- Applies a consistent, value-oriented approach, investing in what Pioneer believes to be the best global companies issuing high yield debt
- Adjusts allocations at three levels - country, sector and individual securities - in order to manage risk and enhance yield and total return potential
- Offers investors an uncommon way to pursue international diversification, enhanced total returns and higher yields
- Combines a top-down approach to country and industry selection with a bottom-up approach to security selection through fundamental research
- * Past performance cannot guarantee future results
The Fund seeks to maximize total return through a combination of income and capital appreciation. Drawing on the expertise of Pioneer's global bond investment team, the Fund's management constructs a diversified portfolio of below-investment-grade (high yield) debt securities and preferred stocks of U.S. and non-U.S. securities, including those from emerging markets. Diversification does not ensure a profit or protect against loss in a declining market.
PORTFOLIO MANAGEMENT PERSPECTIVE
"We believe that a flexible approach to high-yield investing through investment in U.S. high yield, international high yield and emerging market bonds enables us to achieve superior returns and lower undue risk as compared with an average high yield portfolio. We seek to stay diversified across countries/regions, sectors/industries and currencies and are focused on a value-oriented approach to finding the best investment opportunities."
A WORD ABOUT RISK
Investments in high yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default. 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. Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. 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. 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. 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. These risks may increase share price volatility.
As of January 31, 2014
|Class||A Shares||B Shares||C Shares||Y Shares*|
Performance Inception Date
|Total Net Assets (millions)||$488.0||$23.3||$390.7||$763.1|
|Initial Minimum Investment||$1,000||$1,000||$1,000||$5,000,000|
|Gross Expense Ratio||1.10%||1.91%||1.78%||0.80%|
Initial minimum investment amounts for retirement plans are lower.
As of January 31, 2014
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. Duration is a measurement of how long, in years, it takes for the price of a bond to be repaid by its internal cash flows.
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).
Andrew Feltus, CFA, Portfolio Manager
Mr. Feltus is a senior vice president and joined Pioneer in 1994. He has been an investment professional since 1991.
Tracy Wright, Portfolio Manager
Ms. Wright is a senior vice president and joined Pioneer in 2004. Prior to Pioneer, she worked at State Street Global Advisors as a senior high yield analyst covering basic materials, industrials and energy, among other sectors. Ms. Wright has been an investment professional since 1996.
|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.