The Fund seeks a high level of current income consistent with a relatively high level of stability of principal through exposure to primarily high quality, short-term debt securities. It provides the potential for earning an attractive yield with a portion of holdings in lower-quality instruments.
PORTFOLIO MANAGEMENT PERSPECTIVE
"Our value approach to fixed-income investing helps us identify what we believe to be the best opportunities for above-average current income while preserving principal. We pursue this objective through strategies that include careful security selection, asset allocation with fixed-income sectors, and judicious use of below-investment grade bonds."
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. 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. Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. 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 April 30, 2013
|Class||A Shares||B Shares||C Shares||Y Shares*|
Performance Inception Date
|Total Net Assets (millions)||$94.7||$1.2||$32.7||$159.1|
|Initial Minimum Investment||$1,000||$1,000||$1,000||$5,000,000|
|Total Expense Ratio (Gross)||1.30%||1.99%||1.71%||0.61%|
|Total Expense Ratio (Net)||0.90%||1.80%||1.71%||0.61%|
Initial minimum investment amounts for retirement plans are lower.
As of April 30, 2013
30-day SEC yield is based on the hypothetical annualized earning power (investment income only) of the Fund's portfolio securities during 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).
Richard Schlanger, Portfolio Manager
Mr. Schlanger joined Pioneer as a portfolio manager in 1988 after spending 12 years with Irving Trust Company in New York, where he had overall responsibility for managing nearly $1.5 billion in fixed-income assets.
Charles Melchreit, Portfolio Manager
Mr. Melchreit joined Pioneer as a portfolio manager in 2006. From 2003 to 2004 he was a managing director at Cigna Investment Management. Prior to that, Mr. Melchreit was a senior vice president and portfolio manager at Aeltus Investment 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.