| Strategy |
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FUND STRATEGY The Fund seeks to provide current income consistent with due regard of capital and prudent investment risk. The Fund will invest primarily in investment-grade fixed-income securities both in the U.S. and non-U.S. |
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 current income while preserving principal. 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 portfolio may invest in derivative securities, which may include futures and options. These types of instruments can increase price fluctuation. 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 underlying securities and their inability to meet their debt obligations. Investments in high yield or lower-rated securities are subject to greater-than-average risk. 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 April 30, 2013
| Class | A Shares | C Shares | Y Shares* |
| CUSIP | 72388C104 | 72388C203 | 72388C302 |
| Nasdaq Symbol | PGABX | PGCBX | PGYBX |
| Inception Date/ Performance Inception Date | 12/27/2007 | 12/27/2007 | 12/27/2007 |
| Total Net Assets (millions) | $8.1 | $4.4 | $17.1 |
| Initial Minimum Investment | $1,000 | $1,000 | $5,000,000 |
| Management Fee | 0.50% | 0.50% | 0.50% |
| Total Expense Ratio (Gross) | 1.65% | 2.39% | 1.18% |
| Total Expense Ratio (Net) | 1.00% | 1.90% | 0.75% |
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Initial minimum investment amounts for retirement plans are lower. |
| Portfolio Characteristics |
As of April 30, 2013
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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 |
Charles Melchreit, Portfolio Manager
Mr. Melchreit, a vice president, joined Pioneer in 2006. From 2003 to 2004, Mr. Melchreit was a managing director at Cigna Investment Management. Prior to that, he was senior vice president and portfolio manager at Aeltus Management.
Tanguy Le Saout, Portfolio Manager
Mr. Le Saout is the Head of Government Bonds and Value-at-Risk (VaR) Portfolios in Europe. He was appointed to this role in February 2004. He joined Pioneer Investments in October 1999.
| 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.