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Multi-Sector Credit Strategies

A flexible, focused and disciplined approach to
global credit
Untitled Document

As of March 31, 2017

   

Credit Opportunities

 

Dynamic Credit

Inception Date

 

June 2008

 

May 2011

Assets Under Management

 

$332 million

 

$322 million

Investment Universe

 
  • Bank loans, high yield and investment grade bonds
  • Stressed mortgage-backed securities and asset-backed securities
  • Insurance-linked securities
  • Credit default swaps
 
  • Bank loans, high yield and investment grade bonds
  • Stressed mortgage-backed securities and asset-backed securities
  • Insurance-linked securities
  • Credit default swaps
  • Futures for hedging purposes

Credit Quality Range¹

 

BB to B-

 

BBB to B-

Benchmark

 

50% BofA Merrill Lynch US Corporate Index/ 50% BofA Merrill Lynch US High Yield Index

 

Bloomberg Barclays US Corporate High Yield Ba 2% Issuer Capped Index

     

Source: Pioneer Investments, March 31, 2017

¹Credit Quality Range is a range of the ratings of the underlying fixed income securities, cash and cash equivalents held in the representative account of the composite as of the date noted, as provided by Moody's Investor Service or the Standard & Poor's ("S&P") or Fitch's, as applicable. If the ratings provided by the rating agency for a security differ, the average of the ratings is included. Bond ratings are ordered highest to lowest in a portfolio. Based on S&P's measures, AAA (the highest possible rating) through BBB are considered "investment grade"; BB or lower ratings are considered non-investment grade. Cash equivalents and some bonds may not be rated.