| Portfolio Allocation |
(% of Portfolio) as of July 31, 2010
| Mortgage-Backed Securities | 49.9% |
| U.S. Treasury/Agency Securities | 21.7% |
| Invest.-Grade Corp. Bonds | 20.8% |
| International Bonds | 4.4% |
| High-Yield Corp. Bonds | 2.1% |
| Cash & Equivalents | 1.1% |
| Top Holdings |
(% of Portfolio) as of July 31, 2010
| 1 | United States Treasury N/B 1.0%, 7/31/11 | 6.4% |
| 2 | United States Treasu 2.5% 043015 | 5.6% |
| 3 | United States Treasury N/B .875%, 5/31/11 | 2.8% |
| 4 | Fannie Mae Grantor VAR, 10/25/40 | 2.1% |
| 5 | United States Treasu 1.875%, 6/15/12 | 2.0% |
| 6 | Residential Accredit Loans Inc 5.0%, 8/25/18 | 1.6% |
| 7 | United States Treasury N/B 1.5%, 7/15/12 | 1.6% |
| 8 | New Century Home Equity Loan Trust, Floating Rate, 9/25/35 | 1.4% |
| 9 | Fannie Mae REMICS 5% 5/15/29 | 1.2% |
| 10 | LBUBS 2001-C2 C 6.975%, 9/15/34 | 1.0% |
 | TOTAL | 25.7% |
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 | 62.1% |
| AA | 7.3% |
| A | 9.1% |
| BBB | 13.2% |
| BB | 3.7% |
| B | 0.5% |
| CCC | 0.9% |
| Not Rated | 2.1% |
| Cash Equivalent | 1.1% |
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.