Pioneer Bond Fund seeks current income and strives to deliver competitive returns compared to a traditional
higher-quality, US core fixed income portfolio, while limiting additional volatility.

An Active, Risk-Managed Approach to Core Fixed Income

Untitled Document


Diversified Sources of Risk/Return: We seek to diversify across a broad range of fixed income asset classes and exposure to non-core sectors with lower correlations. We believe this can contribute to higher returns, lower volatility and reduced downside risk versus its peers over time.
Transparency of Portfolio: The Fund adheres to its value-driven philosophy by dynamically (actively) investing directly in bonds within a wide range of fixed income asset classes, adding or reducing risk as market conditions change.
1 Alpha measures risk-adjusted performance, representing excess return relative to the return of the benchmark. A positive alpha suggests risk-adjusted value added by the manager versus the index.
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.