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Pioneer Government Income Fund


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.


PORTFOLIO MANAGEMENT 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."

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 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. 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 March 31, 2014

ClassA SharesB SharesC SharesY Shares*
CUSIP72387P72672387P71872387P69272387P684
Nasdaq SymbolAMGEXABGIXGOVCXATGIX
Inception Date/
Performance Inception Date
10/1/19933/13/20003/13/200010/1/1993
Total Net Assets (millions)$99.1$2.7$14.3$11.2
Initial Minimum Investment$1,000$1,000$1,000$5,000,000
Management Fee0.50%0.50%0.50%0.50%
Gross Expense Ratio1.22%2.22%1.90%0.85%

Initial minimum investment amounts for retirement plans are lower.
*Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.


Portfolio Characteristics

As of March 31, 2014

30-day SEC Yield
Class A
Class B
Class C
Class Y

1.85%
0.62%
1.19%
2.39%
Weighted Average Life of Securities6.32 Years
Weighted Average Maturity6.81 Years
Duration4.15 Years
Total Holdings327
Turnover19%

30-day SEC yield is based on the hypothetical annualized earning power (investment income only) of the Fund's portfolio securities during period indicated. Duration is a measurement of how long, in years, it takes for the price of a bond to be repaid by its internal cash flows.

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, a vice president, joined Pioneer as a portfolio manager in 1988.
Charles Melchreit, Portfolio Manager
Mr. Melchreit, a senior vice president, joined Pioneer in 2006 and has been an investment professional since 1986.



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 or summary 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.

Neither Pioneer, nor its representatives, are legal or tax advisors. In addition, Pioneer does not provide advice or recommendations. The investments you choose should correspond to your needs, goals, and risk tolerance. For assistance in determining your financial situation, please consult an investment professional.

 
 

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus or summary prospectus and for information on any Pioneer fund, please download it here.

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Securities offered through Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA. 02109. Underwriter of Pioneer mutual funds, Member SIPC © 2014 Pioneer Investments.