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Pioneer Global Multisector Income Fund


Strategy

FUND STRATEGY

The Fund seeks high current income by actively managing a diversified portfolio of U.S. and international high yield and investment-grade debt securities. It selects sector concentrations driven by evaluation of capital markets. The Fund actively adjusts a blend of fixed-income securities to manage risk, seek enhanced yield, and offer total return potential.
Diversification does not ensure a profit or protect against a loss in a declining market.


PORTFOLIO MANAGEMENT PERSPECTIVE

"Having the flexibility to invest in a broad range of issuers and segments of the debt securities markets across countries and regions, sectors and industries, helps us identify what we believe to be the best opportunities for above-average total return. We strive to meet this objective through a combination of top-down, fixed-income macro-analysis and bottom-up fundamental research on individual securities."

A WORD ABOUT RISK

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. The Fund may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Derivatives may have a leveraging effect on the Fund. 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. Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations. Investments in high yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default. Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.


Fund Facts

As of November 30, 2014

ClassA SharesC SharesY Shares*
CUSIP72388C10472388C20372388C302
Nasdaq SymbolPGABXPGCBXPGYBX
Inception Date/
Performance Inception Date
12/27/200712/27/200712/27/2007
Total Net Assets (millions)$11.7$4.3$12.5
Initial Minimum Investment$1,000$1,000$5,000,000
Management Fee0.50%0.50%0.50%
Expense Ratio (Gross)2.05%2.75%1.57%
Expense Ratio (Net)1.00%1.90%0.75%

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.
The Net Expense ratio reflects contractual expense limitations currently in effect through 3/1/2015, 3/1/2015 and 3/1/2015 for Class A, C and Y Shares, respectively. There can be no assurance that Pioneer will extend the expense limitations beyond such time. Please see the prospectus and financial statements for more information.


Portfolio Characteristics

As of November 30, 2014

30-day SEC Yield With Expense Waiver
Class A
Class C
Class Y

2.65%
1.86%
3.01%
30-day SEC Yield Without Expense Waiver
Class A
Class C
Class Y

2.08%
1.46%
2.60%
Weighted Average Life of Securities7.18 Years
Weighted Average Maturity8.23 Years
Duration4.61 Years
Total Holdings325
Turnover47%

The 30-day SEC yield is based on the hypothetical annualized earning power (investment income only) of the Fund's portfolio securities during the 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


Kenneth J. Taubes, Portfolio Manager
Mr. Taubes, Chief Investment Officer, U.S. and an Executive Vice President, joined Pioneer in September 1998 and has been an investment professional since 1982.
Charles Melchreit, Portfolio Manager
Mr. Melchreit, Director of Investment Grade and a Senior Vice President, joined Pioneer in 2006 and has been an investment professional since 1986.
Andrew Feltus, CFA, Portfolio Manager
Mr. Feltus, senior vice president and Director of High Yield and Bank Loans, joined Pioneer in 1994 and has been an investment professional since 1991.
Paresh Upadhyaya, Portfolio Manager
Mr. Upadhyaya, Senior Vice President and the Director of Currency Strategy, U.S., joined Pioneer in 2012 and has been an investment professional since 1995.



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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