Mutual Funds

Pioneer Fund: Investor Class shares of the Fund converted to Class A shares of the Fund on December 10, 2006. 

Pioneer US Corporate High Yield Fund: On 02/01/18, Pioneer US Corporate High Yield Fund was renamed Pioneer Corporate High Yield Fund. Prior to this date, the Fund was only available to residents of Massachusetts, and is now available to all US investors. 

Pioneer Solutions - Balanced Fund: Return is based on inception NAV. 

Pioneer US Government Money Market Fund: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. 

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.

Average annual total returns assume reinvestment of all distributions at net asset value.

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 Otherwise, fee waivers can be rescinded at any time.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.

As of close of business November 10, 2014, all outstanding Class B shares of the Pioneer funds were converted to Class A shares. Effective September 1, 2018, Class C shares will automatically convert to Class A shares after 10 years.

The performance of Class K shares for the period prior to the commencement of operations of Class K shares may reflect 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. Since fees for Class A shares generally are higher than those of Class K shares, the performance of Class K shares prior to their inception would have been higher than the performance shown. Class K shares are not subject to sales and are available for limited groups of eligible investors, including institutional investors.

Except for Pioneer US Government Money Market Fund, the performance of Class R shares for the period prior to the commencement of operations of Class R shares is based on the performance of Class A shares, reduced to reflect the higher distribution and service fees of Class R shares. For the period after the inception, the actual performance of Class R shares is reflected, which performance may be influenced by the smaller asset size of Class R shares compared to Class A shares. The performance of Class R shares does not reflect the 1% CDSC that was in effect prior to 7/1/04, if applicable. Class R shares are not subject to sales charge and are available for certain tax-deferred retirement plans.

Performance for periods prior to the inception of Class Y shares may reflect the NAV performance of the Fund’s Class A shares. The performance does not reflect differences in expenses, including the 12b-1 fees applicable to Class A shares. Since fees for Class A shares are generally higher than those of Class Y shares, the performance shown for Class Y shares prior to their inception would have been higher. Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors.

NAV returns do not reflect the deduction of sales charges which would lower returns. 

Important Legal Information
These materials are not an offer to sell or a solicitation of an offer to buy any security in any jurisdiction in which such an offer, solicitation, purchase or sale would be unlawful under the laws of the jurisdiction.

For information on Pioneer Short Term Income Fund Class C2 please visit:  https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=STIIX

For information on Pioneer Multi-Asset Ultrashort Income Fund Class C2 please visit: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=MAUCX

The portfolio is actively managed, and current holdings may be different.

For fund descriptions, historical and current performance, standardized returns as of the most recent quarter-end, risk disclosure or a prospectus, please click here .

For more information about our funds, please call 1-800-225-6292 or visit our Order Literature page to request a quarterly fact sheet and prospectus.

For additional important information about these funds, click here

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 or summary prospectus and for information on any Pioneer fund, please download it from our  literature section.

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

Not FDIC insured | May lose value | No bank guarantee

Performance

Pioneer Fund: Investor Class shares of the Fund converted to Class A shares of the Fund on December 10, 2006. 

Pioneer US Corporate High Yield Fund: On 02/01/18, Pioneer US Corporate High Yield Fund was renamed Pioneer Corporate High Yield Fund. Prior to this date, the Fund was only available to residents of Massachusetts, and is now available to all US investors. 

Pioneer Solutions - Balanced Fund: Return is based on inception NAV. 

Pioneer US Government Money Market Fund: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. 

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.

Average annual total returns assume reinvestment of all distributions at net asset value.

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.

As of close of business November 10, 2014, all outstanding Class B shares of the Pioneer funds were converted to Class A shares. Effective September 1, 2018, Class C shares will automatically convert to Class A shares after 10 years.

The performance of Class K shares for the period prior to the commencement of operations of Class K shares may reflect 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. Since fees for Class A shares generally are higher than those of Class K shares, the performance of Class K shares prior to their inception would have been higher than the performance shown. Class K shares are not subject to sales and are available for limited groups of eligible investors, including institutional investors.

Except for Pioneer US Government Money Market Fund, the performance of Class R shares for the period prior to the commencement of operations of Class R shares is based on the performance of Class A shares, reduced to reflect the higher distribution and service fees of Class R shares. For the period after the inception, the actual performance of Class R shares is reflected, which performance may be influenced by the smaller asset size of Class R shares compared to Class A shares. The performance of Class R shares does not reflect the 1% CDSC that was in effect prior to 7/1/04, if applicable. Class R shares are not subject to sales charge and are available for certain tax-deferred retirement plans.

Performance for periods prior to the inception of Class Y shares may reflect the NAV performance of the Fund’s Class A shares. The performance does not reflect differences in expenses, including the 12b-1 fees applicable to Class A shares. Since fees for Class A shares are generally higher than those of Class Y shares, the performance shown for Class Y shares prior to their inception would have been higher. Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors.

NAV returns do not reflect the deduction of sales charges which would lower returns. 

Important Legal Information
These materials are not an offer to sell or a solicitation of an offer to buy any security in any jurisdiction in which such an offer, solicitation, purchase or sale would be unlawful under the laws of the jurisdiction.

For information on Pioneer Short Term Income Fund Class C2 please visit:  https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=STIIX

For information on Pioneer Multi-Asset Ultrashort Income Fund Class C2 please visit: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=MAUCX

The portfolio is actively managed, and current holdings may be different.

For fund descriptions, historical and current performance, standardized returns as of the most recent quarter-end, risk disclosure or a prospectus, please click here .

For more information about our funds, please call 1-800-225-6292 or visit our Order Literature page to request a quarterly fact sheet and prospectus.

For additional important information about these funds, click here

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 or summary prospectus and for information on any Pioneer fund, please download it from our  literature section.

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

Not FDIC insured | May lose value | No bank guarantee

Amundi Pioneer offers a wide range of funds that have earned high marks from Morningstar

At Amundi Pioneer, 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.

Strength Across the Board Brochure

Morningstar Ratings | Strength Across the Board

Morningstar RatingsTM for Class Y Shares

Morningstar proprietary ratings reflect risk-adjusted performance as of April 30, 2019

Class Y Shares

Morningstar
Overall
Rating

1 Year

3 Year

5 Year

10 Year

Ticker

Pioneer Fund

Large Blend Category

Inception: 2/13/28

HHHH

among 1203

N/A

88/1407

HHHHH

112/1203

HHHH

294/1073

HHH

458/802

PYODX

Pioneer Fundamental Growth Fund

Large Growth Category

Inception: 8/22/02

HHHH

among 1254

N/A

318/1405

HHH

907/1254

HHH

550/1123

HHHH

378/817

FUNYX

Pioneer Equity Income Fund

Large Value Category

Inception: 7/25/90

HHHH

among 1114

N/A

783/1259

HHH

452/1114

HHHH

76/958

HHHH

101/699

PYEQX

Pioneer Select Mid Cap Growth Fund

Mid-Cap Growth Category

Inception: 6/30/93

HHHH

among 549

N/A

242/611

HHHH

147/549

HHHH

145/488

HHHH

93/351

GROYX

Pioneer Multi-Asset Income Fund

Allocation--30% to 50% Equity Category

Inception: 12/22/11

HHHH

among 484

N/A

536/555

HHHHH

17/44

HHH

109/391

N/A

N/A

PMFYX

Pioneer Classic Balanced Fund

Allocation - 50% to 70% Equity Category

Inception: 12/19/91

HHHH

among 688

N/A

135/756

HHHH

93/688

HHHH

113/605

HHHH

88/444

AYBLX

Pioneer Flexible Opportunities Fund

Tactical Allocation Category

Inception: 5/3/10

HHHH

among 233

N/A

246/273

HHH

51/233

HHHH

28/179

N/A

N/A

PMYRX

Pioneer Short Term Income Fund

Short-Term Bond Category

Inception: 7/8/04

HHHH

among 481

N/A

185/538

HHHH

114/481

HHHH

104/419

HHHH

60/269

PSHYX

Pioneer Bond Fund

Intermediate-Term Bond Category

Inception: 10/31/78

HHHH

among 555

N/A

335/628

HHHH

109/555

HHHH

96/472

HHHH

67/343

PICYX

Pioneer AMT-Free Municipal Fund

Muni National Long Category

Inception: 9/30/96

HHHH

among 147

N/A

35/168

HHH

60/147

HHHH

23/132

HHHHH

8/111

PBYMX

Pioneer High Income Municipal Fund

High Yield Muni Category

Inception: 10/17/06

HHHHH

among 154

N/A

54/183

HHHHH

26/154

HHHHH

21/131

HHHH

17/83

HIMYX

Pioneer Multi-Asset Ultrashort Income Fund

Ultrashort Bond Category

Inception: 4/29/11

HHHH

among 156

N/A

81/196

HHHH

23/156

HHHH

20/131

N/A

N/A

MYFRX

Pioneer High Yield Fund

High Yield Bond Category

Inception: 2/12/98

HHHH

among 609

N/A

508/699

HHHH

193/609

HHH

273/524

HHHH

31/332

TYHYX

Pioneer Global Multisector Income Fund

World Bond Category

Inception: 12/27/07

HHHH

among 191

N/A

139/215

HHH

70/191

HHHH

22/180

HHHH

37/108

PGYBX

 

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.

Morningstar ratings and rankings are for Class Y shares, as indicated; other classes may have different performance characteristics.

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 our fund information page for the most recent performance results.

Ratings and rankings 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. Rankings are based on average annual total returns for listed periods and do not reflect any applicable sales load.

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. ©2019 Morningstar, Inc. All Rights Reserved.

A Word About Risk
Pioneer AMT-Free Municipal Fund 11,4,13,17,2,99
Pioneer Bond Fund 11,4,19,10,1,16,13,99
Pioneer Classic Balanced Fund 11,4,19,1,16,10,8,20,22,13,99
Pioneer Core Equity Fund 8,13,99
Pioneer Disciplined Growth Fund 12,21,8,13,99
Pioneer Disciplined Value Fund 12,21,8,13,99
Pioneer Dynamic Credit Fund 102
Pioneer Emerging Markets Fund 8,9,13,99
Pioneer Equity Income Fund 8,20,13,99
Pioneer Flexible Opportunities Fund 107
Pioneer Floating Rate Fund 103
Pioneer Fund 22,13
Pioneer Fundamental Growth Fund 8,12,13,99
Pioneer Global Equity Fund 8,5,21,11,6,13,99
Pioneer Global High Yield 10,11,4,8,19,16,6,13,99
Pioneer Global Multisector Income Fund 8,11,4,10,19,16,1,7,17,5,6,99
Pioneer High Income Municipal Fund 10,11,4,19,17,18,6,2,13,99
Pioneer High Yield Fund 10,11,4,19,16,6,13,99
Pioneer International Equity Fund 8,9,11,13,99
Pioneer Mid Cap Value Fund 14,8,20,11,13,99
Pioneer Multi-Asset Income Fund 106
Pioneer Multi-Asset Ultrashort Income Fund 108
Pioneer Real Estate Shares 20,12,11,13,99
Pioneer Select Mid Cap Growth Fund 14,11,20,8,13,99
Pioneer Short Term Income Fund 11,4,19,10,1,16,8,13,99
Pioneer Strategic Income Fund 10,11,4,19,1,16,8,13,99
Pioneer US Government Money Market Fund 15,1,13,99


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. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.   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.  22. The Fund generally excludes corporate issuers that do not meet or exceed minimum ESG standards. Excluding specific issuers limits the universe of investments available to the Fund, which may mean forgoing some investment opportunities available to funds without similar ESG standards.  99. These risks may increase share price volatility.

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 Pioneer Floating Rate Fund:
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.

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 Pioneer 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. 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 nonoccurrence of a pre-defined "trigger" event, such as a hurricane or an earthquake of a specific magnitude. The Fund may invest in securities that provide exposure to 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. 

108 Pioneer 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.

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 or summary prospectus and for information on any Pioneer fund, please download it from our  literature section.

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

Not FDIC insured | May lose value | No bank guarantee

Weekly Fund Yields

The table below provides important yield information as well as access to the prospectus and performance information for each Pioneer fund shown.

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.

Weekly Fund Yields

As of June 21, 2019

Fund

Distribution Yield With Expense Waiver*

Distribution Yield Without Expense Waiver*

SEC 30-Day Yield With Expense Waiver**

SEC 30-Day Yield Without Expense Waiver**

Access the Fund's Prospectus

Pioneer Multi-Asset Ultrashort Income Fund A N/A 2.86% N/A 2.85%
Pioneer Multi-Asset Ultrashort Income Fund C N/A 2.53% N/A 2.53%
Pioneer Multi-Asset Ultrashort Income Fund Y N/A 3.01% N/A 3.00%
Pioneer Strategic Income Fund A N/A 2.89% N/A 3.42%
Pioneer Strategic Income Fund C N/A 2.25% N/A 2.98%
Pioneer Strategic Income Fund Y N/A 3.21% N/A 3.96%
Pioneer AMT-Free Municipal Fund A N/A 2.74% N/A 1.81%
Pioneer AMT-Free Municipal Fund C N/A 2.02% N/A 1.13%
Pioneer AMT-Free Municipal Fund Y 3.01% 2.91% 2.22% 2.12%
Pioneer Global High Yield Fund A N/A 5.38% N/A 5.92%
Pioneer Global High Yield Fund C N/A 4.65% N/A 5.39%
Pioneer Global High Yield Fund Y N/A 5.67% N/A 6.44%
Pioneer High Yield Fund A N/A 4.78% N/A 4.88%
Pioneer High Yield Fund C N/A 4.03% N/A 4.19%
Pioneer High Yield Fund Y N/A 5.06% N/A 5.40%
Pioneer Floating Rate Fund A N/A 4.51% N/A 4.37%
Pioneer Floating Rate Fund C N/A 3.80% N/A 3.81%
Pioneer Floating Rate Fund Y 4.88% 4.81% 4.89% 4.82%
Pioneer Short Term Income Fund A 3.16% 3.11% 3.05% 3.00%
Pioneer Short Term Income Fund C N/A 2.93% N/A 2.77%
Pioneer Short Term Income Fund Y 3.48% 3.30% 3.41% 3.23%
Pioneer Multi-Asset Income Fund A 5.52% 5.47% 5.28% 5.23%
Pioneer Multi-Asset Income Fund C N/A 4.74% N/A 4.75%
Pioneer Multi-Asset Income Fund Y 5.76% 5.72% 5.79% 5.75%
Pioneer High Income Municipal Fund A 4.84% 4.81% 3.29% 3.26%
Pioneer High Income Municipal Fund C N/A 4.06% N/A 2.67%
Pioneer High Income Municipal Fund Y 5.10% 4.97% 3.73% 3.60%
Pioneer Bond Fund A N/A 2.95% N/A 2.84%
Pioneer Bond Fund C N/A 2.30% N/A 2.26%
Pioneer Bond Fund Y N/A 3.30% N/A 3.34%
Pioneer Global Multisector Income Fund A 2.77% 1.75% 3.13% 2.11%
Pioneer Global Multisector Income Fund C 1.93% 1.66% 2.46% 2.19%
Pioneer Global Multisector Income Fund Y 3.01% 2.59% 3.53% 3.11%
Pioneer Dynamic Credit Fund A N/A 4.44% N/A 4.05%
Pioneer Dynamic Credit Fund C N/A 3.69% N/A 3.49%
Pioneer Dynamic Credit Fund Y 4.75% 4.65% 4.60% 4.50%
Pioneer Equity Income Fund A 1.97% N/A 1.74% N/A
Pioneer Equity Income Fund C 1.25% N/A 1.03% N/A
Pioneer Equity Income Fund Y 2.19% N/A 2.10% N/A


* Distribution yields are calculated by multiplying the prior month's distribution by 12 (annualized), then dividing by the most recent net asset value (NAV).

** 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.

For Broker/Dealer Use Only. Not for use with the public.

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 or summary prospectus and for information on any Pioneer fund, please download it from our literature section.

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

Not FDIC insured | May lose value | No bank guarantee