| Portfolio Allocation |
(% of Portfolio) as of July 31, 2010
| Int'l Invest.-Grade Bonds | 42.9% |
| Invest.-Grade Corp. Bonds | 23.1% |
| Mortgage-Backed Securities | 21.0% |
| U.S. Treasury/Agency Securities | 6.2% |
| High-Yield Corp. Bonds | 3.5% |
| Cash & Equivalents | 3.3% |
| Top Holdings |
(% of Portfolio) as of July 31, 2010
| 1 | Japan Govt 5-Yr 1.2%, 3/20/12 | 3.6% |
| 2 | Federal National Mortgage Association, 6.5%, 4/1/38 | 2.5% |
| 3 | Bundesrepublik Deutschland 6.5%, 7/4/27 | 2.3% |
| 4 | Japan Govt 10-Yr 1.7%, 9/20/16 | 2.0% |
| 5 | Canada Housing Trust 3.55%, 9/15/13 | 1.9% |
| 6 | U.S. Treasury Inflation Notes, 2.5%, 1/15/29 | 1.9% |
| 7 | Federal Home Loan Mortgage Corporation, 6.5% 8/1/37 | 1.7% |
| 8 | Japan Govt 20-Yr 1.5%, 3/20/19 | 1.7% |
| 9 | France Government Bond OAT 3.0%, 10/25/15 | 1.7% |
| 10 | BONOS Y OBLIG DEL ES 4.4% 1/31/2015 | 1.5% |
 | TOTAL | 20.8% |
The portfolio is actively managed and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any security listed.
Click here for a full list of holdings.
| Quality Distributions |
(% of Portfolio) as of July 31, 2010
| AAA | 50.8% |
| AA | 14.8% |
| A | 8.9% |
| BBB | 17.9% |
| BB | 2.5% |
| B | 1.2% |
| CCC | 0.5% |
| Not Rated | 0.2% |
| Cash Equivalent | 3.3% |
Source: Moody's and S&P. If the ratings provided by Moody's and S&P for a security differ, the higher of the two ratings is used.
| 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 containing this information. Read it carefully. To obtain a free prospectus and for information on any Pioneer fund, please download from our web site.