| Strategy |
|
FUND STRATEGY The Fund seeks as high a level of current income as is consistent with the preservation of capital by investing in U.S. Government securities. |  |
MANAGER'S PERSPECTIVE
"In making our investment decisions, we consider a variety of factors that are expected to influence economic activity and interest rates. These factors include fundamental economic indicators such as rates of economic growth and inflation, Federal Reserve monetary policy and the relative value of the U.S. dollar against other world currencies."
Richard Schlanger, Portfolio Manager
Charles Melchreit, Portfolio Manager
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. Prepayment risk is the chance that mortgage-backed bonds will be paid off early if falling interest rates prompt homeowners to refinance their mortgages. 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 associated with falling interest rates. 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. These risks may increase share price volatility.
| Fund Facts |
As of June 30, 2010
| Class | A Shares | B Shares | C Shares | Y Shares* |
| CUSIP | 72387P726 | 72387P718 | 72387P692 | 72387P684 |
| Nasdaq Symbol | AMGEX | ABGIX | GOVCX | ATGIX |
| Inception Date | 10/1/1993 | 3/13/2000 | 3/13/2000 | 10/1/1993 |
| Total Net Assets (millions) | $169.9 | $17.9 | $36.0 | $10.4 |
| Initial Minimum Investment | $1,000 | $1,000 | $1,000 | $5,000,000 |
| Management Fee | 0.50% | 0.50% | 0.50% | 0.50% |
| Total Expense Ratio (Gross) | 1.15% | 1.97% | 1.90% | 0.67% |
| Total Expense Ratio (Net) | 1.15% | 1.97% | 1.90% | 0.67% |
|
Initial minimum investment amounts for retirement plans are lower. |
| Portfolio Characteristics |
As of June 30, 2010
|
30-day SEC yield is based on the hypothetical annualized earning power (investment income only) of the Fund's portfolio securities during period indicated.
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 |
Richard Schlanger, Portfolio Manager
Mr. Schlanger joined Pioneer as a portfolio manager in 1988 after spending 12 years with Irving Trust Company in New York, where he had overall responsibility for managing nearly $1.5 billion in fixed-income assets.
Charles Melchreit, Portfolio Manager
Mr. Melchreit joined Pioneer as a portfolio manager in 2006. From 2003 to 2004 he was a managing director at Cigna Investment Management. Prior to that, Mr. Melchreit was a senior vice president and portfolio manager at Aeltus Investment Management.
| 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.