Pioneer Multi-Asset Ultrashort Income Fund

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1 Pioneer Multi-Asset Ultrashort Income Fund A diversified, investment grade-focused approach to floating rate investing MAFRX INVESTOR GUIDE

2 Pioneer Multi- Asset Ultrashort Income Fund* Share Class A C Y Ticker Symbol MAFRX MCFRX MYFRX Who Might Invest in Pioneer Multi-Asset Ultrashort Income Fund? Investors who: Are concerned about a rise in interest rates or inflation Are able to take on additional risk and volatility to pursue yield above that of money market funds and other short-term investments Seek a complement to traditional belowinvestment grade floating rate funds that are primarily bank loan oriented Overview This dynamic and opportunistic fund invests in primarily investment-grade floating rate securities, allocating among a variety of sectors, seeking to provide diversification,** income and capital appreciation. Interest Rate Cycles: On the Rise? The Federal Reserve s accommodative monetary and fiscal policies have kept interest rates at historically low levels for the last three years. However, a look at the historical patterns of rate cycles suggests rates may be poised to rise. This presents a challenge for many fixed income investors, as interest rates and bond prices generally move in opposition to one another. Rising interest rates may also signal rising inflation, another threat to investors who wish to maintain a level of yield greater than that of cash or money market accounts, which seek capital preservation rather than yield as a primary investment goal. The chart below chronicles interest rate cycles over the past 20 years. Since 1992, the Federal Reserve has moved rates in various directions based on inflation fears and the strength or weakness of the economy. If interest rates rise, investors in traditional fixed rate securities may experience losses. At Record Lows, Interest Rates May Eventually Need to Rise Fed Funds Rate /91 3/92 3/93 3/94 3/95 3/96 3/97 3/98 3/99 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 Source: Bloomberg. Last data point March 30, Past performance cannot guarantee future results. How Can Floating Rate Securities Offer Some Rising Rate Protection? A floating rate security is a debt obligation whose interest rate is tied to another reference rate, such as the London Interbank Offered Rate (LIBOR). The security s coupon payment is reset periodically (e.g. three months) according to its reference rate hence its floating feature. This feature helps to protect investors from price erosion when interest rates rise. *Effective June 30, 2012, Pioneer Multi-Asset Floating Rate Fund was renamed Pioneer Multi-Asset Ultrashort Income Fund. **Diversification does not ensure a profit or protect against a loss in a declining market. Floating rate securities are issued in several different types of fixed income sectors, including non-agency mortgage-backed securities, asset-backed securities, U.S. government securities, municipal bonds, corporate bonds, event-linked (catastrophe) bonds and bank loans. Pioneer believes that now, more than ever, floating rate securities can play an important role in an investor s total asset allocation.

3 Floating Rate Securities May Offer Many Benefits Portfolio Management Team The management team for Pioneer Multi-Asset Ultrashort Income Fund brings an average of almost 20 years of experience across a broad range of floating rate credit sectors. To help fixed income investors pursue income and diversification in a rising interest rate environment, Pioneer Investments developed Pioneer Multi-Asset Ultrashort Income Fund. This Investment Grade-focused Floating Rate Portfolio Seeks to Offer Investors: Protection against rising rates: Unlike other types of fixed income securities whose rates are fixed, the income component of floating rate securities rises as interest rates rise; conversely, the income component will fall as interest rates fall A hedge against inflation: Income potential can help investors protect purchasing power over time Diversification: Low correlations to other asset classes, including bank loancentric floating rate funds, may help investors diversify their credit portfolio, as a further cushion against volatility An Advantage in Rising Rate Environments Floating rate securities allow investors to decrease interest rate risk and volatility. They also allow for income that can increase if rates rise. Fixed Rate Bonds Floating Rate Securities When Rates RISE Prices: Prices: Unchanged i Income: Unchanged Income: h Charles Melchreit, CFA Vice President and Portfolio Manager 25 Years of Investment Experience 5 Years with Pioneer When Rates FALL Prices: Prices: Unchanged h Income: Unchanged Income: i A Dynamic, Diversified Approach to Floating Rate Investing Exposure to a broad range of sectors, credit ratings and security structures, combined with a bias toward higher quality securities, help to set this Fund apart. Seth Roman, CFA Vice President and Portfolio Manager 16 Years of Investment Experience 5 Years with Pioneer Jonathan Sharkey Vice President and Portfolio Manager 17 Years of Investment Experience 5 Years with Pioneer The Fund s investment universe includes, but is not limited to, non-agency mortgage-backed securities, asset-backed securities, U.S. government securities, municipal bonds, corporate bonds, event-linked bonds, bank loans and money market instruments. The Fund s ability to allocate opportunistically among a broad range of floating rate sectors helps to provide diversification, income and capital appreciation. It also offers exposure to securities that may not have prominent representation in core bond funds. The Fund pursues higher income for investors than money market funds or other cash-like investments, in exchange for greater volatility exposure (the Fund s NAV will fluctuate, whereas money market instruments, for example, aim to maintain an NAV of $1.00 per share.). To help manage risk, the Fund invests with a bias toward higher quality securities, which have historically been less volatile than the lower-rated bank loans favored by traditional floating rate funds.

4 Not the Typical Floating Rate Fund What sets this fund apart is its broad flexibility to invest in a wide range of floating rate instruments, a focus on short durations of one year or less and a bias toward higher-quality securities. Charles Melchreit, Portfolio Manager The Fund s Uncommon Portfolio Structure The Fund has a diversified, multi-layered approach that differentiates it from other floating rate funds. g The first layer is comprised primarily of securities that provide high liquidity, including money market securities, U.S. Treasuries and agency notes. g The second layer includes intermediate holdings that offer a bit less liquidity, but may add incremental yield. These may include corporate bonds, agency mortgages, asset-backed securities and municipal bonds. g The third layer is comprised of core holdings that generally offer lower liquidity, but afford the Fund s managers the best opportunity to add yield and alpha* to the portfolio. We believe this tiered construction provides a good opportunity to pursue returns while maintaining high credit quality and liquidity. The Fund also seeks to maintain low duration typically from 0-1 year to help manage portfolio volatility. *Alpha is a measure of the portfolio s risk-adjusted performance. A positive alpha indicates better-than-expected portfolio performance and a negative alpha worsethan-expected portfolio performance. The Fund s Multi-Layered Approach Liquidity Layer Typical Holdings Ranges Liquidity Layer Money Market Securities Intermediate Holdings Core Holdings Bank Loans Non Agency MBS Event-Linked Bonds CMBS Corporate Bonds Agency MBS/CMO ABS Municipal Bonds Treasuries Agency Notes Repo Provides high liquidity Intermediate Holdings Offer less liquidity but may add incremental yield Core Holdings Offer lower liquidity but affords the best opportunity to add yield and alpha CMBS: Commercial Mortgage-Backed Securities MBS: Mortgage-Backed Securities CMO: Collateralized Mortgage Obligations ABS: Asset-Backed Securities Repo: Repurchase Agreements

5 Seeking Value from the Top-Down and Bottom-Up What Makes This Fund Different? Bias toward higher quality issues: a means of risk management Ultra-short duration: a target of one year or less helps to pursue another measure of protection against market volatility Portfolio management expertise: an average of almost 20 years of investment experience in floating rate securities, taxable and tax-exempt markets, backed by the resources of Pioneer s credit research team A Top-Down, Bottom-Up Approach to Seeking Value in the Market In identifying securities for Pioneer Multi-Asset Ultrashort Income Fund, the portfolio managers start at the top, with a big-picture analysis of the current economic outlook, as well as the current credit cycle, considering: g Where are we in the cycle? g What are the general directions of interest rates and yield spreads? g Which sectors or industries offer the most value and are poised to benefit? The answers to these and other questions help to determine the portfolio s allocation. For example: In a contraction As interest rates begin to fall and yield spreads widen, the portfolio s credit quality may begin to increase to help reduce risk In a trough As interest rates continue to drop and credit spreads widen significantly, the portfolio s credit quality may decrease, to take advantage of opportunities on an upswing In an expansion As interest rates increase and spreads tighten, credit quality may become more balanced, as opportunities become more scarce Hypothetical Credit Cycle Contraction Expansion Peak Trough Time Security Selection is Based on Extensive Research With their big-picture analysis in mind, the Fund s managers use a bottom-up approach to select securities they believe offer the best relative value. Pioneer s credit research team uses quantitative and fundamental research to help the portfolio managers scour the market for what they believe to be attractive ideas in corporate debt, government bonds and structured (i.e. mortgage-backed) securities. Extensive analysis goes into the selection of each security and is re-evaluated over time as the economy changes and the credit cycle evolves.

6 Pioneer s Edge in Fixed Income Investing Why Choose Pioneer for Fixed Income? As a preeminent fixed income manager, Pioneer Investments is home to some of the most experienced investment professionals in the industry. Pioneer s U.S. fixed income team includes 24 portfolio managers, analysts and traders, averaging over 20 years of industry experience. Our extensive credit management expertise and rigorous approach to research underlie the strategies behind all of our actively managed bond funds. Our collaborative environment encourages team members to think outside the box in developing innovative products to address the changing needs and ongoing challenges of investors. A Disciplined Approach Helps to Identify Best Opportunities Pioneer applies a value-oriented, total return investment approach to each of its fixed income products. This philosophy allows us to incorporate our macroeconomic view along with our fundamental and quantitative security research, which provides the framework for picking the sectors and fixed income instruments that we believe offer the best opportunities for income and capital appreciation. Why Consider Pioneer Multi-Asset Ultrashort Income Fund? Floating rate securities can provide investors with a cushion against rising interest rates The portfolio s bias toward securities with higher credit qualities and low durations helps to manage volatility For investors who are able to take on additional risk and volatility, the Fund seeks a higher yield than money market funds, which offer lower yields in exchange for lower volatility Is Pioneer Multi-Asset Ultrashort Income Fund Right for You? In this economic environment, investors are increasingly worried about rising interest rates and inflation and the chance that both will reduce the value of their fixed-rate portfolios over time. Pioneer believes the flexibility and diversification provided by Pioneer Multi-Asset Ultrashort Income Fund offers investors who are comfortable with additional risk the exposure to higher quality floating rate instruments that may help them meet these challenges. For more information about this Fund or other Pioneer products, please contact your Financial Advisor or visit us.pioneerinvestments.com/mafrx.

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8 A Word About Risk: 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 (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 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 predefined 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. 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 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. There is no assurance that these and other strategies used by the Fund or underlying funds will be successful. These risks may increase share price volatility. 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. Please see the prospectus for a more complete discussion of the Fund s risks. Pioneer Multi-Asset Ultrashort Income Fund is not a money market Fund. The BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Index represents the London interbank offered rate (LIBOR) with a constant 3-month average maturity. LIBOR is a composite of the rates of interest at which banks borrow from one another in the London market, and it is a widely used benchmark for short-term interest rates. It is not possible to invest directly in an index. Before investing, consider the product s investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. Neither Pioneer, nor its representatives are legal or tax advisors. In addition, Pioneer does not provide advice or recommendations. Consider your financial needs, goals, and risk tolerance before making any investment decisions. Securities offered through Pioneer Funds Distributor, Inc., 60 State Street, Boston, Massachusetts Underwriter of Pioneer mutual funds, Member SIPC 2013 Pioneer Investments us.pioneerinvestments.com