneer Investment Management, Inc. 10,447 Other 4,233 ------------ Total assets $895,659,340 ------------ LIABILITIES: Payables - Fund shares repurchased $ 2,466,046 Dividends 2,239,185 Upon return of securities loaned 1,861,915 Due to affiliates 116,195 Accrued expenses 207,735 ------------ Total liabilities $ 6,891,076 ------------ NET ASSETS: Paid-in capital $883,178,726 Undistributed net investment loss (1,146,887) Accumulated net realized loss on investments (2,159,209) Net unrealized gain on investments 8,895,634 ------------ Total net assets $888,768,264 ============ NET ASSET VALUE PER SHARE: (No par value, Unlimited number of shares authorized) Class A (based on $221,420,471/24,132,711 shares) $ 9.18 ============ Class B (based on $55,151,894/6,039,539 shares) $ 9.13 ============ Class C (based on $38,229,248/4,200,808 shares) $ 9.10 ============ Investor Class (based on $3,974,209/432,953 shares) $ 9.18 ============ Class R (based on $2,253,105/242,963 shares) $ 9.27 ============ Class Y (based on $567,739,337/62,320,768 shares) $ 9.11 ============ MAXIMUM OFFERING PRICE: Class A ($9.18 [divided by] 95.5%) $ 9.61 ============
The accompanying notes are an integral part of these financial statements. 39 Pioneer Bond Fund - -------------------------------------------------------------------------------- STATEMENT OF OPERATIONS (unaudited) - -------------------------------------------------------------------------------- For the Six Months Ended 12/31/05 INVESTMENT INCOME: Interest $15,404,863 Income from securities loaned, net 9,289 ----------- Total investment income $ 15,414,152 ------------ EXPENSES: Management fees $ 1,544,332 Transfer agent fees and expenses Class A 243,367 Class B 119,618 Class C 52,459 Investor Class 6,844 Class R 3,758 Class Y 3,802 Distribution fees Class A 251,630 Class B 288,832 Class C 206,064 Class R 4,476 Administrative reimbursements 58,978 Custodian fees 23,584 Registration fees 77,734 Professional fees 35,118 Printing expense 46,928 Fees and expenses of nonaffiliated trustees 7,129 Miscellaneous 11,556 ----------- Total expenses $ 2,986,209 Less management fees waived and expenses reimbursed by Pioneer Investment Management, Inc. (115,330) Less fees paid indirectly (3,549) ------------ Net expenses $ 2,867,330 ------------ Net investment income $ 12,546,822 ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain on investments $ 155,076 ------------ Change in net unrealized loss on investments $(11,981,595) ------------ Net loss on investments $(11,826,519) ------------ Net increase in net assets resulting from operations $ 720,303 ============
40 The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund - -------------------------------------------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS - -------------------------------------------------------------------------------- For Six Months Ended 12/31/05 and Year Ended 6/30/05
Six Months Ended 12/31/05 Year Ended (unaudited) 6/30/05 FROM OPERATIONS: Net investment income $ 12,546,822 $ 10,838,294 Net realized gain on investments 155,076 5,924,830 Change in net unrealized gain (loss) on investments (11,981,595) 2,758,062 -------------- ------------- Net increase in net assets resulting from operations $ 720,303 $ 19,521,186 -------------- ------------- DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.21 and $0.47 per share, respectively) $ (4,469,787) $ (8,304,200) Class B ($0.17 and $0.38 per share, respectively) (1,032,993) (2,287,184) Class C ($0.17 and $0.39 per share, respectively) (751,614) (1,299,699) Investor Class ($0.22 and $0.26 per share, respectively) (98,167) (178,964) Class R ($0.20 and $0.44 per share, respectively) (37,653) (40,890) Class Y ($0.22 and $0.51 per share, respectively) (7,497,682) (778,239) -------------- ------------- Total distributions to shareowners $ (13,887,896) $ (12,889,176) -------------- ------------- FROM FUND SHARE TRANSACTIONS: Net proceeds from sale of shares $ 144,554,694 $ 108,065,548 Shares issued in reorganization 582,614,813 9,260,087 Reinvestment of distributions 7,463,309 10,153,547 Cost of shares repurchased (132,521,041) (93,990,071) -------------- ------------- Net increase in net assets resulting from fund share transactions $ 602,111,775 $ 33,489,111 -------------- ------------- Net increase in net assets $ 588,944,182 $ 40,121,121 NET ASSETS: Beginning of period 299,824,082 259,702,961 -------------- ------------- End of period (including undistributed net invest- ment income (loss) of ($1,146,887) and $194,187 respectively) $ 888,768,264 $ 299,824,082 ============== =============
The accompanying notes are an integral part of these financial statements. 41 Pioneer Bond Fund - -------------------------------------------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS (continued) - --------------------------------------------------------------------------------
'05 Shares '05 Amount (unaudited) (unaudited) '05 Shares '05 Amount CLASS A Shares sold 4,332,981 $ 39,902,192 4,629,687 $ 43,254,133 Shares issued in reorganization 4,818,649 44,668,880 - - Reinvestment of distributions 406,700 3,746,061 744,375 6,960,699 Less shares repurchased (3,946,232) (36,202,568) (4,329,910) (40,459,474) ---------- ------------- ---------- ------------- Net increase 5,612,098 $ 52,114,565 1,044,152 $ 9,755,358 ========== ============= ========== ============= CLASS B Shares sold 1,177,004 $ 10,840,511 2,072,692 $ 19,272,139 Shares issued in reorganization 615,934 5,678,911 - - Reinvestment of distributions 84,997 779,895 182,582 1,699,954 Less shares repurchased (1,912,420) (17,471,808) (2,499,953) (23,264,769) ---------- ------------- ---------- ------------- Net decrease (34,485) $ (172,491) (244,679) $ (2,292,676) ========== ============= ========== ============= CLASS C Shares sold 995,167 $ 9,141,292 2,724,251 $ 25,177,847 Reinvestment of distributions 63,569 581,687 105,060 974,901 Less shares repurchased (1,379,371) (12,580,346) (1,330,493) (12,355,814) ---------- ------------- ---------- ------------- Net increase (decrease) (320,635) $ (2,857,367) 1,498,818 $ 13,796,934 ========== ============= ========== ============= INVESTOR CLASS Shares sold - - - - Shares issued in reorganization 985,115 9,260,087 Reinvestment of distributions 9,665 89,190 13,153 123,059 Less shares repurchased (54,894) (508,210) (520,086) (5,057,239) ---------- ------------- ---------- ------------- Net increase (decrease) (45,229) $ (419,020) 478,182 $ 4,325,907 ========== ============= ========== ============= CLASS R Shares sold 142,421 $ 1,328,343 119,514 $ 1,130,666 Reinvestment of distributions 1,846 17,151 819 7,734 Less shares repurchased (33,868) (316,041) (24,978) (236,438) ---------- ------------- ---------- ------------- Net increase 110,399 $ 1,029,453 95,355 $ 901,962 ========== ============= ========== ============= CLASS Y Shares sold 9,157,433 $ 83,342,356 2,069,705 $ 19,230,763 Shares issued in reorganization 57,855,111 532,267,022 - - Reinvestment of distributions 247,195 2,249,325 41,689 387,200 Less shares repurchased (7,191,843) (65,442,068) (1,351,154) (12,616,337) ---------- ------------- ---------- ------------- Net increase 60,067,896 $ 552,416,635 760,240 $ 7,001,626 ========== ============= ========== =============
42 The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
Six Months Ended 12/31/05 Year Ended Year Ended Year Ended Year Ended Year Ended (unaudited) 6/30/05 6/30/04 6/30/03 6/30/02 (a) 6/30/01 CLASS A Net asset value, beginning of period $ 9.40 $ 9.18 $ 9.41 $ 8.89 $ 8.78 $ 8.47 ------- -------- -------- -------- -------- ------- Increase (decrease) from investment operations: Net investment income $ 0.19 $ 0.40 $ 0.41 $ 0.45 $ 0.52 $ 0.57 Net realized and unrealized gain (loss) on investments (0.20) 0.29 (0.14) 0.53 0.13 0.31 ------- -------- -------- -------- -------- ------- Net increase (decrease) from investment operations $ (0.01) $ 0.69 $ 0.27 $ 0.98 $ 0.65 $ 0.88 Distributions to shareowners: Net investment income (0.21) (0.47) (0.50) (0.46) (0.54) (0.57) ------- -------- -------- -------- -------- ------- Net increase (decrease) in net asset value $ (0.22) $ 0.22 $ (0.23) $ 0.52 $ 0.11 $ 0.31 ------- -------- -------- -------- -------- ------- Net asset value, end of period $ 9.18 $ 9.40 $ 9.18 $ 9.41 $ 8.89 $ 8.78 ======= ======= ======= ======= ======= ======= Total return* 2.46% 7.64% 2.98% 11.38% 7.58% 10.70% Ratio of net expenses to average net assets+ 1.00%** 1.05% 1.14% 1.20% 1.16% 1.21% Ratio of net investment income to average net assets+ 4.11%** 4.27% 4.42% 5.02% 5.79% 6.53% Portfolio turnover rate 87%** 49% 63% 48% 59% 43% Net assets, end of period (in thousands) $221,420 $174,055 $160,421 $183,338 $143,713 $98,004 Ratios with no assumption of expenses by PIM and no reduction for fees paid indirectly: Net expenses 1.08%** 1.18% 1.14% 1.20% 1.16% 1.18% Net investment income 4.03%** 4.14% 4.42% 5.02% 5.79% 6.56% Ratios with assumption of expenses by PIM and reduction for fees paid indirectly: Net expenses 1.00%** 1.05% 1.14% 1.20% 1.16% 1.18% Net investment income 4.11%** 4.27% 4.42% 5.02% 5.79% 6.56%
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period, and no sales charges. Total return would be reduced if sales charges were taken into account. ** Annualized + Ratio with no reduction for fees paid indirectly. (a) As a result of a change in accounting principle, the effect due to mandatory accretion of discounts and amortization of premiums on debt securities resulted in a reduction of net investment income of $0.02 per share, an increase in net realized and unrealized gain (loss) on investments of $0.02 per share, and the ratio of net investment income to average net assets decreased by 0.18%. The accompanying notes are an integral part of these financial statements. 43 Pioneer Bond Fund - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
Six Months Ended 12/31/05 Year Ended Year Ended Year Ended Year Ended Year Ended (unaudited) 6/30/05 6/30/04 6/30/03 6/30/02 (a) 6/30/01 CLASS B Net asset value, beginning of period $ 9.36 $ 9.14 $ 9.37 $ 8.87 $ 8.77 $ 8.44 ------- ------- ------- ------- ------- ------- Increase (decrease) from investment operations: Net investment gain $ 0.15 $ 0.32 $ 0.33 $ 0.37 $ 0.44 $ 0.50 Net realized and unrealized gain (loss) on investments (0.21) 0.28 (0.14) 0.53 0.14 0.30 ------- ------- ------- ------- ------- ------- Net increase (decrease) from investment operations $ (0.06) $ 0.60 $ 0.19 $ 0.90 $ 0.58 $ 0.80 Distributions to shareowners: Net investment income (0.17) (0.38) (0.42) (0.40) (0.48) (0.47) ------- ------- ------- ------- ------- ------- Net increase (decrease) in net asset value $ (0.23) $ 0.22 $ (0.23) $ 0.50 $ 0.10 $ 0.33 ------- ------- ------- ------- ------- ------- Net asset value, end of period $ 9.13 $ 9.36 $ 9.14 $ 9.37 $ 8.87 $ 8.77 ======= ======= ======= ======= ======= ======= Total return* 1.44% 6.72% 2.04% 10.44% 6.78% 9.71% Ratio of net expenses to average net assets+ 1.90%** 1.95% 1.98% 2.02% 1.95% 2.05% Ratio of net investment income to average net assets+ 3.25%** 3.39% 3.55% 4.22% 5.02% 5.72% Portfolio turnover rate 87%** 49% 63% 48% 59% 43% Net assets, end of period (in thousands) $55,152 $56,828 $57,774 $77,367 $59,729 $38,231 Ratios with no assumption of expenses by PIM and no reduction for fees paid indirectly: Net expenses 2.00%** 2.02% 1.98% 2.02% 1.95% 2.04% Net investment income 3.15%** 3.32% 3.55% 4.22% 5.02% 5.73% Ratios with assumption of expenses by PIM and reduction for fees paid indirectly: Net expenses 1.90%** 1.95% 1.98% 2.02% 1.95% 2.04% Net investment income 3.25%** 3.39% 3.55% 4.22% 5.02% 5.73%
* Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period, and no sales charges. Total return would be reduced if sales charges were taken into account. ** Annualized + Ratio with no reduction for fees paid indirectly. (a) As a result of a change in accounting principle, the effect due to mandatory accretion of discounts and amortization of premiums on debt securities resulted in a reduction of net investment income of $0.02 per share, an increase in net realized and unrealized gain (loss) on investments of $0.02 per share, and the ratio of net investment income to average net assets decreased by 0.18%. The accompanying notes are an integral part of these financial statements. 44 Pioneer Bond Fund - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
Six Months Ended 12/31/05 Year Ended Year Ended Year Ended Year Ended Year Ended (unaudited) 6/30/05 6/30/04 6/30/03 6/30/02 (a) 6/30/01 CLASS C Net asset value, beginning of period $ 9.32 $ 9.11 $ 9.31 $ 8.83 $ 8.73 $ 8.46 ------- ------- ------- ------- ------- ------- Increase (decrease) from investment operations: Net investment income $ 0.15 $ 0.32 $ 0.33 $ 0.37 $ 0.44 $ 0.48 Net realized and unrealized gain (loss) on investments (0.20) 0.28 (0.14) 0.51 0.12 0.30 ------- ------- ------- ------- ------- ------- Net increase (decrease) from investment operations $ (0.05) $ 0.60 $ 0.19 $ 0.88 $ 0.56 $ 0.78 Distributions to shareowners: Net investment income (0.17) (0.39) (0.39) (0.40) (0.46) (0.51) ------- ------- ------- ------- ------- ------- Net increase (decrease) in net asset value $ (0.22) $ 0.21 $ (0.20) $ 0.48 $ 0.10 $ 0.27 ------- ------- ------- ------- ------- ------- Net asset value, end of period $ 9.10 $ 9.32 $ 9.11 $ 9.31 $ 8.83 $ 8.73 ======= ======= ======= ======= ======= ======= Total return* 1.49% 6.68% 2.11% 10.28% 6.55% 9.46% Ratio of net expenses to average net assets+ 1.85%** 1.92% 1.97% 2.16% 2.14% 2.18% Ratio of net investment income to average net assets+ 3.31%** 3.24% 3.59% 4.05% 4.78% 5.56% Portfolio turnover rate 87%** 49% 63% 48% 59% 43% Net assets, end of period (in thousands) $38,229 $42,160 $27,545 $29,777 $18,067 $ 7,377 Ratios with no assumption of expenses by PIM and no reduction for fees paid indirectly: Net expenses 1.85%** 1.92% 1.97% 2.16% 2.15% 2.15% Net investment income 3.31%** 3.24% 3.59% 4.05% 4.77% 5.59% Ratios with assumption of expenses by PIM and reduction for fees paid indirectly: Net expenses 1.84%** 1.91% 1.97% 2.16% 2.15% 2.15% Net investment income 3.32%** 3.25% 3.59% 4.05% 4.77% 5.59%
* 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. ** Annualized + Ratio with no reduction for fees paid indirectly. (a) As a result of a change in accounting principle, the effect due to mandatory accretion of discounts and amortization of premiums on debt securities resulted in a reduction of net investment income of $0.02 per share, an increase in net realized and unrealized gain (loss) on investments of $0.02 per share, and the ratio of net investment income to average net assets decreased by 0.18%. The accompanying notes are an integral part of these financial statements. 45 Pioneer Bond Fund - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
Six Months 12/11/04 Ended 12/31/05 to (unaudited) 6/30/05 INVESTOR CLASS Net asset value, beginning of period $ 9.40 $ 9.40 ------- ------- Increase (decrease) from investment operations: Net investment income $ 0.21 $ 0.22 Net realized and unrealized gain (loss) on investments (0.21) 0.04 ------- ------- Net increase from investment operations $ (0.00) $ 0.26 Distributions to shareowners: Net investment income (0.22) (0.26) ------- ------- Net decrease in net asset value $ (0.22) $ 0.00 ------- ------- Net asset value, end of period $ 9.18 $ 9.40 ======= ======= Total return* 2.65% 2.84%(a) Ratio of net expenses to average net assets+ 0.74%** 0.74%** Ratio of net investment income to average net assets+ 4.42%** 4.43%** Portfolio turnover rate 87%** 49%(a) Net assets, end of period (in thousands) $ 3,974 $ 4,496 Ratios with no assumption of expenses by PIM and no reduction for fees paid indirectly: Net expenses 0.92%** 0.89%** Net investment income 4.24%** 4.28%** Ratios with assumption of expenses by PIM and reduction for fees paid indirectly: Net expenses 0.74%** 0.74%** Net investment income 4.42%** 4.43%**
* 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. + Ratio with no reduction for fees paid indirectly. (a) Not annualized. 46 The accompanying notes are an integral part of these financial statements. Pioneer Bond Fund - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
Six Months 4/1/03 (a) Ended 12/31/05 Year Ended Year Ended to (unaudited) 6/30/05 6/30/04 6/30/03 CLASS R Net asset value, beginning of period $ 9.50 $ 9.28 $ 9.50 $ 9.19 ------- ------- ------- -------- Increase (decrease) from investment operations: Net investment income $ 0.18 $ 0.36 $ 0.47 $ 0.10 Net realized and unrealized gain (loss) on investments (0.21) 0.30 (0.17) 0.32 ------- ------- ------- -------- Net increase (decrease) from investment operations $ (0.03) $ 0.66 $ 0.30 $ 0.42 Distributions to shareowners: Net investment income (0.20) (0.44) (0.52) (0.11) ------- ------- ------- -------- Net increase (decrease) in net asset value $ (0.23) $ 0.22 $ (0.22) $ 0.31 ------- ------- ------- -------- Net asset value, end of period $ 9.27 $ 9.50 $ 9.28 $ 9.50 ======= ======= ======= ======== Total return* 2.11% 7.27% 3.20% 4.55%(b) Ratio of net expenses to average net assets+ 1.25%** 1.31% 1.32% 1.42%** Ratio of net investment income to average net assets+ 3.82%** 3.77% 4.71% 4.13%** Portfolio turnover rate 87%** 49% 63% 48%(b) Net assets, end of period (in thousands) $ 2,253 $ 1,259 $ 345 $ 1 Ratios with no assumption of expenses by PIM and no reduction for fees paid indirectly: Net expenses 1.51%** 1.43% 1.32% 1.42%** Net investment income 3.56%** 3.65% 4.71% 4.13%** Ratios with assumption of expenses by PIM and reduction for fees paid indirectly: Net expenses 1.25%** 1.31% 1.32% 1.42%** Net investment income 3.82%** 3.77% 4.71% 4.13%**
(a) Class R shares were first publicly offered on April 1, 2003. * 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. + Ratio with no reduction for fees paid indirectly. (b) Not annualized. The accompanying notes are an integral part of these financial statements. 47 Pioneer Bond Fund - -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS - --------------------------------------------------------------------------------
Six Months 9/20/01(a) Ended 12/31/05 Year Ended Year Ended Year Ended to (unaudited) 6/30/05 6/30/04 6/30/03 6/30/02(b) CLASS Y Net asset value, beginning of period $ 9.33 $ 9.12 $ 9.35 $ 8.87 $ 8.85 ------- ------- ------- ------- -------- Increase (decrease) from investment operations: Net investment income $ 0.21 $ 0.44 $ 0.46 $ 0.51 $ 0.43 Net realized and unrealized gain (loss) on investments (0.21) 0.28 (0.14) 0.51 0.04 ------- ------- ------- ------- -------- Net increase from investment operations $ (0.00) $ 0.72 $ 0.32 $ 1.02 $ 0.47 Distributions to shareowners: Net investment income (0.22) (0.51) (0.55) (0.54) (0.45) ------- ------- ------- ------- -------- Net increase (decrease) in net asset value $ (0.22) $ 0.21 $ (0.23) $ 0.48 $ 0.02 ------- ------- ------- ------- -------- Net asset value, end of period $ 9.11 $ 9.33 $ 9.12 $ 9.35 $ 8.87 ======= ======= ------- ------- -------- Total return* 2.77% 8.07% 3.48% 11.86% 5.48%(c) Ratio of net expenses to average net assets+ 0.58%** 0.61% 0.58% 0.67% 0.64%** Ratio of net investment income to average net assets+ 4.28%** 4.43% 5.05% 5.54% 6.28%** Portfolio turnover rate 87%** 49% 63% 48% 59%(c) Net assets, end of period (in thousands) $567,739 $21,027 $13,617 $ 7,719 $ 4,051 Ratios with no assumption of expenses by PIM and no reduction for fees paid indirectly: Net expenses 0.58%** 0.61% 0.58% 0.67% 0.64%** Net investment income 4.28%** 4.43% 5.05% 5.54% 6.28%** Ratios with assumption of expenses by PIM and reduction for fees paid indirectly: Net expenses 0.58%** 0.61% 0.58% 0.67% 0.64%** Net investment income 4.28%** 4.43% 5.05% 5.54% 6.28%**
(a) Class Y shares were first publicly offered on September 20, 2001. * 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 + Ratio with no reduction for fees paid indirectly. (b) As a result of a change in accounting principle, the effect due to mandatory accretion of discounts and amortization of premiums on debt securities resulted in a reduction of net investment income of $0.02 per share, an increase in net realized and unrealized gain (loss) on investments of $0.02 per share, and the ratio of net investment income to average net assets decreased by 0.23%. (c) Not annualized. The accompanying notes are an integral part of these financial statements. 48 Pioneer Bond Fund - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS 12/31/05 (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 objective of the Fund is to seek current income consistent with preservation of capital. The Trustees have authorized the issuance of six classes of shares of the Fund. The Fund offers six classes of shares designated as Class A, Class B, Class C, Investor Class, Class R, and Class Y shares. Class R shares were first publicly offered April 1, 2003. Investor Class shares were first issued on December 10, 2004. The Fund is not offering additional Investor Class shares except in connection with the reinvestment of dividends on the Fund's Outstanding Investor Class shares. All Investor Class shares of the Fund, whenever issued, convert to Class A shares of the Fund on December 10, 2006. Each class of shares represents an interest in the same portfolio of investments of the Fund and has equal rights to voting, redemptions, dividends and liquidation, except that each class of shares can bear different transfer agent and distributions fees and has exclusive voting rights with respect to the distribution plans that have been adopted by Class A, Class B, Class C, and Class R shareowners, respectively. There is no distribution plan for Class Y shares and Investor Class shares. 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. 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 49 Pioneer Bond Fund - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS 12/31/05 (unaudited) (continued) - -------------------------------------------------------------------------------- sources, as required. Securities for which there are no other readily available valuation methods are valued at their fair values as determined by, or under the direction of the Board of Trustees. At December 31, 2005 there were no securities fair valued. Principal amounts of mortgage-backed securities are adjusted for monthly paydowns. Temporary cash investments are valued at amortized cost. 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. 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 either from or in excess of net investment income or net realized gain on investment transactions, or from paid-in capital, depending on the type of book/tax differences that may exist. 50 Pioneer Bond Fund - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- The tax character of current year distributions paid will be determined at the end of the current fiscal year. The tax character of distributions paid during the year ended June 30, 2005 was as follows:
- -------------------------------------------------------------------------------- 2005 - -------------------------------------------------------------------------------- Distributions paid from: Ordinary income $12,889,176 Long-term capital gain - ----------- Total $12,889,176 =========== - --------------------------------------------------------------------------------
The following shows the components of distributable earnings on a federal income tax basis at June 30, 2005.
- -------------------------------------------------------------------------------- 2005 - -------------------------------------------------------------------------------- Undistributed ordinary income $ 377,710 Dividends payable (183,523) Capital loss-carryforward (2,350,265) Unrealized appreciation 5,637,114 ---------- Total $3,481,036 ========== - --------------------------------------------------------------------------------
The difference between book basis and tax-basis unrealized appreciation is attributable to the tax deferral of losses on wash sales and 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 UniCredito Italiano S.p.A., (UniCredito Italiano), earned $32,743 in underwriting commissions on the sale of Class A shares during the six months ended December 31, 2005. D. Class Allocations 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 Investor Class shares are not subject to a distribution plan. Shareowners of each class 51 Pioneer Bond Fund - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS 12/31/05 (unaudited) (continued) - -------------------------------------------------------------------------------- share 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). 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. 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, at the same time, and in the same amount, except that each class of shares can bear different transfer agent and distribution fees. E. Repurchase Agreements With respect to repurchase agreements entered into by the Fund, the value of the underlying securities (collateral), including accrued interest received from the counterparties, is required to be at least equal to or in excess of the value of the repurchase agreement at the time of purchase. 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, with the Fund's custodian acting as the lending agent. When entering into a loan, the Fund receives collateral, which is maintained by the custodian and earns income in the form of negotiated lenders' fees. The Fund also continues to receive interest or payments in lieu of dividends on the securities loaned. Gain or loss on the fair value of the loaned securities that may occur during the term of the loan will be for the account of the Fund. The loans are secured by collateral of at least 102% at all times, of the fair value of the securities loaned. The amount of the 52 Pioneer Bond Fund - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- collateral will be adjusted daily to reflect any price fluctuation in the value of loaned securities. The Fund has the right under the lending agreements to recover the securities on loan from the borrower on demand. The Fund invests cash collateral in the Securities Lending Investment Fund, which is managed by Brown Brothers Harriman & Co., the Fund's custodian. 2. Management Agreement PIM, a wholly owned indirect subsidiary of UniCredito Italiano, 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. Effective November 1, 2004, PIM has contractually agreed to limit ordinary operating expenses to the extent required to reduce Class A expenses to 1.00% of the average daily net assets attributable to Class A shares. This expense limitation is in effect through November 1, 2007. 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, 2007. Through December 10, 2006, PIM has contractually agreed not to impose all or a portion of its management fee and to assume other operating expenses (excluding taxes, commissions, interest and extraordinary expenses) of the Fund to the extent necessary to limit Investor Class expenses to 0.74% of the average daily net assets attributable to Investor Class shares. 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. At December 31, 2005, $24,808 was payable to PIM related to management fees, administrative costs and certain other services, and is included in due to affiliates. 3. Transfer Agent PIMSS, a wholly owned indirect subsidiary of UniCredito Italiano, provides substantially all transfer agent and shareowner services to the Fund at negotiated rates. Included in due to affiliates is $83,190 in transfer agent fees payable to PIMSS at December 31, 2005. 53 Pioneer Bond Fund - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS 12/31/05 (unaudited) (continued) - -------------------------------------------------------------------------------- 4. Distribution and Service Plans The Fund adopted a Plan of Distribution with respect to each class of shares (Class A Plan, Class B Plan, Class C Plan and Class R Plan) in accordance with Rule 12b-1 of the Investment Company Act of 1940. Pursuant to the Class A Plan, the Fund pays PFD a service fee of up to 0.25% of the average daily net assets attributable to Class A shares in reimbursement of its actual expenditures to finance activities primarily intended to result in the sale of Class A shares. Pursuant to the Class B Plan and the Class C Plan, the Fund pays PFD 1.00% of the average daily net assets attributable to each class of shares. The fee consists of a 0.25% service fee and a 0.75% distribution fee both 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 Class R Plan, the Fund pays PFD 0.50% of the average daily net assets attributable to Class R shares for distribution services paid as compensation for personal services and/or account maintenance services or distribution services. 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. Included in due to affiliates is $8,197 in distribution fees payable to PFD at December 31, 2005. In addition, redemptions of Class A, Class B, Class C and Class R shares may be subject to a contingent deferred sales charge (CDSC). Effective February 1, 2004 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 (12 months for shares purchased prior to February 1, 2004). Class B shares subscribed on or after December 1, 2004 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 prior to December 1, 2004 remain subject to the CDSC in effect at the time those shares were purchased. Redemptions of Class C shares within one year of purchase are subject to a CDSC of 1.00%. Redemptions of Class R shares within 18 months of purchase were subject to a CDSC of 1.00%. Effective July 1, 2004 the CDSC on Class R shares was eliminated. Proceeds from the 54 Pioneer Bond Fund - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CDSCs are paid to PFD. For the six months ended December 31, 2005, $73,477 in CDSCs 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, 2005, the Fund's expenses were reduced by $3,548 under such arrangements. 6. Merger Information On December 8, 2004, beneficial owners of Safeco Intermediate Term Bond Fund (one of the series that comprised Safeco Taxable Bond Trust) approved a proposed Agreement and Plan of Reorganization that provided for the merger listed below. This tax-free reorganization was accomplished on December 10, 2004, by exchanging all of Safeco's net assets for Investor Class shares, based on the Fund's Class A shares' ending net asset value. The following charts show the details of the reorganizations as of that closing date ("Closing Date"):
- ------------------------------------------------------------------------------------------- Safeco Pioneer Intermediate Pioneer Bond Fund Term Bond Fund Bond Fund (Pre-Reorganization) (Pre-Reorganization) (Post-Reorganization) - ------------------------------------------------------------------------------------------- Net Assets $257,177,281 $9,260,087 $266,437,368 Shares Outstanding 27,433,514 1,085,975 28,418,629 Investor Class Shares Issued 985,115 Unrealized Appreciation Accumulated on Closing Date Gain - ------------------------------------------------------------------------------------------- Sefeco Intermediate Term Bond Fund $ 176,429 $ 26,968 - -------------------------------------------------------------------------------------------
55 Pioneer Bond Fund - -------------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS 12/31/05 (unaudited) (continued) - -------------------------------------------------------------------------------- Also, on September 23, 2005, beneficial owners of Amsouth High Quality Bond approved a proposed Agreement and Plan of Reorganization that provided for the merger listed below. This tax-free reorganization was accomplished on September 23, 2005, by exchanging all of Amsouth High Quality Bond's net assets for Pioneer Bond Fund's Class A, B and Y, based on the Fund's Class A shares' ending net asset value. The following charts show the details of the reorganizations as of that closing date ("Closing Date"):
- ------------------------------------------------------------------------------------------- Pioneer Amsouth Pioneer Bond Fund High Quality Bond Bond Fund (Pre-Reorganization) (Pre-Reorganization) (Post-Reorganization) - ------------------------------------------------------------------------------------------- Net Assets $312,255,489 $582,614,812 $894,870,301 Shares Outstanding 33,779,594 53,277,952 97,069,289 Investor Class Shares Issued 63,419,694 Unrealized Accumulated Appreciation Gain on on Closing Date Closing Date - ------------------------------------------------------------------------------------------- Amsouth High Quality Bond $ 15,276,095 $ 2,768,070 - -------------------------------------------------------------------------------------------
56 Pioneer Bond Fund - -------------------------------------------------------------------------------- FACTORS CONSIDERED BY THE INDEPENDENT TRUSTEES IN APPROVING THE MANAGEMENT CONTRACT - ------------------------------------------------------------------------------- The Investment Company Act of 1940 requires that both the Board of Trustees and a majority of the Independent Trustees (collectively "the Trustees") vote separately annually to approve the Fund's management contract (the "Management Contract"). The Trustees have determined that the terms of the Management Contract are fair and reasonable and that renewal of the contract will enable the Fund to receive quality investment advisory services at a cost deemed reasonable and in the best interests of the Fund and its shareholders. In making such determinations, the Independent Trustees relied upon the assistance of counsel to the Independent Trustees and counsel to the Fund. Throughout the year, the Independent Trustees regularly met in executive session separately from the Interested Trustees of the Fund and any officer of Pioneer Investment Management, Inc., the Fund's adviser (the "Investment Adviser"), or its affiliates. While the Trustees, including the Independent Trustees, act on all major matters relating to the Fund, a significant portion of the activities of the Board of Trustees (including certain of those described herein) is conducted through committees, the members of which are comprised exclusively of Independent Trustees. Such committee meetings are attended by officers of the Fund or the Investment Adviser to the extent requested by the members of the committee. In evaluating the Management Contract, the Trustees conducted a review that was specifically focused upon the renewal of the Management Contract, and relied upon their knowledge, resulting from their meetings throughout the year, of the Investment Adviser, its services and the Fund. Both in meetings specifically dedicated to renewal of the Management Contract and at other meetings during the course of the year, the Trustees, including the Independent Trustees, received materials relating to the Investment Adviser's investment and management services under the Management Contract. These materials included (i) information on the investment performance of the Fund, a peer group of funds and an index, in each case selected by the Independent Trustees for this purpose, (ii) sales and redemption data in respect to the Fund, (iii) the general investment outlook in the markets in which the Fund invests, (iv) arrangements in respect of the distribution of the Fund's shares, (v) the procedures employed to determine the value of each of the Fund's assets, (vi) the Investment Adviser's management of the relationships with the Fund's unaffiliated service providers, (vii) the record of compliance with the 57 Pioneer Bond Fund - -------------------------------------------------------------------------------- FACTORS CONSIDERED BY THE INDEPENDENT TRUSTEES IN APPROVING THE MANAGEMENT CONTRACT (continued) - -------------------------------------------------------------------------------- Fund's investment policies and restrictions and with the Fund's Code of Ethics and the structure and responsibilities of the Investment Adviser's compliance department, (viii) the nature, cost and character of non-investment management services provided by the Investment Adviser and its affiliates and (ix) the disclosures included in the Fund's prospectuses and reports to shareholders. Specifically in connection with the Independent Trustees' review of the Management Contract, the Independent Trustees requested and the Investment Adviser provided additional information in order to evaluate the quality of the Investment Adviser's services and the reasonableness of the fee under the Management Contract. Among other items, this information included data or analyses of (1) investment performance for one, three, five and ten year periods for the Fund and a peer group selected by the Independent Trustees for this purpose, (2) management fees incurred by a peer group of funds selected by the Independent Trustees for this purpose, (3) the advisory fees of comparable portfolios of other clients of the Investment Adviser, (4) expense ratios for the Fund and a peer group of funds selected by the Independent Trustees for this purpose, (5) the overall organization of the Investment Adviser, (6) the Investment Adviser's financial results and condition, including its and certain of its affiliates profitability from services performed for the Fund, (7) transfer agency fees and administrative reimbursements paid to the Investment Adviser or affiliates, (8) investment management staffing, and (9) operating expenses paid to third parties. The Trustees also reviewed information regarding the potential for the Fund and the Investment Adviser to benefit from further economies of scale in the management of the Fund in light of reasonable growth expectations for the Fund and certain of the Fund's expenses that are not incurred as fees based on a percentage of net assets. The following summarizes factors considered by the Trustees in connection with reviewing the information described above and their renewal of the Fund's Management Contract. The Trustees did not identify any single factor as all-important or controlling, and the summary does not detail all the matters that were considered. A. Ancillary Benefits to Shareholders. The Trustees considered the benefits to shareholders of investing in a Fund that is part of a large number of investment companies offering a variety of investment disciplines and providing for a large variety of Fund and shareholder services. 58 Pioneer Bond Fund - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- B. Compliance and Investment Performance. The Trustees determined that the Investment Adviser had policies and systems reasonably designed to achieve compliance with the Fund's investment objectives and regulatory requirements. The Trustees also reviewed the Fund's investment performance based upon total return, as well as the Fund's performance compared to both the performance of a peer group and an index, in each case selected by the Independent Trustees for this purpose. The Fund's performance, based upon total return, was in the first quintile of the peer group for the 12 months ended June 30, 2005, the first quintile of the peer group for the three years ended June 30, 2005, the first quintile for the five years ended June 30, 2005 and the third quintile for the ten year period ended June 30, 2005. (In all quintile rankings referred to throughout this discussion first quintile is most favorable to the Fund's shareholders. Thus, highest relative performance would be first quintile and lowest relative expenses also would be first quintile.) The Trustees also considered the yield (gross of expenses) to the Fund's Class A shareholders compared to the yield (as of June 30, 2005) of the Lehman Aggregate Bond Index. The Trustees concluded that the performance of the Fund supported the continuation of the Management Contract. C. The Investment Adviser's Personnel and Methods. The Trustees reviewed the background of members of the team responsible for the daily management of the Fund and the Fund's investment objective and discipline. The Independent Trustees also have had discussions with senior management of the Investment Adviser responsible for investment operations and the senior management of the Investment Adviser's fixed income group. Among other things, the Trustees considered the number, education and experience of the Investment Adviser's investment staff and their use of technology and emphasis on analytics in view of the risk profile of securities in which the Fund invests. The Trustees concluded that the Investment Adviser had the quality and depth of personnel and well-developed methods essential to performing its duties under the Management Contract. D. Nature and Quality of Other Services. The Trustees considered the nature, quality, cost and extent of other services provided to shareholders of the Fund, including administrative and shareholder services performed by the Investment Adviser under the Management 59 Pioneer Bond Fund - -------------------------------------------------------------------------------- FACTORS CONSIDERED BY THE INDEPENDENT TRUSTEES IN APPROVING THE MANAGEMENT CONTRACT (continued) - -------------------------------------------------------------------------------- Contract. The Trustees also considered the reasonableness of the arrangements for reimbursement of the Investment Adviser's out-of-pocket costs and expenses, including overhead, for certain administrative services that the Investment Adviser is not required to provide under the Management Contract. The Trustees also considered the nature and extent of the other services provided by the Investment Adviser's affiliates under other contracts and its supervision of third party service providers. Based on these considerations, the Trustees concluded that the nature, quality, cost and extent of such services are satisfactory and reliable and serve the shareholders of the Fund well. E. Management Fee and Expenses. The Trustees considered the Investment Adviser's fee under the Management Contract relative to the management fees charged by a peer group of funds selected by the Independent Trustees for this purpose using data provided by an independent third party. The Fund's management fee for the 12 months ended June 30, 2005 was in the third quintile relative to the management fees paid by the other funds in that peer group for the comparable period. The Trustees determined that the fee under the Management Contract was reasonable and fair in light of both the overall nature and quality of services provided by the Investment Adviser and the fees charged by the funds in the peer group. The Trustees also considered the Fund's expense ratio and expense ratios of a peer group of funds selected by the Independent Trustees for this purpose. The Fund's expense ratio for the 12 months ended June 30, 2005 was in the third quintile of the applicable peer group for the most recent fiscal year of the peer group for the comparable period. The Trustees concluded that the Fund's overall expense ratio was reasonable compared to that of comparably sized funds. F. Profitability. The Trustees considered the level of the Investment Adviser's profits with respect to the management of the Pioneer Funds, including details with respect to the Fund. This consideration included a review of the Investment Adviser's methodology in allocating certain of its costs to the management of each Fund. The Trustees also considered the financial results realized by the Investment Adviser in connection with the operation of the Fund. They further considered the profits realized by the Investment Adviser and its affiliates from non-fund businesses that may benefit from or be related to the Fund's business. The Trustees 60 Pioneer Bond Fund - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- considered the Investment Adviser's profit margins in comparison with the limited available industry data. The Trustees concluded that the Investment Adviser's profits from management of the Pioneer Funds, including the financial results derived from the Fund, bear a reasonable relationship to the services rendered and are fair for the management of the Fund. G. Economies of Scale. The Trustees considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. Because the Fund's advisory fee would remain in the third quintile of comparable funds within reasonable anticipated growth of the Fund, the Trustees concluded that break points were not needed at this time. As assets increase, the Trustees will continue to evaluate the appropriateness of break points. H. Other Benefits to the Investment Adviser. The Trustees also considered the character and amount of fees paid by the Fund, other than under the Management Contract, for services provided by the Investment Adviser and affiliates, including fees for services such as shareholder services. The Trustees also considered the receipt of sales loads and payments under Rule 12b-1 plans in respect to the Pioneer Funds (including the Fund). The Trustees further considered the revenues and profitability of the Investment Adviser's businesses other than the fund business, including the Investment Adviser's institutional investment advisory business. The Trustees considered the intangible benefits that accrue to the Investment Adviser and its affiliates by virtue of its relationship with the Fund and the Pioneer Funds as a group. The Trustees concluded that all these types of benefits accruing to the Investment Adviser were reasonable in the context of the overall relationship between the Investment Adviser and the Fund. Conclusion. The Trustees, in light of the Investment Adviser's overall performance, considered it appropriate to continue to retain the management services of the Investment Adviser. Based on their evaluation of all material factors deemed relevant and the advice of independent counsel, the Trustees concluded that the Management Contract with the Fund is fair and reasonable and voted to approve the continuation of the Management Contract for another year. 61 Pioneer Bond Fund - -------------------------------------------------------------------------------- TRUSTEES, OFFICERS AND SERVICE PROVIDERS - -------------------------------------------------------------------------------- Trustees John F. Cogan, Jr., Chairman David R. Bock Mary K. Bush Margaret B.W. Graham Osbert M. Hood Marguerite A. Piret Stephen K. West John Winthrop Officers John F. Cogan, Jr., President Osbert M. Hood, Executive Vice President Vincent Nave, Treasurer Dorothy E. Bourassa, Secretary Investment Adviser Pioneer Investment Management, Inc. Custodian Brown Brothers Harriman & Co. Principal Underwriter Pioneer Funds Distributor, Inc. Legal Counsel Wilmer Cutler Pickering Hale and Dorr 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 6-month period ended August 31, 2004 is publicly available to shareowners at www.pioneerfunds.com. This information is also available on the Securities and Exchange Commission's web site at http://www.sec.gov. 62 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- This page for your notes. 63 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- This page for your notes. 64 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- This page for your notes. 65 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- This page for your notes. 66 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- This page for your notes. 67 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- This page for your notes. 68 - -------------------------------------------------------------------------------- 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@pioneerinvest.com (for general questions about Pioneer only) Visit our web site: www.pioneerfunds.com Before investing consider the Fund's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus containing this information. Read it carefully. The Fund files a complete statement 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. ITEM 2. CODE OF ETHICS. (a) Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so. The registrant has adopted, as of the end of the period covered by this report, a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer and controller. (b) For purposes of this Item, the term "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote: (1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant; (3) Compliance with applicable governmental laws, rules, and regulations; (4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and (5) Accountability for adherence to the code. (c) The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item. The registrant has made no amendments to the code of ethics during the period covered by this report. (d) If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver. Not applicable. (e) If the registrant intends to satisfy the disclosure requirement under paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from, a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item by posting such information on its Internet website, disclose the registrant's Internet address and such intention. Not applicable. (f) The registrant must: (1) File with the Commission, pursuant to Item 10(a), a copy of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR; (2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this Form N-CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or (3) Undertake in its most recent report on this Form N-CSR to provide to any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made. See Item 10(2) ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. (a) (1) Disclose that the registrant's board of trustees has determined that the registrant either: (i) Has at least one audit committee financial expert serving on its audit committee; or (ii) Does not have an audit committee financial expert serving on its audit committee. The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert. (2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is "independent." In order to be considered "independent" for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of trustees, or any other board committee: (i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or (ii) Be an "interested person" of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)). Ms. Marguerite A. Piret, an independent trustee, is such an audit committee financial expert. (3) If the registrant provides the disclosure required by paragraph (a)(1) (ii) of this Item, it must explain why it does not have an audit committee financial expert. Not applicable. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. N/A (b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. N/A (c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category. N/A (d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. N/A (e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. PIONEER FUNDS APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES PROVIDED BY THE INDEPENDENT AUDITOR SECTION I - POLICY PURPOSE AND APPLICABILITY The Pioneer Funds recognize the importance of maintaining the independence of their outside auditors. Maintaining independence is a shared responsibility involving Pioneer Investment Management, Inc ("PIM"), the audit committee and the independent auditors. The Funds recognize that a Fund's independent auditors: 1) possess knowledge of the Funds, 2) are able to incorporate certain services into the scope of the audit, thereby avoiding redundant work, cost and disruption of Fund personnel and processes, and 3) have expertise that has value to the Funds. As a result, there are situations where it is desirable to use the Fund's independent auditors for services in addition to the annual audit and where the potential for conflicts of interests are minimal. Consequently, this policy, which is intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and procedures to be followed by the Funds when retaining the independent audit firm to perform audit, audit-related tax and other services under those circumstances, while also maintaining independence. Approval of a service in accordance with this policy for a Fund shall also constitute approval for any other Fund whose pre-approval is required pursuant to Rule 210.2-01(c)(7)(ii). In addition to the procedures set forth in this policy, any non-audit services that may be provided consistently with Rule 210.2-01 may be approved by the Audit Committee itself and any pre-approval that may be waived in accordance with Rule 210.2-01(c)(7)(i)(C) is hereby waived. Selection of a Fund's independent auditors and their compensation shall be determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY - ---------------- -------------------------------- ------------------------------------------------- SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES CATEGORY - ---------------- -------------------------------- ------------------------------------------------- I. AUDIT Services that are directly o Accounting research assistance SERVICES related to performing the o SEC consultation, registration independent audit of the Funds statements, and reporting o Tax accrual related matters o Implementation of new accounting standards o Compliance letters (e.g. rating agency letters) o Regulatory reviews and assistance regarding financial matters o Semi-annual reviews (if requested) o Comfort letters for closed end offerings - ---------------- -------------------------------- ------------------------------------------------- II. Services which are not o AICPA attest and agreed-upon procedures AUDIT-RELATED prohibited under Rule o Technology control assessments SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments and are related extensions of o Enterprise security architecture the audit services support the assessment audit, or use the knowledge/expertise gained from the audit procedures as a foundation to complete the project. In most cases, if the Audit-Related Services are not performed by the Audit firm, the scope of the Audit Services would likely increase. The Services are typically well-defined and governed by accounting professional standards (AICPA, SEC, etc.) - ---------------- -------------------------------- ------------------------------------------------- ------------------------------------- ------------------------------------ AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE REPORTING POLICY ------------------------------------- ------------------------------------ o "One-time" pre-approval o A summary of all such for the audit period for all services and related fees pre-approved specific service reported at each regularly subcategories. Approval of the scheduled Audit Committee independent auditors as meeting. auditors for a Fund shall constitute pre approval for these services. ------------------------------------- ------------------------------------ o "One-time" pre-approval o A summary of all such for the fund fiscal year within services and related fees a specified dollar limit (including comparison to for all pre-approved specified dollar limits) specific service subcategories reported quarterly. o Specific approval is needed to exceed the pre-approved dollar limit for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) o Specific approval is needed to use the Fund's auditors for Audit-Related Services not denoted as "pre-approved", or to add a specific service subcategory as "pre-approved" ------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED - ----------------------- --------------------------- ----------------------------------------------- SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES DESCRIPTION - ----------------------- --------------------------- ----------------------------------------------- III. TAX SERVICES Services which are not o Tax planning and support prohibited by the Rule, o Tax controversy assistance if an officer of the Fund o Tax compliance, tax returns, excise determines that using the tax returns and support Fund's auditor to provide o Tax opinions these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. - ----------------------- --------------------------- ----------------------------------------------- - ------------------------------------- ------------------------- AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE REPORTING POLICY - ------------------------------------- ------------------------- - ------------------------------------- ------------------------- o "One-time" pre-approval o A summary of for the fund fiscal year all such services and within a specified dollar limit related fees (including comparison to specified dollar limits) reported quarterly. o Specific approval is needed to exceed the pre-approved dollar limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) o Specific approval is needed to use the Fund's auditors for tax services not denoted as pre-approved, or to add a specific service subcategory as "pre-approved" - ------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED - ----------------------- --------------------------- ----------------------------------------------- SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES DESCRIPTION - ----------------------- --------------------------- ----------------------------------------------- IV. OTHER SERVICES Services which are not o Business Risk Management support prohibited by the Rule, o Other control and regulatory A. SYNERGISTIC, if an officer of the Fund compliance projects UNIQUE QUALIFICATIONS determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. - ----------------------- --------------------------- ----------------------------------------------- - --------------------------------------- ------------------------ AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE REPORTING POLICY - ------------------------------------- -------------------------- o "One-time" pre-approval o A summary of for the fund fiscal year within all such services and a specified dollar limit related fees (including comparison to specified dollar limits) reported quarterly. o Specific approval is needed to exceed the pre-approved dollar limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) o Specific approval is needed to use the Fund's auditors for "Synergistic" or "Unique Qualifications" Other Services not denoted as pre-approved to the left, or to add a specific service subcategory as "pre-approved" - ------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED - ----------------------- ------------------------- ----------------------------------------------- SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES DESCRIPTION - ----------------------- ------------------------- ----------------------------------------------- PROHIBITED SERVICES Services which result 1. Bookkeeping or other services in the auditors losing related to the accounting records or independence status financial statements of the audit under the Rule. client* 2. Financial information systems design and implementation* 3. Appraisal or valuation services, fairness* opinions, or contribution-in-kind reports 4. Actuarial services (i.e., setting actuarial reserves versus actuarial audit work)* 5. Internal audit outsourcing services* 6. Management functions or human resources 7. Broker or dealer, investment advisor, or investment banking services 8. Legal services and expert services unrelated to the audit 9. Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible - ----------------------- ------------------------- ----------------------------------------------- - ------------------------------------------- ------------------------------ AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE REPORTING POLICY - ------------------------------------------- ------------------------------ o These services are not to be o A summary of all performed with the exception of the(*) services and related services that may be permitted fees reported at each if they would not be subject to audit regularly scheduled procedures at the audit client (as Audit Committee meeting defined in rule 2-01(f)(4)) level will serve as continual the firm providing the service. confirmation that has not provided any restricted services. - ------------------------------------------- ------------------------------
- -------------------------------------------------------------------------------- GENERAL AUDIT COMMITTEE APPROVAL POLICY: o For all projects, the officers of the Funds and the Fund's auditors will each make an assessment to determine that any proposed projects will not impair independence. o Potential services will be classified into the four non-restricted service categories and the "Approval of Audit, Audit-Related, Tax and Other Services" Policy above will be applied. Any services outside the specific pre-approved service subcategories set forth above must be specifically approved by the Audit Committee. o At least quarterly, the Audit Committee shall review a report summarizing the services by service category, including fees, provided by the Audit firm as set forth in the above policy. - -------------------------------------------------------------------------------- (2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. N/A (f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees. N/A (g) Disclose the aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant. N/A (h) Disclose whether the registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. The Fund's independent auditor, Ernst & Young LLP ("E&Y"), has advised the Audit Committee of the Fund's Board of Trustees that E&Ys Spanish affiliate (E&Y Spain) performed certain non-audit work for Pioneer Global Investments Limited ("PGIL"), an affiliate of the Funds investment adviser. The services involved the receipt and disbursement of monies transferred to E&Y Spain by PGIL in payment of individual payroll and related income tax withholdings due on returns prepared by E&Y Spain for certain PGIL employees located in Spain from February 2001 to October 2005. E&Y became auditors of the Fund in May 2002. These payroll and tax services were discontinued in November 2005. The annual fee received by E&Y Spain for all such services totaled approximately 9,000 Euro per year. E&Y has informed the Audit Committee that based on its internal reviews and the de minimus nature of the services provided and fees received, E&Y does not believe its independence with respect to the Fund has been impaired or that it is disqualified from acting as independent auditors to the Fund. N/A Item 5. Audit Committee of Listed Registrants (a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrants audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state. The registrant has a separately-designated standing audit committe eestablished in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). (b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees. N/A Item 6. Schedule of Investments. File Schedule I Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in 210.12- 12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form. Included in Item 1 ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company's investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company's investment adviser, or any other third party, that the company uses, or that are used on the company's behalf, to determine how to vote proxies relating to portfolio securities. Not applicable to open-end management investment companies. Item 8. Portfolio Managers of Closed-End Management Investment Companies. (a) If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR,provide the following information: (1) State the name, title, and length of service of the person or persons employed by or associated with the registrant or an investment adviser of the registrant who are primarily responsible for the day-to-day management of the registrants portfolio (Portfolio Manager). Also state each Portfolio Managers business experience during the past 5 years. Not applicable to open-end management investment companies. Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. (a) If the registrant is a closed-end management investment company, in the following tabular format, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any affiliated purchaser, as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrants equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose all purchases covered by this Item, including purchases that do not satisfy the conditions of the safe harbor of Rule 10b-18 under the Exchange Act (17 CFR 240.10b-18), made in the period covered by the report. Provide disclosures covering repurchases made on a monthly basis. For example, if the reporting period began on January 16 and ended on July 15, the chart would show repurchases for the months from January 16 through February 15, February 16 through March 15, March 16 through April 15, April 16 through May 15, May 16 through June 15, and June 16 through July 15. Not applicable to open-end management investment companies. Item 10. Submission of Matters to a Vote of Security Holders. Describe any material changes to the procedures by which shareholders may recommend nominees to the registrants board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item. There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrants board of directors since the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in its definitive proxy statement, or this Item. ITEM 11. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, about the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR 270.30a-2(c))) based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph. The registrant's principal executive officer and principal financial officer have concluded, that the registrant's disclosure controls and procedures are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) Disclose whether or not there were significant changes in the registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. There were no significant changes in the registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. ITEM 12. EXHIBITS. File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. (a) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. (b) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2). Filed herewith. SIGNATURES [See General Instruction F] Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Pioneer Bond Fund By (Signature and Title)* /s/ John F. Cogan, Jr. John F. Cogan, Jr, President Date February 28, 2006 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ John F. Cogan, Jr. John F. Cogan, Jr., President Date February 28, 2006 By (Signature and Title)* /s/ Vincent Nave Vincent Nave, Treasurer Date February 28, 2006 * Print the name and title of each signing officer under his or her signature. EX-99 2 cert.txt CERTIFICATIONS -------------- I, John F. Cogan, Jr., certify that: 1. I have reviewed this report on Form N-CSR of Pioneer Bond Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and c) presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officer and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: February 28, 2006 /s/ John F. Cogan, Jr. John F. Cogan, Jr. President CERTIFICATIONS -------------- I, Vincent Nave, certify that: 1. I have reviewed this report on Form N-CSR of Pioneer Bond Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and c) presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officer and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: February 28, 2006 /s/ Vincent Nave Vincent Nave Treasurer SECTION 906 CERTIFICATION Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Pioneer Bond Fund (the "Fund"), hereby certifies, to the best of his knowledge,that the Fund's Report on Form N-CSR for the period ended December 31, 2005 (the "Report") fully complies with the requirements of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. Dated: February 28, 2006 /s/ John F. Cogan, Jr. John F. Cogan, Jr. President This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or a separate disclosure document. A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the SEC or its staff upon request. SECTION 906 CERTIFICATION Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Pioneer Bond Fund (the "Fund"), hereby certifies, to the best of his knowledge, that the Fund's Report on Form N-CSR for the period ended December 31, 2005 (the "Report") fully complies with the requirements of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. Dated: February 28, 2006 /s/ Vincent Nave Vincent Nave Treasurer This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or a separate disclosure document. A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the SEC or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----