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.
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
Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. 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. 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 portfolio may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixedincome securities. Mortgage-backed securities are also subject to pre-payments. The securities issued by U.S. Government-sponsored entities (e.g., FNMA, Freddie Mac) are neither guaranteed nor issued by the U.S. Government. Floating rate loans and similar instruments may be illiquid or less liquid than other instruments, and the value of any collateral can decline or be insufficient to meet the issuer's obligations. The value of municipal securities can be adversely affected by changes in financial condition of municipal issuers, lower revenues, and regulatory and political developments. The Fund is subject to currency risk, meaning that the Fund could experience losses based on changes in the exchange rate between non-U.S. currencies and the U.S. dollar. 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. These risks may increase share price volatility.
As of May 31, 2016
|Overall Morningstar RatingTM|
|(out of 329 funds in the World Bond Category)|
Morningstar proprietary ratings reflect risk-adjusted performance as of 5/31/16
|Class||A Shares||C Shares||Y Shares*|
Performance Inception Date
|Total Net Assets (millions)||$13.1||$4.3||$10.8|
|Initial Minimum Invest.||$1,000||$1,000||$5,000,000|
|Expense Ratio (Gross)||2.67%||2.56%||1.39%|
|Expense Ratio (Net)||1.00%||1.90%||0.75%|
Initial minimum investment amounts for retirement plans are lower.
As of May 31, 2016
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).
Kenneth J. Taubes, Portfolio Manager
Mr. Taubes, an executive vice president and Chief Investment Officer, U.S., joined Pioneer in 1998 and has been an investment professional since 1983.
Charles Melchreit, Portfolio Manager
Mr. Melchreit, a senior vice president and Director of Investment Grade, joined Pioneer in 2006 and has been an investment professional since 1986.
Andrew Feltus, CFA, Portfolio Manager
Mr. Feltus, a 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, a senior vice president and the Director of Currency Strategy, U.S., joined Pioneer in 2012 and has been an investment professional since 1993.
|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.