Seeking Alternative Sources of Income

Overall Y Share Morningstar RatingTM (out of 333 funds in the Global Allocation Category)*

Morningstar Proprietary Risk-Adjusted Ratings Performance as of 10/31/2024
For more information about Morningstar Star Ratings^TM including methodology, visit our  Strength Across the Board  page.

Seeking Alternative Sources of Income

Pioneer Multi-Asset Income Fund seeks to solve the shortfall traditional sources of income have had on investors’ portfolios. We believe the Fund is a potential solution for investors in search of:

Income Pursues attractive monthly income	An Active/Flexible Approach Actively balances asset allocation across a variety of incomeseeking asset classes as risk/reward scenarios change	Capital Appreciation Seeks opportunities for capital appreciation to enhance purchasing power

Active and Flexible with an Eye on Risk Management

Seeking meaningful income opportunities beyond traditional fixed income

The Fund’s flexible and tactical approach allows it to respond nimbly to changing market conditions. Its allocations span a diversified¹ portfolio of dividend-paying² equities and fixed income securities, including high yield bonds.

Explore our active sector allocations among various asset classes.

Average Annual Total Returns through 6/30/2024

Gross Expense Ratio (Y): 0.68%. Net Expense Ratio (Y): 0.67%.

Call 1-800-225-6292 or visit our 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. All results are historical and assume the reinvestment of dividends and capital gains.

Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors. Initial investments are subject to a $5 million investment minimum, which may be waived in some circumstances. Other share classes are available for which performance and expenses will differ. Periods of less than a year are not annualized. 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 Net Expense Ratio reflects contractual expense limitations currently in effect through 12/1/2024 for Class Y Shares. There can be no assurance that Amundi US will extend the expense limitation beyond such time.

The Bloomberg US Aggregate Bond Index (benchmark) is a measure of the US bond market. The MSCI AC World NR Index (benchmark) measures the performance of developed and emerging market stock markets. The Morningstar Global Allocation Category Average measures the performance of global allocation funds within the Morningstar universe. Indices are unmanaged and their returns assume reinvestment of dividends and do not reflect any fees or expenses. You cannot invest directly in an index. P/E refers to the price of a stock divided by its earnings per share. Average P/E ratio (Trailing) reflects weighted average of trailing 12-month price-to-earnings ratios of portfolio holdings.

*The Fund’s performance benchmark is shown. Information on any additional benchmark for regulatory purposes can be found in the prospectus.

¹ Diversification does not ensure a profit or protect against loss.

² Dividends are not guaranteed

³Past performance is no guarantee of future results.

A Word About Risk: Pioneer Multi-Asset Income Fund

The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. 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. Equity-linked notes (ELNs) may not perform as expected and could cause the fund to realize significant losses including its entire principal investment. Other risks include the risk of counterparty default, liquidity risk and imperfect correlation between ELNs and the underlying securities. 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 insurance-linked securities (ILS). The Fund could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest and/or dividend payments with respect to the security, upon the occurrence of a trigger event that leads to physical or economic loss. ILS may expose the Fund to issuer (credit) default, liquidity, and other risks. 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, investors 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.  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 may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. The Fund may invest in credit default swaps, a type of derivative, which may in some cases be illiquid, and increases 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. 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 financial professional or Amundi US 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 Distributor US, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer mutual funds, Member   SIPC.   

Not FDIC insured | May lose value | No bank guarantee Amundi Asset Management US, Inc.  Form CRS         Amundi Distributor US, Inc.  Form CRS 

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