Neither the
Securities and Exchange Commission nor any state securities agency has approved
or disapproved the fund's shares or determined whether this prospectus is
accurate or complete. Any representation to the contrary is a
crime.
An
investment in the fund is not a bank deposit and is not insured or guaranteed by
the Federal Deposit Insurance Corporation or any other government
agency.
Contact
your investment professional to discuss how the fund may fit into your
portfolio.
Fund
summary
(fees paid directly from your investment)
|
|
Class
A |
Class
C |
Class
K |
Class
R |
Class
Y |
|
Maximum
sales charge (load) when you buy shares
(as
a percentage of offering price) |
|
|
|
|
|
|
Maximum
deferred sales charge (load) (as a
percentage
of offering price or the amount you
receive
when you sell shares, whichever is less) |
|
|
|
|
|
(expenses that you pay each year as a percentage of the value of your investment)
|
|
Class
A |
Class
C |
Class
K |
Class
R |
Class
Y |
|
Management
Fees2
|
|
|
|
|
|
|
Distribution
and Service (12b-1) Fees |
|
|
|
|
|
|
Other
Expenses |
|
|
|
|
|
|
Total Annual
Fund Operating Expenses2 |
|
|
|
|
|
|
Less: Fee
Waiver and Expense Reimbursement3 |
|
|
- |
|
- |
|
Net
Expenses3 |
|
|
|
|
|
1
Fund
summary
1
2
3
|
|
|
| ||||||
|
|
| |||||||
|
|
1 |
3 |
5 |
10 |
1 |
3 |
5 |
10 |
|
Class
A |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|
Class
C |
|
|
|
|
|
|
|
|
|
Class
K |
|
|
|
|
|
|
|
|
|
Class
R |
|
|
|
|
|
|
|
|
|
Class
Y |
|
|
|
|
|
|
|
|
2
3
Fund
summary
4
5
Fund
summary
6
7
Fund
summary
8
9
Fund
summary
10
11
Fund
summary
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13
Fund
summary
|
|
1
Year |
5
Years |
10
Years |
Since
Inception |
Inception
Date |
|
Class
A |
|
|
|
|
|
|
Return before
taxes |
|
|
|
|
|
|
Return after
taxes on distributions |
|
|
|
|
|
|
Return after
taxes on distributions and
sale of
shares |
|
|
|
|
|
|
Class
C |
|
|
|
|
|
|
Class
R |
|
|
|
|
|
|
Class
Y |
|
|
|
|
|
|
Russell 1000
Value Index (reflects no
deduction for
fees, expenses or taxes) |
|
|
|
|
|
14
Management
|
Investment
adviser |
Amundi
Asset Management US, Inc. (“Amundi
US”) |
|
Portfolio
management |
Craig
Sterling, Managing Director, Director of Core
Equity
and Head of Equity Research, U.S. at
Amundi
US (portfolio manager of the fund since
May
2015); and Ashesh Savla, Vice President and
Team
Leader of U.S. Equity Quantitative Research
at
Amundi US (portfolio manager of the fund since
2013
and its predecessor fund since
2005). |
Purchase
and sale of fund shares
You may
purchase, exchange or sell (redeem) shares each day the New York Stock Exchange
is open through your financial intermediary or, for accounts held directly with
the fund, by contacting the fund in writing or by telephone: Pioneer Funds, P.O.
Box 9897, Providence, RI 02940-8097, tel. 1-800-225-6292.
Your initial investment
for Class A or Class C shares must be at least $1,000. Additional investments
must be at least $100 for Class A shares and $500 for Class C shares. Generally,
the initial investment for Class K or Class Y shares must be at least $5
million. This amount may be invested in one or more of the Pioneer mutual funds
that currently offer Class K or Class Y shares, as applicable. There is no
minimum additional investment amount for Class K or Class Y shares. There is no
minimum investment amount for Class R shares.
Tax
information
The fund
intends to make distributions that may be taxed as ordinary income, qualified
dividend income, or capital gains.
Payments
to broker-dealers and other financial intermediaries
If you
purchase the fund through a broker-dealer or other financial intermediary (such
as a bank), the fund and its related companies may pay the intermediary for the
sale of fund shares and related services. These payments create a conflict of
interest by influencing the broker-dealer or other intermediary and your
salesperson or investment professional to recommend the fund over another
investment. Ask your salesperson or investment professional or visit your
financial intermediary’s website for more information.
15
More
on the fund’s investment objective and strategies
Investment
objective
Long-term
capital growth.
The fund’s
investment objective may be changed without shareholder approval. The fund will
provide at least 30 days’ written notice prior to implementing any change to its
investment objective.
Principal
investment strategies
The fund
invests primarily in equity securities of U.S. issuers. For purposes of the
fund’s investment policies, equity securities include common stocks and other
equity instruments, such as funds that invest primarily in equity securities,
depositary receipts, warrants, rights, equity interests in real estate
investment trusts (REITs) and preferred stocks.
The fund
may invest in issuers of any market capitalization. The fund may invest in
securities in any industry or market sector. The fund may invest in fewer than
40 securities. The fund may invest in initial public offerings of equity
securities.
In addition, the fund may
invest up to 20% of its total assets in securities of non-U.S. issuers,
including up to 5% of its total assets in the securities of emerging market
issuers. The fund invests in non-U.S. securities to diversify its portfolio when
Amundi Asset Management US, Inc. (“Amundi US” or the “adviser”), the fund’s
investment adviser, believes that non-U.S. securities offer similar or greater
potential for capital appreciation compared to U.S. securities. The fund does
not count securities of Canadian issuers against the 20% limit on investment in
securities of non-U.S. issuers.
The fund
may invest a portion of its assets not invested in equity securities in debt
securities. Generally the fund may acquire investment grade debt securities of
corporate and government issuers, but the fund may invest up to 5% of its net
assets in below investment grade debt securities (known as “junk bonds”),
including below investment grade convertible debt securities. The fund invests
in debt securities when Amundi US believes they are consistent with the fund’s
investment objective of long-term capital growth, to diversify the portfolio or
for greater liquidity.
Amundi US
uses a valuation-conscious approach to select the fund’s investments based upon
the recommendations of Amundi US’s research teams. Amundi US’s research teams
support the portfolio management teams that manage various Amundi US equity
funds and provide recommendations for a universe of issuers that are publicly
traded in the U.S. and abroad. The fund seeks to benefit from this research
effort by selecting securities that are highly ranked by the teams and selling
at attractive prices.
16
The research teams use a
two-step process in selecting securities that combines fundamental and
quantitative research. First, the teams assess whether a company’s fundamentals
– financial condition, management, and position in its industry – indicate
strong prospects for growth and attractive valuations. Second, the teams employ
a quantitative, value-oriented approach to construct the portfolio, emphasizing
those securities believed to be selling at reasonable prices versus underlying
values. The adviser generally sells a portfolio security based upon the same
criteria it uses to select
securities.
As part of
the initial assessment, Amundi US’s research teams evaluate a security’s
potential value based on the company’s assets and prospects for earnings growth.
In making that assessment, the teams employ a disciplined stock valuation
approach combined with fundamental research, and an evaluation of the issuer
based on its financial statements and operations. The research teams focus on
the quality and price of individual issuers, not on economic sector or
market-timing strategies. The portfolio includes securities from a broad range
of market sectors that have received favorable rankings from the research teams.
Factors for selecting investments include:
•
Favorable
expected returns relative to perceived risk
•
Above
average potential for earnings and revenue growth
•
Low market
valuations relative to earnings forecast, book value, cash flow and
sales
•
A
sustainable competitive advantage, such as a brand name, customer base,
proprietary technology or economies of scale
The
adviser integrates environmental, social and corporate governance (ESG)
considerations into its investment research process by evaluating the business
models and practices of issuers and their ESG-related risks. The adviser
believes ESG analysis is a meaningful facet of fundamental research, the process
of evaluating an issuer based on its financial position, business operations,
competitive standing and management. This process considers ESG information,
where available, in assessing an investment’s performance potential. The adviser
generally considers ESG information in the context of an issuer’s respective
sector or industry. The adviser may consider ESG ratings provided by third
parties or internal sources, as well as issuer disclosures and public
information, in evaluating issuers. ESG considerations are not a primary focus
of the fund, and the weight given by the adviser to ESG considerations in making
investment decisions will vary and, for any specific decision, they may be given
little or no weight.
Notwithstanding the
foregoing, the adviser generally will not invest fund assets in:
•
companies that the adviser
determines have significant involvement in the manufacturing of complete tobacco
products;
17
More
on the fund’s investment objective and strategies
•
companies engaged in (i)
the production, sale or storage of chemical, biological and depleted uranium
weapons, or (ii) the production, sale, storage of, or providing services for,
antipersonnel mines and cluster bombs prohibited by the Ottawa and Oslo
treaties; or
•
companies (i) with
involvement in the production, sale or storage of nuclear weapons of countries
that are non-parties to the Treaty on the Non-Proliferation of Nuclear Weapons,
(ii) with involvement in the production of nuclear warheads and/or whole nuclear
missiles; or (iii) that the adviser determines have significant involvement in
the production or sale of nuclear weapons.
The fund’s
investment strategies and policies may be changed from time to time without
shareholder approval, unless specifically stated otherwise in this prospectus or
in the statement of additional information.
Investments
in REITs
REITs are
companies that invest primarily in income producing real estate or real estate
related loans or interests. Some REITs invest directly in real estate and derive
their income from the collection of rents and capital gains on the sale of
properties. Other REITs invest primarily in mortgages, including “sub-prime”
mortgages, secured by real estate and derive their income from collection of
interest.
Non-U.S.
investments
The fund may invest in
securities of non-U.S. issuers, including securities of emerging markets
issuers. Non-U.S. issuers are issuers that are organized and have their
principal offices outside of the United States. Non-U.S. securities may be
issued by non-U.S. governments, banks or corporations, or private issuers, and
certain supranational organizations, such as the World Bank and the European
Union. The fund considers emerging market issuers to include issuers organized
under the laws of an emerging market country, issuers with a principal office in
an emerging market country, issuers that derive at least 50% of their gross
revenues or profits from goods or services produced in emerging market countries
or sales made in emerging market countries, or issuers that have at least 50% of
their assets in emerging market countries. Emerging markets generally will
include, but not be limited to, countries included in the Morgan Stanley Capital
International (MSCI) Emerging + Frontier Markets Index.
Debt
securities
The fund
may invest in debt securities. Debt securities in which the fund invests include
U.S. government securities, debt securities of corporate and other issuers,
mortgage- and asset-backed securities and short-term debt securities. Generally,
the fund may acquire debt securities that are investment grade, but the fund may
18
invest in
below investment grade debt securities (known as “junk bonds”), including below
investment grade convertible debt securities. A debt security is investment
grade if it is rated in one of the top four categories by a nationally
recognized statistical rating organization or determined to be of equivalent
credit quality by the adviser.
Derivatives
The fund
may, but is not required to, use futures and options on securities, indices and
currencies, forward foreign currency exchange contracts, swaps and other
derivatives. A derivative is a security or instrument whose value is determined
by reference to the value or the change in value of one or more securities,
currencies, indices or other financial instruments. The fund may use derivatives
for a variety of purposes, including:
•
In an
attempt to hedge against adverse changes in the market prices of securities,
interest rates or currency exchange rates
•
As a
substitute for purchasing or selling securities
•
To attempt
to increase the fund’s return as a non-hedging strategy that may be considered
speculative
•
To manage
portfolio characteristics (for example, the fund's exposure to various market
segments)
•
As a cash
flow management technique
The fund
may choose not to make use of derivatives for a variety of reasons, and any use
may be limited by applicable law and regulations.
Cash
management and temporary investments
Normally,
the fund invests substantially all of its assets to meet its investment
objective. The fund may invest the remainder of its assets in securities with
remaining maturities of less than one year or cash equivalents, or may hold
cash. For temporary defensive purposes, including during periods of unusual cash
flows, the fund may depart from its principal investment strategies and invest
part or all of its assets in these securities or may hold cash. The fund may
adopt a defensive strategy when the adviser believes securities in which the
fund normally invests have special or unusual risks or are less attractive due
to adverse market, economic, political or other conditions. During such periods,
it may be more difficult for the fund to achieve its investment
objective.
Additional
investment strategies and related risks
In
addition to the principal investment strategies and related risks discussed in
this prospectus, the fund may also use other techniques, including the following
non-principal investment strategies and related risks.
19
More
on the fund’s investment objective and strategies
Reverse
repurchase agreements and borrowing
The fund may enter into
reverse repurchase agreements pursuant to which the fund transfers securities to
a counterparty in return for cash, and the fund agrees to repurchase the
securities at a later date and for a higher price. Reverse repurchase agreements
are treated as borrowings by the fund, are a form of leverage and may make the
value of an investment in the fund more volatile and increase the risks of
investing in the fund. The fund also may borrow money from banks or other
lenders for temporary purposes. The fund may borrow up to 33 1∕3% of its total assets.
Entering into reverse repurchase agreements and other borrowing transactions may
cause the fund to liquidate positions when it may not be advantageous to do so
in order to satisfy its
obligations.
Short-term
trading
The fund
usually does not trade for short-term profits. The fund will sell an investment,
however, even if it has only been held for a short time, if it no longer meets
the fund's investment criteria. If the fund does a lot of trading, it may incur
additional operating expenses, which would reduce performance, and could cause
shareowners to incur a higher level of taxable income or capital
gains.
20
More
on the risks of investing in the fund
Principal
investment risks
You could
lose money on your investment in the fund. As with any mutual fund, there is no
guarantee that the fund will achieve its objective.
Market
risk. The
market prices of securities or other assets held by the fund 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,
political instability, recessions, inflation, changes in interest or currency
rates, lack of liquidity in the markets, the spread of infectious illness or
other public health issues, armed conflict, market disruptions caused by
tariffs, trade disputes,
sanctions or
other government actions, or other factors or adverse investor sentiment. If the
market prices of the fund's securities and assets fall, the value of your
investment will go down. A change in financial condition or other event
affecting a single issuer or market may adversely impact securities markets as a
whole. Rates of inflation have recently risen. The value of assets or income
from an investment may be worth less in the future as inflation decreases the
value of money. As inflation increases, the real value of the fund’s assets can
decline as can the value of the fund’s
distributions.
Changes in market
conditions may not have the same impact on all types of securities. The value of
securities may also fall due to specific conditions that affect a particular
sector of the securities market or a particular issuer. The stock market may
perform poorly relative to other investments (this risk may be greater in the
short term). In the past decade, financial markets throughout the world have
experienced increased volatility, depressed valuations, decreased liquidity and
heightened uncertainty. Governmental and non-governmental issuers have defaulted
on, or been forced to restructure, their debts. These conditions may continue,
recur, worsen or spread. Events that have contributed to these market conditions
include, but are not limited to, major cybersecurity events; geopolitical events
(including wars,
terror
attacks
and economic
sanctions); measures to address budget deficits; downgrading of sovereign debt;
changes in oil and commodity prices; dramatic changes in currency exchange
rates; global pandemics; and public sentiment. The
global
pandemic of the novel coronavirus respiratory disease designated
COVID-19
has resulted
in major disruption to economies and markets around the world, including the
United States. Global financial markets have experienced extreme volatility and
severe losses, and trading in many instruments has been disrupted. Liquidity for
many instruments has
been
greatly
reduced for
periods of time.
Some sectors
of the economy and
individual
issuers have experienced particularly large
losses.
These
circumstances may continue to
affect
adversely the value and liquidity of the fund’s
21
More
on the risks of investing in the fund
investments.
Following
Russia’s invasion of
Ukraine,
Russian securities have lost all,
or nearly
all, their market value. Other securities or markets could be similarly affected
by past or future political, geopolitical or other events or
conditions.
Governments and central
banks, including the U.S. Federal Reserve, have taken extraordinary and
unprecedented actions to support local and global economies and the financial
markets. These actions have resulted in significant expansion of public debt,
including in the U.S. The consequences of high public debt, including its future
impact on the economy and securities markets, may not be known for some time. In
recent years, interest rates and credit spreads in the U.S. have been at
historic lows. The U.S. Federal Reserve has raised certain interest rates, and
interest rates may continue to go up. U.S. Federal Reserve or other U.S. or
non-U.S. governmental or central bank actions, including increases or decreases
in interest rates, or contrary actions by different governments, could
negatively affect financial markets generally, increase market volatility and
reduce the value and liquidity of securities in which the fund invests. Policy
and legislative changes in the U.S. and in other countries are affecting many
aspects of financial regulation, and these and other events affecting global
markets, such as the United Kingdom’s exit from the European Union (or Brexit),
potential trade imbalances with China or other countries, or sanctions or other
government actions against Russia, other nations or individuals or companies (or
their countermeasures), may contribute to decreased liquidity and increased
volatility in the financial markets. The impact of these changes on the markets,
and the implications for market participants, may not be fully known for some
time.
Economies and financial
markets throughout the world are increasingly interconnected. Economic,
financial or political events, trading and tariff arrangements, armed conflict
including Russia's military invasion of Ukraine,
terrorism,
natural disasters, infectious illness or public health issues, cybersecurity
events, supply chain disruptions, sanctions against Russia,
other nations
or individuals or companies and possible countermeasures, and other
circumstances in one country or region could have profound impacts on other
countries or regions and on global economies or markets. As a result, whether or
not the fund invests in securities of issuers located in or with significant
exposure to the countries or regions directly affected, the value and liquidity
of the fund’s investments may be negatively affected. The fund may experience a
substantial or complete loss on any security or derivative
position.
Value style
risk. The
prices of securities the adviser believes are undervalued may not appreciate as
expected or may go down. Value stocks may fall out of favor with investors and
underperform the overall equity market. A value stock may not
22
increase in price as
anticipated by the adviser if other investors fail to recognize the company's
value and bid up the price or the factors that the adviser believes will
increase the price of the security do not occur or do not have the
anticipated
effect.
Portfolio
selection risk. The adviser’s judgment
about a particular security or issuer, or about the economy or a particular
sector, region,
market
segment or industry, or about an investment strategy, may prove to be incorrect
or may not produce the desired results, or there may be imperfections, errors or
limitations in the models, tools and information used by the
adviser.
ESG
risk. The
fund’s adviser may consider ESG information in its investment research process.
This may mean forgoing some investment opportunities available to funds that do
not consider ESG information. In considering ESG information, the adviser may
use third party ESG ratings information that it believes to be reliable, but
such information may not be accurate or complete, or may be biased. ESG
considerations are not a primary focus of the fund, and the weight given by the
adviser to ESG considerations in making investment decisions will vary and, for
any specific decision, they may be given little or no weight.
Issuer
focus risk. The fund
may invest in fewer than 40 securities, and as a result, the fund's performance
may be more volatile than the performance of funds holding more
securities.
Small and mid-size
companies risk. Compared to large
companies, small- and mid-size companies, and the market for their equity
securities, may be more sensitive to changes in earnings results and investor
expectations, or poor economic or market conditions, including those experienced
during a recession, have more limited product lines,
operating
histories, markets or capital resources, may be dependent upon a limited
management group, experience sharper swings in market values, have limited
liquidity, be harder to value or to sell at the times and prices the adviser
thinks appropriate, and offer greater potential for gain and loss.
Risks
of investments in real estate related securities. The fund
has risks associated with the real estate industry. Although the fund does not
invest directly in real estate, it may invest in REITs and other equity
securities of real estate industry issuers. These risks may include:
•
The U.S.
or a local real estate market declines due to adverse economic conditions,
foreclosures, overbuilding and high vacancy rates, reduced or regulated rents or
other causes
•
Interest
rates go up. Rising interest rates can adversely affect the availability and
cost of financing for property acquisitions and other purposes and reduce the
value of a REIT's fixed income investments
23
More
on the risks of investing in the fund
•
The values
of properties owned by a REIT or the prospects of other real estate industry
issuers may be hurt by property tax increases, zoning changes, other
governmental actions, environmental liabilities, natural disasters or increased
operating expenses
•
A REIT in
the fund's portfolio is, or is perceived by the market to be, poorly
managed
•
If the
fund's real estate related investments are concentrated in one geographic area
or property type, the fund will be particularly subject to the risks associated
with that area or property type
REITs can
generally be classified as equity REITs, mortgage REITs or hybrid REITs. Equity
REITs invest primarily in real property and derive income mainly from the
collection of rents. They may also realize gains or losses from the sale of
properties. Equity REITs will be affected by conditions in the real estate
rental market and by changes in the value of the properties they own. Mortgage
REITs invest primarily in mortgages and similar real estate interests and derive
income primarily from interest payments. Mortgage REITs will be affected by
changes in creditworthiness of borrowers and changes in interest rates. Mortgage
REITs are subject to the risks of default of the mortgages or mortgage-related
securities in which they invest, and REITs that invest in so-called “sub-prime”
mortgages are particularly subject to this risk. Hybrid REITs invest both in
real property and in mortgages.
Investing
in REITs involves certain unique risks. REITs are dependent on management
skills, are not diversified and are subject to the risks of financing projects.
REITs are typically invested in a limited number of projects or in a particular
market segment or geographic region, and therefore are more susceptible to
adverse developments affecting a single project, market segment or geographic
region than more broadly diversified investments. REITs are subject to heavy
cash flow dependency, defaults by mortgagors or other borrowers and tenants,
self-liquidation and the possibility of failing to qualify for certain tax and
regulatory exemptions. REITs may have limited financial resources and may
experience sharper swings in market values and trade less frequently and in a
more limited volume than securities of larger issuers. In addition to its own
expenses, the fund will indirectly bear its proportionate share of any
management and other expenses paid by REITs in which it invests. Such expenses
are not shown in “Annual fund operating expenses” above.
Many real
estate companies, including REITs, utilize leverage (and some may be highly
leveraged), which increases investment risk and could adversely affect a real
estate company’s operations and market value. Mortgage REITs tend to be more
leveraged than equity REITs. In addition, many mortgage REITs manage their
interest rate and credit risks through the use of derivatives and other hedging
24
techniques.
In addition, capital to pay or refinance a REIT’s debt may not be available or
reasonably priced. Financial covenants related to real estate company leveraging
may affect the company’s ability to operate effectively.
Risks
of warrants and rights. Warrants
and rights give the fund the right to buy stock. A warrant specifies the amount
of underlying stock, the purchase (or “exercise”) price, and the date the
warrant expires. The fund has no obligation to exercise the warrant and buy the
stock. A warrant has value only if the fund is able to exercise it or sell it
before it expires. If the price of the underlying stock does not rise above the
exercise price before the warrant expires, the warrant generally expires without
any value and the fund loses any amount it paid for the warrant. Thus,
investments in warrants may involve substantially more risk than investments in
common stock. Warrants may trade in the same markets as their underlying stock;
however, the price of the warrant does not necessarily move with the price of
the underlying stock.
The fund
may purchase securities pursuant to the exercise of subscription rights, which
allow an issuer’s existing shareholders to purchase additional common stock at a
price substantially below the market price of the shares. The failure to
exercise subscription rights to purchase common stock would result in the
dilution of the fund’s interest in the issuing company. The market for such
rights is not well developed and, accordingly, the fund may not always realize
full value on the sale of rights.
Preferred stocks
risk.
Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks
are subject to issuer-specific and market risks applicable generally to equity
securities. In addition, a company’s preferred stocks generally pay dividends
only after the company makes required payments to holders of its bonds and other
debt. Thus, the value of preferred stocks will usually react more strongly than
bonds and other debt to actual or perceived changes in the company’s financial
condition or prospects. The market value of preferred stocks generally decreases
when interest rates rise. Also, the market prices of preferred stocks are more
sensitive to changes in the issuer's creditworthiness than are the prices of
debt securities. Generally, under normal circumstances, preferred stocks do not
carry voting rights. Preferred stocks may trade less frequently and in a more
limited volume and may be subject to more abrupt or erratic price movements than
other securities. Preferred stocks of smaller companies may be more vulnerable
to adverse developments than preferred stocks of larger companies.
Risks
of initial public offerings. Companies
involved in initial public offerings (IPOs) generally have limited operating
histories, and prospects for future profitability are uncertain. Information
about the companies may be available for very limited
25
More
on the risks of investing in the fund
periods. The market for
IPO issuers has been volatile, and share prices of newly public companies have
fluctuated significantly over short periods of time. Further, stocks of newly
public companies may decline shortly after the IPO. There is no assurance that
the fund will have access to IPOs. The purchase of IPO shares may involve high
transaction costs. Because of the price volatility of IPO shares, the fund may
choose to hold IPO shares for a very short period of time. This may increase the
turnover of the fund’s portfolio and may lead to increased expenses to the fund,
such as commissions and transaction costs. The market for IPO shares can be
speculative and/or inactive for extended periods of time. There may be only a
limited number of shares available for trading. The limited number of shares
available for trading in some IPOs may also make it more difficult for the fund
to buy or sell significant amounts of shares without an unfavorable impact on
prevailing prices.
Risks of
investment in other funds. Investing in other
investment companies, including exchange-traded funds (ETFs) and closed-end
funds, subjects the fund to the risks of investing in the underlying securities
or assets held by those funds. When investing in another fund, the fund will
bear a pro rata portion of the underlying fund’s expenses, including management
fees, in addition to its own expenses. ETFs and closed-end funds are bought and
sold based on market prices and can trade at a premium or a discount to the
ETF’s or closed-end fund’s net asset value. Such funds may trade at a discount
for an extended period and may not ever realize their net asset
value.
Debt
securities risk. Factors
that could contribute to a decline in the market value of debt securities in the
fund include rising interest rates, if the issuer or other obligor of a security
held by the fund fails to pay principal and/or interest, otherwise defaults or
has its credit rating downgraded or is perceived to be less creditworthy or the
credit quality or value of any underlying assets declines. A general rise in
interest rates could adversely affect the price and liquidity of fixed income
securities and could also result in increased redemptions from the fund. Junk
bonds 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 quality debt securities; they may also be more difficult to value.
Junk bonds have a higher risk of default or are already in default and are
considered speculative.
Risks
of non-U.S. investments. Investing
in non-U.S. issuers, or in U.S. issuers that have significant exposure to
foreign markets, may involve unique risks compared to investing in securities of
U.S. issuers. These risks are more pronounced for issuers in emerging markets or
to the extent that the fund invests significantly in one region or country.
These risks may include:
26
•
Less
information about non-U.S. issuers or markets may be available due to less
rigorous disclosure or accounting standards or regulatory practices
•
Many
non-U.S. markets are smaller, less liquid and more volatile. In a changing
market, the adviser may not be able to sell the fund's securities at times, in
amounts and at prices it considers reasonable
•
Adverse
effect of currency exchange rates or controls on the value of the fund's
investments, or its ability to convert non-U.S. currencies to U.S.
dollars
•
The
economies of non-U.S. countries may grow at slower rates than expected or may
experience a downturn or recession
•
Economic, political,
regulatory and social developments,
military
conflicts and sanctions, nationalization or expropriation of assets, arbitrary
application of laws and regulations or lack of rule of law, may adversely affect
the securities markets
•
It may be
difficult for the fund to pursue claims or enforce judgments against a foreign
bank, depository or issuer of a security, or any of their agents, in the courts
of a foreign country
•
The value
of the fund’s foreign investments may also be affected by foreign tax laws,
special U.S. tax considerations and restrictions on receiving the investment
proceeds from a foreign country. Withholding and other non-U.S. taxes may
decrease the fund's return. The value of the fund’s foreign investments also may
be affected by U.S. tax considerations and restrictions in receiving investment
proceeds from a foreign country
•
Some
markets in which the fund may invest are located in parts of the world that have
historically been prone to natural disasters that could result in a significant
adverse impact on the economies of those countries and investments made in those
countries
•
It is often more expensive
for the fund to buy, sell and hold securities in certain foreign markets than in
the
U.S.
•
A
governmental entity may delay, or refuse or be unable to pay, interest or
principal on its sovereign debt due to cash flow problems, insufficient foreign
currency reserves, political considerations, the relative size of the
governmental entity’s debt position in relation to the economy or the failure to
put in place economic reforms
•
Investing
in depositary receipts is subject to many of the same risks as investing
directly in non-U.S. issuers. Depositary receipts may involve higher expenses
and may trade at a discount (or premium) to the underlying security. In
addition, depositary receipts may not pass through voting and other shareholder
rights, and may be less liquid than the underlying securities listed on an
exchange
•
A number
of countries in the European Union (EU) have experienced, and may continue to
experience, severe economic and financial difficulties. Additional EU member
countries may also fall subject to such difficulties. A number of
27
More
on the risks of investing in the fund
countries in Europe have
suffered terror attacks, and additional attacks may occur in the future. In
addition, the United Kingdom has withdrawn from the EU (commonly known as
“Brexit”). The range and potential implications of possible political,
regulatory, economic, and market outcomes of Brexit cannot be fully known but
could be significant, potentially resulting in increased volatility, illiquidity
and potentially lower economic growth in the affected markets, which will
adversely affect the fund’s investments, particularly in euro-denominated
securities and derivative contracts, securities of issuers located in the EU or
with significant exposure to EU issuers or countries
•
China and other developing
market countries may be subject to considerable degrees of economic, political
and social instability. Markets in China and other Asian countries are
relatively new and undeveloped. China’s economic health is largely dependent
upon exports, and may be dependent upon the economies of other Asian countries.
Investments in Chinese and other Asian issuers could be adversely affected by
changes in government policies, or trade or political disputes with major
trading partners, including the U.S. China’s growing trade surplus with the U.S.
has given rise to trade disputes and the imposition of tariffs. In addition, the
U.S. government has imposed restrictions on U.S. investor participation in
certain Chinese investments. These matters could adversely affect China’s
economy. China's central government exercises significant control over China's
economy and may intervene in the financial markets, such as by imposing trading
restrictions, and investments in Chinese issuers could be adversely affected by
changes in government policies. The Chinese economy could be adversely affected
by supply chain disruptions. An economic slowdown in China could adversely
affect economies of other emerging market countries that trade with China, as
well as companies operating in those countries. Economies of Asian countries and
Asian issuers could be adversely affected by regional security
threats
•
If one or
more stockholders of a supranational entity such as the World Bank fail to make
necessary additional capital contributions, the entity may be unable to pay
interest or repay principal on its debt securities
•
Sanctions or other
government actions against certain countries could negatively impact the fund’s
investments in securities that have exposure to those
countries
•
Russia launched a
large-scale invasion of Ukraine on February 24, 2022. In response to the
military action by Russia, various countries, including the U.S., the United
Kingdom, and European Union, issued broad-ranging economic sanctions against
Russia and Belarus and certain companies and individuals. Since then, Russian
securities have lost all, or nearly all, their market value, and many other
issuers, securities and markets have been adversely affected. The U.S. and other
countries may impose sanctions on other countries, companies
28
and individuals in light
of Russia’s military invasion. The extent and duration of the military action or
future escalation of such hostilities, the extent and impact of existing and
future sanctions, market disruptions and volatility, and the result of any
diplomatic negotiations cannot be predicted. These and any related events could
have a significant impact on the value and liquidity of certain fund
investments, on fund performance and the value of an investment in the fund,
particularly with respect to securities and commodities, such as oil, natural
gas and food commodities, as well as other sectors with exposure to Russian
issuers or issuers in other countries affected by the invasion, and are likely
to have collateral impacts on market sectors globally (including global food
supplies)
•
Circumstances that impact
one country could have profound impacts on other countries and on global
economies or markets
•
Emerging
market economies tend to be less diversified than those of more developed
countries. They typically have fewer medical and economic resources than more
developed countries and thus they may be less able to control or mitigate the
effects of a pandemic
Market
segment risk. To the
extent the fund emphasizes, from time to time, investments in a market segment,
the fund will be subject to a greater degree to the risks particular to that
segment, and may experience greater market fluctuation, than a fund without the
same focus.
Industries in the health
care segment, such as health care supplies, health care services, biotechnology
and pharmaceuticals, may be significantly affected by government regulation and
reimbursement rates, approval of products by government agencies, and patent
expirations, increases or decreases in the cost of medical products, services
and patient care, shortages of skilled personnel and increased personnel costs,
and product liability claims, among other factors. Many health care companies
are heavily dependent on patent protection, and the expiration of a company's
patent may adversely affect that company's profitability. Health care companies
are subject to competitive forces that may result in price discounting, and may
be thinly capitalized and susceptible to product obsolescence.
Industries in the
financials segment, such as banks, insurance companies, broker-dealers and real
estate investment trusts (REITs), may be sensitive to changes in interest
rates,
credit rating
downgrades, decreased liquidity in credit markets,
and general
economic activity and are generally subject to extensive government
regulation.
29
More
on the risks of investing in the fund
Industries in the
telecommunications segment, such as telephone operating companies, may be
significantly affected by changes in government regulation, intense competition
for market share, changes in technology within the industry, dependency on
patent protection,
substantial
capital requirements, changing consumer preferences, and
overall
economic
conditions.
Industries in the energy
segment, such as those engaged in the development, production and distribution
of energy resources, can be significantly affected by supply and demand both for
their specific product or service and for energy products in general. The energy
sector is cyclical and highly dependent on commodity prices, which can change
rapidly. The price of oil, gas and other consumable fuels, exploration and
production spending, government regulation, energy conservation efforts,
environmental policies, depletion of resources, concerns about global warming
trends, interest rate sensitivity, world events and economic conditions likewise
will affect the performance of companies in these industries. Companies in the
energy infrastructure sector may be adversely affected by natural disasters or
other catastrophes. These companies may be at risk for environmental damage
claims and other types of litigation.
Industries in the
technology segment, such as information technology, communications equipment,
computer hardware and software, and office and scientific equipment, are
generally subject to risks of rapidly evolving technology, short product lives,
rates of corporate expenditures, falling prices and profits, competition from
new market entrants, and general economic conditions. They are also heavily
dependent on intellectual property rights and may be adversely affected by the
loss or impairment of, or inability to enforce, those rights.
Industries in the
industrials segment, such as companies engaged in the production, distribution
or service of products or equipment for manufacturing, agriculture, forestry,
mining and construction, can be significantly affected by general economic
trends, including such factors as employment and economic growth, interest rate
changes, changes in consumer spending, legislative and governmental regulation
and spending, import controls, commodity prices, litigation,
liability for
environmental damage and product liability claims, trading and tariff
arrangements, trade disruptions, commodity prices and availability, exchange
rates and worldwide competition. The value of securities issued by companies in
the industrials sector may be adversely affected by supply and demand related to
their specific products or services and industrials sector products in general.
The products of manufacturing companies may face obsolescence due to rapid
technological developments and frequent new product
introduction.
30
Derivatives
risk. Using
stock index futures and options and other derivatives exposes the fund to
special risks and costs and may result in losses to the fund, even when used for
hedging purposes. Using derivatives can increase losses and reduce opportunities
for gain when market prices, interest rates or currencies, or the derivative
instruments themselves, behave in a way not anticipated by the fund, especially
in abnormal market conditions. Using derivatives can have a leveraging effect
(which may increase investment losses) and increase the fund’s volatility, which
is the degree to which the fund’s share price may fluctuate within a short time
period. Certain derivatives have the potential for unlimited loss, regardless of
the size of the fund’s initial investment. Derivatives are generally subject to
the risks applicable to the assets, rates, indices or other indicators
underlying the derivative. If changes in a derivative’s value do not correspond
to changes in the value of the fund’s other investments or do not correlate well
with the underlying assets, rate or index, the fund may not fully benefit from,
or could lose money on, or could experience unusually high expenses as a result
of, the derivative position. The other parties to certain derivative
transactions present the same types of credit risk as issuers of fixed income
securities. Derivatives also tend to involve greater liquidity risk and they may
be difficult to value. The fund may be unable to terminate or sell its
derivative positions. In fact, many over-the-counter derivatives will not have
liquidity beyond the counterparty to the instrument. The fund also may have to
sell assets at inopportune times to satisfy its obligations. Use of derivatives
or similar instruments may have different tax consequences for the fund than an
investment in the underlying security, and those differences may affect the
amount, timing and character of income distributed to shareholders. The fund’s
use of derivatives may also increase the amount of taxes payable by
shareholders. Risks associated with the use of derivatives are magnified to the
extent that an increased portion of the fund’s assets are committed to
derivatives in general or are invested in just one or a few types of
derivatives.
The U.S. government and
foreign governments have adopted and implemented or are in the process of
adopting and implementing regulations governing derivatives markets, including
mandatory clearing of certain derivatives, margin and reporting requirements.
The ultimate impact of the regulations remains unclear. Additional regulation of
derivatives may make derivatives more costly, limit their availability or
utility, otherwise adversely affect their performance or disrupt markets. The
fund may be exposed to additional risks as a result of the additional
regulations. The extent and impact of the regulations are not yet fully known
and may not be for some time.
31
More
on the risks of investing in the fund
The fund
will be required to maintain its positions with a clearing organization through
one or more clearing brokers. The clearing organization will require the fund to
post margin and the broker may require the fund to post additional margin to
secure the fund’s obligations. The amount of margin required may change from
time to time. In addition, cleared transactions may be more expensive to
maintain than over-the-counter transactions and may require the fund to deposit
larger amounts of margin. The fund may not be able to recover margin amounts if
the broker has financial difficulties. Also, the broker may require the fund to
terminate a derivatives position under certain circumstances. This may cause the
fund to lose money. The fund's ability to use certain derivative instruments
currently is limited by Commodity Futures Trading Commission rules.
Leveraging
risk. The
value of your investment may be more volatile and other risks tend to be
compounded if the fund borrows or uses derivatives or other investments, such as
ETFs, that have embedded leverage. Leverage generally magnifies the effect of
any increase or decrease in the value of the fund's underlying assets and
creates a risk of loss of value on a larger pool of assets than the fund would
otherwise have, potentially resulting in the loss of all assets. Engaging in
such transactions may cause the fund to liquidate positions when it may not be
advantageous to do so to satisfy its obligations.
New
derivatives regulations require the fund, to the extent it uses derivatives to a
material extent, to, among other things, comply with certain overall limits on
leverage. These regulations may limit the ability of the fund to pursue its
investment strategies and may not be effective to mitigate the fund's risk of
loss from
derivatives.
Portfolio
turnover risk. If the
fund does a lot of trading, it may incur additional operating expenses, which
would reduce performance. A higher level of portfolio turnover may also cause
shareholders to incur a higher level of taxable income or capital
gains.
Valuation
risk. Many
factors may influence the price at which the fund could sell any particular
portfolio investment. The sales price may well differ – higher or lower – from
the fund’s valuation of the investment, and such differences could be
significant, particularly for illiquid securities and securities that trade in
thin markets and/or markets that experience extreme volatility. These
differences may increase significantly and affect fund investments more broadly
during periods of market volatility. The fund’s investments may be valued using
fair value methodologies. Investors who purchase or redeem fund shares on days
when the fund is holding fair-valued securities may receive fewer or more
shares, or lower or higher redemption proceeds, than they would have received if
the securities had not been fair-valued or if a different valuation methodology
had been used. The value of foreign securities,
32
certain
fixed income securities and currencies, as applicable, may be materially
affected by events after the close of the market on which they are valued, but
before the fund determines its net asset value. The fund’s ability to value its
investments may also be impacted by technological issues and/or errors by
pricing services or other third party service providers.
Liquidity risk.
Liquidity
risk is the risk that particular investments, or investments generally, may be
or become impossible or difficult to purchase or sell. Although most of the
fund’s securities and other investments must be liquid at the time of
investment, securities and other investments may become illiquid after purchase
by the fund, particularly during periods of market turmoil or due to adverse
changes in the conditions of a particular issuer. Liquidity and value of
investments can deteriorate rapidly. During times of market turmoil, there have
been, and may be, no buyers for securities in entire asset classes, including
U.S. Treasury securities. When the fund holds illiquid investments, the fund may
be harder to value, especially in changing markets. If the fund is forced to
sell or unwind an illiquid investment to meet redemption requests or for other
cash needs, or to try to limit losses, the fund may suffer a substantial loss or
may not be able to sell at all. The fund may experience heavy redemptions that
could cause the fund to liquidate its assets at inopportune times or at a loss
or depressed value, which could cause the value of your investment to decline.
In addition, when there is illiquidity in the market for certain securities and
other investments, the fund, due to limitations on investments in illiquid
securities, may be unable to achieve its desired level of exposure to a certain
sector.
Redemption
risk. The fund
may experience periods of heavy redemptions that could cause the fund to
liquidate its assets at inopportune times or at a loss or depressed value,
particularly during periods of declining or illiquid markets. Redemption risk is
greater to the extent that the fund has investors with large shareholdings,
short investment horizons, or unpredictable cash flow needs. In addition,
redemption risk is heightened during periods of overall market turmoil. The
redemption by one or more large shareholders of their holdings in the fund could
hurt performance and/or cause the remaining shareholders in the fund to lose
money. If one decision maker has control of fund shares owned by separate fund
shareholders, including clients or affiliates of the fund’s adviser, redemptions
by these shareholders may further increase the fund’s redemption risk. If the
fund is forced to liquidate its assets under unfavorable conditions or at
inopportune times, the value of your investment could decline.
33
More
on the risks of investing in the fund
Cybersecurity
risk.
Cybersecurity failures by and breaches of the fund’s adviser, transfer agent,
distributor, custodian, fund accounting agent or other service providers may
disrupt fund operations, interfere with the fund’s ability to calculate its NAV,
prevent fund shareholders from purchasing, redeeming or exchanging shares or
receiving distributions or receiving timely information regarding the fund or
their investment in the fund, cause loss of or unauthorized access to private
shareholder information, and result in financial losses to the fund and its
shareholders, regulatory fines, penalties, reputational damage, or additional
compliance costs. Substantial costs may be incurred in order to prevent any
cyber incidents in the future. The fund and its shareholders could be negatively
impacted as a result.
Cash
management risk. The value
of the investments held by the fund for cash management or temporary defensive
purposes may be affected by market risks, changing interest rates and by changes
in credit ratings of the investments. To the extent that the fund has any
uninvested cash, the fund would be subject to credit risk with respect to the
depository institution holding the cash. If the fund holds cash uninvested, the
fund will not earn income on the cash and the fund’s yield will go down. During
such periods, it may be more difficult for the fund to achieve its investment
objective.
Expense
risk. Your
actual costs of investing in the fund may be higher than the expenses shown in
“Annual fund operating expenses” for a variety of reasons. For example, expense
ratios may be higher than those shown if overall net assets decrease. Net assets
are more likely to decrease and fund expense ratios are more likely to increase
when markets are volatile.
To learn
more about the fund's investments and risks, you should obtain and read the
statement of additional information. Please note that there are many other
factors that could adversely affect your investment and that could prevent the
fund from achieving its goals.
Disclosure
of portfolio holdings
The fund's
policies and procedures with respect to disclosure of the fund's securities are
described in the statement of additional information.
34
Management
Investment
adviser
Amundi Asset Management
US, Inc.
(“Amundi
US”), the fund’s investment adviser, selects the fund’s investments and oversees
the fund’s operations.
Amundi US is an indirect,
wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi
Holdings US, Inc. Amundi, one of the world’s largest asset managers, is
headquartered in Paris, France. As of September 30, 2022, Amundi had more than
$1.85 trillion in assets under management worldwide. As of September 30, 2022,
Amundi US (and its U.S. affiliates) had over $84 billion in assets under
management.
Amundi
US’s main office is at 60 State Street, Boston, Massachusetts
02109.
The firm’s
U.S. mutual fund investment history includes creating in 1928 one of the first
mutual funds.
Amundi US
has received an order from the Securities and Exchange Commission that permits
Amundi US, subject to the approval of the fund's Board of Trustees, to hire and
terminate a subadviser that is not affiliated with Amundi US (an “unaffiliated
subadviser”) or to materially modify an existing subadvisory contract with an
unaffiliated subadviser for the fund without shareholder approval. Amundi US
retains the ultimate responsibility to oversee and recommend the hiring,
termination and replacement of any unaffiliated subadviser.
Portfolio
management
Day-to-day
management of the fund’s portfolio is the responsibility of Craig Sterling and
Ashesh Savla. The portfolio managers draw upon the research and investment
management expertise of the firm’s global research teams, which provide
fundamental and quantitative research and include members from one or more of
Amundi US’s affiliates.
Craig
Sterling is a Managing Director, Director of Core Equity and Head of Equity
Research, U.S. at Amundi US. He joined Amundi US in May 2015 and has served as
portfolio manager of the fund since May 2015. Prior to joining Amundi US, he was
Managing Director and Global Head of Equity Research at EVA Dimensions LLC in
New York, an independent equity research firm. Prior to June 2011, he served as
a Director in the HOLT Group at Credit Suisse.
Ashesh
Savla is a Vice President and Team Leader of U.S. Equity Quantitative Research
at Amundi US. He joined Amundi US in 2003 and has served as portfolio manager of
the fund since 2013 and its predecessor fund since 2005.
35
Management
The fund’s
statement of additional information provides additional information about the
portfolio managers’ compensation, other accounts managed by the portfolio
managers, and the portfolio managers’ ownership of shares of the
fund.
Management
fee
The fund
pays Amundi US a fee for managing the fund and to cover the cost of providing
certain services to the fund.
Amundi
US's annual fee is equal to 0.40% of the fund's average daily net assets up to
$5 billion and 0.35% of the fund's average daily net assets over $5 billion. The
fee is accrued daily and paid monthly.
Prior to
October 1, 2021, Amundi US's annual fee was equal to 0.65% of the fund's average
daily net assets up to $1 billion, 0.60% of the next $2 billion of the fund's
average daily net assets, 0.55% of the next $4.5 billion of the fund's average
daily net assets, and 0.525% of the fund's average daily net assets over $7.5
billion.
For the fiscal year ended
August 31, 2022, the fund paid management fees (excluding waivers and/or
assumption of expenses) equivalent to 0.42% of the fund's average daily net
assets.
A discussion regarding the
basis for the Board of Trustees’ approval of the management contract is
available in the fund's semi-annual report to shareholders for the period ended
February 28, 2022.
Distributor
Amundi
Distributor US, Inc. is the fund's distributor. The fund compensates the
distributor for its services. The distributor is an affiliate of Amundi
US.
36
Pricing
of shares
Net
asset value
The fund's
net asset value is the value of its securities plus any other assets minus its
accrued operating expenses and other liabilities. The fund calculates a net
asset value for each class of shares every day the New York Stock Exchange is
open as of the close of regular trading (normally 4:00 p.m. Eastern time). On
days when the New York Stock Exchange is closed for trading, including certain
holidays listed in the statement of additional information, a net asset value is
not calculated. The fund’s most recent net asset value is available on the
fund’s website, amundi.com/us.
The fund generally values
its equity securities and certain derivative instruments that are traded on an
exchange using the last sale price on the principal exchange on which they are
traded. Equity securities that are not traded on the date of valuation, or
securities for which no last sale prices are available, are valued at the mean
between the last bid and asked prices or, if both last bid and asked prices are
not available, at the last quoted bid price. Last sale, bid and asked prices are
provided by independent third party pricing services. In the case of equity
securities not traded on an exchange, prices are typically determined by
independent third party pricing services using a variety of techniques and
methods. Amundi US, the fund’s valuation designee, may use a fair value model
developed by an independent pricing service to value non-U.S. equity
securities.
The fund generally values
debt securities and certain derivative instruments by using the prices supplied
by independent third party pricing services. A pricing service may use market
prices or quotations from one or more brokers or other sources, a pricing
matrix, or other fair value methods or techniques to provide an estimated value
of the security or instrument. A pricing matrix is a means of valuing a debt
security on the basis of current market prices for other debt securities,
historical trading patterns in the market for fixed income securities and/or
other factors. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service.
To the
extent that the fund invests in shares of other funds that are not traded on an
exchange, such shares of other funds are valued at their net asset values as
provided by those funds. The prospectuses for those funds explain the
circumstances under which those funds will use fair value pricing methods and
the effects of using fair value pricing methods.
The
valuations of securities traded in non-U.S. markets and certain fixed income
securities will generally be determined as of the earlier closing time of the
markets on which they primarily trade. When the fund holds securities or other
assets that are denominated in a foreign currency, the fund will normally use
the currency exchange rates as of 3:00 p.m. (Eastern time). Non-U.S. markets are
open for
37
Pricing
of shares
trading on
weekends and other days when the fund does not price its shares. Therefore, the
value of the fund’s shares may change on days when you will not be able to
purchase or redeem fund shares.
Amundi US has been
designated as the fund's valuation designee, with responsibility for fair
valuation subject to oversight by the fund's Board of Trustees. When independent
third party pricing services are unable to supply prices for an investment, or
when prices or market quotations are considered by Amundi US to be unreliable,
the value of that security may be determined using quotations from one or more
broker-dealers. When such prices or quotations are not available, or when they
are considered by Amundi US to be unreliable, Amundi US uses other fair value
methods to value the fund’s securities. Amundi US also may use fair value
methods if it is determined that a significant event has occurred between the
time at which a price is determined and the time at which the fund’s net asset
value is calculated. Because the fund may invest in securities rated below
investment grade - some of which may be thinly traded and for which prices may
not be readily available or may be unreliable -
Amundi US may
use fair value methods more frequently with respect to the fund’s investments
than funds that primarily invest in securities that are more widely traded.
Valuing securities using fair value methods may cause the net asset value of the
fund’s shares to differ from the net asset value that would be calculated only
using market
prices.
The prices used by Amundi
US to value the fund’s securities may differ from the amounts that would be
realized if these securities were sold and these differences may be significant,
particularly for securities that trade in relatively thin markets and/or markets
that experience extreme volatility.
38
Choosing
a class of shares
The fund
offers five classes of shares through this prospectus. Each class has different
eligibility requirements, sales charges and expenses, allowing you to choose the
class that best meets your needs.
Factors
you should consider include:
•
The
eligibility requirements that apply to purchases of a particular share
class
•
The
expenses paid by each class
•
The
initial sales charges and contingent deferred sales charges (CDSCs), if any,
applicable to each class
•
Whether
you qualify for any reduction or waiver of sales charges
•
How long
you expect to own the shares
•
Any
services you may receive from a financial intermediary
When
choosing between Class A or Class C shares, you should be aware that, generally
speaking, the longer your investment horizon, the more likely it will be that
Class C shares will not be as advantageous as Class A shares. The annual
distribution and service fees on Class C shares may cost you more over the
longer term than the initial sales charge and distribution and service fees you
would have paid for purchases of Class A shares.
If you are
eligible to purchase Class K or Class Y shares, you should be aware that Class K
and Class Y shares are not subject to an initial sales charge, CDSC or
distribution and service fees and generally have lower annual expenses than
Class A or Class C shares. However, if you invest in Class K shares or Class Y
shares through an investment professional or financial intermediary, that
investment professional or financial intermediary may charge you a commission in
an amount determined and separately disclosed to you by that investment
professional or financial intermediary.
Class R
shares generally are available only through certain tax-deferred retirement
plans and related accounts, and are not subject to an initial sales charge but
are subject to distribution and service fees.
Your
investment professional can help you determine which class meets your goals.
Your investment professional or financial intermediary may receive different
compensation depending upon which class you choose, and may impose its own
investment fees and practices for purchasing and selling fund shares, which are
not described in this prospectus or in the statement of additional information.
Consult your investment professional or financial intermediary about the
availability of fund shares, the investment professional or financial
intermediary’s practices, and other information.
39
Choosing
a class of shares
Please
note that the fund does not charge any initial sales charge, CDSC or other
asset-based fee for sales or distribution of Class K shares or Class Y shares.
However, if you invest in Class K shares or Class Y shares through an investment
professional or financial intermediary, that investment professional or
financial intermediary may charge you a commission in an amount determined and
separately disclosed to you by that investment professional or financial
intermediary.
Because
the fund is not party to any commission arrangement between you and your
investment professional or financial intermediary, any purchases and redemptions
of Class K shares or Class Y shares will be made by the fund at the applicable
net asset value (before imposition of the sales commission). Any commissions
charged by an investment professional or financial intermediary are not
reflected in the fees and expenses listed in the fee table or expense example in
this prospectus nor are they reflected in the performance in the bar chart and
table in this prospectus because these commissions are not charged by the
fund.
For
information on the fund’s expenses, please see “Fund Summary.”
The
availability of certain sales charge waivers and discounts may depend on whether
you purchase and sell your shares directly from the fund or through a financial
intermediary. Specific intermediaries may have different policies and procedures
regarding the availability of front-end sales charge waivers or contingent
deferred (back-end) sales charge (CDSC) waivers, which are discussed under
“Intermediary defined sales charge waiver policies.” In all instances, it is
your responsibility to notify the fund or your financial intermediary at the
time of purchase of any relationship or other facts qualifying you for sales
charge waivers or discounts. For waivers and discounts not available through a
particular intermediary, you will have to purchase fund shares directly from the
fund or through another intermediary to receive these waivers or discounts.
Please see the “Intermediary defined sales charge waiver policies” section to
determine any sales charge discounts and waivers that may be available to you
through your financial intermediary.
Class
A shares
•
You pay a
sales charge of up to 5.75% of the offering price, which is reduced or waived
for large purchases and certain types of investors. At the time of your
purchase, your investment firm may receive a commission from the distributor of
up to 5%, declining as the size of your investment increases.
•
There is
no contingent deferred sales charge, except in certain circumstances when no
initial sales charge is charged.
•
Distribution
and service fees of 0.25% of average daily net assets.
40
Class
C shares
•
A 1%
contingent deferred sales charge is assessed if you sell your shares within one
year of purchase. Your investment firm may receive a commission from the
distributor at the time of your purchase of up to 1%.
•
Distribution
and service fees of 1.00% of average daily net assets.
•
Maximum
purchase amount (per transaction) of $499,999.
•
Class C
shares automatically convert to Class A shares after 8 years.
Class
K shares
•
No initial
or contingent deferred sales charge. However, if you invest in Class K shares
through an investment professional or financial intermediary, that investment
professional or financial intermediary may charge you a commission in an amount
determined and separately disclosed to you by that investment professional or
financial intermediary.
•
Initial
investments by discretionary accounts and direct investors are subject to a $5
million investment minimum, which may be waived in some
circumstances.
•
There is
no investment minimum for other eligible investors.
Class
R shares
•
No initial
or contingent deferred sales charge.
•
Distribution
fees of 0.50% of average daily net assets. Separate service plan provides for
payment to financial intermediaries of up to 0.25% of average daily net
assets.
•
Generally,
available only through certain tax-deferred retirement plans and related
accounts.
Class
Y shares
•
No initial
or contingent deferred sales charge. However, if you invest in Class Y shares
through an investment professional or financial intermediary, that investment
professional or financial intermediary may charge you a commission in an amount
determined and separately disclosed to you by that investment professional or
financial intermediary.
•
Initial
investments are subject to a $5 million investment minimum, which may be waived
in some circumstances.
41
Choosing
a class of shares
Share
class eligibility
Class
K shares
Class K shares are
available to certain discretionary accounts at Amundi US or its affiliates,
certain direct investors, other funds in the Pioneer Funds mutual fund complex,
and certain tax-deferred retirement plans (including 401(k) plans,
employer-sponsored 403(b) plans, 457 plans, health savings accounts, profit
sharing and money purchase pension plans, defined benefit plans and
non-qualified deferred compensation plans) held in plan level or omnibus
accounts.
Direct
investors may be individuals, institutions, trusts, foundations and other
institutional investors.
Class K
shares are also available to certain mutual fund programs. See “Minimum
investment amounts - Waivers of the minimum investment amount for Class
K.”
Class
R shares
Class R
shares are available to certain tax-deferred retirement plans (including 401(k)
plans, employer-sponsored 403(b) plans, 457 plans, profit sharing and money
purchase pension plans, defined benefit plans and non-qualified deferred
compensation plans) held in plan level or omnibus accounts. Class R shares also
are available to IRAs that are rollovers from eligible retirement plans that
offered one or more Class R share Pioneer funds as investment options and to
individual 401(k) plans. Class R shares are not available to non-retirement
accounts, traditional or Roth IRAs, Coverdell Education Savings Accounts, SEPs,
SAR-SEPs, SIMPLE IRAs, individual 403(b)s and most individual retirement
accounts or retirement plans that are not subject to the Employee Retirement
Income Security Act of 1974 (ERISA).
Automatic
conversion of Class C Shares
Class C
shares automatically convert to Class A shares after 8 years. Conversions of
Class C shares to Class A shares occur during the month of or following the 8th
anniversary of the share purchase date. The automatic conversion is based on the
relative net asset values of the two share classes without the imposition of a
sales charge or fee. Generally, in order for your Class C shares to be eligible
for automatic conversion to Class A shares, the fund or the financial
intermediary through which you purchased your shares must have records which
confirm that your Class C shares have been held for 8 years. Class C shares held
through group retirement plan recordkeeping platforms of certain financial
intermediaries that hold such shares in an omnibus account and do not track
participant level share lot aging to
42
facilitate
such a conversion are not eligible for automatic conversion to Class A shares.
Specific intermediaries may have different policies and procedures regarding the
conversion of Class C shares to Class A shares
43
Distribution
and service arrangements
Distribution
plan
The fund
has adopted a distribution plan for Class A, Class C and Class R shares in
accordance with Rule 12b-1 under the Investment Company Act of 1940. Under the
plan, the fund pays distribution and service fees to the distributor. Because
these fees are an ongoing expense of the fund, over time they increase the cost
of your investment and your shares may cost more than shares that are subject to
other types of sales charges.
Class
R shares service plan
The fund
has adopted a separate service plan for Class R shares. Under the service plan,
the fund may pay securities dealers, plan administrators or other financial
intermediaries who agree to provide certain services to plans or plan
participants holding shares of the fund a service fee of up to 0.25% of average
daily net assets attributable to Class R shares held by such plan participants.
The services provided under the service plan include acting as a shareholder of
record, processing purchase and redemption orders, maintaining participant
account records and answering participant questions regarding the
fund.
Additional
payments to financial intermediaries
Your
financial intermediary may receive compensation from the fund, Amundi US or its
affiliates for the sale of fund shares and related services. Compensation may
include sales commissions and distribution and service (Rule 12b-1) fees, as
well as compensation for administrative services and transaction
processing.
Amundi US
or its affiliates may make additional payments to your financial intermediary.
These payments may provide your financial intermediary with an incentive to
favor the Pioneer funds over other mutual funds or assist the distributor in its
efforts to promote the sale of the fund’s shares. Financial intermediaries
include broker-dealers, banks (including bank trust departments), registered
investment advisers, financial planners, retirement plan administrators and
other types of intermediaries.
Amundi US
or its affiliates make these additional payments (sometimes referred to as
“revenue sharing”) to financial intermediaries out of its own assets, which may
include profits derived from services provided to the fund, or from the
retention of a portion of sales charges or distribution and service fees. Amundi
US may base these payments on a variety of criteria, including the amount of
sales or assets of the Pioneer funds attributable to the financial intermediary
or as a per transaction fee.
44
Not all
financial intermediaries receive additional compensation and the amount of
compensation paid varies for each financial intermediary. In certain cases,
these payments may be significant. Amundi US determines which firms to support
and the extent of the payments it is willing to make, generally choosing firms
that have a strong capability to effectively distribute shares of the Pioneer
funds and that are willing to cooperate with Amundi US’s promotional efforts.
Amundi US also may compensate financial intermediaries (in addition to amounts
that may be paid by the fund) for providing certain administrative services and
transaction processing services.
Amundi US
may benefit from revenue sharing if the intermediary features the Pioneer funds
in its sales system (such as by placing certain Pioneer funds on its preferred
fund list or giving access on a preferential basis to members of the financial
intermediary’s sales force or management). In addition, the financial
intermediary may agree to participate in the distributor’s marketing efforts
(such as by helping to facilitate or provide financial assistance for
conferences, seminars or other programs at which Amundi US personnel may make
presentations on the Pioneer funds to the intermediary’s sales force). To the
extent intermediaries sell more shares of the Pioneer funds or retain shares of
the Pioneer funds in their clients’ accounts, Amundi US receives greater
management and other fees due to the increase in the Pioneer funds’ assets. The
intermediary may earn a profit on these payments if the amount of the payment to
the intermediary exceeds the intermediary’s costs.
The
compensation that Amundi US pays to financial intermediaries is discussed in
more detail in the fund’s statement of additional information. Your intermediary
may charge you additional fees or commissions other than those disclosed in this
prospectus. Intermediaries may categorize and disclose these arrangements
differently than in the discussion above and in the statement of additional
information. You can ask your financial intermediary about any payments it
receives from Amundi US or the Pioneer funds, as well as about fees and/or
commissions it charges.
Amundi US
and its affiliates may have other relationships with your financial intermediary
relating to the provision of services to the Pioneer funds, such as providing
omnibus account services or effecting portfolio transactions for the Pioneer
funds. If your intermediary provides these services, Amundi US or the Pioneer
funds may compensate the intermediary for these services. In addition, your
intermediary may have other relationships with Amundi US or its affiliates that
are not related to the Pioneer funds.
45
Sales
charges
Initial
sales charges (Class A shares only)
You pay
the offering price (the net asset value per share plus any initial sales charge)
when you buy Class A shares unless you qualify to purchase shares at net asset
value. You pay a lower sales charge as the size of your investment increases.
You do not pay a sales charge when you reinvest dividends or capital gain
distributions paid by the fund.
Sales
charges for Class A shares
|
|
Sales
charge as % of | |
|
Amount
of purchase |
Offering
price |
Net
amount
invested |
|
Less
than $50,000 |
5.75 |
6.10 |
|
$50,000
but less than $100,000 |
4.50 |
4.71 |
|
$100,000
but less than $250,000 |
3.50 |
3.63 |
|
$250,000
but less than $500,000 |
2.50 |
2.56 |
|
$500,000
or more |
-0- |
-0- |
The dollar
amount of the sales charge is the difference between the offering price of the
shares purchased (based on the applicable sales charge in the table) and the net
asset value of those shares. Since the offering price is calculated to two
decimal places using standard rounding methodology, the dollar amount of the
sales charge as a percentage of the offering price and of the net amount
invested for any particular purchase of fund shares may be higher or lower due
to rounding.
Reduced
sales charges – Class A shares
You may
qualify for a reduced Class A sales charge if you own or are purchasing shares
of Pioneer mutual funds. The investment levels required to obtain a reduced
sales charge are commonly referred to as “breakpoints.” Amundi US offers two
principal means of taking advantage of breakpoints in sales charges for
aggregate purchases of Class A shares of the Pioneer funds over time
if:
•
The amount
of shares you own of the Pioneer funds plus the amount you are investing now is
at least $50,000 (Rights
of accumulation)
•
You plan
to invest at least $50,000 over the
next 13 months (Letter of intent)
Rights
of accumulation – Class A shares only
If you
qualify for rights of accumulation, your sales charge will be based on the
combined value (at the current offering price) of all your Pioneer mutual fund
shares, the shares of your spouse and the shares of any children under the age
of 21.
46
Letter
of intent - Class A shares only
You can
use a letter of intent to qualify for reduced sales charges in
two situations:
two situations:
•
If you
plan to invest at least $50,000
(excluding any reinvestment of dividends and capital gain distributions) in the
fund's Class A shares during the next 13 months
•
If you include in your
letter of intent the value (at the current offering price) of all of your Class
A shares of the fund and Class A shares of all other Pioneer mutual fund shares
held of record in the amount used to determine the applicable sales charge for
the fund shares you plan to buy
Completing
a letter of intent does not obligate you to purchase additional shares, but if
you do not buy enough shares to qualify for the projected level of sales charges
by the end of the 13-month period (or when you sell your shares, if earlier),
the distributor will recalculate your sales charge. Any share class for which no
sales charge is paid cannot be included under the letter of intent. For more
information regarding letters of intent, please contact your investment
professional or obtain and read the statement of additional
information.
Qualifying
for a reduced Class A sales charge
In
calculating your total account value in order to determine whether you have met
sales charge breakpoints, you can include your Pioneer mutual fund shares, those
of your spouse and the shares of any children under the age of 21. Amundi US
will use each fund’s current offering price to calculate your total account
value. Certain trustees and fiduciaries may also qualify for a reduced sales
charge.
To receive
a reduced sales charge, you or your investment professional must, at the time of
purchase, notify the distributor of your eligibility. In order to verify your
eligibility for a discount, you may need to provide your investment professional
or the fund with information or records, such as account numbers or statements,
regarding shares of the fund or other Pioneer mutual funds held in all accounts
by you, your spouse or children under the age of 21 with that investment
professional or with any other financial intermediary. Eligible accounts may
include joint accounts, retirement plan accounts, such as IRA and 401(k)
accounts, and custodial accounts, such as ESA, UGMA and UTMA
accounts.
It is your
responsibility to confirm that your investment professional has notified the
distributor of your eligibility for a reduced sales charge at the time of sale.
If you or your investment professional do not notify the distributor of your
eligibility, you will risk losing the benefits of a reduced sales
charge.
47
Sales
charges
For this
purpose, Pioneer mutual funds include any fund for which the distributor is
principal underwriter and, at the distributor’s discretion, may include funds
organized outside the U.S. and managed by Amundi US or an affiliate.
You can
locate information regarding the reduction or waiver of sales charges free of
charge on Amundi US’s website at amundi.com/us. The website includes hyperlinks
that facilitate access to this information.
Class
A purchases at net asset value
You may
purchase Class A shares at net asset value (without a sales charge) as follows.
If you believe you qualify for any of the Class A sales charge waivers discussed
below, contact your investment professional or the distributor. You are required
to provide written confirmation of your eligibility. You may not resell these
shares except to or on behalf of the fund.
Class
A purchases at net asset value are available to:
•
Current or
former trustees and officers of the fund;
•
Partners
and employees of legal counsel to the fund (at the time of initial share
purchase);
•
Directors,
officers, employees or sales representatives of Amundi US and its affiliates (at
the time of initial share purchase);
•
Directors,
officers, employees or sales representatives of any subadviser or a predecessor
adviser (or their affiliates) to any investment company for which Amundi US
serves as investment adviser (at the time of initial share
purchase);
•
Officers,
partners, employees or registered representatives of broker-dealers (at the time
of initial share purchase) which have entered into sales agreements with the
distributor;
•
Employees
of Regions Financial Corporation and its affiliates (at the time of initial
share purchase);
•
Members of
the immediate families of any of the persons above;
•
Any trust,
custodian, pension, profit sharing or other benefit plan of the foregoing
persons;
•
Insurance
company separate accounts;
•
Certain
wrap accounts for the benefit of clients of investment professionals or other
financial intermediaries adhering to standards established by the
distributor;
•
Other
funds and accounts for which Amundi US or any of its affiliates serves as
investment adviser or manager;
•
Investors
in connection with certain reorganization, liquidation or acquisition
transactions involving other investment companies or personal holding
companies;
•
Certain
unit investment trusts;
48
•
Group
employer-sponsored retirement plans with at least $500,000 in total plan assets.
Waivers for group employer-sponsored retirement plans do not apply to
traditional IRAs, Roth IRAs, SEPs, SARSEPs, SIMPLE IRAs, KEOGHs, individual
401(k) or individual 403(b) plans, or to brokerage relationships in which sales
charges are customarily imposed;
•
Group
employer-sponsored retirement plans with accounts established with Amundi US on
or before March 31, 2004 with 100 or more eligible employees or at least
$500,000 in total plan assets;
•
Participants
in an employer-sponsored 403(b) plan or employer-sponsored 457 plan if (i) your
employer has made special arrangements for your plan to operate as a group
through a single broker, dealer or financial intermediary and (ii) all
participants in the plan who purchase shares of a Pioneer mutual fund do so
through a single broker, dealer or other financial intermediary designated by
your employer;
•
Investors
purchasing shares pursuant to the reinstatement privilege applicable to Class A
shares;
•
Redemption
proceeds from a non-retirement account used by the shareholder to purchase fund
shares in an IRA or other individual-type retirement account: and
•
Shareholders
of record (i.e., shareholders whose shares are not held in the name of a broker
or an omnibus account) on the date of the reorganization of a predecessor Safeco
fund into a corresponding Pioneer fund, shareholders who owned shares in the
name of an omnibus account provider on that date that agrees with the fund to
distinguish beneficial holders in the same manner, and retirement plans with
assets invested in the predecessor Safeco fund on that date.
In
addition, Class A shares may be purchased at net asset value through certain
mutual fund programs sponsored by qualified intermediaries, such as
broker-dealers and investment advisers. In each case, the intermediary has
entered into an agreement with Amundi US to include the Pioneer funds in their
program without the imposition of a sales charge. The intermediary provides
investors participating in the program with additional services, including
advisory, asset allocation, recordkeeping or other services. You should ask your
investment firm if it offers and you are eligible to participate in such a
mutual fund program and whether participation in the program is consistent with
your investment goals. The intermediaries sponsoring or participating in these
mutual fund programs also may offer their clients other classes of shares of the
funds, and investors may receive different levels of services or pay different
fees depending upon the class of shares included in the program. Investors
should consider carefully any separate transaction and other fees charged by
these programs in connection with investing in each available share class before
49
Sales
charges
selecting
a share class. Such mutual fund programs include certain self-directed brokerage
services accounts held through qualified intermediaries that may or may not
charge participating investors transaction fees.
Contingent
deferred sales charges (CDSCs)
Class
A shares
Purchases
of Class A shares of $500,000 or more may be subject to a contingent deferred
sales charge upon redemption. A contingent deferred sales charge is payable to
the distributor in the event of a share redemption within 12 months
following
the share purchase at the rate of 1% of the lesser of the value of the shares
redeemed (exclusive of reinvested dividend and capital gain distributions) or
the total cost of such shares. However, the contingent deferred sales charge is
waived for redemptions of Class A shares purchased by an employer-sponsored
retirement plan that has at least $500,000 in total plan assets (or that has
1,000 or more eligible employees for plans with accounts established with Amundi
US on or before March 31, 2004).
Class
C shares
You buy
Class C shares at net asset value per share without paying an initial sales
charge. However, if you sell your Class C shares within one year of purchase,
upon redemption you will pay the distributor a contingent deferred sales charge
of 1% of the current market value or the original cost of the shares you are
selling, whichever is less.
Paying
the contingent deferred sales charge (CDSC)
Several
rules apply for calculating CDSCs so that you pay the lowest possible
CDSC.
•
The CDSC
is calculated on the current market value or the original cost of the shares you
are selling, whichever is less
•
You do not
pay a CDSC on reinvested dividends or distributions
•
If you
sell only some of your shares, the transfer agent will first sell your shares
that are not subject to any CDSC and then the shares that you have owned the
longest
•
CDSCs are not imposed when
Class C shares are exchanged for Class C shares of another fund in the Pioneer
Funds mutual fund complex, but the new shares will remain subject to the CDSC
based on the original purchase date of the exchanged shares. The transfer agent
processes exchanges in proportion to your shares subject to a CDSC, not subject
to a CDSC, and purchased through reinvestment of dividends and
distributions.
•
You may
qualify for a waiver of the CDSC normally charged. See “Waiver or reduction of
contingent deferred sales charges”
50
Waiver
or reduction of contingent deferred sales charges
It is your
responsibility to confirm that your investment professional has notified the
distributor of your eligibility for a reduced sales charge at the time of sale.
If you or your investment professional do not notify the distributor of your
eligibility, you will risk losing the benefits of a reduced sales
charge.
The
distributor may waive or reduce the CDSC for Class A shares that are subject to
a CDSC or for Class C shares if:
•
The
distribution results from the death of all registered account owners or a
participant in an employer-sponsored plan. For UGMAs, UTMAs and trust accounts,
the waiver applies only upon the death of all beneficial owners;
•
You become
disabled (within the meaning of Section 72 of the Internal Revenue Code of 1986,
as amended (the “Internal Revenue Code”)) after the purchase of the shares being
sold. For UGMAs, UTMAs and trust accounts, the waiver only applies upon the
disability of all beneficial owners;
•
The
distribution is made in connection with limited automatic redemptions as
described in “Systematic withdrawal plans” (limited in any year to 10% of the
value of the account in the fund at the time the withdrawal plan is
established);
•
The
distribution is from any type of IRA, 403(b) or employer-sponsored plan
described under Section 401(a) or 457 of the Internal Revenue Code and, in
connection with the distribution, one of the following applies:
−
It is part
of a series of substantially equal periodic payments made over the life
expectancy of the participant or the joint life expectancy of the participant
and his or her beneficiary (limited in any year to 10% of the value of the
participant's account at the time the distribution amount is
established);
−
It is a
required minimum distribution due to the attainment of age 70½, in which case
the distribution amount may exceed 10% (based solely on total plan assets held
in Pioneer mutual funds);
−
It is rolled over to or
reinvested in another fund in the Pioneer Funds mutual fund complex in the same
class of shares, which will be subject to the CDSC of the shares originally
held; or
−
It is in
the form of a loan to a participant in a plan that permits loans (each repayment
applied to the purchase of shares will be subject to a CDSC as though a new
purchase);
•
The
distribution is to a participant in an employer-sponsored retirement plan
described under Section 401(a) of the Internal Revenue Code or to a participant
in an employer-sponsored 403(b) plan or employer-sponsored 457 plan if (i) your
employer has made special arrangements for your plan to operate as a group
through a single broker, dealer or financial intermediary and (ii) all
participants
51
Sales
charges
in the
plan who purchase shares of a Pioneer mutual fund do so through a single broker,
dealer or other financial intermediary designated by your employer and is or is
in connection with:
−
A return
of excess employee deferrals or contributions;
−
A
qualifying hardship distribution as described in the Internal Revenue
Code;
−
Due to
retirement or termination of employment;
−
From a
qualified defined contribution plan and represents a participant's directed
transfer, provided that this privilege has been preauthorized through a prior
agreement with the distributor regarding participant directed
transfers;
•
The
distribution is made pursuant to the fund's right to liquidate or involuntarily
redeem shares in a shareholder's account;
•
The
distribution is made to pay an account's advisory or custodial fees;
or
•
The
distributor does not pay the selling broker a commission normally paid at the
time of the sale.
Please see
the fund's statement of additional information for more information regarding
reduced sales charges and breakpoints.
The
availability of certain sales charge waivers and discounts may depend on whether
you purchase your shares directly from the fund or through a financial
intermediary. Please see the “Intermediary defined sales charge waiver
policies”
section
for more information.
Class
K shares
Class K
shares are purchased at net asset value with no initial sales charge and no CDSC
when redeemed. However, if you invest in Class K shares through an investment
professional or financial intermediary, that investment professional or
financial intermediary may charge you a commission in an amount determined and
separately disclosed to you by that investment professional or financial
intermediary.
Class
Y shares
Class Y
shares are purchased at net asset value with no initial sales charge and no CDSC
when redeemed. However, if you invest in Class Y shares through an investment
professional or financial intermediary, that investment professional or
financial intermediary may charge you a commission in an amount determined and
separately disclosed to you by that investment professional or financial
intermediary.
52
Buying,
exchanging and selling shares
Opening
your account
You may
open an account by completing an account application and sending it to the fund
by mail or by fax. Please call the fund to obtain an account application.
Certain types of accounts, such as retirement accounts, have separate
applications.
Use your
account application to select options and privileges for your account. You can
change your selections at any time by sending a completed account options form
to the fund. You may be required to obtain a signature guarantee to make certain
changes to an existing account.
Call or
write to the fund for account applications, account options forms and other
account information:
Pioneer
Funds
P.O. Box 9897
Providence, RI 02940-8097
Telephone 1-800-225-6292
P.O. Box 9897
Providence, RI 02940-8097
Telephone 1-800-225-6292
Please
note that there may be a delay in receipt by the fund’s transfer agent of
applications submitted by regular mail to a post office address.
Each fund
is generally available for purchase in the United States, Puerto Rico, Guam,
American Samoa and the U.S. Virgin Islands. Except to the extent otherwise
permitted by the funds’ distributor, the funds will only accept accounts from
U.S. citizens with a U.S. address (including an APO or FPO address) or resident
aliens with a U.S. address (including an APO or FPO address) and a U.S. taxpayer
identification number.
Identity
verification
To help
the government fight the funding of terrorism and money laundering activities,
federal law requires all financial institutions to obtain, verify and record
information that identifies each person who opens an account. When you open an
account, you will need to supply your name, address, date of birth, and other
information that will allow the fund to identify you.
The fund
may close your account if we cannot adequately verify your identity. The
redemption price will be the net asset value on the date of
redemption.
Investing
through financial intermediaries and retirement plans
If you
invest in the fund through your financial intermediary or through a retirement
plan, the options and services available to you may be different from those
discussed in this prospectus. Shareholders investing through financial
intermediaries, programs sponsored by financial intermediaries and retirement
plans may only purchase funds and classes of shares that are available. When you
invest through an account
53
Buying,
exchanging and selling shares
that is
not in your name, you generally may buy and sell shares and complete other
transactions only through the account. Ask your investment professional or
financial intermediary for more information.
Additional
conditions may apply to your investment in the fund, and the investment
professional or intermediary may charge you a transaction-based, administrative
or other fee for its services. These conditions and fees are in addition to
those imposed by the fund and its affiliates. You should ask your investment
professional or financial intermediary about its services and any applicable
fees.
Share
prices for transactions
If you
place an order to purchase, exchange or sell shares that is received in good
order by the fund’s transfer agent or an authorized agent by the close of
regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time),
the share price for your transaction will be based on the net asset value
determined as of the close of regular trading on the New York Stock Exchange on
that day (plus or minus any applicable sales charges). If your order is received
by the fund’s transfer agent or an authorized agent after the close of regular
trading on the New York Stock Exchange, or your order is not in good order, the
share price will be based on the net asset value next determined after your
order is received in good order by the fund or authorized agent. The authorized
agent is responsible for transmitting your order to the fund in a timely
manner.
Good
order means that:
•
You have
provided adequate instructions
•
There are
no outstanding claims against your account
•
There are
no transaction limitations on your account
•
Your
request includes a signature guarantee if you:
−
Are
selling over $100,000 or exchanging over $500,000 worth of shares
−
Changed
your account registration or address within the last 30 days
−
Instruct
the transfer agent to mail the check to an address different from the one on
your account
−
Want the
check paid to someone other than the account’s record owner(s)
−
Are
transferring the sale proceeds to a Pioneer mutual fund account with a different
registration
Transaction
limitations
Your
transactions are subject to certain limitations, including the limitation on the
purchase of the fund’s shares within 30 calendar days of a redemption. See
“Excessive trading.”
54
Buying
You may
buy fund shares from any financial intermediary that has a sales agreement or
other arrangement with the distributor.
You can
buy shares at net asset value per share plus any applicable sales charge. The
distributor may reject any order until it has confirmed the order in writing and
received payment. Normally, your financial intermediary will send your purchase
request to the fund's transfer agent. Consult
your investment professional for more information. Your
investment firm receives a commission from the distributor, and may receive
additional compensation from Amundi US, for your purchase of fund
shares.
Minimum
investment amounts
Class
A and Class C shares
Your
initial investment must be at least $1,000. Additional investments must be at
least $100 for Class A shares and $500 for Class C shares.
You may
qualify for lower initial or subsequent investment minimums if you are
establishing an automatic investment plan or placing your trade through your
investment firm. The fund may waive the initial or subsequent investment
minimums. Minimum investment amounts may be waived for, among other things,
share purchases made through certain mutual fund programs (e.g., asset based fee
program accounts) sponsored by qualified intermediaries, such as broker-dealers
and investment advisers, that have entered into an agreement with Amundi
US.
Class
K shares
Initial
investments by discretionary accounts and direct investors in Class K shares
must be at least $5 million. There is no investment minimum for other eligible
investors. This amount may be invested in one or more of the Pioneer mutual
funds that currently offer Class K shares. There is no minimum additional
investment amount. The fund may waive the initial investment amount, if
applicable.
Waivers
of the minimum investment amount for Class K
The fund
will accept an initial investment of less than $5 million if:
(a)
The
investment is made by a retirement plan that is an eligible investor in Class K
shares; or
(b)
The investment is made by
another fund in the Pioneer Funds mutual fund complex; or
55
Buying,
exchanging and selling shares
(c)
The
investment is made through certain mutual fund programs sponsored by qualified
intermediaries, such as broker-dealers and investment advisers. In each case,
the intermediary has an arrangement with Amundi US to include Class K shares of
the Pioneer mutual funds in their program. In one model, the intermediary
provides investors participating in the program with additional services,
including advisory, asset allocation, recordkeeping or other services, as a
combined service offering. In another model, a brokerage firm may provide
transactional services in accordance with a commission schedule set by the
firm.
You should ask your investment firm if it offers and you are eligible to participate in such a mutual fund program and whether participation in the program is consistent with your investment goals. The intermediaries sponsoring or participating in these mutual fund programs also may offer their clients other classes of shares of the funds, and investors may receive different levels of services or pay different fees depending upon the class of shares included in the program. Investors should consider carefully any separate transaction and other fees charged by these programs in connection with investing in each available share class before selecting a share class.
You should ask your investment firm if it offers and you are eligible to participate in such a mutual fund program and whether participation in the program is consistent with your investment goals. The intermediaries sponsoring or participating in these mutual fund programs also may offer their clients other classes of shares of the funds, and investors may receive different levels of services or pay different fees depending upon the class of shares included in the program. Investors should consider carefully any separate transaction and other fees charged by these programs in connection with investing in each available share class before selecting a share class.
The fund
reserves the right to waive the initial investment minimum in other
circumstances.
Class
R shares
There is
no minimum investment amount for Class R shares, although investments are
subject to the fund’s policies regarding small accounts.
Class
Y shares
Your
initial investment in Class Y shares must be at least $5 million. This amount
may be invested in one or more of the Pioneer mutual funds that currently offer
Class Y shares. There is no minimum additional investment amount. The fund may
waive the initial investment amount.
Waivers
of the minimum investment amount for Class Y
The fund
will accept an initial investment of less than $5 million if:
(a)
The
investment is made by a trust company or bank trust department which is
initially investing at least $1 million in any of the Pioneer mutual funds and,
at the time of the purchase, such assets are held in a fiduciary, advisory,
custodial or similar capacity over which the trust company or bank trust
department has full or shared investment discretion; or
56
(b)
The
investment is at least $1 million in any of the Pioneer mutual funds and the
purchaser is an insurance company separate account; or
(c)
The
account is not represented by a broker-dealer and the investment is made by (1)
an ERISA-qualified retirement plan that meets the requirements of Section 401 of
the Internal Revenue Code, (2) an employer-sponsored retirement plan that meets
the requirements of Sections 403 or 457 of the Internal Revenue Code, (3) a
private foundation that meets the requirements of Section 501(c)(3) of the
Internal Revenue Code or (4) an endowment or other organization that meets the
requirements of Section 509(a)(1) of the Internal Revenue Code; or
(d)
The
investment is made by an employer-sponsored retirement plan established for the
benefit of (1) employees of Amundi US or its affiliates, or (2)
employees
or the
affiliates of broker-dealers who have a Class Y shares sales agreement with the
distributor; or
(e)
The
investment is made through certain mutual fund programs sponsored by qualified
intermediaries, such as broker-dealers and investment advisers. In each case,
the intermediary has an arrangement with Amundi US to include Class Y shares of
the Pioneer mutual funds in its program. In one model, the intermediary provides
investors participating in the program with additional services, including
advisory, asset allocation, recordkeeping or other services, as a combined
service offering. In another model, a brokerage firm may provide transactional
services in accordance with a commission schedule set by the firm.
You should
ask your investment firm if it offers and you are eligible to participate in
such a mutual fund program and whether participation in the program is
consistent with your investment goals. The intermediaries sponsoring or
participating in these mutual fund programs also may offer their clients other
classes of shares of the funds, and investors may receive different levels of
services or pay different fees depending upon the class of shares included in
the program. Investors should consider carefully any separate transaction and
other fees charged by these programs in connection with investing in each
available share class before selecting a share class; or
(f)
The investment is made by
another fund in the Pioneer Funds mutual fund
complex.
The fund
reserves the right to waive the initial investment minimum in other
circumstances.
57
Buying,
exchanging and selling shares
Maximum
purchase amounts
Purchases
of fund shares are limited to $499,999 for Class C shares. This limit is applied
on a per transaction basis. Class A, Class K, Class R and Class Y shares are not
subject to a maximum purchase amount.
Retirement
plan accounts
You can
purchase fund shares through tax-deferred retirement plans for individuals,
businesses and tax-exempt organizations.
Your
initial investment for most types of retirement plan accounts must be at least
$1,000. Additional investments for most types of retirement plans must be at
least $100.
You may
not use the account application accompanying this prospectus to establish an
Amundi US retirement plan. You can obtain retirement plan applications from your
investment firm or by calling the Retirement Plans Department at
1-800-622-0176.
How
to buy shares
Through
your investment firm
Normally,
your investment firm will send your purchase request to the fund’s distributor
and/or transfer agent. Consult
your investment professional for more information. Your
investment firm receives a commission from the distributor, and may receive
additional compensation from Amundi US, for your purchase of fund
shares.
By
phone or online
You
can use the telephone or online purchase privilege if you have
an existing non-retirement account. Certain IRAs can use the telephone purchase
privilege. If your account is eligible, you can purchase additional fund shares
by phone or online if:
•
You
established your bank account of record at least 30 days ago
•
Your bank
information has not changed for at least 30 days
•
You are
not purchasing more than $100,000 worth of shares per account per
day
•
You can
provide the proper account identification information
When you
request a telephone or online purchase, the fund’s transfer agent will
electronically debit the amount of the purchase from your bank account of
record. The fund’s transfer agent will purchase fund shares for the amount of
the debit at the offering price determined after the fund’s transfer agent
receives your telephone
58
or online
purchase instruction and good funds. It usually takes three business days for
the fund’s transfer agent to receive notification from your bank that good funds
are available in the amount of your investment.
In
writing, by mail
You can
purchase fund shares for an existing fund account by mailing
a check to the fund. Make
your check payable to the fund. Neither initial nor subsequent investments
should be made by third party check, travelers check, or credit card check. Your
check must be in U.S. dollars and drawn on a U.S. bank. Include in your purchase
request the fund’s name, the account number and the name or names in the account
registration. Please note that there may be a delay in receipt by the fund’s
transfer agent of purchase orders submitted by regular mail to a post office
address.
By
wire (Class K or Class Y shares only)
If you
have an existing (Class K or Class Y shares only) account, you may wire funds to
purchase shares. Note, however, that:
•
BNY Mellon
must receive your wire no later than 11:00 a.m. Eastern time on the business day
after the fund receives your request to purchase shares
•
If BNY
Mellon does not receive your wire by 11:00 a.m. Eastern time on the next
business day, your transaction will be canceled at your expense and
risk
•
Wire
transfers normally take two or more hours to complete and a fee may be charged
by the sending bank
•
Wire
transfers may be restricted on holidays and at certain other times
Instruct
your bank to wire funds to:
|
Receiving
Bank: |
BNY
Mellon, NA
ABA
Routing No. 011001234
BNY
Mellon Investment Servicing (US) Inc. as agent
FBO
Amundi
US Funds Consolidated Account
Account
727296 |
|
For
further credit to: |
Shareholder
Name
Existing
Pioneer Account No.
Disciplined
Value Fund |
The fund’s
transfer agent must receive your account application before you send your
initial check or federal funds wire. In addition, you must provide a bank wire
address of record when you establish your account.
59
Buying,
exchanging and selling shares
Exchanging
You may, under certain
circumstances, exchange your shares for shares of the same class of another fund
in the Pioneer Funds mutual fund
complex.
Your
exchange request must be for at least $1,000. The fund allows you to exchange
your shares at net asset value without charging you either an initial or
contingent deferred sales charge at the time of the exchange. Shares you acquire
as part of an exchange will continue to be subject to any contingent deferred
sales charge that applies to the shares you originally purchased. When you
ultimately sell your shares, the date of your original purchase will determine
your contingent deferred sales charge.
Before you request an
exchange, consider each fund’s investment objective(s) and policies as described
in the fund’s prospectus. You generally will have to pay income taxes on an
exchange.
Same-fund
exchange privilege
Certain
shareholders may be eligible to exchange their shares for shares of another
class. If eligible, no sales charges or other charges will apply to any such
exchange. Generally, shareholders will not recognize a gain or loss for federal
income tax purposes upon such an exchange. Investors should contact their
financial intermediary to learn more about the details of this
privilege.
How
to exchange shares
Through
your investment firm
Normally,
your investment firm will send your exchange request to the fund’s transfer
agent. Consult
your investment professional for more information about exchanging your
shares.
By
phone or online
After you
establish an eligible fund account, you
can exchange fund shares by phone or online if:
•
You are
exchanging into an existing account or using the exchange to establish a new
account, provided the new account has a registration identical to the original
account
•
The fund
into which you are exchanging offers the same class of shares
•
You are
not exchanging more than $500,000 worth of shares per account per
day
•
You can
provide the proper account identification information
60
In
writing, by mail or by fax
You can
exchange fund shares by mailing
or faxing a letter of instruction to the fund. You can
exchange fund shares directly through the fund only if your account is
registered in your name. However, you may not fax an exchange request for more
than $500,000. Include in your letter:
•
The name
and signature of all registered owners
•
A
signature guarantee for each registered owner if the amount of the exchange is
more than $500,000
•
The name
of the fund out of which you are exchanging and the name of the fund into which
you are exchanging
•
The class
of shares you are exchanging
•
The dollar
amount or number of shares you are exchanging
Please
note that there may be a delay in receipt by the fund’s transfer agent of
exchange requests submitted by regular mail to a post office
address.
Selling
Your
shares will be sold at the share price (net asset value less any applicable
sales charge) next calculated after the fund or its authorized agent, such as a
broker-dealer, receives your request in good order. If a signature guarantee is
required, you must submit your request in writing.
If the
shares you are selling are subject to a deferred sales charge, it will be
deducted from the sale proceeds. The fund generally will send your sale proceeds
by check, bank wire or electronic funds transfer. Your redemption proceeds
normally will be sent within 1 business day after your request is received in
good order, but in any event within 7 days, regardless of the method the fund
uses to make such payment. If you recently sent a check to purchase the shares
being sold, the fund may delay payment of the sale proceeds until your check has
cleared. This may take up to 10 calendar days from the purchase
date.
Your
redemption proceeds may be delayed, or your right to receive redemption proceeds
suspended, if the New York Stock Exchange is closed (other than on weekends or
holidays) or trading is restricted, if the Securities and Exchange Commission
determines an emergency or other circumstances exist that make it impracticable
for the fund to sell or value its portfolio securities, or otherwise as
permitted by the rules of or by the order of the Securities and Exchange
Commission.
If you are
selling shares from a non-retirement account or certain IRAs, you may use any of
the methods described below. If you are selling shares from a retirement account
other than an IRA, you must make your request in writing.
61
Buying,
exchanging and selling shares
You
generally will have to pay income taxes on a sale.
If you
must use a written request to exchange or sell your shares and your account is
registered in the name of a corporation or other fiduciary you must include the
name of an authorized person and a certified copy of a current corporate
resolution, certificate of incumbency or similar legal document showing that the
named individual is authorized to act on behalf of the record owner.
Under
normal circumstances, the fund expects to meet redemption requests by using cash
or cash equivalents in its portfolio and/or selling portfolio assets to generate
cash. Under stressed or abnormal market conditions or circumstances, including
circumstances adversely affecting the liquidity of the fund’s investments, the
fund may be more likely to be forced to sell portfolio assets to meet
redemptions than under normal market circumstances. Under such circumstances,
the fund could be forced to liquidate assets at inopportune times or at a loss
or depressed value. The fund also may pay redemption proceeds using cash
obtained through a committed, unsecured revolving credit facility, or an
interfund lending facility, if available, and other borrowing arrangements that
may be available from time to time.
The fund
reserves the right to redeem in kind, that is, to pay all or a portion of your
redemption proceeds by giving you securities. If the fund redeems in kind, it
generally will deliver to you a proportionate share of the portfolio securities
owned by the fund. Securities you receive this way may increase or decrease in
value while you hold them and you may incur brokerage and transaction charges
and tax liability when you convert the securities to cash. The fund may redeem
in kind at a shareholder’s request or if, for example, the fund reasonably
believes that a cash redemption may have a substantial impact on the fund and
its remaining shareholders.
During
periods of deteriorating or stressed market conditions, when an increased
portion of the fund’s portfolio may be comprised of less-liquid investments, or
during extraordinary or emergency circumstances, the fund may be more likely to
pay redemption proceeds with cash obtained through short-term borrowing
arrangements (if available) or by giving you securities.
How
to sell shares
Through
your investment firm
Normally,
your investment firm will send your request to sell shares to the fund’s
transfer agent. Please note that your investment firm may have its own earlier
deadlines for the receipt of a request to sell shares. Consult
your investment
62
professional
for more information. The fund
has authorized the distributor to act as its agent in the repurchase of fund
shares from qualified investment firms. The fund reserves the right to terminate
this procedure at any time.
By
phone or online
If
you have an eligible non-retirement account, you may sell up to $100,000 per
account per day by phone or online. You may
sell fund shares held in a retirement plan account by phone only if your account
is an eligible IRA (tax penalties may apply). You may not sell your shares by
phone or online if you have changed your address (for checks) or your bank
information (for wires and transfers) in the last 30 days.
You may
receive your sale proceeds:
•
By check,
provided the check is made payable exactly as your account is
registered
•
By bank
wire or by electronic funds transfer, provided the sale proceeds are being sent
to your bank address of record
For Class
Y shares, shareholders may sell up to $5 million per account per day if the
proceeds are directed to your bank account of record ($100,000 per account per
day if the proceeds are not directed to your bank account of
record).
In
writing, by mail or by fax
You can
sell some or all of your fund shares by writing
directly to the fund
only if
your account is registered in your name. Include in your request your name, the
fund’s name, your fund account number, the class of shares to be sold, the
dollar amount or number of shares to be sold and any other applicable
requirements as described below. The fund’s transfer agent will send the sale
proceeds to your address of record unless you provide other instructions. Your
request must be signed by all registered owners and be in good
order.
The fund’s
transfer agent will not process your request until it is received in good
order.
You may
sell up to $100,000 per account per day by fax.
Please
note that there may be a delay in receipt by the fund’s transfer agent of
redemption requests submitted by regular mail to a post office
address.
63
Buying,
exchanging and selling shares
How
to contact us
By
phone
For
information or to request a telephone transaction between 8:00 a.m. and 7:00
p.m. (Eastern time) by speaking with a shareholder services
representative call
1-800-225-6292
representative call
1-800-225-6292
To request
a transaction using FactFoneSM
call
1-800-225-4321
1-800-225-4321
By
mail
Send your
written instructions to:
Pioneer Funds
P.O. Box 9897
Providence, RI 02940-8097
Pioneer Funds
P.O. Box 9897
Providence, RI 02940-8097
Amundi
US website
amundi.com/us
By
fax
Fax your
exchange and sale requests to:
1-800-225-4240
1-800-225-4240
64
Account
options
See the
account application form for more details on each of the following services or
call the fund for details and availability.
Telephone
transaction privileges
If your
account is registered in your name, you can buy, exchange or sell fund shares by
telephone. If you do not want your account to have telephone transaction
privileges, you must indicate that choice on your account application or by
writing to the fund.
When you
request a telephone transaction the fund’s transfer agent will try to confirm
that the request is genuine. The transfer agent records the call, requires the
caller to provide validating information for the account and sends you a written
confirmation. The fund may implement other confirmation procedures from time to
time. Different procedures may apply if you have a non-U.S. account or if your
account is registered in the name of an institution, broker-dealer or other
third party. If the fund’s confirmation procedures are followed, neither the
fund nor its agents will bear any liability for these transactions.
Online
transaction privileges
If your
account is registered in your name, you may be able to buy, exchange or sell
fund shares online. Your investment firm may also be able to buy, exchange or
sell your fund shares online.
To
establish online transaction privileges:
•
For new
accounts, complete the online section of the account application
•
For
existing accounts, complete an account options form, write to the
fund or complete the online authorization screen at amundi.com/us
fund or complete the online authorization screen at amundi.com/us
To use
online transactions, you must read and agree to the terms of an online
transaction agreement available on the Amundi US website. When you or your
investment firm requests an online transaction, the fund’s transfer agent
electronically records the transaction, requires an authorizing password and
sends a written confirmation. The fund may implement other procedures from time
to time. Different procedures may apply if you have a non-U.S. account or if
your account is registered in the name of an institution, broker-dealer or other
third party. You may not be able to use the online transaction privilege for
certain types of accounts, including most retirement accounts.
65
Account
options
Periodic
investments
You can
make periodic investments in the fund by setting up monthly bank drafts,
government allotments, payroll deductions, or an Automatic Investment Plan.
Periodic investments may be made only through U.S. banks. You may use a periodic
investment plan to establish a Class A share account with a small initial
investment. If you have a Class C or Class R share account and your balance is
at least $1,000, you may establish a periodic investment plan.
Automatic
Investment Plan (AIP)
If you
establish an Automatic Investment Plan with Amundi US, the fund’s transfer agent
will make a periodic investment in fund shares by means of a preauthorized
electronic funds transfer from your bank account. Your plan investments are
voluntary. You may discontinue your plan at any time or change the plan’s dollar
amount, frequency or investment date by calling or writing to the fund’s
transfer agent. You should allow up to 30 days for the fund’s transfer agent to
establish your plan.
Automatic
exchanges
You can automatically
exchange your fund shares for shares of the same class of another fund in the
Pioneer Funds mutual fund complex. The automatic exchange will begin on the day
you select when you complete the appropriate section of your account application
or an account options form. In order to establish automatic
exchange:
•
You must
select exchanges on a monthly or quarterly basis
•
Both the
originating and receiving accounts must have identical registrations
•
The
originating account must have a minimum balance of $5,000
You may
have to pay income taxes on an exchange.
Distribution
options
The fund
offers three distribution options. Any fund shares you buy by reinvesting
distributions will be priced at the applicable net asset value per
share.
(1)
Unless you
indicate another option on your account application, any dividends and capital
gain distributions paid to you by the fund will automatically be invested in
additional fund shares.
(2)
You may
elect to have the amount of any dividends paid to you in cash and any capital
gain distributions reinvested in additional shares.
(3)
You may
elect to have the full amount of any dividends and/or capital gain distributions
paid to you in cash.
66
Options
(2) and (3) are not available to retirement plan accounts or accounts with a
current value of less than $500. When electing a cash distribution option, you
may only select one destination for the cash distribution portion (i.e., bank
account or directed to another mutual fund). The other distribution portion must
be reinvested into your current mutual fund account or follow the same cash
election.
If you are
under 59½, taxes and tax penalties may apply.
If your
distribution check is returned to the fund’s transfer agent or you do not cash
the check for six months or more, the fund’s transfer agent may reinvest the
amount of the check in your account and automatically change the distribution
option on your account to option (1) until you request a different option in
writing. If the amount of a distribution check would be less than $25, the fund
may reinvest the amount in additional shares of the fund instead of sending a
check. Additional shares of the fund will be purchased at the then-current net
asset value.
Directed
dividends
You can
invest the dividends paid by one of your Pioneer mutual fund accounts in a
second Pioneer mutual fund account. The value of your second account must be at
least $1,000. You may direct the investment of any amount of dividends. There
are no fees or charges for directed dividends.
Systematic
withdrawal plans
When you
establish a systematic withdrawal plan for your account, the transfer agent will
sell the number of fund shares you specify on a periodic basis and the proceeds
will be paid to you or to any person you select. You must obtain a signature
guarantee to direct payments to another person after you have established your
systematic withdrawal plan. Payments can be made either by check or by
electronic transfer to a U.S. bank account you designate.
To
establish a systematic withdrawal plan:
•
Your
account must have a total value of at least $10,000 when you establish your
plan
•
You may
not request a periodic withdrawal of more than 10% of the value of any Class C
or Class R share account (valued at the time the plan is
implemented)
These
requirements do not apply to scheduled (Internal Revenue Code Section 72(t)
election) or mandatory (required minimum distribution) withdrawals from IRAs and
certain retirement plans.
67
Account
options
Systematic
sales of fund shares may be taxable transactions for you. While you are making
systematic withdrawals from your account, you may pay unnecessary initial sales
charges on additional purchases of Class A shares or contingent deferred sales
charges.
Direct
deposit
If you
elect to take dividends or dividends and capital gain distributions in cash, or
if you establish a systematic withdrawal plan, you may choose to have those cash
payments deposited directly into your savings, checking or NOW bank
account.
Voluntary
tax withholding
You may
have the fund’s transfer agent withhold 28% of the dividends and capital gain
distributions paid from your fund account (before any reinvestment) and forward
the amount withheld to the Internal Revenue Service as a credit against your
federal income taxes. Voluntary tax withholding is not available for retirement
plan accounts or for accounts subject to backup withholding.
68
Shareholder
services and policies
Excessive
trading
Frequent
trading into and out of the fund can disrupt portfolio management strategies,
harm fund performance by forcing the fund to hold excess cash or to liquidate
certain portfolio securities prematurely and increase expenses for all
investors, including long-term investors who do not generate these costs. An
investor may use short-term trading as a strategy, for example, if the investor
believes that the valuation of the fund’s portfolio securities for purposes of
calculating its net asset value does not fully reflect the then-current fair
market value of those holdings. The fund discourages, and does not take any
intentional action to accommodate, excessive and short-term trading practices,
such as market timing. Although there is no generally applied standard in the
marketplace as to what level of trading activity is excessive, we may consider
trading in the fund’s shares to be excessive for a variety of reasons, such as
if:
•
You sell
shares within 30 days after the shares were purchased;
•
You make
two or more purchases and redemptions within a short period of time;
•
You enter
into a series of transactions that indicate a timing pattern or strategy;
or
•
We
reasonably believe that you have engaged in such practices in connection with
other mutual funds.
The fund’s
Board of Trustees has adopted policies and procedures with respect to frequent
purchases and redemptions of fund shares by fund investors. Pursuant to these
policies and procedures, we monitor selected trades on a daily basis in an
effort to detect excessive short-term trading. If we determine that an investor
or a client of a broker or other intermediary has engaged in excessive
short-term trading that we believe may be harmful to the fund, we will ask the
investor, broker or other intermediary to cease such activity and we will refuse
to process purchase orders (including purchases by exchange) of such investor,
broker, other intermediary or accounts that we believe are under their control.
In determining whether to take such actions, we seek to act in a manner that is
consistent with the best interests of the fund’s shareholders.
While we
use our reasonable efforts to detect excessive trading activity, there can be no
assurance that our efforts will be successful or that market timers will not
employ tactics designed to evade detection. If we are not successful, your
return from an investment in the fund may be adversely affected. Frequently,
fund shares are held through omnibus accounts maintained by financial
intermediaries such as brokers and retirement plan administrators, where the
holdings of multiple shareholders, such as all the clients of a particular
broker or other intermediary, are aggregated. Our ability to monitor trading
practices by investors purchasing shares through omnibus accounts may be limited
and dependent upon the cooperation of the broker or other intermediary in taking
steps to limit this type of activity.
69
Shareholder
services and policies
The fund
may reject a purchase or exchange order before its acceptance or the issuance of
shares. The fund may also restrict additional purchases or exchanges in an
account. Each of these steps may be taken for any transaction, for any reason,
without prior notice, including transactions that the fund believes are
requested on behalf of market timers. The fund reserves the right to reject any
purchase or exchange request by any investor or financial institution if the
fund believes that any combination of trading activity in the account or related
accounts is potentially disruptive to the fund. A prospective investor whose
purchase or exchange order is rejected will not achieve the investment results,
whether gain or loss, that would have been realized if the order had been
accepted and an investment made in the fund. A fund and its shareholders do not
incur any gain or loss as a result of a rejected order. The fund may impose
further restrictions on trading activities by market timers in the
future.
To limit
the negative effects of excessive trading on the fund, the fund has adopted the
following restriction on investor transactions. If an investor redeems $5,000 or
more (including redemptions that are a part of an exchange transaction) from the
fund, that investor shall be prevented (or “blocked”) from purchasing shares of
the fund (including purchases that are a part of an exchange transaction) for 30
calendar days after the redemption. This policy does not apply to systematic
purchase or withdrawal plan transactions, transactions made through
employer-sponsored retirement plans described under Section 401(a), 403(b) or
457 of the Internal Revenue Code or employee benefit plans, scheduled (Internal
Revenue Code Section 72(t) election) or mandatory (required minimum
distribution) withdrawals from IRAs, rebalancing transactions made through
certain asset allocation or “wrap”
programs,
transactions by insurance company separate accounts or transactions by other
funds that invest in the fund. This policy does not apply to purchase or
redemption transactions of less than $5,000 or to Pioneer U.S. Government Money
Market Fund or Pioneer Multi-Asset Ultrashort Income Fund.
We rely on
financial intermediaries that maintain omnibus accounts to apply to their
customers either the fund’s policy described above or their own policies or
restrictions designed to limit excessive trading of fund shares. However, we do
not impose this policy at the omnibus account level.
Purchases
pursuant to the reinstatement privilege (for Class A shares) are subject to this
policy.
70
Purchases
in kind
You may
use securities you own to purchase shares of the fund provided that Amundi US,
in its sole discretion, determines that the securities are consistent with the
fund's objective and policies and their acquisition is in the best interests of
the fund. If the fund accepts your securities, they will be valued for purposes
of determining the number of fund shares to be issued to you in the same way the
fund will value the securities for purposes of determining its net asset value.
For federal income tax purposes, you may be taxed in the same manner as if you
sold the securities that you use to purchase fund shares for cash in an amount
equal to the value of the fund shares that you purchase. Your broker may also
impose a fee in connection with processing your purchase of fund shares with
securities.
Reinstatement
privilege (Class A shares)
If you
recently sold all or part of your Class A shares, you may be able to reinvest
all or part of your sale proceeds without a sales charge in Class A shares of
any Pioneer mutual fund. To qualify for reinstatement:
•
You must
send a written request to the fund no more than 90 days after selling your
shares and
•
The
registration of the account in which you reinvest your sale proceeds must be
identical to the registration of the account from which you sold your
shares.
Purchases
pursuant to the reinstatement privilege are subject to limitations on investor
transactions, including the limitation on the purchase of the fund’s shares
within 30 calendar days of redemption. See “Excessive trading.”
When you
elect reinstatement, you are subject to the provisions outlined in the selected
fund’s prospectus, including the fund’s minimum investment requirement. Your
sale proceeds will be reinvested in shares of the fund at the Class A net asset
value per share determined after the fund receives your written request for
reinstatement. You may realize a gain or loss for federal income tax purposes as
a result of your sale of fund shares, and special tax rules may apply if you
elect reinstatement. Consult your tax adviser for more information.
Amundi
US website
amundi.com/us
amundi.com/us
The
website includes a full selection of information on mutual fund investing. You
can also use the website to get:
•
Your
current account information
•
Prices,
returns and yields of all publicly available Pioneer mutual funds
•
Prospectuses,
statements of additional information and shareowner reports for all the Pioneer
mutual funds
71
Shareholder
services and policies
•
A copy of
Amundi US’s privacy notice
If you or
your investment firm authorized your account for the online transaction
privilege, you may buy, exchange and sell shares online.
FactFoneSM
1-800-225-4321
You can
use FactFoneSM
to:
•
Obtain
current information on your Pioneer mutual fund accounts
•
Inquire
about the prices of all publicly available Pioneer mutual funds
•
Make
computer-assisted telephone purchases, exchanges and redemptions for your fund
accounts
•
Request
account statements
If you
plan to use FactFoneSM to make
telephone purchases and redemptions, first you must activate your personal
identification number and establish your bank account of record. If your account
is registered in the name of a broker-dealer or other third party, you may not
be able to use FactFoneSM
to obtain
account information.
Household
delivery of fund documents
With your
consent, Amundi US may send a single proxy statement, prospectus and shareowner
report to your residence for you and any other member of your household who has
an account with the fund. If you wish to revoke your consent to this practice,
you may do so by notifying Amundi US, by phone or in writing (see “How to
contact us”). Amundi US will begin mailing separate proxy statements,
prospectuses and shareowner reports to you within 30 days after receiving your
notice.
Confirmation
statements
The fund’s
transfer agent maintains an account for each investment firm or individual
shareowner and records all account transactions. You will be sent confirmation
statements showing the details of your transactions as they occur, except
automatic investment plan transactions, which are confirmed quarterly. If you
have more than one Pioneer mutual fund account registered in your name, the
Pioneer combined account statement will be mailed to you each
quarter.
Tax
information
Early each
year, the fund will mail you information about the tax status of the dividends
and distributions paid to you by the fund.
72
Tax
information for IRA rollovers
In January
(or by the applicable Internal Revenue Service deadline) following the year in
which you take a reportable distribution, the fund’s transfer agent will mail
you a tax form reflecting the total amount(s) of distribution(s) received by the
end of January.
Privacy
The fund
has a policy designed to protect the privacy of your personal information. A
copy of Amundi US’s privacy notice was given to you at the time you opened your
account. The fund will send you a copy of the privacy notice each year. You may
also obtain the privacy notice by calling the fund or through Amundi US’s
website.
Signature
guarantees and other requirements
You are
required to obtain a signature guarantee when:
•
Requesting
certain types of exchanges or sales of fund shares
•
Requesting
certain types of changes for your existing account
You can
obtain a signature guarantee from most broker-dealers, banks, credit unions (if
authorized under state law) and federal savings and loan associations. You
cannot obtain a signature guarantee from a notary public.
The
Pioneer funds generally accept only medallion signature guarantees. A medallion
signature guarantee may be obtained from a domestic bank or trust company,
broker, dealer, clearing agency, savings association, or other financial
institution that is participating in a medallion program recognized by the
Securities Transfer Association. Signature guarantees from financial
institutions that are not participating in one of these programs are not
accepted as medallion signature guarantees. The fund may accept other forms of
guarantee from financial intermediaries in limited circumstances.
Fiduciaries
and corporations are required to submit additional documents to sell fund
shares.
Minimum
account size
The fund
requires that you maintain a minimum account value of $500. If you hold less
than $500 in your account, the fund reserves the right to notify you that it
intends to sell your shares and close your account. You will be given 60 days
from the date of the notice to make additional investments to avoid having your
shares sold. This policy does not apply to certain qualified retirement plan
accounts.
73
Shareholder
services and policies
Telephone
and website access
You may
have difficulty contacting the fund by telephone or accessing amundi.com/us
during times of market volatility or disruption in telephone or Internet
service. On New York Stock Exchange holidays or on days when the exchange closes
early, Amundi US will adjust the hours for the telephone center and for online
transaction processing accordingly. If you are unable to access amundi.com/us or
reach the fund by telephone, you should communicate with the fund in
writing.
Share
certificates
The fund
does not offer share certificates. Shares are electronically
recorded.
Other
policies
The fund
and the distributor reserve the right to:
•
reject any
purchase or exchange order for any reason, without prior notice
•
charge a
fee for exchanges or to modify, limit or suspend the exchange privilege at any
time without notice. The fund will provide 60 days’ notice of material
amendments to or termination of the exchange privilege
•
revise,
suspend, limit or terminate the account options or services available to
shareowners at any time, except as required by the rules of the Securities and
Exchange Commission
The fund
reserves the right to:
•
charge
transfer, shareholder servicing or similar agent fees, such as an account
maintenance fee for small balance accounts, directly to accounts upon at least
30 days’ notice. The fund may do this by deducting the fee from your
distribution of dividends and/or by redeeming fund shares to the extent
necessary to cover the fee
•
close your
account after a period of inactivity, as determined by state law, and transfer
your shares to the appropriate state
74
Dividends,
capital gains and taxes
Dividends
and capital gains
The fund
generally pays any distributions of net short- and long-term capital gains in
November.
The fund
generally pays dividends from any net investment income in
December.
The fund
may also pay dividends and capital gain distributions at other times if
necessary for the fund to avoid U.S. federal income or excise tax. If you invest
in the fund shortly before a dividend or other distribution, generally you will
pay a higher price per share and, unless you are exempt from tax, you will pay
taxes on the amount of the distribution whether you reinvest the distribution in
additional shares or receive it as cash.
Taxes
You will
normally have to pay federal income taxes, and any state or local taxes, on the
dividends and other distributions you receive from the fund, whether you take
the distributions in cash or reinvest them in additional shares. For U.S.
federal income tax purposes, distributions from the fund's net capital gains (if
any) are considered long-term capital gains and are generally taxable to
noncorporate shareholders at reduced rates. Distributions from the fund’s net
short-term capital gains are generally taxable as ordinary income. Other
dividends are taxable either as ordinary income or, in general, if paid from the
fund's “qualified dividend income” and if certain conditions, including holding
period requirements, are met by the fund and the shareholder, as qualified
dividend income taxable to noncorporate shareholders at reduced U.S. federal
income tax rates.
“Qualified
dividend income” generally is income derived from dividends paid by U.S.
corporations or certain foreign corporations that are either incorporated in a
U.S. possession or eligible for tax benefits under certain U.S. income tax
treaties. In addition, dividends that the fund receives in respect of stock of
certain foreign corporations may be qualified dividend income if that stock is
readily tradable on an established U.S. securities market.
A portion
of dividends received from the fund (but none of the fund's capital gain
distributions) may qualify for the dividends-received deduction for
corporations.
The fund
will report to shareholders annually the U.S. federal income tax status of all
fund distributions.
If the
fund declares a dividend in October, November or December, payable to
shareholders of record in such a month, and pays it in January of the following
year, you will be taxed on the dividend as if you received it in the year in
which it was declared.
75
Dividends,
capital gains and taxes
Sales and
exchanges generally will be taxable transactions to shareowners. When you sell
or exchange fund shares you will generally recognize a capital gain or capital
loss in an amount equal to the difference between the net amount of sale
proceeds (or, in the case of an exchange, the fair market value of the shares)
that you receive and your tax basis for the shares that you sell or
exchange.
You may receive
distributions that are attributable to appreciation that was present in the
fund’s portfolio securities at the time you made your investment but had not
been realized at that time, or that are attributable to capital gains or other
income that, although realized by the fund, had not yet been distributed at the
time you made your investment. Unless you purchase shares through a
tax-advantaged account, these distributions will be taxable to you even though
they economically represent a return of a portion of your investment. You may
want to avoid buying shares when the fund is about to declare a dividend or
capital gain distribution. You should consult your tax adviser before buying
shares no matter when you are investing.
A 3.8%
Medicare contribution tax generally applies to all or a portion of the net
investment income of a shareholder who is an individual and not a nonresident
alien for federal income tax purposes and who has adjusted gross income (subject
to certain adjustments) that exceeds a threshold amount. This 3.8% tax also
applies to all or a portion of the undistributed net investment income of
certain shareholders that are estates and trusts. For these purposes, dividends,
interest and certain capital gains are generally taken into account in computing
a shareholder’s net investment income.
You must
provide your social security number or other taxpayer identification number to
the fund along with the certifications required by the Internal Revenue Service
when you open an account. If you do not or if it is otherwise legally required
to do so, the fund will apply “backup withholding” tax on your dividends and
other distributions, sale proceeds and any other payments to you that are
subject to backup withholding. The backup withholding rate is currently
24%.
Shareholders
that are exempt from U.S. federal income tax, such as retirement plans that are
qualified under Section 401 of the Internal Revenue Code, generally are not
subject to U.S. federal income tax on fund dividends or other distributions or
on sales or exchanges of fund shares. However, in the case of fund shares held
through a nonqualified deferred compensation plan, fund dividends and other
distributions received by the plan and sales and exchanges of fund shares by the
plan generally will be taxable to the employer sponsoring such plan in
accordance
76
with U.S.
federal income tax laws that are generally applicable to shareholders receiving
such dividends and other distributions from regulated investment companies such
as the fund or effecting such sales or exchanges.
Plan
participants whose retirement plan invests in the fund generally are not subject
to federal income tax on fund dividends or other distributions received by the
plan or on sales or exchanges of fund shares by the plan. However, distributions
to plan participants from a retirement plan generally are taxable to plan
participants as ordinary income.
You should
ask your tax adviser about any federal, state, local and foreign tax
considerations relating to an investment in the fund. You may also consult the
fund's statement of additional information for a more detailed discussion of the
U.S. federal income tax considerations that may affect the fund and its
shareowners.
77
Financial
highlights
The financial highlights
table helps you understand the fund's financial performance for the past five
years.
Certain information
reflects financial results for a single fund share. The total returns in the
table represent the rate that you would have earned or lost on an investment in
Class A, Class C, Class R and Class Y shares of the fund (assuming reinvestment
of all dividends and distributions).
The information below has
been audited by Ernst & Young LLP, independent registered public accounting
firm, whose report is included in the fund’s annual report along with the fund’s
financial statements. The fund’s annual report is incorporated by reference in
the statement of additional information and is available upon
request.
78
Pioneer
Disciplined Value Fund
|
|
Year
Ended
8/31/22 |
Year
Ended
8/31/21 |
Year
Ended
8/31/20 |
Year
Ended
8/31/19 |
Year
Ended
8/31/18 |
|
Class
A |
|
|
|
|
|
|
Net asset
value, beginning of period |
$18.76 |
$13.95 |
$13.58 |
$16.20 |
$16.84 |
|
Increase
(decrease) from investment operations: |
|
|
|
|
|
|
Net
investment income (loss) (a) |
$0.27 |
$0.19 |
$0.18 |
$0.18 |
$0.10 |
|
Net realized
and unrealized gain (loss) on investments |
(1.09) |
4.82 |
0.37 |
(0.57) |
1.69 |
|
Net
increase (decrease) from investment operations |
$(0.82) |
$5.01 |
$0.55 |
$(0.39) |
$1.79 |
|
Distributions
to shareowners: |
|
|
|
|
|
|
Net
investment income |
$(0.17) |
$(0.20) |
$(0.18) |
$(0.14) |
$(0.16) |
|
Net realized
gain |
(3.64) |
— |
— |
(2.09) |
(2.27) |
|
Total
distributions |
$(3.81) |
$(0.20) |
$(0.18) |
$(2.23) |
$(2.43) |
|
Net
increase (decrease) in net asset value |
$(4.63) |
$4.81 |
$0.37 |
$(2.62) |
$(0.64) |
|
Net asset
value, end of period |
$14.13 |
$18.76 |
$13.95 |
$13.58 |
$16.20 |
|
Total
return (b) |
(5.99)% |
36.17% |
3.96% |
(1.63)% |
11.10% |
|
Ratio of net
expenses to average net assets |
0.83% |
1.10% |
1.16% |
1.18% |
1.13% |
|
Ratio of net
investment income (loss) to average net assets |
1.68% |
1.14% |
1.31% |
1.32% |
0.62% |
|
Portfolio
turnover rate |
116% |
114% |
111% |
113% |
112% |
|
Net assets,
end of period (in thousands) |
$279,660 |
$314,169 |
$254,679 |
$278,738 |
$297,450 |
|
Ratios with
no waiver of fees and assumption of expenses by the
Adviser and
no reduction for fees paid indirectly: |
|
|
|
|
|
|
Total
expenses to average net assets |
0.89% |
1.16% |
1.16% |
1.18% |
1.13% |
|
Net
investment income (loss) to average net assets |
1.62% |
1.08% |
1.31% |
1.32% |
0.62% |
|
(a) |
The per-share
data presented above is based on the average shares outstanding for the
period presented. |
|
(b) |
Assumes
initial investment at net asset value at the beginning of each period,
reinvestment of all distributions, the complete redemption of the
investment at
net asset value at the end of each period and no sales charges. Total
return would be reduced if sales charges were taken into
account. |
79
Financial
highlights
Pioneer
Disciplined Value Fund
|
|
Year
Ended
8/31/22 |
Year
Ended
8/31/21 |
Year
Ended
8/31/20 |
Year
Ended
8/31/19 |
Year
Ended
8/31/18 |
|
Class
C |
|
|
|
|
|
|
Net asset
value, beginning of period |
$18.46 |
$13.68 |
$13.29 |
$15.85 |
$16.52 |
|
Increase
(decrease) from investment operations: |
|
|
|
|
|
|
Net
investment income (loss) (a) |
$0.15 |
$0.06 |
$0.08 |
$0.09 |
$(0.02) |
|
Net realized
and unrealized gain (loss) on investments |
(1.08) |
4.74 |
0.35 |
(0.56) |
1.65 |
|
Net
increase (decrease) from investment operations |
$(0.93) |
$4.80 |
$0.43 |
$(0.47) |
$1.63 |
|
Distributions
to shareowners: |
|
|
|
|
|
|
Net
investment income |
$(0.05) |
$(0.02) |
$(0.04) |
$— |
$(0.03) |
|
Net realized
gain |
(3.64) |
— |
— |
(2.09) |
(2.27) |
|
Total
distributions |
$(3.69) |
$(0.02) |
$(0.04) |
$(2.09) |
$(2.30) |
|
Net
increase (decrease) in net asset value |
$(4.62) |
$4.78 |
$0.39 |
$(2.56) |
$(0.67) |
|
Net asset
value, end of period |
$13.84 |
$18.46 |
$13.68 |
$13.29 |
$15.85 |
|
Total
return (b) |
(6.72)% |
35.14% |
3.21% |
(2.39)% |
10.29% |
|
Ratio of net
expenses to average net assets |
1.57% |
1.89% |
1.89% |
1.92% |
1.84% |
|
Ratio of net
investment income (loss) to average net assets |
0.95% |
0.36% |
0.58% |
0.63% |
(0.10)% |
|
Portfolio
turnover rate |
116% |
114% |
111% |
113% |
112% |
|
Net assets,
end of period (in thousands) |
$11,718 |
$12,533 |
$15,321 |
$24,941 |
$88,422 |
|
Ratios with
no waiver of fees and assumption of expenses by the Adviser
and no
reduction for fees paid indirectly: |
|
|
|
|
|
|
Total
expenses to average net assets |
1.62% |
1.94% |
1.89% |
1.92% |
1.84% |
|
Net
investment income (loss) to average net assets |
0.90% |
0.31% |
0.58% |
0.63% |
(0.10)% |
|
(a) |
The per-share
data presented above is based on the average shares outstanding for the
period presented. |
|
(b) |
Assumes
initial investment at net asset value at the beginning of each period,
reinvestment of all distributions, the complete redemption of the
investment at
net asset value at the end of each period and no sales charges. Total
return would be reduced if sales charges were taken into
account. |
80
Pioneer
Disciplined Value Fund
|
|
12/30/21
to
8/31/22* |
|
Class
K |
|
|
Net asset
value, beginning of period |
$16.16 |
|
Increase
(decrease) from investment operations: |
|
|
Net
investment income (loss) (a) |
$0.22 |
|
Net realized
and unrealized gain (loss) on investments |
(2.10) |
|
Net
increase (decrease) from investment operations |
$(1.88) |
|
Net
increase (decrease) in net asset value |
$(1.88) |
|
Net asset
value, end of period |
$14.28 |
|
Total
return (b) |
(11.63)%(c) |
|
Ratio of net
expenses to average net assets |
0.45%(d) |
|
Ratio of net
investment income (loss) to average net assets |
2.15%(d) |
|
Portfolio
turnover rate |
116%(c) |
|
Net assets,
end of period (in thousands) |
$7,463 |
|
Ratios with
no waiver of fees and assumption of expenses by the Adviser and no
reduction for fees paid indirectly: |
|
|
Total
expenses to average net assets |
0.51%(d) |
|
Net
investment income (loss) to average net assets |
2.09%(d) |
|
* |
Class K
commenced operations on December 30, 2021. |
|
(a) |
The per-share
data presented above is based on the average shares outstanding for the
period presented. |
|
(b) |
Assumes
initial investment at net asset value at the beginning of each period,
reinvestment of all distributions and the complete redemption of the
investment at
net asset value at the end of each period. |
|
(c) |
Not
annualized. |
|
(d) |
Annualized. |
81
Financial
highlights
Pioneer
Disciplined Value Fund
|
|
Year
Ended
8/31/22 |
Year
Ended
8/31/21 |
Year
Ended
8/31/20 |
Year
Ended
8/31/19 |
Year
Ended
8/31/18 |
|
Class
R |
|
|
|
|
|
|
Net asset
value, beginning of period |
$17.96 |
$13.37 |
$13.02 |
$15.63 |
$16.33 |
|
Increase
(decrease) from investment operations: |
|
|
|
|
|
|
Net
investment income (loss) (a) |
$0.19 |
$0.12 |
$0.12 |
$0.13 |
$0.06 |
|
Net realized
and unrealized gain (loss) on investments |
(1.03) |
4.62 |
0.35 |
(0.55) |
1.62 |
|
Net
increase (decrease) from investment operations |
$(0.84) |
$4.74 |
$0.47 |
$(0.42) |
$1.68 |
|
Distributions
to shareowners: |
|
|
|
|
|
|
Net
investment income |
$(0.12) |
$(0.15) |
$(0.12) |
$(0.10) |
$(0.11) |
|
Net realized
gain |
(3.64) |
— |
— |
(2.09) |
(2.27) |
|
Total
distributions |
$(3.76) |
$(0.15) |
$(0.12) |
$(2.19) |
$(2.38) |
|
Net
increase (decrease) in net asset value |
$(4.60) |
$4.59 |
$0.35 |
$(2.61) |
$(0.70) |
|
Net asset
value, end of period |
$13.36 |
$17.96 |
$13.37 |
$13.02 |
$15.63 |
|
Total
return (b) |
(6.42)% |
35.64% |
3.55% |
(1.94)% |
10.77% |
|
Ratio of net
expenses to average net assets |
1.27% |
1.48% |
1.55% |
1.53% |
1.40% |
|
Ratio of net
investment income (loss) to average net assets |
1.26% |
0.76% |
0.91% |
0.96% |
0.35% |
|
Portfolio
turnover rate |
116% |
114% |
111% |
113% |
112% |
|
Net assets,
end of period (in thousands) |
$10,030 |
$10,994 |
$9,471 |
$10,494 |
$11,275 |
|
Ratios with
no waiver of fees and assumption of expenses by the Adviser
and no
reduction for fees paid indirectly: |
|
|
|
|
|
|
Total
expenses to average net assets |
1.32% |
1.53% |
1.55% |
1.59% |
1.52% |
|
Net
investment income (loss) to average net assets |
1.21% |
0.71% |
0.91% |
0.90% |
0.23% |
|
(a) |
The per-share
data presented above is based on the average shares outstanding for the
period presented. |
|
(b) |
Assumes
initial investment at net asset value at the beginning of each period,
reinvestment of all distributions and the complete redemption of the
investment at
net asset value at the end of each
period. |
82
Pioneer
Disciplined Value Fund
|
|
Year
Ended
8/31/22 |
Year
Ended
8/31/21 |
Year
Ended
8/31/20 |
Year
Ended
8/31/19 |
Year
Ended
8/31/18 |
|
Class
Y |
|
|
|
|
|
|
Net asset
value, beginning of period |
$18.92 |
$14.05 |
$13.68 |
$16.30 |
$16.93 |
|
Increase
(decrease) from investment operations: |
|
|
|
|
|
|
Net
investment income (loss) (a) |
$0.34 |
$0.24 |
$0.22 |
$0.22 |
$0.15 |
|
Net realized
and unrealized gain (loss) on investments |
(1.11) |
4.86 |
0.38 |
(0.58) |
1.70 |
|
Net
increase (decrease) from investment operations |
$(0.77) |
$5.10 |
$0.60 |
$(0.36) |
$1.85 |
|
Distributions
to shareowners: |
|
|
|
|
|
|
Net
investment income |
$(0.23) |
$(0.23) |
$(0.23) |
$(0.17) |
$(0.21) |
|
Net realized
gain |
(3.64) |
— |
— |
(2.09) |
(2.27) |
|
Total
distributions |
$(3.87) |
$(0.23) |
$(0.23) |
$(2.26) |
$(2.48) |
|
Net
increase (decrease) in net asset value |
$(4.64) |
$4.87 |
$0.37 |
$(2.62) |
$(0.63) |
|
Net asset
value, end of period |
$14.28 |
$18.92 |
$14.05 |
$13.68 |
$16.30 |
|
Total
return (b) |
(5.68)% |
36.67% |
4.24% |
(1.33)% |
11.42% |
|
Ratio of net
expenses to average net assets |
0.46% |
0.76% |
0.87% |
0.88% |
0.83% |
|
Ratio of net
investment income (loss) to average net assets |
2.10% |
1.48% |
1.60% |
1.62% |
0.90% |
|
Portfolio
turnover rate |
116% |
114% |
111% |
113% |
112% |
|
Net assets,
end of period (in thousands) |
$124,303 |
$79,867 |
$76,293 |
$87,434 |
$116,296 |
|
Ratios with
no waiver of fees and assumption of expenses by the Adviser
and no
reduction for fees paid indirectly: |
|
|
|
|
|
|
Total
expenses to average net assets |
0.62% |
0.89% |
0.87% |
0.90% |
0.83% |
|
Net
investment income (loss) to average net assets |
1.94% |
1.35% |
1.60% |
1.60% |
0.90% |
|
(a) |
The per-share
data presented above is based on the average shares outstanding for the
period presented. |
|
(b) |
Assumes
initial investment at net asset value at the beginning of each period,
reinvestment of all distributions and the complete redemption of the
investment at
net asset value at the end of each
period. |
83
Intermediary
defined sales charge waiver policies
The
information below has been provided by the named financial intermediaries.
Please contact the applicable financial intermediary with any questions
regarding how it applies the policies described below and for assistance in
determining whether you may qualify for a particular sales charge waiver or
discount.
Ameriprise
Financial
Class
A Shares Front-End Sales Charge Waivers Available at Ameriprise
Financial:
Effective
January 15, 2021, the following information applies to Class A shares purchases
if you have an account with or otherwise purchase Fund shares through Ameriprise
Financial:
Shareholders
purchasing Fund shares through an Ameriprise Financial brokerage account are
eligible for the following front-end sales charge waivers, which may differ from
those disclosed elsewhere in this Fund’s prospectus or SAI:
•
Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase pension plans and defined benefit
plans). For purposes of this provision, employer-sponsored retirement plans do
not include SEP IRAs, Simple IRAs or SAR-SEPs.
•
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same Fund (but not any other fund
within the same fund family).
•
Shares
exchanged from Class C shares of the same fund in the month of or following the
7-year anniversary of the purchase date. To the extent that this prospectus
elsewhere provides for a waiver with respect to exchanges of Class C shares or
conversion of Class C shares following a shorter holding period, that waiver
will apply.
•
Employees
and registered representatives of Ameriprise Financial or its affiliates and
their immediate family members.
•
Shares
purchased by or through qualified accounts (including IRAs, Coverdell Education
Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit
plans) that are held by a covered family member, defined as an Ameriprise
financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant
(mother, father, grandmother, grandfather, great grandmother, great
grandfather), advisor’s lineal descendant (son, step-son, daughter,
step-daughter, grandson, granddaughter, great grandson, great granddaughter) or
any spouse of a covered family member who is a lineal descendant.
•
Shares
purchased from the proceeds of redemptions within the same fund family, provided
(1) the repurchase occurs within 90 days following the redemption,
84
(2) the
redemption and purchase occur in the same account, and (3) redeemed shares were
subject to a front-end or deferred sales load (i.e. Rights of
Reinstatement).
Edward
D. Jones & Co., L.P. (“Edward Jones”)
Policies
Regarding Transactions Through Edward Jones
The
following information has been provided by Edward Jones:
Effective
on or after March 1, 2021, the following information supersedes prior
information with respect to transactions and positions held in fund shares
through an Edward Jones system. Clients of Edward Jones (also referred to as
“shareholders”) purchasing fund shares on the Edward Jones commission and
fee-based platforms are eligible only for the following sales charge discounts
(also referred to as “breakpoints”) and waivers, which can differ from discounts
and waivers described elsewhere in the mutual fund prospectus or statement of
additional information (“SAI”) or through another broker-dealer. In all
instances, it is the shareholder's responsibility to inform Edward Jones at the
time of purchase of any relationship, holdings of Pioneer Funds or other facts
qualifying the purchaser for discounts or waivers. Edward Jones can ask for
documentation of such circumstance. Shareholders should contact Edward Jones if
they have questions regarding their eligibility for these discounts and
waivers.
Breakpoints
•
Breakpoint
pricing, otherwise known as volume pricing, at dollar thresholds as described in
the prospectus.
Rights
of Accumulation (“ROA”)
•
The
applicable sales charge on a purchase of Class A shares is determined by taking
into account all share classes (except certain money market funds and any assets
held in group retirement plans) of Pioneer Funds held by the shareholder or in
an account grouped by Edward Jones with other accounts for the purpose of
providing certain pricing considerations (“pricing groups”). If grouping assets
as a shareholder, this includes all share classes held on the Edward Jones
platform and/or held on another platform. The inclusion of eligible fund family
assets in the ROA calculation is dependent on the shareholder notifying Edward
Jones of such assets at the time of calculation. Money market funds are included
only if such shares were sold with a sales charge at the time of purchase or
acquired in exchange for shares purchased with a sales charge.
85
Intermediary
defined sales charge waiver policies
•
The
employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to
establish or change ROA for the IRA accounts associated with the plan to a
plan-level grouping as opposed to including all share classes at a shareholder
or pricing group level.
•
ROA is
determined by calculating the higher of cost minus redemptions or market value
(current shares x NAV).
Letter
of Intent (“LOI”)
•
Through a
LOI, shareholders can receive the sales charge and breakpoint discounts for
purchases shareholders intend to make over a 13-month period from the date
Edward Jones receives the LOI. The LOI is determined by calculating the higher
of cost or market value of qualifying holdings at LOI initiation in combination
with the value that the shareholder intends to buy over a 13-month period to
calculate the front-end sales charge and any breakpoint discounts. Each purchase
the shareholder makes during that 13-month period will receive the sales charge
and breakpoint discount that applies to the total amount. The inclusion of
eligible fund family assets in the LOI calculation is dependent on the
shareholder notifying Edward Jones of such assets at the time of calculation.
Purchases made before the LOI is received by Edward Jones are not adjusted under
the LOI and will not reduce the sales charge previously paid. Sales charges will
be adjusted if LOI is not met.
•
If the
employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to
establish or change ROA for the IRA accounts associated with the plan to a
plan-level grouping, LOIs will also be at the plan-level and may only be
established by the employer.
Sales
Charge Waivers
Sales
charges are waived for the following shareholders and in the following
situations:
•
Associates
of Edward Jones and its affiliates and their family members who are in the same
pricing group (as determined by Edward Jones under its policies and procedures)
as the associate. This waiver will continue for the remainder of the associate's
life if the associate retires from Edward Jones in good-standing and remains in
good standing pursuant to Edward Jones’ policies and procedures.
•
Shares
purchased in an Edward Jones fee-based program.
•
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment.
•
Shares
purchased from the proceeds of redeemed shares of the same fund family so long
as the following conditions are met: 1) the proceeds are from the sale of
86
shares
within 60 days of the purchase, and 2) the sale and purchase are made in the
same share class and the same account or the purchase is made in an individual
retirement account with proceeds from liquidations in a non-retirement
account.
•
Shares
exchanged into Class A shares from another share class so long as the exchange
is into the same fund and was initiated at the discretion of Edward Jones.
Edward Jones is responsible for any remaining CDSC due to the fund company, if
applicable. Any future purchases are subject to the applicable sales charge as
disclosed in the prospectus.
•
Exchanges
from Class C shares to Class A shares of the same fund, generally, in the
84th month
following the anniversary of the purchase date or earlier at the discretion of
Edward Jones.
Contingent
Deferred Sales Charge (“CDSC”) Waivers
If the
shareholder purchases shares that are subject to a CDSC and those shares are
redeemed before the CDSC is expired, the shareholder is responsible to pay the
CDSC except in the following conditions:
•
The death
or disability of the shareholder.
•
Systematic
withdrawals with up to 10% per year of the account value.
•
Return of
excess contributions from an Individual Retirement Account (IRA).
•
Shares
sold as part of a required minimum distribution for IRA and retirement accounts
if the redemption is taken in or after the year the shareholder reaches
qualified age based on applicable IRS regulations.
•
Shares
sold to pay Edward Jones fees or costs in such cases where the transaction is
initiated by Edward Jones.
•
Shares
exchanged in an Edward Jones fee-based program.
•
Shares
acquired through NAV reinstatement.
•
Shares
redeemed at the discretion of Edward Jones for Minimum Balances, as described
below.
Other
Important Information Regarding Transactions Through Edward Jones
Minimum
Purchase Amounts
•
Initial
purchase minimum: $250
•
Subsequent
purchase minimum: none
Minimum
Balances
•
Edward
Jones has the right to redeem at its discretion fund holdings with a balance of
$250 or less. The following are examples of accounts that are not included in
this policy:
−
A
fee-based account held on an Edward Jones platform
87
Intermediary
defined sales charge waiver policies
−
A 529
account held on an Edward Jones platform
−
An account
with an active systematic investment plan or LOI
Exchanging
Share Classes
•
At any
time it deems necessary, Edward Jones has the authority to exchange at NAV a
shareholder's holdings in a fund to Class A shares of the same
fund.
Janney
Montgomery Scott
Effective
May 1, 2020, if you purchase fund shares through a Janney Montgomery Scott LLC
(“Janney”) brokerage account, you will be eligible for the following load
waivers (front-end sales charge waivers and contingent deferred sales charge
(“CDSC”), or back-end sales charge, waivers) and discounts, which may differ
from those disclosed elsewhere in this fund’s prospectus or statement of
additional information.
Front-end
sales charge* waivers on Class A shares available at Janney
•
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other fund
within the fund family).
•
Shares
purchased by employees and registered representatives of Janney or its
affiliates and their family members as designated by Janney.
•
Shares
purchased from the proceeds of redemptions within the same fund family, provided
(1) the repurchase occurs within ninety (90) days following the redemption, (2)
the redemption and purchase occur in the same account, and (3) redeemed shares
were subject to a front-end or deferred sales load (i.e., right of
reinstatement).
•
Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase pension plans and defined benefit
plans). For purposes of this provision, employer-sponsored retirement plans do
not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.
•
Shares
acquired through a right of reinstatement.
•
Class C
shares that are no longer subject to a contingent deferred sales charge and are
converted to Class A shares of the same fund pursuant to Janney’s policies and
procedures.
CDSC
waivers on Class A and C shares available at Janney
•
Shares
sold upon the death or disability of the shareholder.
•
Shares
sold as part of a systematic withdrawal plan as described in the fund’s
prospectus.
•
Shares
purchased in connection with a return of excess contributions from an IRA
account.
88
•
Shares
sold as part of a required minimum distribution for IRA and retirement accounts
if the redemption is taken in or after the year the shareholder reaches
qualified age based on applicable IRS regulations
•
Shares
sold to pay Janney fees but only if the transaction is initiated by
Janney.
•
Shares
acquired through a right of reinstatement.
•
Shares
exchanged into the same share class of a different fund.
Front-end
sales charge* discounts available at Janney: breakpoints, rights of
accumulation, and/or letters of intent
•
Breakpoints
as described in the fund’s prospectus.
•
Rights of
accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will
be automatically calculated based on the aggregated holding of fund family
assets held by accounts within the purchaser’s household at Janney. Eligible
fund family assets not held at Janney may be included in the ROA calculation
only if the shareholder notifies his or her financial advisor about such
assets.
•
Letters of
intent which allow for breakpoint discounts based on anticipated purchases
within a fund family, over a 13-month time period. Eligible fund family assets
not held at Janney Montgomery Scott may be included in the calculation of
letters of intent only if the shareholder notifies his or her financial advisor
about such assets.
*Also
referred to as an “initial sales charge.”
Merrill
Lynch
The
availability of certain sales charge waivers and discounts will depend on
whether you purchase your shares directly from the fund or through a financial
intermediary. Intermediaries may have different policies and procedures
regarding the availability of front-end sales charge waivers or contingent
deferred (back-end) sales charge (“CDSC”) waivers, which are discussed below. In
all instances, it is the purchaser’s responsibility to notify the fund or the
purchaser’s financial intermediary at the time of purchase of any relationship
or other facts qualifying the purchaser for sales charge waivers or discounts.
For waivers and discounts not available through a particular intermediary,
shareholders will have to purchase fund shares directly from the fund or through
another intermediary to receive these waivers or discounts.
Shareholders
purchasing fund shares through a Merrill Lynch platform or account will be
eligible only for the following sales charge waivers (front-end sales charge
waivers and contingent deferred or back-end, sales charge waivers) and
discounts, which may differ from those disclosed elsewhere in this fund’s
prospectus or statement of additional information.
89
Intermediary
defined sales charge waiver policies
Front-End
Sales Charge Waivers on Class A Shares available at Merrill Lynch
•
Employer-sponsored
retirement, deferred compensation and employee benefit plans (including health
savings accounts) and trusts used to fund those plans, provided that the shares
are not held in a commission-based brokerage account and shares are held for the
benefit of the plan
•
Shares
purchased by a 529 Plan (does not include 529 Plan units or 529-specific share
classes or equivalents)
•
Shares
purchased through a Merrill Lynch affiliated investment advisory
program
•
Shares
exchanged due to the holdings moving from a Merrill Lynch affiliated investment
advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to
Merrill Lynch’s policies relating to sales charge discounts and
waivers
•
Shares
purchased by third party investment advisors on behalf of their advisory clients
through Merrill Lynch’s platform
•
Shares of
funds purchased through the Merrill Edge Self-Directed platform (if
applicable)
•
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other fund
within the fund family)
•
Shares
exchanged from Class C (i.e. level-load) shares of the same fund pursuant to
Merrill Lynch’s policies relating to sales charge discounts and
waivers
•
Employees
and registered representatives of Merrill Lynch or its affiliates and their
family members
•
Directors
or Trustees of the fund, and employees of the fund’s investment adviser or any
of its affiliates, as described in this prospectus
•
Eligible
shares purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days following the redemption, (2)
the redemption and purchase occur in the same account, and (3) redeemed shares
were subject to a front-end or deferred sales charge (known as Rights of
Reinstatement). Automated transactions (i.e. systematic purchases and
withdrawals) and purchases made after shares are automatically sold to pay
Merrill Lynch’s account maintenance fees are not eligible for
reinstatement.
CDSC
Waivers on Class A and C Shares available at Merrill Lynch
•
Death or
disability of the shareholder
•
Shares
sold as part of a systematic withdrawal plan as described in the fund’s
prospectus
•
Return of
excess contributions from an IRA Account
•
Shares
sold as part of a required minimum distribution for IRA and retirement accounts
pursuant to the Internal Revenue Code
90
•
Shares
sold to pay Merrill Lynch fees but only if the transaction is initiated by
Merrill Lynch
•
Shares
acquired through a right of reinstatement
•
Shares
held in retirement brokerage accounts, that are exchanged for a lower cost share
class due to transfer to certain fee based accounts or platforms (applicable to
Class A and C shares only)
•
Shares
received through an exchange due to the holdings moving from a Merrill Lynch
affiliated investment advisory program to a Merrill Lynch brokerage
(non-advisory) account pursuant to Merrill Lynch’s policies relating to sales
charge discounts and waivers
Front-End
Sales Charge Discounts available at Merrill Lynch: Breakpoints, Rights of
Accumulation and Letters of Intent
•
Breakpoints
as described in this prospectus
•
Rights of
Accumulation (ROA), which entitle shareholders to breakpoint discounts as
described in the fund’s prospectus will be automatically calculated based on the
aggregated holding of fund family assets held by accounts (including 529 program
holdings, where applicable) within the purchaser’s household at Merrill Lynch.
Eligible fund family assets not held at Merrill Lynch may be included in the ROA
calculation only if the shareholder notifies his or her financial advisor about
such assets
•
Letters of
Intent (LOI) which allow for breakpoint discounts based on anticipated purchases
within a fund family, through Merrill Lynch, over a 13-month period of time (if
applicable)
Morgan
Stanley
Effective
July 1, 2018, shareholders purchasing fund shares through a Morgan Stanley
Wealth Management transactional brokerage account will be eligible only for the
following front-end sales charge waivers with respect to Class A shares, which
may differ from and may be more limited than those disclosed elsewhere in this
fund’s prospectus or statement of additional information.
Front-end
Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth
Management
•
Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase pension plans and defined benefit
plans). For purposes of this provision, employer-sponsored retirement plans do
not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans
•
Morgan
Stanley employee and employee-related accounts according to Morgan Stanley’s
account linking rules
91
Intermediary
defined sales charge waiver policies
•
Shares
purchased through reinvestment of dividends and capital gains distributions when
purchasing shares of the same fund
•
Shares
purchased through a Morgan Stanley self-directed brokerage account
•
Class C
(i.e., level-load) shares that are no longer subject to a contingent deferred
sales charge and are converted to Class A shares of the same fund pursuant to
Morgan Stanley Wealth Management’s share class conversion program
•
Shares
purchased from the proceeds of redemptions within the same fund family, provided
(1) the repurchase occurs within 90 days following the redemption, (2) the
redemption and purchase occur in the same account, and (3) redeemed shares were
subject to a front-end or deferred sales charge.
Oppenheimer
& Co. Inc. (“OPCO”)
Shareholders
purchasing fund shares through an OPCO platform or account are eligible only for
the following load waivers (front-end sales charge waivers and contingent
deferred or back-end, sales charge waivers) and discounts, which may differ from
those disclosed elsewhere in this fund’s prospectus or statement of additional
information.
Front-end
Sales Load Waivers on Class A Shares available at OPCO
•
Employer-sponsored
retirement, deferred compensation and employee benefit plans (including health
savings accounts) and trusts used to fund those plans, provided that the shares
are not held in a commission-based brokerage account and shares are held for the
benefit of the plan
•
Shares
purchased by or through a 529 Plan
•
Shares
purchased through an OPCO affiliated investment advisory program
•
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other fund
within the fund family)
•
Shares
purchased form the proceeds of redemptions within the same fund family, provided
(1) the repurchase occurs within 90 days following the redemption, (2) the
redemption and purchase occur in the same amount, and (3) redeemed shares were
subject to a front-end or deferred sales load (known as Rights of
Restatement).
•
A
shareholder in the fund’s Class C shares will have their shares converted at net
asset value to Class A shares (or the appropriate share class) of the fund if
the shares are no longer subject to a CDSC and the conversion is in line with
the policies and procedures of OPCO
•
Employees
and registered representatives of OPCO or its affiliates and their family
members
•
Directors
or Trustees of the fund, and employees of the fund’s investment adviser or any
of its affiliates, as described in this prospectus
92
CDSC
Waivers on A, B and C Shares available at OPCO
•
Death or
disability of the shareholder
•
Shares
sold as part of a systematic withdrawal plan as described in the fund’s
prospectus
•
Return of
excess contributions from an IRA Account
•
Shares
sold as part of a required minimum distribution for IRA and retirement accounts
due to the shareholder reaching age 70½ as described in the
prospectus
•
Shares
sold to pay OPCO fees but only if the transaction is initiated by
OPCO
•
Shares
acquired through a right of reinstatement
Front-end
load Discounts Available at OPCO: Breakpoints, Rights of Accumulation &
Letters of Intent
•
Breakpoints
as described in this prospectus.
•
Rights of
Accumulation (ROA), which entitle shareholders to breakpoint discounts, will be
automatically calculated based on the aggregated holding of fund family assets
held by accounts within the purchaser’s household at OPCO. Eligible fund family
assets not held at OPCO may be included in the ROA calculation only if the
shareholder notifies his or her financial advisor about such
assets
Raymond
James
Raymond
James & Associates, Inc., Raymond James Financial Services, Inc., and each
entity’s affiliates (“Raymond James”)
Effective
March 1, 2019, shareholders purchasing fund shares through a Raymond James
platform or account, or through an introducing broker-dealer or independent
registered investment adviser for which Raymond James provides trade execution,
clearance, and/or custody services, will be eligible only for the following load
waivers (front-end sales charge waivers and contingent deferred, or back-end,
sales charge waivers) and discounts, which may differ from those disclosed
elsewhere in this fund’s prospectus or SAI.
Front-end
sales load waivers on Class A shares available at Raymond James
•
Shares
purchased in an investment advisory program.
•
Shares
purchased within the same fund family through a systematic reinvestment of
capital gains and dividend distributions.
•
Employees
and registered representatives of Raymond James or its affiliates and their
family members as designated by Raymond James.
•
Shares
purchased from the proceeds of redemptions within the same fund family, provided
(1) the repurchase occurs within 90 days following the redemption, (2) the
redemption and purchase occur in the same account, and (3) redeemed shares were
subject to a front-end or deferred sales load (known as rights of
reinstatement).
93
Intermediary
defined sales charge waiver policies
•
A
shareholder in the fund’s Class C shares will have their shares converted at net
asset value to Class A shares (or the appropriate share class) of the fund if
the shares are no longer subject to a CDSC and the conversion is in line with
the policies and procedures of Raymond James.
CDSC
Waivers on Class A and Class C shares available at Raymond James
•
Death or
disability of the shareholder.
•
Shares
sold as part of a systematic withdrawal plan as described in the fund’s
prospectus.
•
Return of
excess contributions from an IRA Account.
•
Shares
sold as part of a required minimum distribution for IRA and retirement accounts
due to the shareholder reaching the qualified age based on applicable IRS
regulations as described in the fund’s prospectus.
•
Shares
sold to pay Raymond James fees but only if the transaction is initiated by
Raymond James.
•
Shares
acquired through a right of reinstatement.
Front-end
load discounts available at Raymond James: breakpoints, rights of accumulation
and/or letters of intent
•
Breakpoints
as described in this prospectus.
•
Rights of
accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of fund family assets
held by accounts within the purchaser’s household at Raymond James. Eligible
fund family assets not held at Raymond James may be included in the calculation
of rights of accumulation calculation only if the shareholder notifies his or
her financial advisor about such assets.
•
Letters of
intent which allow for breakpoint discounts based on anticipated purchases
within a fund family, over a 13-month time period. Eligible fund family assets
not held at Raymond James may be included in the calculation of letters of
intent only if the shareholder notifies his or her financial advisor about such
assets.
Robert
W. Baird & Co. (“Baird”):
Effective
June 15, 2020, shareholders purchasing fund shares through a Baird platform or
account will only be eligible for the following sales charge waivers (front-end
sales charge waivers and CDSC waivers) and discounts, which may differ from
those disclosed elsewhere in this prospectus or the SAI.
Front-End
Sales Charge Waivers on Investors A shares Available at Baird
•
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing share of the same fund
94
•
Share
purchase by employees and registers representatives of Baird or its affiliate
and their family members as designated by Baird
•
Shares
purchased using the proceeds of redemptions from a Pioneer Fund, provided (1)
the repurchase occurs within 90 days following the redemption, (2) the
redemption and purchase occur in the same accounts, and (3) redeemed shares were
subject to a front-end or deferred sales charge (known as rights of
reinstatement)
•
A
shareholder in the funds Investor C Shares will have their share converted at
net asset value to Investor A shares of the same fund if the shares are no
longer subject to CDSC and the conversion is in line with the policies and
procedures of Baird
•
Employer-sponsored
retirement plans or charitable accounts in a transactional brokerage account at
Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans,
profit sharing and money purchase pension plans and defined benefit plans. For
purposes of this provision, employer-sponsored retirement plans do not include
SEP IRAs, Simple IRAs or SAR-SEPs
CDSC
Waivers on Investor A and C shares Available at Baird
•
Shares
sold due to death or disability of the shareholder
•
Shares
sold as part of a systematic withdrawal plan as described in the fund’s
prospectus
•
Shares
bought due to returns of excess contributions from an IRA Account
•
Shares
sold as part of a required minimum distribution for IRA and retirement accounts
due to the shareholder reaching the qualified age based on applicable Internal
Revenue Service regulations as described in the fund’s prospectus
•
Shares
sold to pay Baird fees but only if the transaction is initiated by
Baird
•
Shares
acquired through a right of reinstatement
Front-End
Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of
Accumulations
•
Breakpoints
as described in this prospectus
•
Rights of
accumulations which entitles shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of Pioneer assets held
by accounts within the purchaser’s household at Baird. Eligible Pioneer assets
not held at Baird may be included in the rights of accumulations calculation
only if the shareholder notifies his or her financial advisor about such
assets
•
Letters of
Intent (LOI) allow for breakpoint discounts based on anticipated purchases of
Pioneer through Baird, over a 13-month period of time
95
Intermediary
defined sales charge waiver policies
Waivers
Specific to Stifel, Nicolaus & Company, Incorporated (“Stifel”)
Effective
July 1, 2020, shareholders purchasing fund shares through a Stifel platform or
account or who own shares for which Stifel or an affiliate is the broker-dealer
of record are eligible for the following additional sales charge
waiver.
Front-end
Sales Load Waiver on Class A Shares
•
Class C
shares that have been held for more than seven (7) years will be converted to
Class A shares of the same fund pursuant to Stifel’s policies and
procedures
All other
sales charge waivers and reductions described elsewhere in the fund’s prospectus
or statement of additional information still apply.
96
Pioneer
Disciplined Value Fund
You
can obtain more free information about the fund from
your investment firm or by writing to Pioneer Funds, 60 State Street, Boston,
Massachusetts 02109. You may also call 1-800-225-6292 for more information
about the fund, to request copies of the fund’s statement of additional
information and shareowner reports, and to make other inquiries.
Visit
our website
amundi.com/us
The fund makes
available the statement of additional information and shareowner reports, free
of charge, on the fund’s website at amundi.com/us. You also may find other
information and updates about Amundi US and the fund, including fund performance
information and the fund’s most recent net asset value, on the fund’s
website.
Shareowner
reports
Annual and semiannual
reports to shareowners, and quarterly reports filed with the Securities and
Exchange Commission, provide additional information about the fund's
investments. The annual report discusses market conditions and investment
strategies that significantly affected the fund's performance during its last
fiscal year.
Statement
of additional information
The statement of
additional information provides more detailed information about the
fund.
The statement of additional
information, dated December 28, 2022, as may be amended from time to time, and
filed with the Securities and Exchange Commission, is incorporated by reference
into this prospectus.
The fund's shareowner
reports, prospectus and statement of additional information are available on the
Securities and Exchange Commission's EDGAR database on the Commission's Internet
site at https://www.sec.gov. Copies of this information may be obtained, after
paying a duplicating fee, by electronic request at the following e-mail address:
[email protected].
(Investment Company
Act file no. 811-21664)
 |
|
|
Amundi
Distributor US, Inc.
60 State
Street
Boston, MA
02109
amundi.com/us |
20180-18-1222
©2022 Amundi Distributor US,
Inc.
Member
SIPC |