• Employees active asset allocation and bottom-up security selection as key drivers of alpha
• Seeks to exploit low correlations of global fixed income and non-investment grade debt markets with US investment grade markets
• Focuses on protection against permanent impairment of capital

The Strategy is managed within a strong fixed income investment culture focused on sound, fundamental research. Key features of the Pioneer Multi-Sector Fixed Income Strategy include:

• Value approach: Assesses relative value across a broad range of global fixed income sectors, seeking strong total returns by investing in mispriced sectors and securities
• Broad diversification: Expands opportunity set by investing in benchmark and non-benchmark sectors, increasing potential for higher returns, while diversifying risk through lower correlations of non-investment grade and global sectors with US investment grade sectors
• Active, dynamic asset allocation: Overweights sectors strategically that offer attractive relative value, with particular focus on credit sectors where Pioneer Investments has core competency
• Downside risk focus: Strives to mitigate loss by avoiding at-risk sectors and securities, and aims to avoid principal loss in rising interest rate environments through active asset allocation to reduce exposure to the most interest rate-sensitive sectors
• Experienced, stable team and track record:  Boasts approximately 30 years of experience among the portfolio managers and averages over 20 years of experience among the Fixed Income team
• No portfolio manager departures since the Strategy's inception in 1999