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Pioneer Global Multisector Income Fund



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.


"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."


Fund Facts

As of February 29, 2016

(load waived) (load adjusted)
Overall Morningstar RatingTM
(out of 320 funds in the World Bond Category)

Morningstar proprietary ratings reflect risk-adjusted performance as of 2/29/16

The Overall Morningstar RatingTM is based on a weighted average of the star ratings assigned to a fund's three, five, and ten year (as applicable) time periods. The Morningstar Category identifies funds based on their underlying portfolio holdings. Classifications are based on portfolio statistics and compositions over the past three years. For funds less than three years old, category classifications are based on life of the fund. Pioneer Global Multisector Income Fund was rated exclusively against U.S.-domiciled world bond funds as follows: 4 and 4 stars (load waived) and 3 and 3 stars (load adjusted) among 320 and 242 funds for the three- and five-year periods ended 2/29/16, respectively. The Morningstar Rating is for Class A Shares only. Morningstar Load Waived ratings do not take into account Class A sales charges. Ratings may vary among share classes and are based on past performance, which is no guarantee of future results.

Please see a prospectus for complete information pertaining to load waived eligibility (such as large purchases or certain types of group plan participants). For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2, or 1 star, respectively. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Each fund is rated exclusively against U.S. domiciled funds. The following copyright pertains only to Morningstar information. The Morningstar information contained herein 1) is proprietary to Morningstar; 2) may not be copied; and 3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 2016 Morningstar, Inc. All Rights Reserved.

ClassA SharesC SharesY Shares*
Inception Date/
Performance Inception Date
Total Net Assets (millions)$12.5$4.3$11.7
Initial Minimum Invest.$1,000$1,000$5,000,000
Management Fee0.50%0.50%0.50%
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.
*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 3/1/2017, 3/1/2017 and 3/1/2017 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 February 29, 2016

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

30-day SEC Yield Without Expense Waiver
Class A
Class C
Class Y

Weighted Average Life of Securities7.84 Years
Weighted Average Maturity9.05 Years
Duration4.59 Years
Total Holdings293

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, 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.


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 © 2016 Pioneer Investments.