| Highlights |
- Invests primarily in investment-grade U.S. fixed-income securities
- Consistent, value-oriented investment approach rooted in fundamental, proprietary research
- Top-down, bottom-up approach to sector weightings, security selection
- Has outpaced the Lipper Corporate Funds Average for the 3-, 5- and 10-year periods*
- *Past performance cannot guarantee future results
| Strategy |
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FUND STRATEGY The Fund seeks current income by investing primarily in an investment-grade portfolio, consistent with capital preservation and prudent investment risk, to help provide a steady stream of dividend income to meet immediate and long-term needs and, potentially, to diversify a investor's overall holdings. |
PORTFOLIO MANAGEMENT PERSPECTIVE
"We combine fundamental and quantitative analysis to generate investment ideas and conduct ongoing review of performance and risk characteristics. We apply an integrated, team oriented approach in our focus on sector allocation, industry allocation and security selection, deciding what types of bonds and industries present the most value at a given time."
A WORD ABOUT RISK
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. Prepayment risk is the chance that mortgage-backed bonds will be paid off early if falling interest rates prompt homeowners to refinance their mortgages. 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 associated with falling interest rates. Investments in high yield or lower-rated securities are subject to greater-than-average risk. The securities issued by U.S. Government sponsored entities (i.e., FNMA, Freddie Mac) are neither guaranteed nor issued by the U.S. Government. 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. 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.
| Fund Facts |
As of April 30, 2013
| Class | A Shares | B Shares | C Shares | R Shares | Y Shares* |
| CUSIP | 723622106 | 723622205 | 723622304 | 723622502 | 723622403 |
| Nasdaq Symbol | PIOBX | PBOBX | PCYBX | PBFRX | PICYX |
| Inception Date/ Performance Inception Date | 10/31/1978 | 4/4/1994 | 1/31/1996 | 10/31/1978 | 10/31/1978 |
| Total Net Assets (millions) | $592.0 | $9.9 | $102.6 | $31.4 | $969.9 |
| Initial Minimum Investment | $1,000 | $1,000 | $1,000 | $0 | $5,000,000 |
| Management Fee | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
| Total Expense Ratio (Gross) | 1.03% | 2.02% | 1.73% | 1.35% | 0.65% |
| Total Expense Ratio (Net) | 0.85% | 1.90% | 1.73% | 1.25% | 0.65% |
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Initial minimum investment amounts for retirement plans are lower. |
| Portfolio Characteristics |
As of April 30, 2013
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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, Chief Investment Officer, U.S. and an Executive Vice President, joined Pioneer in September 1998 and has been an investment professional since 1982.
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.
| 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.