Pioneer Investments:


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At Pioneer Investments, strength begins with our consistent, structured investment process based on research, active portfolio management and a careful balance of risk and reward. The results speak for themselves. Please note that not all Pioneer funds are ranked 4 or 5 stars.

Morningstar RatingsTM as of March 31, 2016

Morningstar Rankings/Totals

 

Category

Fund Class A shares

Morningstar
Load-Waived
Overall Rating

Morningstar
Load-Adjusted
Overall Rating

1-Year

3-Year

5-Year

10-Year

Ticker

 

Large Growth

Pioneer Fundamental Growth Fund

Inception: 8/22/02

HHHHH

among 1524 peers

HHHHH

among 1524 peers

3%

45/1663

10%

148/1524

3%

30/1315

7%

59/937

A

C

Y

PIGFX

FUNCX

FUNYX

Large Growth

Pioneer Disciplined Growth Fund

Inception: 12/15/05

HHHHH

among 1524 peers

HHHH

among 1524 peers

13%

217/1663

22%

325/1524

27%

356/1315

12%

114/937

A

C

Y

PINDX

INDCX

INYDX

Large Value

Pioneer Equity Income Fund

Inception: 7/25/90

HHHH

among 1207 peers

HHHH

among 1207 peers

8%

101/1390

12%

137/1207

16%

166/1051

17%

127/764

A

C

Y

PEQIX

PCEQX

PYEQX

Mid-Cap Growth

Pioneer Select Mid Cap Growth Fund

Inception: 6/30/93

HHHH

among 640 peers

HHH

among 640 peers

53%

379/719

25%

156/640

34%

197/574

23%

96/428

A

C

Y

PGOFX

GOFCX

GROYX

World Stock

Pioneer Global Equity Fund

Inception: 12/5/05

HHHH

among 991 peers

HHH

among 991 peers

65%

795/1218

23%

223/991

33%

256/774

55%

233/421

A

C

Y

GLOSX

GCSLX

PGSYX

Int. Term
Bond

Pioneer Bond Fund

Inception: 10/31/78

HHHH

among 951 peers

HHH

among 951 peers

63%

663/1045

23%

216/951

24%

193/827

16%

94/602

A

C

Y

PIOBX

PCYBX

PICYX

Muni National Long

Pioneer AMT-Free Municipal Fund

Inception: 9/30/96

HHHHH

among 181 peers

HHH

among 181 peers

3%

6/202

5%

10/181

3%

5/175

8%

12/143

A

C

Y

PBMFX MNBCX

PBYMX

Multi-Sector
Bond

Pioneer Strategic Income Fund

Inception: 4/15/99

HHHH

among 231 peers

HHH

among 231 peers

38%

119/311

40%

92/231

48%

81/169

17%

17/100

A

C

Y

PSRAX

PSRCX

STRYX

Ultra Short Bond

Pioneer Multi-Asset Ultrashort Income Fund

Inception: 4/29/11

HHHH

among 121 peers

H

among 121 peers

35%

52/147

16%

20/121

N/A

N/A

A

C

Y

MAFRX

MCFRX

MYFRX

Bank Loan

Pioneer Floating Rate Fund

Inception: 2/14/07

HHHH

among 212 peers

HH

among 212 peers

11%

29/254

26%

56/212

33%

50/151

N/A

A

C

Y

FLARX FLRCX

FLYRX

Mod. Alloc.

Pioneer Classic Balanced Fund

Inception: 12/19/91

HHHH

among 856 peers

HHH

among 856 peers

46%

430/934

17%

143/856

28%

204/744

21%

107/504

A

C

Y

AOBLX PCBCX

AYBLX

Tactical Alloc.

Pioneer Flexible Opportunities Fund†

Inception: 5/3/10

HHHH

among 244 peers

HHHH

among 244 peers

27%

83/313

29%

71/244

4%

7/151

N/A

A

C

Y

PMARX

PRRCX

PMYRX

 

 

Morningstar Ratings for All Periods as of March 31, 2016

3-Year

5-Year

10-Year

 

Fund Class A Shares

Category

Load-
Waived

Load-
Adjusted

# of Funds

Load-
Waived

Load-Adjusted

# of Funds

Load-Waived

Load-
Adjusted

# of Funds

 

Pioneer Fundamental Growth Fund

Large Growth

HHHHH

HHH

1524

HHHHH

HHHHH

1315

HHHHH

HHHHH

937

Pioneer Disciplined Growth Fund

Large Growth

HHHH

HHH

1524

HHHH

HHH

1315

HHHHH

HHHH

937

Pioneer Equity Income Fund

Large Value

HHHH

HHH

1207

HHHH

HHH

1051

HHHH

HHHH

764

Pioneer Select Mid Cap Growth Fund

Mid-Cap Growth

HHHH

HHH

640

HHH

HHH

574

HHHH

HHH

428

Pioneer Global Equity Fund

World Stock

HHHH

HHH

991

HHHH

HHH

774

HHH

HHH

421

Pioneer Bond Fund

Intermediate-Term Bond

HHHH

HH

951

HHHH

HH

827

HHHH

HHH

602

Pioneer AMT-Free Municipal Fund

Muni National Long

HHHH

HHH

181

HHHHH

HHHH

175

HHHHH

HHH

143

Pioneer Strategic Income Fund

Multisector Bond

HHH

HH

231

HHH

HH

169

HHHH

HHHH

100

Pioneer Multi-Asset Ultrashort Income Fund

Ultrashort Bond

HHHH

H

121

N/A

N/A

N/A

N/A

N/A

N/A

Pioneer Floating Rate Fund

Bank Loan

HHHH

HH

212

HHHH

HH

151

N/A

N/A

N/A

Pioneer Classic Balanced Fund

Moderate Allocation

HHHH

HHH

856

HHHH

HHH

744

HHHH

HHH

504

Pioneer Flexible Opportunities Fund

Tactical Allocation

HHH

HHH

244

HHHHH

HHHH

151

N/A

N/A

N/A

 

The Overall Morningstar Rating™ is based on a weighted average of the star ratings assigned to a fund’s three, five, and ten year (as applicable) time periods. The rating is for Class A shares only.

The mutual funds shown may have experienced negative performance during one or more of the time
periods represented by the Morningstar ratings shown.

Call 1-800-225-6292 or visit us.pioneerinvestments.com/performance for the most recent performance results.

The performance data quoted represents past performance, which is no guarantee of future results. Please see a prospectus for complete information pertaining to load waived eligibility (such as large purchases or certain types of group plan participants). Morningstar load waived ratings are based on the standard Morningstar rating methodology with the exception that they are recalculated without the effects of the front load sales charge. Class A shares performance includes a maximum 5.75% or 4.50% sales charge, for equity and fixed income funds, respectively. Performance for Pioneer Short Term Income Fund reflects a 2.50% sales charge. Ratings are based on past performance, which is no guarantee of future results. Morningstar proprietary ratings reflect risk adjusted performance as of 3/31/16. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.)

The following copyright pertains only to the Morningstar information. The Morningstar information contained herein: (1) is proprietary to Morningstar; (2) may not be copied; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. © 2016 Morningstar, Inc. All Rights Reserved.

A Word About Risk
Pioneer Absolute Return Bond Fund 101
Pioneer AMT-Free Municipal Fund 11,4,13,17,2,23
Pioneer Bond Fund 11,4,19,10,1,16,13,23
Pioneer Classic Balanced Fund 11,4,19,1,16,10,8,20,13,23
Pioneer Core Equity Fund 13
Pioneer Disciplined Growth Fund 12,21,13,23
Pioneer Disciplined Value Fund 12,21,13
Pioneer Dynamic Credit Fund 102
Pioneer Emerging Markets Fund 8,9,13
Pioneer Emerging Markets Local Currency Debt Fund 8,18,9,5,10,11,4,19,13,6
Pioneer Equity Income Fund 8,20,13,23
Pioneer Flexible Opportunities Fund 107
Pioneer Floating Rate Fund 103
Pioneer Fund 13
Pioneer Fundamental Growth Fund 8,12,13,23
Pioneer Global Equity Fund 8,5,21,11,6,13,23
Pioneer Global High Yield 10,11,4,8,19,16,6,13
Pioneer Global Multisector Income Fund 8,11,4,10,19,16,1,7,17,5,6,23
Pioneer Government Income Fund 11,4,19,1,16,13
Pioneer High Income Municipal Fund 10,11,4,19,17,18,6,2,13
Pioneer High Yield Fund 10,11,4,19,16,6,13
Pioneer International Value Fund 8,9,11,13
Pioneer Long/Short Bond Fund 104
Pioneer Long/Short Opportunistic Credit Fund 105
Pioneer Mid Cap Value Fund 14,8,20,11,13
Pioneer Multi-Asset Income Fund 106
Pioneer Multi-Asset Ultrashort Income Fund 108
Pioneer Real Estate Shares 20,12,11,13
Pioneer Select Mid Cap Growth Fund 14,11,20,8,13,23
Pioneer Short Term Income Fund 11,4,19,10,1,16,8,13,23
Pioneer Strategic Income Fund 10,11,4,19,1,16,8,13,23
Pioneer U.S. Government Money Market Fund 15,1,13

These risks may increase share price volatility:
1. The securities issued by U.S. Government-sponsored entities (e.g., FNMA, Freddie Mac) are neither guaranteed nor issued by the U.S. Government.
2. A portion of income may be subject to local, state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax.  
4.
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.   5. The Fund is subject to currency risk, meaning that the Fund could experience losses based on changes in the exchange rate between non-U.S. currencies and the U.S. dollar.   6. The Fund may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. Derivatives may have a leveraging effect on the Fund.   7. Floating rate loans and similar instruments may be illiquid or less liquid than other instruments, and the value of any collateral can decline or be insufficient to meet the issuer's obligations.   8. Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.   9. To the extent the Fund invests in issuers located within specific countries or regions, the Fund may be particularly affected by adverse markets, rates, and events which may occur in those countries and regions.   10. Investments in high-yield or lower rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default.   11. 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.  
12. The Fund invests in a limited number of securities and, as a result, its performance may be more volatile than the performance of other funds holding more securities.   13. At times, the Fund's investments may represent industries or sectors that are interrelated or have common risks, making them more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.   14. Investments in mid-sized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than larger, more established companies.   15. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Fund shares are not federally insured by the Federal Deposit Insurance Corporation or any other government agency.   16. 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.   17. The value of municipal securities can be adversely affected by changes in financial condition of municipal issuers, lower revenues, and regulatory and political developments.   18. The Fund is non-diversified, which means that it can invest a large percentage of its assets in the securities of any one or more issuers. This increases the Fund's potential risk exposure.   19. 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.   20. The portfolio invests in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws.   21. Investing in small- and mid-sized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than larger, more established companies.    23. These risks may increase share price volatility.

101 Absolute Return Bond Fund:
All investments are subject to risk, including the possible loss of principal. Pioneer Absolute Return Bond invests in derivatives, such as options, futures, inverse floating rate obligations, and swaps, among others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on the performance of the portfolio. The Fund may take short positions, which involves leverage of its assets and presents additional risks. The Fund may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the Fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. The Fund employs leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses. The Fund is subject to duration risk. Duration seeks to measure the price sensitivity of a fixed income security to interest rates. The longer a portfolio’s duration, the more sensitive it will be to changes in interest rates. Investments in fixed income securities involve interest rate, credit, inflation, and reinvestment risks. 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 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 pre-payments. The Fund may invest in subordinated securities, which may be disproportionately adversely affected by a default or even a perceived decline in creditworthiness of the issuer. Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. The Fund may invest in event-linked bonds, on which the return of principal and the payment of interest are contingent on the non-occurrence of a pre-defined “trigger” event, such as a hurricane or an earthquake of a specific magnitude. The Fund may invest in floating rate loans; the value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. The Fund is non-diversified, which means that it can invest a large percentage of its assets in the securities of any one or more issuers. This increases the Fund’s potential risk exposure.
There is no assurance that these and other strategies used by the Fund will be successful. The Fund is not intended to outperform stocks and bonds during strong market rallies.
Please see the prospectus for a more complete discussion of the Fund’s risks.

102 Pioneer Dynamic Credit Fund:
All investments are subject to risk, including the possible loss of principal. The Fund has the ability to invest in a wide variety of debt securities. The Fund may invest in underlying funds, including ETFs. In addition to the Fund's operating expenses, you will indirectly bear the operating expenses of investments in any underlying funds. The Fund and some of the underlying funds employ leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses if an underlying fund's investments decline in value. The Fund and some of the underlying funds may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The Fund may invest in inflation-linked securities. As inflationary expectations increase, inflation-linked securities may become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, inflation-linked securities will become less attractive and less valuable. The Fund may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. The Fund may invest in floating rate loans. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. The Fund may invest in event-linked bonds. The return of principal and the payment of interest on event-linked bonds are contingent on the non-occurrence of a pre-defined "trigger" event, such as a hurricane or an earthquake of a specific magnitude. The Fund may invest in zero coupon bonds and payment in kind securities, which may be more speculative and fluctuate more in value than other fixed income securities.  The accrual of income from these securities are payable as taxable annual dividends to shareholders. Investments in equity securities are subject to price fluctuation. Investments in fixed income securities involve interest rate, credit, inflation, and reinvestment risks. As interest rates rise, the value of fixed income securities falls. The Fund 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.  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. High yield bonds possess greater price volatility, illiquidity, and possibility of default.
There is no assurance that these and other strategies used by the Fund or underlying funds will be successful. The Fund is not intended to outperform stocks and bonds during strong market rallies.
These risks may increase share price volatility.
Please see the prospectus for a more complete discussion of the Fund's risks.

103 Floating Rate Fund risks
Debt securities rated below investment grade are commonly referred to as "junk bonds" and are considered speculative.  Below investment grade debt securities involve greater risk of loss, are subject to greater price volatility and are less liquid, especially during periods of economic uncertainty or change, than higher rated debt securities.  The Fund may invest in high yield securities of any rating, including securities that are in default at the time of purchase.
Securities with floating interest rates generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as prevailing interest rates. Unlike fixed-rate securities, floating rate securities generally will not increase in value if interest rates decline. Changes in interest rates also will affect the amount of interest income the Fund earns on its floating rate investments.
Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. 
These risks may increase share price volatility.

104 Pioneer Long/Short Bond Fund:
All investments are subject to risk, including the possible loss of principal. The portfolio may invest in derivative securities, such as options, futures, inverse floating rate obligations, and swaps, among others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on the performance of the portfolio. The Fund may take short positions, which involves leverage of its assets and presents additional risks. The Fund may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. The Fund employs leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses. Investments in fixed income securities involve interest rate, credit, inflation, and reinvestment risks. 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. Investments in high-yield or lower rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default. 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 (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 pre-payments. Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. The Fund may invest in event-linked bonds, on which the return of principal and the payment of interest are contingent on the non-occurrence of a pre-defined “trigger” event, such as a hurricane or an earthquake of a specific magnitude. The Fund may invest in floating rate loans; the value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. The Fund is subject to currency risk, meaning that the fund could experience losses based on changes in the exchange rate between non-U.S. currencies and the U.S. dollar. The Fund is non-diversified, which means that it can invest a large percentage of its assets in the securities of any one or more issuers. This increases the Fund’s potential risk exposure. These risks may increase share price volatility.
There is no assurance that these and other strategies used by the Fund will be successful. Please see the prospectus for a more complete discussion of the Fund’s risks.

105 Long/Short Opportunistic Credit Fund:
All investments are subject to risk, including the possible loss of principal. The portfolio may invest in derivative securities, such as options, futures, inverse floating rate obligations, and swaps, among others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on the performance of the portfolio. The Fund may take short positions, which involves leverage of its assets and presents additional risks. The Fund may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. The Fund employs leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses. Investments in fixed income securities involve interest rate, credit, inflation, and reinvestment risks. 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. Investments in high-yield or lower rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default. 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 (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 pre-payments. Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. The Fund may invest in event-linked bonds, on which the return of principal and the payment of interest are contingent on the non-occurrence of a pre-defined “trigger” event, such as a hurricane or an earthquake of a specific magnitude. The Fund may invest in floating rate loans; the value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. The Fund is subject to currency risk, meaning that the fund could experience losses based on changes in the exchange rate between non-U.S. currencies and the U.S. dollar. The Fund is non-diversified, which means that it can invest a large percentage of its assets in the securities of any one or more issuers. This increases the Fund’s potential risk exposure. These risks may increase share price volatility.
There is no assurance that these and other strategies used by the Fund will be successful. Please see the prospectus for a more complete discussion of the Fund’s risks.

106 Pioneer Multi-Asset Income Fund:
All investments are subject to risk, including the possible loss of principal. Pioneer Multi-Asset Income ("MAI") Fund has the ability to invest in a wide variety of securities and asset classes. High yield bonds possess greater price volatility, illiquidity, and possibility of default. Investments in fixed income securities involve interest rate, credit, inflation, and reinvestment risks. As interest rates rise, the value of fixed income securities falls. 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 Fund 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.  The Fund may invest in subordinated securities which may be disproportionately adversely affected by a default or even a perceived decline in creditworthiness of the issuer. International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.The Fund may invest in inflation-linked securities. As inflationary expectations increase, inflation-linked securities may become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, inflation-linked securities will become less attractive and less valuable. The Fund may invest in event-linked bonds. The return of principal and the payment of interest on event-linked bonds are contingent on the non-occurrence of a pre-defined "trigger" event, such as a hurricane or an earthquake of a specific magnitude. The Fund may invest in floating rate loans. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. The Fund may invest in underlying funds, including ETFs. In addition to the Fund's operating expenses, you will indirectly bear the operating expenses of investments in any underlying funds.Investments in equity securities are subject to price fluctuation. Small-and mid-cap stocks involve greater risks and volatility than large-cap stocks. The Fund may invest in Master Limited Partnerships, which are subject to increased risks of liquidity, price valuation, control, voting rights and taxation.  In addition, the structure affords fewer protections to investors in the Partnership than direct investors in a corporation.The Fund may invest in zero coupon bonds and payment in kind securities, which may be more speculative and fluctuate more in value than other fixed income securities. The accrual of income from these securities are payable as taxable annual dividends to shareholders. The Fund and some of the underlying funds may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The Fund may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. The Fund and some of the underlying funds employ leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses if an underlying fund's investments decline in value.
These risks may increase share price volatility. There is no assurance that these and other strategies used by the Fund or underlying funds will be successful.
Please see the prospectus for a more complete discussion of the Fund's risks.

107 Flexible Opportunities Fund*:
All investments are subject to risk, including the possible loss of principal. Pioneer Flexible Opportunities Fund has the ability to invest in a wide variety of securities and asset classes. In addition, the Fund is non-diversified which means it can invest a higher percentage of its assets in the securities of any one or more issuers. This will increase the Fund's potential risk exposure. The Fund may invest in underlying funds (ETFs and unit investment trusts). In addition to the Fund's operating expenses, you will indirectly bear the operating expenses of investments in any underlying funds. The Fund and some of the underlying funds employ leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses if an underlying fund's investments decline in value. The Fund and some of the underlying funds may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The Fund and some of the underlying funds may employ short selling, a speculative strategy. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. The Fund may invest in inflation-linked securities. As inflationary expectations increase, inflation-linked securities may become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, inflation-linked securities will become less attractive and less valuable. The Fund may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. The Fund may invest in subordinated securities which may be disproportionately adversely affected by a default or even a perceived decline in creditworthiness of the issuer. The Fund may invest in floating rate loans. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. The Fund may invest in event-linked bonds. The return of principal and the payment of interest on event-linked bonds are contingent on the non-occurrence of a pre-defined "trigger" event, such as a hurricane or an earthquake of a specific magnitude. The Fund may invest in commodities. The value of commodity-linked derivatives may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, factors affecting a particular industry or commodity, international economic, political and regulatory developments, supply and demand, and governmental regulatory policies. Investments in equity securities are subject to price fluctuation. Small-and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets.Investments in fixed income securities involve interest rate, credit, inflation, and reinvestment risks. As interest rates rise, the value of fixed income securities falls. The Fund 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. Prepayment risk is the chance that mortgage-backed bonds will be paid off early if falling interest rates prompt homeowners to refinance their mortgages. High yield bonds possess greater price volatility, illiquidity, and possibility of default.
These risks may increase share price volatility. There is no assurance that these and other strategies used by the Fund or underlying funds will be successful.
Please see the prospectus for a more complete discussion of the Fund's risks.
*Effective June 1, 2015, Pioneer Multi-Asset Real Return Fund was renamed Pioneer Flexible Opportunities Fund

108 Multi-Asset Ultrashort Income Fund:
All investments are subject to risk, including the possible loss of principal. Pioneer Multi-Asset Ultrashort Income (“MAUI”) Fund has the ability to invest in a wide variety of debt securities. The Fund may invest in underlying funds, including ETFs. In addition to the Fund's operating expenses, you will indirectly bear the operating expenses of investments in any underlying funds. The Fund and some of the underlying funds employ leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses if an underlying fund's investments decline in value. The Fund and some of the underlying funds may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The Fund may invest in inflation-linked securities. As inflationary expectations increase, inflation-linked securities may become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, inflation-linked securities will become less attractive and less valuable. The Fund may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. The Fund may invest in subordinated securities which may be disproportionately adversely affected by a default or even a perceived decline in creditworthiness of the issuer. The Fund may invest in floating rate loans. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. The Fund may invest in event-linked bonds. The return of principal and the payment of interest on event-linked bonds are contingent on the non-occurrence of a pre-defined "trigger" event, such as a hurricane or an earthquake of a specific magnitude. The Fund may invest in zero coupon bonds and payment in kind securities, which may be more speculative and fluctuate more in value than other fixed income securities.  The accrual of income from these securities are payable as taxable annual dividends to shareholders. Investments in equity securities are subject to price fluctuation. International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Investments in fixed income securities involve interest rate, credit, inflation, and reinvestment risks. As interest rates rise, the value of fixed income securities falls. The Fund 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. 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. High yield bonds possess greater price volatility, illiquidity, and possibility of default. There may be insufficient or illiquid collateral securing the floating rate loans held within the Fund.  This may reduce the future redemption or recovery value of such loans. The Fund may have disadvantaged access to confidential information that could be used to assess a loan issuer, as Pioneer normally seeks to avoid receiving material, non-public information.
Multi-Asset Ultrashort Income Fund is not a money market fund.
These risks may increase share price volatility. There is no assurance that these and other strategies used by the Fund or underlying funds will be successful.
Please see the prospectus for a more complete discussion of the Fund's risks.