25/04/2024 | Press release | Distributed by Public on 26/04/2024 00:52
Class A Shares
|
Class C Shares
|
Class K Shares
|
Class R Shares
|
Class Y Shares
|
PIOTX
|
PCOTX
|
PCEKX
|
CERPX
|
PVFYX
|
Fund summary
|
1
|
More on the fund's investment objective and strategies
|
16
|
More on the risks of investing in the fund
|
21
|
Management
|
36
|
Pricing of shares
|
38
|
Choosing a class of shares
|
40
|
Distribution and service arrangements
|
45
|
Sales charges
|
47
|
Buying, exchanging and selling shares
|
55
|
Account options
|
67
|
Shareholder services and policies
|
71
|
Dividends, capital gains and taxes
|
77
|
Financial highlights
|
80
|
Intermediary defined sales charge waiver policies
|
86
|
|
Class A
|
Class C
|
Class K
|
Class R
|
Class Y
|
Maximum sales charge (load) when you buy shares
(as a percentage of offering price)
|
5.75%
|
None
|
None
|
None
|
None
|
Maximum deferred sales charge (load) (as a
percentage of offering price or the amount you
receive when you sell shares, whichever is less)
|
None1
|
1%
|
None
|
None
|
None
|
|
Class A
|
Class C
|
Class K
|
Class R
|
Class Y
|
Management Fees
|
0.50%
|
0.50%
|
0.50%
|
0.50%
|
0.50%
|
Distribution and Service (12b-1) Fees
|
0.25%
|
1.00%
|
0.00%
|
0.50%
|
0.00%
|
Other Expenses
|
0.13%
|
0.17%
|
0.08%
|
0.18%
|
0.16%
|
Total Annual Fund Operating Expenses
|
0.88%
|
1.67%
|
0.58%
|
1.18%
|
0.66%
|
|
If you redeem your shares
|
If you do not redeem your shares
|
||||||
|
Number of years you own your shares
|
|||||||
|
1
|
3
|
5
|
10
|
1
|
3
|
5
|
10
|
Class A
|
$660
|
$840
|
$1,035
|
$1,597
|
$660
|
$840
|
$1,035
|
$1,597
|
Class C
|
270
|
526
|
907
|
1,976
|
170
|
526
|
907
|
1,976
|
Class K
|
59
|
186
|
324
|
726
|
59
|
186
|
324
|
726
|
Class R
|
120
|
375
|
649
|
1,432
|
120
|
375
|
649
|
1,432
|
Class Y
|
67
|
211
|
368
|
822
|
67
|
211
|
368
|
822
|
|
Returns
|
Period Beginning
|
Period Ending
|
Highest Calendar Quarter
|
20.29%
|
04/01/2020 to
|
06/30/2020
|
Lowest Calendar Quarter
|
-18.92%
|
01/01/2020 to
|
03/31/2020
|
|
1 Year
|
5 Years
|
10 Years
|
Since
Inception
|
Inception
Date
|
Class A
|
11/18/1999
|
||||
Return before taxes
|
11.41
|
12.95
|
9.46
|
6.35
|
|
Return after taxes on distributions
|
10.65
|
10.61
|
7.59
|
5.42
|
|
Return after taxes on distributions and
sale of shares
|
7.26
|
9.91
|
7.26
|
5.13
|
|
Class C†
|
16.27
|
13.39
|
9.22
|
5.75
|
11/19/1999
|
Class K
|
18.57
|
14.66
|
N/A
|
10.86
|
5/4/2018
|
Class R
|
17.84
|
13.94
|
N/A
|
10.24
|
6/29/2018
|
Class Y
|
18.42
|
14.55
|
10.38
|
9.78
|
8/11/2004
|
Standard & Poor's 500 Index (reflects
no deduction for fees, expenses or
taxes)
|
26.29
|
15.69
|
12.03
|
7.14
|
11/18/1999
|
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. of
Amundi US (portfolio manager of the fund since
2015); and Ashesh Savla, Vice President and Team
Leader of U.S. Equity Quantitative Research of
Amundi US (portfolio manager of the fund since
2018)
|
|
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-
|
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.
Core Equity Fund
|
|
Year
Ended
12/31/23
|
Year
Ended
12/31/22
|
Year
Ended
12/31/21
|
Year
Ended
12/31/20
|
Year
Ended
12/31/19
|
Class A
|
|
|
|
|
|
Net asset value, beginning of period
|
$18.08
|
$23.39
|
$22.55
|
$20.30
|
$15.93
|
Increase (decrease) from investment operations:
|
|
|
|
|
|
Net investment income (loss) (a)
|
$0.21
|
$0.16
|
$0.13
|
$0.16
|
$0.15
|
Net realized and unrealized gain (loss) on investments
|
3.06
|
(4.19)
|
5.48
|
4.02
|
4.84
|
Net increase (decrease) from investment operations
|
$3.27
|
$(4.03)
|
$5.61
|
$4.18
|
$4.99
|
Distributions to shareholders:
|
|
|
|
|
|
Net investment income
|
$(0.22)
|
$(0.16)
|
$(0.12)
|
$(0.15)
|
$(0.15)
|
Net realized gain
|
(0.37)
|
(1.12)
|
(4.65)
|
(1.78)
|
(0.47)
|
Total distributions
|
$(0.59)
|
$(1.28)
|
$(4.77)
|
$(1.93)
|
$(0.62)
|
Net increase (decrease) in net asset value
|
$2.68
|
$(5.31)
|
$0.84
|
$2.25
|
$4.37
|
Net asset value, end of period
|
$20.76
|
$18.08
|
$23.39
|
$22.55
|
$20.30
|
Total return (b)
|
18.19%
|
(17.24)%(c)
|
25.57%
|
20.83%
|
31.41%
|
Ratio of net expenses to average net assets
|
0.88%
|
0.87%
|
0.88%
|
0.90%
|
0.90%
|
Ratio of net investment income (loss) to average net
assets
|
1.08%
|
0.81%
|
0.54%
|
0.78%
|
0.80%
|
Portfolio turnover rate
|
106%
|
75%
|
64%
|
76%
|
93%
|
Net assets, end of period (in thousands)
|
$1,754,598
|
$1,614,739
|
$2,121,706
|
$1,829,528
|
$1,647,120
|
(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.
|
(c)
|
The class action lawsuit did not have an impact on the total return.
|
|
Year
Ended
12/31/23
|
Year
Ended
12/31/22
|
Year
Ended
12/31/21
|
Year
Ended
12/31/20
|
Year
Ended
12/31/19
|
Class C
|
|
|
|
|
|
Net asset value, beginning of period
|
$14.47
|
$19.01
|
$19.15
|
$17.51
|
$13.82
|
Increase (decrease) from investment operations:
|
|
|
|
|
|
Net investment income (loss) (a)
|
$0.04
|
$0.01
|
$(0.09)(b)
|
$(0.00)†
|
$0.00†
|
Net realized and unrealized gain (loss) on investments
|
2.44
|
(3.38)
|
4.60
|
3.42
|
4.19
|
Net increase (decrease) from investment operations
|
$2.48
|
$(3.37)
|
$4.51
|
$3.42
|
$4.19
|
Distributions to shareholders:
|
|
|
|
|
|
Net investment income
|
$(0.08)
|
$(0.05)
|
$-
|
$-
|
$(0.03)
|
Net realized gain
|
(0.37)
|
(1.12)
|
(4.65)
|
(1.78)
|
(0.47)
|
Total distributions
|
$(0.45)
|
$(1.17)
|
$(4.65)
|
$(1.78)
|
$(0.50)
|
Net increase (decrease) in net asset value
|
$2.03
|
$(4.54)
|
$(0.14)
|
$1.64
|
$3.69
|
Net asset value, end of period
|
$16.50
|
$14.47
|
$19.01
|
$19.15
|
$17.51
|
Total return (c)
|
17.27%
|
(17.76)%(d)
|
24.39%
|
19.80%
|
30.42%(e)
|
Ratio of net expenses to average net assets
|
1.67%
|
1.57%
|
1.81%
|
1.70%
|
1.69%
|
Ratio of net investment income (loss) to average net assets
|
0.28%
|
0.09%
|
(0.41)%
|
0.00%†
|
0.01%
|
Portfolio turnover rate
|
106%
|
75%
|
64%
|
76%
|
93%
|
Net assets, end of period (in thousands)
|
$5,645
|
$6,460
|
$9,539
|
$9,484
|
$11,208
|
†
|
Amount rounds to less than $0.01 or 0.01%.
|
(a)
|
The per-share data presented above is based on the average shares outstanding for the period presented.
|
(b)
|
The amount shown for a share outstanding does not correspond with net investment gain (loss) in the Statement of Operations for the period due
to timing of the sales and repurchase of shares.
|
(c)
|
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.
|
(d)
|
The class action lawsuit did not have an impact on the total return.
|
(e)
|
If the Fund had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2019, the total return would have
been 30.35%.
|
|
Year
Ended
12/31/23
|
Year
Ended
12/31/22
|
Year
Ended
12/31/21
|
Year
Ended
12/31/20
|
Year
Ended
12/31/19
|
Class K
|
|
|
|
|
|
Net asset value, beginning of period
|
$18.08
|
$23.39
|
$22.54
|
$20.28
|
$15.91
|
Increase (decrease) from investment operations:
|
|
|
|
|
|
Net investment income (loss) (a)
|
$0.27
|
$0.23
|
$0.21
|
$0.23
|
$0.21
|
Net realized and unrealized gain (loss) on investments
|
3.07
|
(4.20)
|
5.48
|
4.02
|
4.84
|
Net increase (decrease) from investment operations
|
$3.34
|
$(3.97)
|
$5.69
|
$4.25
|
$5.05
|
Distributions to shareholders:
|
|
|
|
|
|
Net investment income
|
$(0.28)
|
$(0.22)
|
$(0.19)
|
$(0.21)
|
$(0.21)
|
Net realized gain
|
(0.37)
|
(1.12)
|
(4.65)
|
(1.78)
|
(0.47)
|
Total distributions
|
$(0.65)
|
$(1.34)
|
$(4.84)
|
$(1.99)
|
$(0.68)
|
Net increase (decrease) in net asset value
|
$2.69
|
$(5.31)
|
$0.85
|
$2.26
|
$4.37
|
Net asset value, end of period
|
$20.77
|
$18.08
|
$23.39
|
$22.54
|
$20.28
|
Total return (b)
|
18.57%
|
(16.98)%(c)
|
25.93%
|
21.23%
|
31.85%
|
Ratio of net expenses to average net assets
|
0.58%
|
0.57%
|
0.56%
|
0.56%
|
0.56%
|
Ratio of net investment income (loss) to average net assets
|
1.37%
|
1.13%
|
0.84%
|
1.12%
|
1.15%
|
Portfolio turnover rate
|
106%
|
75%
|
64%
|
76%
|
93%
|
Net assets, end of period (in thousands)
|
$26,803
|
$26,761
|
$32,961
|
$38,160
|
$36,206
|
(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)
|
The class action lawsuit did not have an impact on the total return.
|
|
Year
Ended
12/31/23
|
Year
Ended
12/31/22
|
Year
Ended
12/31/21
|
Year
Ended
12/31/20
|
Year
Ended
12/31/19
|
Class R
|
|
|
|
|
|
Net asset value, beginning of period
|
$17.87
|
$23.11
|
$22.37
|
$20.20
|
$15.90
|
Increase (decrease) from investment operations:
|
|
|
|
|
|
Net investment income (loss) (a)
|
$0.15
|
$0.11
|
$0.06
|
$0.08
|
$0.08
|
Net realized and unrealized gain (loss) on investments
|
3.02
|
(4.13)
|
5.41
|
4.00
|
4.82
|
Net increase (decrease) from investment operations
|
$3.17
|
$(4.02)
|
$5.47
|
$4.08
|
$4.90
|
Distributions to shareholders:
|
|
|
|
|
|
Net investment income
|
$(0.17)
|
$(0.10)
|
$(0.08)
|
$(0.13)
|
$(0.13)
|
Net realized gain
|
(0.37)
|
(1.12)
|
(4.65)
|
(1.78)
|
(0.47)
|
Total distributions
|
$(0.54)
|
$(1.22)
|
$(4.73)
|
$(1.91)
|
$(0.60)
|
Net increase (decrease) in net asset value
|
$2.63
|
$(5.24)
|
$0.74
|
$2.17
|
$4.30
|
Net asset value, end of period
|
$20.50
|
$17.87
|
$23.11
|
$22.37
|
$20.20
|
Total return (b)
|
17.84%
|
(17.43)%(c)
|
25.18%
|
20.45%
|
30.90%
|
Ratio of net expenses to average net assets
|
1.18%
|
1.11%
|
1.16%
|
1.24%
|
1.25%
|
Ratio of net investment income (loss) to average net assets
|
0.77%
|
0.55%
|
0.23%
|
0.40%
|
0.43%
|
Portfolio turnover rate
|
106%
|
75%
|
64%
|
76%
|
93%
|
Net assets, end of period (in thousands)
|
$1,146
|
$896
|
$1,452
|
$567
|
$141
|
(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)
|
The class action lawsuit did not have an impact on the total return.
|
|
Year
Ended
12/31/23
|
Year
Ended
12/31/22
|
Year
Ended
12/31/21
|
Year
Ended
12/31/20
|
Year
Ended
12/31/19
|
Class Y
|
|
|
|
|
|
Net asset value, beginning of period
|
$18.46
|
$23.84
|
$22.90
|
$20.59
|
$16.14
|
Increase (decrease) from investment operations:
|
|
|
|
|
|
Net investment income (loss) (a)
|
$0.26
|
$0.21
|
$0.19
|
$0.21
|
$0.20
|
Net realized and unrealized gain (loss) on investments
|
3.12
|
(4.26)
|
5.57
|
4.07
|
4.92
|
Net increase (decrease) from investment operations
|
$3.38
|
$(4.05)
|
$5.76
|
$4.28
|
$5.12
|
Distributions to shareholders:
|
|
|
|
|
|
Net investment income
|
$(0.26)
|
$(0.21)
|
$(0.17)
|
$(0.19)
|
$(0.20)
|
Net realized gain
|
(0.37)
|
(1.12)
|
(4.65)
|
(1.78)
|
(0.47)
|
Total distributions
|
$(0.63)
|
$(1.33)
|
$(4.82)
|
$(1.97)
|
$(0.67)
|
Net increase (decrease) in net asset value
|
$2.75
|
$(5.38)
|
$0.94
|
$2.31
|
$4.45
|
Net asset value, end of period
|
$21.21
|
$18.46
|
$23.84
|
$22.90
|
$20.59
|
Total return (b)
|
18.42%
|
(17.04)%(c)
|
25.84%
|
21.04%
|
31.80%(d)
|
Ratio of net expenses to average net assets
|
0.66%
|
0.66%
|
0.65%
|
0.67%
|
0.66%
|
Ratio of net investment income (loss) to average net assets
|
1.29%
|
0.99%
|
0.76%
|
1.03%
|
1.03%
|
Portfolio turnover rate
|
106%
|
75%
|
64%
|
76%
|
93%
|
Net assets, end of period (in thousands)
|
$31,285
|
$27,336
|
$34,872
|
$26,346
|
$26,272
|
(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)
|
If the Fund had not recognized gains from class action proceeds during the year ended December 31, 2022, the total return would have been
(17.08)%.
|
(d)
|
If the Fund had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2019, the total return would have
been 31.74%.
|
|
|
Amundi Distributor US, Inc.
60 State Street
Boston, MA 02109
amundi.com/us
|
19337-22-0524
©2024 Amundi Distributor US, Inc.
Member SIPC
|
Class A Shares
|
Class C Shares
|
Class K Shares
|
Class R Shares
|
Class Y Shares
|
PIOTX
|
PCOTX
|
PCEKX
|
CERPX
|
PVFYX
|
1.
|
Fund history
|
1
|
2.
|
Investment policies, risks and restrictions
|
1
|
3.
|
Trustees and officers
|
31
|
4.
|
Investment adviser
|
42
|
5.
|
Principal underwriter and distribution plan
|
44
|
6.
|
Shareholder servicing/transfer agent
|
46
|
7.
|
Custodian and sub-administrator
|
47
|
8.
|
Independent registered public accounting firm
|
47
|
9.
|
Portfolio management
|
47
|
10.
|
Portfolio transactions
|
50
|
11.
|
Description of shares
|
51
|
12.
|
Sales charges
|
53
|
13.
|
Redeeming shares
|
59
|
14.
|
Telephone and online transactions
|
60
|
15.
|
Pricing of shares
|
61
|
16.
|
Tax status
|
62
|
17.
|
Financial statements
|
69
|
18.
|
Annual fee, expense and other information
|
69
|
19.
|
Appendix A - Description of Ratings
|
74
|
20.
|
Appendix B - Proxy voting policies and procedures
|
87
|
Name, Age and
Position Held With the Fund
|
Term of Office and
Length of Service
|
Principal Occupation(s) During At Least
The Past Five Years
|
Other Directorships
Held by Trustee During
At Least The Past Five
Years
|
Independent Trustees:
|
|
|
|
Thomas J. Perna (73)
Chairman of the Board and
Trustee
|
Trustee since 2006. Serves
until a successor trustee is
elected or earlier
retirement or removal.
|
Private investor (2004 - 2008 and 2013
- present); Chairman (2008 - 2013)
and Chief Executive Officer (2008 -
2012), Quadriserv, Inc. (technology
products for securities lending
industry); and Senior Executive Vice
President, The Bank of New York
(financial and securities services) (1986
- 2004)
|
Director, Broadridge
Financial Solutions,
Inc. (investor
communications and
securities processing
provider for financial
services industry)
(2009 - 2023);
Director, Quadriserv,
Inc. (2005 - 2013); and
Commissioner, New
Jersey State Civil
Service Commission
(2011 - 2015)
|
John E. Baumgardner, Jr.
(73)*
Trustee
|
Trustee since 2019. Serves
until a successor trustee is
elected or earlier
retirement or removal.
|
Of Counsel (2019 - present), Partner
(1983-2018), Sullivan & Cromwell LLP
(law firm).
|
Chairman, The
Lakeville Journal
Company, LLC,
(privately-held
community newspaper
group) (2015-present)
|
Name, Age and
Position Held With the Fund
|
Term of Office and
Length of Service
|
Principal Occupation(s) During At Least
The Past Five Years
|
Other Directorships
Held by Trustee During
At Least The Past Five
Years
|
Diane Durnin (67)
Trustee
|
Trustee since 2019. Serves
until a successor trustee is
elected or earlier
retirement or removal.
|
Managing Director - Head of Product
Strategy and Development, BNY
Mellon Investment Management
(investment management firm)
(2012-2018); Vice Chairman - The
Dreyfus Corporation (2005 - 2018):
Executive Vice President Head of
Product, BNY Mellon Investment
Management (2007-2012); Executive
Director- Product Strategy, Mellon
Asset Management (2005-2007);
Executive Vice President Head of
Products, Marketing and Client Service,
Dreyfus Corporation (investment
management firm) (2000-2005); Senior
Vice President Strategic Product and
Business Development, Dreyfus
Corporation (1994-2000)
|
None
|
Benjamin M. Friedman (79)
Trustee
|
Trustee since 2008. Serves
until a successor trustee is
elected or earlier
retirement or removal.
|
William Joseph Maier Professor of
Political Economy, Harvard University
(1972 - present)
|
Trustee, Mellon
Institutional Funds
Investment Trust and
Mellon Institutional
Funds Master Portfolio
(oversaw 17 portfolios
in fund complex)
(1989 - 2008)
|
Name, Age and
Position Held With the Fund
|
Term of Office and
Length of Service
|
Principal Occupation(s) During At Least
The Past Five Years
|
Other Directorships
Held by Trustee During
At Least The Past Five
Years
|
Craig C. MacKay (61)
Trustee
|
Trustee since 2021. Serves
until a successor trustee is
elected or earlier
retirement or removal.
|
Partner, England & Company, LLC
(advisory firm) (2012 - present); Group
Head - Leveraged Finance
Distribution, Oppenheimer &
Company (investment bank) (2006 -
2012); Group Head - Private Finance &
High Yield Capital Markets
Origination, SunTrust Robinson
Humphrey (investment bank) (2003 -
2006); and Founder and Chief
Executive Officer, HNY Associates,
LLC (investment bank) (1996 - 2003)
|
Director, Equitable
Holdings, Inc.
(financial services
holding company)
(2022 - present);
Board Member of
Carver Bancorp, Inc.
(holding company)
and Carver Federal
Savings Bank, NA
(2017 - present);
Advisory Council
Member, MasterShares
ETF (2016 - 2017);
Advisory Council
Member, The Deal
(financial market
information publisher)
(2015 - 2016); Board
Co-Chairman and
Chief Executive
Officer, Danis
Transportation
Company
(privately-owned
commercial carrier)
(2000 - 2003); Board
Member and Chief
Financial Officer,
Customer Access
Resources
(privately-owned
teleservices company)
(1998 - 2000); Board
Member, Federation of
Protestant Welfare
Agencies (human
services agency) (1993
- present); and Board
Treasurer, Harlem
Dowling Westside
Center (foster care
agency) (1999 - 2018)
|
Name, Age and
Position Held With the Fund
|
Term of Office and
Length of Service
|
Principal Occupation(s) During At Least
The Past Five Years
|
Other Directorships
Held by Trustee During
At Least The Past Five
Years
|
Lorraine H. Monchak (68)
Trustee
|
Trustee since 2017.
(Advisory Trustee from
2014 - 2017). Serves until a
successor trustee is elected
or earlier retirement or
removal.
|
Chief Investment Officer, 1199 SEIU
Funds (healthcare workers union
pension funds) (2001 - present); Vice
President - International Investments
Group, American International Group,
Inc. (insurance company) (1993 -
2001); Vice President Corporate
Finance and Treasury Group, Citibank,
N.A.(1980 - 1986 and 1990 - 1993);
Vice President - Asset/Liability
Management Group, Federal Farm
Funding Corporation
(government-sponsored issuer of debt
securities) (1988 - 1990); Mortgage
Strategies Group, Shearson Lehman
Hutton, Inc. (investment bank) (1987 -
1988); Mortgage Strategies Group,
Drexel Burnham Lambert, Ltd.
(investment bank) (1986 - 1987)
|
None
|
Fred J. Ricciardi (77)
Trustee
|
Trustee since 2014. Serves
until a successor trustee is
elected or earlier
retirement or removal.
|
Private investor (2020 - present);
Consultant (investment company
services) (2012 - 2020); Executive Vice
President, BNY Mellon (financial and
investment company services) (1969 -
2012); Director, BNY International
Financing Corp. (financial services)
(2002 - 2012); Director, Mellon
Overseas Investment Corp. (financial
services) (2009 - 2012); Director,
Financial Models (technology)
(2005-2007); Director, BNY Hamilton
Funds, Ireland (offshore investment
companies) (2004-2007);
Chairman/Director, AIB/BNY
Securities Services, Ltd., Ireland
(financial services) (1999-2006);
Chairman, BNY Alternative Investment
Services, Inc. (financial services)
(2005-2007)
|
None
|
Name, Age and
Position Held With the Fund
|
Term of Office and
Length of Service
|
Principal Occupation(s) During At Least
The Past Five Years
|
Other Directorships
Held by Trustee During
At Least The Past Five
Years
|
Interested Trustee:
|
|
|
|
Lisa M. Jones (62)**
Trustee, President and Chief
Executive Officer
|
Trustee since 2017. Serves
until a successor trustee is
elected or earlier
retirement or removal
|
Director, CEO and President of
Amundi US, Inc. (investment
management firm) (since September
2014); Director, CEO and President of
Amundi Asset Management US, Inc.
(since September 2014); Director, CEO
and President of Amundi Distributor
US, Inc. (since September 2014);
Director, CEO and President of
Amundi Asset Management US, Inc.
(since September 2014); Chair, Amundi
US, Inc., Amundi Distributor US, Inc.
and Amundi Asset Management US,
Inc. (September 2014 - 2018);
Managing Director, Morgan Stanley
Investment Management (investment
management firm) (2010 - 2013);
Director of Institutional Business, CEO
of International, Eaton Vance
Management (investment management
firm) (2005 - 2010); Director of
Amundi Holdings US, Inc. (since 2017)
|
Director of Clearwater
Analytics (provider of
web-based investment
accounting software
for reporting and
reconciliation services)
(September 2022 -
present)
|
Name, Age and
Position Held With the Fund
|
Term of Office and
Length of Service
|
Principal Occupation(s) During At Least
The Past Five Years
|
Other Directorships
Held by Trustee During
At Least The Past Five
Years
|
Advisory Trustee:
|
|
|
|
Marguerite A. Piret (75)***
Advisory Trustee
|
Advisory Trustee since
January 2024 (Trustee
from 1982 to January
2024).
|
Chief Financial Officer, American Ag
Energy, Inc. (technology for the
environment, energy and agriculture)
(2019 - present); Chief Operating
Officer, North Country Growers LLC
(controlled environment agriculture
company) (2020 - present); Chief
Executive Officer, Green Heat LLC
(biofuels company) (2022 - present);
President and Chief Executive Officer,
Newbury Piret Company (investment
banking firm) (1981 - 2019)
|
Director of New
America High Income
Fund, Inc. (closed-end
investment company)
(2004 - present); and
Member, Board of
Governors, Investment
Company Institute
(2000 - 2006)
|
Name, Age and
Position Held With the Fund
|
Term of Office and
Length of Service
|
Principal Occupation(s) During At Least
The Past Five Years
|
Other Directorships
Held by Officer During
At Least The Past Five
Years
|
Fund Officers:
|
|
|
|
Marco Pirondini (57)
Executive Vice President
|
Since January 2024. Serves
at the discretion of the
Board
|
Executive Vice President and Chief
Investment Officer of Amundi Asset
Management US, Inc. since January
2024; Senior Managing Director and
Head of Equities U.S. of Amundi US
from 2010 to December 2023
|
None
|
Christopher J. Kelley (59)
Secretary and Chief Legal
Officer
|
Since 2003. Serves at the
discretion of the Board
|
Senior Vice President and Deputy
General Counsel of Amundi US since
March 2024; Vice President and
Associate General Counsel of Amundi
US from January 2008 to March 2024;
Secretary and Chief Legal Officer of all
of the Pioneer Funds since June 2010;
Assistant Secretary of all of the Pioneer
Funds from September 2003 to May
2010; Vice President and Senior
Counsel of Amundi US from July 2002
to December 2007
|
None
|
Thomas Reyes (61)
Assistant Secretary
|
Since 2010. Serves at the
discretion of the Board
|
Associate General Counsel of Amundi
US since March 2023; Assistant
Secretary of all the Pioneer Funds since
June 2010; Assistant General Counsel
of Amundi US from May 2013 to
March 2023 and Counsel of Amundi
US from June 2007 to May 2013
|
None
|
Heather L. Melito-Dezan
(47)
Assistant Secretary
|
Since 2022. Serves at the
discretion of the Board
|
Director - Trustee and Board
Relationships of Amundi US since
September 2019; Assistant Secretary of
Amundi US, Inc. since July 2020:
Assistant Secretary of Amundi Asset
Management US, Inc. since July 2020:
Assistant Secretary of Amundi
Distributor US, Inc. since July 2020;
Assistant Secretary of all the Pioneer
Funds since September 2022; Private
practice from 2017 - 2019.
|
None
|
Name, Age and
Position Held With the Fund
|
Term of Office and
Length of Service
|
Principal Occupation(s) During At Least
The Past Five Years
|
Other Directorships
Held by Officer During
At Least The Past Five
Years
|
Anthony J. Koenig, Jr. (60)
Treasurer and Chief Financial
and Accounting Officer
|
Since 2021. Serves at the
discretion of the Board
|
Managing Director, Chief Operations
Officer and Fund Treasurer of Amundi
US since May 2021; Treasurer of all of
the Pioneer Funds since May 2021;
Assistant Treasurer of all of the Pioneer
Funds from January 2021 to May 2021;
and Chief of Staff, US Investment
Management of Amundi US from May
2008 to January 2021
|
None
|
Luis I. Presutti (59)
Assistant Treasurer
|
Since 2000. Serves at the
discretion of the Board
|
Director - Fund Treasury of Amundi
US since 1999; and Assistant Treasurer
of all of the Pioneer Funds since 1999
|
None
|
Gary Sullivan (66)
Assistant Treasurer
|
Since 2002. Serves at the
discretion of the Board
|
Senior Manager - Fund Treasury of
Amundi US since 2012; and Assistant
Treasurer of all of the Pioneer Funds
since 2002
|
None
|
Antonio Furtado (42)
Assistant Treasurer
|
Since 2020. Serves at the
discretion of the Board
|
Fund Oversight Manager - Fund
Treasury of Amundi US since 2020;
Assistant Treasurer of all of the Pioneer
Funds since 2020; and Senior Fund
Treasury Analyst from 2012 - 2020
|
None
|
Michael Melnick (53)
Assistant Treasurer
|
Since 2021. Serves at the
discretion of the Board
|
Vice President - Deputy Fund
Treasurer of Amundi US since May
2021; Assistant Treasurer of all of the
Pioneer Funds since July 2021; Director
of Regulatory Reporting of Amundi US
from 2001 - 2021; and Director of Tax
of Amundi US from 2000 - 2001
|
None
|
John Malone (53)
Chief Compliance Officer
|
Since 2018. Serves at the
discretion of the Board
|
Managing Director, Chief Compliance
Officer of Amundi US Asset
Managementt; Amundi Asset
Management US, Inc.; and the Pioneer
Funds since September 2018; Chief
Compliance Officer of Amundi
Distributor US, Inc. since January 2014.
|
None
|
Brandon Austin (52)
Anti-Money Laundering
Officer
|
Since 2022. Serves at the
discretion of the Board
|
Director, Financial Security - Amundi
Asset Management; Anti-Money
Laundering Officer of all the Pioneer
Funds since March 2022: Director of
Financial Security of Amundi US since
July 2021; Vice President, Head of BSA,
AML and OFAC, Deputy Compliance
Manager, Crédit Agricole Indosuez
Wealth Management (investment
management firm) (2013 - 2021)
|
None
|
Class
|
Applicable Percentage
Per Annum
|
Class A
|
0.25%
|
Class C
|
1.00%
|
Class R
|
0.50%
|
Name of
Portfolio Manager
|
Type of Account
|
Number of
Accounts
Managed
|
Total Assets
Managed (000's)
|
Number of
Accounts
Managed for
which Advisory
Fee is
Performance-
Based
|
Assets
Managed
for which
Advisory
Fee is
Performance-
Based (000's)
|
Craig Sterling
|
Other Registered Investment Companies
|
4
|
$10,104,187
|
1
|
$7,591,577
|
|
Other Pooled Investment Vehicles
|
7
|
$6,332,564
|
4
|
$5,089,990
|
|
Other Accounts
|
12
|
$2,327,911
|
N/A
|
N/A
|
Ashesh Savla
|
Other Registered
Investment Companies
|
2
|
$2,385,073
|
N/A
|
N/A
|
|
Other Pooled Investment Vehicles
|
3
|
$1,243,861
|
3
|
$1,243,861
|
|
Other Accounts
|
1
|
$123,532
|
N/A
|
N/A
|
Name of Portfolio Manager
|
Beneficial Ownership
of the Fund*
|
Craig Sterling
|
E
|
Ashesh Savla
|
A**
|
A.
|
None
|
B.
|
$1 - $10,000
|
C.
|
$10,001 - $50,000
|
D.
|
$50,001 - $100,000
|
E.
|
$100,001 - $500,000
|
F.
|
$500,001 - $1,000,000
|
G.
|
Over $1,000,000
|
|
Sales Charge as a % of
|
||
Amount of Purchase
|
Offering
Price
|
Net Amount
Invested
|
Dealer
Reallowance
|
Less than $50,000
|
5.75
|
6.10
|
5.00
|
$50,000 but less than $100,000
|
4.50
|
4.71
|
4.00
|
$100,000 but less than $250,000
|
3.50
|
3.63
|
3.00
|
$250,000 but less than $500,000
|
2.50
|
2.56
|
2.00
|
$500,000 or more
|
0.00
|
0.00
|
see below
|
1.00%
|
Up to $4 million
|
0.50%
|
Greater than $4 million and less
than or equal to $50 million
|
0.25%
|
Over $50 million
|
2023
|
2022
|
106%
|
75%
|
Record Holder
|
Share Class
|
Number of Shares
|
% of Class
|
BNY Mellon Distributors Inc
Primerica Financial Services
760 Moore Rd
King Of Prussia PA 19406-1212
|
Class A
|
23,051,794.542
|
27.88
|
Edward D Jones & Co
For The Benefit Of Customers
12555 Manchester Rd
Saint Louis MO 63131-3710
|
Class C
|
16,919.959
|
5.34
|
Raymond James
Omnibus for Mutual Funds
Attn: Courtney Waller
880 Carillon Pkwy
St. Petersburg, FL 33716
|
Class C
|
16,427.541
|
5.18
|
Ascensus Trust Company FBO
AFO Consultants
P O Box 10758
Fargo ND 58106-0758
|
Class C
|
20,379.013
|
6.43
|
Ascensus Trust Company FBO
Jumico LLC
P O Box 10758
Fargo ND 58106-0758
|
Class C
|
15,869.241
|
5.01
|
Record Holder
|
Share Class
|
Number of Shares
|
% of Class
|
Edward D Jones & Co
For The Benefit Of Customers
12555 Manchester Rd
Saint Louis MO 63131-3710
|
Class K
|
72,793.282
|
5.93
|
MLPF&S
For the Sole Benefit of its Customers
Mutual Fund Administration
4800 Deer Lake Drive East, 2nd Floor
Jacksonville, FL 32246-6484
|
Class K
|
1,011,450.919
|
82.37
|
Empower Trust FBO
Employee Benefits Clients 401K
8515 E Orchard Rd 2T2
Greenwood Village CO 80111
|
Class K
|
133,127.016
|
10.84
|
Ascensus Trust Company FBO
401K Powering Forward LLC
P O Box 10758
Fargo ND 58106-0758
|
Class R
|
3,692.694
|
6.51
|
Ascensus Trust Company FBO
Rupp Enterprises
P O Box 10758
Fargo ND 58106-0758
|
Class R
|
18,622.352
|
32.85
|
Ascensus Trust Company FBO
A Step Forward Wellness Services
P O Box 10758
Fargo ND 58106-0758
|
Class R
|
8,501.302
|
15.00
|
Ascensus Trust Company FBO
Lori's Cleaning Service
P O Box 10758
Fargo ND 58106-0758
|
Class R
|
2,920.236
|
5.15
|
Ascensus Trust Company FBO
Math with Mr J LLC
P O Box 10758
Fargo ND 58106-0758
|
Class R
|
4,197.000
|
7.40
|
National Financial Services LLC
For Exclusive Benefit Of Our Customers
499 Washington Blvd
Attn Mutual Funds Dept 4th Floor
Jersey City, NJ 07310
|
Class Y
|
169,407.577
|
11.46
|
Pershing LLC
1 Pershing Plz
Jersey City NJ 07399-0001
|
Class Y
|
126,464.083
|
8.56
|
Morgan Stanley Smith Barney
Harborside Financial Center
Plaza 2, 3rd Floor
Jersey City NJ 07311
|
Class Y
|
204,540.790
|
13.84
|
Raymond James
Omnibus for Mutual Funds
Attn: Courtney Waller
880 Carillon Pkwy
St. Petersburg, FL 33716
|
Class Y
|
198,076.116
|
13.40
|
Charles Schwab & Co Inc
Special Custody A/C FBO Customers
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105-1905
|
Class Y
|
163,763.992
|
11.08
|
Wells Fargo Clearing Services LLC
Special Custody Acct for the Exclusive Benefit of Customer
2801 Market St
Saint Louis MO 63103-2523
|
Class Y
|
103,171.214
|
6.98
|
Record Holder
|
Share Class
|
Number of Shares
|
% of Class
|
American Enterprise Investment SVC
For the Exclusive of Our Clients
707 2ndAve S.
Minneapolis, MN 55402
|
Class Y
|
87,485.090
|
5.92
|
Name of Trustee
|
Dollar Range of
Equity Securities
in the Fund
|
Aggregate Dollar Range of Equity
Securities in All Registered
Investment Companies Overseen by
Trustee in the Pioneer Family of Funds
|
Interested Trustee:
|
|
|
Lisa M. Jones
|
$10,001 - $50,000
|
Over $100,000
|
Independent Trustees:
|
|
|
John E. Baumgardner, Jr.
|
None
|
Over $100,000
|
Diane Durnin
|
None
|
Over $100,000
|
Benjamin M. Friedman
|
Over $100,000
|
Over $100,000
|
Craig C. MacKay
|
None
|
Over $100,000
|
Lorraine H. Monchak
|
None
|
Over $100,000
|
Thomas J. Perna
|
None
|
Over $100,000
|
Marguerite A. Piret*
|
None
|
Over $100,000
|
Fred J. Ricciardi
|
None
|
Over $100,000
|
Name of Trustee
|
Aggregate
Compensation
from Fund**
|
Pension or
Retirement
Benefits Accrued
as Part of Fund
Expenses
|
Total Compensation
from the Fund and
Other Pioneer Funds**
|
Interested Trustees:
|
|
|
|
Lisa M. Jones*
|
$0.00
|
$0.00
|
$0.00
|
Kenneth J. Taubes***
|
$0.00
|
$0.00
|
$0.00
|
Independent Trustees:
|
|
|
|
John E. Baumgardner, Jr.
|
$11,929.10
|
$0.00
|
$312,100.00
|
Diane Durnin
|
$11,418.62
|
$0.00
|
$299,762.00
|
Benjamin M. Friedman
|
$12,857.16
|
$0.00
|
$334,275.00
|
Craig C. MacKay
|
$11,325.69
|
$0.00
|
$297,262.00
|
Lorraine H. Monchak
|
$13,070.79
|
$0.00
|
$339,438.00
|
Thomas J. Perna
|
$15,663.10
|
$0.00
|
$402,100.00
|
Marguerite A. Piret****
|
$11,795.95
|
$0.00
|
$308,438.00
|
Fred J. Ricciardi
|
$12,831.19
|
$0.00
|
$333,938.00
|
TOTAL
|
$100,891.58
|
$0.00
|
$2,627,313.00
|
For the Fiscal Years Ended December 31
|
2023
|
2022
|
2021
|
Gross Fee Incurred
|
$8,730,457
|
$9,263,022
|
$10,364,187
|
Net Fee Paid
|
$8,730,457
|
$9,263,022
|
$10,364,187
|
For the Fiscal Years Ended December 31
|
||
2023
|
2022
|
2021
|
$609,454
|
$598,984
|
$695,629
|
For the Fiscal Years Ended December 31
|
2023
|
2022
|
2021
|
Approximate Net Underwriting Expenses Retained by Amundi Distributor US, Inc.
|
$23,848
|
$28,773
|
$37,645
|
Approximate Commissions Reallowed to Dealers (Class A shares)
|
$149,233
|
$185,196
|
$204,579
|
Approximate Brokerage and Underwriting Commissions (Portfolio Transactions)
|
$1,550,862
|
$878,466
|
$715,969
|
For the Fiscal Year Ended December 31, 2023
|
|||
Combined Plan
|
Class A Plan
|
Class C Plan
|
Class R Plan
|
$4,275,095
|
$4,207,925
|
$61,997
|
$5,173
|
|
Payments
to Servicing
Parties1
|
Advertising
|
Sales
Meetings
|
Printing
and Mailing
|
Total
|
Class A
|
$4,126,554
|
$12,700
|
$56,484
|
$12,187
|
$4,207,925
|
Class C
|
$57,565
|
$700
|
$3,042
|
$690
|
$61,997
|
Class R
|
$5,173
|
$0
|
$0
|
$0
|
$5,173
|
Name
|
Debt \ Equity
|
(000's)
|
None
|
|
|
(a)(1)
|
|
(a)(2)
|
|
(a)(3)
|
|
(b)
|
|
(c)
|
See Amended and Restated Declaration of Trust and Amended and Restated By-Laws cited under Items
23(a)(1) and 23(b)
|
(d)
|
|
(e)(1)
|
|
(e)(2)
|
|
(f)
|
None
|
(g)
|
|
(g)(2)
|
|
(h)(1)
|
|
(h)(2)
|
|
(h)(3)
|
|
(h)(4)
|
|
(h)(5)
|
|
(h)(6)
|
|
(i)
|
|
(j)
|
Consent of Independent Registered Public Accounting Firm(11)
|
(k)
|
None
|
(l)
|
None
|
(m)(1)
|
|
(m)(2)
|
|
(n)
|
|
(o)
|
Not applicable.
|
(p)
|
Code of Ethics of The Pioneer Funds, Amundi Distributor US, Inc., and Amundi Asset Management US, Inc.
(February 2024)(11)
|
N/A
|
|
N/A
|
|
N/A
|
Name
|
Positions and Offices
with Underwriter
|
Positions and Offices
with Fund
|
Patrice Blanc
|
Director, Executive Vice President and Chief
Operating Officer, Americas
|
None
|
Lisa M. Jones
|
Director, Chairman, President and Chief Executive
Officer
|
President and Trustee
|
Jason C. Xanthakis
|
Director, Senior Managing Director and Head of
Global Intermediary Distribution
|
None
|
Tracy L. Connelly
|
Managing Director and Chief Administration Officer,
US, Intermediary Distribution
|
None
|
Gregg M. Dooling
|
Senior Managing Director and Chief Financial
Officer, Americas
|
None
|
John D. Johnson
|
Managing Director and General Counsel
|
None
|
John M. Malone
|
Managing Director and Chief Compliance Officer
|
Chief Compliance Officer
|
Patrick D. Grecco
|
Senior Vice President and Deputy Financial Officer &
Corporate Treasurer
|
None
|
Signature
|
Title
|
Date
|
/s/ Lisa M. Jones
Lisa M. Jones
|
President (Principal Executive Officer)
and Trustee
|
|
/s/ Anthony J. Koenig, Jr
Anthony J. Koenig, Jr
|
Treasurer (Principal Financial and
Accounting Officer)
|
|
John E. Baumgardner, Jr.*
John E. Baumgardner, Jr.
|
Trustee
|
|
Diane Durnin*
Diane Durnin
|
Trustee
|
|
Benjamin M. Friedman*
Benjamin M. Friedman
|
Trustee
|
|
Craig C. MacKay*
Craig C. MacKay
|
Trustee
|
|
Lorraine H. Monchak*
Lorraine H. Monchak
|
Trustee
|
|
Thomas J. Perna*
Thomas J. Perna
|
Chairman of the Board
and Trustee
|
|
Fred J. Ricciardi*
Fred J. Ricciardi
|
Trustee
|
|
*By: /s/ Lisa M. Jones
Lisa M. Jones
Attorney-In-Fact
|
|
April 25, 2024
|
Exhibit
Number
|
Document Title
|
(j)
|
Consent of Independent Registered Public Accounting Firm
|
(p)
|
Code Of Ethics of The Pioneer Funds, Amundi Distributor US, Inc., and Amundi Asset Management US, Inc.
(February 2024)
|