Pioneer Investments Appoints New Associate Portfolio Manager For Pioneer Multi-Asset Real Return Fund

Pioneer Investments today announced that Howard Weiss has been named Associate Portfolio Manager of Pioneer Multi-Asset Real Return Fund (PMARX), effective May 1, 2012. Howard joins current managers Michele Garau and Kenneth J. Taubes, who have served as Portfolio Managers on the fund since its inception in May 2010.

“Howard has proven himself to be an important contributor to the Pioneer Multi-Asset Real Return Fund,” said Taubes, who is also Chief Investment Officer, U.S. “He is a sharp analyst with an excellent ability to evaluate individual securities and sectors. He performs rigorous and disciplined research across all market sectors and is a valued resource across our equity and fixed income departments,” Taubes added.

Weiss has seven years of industry experience. He joined Pioneer in 2007 and served as an Associate Portfolio Manager and Large Cap Core Equity Analyst until 2010, primarily supporting Pioneer Fund, Pioneer Equity Income Fund and related institutional strategies with aggregate assets of approximately $14 billion. In that role, he evaluated investment opportunities across a wide range of sectors and industries. From October 2010 until August 2011, Weiss worked for Citadel Investment Group, LLC as an analyst within Surveyor Capital Group, their wholly-owned hedge fund seed capital program. He rejoined Pioneer in 2011 and began supporting Pioneer Multi-Asset Real Return Fund.

Prior to Pioneer, between 2005 and 2007, Weiss was a Vice President at Bank of America within the Investment Management Solutions group, as well as the Corporate Development and Business Strategy team. From 2003 to 2005, he was an Asset/Liability analyst at Darling Consulting Group, where he worked on risk analysis for banking clients. He has a B.S. in Finance from Pennsylvania State University, and a Master of Science in Finance and a Master of Business Administration from the Carroll Graduate School of Management at Boston College. He is a Chartered Financial Analyst.

About Pioneer Investments

Pioneer Investments is the trade name for Pioneer Global Asset Management S.p.A. and its subsidiaries, a global investment firm with offices in 27 countries, 2,000 employees, and approximately $204 billion in assets under management as of April 30, 2012, of which approximately $64 billion was managed in the U.S. Founded in 1928, its flagship mutual fund, Pioneer Fund, is the third-oldest mutual fund in the U.S. Pioneer Investment Management, Inc. is the investment advisory subsidiary of Pioneer Investment Management USA Inc. Pioneer Investment Management USA Inc. is the North American operating subsidiary of Pioneer Global Asset Management S.p.A., a wholly-owned subsidiary of UniCredit S.p.A.

Pioneer Funds Distributor, Inc. is the Underwriter and Distributor for Pioneer mutual funds, 60 State Street, Boston, MA 02109, Member SIPC.

Please consider a fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about a fund and should be read carefully before you invest or send money. To obtain a prospectus or summary prospectus and for other information on any Pioneer fund, contact your adviser, call 800-225-6292 or visit our website at us.pioneerinvestments.com.

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

Pioneer Investments, Inc., 60 State Street, Boston, MA. 02109. © 2012 Pioneer Investments

Member of the UniCredit Banking Group, Register of Banking Groups

Not FDIC Insured
May lose value
No bank guarantee

25679-00-0512

Contacts:

Pioneer Investments
Geoff Smith, 617-422-4727
geoff.smith@pioneerinvestments.com
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