<PAGE>
PIONEER
[LOGO] INVESTMENTS-REGISTERED TRADEMARK-
PIONEER
LIMITED MATURITY
BOND FUND
ANNUAL REPORT 11/30/00
<PAGE>
TABLE OF CONTENTS
---------------------------------------------------------------------------
Letter from the President 1
Portfolio Summary 2
Performance Update 3
Portfolio Management Discussion 6
Schedule of Investments 9
Financial Statements 15
Notes to Financial Statements 21
Report of Independent Public Accountants 25
Results of Shareowner Meeting 26
Trustees, Officers and Service Providers 27
The Pioneer Family of Mutual Funds 28
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
LETTER FROM THE PRESIDENT 11/30/00
DEAR SHAREOWNER,
--------------------------------------------------------------------------------
The year 2000, the last year of the old millenium, is ending on an historically
unsettling note. The bewildering final days of the presidential election have
come on top of a period of increased market volatility, leaving us all feeling
unsettled. We at Pioneer are convinced that the market's volatility has its
roots not in politics but in the signs of a slowing economy and in the sudden
realization by investors that some market valuations, notably technology, had
become irrational. As the new millenium unfolds we expect investors to get back
to work assessing the policies of the new administration, evaluating the
prospects for a growing economy and identifying undervalued companies.
As seasoned investors we treat periods of turmoil as periods of opportunity,
looking for the few significant facts and trends that hide well behind the
clutter of daily events. I think that you should do the same thing. This is a
good year, and a good time of year, to evaluate your retirement program
contributions, to compare a Roth IRA with a traditional IRA and to reassess your
investment allocations in light of current market conditions. A successful
investment program requires not only money, but time and planning. Your
investment professional is your best guide to making these important decisions.
AN IMPORTANT ANNOUNCEMENT FROM PIONEER
I'm very happy to report that, on October 24, 2000, Pioneer Investment
Management, Inc. became a wholly owned subsidiary of UniCredito Italiano
S.p.A., one of Italy's largest and most successful banking groups. Early in
2001, all of UniCredito's investment operations will be combined to form
Pioneer Global Asset Management S.p.A., which will manage over $110 billion
for global individual and institutional clients under the name Pioneer
Investments-Registered Trademark-. The new Pioneer Global will bring to
Pioneer greater analytical resources that complement our broad set of
investment skills, reinforcing Pioneer's tradition of fundamental investment
analysis and sound long-term portfolio management. We believe fund
shareholders will benefit from this merger.
All of us at Pioneer appreciate your decision to invest with us and look forward
to helping you reach your financial goals.
Sincerely,
/s/ David Tripple
David Tripple
Pioneer Investment Management, Inc.
1
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
PORTFOLIO SUMMARY 11/30/00
PORTFOLIO DIVERSIFICATION
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[PIE CHART]
<TABLE>
<S> <C>
Corporate Bonds 51%
U.S. Government Agency Obligations 39%
U.S. Government Obligations 10%
</TABLE>
PORTFOLIO QUALITY
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)
[PIE CHART]
<TABLE>
<S> <C>
Treasury/Agency 48%
AAA 12%
A 12%
BBB 18%
Below BBB 9%
Commercial Paper 1%
</TABLE>
10 LARGEST HOLDINGS
--------------------------------------------------------------------------------
(As a percentage of debt holdings)
<TABLE>
<S> <C>
1. U.S. Treasury Notes, 6.5%, 5/15/05 3.18%
2. U.S. Treasury Bond, 7.875%, 11/15/07 3.02
3. Government National Mortgage Association, 7.0%, 4/15/29 2.68
4. Government National Mortgage Association II, 7.5%, 8/20/27 2.64
5. Government National Mortgage Association II, 7.0%, 1/20/29 2.49
6. U.S. Treasury Notes, 6.625%, 5/15/07 2.47
7. Spieker Properties L.P., 6.8%, 12/15/01 2.31
8. Federal National Mortgage Association, 8.0%, 7/1/30 2.22
9. Deutsche Telekom International Finance, 7.75%, 6/15/05 2.07
10. Government National Mortgage Association II, 7.5%, 8/20/28 1.96
</TABLE>
Fund holdings will vary for other periods.
2
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
PERFORMANCE UPDATE 11/30/00 CLASS A SHARES
SHARE PRICES AND DISTRIBUTIONS
--------------------------------------------------------------------------------
NET ASSET VALUE
PER SHARE 11/30/00 11/30/99
$3.58 $3.62
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(11/30/99-11/30/00) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$0.221 - -
INVESTMENT RETURNS
--------------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000 investment made in
Pioneer Limited Maturity Bond Fund at public offering price, compared to the
growth of the Merrill Lynch 1-3 Year Treasury Index and the Lehman Brothers
Government/Corporate Bond Index-Intermediate.
-----------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
(As of November 30, 2000)
<TABLE>
<CAPTION>
NET ASSET PUBLIC OFFERING
PERIOD VALUE PRICE*
<S> <C> <C>
Life-of-Fund 4.88% 4.56%
(8/10/92)
5 Years 4.74 4.21
1 Year 5.18 2.63
-----------------------------------------
</TABLE>
* Reflects deduction of the maximum 2.5% sales charge at the beginning of the
period and assumes reinvestment of distributions at net asset value.
[CHART]
GROWTH OF $10,000+
<TABLE>
<CAPTION>
Pioneer Limited Maturity Merrill Lynch 1-3 Year Lehman Brothers Government/
Bond Fund* Treasury Index Corporate Bond Index-Intermediate
<S> <C> <C> <C>
8/92 $9,750 $10,000 $10,000
11/92 $9,809 $10,018 $9,969
$10,204 $10,372 $10,562
$10,425 $10,623 $10,938
$10,466 $10,586 $10,700
11/94 $10,457 $10,697 $10,739
$11,122 $11,375 $11,732
$11,466 $11,810 $12,297
$11,606 $11,975 $12,270
11/96 $12,062 $12,494 $13,013
$12,332 $12,766 $13,175
$12,743 $13,235 $13,835
$13,094 $13,657 $14,337
11/98 $13,543 $14,207 $15,059
$13,633 $14,380 $15,022
$13,743 $14,674 $15,228
$13,820 $14,978 $15,394
11/00 $14,455 $15,684 $16,410
</TABLE>
+ Index comparison begins 8/31/92. The Merrill Lynch 1-3 Year Treasury Index is
an unmanaged, composite index of debt obligations of the U.S. Treasury and
U.S. government agencies (excluding mortgage-backed securities). All issues
have a maturity of at least one year and no more than three years. The Lehman
Brothers Government/Corporate Bond Index-Intermediate is an unmanaged,
composite index of the U.S. bond market and represents only securities with
one to ten years to maturity. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in the Indices.
Past performance does not guarantee future results. Return and share price
fluctuate, and your shares, when redeemed, may be worth more or less than
their original cost.
3
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
PERFORMANCE UPDATE 11/30/00 CLASS B SHARES
SHARE PRICES AND DISTRIBUTIONS
--------------------------------------------------------------------------------
NET ASSET VALUE
PER SHARE 11/30/00 11/30/99
$3.58 $3.62
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(11/30/99-11/30/00) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$0.195 - -
INVESTMENT RETURNS
--------------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000 investment made in
Pioneer Limited Maturity Bond Fund, compared to the growth of the Merrill Lynch
1-3 Year Treasury Index and the Lehman Brothers Government/Corporate Bond
Index-Intermediate.
-----------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
(As of November 30, 2000)
<TABLE>
<CAPTION>
IF IF
PERIOD HELD REDEEMED*
<S> <C> <C>
Life-of-Fund 4.20% 4.20%
(4/4/94)
5 Years 3.89 3.89
1 Year 4.44 2.46
-----------------------------------------
</TABLE>
* Reflects deduction of the maximum applicable contingent deferred sales charge
(CDSC) at the end of the period and assumes reinvestment of distributions. The
maximum CDSC of 2% declines over three years.
[CHART]
GROWTH OF $10,000+
<TABLE>
<CAPTION>
Pioneer Limited Maturity Merrill Lynch 1-3 Year Lehman Brothers Government/
Bond Fund* Treasury Index Corporate Bond Index-Intermediate
<S> <C> <C> <C>
4/94 $10,000 $10,000 $10,000
$9,987 $10,014 $10,007
$9,961 $10,119 $10,043
$10,539 $10,761 $10,972
11/95 $10,850 $11,172 $11,501
$10,910 $11,328 $11,475
$11,325 $11,819 $12,170
$11,521 $12,077 $12,322
$11,845 $12,520 $12,939
5/98 $12,107 $12,919 $13,409
$12,496 $13,440 $14,084
$12,521 $13,603 $14,049
$12,576 $13,881 $14,242
$12,603 $14,169 $14,397
11/00 $13,135 $14,837 $15,347
</TABLE>
+ Index comparison begins 4/30/94. The Merrill Lynch 1-3 Year Treasury Index is
an unmanaged, composite index of debt obligations of the U.S. Treasury and
U.S. government agencies (excluding mortgage-backed securities). All issues
have a maturity of at least one year and no more than three years. The Lehman
Brothers Government/Corporate Bond Index-Intermediate is an unmanaged,
composite index of the U.S. bond market and represents only securities with
one to ten years to maturity. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in the Indices.
Past performance does not guarantee future results. Return and share price
fluctuate, and your shares, when redeemed, may be worth more or less than
their original cost.
4
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
PERFORMANCE UPDATE 11/30/00 CLASS Y SHARES
SHARE PRICES AND DISTRIBUTIONS
--------------------------------------------------------------------------------
NET ASSET VALUE
PER SHARE 11/30/00 11/30/99
$3.59 $3.62
DISTRIBUTIONS PER SHARE INCOME SHORT-TERM LONG-TERM
(11/30/99-11/30/00) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$0.225 - -
INVESTMENT RETURNS
--------------------------------------------------------------------------------
The mountain chart on the right shows the growth of a $10,000 investment made in
Pioneer Limited Maturity Bond Fund, compared to the growth of the Merrill Lynch
1-3 Year Treasury Index and the Lehman Brothers Government/Corporate Bond
Index-Intermediate.
-----------------------------------------
AVERAGE ANNUAL TOTAL RETURNS*
(As of November 30, 2000)
<TABLE>
<CAPTION>
IF IF
PERIOD HELD REDEEMED
<S> <C> <C>
Life-of-Fund 4.37% 4.37%
(4/9/98)
1 Year 5.60% 5.60%
-----------------------------------------
</TABLE>
* Assumes reinvestment of distributions.
[CHART]
GROWTH OF $10,000+
<TABLE>
<CAPTION>
Pioneer Limited Maturity Merrill Lynch 1-3 Year Lehman Brothers Government/
Bond Fund* Treasury Index Corporate Bond Index-Intermediate
<S> <C> <C> <C>
4/98 $10,000 $10,000 $10,000
$10,050 $10,053 $10,073
$10,255 $10,281 $10,333
11/98 $10,432 $10,458 $10,580
$10,444 $10,485 $10,524
$10,518 $10,585 $10,554
$10,488 $10,682 $10,560
11/99 $10,602 $10,801 $10,699
$10,631 $10,885 $10,711
$10,678 $11,026 $10,815
$11,014 $11,295 $11,220
11/00 $11,196 $11,545 $11,529
</TABLE>
+ Index comparison begins 4/30/98. The Merrill Lynch 1-3 Year Treasury Index is
an unmanaged, composite index of debt obligations of the U.S. Treasury and
U.S. government agencies (excluding mortgage-backed securities). All issues
have a maturity of at least one year and no more than three years. The Lehman
Brothers Government/Corporate Bond Index-Intermediate is an unmanaged,
composite index of the U.S. bond market and represents only securities with
one to ten years to maturity. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. You cannot invest directly in the Indices.
Past performance does not guarantee future results. Return and share price
fluctuate, and your shares, when redeemed, may be worth more or less than
their original cost.
5
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
PORTFOLIO MANAGEMENT DISCUSSION 11/30/00
Treasury securities, particularly long-term bonds, outperformed the overall
fixed income market during the 12-month period ended November 30, 2000. In the
following discussion, Richard Schlanger, a key member of the team responsible
for the management of Pioneer Limited Maturity Bond Fund, provides an update on
the Fund, the economic environment and the investment strategies that influenced
performance during the fiscal year.
Q: HOW DID PIONEER LIMITED MATURITY BOND FUND PERFORM OVER THE 12-MONTH
PERIOD?
A: For the 12 months ended November 30, the Fund's Class A shares and Class B
shares returned 5.18% and 4.44%, respectively, at net asset value. In
comparison, the average return of funds in the short-intermediate
investment-grade debt category of Lipper, Inc. was 6.55%. (Lipper is an
independent firm that tracks mutual fund performance.) For the year ended
November 30, 2000, the Merrill Lynch 1-3 Year Treasury Index and the Lehman
Brothers Government/Corporate Bond Index returned 6.87% and 7.77%,
respectively.
Throughout the 12-month period, the Fund delivered a consistent level of
income. The 30-day SEC yield of Class A shares, for example, was 6.67% on
November 30, 2000 compared to 6.83% six months ago, despite nearly a 0.70%
drop in 5-year Treasury note yields.
On a total return basis, performance improved markedly during the second
half of the year as we encountered fewer credit problems. Fund performance
was helped by our decisions to increase Treasuries and to decrease
finance-related securities because of their credit risks. We sold
NationsBank Corp. when it was acquired by Citigroup, and also liquidated
Citicorp and Bank One. We chose to sell premium mortgage securities and
instead buy current coupon mortgages to lessen prepayment risks.
Q: WHAT WAS THE INVESTMENT ENVIRONMENT LIKE?
A: It was a year of contrasts, with interest rates rising and bond prices
falling during the first half, while rates fell and bond prices rose
during the second six months. Throughout the 12-month period,
long-term Treasuries, in
6
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
which the Fund cannot invest, led the fixed income market's performance.
The performance of Treasuries was helped by several technical factors that
shifted the supply/demand relationship. Strong tax receipts helped increase
the federal government's budget surplus, and the Treasury Department
continued to pay down debt. Faced with a diminishing supply of Treasuries,
investors flocked to Treasuries with longer maturities, which were in
particularly limited supply.
Elsewhere in the fixed income markets, the differences or spreads between
the yields of Treasuries and other securities grew larger - or widened -
with non-Treasury securities underperforming Treasuries. Faced with the
possibility of slowing economic growth, investors tended to de-emphasize
debt securities with credit risk and migrated to solid corporate credits.
Just as with stocks, if there were a problem within a sector, the
securities of companies in the entire sector became victims of guilt by
association and most names suffered. Particularly hard hit were
lower-quality, high yield bonds, whose prices fell even as Treasury
securities increased in price. Examples of Fund holdings affected by this
trend included J.C. Penny and Shopko stores.
Q: WHAT WERE YOUR PRINCIPAL STRATEGIES DURING THE PERIOD?
A: During the first half of the year, the Fund's Treasury weighting declined.
These securities were the most liquid - or easily traded - instruments
during a time when investors moved away from most types of corporate
securities. In the final six months of the period, however, we added to our
Treasury position, while reducing our bank and finance exposure. We
believed we were late in this period of economic expansion, and banks could
begin to experience problems with non-performing loans. We also reduced
premium - or high-coupon - mortgage securities because we thought that, as
interest rates declined, homeowners could refinance their mortgages at
lower interest rates. If prepayments were to increase, the prices of
mortgage-backed securities, especially those with premium coupons, could
decline. At the same time that we lowered the Fund's premium mortgage
holdings, we increased exposure to other mortgages with more pre-payment
protection, as well as to energy industry-related securities, which we
thought would perform well in a period of stable, high
7
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
PORTFOLIO MANAGEMENT DISCUSSION 11/30/00 (CONTINUED)
energy prices. We added VALERO ENERGY and NISOURCE FINANCE CORP. to the
portfolio over the period.
During the final six months of the fiscal year, we raised the Fund's
weightings in Treasury and government-agency securities, in mortgage
pass-through securities and in industrial sector bonds. Treasuries and
agencies rose from 8.0% at May 31, 2000 to 12.5% of net assets,
mortgage-pass through securities climbed from 19.8% to 22.9% of net assets
and industrial issues rose from 20.4% to 23.9% of net assets. In the same
six-month period, bank and finance bonds were reduced from 16.2% of net
assets to 7.0%, collateralized mortgage obligations (CMOs) declined from
14.2% to 13.8% of net assets and asset-backed securities declined from
13.9% to 12.3% of net assets.
In the final six months of the fiscal year, we did not dramatically shorten
or extend the Fund's duration. At November 30, 2000, the Fund's duration
(or measurement of risk) was 2.84 years. Average credit quality of the
portfolio has remained relatively high, at AA. (Ratings apply to underlying
portfolio securities, not Fund shares.)
Q: WHAT IS YOUR OUTLOOK?
A: We believe economic growth is beginning to slow, and that the Federal
Reserve will lower short-term interest rates. We have already begun to see
signs that the spreads between the yields of corporate securities and
Treasuries may narrow, which should support the performance of corporate
securities. We believe short-term rates may decline more than long-term
rates, which already have fallen substantially since the beginning of the
year.
Given this view, we are optimistic about the market for investment grade,
limited maturity bonds and think the Fund is well positioned to provide
shareowners with an attractive total return.
8
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
SCHEDULE OF INVESTMENTS 11/30/00
<TABLE>
<CAPTION>
S&P/MOODY'S
PRINCIPAL RATINGS
AMOUNT (UNAUDITED) VALUE
<S> <C> <C> <C>
CORPORATE BONDS - 51.4%
ASSET-BACKED - 12.5%
$ 188,364 AAA/Aaa Advanta Mortgage Loan Trust, Series
93-4A, 5.55%, 3/25/10 $ 184,067
400,000 AAA/Aaa Americredit Automobile Receivables Trust,
Series 1999-B A4, 5.96%, 3/5/06 396,888
250,000 AAA/Aaa Boston Edison Company, 1999-1 A4,
6.91%, 9/15/09 253,588
500,000 AAA/Aaa California Infrastructure SCE-1, Series
1997-1, 6.28%, 9/25/05 498,915
254,515 AAA/Aaa Carco Auto Loan Master Trust, Series
1997-1A, 6.689%, 8/15/04 254,548
350,000 AAA/Aaa Citibank Credit Card Master Trust I, Series
1999-5A, 6.1%, 5/15/08 341,320
250,000 AAA/Aaa Comed Transitional Funding Trust, Series
1997- RA1, 5.34%, 3/25/04 246,965
398,576 A-/Baa1 Continental Airlines, Series 1998-3 Pass
Through Trust, C-1, 7.08%, 11/1/04 395,136
282,804 AAA/Aaa CoreStates Home Equity Trust, Series
1994-1, 6.65%, 5/15/09 280,660
500,000 AAA/Aaa Discover Card Master Trust, Series
1998-7A, 5.6%, 5/15/06 488,750
403,540 AAA/Aaa Discover Card Master Trust, Series
1997-2, 6.792%, 4/16/10 412,810
500,000 AAA/Aaa Greenpoint Manufactured Housing, Series
1999-1A2, 6.01%, 8/15/15 495,545
56,711 AAA/Aaa Premier Auto Trust, Series 1997-1A4,
6.35%, 4/6/02 56,348
------------
$ 4,305,540
------------
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.3%
57,276 AAA/Aaa Mortgage Capital Funding Inc., 1995-MCI
Class A1B, 7.6%, 5/25/27 $ 57,849
410,564 AAA/Aaa National Realty Finance 1999-A2,
6.074%, 1/15/08 399,659
------------
$ 457,508
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
SCHEDULE OF INVESTMENTS 11/30/00 (CONTINUED)
<TABLE>
<CAPTION>
S&P/MOODY'S
PRINCIPAL RATINGS
AMOUNT (UNAUDITED) VALUE
<S> <C> <C> <C>
CORPORATE BONDS - (CONTINUED)
BASIC MATERIALS - 1.5%
$ 500,000 BBB/Baa1 USX Corp., 7.2%, 2/15/04 $ 501,715
------------
$ 501,715
------------
CAPITAL GOODS - 0.9%
325,000 BBB/Ba1 USA Waste Services, 6.5%, 12/15/02 $ 314,411
------------
$ 314,411
------------
COMMUNICATION SERVICES - 2.7%
700,000 A-/A2 Deutsche Telekom International Finance,
7.75%, 6/15/05 $ 712,131
150,000 B/B2 Nextlink Communications Inc., 10.75%, 6/1/09 101,250
100,000 BBB-/Baa3 Union Pacific Corp., 6.125%, 1/15/04 96,717
------------
$ 910,098
------------
CONSUMER CYCLICALS - 6.5%
500,000 BBB-/Baa3 A. H. Belo Corp., 6.875%, 6/1/02 $ 491,195
500,000 BBB/Baa2 Delphi Auto Systems, 6.125%, 5/1/04 476,855
500,000 A/A2 General Motors Acceptance Corp., 7.5%, 7/15/05 506,850
200,000 BBB-/Baa3 Penny (J.C.) & Co., Inc., 6.5%, 6/15/02 166,356
1,000,000 BBB-/Baa3 Shopko Stores, 6.5%, 8/15/03 602,500
------------
$ 2,243,756
------------
CONSUMER STAPLES - 6.5%
350,000 B+/B2 Charter Communications Holdings LLC.,
8.25%, 4/1/07 $ 303,625
700,000 B+/B1 Echostar DBS Corp., 9.25%, 2/1/06 637,000
500,000 B/B2 Playtex Family Products Corp., 9.0%, 12/15/03 460,000
500,000 B-/B3 Premier Parks, Inc., 9.75%, 6/15/07 467,500
350,000 BBB+/Baa2 SUPERVALU Inc., 9.75%, 6/15/04 369,964
------------
$ 2,238,089
------------
ENERGY - 5.9%
500,000 A-/A3 Conoco Inc., 5.9%, 4/15/04 $ 489,070
500,000 BB+/Ba1 Gulf Canada Resources Ltd., 9.625%, 7/1/05 523,780
500,000 A-/A3 Nabors Industries, 6.8%, 4/15/04 497,730
300,000 A-/Baa2 Santa Fe Snyder Corp., 8.05%, 6/15/04 309,957
200,000 BBB-/Baa3 Valero Energy Corp., 7.375%, 3/15/06 201,366
------------
$ 2,021,903
------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
<TABLE>
<CAPTION>
S&P/MOODY'S
PRINCIPAL RATINGS
AMOUNT (UNAUDITED) VALUE
<S> <C> <C> <C>
CORPORATE BONDS - (CONTINUED)
FINANCIAL - 6.5%
$ 500,000 BB+/Baa3 Capital One Financial Corp., 7.125%, 8/1/08 $ 437,480
300,000 A/A2 Ford Motor Credit Corp., 6.7%, 7/16/04 294,540
200,000 A+/A1 Goldman Sachs Group, 7.35%, 10/1/09 197,384
500,000 BBB-/Baa2 The Rouse Co., 8.05%, 3/23/01 499,090
800,000 BBB/Baa2 Spieker Properties L.P., 6.8%, 12/15/01 793,200
------------
$ 2,221,694
------------
HEALTHCARE - 1.4%
500,000 A-/Baa1 Guidant Corp., 6.15%, 2/15/06 $ 469,315
------------
$ 469,315
------------
TECHNOLOGY - 1.7%
325,000 A/A2 Computer Sciences Corp., 7.5%, 8/8/05 $ 330,138
250,000 BBB+/Baa1 Sun Microsytems Inc., 7.35%, 8/15/04 253,098
------------
$ 583,236
------------
TRANSPORTATION - 1.4%
500,000 BB/Ba2 Northwest Airlines Corp., 8.52%, 4/7/04 $ 486,555
------------
$ 486,555
------------
UTILITIES - 2.6%
250,000 BBB-/Baa3 Great Lakes Power Inc., 8.3%, 3/1/05 $ 253,660
500,000 BBB-/Baa2 KN Energy Inc., 6.45%, 11/30/01 495,630
150,000 BBB/Baa2 NiSource Finance Corp., 7.875%, 11/15/10
(144A) 152,795
------------
$ 902,085
------------
TOTAL CORPORATE BONDS
(Cost $18,454,830) $ 17,655,905
------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS - 48.6%
300,000 Federal Home Loan Mortgage Corp.,
6.22%, 6/24/08 $ 287,961
498,283 Federal Home Loan Mortgage Corp.,
7.5%, 7/1/30 502,309
</TABLE>
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
SCHEDULE OF INVESTMENTS 11/30/00 (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<S> <C>
U.S. GOVERNMENT AGENCY
OBLIGATIONS - (CONTINUED)
$ 26,240 Federal Home Loan Mortgage Corp., REMIC
Series 1132I, 8.0%, 5/15/06 $ 26,226
31,493 Federal Home Loan Mortgage Corp., REMIC
Series 1181H, 7.0% 7/15/06 31,427
301,011 Federal Home Loan Mortgage Corp., REMIC
Series 1145G, 8.0%, 9/15/06 308,594
84,363 Federal Home Loan Mortgage Corp., REMIC
Series 1564J, 6.5%, 7/15/08 83,972
500,000 Federal Home Loan Mortgage Corp., REMIC
Series 1848PB, 7.0%, 2/15/20 502,975
128,788 Federal Home Loan Mortgage Corp., REMIC
Series 1206H, 7.0%, 3/15/21 128,909
344,402 Federal Home Loan Mortgage Corp., REMIC
Series 1987PM, 6.5%, 10/15/21 343,965
661 Federal Home Loan Mortgage Corp., REMIC
Series 1590K, 6.5%, 10/15/23 661
471,727 Federal Home Loan Mortgage Corp., REMIC
Series 2043G, 6.5%, 4/15/28 454,962
641,333 Federal National Mortgage Association,
7.5%, 8/1/20 - 4/1/30 647,230
747,908 Federal National Mortgage Association,
8.0%, 7/1/30 762,702
350,000 Federal National Mortgage Association,
Medium Term Note, 5.9%, 6/19/03 346,167
250,000 Federal National Mortgage Association,
Medium Term Note, 6.16%, 3/2/09 237,720
258,583 Federal National Mortgage Association, REMIC
Series 1992-145, 7.15%, 7/25/03 258,423
302,837 Federal National Mortgage Association, REMIC
Series 1995-23D, 7.0%, 10/25/07 308,536
474,565 Federal National Mortgage Association, REMIC
Series 1993-129KB, 6.5%, 4/25/08 475,400
</TABLE>
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<S> <C> <C>
U.S. GOVERNMENT AGENCY
OBLIGATIONS - (CONTINUED)
$ 18,754 Federal National Mortgage Association, REMIC
Series 1988-26C, 7.5%, 7/25/18 $ 18,680
46,549 Federal National Mortgage Association, REMIC
Series 1993-17PE, 6.75%, 6/25/19 46,314
453,573 Federal National Mortgage Association, REMIC
Series 1993-23PJ, 6.7%, 7/25/19 451,541
528,872 Federal National Mortgage Association, REMIC
Series 1998-50EN, 6.5%, 9/25/28 515,560
500,000 Government National Mortgage Association,
7.0%, TBA 497,865
268,572 Government National Mortgage Association,
6.5%,. 2/15/29 262,166
924,768 Government National Mortgage Association,
7.0%, 4/15/29 920,820
768,638 Government National Mortgage Association,
7.5%, 2/15/26 - 10/15/29 778,246
472,433 Government National Mortgage Association,
7.75%, 2/15/30 480,578
397,257 Government National Mortgage Association,
REMIC Series 1998-24A, 6.5%, 11/20/24 397,476
2,003,368 Government National Mortgage Association II,
7.5%, 3/20/26 - 8/20/28 2,019,215
862,862 Government National Mortgage Association II,
7.0%, 1/20/29 856,210
276,797 Government National Mortgage Association II,
6.5%, 2/20/29 - 3/20/29 269,243
1,050,000 U.S. Treasury Notes, 6.5%, 5/15/05 1,091,916
800,000 U.S. Treasury Notes, 6.625%, 5/15/07 848,704
</TABLE>
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
SCHEDULE OF INVESTMENTS 11/30/00 (CONTINUED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<S> <C> <C>
U.S. GOVERNMENT AGENCY
OBLIGATIONS - (CONTINUED)
$1,000,000 U.S. Treasury Bond, 7.875%, 11/15/07 $ 1,037,870
500,000 U.S. Treasury Notes, 6.0%, 8/15/09 516,710
------------
TOTAL U.S. GOVERNMENT AND AGENCY
OBLIGATIONS
(Cost $16,676,760) $16,717,253
------------
TOTAL INVESTMENT IN
SECURITIES - 100.0%
(Cost $35,131,590) (a)(b) $34,373,158
------------
------------
</TABLE>
144A Security is exempt from registration under Rule 144A of the Securities Act
of 1933. Such securities may be resold normally to qualified institutional
buyers in a transaction exempt from registration. At November 30, 2000, the
value of these securities amounted to $152,795 or 0.4% of total net assets.
(a) At November 30, 2000, the net unrealized loss on investments based on cost
for federal income tax purposes of $35,131,590 was as follows:
Aggregate gross unrealized gain for all investments in
which there is an excess of value over tax cost $ 252,525
------------
Aggregate gross unrealized loss for all investments in
which there is an excess of tax cost over value (1,010,957)
------------
Net unrealized loss $ (758,432)
------------
------------
b) At November 30, 2001, the Fund had a net capital loss carryforward of
$5,890,696 which will expire between 2000 and 2008 if not utilized.
Purchases and sales of securities (excluding temporary cash investment) for the
year ended November 30, 2000 were as follows:
<TABLE>
<CAPTION>
Purchases Sales
----------- -----------
<S> <C> <C>
Long-term U.S. Government $14,901,868 $17,028,561
Other Long-term Securities 3,700,103 23,293,351
</TABLE>
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
BALANCE SHEET 11/30/00
<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investment in securities, at value (cost $35,131,590) $34,373,158
Receivables -
Investment securities sold 1,014,477
Fund shares sold 488,271
Interest 461,055
Due from Pioneer Investment Management, Inc. 51,534
Other 3,801
-----------
Total assets $36,392,296
-----------
LIABILITIES:
Payables -
Investment securities purchased $ 1,016,713
Fund shares repurchased 10,930
Dividends 36,254
Due to Bank 51,851
Due to affiliates 39,241
Accrued expenses 68,510
-----------
Total liabilities $ 1,223,499
-----------
NET ASSETS:
Paid-in capital $41,813,221
Accumulated undistributed net investment income 15,884
Accumulated net realized loss on investments (5,901,876)
Net unrealized loss on investments (758,432)
-----------
Total net assets $35,168,797
-----------
-----------
NET ASSET VALUE PER SHARE:
(Unlimited number of shares authorized)
Class A (based on $28,684,008/8,022,492 shares) $ 3.58
-----------
-----------
Class B (based on $6,215,165/1,737,284 shares) $ 3.58
-----------
-----------
Class Y (based on $269,624/75,068 shares) $ 3.59
-----------
-----------
MAXIMUM OFFERING PRICE:
Class A $ 3.67
-----------
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED 11/30/00
<TABLE>
<CAPTION>
INVESTMENT INCOME:
<S> <C> <C>
Interest $ 3,041,253
-----------
EXPENSES:
Management fees $217,745
Transfer agent fees
Class A 150,373
Class B 20,708
Class Y 476
Distribution fees
Class A 90,674
Class B 70,181
Administrative fees 29,982
Custodian fees 22,032
Registration fees 45,751
Professional fees 34,812
Printing 19,988
Fees and expenses of nonaffiliated trustees 17,742
Miscellaneous 8,702
-----------
Total expenses $ 729,166
Less management fees waived
and expenses reimbursed by Pioneer
Investment Management, Inc. (301,415)
Less fees paid indirectly (13,986)
-----------
Net expenses $ 413,765
-----------
Net investment income $ 2,627,488
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investments $(1,641,766)
Change in net unrealized loss on investments 916,623
-----------
Net loss on investments $ (725,143)
-----------
Net increase in net assets resulting from operations $ 1,902,345
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
16
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED 11/30/00 AND 11/30/99
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
FROM OPERATIONS: 11/30/00 11/30/99
<S> <C> <C>
Net investment income $ 2,627,488 $ 3,408,183
Net realized loss on investments (1,641,766) (592,766)
Change in net unrealized loss on investments 916,623 (2,082,562)
-------------- --------------
Net increase in net assets resulting from operations $ 1,902,345 $ 732,855
-------------- --------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.22 and $0.21 per share, respectively) $ (2,241,137) $ (2,844,985)
Class B ($0.20 and $0.18 per share, respectively) (384,880) (516,835)
Class Y ($0.23 and $0.23 per share, respectively) (16,757) (23,908)
-------------- --------------
Total distributions to shareowners $ (2,642,774) $ (3,385,728)
-------------- --------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 23,507,726 $ 49,295,514
Reinvestment of distributions 2,098,267 2,647,588
Cost of shares repurchased (47,887,120) (50,875,886)
-------------- --------------
Net increase (decrease) in net assets resulting
from fund share transactions $ (22,281,127) $ 1,067,216
-------------- --------------
Net decrease in net assets $ (23,021,556) $ (1,585,657)
NET ASSETS:
Beginning of year 58,190,353 59,776,010
-------------- --------------
End of year (including accumulated undistributed
net investment income of
$15,884 and $25,459, respectively). $ 35,168,797 $ 58,190,353
-------------- --------------
-------------- --------------
<CAPTION>
CLASS A '00 SHARES '00 AMOUNT '99 SHARES '99 AMOUNT
<S> <C> <C> <C> <C>
Shares sold 5,818,637 $ 20,735,697 10,232,153 $ 38,074,896
Reinvestment of distributions 510,975 1,825,177 621,135 2,294,085
Less shares repurchased (11,507,189) (41,052,424) (10,637,046) (39,466,164)
------------- -------------- ------------- --------------
Net increase (decrease) (5,177,577) $ (18,491,550) 216,242 $ 902,817
------------- -------------- ------------- --------------
------------- -------------- ------------- --------------
CLASS B
Shares sold 716,408 $ 2,566,047 3,002,539 $ 11,109,190
Reinvestment of distributions 71,840 256,632 89,263 329,597
Less shares repurchased (1,817,940) (6,494,846) (3,041,290) (11,242,752)
------------- -------------- ------------- --------------
Net increase (decrease) (1,029,692) $ (3,672,167) 50,512 $ 196,035
------------- -------------- ------------- --------------
------------- -------------- ------------- --------------
CLASS Y
Shares sold 57,327 $ 205,982 29,860 $ 111,428
Reinvestment of distributions 4,605 16,458 6,463 23,906
Less shares repurchased (94,790) (339,850) (44,458) (166,970)
------------- -------------- ------------- --------------
Net decrease (32,858) $ (117,410) (8,135) $ (31,636)
------------- -------------- ------------- --------------
------------- -------------- ------------- --------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
17
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
FINANCIAL HIGHLIGHTS 11/30/00
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
11/30/00 11/30/99 11/30/98 11/30/97 11/30/96
CLASS A
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year $ 3.62 $ 3.78 $ 3.77 $ 3.79 $ 3.84
------- ------- ------- ------- -------
Increase (decrease) from investment operations:
Net investment income $ 0.22 $ 0.21 $ 0.22 $ 0.21 $ 0.24
Net realized and unrealized gain (loss) on investments (0.04) (0.16) 0.01 - (0.05)
------- ------- ------- ------- -------
Net increase from investment operations $ 0.18 $ 0.05 $ 0.23 $ 0.21 $ 0.19
Distributions to shareowners:
Net investment income (0.22) (0.21) (0.22) (0.23) (0.24)
------- ------- ------- ------- -------
Net increase (decrease) in net asset value $ (0.04) $ (0.16) $ 0.01 $ (0.02) $ (0.05)
------- ------- ------- ------- -------
Net asset value, end of year $ 3.58 $ 3.62 $ 3.78 $ 3.77 $ 3.79
------- ------- ------- ------- -------
------- ------- ------- ------- -------
Total return* 5.18% 1.47% 6.28% 5.64% 5.20%
Ratio of net expenses to average net assets+ 0.88% 0.88% 0.85% 0.87% 0.87%
Ratio of net investment income to average net assets+ 6.11% 5.75% 5.78% 6.10% 6.25%
Portfolio turnover rate 43% 86% 70% 31% 65%
Net assets, end of year (in thousands) $28,684 $47,781 $49,072 $42,058 $54,637
Ratios assuming no waiver of management fees and
assumption of expenses
by PIM and no reduction for fees paid indirectly:
Net expenses 1.58% 1.31% 1.30% 1.44% 1.33%
Net investment income 5.41% 5.32% 5.33% 5.53% 5.79%
Ratios assuming waiver of management fees and
assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 0.85% 0.85% 0.85% 0.85% 0.85%
Net investment income 6.14% 5.78% 5.78% 6.12% 6.27%
</TABLE>
* Assumes initial investment at net asset value at the beginning of each
year, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each year, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
18
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
FINANCIAL HIGHLIGHTS 11/30/00
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
11/30/00 11/30/99 11/30/98 11/30/97 11/30/96
CLASS B
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year $ 3.62 $ 3.78 $ 3.76 $ 3.79 $ 3.85
------- ------- ------- ------- -------
Increase (decrease) from investment operations:
Net investment income $ 0.20 $ 0.18 $ 0.19 $ 0.20 $ 0.21
Net realized and unrealized gain (loss) on investments (0.04) (0.16) 0.01 (0.03) (0.05)
------- ------- ------- ------- -------
Net increase from investment operations $ 0.16 $ 0.02 $ 0.20 $ 0.17 $ 0.16
Distributions to shareowners:
Net investment income (0.20) (0.18) (0.18) (0.20) (0.21)
In excess of net investment income - - - - (0.01)
------- ------- ------- ------- -------
NET INCREASE (DECREASE) IN NET ASSET VALUE $ (0.04) $ (0.16) $ 0.02 $ (0.03) $ (0.06)
------- ------- ------- ------- -------
Net asset value, end of year $ 3.58 $ 3.62 $ 3.78 $ 3.76 $ 3.79
------- ------- ------- ------- -------
------- ------- ------- ------- -------
Total return* 4.44% 0.64% 5.49% 4.60% 4.37%
Ratio of net expenses to average net assets+ 1.52% 1.62% 1.63% 1.67% 1.69%
Ratio of net investment income to average net assets+ 5.49% 5.04% 5.00% 5.29% 5.40%
Portfolio turnover rate 43% 86% 70% 31% 65%
Net assets, end of year (in thousands) $ 6,215 $10,018 $10,264 $ 5,187 $ 4,969
Ratios assuming no waiver of management fees and
assumption of expenses by PIM and no reduction for fees
paid indirectly:
Net expenses 2.21% 2.05% 1.99% 2.25% 2.15%
Net investment income 4.80% 4.61% 4.64% 4.71% 4.94%
Ratios assuming waiver of management fees and assumption
of expenses by PIM and
reduction for fees paid indirectly:
Net expenses 1.49% 1.61% 1.62% 1.66% 1.67%
Net investment income 5.52% 5.05% 5.01% 5.30% 5.42%
</TABLE>
* Assumes initial investment at net asset value at the beginning of each
year, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each year, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
19
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
FINANCIAL HIGHLIGHTS 11/30/00
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED 4/9/98 TO
11/30/00 11/30/99 11/30/98
<S> <C> <C> <C>
CLASS Y
Net asset value, beginning of period $ 3.62 $ 3.79 $ 3.77
------ ------ ------
Increase (decrease) from investment operations:
Net investment income $ 0.23 $ 0.23 $ 0.14
Net realized and unrealized gain
(loss) on investments (0.03) (0.17) 0.02
------ ------ ------
Net increase from investment
operations $ 0.20 $ 0.06 $ 0.16
------ ------ ------
Distributions to shareowners:
Net investment income (0.23) (0.23) (0.14)
------ ------ ------
Net increase (decrease) in net asset
value $(0.03) $(0.17) $ 0.02
------ ------ ------
Net asset value, end of period $ 3.59 $ 3.62 $ 3.79
------ ------ ------
Total return* 5.60% 1.64% 4.35%
Ratio of net expenses to average net
assets+ 0.40% 0.48% 0.55%**
Ratio of net investment income to
average net assets+ 6.62% 6.18% 5.99%**
Portfolio turnover rate 43% 86% 70%
Net assets, end of period
(in thousands) $ 270 $ 391 $ 440
Ratios assuming no waiver of
management fees and assumption
of expenses by PIM and no
reduction for fees paid indirectly:
Net expenses 1.09% 0.90% 0.74%**
Net investment income 5.93% 5.76% 5.80%**
Ratios assuming waiver of management fees and
assumption of expenses by PIM and
reduction for fees paid indirectly:
Net expenses 0.35% 0.46% 0.55%**
Net investment income 6.67% 6.20% 5.99%**
</TABLE>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges.
** Annualized.
+ Ratios assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
20
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
-------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 11/30/001.
-------------------------------------------------------------------------------
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Pioneer Limited Maturity Bond Fund (The Fund) is a Massachusetts business trust
registered under the Investment Company Act of 1940 as a diversified, open-end
management investment company. The Fund's investment objective is to seek a high
level of current income consistent with a high level of principal stability.
The Fund offers three classes of shares - Class A, Class B and Class Y shares.
Each class of shares represents an interest in the same portfolio of investments
of the Fund and has equal rights to voting, redemptions, dividends and
liquidation, except that the level of transfer agent and distribution fees may
differ among classes. Class A and Class B shareowners have exclusive voting
rights with respect to the distribution plan for each class. There is no
distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with accounting
principles generally accepted in the United States that require the management
of the Fund to, among other things, make estimates and assumptions that affect
the reported amounts of assets and liabilities, the disclosure of contingent
assets and liabilities at the date of the financial statements, and the reported
amounts of revenues and expenses during the reporting periods. Actual results
could differ from those estimates. The following is a summary of significant
accounting policies consistently followed by the Fund, which are in conformity
with those generally accepted in the investment company industry.
A. SECURITY VALUATION
Security transactions are recorded as of trade date. Securities are valued
at prices supplied by independent pricing services, which consider such
factors as Treasury spreads, yields, maturities and ratings. Valuations may
be supplemented by other sources, as required. Principal amounts of
mortgage-backed securities are adjusted for monthly paydowns. Premium and
discount related to certain mortgage-backed securities are amortized or
accreted in proportion to the underlying monthly paydowns. Interest income,
including interest on income bearing cash accounts, is recorded on the
accrual basis. Temporary cash investments are valued at amortized cost. Gains
and losses on sales of investments are calculated on the identified cost
method for both financial reporting and federal income tax purposes.
As required, effective December 1, 2001, the Fund will adopt the provisions
of the AICPA Audit & Accounting Guide for Investment Companies and will
amortize discount or premium for all debt securities.
21
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
-------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 11/30/00 (CONTINUED)
-------------------------------------------------------------------------------
This change will have no impact on the Fund's total net assets and is
expected to result in an immaterial increase or reduction in the cost of
securities and a corresponding change in net unrealized appreciation
(depreciation).
B. FEDERAL INCOME TAXES
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income and net realized capital gains, if
any, to its shareowners. Therefore, no federal income tax provision is
required.
The characterization of distributions to shareowners for financial reporting
purposes is determined in accordance with federal income tax rules.
Therefore, the source of the Fund's distributions may be shown in the
accompanying financial statements as either from or in excess of net
investment income or net realized gain on investment transactions, or from
paid-in capital, depending on the type of book/tax differences that may
exist.
At November 30, 2000, the Fund reclassified $5,711 and $57,666 from paid-in
capital to accumulated undistributed net investment income and accumulated
net realized loss on investments, respectively. The reclassification has
no impact on the net asset value of the Fund and is designed to present
the Fund's capital accounts on a tax basis.
C. FUND SHARES
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned subsidiary of UniCredito Italiano S.p.A.
(UniCredito Italiano), earned $1,792 in underwriting commissions on the
sale of fund shares during the year ended November 30, 2000.
D. CLASS ALLOCATIONS
Distribution fees are calculated based on the average daily net assets
attributable to Class A and Class B shares of the Fund, respectively.
Shareowners of each class share all expenses and fees paid to the transfer
agent, Pioneering Services Corporation (PSC), for their services, which
are allocated based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expense (see Note 3). Income,
common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
22
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
-------------------------------------------------------------------------------
The Fund declares as daily dividends substantially all of its net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends.
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner, at the same time, and in the same amount,
except that Class A, Class B, and Class Y shares can bear different
transfer agent and distribution fees.
E. REPURCHASE AGREEMENTS
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest
received from counter parties, is required to be at least equal to or in
excess of the value of the repurchase agreement at the time of purchase.
The collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian, or subcustodians. The
Fund's investment adviser, Pioneer Investment Management, Inc. (PIM), is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
2. MANAGEMENT AGREEMENT
PIM manages the Fund's portfolio and is a wholly owned subsidiary of
UniCredito Italiano. Management fees are calculated daily at the annual rate
of 0.50% of the Fund's average daily net assets up to $100 million; 0.45% of
the next $200 million; and 0.40% of the excess over $300 million.
PIM has agreed not to impose a portion of its management fee and to assume
other operating expenses of the Fund to the extent necessary to limit Class A
expenses to 0.85% of the average daily net assets attributable to Class A
shares; the portion of the Fund-wide expenses attributable to Class B and
Class Y shares will be reduced only to the extent that such expenses are
reduced for Class A shares. PIM's agreement is voluntary and temporary and
may be revised or terminated at any time.
In addition, under the management and administration agreements, certain
other services and costs, including accounting, regulatory reporting and
insurance premiums, are paid by the Fund.
3. TRANSFER AGENT
PSC, a wholly owned subsidiary of UniCredito Italiano, provides substantially
all transfer agent and shareholder services to the Fund at negotiated rates.
Included in due to affiliates is $23,222 in transfer agent fees payable to PSC
at November 30, 2000.
23
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
-------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 11/30/00 (CONTINUED)
-------------------------------------------------------------------------------
4. DISTRIBUTION PLANS
The Fund adopted a Plan of Distribution with respect to Class A and Class B
shares (Class A Plan and Class B Plan) in accordance with Rule 12b-1 of the
Investment Company Act of 1940. Pursuant to the Class A Plan, the Fund pays
PFD a service fee of up to 0.25% of the average daily net assets attributable
to Class A Shares in reimbursement of its actual expenditures to finance
activities primarily intended to result in the sale of Class A shares.
Pursuant to the Class B Plan, the Fund pays PFD 1.00% of the average daily
net assets attributable to the Class B shares. The fee consists of a 0.25%
service fee and a 0.75% distribution fee paid as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class B shares. Included in due to affiliates is $16,019 in
distribution fees payable to PFD at November 30, 2000.
In addition, redemptions of each class of shares (except Class Y shares) may
be subject to a contingent deferred sales charge (CDSC). A CDSC of 0.50% may
be imposed on redemptions of certain net asset value purchases of Class A
shares within one year of purchase. Class B shares that are redeemed within
three years of purchase are subject to a CDSC at declining rates beginning at
2.00%, based on the lower of cost or market value of shares being redeemed.
Proceeds from the CDSCs are paid to PFD. For the year ended November 30,
2000, CDSCs in the amount of $32,408 were paid to PFD.
5. EXPENSE OFFSETS
The Fund has entered into certain expense offset arrangements resulting in a
reduction in the Fund's total expenses. For the year ended November 30, 2000
the Fund's expenses were reduced by $13,986 under such arrangements.
6. LINE OF CREDIT FACILITY
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), collectively participate in a $50 million committed, unsecured
revolving line of credit facility. Borrowings are used solely for temporary
or emergency purposes. The Fund may borrow up to the lesser of $50 million or
the limits set by its prospectus for borrowings. Interest on collective
borrowings of up to $25 million is payable at the Federal Funds Rate plus
3/8% on an annualized basis, or at the Federal Funds Rate plus 1/2% if the
borrowing exceeds $25 million at any one time. The Funds pay an annual
commitment fee for this facility. The commitment fee is allocated among such
Funds based on their respective borrowing limits. For the year ended November
30, 2000, the Fund had no borrowings under this agreement.
24
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
-------------------------------------------------------------------------------
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
-------------------------------------------------------------------------------
TO THE SHAREOWNERS AND THE BOARD OF TRUSTEES OF PIONEER LIMITED MATURITY
BOND FUND:
We have audited the accompanying balance sheet, including the schedule of
investments, of Pioneer Limited Maturity Bond Fund (the Fund), as of November
30, 2000, and the related statement of operations, statements of changes in
net assets and the financial highlights for the periods presented. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of November 30, 2000 by correspondence
with the custodian. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Limited Maturity Bond Fund as of November 30, 2000, the results of
its operations, the changes in its net assets and the financial highlights
for the periods presented, in conformity with accounting principles generally
accepted in the United States.
ARTHUR ANDERSEN LLP
Boston, Massachusetts
January 8, 2001
25
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
-------------------------------------------------------------------------------
RESULTS OF SHAREOWNER MEETING
-------------------------------------------------------------------------------
On September 11, 2000, Pioneer Limited Maturity Bond Fund held a special
meeting of shareowners to approve a new management contract between the Fund
and Pioneer Investment Management, Inc., the Fund's investment adviser.
Shareowners also voted to elect trustees. Both proposals passed by shareowner
vote. The new management contract took effect when UniCredito Italiano S.p.A.
completed its acquisition of The Pioneer Group, Inc. on October 24, 2000.
Here are the detailed results of the votes.
PROPOSAL 1 -- TO APPROVE A NEW MANAGEMENT CONTRACT.
<TABLE>
<CAPTION>
AFFIRMATIVE AGAINST ABSTAIN
<S> <C> <C>
6,753,779.973 108,400.246 164,231.666
</TABLE>
PROPOSAL 2 -- TO ELECT TRUSTEES.
<TABLE>
<CAPTION>
NOMINEE AFFIRMATIVE WITHHELD
<S> <C> <C>
M.K. Bush 6,903,375.940 123,035.945
J.F. Cogan, Jr. 6,925,333.912 101,077.973
Dr. R. H. Egdahl 6,923,093.756 103,318.129
M.B.W. Graham 6,913,322.912 113,088.973
M.A. Piret 6,915,034.685 111,377.200
D.D. Tripple 6,925,333.912 101,077.973
S.K. West 6,915,034.685 111,377.200
J. Winthrop 6,919,857.890 106,553.995
</TABLE>
26
<PAGE>
PIONEER LIMITED MATURITY BOND FUND
-------------------------------------------------------------------------------
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
-------------------------------------------------------------------------------
TRUSTEES
John F. Cogan, Jr., Chairman
Mary K. Bush
Richard H. Egdahl, M.D.
Margaret B.W. Graham
Marguerite A. Piret
David D. Tripple
Stephen K. West
John Winthrop
INVESTMENT ADVISER
Pioneer Investment Management, Inc.
CUSTODIAN
Brown Brothers Harriman & Co.
INDEPENDENT PUBLIC ACCOUNTANTS
Arthur Andersen LLP
PRINCIPAL UNDERWRITER
Pioneer Funds Distributor, Inc.
LEGAL COUNSEL
Hale and Dorr LLP
SHAREOWNER SERVICES AND TRANSFER AGENT
Pioneering Services Corporation
OFFICERS
John F. Cogan, Jr., President
David D. Tripple, Executive Vice President
Vincent Nave, Treasurer
Joseph P. Barri, Secretary
27
<PAGE>
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THE PIONEER FAMILY OF MUTUAL FUNDS
-------------------------------------------------------------------------------
For information about any Pioneer mutual fund, please contact your investment
representative, or call Pioneer at 1-800-225-6292. Ask for a free fund
information kit, which includes a fund prospectus. Please read the prospectus
carefully before you invest or send money.
GROWTH FUNDS
UNITED STATES
Pioneer Growth Shares
Pioneer Micro-Cap Fund
Pioneer Mid-Cap Fund
Pioneer Mid-Cap Value Fund
Pioneer Small Company Fund
Pioneer Science & Technology Fund
Pioneer Tax-Managed Fund
INTERNATIONAL/GLOBAL
Pioneer Emerging Markets Fund
Pioneer Europe Fund
Pioneer Indo-Asia Fund
Pioneer International Growth Fund
Pioneer World Equity Fund
GROWTH AND INCOME FUNDS
Pioneer Fund
Pioneer II
Pioneer Balanced Fund
Pioneer Equity-Income Fund
Pioneer Real Estate Shares
INCOME FUNDS
TAXABLE
Pioneer America Income Trust
Pioneer Bond Fund
Pioneer High Yield Fund
Pioneer Limited Maturity Bond Fund
Pioneer Strategic Income Fund
TAX-FREE
Pioneer Tax-Free Income Fund
MONEY MARKET FUND
Pioneer Cash Reserves Fund*
*An investment in the Fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. Although the Fund seeks
to preserve the value of your investment at $1 per share, it is possible to
lose money by investing in the Fund.
28
<PAGE>
-------------------------------------------------------------------------------
RETIREMENT PLANS FROM PIONEER
-------------------------------------------------------------------------------
Pioneer offers retirement plans suited to the individual investor and
businesses of all sizes. For information, contact your investment
professional, or call Pioneer at 1-800-622-0176.
INDIVIDUAL PLANS
INDIVIDUAL RETIREMENT ACCOUNT (IRA) The $2,000 maximum annual contribution may
be tax-deductible; earnings are tax-deferred.
ROTH IRA The $2,000 maximum annual contribution is not tax-deductible; earnings
are tax-free for qualified withdrawals.
PLANS FOR SMALL BUSINESSES OR THE SELF-EMPLOYED
SIMPLE (SAVINGS INCENTIVE MATCH PLAN FOR EMPLOYEES) IRA For firms with 100 or
fewer employees. Employees can make pre-tax contributions, and an employer
contribution is required.
SIMPLIFIED EMPLOYEE PENSION PLAN (SEP) Self-employed individuals and
small-business owners can make tax-deductible contributions of up to 15% of
their income. Employer must also contribute for any eligible employees.
EMPLOYER-SPONSORED PLANS
401(K) PLAN Allows employees to make pre-tax contributions. Also allows for
employer contributions.
403(B) PLAN Lets employees of public schools, nonprofit hospitals and certain
other tax-exempt organizations set aside part of their salary, before taxes,
through payroll deduction.
PROFIT SHARING PLAN Employers contribute on a discretionary basis, usually based
on profits.
AGE-WEIGHTED PROFIT SHARING PLAN Employer makes discretionary contributions
based on employees' age and salary.
MONEY PURCHASE PENSION PLAN (MPP) Employers contribute based on a fixed formula.
Most retirement plan withdrawals must meet specific conditions to avoid
penalties.
29
<PAGE>
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HOW TO CONTACT PIONEER
-------------------------------------------------------------------------------
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
CALL US FOR:
ACCOUNT INFORMATION, including existing accounts, new accounts,
prospectuses, applications and service forms 1-800-225-6292
FACTFONE-SM- for automated fund yields, prices,
account information and transactions 1-800-225-4321
RETIREMENT PLANS INFORMATION 1-800-622-0176
TELECOMMUNICATIONS DEVICE FOR THE DEAF (TDD) 1-800-225-1997
WRITE TO US AT:
Pioneering Services Corporation
60 State Street
Boston, Massachusetts 02109
OUR TOLL-FREE FAX 1-800-225-4240
OUR INTERNET E-MAIL ADDRESS [email protected]
(for general questions about Pioneer only)
VISIT OUR WEB SITE: WWW.PIONEERFUNDS.COM
THIS REPORT MUST BE PRECEDED OR ACCOMPANIED BY A CURRENT FUND PROSPECTUS.
PIONEER INVESTMENT MANAGEMENT, INC.
[LOGO] 60 STATE STREET 9499-00-0101
BOSTON, MASSACHUSETTS 02109 -C- PIONEER FUNDS DISTRIBUTOR, INC.
WWW.PIONEERFUNDS.COM PRINTED ON RECYCLED PAPER
