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Pioneer Bond Fund

Highlights

  • Invests primarily in investment-grade U.S. fixed-income securities

  • Consistent, value-oriented investment approach rooted in fundamental, proprietary research

  • Top-down, bottom-up approach to sector weightings, security selection

  • Has outpaced the Lipper Corporate Funds Average for the 3-, 5- and 10-year periods*

  • *Past performance cannot guarantee future results

Pioneer Bond Fund manager's commentary


Strategy

FUND STRATEGY

The Fund seeks current income by investing primarily in an investment-grade portfolio, consistent with capital preservation and prudent investment risk, to help provide a steady stream of dividend income to meet immediate and long-term needs and, potentially, to diversify a investor's overall holdings.

Dividends are not guaranteed.
Diversification does not ensure a profit or protect against loss in a declining market.


PORTFOLIO MANAGEMENT PERSPECTIVE

"We combine fundamental and quantitative analysis to generate investment ideas and conduct ongoing review of performance and risk characteristics. We apply an integrated, team oriented approach in our focus on sector allocation, industry allocation and security selection, deciding what types of bonds and industries present the most value at a given time."

A WORD ABOUT RISK

When interest rates rise, the prices of fixed-income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the Fund will generally rise. Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations. Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the fund would experience a decline in income and lose the opportunity for additional price appreciation. Investments in high yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default. The securities issued by U.S. Government sponsored entities (i.e., FNMA, Freddie Mac) are neither guaranteed nor issued by the U.S. Government. The portfolio may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to pre-payments. At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. These risks may increase share price volatility.


Fund Facts

As of September 30, 2014

ClassA SharesB SharesC SharesR SharesY Shares*
CUSIP723622106723622205723622304723622502723622403
Nasdaq SymbolPIOBXPBOBXPCYBXPBFRXPICYX
Inception Date/
Performance Inception Date
10/31/19784/4/19941/31/199610/31/197810/31/1978
Total Net Assets (millions)$760.3$5.0$75.6$58.1$976.3
Initial Minimum Investment$1,000$1,000$1,000$0$5,000,000
Management Fee0.40%0.40%0.40%0.40%0.40%
Expense Ratio (Gross)0.92%2.10%1.65%1.24%0.58%
Expense Ratio (Net)0.85%1.90%1.65%1.10%0.58%

Initial minimum investment amounts for retirement plans are lower.
*Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.
The Net Expense ratio reflects contractual expense limitations currently in effect through 11/1/2015, 11/1/2015 and 11/1/2016 for Class A, B and R Shares, respectively. There can be no assurance that Pioneer will extend the expense limitations beyond such time. Please see the prospectus and financial statements for more information.


Portfolio Characteristics

As of September 30, 2014

30-day SEC Yield With Expense Waiver
Class A
Class B
Class C
Class R
Class Y

2.35%
1.41%
1.71%
2.22%
2.78%
30-day SEC Yield Without Expense Waiver
Class A
Class B
Class C
Class R
Class Y

2.28%
1.21%
1.71%
2.08%
2.78%
Weighted Average Life of Securities8.17 Years
Weighted Average Maturity9.25 Years
Duration3.99 Years
Total Holdings1126
Turnover41%

30-day SEC yield is based on the hypothetical annualized earning power (investment income only) of the Fund's portfolio securities during the period indicated. Duration is a measurement of how long, in years, it takes for the price of a bond to be repaid by its internal cash flows.

The Average Maturity of certain funds might not be a useful measure if they contain securities with principal paydowns, such as mortgage passthroughs. Instead, market participants calculate Average Life, which reflects the average time to receipt of principal payments (scheduled principal payments and projected prepayments).


Portfolio Management


Kenneth J. Taubes, Portfolio Manager
Mr. Taubes, Chief Investment Officer, U.S. and an Executive Vice President, joined Pioneer in September 1998 and has been an investment professional since 1982.
Charles Melchreit, Portfolio Manager
Mr. Melchreit, Director of Investment Grade and a senior vice president, joined Pioneer in 2006 and has been an investment professional since 1986.



Not FDIC insured May lose value No bank guarantee

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus and for information on any Pioneer fund, please download from our web site.

Neither Pioneer, nor its representatives, are legal or tax advisors. In addition, Pioneer does not provide advice or recommendations. The investments you choose should correspond to your needs, goals, and risk tolerance. For assistance in determining your financial situation, please consult an investment professional.

 
 

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus or summary prospectus and for information on any Pioneer fund, please download it here.

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Securities offered through Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA. 02109. Underwriter of Pioneer mutual funds, Member SIPC © 2014 Pioneer Investments.