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Pioneer Bond Fund


  • 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



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 assure a profit or protect against loss.


"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."


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 May 31, 2016

(load waived) (load adjusted)
Overall Morningstar RatingTM
(out of 956 funds in the Intermediate-Term Bond Category)

Morningstar proprietary ratings reflect risk-adjusted performance as of 5/31/16

The Overall Morningstar RatingTM is based on a weighted average of the star ratings assigned to a fund's three, five, and ten year (as applicable) time periods. The Morningstar Category identifies funds based on their underlying portfolio holdings. Classifications are based on portfolio statistics and compositions over the past three years. For funds less than three years old, category classifications are based on life of the fund. Pioneer Bond Fund was rated exclusively against U.S.-domiciled intermediate-term bond funds as follows: 4, 4 and 4 stars (load waived) and 2, 3 and 3 stars (load adjusted) among 956, 838 and 606 funds for the three-, five-, and 10-year periods ended 5/31/16, respectively. The Morningstar Rating is for Class A Shares only. Morningstar Load Waived ratings do not take into account Class A sales charges. Ratings may vary among share classes and are based on past performance, which is no guarantee of future results.

Please see a prospectus for complete information pertaining to load waived eligibility (such as large purchases or certain types of group plan participants). For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2, or 1 star, respectively. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Each fund is rated exclusively against U.S. domiciled funds. The following copyright pertains only to Morningstar information. The Morningstar information contained herein 1) is proprietary to Morningstar; 2) may not be copied; and 3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 2016 Morningstar, Inc. All Rights Reserved.

ClassA SharesC SharesK SharesR SharesY Shares*
Inception Date/
Performance Inception Date
Total Net Assets (millions)$1,153.0$133.9$328.0$153.4$2,087.7
Initial Minimum Invest.$1,000$1,000$5,000,000$0$5,000,000
Management Fee0.40%0.40%0.40%0.40%0.40%
Expense Ratio (Gross)0.93%1.63%0.47%1.21%0.58%
Expense Ratio (Net)0.85%1.63%0.47%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 11/1/2017 and 11/1/2017 for Class A 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 May 31, 2016

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

30-day SEC Yield Without Expense Waiver
Class A
Class C
Class K
Class R
Class Y

Weighted Average Life of Securities8.31 Years
Weighted Average Maturity9.20 Years
Duration4.34 Years
Total Holdings1661

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, an executive vice president and Chief Investment Officer, U.S., joined Pioneer in 1998 and has been an investment professional since 1983.
Charles Melchreit, Portfolio Manager
Mr. Melchreit, a senior vice president and Director of Investment Grade, 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 © 2016 Pioneer Investments.