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Pioneer Short Term Income Fund


Strategy

FUND STRATEGY

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 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. 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.


Fund Facts

As of March 31, 2014

ClassA SharesB SharesC SharesY Shares*
CUSIP72387U10572387U20472387U30372387U402
Nasdaq SymbolSTABXSTBBXPSHCXPSHYX
Inception Date/
Performance Inception Date
7/8/20047/8/20047/8/20047/8/2004
Total Net Assets (millions)$203.8$1.1$71.5$330.0
Initial Minimum Investment$1,000$1,000$1,000$5,000,000
Management Fee0.35%0.35%0.35%0.35%
Expense Ratio (Gross)0.98%2.02%1.54%0.59%
Expense Ratio (Net)0.85%1.80%1.15%0.59%

Initial minimum investment amounts for retirement plans are lower.
*Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.
The Net Expense ratio reflects contractual expense limitations currently in effect through 1/1/2015, 1/1/2015 and 1/1/2015 for Class A, B and C Shares, respectively. There can be no assurance that Pioneer will extend the expense limitations beyond such time. Please see the prospectus and financial statements for more information.


Portfolio Characteristics

As of March 31, 2014

30-day SEC Yield With Expense Waiver
Class A
Class B
Class C
Class Y

1.21%
0.16%
0.95%
1.44%
30-day SEC Yield Without Expense Waiver
Class A
Class B
Class C
Class Y

0.78%
0.16%
0.93%
1.44%
Weighted Average Life of Securities2.59 Years
Weighted Average Maturity2.83 Years
Duration0.94 Years
Total Holdings1283
Turnover28%

30-day SEC yield is based on the hypothetical annualized earning power (investment income only) of the Fund's portfolio securities during 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).


Portfolio Management


Richard Schlanger, Portfolio Manager
Mr. Schlanger, a vice president, joined Pioneer as a portfolio manager in 1988.
Charles Melchreit, Portfolio Manager
Mr. Melchreit, a senior vice president, joined Pioneer in 2006 and has been an investment professional since 1986.



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.

 
 

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 or summary prospectus and for information on any Pioneer fund, please download it here.

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Securities offered through Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA. 02109. Underwriter of Pioneer mutual funds, Member SIPC © 2014 Pioneer Investments.