INCOME
Pioneer Short Term Income Fund
Strategy Overview
A: STABX C: PSHCX* Y: PSHYX
us.pioneerinvestments.com
“We believe that investing in primarily high quality securities with shorter
durations can help protect investor portfolios from rising rates. Combining
these securities with a portion of holdings in lower quality securities can also
help pursue more attractive income opportunities.”
Charles Melchreit, CFA® Seth Roman
Senior Vice President
Portfolio Manager
1
Vice President
Portfolio Manager
A Diversified Approach to Short-Term Investing
The Fund offers a broadly diversified1 fixed income strategy that may include U.S. Treasury/Agency obligations, mortgage-backed
securities (MBS) and corporate debt, including up to 20% high yield.
´´Flexibility to respond to changing bond market conditions in an effort to mitigate volatility and maximize income relative to cash
´´Actively allocates among a variety of primarily higher quality fixed income securities along with some non-investment grade exposure,
strategically overweighting those that we believe have superior relative value characteristics
´´Follows a rigorous research-driven approach to issue selection, leveraging Pioneer’s extensive global fixed income capabilities, including
experienced Credit Research and MBS Research team
2
Strives to Achieve Competitive Returns while Tempering Volatility
The Fund seeks to provide income and principal stability, which can be favorable especially when fixed income markets
become more volatile.
´´Invests in securities with shorter durations2, aiming to protect investors during periods of rising interest rates
´´Allocates among high quality securities, with a portion of holdings in lower quality securities, to pursue a more attractive yield than cash
´´Provides diversification from a wide range of fixed income sectors and low correlations3 of investment grade and non-investment grade
debt market
3
Why Choose Pioneer for Fixed Income?
Our extensive credit management expertise and rigorous approach to research underlie the Fund’s innovative and actively
managed strategy.
´´Portfolio
managers, Charles Melchreit and Seth Roman, average over 25 years of investment experience across a broad range of
credit sectors.
´´As
a preeminent fixed income manager, Pioneer Investments is home to some of the most experienced investment professionals
in the industry.
*Class C2 shares (Ticker symbol: STIIX / Cusip: 72387U501) are available to some broker/dealers and financial intermediaries.
For more information, see the Fund’s prospectus. Financial Advisors should check with their firm for availability or call 800-622-9876.
Diversification does not assure a profit or protect against loss.
Duration is a measure of the sensitivity of the price (the value of principal) of a fixed income investment to a change in
interest rates, expressed as a number of years.
3
Correlation the degree to which assets or asset class prices have moved in relation to one another. Correlation ranges from
-1 (always moving in opposite directions) through 0 (absolutely independent) to 1 (always move together).
1
2
Learn More
For more information about how Pioneer Short Term Income Fund may be appropriate for your needs,
contact your financial advisor or visit us at us.pioneerinvestments.com.
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. Investments in high-yield or lower-rated securities are subject to greater-than-average
price volatility, illiquidity and possibility of default. The securities issued by U.S. Government sponsored entities (e.g., 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 prepayments. Investing in foreign and/or
emerging markets 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.
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.
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 financial needs, goals and risk tolerance. For assistance in determining your financial situation, please consult an
investment professional.
Securities offered through Pioneer Funds Distributor, Inc.,
60 State Street, Boston, Massachusetts 02109
Underwriter of Pioneer mutual funds, Member SIPC
©2016 Pioneer Investments • us.pioneerinvestments.com 27411-01-0416