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
As of December 31, 2015
|Overall Morningstar RatingTM|
|(out of 323 funds in the World Bond Category)|
Morningstar proprietary ratings reflect risk-adjusted performance as of 12/31/15
|Class||A Shares||C Shares||Y Shares*|
Performance Inception Date
|Total Net Assets (millions)||$12.4||$4.3||$11.9|
|Initial Minimum Invest. (A)||$1,000||$1,000||$5,000,000|
|Expense Ratio (Gross)||2.52%||2.71%||1.50%|
|Expense Ratio (Net)||1.00%||1.90%||0.75%|
Initial minimum investment amounts for retirement plans are lower.
As of December 31, 2015
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.