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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


Fund Facts

As of March 31, 2016

ClassA SharesC SharesY Shares*
CUSIP72388C10472388C20372388C302
Nasdaq SymbolPGABXPGCBXPGYBX
Inception Date/
Performance Inception Date
12/27/200712/27/200712/27/2007
Total Net Assets (millions)$12.8$4.4$11.9
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 March 31, 2016

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

2.64%
2.13%
3.01%
30-day SEC Yield Without Expense Waiver
Class A
Class C
Class Y

0.97%
1.47%
2.37%
Weighted Average Life of Securities7.87 Years
Weighted Average Maturity9.14 Years
Duration4.75 Years
Total Holdings289
Turnover34%

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.