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overview/highlights.xsl

    overview/strategy.xsl

    Fund Strategy

    The Fund seeks a high level of current income.

    overview/mngmt.xsl

    Portfolio Management

      • Jonathan Sharkey, Portfolio Manager
      • Mr. Sharkey, a senior vice president, joined Amundi Pioneer in 2006 and has been an investment professional since 1994.

    Portfolio Management Perspective

    "Our approach is to focus on higher quality loans than is typical for most bank loan funds, which we hope will allow for downside protection that will help manage risk. This may be an option for investors who want to diversify their fixed-income portfolios with a fund that may help protect their portfolios against a rise in interest rate."

    overview/footnotes.xsl

    A WORD ABOUT RISK

    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 market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. These risks may increase share price volatility.
    overview/bankbox.xsl
    • 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 Amundi Pioneer 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 Amundi Pioneer, nor its representatives, are legal or tax advisors. In addition, Amundi 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.
    overview/mstarfootnotes.xsl

    About Morningstar Ratings:

    Ratings are based on past performance, which is no guarantee of future results. The Overall Morningstar RatingTM 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 Morningstar Category identifies funds based on their underlying portfolio holdings. Classifications are based on portfolio statistics and compositions over the past three years. For funds less than three years old, category classifications are based on life of the fund. Pioneer Floating Rate Fund was rated exclusively against U.S.-domiciled bank loan funds as follows: 3, 3 and 4 stars among 208, 158 and 65 funds for the three-, five-, and 10-year periods ended 8/31/17, respectively. The Morningstar Rating is for Class A Shares only. Ratings may vary among share classes.
    Ratings are based on past performance, which is no guarantee of future results. Star ratings do not reflect the effect of any applicable sales load. The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The following copyright pertains only to 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. ©2017 Morningstar, Inc. All Rights Reserved.
    perf/risk.xsl

    Risk Measures (3-Year)

    As of August 31, 2017

    As compared to the Pioneer Floating Rate Linked Benchmark**

    R-squared 0.97
    Beta 0.67
    Sharpe Ratio 1.22
    Standard Deviation (Fund) 2.09
    Standard Deviation (Benchmark) 3.08
    Risk measures apply to Class A Shares only.
    Beta is a measure of the volatility of a fund relative to the overall market.
    R-squared represents the percentage of the portfolio's movements that can be explained by the general movements of the market.
    Standard Deviation is a statistical measure of the historic volatility of a portfolio.
    Sharpe Ratio - a measure of excess return per unit of risk, as defined by standard deviation. A higher Sharpe ratio suggests better risk-adjusted performance.

    Source: Lipper.
    perf/performance.xsl

    Fund Performance

    10K chart

     

    Chart is for illustrative purposes. These results represent the percentage change in net asset value per share. Returns would have been lower had sales charges been reflected.

     
    For the most recent month-end performance results click here. Current performance may be lower or higher than the performance data quoted.


    The performance data quoted represents past performance, which is no guarantee of future results.
    Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. All results are historical and assume the reinvestment of dividends and capital gains.



    Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

    Average Annual Total Returns

    through August 31, 2017
    1-Year
    3-Year
    5-Year
    10-Year
    Since Inception
    Class A Shares (NAV)
    4.02%
    2.87%
    3.37%
    3.86%
    3.60%
    Class A Shares (POP)
    -0.68%
    1.29%
    2.41%
    3.39%
    3.15%
    Class C Return If Held
    3.23%
    2.13%
    2.64%
    3.07%
    2.80%
    Class C Return If Redeemed
    3.23%
    2.13%
    2.64%
    3.07%
    2.80%
    Class K Shares (NAV)
    4.36%
    3.24%
    3.66%
    4.01%
    3.73%
    Class Y Shares (NAV)
    4.36%
    3.24%
    3.76%
    4.14%
    3.87%
    Pioneer Floating Rate Linked Benchmark**
    5.94%
    3.91%
    4.44%
    4.90%
    4.52%
    Lipper Loan Participation Funds Average
    4.99%
    2.76%
    3.58%
    3.53%
    3.24%

    Average Annual Total Returns

    through June 30, 2017
    1-Year
    3-Year
    5-Year
    10-Year
    Since Inception
    Class A Shares (NAV)
    4.99%
    2.72%
    3.58%
    3.57%
    3.60%
    Class A Shares (POP)
    0.20%
    1.15%
    2.64%
    3.09%
    3.14%
    Class C Return If Held
    4.19%
    1.98%
    2.82%
    2.76%
    2.80%
    Class C Return If Redeemed
    4.19%
    1.98%
    2.82%
    2.76%
    2.80%
    Class K Shares (NAV)
    5.48%
    3.14%
    3.89%
    3.72%
    3.75%
    Class Y Shares (NAV)
    5.32%
    3.09%
    3.95%
    3.83%
    3.87%
    Pioneer Floating Rate Linked Benchmark**
    7.69%
    3.78%
    4.75%
    4.49%
    4.53%
    Lipper Loan Participation Funds Average
    6.62%
    2.60%
    3.84%
    3.15%
    3.23%

    Calendar Year Returns (Total Return)

    through August 31, 2017
    YTD
    2016
    2015
    2014
    2013
    Class A Shares at NAV
    2.06%
    6.79%
    0.68%
    1.06%
    4.02%
    Class C Shares at NAV
    1.70%
    5.85%
    -0.04%
    0.33%
    3.39%
    Class K Shares at NAV
    2.29%
    7.15%
    1.06%
    1.41%
    4.14%
    Class Y Shares at NAV
    2.43%
    6.99%
    1.07%
    1.40%
    4.54%
    Pioneer Floating Rate Linked Benchmark**
    2.69%
    10.44%
    -0.17%
    1.65%
    5.27%
    Lipper Loan Participation Funds Average
    2.10%
    9.13%
    -1.25%
    0.54%
    5.29%

    *Performance for 2016 Calendar Year Returns represents combined performance of S&P/LSTA Lev Perf Loan Index and Bloomberg Barclays High Yield Loans Performing Index .

    **The Bloomberg Barclays (BBG Barc) High Yield Loans Performing Index was the Fund's benchmark from inception to 9/30/16, when the Bloomberg Barclays Index ceased. As of 10/1/16, the Fund's benchmark is the S&P/LSTA Leveraged Performing Loan Index. Both the BBG Barc High Yield Loans Performing Index and the S&P/LSTA Leveraged Performing Loan Index (benchmark) provide broad and comprehensive total return metrics of the U.S. universe of syndicated term loans.
    Class A Share (POP): Reflects the deduction of maximum 4.50% sales charge.
    Class C Return if Redeemed: The performance of Class C shares does not reflect the 1% front-end sales charge in effect prior to February 1, 2004. If you paid a 1% sales charge, your returns would be lower than shown above. Class C Shares held for less than one year are subject to a 1% contingent deferred sales charge (CDSC).
    The performance of Class K shares for the period prior to the commencement of operations of Class K shares on 12/10/13 is the net asset value performance of the fund's Class A shares, which has not been restated to reflect any differences in expenses, including 12b-1 fees applicable to Class A shares. Class K shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors.
    Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.
    NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. The Lipper Loan Participation Funds Average represents the average annual returns for all Loan Participation funds for the respective time periods. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike fund returns, do not reflect any fees or expenses. You cannot invest directly in an index. Periods less than one year are actual, not annualized. The Lipper Loan Participation Funds Average represents the average annual returns for all Loan Participation funds for the respective time periods. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike fund returns, do not reflect any fees or expenses. You cannot invest directly in an index. Periods less than one year are actual, not annualized.
    perf/bankbox.xsl
    • 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 Amundi Pioneer 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 Amundi Pioneer, nor its representatives, are legal or tax advisors. In addition, Amundi 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.
    perf/mstarfootnotes.xsl

    About Morningstar Ratings:

    Ratings are based on past performance, which is no guarantee of future results. The Overall Morningstar RatingTM 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 Morningstar Category identifies funds based on their underlying portfolio holdings. Classifications are based on portfolio statistics and compositions over the past three years. For funds less than three years old, category classifications are based on life of the fund. Pioneer Floating Rate Fund was rated exclusively against U.S.-domiciled bank loan funds as follows: 3, 3 and 4 stars among 208, 158 and 65 funds for the three-, five-, and 10-year periods ended 8/31/17, respectively. The Morningstar Rating is for Class A Shares only. Ratings may vary among share classes.
    Ratings are based on past performance, which is no guarantee of future results. Star ratings do not reflect the effect of any applicable sales load. The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The following copyright pertains only to 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. ©2017 Morningstar, Inc. All Rights Reserved.
    holdings/portfolio.xsl

    Portfolio Allocation

    (% of Portfolio) as of August 31, 2017
    Bank Loans 85.2%
    U.S. Treasury/Agency Securities 6.5%
    Other 8.4%
    holdings/topholdings.xsl

    Top Holdings

    (% of Portfolio) as of August 31, 2017
    1 United States Treasury Floating Rate Note, Floating Rate Note, 4/30/18 3.7%
    2 United States Treasury Floating Rate Note, Floating Rate Note, 1/31/18 1.7%
    3 U.S. Treasury Bills, 0.0%, 9/28/17 1.6%
    4 United States Treasury Floating Rate Note, Floating Rate Note, 10/31/17 0.9%
    5 Charter Communications Operating LLC, Term F-1 Loan, 1/3/21 0.6%
    6 Valeant Pharmaceuticals International, Inc., Series F-1 Tranche B Term Loan, 3/13/22 0.5%
    7 Post Holdings, Inc., Series A Incremental Term Loan, 5/17/24 0.5%
    8 TBILL ZERO% 21Sep17 0.5%
    9 SCIENTIFIC GAMES INTERNATIONAL INC 1ST LIEN TL-B4 L + 3.25% 14Aug24 0.5%
    10 AIR CANADA 1ST LIEN TL-B L + 2.25% 06Oct23 0.5%
    TOTAL11.0%
    *The portfolio is actively managed and current fund information is subject to change. The holdings listed should not be considered recommendations to buy or sell any security listed.

    Click here for a full list of holdings.

    holdings/sectors.xsl

    holdings/qualitydist.xsl

    Quality Distribution

    (% of Portfolio) as of August 31, 2017
    AAA 8.6%
    A 0.3%
    BBB 4.0%
    BB 37.6%
    B 46.3%
    CCC 1.6%
    Not Rated 3.8%
    Due to rounding, figures may not total 100%.
    Credit rating breakdown reflects the average of available ratings across Moody's, Standard & Poor's (S&P) and Fitch. Bond ratings are ordered highest to lowest in portfolio. Based on S&P’s measures, AAA (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.
    holdings/country.xsl holdings/bankbox.xsl
    • 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 Amundi Pioneer 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 Amundi Pioneer, nor its representatives, are legal or tax advisors. In addition, Amundi 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.
    holdings/mstarfootnotes.xsl

    About Morningstar Ratings:

    Ratings are based on past performance, which is no guarantee of future results. The Overall Morningstar RatingTM 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 Morningstar Category identifies funds based on their underlying portfolio holdings. Classifications are based on portfolio statistics and compositions over the past three years. For funds less than three years old, category classifications are based on life of the fund. Pioneer Floating Rate Fund was rated exclusively against U.S.-domiciled bank loan funds as follows: 3, 3 and 4 stars among 208, 158 and 65 funds for the three-, five-, and 10-year periods ended 8/31/17, respectively. The Morningstar Rating is for Class A Shares only. Ratings may vary among share classes.
    Ratings are based on past performance, which is no guarantee of future results. Star ratings do not reflect the effect of any applicable sales load. The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The following copyright pertains only to 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. ©2017 Morningstar, Inc. All Rights Reserved.

    Daily Pricing

    prices/dailypricing.xsl
    Past performance is no guarantee of future results.Share price, yield and return will vary and you may have a gain or loss when you sell your shares.
    Y Shares are available only to investors eligible to invest in products at NAV (Net Asset Value).
    NAV returns do not reflect the deduction of sales charges which would lower returns.
    Call 1-800-225-6292 or visit the fund performance page for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
    The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

    Historical Pricing

    Click here for historical pricing.

    Distributions

    Click here for distributions.

    Sales Charges

    Trail fees are paid quarterly to qualifying dealers at a maximum rate of 0.25% on the net assets of your clients' accounts for all funds, with the exception of Pioneer Multi-Asset Ultrashort Income Fund A Shares, which pays 0.20%, and Pioneer Cash Reserves A Shares, which pays 0.05%.

    prices/bankbox.xsl
    • 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 Amundi Pioneer 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 Amundi Pioneer, nor its representatives, are legal or tax advisors. In addition, Amundi 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.
    prices/mstarfootnotes.xsl

    About Morningstar Ratings:

    Ratings are based on past performance, which is no guarantee of future results. The Overall Morningstar RatingTM 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 Morningstar Category identifies funds based on their underlying portfolio holdings. Classifications are based on portfolio statistics and compositions over the past three years. For funds less than three years old, category classifications are based on life of the fund. Pioneer Floating Rate Fund was rated exclusively against U.S.-domiciled bank loan funds as follows: 3, 3 and 4 stars among 208, 158 and 65 funds for the three-, five-, and 10-year periods ended 8/31/17, respectively. The Morningstar Rating is for Class A Shares only. Ratings may vary among share classes.
    Ratings are based on past performance, which is no guarantee of future results. Star ratings do not reflect the effect of any applicable sales load. The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The following copyright pertains only to 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. ©2017 Morningstar, Inc. All Rights Reserved.

    Literature

    literature/litfootnotes.xsl
    *SAI = Statement of Additional Information
    Printed copies can also be ordered by visiting Order Literature.
    If you have any questions, call our Sales Desk at 1-800-622-9876.
    All downloaded documents are in Adobe® Acrobat format. To view these documents, your computer must be equipped with the Adobe® Acrobat Reader, available free from Adobe: download Adobe Acrobat Reader.
    literature/bankbox.xsl
    • 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 Amundi Pioneer 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 Amundi Pioneer, nor its representatives, are legal or tax advisors. In addition, Amundi 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.
    literature/mstarfootnotes.xsl

    About Morningstar Ratings:

    Ratings are based on past performance, which is no guarantee of future results. The Overall Morningstar RatingTM 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 Morningstar Category identifies funds based on their underlying portfolio holdings. Classifications are based on portfolio statistics and compositions over the past three years. For funds less than three years old, category classifications are based on life of the fund. Pioneer Floating Rate Fund was rated exclusively against U.S.-domiciled bank loan funds as follows: 3, 3 and 4 stars among 208, 158 and 65 funds for the three-, five-, and 10-year periods ended 8/31/17, respectively. The Morningstar Rating is for Class A Shares only. Ratings may vary among share classes.
    Ratings are based on past performance, which is no guarantee of future results. Star ratings do not reflect the effect of any applicable sales load. The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The following copyright pertains only to 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. ©2017 Morningstar, Inc. All Rights Reserved.
    common/morningstar.xsl
    Overall Morningstar RatingTM




    (out of 208 funds in the Bank Loan Category)


    Morningstar proprietary ratings reflect risk-adjusted performance as of 8/31/17

    common/fundfacts.xsl

    As of August 31, 2017

    Fund Facts
    CUSIP 72387S10072387S20972387S87872387S308
    Nasdaq Symbol FLARXFLRCXFLRKXFLYRX
    Inception Date/
    Performance Inception Date
    2/14/20072/14/20072/14/20072/14/2007
    Total Net Assets (millions) $197.7$81.8$.2$584.4
    Initial Minimum Invest. $1,000$1,000$5,000,000$5,000,000
    Management Fee 0.59%0.59%0.59%0.59%
    Expense Ratio (Gross) 1.04%1.81%0.73%0.82%
    Expense Ratio (Net) 1.04%1.81%0.73%0.70%

    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 3/1/2018 for Class Y Shares. There can be no assurance that Amundi Pioneer will extend the expense limitations beyond such time. Please see the prospectus and financial statements for more information.


    common/characters.xsl
    Portfolio Characteristics

    As of August 31, 2017

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

    3.39%
    2.94%
    3.78%
    3.77%
    30-day SEC Yield Without Expense Waiver
    Class A
    Class C
    Class K
    Class Y

    3.39%
    2.94%
    3.78%
    3.65%
    Weighted Average Life of Securities 4.16 Years
    Weighted Average Maturity 5.23 Years
    Duration 0.53 Years
    Total Holdings 556
    Turnover 79%

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

    The performance data quoted represents past performance, which is no guarantee of future results.
    Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. All results are historical and assume the reinvestment of dividends and capital gains.

    Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

    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).