Formulaire 485BPOS PIONEER VALEUR MOYENNE DE L'ÉTAT ® mutuelle santé entreprise

De la couverture des risques de subis ainsi qu’à causés à des tiers, aux garanties pour couvrir pertes d’exploitation et les risques informatiques, les contrats d’assurance, même facultatifs, s’avérer indispensables.
ll assez des fois d’un incendie et pourquoi pas de la livraison d’un produit défaillant pour mettre en péril la vie d’une entreprise… Si, du serré point de vue juridique, seules plusieurs refuges sont obligatoires – l’assurance des véhicules, la responsabilité civile et sang-froid uniques de type garantie décennale pour divers secteurs d’activité -, PME et TPE ont tout intérêt à souscrire des garanties complémentaires. Au-delà du étriqué minimum – la confirmation des biens, celle des pertes d’exploitation ou bien la responsabilité civile prostituée -, plusieurs contrats peuvent se révéler utiles à l’égard de l’activité de l’entreprise (informatique, chimie, transports, pratique cycliques…) et aussi son expansion à l’international. Difficile toutefois de s’y retrouver dans une offre surabondante. Parcours fléché des sept contrats nécessaire à l’entreprise.

1. L’assurance des biens

Première grande catégorie d’assurances pour entreprises: la couverture des risques potentiels extérieurs. Inondation, incendie, vol menacent locaux, le matos ou les stocks. Contre ces dommages, une cran spécifique être souscrite, non obligatoire cependant néanmoins incontournable. “Attention, si la societé est locataire de ses locaux – bureaux, usine, entrepôt- elle obligatoire souscrire une aplomb pour couvrir dommages liés aux biens immobiliers et sa responsabilité d’occupation. Cette obligation figure dans la loi n°89-462 du 6 juillet 1989”, avertit Damien Palandjian responsable département à la Direction des Services aux Entreprises, chez le courtier en cran Verspieren.

En de sinistre, le chef d’action fera une déclaration à sa compagnie d’assurances dans un délai légal rappelé dans le contrat (de deux à de cinq ans jours, selon risques), voire immédiatement pour les événements capitaux (incendie, catastrophe naturelle, tempête, cambriolage…). Le montant de l’indemnisation dépend alors de la valeur des biens garantis, c’est pourquoi il ne faut pas oublier de prévenir son assureur lorsque le périmètre des biens à assurer évolue en cours d’année (achat de nouvelles machines, reprise d’un autre site…), ni de vérifier quels sont réellement couverts. Les sociétés qui ont une activité périodique se traduisant dans une variation importante des tenue de produits ont intérêt à citer cet spécificité à leur assureur pour s’accomplir en tant que mieux couvertes en cas de dommages. La valeur des réservoir est alors établie sur la base de montant annuel important et régularisée en fin d’année.

Dans radicaux de figure, l’indemnisation sera versée ordinairement après présentation des factures correspondant aux réparations nécessaires et pourquoi pas à l’achat de nouveau matériels. En de lourd sinistre, l’assureur toutefois verser des acomptes à son client.


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Numéro de dossier 33-34801
811-06106

Soumis à la Securities and Exchange Commission en 2020. 25 février


COMMISSION SÉCURITÉ ET CHANGEMENT
Washington, D.C.20549

FORMULE N-1A

RAPPORT D'ENREGISTREMENT AVANT 1933 LOI SUR LES VALEURS MOBILIÈRES (X)

Amendement préliminaire no. ___ ()

Correction d'effet 53 (X)

et / ou

RAPPORT D'INSCRIPTION SUR LA SOCIÉTÉ D'INVESTISSEMENT
ACTE DE 1940 (X)

Amendement n. 54 (X)

(Veuillez cocher la ou les cases appropriées)

FONDS PIONEER MOYEN FONDS DE VALEUR
(Nom exact de la personne inscrite comme indiqué dans la charte)

60 State Street, Boston, Massachusetts 02109
(Adresse des principaux services exécutifs) (code postal)

Numéro de téléphone du titulaire, y compris l'indicatif régional: (617) 742-7825

Terrence J. Cullen, Amundi Pioneer Asset Management, Inc.,
60 State Street, Boston, Massachusetts 02109
(Nom et adresse de l'agent de service)

Il est proposé que cette demande entre en vigueur (cochez la case appropriée):

() dès le dépôt d'une demande en vertu du point b)
(X) 2020 1 mars Sous (b)
() 60 jours à compter du dépôt de la demande en vertu de l'alinéa a) (1)
() le (date) conformément au point a) 1)
() 75 jours à compter du dépôt de la demande en vertu du sous-alinéa a) (2)
() Date (s) en vertu de la règle 485 (a) (2)

Veuillez cocher cette case si nécessaire:

() Cet amendement, en vigueur après l'entrée en vigueur, indique une nouvelle date d'entrée en vigueur
pour une modification précédemment soumise après la date d'entrée en vigueur.



LE PIONNIER
-------------------------------------------------- ------------------------------
FONDS DE VALEUR INTERMÉDIAIRE
Actions de classe A (PCGRX)
Actions de classe C (PCCGX)
Actions de classe K (PMCKX)
Actions de classe R (PCMRX)
Actions de classe Y (PYCGX)




Prospectus, 2020 1 mars


TABLE DES MATIERES
-------------------------------------------------- ------------------------------





Résumé de la fondation ................................... 1
En savoir plus sur l'objectif d'investissement du fonds
et stratégies ................................. 13
En savoir plus sur le risque d'investir dans le fonds ..... 18
Gestion ..................................... 29
Prix ​​des actions .............................. 32
Choix d'une classe d'actions ..................... 34
Procédures de distribution et de maintenance .......... 39
Taxes de vente .................................. 42
Achat, échange et vente d'actions .......... 50
Options de compte ............................... 63
Services aux actionnaires et politique .............. 67
Dividendes, gains en capital et impôts
Données financières clés ............................. 77
Exonération de la taxe de vente par le courtier
politique ....................................... 83
Ni la Securities and Exchange Commission ni aucune agence nationale des valeurs mobilières approuvé ou désapprouvé les parts du fonds (Le graphique apparaît ICI) ou déterminé si ce prospectus est exact ou complet. Tout représenter le contraire est un crime. À partir de 2021. Avril comme le permet le règlement Securities and Exchange Commission, copies papier de l'actionnaire du fonds Les rapports ne seront plus envoyés par la poste à moins que vous ne le demandiez spécifiquement des copies papier du fonds ou de votre état financier un intermédiaire tel qu'un courtier, une banque ou une compagnie d'assurance. Au lieu de cela les rapports seront disponibles sur le site Web de la fondation et vous serez il est notifié par courrier chaque fois qu'un rapport est publié et qu'un site internet est mis à disposition lien pour accéder au rapport. Si vous avez déjà choisi de recevoir les rapports aux actionnaires par voie électronique, vous ce changement n'aura aucun effet et vous n'avez pas besoin de prendre de mesure. Vous peut décider de recevoir les rapports aux actionnaires et d'autres communications en contactant votre intermédiaire financier par voie électronique ou si vous investissez directement avec la fondation, au 1-800-225-6292. Vous pouvez choisir de recevoir gratuitement tous les futurs rapports papier. Si vous investir directement avec le fonds, vous pouvez informer le fonds que vous souhaitez continuer à obtenir des copies papier des rapports des actionnaires en appelant 1-800-225-6292. Si vous investissez via un intermédiaire financier, vous pouvez veuillez contacter votre intermédiaire financier et demander à recevoir plus des copies papier de vos rapports aux actionnaires. Votre choix de recevoir des rapports papier s’appliquera à tous les fonds de votre compte si vous investissez votre intermédiaire financier ou tout fonds détenu dans le cadre du Pioneer Fund Package si vous investissez directement. -------------------------------------------------- ----------------------------- Un investissement dans un fonds n'est pas un dépôt bancaire et n'est pas assuré ou garantie par la Federal Deposit Insurance Corporation ou tout autre agence d'État. -------------------------------------------------- ----------------------------- Contactez votre spécialiste en placement pour discuter de la façon dont le fonds peut s'adapter dans votre portefeuille. -------------------------------------------------- ----------------------------- Résumé de la Fondation OBJECTIF D'INVESTISSEMENT Gains en capital découlant de l'investissement dans un portefeuille diversifié composé principalement d'actions ordinaires. FRAIS ET DÉPENSES DU FONDS Le tableau suivant décrit les frais et dépenses que vous pouvez payer si vous achetez et stockez parts du fonds. Si vous ou votre famille investissez, vous pourriez recevoir des remises de taxe de vente accepte d'investir au moins 50 000 $ dans de futures actions de catégorie A Fonds pionniers. Il y a plus d'informations sur ces remises et autres de votre investisseur professionnel et dans la section Taxe de vente le prospectus commence à la page 42. «Le courtier a défini l'exonération de la taxe de vente politique "du prospectus commençant à la page 83 et" Ventes dans la section Informations supplémentaires du rapport, qui commence sur la page 56. Si vous investissez dans des actions de catégorie K ou des actions de catégorie Y par un intermédiaire professionnel ou financier, cet investisseur professionnel, ou l'intermédiaire financier peut percevoir une commission. Ces commissions, le cas échéant, ne sont pas imposables dans le fonds et ne sont pas reflétés dans le tableau des impôts ou les dépenses ce qui suit est un exemple. FRAIS D'ACTIONNAIRES (taxes payées directement sur votre investissement) CLASSE A CLASSE C CLASSE K CLASSE R CLASSE Y -------------------------------------------------- --------- --------- --------- --------- -------- Frais de vente maximum (chargement) à l'achat actions (en pourcentage du prix d'offre) 5,75% Néant Néant Néant Néant -------------------------------------------------- ------ --------- --------- --------- -------- Taxe de vente différée maximale (charge) (en tant que le pourcentage de votre enchère ou de votre montant à obtenir lorsque vous vendez des actions, la valeur la plus basse étant retenue) Aucune / 1/1% Aucune Aucune Aucune -------------------------------------------------- ------ --------- --------- --------- --------
DÉPENSES OPÉRATIONNELLES ANNUELLES DU FONDS (le coût que vous payez chaque année en pourcentage de votre valeur d'investissement) CLASSE A CLASSE C CLASSE K CLASSE R CLASSE Y --------------------------------------------- ----- ---- --------- --------- --------- -------- Frais de gestion 0,58% 0,58% 0,58% 0,58% 0,58% --------------------------------------------- ---- - --- ---- ---- ---- Frais de distribution et de service (12b-1) 0,25% 1,00% 0,00% 0,50% 0,00% --------------------------------------------- ---- - --- ---- ---- ---- Autres dépenses 0,23% 0,36% 0,11% 0,39% 0,24% --------------------------------------------- ---- - --- ---- ---- ---- Total des frais d'exploitation annuels du fonds 1,06% 1,94% 0,69% 1,47% 0,82% --------------------------------------------- ---- - --- ---- ---- ----
1 achats de classe A de 500 000 $ ou plus sans mise de fonds la taxe de vente peut être soumise à une taxe de vente différée conditionnelle de 1%. Voir aussi: "Taxe de vente". 1 Résumé de la Fondation EXEMPLE Cet exemple est destiné à vous aider à comparer le coût d'investissement dans un fonds avec des investissements dans d'autres fonds communs de placement. L'exemple suppose que vous investir 10 000 $ dans le fonds au cours de la période spécifiée et, sauf indication contraire racheter toutes vos actions à la fin de ces périodes. Aussi suppose que (a) votre investissement rapporte 5% chaque année et (b) le fonds les charges d'exploitation annuelles totales restent inchangées. Bien que vos coûts réels puissent être supérieur ou inférieur, selon les hypothèses suivantes, vos coûts seraient les suivants: SI VOUS RENOUVELLEZ VOS ACTIONS, VOUS NE POUVEZ PAS EXCLURE VOS ACTIONS -------------------------------------- ------------ -------------------------- NOMBRE D'ANNÉES QUE VOUS AVEZ DANS VOS ACTIONS -------------------------------------------------- ---------------------------- 1 3 5 10 1 3 5 10 ------- ------- --------- --------- ------- ------- ---- ----- --------- Classe A 677 $ 893 $ 1126 $ 1795 $ 677 $ 893 $ 1126 $ 1795 $ --------- ---- ---- ------ ------ ---- ---- ------ ------ Classe C 297.609 1.047 2.264 197.609 1.047 2.264 --------- ---- ---- ------ ------ ---- ---- ------ ------ Classe K 70.221.384.859 70.221.384.859 --------- ---- ---- ------ ------ ---- ---- ------ ------ Classe R 150 465 803 1 757 150 465 803 1 757 --------- ---- ---- ------ ------ ---- ---- ------ ------ Classe Y 84.262.455 1.014 84.262.455 1.014 --------- ---- ---- ------ ------ ---- ---- ------ ------
REVÊTEMENT DE PORTEFEUILLE Le fonds couvre les coûts de transaction tels que les commissions lors de l'achat et de la vente titres (ou «retourner» votre portefeuille). Taux de rotation du portefeuille plus élevé peut indiquer des coûts de transaction plus élevés et des frais plus élevés peuvent entraîner des frais plus élevés les actions sont conservées dans un compte imposable. Ces coûts ne sont pas reflétés les frais de fonctionnement annuels du fonds ou, dans l'exemple, affectent le fonctionnement du fonds performance. Le chiffre d'affaires du portefeuille du Fonds au cours du dernier exercice le taux était de 94% de la valeur moyenne de son portefeuille. STRATÉGIES D'INVESTISSEMENT CLÉS En règle générale, le fonds investit au moins 80% de son actif total dans des actions titres de sociétés de taille moyenne. Les moyennes entreprises sont celles qui sont sur le marché des valeurs qui ne dépassent pas la valeur marchande plus élevée au moment de l'investissement capitalisation de la plus grande entreprise, Russell Midcap Value Index (43,80 milliards de dollars au 31 décembre 2019) ou moyenne mobile sur 3 ans capitalisation boursière de Russell Midcap Value, la plus grande entreprise Indice (38,86 milliards de dollars au 31 décembre 2019), mesuré en 2013. À la fin le mois dernier et est au moins la plus petite société indicielle. L'indice Russell Midcap Value mesure la performance de la capitalisation moyenne américaine stocks. La taille des sociétés de l'indice évolue constamment en fonction du marché conditions et composition de l'indice. 2 les titres de participation dans lesquels le fonds investit principalement sont des actions ordinaires, actions privilégiées et certificats de dépôt, mais le fonds peut investir dans d'autres dans une moindre mesure, comme les fonds qui investissent principalement des titres de participation, les participations investissant dans l'immobilier fiducies (FPI), bons de souscription et droits. Le fonds peut investir dans le prix public initial offres d'actions. Le Fonds peut investir jusqu'à 25% de son actif total dans des titres non américains. émetteurs. Le Fonds n'investira pas plus de 5% de son actif total titres d'émetteurs des marchés émergents. Le Fonds peut investir jusqu'à 20% de son actif net dans des FPI. Le Fonds peut investir jusqu'à 20% de son actif total dans des titres de créance. La Fondation peuvent investir jusqu'à 5% de leur actif net dans des titres de créance de moindre qualité (appelés «obligations non désirées»), y compris une dette convertible d'investissement réduite titres. Le Fonds peut, sans y être obligé, utiliser des dérivés, tels qu'un indice boursier contrats à terme et options. Le Fonds peut utiliser des dérivés à diverses fins, y compris: dans le but d'empêcher des changements défavorables dans le prix du marché titres, taux d'intérêt ou taux de change; comme substitut achat ou vente de titres; essayez d'augmenter le rendement du fonds en: une stratégie de non-couverture qui peut être considérée comme spéculative; gérer le portefeuille caractéristiques; et comme méthode de gestion des flux de trésorerie. La fondation peut choisir de ne pas utiliser de dérivés pour diverses raisons, et cela peut être toute autre raison limité par les lois et réglementations applicables. Le Fonds peut également détenir des espèces ou d’autres espèces investissements à court terme. Le fonds utilise un style de gestion «value». Le conseiller cherche à déterminer titres vendus à des prix abordables ou à des prix avantageux leurs valeurs sous-jacentes, puis détenir ces titres à la valeur de marché reflètent leurs valeurs intrinsèques. Le conseiller évalue les options de sécurité valeurs, y compris l’attractivité de sa valorisation boursière basée sur actifs de la société et perspectives de croissance des bénéfices. En faisant cette évaluation, le consultant utilise la recherche fondamentale et l'évaluation des émetteurs avec une analyse ascendante dans ses états financiers et ses opérations un style qui se concentre sur des titres spécifiques plutôt que sur des secteurs. le conseiller se concentre sur la qualité et le prix des émetteurs et des titres individuels. En règle générale, un conseiller vend des titres en portefeuille lorsqu'il estime que la valeur de marché du titre représente la valeur sous-jacente. 3 Résumé de la Fondation PRINCIPAL RISQUE D'INVESTIR DANS LE FONDS Vous pouvez perdre de l'argent en investissant dans un fonds. Comme pour tout fonds commun de placement, rien ne garantit que le fonds atteindra son objectif. RISQUE DE MARCHÉ. Les prix de marché des titres détenus par le Fonds peuvent augmenter soit en baisse, parfois rapidement ou de façon imprévisible en raison des conditions générales du marché, tels que les effets économiques, politiques ou normatifs négatifs réels ou perçus conditions, inflation, variations des taux d’intérêt ou de change, manque de liquidité marchés obligataires ou sentiment négatif des investisseurs. Au cours de la dernière décennie la volatilité des marchés financiers dans le monde, évaluations plus faibles, liquidité réduite et incertitude accrue. Les émetteurs gouvernementaux et non gouvernementaux ont fait défaut ou ont été contraints restructuration, leurs dettes. Ces conditions peuvent continuer, se reproduire, aggraver ou se propager. Les événements qui ont contribué à ces conditions de marché comprennent, mais ne se limite pas aux événements majeurs de cybersécurité; événements géopolitiques (y compris guerres et attaques terroristes); mesures de réduction du déficit budgétaire; niveau inférieur dette publique; l'évolution des prix du pétrole et des matières premières; changements de devises Taux de change; et le sentiment du public. États-Unis et gouvernement non gouvernemental et central les banques ont apporté un soutien important aux marchés financiers, tout en maintenant des taux d'intérêt historiquement bas. Réserve fédérale américaine ou d'autres actions des États-Unis ou non gouvernementales ou des banques centrales, y compris les intérêts l'augmentation des tarifs ou les actions opposées de différents gouvernements pourraient avoir un impact négatif - affecter les marchés financiers en général, augmenter la volatilité et réduire la volatilité du marché la valeur et la liquidité des titres dans lesquels le fonds investit. Politique et les changements législatifs aux États-Unis et dans d'autres pays affectent de aspects de la réglementation financière, et ceux-ci et d'autres développements affectant la des marchés tels que le retrait du Royaume-Uni de l'Union européenne (ou Brexit), dans certains cas, la liquidité peut diminuer et augmenter instabilité des marchés financiers. Impact de ces changements marchés et les conséquences pratiques pour les acteurs du marché peuvent ne pas être pleinement connu depuis un certain temps. Économie et marchés financiers dans le monde sont de plus en plus interdépendants. Événements économiques, financiers ou politiques, accords commerciaux et tarifaires, terrorisme, catastrophes naturelles, etc. les circonstances d'un pays ou d'une région peuvent avoir un impact profond sur le monde économie ou marchés. Par conséquent, le fonds y investit ou non titres d'émetteurs situés dans des pays ou à haut risque La valeur et la liquidité des investissements du Fonds peuvent être directement affectées négativement affecté. Par conséquent, le fonds peut subir des pertes importantes ou totales tout titre individuel ou position dérivée. 4 RISQUE D'ENTREPRISES DE TAILLE MOYENNE. Par rapport aux grandes entreprises, aux moyennes et aux leur marché boursier peut être plus sensible aux changements les bénéfices et les attentes des investisseurs, ont des gammes de produits plus Ressources en capital, subir des fluctuations soudaines de la valeur marchande vendre au moment et aux prix que le conseiller juge appropriés et offrir des possibilité de gagner et de perdre. RISQUE DE STYLE DE VALEUR. Le cours des actions est sous-estimé par le conseiller peut ne pas apprécier comme prévu ou peut décliner. Les actions de valeur peuvent favoriser les investisseurs et insatisfaire le marché boursier dans son ensemble. RISQUE DE SÉLECTION DE PORTEFEUILLE. Décision du conseiller sur un titre particulier ou l'émetteur, soit sur l'économie, soit sur un secteur, une région ou un segment de marché particulier, ou sur la stratégie d'investissement peut se révéler erronée ou il peut être défauts, erreurs ou limitations dans les modèles, les outils et les données utilisés par conseiller. AUCUN RISQUE ÉTRANGER. INVESTISSEMENTS. Investir dans des émetteurs non américains ou aux États-Unis. les émetteurs fortement exposés aux marchés étrangers peuvent inclure des émetteurs uniques par rapport à un investissement dans des titres d'émetteurs américains. Il y a plus de ces risques soi-disant émetteurs des marchés émergents ou autant que le fonds investir massivement dans une région ou un pays. Ces risques peuvent inclure: différentes pratiques d'information financière et normes réglementaires, moins liquides marchés commerciaux, volatilité extrême des prix, risque de change, changement économique, conditions politiques, réglementaires et sociales, terrorisme, développement économique durable récessions, instabilité financière, pression fiscale, investissement et rapatriement restrictions. Le manque d'informations et une moindre réglementation du marché peuvent également être affectés la valeur de ces titres. Les retenues à la source et autres taxes non américaines peuvent être réduire les rendements des fonds. Pas aux États-Unis. les émetteurs peuvent être basés dans dans un monde historiquement sujet aux catastrophes naturelles. Investissement dans les certificats de dépôt comportent à peu près le même risque que les investisseurs directs dans les émetteurs non américains. Les certificats de dépôt peuvent être associés à des coûts plus élevés et peuvent négociez à escompte (ou prime) sur le titre sous-jacent. Pas mal Les pays de l'Union européenne (UE) ont connu et peuvent continuer à le faire expérience, difficultés économiques et financières majeures. En outre, les États-Unis Le Royaume s'est retiré de l'UE (communément appelé Brexit). Autres pays peut chercher à quitter l'UE et / ou à abandonner l'euro, la monnaie unique ES. Le Royaume-Uni ou d'autres États membres devraient quitter cela augmente la volatilité, l'illiquidité et peut conduire à une détérioration de la situation économique la croissance dans les marchés touchés, ce qui affectera négativement les rendements du fonds investissement. 5 Résumé de la Fondation PLACEMENTS À RISQUE DANS LES ACTIFS IMMOBILIERS. Investir dans le réel les titres immobiliers sont affectés par la conjoncture économique, les taux d'intérêt, les actions du gouvernement et d'autres facteurs. De plus, le FPI est investi comporte des risques uniques. Ils sont fortement influencés par le marché immobilier actifs et dépend des compétences en gestion et des flux de trésorerie. Un FPI peut avoir des volumes de négociation plus faibles, ce qui peut entraîner un prix plus raide ou plus erroné changements que tous les marchés boursiers. Les FPI hypothécaires sont particulières soumis au risque de taux d'intérêt et de crédit. En plus de vos frais, le fonds couvrira indirectement sa part proportionnelle de toutes les ressources de gestion et autres les frais payés par les FPI investis. De nombreuses sociétés immobilières, y compris les FPI, l'effet de levier. RISQUE D'OFFRES PUBLIQUES INITIALES. Entreprises impliquées dans les premières activités publiques les transactions (IPO) ont généralement un historique opérationnel et des perspectives limités la rentabilité future est incertaine. Le marché des émetteurs IPO était instable, tandis que les cours des actions des sociétés nouvellement annoncées fluctuaient à court terme. L'achat d'un stock IPO peut associés à des coûts de transaction élevés. Risque d'investir dans d'autres fonds. Investir dans d'autres sociétés d'investissement y compris les fonds négociés en bourse (ETF), risquant le fonds investir dans des titres ou des actifs détenus par ces fonds. Quand lors d'un investissement dans un autre fonds, le fonds couvrira une part proportionnelle les coûts du fonds sous-jacent, y compris les frais de gestion, en plus de ses propres les dépenses. RISQUE DE TITRES CONVERTIBLES. Valeur marchande des titres convertibles ont tendance à diminuer avec la hausse des taux d'intérêt et vice versa avec la hausse des taux les taux d'intérêt baissent. Le ralentissement des marchés boursiers peut entraîner les titres convertibles devraient diminuer par rapport aux autres titres à revenu fixe. RISQUE DE STOCK PRÉPARÉ. Les actions privilégiées peuvent payer des taux fixes ou réglementés pour revenir. Les actions privilégiées sont soumises à un risque d'émetteur et de marché spécifique généralement applicable aux titres de participation. De plus, l'entreprise est privilégiée les actions ne versent généralement des dividendes qu'après que la société a effectué les paiements nécessaires à ses détenteurs d'obligations et autres créanciers. Par conséquent, la valeur des actions privilégiées réagira généralement plus fortement que les obligations et autres dettes aux changements perçus dans la situation financière ou les perspectives d'une entreprise. Boutique La valeur des actions privilégiées diminue généralement à mesure que les taux d'intérêt augmentent. Les actions privilégiées de petites sociétés pourraient être plus vulnérables changements que les actions souhaitées des grandes entreprises. 6e RISQUE DE GARANTIE ET ​​DE DROITS. Si le prix de l'action sous-jacente ne dépasser le prix d'exécution avant l'expiration du mandat, généralement le mandat expire sans aucune valeur et le fonds perd tout montant qu'il a payé mandat. Absence d'exercice du droit de souscription à l'achat d'actions ordinaires cela réduira la participation du fonds dans la société émettrice. RISQUE DE TITRES DE CRÉANCE. Facteurs pouvant contribuer au ralentissement du marché la valeur des titres de créance du Fonds comprend la hausse des taux d'intérêt si l'émetteur ou tout autre débiteur des titres du fonds ne paie pas le capital et / ou des intérêts, sinon le défaut ou sa cote de crédit est abaissé ou est perçus comme moins fiables que toute qualité ou valeur de crédit les actifs sous-jacents diminuent. Une hausse générale des taux d'intérêt peut avoir un impact négatif peut affecter le prix et la liquidité des titres à revenu fixe et peut également se produire avec un rachat accru du fonds. Le risque d'obligations indésirables est plus élevé par défaut ou par défaut et sont considérés comme spéculatifs. RISQUE DE SEGMENT DE MARCHÉ. Autant que la fondation le souligne, de temps en temps Investissant dans un segment de marché, le fonds sera soumis à une part plus importante particulièrement risqué pour ce segment et peut faire face à un plus grand marché fluctuation qu’un fonds sans le même objectif. Industries du segment financier telles que les banques, les compagnies d'assurance, les courtiers en valeurs mobilières et les fonds d'investissement immobilier (FPI) peuvent être sensibles l'évolution des taux d'intérêt et de l'activité économique générale et soumis à une réglementation gouvernementale extensive. RISQUE DÉRIVÉ. Utilisation de contrats à terme et d'options sur indices boursiers et d'autres dérivés peut augmenter les pertes de fonds et réduire les opportunités de profit aux prix du marché, les taux d'intérêt ou les dérivés eux-mêmes ne se comportent pas correctement fonds attendu. L'utilisation de dérivés peut augmenter la volatilité la valeur liquidative du Fonds et peut ne pas donner le résultat escompté. Les dérivés peuvent avoir un effet de levier sur le fonds. Certains dérivés ont un potentiel pertes illimitées quel que soit l'investissement initial du fonds. Les dérivés sont généralement soumis à l'actif, au taux d'intérêt, les indices ou autres indices sur lesquels le dérivé est basé. Changements la valeur du dérivé peut ne pas correspondre à l'actif ou à la mesure spécifié. Le fonds peut également avoir besoin d'être vendu au mauvais moment pour atteindre le fonds obligations. Les instruments financiers dérivés peuvent être difficiles à vendre, à vendre ou à évaluer l'autre partie peut manquer à ses obligations envers le fonds. Des dérivés peuvent être utilisés les conséquences fiscales du fonds sont différentes de l'investissement dans sécurité de base, et ces différences peuvent faire une différence 7e Résumé de la Fondation le montant, le calendrier et la nature des revenus distribués aux actionnaires. États-Unis d'Amérique. le gouvernement et les gouvernements étrangers acceptent et mise en œuvre de la réglementation des marchés dérivés, y compris les réglementations obligatoires obligations de compensation, de marge et de déclaration pour certains dérivés. L'impact final de la réglementation n'est pas clair. Supplémentaire les produits dérivés peuvent les rendre plus chers, limiter leur disponibilité ou leur utilité, autrement nuire à leurs opérations ou perturber les marchés. RISQUE DE CHANGEMENT. La valeur de votre investissement peut être plus volatile le risque est généralement accru si le fonds emprunte ou utilise des dérivés ou d'autres des investissements tels que les ETF avec effet de levier. Effet de levier généralement augmente l'effet de toute augmentation ou diminution de la valeur du fonds actifs sous-jacents et crée un risque de perte dans les d’actifs que le fonds n’aurait autrement, et pourraient donc être perdus de l'actif total. Ces opérations peuvent entraîner la liquidation du Fonds positions où il peut être inutile de remplir leurs obligations ou répondre aux exigences de séparation. RISQUES ENVIRONNEMENTAUX DANS LE PORTEFEUILLE. Si le fonds se négocie beaucoup, il peut arriver des coûts d'exploitation supplémentaires qui réduiraient la productivité. Niveau supérieur La rotation du portefeuille peut également entraîner des rendements pour les actionnaires plus élevés revenu imposable ou gains en capital. RISQUE D'ÉVALUATION. Le prix de vente que le fonds pourrait recevoir pour un les investissements de portefeuille peuvent différer de l'investissement évalué du fonds, en particulier les titres non liquides et les titres de faible valeur, ou marchés volatils ou mesurés à l'aide de techniques de juste valeur. Les investisseurs qui achètent ou rachètent des actions du fonds les jours où le fonds a sa juste valeur les titres peuvent recevoir moins ou plus d'actions ou un remboursement moins ou plus important les revenus qu’ils auraient perçus si le fonds n’avait pas procédé à une évaluation équitable titres ou autres techniques d'évaluation. Opportunités de financement La valeur des investissements peut également être affectée par des problèmes technologiques et / ou des erreurs dans la tarification des services ou d'autres fournisseurs de services tiers. RISQUE DE LIQUIDITÉ. Le fonds peut détenir certains titres et dérivés il est impossible ou difficile d'acheter, de vendre ou d'abandonner, surtout parfois l'agitation du marché. Les titres et produits dérivés non liquides peuvent également être difficiles valeurs. Si le fonds est contraint de vendre des actifs non liquides ou de renoncer à des dérivés le fonds peut être disponible pour répondre aux demandes de rachat ou à d'autres besoins de trésorerie forcé de vendre à perte. 8e RISQUE DE REDEMPTION. Le fonds peut connaître des rachats importants, ce qui peut entraîner des le fonds de liquider ses actifs au mauvais moment, à perte ou en baisse des valeurs susceptibles de réduire la valeur de votre investissement. RISQUE DE CYBERISATION. Défaillances de cybersécurité et violations de fonds conseiller, agent des transferts, distributeur, dépositaire, agent comptable en espèces ou autre les fournisseurs de services peuvent perturber les opérations du fonds, interférer avec les opérations du fonds possibilité de calculer votre valeur liquidative, d'empêcher les actionnaires du fonds d'acheter, le rachat ou l’échange d’actions ou la réception de distributions peut entraîner la perte de accès non autorisé aux informations des actionnaires privés et entraîner une perte financière dommages, pénalités réglementaires, pénalités, atteinte à la réputation ou dommages accessoires les coûts de mise en conformité. RISQUE DE CHARGES. Le coût réel de votre investissement dans le fonds peut être supérieur à les coûts indiqués dans les «coûts de fonctionnement annuels du Fonds» pour diverses raisons. Par exemple, le ratio des dépenses peut être supérieur à celui indiqué si le total net la richesse diminue. L'actif net peut diminuer et le ratio du coût des fonds augmentera davantage lorsque les marchés sont volatils. N'oubliez pas qu'il existe de nombreux autres facteurs qui peuvent vous nuire investissements et cela pourrait empêcher le fonds d'atteindre ses objectifs. Un investissement dans un fonds n'est pas un dépôt bancaire et n'est pas assuré ou garanti par la Federal Deposit Insurance Corporation ou tout autre gouvernement Agence. DERNIÈRES ACTIVITÉS DU FONDS Le graphique à barres et le tableau indiquent le risque et la volatilité de l'investissement montrant comment cette fondation fonctionnait dans le passé. Le graphique à barres montre Changements dans les actions du fonds de catégorie A d'une année civile à année civile. Le tableau ci-dessous montre les rendements annuels moyens pour chaque classe temps, et compare ces rendements avec Russell L'indice Midcap Value est une mesure de la performance globale du marché qui a caractéristiques liées aux stratégies d’investissement du fonds. Vous pouvez l'obtenir informations sur les performances des visites https://us.amundipioneer.com/products/mutual-funds/performance.html ou par téléphone au 1-800-225-6292. La performance passée du fonds (avant et après impôt) n'est pas nécessairement indiquer comment cela fonctionnera à l'avenir. Le fonds s'est concentré sur les titres de moyenne capitalisation en 1999. 9e Résumé de la Fondation Le graphique à barres ne représente aucune taxe de vente que vous pourriez payer lors de l'achat d'un fonds actions. Si ce montant était reflété, le rendement serait inférieur à celui indiqué. ACTIONS DE CATÉGORIE À REMBOURSEMENT ANNUEL (%) (Exercice terminé le 31 décembre) (Le graphique apparaît ICI) '10 '11 '12 '13 '14 '15 '15 '16 '17 '18 '19 17,75 -6,04 10,83 32,94 14,74 -6,42 16,10 12,85 -19,51 28,04
Laikotarpiui, kuriam taikoma juostinė diagrama: AUKŠČIAUSIO KALENDORIAUS GRĄŽINIMO GRĄŽINIMAS MOKĖJO 14,32 proc. (Nuo 2018-01-01 iki 2019-03-31). MAŽIAUSIAUSIAS KALENDORIUS GRYNASIS GRĄŽINIMAS -20,46% (2011-01-07 - 2011 09 30). 10e VIDUTINIS METINIS VISAS GRĄŽINIMAS (%) (laikotarpiais, pasibaigusiais 2019 m. gruodžio 31 d.) NENUMATYTAS ĮTAKIMAS                                          1 METAI 5 METAI 10 METŲ PRIĖMIMO DATA                                        -------- --------- ------------ ----------- ---------- A klasė 7/25/90 ------------------------------------- ----- ---- ---- - ----- ------- Grąža prieš mokesčius 20,65 3,56 8,34 9,68 ------------------------------------- ----- ---- ---- ----- -------- ------- Grąža sumokėjus paskirstymo mokesčius 20,19 1,83 6,79 7,95 ------------------------------------- ----- ---- ---- ----- -------- ------- Grąža sumokėjus paskirstymo mokesčius ir akcijų pardavimas 12,29 2,55 6,53 7,82 ------------------------------------- ----- ---- ---- ----- -------- ------- C klasė + 26.89 3.90 8.05 7.09 1/31/96 ------------------------------------- ----- ---- --------- -------- ------- Class K 28.46 NA NA 4.95 3/2/15 ------------------------------------- ----- ---- --------- -------- ------- Class R 27.50 4.36 8.58 8.73 4/1/03 ------------------------------------- ----- ---- --------- -------- ------- Class Y 28.27 5.05 9.32 7.60 7/2/98 ------------------------------------- ----- ---- --------- -------- ------- Russell Midcap Value Index (reflects no deduction for fees, expenses or taxes) 27.06 7.62 12.41 11.62 7/25/90 ------------------------------------- ----- ---- --------- -------- -------
+ The performance of Class C shares does not reflect the 1% front-end sales       charge in effect prior to February 1, 2004. If you paid a 1% sales       charge, your returns would be lower than those shown above. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A shares. After-tax returns for Class C, Class K, Class R and Class Y shares will vary.                                        11 Fund summary MANAGEMENT INVESTMENT ADVISER Amundi Pioneer Asset Management, Inc. PORTFOLIO MANAGEMENT Timothy P. Stanish, Vice President and EVA                        (economic value added) Analyst of Amundi                        Pioneer (lead portfolio manager) (portfolio manager of the fund since 2018); et                        Raymond Haddad, Vice President of Amundi                        Pioneer (portfolio manager of the fund since                         2018)
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 219427, Kansas City, MO 64121-9427, 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.                                        12 More on the fund's investment objective and strategies INVESTMENT OBJECTIVE Capital appreciation by investing in a diversified portfolio of securities consisting primarily of common stocks. The fund's investment objective may be changed without shareholder approval. The fund will provide at least 30 days' notice prior to implementing any change to its investment objective. PRINCIPAL INVESTMENT STRATEGIES Normally, the fund invests at least 80% of its total assets in equity securities of mid-size companies. Mid-size companies are those with market values, at the time of investment, that do not exceed the greater of the market capitalization of the largest company within the Russell Midcap Value Index ($43.80 billion as of December 31, 2019) or the 3-year rolling average of the market capitalization of the largest company within the Russell Midcap Value Index ($38.86 billion as of December 31, 2019), as measured at the end of the preceding month, and are not less than the smallest company within the index. The Russell Midcap Value Index measures the performance of U.S. mid-cap value stocks. The size of the companies in the index changes constantly with market conditions and the composition of the index. The equity securities in which the fund principally invests are common stocks, preferred stocks and depositary receipts, but the fund may invest in other types of equity securities to a lesser extent, such as funds that invest primarily in equity securities, equity interests in real estate investment trusts (REITs), warrants and rights. fund may invest in initial public offerings of equity securities. The fund may consider an ETF as a mid-size company for purposes of satisfying the fund's 80% policy if the ETF invests at least 80% of its net assets in the equity securities of mid-size companies. The fund will provide notice to shareholders at least 60 days prior to any change to its policy to invest at least 80% of its assets in equity securities of mid-size companies. The fund may invest up to 25% of its total assets in securities of non-U.S. issuers. The fund will not invest more than 5% of its total assets in the securities of emerging markets issuers. The fund does not count securities of Canadian issuers against the limit on investment in securities of non-U.S. issuers. The fund may invest up to 20% of its net assets in REITs.                                        13 More on the fund's investment objective and strategies The fund may invest up to 20% of its total assets in debt securities. 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 the adviser believes they are consistent with the fund's investment objective of capital appreciation, to diversify the fund's portfolio or for greater liquidity. The fund also may hold cash or other short-term investments. Amundi Pioneer Asset Management, Inc. ("Amundi Pioneer"), the fund's investment adviser, uses a value approach to select the fund's investments. Using this investment style, Amundi Pioneer seeks securities selling at reasonable prices or at substantial discounts to their underlying values and then holds these securities until the market values reflect their intrinsic values. Amundi Pioneer evaluates a security's potential value, including the attractiveness of its market valuation, based on the company's assets and prospects for earnings growth. In making that assessment, Amundi Pioneer employs fundamental research and an evaluation of the issuer based on its financial statements and operations, employing a bottom-up analytic style which focuses on specific securities rather than on industries. Amundi Pioneer relies on the knowledge, experience and judgment of its staff and the staff of its affiliates who have access to a wide variety of research. Amundi Pioneer focuses on the quality and price of individual issuers and securities, not on economic sector or market-timing strategies. Factors Amundi Pioneer looks for in selecting investments include: o Favorable expected returns relative to perceived risk o Management with demonstrated ability and commitment to the company o Low market valuations relative to earnings forecast, book value, cash flow   and sales o Turnaround potential for companies that have been through difficult periods o Estimated private market value in excess of current stock price. Private   market value is the price an independent investor would pay to own the   entire company o Issuer's industry has strong fundamentals, such as increasing or sustainable   demand and barriers to entry Amundi Pioneer generally sells a portfolio security when it believes that the security's market value reflects its underlying value. 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.                                        14 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 and emerging market governmental issuers. Emerging markets generally will include, but not be limited to, countries included in the Morgan Stanley Capital International (MSCI) Emerging + Frontier Markets Index. 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. DEBT SECURITIES The fund may invest in debt securities. Generally the fund may acquire debt securities that are investment grade, but the fund may 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:                                        15 More on the fund's investment objective and strategies o In an attempt to hedge against adverse changes in the market prices of   securities, interest rates or currency exchange rates o As a substitute for purchasing or selling securities o To attempt to increase the fund's return as a non-hedging strategy that may   be considered speculative o To manage portfolio characteristics (for example, the fund's exposure to   various market segments) o 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 In addition to the principal investment strategies discussed above, the fund may also use other techniques, including the following non-principal investment 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 16e 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 or meet segregation requirements. 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.                                        17 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 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, inflation, changes in interest or currency rates, lack of liquidity in the bond markets or adverse investor sentiment. 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 and terror attacks); measures to address budget deficits; downgrading of sovereign debt; changes in oil and commodity prices; dramatic changes in currency exchange rates; and public sentiment. U.S. and non-U.S. governments and central banks have provided significant support to financial markets, including by keeping interest rates at historically low levels. U.S. Federal Reserve or other U.S. or non-U.S. governmental or central bank actions, including interest rate increases 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), may in some instances contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the practical 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, terrorism, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers                                        18 located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may be negatively affected. fund may experience a substantial or complete loss on any individual security or derivative position. MID-SIZE COMPANIES RISK. Compared to large companies, mid-size companies, and the market for their equity securities, may be more sensitive to changes in earnings results and investor expectations, have more limited product lines and capital resources, experience sharper swings in market values, be harder to sell at the times and prices the adviser thinks appropriate, and offer greater potential for gain and loss. 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. PORTFOLIO SELECTION RISK. The adviser's judgment about a particular security or issuer, or about the economy or a particular sector, region or market segment, or about an investment strategy, may prove to be incorrect, or there may be imperfections, errors or limitations in the models, tools and information used by the adviser. 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: o Less information about non-U.S. issuers or markets may be available due to   less rigorous disclosure or accounting standards or regulatory practices o 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 o 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 o The economies of non-U.S. countries may grow at slower rates than expected or   may experience a downturn or recession o Economic, political, regulatory and social developments may adversely affect   the securities markets o 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                                        19 More on the risks of investing in the fund o Withholding and other non-U.S. taxes may decrease the fund's return.   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 o 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 o It is often more expensive for the fund to buy, sell and hold securities in   certain foreign markets than in the United States o 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 o 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 o 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. Un   number of 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"). Other countries may seek   to withdraw from the EU and/or abandon the euro, the common currency of the   EU. These events could negatively affect the value and liquidity of 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 o 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 o Sanctions or other government actions against a foreign nation could   negatively impact the fund's investments in securities that have exposure to   that nation                                        20 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: o 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 o 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 o 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 o A REIT in the fund's portfolio is, or is perceived by the market to be,   poorly managed o 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                                        21 More on the risks of investing in the fund 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 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 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 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 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), 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                                        22 fund's expenses, including management fees, in addition to its own expenses. ETFs are bought and sold based on market prices and can trade at a premium or a discount to the ETF's net asset value. RISKS OF CONVERTIBLE SECURITIES. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. As with all fixed income securities, the market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. However, when the market price of the common stock underlying a convertible security approaches or exceeds the conversion price, the convertible security tends to reflect the market price of the underlying common stock. As the market price of the underlying common stock declines, the convertible security tends to trade increasingly on a yield basis and thus may not decline in price to the same extent as the underlying common stock. Convertible securities rank senior to common stocks in an issuer's capital structure and consequently entail less risk than the issuer's common stock. The value of a synthetic convertible security will respond differently to market fluctuations than a traditional convertible security because a synthetic convertible security is composed of two or more separate securities or instruments, each with its own market value. If the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value. 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. Preferred stocks of smaller companies may be more vulnerable to adverse developments than preferred stocks of larger companies. 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                                        23 More on the risks of investing in the fund 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. 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. 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. 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 financial segment, such as banks, insurance companies, broker-dealers and real estate investment trusts (REITs), may be sensitive to changes in interest rates and general economic activity and are generally subject to extensive government regulation. 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                                        24 economic growth, interest rate changes, changes in consumer spending, legislative and governmental regulation and spending, import controls, commodity prices, and worldwide competition. Industries in the consumer discretionary segment, such as consumer durables, hotels, restaurants, media, retailing and automobiles, may be significantly affected by the performance of the overall economy, interest rates, competition, consumer confidence and spending, and changes in demographics and consumer tastes. 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. En utilisant 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. 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. 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.                                        25 More on the risks of investing in the fund The U.S. government and foreign governments are in the process of adopting and implementing regulations governing derivative markets, including mandatory clearing of certain derivatives, margin and reporting requirements. 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. 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. 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 or meet segregation requirements. 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                                        26 securities that trade in thin markets and/or markets that experience extreme volatility. The fund may value investments 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 fund had not fair-valued the securities or had used a different valuation methodology. value of foreign securities, 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 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. Liquidity and value of investments can deteriorate rapidly. When the fund holds illiquid investments, its portfolio may be harder to value, especially in changing markets. If the fund is forced to sell or unwind these investments to meet redemptions or for other cash needs, the fund may suffer a loss. 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 27 More on the risks of investing in the fund 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. 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, cause loss of or unauthorized access to private shareholder information, and result in financial losses, 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. À qui 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.                                        28 La gestion INVESTMENT ADVISER Amundi Pioneer, the fund's investment adviser, selects the fund's investments and oversees the fund's operations. Amundi Pioneer is an indirect, wholly owned subsidiary of Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc. Amundi, one of the world's largest asset managers, is headquartered in Paris, France. As of December 31, 2019, Amundi had more than $1.85 trillion in assets under management worldwide. As of December 31, 2019, Amundi Pioneer (and its U.S. affiliates) had over $91 billion in assets under management. Amundi Pioneer'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 Pioneer has received an order from the Securities and Exchange Commission that permits Amundi Pioneer, subject to the approval of the fund's Board of Trustees, to hire and terminate a subadviser that is not affiliated with Amundi Pioneer (an "unaffiliated subadviser") or to materially modify an existing subadvisory contract with an unaffiliated subadviser for the fund without shareholder approval. Amundi Pioneer 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 is the responsibility of Timothy P. Stanish, Vice President and EVA (economic value added) Analyst of Amundi Pioneer (lead portfolio manager) (portfolio manager of the fund since 2018); and Raymond Haddad, Vice President of Amundi Pioneer (portfolio manager of the fund since 2018). The domestic equity team supports Mr. Stanish and Mr. Haddad. Members of this team manage other Pioneer funds investing primarily in U.S. equity securities. The portfolio managers and the team also may draw upon the research and investment management expertise of the global research teams, which provide fundamental and quantitative research on companies and include members from one or more of Amundi Pioneer's affiliates. Mr. Stanish joined Amundi Pioneer in 2018. Prior to joining Amundi Pioneer, he was at EVA Dimensions LLC, where he served as Managing Director and Global Head of Fundamental Research from 2015                                        29 La gestion to 2018 and as a Senior Equity Analyst from 2012 to 2015. Mr. Haddad joined Amundi Pioneer in 2014. Prior to joining Amundi Pioneer, he was a General Partner at Cedrus Capital Management from 2011 to 2014. 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 Pioneer a fee for managing the fund and to cover the cost of providing certain services to the fund. Amundi Pioneer's fee varies based on: o The fund's assets. Amundi Pioneer earns an annual basic fee equal to 0.70% of   the fund's average daily net assets up to $500 million, 0.65% on the next   $500 million, 0.625% on the next $3 billion, and 0.60% on the excess over $4   billion. o The fund's performance. The investment performance of the fund is compared to   the Russell Midcap Value Index. The basic fee can increase or decrease by a   maximum of 0.10%, depending on the performance of the fund's Class A shares   relative to the index. The performance comparison is made for a rolling   36-month period. Amundi Pioneer's fee increases or decreases depending upon whether the fund's performance is up and down more or less than that of the index during the rolling 36-month performance period. Each percentage point of difference between the performance of Class A shares and the index (to a maximum of +/-10 percentage points) is multiplied by a performance rate adjustment of 0.01%. Comment a result, the maximum annualized rate adjustment is +/- 0.10% for the rolling 36-month performance period. In addition, Amundi Pioneer contractually limits any positive adjustment of the fund's management fee to 0.10% of the fund's average daily net assets on an annual basis (i.e., to a maximum annual fee of 0.80% after the performance adjustment). This performance comparison is made at the end of each month. An appropriate percentage of this rate (based on the number of days in the current month) is then applied to the fund's average net assets for the entire performance period, giving a dollar amount that will be added to (or subtracted from) the basic fee.                                        30 Because the adjustment to the basic fee is based on the comparative performance of the fund and the performance record of the index, the controlling factor is not whether fund performance is up or down, but whether it is up or down more or less than the performance record of the index, regardless of general market performance. As a result, Amundi Pioneer could earn the maximum possible fee even if the fund's net asset value declines. Moreover, the comparative investment performance of the fund is based solely on the relevant performance period without regard to the cumulative performance over a longer or shorter period of time. For the fiscal year ended October 31, 2019, the fund paid management fees (excluding waivers and/or assumption of expenses) equivalent to 0.58% 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 annual report to shareholders for the period ended October 31, 2019. DISTRIBUTOR Amundi Pioneer Distributor, Inc. is the fund's distributor. The fund compensates the distributor for its services. The distributor is an affiliate of Amundi Pioneer.                                        31 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 scheduled close of regular trading (normally 4:00 p.m. Eastern time). If the New York Stock Exchange closes at another time, the fund will calculate a net asset value for each class of shares as of the scheduled closing 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, us.amundipioneer.com. 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. The fund 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. Un pricing service may use market prices or quotations from one or more brokers or other sources, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. Un 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. 32 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 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. When independent third party pricing services are unable to supply prices for an investment, or when prices or market quotations are considered by Amundi Pioneer 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 Pioneer to be unreliable, the fund uses fair value methods to value its securities pursuant to procedures adopted by the Board of Trustees. The fund 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 - the fund may use fair value methods more frequently 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 the fund to value its 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.                                        33 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: o The eligibility requirements that apply to purchases of a particular share   class o The expenses paid by each class o The initial sales charges and contingent deferred sales charges (CDSCs), if   any, applicable to each class o Whether you qualify for any reduction or waiver of sales charges o How long you expect to own the shares o 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. 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.                                        34 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). Tout 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 o 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.                                        35 Choosing a class of shares o There is no contingent deferred sales charge, except in certain circumstances   when no initial sales charge is charged. o Distribution and service fees of 0.25% of average daily net assets. CLASS C SHARES o 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%. o Distribution and service fees of 1.00% of average daily net assets. o Maximum purchase amount (per transaction) of $499,999. o Effective September 1, 2018, Class C shares automatically convert to Class A   shares after 10 years. CLASS K SHARES o 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. o Initial investments by discretionary accounts and direct investors are   subject to a $5 million investment minimum, which may be waived in some   circumstances. o There is no investment minimum for other eligible investors. CLASS R SHARES o No initial or contingent deferred sales charge. o 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. o Generally, available only through certain tax-deferred retirement plans and   related accounts. CLASS Y SHARES o 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.                                        36 o Initial investments are subject to a $5 million investment minimum, which may   be waived in some circumstances. SHARE CLASS ELIGIBILITY CLASS K SHARES Class K shares are available to certain discretionary accounts at Amundi Pioneer or its affiliates, certain direct investors, other Pioneer funds, 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 Effective September 1, 2018, Class C shares automatically convert to Class A shares after 10 years. Conversions occur during the month of or following the 10-year anniversary of the share purchase date. Class C shares held for longer than 10 years as of September 1, 2018 converted to Class A shares in September 2018. 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                                        37 Choosing a class of shares 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 10 years. Class C shares held through group retirement plan recordkeeping platforms of certain financial intermediaries who hold such shares in an omnibus account and do not track participant level share lot aging to facilitate such a conversion will not be 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.                                        38 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 Pioneer 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 Pioneer 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 Pioneer 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                                        39 Distribution and service arrangements service fees. Amundi Pioneer 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. 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 Pioneer 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 Pioneer's promotional efforts. Amundi Pioneer 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 Pioneer 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 Pioneer personnel may make presentations on the Pioneer funds to the intermediary's sales force). À qui the extent intermediaries sell more shares of the Pioneer funds or retain shares of the Pioneer funds in their clients' accounts, Amundi Pioneer 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 Pioneer 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 Pioneer or the Pioneer funds, as well as about fees and/or commissions it charges. Amundi Pioneer 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                                        40 services, Amundi Pioneer or the Pioneer funds may compensate the intermediary for these services. In addition, your intermediary may have other relationships with Amundi Pioneer or its affiliates that are not related to the Pioneer funds.                                        41 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                                   ----------------------                                     OFFERING NET AMOUNT AMOUNT OF PURCHASE PRICE 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 Pioneer 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: o 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) o You plan to invest at least $50,000 over the next 13 months (Letter of   intent)                                        42 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. LETTER OF INTENT - CLASS A SHARES ONLY You can use a letter of intent to qualify for reduced sales charges in two situations: o 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 o 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 or Class C   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. Tout 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 Pioneer 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                                        43 Sales charges 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. 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 Pioneer or an affiliate. You can locate information regarding the reduction or waiver of sales charges free of charge on Amundi Pioneer's website at us.amundipioneer.com. 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: o Current or former trustees and officers of the fund; o Partners and employees of legal counsel to the fund (at the time of initial   share purchase); o Directors, officers, employees or sales representatives of Amundi Pioneer and   its affiliates (at the time of initial share purchase); o Directors, officers, employees or sales representatives of any subadviser or   a predecessor adviser (or their affiliates) to any investment company for   which Amundi Pioneer serves as investment adviser (at the time of initial   share purchase); o 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; o Employees of Regions Financial Corporation and its affiliates (at the time of   initial share purchase); o Members of the immediate families of any of the persons above; 44 o Any trust, custodian, pension, profit sharing or other benefit plan of the   foregoing persons; o Insurance company separate accounts; o Certain wrap accounts for the benefit of clients of investment professionals   or other financial intermediaries adhering to standards established by the   distributor; o Other funds and accounts for which Amundi Pioneer or any of its affiliates   serves as investment adviser or manager; o Investors in connection with certain reorganization, liquidation or   acquisition transactions involving other investment companies or personal   holding companies; o Certain unit investment trusts; o 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; o Group employer-sponsored retirement plans with accounts established with   Amundi Pioneer on or before March 31, 2004 with 100 or more eligible   employees or at least $500,000 in total plan assets; o 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; o Investors purchasing shares pursuant to the reinstatement privilege   applicable to Class A shares; o Redemption proceeds from a non-retirement account used by the shareholder to   purchase fund shares in an IRA or other individual-type retirement account: et o 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.                                        45 Sales charges 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 Pioneer 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 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 Pioneer on or before March 31, 2004).                                        46 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. o The CDSC is calculated on the current market value or the original cost of   the shares you are selling, whichever is less o You do not pay a CDSC on reinvested dividends or distributions o 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 o You may qualify for a waiver of the CDSC normally charged. See "Waiver or   reduction of contingent deferred sales charges" 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: o 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; o 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; o 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); o 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:                                        47 Sales charges   - 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 70 1/2,     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 Pioneer mutual fund in the     same class of shares, which will be subject to the CDSC of the shares originally held; ou   - 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); o 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 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; o The distribution is made pursuant to the fund's right to liquidate or   involuntarily redeem shares in a shareholder's account; o The distribution is made to pay an account's advisory or custodial fees; ou o 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.                                        48 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.                                        49 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 219427 Kansas City, MO 64121-9427 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                                        50 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 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 scheduled 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 scheduled 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: o You have provided adequate instructions o There are no outstanding claims against your account o There are no transaction limitations on your account o 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                                        51 Buying, exchanging and selling shares 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." 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 Pioneer, 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 opening a retirement plan account, 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 Pioneer. 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. 52 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; ou (b) The investment is made by another Pioneer fund; ou (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 Pioneer 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. À            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. 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. C'est tout 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:                                        53 Buying, exchanging and selling shares (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; ou (b) The investment is at least $1 million in any of the Pioneer mutual funds and the purchaser is an insurance company separate account; ou (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; ou (d) The investment is made by an employer-sponsored retirement plan            established for the benefit of (1) employees of Amundi Pioneer or            its affiliates, or (2) employees or the affiliates of broker-dealers who have a Class Y shares sales agreement with the distributor; ou (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 Pioneer 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                                        54 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; ou (f) The investment is made by another Pioneer fund. The fund reserves the right to waive the initial investment minimum in other circumstances. 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 $250. 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 Pioneer 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 Pioneer, 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: o You established your bank account of record at least 30 days ago                                        55 Buying, exchanging and selling shares o Your bank information has not changed for at least 30 days o You are not purchasing more than $100,000 worth of shares per account per day o 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 or online purchase instruction and good funds. C'est tout 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: o State Street Bank 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 o If State Street Bank 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 o Wire transfers normally take two or more hours to complete and a fee may be   charged by the sending bank o Wire transfers may be restricted on holidays and at certain other times                                        56 INSTRUCT YOUR BANK TO WIRE FUNDS TO: Receiving Bank: State Street Bank and Trust Company                          225 Franklin Street                          Boston, MA 02101                          ABA Routing No. 011000028 For further credit to: Shareholder Name                          Existing Pioneer Account No.                          Mid Cap 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. EXCHANGING You may, under certain circumstances, exchange your shares for shares of the same class of another Pioneer mutual fund. 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 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.                                        57 Buying, exchanging and selling shares 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: o 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 o The fund into which you are exchanging offers the same class of shares o You are not exchanging more than $500,000 worth of shares per account per day o You can provide the proper account identification information 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: o The name and signature of all registered owners o A signature guarantee for each registered owner if the amount of the exchange   is more than $500,000 o The name of the fund out of which you are exchanging and the name of the fund   into which you are exchanging o The class of shares you are exchanging o 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.                                        58 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. 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.                                        59 Buying, exchanging and selling shares 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 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: o By check, provided the check is made payable exactly as your account is   registered o By bank wire or by electronic funds transfer, provided the sale proceeds are   being sent to your bank address of record                                        60 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. 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 To request a transaction using FactFone/SM/ call 1-800-225-4321 BY MAIL Send your written instructions to: PIONEER FUNDS P.O. Box 219427 Kansas City, MO 64121-9427 AMUNDI PIONEER WEBSITE us.amundipioneer.com                                        61 Buying, exchanging and selling shares BY FAX Fax your exchange and sale requests to: 1-800-225-4240                                        62 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: o For new accounts, complete the online section of the account application o For existing accounts, complete an account options form, write to the      fund or complete the online authorization screen at us.amundipioneer.com To use online transactions, you must read and agree to the terms of an online transaction agreement available on the Amundi Pioneer 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.                                        63 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 Pioneer, 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 Pioneer mutual fund. 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: o You must select exchanges on a monthly or quarterly basis o Both the originating and receiving accounts must have identical registrations o 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.                                        64 (3) You may elect to have the full amount of any dividends and/or capital       gain distributions paid to you in cash. 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 59 1/2, 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. If you have a retirement plan account, you may only direct dividends to accounts with identical registrations. 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: o Your account must have a total value of at least $10,000 when you establish   your plan                                        65 Account options o 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. 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.                                        66 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: o You sell shares within a short period of time after the shares were   purchased; o You make two or more purchases and redemptions within a short period of time; o You enter into a series of transactions that indicate a timing pattern or strategy; ou o 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,                                        67 Shareholder services and policies 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. 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. Un 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. Un 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.                                        68 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. PURCHASES IN KIND You may use securities you own to purchase shares of the fund provided that Amundi Pioneer, 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: o You must send a written request to the fund no more than 90 days after   selling your shares and o 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                                        69 Shareholder services and policies 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 PIONEER WEBSITE US.AMUNDIPIONEER.COM The website includes a full selection of information on mutual fund investing. You can also use the website to get: o Your current account information o Prices, returns and yields of all publicly available Pioneer mutual funds o Prospectuses, statements of additional information and shareowner reports for   all the Pioneer mutual funds o A copy of Amundi Pioneer'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. FACTFONE/SM/ 1-800-225-4321 You can use FactFone/SM/ to: o Obtain current information on your Pioneer mutual fund accounts o Inquire about the prices of all publicly available Pioneer mutual funds o Make computer-assisted telephone purchases, exchanges and redemptions for   your fund accounts o Request account statements If you plan to use FactFone/SM/ 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 FactFone/SM/. If your account is registered in the name of a broker-dealer or other third party, you may not be able to use FactFone/SM/ to obtain account information. HOUSEHOLD DELIVERY OF FUND DOCUMENTS With your consent, Amundi Pioneer 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 Pioneer, by phone or in writing (see "How to contact us"). Amundi Pioneer will begin mailing separate proxy statements, prospectuses and shareowner reports to you within 30 days after receiving your notice.                                        70 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. 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 Pioneer'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 Pioneer's website. SIGNATURE GUARANTEES AND OTHER REQUIREMENTS You are required to obtain a signature guarantee when: o Requesting certain types of exchanges or sales of fund shares o 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. Un 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                                        71 Shareholder services and policies 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. TELEPHONE AND WEBSITE ACCESS You may have difficulty contacting the fund by telephone or accessing us.amundipioneer.com 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 Pioneer will adjust the hours for the telephone center and for online transaction processing accordingly. If you are unable to access us.amundipioneer.com 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: o reject any purchase or exchange order for any reason, without prior notice o 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 o 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: o charge transfer, shareholder servicing or similar agent fees, such as an   account maintenance fee for small balance accounts, directly to accounts                                        72 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 o close your account after a period of inactivity, as determined by state law,   and transfer your shares to the appropriate state                                        73 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 June and 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 rates of up to 20%. 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 U.S. federal income tax rates of up to 20%. "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.                                        74 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. 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. 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. C'est tout 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 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.                                        75 Dividends, capital gains and taxes 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. Cependant 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.                                        76 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. total returns in the table represent the rate that you would have earned or lost on an investment in Class A, Class C, Class K, Class R or Class Y shares of the fund (assuming reinvestment of all dividends and distributions). The information below for the fiscal years ended October 31, 2017 through October 31, 2019 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 information below for the periods ended on October 31, 2015 and October 31, 2016 was audited by another independent registered public accounting firm. The fund's annual report is incorporated by reference in the statement of additional information and is available upon request.                                        77 Financial highlights PIONEER MID CAP VALUE FUND CLASS A SHARES YEAR YEAR YEAR YEAR YEAR                                               ENDED ENDED ENDED ENDED ENDED                                             10/31/19 10/31/18 10/31/17 10/31/16* 10/31/15*                                         ---------------- ------------ ------------ ----------- ------------ Net asset value, beginning of period $ 22.50 $ 26.27 $ 23.66 $ 25.30 $ 28.37                                            -------- -------- -------- -------- -------- Increase (decrease) from investment  operations:  Net investment income (loss) (a) $ 0.18 $ 0.16 $ 0.11 $ 0.12 $ 0.14  Net realized and unrealized gain    (loss) on investments 2.36 (1.82) 4.10 0.58 (0.01)                                            -------- -------- -------- -------- --------    Net increase (decrease) from     investment operations $ 2.54 $ (1.66) $ 4.21 $ 0.70 $ 0.13 Distributions to shareowners:  Net investment income $ (0.18) $ (0.09) $ (0.11) $ (0.08) $ (0.11)  Net realized gain (2.09) (2.02) (1.49) (2.26) (3.09)                                            -------- -------- -------- -------- -------- Total distributions $ (2.27) $ (2.11) $ (1.60) $ (2.34) $ (3.20)                                            -------- -------- -------- -------- -------- Net increase (decrease) in net asset  value $ 0.27 $ (3.77) $ 2.61 $ (1.64) $ (3.07)                                            -------- -------- -------- -------- -------- Net asset value, end of period $ 22.77 $ 22.50 $ 26.27 $ 23.66 $ 25.30                                            -------- -------- -------- -------- -------- Total return (b) 12.44%(c) (7.05)% 18.56% 2.94% 0.22% Ratio of net expenses to average net  assets 1.06% 1.02% 1.04% 1.08% 1.05% Ratio of net investment income (loss)  to average net assets 0.85% 0.63% 0.43% 0.53% 0.54% Portfolio turnover rate 94% 78% 58% 70% 90% Net assets, end of period (in  thousands) $710,565 $710,468 $839,636 $791,576 $856,629
* The Fund was audited by an independent registered public accounting firm       other than Ernst & Young LLP. (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) If the Fund had not recognized gains in settlement of class action            lawsuits during the year ended October 31, 2019, the total return            would have been 12.34%.                                        78 PIONEER MID CAP VALUE FUND CLASS C SHARES YEAR YEAR YEAR YEAR YEAR                                               ENDED ENDED ENDED ENDED ENDED                                              10/31/19 10/31/18 10/31/17 10/31/16* 10/31/15*                                         ----------------- ------------------ ------------ ----------------- ------------ Net asset value, beginning of period $ 15.53 $ 18.82 $ 17.42 $ 19.29 $ 22.42                                             -------- --------- ------- -------- ------- Increase (decrease) from investment  operations:  Net investment income (loss) (a) $ (0.00)(b) $ (0.03) $ (0.07) $ (0.05)(b) $ (0.06)  Net realized and unrealized gain    (loss) on investments 1.57 (1.24) 2.96 0.44 0.02                                             -------- --------- ------- -------- -------    Net increase (decrease) from     investment operations $ 1.57 $ (1.27) $ 2.89 $ 0.39 $ (0.04) Distributions to shareowners:  Net investment income $ - $ - $ - $ - $ -  Net realized gain (2.09) (2.02) (1.49) (2.26) (3.09)                                             -------- --------- ------- -------- ------- Total distributions $ (2.09) $ (2.02) $ (1.49) $ (2.26) $ (3.09)                                             -------- --------- ------- -------- ------- Net increase (decrease) in net asset  value $ (0.52) $ (3.29) $ 1.40 $ (1.87) $ (3.13)                                             -------- --------- ------- -------- ------- Net asset value, end of period $ 15.01 $ 15.53 $ 18.82 $ 17.42 $ 19.29                                             -------- --------- ------- -------- ------- Total return (c) 11.40%(d) (7.77)%(e) 17.55% 2.13% (0.59)% Ratio of net expenses to average net  assets 1.94% 1.83% 1.87% 1.92% 1.90% Ratio of net investment income (loss)  to average net assets (0.01)% (0.15)% (0.40)% (0.30)% (0.31)% Portfolio turnover rate 94% 78% 58% 70% 90% Net assets, end of period (in  thousands) $ 13,845 $ 18,495 $48,840 $ 51,641 $60,473
* The Fund was audited by an independent registered public accounting firm       other than Ernst & Young LLP. (a) The per-share data presented above is based on the average shares            outstanding for the period presented. (b) Amount rounds to less than $0.01 per share. (c) The amount shown for a share outstanding does not correspond with            net investment income on the Statement of Operations due to timing            of the sales and repurchase of shares. (d) 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. (e) If the Fund had not recognized gains in settlement of class action            lawsuits during the year ended October 31, 2019, the total return            would have been 11.31%. (f) If the Fund had not recognized gains in settlement of class action            lawsuits during the year ended October 31, 2018, the total return            would have been (7.82)%. 79 Financial highlights PIONEER MID CAP VALUE FUND CLASS K SHARES YEAR YEAR YEAR YEAR                                               ENDED ENDED ENDED ENDED 3/2/15 TO                                             10/31/19 10/31/18 10/31/17 10/31/16* 10/31/15*                                         ---------------- ------------------ ---------- ----------- ------------------ Net asset value, beginning of period $ 22.56 $ 26.34 $ 23.72 $ 25.37 $ 26.76                                            -------- --------- ------- ------- --------- Increase (decrease) from investment  operations:  Net investment income (loss) (a) $ 0.26 $ 0.21 $ 0.19 $ 0.21 $ 0.15  Net realized and unrealized gain    (loss) on investments 2.34 (1.79) 4.11 0.58 (1.54)                                            -------- --------- ------- ------- ---------    Net increase (decrease) from     investment operations $ 2.60 $ (1.58) $ 4.30 $ 0.79 $ (1.39) Distributions to shareowners:  Net investment income $ (0.25) $ (0.18) $ (0.19) $ (0.18) $ -  Net realized gain (2.09) (2.02) (1.49) (2.26) -                                            -------- --------- ------- ------- --------- Total distributions $ (2.34) $ (2.20) $ (1.68) $ (2.44) $ -                                            -------- --------- ------- ------- --------- Net increase (decrease) in net asset  value $ 0.26 $ (3.78) $ 2.62 $ (1.65) $ (1.39)                                            -------- --------- ------- ------- --------- Net asset value, end of period $ 22.82 $ 22.56 $ 26.34 $ 23.72 $ 25.37                                            -------- --------- ------- ------- --------- Total return (b) 12.83%(c) (6.75)%(d) 18.98% 3.36% (5.19)%(e) Ratio of net expenses to average net  assets 0.69% 0.68% 0.68% 0.71% 0.65%(f) Ratio of net investment income (loss)  to average net assets 1.23% 0.83% 0.74% 0.91% 0.85%(f) Portfolio turnover rate 94% 78% 58% 70% 0.90% Net assets, end of period (in  thousands) $ 1,554 $ 1,693 $26,373 $12,693 $ 16,103
* The Fund was audited by an independent registered public accounting firm       other than Ernst & Young LLP. (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 in settlement of class action            lawsuits during the year ended October 31, 2019, the total return            would have been 12.76%. (d) If the Fund had not recognized gains in settlement of class action            lawsuits during the year ended October 31, 2018, the total return            would have been (6.80)%. (e) Not Annualized. (f) Annualized.                                        80 PIONEER MID CAP VALUE FUND CLASS R SHARES YEAR YEAR YEAR YEAR YEAR                                               ENDED ENDED ENDED ENDED ENDED                                             10/31/19 10/31/18 10/31/17 10/31/16* 10/31/15*                                         ---------------- ------------ -------------- ----------- ------------- Net asset value, beginning of period $ 21.94 $ 25.70 $ 23.18 $ 24.84 $ 27.91                                            -------- ------- ------- ------- ------- Increase (decrease) from investment  operations:  Net investment income (loss) (a) $ 0.09 $ 0.04 $ 0.00(b) $ 0.03 $ 0.04  Net realized and unrealized gain    (loss) on investments 2.31 (1.78) 4.02 0.57 0.00(b)                                            -------- ------- ------- ------- -------    Net increase (decrease) from     investment operations $ 2.40 $ (1.74) $ 4.02 $ 0.60 $ 0.04 Distributions to shareowners:  Net investment income $ (0.07) $ - $ (0.01) $ - $ (0.02)  Net realized gain (2.09) (2.02) (1.49) (2.26) (3.09)                                            -------- ------- ------- ------- ------- Total distributions $ (2.16) $ (2.02) $ (1.50) $ (2.26) $ (3.11)                                            -------- ------- ------- ------- ------- Net increase (decrease) in net asset  value $ 0.24 $ (3.76) $ 2.52 $ (1.66) $ (3.07)                                            -------- ------- ------- ------- ------- Net asset value, end of period $ 22.18 $ 21.94 $ 25.70 $ 23.18 $ 24.84                                            -------- ------- ------- ------- ------- Total return (c) 11.97%(d) (7.50)% 18.11% 2.54% (0.16)% Ratio of net expenses to average net  assets 1.47% 1.48% 1.46% 1.47% 1.44% Ratio of net investment income (loss)  to average net assets 0.45% 0.18% 0.02% 0.15% 0.16% Portfolio turnover rate 94% 78% 58% 70% 90% Net assets, end of period (in  thousands) $ 9,814 $10,244 $14,579 $15,462 $21,023
* The Fund was audited by an independent registered public accounting firm       other than Ernst & Young LLP. (a) The per-share data presented above is based on the average shares            outstanding for the period presented. (b) Amount rounds to less than $0.01 per share. (c) 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. (d) If the Fund had not recognized gains in settlement of class action            lawsuits during the year ended October 31, 2019, the total return            would have been 11.87%.                                        81 Financial highlights PIONEER MID CAP VALUE FUND CLASS Y SHARES YEAR YEAR YEAR YEAR YEAR                                               ENDED ENDED ENDED ENDED ENDED                                             10/31/19 10/31/18 10/31/17 10/31/16* 10/31/15*                                         ---------------- ------------ ---------- ----------- ---------- Net asset value, beginning of period $ 24.26 $ 28.16 $ 25.25 $ 26.84 $ 29.91                                            -------- ------- ------- ------- ------- Increase (decrease) from investment  operations:  Net investment income (loss) (a) $ 0.25 $ 0.23 $ 0.18 $ 0.19 $ 0.25  Net realized and unrealized gain    (loss) on investments 2.55 (1.97) 4.38 0.63 (0.02)                                            -------- ------- ------- ------- -------    Net increase (decrease) from     investment operations $ 2.80 $ (1.74) $ 4.56 $ 0.82 $ 0.23 Distributions to shareowners:  Net investment income $ (0.23) $ (0.14) $ (0.16) $ (0.15) $ (0.21)  Net realized gain (2.09) (2.02) (1.49) (2.26) (3.09)                                            -------- ------- ------- ------- ------- Total distributions $ (2.32) $ (2.16) $ (1.65) $ (2.41) $ (3.30)                                            -------- ------- ------- ------- ------- Net increase (decrease) in net asset  value $ 0.48 $ (3.90) $ 2.91 $ (1.59) $ (3.07)                                            -------- ------- ------- ------- ------- Net asset value, end of period $ 24.74 $ 24.26 $ 28.16 $ 25.25 $ 26.84                                            -------- ------- ------- ------- ------- Total return (b) 12.70%(c) (6.85)% 18.85% 3.23% 0.53% Ratio of net expenses to average net  assets 0.82% 0.78% 0.81% 0.82% 0.73% Ratio of net investment income (loss)  to average net assets 1.08% 0.88% 0.66% 0.79% 0.90% Portfolio turnover rate 94% 78% 58% 70% 90% Net assets, end of period (in  thousands) $ 27,724 $27,410 $39,423 $33,339 $31,294
* The Fund was audited by an independent registered public accounting firm       other than Ernst & Young LLP. (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 in settlement of class action            lawsuits during the year ended October 31, 2019, the total return            would have been 12.60%.                                        82 Intermediary defined sales charge waiver policies AMERIPRISE FINANCIAL Effective July 1, 2018, shareholders purchasing fund shares through an Ameriprise Financial platform or 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. CLASS A SHARES FRONT-END SALES CHARGE WAIVERS AVAILABLE AT AMERIPRISE FINANCIAL: o 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. o Shares purchased through an Ameriprise Financial investment advisory program   (if an Advisory or similar share class for such investment advisory program   is not available). o Shares purchased by third party investment advisors on behalf of their   advisory clients through Ameriprise Financial's platform (if an Advisory or   similar share class for such investment advisory program is not available). o 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). o Shares exchanged from Class C shares of the same fund in the month of or   following the 10-year anniversary of the purchase date. To the extent that   this prospectus elsewhere provides for a waiver with respect to such shares   following a shorter holding period, that waiver will apply to exchanges   following such shorter period. To the extent that this prospectus elsewhere   provides for a waiver with respect to exchanges of Class C shares for load   waived shares, that waiver will also apply to such exchanges. o Employees and registered representatives of Ameriprise Financial or its   affiliates and their immediate family members. o 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,                                        83 Intermediary defined sales charge waiver policies   step-son, daughter, step-daughter, grandson, granddaughter, great grandson,   great granddaughter) or any spouse of a covered family member who is a   lineal descendant. o 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   (i.e., Rights of Reinstatement). EDWARD D. JONES & CO. MUTUAL FUND POLICIES SALES WAIVERS AND REDUCTIONS IN SALES CHARGES Effective on or after May 1, 2020, 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 breakpoints and waivers described elsewhere in the mutual fund prospectus or 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 breakpoints or waivers. Edward Jones can ask for documentation of such circumstance. BREAKPOINTS RIGHTS OF ACCUMULATION (ROA) o The applicable sales charge on a purchase of Class A shares is determined by   taking into account all share classes (except any money market funds and   retirement plan share classes) of (the mutual fund family) 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").   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 rights of accumulation calculation is dependent on the shareholder   notifying his or her financial advisor of such assets at the time of   calculation. o ROA is determined by calculating the higher of cost or market value (current   shares x NAV). LETTER OF INTENT (LOI) o 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                                        84 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 his or her   financial advisor of such assets at the time of calculation. Purchases made   before the LOI is received by Edward Jones are not covered under the LOI and   will not reduce the sales charge previously paid. Sales charges will be   adjusted if LOI is not met. SALES CHARGE WAIVERS Sales charges are waived for the following shareholders and in the following situations: o 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. o Shares purchased in an Edward Jones fee-based program. o Shares purchased through reinvestment of capital gains distributions and   dividend reinvestment. o 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 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. o 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. o 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                                        85 Intermediary defined sales charge waiver policies 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: o The death or disability of the shareholder o Systematic withdrawals with up to 10% per year of the account value o Return of excess contributions from an Individual Retirement Account (IRA) o 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 o Shares sold to pay Edward Jones fees or costs in such cases where the   transaction is initiated by Edward Jones o Shares exchanged in an Edward Jones fee-based program o Shares acquired through NAV reinstatement OTHER IMPORTANT INFORMATION 1.1 Minimum Purchase Amounts o $250 initial purchase minimum o $50 subsequent purchase minimum 1.2 Minimum Balances o 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   - A 529 account held on an Edward Jones platform   - An account with an active systematic investment plan or letter of intent     (LOI) 1.3 Changing Share Classes o 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. 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.                                        86 FRONT-END SALES CHARGE* WAIVERS ON CLASS A SHARES AVAILABLE AT JANNEY o 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). o Shares purchased by employees and registered representatives of Janney or its   affiliates and their family members as designated by Janney. o 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). o 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. o Shares acquired through a right of reinstatement. o 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 o Shares sold upon the death or disability of the shareholder. o Shares sold as part of a systematic withdrawal plan as described in the   fund's prospectus. o Shares purchased in connection with a return of excess contributions from an   IRA account. o 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 o Shares sold to pay Janney fees but only if the transaction is initiated by   Janney. o Shares acquired through a right of reinstatement. o 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 o Breakpoints as described in the fund's prospectus. o Rights of accumulation ("ROA"), which entitle shareholders to breakpoint   discounts, will be automatically calculated based on the aggregated holding 87 Intermediary defined sales charge waiver policies   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. o 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. FRONT-END SALES CHARGE WAIVERS ON CLASS A SHARES AVAILABLE AT MERRILL LYNCH o 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 o Shares purchased by a 529 Plan (does not include 529 Plan units or   529-specific share classes or equivalents)                                        88 o Shares purchased through a Merrill Lynch affiliated investment advisory   program o 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 o Shares purchased by third party investment advisors on behalf of their   advisory clients through Merrill Lynch's platform o Shares of funds purchased through the Merrill Edge Self-Directed platform (if   applicable) o 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) o 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 o Employees and registered representatives of Merrill Lynch or its affiliates   and their family members o Directors or Trustees of the fund, and employees of the fund's investment   adviser or any of its affiliates, as described in this prospectus o 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 o Death or disability of the shareholder o Shares sold as part of a systematic withdrawal plan as described in the   fund's prospectus o Return of excess contributions from an IRA Account o Shares sold as part of a required minimum distribution for IRA and retirement   accounts pursuant to the Internal Revenue Code o Shares sold to pay Merrill Lynch fees but only if the transaction is   initiated by Merrill Lynch o Shares acquired through a right of reinstatement                                        89 Intermediary defined sales charge waiver policies o 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) o 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 o Breakpoints as described in this prospectus. o 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 o 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 o 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 o Morgan Stanley employee and employee-related accounts according to Morgan   Stanley's account linking rules o Shares purchased through reinvestment of dividends and capital gains   distributions when purchasing shares of the same fund                                        90 o Shares purchased through a Morgan Stanley self-directed brokerage account o 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 o 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. 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 o Shares purchased in an investment advisory program. o Shares purchased within the same fund family through a systematic   reinvestment of capital gains and dividend distributions. o Employees and registered representatives of Raymond James or its affiliates   and their family members as designated by Raymond James. o 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). o 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.                                        91 Intermediary defined sales charge waiver policies CDSC WAIVERS ON CLASS A AND CLASS C SHARES AVAILABLE AT RAYMOND JAMES o Death or disability of the shareholder. o Shares sold as part of a systematic withdrawal plan as described in the   fund's prospectus. o Return of excess contributions from an IRA Account. o 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. o Shares sold to pay Raymond James fees but only if the transaction is   initiated by Raymond James. o Shares acquired through a right of reinstatement. FRONT-END LOAD DISCOUNTS AVAILABLE AT RAYMOND JAMES: BREAKPOINTS, RIGHTS OF ACCUMULATION AND/OR LETTERS OF INTENT o Breakpoints as described in this prospectus. o 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. o 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.                                        92 Pioneer Mid Cap 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 us.amundipioneer.com The fund makes available the statement of additional information and shareowner reports, free of charge, on the fund's website at us.amundipioneer.com. You also may find other information and updates about Amundi Pioneer 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 March 1, 2020, 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: publicinfo@sec.gov. (Investment Company Act file no. 811-06106) (GRAPHIC APPEARS HERE) AMUNDI PIONEER DISTRIBUTOR, INC. 60 STATE STREET 18775-17-0320 BOSTON, MA 02109 (Copyright)2020 Amundi Pioneer Distributor, Inc. US.AMUNDIPIONEER.COM Member SIPC
(GRAPHIC APPEARS HERE) Amundi Pioneer Asset Management, Inc. 60 State Street Boston, MA 02109 us.amundipioneer.com This is not part of the prospectus. 18775-17-0320 (Copyright)2020 Amundi Pioneer Distributor, Inc. Underwriter of Pioneer mutual funds Member SIPC PIONEER MID CAP VALUE FUND -------------------------------------------------------------------------------- 60 State Street Boston, Massachusetts 02109                                                          CLASS A SHARES (PCGRX)                                                          CLASS C SHARES (PCCGX)                                                          CLASS K SHARES (PMCKX)                                                          CLASS R SHARES (PCMRX)                                                          CLASS Y SHARES (PYCGX)                       Statement of Additional Information                                  March 1, 2020 This statement of additional information is not a prospectus. It should be read in conjunction with the fund's Class A, Class C, Class K, Class R and Class Y shares prospectus dated March 1, 2020, as supplemented or revised from time to time. A copy of the prospectus can be obtained free of charge by calling the fund at 1-800-225-6292 or by written request to the fund at 60 State Street, Boston, Massachusetts 02109. You can also obtain a copy of the prospectus from our website at: us.amundipioneer.com. The fund's financial statements for the fiscal year ended October 31, 2019, including the independent registered public accounting firm's report thereon, are incorporated into this statement of additional information by reference.                             CONTENTS                             --------------------------------------------------- PAGE 1. Fund history............................................... 1    2. Investment policies, risks and restrictions................ 1    3. Trustees and officers...................................... 31    4. Investment adviser......................................... 40    5. Principal underwriter and distribution plan................ 45    6. Shareholder servicing/transfer agent....................... 48    7. Custodian and sub-administrator............................ 48    8. Independent registered public accounting firm.............. 48    9. Portfolio management....................................... 48   10. Portfolio transactions..................................... 51   11. Description of shares...................................... 52   12. Sales charges.............................................. 56   13. Redeeming shares........................................... 62   14. Telephone and online transactions.......................... 63   15. Pricing of shares.......................................... 64   16. Tax status................................................. 65   17. Financial statements....................................... 73   18. Annual fee, expense and other information.................. 73   19. Appendix A - Description of short-term debt, corporate bond          and preferred stock ratings//.............................. 78   20. Appendix B - Proxy voting policies and procedures.......... 82
(GRAPHIC APPEARS HERE) 1. FUND HISTORY The fund is a diversified open-end management investment company. The fund is a series of Pioneer Mid Cap Value Fund (the "Trust"). The fund was originally organized as a series of Pioneer Growth Trust, a Massachusetts business trust, on April 7, 1990. It was reorganized as a Delaware statutory trust on June 30, 1998. Prior to February 28, 2000, the fund's name was "Pioneer Capital Growth Fund." Prior to February 27, 2002, the fund's name was "Pioneer Mid-Cap Value Fund." Amundi Pioneer Asset Management Inc. ("Amundi Pioneer") is the fund's investment adviser. 2. INVESTMENT POLICIES, RISKS AND RESTRICTIONS The prospectus presents the investment objective and the principal investment strategies and risks of the fund. This section supplements the disclosure in the fund's prospectus and provides additional information on the fund's investment policies or restrictions. Restrictions or policies stated as a maximum percentage of the fund's assets are only applied immediately after a portfolio investment to which the policy or restriction is applicable (other than the limitations on borrowing and illiquid securities). Accordingly, any later increase or decrease in a percentage resulting from a change in values, net assets or other circumstances will not be considered in determining whether the investment complies with the fund's restrictions and policies. EQUITY SECURITIES AND RELATED INVESTMENTS INVESTMENTS IN EQUITY SECURITIES Equity securities, such as common stock, generally represent an ownership interest in a company. While equity securities have historically generated higher average returns than fixed income securities, equity securities have also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of a particular equity security held by the fund. Also, the prices of equity securities, particularly common stocks, are sensitive to general movements in the stock market. A drop in the stock market may depress the price of equity securities held by the fund. WARRANTS AND STOCK PURCHASE RIGHTS The fund may invest in warrants, which are securities permitting, but not obligating, their holder to subscribe for other securities. Warrants do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holders to purchase, and they do not represent any rights in the assets of the issuer. The fund may also invest in stock purchase rights. Stock purchase rights are instruments, frequently distributed to an issuer's shareholders as a dividend, that entitle the holder to purchase a specific number of shares of common stock on a specific date or during a specific period of time. The exercise price on the rights is normally at a discount from market value of the common stock at the time of distribution. The rights do not carry with them the right to dividends or to vote and may or may not be transferable. Stock purchase rights are frequently used outside of the United States as a means of raising additional capital from an issuer's current shareholders. As a result, an investment in warrants or stock purchase rights may be considered more speculative than certain other types of investments. À addition, the value of a warrant or a stock purchase right does not necessarily change with the value of the underlying securities, and warrants and stock purchase rights expire worthless if they are not exercised on or prior to their expiration date. PREFERRED SHARES The fund may invest in preferred shares. Preferred shares are equity securities, but they have many characteristics of fixed income securities, such as a fixed dividend payment rate and/or a liquidity preference over the issuer's common shares. However, because preferred shares are equity securities, they may be more susceptible to risks traditionally associated with equity investments than the fund's fixed income securities. 1 Preferred stocks may differ in many of their provisions. Among the features that differentiate preferred stocks from one another are the dividend rights, which may be cumulative or noncumulative and participating or non-participating, redemption provisions, and voting rights. Such features will establish the income return and may affect the prospects for capital appreciation or risks of capital loss. The market prices of preferred stocks are subject to changes in interest rates and are more sensitive to changes in an issuer's creditworthiness than are the prices of debt securities. Shareholders of preferred stock may suffer a loss of value if dividends are not paid. Under ordinary circumstances, preferred stock does not carry voting rights. INVESTMENTS IN INITIAL PUBLIC OFFERINGS Companies involved in initial public offering (IPOs) generally have limited operating histories, and prospects for future profitability are uncertain. 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 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. NON-U.S. INVESTMENTS EQUITY SECURITIES OF NON-U.S. ISSUERS The fund may invest in equity securities of non-U.S. issuers, including American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") and other similar instruments. DEBT OBLIGATIONS OF NON-U.S. GOVERNMENTS The fund may invest in all types of debt obligations of non-U.S. governments. An investment in debt obligations of non-U.S. governments and their political subdivisions (sovereign debt) involves special risks that are not present in corporate debt obligations. The non-U.S. issuer of the sovereign debt or the non-U.S. governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the fund may have limited recourse in the event of a default. As a sovereign entity, the issuing government may be immune from lawsuits in the event of its failure or refusal to pay the obligations when due. During periods of economic uncertainty, the values of sovereign debt and of securities of issuers that purchase sovereign debt may be more volatile than prices of debt obligations of U.S. issuers. In the past, certain non-U.S. countries have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest, declared moratoria on the payment of principal and interest on their sovereign debt, or restructured their debt to effectively eliminate portions of it, and similar occurrences may happen in the future. There is no bankruptcy proceeding by which sovereign debt on which governmental entities have defaulted may be collected in whole or in part. A sovereign debtor's willingness or ability to repay principal and pay interest in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign currency reserves, the availability of sufficient foreign exchange, the relative size of the debt service burden, the sovereign debtor's policy toward its principal international lenders and local political constraints. Sovereign debtors may also be dependent on disbursements or assistance from non-U.S. governments, multinational agencies and other entities to reduce principal and interest arrearages on their debt. Assistance may be dependent on a country's implementation of austerity measures and reforms, which measures may limit or be perceived to limit economic growth and recovery. The failure of a sovereign debtor to implement economic reforms, 2 achieve specified levels of economic performance or repay principal or interest when due may result in the cancellation of third-party commitments to lend funds to the sovereign debtor, which may further impair such debtor's ability or willingness to service its debts. EURODOLLAR INSTRUMENTS AND SAMURAI AND YANKEE BONDS. The fund may invest in Eurodollar instruments and Samurai and Yankee bonds. Eurodollar instruments are bonds of corporate and government issuers that pay interest and principal in U.S. dollars but are issued in markets outside the United States, primarily in Europe. Samurai bonds are yen-denominated bonds sold in Japan by non-Japanese issuers. Yankee bonds are U.S. dollar denominated bonds typically issued in the U.S. by non-U.S. governments and their agencies and non-U.S. banks and corporations. The fund may also invest in Eurodollar Certificates of Deposit ("ECDs"), Eurodollar Time Deposits ("ETDs") and Yankee Certificates of Deposit ("Yankee CDs"). ECDs are U.S. dollar-denominated certificates of deposit issued by non-U.S. branches of domestic banks; ETDs are U.S. dollar-denominated deposits in a non-U.S. branch of a U.S. bank or in a non-U.S. bank; and Yankee CDs are U.S. dollar-denominated certificates of deposit issued by a U.S. branch of a non-U.S. bank and held in the U.S. These investments involve risks that are different from investments in securities issued by U.S. issuers, including potential unfavorable political and economic developments, non-U.S. withholding or other taxes, seizure of non-U.S. deposits, currency controls, interest limitations or other governmental restrictions which might affect payment of principal or interest. RISKS OF NON-U.S. INVESTMENTS. Investing in securities of non-U.S. issuers involves considerations and risks not typically associated with investing in the securities of issuers in the U.S. These risks are heightened with respect to investments in countries with emerging markets and economies. The risks of investing in securities of non-U.S. issuers generally, or in issuers with significant exposure to non-U.S. markets, may be related, among other things, to (i) differences in size, liquidity and volatility of, and the degree and manner of regulation of, the securities markets of certain non-U.S. markets compared to the securities markets in the U.S.; (ii) economic, political and social factors; and (iii) foreign exchange matters, such as restrictions on the repatriation of capital, fluctuations in exchange rates between the U.S. dollar and the currencies in which the portfolio securities are quoted or denominated, exchange control regulations and costs associated with currency exchange. political and economic structures in certain countries, particularly emerging markets, may undergo significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristic of more developed countries. NON-U.S. SECURITIES MARKETS AND REGULATIONS. There may be less publicly available information about non-U.S. markets and issuers than is available with respect to U.S. securities and issuers. Non-U.S. companies generally are not subject to accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies. The trading markets for most non-U.S. securities are generally less liquid and subject to greater price volatility than the markets for comparable securities in the U.S. The markets for securities in certain emerging markets are in the earliest stages of their development. Even the markets for relatively widely traded securities in certain non-U.S. markets, including emerging market countries, may not be able to absorb, without price disruptions, a significant increase in trading volume or trades of a size customarily undertaken by institutional investors in the U.S. Additionally, market making and arbitrage activities are generally less extensive in such markets, which may contribute to increased volatility and reduced liquidity. The less liquid a market, the more difficult it may be for the fund to accurately price its portfolio securities or to dispose of such securities at the times determined by Amundi Pioneer to be appropriate. The risks associated with reduced liquidity may be particularly acute in situations in which the fund's operations require cash, such as in order to meet redemptions and to pay its expenses. ECONOMIC, POLITICAL AND SOCIAL FACTORS. Certain countries, including emerging markets, may be subject to a greater degree of economic, political and social instability than in the U.S. and Western European countries. Such instability may result from, among other things: (i) authoritarian governments or military involvement in political and economic decision making; (ii) popular unrest associated with demands for improved economic, political and social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring countries; and (v) ethnic, religious and racial conflict. Such economic, political and social 3 instability could significantly disrupt the financial markets in such countries and the ability of the issuers in such countries to repay their obligations. À addition, it may be difficult for the fund to pursue claims against a foreign issuer in the courts of a foreign country. Investing in emerging market countries also involves the risk of expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on repatriation of capital invested. In the event of such expropriation, nationalization or other confiscation in any emerging country, the fund could lose its entire investment in that country. Sanctions or other government actions against a foreign nation could negatively impact the fund's investments in securities that have exposure to that nation. Certain emerging market countries restrict or control foreign investment in their securities markets to varying degrees. These restrictions may limit the fund's investment in those markets and may increase the expenses of the fund. In addition, the repatriation of both investment income and capital from certain markets is subject to restrictions such as the need for certain governmental consents. Even where there is no outright restriction on repatriation of capital, the mechanics of repatriation may affect certain aspects of the fund's operation. Economies in individual countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, currency valuation, capital reinvestment, resource self-sufficiency and balance of payments positions. Many countries have experienced substantial, and in some cases extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, very negative effects on the economies and securities markets of certain emerging countries. Unanticipated political or social developments may affect the values of the fund's investments and the availability to the fund of additional investments in such countries. In the past, the economies, securities and currency markets of many emerging markets have experienced significant disruption and declines. There can be no assurance that these economic and market disruptions might not occur again. Economies in emerging market countries generally are dependent heavily upon international trade and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been, and may continue to be, affected adversely and significantly by economic conditions in the countries with which they trade. A number of countries in Europe have experienced severe economic and financial difficulties. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts; many other issuers have faced difficulties obtaining credit or refinancing existing obligations; financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within and beyond Europe. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. On January 31, 2020, the United Kingdom withdrew from the European Union. Given the size and importance of the United Kingdom's economy, uncertainty about its relationship with the remaining member states of the European Union may continue to be a source of instability. Moreover, other countries may seek to withdraw from the European Union and/or abandon the euro, the common currency of the European L'Union. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. The Ukraine has experienced ongoing military conflict; this conflict may expand and military conflicts could potentially occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geopolitical issues are not known but could profoundly                                        4 affect global economies and markets. Whether or not the fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the fund's investments due to the interconnected nature of the global economy and capital markets. CURRENCY RISKS. The value of the securities quoted or denominated in foreign currencies may be adversely affected by fluctuations in the relative currency exchange rates and by exchange control regulations. The fund's investment performance may be negatively affected by a devaluation of a currency in which the fund's investments are quoted or denominated. Further, the fund's investment performance may be significantly affected, either positively or negatively, by currency exchange rates because the U.S. dollar value of securities quoted or denominated in another currency will increase or decrease in response to changes in the value of such currency in relation to the U.S. dollar. CUSTODIAN SERVICES AND RELATED INVESTMENT COSTS. Custodial services and other costs relating to investment in international securities markets generally are more expensive than in the U.S. Such markets have settlement and clearance procedures that differ from those in the U.S. In certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. inability of the fund to make intended securities purchases due to settlement problems could cause the fund to miss attractive investment opportunities. Inability to dispose of a portfolio security caused by settlement problems could result either in losses to the fund due to a subsequent decline in value of the portfolio security or could result in possible liability to the fund. À addition, security settlement and clearance procedures in some emerging countries may not fully protect the fund against loss or theft of its assets. WITHHOLDING AND OTHER TAXES. The fund may be subject to taxes, including withholding taxes, on income (possibly including, in some cases, capital gains) that are or may be imposed by certain countries with respect to the fund's investments in such countries. These taxes may reduce the return achieved by the fund. Treaties between the U.S. and such countries may not be available to reduce the otherwise applicable tax rates. INVESTMENTS IN DEPOSITARY RECEIPTS The fund may hold securities of non-U.S. issuers in the form of ADRs, EDRs, GDRs and other similar instruments. Generally, ADRs in registered form are designed for use in U.S. securities markets, and EDRs and GDRs and other similar global instruments in bearer form are designed for use in non-U.S. securities markets. ADRs are denominated in U.S. dollars and represent an interest in the right to receive securities of non-U.S. issuers deposited in a U.S. bank or correspondent bank. ADRs do not eliminate all the risk inherent in investing in the securities of non-U.S. issuers. However, by investing in ADRs rather than directly in equity securities of non-U.S. issuers, the fund will avoid currency risks during the settlement period for either purchases or sales. EDRs and GDRs are not necessarily denominated in the same currency as the underlying securities which they represent. For purposes of the fund's investment policies, investments in ADRs, EDRs, GDRs and similar instruments will be deemed to be investments in the underlying equity securities of non-U.S. issuers. The fund may acquire depositary receipts from banks that do not have a contractual relationship with the issuer of the security underlying the depositary receipt to issue and secure such depositary receipt. To the extent the fund invests in such unsponsored depositary receipts there may be an increased possibility that the fund may not become aware of events affecting the underlying security and thus the value of the related depositary receipt. In addition, voting rights or other shareholder rights or benefits (i.e., rights offerings) which may be associated with the security underlying the depositary receipt may not inure to the benefit of the holder of such depositary receipt. The prices of unsponsored depositary receipts may be more volatile than if such instruments were sponsored by the issuer. Unsponsored depositary receipts may involve higher expenses and may be less liquid. 5 FOREIGN CURRENCY TRANSACTIONS The fund may engage in foreign currency transactions. These transactions may be conducted at the prevailing spot rate for purchasing or selling currency in the foreign exchange market. The fund also may enter into forward foreign currency exchange contracts, which are contractual agreements to purchase or sell a specified currency at a specified future date and price set at the time of the contract. The fund may enter into forward foreign currency exchange contracts involving currencies of the different countries in which the fund invests as a hedge against possible variations in the foreign exchange rates between these currencies and the U.S. dollar. Transaction hedging is the purchase or sale of forward foreign currency contracts with respect to specific receivables or payables of the fund, accrued in connection with the purchase and sale of its portfolio securities quoted in foreign currencies. Portfolio hedging is the use of forward foreign currency contracts to offset portfolio security positions denominated or quoted in such foreign currencies. There is no guarantee that the fund will be engaged in hedging activities when adverse exchange rate movements occur or that its hedging activities will be successful. The fund will not attempt to hedge all of its foreign portfolio positions and will enter into such transactions only to the extent, if any, deemed appropriate by Amundi Pioneer. Hedging against a decline in the value of a currency does not eliminate fluctuations in the prices of portfolio securities or prevent losses if the prices of such securities decline. Such transactions also limit the opportunity for gain if the value of the hedged currency should rise. Moreover, it may not be possible for the fund to hedge against a devaluation that is so generally anticipated that the fund is not able to contract to sell the currency at a price above the devaluation level it anticipates. The fund may also engage in cross-hedging by using forward contracts in one currency to hedge against fluctuations in the value of securities denominated in a different currency, if Amundi Pioneer determines that there is a pattern of correlation between the two currencies. Cross-hedging may also include entering into a forward transaction involving two foreign currencies, using one foreign currency as a proxy for the U.S. dollar to hedge against variations in the other foreign currency. The fund may use forward currency exchange contracts to reduce or gain exposure to a currency. To the extent the fund gains exposure to a currency through these instruments, the resulting exposure may exceed the value of securities denominated in that currency held by the fund. For example, where the fund's security selection has resulted in an overweight or underweight exposure to a particular currency relative to the fund's benchmark, the fund may seek to adjust currency exposure using forward currency exchange contracts. The cost to the fund of engaging in foreign currency transactions varies with such factors as the currency involved, the size of the contract, the length of the contract period, differences in interest rates between the two currencies and the market conditions then prevailing. Since transactions in foreign currency and forward contracts are usually conducted on a principal basis, no fees or commissions are involved. The fund may close out a forward position in a currency by selling the forward contract or by entering into an offsetting forward contract. The precise matching of the forward contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the contract is entered into and the date it matures. Using forward contracts to protect the value of the portfolio securities against a decline in the value of a currency does not eliminate fluctuations in the underlying prices of the securities. It simply establishes a rate of exchange which the fund can achieve at some future point in time. The precise projection of currency market movements is not possible, and short-term hedging provides a means of fixing the U.S. dollar value of only a portion of the fund's foreign assets. While the fund may benefit from foreign currency transactions, unanticipated changes in currency prices may result in a poorer overall performance for the fund than if it had not engaged in any such transactions. Moreover, there may be imperfect correlation between the portfolio holdings of securities quoted or denominated                                        6 in a particular currency and forward contracts entered into by the fund. Such imperfect correlation may cause the fund to sustain losses which will prevent the fund from achieving a complete hedge or expose the fund to risk of foreign exchange loss. Over-the-counter markets for trading foreign forward currency contracts offer less protection against defaults than is available when trading in currency instruments on an exchange. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearinghouse, a default on the contract would deprive the fund of unrealized profits or force the fund to cover its commitments for purchase or resale, if any, at the current market price. If the fund enters into a forward contract to purchase foreign currency, the custodian or Amundi Pioneer will segregate liquid assets. See "Asset Segregation." OPTIONS ON FOREIGN CURRENCIES The fund may purchase options on foreign currencies for hedging purposes in a manner similar to that of transactions in forward contracts. For example, a decline in the dollar value of a foreign currency in which portfolio securities are quoted or denominated will reduce the dollar value of such securities, even if their value in the foreign currency remains constant. In an attempt to protect against such decreases in the value of portfolio securities, the fund may purchase put options on the foreign currency. If the value of the currency declines, the fund will have the right to sell such currency for a fixed amount of dollars which exceeds the market value of such currency. This would result in a gain that may offset, in whole or in part, the negative effect of currency depreciation on the value of the fund's securities quoted or denominated in that currency. Conversely, if a rise in the dollar value of a currency is projected for those securities to be acquired, thereby increasing the cost of such securities, the fund may purchase call options on such currency. If the value of such currency increases, the purchase of such call options would enable the fund to purchase currency for a fixed amount of dollars which is less than the market value of such currency. Such a purchase would result in a gain that may offset, at least partially, the effect of any currency-related increase in the price of securities the fund intends to acquire. As in the case of other types of options transactions, however, the benefit the fund derives from purchasing foreign currency options will be reduced by the amount of the premium and related transaction costs. In addition, if currency exchange rates do not move in the direction or to the extent anticipated, the fund could sustain losses on transactions in foreign currency options which would deprive it of a portion or all of the benefits of advantageous changes in such rates. The fund may also write options on foreign currencies for hedging purposes. For example, if the fund anticipated a decline in the dollar value of securities quoted or denominated in a foreign currency because of declining exchange rates, it could, instead of purchasing a put option, write a covered call option on the relevant currency. If the expected decline occurs, the option will most likely not be exercised, and the decrease in value of portfolio securities will be partially offset by the amount of the premium received by the fund. Similarly, the fund could write a put option on the relevant currency, instead of purchasing a call option, to hedge against an anticipated increase in the dollar cost of securities to be acquired. If exchange rates move in the manner projected, the put option will expire unexercised and allow the fund to offset such increased cost up to the amount of the premium. However, as in the case of other types of options transactions, the writing of a foreign currency option will constitute only a partial hedge up to the amount of the premium, and only if rates move in the expected direction. If unanticipated exchange rate fluctuations occur, the option may be exercised and the fund would be required to purchase or sell the underlying currency at a loss, which may not be fully offset by the amount of the premium. As a result of writing options on foreign currencies, the fund also may be required to forgo all or a portion of the benefits which might otherwise have been obtained from favorable movements in currency exchange rates. 7e A call option written on foreign currency by the fund is "covered" if the fund owns the underlying foreign currency subject to the call, or if it has an absolute and immediate right to acquire that foreign currency without additional cash consideration. A call option is also covered if the fund holds a call on the same foreign currency for the same principal amount as the call written where the exercise price of the call held is (a) equal to or less than the exercise price of the call written or (b) greater than the exercise price of the call written if the amount of the difference is maintained by the fund in cash or liquid securities. See "Asset Segregation." The fund may close out its position in a currency option by either selling the option it has purchased or entering into an offsetting option. An exchange-traded options position may be closed out only on an options exchange which provides a secondary market for an option of the same series. Although the fund will generally purchase or write only those options for which there appears to be an active secondary market, there is no assurance that a liquid secondary market on an exchange will exist for any particular option, or at any particular time. For some options no secondary market on an exchange may exist. In such event, it might not be possible to effect closing transactions in particular options, with the result that the fund would have to exercise its options in order to realize any profit and would incur transaction costs upon the sale of underlying currencies pursuant to the exercise of put options. If the fund as a covered call option writer is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying currency (or security quoted or denominated in that currency) until the option expires or it delivers the underlying currency upon exercise. The fund may also use options on currencies to cross-hedge, which involves writing or purchasing options on one currency to hedge against changes in exchange rates of a different currency with a pattern of correlation. Cross-hedging may also include using a foreign currency as a proxy for the U.S. dollar, if Amundi Pioneer determines that there is a pattern of correlation between that currency and the U.S. dollar. The fund may purchase and write over-the-counter options. Trading in over-the-counter options is subject to the risk that the other party will be unable or unwilling to close out options purchased or written by the fund. INVESTMENTS IN EMERGING MARKETS. The fund may invest in securities of issuers in countries with emerging economies or securities markets. 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 whose equity securities are traded principally 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 economies or securities markets will generally include, but not be limited to, countries included in the Morgan Stanley Capital International (MSCI) Emerging + Frontier Markets Index. fund will generally focus on emerging markets that do not impose unusual trading requirements which tend to restrict the flow of investments. À addition, the fund may invest in unquoted securities of emerging market issuers. NATURAL DISASTERS Certain areas of the world, including areas within the United States, historically have been prone to natural disasters, such as hurricanes, earthquakes, typhoons, flooding, tidal waves, tsunamis, erupting volcanoes, wildfires or droughts. Such disasters, and the resulting damage, could have a significant adverse impact on the economies of those areas and on the ability of issuers in which the fund invests to conduct their businesses, and thus on the investments made by the fund in such geographic areas and/or issuers. Adverse weather conditions could have a significant adverse impact on issuers in the agricultural sector and on insurance companies that insure against the impact of natural disasters.                                        8 CYBERSECURITY ISSUES With the increased use of technologies such as the Internet to conduct business, the fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, attempts to gain unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, denying access, or causing other operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). The fund's service providers regularly experience such attempts, and expect they will continue to do so. The fund is unable to predict how any such attempt, if successful, may affect the fund and its shareholders. While the fund's adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the fund cannot control the cybersecurity plans and systems put in place by service providers to the fund such as Brown Brothers Harriman, the fund's custodian and accounting agent, and DST Asset Manager Solutions, Inc., the fund's transfer agent. In addition, many beneficial owners of fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the fund nor Amundi Pioneer exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber attacks. Cybersecurity failures or breaches at Amundi Pioneer or the fund's service providers or intermediaries have the ability to cause disruptions and impact business operations potentially resulting in financial losses, interference with the fund's ability to calculate its NAV, impediments to trading, the inability of fund shareholders to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareholder information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber attacks. INVESTMENT COMPANY SECURITIES AND REAL ESTATE INVESTMENT TRUSTS OTHER INVESTMENT COMPANIES The fund may invest in the securities of other investment companies to the extent that such investments are consistent with the fund's investment objective and policies and permissible under the Investment Company Act of 1940, as amended (the "1940 Act") and the rules thereunder. Investing in other investment companies subjects the fund to the risks of investing in the underlying securities held by those investment companies. The fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other investment companies' expenses, including advisory fees. These expenses are in addition to the direct expenses of the fund's own operations. EXCHANGE TRADED FUNDS The fund may invest in exchange traded funds ("ETFs"). ETFs, such as SPDRs, iShares and various country index funds, are funds whose shares are traded on a national exchange or the National Association of Securities Dealers' Automated Quotation System ("NASDAQ"). ETFs may be based on underlying equity or fixed income securities. SPDRs, for example, seek to provide investment results that generally correspond to the performance of the component common stocks of the Standard & Poor's 500 Stock Index (the "S&P 500"). ETFs do not sell individual shares directly to investors and only issue their shares in large blocks known as "creation units." The investor purchasing a creation unit then sells the individual shares on a secondary market. Therefore, the liquidity of ETFs depends on the adequacy of the secondary market. There can be no assurance that an ETF's investment objective will be achieved. ETFs based on an index may not replicate and maintain exactly the composition and relative weightings of securities in the index. ETFs are subject to the risks of investing in the underlying securities. The fund, as a holder of the securities                                        9 of the ETF, will bear its pro rata portion of the ETF's expenses, including advisory fees. These expenses are in addition to the direct expenses of the fund's own operations. Many ETFs have received exemptive orders issued by the Securities and Exchange Commission that would permit the fund to invest in those ETFs beyond the limitations applicable to other investment companies, subject to certain terms and conditions. Some ETFs are not structured as investment companies and thus are not regulated under the 1940 Act. Certain ETFs, including leveraged ETFs and inverse ETFs, may have embedded leverage. Leveraged ETFs seek to multiply the return of the tracked index (e.g., twice the return) by using various forms of derivative transactions. Inverse ETFs seek to negatively correlate with the performance of a particular index by using various forms of derivative transactions, including by short-selling the underlying index. An investment in an inverse ETF will decrease in value when the value of the underlying index rises. By investing in leveraged ETFs or inverse ETFs, the fund can commit fewer assets to the investment in the securities represented on the index than would otherwise be required. Leveraged ETFs and inverse ETFs present all of the risks that regular ETFs present. In addition, leveraged ETFs and inverse ETFs determine their return over a specific, pre-set time period, typically daily, and, as a result, there is no guarantee that the ETF's actual long term returns will be equal to the daily return that the fund seeks to achieve. For example, on a long-term basis (e.g., a period of 6 months or a year), the return of a leveraged ETF may in fact be considerably less than two times the long-term return of the tracked index. Furthermore, because leveraged ETFs and inverse ETFs achieve their results by using derivative instruments, they are subject to the risks associated with derivative transactions, including the risk that the value of the derivatives may rise or fall more rapidly than other investments, thereby causing the ETF to lose money and, consequently, the value of the fund's investment to decrease. Investing in derivative instruments also involves the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the ETF. Short sales in particular are subject to the risk that, if the price of the security sold short increases, the inverse ETF may have to cover its short position at a higher price than the short sale price, resulting in a loss to the inverse ETF and, indirectly, to the fund. An ETF's use of these techniques will make the fund's investment in the ETF more volatile than if the fund were to invest directly in the securities underlying the tracked index, or in an ETF that does not use leverage or derivative instruments. However, by investing in a leveraged ETF or an inverse ETF rather than directly purchasing and/or selling derivative instruments, the fund will limit its potential loss solely to the amount actually invested in the ETF (that is, the fund will not lose more than the principal amount invested in the ETF). REAL ESTATE INVESTMENT TRUSTS ("REITS") The fund may invest in REITs. REITs are companies that invest primarily in income producing real estate or real estate-related loans or interests. Risks associated with investments in REITs and other equity securities of real estate industry issuers may include: o 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 o 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 o 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 o A REIT in the fund's portfolio is, or is perceived by the market to be,   poorly managed o 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 are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs (known as hybrid REITs). Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling 10e properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and similar real estate interests and derive income primarily from the collection of interest payments. REITs are not taxed on income distributed to shareholders provided they comply with the applicable requirements of the Code. The fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests in addition to the expenses paid by the fund. Such indirect expenses are not reflected in the fee table or expense example in the fund's prospectus. Debt securities issued by REITs are, for the most part, general and unsecured obligations and are subject to risks associated with REITs. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. An equity REIT may be affected by changes in the value of the underlying properties owned by the REIT. A mortgage REIT may be affected by changes in interest rates and the ability of the issuers of its portfolio mortgages to repay their obligations. 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. REITs are dependent upon the skills of their managers and are not diversified. REITs are generally dependent upon maintaining cash flows to repay borrowings and to make distributions to shareholders and are subject to the risk of default by lessees or borrowers. REITs are typically invested in a limited number of projects or in a particular market segment or geographic region. REITs whose underlying assets are concentrated in properties in one geographic area or used by a particular industry, such as health care, will be particularly subject to risks associated with such area or industry. REITs (especially mortgage REITs) are also subject to interest rate risks. When interest rates decline, the value of a REIT's investment in fixed rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT's investment in fixed rate obligations can be expected to decline. If the REIT invests in adjustable rate mortgage loans, the interest rates on which are reset periodically, yields on a REIT's investments in such loans will gradually align themselves to reflect changes in market interest rates. This causes the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed rate obligations. REITs may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities. Historically REITs have been more volatile in price than the larger capitalization stocks included in the S&P 500. 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 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. DERIVATIVE INSTRUMENTS DERIVATIVES The fund may, but is not required to, use futures and options on securities, indices and currencies, forward foreign currency exchange contracts 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, for funds investing in securities denominated in non-U.S. currencies, a portfolio's currency exposure,                                        11 or, for funds investing in fixed income securities, a portfolio's duration or credit quality); and 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. Using derivatives exposes the fund to additional risks and may increase the volatility of the fund's net asset value and may not provide the expected result. Derivatives may have a leveraging effect on the portfolio. Leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value in a larger pool of assets than the fund would otherwise have had. Therefore, using derivatives can disproportionately increase losses and reduce opportunities for gain. 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. Derivatives involve the risk of loss if the counterparty defaults on its obligation. Certain derivatives may be less liquid, which may reduce the returns of the fund if it cannot sell or terminate the derivative at an advantageous time or price. The fund also may have to sell assets at inopportune times to satisfy its obligations. The fund may not be able to purchase or sell a portfolio security at a time that would otherwise be favorable for it to do so, or may have to sell a portfolio security at a disadvantageous time or price to maintain cover or to segregate securities in connection with its use of derivatives. Some derivatives may involve the risk of improper valuation. Suitable derivatives may not be available in all circumstances or at reasonable prices and may not be used by the fund for a variety of reasons. Financial reform laws enacted after the financial crisis of 2008-2009, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank"), are changing many aspects of financial regulation applicable to derivatives. For instance, Dodd-Frank calls for the comprehensive regulation of swaps by the Commodity Futures Trading Commission (the "CFTC") and the Securities and Exchange Commission (the "SEC"). The CFTC and the SEC are in the process of adopting and implementing new regulations applicable to these instruments, including rules with respect to recordkeeping, reporting, business conduct, relationship documentation, margin, collateral, clearing, and trade execution exigences. In addition, Dodd-Frank requires the registration of certain parties that deal or engage in substantial trading, execution or advisory activities in the markets for swaps. The extent and impact of these regulations are not yet fully known and may not be known for some time. The fund's use of derivatives may be affected by other applicable laws and regulations and may be subject to review by the SEC, the CFTC, exchange and market authorities and other regulators in the United States and abroad. fund's ability to use derivatives may be limited by tax considerations. Certain derivatives transactions, including certain options, swaps, forward contracts, and certain options on foreign currencies, are entered into directly by the counterparties or through financial institutions acting as market makers (OTC derivatives), rather than being traded on exchanges or in markets registered with the CFTC or the SEC. Many of the protections afforded to exchange participants will not be available to participants in OTC derivatives transactions. For example, OTC derivatives transactions are not subject to the guarantee of an exchange, and only OTC derivatives that are either required to be cleared or submitted voluntarily for clearing to a clearinghouse will enjoy all of the protections that central clearing provides against default by the original counterparty to the trade. In an OTC derivatives transaction that is not cleared, the fund bears the risk of default by its counterparty. In a cleared derivatives transaction, the fund is instead exposed to the risk of default of the clearinghouse and, to the extent the fund has posted any margin, the risk of default of the broker through which it has entered into the transaction. Information available on counterparty creditworthiness may be incomplete or outdated, thus reducing the ability to anticipate counterparty defaults.                                        12 Derivatives involve operational risk. There may be incomplete or erroneous documentation or inadequate collateral or margin, or transactions may fail to settle. For derivatives not guaranteed by an exchange or clearinghouse, the fund may have only contractual remedies in the event of a counterparty default, and there may be delays, costs, or disagreements as to the meaning of contractual terms and litigation in enforcing those remedies. Swap contracts that are required to be cleared must be traded on a regulated execution facility or contract market that makes them available for trading. The establishment of a centralized exchange or market for swap transactions may disrupt or limit the swap market and may not result in swaps being easier to trade or value. Market-traded swaps may become more standardized, and the fund may not be able to enter into swaps that meet its investment needs. The fund also may not be able to find a clearinghouse willing to accept the swaps for clearing. The new regulations may make using swaps more costly, may limit their availability, or may otherwise adversely affect their value or performance. Risks associated with the use of derivatives are magnified to the extent that a large portion of the fund's assets are committed to derivatives in general or are invested in just one or a few types of derivatives. OPTIONS ON SECURITIES AND SECURITIES INDICES The fund may purchase and write put and call options on any security in which it may invest or options on any securities index based on securities in which it may invest. The fund may also be able to enter into closing sale transactions in order to realize gains or minimize losses on options it has purchased. WRITING CALL AND PUT OPTIONS ON SECURITIES. A call option written by the fund obligates the fund to sell specified securities to the holder of the option at a specified price if the option is exercised at any time before the expiration date. The exercise price may differ from the market price of an underlying security. The fund has the risk of loss that the price of an underlying security may decline during the call period. The risk may be offset to some extent by the premium the fund receives. If the value of the investment does not rise above the call price, it's likely that the call will lapse without being exercised. In that case, the fund would keep the cash premium and the investment. All call options written by the fund are covered, which means that the fund will own the securities subject to the options as long as the options are outstanding, or the fund will use the other methods described below. fund's purpose in writing covered call options is to realize greater income than would be realized on portfolio securities transactions alone. However, the fund may forgo the opportunity to profit from an increase in the market price of the underlying security. A put option written by the fund would obligate the fund to purchase specified securities from the option holder at a specified price if the option is exercised at any time before the expiration date. The fund has no control over when it may be required to purchase the underlying securities. All put options written by the fund would be covered, which means that the fund would have segregated assets with a value at least equal to the exercise price of the put option. The purpose of writing such options is to generate additional income for the fund. However, in return for the option premium, the fund accepts the risk that it may be required to purchase the underlying security at a price in excess of its market value at the time of purchase. Call and put options written by the fund will also be considered to be covered to the extent that the fund's liabilities under such options are wholly or partially offset by its rights under call and put options purchased by the fund. In addition, a written call option or put may be covered by entering into an offsetting forward contract and/or by purchasing an offsetting option or any other option which, by virtue of its exercise price or otherwise, reduces the fund's net exposure on its written option position. WRITING CALL AND PUT OPTIONS ON SECURITIES INDICES. The fund may also write (sell) covered call and put options on any securities index composed of securities in which it may invest. Options on securities indices are similar to options on securities, except that the exercise of securities index options requires cash payments and does not involve the actual purchase or sale of securities. In addition, securities index options are designed to reflect price fluctuations in a group of securities or segments of the securities market rather than price fluctuations in a single security.                                        13 The fund may cover call options on a securities index by owning securities whose price changes are expected to be similar to those of the underlying index, or by having an absolute and immediate right to acquire such securities without additional cash consideration (or for additional consideration if cash in such amount is segregated) upon conversion or exchange of other securities in its portfolio. The fund may cover call and put options on a securities index by segregating assets with a value equal to the exercise price. Index options are subject to the timing risk inherent in writing index options. When an index option is exercised, the amount of cash that the holder is entitled to receive is determined by the difference between the exercise price and the closing index level on the date when the option is exercised. If a fund has purchased an index option and exercises it before the closing index value for that day is available, it runs the risk that the level of the underlying index may subsequently change. If such a change causes the exercised option to fall "out-of-the-money," the fund will be required to pay cash in an amount of the difference between the closing index value and the exercise price of the option. PURCHASING CALL AND PUT OPTIONS. The fund would normally purchase call options in anticipation of an increase in the market value of securities of the type in which it may invest. The purchase of a call option would entitle the fund, in return for the premium paid, to purchase specified securities at a specified price during the option period. The fund would ordinarily realize a gain if, during the option period, the value of such securities exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise the fund would realize either no gain or a loss on the purchase of the call option. The fund would normally purchase put options in anticipation of a decline in the market value of securities in its portfolio ("protective puts") or in securities in which it may invest. The purchase of a put option would entitle the fund, in exchange for the premium paid, to sell specified securities at a specified price during the option period. The purchase of protective puts is designed to offset or hedge against a decline in the market value of the fund's securities. Put options may also be purchased by the fund for the purpose of affirmatively benefiting from a decline in the price of securities which it does not own. The fund would ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to more than cover the premium and transaction costs; otherwise the fund would realize either no gain or a loss on the purchase of the put option. Gains and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying portfolio securities. The fund may terminate its obligations under an exchange-traded call or put option by purchasing an option identical to the one it has written. Obligations under over-the-counter options may be terminated only by entering into an offsetting transaction with the counterparty to such option. Such purchases are referred to as "closing purchase transactions." OPTIONS SPREADS AND STRADDLES. Option spread and straddle transactions require a fund to purchase and/or write more than one option simultaneously. A fund may engage in option spread transactions in which it purchases and writes put or call options on the same underlying instrument, with the options having different exercise prices and/or expiration dates. A fund also may engage in option straddles, in which it purchases or sells combinations of put and call options on the same instrument. A long straddle is a combination of a call and a put option purchased on the same security where the exercise price of the put is less than or equal to the exercise price of the call. A short straddle is a combination of a call and a put written on the same security where the exercise price of the put is less than or equal to the exercise price of the call and where the same issue of security or currency is considered cover for both the put and the call. RISKS OF TRADING OPTIONS. There is no assurance that a liquid secondary market on an options exchange will exist for any particular exchange-traded option, or at any particular time. If the fund is unable to effect a closing purchase transaction with respect to covered options it has written, the fund will not be able to sell the underlying securities or dispose of its segregated assets until the options expire or are exercised.                                        14 Similarly, if the fund is unable to effect a closing sale transaction with respect to options it has purchased, it will have to exercise the options in order to realize any profit and will incur transaction costs upon the purchase or sale of underlying securities. Reasons for the absence of a liquid secondary market on an exchange include the following: (i) there may be insufficient trading interest in certain options; (ii) restrictions may be imposed by an exchange on opening or closing transactions or both; (iii) trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options; (iv) unusual or unforeseen circumstances may interrupt normal operations on an exchange; (v) the facilities of an exchange or the Options Clearing Corporation (the "OCC") may not at all times be adequate to handle current trading volume; or (vi) one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although it is expected that outstanding options on that exchange, if any, that had been issued by the OCC as a result of trades on that exchange would continue to be exercisable in accordance with their terms. The fund may purchase and sell both options that are traded on U.S. and non-U.S. exchanges and options traded over-the-counter with broker-dealers who make markets in these options. The ability to terminate over-the-counter options is more limited than with exchange-traded options and may involve the risk that broker-dealers participating in such transactions will not fulfill their obligations. Until such time as the staff of the SEC changes its position, the fund will treat purchased over-the-counter options and all assets used to cover written over-the-counter options as illiquid securities, except that with respect to options written with primary dealers in U.S. government securities pursuant to an agreement requiring a closing purchase transaction at a formula price, the amount of illiquid securities may be calculated with reference to the formula. Transactions by the fund in options on securities and indices will be subject to limitations established by each of the exchanges, boards of trade or other trading facilities governing the maximum number of options in each class which may be written or purchased by a single investor or group of investors acting in concert. Thus, the number of options which the fund may write or purchase may be affected by options written or purchased by other investment advisory clients of Amundi Pioneer. An exchange, board of trade or other trading facility may order the liquidations of positions found to be in excess of these limits, and it may impose certain other sanctions. The writing and purchase of options is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The successful use of protective puts for hedging purposes depends in part on the ability of Amundi Pioneer to predict future price fluctuations and the degree of correlation between the options and securities markets. The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price movements can take place in the underlying markets that cannot be reflected in the options markets. In addition to the risks of imperfect correlation between the portfolio and the index underlying the option, the purchase of securities index options involves the risk that the premium and transaction costs paid by the fund in purchasing an option will be lost. This could occur as a result of unanticipated movements in the price of the securities comprising the securities index on which the option is based. FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS The fund may purchase and sell various kinds of futures contracts, and purchase and write (sell) call and put options on any of such futures contracts. fund may enter into closing purchase and sale transactions with respect to any futures contracts and options on futures contracts. The futures contracts may be based on various securities (such as U.S. government securities), securities indices, foreign currencies and other financial instruments and indices. fund may invest in futures contracts based on the Chicago Board of                                        15 Exchange Volatility Index ("VIX Futures"). The VIX is an index of market sentiment derived from the S&P 500 option prices, and is designed to reflect investors' consensus view of expected stock market volatility over future periods. The fund will engage in futures and related options transactions for bona fide hedging and non-hedging purposes as described below. Futures contracts are traded in the U.S. on exchanges or boards of trade that are licensed and regulated by the CFTC. FUTURES CONTRACTS. A futures contract may generally be described as an agreement between two parties to buy and sell particular financial instruments for an agreed price during a designated month (or to deliver the final cash settlement price, in the case of a contract relating to an index or otherwise not calling for physical delivery at the end of trading in the contract). When interest rates are rising or securities prices are falling, the fund can seek to offset a decline in the value of its current portfolio securities through the sale of futures contracts. When interest rates are falling or securities prices are rising, the fund, through the purchase of futures contracts, can attempt to secure better rates or prices than might later be available in the market when it effects anticipated purchases. Similarly, the fund can sell futures contracts on a specified currency to protect against a decline in the value of such currency and a decline in the value of its portfolio securities which are denominated in such currency. The fund can purchase futures contracts on a foreign currency to establish the price in U.S. dollars of a security denominated in such currency that the fund has acquired or expects to acquire. Positions taken in the futures markets are not normally held to maturity but are instead liquidated through offsetting transactions which may result in a profit or a loss. While futures contracts on securities or currency will usually be liquidated in this manner, the fund may instead make, or take, delivery of the underlying securities or currency whenever it appears economically advantageous to do so. A clearing corporation associated with the exchange on which futures on securities or currency are traded guarantees that, if still open, the sale or purchase will be performed on the settlement date. HEDGING STRATEGIES. Hedging, by use of futures contracts, seeks to establish with more certainty the effective price, rate of return and currency exchange rate on portfolio securities and securities that the fund owns or proposes to acquire. The fund may, for example, take a "short" position in the futures market by selling futures contracts in order to hedge against an anticipated rise in interest rates or a decline in market prices or foreign currency rates that would adversely affect the value of the fund's securities. Such futures contracts may include contracts for the future delivery of securities held by the fund or securities with characteristics similar to those of the fund's securities. Similarly, the fund may sell futures contracts in a foreign currency in which its portfolio securities are denominated or in one currency to hedge against fluctuations in the value of securities denominated in a different currency if there is an established historical pattern of correlation between the two currencies. If, in the opinion of Amundi Pioneer, there is a sufficient degree of correlation between price trends for the fund's securities and futures contracts based on other financial instruments, securities indices or other indices, the fund may also enter into such futures contracts as part of its hedging strategies. Although under some circumstances prices of securities in the portfolio may be more or less volatile than prices of such futures contracts, Amundi Pioneer will attempt to estimate the extent of this volatility difference based on historical patterns and compensate for any such differential by having the fund enter into a greater or lesser number of futures contracts or by attempting to achieve only a partial hedge against price changes affecting the fund's securities. When hedging of this character is successful, any depreciation in the value of portfolio securities will be substantially offset by appreciation in the value of the futures position. On the other hand, any unanticipated appreciation in the value of the portfolio securities would be substantially offset by a decline in the value of the futures position. On other occasions, the fund may take a "long" position by purchasing futures contracts. This may be done, for example, when the fund anticipates the subsequent purchase of particular securities when it has the necessary cash, but expects the prices or currency exchange rates then available in the applicable market to be less favorable than prices or rates that are currently available. 16e OPTIONS ON FUTURES CONTRACTS. The acquisition of put and call options on futures contracts will give the fund the right (but not the obligation) for a specified price to sell or to purchase, respectively, the underlying futures contract at any time during the option period. As the purchaser of an option on a futures contract, the fund obtains the benefit of the futures position if prices move in a favorable direction, but limits its risk of loss in the event of an unfavorable price movement to the loss of the premium and transaction costs. The writing of a call option on a futures contract generates a premium which may partially offset a decline in the value of the fund's assets. By writing a call option, the fund becomes obligated, in exchange for the premium, to sell a futures contract (if the option is exercised), which may have a value higher than the exercise price. Conversely, the writing of a put option on a futures contract generates a premium which may partially offset an increase in the price of securities that the fund intends to purchase. However, the fund becomes obligated to purchase a futures contract (if the option is exercised) which may have a value lower than the exercise price. Thus, the loss incurred by the fund in writing options on futures is potentially unlimited and may exceed the amount of the premium received. The fund will incur transaction costs in connection with the writing of options on futures. The holder or writer of an option on a futures contract may terminate its position by selling or purchasing an offsetting option on the same series. There is no guarantee that such closing transactions can be effected. fund's ability to establish and close out positions on such options will be subject to the development and maintenance of a liquid market. OTHER CONSIDERATIONS REGARDING FUTURES CONTRACTS. The fund will engage in transactions in futures contracts and related options only to the extent such transactions are consistent with the requirements of the Code for maintaining its qualification as a regulated investment company for U.S. federal income tax purposes. Futures contracts and related options involve brokerage costs, require margin deposits and, in the case of contracts and options obligating the fund to purchase securities or currencies, require the fund to segregate assets to cover such contracts and options. While transactions in futures contracts and options on futures may reduce certain risks, such transactions themselves entail certain other risks. Thus, while the fund may benefit from the use of futures and options on futures, unanticipated changes in interest rates, securities prices or currency exchange rates may result in a poorer overall performance for the fund than if it had not entered into any futures contracts or options transactions. When futures contracts and options are used for hedging purposes, perfect correlation between the fund's futures positions and portfolio positions may be impossible to achieve, particularly where futures contracts based on individual securities are currently not available. In the event of an imperfect correlation between a futures position and a portfolio position which is intended to be protected, the desired protection may not be obtained and the fund may be exposed to risk of loss. It is not possible to hedge fully or perfectly against the effect of currency fluctuations on the value of non-U.S. securities because currency movements impact the value of different securities in differing degrees. If the fund were unable to liquidate a futures contract or an option on a futures position due to the absence of a liquid secondary market, the imposition of price limits or otherwise, it could incur substantial losses. fund would continue to be subject to market risk with respect to the position. In addition, except in the case of purchased options, the fund would continue to be required to make daily variation margin payments and might be required to maintain the position being hedged by the future or option or to maintain cash or securities in a segregated account. EQUITY SWAPS, CAPS, FLOORS AND COLLARS The fund may enter into equity swaps, caps, floors and collars to hedge assets or liabilities or to seek to increase total return. Equity swaps involve the exchange by a fund with another party of their respective commitments to make or receive payments based on notional equity securities. The purchase of an equity cap entitles the purchaser, to the extent that the market value of a specified equity security or benchmark                                        17 exceeds a predetermined level, to receive payments of a contractually based amount from the party selling the cap. The purchase of an equity floor entitles the purchaser, to the extent that the market value of a specified equity security or benchmark falls below a predetermined level, to receive payments of a contractually based amount from the party selling the floor. A collar is a combination of a cap and a floor that preserves a certain return within a predetermined range of values. Investments in swaps, caps, floors and collars are highly specialized activities which involve investment techniques and risks different from those associated with ordinary portfolio transactions. Investments in equity swaps, caps, floors and collars may be considered speculative because they involve significant risk of loss. If Amundi Pioneer is incorrect in its forecast of market values, these investments could negatively impact the fund's performance. These investments also are subject to default risk of the counterparty and may be less liquid than other portfolio securities. Moreover, investments in swaps, caps, floors and collars may involve greater transaction costs than investments in other equity securities. FINANCIAL FUTURES AND OPTIONS TRANSACTIONS Amundi Pioneer has claimed an exclusion from registration as a "commodity pool operator" with respect to the fund under the Commodity Exchange Act (the "CEA"), and, therefore, Amundi Pioneer will not, with respect to its management of the fund, be subject to registration or regulation as a commodity pool operator. Under this exemption, the fund will remain limited in its ability to trade instruments subject to the jurisdiction of the CFTC, including commodity futures (which include futures on broad-based securities indexes and interest rate futures), options on commodity futures and swaps. This limitation also applies with respect to any indirect exposure that the fund may have to these instruments through investments in other funds. Amundi Pioneer may have to rely on representations from the underlying fund's manager about the amount (or maximum permitted amount) of investment exposure that the underlying fund has to instruments such as commodity futures, options on commodity futures and swaps. Under this exemption, the fund must satisfy one of the following two trading limitations at all times: (1) the aggregate initial margin and premiums required to establish the fund's positions in commodity futures, options on commodity futures, swaps and other CFTC-regulated instruments may not exceed 5% of the liquidation value of the fund's portfolio (after accounting for unrealized profits and unrealized losses on any such investments); or (2) the aggregate net notional value of such instruments, determined at the time the most recent position was established, may not exceed 100% of the liquidation value of the fund's portfolio (after accounting for unrealized profits and unrealized losses on any such positions). The fund would not be required to consider its exposure to such instruments if they were held for "bona fide hedging" purposes, as such term is defined in the rules of the CFTC. In addition to meeting one of the foregoing trading limitations, the fund may not market itself as a commodity pool or otherwise as a vehicle for trading in the markets for CFTC-regulated instruments. DEBT SECURITIES AND RELATED INVESTMENTS DEBT SECURITIES SELECTION In selecting debt securities for the fund, Amundi Pioneer gives primary consideration to the fund's investment objective, the attractiveness of the market for debt securities given the outlook of Amundi Pioneer for the equity markets and the fund's liquidity requirements. Once Amundi Pioneer determines to allocate a portion of the fund's assets to debt securities, Amundi Pioneer generally focuses on short-term instruments to provide liquidity and may invest in a range of fixed income securities if the fund is investing in such instruments for income or capital gains. Amundi Pioneer selects individual securities based on broad economic factors and issuer-specific factors including the terms of the securities (such as yields compared to U.S. Treasuries or comparable issues), liquidity and rating, sector and issuer diversification.                                        18 DEBT SECURITIES RATING INFORMATION Investment grade debt securities are those rated "BBB" or higher by Standard & Poor's Ratings Group ("Standard & Poor's") or the equivalent rating of other nationally recognized statistical rating organizations. Debt securities rated BBB are considered medium grade obligations with speculative characteristics, and adverse economic conditions or changing circumstances may weaken the issuer's ability to pay interest and repay principal. Below investment grade debt securities are those rated "BB" and below by Standard & Poor's or the equivalent rating of other nationally recognized statistical rating organizations. See "Appendix A" for a description of rating categories. The fund may invest in debt securities rated "C" or better, or comparable unrated securities as determined by Amundi Pioneer. Below investment grade debt securities or comparable unrated securities are commonly referred to as high yield bonds or "junk bonds" and are considered predominantly speculative and may be questionable as to principal and interest payments. Changes in economic conditions are more likely to lead to a weakened capacity to make principal payments and interest payments. The issuers of high yield securities also may be more adversely affected than issuers of higher rated securities by specific corporate or governmental developments. Such securities may also be impacted by the issuers' inability to meet specific projected business forecasts. The amount of high yield securities outstanding has proliferated as an increasing number of issuers have used high yield securities for corporate financing. Factors having an adverse impact on the market value of lower quality securities will have an adverse effect on the fund's net asset value to the extent that it invests in such securities. À addition, the fund may incur additional expenses to the extent it is required to seek recovery upon a default in payment of principal or interest on its portfolio holdings or to take other steps to protect its investment in an issuer. The secondary market for high yield securities is not usually as liquid as the secondary market for more highly rated securities, a factor which may have an adverse effect on the fund's ability to dispose of a particular security when necessary to meet its liquidity needs. Under adverse market or economic conditions, such as those recently prevailing, the secondary market for high yield securities could contract further, independent of any specific adverse changes in the condition of a particular issuer. As a result, the fund could find it more difficult to sell these securities or may be able to sell the securities only at prices lower than if such securities were widely traded. Prices realized upon the sale of such lower rated or unrated securities, under these and other circumstances, may be less than the prices used in calculating the fund's net asset value. Since investors generally perceive that there are greater risks associated with high yield debt securities of the type in which the fund may invest, the yields and prices of such securities may tend to fluctuate more than those for higher rated securities. In the lower quality segments of the debt securities market, changes in perceptions of issuers' creditworthiness tend to occur more frequently and in a more pronounced manner than do changes in higher quality segments of the debt securities market, resulting in greater yield and price volatility. High yield and comparable unrated debt securities tend to offer higher yields than higher rated securities with the same maturities because the historical financial condition of the issuers of such securities may not have been as strong as that of other issuers. However, high yield securities generally involve greater risks of loss of income and principal than higher rated securities. For purposes of the fund's credit quality policies, if a security receives different ratings from nationally recognized statistical rating organizations, the fund will use the rating chosen by the portfolio manager as most representative of the security's credit quality. The ratings of nationally recognized statistical rating organizations represent their opinions as to the quality of the securities that they undertake to rate and may not accurately describe the risk of the security. If a rating organization changes the quality rating assigned to one or more of the fund's portfolio securities, Amundi Pioneer will consider if any action is appropriate in light of the fund's investment objective and policies.                                        19 U.S. GOVERNMENT SECURITIES U.S. government securities in which the fund invests include debt obligations of varying maturities issued by the U.S. Treasury or issued or guaranteed by an agency, authority or instrumentality of the U.S. government, including the Federal Housing Administration, Federal Financing Bank, Farm Service Agency, Export-Import Bank of the U.S., Small Business Administration, Government National Mortgage Association ("GNMA"), General Services Administration, National Bank for Cooperatives, Federal Farm Credit Banks, Federal Home Loan Banks ("FHLBs"), Federal Home Loan Mortgage Corporation ("FHLMC"), Federal National Mortgage Association ("FNMA"), Maritime Administration, Tennessee Valley Authority and various institutions that previously were or currently are part of the Farm Credit System (which has been undergoing reorganization since 1987). Some U.S. government securities, such as U.S. Treasury bills, Treasury notes and Treasury bonds, which differ only in their interest rates, maturities and times of issuance, are supported by the full faith and credit of the United States. Others are supported by: (i) the right of the issuer to borrow from the U.S. Treasury, such as securities of the FHLBs; (ii) the discretionary authority of the U.S. government to purchase the agency's obligations, such as securities of FNMA; or (iii) only the credit of the issuer. Such debt securities are subject to the risk of default on the payment of interest and/or principal, similar to debt of private issuers. The maximum potential liability of some U.S. government securities may greatly exceed their current resources, including any legal right to support from the U.S. government. Although the U.S. government provided financial support to FNMA and FHLMC in the past, no assurance can be given that the U.S. government will provide financial support in the future to these or other U.S. government agencies, authorities or instrumentalities that are not supported by the full faith and credit of the United States. Securities guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities include: (i) securities for which the payment of principal and interest is backed by an irrevocable letter of credit issued by the U.S. government or any of its agencies, authorities or instrumentalities; and (ii) participations in loans made to non-U.S. governments or other entities that are so guaranteed. secondary market for certain loan participations described above is limited and, therefore, the participations may be regarded as illiquid. U.S. government securities may include zero coupon securities that may be purchased when yields are attractive and/or to enhance portfolio liquidity. Zero coupon U.S. government securities are debt obligations that are issued or purchased at a significant discount from face value. The discount approximates the total amount of interest the security will accrue and compound over the period until maturity or the particular interest payment date at a rate of interest reflecting the market rate of the security at the time of issuance. Zero coupon U.S. government securities do not require the periodic payment of interest. These investments may experience greater volatility in market value than U.S. government securities that make regular payments of interest. fund accrues income on these investments for tax and accounting purposes, which is distributable to shareholders and which, because no cash is received at the time of accrual, may require the liquidation of other portfolio securities to satisfy the fund's distribution obligations, in which case the fund will forgo the purchase of additional income producing assets with these funds. Zero coupon U.S. government securities include STRIPS and CUBES, which are issued by the U.S. Treasury as component parts of U.S. Treasury bonds and represent scheduled interest and principal payments on the bonds. CONVERTIBLE DEBT SECURITIES The fund may invest in convertible debt securities which are debt obligations convertible at a stated exchange rate or formula into common stock or other equity securities. Convertible securities rank senior to common stocks in an issuer's capital structure and consequently may be of higher quality and entail less risk than the issuer's common stock. As with all debt securities, the market values of convertible securities tend to increase when interest rates decline and, conversely, tend to decline when interest rates increase. Depending on the relationship of the conversion price to the market value of the underlying securities, convertible securities may trade more like equity securities than debt securities.                                        20 A convertible security entitles the holder to receive interest that is generally paid or accrued until the convertible security matures, or is redeemed, converted, or exchanged. Convertible securities have unique investment characteristics, in that they generally (i) have higher yields than common stocks, but lower yields than comparable non-convertible securities, (ii) are less subject to fluctuation in value than the underlying common stock due to their fixed-income characteristics and (iii) provide the potential for capital appreciation if the market price of the underlying common stock increases. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instruments. If a convertible security held by the fund is called for redemption, the fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could result in losses to the fund. OTHER INVESTMENTS AND INVESTMENT TECHNIQUES SHORT-TERM INVESTMENTS For temporary defensive or cash management purposes, the fund may invest in all types of short-term investments including, but not limited to, (a) commercial paper and other short-term commercial obligations; (b) obligations (including certificates of deposit and bankers' acceptances) of banks; (c) obligations issued or guaranteed by a governmental issuer, including governmental agencies or instrumentalities; (d) fixed income securities of non-governmental issuers; and (e) other cash equivalents or cash. Subject to the fund's restrictions regarding investment in non-U.S. securities, these securities may be denominated in any currency. Although these investments generally are rated investment grade or are determined by Amundi Pioneer to be of equivalent credit quality, the fund may also invest in these instruments if they are rated below investment grade in accordance with its investment objective, policies and restrictions. ILLIQUID SECURITIES The fund may invest up to 15% of its net assets in illiquid and other securities that are not readily marketable. If due to subsequent fluctuations in value or any other reasons, the value of the fund's illiquid securities exceeds this percentage limitation, the fund will consider what actions, if any, are necessary to maintain adequate liquidity. Repurchase agreements maturing in more than seven days will be included for purposes of the foregoing limit. Securities subject to restrictions on resale under the Securities Act of 1933, as amended (the "1933 Act"), are considered illiquid unless they are eligible for resale pursuant to Rule 144A or another exemption from the registration requirements of the 1933 Act and are determined to be liquid pursuant to the fund's liquidity risk management program. The inability of the fund to dispose of illiquid investments readily or at reasonable prices could impair the fund's ability to raise cash for redemptions or other purposes. If the fund sold restricted securities other than pursuant to an exception from registration under the 1933 Act such as Rule 144A, it may be deemed to be acting as an underwriter and subject to liability under the 1933 Act. REPURCHASE AGREEMENTS The fund may enter into repurchase agreements with broker-dealers, member banks of the Federal Reserve System and other financial institutions. Repurchase agreements are arrangements under which the fund purchases securities and the seller agrees to repurchase the securities within a specific time and at a specific price. The repurchase price is generally higher than the fund's purchase price, with the difference being income to the fund. A repurchase agreement may be considered a loan by the fund collateralized by securities. Under the direction of the Board of Trustees, Amundi Pioneer reviews and monitors the creditworthiness of any institution which enters into a repurchase agreement with the fund. The counterparty's obligations under the repurchase agreement are collateralized with U.S. Treasury and/or agency obligations with a market value of not less than 100% of the obligations, valued daily. Collateral is held by the fund's custodian in a segregated, safekeeping account for the benefit of the fund. Repurchase agreements afford the fund an opportunity to earn income on temporarily available cash. In the event of commencement of bankruptcy or insolvency proceedings with respect to the seller of the security before repurchase of the security under a repurchase agreement, the fund may encounter delay and incur costs before being able to sell the security.                                        21 Such a delay may involve loss of interest or a decline in price of the security. If the court characterizes the transaction as a loan and the fund has not perfected a security interest in the security, the fund may be required to return the security to the seller's estate and be treated as an unsecured creditor of the seller. As an unsecured creditor, the fund would be at risk of losing some or all of the principal and interest involved in the transaction. There is no specific limit on the fund's ability to enter into repurchase agreements. The SEC frequently treats repurchase agreements as loans for purposes of the 1940 Act. REVERSE REPURCHASE AGREEMENTS Reverse repurchase agreements involve the sale of securities to a bank or other institution with an agreement that the fund will buy back the securities at a fixed future date at a fixed price plus an agreed amount of "interest" which may be reflected in the repurchase price. Reverse repurchase agreements involve the risk that the market value of securities purchased by the fund with proceeds of the transaction may decline below the repurchase price of the securities sold by the fund that it is obligated to repurchase. The fund will also continue to be subject to the risk of a decline in the market value of the securities sold under the agreements because it will reacquire those securities upon effecting their repurchase. Reverse repurchase agreements may be considered to be a type of borrowing. To the extent the fund covers its commitments under reverse repurchase agreements by the segregation of liquid assets or by otherwise covering its obligations under these instruments, they will not be considered "senior securities" under the 1940 Act and thus not be subject to the 300% asset coverage requirement applicable to forms of indebtedness used by the fund. See "Asset Segregation." SHORT SALES AGAINST THE BOX The fund may sell securities "short against the box." A short sale involves the fund borrowing securities from a broker and selling the borrowed securities. The fund has an obligation to return securities identical to the borrowed securities to the broker. In a short sale against the box, the fund at all times owns an equal amount of the security sold short or securities convertible into or exchangeable for, with or without payment of additional consideration, an equal amount of the security sold short. The fund intends to use short sales against the box to hedge. For example when the fund believes that the price of a current portfolio security may decline, the fund may use a short sale against the box to lock in a sale price for a security rather than selling the security immediately. In such a case, any future losses in the fund's long position should be offset by a gain in the short position and, conversely, any gain in the long position should be reduced by a loss in the short position. The fund may engage in short sales of securities only against the box. If the fund effects a short sale against the box at a time when it has an unrealized gain on the security, it may be required to recognize that gain as if it had actually sold the security (a "constructive sale") on the date it effects the short sale. However, such constructive sale treatment may not apply if the fund closes out the short sale with securities other than the appreciated securities held at the time of the short sale provided that certain other conditions are satisfied. Uncertainty regarding the tax consequences of effecting short sales may limit the extent to which the fund may make short sales against the box. DOLLAR ROLLS The fund may enter into mortgage "dollar rolls" in which the fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity), but not identical securities on a specified future date. During the roll period, the fund loses the right to receive principal and interest paid on the securities sold. However, the fund would benefit to the extent of any difference between the price received for the securities sold and the lower forward price for the future purchase (often referred to as the "drop") or fee income plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. Unless such benefits exceed the income, capital appreciation and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the fund compared with what such performance would have been without                                        22 the use of mortgage dollar rolls. All cash proceeds will be invested in instruments that are permissible investments for the fund. The fund will hold and maintain in a segregated account until the settlement date cash or liquid securities in an amount equal to its forward purchase price. For financial reporting and tax purposes, the fund treats mortgage dollar rolls as two separate transactions; one involving the purchase of a security and a separate transaction involving a sale. Dollar rolls involve certain risks including the following: if the broker-dealer to whom the fund sells the security becomes insolvent, the fund's right to purchase or repurchase the securities subject to the dollar roll may be restricted and the instrument which the fund is required to repurchase may be worth less than an instrument which the fund originally held. Successful use of dollar rolls will depend upon Amundi Pioneer's ability to manage its interest rate and prepayment exposure. There is no assurance that dollar rolls can be successfully employed. ASSET SEGREGATION The 1940 Act requires that the fund segregate assets in connection with certain types of transactions that may have the effect of leveraging the portfolio. If the fund enters into a transaction requiring segregation, such as a forward commitment or a reverse repurchase agreement, the custodian or Amundi Pioneer will segregate liquid assets in an amount required to comply with the 1940 Act. Such segregated assets will be valued at market daily. If the aggregate value of such segregated assets declines below the aggregate value required to satisfy the 1940 Act, additional liquid assets will be segregated. In some instances a fund may "cover" its obligation using other methods to the extent permitted under the 1940 Act, orders or releases issued by the SEC thereunder, or no-action letters or other guidance of the SEC staff. PORTFOLIO TURNOVER It is the policy of the fund not to engage in trading for short-term profits, although portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the fund. A high rate of portfolio turnover (100% or more) involves correspondingly greater transaction costs which must be borne by the fund and its shareholders. See "Annual Fee, Expense and Other Information" for the fund's annual portfolio turnover rate. LENDING OF PORTFOLIO SECURITIES The fund may lend portfolio securities to registered broker-dealers or other institutional investors deemed by Amundi Pioneer to be of good standing under agreements which require that the loans be secured continuously by collateral in the form of cash, cash equivalents, U.S. Government securities or irrevocable letters of credit issued by banks approved by the fund. The value of the collateral is monitored on a daily basis and the borrower is required to maintain the collateral at an amount at least equal to the market value of the securities loaned. The fund continues to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and continues to have all of the other risks associated with owning the securities. Where the collateral received is cash, the cash will be invested and the fund will be entitled to a share of the income earned on the investment, but will also be subject to investment risk on the collateral and will bear the entire amount of any loss in connection with investment of such collateral. The fund may pay administrative and custodial fees in connection with loans of securities and, where the collateral received is cash, the fund may pay a portion of the income earned on the investment of collateral to the borrower, lending agent or other intermediary. Fees and expenses paid by the fund in connection with loans of securities are not reflected in the fee table or expense example in the fund's prospectus. If the income earned on the investment of the cash collateral is insufficient to pay these amounts or if the value of the securities purchased with such cash collateral declines, the fund may take a loss on the loan. Where the fund receives securities as collateral, the fund will earn no income on the collateral, but will earn a fee from the borrower. The fund reserves the right to recall loaned securities so that it may exercise voting rights on loaned securities according to the fund's Proxy Voting Policies and Procedures.                                        23 The risk in lending portfolio securities, as with other extensions of credit, consists of the possibility of loss to the fund due to (i) the inability of the borrower to return the securities, (ii) a delay in receiving additional collateral to adequately cover any fluctuations in the value of securities on loan, (iii) a delay in recovery of the securities, or (iv) the loss of rights in the collateral should the borrower fail financially. In addition, as noted above, the fund continues to have market risk and other risks associated with owning the securities on loan. Where the collateral delivered by the borrower is cash, the fund will also have the risk of loss of principal and interest in connection with its investment of collateral. If a borrower defaults, the value of the collateral may decline before the fund can dispose of it. The fund will lend portfolio securities only to firms that have been approved in advance by Amundi Pioneer, which will monitor the creditworthiness of any such firms. However, this monitoring may not protect the fund from loss. At no time would the value of the securities loaned exceed 33 1/3% of the value of the fund's total assets. The fund did not engage in securities lending activity during its most recent fiscal year. INTERFUND LENDING To satisfy redemption requests or to cover unanticipated cash shortfalls, a fund may enter into lending agreements ("Interfund Lending Agreements") under which the fund would lend money and borrow money for temporary purposes directly to and from another Pioneer fund through a credit facility ("Interfund Loan"), subject to meeting the conditions of an SEC exemptive order granted to the funds permitting such interfund lending. All Interfund Loans will consist only of uninvested cash reserves that the fund otherwise would invest in short-term repurchase agreements or other short-term instruments. If a fund has outstanding borrowings, any Interfund Loans to the fund (a) will be at an interest rate equal to or lower than any outstanding bank loan, (b) will be secured at least on an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding bank loan that requires collateral, (c) will have a maturity no longer than any outstanding bank loan (and in any event not over seven days) and (d) will provide that, if an event of default occurs under any agreement evidencing an outstanding bank loan to the fund, the event of default will automatically (without need for action or notice by the lending fund) constitute an immediate event of default under the Interfund Lending Agreement entitling the lending fund to call the Interfund Loan (and exercise all rights with respect to any collateral) and that such call will be made if the lending bank exercises its right to call its loan under its agreement with the borrowing fund. A fund may make an unsecured borrowing through the credit facility if its outstanding borrowings from all sources immediately after the interfund borrowing total 10% or less of its total assets; provided, that if the fund has a secured loan outstanding from any other lender, including but not limited to another Pioneer fund, the fund's interfund borrowing will be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding loan that requires collateral. If a fund's total outstanding borrowings immediately after an interfund borrowing would be greater than 10% of its total assets, the fund may borrow through the credit facility on a secured basis only. A fund may not borrow through the credit facility nor from any other source if its total outstanding borrowings immediately after the interfund borrowing would be more than 33 1/3% of its total assets. No fund may lend to another fund through the interfund lending credit facility if the loan would cause its aggregate outstanding loans through the credit facility to exceed 15% of the lending fund's net assets at the time of the loan. A fund's Interfund Loans to any one fund shall not exceed 5% of the lending fund's net assets. The duration of Interfund Loans is limited to the time required to receive payment for securities sold, but in no event more than seven days. Loans effected within seven days of each other will be treated as separate loan transactions for purposes of this condition. Each Interfund Loan may be called on one business day's notice by a lending fund and may be repaid on any day by a borrowing fund. The limitations detailed above and the other conditions of the SEC exemptive order permitting interfund lending are designed to minimize the risks associated with interfund lending for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money                                        24 from another fund, there is a risk that the loan could be called on one day's notice or not renewed, in which case the fund may have to borrow from a bank at higher rates if an Interfund Loan were not available from another fund. A delay in repayment to a lending fund could result in a lost opportunity or additional lending costs. WHEN-ISSUED AND DELAYED DELIVERY SECURITIES The fund may purchase securities, including U.S. government securities, on a when-issued basis or may purchase or sell securities for delayed delivery. À such transactions, delivery of the securities occurs beyond the normal settlement period, but no payment or delivery is made by the fund prior to the actual delivery or payment by the other party to the transaction. The fund will not earn income on these securities until delivered. The purchase of securities on a when-issued or delayed delivery basis involves the risk that the value of the securities purchased will decline prior to the settlement date. The sale of securities for delayed delivery involves the risk that the prices available in the market on the delivery date may be greater than those obtained in the sale transaction. When the fund enters into when-issued or delayed delivery transactions it will segregate liquid assets with a value equal to the fund's obligations. See "Asset Segregation." DISCLOSURE OF PORTFOLIO HOLDINGS The Board of Trustees has adopted policies and procedures relating to disclosure of the Pioneer funds' portfolio securities. These policies and procedures are designed to provide a framework for disclosing information regarding portfolio holdings, portfolio composition or other portfolio characteristics consistent with applicable federal securities laws and regulations and general principles of fiduciary duty relating to fund shareholders. While Amundi Pioneer may manage other separate accounts and unregistered products that have substantially similar investment strategies to those of another Pioneer fund, and therefore portfolio holdings that may be substantially similar, and in some cases nearly identical, to such fund, these policies and procedures only relate to the disclosure of portfolio information of the Pioneer funds that are registered management companies. Separate account and unregistered product clients are not subject to these policies and procedures. Separate account and unregistered product clients of Amundi Pioneer have access to their portfolio holdings, and prospective clients have access to representative holdings. Generally, Amundi Pioneer will make a fund's full portfolio information available to the public on a monthly basis with an appropriate delay based upon the nature of the information disclosed. Amundi Pioneer normally will publish a fund's full portfolio holdings thirty (30) days after the end of each month (this time period may be different for certain funds). Such information shall be made available on the funds' website (us.amundipioneer.com) and may be sent to rating agencies, reporting/news services and financial intermediaries, upon request. In addition, Amundi Pioneer generally makes publicly available information regarding a fund's top ten holdings (including the percentage of a fund's assets represented by each security), the percentage breakdown of a fund's investments by country, sector and industry, various volatility measures (such as beta, standard deviation, etc.), market capitalization ranges and other portfolio characteristics (such as alpha, average P/E ratio, etc.) three (3) business days after the end of each month. Amundi Pioneer may provide a fund's full portfolio holdings or other information to certain entities prior to the date such information is made public, provided that certain conditions are met. The entities to which such disclosure may be made as of the date of this statement of additional information are rating agencies, plan sponsors, prospective separate account clients and other financial intermediaries (i.e., organizations evaluating a fund for purposes of investment by their clients, such as broker-dealers, investment advisers, banks, insurance companies, financial planning firms, plan sponsors, plan administrators, shareholder servicing organizations and pension consultants). The third party must agree to a limited use of that information which does not conflict with the interests of the fund's shareholders, to use the information only for that authorized purpose, to keep such information confidential, and not to trade on such information. The Board of Trustees considered the disclosure of portfolio holdings information to these categories of entities to be consistent with the best interests of shareholders in light of the agreement to maintain the confidentiality of such information and only to use such information for the limited and approved purposes. Amundi Pioneer's compliance department, the local head of investment management and the global chief                                        25 investment officer may, but only acting jointly, grant exemptions to this policy. Exemptions may be granted only if these persons determine that providing such information is consistent with the interests of shareholders and the third party agrees to limit the use of such information only for the authorized purpose, to keep such information confidential, and not to trade on such information. Although the Board of Trustees will periodically be informed of exemptions granted, granting exemptions entails the risk that portfolio holdings information may be provided to entities that use the information in a manner inconsistent with their obligations and the best interests of a fund. Currently, Amundi Pioneer, on behalf of the Pioneer funds, has ongoing arrangements whereby the following entities may receive a fund's full portfolio holdings or other information prior to the date such information is made public: Metropolitan Life Insurance Company (within 30 days after month end for board materials and advance preparation of marketing materials, as needed to evaluate Pioneer funds); Roszel Advisors (within 30 days after month end for due diligence and review of certain Pioneer funds included in fund programs); Oppenheimer & Co. (within 30 days after month end for due diligence and review of certain Pioneer funds included in fund programs); UBS (within 15 days after month end for due diligence and review of certain Pioneer funds included in fund programs); Beacon Pointe Advisors (as needed for quarterly review of certain Pioneer funds); Commonwealth Financial Network (within 30 days after month end for risk analysis on funds on behalf of their clients); Hartford Retirement Services, LLC (as needed for risk analysis on funds on behalf of their clients); Transamerica Life Insurance Company (as needed for performance and risk analysis on funds on behalf of their clients); TIBCO Software Inc./Spotfire Division (as needed to evaluate and develop portfolio reporting software); Curcio Webb, LLC (as needed for evaluation and research purposes); Fidelity Investments (as needed to evaluate Pioneer funds); Egan Jones Ratings Company (as needed in order to evaluate and select Nationally Recognized Statistical Rating Organizations (NRSROs)); DBRS Limited (as needed in order to evaluate and select NRSROs); Wells Fargo Advisors (as needed for risk analysis on funds on behalf of their clients and product review); and Capital Market Consultants (as needed to complete quarterly due diligence research). Compliance with the funds' portfolio holdings disclosure policy is subject to periodic review by the Board of Trustees, including a review of any potential conflicts of interest in the disclosures made by Amundi Pioneer in accordance with the policy or the exceptions permitted under the policy. Any change to the policy to expand the categories of entities to which portfolio holdings may be disclosed or an increase in the purposes for which such disclosure may be made would be subject to approval by the Board of Trustees and, reflected, if material, in a supplement to the fund's statement of additional information. The funds' full portfolio holdings disclosure policy is not intended to prevent the disclosure of any and all portfolio information to the funds' service providers who generally need access to such information in the performance of their contractual duties and responsibilities, such as Amundi Pioneer, the funds' custodian, fund accounting agent, principal underwriter, investment sub-adviser, if any, independent registered public accounting firm or counsel. In approving the policy, the Board of Trustees considered that the service providers are subject to duties of confidentiality and duties not to trade on non-public information arising under law or contract that provide an adequate safeguard for such information. None of Amundi Pioneer, the funds, or any other party receive any compensation or other consideration from any arrangement pertaining to the release of a fund's full portfolio holdings information. In addition, the funds make their portfolio holdings available semi-annually in shareholder reports filed on Form N-CSR and after the first and third fiscal quarters in regulatory filings on Form N-PORT. These shareholder reports and regulatory filings are filed with the SEC, as required by the federal securities laws. Portfolio holdings information on Form N-PORT is filed with the SEC within sixty (60) days after the end of a fund's first and third fiscal quarters. Form N-CSR is filed with the SEC within ten (10) days after the transmission to shareholders of a fund's annual or semi-annual report, as applicable.                                        26 INVESTMENT RESTRICTIONS FUNDAMENTAL INVESTMENT POLICIES The fund has adopted certain fundamental investment policies which may not be changed without the affirmative vote of the holders of a "majority of the outstanding voting securities" (as defined in the 1940 Act) of the fund. For this purpose, a majority of the outstanding shares of the fund means the vote of the lesser of: (1) 67% or more of the shares represented at a meeting, if the holders of       more than 50% of the outstanding shares are present in person or by proxy; ou (2) more than 50% of the outstanding shares of the fund. The fund's fundamental policies are as follows: (1) The fund may not borrow money except as permitted by (i) the 1940 Act, or       interpretations or modifications by the SEC, SEC staff or other authority       of competent jurisdiction, or (ii) exemptive or other relief or       permission from the SEC, SEC staff or other authority of competent       jurisdiction. (2) The fund may not engage in the business of underwriting the securities of       other issuers except as permitted by (i) the 1940 Act, or interpretations       or modifications by the SEC, SEC staff or other authority of competent       jurisdiction, or (ii) exemptive or other relief or permission from the       SEC, SEC staff or other authority of competent jurisdiction. (3) The fund may lend money or other assets to the extent permitted by (i)       the 1940 Act, or interpretations or modifications by the SEC, SEC staff       or other authority of competent jurisdiction or (ii) exemptive or other       relief or permission from the SEC, SEC staff or other authority of       competent jurisdiction. (4) The fund may not issue senior securities except as permitted by (i) the       1940 Act, or interpretations or modifications by the SEC, SEC staff or       other authority of competent jurisdiction, or (ii) exemptive or other       relief or permission from the SEC, SEC staff or other authority of       competent jurisdiction. (5) The fund may not purchase or sell real estate except as permitted by (i)       the 1940 Act, or interpretations or modifications by the SEC, SEC staff       or other authority of competent jurisdiction, or (ii) exemptive or other       relief or permission from the SEC, SEC staff or other authority of       competent jurisdiction. (6) The fund may purchase or sell commodities or contracts related to       commodities to the extent permitted by (i) the 1940 Act, or       interpretations or modifications by the SEC, SEC staff or other authority       of competent jurisdiction, or (ii) exemptive or other relief or       permission from the SEC, SEC staff or other authority of competent       jurisdiction. (7) Except as permitted by exemptive or other relief or permission from the       SEC, SEC staff or other authority of competent jurisdiction, the fund may       not make any investment if, as a result, the fund's investments will be       concentrated in any one industry. With respect to the fundamental policy relating to borrowing money set forth in (1) above, the 1940 Act permits a fund to borrow money in amounts of up to one-third of the fund's total assets from banks for any purpose, and to borrow up to 5% of the fund's total assets from banks or other lenders for temporary purposes (the fund's total assets include the amounts being borrowed). To limit the risks attendant to borrowing, the 1940 Act requires the fund to maintain at all times an "asset coverage" of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the fund's total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Borrowing money to increase a fund's investment portfolio is known as "leveraging." Borrowing, especially when used for leverage, may cause the value of a fund's shares to be more volatile than if the fund did not borrow. This is because borrowing tends to magnify the effect of any increase or decrease in the value of the fund's portfolio holdings. Borrowed money thus creates an opportunity for greater gains, but also greater losses. To repay borrowings, the fund may have to sell securities at a time and at a price 27 that is unfavorable to the fund. There also are costs associated with borrowing money, and these costs would offset and could eliminate a fund's net investment income in any given period. Currently, the fund does not contemplate borrowing for leverage, but if the fund does so, it will not likely do so to a substantial degree. The policy in (1) above will be interpreted to permit the fund to engage in trading practices and investments that may be considered to be borrowing to the extent permitted by the 1940 Act. Reverse repurchase agreements may be considered to be a type of borrowing. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that may involve leverage but are not considered to be borrowings are not subject to the policy. Such trading practices may include futures, options on futures, forward contracts and other derivative investments. A fund may pledge its assets and guarantee the securities of another company without limitation, subject to the fund's investment policies (including the fund's fundamental policy regarding borrowing) and applicable laws and interpretations. Pledges of assets and guarantees of obligations of others are subject to many of the same risks associated with borrowings and, in addition, are subject to the credit risk of the obligor for the underlying obligations. To the extent that pledging or guaranteeing assets may be considered the issuance of senior securities, the issuance of senior securities is governed by the fund's policies on senior securities. If the fund were to pledge its assets, the fund would take into account any then-applicable legal guidance, including any applicable SEC staff position, would be guided by the judgment of the fund's Board and Amundi Pioneer regarding the terms of any credit facility or arrangement, including any collateral required, and would not pledge more collateral than, in their judgment, is necessary for the fund to obtain the credit sought. Shareholders should note that in 1973, the SEC staff took the position in a no-action letter that a mutual fund could not pledge 100% of its assets without a compelling business reason. In more recent no-action letters, including letters that address the same statutory provision of the 1940 Act (Section 17) addressed in the 1973 letter, the SEC staff has not mentioned any limitation on the amount of collateral that may be pledged to support credit obtained. This does not mean that the staff's position on this issue has changed. With respect to the fundamental policy relating to underwriting set forth in (2) above, the 1940 Act does not prohibit a fund from engaging in the underwriting business or from underwriting the securities of other issuers; à fact, the 1940 Act permits a fund to have underwriting commitments of up to 25% of its assets under certain circumstances. Those circumstances currently are that the amount of the fund's underwriting commitments, when added to the value of the fund's investments in issuers where the fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25% cap. Un fund engaging in transactions involving the acquisition or disposition of portfolio securities may be considered to be an underwriter under the Securities Act of 1933, as amended (the "1933 Act"). Under the 1933 Act, an underwriter may be liable for material omissions or misstatements in an issuer's registration statement or prospectus. Securities purchased from an issuer and not registered for sale under the 1933 Act are considered restricted securities. There may be a limited market for these securities. If these securities are registered under the 1933 Act, they may then be eligible for sale but participating in the sale may subject the seller to underwriter liability. These risks could apply to a fund investing in restricted securities. Although it is not believed that the application of the 1933 Act provisions described above would cause a fund to be engaged in the business of underwriting, the policy in (2) above will be interpreted not to prevent the fund from engaging in transactions involving the acquisition or disposition of portfolio securities, regardless of whether the fund may be considered to be an underwriter under the 1933 Act. With respect to the fundamental policy relating to lending set forth in (3) above, the 1940 Act does not prohibit a fund from making loans; however, SEC staff interpretations currently prohibit funds from lending more than one-third of their total assets, except through the purchase of debt obligations or the use of repurchase agreements. (A repurchase agreement is an agreement to purchase a security, coupled with an agreement to sell that security back to the original seller on an agreed-upon date at a price that reflects current interest rates. The SEC frequently treats repurchase agreements as loans.) While lending securities                                        28 may be a source of income to a fund, as with other extensions of credit, there are risks of delay in recovery or even loss of rights in the underlying securities should the borrower fail financially. However, loans would be made only when the fund's manager or a subadviser believes the income justifies the attendant risks. The fund also will be permitted by this policy to make loans of money, including to other funds. The fund has obtained exemptive relief from the SEC to make short-term loans to other Pioneer funds through a credit facility in order to satisfy redemption requests or to cover unanticipated cash shortfalls; as discussed in this Statement of Additional Information under "Interfund Lending." The conditions of the SEC exemptive order permitting interfund lending are designed to minimize the risks associated with interfund lending, however no lending activity is without risk. A delay in repayment to a lending fund could result in a lost opportunity or additional lending costs. The policy in (3) above will be interpreted not to prevent the fund from purchasing or investing in debt obligations and loans. In addition, collateral arrangements with respect to options, forward currency and futures transactions and other derivative instruments, as well as delays in the settlement of securities transactions, will not be considered loans. With respect to the fundamental policy relating to issuing senior securities set forth in (4) above, "senior securities" are defined as fund obligations that have a priority over the fund's shares with respect to the payment of dividends or the distribution of fund assets. The 1940 Act prohibits a fund from issuing senior securities except that the fund may borrow money in amounts of up to one-third of the fund's total assets from banks for any purpose. Un fund also may borrow up to 5% of the fund's total assets from banks or other lenders for temporary purposes, and these borrowings are not considered senior securities. The issuance of senior securities by a fund can increase the speculative character of the fund's outstanding shares through leveraging. Leveraging of a fund's portfolio through the issuance of senior securities magnifies the potential for gain or loss on monies, because even though the fund's net assets remain the same, the total risk to investors is increased. Certain widely used investment practices that involve a commitment by a fund to deliver money or securities in the future are not considered by the SEC to be senior securities, provided that a fund segregates cash or liquid securities in an amount necessary to pay the obligation or the fund holds an offsetting commitment from another party. These investment practices include repurchase and reverse repurchase agreements, swaps, dollar rolls, options, futures and forward contracts. The policy in (4) above will be interpreted not to prevent collateral arrangements with respect to swaps, options, forward or futures contracts or other derivatives, or the posting of initial or variation margin. With respect to the fundamental policy relating to real estate set forth in (5) above, the 1940 Act does not prohibit a fund from owning real estate; however, a fund is limited in the amount of illiquid assets it may purchase. Investing in real estate may involve risks, including that real estate is generally considered illiquid and may be difficult to value and sell. Owners of real estate may be subject to various liabilities, including environmental liabilities. To the extent that investments in real estate are considered illiquid, rules under the 1940 Act generally limit a fund's purchases of illiquid securities to 15% of net assets. The policy in (5) above will be interpreted not to prevent the fund from investing in real estate-related companies, companies whose businesses consist in whole or in part of investing in real estate, instruments (like mortgages) that are secured by real estate or interests therein, or real estate investment trust securities. With respect to the fundamental policy relating to commodities set forth in (6) above, the 1940 Act does not prohibit a fund from owning commodities, whether physical commodities and contracts related to physical commodities (such as oil or grains and related futures contracts), or financial commodities and contracts related to financial commodities (such as currencies and, possibly, currency futures). However, a fund is limited in the amount of illiquid assets it may purchase. To the extent that investments in commodities are considered illiquid, rules under the 1940 Act generally limit a fund's purchases of illiquid securities to 15% of net assets. If a fund were to invest in a physical commodity or a physical commodity-related instrument, the fund would be subject to the additional risks of the particular physical commodity and its related market. The value of commodities and commodity-related instruments may be extremely volatile and may be affected                                        29 either directly or indirectly by a variety of factors. There also may be storage charges and risks of loss associated with physical commodities. policy in (6) above will be interpreted to permit investments in exchange traded funds that invest in physical and/or financial commodities. With respect to the fundamental policy relating to concentration set forth in (7) above, the 1940 Act does not define what constitutes "concentration" in an industry. The SEC staff has taken the position that investment of 25% or more of a fund's total assets in one or more issuers conducting their principal activities in the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration could change in the future. A fund that invests a significant percentage of its total assets in a single industry may be particularly susceptible to adverse events affecting that industry and may be more risky than a fund that does not concentrate in an industry. The policy in (7) above will be interpreted to refer to concentration as that term may be interpreted from time to time. policy also will be interpreted to permit investment without limit in the following: securities of the U.S. government and its agencies or instrumentalities; and repurchase agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be considered to be members of any industry. The policy also will be interpreted to give broad authority to the fund as to how to classify issuers within or among industries. When identifying industries for purposes of its concentration policy, the fund may rely upon available industry classifications. As of the date of the SAI, the fund relies primarily on the MSCI Global Industry Classification Standard (GICS) classifications, and, with respect to securities for which no industry classification under GICS is available or for which the GICS classification is determined not to be appropriate, the fund may use industry classifications published by another source, which, as of the date of the SAI, is Bloomberg L.P. As of the date of the SAI, the fund's adviser may assign an industry classification for an exchange-traded fund in which the fund invests based on the constituents of the index on which the exchange-traded fund is based. The fund may change any source used for determining industry classifications without shareholder approval. The fund's fundamental policies are written and will be interpreted broadly. For example, the policies will be interpreted to refer to the 1940 Act and the related rules as they are in effect from time to time, and to interpretations and modifications of or relating to the 1940 Act by the SEC, SEC staff or other authority of competent jurisdiction as they are given from time to time. When a policy provides that an investment practice may be conducted as permitted by the 1940 Act, the policy will be interpreted to mean either that the 1940 Act expressly permits the practice or that the 1940 Act does not prohibit the practice. NON-FUNDAMENTAL INVESTMENT POLICY The following policy is non-fundamental and may be changed by a vote of the Board of Trustees without approval of shareholders. The fund may not invest in any investment company in reliance on Section 12(d)(1)(F) of the 1940 Act, which would allow the fund to invest in other investment companies, or in reliance on Section 12(d)(1)(G) of the 1940 Act, which would allow the fund to invest in other Pioneer funds, in each case without being subject to the limitations discussed above under "Other Investment Companies" so long as another investment company invests in the fund in reliance on Section 12(d)(1)(G). The fund has adopted this non-fundamental policy in order that the fund may be a permitted investment of the series of Pioneer Asset Allocation Trust. If the series of Pioneer Asset Allocation Trust do not invest in the fund, then this non-fundamental restriction will not apply. In addition, the fund's investment objective is non-fundamental and it and the fund's non-fundamental investment policies may be changed by a vote of the Board of Trustees without approval of shareholders at any time. In order to comply with tax rules in the Federal Republic of Germany, the fund continuously will invest within a calendar year at least 51% of its value in equity investments.                                        30 DIVERSIFICATION The fund is currently classified as a diversified fund under the 1940 Act. Un diversified fund may not purchase securities of an issuer (other than obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities) if, with respect to 75% of the fund's total assets, (a) more than 5% of the fund's total assets would be invested in securities of that issuer, or (b) the fund would hold more than 10% of the outstanding voting securities of that issuer. Under the 1940 Act, the fund cannot change its classification from diversified to non-diversified without shareholder approval. 3. TRUSTEES AND OFFICERS The fund's Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 45 U.S. registered investment portfolios for which Amundi Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all Trustees and all officers of the fund is 60 State Street, Boston, Massachusetts 02109. NAME, AGE AND TERM OF OFFICE AND OTHER DIRECTORSHIPS POSITION HELD WITH THE FUND LENGTH OF SERVICE PRINCIPAL OCCUPATION HELD BY TRUSTEE ----------------------------- -------------------------- --------------------------------------- ------------------------- INDEPENDENT TRUSTEES: ----------------------------- -------------------------- --------------------------------------- ----- THOMAS J. PERNA (68) Trustee since 2006. Private investor (2004 - 2008 and Director, Broadridge Chairman of the Board and Serves until a successor 2013 - present); Chairman (2008 - Financial Solutions, Trustee trustee is elected or 2013) and Chief Executive Officer Inc. (investor ---                               earlier retirement or (2008 - 2012), Quadriserv, Inc. communications and                               removal. (technology products for securities securities processing                               --------------------------                                                          lending industry); and Senior provider for financial                                                          Executive Vice President, The Bank services industry)                                                          of New York (financial and securities (2009 - present);                                                          services) (1986 - 2004) Director, Quadriserv,                                                          ---------------------------------------                                                                                                  Inc. (2005 - 2013);                                                                                                  and Commissioner,                                                                                                  New Jersey State                                                                                                  Civil Service                                                                                                  Commission (2011 -                                                                                                  2015)                                                                                                  ----- JOHN E. BAUMGARDNER, JR. Trustee since 2019. Of Counsel (2019 - present), Chairman, The (68)* Serves until a successor Partner (1983-2018), Sullivan & Lakeville Journal Trustee trustee is elected or Cromwell LLP (law firm). Company, LLC, --- ---------------------------------------                               earlier retirement or (privately-held                               removal. community                               --------------------------                                                                                                  newspaper group)                                                                                                  (2015-present)                                                                                                  -----
31 NAME, AGE AND TERM OF OFFICE AND OTHER DIRECTORSHIPS POSITION HELD WITH THE FUND LENGTH OF SERVICE PRINCIPAL OCCUPATION HELD BY TRUSTEE ----------------------------- --------------------------- -------------------------------------- ------------------------ DIANE DURNIN (63) Trustee since 2019. Managing Director - Head of Product None                                                                                                  ---- Trustee Serves until a successor Strategy and Development, BNY ---                               trustee is elected or Mellon Investment Management                               earlier retirement or (2012-2018); Vice Chairman - The                               removal. 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 (2000-2005);                                                           Senior Vice President Strategic                                                           Product and Business Development,                                                           Dreyfus Corporation (1994-2000)                                                           -------------------------------------- BENJAMIN M. FRIEDMAN Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon (75) Serves until a successor Political Economy, Harvard Institutional Funds Trustee trustee is elected or University (1972 - present) Investment Trust and --- --------------------------------------                               earlier retirement or Mellon Institutional                               removal. Funds Master                               ---------------------------                                                                                                  Portfolio (oversaw                                                                                                  17 portfolios in fund                                                                                                  complex) (1989 -                                                                                                  2008)                                                                                                  ---- LORRAINE H. MONCHAK (62) Trustee since 2017. Chief Investment Officer, 1199 SEIU None                                                                                                  ---- Trustee (Advisory Trustee from Funds (healthcare workers union ---                               2014 - 2017). Serves pension funds) (2001 - present);                               until a successor trustee Vice President - International                               is elected or earlier Investments Group, American                               retirement or removal. 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)                                                           --------------------------------------
32 NAME, AGE AND TERM OF OFFICE AND OTHER DIRECTORSHIPS POSITION HELD WITH THE FUND LENGTH OF SERVICE PRINCIPAL OCCUPATION HELD BY TRUSTEE ----------------------------- -------------------------- -------------------------------------- --------------------- MARGUERITE A. PIRET (71) Trustee since 1990. Chief Financial Officer, American Ag Director of New Trustee Serves until a successor Energy, Inc. (controlled environment America High Income -----------------------------                               trustee is elected or and agriculture company) (2016 - Fund, Inc.                               earlier retirement or present); President and Chief (closed-end                               removal. Executive Officer, Metric Financial investment company)                               --------------------------                                                          Inc. (formerly known as Newbury (2004 - present);                                                          Piret Company) (investment banking and Member, Board                                                          firm) (1981 - 2019) of Governors,                                                          --------------------------------------                                                                                                 Investment Company                                                                                                 Institute (2000 -                                                                                                 2006)                                                                                                 ---- FRED J. RICCIARDI (73) Trustee since 2014. Consultant (investment company None                                                                                                 ---- Trustee Serves until a successor services) (2012 - present); -----------------------------                               trustee is elected or Executive Vice President, BNY                               earlier retirement or Mellon (financial and investment                               removal. 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)                                                          ----------
33 NAME, AGE AND TERM OF OFFICE AND OTHER DIRECTORSHIPS POSITION HELD WITH THE FUND LENGTH OF SERVICE PRINCIPAL OCCUPATION HELD BY TRUSTEE ----------------------------- -------------------------- --------------------------------------- --------------------- INTERESTED TRUSTEES: ----------------------------- -------------------------- ---- --------------------- LISA M. JONES (58)** Trustee since 2017. Director, CEO and President of None                                                                                                  --------------------- Trustee, President and Serves until a successor Amundi Pioneer Asset Management Chief Executive Officer trustee is elected or USA, Inc. (since September 2014); -----------------------------                               earlier retirement or Director, CEO and President of                               removal Amundi Pioneer Asset Management,                               --------------------------                                                          Inc. (since September 2014);                                                          Director, CEO and President of                                                          Amundi Pioneer Distributor, Inc.                                                          (since September 2014); Director,                                                          CEO and President of Amundi                                                          Pioneer Institutional Asset                                                          Management, Inc. (since September                                                          2014); Chair, Amundi Pioneer Asset                                                          Management USA, Inc., Amundi                                                          Pioneer Distributor, Inc. and Amundi                                                          Pioneer Institutional Asset                                                          Management, Inc. (September 2014                                                          - 2018); Managing Director, Morgan                                                          Stanley Investment Management                                                          (2010 - 2013); Director of                                                          Institutional Business, CEO of                                                          International, Eaton Vance                                                          Management (2005 - 2010);                                                          Director of Amundi USA, Inc. (since                                                          2017)                                                          ---- KENNETH J. TAUBES (61)** Trustee since 2014. Director and Executive Vice None                                                                                                  --------------------- Trustee Serves until a successor President (since 2008) and Chief -----------------------------                               trustee is elected or Investment Officer, U.S. (since                               earlier retirement or 2010) of Amundi Pioneer Asset                               removal Management USA, Inc.; Director and                               --------------------------                                                          Executive Vice President and Chief                                                          Investment Officer, U.S. of Amundi                                                          Pioneer (since 2008); Executive                                                          Vice President and Chief Investment                                                          Officer, U.S. of Amundi Pioneer                                                          Institutional Asset Management,                                                          Inc. (since 2009); Portfolio Manager                                                          of Amundi Pioneer (since 1999);                                                          Director of Amundi USA, Inc. (since                                                          2017)                                                          ---- FUND OFFICERS: ----------------------------- -------------------------- ---- --------------------- CHRISTOPHER J. KELLEY (55) Since 2003. Serves at Vice President and Associate None                                                                                                  --------------------- Secretary and Chief Legal the discretion of the General Counsel of Amundi Pioneer Officer Board since January 2008; 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                                                          Pioneer from July 2002 to                                                          December 2007                                                          ---------------------------------------
34 NAME, AGE AND TERM OF OFFICE AND OTHER DIRECTORSHIPS POSITION HELD WITH THE FUND LENGTH OF SERVICE PRINCIPAL OCCUPATION HELD BY TRUSTEE ----------------------------- ----------------------- -------------------------------------- --------------------- CAROL B. HANNIGAN (58) Since 2010. Serves at Fund Governance Director of Amundi None                                                                                              --------------------- Assistant Secretary the discretion of the Pioneer since December 2006 and -----------------------------                               Board Assistant Secretary of all the                               -----------------------                                                       Pioneer Funds since June 2010;                                                       Manager - Fund Governance of                                                       Amundi Pioneer from December 2003 to November 2006; et                                                       Senior Paralegal of Amundi Pioneer                                                       from January 2000 to November                                                       2003                                                       ---- THOMAS REYES (57) Since 2010. Serves at Assistant General Counsel of None                                                                                              --------------------- Assistant Secretary the discretion of the Amundi Pioneer since May 2013 -----------------------------                               Board and Assistant Secretary of all the                               -----------------------                                                       Pioneer Funds since June 2010;                                                       Counsel of Amundi Pioneer from                                                       June 2007 to May 2013                                                       -------------------------------------- MARK E. BRADLEY (60) Since 2008. Serves at Vice President - Fund Treasury of None                                                                                              --------------------- Treasurer and Chief the discretion of the Amundi Pioneer; Treasurer of all of Financial and Accounting Board the Pioneer Funds since March                               ----------------------- Officer 2008; Deputy Treasurer of Amundi -----------------------------                                                       Pioneer from March 2004 to                                                       February 2008; and Assistant                                                       Treasurer of all of the Pioneer Funds                                                       from March 2004 to February 2008                                                       -------------------------------------- LUIS I. PRESUTTI (54) Since 2000. Serves at Director - Fund Treasury of Amundi None                                                                                              --------------------- Assistant Treasurer the discretion of the Pioneer; and Assistant Treasurer of -----------------------------                               Board all of the Pioneer Funds                               ----------------------- -------------------------------------- GARY SULLIVAN (61) Since 2002. Serves at Senior Manager - Fund Treasury of None                                                                                              --------------------- Assistant Treasurer the discretion of the Amundi Pioneer; and Assistant -----------------------------                               Board Treasurer of all of the Pioneer Funds                               ----------------------- -------------------------------------- JOHN MALONE (48) Since 2018. Serves at Managing Director, Chief None                                                                                              --------------------- Chief Compliance Officer the discretion of the Compliance Officer of Amundi -----------------------------                               Board Pioneer Asset Management; Amundi                               -----------------------                                                       Pioneer Institutional Asset                                                       Management, Inc.; and the Pioneer                                                       Funds since September 2018; Chief                                                       Compliance Officer of Amundi                                                       Pioneer Distributor, Inc. since                                                       January 2014.                                                       -------------------------------------- KELLY O'DONNELL (49) Since 2006. Serves at Vice President - Amundi Pioneer None                                                                                              --------------------- Anti-Money Laundering the discretion of the Asset Management; Anti-Money Officer Board Laundering Officer of all the Pioneer ----------------------------- -----------------------                                                       Funds since 2006                                                       --------------------------------------
* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as       counsel to the Independent Trustees of each Pioneer Fund. ** Ms. Jones and Mr. Taubes are Interested Trustees because they are       officers or directors of the fund's investment adviser and certain of its       affiliates.                                        35 BOARD COMMITTEES The Board of Trustees is responsible for overseeing the fund's management and operations. The Chairman of the Board is an Independent Trustee. Independent Trustees constitute more than 75% of the Board. During the most recent fiscal year, the Board of Trustees held 6 meetings. Each Trustee attended at least 75% of such meetings. The Trustees were selected to join the Board based upon the following as to each Board member: such person's character and integrity; such person's willingness and ability to commit the time necessary to perform the duties of a Trustee; as to each Independent Trustee, his or her status as not being an "interested person" as defined under the 1940 Act; and, as to Ms. Jones and Mr. Taubes, their association with Amundi Pioneer. Each of the Independent Trustees also was selected to join the Board based on the criteria and principles set forth in the Nominating Committee Charter. In evaluating a Trustee's prospective service on the Board, the Trustee's experience in, and ongoing contributions toward, overseeing the fund's business as a Trustee also are considered. In addition, the following specific experience, qualifications, attributes and/or skills apply as to each Trustee: Mr. Baumgardner, legal, investment management, business and public company experience as an attorney practicing investment management, corporate and securities law and experience as a board member of other organizations; Ms. Durnin, investment management and investment company experience as an executive officer of an investment adviser; Mr. Friedman, academic leadership, economic and finance experience and investment company board experience; Ms. Monchak, investment, financial and business experience, including as the chief investment officer of a pension fund; Mr. Perna, accounting, financial, and business experience as an executive officer and experience as a board member of other organizations; Ms. Piret, accounting, financial and entrepreneurial experience as an executive, valuation experience and investment company board experience; Mr. Ricciardi, financial, business and investment company experience as an executive officer of a financial and investment company services organization, and experience as a board member of offshore investment companies and other organizations; Ms. Jones, investment management experience as an executive and leadership roles with Amundi Pioneer and its affiliates; and Mr. Taubes, portfolio management experience and leadership roles with Amundi Pioneer. However, in its periodic assessment of the effectiveness of the Board, the Board considers the complementary skills and experience of individual Trustees primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the fund. The Trust's Amended and Restated Agreement and Declaration of Trust provides that the appointment, designation (including in any proxy or registration statement or other document) of a Trustee as an expert on any topic or in any area, or as having experience, attributes or skills in any area, or any other appointment, designation or identification, shall not impose on that person any standard of care or liability that is greater than that imposed on that person as a Trustee in the absence of the appointment, designation or identification, and no Trustee who has special attributes, skills, experience or expertise, or is appointed, designated, or identified as aforesaid, shall be held to a higher standard of care by virtue thereof. The Board of Trustees has five standing committees: the Independent Trustees Committee, the Audit Committee, the Governance and Nominating Committee, the Policy Administration Committee and the Valuation Committee. Each committee is chaired by an Independent Trustee and all members of each committee are Independent Trustees. The Chairs of the committees work with the Chairman of the Board and fund management in setting the agendas for Board meetings. The Chairs of the committees set the agendas for committee meetings with input from fund management. As noted below, through the committees, the Independent Trustees consider and address important matters involving the fund, including those presenting conflicts or potential conflicts of interest for management. Independent Trustees also regularly meet without the presence of management and are advised by independent legal counsel. The Board believes that the committee structure, and delegation to the committees of specified oversight responsibilities, help the Board more effectively to                                        36 provide governance and oversight of the fund's affairs. Mr. Perna, Chairman of the Board, is a member of each committee except the Audit Committee and the Valuation Committee, of each of which he is a non-voting, ex-officio member. During the most recent fiscal year, the Independent Trustees, Audit, Governance and Nominating, Policy Administration, and Valuation Committees held 6, 5, 5, 4 and 5 meetings, respectively. INDEPENDENT TRUSTEES COMMITTEE John E. Baumgardner, Jr., Diane Durnin, Benjamin M. Friedman, Lorraine H. Monchak, Thomas J. Perna (Chair), Marguerite A. Piret and Fred J. Ricciardi. The Independent Trustees Committee is comprised of all of the Independent Trustees. The Independent Trustees Committee serves as the forum for consideration of a number of issues required to be considered separately by the Independent Trustees under the 1940 Act, including the assessment and review of the fund's advisory agreement and other related party contracts. Independent Trustees Committee also considers issues that the Independent Trustees believe it is advisable for them to consider separately from the Interested Trustees. AUDIT COMMITTEE Diane Durnin, Benjamin M. Friedman, Lorraine H. Monchak and Fred J. Ricciardi (Chair). The Audit Committee, among other things, oversees the accounting and financial reporting policies and practices of the fund, oversees the quality and integrity of the fund's financial statements, approves, and recommends to the Independent Trustees for their ratification, the engagement of the fund's independent registered public accounting firm, reviews and evaluates the accounting firm's qualifications, independence and performance, and approves the compensation of the accounting firm. The Audit Committee also approves all audit and permissible non-audit services provided to the fund by the fund's accounting firm and all permissible non-audit services provided by the fund's accounting firm to Amundi Pioneer and any affiliated service providers of the fund if the engagement relates directly to the fund's operations and financial reporting. GOVERNANCE AND NOMINATING COMMITTEE John E. Baumgardner, Jr. (Chair), Thomas J. Perna and Fred J. Ricciardi. The Governance and Nominating Committee considers governance matters affecting the Board and the fund. Among other responsibilities, the Governance and Nominating Committee reviews the performance of the Independent Trustees as a whole, and reviews and recommends to the Independent Trustees Committee any appropriate changes concerning, among other things, the size and composition of the Board, the Board's committee structure and the Independent Trustees' compensation. The Governance and Nominating Committee also makes recommendations to the Independent Trustees Committee or the Board on matters delegated to it. In addition, the Governance and Nominating Committee screens potential candidates for Independent Trustees. Among other responsibilities, the Governance and Nominating Committee reviews periodically the criteria for Independent Trustees and the spectrum of desirable experience and expertise for Independent Trustees as a whole, and reviews periodically the qualifications and requisite skills of persons currently serving as Independent Trustees and being considered for re-nomination. The Governance and Nominating Committee also reviews the qualifications of any person nominated to serve on the Board by a shareholder or recommended by any Trustee, management or another person and makes a recommendation as to the qualifications of such nominated or recommended person to the Independent Trustees and the Board, and reviews periodically the Committee's procedure, if any, regarding candidates submitted by shareholders. The Governance and Nominating Committee does not have specific, minimum qualifications for nominees, nor has it established specific qualities or skills that it regards as necessary for one or more of the Independent Trustees to possess (other than qualities or skills that may be required by applicable law or regulation).                                        37 However, in evaluating a person as a potential nominee to serve as an Independent Trustee, the Governance and Nominating Committee will consider the following general criteria and principles, among any others that it may deem relevant: o whether the person has a reputation for integrity, honesty and adherence to   high ethical standards; o whether the person has demonstrated business acumen and ability to exercise   sound judgment in matters that relate to the objectives of the fund and   whether the person is willing and able to contribute positively to the   decision-making process of the fund; o whether the person has a commitment and ability to devote the necessary time   and energy to be an effective Independent Trustee, to understand the fund   and the responsibilities of a trustee of an investment company; o whether the person has the ability to understand the sometimes conflicting   interests of the various constituencies of the fund and to act in the   interests of all shareholders; o whether the person has a conflict of interest that would impair his or her   ability to represent the interests of all shareholders and to fulfill the responsibilities of a trustee; et o the value of diversity on the Board. The Governance and Nominating Committee   Charter provides that nominees shall not be discriminated against on the   basis of race, religion, national origin, sex, sexual orientation,   disability or any other basis proscribed by law. The Governance and Nominating Committee also will consider whether the nominee has the experience or skills that the Governance and Nominating Committee believes would maintain or enhance the effectiveness of the Independent Trustees' oversight of the fund's affairs, based on the then current composition and skills of the Independent Trustees and experience or skills that may be appropriate in light of changing business conditions and regulatory or other developments. The Governance and Nominating Committee does not necessarily place the same emphasis on each criterion. The Governance and Nominating Committee does not have a formal policy for considering trustee nominees submitted by the fund's shareholders. Nonetheless, the Nominating Committee may, on an informal basis, consider any shareholder recommendations of nominees that it receives. Shareholders who wish to recommend a nominee should send recommendations to the fund's Secretary that include all information relating to such persons that is required to be included in solicitations of proxies for the election of trustees. POLICY ADMINISTRATION COMMITTEE Thomas J. Perna (Chair), John E. Baumgardner, Jr., and Marguerite A. Piret. The Policy Administration Committee, among other things, oversees and monitors the fund's compliance with legal and regulatory requirements that are not directly related to financial reporting, internal financial controls, independent audits or the performance of the fund's internal audit function. The Policy Administration Committee also oversees the adoption and implementation of certain of the fund's policies and procedures. VALUATION COMMITTEE Diane Durnin, Benjamin M. Friedman, Lorraine H. Monchak and Marguerite A. Piret (Chair). The Valuation Committee, among other things, determines with Amundi Pioneer the value of securities under certain circumstances and considers other matters with respect to the valuation of securities, in each case in accordance with the fund's valuation procedures. OVERSIGHT OF RISK MANAGEMENT Consistent with its responsibility for oversight of the fund in the interests of shareholders, the Board of Trustees has established a framework for the oversight of various risks relating to the fund, including the oversight of the identification of risks and the management of certain identified risks. Board has delegated certain aspects of its risk oversight responsibilities to the committees, but relies primarily on                                        38 Amundi Pioneer and its affiliates for the identification and management or mitigation of risks relating to their management activities on behalf of the fund, as well as to oversee and advise the Board on the risks that may arise relating to the activities of other fund service providers. The fund faces a number of risks, such as investment risk, counterparty risk, valuation risk, enterprise risk, reputational risk, cybersecurity risk, risk of operational failure or lack of business continuity, and legal, compliance and regulatory risk. The goal of risk management is to identify and address risks, i.e., events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance or reputation of the fund. Most of the fund's investment management and business operations are carried out by or through Amundi Pioneer, its affiliates, and other service providers (such as the custodian and fund accounting agent and the transfer agent), each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the fund's and each other's in the setting of priorities, the resources available or the effectiveness of relevant controls. Operational or other failures, including cybersecurity failures, at any one or more of the fund's service providers could have a material adverse effect on the fund and its shareholders. Under the overall supervision of the Board or the applicable committee of the Board, Amundi Pioneer and the affiliates of Amundi Pioneer, or other service providers to the fund, employ a variety of processes, procedures and controls in an effort to identify, address and mitigate risks. Different processes, procedures and controls are employed with respect to different types of risks. Various personnel, including the fund's and Amundi Pioneer's chief compliance officer and Amundi Pioneer's chief risk officer and director of internal audit, as well as various personnel of Amundi Pioneer and of other service providers, make periodic reports to the applicable committee or to the Board with respect to various aspects of risk management. The reports received by the Trustees related to risks typically are summaries of relevant information. The Trustees recognize that not all risks that may affect the fund can be identified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the fund's goals, that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness, and that some risks are simply beyond the control of the fund or Amundi Pioneer and its affiliates or other service providers. Nes most of the fund's operations are carried out by various service providers, the Board's oversight of the risk management processes of those service providers, including processes to address cybersecurity and other operational failures, is inherently limited. (See "Cybersecurity issues" above.) As a result of the foregoing and other factors, the fund's ability to manage risk is subject to substantial limitations. It is important to note that the fund is designed for investors that are prepared to accept investment risk, including the possibility that as yet unforeseen risks may emerge in the future. COMPENSATION OF OFFICERS AND TRUSTEES The Pioneer Funds, including the fund, compensate their Trustees. Independent Trustees review and set their compensation annually, taking into consideration the committee and other responsibilities assigned to specific Trustees. The table under "Annual Fees, Expense and Other Information - Compensation of Officers and Trustees" sets forth the compensation paid to each of the Trustees. The compensation paid to the Trustees is then allocated among the funds as follows: o each fund with assets less than $250 million pays each Independent Trustee an   annual fee of $1,000. o the remaining compensation of the Independent Trustees is allocated to each   fund with assets greater than $250 million based on the fund's net assets. o the Interested Trustees receive an annual fee of $500 from each fund, except   in the case of funds with net assets of $50 million or less, which pay each   Interested Trustee an annual fee of $200. Amundi Pioneer reimburses these   funds for the fees paid to the Interested Trustees.                                        39 Except for the chief compliance officer, the fund does not pay any salary or other compensation to its officers. The fund pays a portion of the chief compliance officer's compensation for her services as the fund's chief compliance officer. Amundi Pioneer pays the remaining portion of the chief compliance officer's compensation. See "Compensation of Officers and Trustees" in "Annual Fee, Expense and Other Information." SALES LOADS The fund offers its shares to Trustees and officers of the fund and employees of Amundi Pioneer and its affiliates without a sales charge in order to encourage investment in the fund by individuals who are responsible for its management and because the sales to such persons do not entail any sales effort by the fund, brokers or other intermediaries. OTHER INFORMATION The Amended and Restated Agreement and Declaration of Trust provides that no Trustee, officer or employee of the fund shall be liable to the fund or any shareholder for any action, failure to act, error or mistake except in cases of bad faith, willful misfeasance, gross negligence or reckless disregard of duty. The Amended and Restated Agreement and Declaration of Trust requires the fund to indemnify each Trustee, director, officer, employee and authorized agent to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been such a Trustee, director, officer, employee, or agent and against amounts paid or incurred by him in settlement thereof. The 1940 Act currently provides that no officer or director shall be protected from liability to the fund or shareholders for willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties of office. The Amended and Restated Agreement and Declaration of Trust extends to Trustees, officers and employees of the fund the full protection from liability that the law allows. MATERIAL RELATIONSHIPS OF THE INDEPENDENT TRUSTEES Mr. Baumgardner, an Independent Trustee, is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of all of the Pioneer Funds. The aggregate compensation paid to Sullivan & Cromwell LLP by the Pioneer Funds was approximately $631,977 and $390,749 in each of 2019 and 2018. SHARE OWNERSHIP See "Annual Fee, Expense and Other Information" for information on the ownership of fund shares by the Trustees, the fund's officers and owners in excess of 5% of any class of shares of the fund and a table indicating the value of shares that each Trustee beneficially owns in the fund and in all the Pioneer Funds. PROXY VOTING POLICIES Information regarding how the fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available to shareowners without charge at https://us.amundipioneer.com and on the SEC's website at https://www.sec.gov. The fund's proxy voting policies and procedures are attached as "Appendix B." 4. INVESTMENT ADVISER The fund has entered into a management agreement (hereinafter, the "management contract") with Amundi Pioneer pursuant to which Amundi Pioneer acts as the fund's investment adviser. Amundi Pioneer is an indirect, wholly owned subsidiary of Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc. Amundi is controlled by Credit Agricole S.A., a French credit institution. Credit Agricole S.A. holds approximately 70% of Amundi's share capital. remaining shares of Amundi are held by institutional and retail investors.                                        40 Certain Trustees or officers of the fund are also directors and/or officers of certain of Amundi's subsidiaries (see management biographies above). Amundi Pioneer has entered into participating affiliate agreements with certain of its affiliates, including Amundi and certain subsidiaries of Amundi, pursuant to which these affiliates provide services, including investment management and trading services, to Amundi Pioneer. As the fund's investment adviser, Amundi Pioneer provides the fund with investment research, advice and supervision and furnishes an investment program for the fund consistent with the fund's investment objective and policies, subject to the supervision of the fund's Trustees. Amundi Pioneer determines what portfolio securities will be purchased or sold, arranges for the placing of orders for the purchase or sale of portfolio securities, selects brokers or dealers to place those orders, maintains books and records with respect to the fund's securities transactions, and reports to the Trustees on the fund's investments and performance. The management contract will continue in effect from year to year provided such continuance is specifically approved at least annually (i) by the Trustees of the fund or by a majority of the outstanding voting securities of the fund (as defined in the 1940 Act), and (ii) in either event, by a majority of the Independent Trustees of the fund, with such Independent Trustees casting votes in person at a meeting called for such purpose. The management contract may be terminated without penalty by the Trustees of the fund or by vote of a majority of the outstanding voting securities of the fund on not more than 60 days' nor less than 30 days' written notice to Amundi Pioneer, or by Amundi Pioneer on not less than 90 days' written notice to the fund, and will automatically terminate in the event of its assignment (as defined in the 1940 Act) by Amundi Pioneer. The management contract is not assignable by the fund except with the consent of Amundi Pioneer. The Trustees' approval of and the terms, continuance and termination of the management contract are governed by the 1940 Act. Pursuant to the management contract, Amundi Pioneer assumes no responsibility other than to render the services called for under the management contract, in good faith, and Amundi Pioneer will not be liable for any error of judgment or mistake of law or for any loss arising out of any investment or for any act or omission in the execution of securities or other transactions for the fund. Amundi Pioneer, however, is not protected against liability by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under the management contract. The management contract requires Amundi Pioneer to furnish all necessary services, facilities and personnel in connection with the performance of its services under the management contract, and except as specifically stated therein, Amundi Pioneer is not responsible for any of the fund's ordinary and extraordinary expenses. ADVISORY FEE As compensation for its management services and expenses incurred, the fund pays Amundi Pioneer a management fee that is comprised of two components. first component is an annual basic fee (the "basic fee") equal to 0.70% of the fund's average daily net assets up to $500 million, 0.65% on the next $500 million of the fund's average daily net assets, 0.625% on the next $3 billion of the fund's average daily net assets, and 0.60% of the fund's average daily net assets over $4 billion The second component is a performance fee adjustment. PERFORMANCE FEE ADJUSTMENT. The basic fee is subject to upward or downward adjustment depending on whether, and to what extent, the investment performance of the Class A shares of the fund for the relevant performance period exceeds, or is exceeded by, the investment record (the "record") of the index determined by the fund to be appropriate over the same period. The Trustees have designated the Russell Midcap Value Index (the "Index") for this purpose. Index measures the performance of U.S. mid-cap value stocks. The performance period consists of the current month and the prior 35 months. Each percentage point of difference (up to a maximum of +/-10 percentage points) would result in a performance rate adjustment of 0.01%. The maximum rate adjustment is therefore +/-0.10%. An appropriate percentage of this rate (based upon the number of days in the current month) is then multiplied by the average net assets of the fund over the entire performance period, giving the dollar amount that will be added to (or subtracted from)                                        41 the basic fee. Amundi Pioneer contractually limits any positive adjustments of the fund's management fee to 0.10% of the fund's average daily net assets on an annual basis (i.e., to a maximum annual fee of 0.80% after the performance adjustment PERFORMANCE ADJUSTMENT EXAMPLE The following hypothetical example illustrates the application of the performance adjustment. For purposes of the example, any dividends or capital gain distributions paid by the fund are treated as if reinvested in shares of the fund at net asset value, and any dividends paid on the stocks in the Index are treated as if reinvested in the Index. The example assumes fund assets of up to $500 million. EXAMPLE ASSUMING THE FUND OUTPERFORMS THE INDEX The example also makes these assumptions: FUND'S FOR THE FUND'S INDEX'S PERFORMANCE PERFORMANCE INVESTMENT CUMULATIVE RELATIVE TO PERIOD PERFORMANCE CHANGE THE INDEX ----------------- ------------- ------------ --------------------- First day $10 100 ----------------- --- ---- --------------------- Last day $13 123 ----------------- --- ---- --------------------- Absolute change +$3 +$23 ----------------- --- ---- --------------------- Actual change +30% +23% +7 percentage points ----------------- --- ---- ---------------------
Based on these assumptions, the fund calculates Amundi Pioneer's management fee rate for the last month of the performance period as follows: o The portion of the annual basic fee rate of 0.70% (0.70% of the fund's   average daily net assets up to $500 million, 0.65% on the next $500 million,   0.625% on the next $3 billion, and 0.60% on the excess over $4 billion)   applicable to that month is multiplied by the fund's average daily net   assets for the month. This results in the dollar amount of the basic fee. o The +7 percentage point difference between the performance of the fund's   Class A shares and the record of the Index is multiplied by the performance   rate adjustment of 0.01% producing a rate of 0.07%. o The 0.07% rate (adjusted for the number of days in the month) is multiplied by the fund's average daily net assets for the performance period. C'est tout   results in the dollar amount of the performance adjustment. o The dollar amount of the performance adjustment is added to the dollar amount   of the basic fee producing the adjusted management fee. EXAMPLE ASSUMING THE INDEX OUTPERFORMS THE FUND The example also makes these assumptions: FUND'S FOR THE FUND'S INDEX'S PERFORMANCE PERFORMANCE INVESTMENT CUMULATIVE RELATIVE TO PERIOD PERFORMANCE CHANGE THE INDEX ----------------- ------------- ------------ ---------------------- First day $10 100 ----------------- --- ---- ---------------------- Last day $11 120 ----------------- --- ---- ---------------------- Absolute change +$1 +$20 ----------------- --- ---- ---------------------- Actual change +10% +20% -10 percentage points ----------------- --- ---- ----------------------
Based on these assumptions, the fund calculates Amundi Pioneer's management fee rate for the last month of the performance period as follows:                                        42 o The portion of the annual basic fee rate of 0.70% (0.70% of the fund's   average daily net assets up to $500 million, 0.65% on the next $500 million,   0.625% on the next $3 billion, and 0.60% on the excess over $4 billion)   applicable to that month is multiplied by the fund's average daily net   assets for the month. This results in the dollar amount of the basic fee. o The -10 percentage point difference between the performance of the fund's   Class A shares and the record of the Index is multiplied by the performance   rate adjustment of 0.01% producing a rate of -0.10%. o The -0.10% rate (adjusted for the number of days in the month) is multiplied by the fund's average daily net assets for the performance period. C'est tout   results in the dollar amount of the performance adjustment. o The dollar amount of the performance adjustment is added to the dollar amount   of the basic fee producing the adjusted management fee. If the record of the Index during the performance period exceeded the fund's performance, the dollar amount of the performance adjustment would be deducted from the dollar amount of the basic fee. Because the adjustment to the basic fee is based on the comparative performance of the fund and the record of the Index, the controlling factor is not whether fund performance is up or down, but whether it is up or down more or less than the record of the Index. Moreover, the comparative investment performance of the fund is based solely on the relevant performance period without regard to the cumulative performance over a longer or shorter period of time. The fund has been advised that the staff of the Securities and Exchange Commission takes the position that the Board may not substitute a new Index without shareholder approval. Consequently, until the position of the staff changes, the fund would submit any change in the Index to shareholders for their approval. From time to time, the Trustees may determine that another securities index is a more appropriate benchmark than the Index for purposes of evaluating the performance of the fund. In such event, a successor index may be substituted for the Index in prospectively calculating the performance based adjustment to the basic fee. However, the calculation of the performance adjustment for any portion of the performance period prior to the adoption of the successor index would still be based upon the fund's performance compared to the Index. It is not possible to predict the effect of the performance adjustment on the overall compensation to Amundi Pioneer in the future since it will depend on the performance of the fund relative to the record of the Index. The board determined that it would be appropriate to increase Amundi Pioneer's compensation and that the amount of the increase should be greater when the fund's performance exceeds that of an objective index and, conversely, lower when the fund's performance is poorer than the record of that index. The Index was deemed appropriate for this comparison because it is composed of stocks similar to the securities in which the fund is permitted to invest. The board believes that a performance adjustment is appropriate for the fund and that providing incentives to Amundi Pioneer based on its performance benefits shareholders. Under the terms of the management contract, the fund pays management fees at a rate equal to the basic fee plus or minus the amount of the performance adjustment for the current month and the preceding 35 months. At the end of each succeeding month, the performance period will roll forward one month so that it is always a 36-month period consisting of the current month and the prior 35 months as described above. The fund uses average daily net assets when calculating the rolling 36-month period. The basic fee is computed and accrued daily, the performance fee adjustment is calculated once per month and the entire management fee is paid monthly. See the table in "Annual Fee, Expense and Other Information" for management fees paid to Amundi Pioneer during recently completed fiscal years.                                        43 ADMINISTRATION AGREEMENT The fund has entered into an amended and restated administration agreement with Amundi Pioneer pursuant to which Amundi Pioneer acts as the fund's administrator, performing certain accounting, administration and legal services for the fund. Amundi Pioneer is reimbursed for its cost of providing such services. The cost of providing these services is based on direct costs and costs of overhead, subject to review by the Board of Trustees. See "Annual Fee, Expense and Other Information" for fees the fund paid to Amundi Pioneer for administration and related services. In addition, Brown Brothers Harriman & Co. performs certain sub-administration services to the fund pursuant to an agreement with Amundi Pioneer and the fund. Under the terms of the amended and restated administration agreement with the fund, Amundi Pioneer pays or reimburses the fund for expenses relating to its services for the fund, with the exception of the following, which are to be paid by the fund: (a) charges and expenses for fund accounting, pricing and appraisal services and related overhead, including, to the extent such services are performed by personnel of Amundi Pioneer, or its affiliates, office space and facilities and personnel compensation, training and benefits; (b) the charges and expenses of auditors; (c) the charges and expenses of any custodian, transfer agent, plan agent, dividend disbursing agent and registrar appointed by the fund; (d) issue and transfer taxes, chargeable to the fund in connection with securities transactions to which the fund is a party; (e) insurance premiums, interest charges, dues and fees for membership in trade associations and all taxes and corporate fees payable by the fund to federal, state or other governmental agencies; (f) fees and expenses involved in registering and maintaining registrations of the fund and/or its shares with federal regulatory agencies, state or blue sky securities agencies and foreign jurisdictions, including the preparation of prospectuses and statements of additional information for filing with such regulatory authorities; (g) all expenses of shareholders' and Trustees' meetings and of preparing, printing and distributing prospectuses, notices, proxy statements and all reports to shareholders and to governmental agencies; (h) charges and expenses of legal counsel to the fund and the Trustees; (i) any distribution fees paid by the fund in accordance with Rule 12b-1 promulgated by the SEC pursuant to the 1940 Act; (j) compensation of those Trustees of the fund who are not affiliated with or interested persons of Amundi Pioneer, the fund (other than as Trustees), Amundi Pioneer Asset Management USA, Inc. or the distributor; (k) the cost of preparing and printing share certificates; (l) interest on borrowed money, if any; (m) fees payable by the fund under management agreements and the administration agreement; and (n) extraordinary expenses. The fund shall also assume and pay any other expense that the fund, Amundi Pioneer or any other agent of the fund may incur not listed above that is approved by the Board of Trustees (including a majority of the Independent Trustees) as being an appropriate expense of the fund. The fund shall pay all fees and expenses to be paid by the fund under the sub-administration agreement with Brown Brothers Harriman & Co. In addition, the fund shall pay all brokers' and underwriting commissions chargeable to the fund in connection with securities transactions to which the fund is a party. POTENTIAL CONFLICTS OF INTEREST The fund is managed by Amundi Pioneer, which also serves as investment adviser to other Pioneer mutual funds and other accounts (including separate accounts and unregistered products) with investment objectives identical or similar to those of the fund. Securities frequently meet the investment objectives of the fund, the other Pioneer mutual funds and such other accounts. In such cases, the decision to recommend a purchase to one fund or account rather than another is based on a number of factors. The determining factors in most cases are the amount of securities of the issuer then outstanding, the value of those securities and the market for them. Other factors considered in the investment recommendations include other investments which each fund or account presently has in a particular industry and the availability of investment funds in each fund or account. 44 It is possible that at times identical securities will be held by more than one fund and/or account. However, positions in the same issue may vary and the length of time that any fund or account may choose to hold its investment in the same issue may likewise vary. To the extent that more than one of the Pioneer mutual funds or a private account managed by Amundi Pioneer seeks to acquire the same security at about the same time, the fund may not be able to acquire as large a position in such security as it desires or it may have to pay a higher price for the security. Similarly, the fund may not be able to obtain as large an execution of an order to sell or as high a price for any particular portfolio security if Amundi Pioneer decides to sell on behalf of another account the same portfolio security at the same time. On the other hand, if the same securities are bought or sold at the same time by more than one fund or account, the resulting participation in volume transactions could produce better executions for the fund. In the event more than one account purchases or sells the same security on a given date, the purchases and sales will normally be made as nearly as practicable on a pro rata basis in proportion to the amounts desired to be purchased or sold by each account. Although the other Pioneer mutual funds may have the same or similar investment objectives and policies as the fund, their portfolios do not generally consist of the same investments as the fund or each other, and their performance results are likely to differ from those of the fund. Amundi Pioneer has adopted compliance policies and procedures designed to address these potential conflicts of interest, including policies that govern, among other practices, the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution. PERSONAL SECURITIES TRANSACTIONS The fund, Amundi Pioneer, and Amundi Pioneer Distributor, Inc. have adopted a code of ethics under Rule 17j-1 under the 1940 Act which is applicable to officers, trustees/directors and designated employees of Amundi Pioneer and certain of Amundi Pioneer's affiliates. The code permits such persons to engage in personal securities transactions for their own accounts, including securities that may be purchased or held by the fund, and is designed to prescribe means reasonably necessary to prevent conflicts of interest from arising in connection with personal securities transactions. The code is on public file with and available from the SEC. 5. PRINCIPAL UNDERWRITER AND DISTRIBUTION PLAN PRINCIPAL UNDERWRITER Amundi Pioneer Distributor, Inc., 60 State Street, Boston, Massachusetts 02109, is the principal underwriter for the fund in connection with the continuous offering of its shares. Amundi Pioneer Distributor, Inc. is an indirect wholly owned subsidiary of Amundi and a wholly owned subsidiary of Amundi Pioneer Asset Management, Inc. Prior to July 3, 2017, the fund's distributor was named Pioneer Funds Distributor, Inc. The fund entered into an underwriting agreement with Amundi Pioneer Distributor, Inc. which provides that Amundi Pioneer Distributor, Inc. will bear expenses for the distribution of the fund's shares, except for expenses incurred by Amundi Pioneer Distributor, Inc. for which it is reimbursed or compensated by the fund under the distribution plan (discussed below). Amundi Pioneer Distributor, Inc. bears all expenses it incurs in providing services under the underwriting agreement. Such expenses include compensation to its employees and representatives and to securities dealers for distribution-related services performed for the fund. Amundi Pioneer Distributor, Inc. also pays certain expenses in connection with the distribution of the fund's shares, including the cost of preparing, printing and distributing advertising or promotional materials, and the cost of printing and distributing prospectuses and supplements to prospective shareholders. fund bears the cost of registering its shares under federal and state securities law and the laws of certain non-U.S. countries. Under the underwriting agreement, Amundi Pioneer Distributor, Inc. will use its best efforts in rendering services to the fund.                                        45 See "Sales Charges" for the schedule of initial sales charge reallowed to dealers as a percentage of the offering price of the fund's Class A shares. See the tables under "Annual Fee, Expense and Other Information" for commissions retained by Amundi Pioneer Distributor, Inc. and reallowed to dealers in connection with Amundi Pioneer Distributor, Inc.'s offering of the fund's Class A and Class C shares during recently completed fiscal years. The fund will not generally issue fund shares for consideration other than cash. At the fund's sole discretion, however, it may issue fund shares for consideration other than cash in connection with a bona fide reorganization, statutory merger or other acquisition of portfolio securities. It is the fund's general practice to repurchase its shares of beneficial interest for cash consideration in any amount; however, the redemption price of shares of the fund may, at Amundi Pioneer's discretion, be paid in portfolio securities. The fund has elected to be governed by Rule 18f-1 under the 1940 Act pursuant to which the fund is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1% of the fund's net asset value during any 90-day period for any one shareholder. Should the amount of redemptions by any shareholder exceed such limitation, the fund will have the option of redeeming the excess in cash or portfolio securities. In the latter case, the securities are taken at their value employed in determining the fund's net asset value. You may incur additional costs, such as brokerage fees and taxes, and risks, including a decline in the value of the securities you receive, if the fund makes an in-kind distribution. DISTRIBUTION PLAN The fund has adopted a distribution plan (the "Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act with respect to its Class A, Class C and Class R shares. The fund has not adopted a Distribution Plan with respect to its Class K or Class Y shares. For each Class that has adopted a Distribution Plan, fees under the Distribution Plan may be used to make payments to one or more principal underwriters, broker-dealers, financial intermediaries (which may include banks) and other parties that enter into a distribution, selling or service agreement with respect to the shares of such Class (each of the foregoing, a "Service Party"). The fund, its principal underwriter or other parties also may incur expenses in connection with the distribution or marketing and sales of the fund's shares that may be paid or reimbursed by the fund. The aggregate amount in respect of such fees and expenses with respect to each Class shall be the amount calculated at a percentage per annum of the average daily net assets attributable to such Class as set forth below: APPLICABLE PERCENTAGE CLASS PER ANNUM --------- ---------------------- Class A 0.25% --------- ---- Class C 1.00% --------- ---- Class R 0.50% --------- ----
Payments are made under the Distribution Plan for distribution services and other activities in respect of the sale of shares of the fund and to make payments for advertising, marketing or other promotional activity, and for preparation, printing, and distribution of prospectuses, statements of additional information and reports for recipients other than regulators and existing shareholders. The fund also may make payments to Service Parties under the Distribution Plan for providing personal service or the maintenance of shareholder accounts. The amounts paid to each recipient may vary based upon certain factors, including, among other things, the levels of sales of fund shares and/or shareholder services provided; provided, however, that the fees paid to a recipient with respect to a particular Class that may be used to cover expenses primarily intended to result in the sale of shares of that Class, or that may be used to cover expenses primarily intended for personal service and/or maintenance of shareholder                                        46 accounts, may not exceed the maximum amounts, if any, as may from time to time be permitted for such services under the Financial Industry Regulatory Authority ("FINRA") Conduct Rule 2341 or any successor rule, in each case as amended or interpreted by FINRA. The Distribution Plan also provides that the Service Parties may receive all or a portion of any sales charges paid by investors. The Distribution Plan permits the fund to pay fees to the Service Parties as compensation for their services, not as reimbursement for specific expenses incurred. Thus, even if their expenses exceed the fees provided for by the Distribution Plan, the fund will not be obligated to pay more than those fees and, if their expenses are less than the fees paid to them, they will realize a profit. The fund may pay the fees to the Service Parties until the Distribution Plan or any related distribution agreement is terminated or not renewed. À that event, a Service Party's expenses in excess of fees received or accrued through the termination date will be such Service Party's sole responsibility and not obligations of the fund. In their annual consideration of the continuation of the Distribution Plan for the fund, the Trustees will review the Distribution Plan and the expenses for each Class within the fund separately. The fund may participate in joint distribution activities with other Pioneer funds. The costs associated with such joint distribution activities are allocated to a fund based on the number of shares sold. The Distribution Plan also recognizes that Amundi Pioneer, Amundi Pioneer Distributor, Inc. or any other Service Party may make payments for distribution-related expenses out of its own resources, including past profits, or payments received from the fund for other purposes, such as management fees, and that the Service Parties may from time to time use their own resources for distribution-related services, in addition to the fees paid under the Distribution Plan. The Distribution Plan specifically provides that, to the extent that such payments might be deemed to be indirect financing of any activity primarily intended to result in the sale of shares of the fund within the context of Rule 12b-1, then the payments are deemed to be authorized by the Distribution Plan but not subject to the maximum amounts set forth above. Under its terms, the Distribution Plan continues in effect for one year and thereafter for successive annual periods, provided such continuance is specifically approved at least annually by vote of the Board, including a majority of the Independent Trustees who have no direct or indirect financial interest in the operation of the Distribution Plan. The Distribution Plan may not be amended to increase materially the amount of the service and distribution fees without shareholder approval, and all material amendments of the Distribution Plan also must be approved by the Trustees, including all of the Independent Trustees, in the manner described above. The Distribution Plan may be terminated with respect to a Class of the fund at any time, without penalty, by vote of a majority of the Independent Trustees or by vote of a majority of the outstanding voting securities of such Class of the fund (as defined in the 1940 Act). See "Annual Fee, Expense and Other Information" for fund expenses under the Distribution Plan paid to Amundi Pioneer Distributor, Inc. for the most recently completed fiscal year. CLASS C SHARES Amundi Pioneer Distributor, Inc. will advance to dealers the first-year service fee at a rate equal to 0.25% of the amount invested. As compensation therefor, Amundi Pioneer Distributor, Inc. may retain the service fee paid by the fund with respect to such shares for the first year after purchase. Commencing in the 13th month following the purchase of Class C shares, dealers will become eligible for additional annual distribution fees and service fees of up to 0.75% and 0.25%, respectively, of the net asset value of such shares. Dealers may from time to time be required to meet certain other criteria in order to receive service fees. SERVICE PLAN FOR CLASS R SHARES The fund has adopted a service plan (the "Service Plan") with respect to its Class R shares under which the fund is authorized to pay securities dealers, plan administrators or other service organizations who agree to provide certain services to plans or plan participants holding shares of the fund a service fee à propos                                        47 up to 0.25% of the fund's average daily net assets attributable to Class R shares held by such plan participants. These services may include (a) acting, directly or through an agent, as the shareholder of record and nominee for all plan participants, (b) maintaining account records for each plan participant that beneficially owns Class R shares, (c) processing orders to purchase, redeem and exchange Class R shares on behalf of plan participants, and handling the transmission of funds representing the purchase price or redemption proceeds, and (d) addressing plan participant questions regarding their accounts and the fund. 6. SHAREHOLDER SERVICING/TRANSFER AGENT The fund has contracted with DST Asset Manager Solutions, Inc., 2000 Crown Colony Drive, Quincy, Massachusetts, 02169, to act as shareholder servicing and transfer agent for the fund. Under the terms of its contract with the fund, DST Asset Manager Solutions, Inc. services shareholder accounts, and its duties include: (i) processing sales, redemptions and exchanges of shares of the fund; (ii) distributing dividends and capital gains associated with the fund's portfolio; and (iii) maintaining account records and responding to shareholder inquiries. 7. CUSTODIAN AND SUB-ADMINISTRATOR Brown Brothers Harriman & Co. ("BBH"), 50 Post Office Square, Boston, Massachusetts 02110, is the custodian of the fund's assets. The custodian's responsibilities include safekeeping and controlling the fund's cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on the fund's investments. BBH also performs certain fund accounting and fund administration services for the Pioneer Fund complex, including the fund. For performing such services, BBH receives fees based on complex-wide assets. 8. INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP, 200 Clarendon Street, Boston, Massachusetts 02116-5072, independent registered public accounting firm, provided audit services, tax return review services, and assistance and consultation with respect to filings with the SEC for the fiscal year ended October 31, 2019. 9. PORTFOLIO MANAGEMENT ADDITIONAL INFORMATION ABOUT THE PORTFOLIO MANAGERS OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGERS The table below indicates, for the portfolio managers of the fund, information about the accounts other than the fund over which the portfolio manager has day-to-day investment responsibility. All information on the number of accounts and total assets in the table is as of October 31, 2019. For purposes of the table, "Other Pooled Investment Vehicles" may include investment partnerships, undertakings for collective investments in transferable securities ("UCITS") and other non-U.S. investment funds and group trusts, and "Other Accounts" may include separate accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other similar institutional accounts but generally do not include the portfolio manager's personal investment accounts or those which the manager may be deemed to own beneficially under the code of ethics. Certain funds and other accounts managed by the portfolio manager may have substantially similar investment strategies.                                        48 NUMBER OF ASSETS                                                                                                  ACCOUNTS MANAGED                                                                                               MANAGED FOR FOR WHICH                                                                                            WHICH ADVISORY ADVISORY                                                            NUMBER OF FEE IS FEE IS NAME OF ACCOUNTS TOTAL ASSETS PERFORMANCE- PERFORMANCE- PORTFOLIO MANAGER TYPE OF ACCOUNT MANAGED MANAGED (000'S) BASED BASED (000'S) -------------------- ---------------------------------- ----------- ----------------- ---------------- -------------- Timothy P. Stanish Other Registered Investment                       Companies 1 $287,768 N/A N/A                       Other Pooled Investment Vehicles 1 $173,704 N/A N/A                       Other Accounts 0 $ 0 N/A N/A -------------------- ---------------------------------- ----------- -------- ---------------- -------------- Raymond Haddad Other Registered                       Investment Companies 3 $412,484 N/A N/A                       Other Pooled Investment Vehicles 1 $173,704 N/A N/A                       Other Accounts 0 $ 0 N/A N/A -------------------- ---------------------------------- ----------- -------- ---------------- --------------
POTENTIAL CONFLICTS OF INTEREST When a portfolio manager is responsible for the management of more than one account, the potential arises for the portfolio manager to favor one account over another. The principal types of potential conflicts of interest that may arise are discussed below. For the reasons outlined below, Amundi Pioneer does not believe that any material conflicts are likely to arise out of a portfolio manager's responsibility for the management of the fund as well as one or more other accounts. Although Amundi Pioneer has adopted procedures that it believes are reasonably designed to detect and prevent violations of the federal securities laws and to mitigate the potential for conflicts of interest to affect its portfolio management decisions, there can be no assurance that all conflicts will be identified or that all procedures will be effective in mitigating the potential for such risks. Generally, the risks of such conflicts of interest are increased to the extent that a portfolio manager has a financial incentive to favor one account over another. Amundi Pioneer has structured its compensation arrangements in a manner that is intended to limit such potential for conflicts of interest. See "Compensation of Portfolio Managers" below. o A portfolio manager could favor one account over another in allocating new   investment opportunities that have limited supply, such as initial public   offerings and private placements. If, for example, an initial public   offering that was expected to appreciate in value significantly shortly   after the offering was allocated to a single account, that account may be   expected to have better investment performance than other accounts that did   not receive an allocation of the initial public offering. Generally,   investments for which there is limited availability are allocated based upon   a range of factors including available cash and consistency with the   accounts' investment objectives and policies. This allocation methodology   necessarily involves some subjective elements but is intended over time to   treat each client in an equitable and fair manner. Generally, the investment   opportunity is allocated among participating accounts on a pro rata basis.   Although Amundi Pioneer believes that its practices are reasonably designed   to treat each client in an equitable and fair manner, there may be instances   where a fund may not participate, or may participate to a lesser degree than   other clients, in the allocation of an investment opportunity. o A portfolio manager could favor one account over another in the order in   which trades for the accounts are placed. If a portfolio manager determines   to purchase a security for more than one account in an aggregate amount that   may influence the market price of the security, accounts that purchased or   sold the security first may receive a more favorable price than accounts   that made subsequent transactions. The less liquid the market for the   security or the greater the percentage that the proposed aggregate purchases   or sales represent of average daily trading volume, the greater the   potential for accounts that make subsequent purchases or sales to receive a   less favorable price. When a portfolio manager intends to trade the same   security on the same day for more than one account, the trades typically are   "bunched," which means that the trades for the individual accounts are   aggregated and each account                                        49 receives the same price. There are some types of accounts as to which bunching  may not be possible for contractual reasons (such as directed brokerage  arrangements). Circumstances may also arise where the trader believes that  bunching the orders may not result in the best possible price. Where those  accounts or circumstances are involved, Amundi Pioneer will place the order in  a manner intended to result in as favorable a price as possible for such  client. o A portfolio manager could favor an account if the portfolio manager's   compensation is tied to the performance of that account to a greater degree   than other accounts managed by the portfolio manager. If, for example, the   portfolio manager receives a bonus based upon the performance of certain   accounts relative to a benchmark while other accounts are disregarded for   this purpose, the portfolio manager will have a financial incentive to seek   to have the accounts that determine the portfolio manager's bonus achieve   the best possible performance to the possible detriment of other accounts.   Similarly, if Amundi Pioneer receives a performance-based advisory fee, the   portfolio manager may favor that account, whether or not the performance of   that account directly determines the portfolio manager's compensation. o A portfolio manager could favor an account if the portfolio manager has a   beneficial interest in the account, in order to benefit a large client or to   compensate a client that had poor returns. For example, if the portfolio   manager held an interest in an investment partnership that was one of the   accounts managed by the portfolio manager, the portfolio manager would have   an economic incentive to favor the account in which the portfolio manager   held an interest. o If the different accounts have materially and potentially conflicting   investment objectives or strategies, a conflict of interest could arise. For   example, if a portfolio manager purchases a security for one account and   sells the same security for another account, such trading pattern may   disadvantage either the account that is long or short. In making portfolio   manager assignments, Amundi Pioneer seeks to avoid such potentially   conflicting situations. However, where a portfolio manager is responsible   for accounts with differing investment objectives and policies, it is   possible that the portfolio manager will conclude that it is in the best   interest of one account to sell a portfolio security while another account   continues to hold or increase the holding in such security. COMPENSATION OF PORTFOLIO MANAGERS Amundi Pioneer has adopted a system of compensation for portfolio managers that seeks to align the financial interests of the portfolio managers with those of shareholders of the accounts (including Pioneer funds) the portfolio managers manage, as well as with the financial performance of Amundi Pioneer. compensation program for all Amundi Pioneer portfolio managers includes a base salary (determined by the rank and tenure of the employee) and an annual bonus program, as well as customary benefits that are offered generally to all full-time employees. Base compensation is fixed and normally reevaluated on an annual basis. Amundi Pioneer seeks to set base compensation at market rates, taking into account the experience and responsibilities of the portfolio manager. The bonus plan is intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving superior investment performance and align the interests of the investment professional with those of shareholders, as well as with the financial performance of Amundi Pioneer. Any bonus under the plan is completely discretionary, with a maximum annual bonus that may be in excess of base salary. The annual bonus is based upon a combination of the following factors: o QUANTITATIVE INVESTMENT PERFORMANCE. The quantitative investment performance   calculation is based on pre-tax investment performance of all of the   accounts managed by the portfolio manager (which includes the fund and any   other accounts managed by the portfolio manager) over a one-year period (20%   weighting) and four-year period (80% weighting), measured for periods ending   on December 31. The accounts, which include the fund, are ranked against a   group of mutual funds with similar investment objectives and investment   focus (60%) and a broad-based securities market index measuring the   performance of the same type of securities in which the accounts invest   (40%), which, in the case of                                        50 the fund, is the Russell Midcap Value Index. As a result of these two  benchmarks, the performance of the portfolio manager for compensation purposes  is measured against the criteria that are relevant to the portfolio manager's  competitive universe. o QUALITATIVE PERFORMANCE. The qualitative performance component with respect   to all of the accounts managed by the portfolio manager includes objectives,   such as effectiveness in the areas of teamwork, leadership, communications   and marketing, that are mutually established and evaluated by each portfolio   manager and management. o AMUNDI PIONEER RESULTS AND BUSINESS LINE RESULTS. Amundi Pioneer's financial   performance, as well as the investment performance of its investment   management group, affect a portfolio manager's actual bonus by a leverage   factor of plus or minus (+/-) a predetermined percentage. The quantitative and qualitative performance components comprise 80% and 20%, respectively, of the overall bonus calculation (on a pre-adjustment basis). Un portion of the annual bonus is deferred for a specified period and may be invested in one or more Pioneer funds. Certain portfolio managers participate in other programs designed to reward and retain key contributors. Portfolio managers also may participate in a deferred compensation program, whereby deferred amounts are invested in one or more Pioneer funds or collective investment trusts or other unregistered funds with similar investment objectives, strategies and policies. SHARE OWNERSHIP BY PORTFOLIO MANAGERS The following table indicates as of October 31, 2019 the value, within the indicated range, of shares beneficially owned by the portfolio managers of the fund. BENEFICIAL OWNERSHIP NAME OF PORTFOLIO MANAGER OF THE FUND* --------------------------- --------------------- Timothy P. Stanish A --------------------------- --------------------- Raymond Haddad A --------------------------- ---------------------
* Key to Dollar Ranges 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
10. PORTFOLIO TRANSACTIONS All orders for the purchase or sale of portfolio securities are placed on behalf of the fund by Amundi Pioneer pursuant to authority contained in the fund's management contract. Amundi Pioneer seeks to obtain overall best execution on portfolio trades. The price of securities and any commission rate paid are always factors, but frequently not the only factors, in judging best execution. In selecting brokers or dealers, Amundi Pioneer considers various relevant factors, including, but not limited to, the size and type of the transaction; the nature and character of the markets for the security to be purchased or sold; the execution efficiency, settlement capability and financial condition of the dealer; the dealer's execution services rendered on a continuing basis; and the reasonableness of any dealer spreads. Transactions in non-U.S. equity securities are executed by broker-dealers in non-U.S. countries in which commission rates may not be negotiable (as such rates are in the U.S.).                                        51 Amundi Pioneer may select broker-dealers that provide brokerage and/or research services to the fund and/or other investment companies or other accounts managed by Amundi Pioneer over which it or its affiliates exercise investment discretion. In addition, consistent with Section 28(e) of the Securities Exchange Act of 1934, as amended, if Amundi Pioneer determines in good faith that the amount of commissions charged by a broker-dealer is reasonable in relation to the value of the brokerage and research services provided by such broker, the fund may pay commissions to such broker-dealer in an amount greater than the amount another firm may charge. Such services may include advice concerning the value of securities; the advisability of investing in, purchasing or selling securities; the availability of securities or the purchasers or sellers of securities; providing stock quotation services, credit rating service information and comparative fund statistics; furnishing analyses, electronic information services, manuals and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and performance of accounts and particular investment decisions; et effecting securities transactions and performing functions incidental thereto (such as clearance and settlement). Amundi Pioneer maintains a listing of broker-dealers who provide such services on a regular basis. However, because many transactions on behalf of the fund and other investment companies or accounts managed by Amundi Pioneer are placed with broker-dealers (including broker-dealers on the listing) without regard to the furnishing of such services, it is not possible to estimate the proportion of such transactions directed to such dealers solely because such services were provided. Amundi Pioneer believes that no exact dollar value can be calculated for such services. The research received from broker-dealers may be useful to Amundi Pioneer in rendering investment management services to the fund as well as other investment companies or other accounts managed by Amundi Pioneer, although not all such research may be useful to the fund. Conversely, such information provided by brokers or dealers who have executed transaction orders on behalf of such other accounts may be useful to Amundi Pioneer in carrying out its obligations to the fund. The receipt of such research enables Amundi Pioneer to avoid the additional expenses which might otherwise be incurred if it were to attempt to develop comparable information through its own staff. The fund may participate in third-party brokerage and/or expense offset arrangements to reduce the fund's total operating expenses. Pursuant to third-party brokerage arrangements, the fund may incur lower expenses by directing brokerage to third-party broker-dealers which have agreed to use part of their commission to pay the fund's fees to service providers unaffiliated with Amundi Pioneer or other expenses. Since the commissions paid to the third party brokers reflect a commission cost that the fund would generally expect to incur on its brokerage transactions but not necessarily the lowest possible commission, this arrangement is intended to reduce the fund's operating expenses without increasing the cost of its brokerage commissions. Since use of such directed brokerage is subject to the requirement to achieve best execution in connection with the fund's brokerage transactions, there can be no assurance that such arrangements will be utilized. Pursuant to expense offset arrangements, the fund may incur lower transfer agency expenses due to interest earned on cash held with the transfer agent. See "Financial highlights" in the prospectus. See the table in "Annual Fee, Expense and Other Information" for aggregate brokerage and underwriting commissions paid by the fund in connection with its portfolio transactions during recently completed fiscal years. The Board of Trustees periodically reviews Amundi Pioneer's performance of its responsibilities in connection with the placement of portfolio transactions on behalf of the fund. 11. DESCRIPTION OF SHARES As an open-end management investment company, the fund continuously offers its shares to the public and under normal conditions must redeem its shares upon the demand of any shareholder at the next determined net asset value per share less any applicable contingent deferred sales charge ("CDSC"). See 52 "Sales Charges." When issued and paid for in accordance with the terms of the prospectus and statement of additional information, shares of the fund are fully paid and non-assessable. Shares will remain on deposit with the fund's transfer agent and certificates will not normally be issued. The fund is a series of Pioneer Mid Cap Value Fund, a Delaware statutory trust. The Trustees have authorized the issuance of the following classes of shares of the fund, designated as Class A, Class C, Class K, Class R and Class Y shares. Until November 10, 2014, the fund offered Class B shares. All outstanding Class B shares were converted to Class A shares on November 10, 2014. Each share of a class of the fund represents an equal proportionate interest in the assets of the fund allocable to that class. Upon liquidation of the fund, shareholders of each class of the fund are entitled to share pro rata in the fund's net assets allocable to such class available for distribution to shareholders. The Trust reserves the right to create and issue additional series or classes of shares, in which case the shares of each class of a series would participate equally in the earnings, dividends and assets allocable to that class of the particular series. The shares of each class represent an interest in the same portfolio of investments of the fund. Each class has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different class-specific fees and expenses such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends by each class. Share classes have exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. THE TRUST The Trust's operations are governed by the Amended and Restated Agreement and Declaration of Trust, dated as of January 12, 2016 (referred to in this section as the declaration). A copy of the Trust's Certificate of Trust dated as of January 8, 1998, as amended, is on file with the office of the Secretary of State of Delaware. Delaware law provides a statutory framework for the powers, duties, rights and obligations of the board (referred to in this section as the trustees) and shareholders of the Delaware statutory trust, while the more specific powers, duties, rights and obligations of the trustees and the shareholders are determined by the trustees as set forth in the declaration. Some of the more significant provisions of the declaration are described below. SHAREHOLDER VOTING The declaration provides for shareholder voting as required by the 1940 Act or other applicable laws but otherwise permits, consistent with Delaware law, actions by the trustees without seeking the consent of shareholders. trustees may, without shareholder approval, where approval of shareholders is not otherwise required under the 1940 Act, merge or consolidate the Trust into other entities, reorganize the Trust or any series or class into another trust or entity or a series or class of another entity, sell the assets of the Trust or any series or class to another entity, or a series or class of another entity, or terminate the Trust or any series or class. The fund is not required to hold an annual meeting of shareholders, but the fund will call special meetings of shareholders whenever required by the 1940 Act or by the terms of the declaration. The declaration gives the board the flexibility to specify either per share voting or dollar-weighted voting. Under per share voting, each share of the fund is entitled to one vote. Under dollar-weighted voting, a shareholder's voting power is determined, not by the number of shares the shareholder owns, but by the dollar value of those shares determined on the record date. All shareholders of all series and classes of the Trust vote together, except where required by the 1940 Act to vote separately by series or by class, or when the trustees have determined that a matter affects only the interests of one or more series or classes of shares.                                        53 ELECTION AND REMOVAL OF TRUSTEES The declaration provides that the trustees may establish the number of trustees and that vacancies on the board may be filled by the remaining trustees, except when election of trustees by the shareholders is required under the 1940 Act. Trustees are then elected by a plurality of votes cast by shareholders at a meeting at which a quorum is present. The declaration also provides that a mandatory retirement age may be set by action of two-thirds of the trustees and that trustees may be removed at any time or for any reason by a majority of the board or by a majority of the outstanding shareholders of the Trust. AMENDMENTS TO THE DECLARATION The trustees are authorized to amend the declaration without the vote of shareholders, but no amendment may be made that impairs the exemption from personal liability granted in the declaration to persons who are or have been shareholders, trustees, officers or, employees of the trust or that limit the rights to indemnification or insurance provided in the declaration with respect to actions or omissions of persons entitled to indemnification under the declaration prior to the amendment. ISSUANCE AND REDEMPTION OF SHARES The fund may issue an unlimited number of shares for such consideration and on such terms as the trustees may determine. Shareholders are not entitled to any appraisal, preemptive, conversion, exchange or similar rights, except as the trustees may determine. The fund may involuntarily redeem a shareholder's shares upon certain conditions as may be determined by the trustees, including, for example, if the shareholder fails to provide the fund with identification required by law, or if the fund is unable to verify the information received from the shareholder. Additionally, as discussed below, shares may be redeemed in connection with the closing of small accounts. DISCLOSURE OF SHAREHOLDER HOLDINGS The declaration specifically requires shareholders, upon demand, to disclose to the fund information with respect to the direct and indirect ownership of shares in order to comply with various laws or regulations, and the fund may disclose such ownership if required by law or regulation. SMALL ACCOUNTS The declaration provides that the fund may close out a shareholder's account by redeeming all of the shares in the account if the account falls below a minimum account size (which may vary by class) that may be set by the trustees from time to time. Alternately, the declaration permits the fund to assess a fee for small accounts (which may vary by class) and redeem shares in the account to cover such fees, or convert the shares into another share class that is geared to smaller accounts. SERIES AND CLASSES The declaration provides that the trustees may establish series and classes in addition to those currently established and to determine the rights and preferences, limitations and restrictions, including qualifications for ownership, conversion and exchange features, minimum purchase and account size, expenses and charges, and other features of the series and classes. trustees may change any of those features, terminate any series or class, combine series with other series in the trust, combine one or more classes of a series with another class in that series or convert the shares of one class into another class. Each share of the fund, as a series of the Trust, represents an interest in the fund only and not in the assets of any other series of the Trust.                                        54 SHAREHOLDER, TRUSTEE AND OFFICER LIABILITY The declaration provides that shareholders are not personally liable for the obligations of the fund and requires a fund to indemnify a shareholder against liability arising solely from the shareholder's ownership of shares in the fund. In addition, the fund will assume the defense of any claim against a shareholder for personal liability at the request of the shareholder. declaration also provides that no Trustee, officer or employee of the Trust owes any duty to any person (including without limitation any shareholder), other than the Trust or any series. The declaration further provides that no trustee, officer or employee of the fund shall be liable to the fund or any shareholder for any action, failure to act, error or mistake except in cases of bad faith, willful misfeasance, gross negligence or reckless disregard of duty. The declaration requires the fund to indemnify each trustee, director, officer, employee and authorized agent to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been such a trustee, director, officer, employee, or agent and against amounts paid or incurred by him in settlement thereof. The 1940 Act currently provides that no officer or director shall be protected from liability to the fund or shareholders for willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties of office. The declaration extends to trustees, officers and employees of the fund the full protection from liability that the law allows. The declaration provides that the appointment, designation or identification of a trustee as chairperson, a member of a committee, an expert, lead independent trustee, or any other special appointment, designation or identification shall not impose any heightened standard of care or liability on such trustee. DERIVATIVE AND DIRECT ACTIONS The declaration provides a detailed process for the bringing of derivative or direct actions by shareholders in order to permit legitimate inquiries and claims while avoiding the time, expense, distraction, and other harm that can be caused to the fund or its shareholders as a result of spurious shareholder demands and derivative actions. Prior to bringing a derivative action, a demand by three unrelated shareholders must first be made on the fund's trustees. declaration details various information, certifications, undertakings and acknowledgements that must be included in the demand. Following receipt of the demand, the trustees have a period of 90 days, which may be extended by an additional 60 days, to consider the demand. If a majority of the trustees who are considered independent for the purposes of considering the demand determine that maintaining the suit would not be in the best interests of the fund, the trustees are required to reject the demand and the complaining shareholders may not proceed with the derivative action unless the shareholders are able to sustain the burden of proof to a court that the decision of the trustees not to pursue the requested action was not a good faith exercise of their business judgment on behalf of the fund. The declaration further provides that shareholders owning shares representing at least 10% of the voting power of the affected fund must join in bringing the derivative action. If a demand is rejected, the complaining shareholders will be responsible for the costs and expenses (including attorneys' fees) incurred by the fund in connection with the consideration of the demand, if a court determines that the demand was made without reasonable cause or for an improper purpose. If a derivative action is brought in violation of the declaration, the shareholders bringing the action may be responsible for the fund's costs, including attorneys' fees, if a court determines that the action was brought without reasonable cause or for an improper purpose. The declaration provides that no shareholder may bring a direct action claiming injury as a shareholder of the Trust, or any series or class thereof, where the matters alleged (if true) would give rise to a claim by the Trust or by the Trust on behalf of a series or class, unless the shareholder has suffered an injury distinct from that suffered by the shareholders of the Trust, or the series or class, generally. Under the declaration, a shareholder bringing a direct claim must be a shareholder of the series or class with respect to which the direct action is brought at the time of the injury complained of, or have acquired the shares afterwards by operation of law from a person who was a shareholder at that time.                                        55 The declaration further provides that the fund shall be responsible for payment of attorneys' fees and legal expenses incurred by a complaining shareholder only if required by law, and any attorneys' fees that the fund is obligated to pay shall be calculated using reasonable hourly rates. The declaration also requires that actions by shareholders against the fund be brought only in federal court in Boston, Massachusetts, or if not permitted to be brought in federal court, then in state court in Boston, Massachusetts, and that shareholders have no right to jury trial for such actions. The declaration also provides that shareholders have no rights, privileges, claims or remedies under any contract or agreement entered into by the Trust with any service provider or other agent or contract with the Trust, including, without limitation, any third party beneficiary rights, except as may be expressly provided in any service contract or agreement. 12. SALES CHARGES The fund continuously offers the following classes of shares: Class A, Class C, Class K, Class R and Class Y shares, as described in the prospectus. The fund offers its shares at a reduced sales charge to investors who meet certain criteria that permit the fund's shares to be sold with low distribution costs. These criteria are described below or in the prospectus. 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 prospectus to determine any sales charge discounts and waivers that may be available to you through your financial intermediary. CLASS A SHARE SALES CHARGES You may buy Class A shares at the public offering price, including a sales charge, as follows: SALES CHARGE AS A % OF                                    --------------------------------------                                      OFFERING NET AMOUNT DEALER AMOUNT OF PURCHASE PRICE INVESTED 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 --------------------------------- ---- ---- ------------
The schedule of sales charges above is applicable to purchases of Class A shares of the fund by (i) an individual, (ii) an individual and his or her spouse and children under the age of 21 and (iii) a trustee or other fiduciary of a trust estate or fiduciary account or related trusts or accounts including pension, profit-sharing and other employee benefit trusts qualified under Sections 401 or 408 of the Code although more than one beneficiary is involved; however, pension, profit-sharing and other employee benefit trusts qualified under Sections 401 or 408 of the Code which are eligible to purchase Class R shares may aggregate purchases by beneficiaries of such plans only if the pension, profit-sharing or other employee benefit trust has determined that it does not require the services provided under the Class R Service Plan. sales charges applicable to a current purchase of Class A shares of the fund by a person listed above is determined by adding the value of shares to be purchased to the aggregate value (at the then current offering price) of shares of any of the other Pioneer mutual funds previously purchased and then owned, provided Amundi Pioneer Distributor, Inc. is notified by such person or his or her broker-dealer each time a purchase is made which would qualify. Pioneer mutual funds include all mutual funds for which Amundi Pioneer Distributor, Inc. serves as principal underwriter. At the sole discretion of Amundi Pioneer Distributor, Inc., holdings of funds domiciled outside the U.S., but which are managed by affiliates of Amundi Pioneer, may be included for this purpose.                                        56 No sales charge is payable at the time of purchase on investments of $500,000 or more, or for purchases by participants in employer-sponsored retirement plans described below subject to a CDSC of 1% which may be imposed in the event of a redemption of Class A shares within 12 months of purchase. Amundi Pioneer Distributor, Inc. may, in its discretion, pay a commission to broker-dealers who initiate and are responsible for such purchases as follows: 1.00% Up to $4 million ---- ---------------------------------          Greater than $4 million and less 0.50% than or equal to $50 million ---- --------------------------------- 0.25% Over $50 million ---- ---------------------------------
Commissions are based on cumulative investments in Class A shares of the Pioneer funds. These commissions shall not be payable if the purchaser is affiliated with the broker-dealer or if the purchase represents the reinvestment of a redemption made during the previous 12 calendar months. Broker-dealers who receive a commission in connection with Class A share purchases at net asset value by employer-sponsored retirement plans with at least $500,000 in total plan assets (or that has 1,000 or more eligible participants for employer-sponsored retirement plans with accounts established with Amundi Pioneer on or before March 31, 2004) will be required to return any commissions paid or a pro rata portion thereof if the retirement plan redeems its shares within 12 months of purchase. If an investor eligible to purchase Class R shares is otherwise qualified to purchase Class A shares at net asset value or at a reduced sales charge, Class A shares may be selected where the investor does not require the distribution and account services needs typically required by Class R share investors and/or the broker-dealer has elected to forgo the level of compensation that Class R shares provides. LETTER OF INTENT ("LOI") Reduced sales charges are available for purchases of $50,000 or more of Class A shares (excluding any reinvestments of dividends and capital gain distributions) made within a 13-month period pursuant to an LOI which may be established by completing the Letter of Intent section of the Account Application. The reduced sales charge will be the charge that would be applicable to the purchase of the specified amount of Class A shares as if the shares had all been purchased at the same time. A purchase not made pursuant to an LOI may be included if the LOI is submitted to the fund's transfer agent within 90 days of such purchase. You may also obtain the reduced sales charge by including the value (at current offering price) of all your Class A shares in the fund and all other Pioneer mutual funds held of record as of the date of your LOI in the amount used to determine the applicable sales charge for the Class A shares to be purchased under the LOI. Five percent of your total intended purchase amount will be held in escrow by the fund's transfer agent, registered in your name, until the terms of the LOI are fulfilled. When you sign the Account Application, you agree to irrevocably appoint the fund's transfer agent your attorney-in-fact to surrender for redemption any or all shares held in escrow with full power of substitution. An LOI is not a binding obligation upon the investor to purchase, or the fund to sell, the amount specified in the LOI. Any share class for which no sales charge is paid cannot be included under the LOI. If the total purchases exceed the amount specified under the LOI and are in an amount that would qualify for a further quantity discount, all transactions will be recomputed on the expiration date of the LOI to effect the lower sales charge. Any difference in the sales charge resulting from such recomputation will be either delivered to you in cash or invested in additional shares at the lower sales charge. The dealer, by signing the Account Application, agrees to return to Amundi Pioneer Distributor, Inc., as part of such retroactive adjustment, the excess of the commission previously reallowed or paid to the dealer over that which is applicable to the actual amount of the total purchases under the LOI. If the total purchases are less than the amount specified under the LOI, Amundi Pioneer Distributor, Inc. will recalculate your sales charge and the fund's transfer agent will redeem the appropriate number of shares held in escrow to realize the difference and release any excess.                                        57 If sufficient shares are not purchased to complete the LOI because all registered account owners died within the 13-month period, Amundi Pioneer Distributor, Inc. will consider the LOI complete and will not adjust past transactions for purposes of the sales charges paid. Commissions to dealers will not be adjusted or paid on the difference between the LOI amount and the amount actually invested before the shareholders' deaths. CLASS C SHARES You may buy Class C shares at the net asset value per share next computed after receipt of a purchase order without the imposition of an initial sales charge; however, Class C shares redeemed within one year of purchase will be subject to a CDSC of 1%. The charge will be assessed on the amount equal to the lesser of the current market value or the original purchase cost of the shares being redeemed. No CDSC will be imposed on increases in account value above the initial purchase price, including shares derived from the reinvestment of dividends or capital gain distributions. Effective September 1, 2018, Class C shares automatically convert to Class A shares after 10 years. The automatic conversion will be 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 10 years. Class C shares held through group retirement plan recordkeeping platforms of certain financial intermediaries who hold such shares in an omnibus account and do not track participant level share lot aging to facilitate such a conversion will not be 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. In processing redemptions of Class C shares, the fund will first redeem shares not subject to any CDSC and then shares held for the longest period of time during the one-year period. As a result, you will pay the lowest possible CDSC. Proceeds from the CDSC are paid to Amundi Pioneer Distributor, Inc. and are used in whole or in part to defray Amundi Pioneer Distributor, Inc.'s expenses related to providing distribution-related services to the fund in connection with the sale of Class C shares, including the payment of compensation to broker-dealers. CLASS K SHARES No front-end, deferred or asset-based sales charges are applicable to Class K shares. CLASS R SHARES You may buy Class R shares at the net asset value per share next computed after receipt of a purchase order without the imposition of an initial sales charge or CDSC. 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 individual retirement account rollovers from eligible retirement plans that offered one or more Pioneer funds as investment options. Class R shares generally are not available to non-retirement accounts, traditional and Roth IRA's, Coverdell Education Savings Accounts, SEP's, SAR-SEP's, Simple IRA's, individual 403(b)'s or retirement plans that are not subject to the Employee Retirement Income Security Act of 1974.                                        58 Investors that are eligible to purchase Class R shares may also be eligible to purchase other share classes. Your investment professional can help you determine which class is appropriate. You should ask your investment professional if you qualify for a waiver of sales charges on another class and take that into consideration when selecting a class of shares. Your investment firm may receive different compensation depending upon which class is chosen. CLASS Y SHARES No front-end, deferred or asset-based sales charges are applicable to Class Y shares. ADDITIONAL PAYMENTS TO FINANCIAL INTERMEDIARIES The financial intermediaries through which shares are purchased may receive all or a portion of the sales charges and Rule 12b-1 fees discussed above. À addition to those payments, Amundi Pioneer or one or more of its affiliates (collectively, "Amundi Pioneer Affiliates") may make additional payments to financial intermediaries in connection with the promotion and sale of shares of Pioneer funds. Amundi Pioneer Affiliates make these payments from their own resources, which include resources that derive from compensation for providing services to the Pioneer funds. These additional payments are described below. The categories described below are not mutually exclusive. The same financial intermediary may receive payments under more than one or all categories. Many financial intermediaries that sell shares of Pioneer funds receive one or more types of these payments. The financial intermediary typically initiates requests for additional compensation. Amundi Pioneer negotiates these arrangements individually with financial intermediaries and the amount of payments and the specific arrangements may differ significantly. A financial intermediary also may receive different levels of compensation with respect to sales or assets attributable to different types of clients of the same intermediary or different Pioneer funds. Where services are provided, the costs of providing the services and the overall array of services provided may vary from one financial intermediary to another. Amundi Pioneer Affiliates do not make an independent assessment of the cost of providing such services. Bien que the financial intermediaries may request additional compensation from Amundi Pioneer to offset costs incurred by the financial intermediary in servicing its clients, the financial intermediary may earn a profit on these payments, since the amount of the payment may exceed the financial intermediary's costs. À this context, "financial intermediary" includes any broker, dealer, bank (including bank trust departments), insurance company, transfer agent, registered investment adviser, financial planner, retirement plan administrator and any other financial intermediary having a selling, administrative and shareholder servicing or similar agreement with an Amundi Pioneer Affiliate. A financial intermediary's receipt of additional compensation may create conflicts of interest between the financial intermediary and its clients. Each type of payment discussed below may provide your financial intermediary with an economic incentive to actively promote the Pioneer funds over other mutual funds or cooperate with the distributor's promotional efforts. The receipt of additional compensation for Amundi Pioneer Affiliates may be an important consideration in a financial intermediary's willingness to support the sale of the Pioneer funds through the financial intermediary's distribution system. Amundi Pioneer Affiliates are motivated to make the payments described above since they promote the sale of Pioneer fund shares and the retention of those investments by clients of financial intermediaries. In certain cases these payments could be significant to the financial intermediary. The financial intermediary may charge additional fees or commissions other than those disclosed in the prospectus. Financial intermediaries may categorize and disclose these arrangements differently than Amundi Pioneer Affiliates do. À qui the extent financial intermediaries sell more shares of the funds or retain shares of the funds in their clients' accounts, Amundi Pioneer Affiliates benefit from the incremental management and other fees paid to Amundi Pioneer Affiliates by the funds with respect to those assets.                                        59 REVENUE SHARING PAYMENTS Amundi Pioneer Affiliates make revenue sharing payments as incentives to certain financial intermediaries to promote and sell shares of Pioneer funds. The benefits Amundi Pioneer Affiliates receive when they make these payments include, among other things, entry into or increased visibility in the financial intermediary's sales system, participation by the intermediary in the distributor's marketing efforts (such as helping facilitate or providing financial assistance for conferences, seminars or other programs at which Amundi Pioneer personnel may make presentations on the funds to the intermediary's sales force), placement on the financial intermediary's preferred fund list, and access (in some cases, on a preferential basis over other competitors) to individual members of the financial intermediary's sales force or management. Revenue sharing payments are sometimes referred to as "shelf space" payments because the payments compensate the financial intermediary for including Pioneer funds in its fund sales system (on its "shelf space"). Amundi Pioneer Affiliates also may pay financial intermediaries "finders'" or "referral" fees for directing investors to the Pioneer funds. Amundi Pioneer Affiliates compensate financial intermediaries differently depending typically on the level and/or type of considerations provided by the financial intermediary. The revenue sharing payments Amundi Pioneer Affiliates make may be calculated on sales of shares of Pioneer funds ("Sales-Based Payments"); although there is no policy limiting the amount of Sales-Based Payments any one financial intermediary may receive, the total amount of such payments normally does not exceed 0.25% per annum of those assets. Such payments also may be calculated on the average daily net assets of the applicable Pioneer funds attributable to that particular financial intermediary ("Asset-Based Payments"); although there is no policy limiting the amount of Asset-Based Payments any one financial intermediary may receive, the total amount of such payments normally does not exceed 0.16% per annum of those assets. Sales-Based Payments primarily create incentives to make new sales of shares of Pioneer funds and Asset-Based Payments primarily create incentives to retain previously sold shares of Pioneer funds in investor accounts. Amundi Pioneer Affiliates may pay a financial intermediary either or both Sales-Based Payments and Asset-Based Payments. ADMINISTRATIVE AND PROCESSING SUPPORT PAYMENTS Amundi Pioneer Affiliates also may make payments to certain financial intermediaries that sell Pioneer fund shares for certain administrative services, including record keeping and sub-accounting shareholder accounts, to the extent that the funds do not pay for these costs directly. Amundi Pioneer Affiliates also may make payments to certain financial intermediaries that sell Pioneer fund shares in connection with client account maintenance support, statement preparation and transaction processing. The types of payments that Amundi Pioneer Affiliates may make under this category include, among others, payment of ticket charges per purchase or exchange order placed by a financial intermediary, payment of networking fees in connection with certain mutual fund trading systems, or one-time payments for ancillary services such as setting up funds on a financial intermediary's mutual fund trading system. OTHER PAYMENTS From time to time, Amundi Pioneer Affiliates, at their expense, may provide additional compensation to financial intermediaries which sell or arrange for the sale of shares of the Pioneer funds. Such compensation provided by Amundi Pioneer Affiliates may include financial assistance to financial intermediaries that enable Amundi Pioneer Affiliates to participate in and/or present at conferences or seminars, sales or training programs for invited registered representatives and other employees, client entertainment, client and investor events, and other financial intermediary-sponsored events, and travel expenses, including lodging incurred by registered representatives and other employees in connection with client prospecting, retention and due diligence trips. Autres compensation may be offered to the extent not prohibited by federal or state laws or any self-regulatory agency, such as FINRA. Amundi Pioneer Affiliates make payments for entertainment events they deem appropriate, subject to Amundi Pioneer Affiliates'                                        60 guidelines and applicable law. These payments may vary depending upon the nature of the event or the relationship. Amundi Pioneer Affiliates also may make payments to financial intermediaries for detailed information about the intermediaries' activities relating to the Pioneer funds. As of January 1, 2020, Amundi Pioneer anticipates that the following broker-dealers or their affiliates will receive additional payments as described in the fund's prospectus and statement of additional information: ADP Retirement Services AIG Ameriprise Financial Services, Inc. Ascensus Broker Dealer Services, Inc. Brighthouse Securities, LLC Cetera Advisors Networks LLC Charles Schwab & Co., Inc. Citigroup Global Markets Inc. Commonwealth Financial Network Conduent Securities, LLC Fidelity Brokerage Services LLC First Clearing, LLC First Command Financial Planning, Inc. FSC Securities Corporation Guardian Investor Services LLC GWFS Equities, Inc. H.D. Vest Investment Services Hartford Securities Distribution Company, Inc. J.P. Morgan Securities LLC Jefferson National Securities Corporation Ladenburg Thalmann & Co. Inc. Legend Equities Corporation Lincoln Financial LPL Financial Corp. Merrill Lynch & Co., Inc. Mid Atlantic Capital Corporation MML Investors Services Morgan Stanley & Co., Inc. MSCS Financial Services, LLC Mutual of Omaha Investor Services, Inc. N.I.S. Financial Services, Inc. National Financial Services LLC Nationwide Securities, Inc. Northwestern Investment Services, LLC NYLife Securities, LLC OneAmerica Securities, Inc. Oppenheimer & Co. Pershing LLC PFS Investments Inc. PNC Investments Principal Securities, Inc. Prudential Financial Raymond James Financial Services, Inc. RBC Dain Rauscher Inc.                                        61 Royal Alliance Associates, Inc. SagePoint Financial Sammons Financial Network, LLC Security Distributors Standard Life Investments Securities LLC Symetra Investment Services, Inc. TD Ameritrade, Inc. TIAA-CREF Individual & Institutional Services, LLC T. Rowe Price Investment Services, Inc. Transamerica Financial Advisors, Inc. UBS Financial Services Inc. U.S. Bancorp Investments, Inc. Vanguard Marketing Corporation Voya Financial Partners, LLC Wells Fargo Investments, LLC Woodbury Financial Services Please contact your financial intermediary for details about any payments it receives from Amundi Pioneer Affiliates or the funds, as well as about fees and/or commissions it charges. 13. REDEEMING SHARES Redemptions may be suspended or payment postponed during any period in which any of the following conditions exist: the New York Stock Exchange (the "Exchange") is closed or trading on the Exchange is restricted; an emergency exists as a result of which disposal by the fund of securities owned by it is not reasonably practicable or it is not reasonably practicable for the fund to fairly determine the value of the net assets of its portfolio; or otherwise as permitted by the rules of or by the order of the SEC. Redemptions and repurchases are taxable transactions for shareholders that are subject to U.S. federal income tax. The net asset value per share received upon redemption or repurchase may be more or less than the cost of shares to an investor, depending on the market value of the portfolio at the time of redemption or repurchase. SYSTEMATIC WITHDRAWAL PLAN(S) ("SWP") (CLASS A, CLASS C AND CLASS R SHARES) A SWP is designed to provide a convenient method of receiving fixed payments at regular intervals from fund share accounts having a total value of not less than $10,000. You must also be reinvesting all dividends and capital gain distributions to use the SWP option. Periodic payments will be deposited monthly, quarterly, semiannually or annually directly into a bank account designated by the applicant or will be sent by check to the applicant, or any person designated by the applicant. Payments can be made either by check or electronic funds transfer to a bank account designated by you. Withdrawals from Class C and Class R share accounts are limited to 10% of the value of the account at the time the SWP is established. See "Qualifying for a reduced sales charge" in the prospectus. If you direct that withdrawal payments be paid to another person, want to change the bank where payments are sent or designate an address that is different from the account's address of record after you have opened your account, a medallion signature guarantee must accompany your instructions. Withdrawals under the SWP are redemptions that may have tax consequences 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. SWP redemptions reduce and may ultimately exhaust the number of shares in your account. In addition, the amounts received by a shareholder cannot be considered as yield or income on his or her investment because part of such payments may be a return of his or her investment.                                        62 A SWP may be terminated at any time (1) by written notice to the fund or from the fund to the shareholder; (2) upon receipt by the fund of appropriate evidence of the shareholder's death; or (3) when all shares in the shareholder's account have been redeemed. You may obtain additional information by calling the fund at 1-800-225-6292. REINSTATEMENT PRIVILEGE (CLASS A SHARES) Subject to the provisions outlined in the prospectus, you may reinvest all or part of your sale proceeds from Class A shares without a sales charge into Class A shares of a Pioneer mutual fund. However, the distributor will not pay your investment firm a commission on any reinvested amount. 14. TELEPHONE AND ONLINE TRANSACTIONS You may purchase, exchange or sell shares by telephone or online. See the prospectus for more information. For personal assistance, call 1-800-225-6292 between 8:00 a.m. and 7:00 p.m. Eastern time on weekdays. Computer-assisted telephone transactions may be available to shareholders who have prerecorded certain bank information (see "FactFone/SM/"). YOU ARE STRONGLY URGED TO CONSULT WITH YOUR INVESTMENT PROFESSIONAL PRIOR TO REQUESTING ANY TELEPHONE OR ONLINE TRANSACTION. TELEPHONE TRANSACTION PRIVILEGES To confirm that each transaction instruction received by telephone is genuine, the fund will record each telephone transaction, require the caller to provide validating information for the account and send you a written confirmation of each telephone transaction. Different procedures may apply to accounts that are registered to non-U.S. citizens or that are held in the name of an institution or in the name of an investment broker-dealer or other third party. If reasonable procedures, such as those described above, are not followed, the fund may be liable for any loss due to unauthorized or fraudulent instructions. The fund may implement other procedures from time to time. In all other cases, neither the fund, the fund's transfer agent nor Amundi Pioneer Distributor, Inc. will be responsible for the authenticity of instructions received by telephone; therefore, you bear the risk of loss for unauthorized or fraudulent telephone transactions. ONLINE TRANSACTION PRIVILEGES If your account is registered in your name, you may be able 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: o For new accounts, complete the online section of the account application o For existing accounts, complete an account options form, write to the fund or   complete the online authorization screen on us.amundipioneer.com To use online transactions, you must read and agree to the terms of an online transaction agreement available on the Amundi Pioneer website. When you or your investment firm requests an online transaction the 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.                                        63 TELEPHONE AND WEBSITE ONLINE ACCESS You may have difficulty contacting the fund by telephone or accessing us.amundipioneer.com during times of market volatility or disruption in telephone or Internet services. On Exchange holidays or on days when the Exchange closes early, Amundi Pioneer will adjust the hours for the telephone center and for online transaction processing accordingly. If you are unable to access us.amundipioneer.com or to reach the fund by telephone, you should communicate with the fund in writing. FACTFONE/SM/ FactFone/SM/ is an automated inquiry and telephone transaction system available to Pioneer mutual fund shareholders by dialing 1-800-225-4321. FactFone/SM/ allows shareholder access to current information on Pioneer mutual fund accounts and to the prices of all publicly available Pioneer mutual funds. À addition, you may use FactFone/SM/ to make computer-assisted telephone purchases, exchanges or redemptions from your Pioneer mutual fund accounts, access your account balances and last three transactions and order a duplicate statement if you have activated your PIN. Telephone purchases or redemptions require the establishment of a bank account of record. YOU ARE STRONGLY URGED TO CONSULT WITH YOUR INVESTMENT PROFESSIONAL PRIOR TO REQUESTING ANY TELEPHONE TRANSACTION. Shareholders whose accounts are registered in the name of a broker-dealer or other third party may not be able to use FactFone/SM/. Call the fund at 1-800-225-6292 for assistance. FactFone/SM/ allows shareholders to hear the following recorded fund information: o net asset value prices for all Pioneer mutual funds; o dividends and capital gain distributions on all Pioneer mutual funds. The value of each class of shares (except for Pioneer U.S. Government Money Market Fund, which seeks to maintain a stable $1.00 share price) will also vary, and such shares may be worth more or less at redemption than their original cost. 15. PRICING OF SHARES The net asset value per share of each class of the fund is determined as of the scheduled close of regular trading on the Exchange (normally 4:00 p.m. Eastern time) on each day on which the Exchange is open for trading. If the exchange closes at another time, the fund will calculate a net asset value for each class of shares as of the scheduled closing time. As of the date of this statement of additional information, the Exchange is open for trading every weekday except for the days the following holidays are observed: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The fund is not required to determine its net asset value per share on any day on which no purchase orders in good order for fund shares are received and no shares are tendered and accepted for redemption. The fund generally values its portfolio securities using closing market prices or readily available market quotations, or, when closing market prices or market quotations are not available or are considered by Amundi Pioneer to be unreliable, the fund uses fair value methods to value its securities in accordance with procedures approved by the fund's Trustees. Securities which have not traded on the date of valuation or securities for which sales prices are not generally reported are valued at the mean between the current bid and asked prices. Securities quoted in foreign currencies are converted to U.S. dollars utilizing foreign exchange rates employed by the fund's independent pricing services. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of regular trading on the Exchange. The values of such securities used in computing the net asset value of the fund's shares are determined as of such times. Foreign currency exchange rates are also generally determined prior to the close of regular trading on the Exchange. The fund also may use fair value pricing methods to value its securities, including a non-U.S. security, when Amundi Pioneer determines that the closing market price on the primary exchange where the security is traded no longer accurately reflects the                                        64 value of the security due to factors affecting one or more relevant securities markets or the specific issuer. 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 using closing market prices. International securities markets may be open on days when the U.S. markets are closed. For this reason, the value of any international securities owned by the fund could change on a day you cannot buy or sell shares of the fund. In connection with making fair value determinations of the value of fixed income securities, the fund's Trustees may use a pricing matrix. The prices used for these securities may differ from the amounts received by the fund upon sale of the securities, and these differences may be substantial. The net asset value per share of each class of the fund is computed by taking the value of all of the fund's assets attributable to a class, less the fund's liabilities attributable to that class, and dividing the result by the number of outstanding shares of that class. For purposes of determining net asset value, expenses of the classes of the fund are accrued daily and taken into account. The fund's maximum offering price per Class A share is determined by adding the maximum sales charge to the net asset value per Class A share. Classe C, Class K, Class R and Class Y shares are offered at net asset value without the imposition of an initial sales charge (Class C shares may be subject to a CDSC). 16. TAX STATUS The fund has elected to be treated, and has qualified and intends to continue to qualify each year, as a "regulated investment company" under Subchapter M of the Code, so that it will not pay U.S. federal income tax on income and capital gains distributed to shareholders. In order to qualify as a regulated investment company under Subchapter M of the Code, the fund must, among other things, (i) derive at least 90% of its gross income for each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including gains from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and net income derived from an interest in a qualified publicly traded partnership (as defined in Section 851(h) of the Code) (the "90% income test") and (ii) diversify its holdings so that, at the end of each quarter of each taxable year: (a) at least 50% of the value of the fund's total assets is represented by (1) cash and cash items, U.S. government securities, securities of other regulated investment companies, and (2) other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the fund's total assets and to not more than 10% of the outstanding voting securities of such issuer and (b) not more than 25% of the value of the fund's total assets is invested in (1) the securities (other than U.S. government securities and securities of other regulated investment companies) of any one issuer, (2) the securities (other than securities of other regulated investment companies) of two or more issuers that the fund controls and that are engaged in the same, similar, or related trades or businesses, or (3) the securities of one or more qualified publicly traded partnerships. For purposes of the 90% income test, the character of income earned by certain entities in which the fund invests that are not treated as corporations for U.S. federal income tax purposes (e.g., partnerships other than certain publicly traded partnerships or trusts that have not elected to be classified as corporations under the "check-the-box" regulations) will generally pass through to the fund. Consequently, in order to qualify as a regulated investment company, the fund may be required to limit its equity investments in such entities that earn fee income, rental income or other nonqualifying income. If the fund qualifies as a regulated investment company and properly distributes to its shareholders each taxable year an amount equal to or exceeding the sum of (i) 90% of its "investment company taxable income" as that term is defined in the Code (which includes, among other things, dividends, taxable interest, and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses) without regard to the deduction for dividends paid and (ii) 90% of the excess of its gross tax-exempt interest income, if any, over certain disallowed deductions, the fund generally will not be subject to U.S. federal income tax on any income of the fund, including "net capital                                        65 gain" (the excess of net long-term capital gain over net short-term capital loss), distributed to shareholders. However, if the fund meets such distribution requirements, but chooses to retain some portion of its taxable income or gains, it generally will be subject to U.S. federal income tax at regular corporate rates on the amount retained. The fund may designate certain amounts retained as undistributed net capital gain in a notice to its shareholders, who (i) will be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their proportionate shares of the undistributed amount so designated, (ii) will be entitled to credit their proportionate shares of the income tax paid by the fund on that undistributed amount against their federal income tax liabilities and to claim refunds to the extent such credits exceed their liabilities and (iii) will be entitled to increase their tax basis, for federal income tax purposes, in their shares by an amount equal to the excess of the amount of undistributed net capital gain included in their respective income over their respective income tax credits. The fund intends to distribute at least annually all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction), net tax-exempt interest income, and net capital gain. If, for any taxable year, the fund does not qualify as a regulated investment company or does not satisfy the 90% distribution requirement, it will be treated as a U.S. corporation subject to U.S. federal income tax, thereby subjecting any income earned by the fund to tax at the corporate level and to a further tax at the shareholder level when such income is distributed. Under certain circumstances, the fund may be able to cure a failure to qualify as a regulated investment company, but in order to do so, the fund may incur significant fund-level taxes and may be forced to dispose of certain assets. Under the Code, the fund will be subject to a nondeductible 4% U.S. federal excise tax on a portion of its undistributed ordinary income and capital gain net income if it fails to meet certain distribution requirements with respect to each calendar year and year ending October 31, respectively. The fund intends to make distributions in a timely manner and accordingly does not expect to be subject to the excise tax. The fund generally distributes any net short- and long-term capital gains in November. The fund generally pays dividends from any net investment income in December. Dividends from income and/or capital gains may also be paid at such other times as may be necessary for the fund to avoid U.S. federal income or excise tax. Unless a shareholder specifies otherwise, all distributions from the fund to that shareholder will be automatically reinvested in additional full and fractional shares of the fund. For U.S. federal income tax purposes, all dividends generally are taxable whether a shareholder takes them in cash or reinvests them in additional shares of the fund. In general, assuming that the fund has sufficient earnings and profits, dividends from net investment income and net short-term capital gains are taxable either as ordinary income or, if certain conditions are met, as "qualified dividend income," taxable to individual and certain other noncorporate shareholders at U.S. federal income tax rates of up to 20%. In general, dividends may be reported by the fund as qualified dividend income if they are attributable to qualified dividend income received by the fund. Qualified dividend income generally means dividend income received from the fund's investments in common and preferred stock of U.S. companies and stock of certain qualified foreign corporations, provided that certain holding period and other requirements are met by both the fund and the shareholders. If 95% or more of the fund's gross income (calculated without taking into account net capital gain derived from sales or other dispositions of stock or securities) consists of qualified dividend income, the fund may report all distributions of such income as qualified dividend income. A foreign corporation is treated as a qualified foreign corporation for this purpose if it is incorporated in a possession of the United States or it is eligible for the benefits of certain income tax treaties with the United States and meets certain additional requirements. Certain foreign corporations that are not otherwise qualified foreign corporations will be treated as qualified foreign corporations with respect to                                        66 dividends paid by them if the stock with respect to which the dividends are paid is readily tradable on an established securities market in the United States. Passive foreign investment companies are not qualified foreign corporations for this purpose. Dividends received by the fund from REITs generally are not expected to qualify for treatment as qualified dividend income. A dividend that is attributable to qualified dividend income of the fund that is paid by the fund to a shareholder will not be taxable as qualified dividend income to such shareholder (1) if the dividend is received with respect to any share of the fund held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share became ex-dividend with respect to such dividend, (2) to the extent that the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, or (3) if the shareholder elects to have the dividend treated as investment income for purposes of the limitation on deductibility of investment interest. The "ex-dividend" date is the date on which the owner of the share at the commencement of such date is entitled to receive the next issued dividend payment for such share even if the share is sold by the owner on that date or thereafter. Distributions by the fund in excess of the fund's current and accumulated earnings and profits will be treated as a return of capital to the extent of (and in reduction of) the shareholder's tax basis in its shares and any such amount in excess of that basis will be treated as gain from the sale of shares, as discussed below. Certain dividends received by the fund from U.S. corporations (generally, dividends received by the fund in respect of any share of stock (1) with a tax holding period of at least 46 days during the 91-day period beginning on the date that is 45 days before the date on which the stock becomes ex-dividend as to that dividend and (2) that is held in an unleveraged position) and distributed and appropriately so reported by the fund may be eligible for the 50% dividends-received deduction generally available to corporations under the Code. Certain preferred stock must have a holding period of at least 91 days during the 181-day period beginning on the date that is 90 days before the date on which the stock becomes ex-dividend as to that dividend in order to be eligible. Capital gain dividends distributed to the fund from other regulated investment companies are not eligible for the dividends-received deduction. À order to qualify for the deduction, corporate shareholders must meet the minimum holding period requirement stated above with respect to their fund shares, taking into account any holding period reductions from certain hedging or other transactions or positions that diminish their risk of loss with respect to their fund shares, and, if they borrow to acquire or otherwise incur debt attributable to fund shares, they may be denied a portion of the dividends-received deduction with respect to those shares. Any corporate shareholder should consult its tax adviser regarding the possibility that its tax basis in its shares may be reduced, for U.S. federal income tax purposes, by reason of "extraordinary dividends" received with respect to the shares and, to the extent such basis would be reduced below zero, current recognition of income may be required. Distributions from net capital gains, if any, that are reported as capital gain dividends by the fund are taxable as long-term capital gains for U.S. federal income tax purposes without regard to the length of time the shareholder has held shares of the fund. Capital gain dividends distributed by the fund to individual and certain other noncorporate shareholders will be taxed as long-term capital gains, which are generally taxable to noncorporate taxpayers at U.S. federal income tax rates of up to 20%. A shareholder should also be aware that the benefits of the favorable tax rates applicable to long-term capital gains and qualified dividend income may be affected by the application of the alternative minimum tax to individual shareholders. The U.S. federal income tax status of all distributions will be reported to shareholders annually. 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 ($250,000 if married filing jointly or if considered a "surviving spouse" for federal income tax purposes, $125,000 if                                        67 married filing separately, and $200,000 in other cases). 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 (among other categories of income) are generally taken into account in computing a shareholder's net investment income. Certain tax-exempt educational institutions will be subject to a 1.4% tax on net investment income. For these purposes, certain dividends and capital gain distributions, and certain gains from the disposition of fund shares (among other categories of income), are generally taken into account in computing a shareholder's net investment income. Although dividends generally will be treated as distributed when paid, any dividend declared by the fund in October, November or December and payable to shareholders of record in such a month that is paid during the following January will be treated for U.S. federal income tax purposes as received by shareholders on December 31 of the calendar year in which it was declared. À addition, certain distributions made after the close of a taxable year of the fund may be "spilled back" and treated for certain purposes as paid by the fund during such taxable year. In such case, shareholders generally will be treated as having received such dividends in the taxable year in which the distributions were actually made. For purposes of calculating the amount of a regulated investment company's undistributed income and gain subject to the 4% excise tax described above, such "spilled back" dividends are treated as paid by the regulated investment company when they are actually paid. For U.S. federal income tax purposes, the fund is permitted to carry forward indefinitely a net capital loss from any taxable year to offset its capital gains, if any, in years following the year of the loss. To the extent subsequent capital gains are offset by such losses, they will not result in U.S. federal income tax liability to the fund and may not be distributed as capital gains to shareholders. See "Annual Fee, Expense and Other Information" for the fund's available capital loss carryforwards. Generally, the fund may not carry forward any losses other than net capital losses. Under certain circumstances, the fund may elect to treat certain losses as though they were incurred on the first day of the taxable year immediately following the taxable year in which they were actually incurred At the time of an investor's purchase of fund shares, a portion of the purchase price may be attributable to realized or unrealized appreciation in the fund's portfolio or to undistributed taxable income of the fund. Consequently, subsequent distributions by the fund with respect to these shares from such appreciation or income may be taxable to such investor even if the net asset value of the investor's shares is, as a result of the distributions, reduced below the investor's cost for such shares and the distributions economically represent a return of a portion of the investment. Redemptions and exchanges generally are taxable events for shareholders that are subject to tax. Shareholders should consult their own tax advisers with reference to their individual circumstances to determine whether any particular transaction in fund shares is properly treated as a sale for tax purposes, as the following discussion assumes, and to ascertain the tax treatment of any gains or losses recognized in such transactions. In general, if fund shares are sold, the shareholder will recognize gain or loss equal to the difference between the amount realized on the sale and the shareholder's adjusted basis in the shares. Such gain or loss generally will be treated as long-term capital gain or loss if the shares were held for more than one year and otherwise generally will be treated as short-term capital gain or loss. Any loss recognized by a shareholder upon the redemption, exchange or other disposition of shares with a tax holding period of six months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions to the shareholder of long-term capital gain with respect to such shares (including any amounts credited to the shareholder as undistributed capital gains). The fund will report to the Internal Revenue Service (the "IRS") the amount of sale proceeds that a shareholder receives from a sale or exchange of fund shares. For sales or exchanges of shares acquired on or after January 1, 2012, the fund will also report the shareholder's basis in those shares and whether any gain or loss that the shareholder realizes on the sale or exchange is short-term or long-term gain or                                        68 loss. For purposes of calculating and reporting basis, shares acquired prior to January 1, 2012 and shares acquired on or after January 1, 2012 will generally be treated as held in separate accounts. If a shareholder has a different basis for different shares of the fund, acquired on or after January 1, 2012, in the same account (e.g., if a shareholder purchased fund shares in the same account at different times for different prices), the fund will calculate the basis of the shares sold using its default method unless the shareholder has properly elected to use a different method. The fund's default method for calculating basis will be the average basis method, under which the basis per share is reported as the average of the bases of all of the shareholder's fund shares in the account. A shareholder may elect, on an account-by-account basis, to use a method other than average basis by following procedures established by the fund. If such an election is made on or prior to the date of the first exchange or redemption of shares in the account and on or prior to the date that is one year after the shareholder receives notice of the fund's default method, the new election will generally apply as if the average basis method had never been in effect for such account. If such an election is not made on or prior to such dates, the shares in the account at the time of the election will retain their averaged bases. Shareholders should consult their tax advisers concerning the tax consequences of applying the average basis method or electing another method of basis calculation. Losses on redemptions or other dispositions of shares may be disallowed under "wash sale" rules in the event of other investments in the fund (including those made pursuant to reinvestment of dividends and/or capital gain distributions) within a period of 61 days beginning 30 days before and ending 30 days after a redemption or other disposition of shares. In such a case, the disallowed portion of any loss generally would be included in the U.S. federal tax basis of the shares acquired in the other investments. Gain may be increased (or loss reduced) upon a redemption of Class A shares of the fund within 90 days after their purchase followed by any purchase (including purchases by exchange or by reinvestment), without payment of an additional sales charge, of Class A shares of the fund or of another Pioneer fund (or any other shares of a Pioneer fund generally sold subject to a sales charge) before February 1 of the calendar year following the calendar year in which the original Class A shares were redeemed. Under Treasury regulations, if a shareholder recognizes a loss with respect to fund shares of $2 million or more for an individual shareholder, or $10 million or more for a corporate shareholder, in any single taxable year (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Shareholders who own portfolio securities directly are in many cases excepted from this reporting requirement but, under current guidance, shareholders of regulated investment companies are not excepted. A shareholder who fails to make the required disclosure to the IRS may be subject to substantial penalties. The fact that a loss is reportable under these regulations does not affect the legal determination of whether or not the taxpayer's treatment of the loss is proper. Shareholders should consult with their tax advisers to determine the applicability of these regulations in light of their individual circumstances. Shareholders that are exempt from U.S. federal income tax, such as retirement plans that are qualified under Section 401 of the Code, generally are not subject to U.S. federal income tax on fund dividends or distributions, or on sales or exchanges of fund shares unless the fund shares are "debt-financed property" within the meaning of the Code. However, in the case of fund shares held through a non-qualified deferred compensation plan, fund dividends and distributions received by the plan and gains from sales and exchanges of fund shares by the plan generally are taxable to the employer sponsoring such plan in accordance with the U.S. federal income tax laws that are generally applicable to shareholders receiving such dividends or distributions from regulated investment companies such as the fund. A plan participant whose retirement plan invests in the fund, whether such plan is qualified or not, generally is not taxed on fund dividends or distributions received by the plan or on gains from sales or exchanges of fund shares by the plan for U.S. federal income tax purposes. However, distributions to plan                                        69 participants from a retirement plan account generally are taxable as ordinary income, and different tax treatment, including penalties on certain excess contributions and deferrals, certain pre-retirement and post-retirement distributions and certain prohibited transactions, is accorded to accounts maintained as qualified retirement plans. Shareholders should consult their tax advisers for more information. Foreign exchange gains and losses realized by the fund in connection with certain transactions involving foreign currency-denominated debt securities, certain options and futures contracts relating to foreign currency, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Section 988 of the Code, which generally causes such gains and losses to be treated as ordinary income and losses and may affect the amount, timing and character of distributions to shareholders. Under Treasury regulations that may be promulgated in the future, any gains from such transactions that are not directly related to the fund's principal business of investing in stock or securities (or its options contracts or futures contracts with respect to stock or securities) may have to be limited in order to enable the fund to satisfy the 90% income test. Certain investments made by the fund may be treated as equity in passive foreign investment companies for federal income tax purposes. In general, a passive foreign investment company is a foreign corporation (i) that receives at least 75% of its annual gross income from passive sources (such as interest, dividends, certain rents and royalties, or capital gains) or (ii) where at least 50% of its assets (computed based on average fair market value) either produce or are held for the production of passive income. If the fund acquires any equity interest (under Treasury regulations that may be promulgated in the future, generally including not only stock but also an option to acquire stock such as is inherent in a convertible bond) in a passive foreign investment company, the fund could be subject to U.S. federal income tax and additional interest charges on "excess distributions" received from such companies or on gain from the sale of stock in such companies, even if all income or gain actually received by the fund is timely distributed to its shareholders. fund would not be able to pass through to its shareholders any credit or deduction for such a tax. A "qualified electing fund" election or a "mark to market" election may be available that would ameliorate these adverse tax consequences, but such elections could require the fund to recognize taxable income or gain (subject to the distribution requirements applicable to regulated investment companies, as described above) without the concurrent receipt of cash. In order to satisfy the distribution requirements and avoid a tax on the fund, the fund may be required to liquidate portfolio securities that it might otherwise have continued to hold, potentially resulting in additional taxable gain or loss to the fund. Gains from the sale of stock of passive foreign investment companies may also be treated as ordinary income. À order for the fund to make a qualified electing fund election with respect to a passive foreign investment company, the passive foreign investment company would have to agree to provide certain tax information to the fund on an annual basis, which it might not agree to do. Under proposed Treasury regulations, certain income derived by the fund for a taxable year from a passive foreign investment company with respect to which the fund has made a qualified electing fund election would generally constitute qualifying income only to the extent the passive foreign investment company makes distributions in respect of that income to the fund for that taxable year. The fund may limit and/or manage its holdings in passive foreign investment companies to limit its tax liability or maximize its return from these investments. If a sufficient portion of the interests in a foreign issuer are held or deemed held by the fund, independently or together with certain other U.S. persons, that issuer may be treated as a "controlled foreign corporation" (a "CFC") with respect to the fund, in which case the fund will be required to take into account each year, as ordinary income, its share of certain portions of that issuer's income, whether or not such amounts are distributed. The fund may have to dispose of its portfolio securities (potentially resulting in the recognition of taxable gain or loss, and potentially under disadvantageous circumstances) to generate cash, or may have to borrow the cash, to meet its distribution requirements and avoid fund-level taxes. Under proposed Treasury regulations, certain income derived by the fund from a CFC for a taxable year would generally constitute qualifying income only to the extent the CFC makes distributions                                        70 in respect of that income to the fund for that taxable year. In addition, some fund gains on the disposition of interests in such an issuer may be treated as ordinary income. The fund may limit and/or manage its holdings in issuers that could be treated as CFCs in order to limit its tax liability or maximize its after-tax return from these investments. The law with respect to the taxation of non-U.S. entities treated as corporations for U.S. federal income tax purposes and the individuals and entities treated as their shareholders changed under legislation enacted in late 2017. If the fund owned 10% or more of the voting power of a foreign entity treated as a corporation for U.S. federal income tax purposes for the last tax year of the foreign entity beginning before January 1, 2018, the fund may be required to include in its income its share of certain deferred foreign income of that foreign entity. Under those circumstances, the fund may be able to make an election for such amounts to be included in income over eight years. Any income included under this rule may have to be distributed to satisfy the distribution requirements referred to above even though the fund may receive no corresponding cash amounts, and even though shareholders derived no economic benefit from the foreign entity's deferred income. If the fund invests in certain pay-in-kind securities, zero coupon securities, deferred interest securities or, in general, any other securities with original issue discount (or with market discount if the fund elects to include market discount in income currently), the fund generally must accrue income on such investments for each taxable year, which generally will be prior to the receipt of the corresponding cash payments. However, the fund must distribute to its shareholders, at least annually, all or substantially all of its investment company taxable income (determined without regard to the deduction for dividends paid), including such accrued income, to qualify to be treated as a regulated investment company under the Code and avoid U.S. federal income and excise taxes. Therefore, the fund may have to dispose of its portfolio securities, potentially under disadvantageous circumstances, to generate cash, or may have to borrow the cash, to satisfy distribution requirements. Such a disposition of securities may potentially result in additional taxable gain or loss to the fund. The fund may invest in or hold debt obligations of issuers not currently paying interest or that are in default. Investments in debt obligations that are at risk of or are in default present special tax issues for the fund. Federal income tax rules are not entirely clear about issues such as when the fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, how payments received on obligations in default should be allocated between principal and interest and whether certain exchanges of debt obligations in a workout context are taxable. These and other issues will be addressed by the fund, in the event it invests in or holds such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a regulated investment company and does not become subject to U.S. federal income or excise tax. Options written or purchased and futures contracts entered into by the fund on certain securities, indices and foreign currencies, as well as certain forward foreign currency contracts, may cause the fund to recognize gains or losses from marking-to-market even though such options may not have lapsed or been closed out or exercised, or such futures or forward contracts may not have been performed or closed out. The tax rules applicable to these contracts may affect the characterization of some capital gains and losses realized by the fund as long-term or short-term. Certain options, futures and forward contracts relating to foreign currency may be subject to Section 988 of the Code, as described above, and accordingly may produce ordinary income or loss. Additionally, the fund may be required to recognize gain if an option, futures contract, forward contract, short sale or other transaction that is not subject to the mark-to-market rules is treated as a "constructive sale" of an "appreciated financial position" held by the fund under Section 1259 of the Code. Any net mark-to-market gains and/or gains from constructive sales may also have to be distributed to satisfy the distribution requirements referred to above even though the fund may receive no corresponding cash amounts, possibly requiring the disposition of portfolio securities or borrowing to obtain the necessary cash. Such a disposition of securities may potentially result in additional taxable gain or loss to the fund. Losses on certain options, futures or forward contracts and/or                                        71 offsetting positions (portfolio securities or other positions with respect to which the fund's risk of loss is substantially diminished by one or more options, futures or forward contracts) may also be deferred under the tax straddle rules of the Code, which may also affect the characterization of capital gains or losses from straddle positions and certain successor positions as long-term or short-term. Certain tax elections may be available that would enable the fund to ameliorate some adverse effects of the tax rules described in this paragraph. The tax rules applicable to options, futures, forward contracts and straddles may affect the amount, timing and character of the fund's income and gains or losses and hence of its distributions to shareholders. Foreign exchange gains and losses realized by the fund in connection with certain transactions involving foreign currency-denominated debt securities, certain options and futures contracts relating to foreign currency, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Section 988 of the Code, which generally causes such gains and losses to be treated as ordinary income and losses and may affect the amount, timing and character of distributions to shareholders. Under Treasury regulations that may be promulgated in the future, any gains from such transactions that are not directly related to the fund's principal business of investing in stock or securities (or its options contracts or futures contracts with respect to stock or securities) may have to be limited in order to enable the fund to satisfy the 90% income test. The fund may be subject to withholding and other taxes imposed by foreign countries, including taxes on interest, dividends and capital gains with respect to its investments in those countries. Any such taxes would, if imposed, reduce the yield on or return from those investments. Tax conventions between certain countries and the U.S. may reduce or eliminate such taxes in some cases. The fund does not expect to satisfy the requirements for passing through to its shareholders any share of foreign taxes paid by the fund, with the result that shareholders will not include such taxes in their gross incomes and will not be entitled to a tax deduction or credit for such taxes on their own tax returns. The fund is required to withhold (as "backup withholding") a portion of reportable payments, including dividends, capital gain distributions and the proceeds of redemptions and exchanges or repurchases of fund shares, paid to shareholders who have not complied with certain IRS regulations. The backup withholding rate is currently 24%. In order to avoid this withholding requirement, shareholders, other than certain exempt entities, must generally certify that the Social Security Number or other Taxpayer Identification Number they provide is their correct number and that they are not currently subject to backup withholding, or that they are exempt from backup withholding. The fund may nevertheless be required to backup withhold if it receives notice from the IRS or a broker that the number provided is incorrect or backup withholding is applicable as a result of previous underreporting of interest or dividend income. The description of certain federal tax provisions above relates only to U.S. federal income tax consequences for shareholders who are U.S. persons, i.e., generally, U.S. citizens or residents or U.S. corporations, partnerships, trusts or estates, and who are subject to U.S. federal income tax and hold their shares as capital assets. Except as otherwise provided, this description does not address the special tax rules that may be applicable to particular types of investors, such as financial institutions, insurance companies, securities dealers, other regulated investment companies, or tax-exempt or tax-deferred plans, accounts or entities. Investors other than U.S. persons may be subject to different U.S. federal income tax treatment, including a non-resident alien U.S. withholding tax at the rate of 30% or any lower applicable treaty rate on amounts treated as ordinary dividends from the fund (other than certain dividends reported by the fund as (i) interest-related dividends, to the extent such dividends are derived from the fund's "qualified net interest income," or (ii) short-term capital gain dividends, to the extent such dividends are derived from the fund's "qualified short-term gain") or, in certain circumstances, unless an effective IRS Form W-8BEN or other authorized withholding certificate is on file, to backup withholding on certain other payments from the fund. "Qualified net interest income" is the fund's net income derived from U.S.-source interest and original issue discount, subject to certain exceptions and limitations.                                        72 "Qualified short-term gain" generally means the excess of the net short-term capital gain of the fund for the taxable year over its net long-term capital loss, if any. Backup withholding will not be applied to payments that have been subject to the 30% (or lower applicable treaty rate) withholding tax on shareholders who are neither citizens nor residents of the United States. Unless certain non-U.S. entities that hold fund shares comply with IRS requirements that will generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% withholding tax may apply to fund distributions payable to such entities. Un non-U.S. shareholder may be exempt from the withholding described in this paragraph under an applicable intergovernmental agreement between the U.S. and a foreign government, provided that the shareholder and the applicable foreign government comply with the terms of such agreement. The fund does not expect to be a "United States real property holding corporation" as defined in Section 897(c)(2) of the Code. If the fund were to be classified as a United States real property holding corporation (or if it would be so classified, were it not for certain exceptions), then distributions made by the fund to non-U.S. shareholders might be subject to U.S. federal withholding tax, and non-U.S. shareholders might be required to file U.S. federal income tax returns to report distributions received from the fund. Shareholders should consult their own tax advisers on these matters and on state, local, foreign and other applicable tax laws. If, as anticipated, the fund qualifies as a regulated investment company under the Code, it will not be required to pay any Massachusetts income, corporate excise or franchise taxes or any Delaware corporation income tax. 17. FINANCIAL STATEMENTS The fund's financial statements and financial highlights for the fiscal year ended October 31, 2019 appearing in the fund's annual report, filed with the SEC on December 27, 2019 (Accession No. 0001223026-19-000008), are incorporated by reference into this statement of additional information. Those financial statements and financial highlights have been audited by Ernst & Young LLP, independent registered public accounting firm, as indicated in their report thereon, and are incorporated herein by reference in reliance upon such report, given on the authority of Ernst & Young LLP as experts in accounting and auditing. The fund's annual report includes the financial statements referenced above and is available without charge upon request by calling the fund at 1-800-225-6292. 18. ANNUAL FEE, EXPENSE AND OTHER INFORMATION PORTFOLIO TURNOVER The fund's annual portfolio turnover rate for the fiscal years ended October 31 2019 2018 ------ ----- 94% 78% -- --
SHARE OWNERSHIP As of January 31, 2020, the Trustees and officers of the fund owned beneficially in the aggregate less than 1% of the outstanding shares of the fund. The following is a list of the holders of 5% or more of any class of the fund's outstanding shares as of January 31, 2020:                                        73 RECORD HOLDER SHARE CLASS NUMBER OF SHARES % OF CLASS ------------------------------------------- ------------- ------------------ ----------- CLASS C ------------------------------------------- ------------- ----------- ----- Pershing LLC 59,116.276 6.63                                             ------------- ----------- ----- One Pershing Plaza Jersey City, NJ 07399-0001 ------------------------------------------- National Financial Services LLC 47,120.563 5.28                                             ------------- ----------- ----- For the Exclusive Benefit of its Customers 499 Washington Blvd. Attn: Mutual Funds Dept., 4th Floor Jersey City, NJ 07310 -------------------------------------------                                             CLASS R ------------------------------------------- ------------- ----------- ----- Hartford Life Insurance Company 138,826.027 35.94                                             ------------- ----------- ----- Separate Account Attn: UIT Operations P.O. Box 2999 Hartford, CT 06104-2999 ------------------------------------------- VOYA Institutional Trust Company 39,563.468 10.24                                             ------------- ----------- ----- Custodial Account 151 Farmington Avenue Hartford, CT 06156-0001 ------------------------------------------- MG Trust Company Cust. FBO 29,433.713 7.62                                             ------------- ----------- ----- Temple, Inc. 401(K) Plan 717 17th St Ste 1300 Denver CO 80202-3304 -------------------------------------------                                             CLASS Y ------------------------------------------- ------------- ----------- ----- National Financial Services LLC 141,858.844 15.68                                             ------------- ----------- ----- For the Exclusive Benefit of its Customers 499 Washington Blvd. Attn: Mutual Funds Dept., 4th Floor Jersey City, NJ 07310 ------------------------------------------- Wells Fargo Clearing Services LLC 93,312.919 10.32                                             ------------- ----------- ----- Special Custody Acct for the Exclusive Benefit of Customer 2801 Market St Saint Louis MO 63103-2523 ------------------------------------------- Raymond James 89,610.367 9.91                                             ------------- ----------- ----- Omnibus for Mutual Funds Attn: Courtney Waller 880 Carillon Parkway St. Petersburg, FL 33716 ------------------------------------------- Pershing LLC 71,814.726 7.94                                             ------------- ----------- ----- One Pershing Plaza Jersey City, NJ 07399-0001 ------------------------------------------- Morgan Stanley Smith Barney 59,678.726 6.60                                             ------------- ----------- ----- Harborside Financial Center Plaza 2, 3rd Floor Jersey City, NJ 07311 ------------------------------------------- UBS WM USA 61,974.092 6.85                                             ------------- ----------- ----- Omni Account M/F Attn: Department Manager 499 Washington Blvd Fl 9 -------------------------------------------                                                                  45,467.500 5.03 ------------------------------------------- ------------- ----------- -----
74 TRUSTEE OWNERSHIP OF SHARES OF THE FUND AND OTHER PIONEER FUNDS The following table indicates the value of shares that each Trustee beneficially owned in the fund and Pioneer Funds in the aggregate as of December 31, 2019. Beneficial ownership is determined in accordance with SEC rules. The share value of any closed-end fund is based on its closing market price on December 31, 2019. The share value of any open-end Pioneer Fund is based on the net asset value of the class of shares on December 31, 2019. The dollar ranges in this table are in accordance with SEC requirements. AGGREGATE DOLLAR RANGE OF EQUITY                                  DOLLAR RANGE OF SECURITIES IN ALL REGISTERED                                EQUITY SECURITIES INVESTMENT COMPANIES OVERSEEN BY NAME OF TRUSTEE IN THE FUND TRUSTEE IN THE PIONEER FAMILY OF FUNDS -------------------------- -------------------- --------------------------------------- INTERESTED TRUSTEES: -------------------------- -------------------- --------------------------------------- Lisa M. Jones None Over $100,000 -------------------------- -------------------- --------------------------------------- Kenneth J. Taubes None Over $100,000 -------------------------- -------------------- --------------------------------------- INDEPENDENT TRUSTEES: -------------------------- -------------------- --------------------------------------- John E. Baumgardner, Jr. None Over $100,000 -------------------------- -------------------- --------------------------------------- Diane Durnin None Over $100,000 -------------------------- -------------------- --------------------------------------- Benjamin M. Friedman $50,001 - $100,000 Over $100,000 -------------------------- -------------------- --------------------------------------- Lorraine H. Monchak None Over $100,000 -------------------------- -------------------- --------------------------------------- Thomas J. Perna None Over $100,000 -------------------------- -------------------- --------------------------------------- Marguerite A. Piret $1 - $10,000 Over $100,000 -------------------------- -------------------- --------------------------------------- Fred J. Ricciardi None Over $100,000 -------------------------- -------------------- ---------------------------------------
COMPENSATION OF OFFICERS AND TRUSTEES The following table sets forth certain information with respect to the compensation of each Trustee of the fund. PENSION OR                                                        RETIREMENT                                     AGGREGATE BENEFITS ACCRUED TOTAL COMPENSATION                                  COMPENSATION AS PART OF FUND FROM THE FUND AND NAME OF TRUSTEE FROM FUND** EXPENSES 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.*** $ 298.84 $0.00 $ 20,604.00 ----------------------------- ---------- ----- ------------- David R. Bock***** $ 4,278.29 $0.00 $ 291,250.00 ----------------------------- ---------- ----- ------------- Diane Durnin**** $ 915.42 $0.00 $ 61,108.00 ----------------------------- ---------- ----- ------------- Benjamin M. Friedman $ 4,242.46 $0.00 $ 288,500.00 ----------------------------- ---------- ----- ------------- Margaret B.W. Graham***** $ 3,860.10 $0.00 $ 259,500.00 ----------------------------- ---------- ----- ------------- Lorraine H. Monchak $ 4,120.47 $0.00 $ 279,250.00 ----------------------------- ---------- ----- ------------- Thomas J. Perna $ 5,253.67 $0.00 $ 365,500.00 ----------------------------- ---------- ----- ------------- Marguerite A. Piret $ 4,024.45 $0.00 $ 271,750.00 ----------------------------- ---------- ----- ------------- Fred J. Ricciardi $ 3,814.74 $0.00 $ 256,250.00 ----------------------------- ---------- ----- -------------  TOTAL $30,808.44 $0.00 $2,073,108.00 ----------------------------- ---------- ----- -------------
* Under the management contract, Amundi Pioneer reimburses the fund for any       Interested Trustee fees paid by the fund. ** For the fiscal year ended October 31, 2019. As of October 31, 2019, there were 45 U.S.                                        75 registered investment portfolios in the Pioneer Family of Funds. *** Mr. Baumgardner became a Trustee on September 16, 2019. **** Ms. Durnin became a Trustee on July 15, 2019. ***** Mr. Bock and Ms. Graham retired as Trustees of the Pioneer Funds       effective December 31, 2019. APPROXIMATE MANAGEMENT FEES THE FUND PAID OR OWED AMUNDI PIONEER The following table shows the dollar amount of gross investment management fees incurred by the fund, along with the net amount of fees that were paid after applicable fee waivers or expense reimbursements, if any. The data is for the past three fiscal years. FOR THE FISCAL YEARS ENDED OCTOBER 31 2019 2018 2017 --------------------------------------- ------------- ------------- ------------- Gross Fee Incurred $4,366,004 $5,389,537 $5,866,532 --------------------------------------- ---------- ---------- ---------- Net Fee Paid $4,366,004 $5,389,537 $5,866,532 --------------------------------------- ---------- ---------- ----------
FEES THE FUND PAID TO AMUNDI PIONEER UNDER THE ADMINISTRATION AGREEMENT FOR THE FISCAL YEARS ENDED OCTOBER 31 ----------------------------------------------         2019 2018 2017 -------------------- ----------- ----------- $361,500 $361,468 $415,511        ---------- -------- --------
UNDERWRITING EXPENSES AND COMMISSIONS FOR THE FISCAL YEARS ENDED OCTOBER 31 2019 2018 2017 ----------------------------------------------------------------- ---------- ------------- ---------- Approximate Net Underwriting Expenses Retained by Amundi Pioneer Distributor, Inc. $ 26,089 $ 32,081 $ 44,019 ----------------------------------------------------------------- -------- ---------- -------- Approximate Commissions Reallowed to Dealers (Class A shares) $140,064 $ 172,167 $237,098 ----------------------------------------------------------------- -------- ---------- -------- Approximate Brokerage and Underwriting Commissions (Portfolio Transactions) $873,264 $1,085,248 $942,429 ----------------------------------------------------------------- -------- ---------- --------
FUND EXPENSES UNDER THE DISTRIBUTION PLAN FOR THE FISCAL YEAR ENDED OCTOBER 31, 2019 ----------------------------------------------------------------------    COMBINED PLAN CLASS A PLAN CLASS C PLAN CLASS R PLAN ------------------ -------------- -------------- -------------- $1,938,962 $1,733,022 $156,167 $49,773    ------------ ---------- -------- ------- --
ALLOCATION OF FUND EXPENSES UNDER THE DISTRIBUTION PLAN An estimate by category of the allocation of fees paid by each class of shares of the fund during the year ended September 30, 2019 is set forth in the following table: PAYMENTS              TO SERVICING SALES PRINTING                PARTIES/1/ ADVERTISING MEETINGS AND MAILING TOTAL            -------------- ------------- ---------- ------------- ------------- Class A $1,675,869 $8,640 $36,171 $12,342 $1,733,022 --------- ---------- ------ ------- ------- ---------- Class C $ 145,613 $1,503 $ 6,630 $ 2,421 $ 156,167 --------- ---------- ------ ------- ------- ---------- Class R $ 49,773 $ 0 $ 0 $ 0 $ 49,773 --------- ---------- ------ ------- ------- ----------
1 Payments to Servicing Parties include Amundi Pioneer Distributor, Inc.,    broker-dealers, financial intermediaries and other parties that enter into    a distribution, selling or service agreement with respect to one or more    classes of the fund (annualized for the period ending September 30, 2019).                                        76 SECURITIES OF REGULAR BROKER-DEALERS As of October 31, 2019, the fund held the following securities of its regular broker-dealers (or affiliates of such broker-dealers): CDSCS During the fiscal year ended October 31, 2019, the following CDSCs were paid to Amundi Pioneer Distributor, Inc.: $28,231 CAPITAL LOSS CARRYFORWARDS AS OF OCTOBER 31, 2019 At October 31, 2019, the fund had the following net capital loss carryforward: $0                                        77 19. APPENDIX A - DESCRIPTION OF SHORT-TERM DEBT, CORPORATE BOND AND PREFERRED STOCK RATINGS/1/ DESCRIPTION OF MOODY'S INVESTORS SERVICE, INC.'S ("MOODY'S") SHORT-TERM RATINGS: Moody's short-term ratings are forward-looking opinions of the ability of issuers to honor short-term financial obligations. Ratings may be assigned to issuers, short-term programs or to individual short-term debt instruments. Such obligations generally have an original maturity of thirteen months or less and reflect the likelihood of a default on contractually promised payments. Moody's employs the following designations to indicate the relative repayment ability of rated issuers: P-1: Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations. P-2: Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations. P-3: Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations. NP: Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories. NOTE: Canadian issuers rated P-1 or P-2 have their short-term ratings enhanced by the senior-most long-term rating of the issuer, its guarantor or support-provider. DESCRIPTION OF MOODY'S LONG-TERM CORPORATE RATINGS: Moody's long-term obligation ratings are forward-looking opinions of the relative credit risk of fixed-income obligations with an original maturity of one year or more. They address the possibility that a financial obligation will not be honored as promised. Such ratings use Moody's Global Long-Term Rating Scale and reflect both on the likelihood of default on contractually promised payments and the expected financial loss suffered in the event of default. AAA: Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. AA: Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. A: Obligations rated A are considered upper-medium grade and are subject to low    credit risk. BAA: Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk, and as such may possess certain speculative characteristics. BA: Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. B: Obligations rated B are considered speculative and are subject to high    credit risk. CAA: Obligations rated Caa are judged to be speculative and of poor standing and are subject to very high credit risk. ------------------------ /1/ The ratings indicated herein are believed to be the most recent ratings    available at the date of this statement of additional information for the    securities listed. Ratings are generally given to securities at the time of    issuance. While the rating agencies may from time to time revise such    ratings, they undertake no obligation to do so, and the ratings indicated    do not necessarily represent ratings which will be given to these    securities on the date of the fund's fiscal year-end.                                        78 CA: Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. C: Obligations rated C are the lowest rated class of bonds and are typically in default, with little prospect for recovery of principal or interest. NOTE: Moody's appends numerical modifiers "1", "2", and "3" to each generic rating classification from "Aa" through "Caa". The modifier "1" indicates that the obligation ranks in the higher end of its generic rating category; the modifier "2" indicates a mid-range ranking; and the modifier "3" indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, finance companies and securities firms. STANDARD & POOR'S RATINGS GROUP'S LONG-TERM ISSUE CREDIT RATINGS: Issue credit ratings are based, in varying degrees, on Standard & Poor's analysis of the following considerations: o Likelihood of payment-capacity and willingness of the obligor to meet its   financial commitment on an obligation in accordance with the terms of the   obligation; o Nature of and provisions of the obligation; o Protection afforded by, and relative position of, the obligation in the event   of bankruptcy, reorganization, or other arrangement under the laws of   bankruptcy and other laws affecting creditors' rights. Issue ratings are an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.) AAA: An obligation rated "AAA" has the highest rating assigned by Standard & Poor's. The obligor's capacity to meet its financial commitment on the obligation is extremely strong. AA: An obligation rated "AA" differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong. A: An obligation rated "A" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong. BBB: An obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. BB, B, CCC, CC, AND C: Obligations rated "BB", "B", "CCC", "CC", and "C" are regarded as having significant speculative characteristics. "BB" indicates the least degree of speculation and "C" the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions. BB: An obligation rated "BB" is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation. B: An obligation rated "B" is more vulnerable to nonpayment than obligations rated "BB", but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation. 79 CCC: An obligation rated "CCC" is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation. CC: An obligation rated "CC" is currently highly vulnerable to nonpayment. C: A "C" rating is assigned to obligations that are currently highly vulnerable to nonpayment, obligations that have payment arrearages allowed by the terms of the documents, or obligations of an issuer that is the subject of a bankruptcy petition or similar action which have not experienced a payment default. Among others, the "C" rating may be assigned to subordinated debt, preferred stock or other obligations on which cash payments have been suspended in accordance with the instrument's terms or when preferred stock is the subject of a distressed exchange offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by other instruments having a total value that is less than par. D: An obligation rated "D" is in payment default. The "D" rating category is used when payments on an obligation, including a regulatory capital instrument, are not made on the date due even if the applicable grace period has not expired, unless Standard & Poor's believes that such payments will be made during such grace period. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized. An obligation's rating is lowered to "D" upon completion of a distressed exchange offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by other instruments having a total value that is less than par. PLUS (+) OR MINUS (-): The ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. NR: This indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that Standard & Poor's does not rate a particular obligation as a matter of policy. STANDARD & POOR'S SHORT-TERM ISSUE CREDIT RATINGS: Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. In the U.S., for example, that means obligations with an original maturity date of no more than 365 days - including commercial paper. Short-term ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. The result is a dual rating, in which the short-term rating addresses the put feature, in addition to the usual long-term rating. A-1: A short-term obligation rated "A-1" is rated in the highest category by Standard & Poor's. The obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong. A-2: A short-term obligation rated "A-2" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory. A-3: A short-term obligation rated "A-3" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.                                        80 B: A short-term obligation rated "B" is regarded as having significant speculative characteristics. Ratings of "B-1", "B-2", and "B-3" may be assigned to indicate finer distinctions within the "B" category. The obligor currently has the capacity to meet its financial commitment on the obligation; however, it faces major ongoing uncertainties which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation. B-1: A short-term obligation rated "B-1" is regarded as having significant speculative characteristics, but the obligor has a relatively stronger capacity to meet its financial commitments over the short-term compared to other speculative-grade obligors. B-2: A short-term obligation rated "B-2" is regarded as having significant speculative characteristics, and the obligor has an average speculative-grade capacity to meet its financial commitments over the short-term compared to other speculative-grade obligors. B-3: A short-term obligation rated "B-3" is regarded as having significant speculative characteristics, and the obligor has a relatively weaker capacity to meet its financial commitments over the short-term compared to other speculative-grade obligors. C: A short-term obligation rated "C" is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. D: A short-term obligation rated "D" is in payment default. The "D" rating category is used when payments on an obligation, including a regulatory capital instrument, are not made on the date due even if the applicable grace period has not expired, unless Standard & Poor's believes that such payments will be made during such grace period. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized. LOCAL CURRENCY AND FOREIGN CURRENCY RISKS Country risk considerations are a standard part of Standard & Poor's analysis for credit ratings on any issuer or issue. Currency of repayment is a key factor in this analysis. An obligor's capacity to repay foreign currency obligations may be lower than its capacity to repay obligations in its local currency due to the sovereign government's own relatively lower capacity to repay external versus domestic debt. These sovereign risk considerations are incorporated in the debt ratings assigned to specific issues. Foreign currency issuer ratings are also distinguished from local currency issuer ratings to identify those instances where sovereign risks make them different for the same issuer.                                        81 20. APPENDIX B - PROXY VOTING POLICIES AND PROCEDURES POLICY Each of the Pioneer Funds and certain other clients of Amundi Pioneer Asset Management, Inc. and Amundi Pioneer Institutional Asset Management, Inc. (collectively, "Amundi Pioneer") have delegated responsibility to vote proxies related to portfolio holdings to Amundi Pioneer. Amundi Pioneer is a fiduciary that owes each of its clients the duties of care and loyalty with respect to all services undertaken on the client's behalf, including voting proxies for securities held by the client. When Amundi Pioneer has been delegated proxy-voting authority for a client, the duty of care requires Amundi Pioneer to monitor corporate events and to vote the proxies. To satisfy its duty of loyalty, Amundi Pioneer must place the client's interests ahead of its own and must cast proxy votes in a manner consistent with the best interest of the client. It is Amundi Pioneer's policy to vote proxies presented to Amundi Pioneer in a timely manner in accordance with these principles. Amundi Pioneer's sole concern in voting proxies is the economic effect of the proposal on the value of portfolio holdings, considering both the short- and long-term impact. In many instances, Amundi Pioneer believes that supporting the company's strategy and voting "for" management's proposals builds portfolio valeurs. In other cases, however, proposals set forth by management may have a negative effect on that value, while some shareholder proposals may hold the best prospects for enhancing it. Amundi Pioneer monitors developments in the proxy voting arena and will revise this policy as needed. Amundi Pioneer believes that environmental, social and governance (ESG) factors can affect companies' long-term prospects for success and the sustainability of their business models. Since ESG factors that may affect corporate performance and economic value are considered by our investment professionals as part of the investment management process, Amundi Pioneer also considers these factors when reviewing proxy proposals. This approach is consistent with the stated investment objectives and policies of funds and investment strategies. It should be noted that the proxy voting guidelines below are guidelines, not rules, and Amundi Pioneer reserves the right in all cases to vote contrary to guidelines where doing so is determined to represent the best economic interests of our clients. Further, the Pioneer Funds or other clients of Amundi Pioneer may direct Amundi Pioneer to vote contrary to guidelines. Amundi Pioneer's clients may request copies of their proxy voting records and of Amundi Pioneer's proxy voting policies and procedures by either sending a written request to Amundi Pioneer's Proxy Coordinator, or clients may review Amundi Pioneer's proxy voting policies and procedures on-line at Amundi Pioneer.com. Amundi Pioneer may describe to clients its proxy voting policies and procedures by delivering a copy of Amundi Pioneer's Form ADV (Part II), by separate notice to the client or by other means. APPLICABILITY This Proxy Voting policy and the procedures set forth below are designed to complement Amundi Pioneer's investment policies and procedures regarding its general responsibility to monitor the performance and/or corporate events of companies that are issuers of securities held in accounts managed by Amundi Pioneer. This policy sets forth Amundi Pioneer's position on a number of issues for which proxies may be solicited but it does not include all potential voting scenarios or proxy events. Furthermore, because of the special issues associated with proxy solicitations by closed-end Funds, Amundi Pioneer will vote shares of closed-end Funds on a case-by-case basis.                                        82 PURPOSE The purpose of this policy is to ensure that proxies for United States ("US") and non-US companies that are received in a timely manner will be voted in accordance with the principles stated above. Unless the Proxy Voting Oversight Group (as described below) specifically determines otherwise, all shares in a company held by Amundi Pioneer-managed accounts for which Amundi Pioneer has proxy-voting authority will be voted alike, unless a client has given specific voting instructions on an issue. Amundi Pioneer does not delegate the authority to vote proxies relating to securities held by its clients to any of its affiliates. Any questions about this policy should be directed to Amundi Pioneer's Director of Investment Operations (the "Proxy Coordinator"). PROCEDURES PROXY VOTING SERVICE Amundi Pioneer has engaged an independent proxy voting service to assist in the voting of proxies. The proxy voting service works with custodians to ensure that all proxy materials are received by the custodians and are processed in a timely fashion. The proxy voting service votes all proxies in accordance with the proxy voting guidelines established by Amundi Pioneer and set forth herein, to the extent applicable. The proxy voting service will refer proxy questions to the Proxy Coordinator (described below) for instructions under circumstances where: (1) the application of the proxy voting guidelines is unclear; (2) a particular proxy question is not covered by the guidelines; or (3) the guidelines call for specific instructions on a case-by-case basis. The proxy voting service is also requested to call to the Proxy Coordinator's attention specific proxy questions that, while governed by a guideline, appear to involve unusual or controversial issues. Amundi Pioneer reserves the right to attend a meeting in person and may do so when it determines that the company or the matters to be voted on at the meeting are strategically important to its clients. To supplement its own research and analysis in determining how to vote on a particular proxy proposal, Amundi Pioneer may utilize research, analysis or recommendations provided by the proxy voting service on a case-by-case basis. Amundi Pioneer does not, as a policy, follow the assessments or recommendations provided by the proxy voting service without its own analysis and determination. PROXY COORDINATOR The Proxy Coordinator coordinates the voting, procedures and reporting of proxies on behalf of Amundi Pioneer's clients. The Proxy Coordinator will deal directly with the proxy voting service and, in the case of proxy questions referred by the proxy voting service, will solicit voting recommendations and instructions from the Portfolio Management Group, or, to the extent applicable, investment sub-advisers. The Proxy Coordinator is responsible for ensuring that these questions and referrals are responded to in a timely fashion and for transmitting appropriate voting instructions to the proxy voting service. Proxy Coordinator is responsible for verifying with the General Counsel or his or her designee whether Amundi Pioneer's voting power is subject to any limitations or guidelines issued by the client (or in the case of an employee benefit plan, the plan's trustee or other fiduciaries). REFERRAL ITEMS The proxy voting service will refer proxy questions to the Proxy Coordinator or his or her designee that are described by Amundi Pioneer's proxy voting guidelines as to be voted on a case-by-case basis, that are not covered by Amundi Pioneer's guidelines or where Amundi Pioneer's guidelines may be unclear with respect to the matter to be voted on. Under such circumstances, the Proxy Coordinator will seek a written voting recommendation from the Chief Investment Officer, U.S. or his or her designated equity portfolio-management representative. Any such recommendation will include: (i) the manner in which the proxies                                        83 should be voted; (ii) the rationale underlying any such decision; and (iii) the disclosure of any contacts or communications made between Amundi Pioneer and any outside parties concerning the proxy proposal prior to the time that the voting instructions are provided. SECURITIES LENDING In accordance with industry standards, proxies are not available to be voted when the shares are out on loan through either Amundi Pioneer's lending program or a client's managed security lending program. However, Amundi Pioneer will reserve the right to recall lent securities so that they may be voted according to Amundi Pioneer's instructions. If a portfolio manager would like to vote a block of previously lent shares, the Proxy Coordinator will work with the portfolio manager and Investment Operations to recall the security, to the extent possible, to facilitate the vote on the entire block of shares. Certain clients participate in securities lending programs. Although such programs allow for the recall of securities for any reason, Amundi Pioneer may determine not to vote securities on loan and it may not always be possible for securities on loan to be recalled in time to be voted. SHARE-BLOCKING "Share-blocking" is a market practice whereby shares are sent to a custodian (which may be different than the account custodian) for record keeping and voting at the general meeting. The shares are unavailable for sale or delivery until the end of the blocking period (typically the day after general meeting date). Amundi Pioneer will vote in those countries with "share-blocking." In the event a manager would like to sell a security with "share-blocking", the Proxy Coordinator will work with the Portfolio Manager and Investment Operations Department to recall the shares (as allowable within the market time-frame and practices) and/or communicate with executing brokerage firm. A list of countries with "share-blocking" is available from the Investment Operations Department upon request. PROXY VOTING OVERSIGHT GROUP The members of the Proxy Voting Oversight Group include Amundi Pioneer's Chief Investment Officer, U.S. or his or her designated equity portfolio management representative, the Chief of Staff, U.S., and the Chief Compliance Officer of the Adviser and Funds. Other members of Amundi Pioneer will be invited to attend meetings and otherwise participate as necessary. The Chief of Staff, U.S. will chair the Proxy Voting Oversight Group. The Proxy Voting Oversight Group is responsible for developing, evaluating, and changing (when necessary) Amundi Pioneer's proxy voting policies and procedures. The Group meets at least annually to evaluate and review this policy and the services of its third-party proxy voting service. In addition, the Proxy Voting Oversight Group will meet as necessary to vote on referral items and address other business as necessary. AMENDMENTS Amundi Pioneer may not amend this policy without the prior approval of the Proxy Voting Oversight Group. FORM N-PX The Proxy Coordinator and the Director of Regulatory Reporting are responsible for ensuring that Form N-PX documents receive the proper review by a member of the Proxy Voting Oversight Group prior to a Fund officer signing the forms. The Investment Operations department will provide the Compliance department with a copy of each Form N-PX filing prepared by the proxy voting service. Compliance files N-PX. The Compliance department will ensure that a corresponding Form N-PX exists for each Amundi Pioneer registered investment company. Following this review, each Form N-PX is formatted for public dissemination via the EDGAR system.                                        84 Prior to submission, each Form N-PX is to be presented to the Fund officer for  a final review and signature. Copies of the Form N-PX filings and their submission receipts are maintained according to Amundi Pioneer record keeping policies. PROXY VOTING GUIDELINES ADMINISTRATIVE While administrative items appear infrequently in U.S. issuer proxies, they are quite common in non-U.S. proxies. We will generally support these and similar management proposals: o Corporate name change. o A change of corporate headquarters. o Stock exchange listing. o Establishment of time and place of annual meeting. o Adjournment or postponement of annual meeting. o Acceptance/approval of financial statements. o Approval of dividend payments, dividend reinvestment plans and other   dividend-related proposals. o Approval of minutes and other formalities. o Authorization of the transferring of reserves and allocation of income. o Amendments to authorized signatories. o Approval of accounting method changes or change in fiscal year-end. o Acceptance of labor agreements. o Appointment of internal auditors. Amundi Pioneer will vote on a case-by-case basis on other routine administrative items; however, Amundi Pioneer will oppose any routine proposal if insufficient information is presented in advance to allow Amundi Pioneer to judge the merit of the proposal. Amundi Pioneer has also instructed its proxy voting service to inform Amundi Pioneer of its analysis of any administrative items that may be inconsistent, in its view, with Amundi Pioneer's goal of supporting the value of its clients' portfolio holdings so that Amundi Pioneer may consider and vote on those items on a case-by-case basis in its discretion. AUDITORS We normally vote for proposals to: Ratify the auditors. We will consider a vote against if we are concerned about the auditors' independence or their past work for the company. Specifically, we will oppose the ratification of auditors and withhold votes for audit committee members if non-audit fees paid by the company to the auditing firm exceed the sum of audit fees plus audit-related fees plus permissible tax fees according to the disclosure categories proposed by the Securities and Exchange Commission. o Restore shareholder rights to ratify the auditors. We will normally oppose proposals that require companies to: o Seek bids from other auditors. o Rotate auditing firms, except where the rotation is statutorily required or   where rotation would demonstrably strengthen financial disclosure. o Indemnify auditors.                                        85 o Prohibit auditors from engaging in non-audit services for the company. BOARD OF DIRECTORS On issues related to the board of directors, Amundi Pioneer normally supports management. We will, however, consider a vote against management in instances where corporate performance has been poor or where the board appears to lack independence. GENERAL BOARD ISSUES Amundi Pioneer will vote for: o Audit, compensation and nominating committees composed of independent   directors exclusively. o Indemnification for directors for actions taken in good faith in accordance   with the business judgment rule. We will vote against proposals for broader   indemnification. o Changes in board size that appear to have a legitimate business purpose and   are not primarily for anti-takeover reasons. o Election of an honorary director. We will vote against: o Minimum stock ownership by directors. o Term limits for directors. Companies benefit from experienced directors, and   shareholder control is better achieved through annual votes. o Requirements for union or special interest representation on the board. o Requirements to provide two candidates for each board seat. We will vote on a case-by case basis on these issues: o Separate chairman and CEO positions. We will consider voting with   shareholders on these issues in cases of poor corporate performance. ELECTIONS OF DIRECTORS In uncontested elections of directors we will vote against: o Individual directors with absenteeism above 25% without valid reason. We   support proposals that require disclosure of director attendance. o Insider directors and affiliated outsiders who sit on the audit,   compensation, stock option or nominating committees. For the purposes of our   policy, we use the definition of affiliated directors provided by our proxy   voting service. We will also vote against: o Directors who have failed to act on a takeover offer where the majority of   shareholders have tendered their shares. o Directors who appear to lack independence or are associated with poor   corporate or governance performance. We will vote on a case-by case basis on these issues: Re-election of directors who have implemented or renewed a dead hand or modified dead-hand poison pill (a "dead-hand poison pill" is a shareholder rights plan that may be altered only by incumbent or "dead" directors. These plans prevent a potential acquirer from disabling a poison pill by obtaining control of the board through a proxy vote). o Contested election of directors.                                        86 o Election of a greater number of independent directors (in order to move   closer to a majority of independent directors) in cases of poor performance. o Mandatory retirement policies. o Directors who have ignored a shareholder proposal that has been approved by   shareholders for two consecutive years. We will vote for: o Precatory and binding resolutions requesting that the board changes the   company's bylaws to stipulate that directors need to be elected with   affirmative majority of votes cast, provided that the resolutions allow for   plurality voting in cases of contested elections. TAKEOVER-RELATED MEASURES Amundi Pioneer is generally opposed to proposals that may discourage takeover attempts. We believe that the potential for a takeover helps ensure that corporate performance remains high. Amundi Pioneer will vote for: o Cumulative voting. o Increasing the ability for shareholders to call special meetings. o Increasing the ability for shareholders to act by written consent. o Restrictions on the ability to make greenmail payments. o Submitting rights plans to shareholder vote. o Rescinding shareholder rights plans ("poison pills"). o Opting out of the following state takeover statutes:   - Control share acquisition statutes, which deny large holders voting rights     on holdings over a specified threshold.   - Control share cash-out provisions, which require large holders to acquire     shares from other holders.   - Freeze-out provisions, which impose a waiting period on large holders     before they can attempt to gain control.   - Stakeholder laws, which permit directors to consider interests of     non-shareholder constituencies.   - Disgorgement provisions, which require acquirers to disgorge profits on     purchases made before gaining control.   - Fair price provisions.   - Authorization of shareholder rights plans.   - Labor protection provisions.   - Mandatory classified boards. We will vote on a case-by-case basis on the following issues: o Fair price provisions. We will vote against provisions requiring   supermajority votes to approve takeovers. We will also consider voting   against proposals that require a supermajority vote to repeal or amend the disposition. Finally, we will consider the mechanism used to determine the   fair price; we are generally opposed to complicated formulas or requirements   to pay a premium. o Opting out of state takeover statutes regarding fair price provisions. We   will use the criteria used for fair price provisions in general to determine   our vote on this issue. o Proposals that allow shareholders to nominate directors. We will vote against: 87 o Classified boards, except in the case of closed-end funds, where we shall   vote on a case-by-case basis. o Limiting shareholder ability to remove or appoint directors. We will support   proposals to restore shareholder authority in this area. We will review on   case-by-case basis proposals that authorize the board to make interim   appointments. o Classes of shares with unequal voting rights. o Supermajority vote requirements. o Severance packages ("golden" and "tin" parachutes). We will support proposals   to put these packages to shareholder vote. o Reimbursement of dissident proxy solicitation expenses. While we ordinarily   support measures that encourage takeover bids, we believe that management   should have full control over corporate funds. o Extension of advance notice requirements for shareholder proposals. o Granting board authority normally retained by shareholders, particularly the   right to amend the corporate charter. o Shareholder rights plans ("poison pills"). These plans generally allow   shareholders to buy additional shares at a below-market price in the event   of a change in control and may deter some bids. CAPITAL STRUCTURE Managements need considerable flexibility in determining the company's financial structure, and Amundi Pioneer normally supports managements' proposals in this area. We will, however, reject proposals that impose high barriers to potential takeovers. Amundi Pioneer will vote for: o Changes in par value. o Reverse splits, if accompanied by a reduction in number of shares. o Shares repurchase programs, if all shareholders may participate on equal   terms. o Bond issuance. o Increases in "ordinary" preferred stock. o Proposals to have blank-check common stock placements (other than shares   issued in the normal course of business) submitted for shareholder approval. o Cancellation of company treasury shares. We will vote on a case-by-case basis on the following issues: o Reverse splits not accompanied by a reduction in number of shares,   considering the risk of delisting. o Increase in authorized common stock. We will make a determination   considering, among other factors:   - Number of shares currently available for issuance;   - Size of requested increase (we would normally approve increases of up to     100% of current authorization); - Proposed use of the proceeds from the issuance of additional shares; et   - Potential consequences of a failure to increase the number of shares     outstanding (e.g., delisting or bankruptcy). o Blank-check preferred. We will normally oppose issuance of a new class of   blank-check preferred, but may approve an increase in a class already   outstanding if the company has demonstrated that it uses this flexibility   appropriately. o Proposals to submit private placements to shareholder vote. o Other financing plans.                                        88 We will vote against preemptive rights that we believe limit a company's financing flexibility. COMPENSATION Amundi Pioneer supports compensation plans that link pay to shareholder returns and believes that management has the best understanding of the level of compensation needed to attract and retain qualified people. At the same time, stock-related compensation plans have a significant economic impact and a direct effect on the balance sheet. Therefore, while we do not want to micromanage a company's compensation programs, we place limits on the potential dilution these plans may impose. Amundi Pioneer will vote for: o 401(k) benefit plans. o Employee stock ownership plans (ESOPs), as long as shares allocated to ESOPs   are less than 5% of outstanding shares. Larger blocks of stock in ESOPs can   serve as a takeover defense. We will support proposals to submit ESOPs to   shareholder vote. o Various issues related to the Omnibus Budget and Reconciliation Act of 1993   (OBRA), including:   - Amendments to performance plans to conform with OBRA;   - Caps on annual grants or amendments of administrative features; - Adding performance goals; et   - Cash or cash-and-stock bonus plans. o Establish a process to link pay, including stock-option grants, to   performance, leaving specifics of implementation to the company. o Require that option repricing be submitted to shareholders. o Require the expensing of stock-option awards. o Require reporting of executive retirement benefits (deferred compensation,   split-dollar life insurance, SERPs, and pension benefits). o Employee stock purchase plans where the purchase price is equal to at least   85% of the market price, where the offering period is no greater than 27   months and where potential dilution (as defined below) is no greater than   10%. We will vote on a case-by-case basis on the following issues: o Shareholder proposals seeking additional disclosure of executive and director   pay information. o Executive and director stock-related compensation plans. We will consider the   following factors when reviewing these plans:   - The program must be of a reasonable size. We will approve plans where the     combined employee and director plans together would generate less than 15%     dilution. We will reject plans with 15% or more potential dilution.     - Dilution = (A + B + C) / (A + B + C + D), where     - A = Shares reserved for plan/amendment,     - B = Shares available under continuing plans,     - C = Shares granted but unexercised and     - D = Shares outstanding.   - The plan must not:     - Explicitly permit unlimited option repricing authority or have allowed       option repricing in the past without shareholder approval.                                        89 - Be a self-replenishing "evergreen" plan or a plan that grants discount       options and tax offset payments.   - We are generally in favor of proposals that increase participation beyond     executives.   - We generally support proposals asking companies to adopt rigorous vesting     provisions for stock option plans such as those that vest incrementally     over, at least, a three- or four-year period with a pro rata portion of     the shares becoming exercisable on an annual basis following grant date.   - We generally support proposals asking companies to disclose their window     period policies for stock transactions. Window period policies ensure that     employees do not exercise options based on insider information     contemporaneous with quarterly earnings releases and other material     corporate announcements.   - We generally support proposals asking companies to adopt stock holding     periods for their executives. o All other employee stock purchase plans. o All other compensation-related proposals, including deferred compensation   plans, employment agreements, loan guarantee programs and retirement plans. o All other proposals regarding stock compensation plans, including extending   the life of a plan, changing vesting restrictions, repricing options,   lengthening exercise periods or accelerating distribution of awards and   pyramiding and cashless exercise programs. We will vote against: o Pensions for non-employee directors. We believe these retirement plans reduce   director objectivity. o Elimination of stock option plans. We will vote on a case-by case basis on these issues: o Limits on executive and director pay. o Stock in lieu of cash compensation for directors. CORPORATE GOVERNANCE Amundi Pioneer will vote for: o Confidential voting. o Equal access provisions, which allow shareholders to contribute their   opinions to proxy materials. o Proposals requiring directors to disclose their ownership of shares in the   company. We will vote on a case-by-case basis on the following issues: o Change in the state of incorporation. We will support reincorporations   supported by valid business reasons. We will oppose those that appear to be   solely for the purpose of strengthening takeover defenses. o Bundled proposals. We will evaluate the overall impact of the proposal. o Adopting or amending the charter, bylaws or articles of association. o Shareholder appraisal rights, which allow shareholders to demand judicial   review of an acquisition price. We will vote against: o Shareholder advisory committees. While management should solicit shareholder   input, we prefer to leave the method of doing so to management's discretion. o Limitations on stock ownership or voting rights. o Reduction in share ownership disclosure guidelines.                                        90 MERGERS AND RESTRUCTURINGS Amundi Pioneer will vote on the following and similar issues on a case-by-case basis: o Mergers and acquisitions. o Corporate restructurings, including spin-offs, liquidations, asset sales,   joint ventures, conversions to holding company and conversions to   self-managed REIT structure. o Debt restructurings. o Conversion of securities. o Issuance of shares to facilitate a merger. o Private placements, warrants, convertible debentures. o Proposals requiring management to inform shareholders of merger   opportunities. We will normally vote against shareholder proposals requiring that the company  be put up for sale. INVESTMENT COMPANIES Many of our portfolios may invest in shares of closed-end funds or open-end funds (including exchange-traded funds). The non-corporate structure of these investments raises several unique proxy voting issues. Amundi Pioneer will vote for: o Establishment of new classes or series of shares. o Establishment of a master-feeder structure. Amundi Pioneer will vote on a case-by-case basis on: o Changes in investment policy. We will normally support changes that do not   affect the investment objective or overall risk level of the fund. We will      examine more fundamental changes on a case-by-case basis. o Approval of new or amended advisory contracts. o Changes from closed-end to open-end format. o Election of a greater number of independent directors. o Authorization for, or increase in, preferred shares. o Disposition of assets, termination, liquidation, or mergers. o Classified boards of closed-end funds, but will typically support such   proposals. In general, business development companies (BDCs) are not considered investment companies for these purposes but are treated as corporate issuers. ENVIRONMENTAL AND SOCIAL ISSUES Amundi Pioneer believes that environmental and social issues may influence corporate performance and economic return. Indeed, by analyzing all of a company's risks and opportunities, Amundi Pioneer can better assess its intrinsic value and long-term economic prospects. When evaluating proxy proposals relating to environmental or social issues, decisions are made on a case-by-case basis. We consider each of these proposals based on the impact to the company's shareholders and economic return, the specific circumstances at each individual company, any potentially adverse economic concerns, and the current policies and practices of the company. For example, shareholder proposals relating to environmental and social issues, and on which we will vote on a base-by-case basis, may include those seeking that a company: o Conduct studies regarding certain environmental or social issues;                                        91 o Study the feasibility of the company taking certain actions with regard to such issues; ou o Take specific action, including adopting or ceasing certain behavior and   adopting company standards and principles, in relation to such issues. In general, Amundi Pioneer believes these issues are important and should receive management attention. Amundi Pioneer will support proposals where we believe the proposal, if implemented, would improve the prospects for the long-term success of the business and would provide value to the company and its shareholders. Amundi Pioneer may abstain on shareholder proposals with regard to environmental and social issues in cases where we believe the proposal, if implemented, would not be in the economic interests of the company, or where implementing the proposal would constrain management flexibility or would be unduly difficult, burdensome or costly. When evaluating proxy proposals relating to environmental or social issues, Amundi Pioneer may consider the following factors or other factors deemed relevant, given such weight as deemed appropriate: o approval of the proposal helps improve the company's practices; o approval of the proposal can improve shareholder value; o the company's current stance on the topic is likely to have negative effects   on its business position or reputation in the short, medium, or long term; o the company has already put appropriate action in place to respond to the   issue contained in the proposal; o the company's reasoning against approving the proposal responds appropriately   to the various points mentioned by the shareholder when the proposal was   presented; o the solutions recommended in the proposal are relevant and appropriate, and   if the topic of the proposal would not be better addressed through another   means. In the event of failures in risk management relating to environmental and social issues, Amundi Pioneer may vote against the election of directors responsible for overseeing these areas. Amundi Pioneer will vote against proposals calling for substantial changes in the company's business or activities. We will also normally vote against proposals with regard to contributions, believing that management should control the routine disbursement of funds. CONFLICTS OF INTEREST Amundi Pioneer recognizes that in certain circumstances a conflict of interest may arise when Amundi Pioneer votes a proxy. A conflict of interest occurs when Amundi Pioneer's interests interfere, or appear to interfere, with the interests of Amundi Pioneer's clients. A conflict may be actual or perceived and may exist, for example, when the matter to be voted on concerns: o An affiliate of Amundi Pioneer, such as another company belonging to the   Credit Agricole banking group ( "Credit Agricole Affiliate"); o An issuer of a security for which Amundi Pioneer acts as a sponsor, advisor,   manager, custodian, distributor, underwriter, broker, or other similar   capacity (including those securities specifically declared by its parent   Amundi to present a conflict of interest for Amundi Pioneer); o An issuer of a security for which Amundi has informed Amundi Pioneer that a   Credit Agricole Affiliate acts as a sponsor, advisor, manager, custodian, distributor, underwriter, broker, or other similar capacity; ou                                        92 o A person with whom Amundi Pioneer (or any of its affiliates) has an existing,   material contract or business relationship. Any member of the Proxy Voting Oversight Group and any other associate involved in the proxy voting process with knowledge of any apparent or actual conflict of interest must disclose such conflict to the Proxy Coordinator and the Chief Compliance Officer of Amundi Pioneer and the Funds. If any associate is lobbied or pressured with respect to any voting decision, whether within or outside of Amundi Pioneer, he or she should contact a member of the Proxy Voting Oversight Group or Amundi Pioneer's Chief Compliance Officer. The Proxy Voting Oversight Group will review each item referred to Amundi Pioneer by the proxy voting service to determine whether an actual or potential conflict of interest exists in connection with the proposal(s) to be voted upon. The review will be conducted by comparing the apparent parties affected by the proxy proposal being voted upon against the Controller's and Compliance Department's internal list of interested persons and, for any matches found, evaluating the anticipated magnitude and possible probability of any conflict of interest being present. The Proxy Voting Oversight Group may cause any of the following actions to be taken when a conflict of interest is present: o Vote the proxy in accordance with the vote indicated under "Voting   Guidelines," if a vote is indicated, or o Direct the independent proxy voting service to vote the proxy in accordance   with its independent assessment or that of another independent adviser   appointed by Amundi Pioneer or the applicable client for this purpose. If the Proxy Voting Oversight Group perceives a material conflict of interest, the Group may also choose to disclose the conflict to the affected clients and solicit their consent to proceed with the vote or their direction (including through a client's fiduciary or other adviser), or may take such other action in good faith (in consultation with counsel) that would protect the interests of clients. For each referral item, the determination regarding the presence or absence of any actual or potential conflict of interest will be documented in a Conflicts of Interest Report prepared by the Proxy Coordinator. The Proxy Voting Oversight Group will review periodically the independence of the proxy voting service. This may include a review of the service's conflict management procedures and other documentation and an evaluation as to whether the service continues to have the competency and capacity to vote proxies. DECISIONS NOT TO VOTE PROXIES Although it is Amundi Pioneer's general policy to vote all proxies in accordance with the principles set forth in this policy, there may be situations in which the Proxy Voting Oversight Group does not vote a proxy referred to it. For example, because of the potential conflict of interest inherent in voting shares of a Credit Agricole Affiliate, Amundi Pioneer will abstain from voting the shares unless otherwise directed by a client. In such a case, the Proxy Coordinator will inform Amundi Compliance before exercising voting rights. There exist other situations in which the Proxy Voting Oversight Group may refrain from voting a proxy. For example, if the cost of voting a foreign security outweighs the benefit of voting, the Group may not vote the proxy. Group may not be given enough time to process a vote, perhaps because it receives a meeting notice too late or it cannot obtain a translation of the agenda in the time available. If Amundi Pioneer has outstanding "sell" orders, the proxies for shares subject to the order may not be voted to facilitate the sale. Although Amundi Pioneer may hold shares on a company's record date, if the shares are sold prior to the meeting date the Group may decide not to vote those shares.                                        93 SUPERVISION ESCALATION It is each associate's responsibility to contact his or her business unit head, the Proxy Coordinator, a member of the Proxy Voting Oversight Group or Amundi Pioneer's Chief Compliance Officer if he or she becomes aware of any possible noncompliance with this policy. TRAINING Amundi Pioneer will conduct periodic training regarding proxy voting and this policy. It is the responsibility of the business line policy owner and the applicable Compliance Department to coordinate and conduct such training. RELATED POLICIES AND PROCEDURES Amundi Pioneer's Investment Management, Inc. Books and Records Policy and the Books and Records of the Pioneer Funds' Policy. RECORD KEEPING The Proxy Coordinator shall ensure that Amundi Pioneer's proxy voting service: o Retains a copy of each proxy statement received (unless the proxy statement   is available from the SEC's Electronic Data Gathering, Analysis, and   Retrieval (EDGAR) system); o Retains a record of the vote cast; o Prepares Form N-PX for filing on behalf of each client that is a registered investment company; et o Is able to promptly provide Amundi Pioneer with a copy of the voting record   upon its request. The Proxy Coordinator shall ensure that for those votes that may require additional documentation (i.e. conflicts of interest, exception votes and case-by-case votes) the following records are maintained: o A record memorializing the basis for each referral vote cast; o A copy of any document created by Amundi Pioneer that was material in making   the decision on how to vote the subject proxy; o A copy of any recommendation or analysis furnished by the proxy voting service; et o A copy of any conflict notice, conflict consent or any other written   communication (including emails or other electronic communications) to or   from the client (or in the case of an employee benefit plan, the plan's   trustee or other fiduciaries) regarding the subject proxy vote cast by, or   the vote recommendation of, Amundi Pioneer. Amundi Pioneer shall maintain the above records in the client's file in accordance with applicable regulations. RELATED REGULATIONS Form N-1A, Form N-PX, ICA Rule 30b1-4, Rule 31a1-3, Rule 38a-1 and IAA 206(4) -6, Rule 204 -2 ADOPTED BY THE PIONEER FUNDS' BOARDS OF TRUSTEES October 5, 2004 EFFECTIVE DATE: October 5, 2004 REVISION DATES: September 2009, December 2015, August 2017 and February 2019                                                                    22117-12-0320                                        94 PART C - OTHER INFORMATION Item 28. Exhibits Amended Form N-1A Exhibit Reference (a)(1) Amended and Restated Agreement and Declaration of Trust         (January 12, 2016) (12) (a)(2) Certificate of Trust (1) (a)(3) Amendment to Certificate of Trust Changing Name of Fund from "Pioneer Capital Growth Fund" to "Pioneer Mid-Cap Value Fund." (2) (a)(4) Amendment to Certificate of Trust Changing Name of Fund from         "Pioneer Mid-Cap Value Fund" to "Pioneer Mid Cap Value Fund." (3) (b) Amended and Restated By-Laws (8) (c)(1) Specimen Share Certificate (3) (c)(2) Amended and Restated Agreement and Declaration of Trust and Amended and         Restated By-Laws cited under Items 23(a)(1) and 23(b) (d) Management Agreement (July 3, 2017) (14) (e)(1) Underwriting Agreement (July 3, 2017) (14) (e)(2) Dealer Sales Agreement (7) (f) None. (g)(1) Custodian Agreement with Brown Brothers Harriman & Co. (6) (g)(2) Appendix A to Custodian Agreement (October 1, 2019) (15) (g)(3) Amendment to Custodian Agreement (May 31, 2016) (13) (h)(1) Transfer Agency Agreement (November 2, 2015) (13) (h)(2) Amended and Restated Administration Agreement (October 1, 2019) (15) (h)(3) Administrative Agency Agreement, dated as of March 5, 2012, between Brown Brothers Harriman & Co. and Pioneer Investment Management, Inc. (9) (i) None (j) Consent of Independent Registered Public Accounting Firm (15) (k) None. (l) None. (m)(1) Pioneer Funds Distribution Plan (January 10, 2017) (13) (m)(2) Class R Service Plan (4) (n) Multiclass Plan Pursuant to Rule 18f-3 (5) (o) Not applicable. (p) Code of Ethics of the Pioneer Funds, Pioneer Funds Distributor, Inc.,         Pioneer Institutional Asset Management, Inc., and         Pioneer Investment Management, Inc. (September 20, 2013) (10) N/A Power of Attorney (November 17, 2014) (11) N/A Power of Attorney given by Lisa M. Jones (July 18, 2017) (14) N/A Power of Attorney given by Lorraine H. Monchak (July 18, 2017) (14) N/A Power of Attorney for Diane Durnin (July 16, 2019) (15) N/A Power of Attorney for John E. Baumgardner, Jr. (September 16, 2019) (15) ----------------------------------------------------------------------------- (1) Previously filed. Incorporated herein by reference from the exhibits         filed with Post-Effective Amendment No. 11 to the Registration         Statement (File Nos. 33-34801; 811-06106) as filed with the Securities         and Exchange Commission (the "SEC") on June 30, 1998 (Accession No.         0001016964-98-000074). (2) Previously filed. Incorporated herein by reference from the exhibits         filed with Post-Effective Amendment No. 15 to the Registration         Statement as filed with the SEC on February 28, 2000 (Accession No.         0001016964-00-000032). (3) Previously filed. Incorporated herein by reference from the exhibits         filed with Post-Effective Amendment No. 18 to the Registration         Statement as filed with the SEC on March 1, 2002 (Accession No.         0001016964-02-000042). (4) Previously filed. Incorporated herein by reference from the exhibits         filed with Post-Effective Amendment No. 19 to the Registration         Statement as filed with the SEC on January 13, 2003 (Accession No.         0000863334-03-000002). (5) Previously filed. Incorporated herein by reference from the exhibits         filed with Post-Effective Amendment No. 25 to the Registration         Statement on Form N-1A (File Nos. 33-34801; 811-06106) as filed with         the SEC on February 25, 2005 (Accession No. 0001016964-04-000076). (6) Previously filed. Incorporated herein by reference from the exhibits         filed with Post-Effective Amendment No. 26 to the Registration         Statement on Form N-1A (File No. 33-34801; 811-06106) as filed with the         SEC on February 28, 2006 (Accession No. 0000869356-06-000014). (7) Previously filed. Incorporated herein by reference from the exhibits         filed with Post-Effective Amendment No. 27 to the Registration         Statement on Form N-1A (File No. 33-34801; 811-06106) as filed with the         SEC on February 27, 2007 (Accession No. 0000863334-07-000009). (8) Previously filed. Incorporated herein by reference from the exhibits         filed with Post-Effective Amendment No. 29 to the Registration         Statement on Form N-1A (File No. 33-34801; 811-06106) as filed with the         SEC on February 26, 2009 (Accession No. 0000863334-09-000004). (9) Previously filed. Incorporated herein by reference from the exhibits         filed with Post-Effective Amendment No. 38 to the Registration         Statement on Form N-1A (File No. 33-34801; 811-06106) as filed with the         SEC on February 28, 2013 (Accession No. 0000863334-13-000010). (10) Previously filed. Incorporated herein by reference from the exhibits         filed with Post-Effective Amendment No. 40 to the Registration         Statement on Form N-1A (File No. 33-34801; 811-06106) as filed with the         SEC on February 28, 2014 (Accession No. 0000869356-14-000005). (11) Previously filed. Incorporated herein by reference from the exhibits         filed with Post-Effective Amendment No. 43 to the Registration         Statement on Form N-1A (File No. 33-34801; 811-06106) as filed with the         SEC on February 27, 2015 (Accession No. 0000863334-15-000002). (12) Previously filed. Incorporated herein by reference from the exhibits         filed with Post-Effective Amendment No. 45 to the Registration         Statement on Form N-1A (File No. 33-34801; 811-06106) as filed with the         SEC on February 23, 2016 (Accession No. 0000863334-16-000015). (13) Previously filed. Incorporated herein by reference from the exhibits         filed with Post-Effective Amendment No. 47 to the Registration         Statement on Form N-1A (File No. 33-34801; 811-06106) as filed with the         SEC on February 28, 2017 (Accession No. 0000863334-17-000002). (14) Previously filed. Incorporated herein by reference from the exhibits         filed with Post-Effective Amendment No. 49 to the Registration         Statement on Form N-1A (File No. 33-34801; 811-06106) as filed with the         SEC on February 28, 2018 (Accession No. 0000863334-18-000002). (15) Filed herewith Item 29. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE FUND      None. ITEM 30. INDEMNIFICATION Except for the Fund's Amended and Restated Agreement and Declaration of Trust (the "Declaration"), establishing the Fund as a statutory trust under Delaware law, there is no contract, arrangement or statute under which any Trustee, officer, underwriter or affiliated person of the Fund is insured or indemnified. The Declaration provides that every person who is, or has been, a Trustee or an officer, employee or agent of the Fund shall be indemnified by the Fund or the appropriate Fund series to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been a Trustee, officer, employee or agent and against amounts paid or incurred by him in the settlement thereof. Insofar as indemnification for liability arising under the Securities Act of 1933, as amended (the "1933 Act"), may be available to Trustees, officers and controlling persons of the Fund pursuant to the foregoing provisions, or otherwise, the Fund has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Fund of expenses incurred or paid by a Trustee, officer or controlling person of the Fund in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with the securities being registered, the Fund will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue. Item 31. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER Amundi Pioneer Asset Management, Inc. ("Amundi Pioneer") is a registered investment adviser under the Investment Advisers Act of 1940, as amended, and is an indirect, wholly owned subsidiary of Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc. Amundi Pioneer manages investment companies, pension and profit sharing plans, trusts, estates or charitable organizations and other corporations or business entities. To the knowledge of the Fund, none of Amundi Pioneer's directors or executive officers is or has been during their employment with Amundi Pioneer engaged in any other business, profession, vocation or employment of a substantial nature for the past two fiscal years. Certain directors and officers, however, may hold or may have held various positions with, and engage or have engaged in business for, the investment companies that Amundi manages and/or other Amundi subsidiaries. Item 32. PRINCIPAL UNDERWRITERS           (a) Amundi Pioneer Distributor, Inc. acts as principal underwriter                   for the following investment companies:                         Pioneer Asset Allocation Trust                         Pioneer Bond Fund                         Pioneer Equity Income Fund                         Pioneer Fund                         Pioneer High Yield Fund                         Pioneer ILS Interval Fund                         Pioneer Mid Cap Value Fund                         Pioneer Money Market Trust                         Pioneer Real Estate Shares                         Pioneer Series Trust II                         Pioneer Series Trust III                         Pioneer Series Trust IV                         Pioneer Series Trust V                         Pioneer Series Trust VI                         Pioneer Series Trust VII                         Pioneer Series Trust VIII                         Pioneer Series Trust X                         Pioneer Series Trust XI                         Pioneer Series Trust XII                         Pioneer Series Trust XIV (formerly, Pioneer Strategic Income Fund) Pioneer Short Term Income Fund                         Pioneer Variable Contracts Trust          (b) Directors and executive officers of Amundi Pioneer Distributor,                  Inc.:                          POSITIONS AND OFFICES POSITIONS AND OFFICES NAME WITH UNDERWRITER WITH FUND Patrice Blanc Director None Lisa M. Jones Director, Chairman, President President and Trustee                          and Chief Executive Officer Laura J. Palmer Director, Senior Vice None President, Head of U.S. Intermediary Distribution and Head of Sales - Cross Channel Erik D. Gosule Senior Vice President and None Head of Marketing and Product Development Tracy L. Connelly Senior Vice President and None                          Chief Operations Officer Gregg M. Dooling Chief Financial Officer None Terrence J. Cullen Senior Vice President and None General Counsel John M. Malone Senior Vice President and None                          Chief Compliance Officer Patrick D. Grecco Vice President and Controller None The principal business address of each of these individuals is 60 State Street, Boston, Massachusetts 02109-1820.          (c) Not applicable. Item 33. LOCATION OF ACCOUNTS AND RECORDS The accounts, books, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder are maintained at the following offices: (a) Registrant: 60 State Street Boston, Massachusetts 02109 (b) Investment adviser and administrator: Amundi Pioneer Asset Management, Inc. 60 State Street Boston, Massachusetts 02109 (c) Principal underwriter: Amundi Pioneer Distributor, Inc. 60 State Street Boston, Massachusetts 02109 (d) Custodian and sub-administrator: Brown Brothers Harriman & Co. 50 Post Office Square Boston, Massachusetts 02110 (e) Shareholder servicing and transfer agent: DST Asset Manager Solutions, Inc. 2000 Crown Colony Drive Quincy, Massachusetts 02169 Item 34. MANAGEMENT SERVICES      Not applicable. Item 35. UNDERTAKINGS      Not applicable. SIGNATURES Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Fund certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 53 to its registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston, and the Commonwealth of Massachusetts, on the 25th day of February, 2020.                                              PIONEER MID CAP VALUE FUND By: /s/ Lisa M. Jones                                             ----------------------------                                             Lisa M. Jones                                             President Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated below on February 25, 2020:         Signature Title         /s/ Lisa M. Jones President (Principal Executive Officer)         ---------------------- and Trustee         Lisa M. Jones Mark E. Bradley* Treasurer (Principal Financial and Mark E. Bradley Accounting Officer) John E. Baumgardner, Jr.* Trustee John E. Baumgardner, Jr. Diane Durnin* Trustee Diane Durnin Benjamin M. Friedman* Trustee Benjamin M. Friedman Lorraine H. Monchak* Trustee Lorraine H. Monchak Thomas J. Perna* Chairman of the Board and Thomas J. Perna Trustee Marguerite A. Piret* Trustee Marguerite A. Piret Fred J. Ricciardi* Trustee Fred J. Ricciardi Kenneth J. Taubes* Trustee Kenneth J. Taubes   *By: /s/ Lisa M. Jones Dated: February 25, 2020        -------------------        Lisa M. Jones        Attorney-in-fact EXHIBIT INDEX Exhibit Number Document Title (g)(2) Appendix A to Custodian Agreement (October 1, 2019) (h)(2) Amended and Restated Administration Agreement (October 1, 2019) (j) Consent of Independent Registered Public Accounting Firm N/A Power of Attorney for Diane Durnin (July 16, 2019) N/A Power of Attorney for John E. Baumgardner, Jr. (September 16, 2019)


                                  

                                  

                                  

                                  APPENDIX A
                                      TO
                              CUSTODIAN AGREEMENT
                                    BETWEEN
                         BROWN BROTHERS HARRIMAN & CO.
                                      AND
                  EACH OF THE MANAGEMENT INVESTMENT COMPANIES
                        LISTED ON APPENDIX "A" THERETO

                          Dated as of October 1, 2019

The following is a list of Funds for which the Custodian shall serve under the
Custodian Agreement dated as of July 1, 2001 (the "Agreement"):

                               PIONEER BOND FUND
                     PIONEER DIVERSIFIED HIGH INCOME TRUST
                          PIONEER EQUITY INCOME FUND
                          PIONEER FLOATING RATE TRUST
                                 PIONEER FUND
                           PIONEER HIGH INCOME TRUST
                            PIONEER HIGH YIELD FUND

        PIONEER ASSET ALLOCATION SERIES, a series trust consisting of:
                       PIONEER SOLUTIONS - BALANCED FUND

                           PIONEER ILS INTERVAL FUND
                            PIONEER ILS BRIDGE FUND
                          PIONEER MID CAP VALUE FUND

           PIONEER MONEY MARKET TRUST, a series trust consisting of:
                    PIONEER US GOVERNMENT MONEY MARKET FUND

                      PIONEER MUNICIPAL HIGH INCOME TRUST
                 PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUST
                          PIONEER REAL ESTATE SHARES
                        PIONEER SECURITIZED INCOME FUND

            PIONEER SERIES TRUST II, a series trust consisting of:
                        PIONEER AMT-FREE MUNICIPAL FUND
                         PIONEER SELECT MID CAP GROWTH

            PIONEER SERIES TRUST III, a series trust consisting of:
                        PIONEER DISCIPLINED VALUE FUND

            PIONEER SERIES TRUST IV, a series trust consisting of:
                           PIONEER BALANCED ESG FUND
                        PIONEER MULTI-ASSET INCOME FUND

             PIONEER SERIES TRUST V, a series trust consisting of:
                          PIONEER GLOBAL EQUITY FUND
                      PIONEER HIGH INCOME MUNICIPAL FUND
                       PIONEER CORPORATE HIGH YIELD FUND



            PIONEER SERIES TRUST VI, a series trust consisting of:
                          PIONEER FLOATING RATE FUND
                      PIONEER FLEXIBLE OPPORTUNITIES FUND

                   FLEXIBLE OPPORTUNITIES COMMODITY FUND LTD
      (a wholly-owned subsidiary of Pioneer Flexible Opportunities Fund)

            PIONEER SERIES TRUST VII, a series trust consisting of:
                        PIONEER GLOBAL HIGH YIELD FUND
                    PIONEER GLOBAL MULTISECTOR INCOME FUND

              PIONEER SERIES TRUST VIII, a series consisting of:
                       PIONEER INTERNATIONAL EQUITY FUND

             PIONEER SERIES TRUST X, a series trust consisting of:
                          PIONEER DYNAMIC CREDIT FUND
                        PIONEER FUNDAMENTAL GROWTH FUND
                   PIONEER MULTI-ASSET ULTRASHORT INCOMEFUND

            PIONEER SERIES TRUST XI, a series trust consisting of:
                           PIONEER CORE EQUITY FUND

            PIONEER SERIES TRUST XII, a series trust consisting of:
                        PIONEER DISCIPLINED GROWTH FUND

            PIONEER SERIES TRUST XIV, a series trust consisting of:
                     PIONEER EMERGING MARKETS EQUITY FUND

                        PIONEER SHORT TERM INCOME FUND
                         PIONEER STRATEGIC INCOME FUND

        PIONEER VARIABLE CONTRACTS TRUST, a series trust consisting of:
                          PIONEER BOND VCT PORTFOLIO
                      PIONEER EQUITY INCOME VCT PORTFOLIO
                          PIONEER FUND VCT PORTFOLIO
                       PIONEER HIGH YIELD VCT PORTFOLIO
                      PIONEER MID CAP VALUE VCT PORTFOLIO
                   PIONEER REAL ESTATE SHARES VCT PORTFOLIO
                  PIONEER SELECT MID CAP GROWTH VCT PORTFOLIO
                    PIONEER STRATEGIC INCOME VCT PORTFOLIO



IN WITNESS WHEREOF, each of the parties hereto has caused this Appendix to be
executed in its name and on its behalf.

Each of the open-end management          BROWN BROTHERS HARRIMAN & CO.
investment companies listed
on this Appendix "A"

By:     /s/ Christopher J. Kelley        By:  /s/ Eruch A. Mody
        -------------------------------          ------------------------------
Name:   Christopher J. Kelley            Name:	Eruch A. Mody
Title:  Secretary                        Title:	Senior Vice President



                             

                             

                             

                             AMENDED AND RESTATED
                           ADMINISTRATION AGREEMENT

   This AMENDED AND RESTATED ADMINISTRATION AGREEMENT ("Agreement") is made as
of July 1, 2008, amended and restated as of November 1, 2009, and further
amended and restated as of August 1, 2014, November 9, 2015 and February 1,
2017, by and between each Trust listed on Appendix A annexed hereto (each, a
"Trust"), each a Delaware statutory trust, and Amundi Pioneer Asset Management,
Inc., a Delaware corporation (the "Administrator").

   WHEREAS, each Trust is a registered management investment company under the
Investment Company Act of 1940, as amended (the "1940 Act");

   WHEREAS, the Trust wishes to engage the Administrator to provide certain
administrative services listed in Appendix B annexed hereto to each Trust with
respect to the series of the Trust designated in Appendix A annexed hereto from
time to time (the "Funds"); and the Administrator is willing to furnish such
services on the terms and conditions hereinafter set forth; et

   WHEREAS, the Administrator has entered into an agreement with Brown Brothers
Harriman & Co. ("BBH") pursuant to which BBH will act as a sub-administrator to
the Administrator (as amended from time to time, the "BBH Agreement") and to
which each Trust has joined as a party solely for the purposes specified
therein;

   NOW THEREFORE, in consideration of the promises and mutual covenants herein
contained, it is agreed as follows:

   1. Each Trust hereby engages the Administrator to provide and perform the
administrative services listed on Appendix B annexed hereto (as such Appendix
may be revised from time to time by agreement of the parties) with respect to
each Fund, except that it is understood that the Administrator has entered into
the BBH Agreement, with the approval of the Trusts' Boards of Trustees (the
"Board"), to perform certain accounting an other services listed in Appendix B
and, for the closed-end Funds, certain additional services specified in the BBH
Agreement, for the period and on the terms set forth in this Agreement.
Administrator accepts such engagement and agrees to render the services herein
set forth, for the compensation herein provided.

   2. Subject to the direction and control of the Board, the Administrator
shall perform the administrative services listed on Appendix B, except as
otherwise provided in the BBH Agreement with respect to the performance of
accounting and other services to be provided by BBH. In no event shall the
Administrator be deemed to have assumed any duties with respect to, or be
responsible for, the distribution of the shares of any Fund, nor shall the
Administrator be deemed to have assumed, or have any responsibility with
respect to, functions specifically assumed by any investment adviser, transfer
agent, fund accounting agent, custodian, shareholder servicing agent or other
agent, in each case directly employed by a Trust or a Fund to perform such
functions. With respect to the legal services listed in Appendix B, it is
recognized that such legal services are provided for the benefit of the Funds
in conjunction with legal services separately provided to the Funds by their
counsel, and nothing in this Agreement shall cause the Administrator to be
responsible for bearing the fees and disbursements of counsel to the Funds.



   3. With the Board's approval, BBH has been employed by the Administrator to
provide sub-administrative services to the Trust as provided in the BBH
Agreement. Subject to the Board's approval, the Administrator may employ one or
more other service providers, including affiliates of the Administrator, to
provide certain of the services to be provided by the Administrator under this
Agreement, by entering into a written agreement with each such entity on such
terms as the Administrator determines to be necessary, desirable or
appropriate, provided that in each case such contracts are entered into in
accordance with all applicable requirements of the 1940 Act. Except as
otherwise provided in paragraph 9, each Trust agrees that the Administrator
shall not be accountable to the Trust or any Fund or any Fund's shareholders
for any loss or other liability arising out of any error or omission by BBH or
any such other service provider. The Administrator will cooperate with any Fund
or Funds in the event that such Fund or Funds seek to assert against BBH claims
arising from the performance by BBH of its services under the BBH Agreement,
and acknowledges the Funds' status as named beneficiaries under the BBH
Agreement. Similarly, the Administrator will cooperate with any Fund or Funds
in the event that such Fund or Funds seek to assert against a transfer agent
claims arising from the performance by such transfer agent of its services.

   4. Each Trust shall furnish to the Administrator such documents and
information as may be necessary or appropriate to enable the Administrator to
perform its duties hereunder and with such other documents and information with
regard to each Fund's affairs as the Administrator may from time to time
reasonably request.

   5. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the
Administrator hereby agrees that any records that it maintains hereunder for
any Fund are the property of the Fund, and further agrees to surrender promptly
to the Fund any of such records upon the Fund's request. The Administrator
further agrees to arrange for the preservation of any of such records required
to be maintained by Rule 31a-1 under the 1940 Act for the periods prescribed by
Rule 31a-2 under the 1940 Act.

   6. The Administrator shall supply the Board and the officers of each Trust
with all information and reports reasonably required by them and reasonably
available to the Administrator relating to the services provided by the
Administrator hereunder.

   7. (a)(i) As compensation for the services performed by the Administrator
under this Agreement, each Fund shall reimburse the Administrator its pro rata
share, based on the Fund's average daily net assets (or the Fund's average
daily managed assets if so set forth on Appendix A hereto), of the
Administrator's costs of providing the services hereunder (or such alternative
allocation methodology based on the nature of the services), provided that the
costs attributed to services being provided by BBH or any other third party
shall be reduced accordingly. In determining the Administrator's costs of
providing services hereunder, personnel-related costs associated with the
Administrator's legal, compliance, fund treasury ("Fund Treasury") and
investor-related services shall be allocated in accordance with prescribed
allocation percentages reviewed by the Board from time to time. On a quarterly
basis, the Administrator will provide the Board with information comparing the
Administrator's actual costs of providing services hereunder and the budgeted
amount of such costs to the Funds.

2



   (ii) The Administrator and each Fund agree that the Administrator and the
Board will review at least annually a budget as to the costs relating to the
provision of services by the Administrator hereunder, which budget shall
include the allocation percentages applicable to personnel-related costs
associated with the Administrator's legal, compliance, Fund Treasury and
investor-related services. Such budgeted costs and/or such allocation
percentages also will be reviewed at other times should the budgeted costs or
the circumstances affecting the allocation percentages, as the case may be,
change materially. In connection with each review, the Administrator will
provide the Board with such information as the Board may reasonably request.

   (iii) Each Fund shall pay amounts due from it hereunder as promptly as
possible after the last day of each month. If this Agreement is terminated with
respect to any Fund as of any date not the last day of the month, such Fund
shall pay amounts due from it hereunder as promptly as possible after such date
of termination.

   (b) The Administrator shall furnish all facilities and personnel necessary
for performing the Administrator's services hereunder and shall furnish to each
Trust office space in the offices of the Administrator or in such other place
as may be agreed upon from time to time. The Administrator shall pay directly
or reimburse each Trust for all expenses not hereinafter specifically assumed
by the Trust where such expenses are incurred by the Administrator or by the
Trust in connection with the management of the affairs of, and the investment
and reinvestment of the assets of, the Trust. Each Trust, on behalf of each
Fund that is a series of the Trust, shall assume and shall pay (i) charges and
expenses for fund accounting, pricing and appraisal services and related
overhead, including, to the extent such services are performed by personnel of
a Fund's investment adviser (the "Manager") or its affiliates, office space and
facilities, and personnel compensation, training and benefits; (ii) the charges
and expenses of auditors; (iii) the charges and expenses of any investment
adviser, administrator, custodian, transfer agent, plan agent, dividend
disbursing agent, registrar or any other agent appointed by the Trust;
(iv) issue and transfer taxes chargeable to the Trust in connection with
securities transactions to which the Trust is a party; (v) insurance premiums,
interest charges, any expenses in connection with any preferred shares or other
form of leverage, dues and fees for membership in trade associations and all
taxes and corporate fees payable by the Trust to federal, state or other
governmental agencies; (vi) fees and expenses involved in registering and
maintaining registrations of the Trust and/or its shares with federal
regulatory agencies, state or blue sky securities agencies and foreign
jurisdictions, including the preparation of prospectuses and statements of
additional information for filing with such regulatory authorities; (vii) all
expenses of shareholders' and Board of Trustees' (the "Board", and each Board
member, a "Trustee") meetings and of preparing, printing and distributing
prospectuses, notices, proxy statements and all reports to shareholders and to
governmental agencies; (viii) charges and expenses of legal counsel to the
Trust and the Trustees; (ix) any fees paid by the Trust in accordance with Rule
12b-1 promulgated by the Securities and Exchange Commission (the "Commission")
pursuant to the 1940 Act; (x) compensation of those Trustees of the Trust who
are not affiliated with, or "interested persons" (as defined in the 1940 Act)
of, the Manager, the Trust (other than as Trustees), Pioneer Investment
Management USA Inc. or Pioneer Funds Distributor, Inc.; (xi) the cost of
preparing and printing share certificates; (xii) any fees and other expenses of
listing the Trust's shares on the New York Stock Exchange,

3



American Stock Exchange or any other national stock exchange, (xiii) interest
on borrowed money, if any; (xiv) fees payable by the Trust under management
agreements and under this Agreement; and (xv) extraordinary expenses. Each
Trust shall also assume and pay any other expense that the Trust, the Manager
or any other agent of the Trust may incur not listed above that is approved by
the Board (including a majority of the independent Trustees) as being an
appropriate expense of the Trust. Each Trust shall pay all fees and expenses to
be paid by the Trust under the BBH Agreement. In addition, each Trust, on
behalf of each Fund that is a series of the Trust, agrees to pay all brokers'
and underwriting commissions chargeable to the Trust in connection with
securities transactions to which the Fund is a party.

   8. The Administrator assumes no responsibility under this Agreement other
than to render the services called for hereunder, in good faith, and shall not
be liable for any error of judgment or mistake of law, or for any act or
omission in the performance of the services, provided that nothing in this
Agreement shall protect the Administrator against any liability to a Fund to
which the Administrator otherwise would be subject by reason of willful
misfeasance, bad faith or gross negligence in the performance of its duties or
by reason of its reckless disregard of its obligations and duties hereunder. Comment
used in paragraph 9 and paragraph 10, the term "Administrator" shall include
any affiliates of the Administrator performing services for a Trust or any Fund
pursuant to this Agreement and the partners, shareholders, directors, officers
and employees of the Administrator and such affiliates.

   9. Each Fund separately shall indemnify and hold the Administrator harmless
from all loss, cost, damage and expense, including reasonable fees and expenses
for counsel, incurred by the Administrator resulting from or arising out of the
provision of the Administrator's services, provided that this indemnification
shall not apply to actions or omissions of the Administrator, its officers or
employees resulting from or arising out of its or their own willful
misfeasance, bad faith or gross negligence. The Administrator shall indemnify
and hold each Fund harmless from all loss, cost, damage and expense, including
reasonable fees and expenses for counsel, incurred by a Fund resulting from or
arising out of the Administrator's, or its officers' or employees' own willful
misfeasance, bad faith or gross negligence.

   10. Nothing in this Agreement shall limit or restrict the right of any
director, officer, or employee of the Administrator who may also be a Trustee,
officer, or employee of a Trust or any Fund to engage in any other business or
to devote his time and attention in part to the management or other aspects of
any other business, whether of a similar nature or a dissimilar nature, nor to
limit or restrict the right of the Administrator to engage in any other
business or to render services of any kind, including investment advisory and
management services, to any other fund, firm, individual or association.

   11. For purposes of this Agreement, a Fund's "net assets" shall be
determined as provided in the Fund's then-current Prospectus and Statement of
Additional Information, and references to the "1940 Act" shall include any
rule, regulation or applicable exemptive order of the Securities and Exchange
Commission (the "SEC") thereunder and the interpretive guidance with respect to
the 1940 Act by the SEC or its staff. "Managed assets" means (a) the total
assets of a Trust, including any form of investment leverage, minus (b) all
accrued liabilities incurred in the normal course of operations, which shall
not include any liabilities or obligations attributable to investment leverage
obtained through (i) indebtedness of any type (including, without

                                      4



limitation, borrowing through a credit facility or the issuance of debt
securities), (ii) the issuance of preferred stock or other similar preference
securities, and/or (iii) any other means. The liquidation preference on any
preferred shares is not a liability.

   12. This Agreement will become effective with respect to each Fund on the
date first above written or such later date set forth opposite the Fund's name
on Appendix A annexed hereto, provided that it shall have been approved by the
applicable Trust's Board, and, unless sooner terminated as provided herein,
will continue in effect for each Fund designated on Appendix A on the date
hereof until December 31, 2012, and for each Fund added to Appendix A
hereafter, until the date specified in Appendix A. Thereafter, if not
terminated, this Agreement shall continue in effect with respect to each Fund
for successive one-year terms, so long as each such term is approved by the
Board.

   13. This Agreement is terminable with respect to any Fund (i) without
penalty, by the Board or (ii) by the Administrator upon not less than 90 days'
written notice to the applicable Trust. This Agreement may be terminated with
respect to one or more Funds without affecting the validity of this Agreement
with respect to any other Fund designated on Appendix A.

   14. The Administrator agrees that for services rendered to each Fund, or for
any claim by it in connection with the services rendered to the Fund under this
Agreement, it shall look only to assets of the Fund for satisfaction and that
it shall have no claim against the assets of any other portfolios of any Trust.
The undersigned officer of the Trusts has executed this Agreement not
individually, but as an officer under each Trust's Declaration of Trust and the
obligations of this Agreement are not binding upon any of the Trustees,
officers or shareholders of the Trusts individually.

   15. No provision of this Agreement may be changed, waived, discharged or
terminated orally, but only by an instrument in writing signed by the party
against which enforcement of the change, waiver, discharge or termination is
sought.

   16. This Agreement embodies the entire agreement and understanding between
the parties hereto and supersedes all prior agreements and understandings
relating to the subject matter hereof. Should any part of this Agreement be
held or made invalid by a court decision, statute, rule or otherwise, the
remainder of this Agreement shall not be affected thereby. This Agreement shall
be binding on and shall inure to the benefit of the parties hereto and their
respective successors.

   17. This Agreement shall be construed and the provisions hereof interpreted
under and in accordance with the laws of The Commonwealth of Massachusetts.

   18. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

   19. This Agreement amends and restates in its entirety the prior
administration agreement in effect for each Trust and Fund.

5



   IN WITNESS WHEREOF, the parties thereto have caused this Agreement to be
executed by their officers thereunto duly authorized.

                                      THE PIONEER TRUSTS LISTED ON APPENDIX A
                                      On behalf of the Funds named therein

                                      By:     /s/ Mark E. Bradley
                                              ----------------------------------
                                      Name:   Mark E. Bradley
                                      Title:  Treasurer

                                      AMUNDI PIONEER ASSET MANAGEMENT, INC.

                                      By:     /s/ Gregg M. Dooling
                                              ----------------------------------
                                      Name:   Gregg M. Dooling
                                      Title:  Chief Financial Officer

                                      6



                                                                     Appendix A

(October 1, 2019)

Open-End Funds



Trust                                      Fund                     Effective Date/Initial Term Date
-----------------------------  -----------------------------  --------------------------------------------
                                                        



Pioneer Bond Fund              Pioneer Bond Fund              Effective Date: July 1, 2008

                                                              Initial Term: July 1, 2008-December 31, 2009

Pioneer Equity Income Fund     Pioneer Equity Income Fund     Effective Date: July 1, 2008

                                                              Initial Term: July 1, 2008-December 31, 2009

Pioneer Fund                   Pioneer Fund                   Effective Date: July 1, 2008

                                                              Initial Term: July 1, 2008-December 31, 2009

Pioneer High Yield Fund        Pioneer High Yield Fund        Effective Date: July 1, 2008

                                                              Initial Term: July 1, 2008-December 31, 2009
Pioneer Asset Allocation Trust Pioneer Solutions - Balanced Effective Date: July 1, 2008                                Fund Pioneer Mid Cap Value Fund Pioneer Mid Cap Value Fund Effective Date: July 1, 2008                                                               Initial Term: July 1, 2008-December 31, 2009 Pioneer Money Market Trust Pioneer U.S. Governemnt Money Effective Date: July 1, 2008                                Market Fund                                                               Initial Term: July 1, 2008-December 31, 2009 Pioneer Real Estate Shares Pioneer Real Estate Shares Effective Date: July 1, 2008                                                               Initial Term: July 1, 2008-December 31, 2009 Pioneer Series Trust II Pioneer AMT-Free Municipal Effective Date: July 1, 2008                                Fund                                                               Initial Term: July 1, 2008-December 31, 2009                                Pioneer Select Mid Cap Growth Effective Date: July 1, 2008                                Fund                                                               Initial Term: July 1, 2008-December 31, 2009 Pioneer Series Trust III Pioneer Disciplined Value Fund Effective Date: July 1, 2008                                                               Initial Term: July 1, 2008-December 31, 2009
Pioneer Series Trust IV Pioneer Balanced ESG Fund Effective Date: July 1, 2008                                                               Initial Term: July 1, 2008-December 31, 2009                                Pioneer Multi-Asset Income Effective Date: December 1, 2011                                Fund                                                               Initial Term: December 1, 2011-December 31,                                                               2012 Pioneer Series Trust V Pioneer Global Equity Fund Effective Date: July 1, 2008                                                               Initial Term: July 1, 2008-December 31, 2009                                Pioneer High Income Municipal Effective Date: July 1, 2008                                Fund                                                               Initial Term: July 1, 2008-December 31, 2009                                Pioneer Corporate High Yield Effective Date: July 12, 2016                                Fund                                                               Initial Term: July 12, 2016-December 31, 2017 Pioneer Series Trust VI Pioneer Floating Rate Fund Effective Date: July 1, 2008                                                               Initial Term: July 1, 2008-December 31, 2009                                Pioneer Flexible Effective Date: March 5, 2010                                Opportunities Fund                                                               Initial Term: March 5, 2010-December 31, 2011
Pioneer Series Trust VII Pioneer Global High Yield Fund Effective Date: July 1, 2008                                                               Initial Term: July 1, 2008-December 31, 2009                                Pioneer Global Multisector Effective Date: July 1, 2008                                Income Fund                                                               Initial Term: July 1, 2008-December 31, 2009 Pioneer Series Trust VIII Pioneer International Equity Effective Date: July 1, 2008                                Fund                                                               Initial Term: July 1, 2008-December 31, 2009 Pioneer Series Trust X Pioneer Dynamic Credit Fund Effective Date: March 8, 2011                                                               Initial Term: March 8, 2011- December 31,                                                               2012                                Pioneer Fundamental Growth Effective Date: July 1, 2008                                Fund                                                               Initial Term: July 1, 2008 - December 31,                                                               2009                                Pioneer Multi-Asset Effective Date: March 8, 2011                                Ultrashort Income Fund                                                               Initial Term: March 8, 2011- December 31,                                                               2012 Pioneer Series Trust XI Pioneer Core Equity Fund Effective Date: July 1, 2008                                                               Initial Term: July 1, 2008-December 31, 2009 Pioneer Series Trust XII Pioneer Disciplined Growth Effective Date: July 1, 2008                                Fund                                                               Initial Term: July 1, 2008-December 31, 2009 Pioneer Series Trust XIV Pioneer Emerging Markets Effective Date: March 26, 2019                                Equity Fund                                                               Initial Term: March 26, 2019 -December 31,                                                               2020 Pioneer Short Term Income Fund Pioneer Short Term Income Fund Effective Date: July 1, 2008                                                               Initial Term: July 1, 2008-December 31, 2009
Pioneer Strategic Income Fund Pioneer Strategic Income Fund Effective Date: July 1, 2008                                                               Initial Term: July 1, 2008-December 31, 2009 Pioneer Variable Contracts Pioneer Bond VCT Portfolio Effective Date: July 1, 2008 Trust                                                               Initial Term: July 1, 2008-December 31, 2009                                Pioneer Equity Income VCT Effective Date: July 1, 2008                                Portfolio                                                               Initial Term: July 1, 2008-December 31, 2009                                Pioneer Fund VCT Portfolio Effective Date: July 1, 2008                                                               Initial Term: July 1, 2008-December 31, 2009                                Pioneer High Yield VCT Effective Date: July 1, 2008                                Portfolio                                                               Initial Term: July 1, 2008-December 31, 2009                                Pioneer Mid Cap Value VCT Effective Date: July 1, 2008                                Portfolio                                                               Initial Term: July 1, 2008-December 31, 2009
Pioneer Real Estate Shares Effective Date: July 1, 2008                                VCT Portfolio                                                               Initial Term: July 1, 2008-December 31, 2009                                Pioneer Select Mid Cap Growth Effective Date: July 1, 2008                                VCT Portfolio                                                               Initial Term: July 1, 2008-December 31, 2009                                Pioneer Strategic Income VCT Effective Date: July 1, 2008                                Portfolio                                                               Initial Term: July 1, 2008-December 31, 2009
Closed-End Funds Trust Effective Date/Initial Term Date --------------------------------------- ------------------------------------------------------ Pioneer Diversified High Income Trust Effective Date: November 1, 2009                                          Initial Term: November 1, 2009-December 31, 2009 Pioneer Floating Rate Trust Effective Date: November 1, 2009                                          Initial Term: November 1, 2009-December 31, 2009 Pioneer High Income Trust Effective Date: November 1, 2009                                          Initial Term: November 1, 2009-December 31, 2009 Pioneer ILS Interval Fund Effective Date: December 10, 2014                                          Initial Term: December 10, 2014 - November 30, 2015 Pioneer ILS Bridge Fund Effective Date: June 1, 2018                                          Initial Term: June 1, 2018 - December 31, 2019 Pioneer Municipal High Income Trust Effective Date: November 1, 2009                                          Initial Term: November 1, 2009-December 31, 2009
Pioneer Municipal High Income Advantage Effective Date: November 1, 2009 Trust                                          Initial Term: November 1, 2009-December 31, 2009 Pioneer Securitized Income Fund Effective Date: September 17, 2019                                          Initial Term: September 17, 2019 - December 31, 2020
Appendix B                            ADMINISTRATION AGREEMENT                               Accounting Services Fund Accounting Maintain all accounting records for Funds . Calculate and report daily net asset values per share and yields . Recommend income and capital gains distribution rates . Prepare Funds' financial statements and assist in Fund audits . Provide bank loan administration services, including reconciling and        validating positions, cash, paydowns and interest accruals, supporting        other accounting processes, and managing related systems Shareholder Reporting and Audit Liaison . Prepare and file (via EDGAR) shareholder reports required by Rule 30e-1        under the 1940 Act and reports on Forms N-CSR, N-Q and N-SAR as required        by Rules 30d-1 and 30b-1 under the 1940 Act . Manage the Funds' audit processes to ensure timely completion of        financial statements and shareholder reports . Prepare reports related to advisory contract renewals for the Trustees'        review, as well as other materials that any Board may request from time        to time . Provide financial information for prospectus updates and other        regulatory filings . Prepare and furnish the Funds with performance information (including        yield and total return information) calculated in accordance with        applicable U.S. securities laws and report to external entities such        information Pricing and Corporate Actions . Ensure accuracy and timeliness of prices supplied by external sources to        be used in daily valuations of all security positions held by each Fund . Support corporate actions and bankruptcy proof of claim analyses . Validate and communicate class action and bankruptcy proof of claim        information . Present periodic valuation reports to Funds' Boards Systems and Administration . Provide direction, supervision and administrative support to all Fund        Treasury teams providing Accounting Services hereunder . Provide systems support to users of fund accounting and portfolio        pricing software, and manage relationships with applicable software and        hardware vendors . Develop and maintain applications and systems interfaces for Fund        Treasury teams Controllership Services . Manage Fund expense payment cycles (e.g., timeliness and accuracy of        payments, allocation of costs among Funds) . Coordinate and standardize Fund expense accruals and budgeting . Provide expense reports as required . Compile daily reports of shareholder transactions from all sources for        entry into Fund books . Provide daily reconciliation of receivable, payable and share accounts        between Funds' records and sources of shareholder transactions . Manage the daily process to minimize "as of" gains and losses to Funds . Communicate daily Fund prices . Provide information and consultation on financial matters relating to        the Funds including, without limitation, dividend distributions, expense        pro formas, expense accruals and other matters Tax Services . Manage the Funds' federal, state and applicable local tax preparation        and reporting . Prepare fiscal and excise tax distribution calculations . Prepare and file federal, state and any local income tax returns,        including tax return extension requests . Prepare shareholder year-end reporting statements . Provide the appropriate amounts and characterization of distributions        declared during the calendar year for Forms 1099 and similar reporting . Periodically review and determine distributions to be paid to        shareholders pursuant to Sub Chapter M requirements . Consult with the Funds' Treasurer on various tax issues as they arise        and with the Funds' auditors when appropriate ADMINISTRATION AGREEMENT                                 Legal Services Registration Statements, Proxy Statements and Related Securities and Exchange Commission ("SEC") Filings . Maintain SEC filing calendar for the Funds' Registration Statement        filings . Prepare and file (via EDGAR) amendments to the Funds' Registration        Statements, including preparing prospectuses and statements of        additional information (SAIs) . Prepare and file (via EDGAR) supplements to the Funds' prospectuses and        registration statements . Prepare and file (via EDGAR) Fund proxy statements; provide consultation        on proxy solicitation matters (i.e., with regard to the solicitation and        tabulation of proxies in connection with shareholder meetings; the        coordination of the printing and distribution of proxy materials, etc.) . Review comments from the SEC on Fund registration statements and proxy        statement filings and contribute to the preparation of responses to such commentaires . Conduct and manage use of software utilized to aid in maintaining        content of disclosure in Fund prospectuses and SAIs, including related        language database . Prepare and file (via EDGAR) Rule 24f-2 Notices . SEC Electronic Filing (EDGAR) Responsibilities . Maintain and develop enhancements to Pioneer's EDGAR-related systems           and procedures, including contingency planning . Maintain EDGAR related databases and document archives . Liaise with third party EDGAR agents when necessary Shareholder Report Review and Support . Review annual and semi-annual shareholder reports, including review of        text of footnotes, as well as management's discussion of Fund        performance, Trustee and officer background information and other        non-financial statement aspects of reports . Provide consulting to Fund Treasury in meeting regulatory requirements        applicable to financial statements . With Fund counsel and Fund Treasury, review comments from the SEC on        Fund financial statement filings and assist in the preparation of        responses to such comments Corporate Secretarial and Governance Matters . Maintain general calendar for Trustee meetings (including meetings of        committees of Boards); track items that require annual or other periodic        review and/or approval by Trustees; coordinate meeting presentations . Maintain awareness of regulatory changes and track compliance dates with        respect thereto . Prepare agenda and background materials for Trustee and Board committee        meetings (i.e., memoranda, proposed resolutions), attend meetings,        prepare minutes and follow up on matters raised at meetings . Review draft materials and coordinate review by Trustees and external        personnel (i.e., Fund counsel and auditors) . Produce and distribute materials to Trustees and other meeting attendees . Oversee vendors and technology that facilitate assembly, production and        distribution of Trustee materials . Attend and assist in coordination of shareholder meetings . Monitor fidelity bond and directors' and officers' errors and omissions        policies and make required filings with the SEC; act as principal        liaison with Funds' insurance carriers and agents; coordinate amendments        to and annual renewals of policies and coverage, including completion of        materials for Board consideration . Maintain Fund records required by Section 31 of the 1940 Act and the        rules thereunder, except those records that are either the        responsibility of the Fund's Manager under the management agreements        with the Funds or otherwise are maintained by the Funds' other service        providers (e.g., subadviser, custodian, transfer agent) . Maintain corporate records on behalf of the Funds, including, but not        limited to, copies of minutes, contracts and Trustee meeting materials . Review and administer the payment of invoices from legal counsel to the        Trusts and counsel to the independent Trustees Miscellaneous Services . Preparation and filing of the Funds' Form N-SAR, Form N-CSR, Form N-Q        and Form N-PX filings . Prepare and make Section 16 filings on behalf of the officers and        Trustees of the closed-end Funds . Meet regulatory requirements applicable to the status of certain Funds        as exempt from treatment as commodity pools under Commodity Futures        Trading Commission (CFTC) Rule 4.5, including related regulatory filings ADMINISTRATION AGREEMENT                               Compliance Services . Assist the Funds in responding to routine and non-routine regulatory        inquiries, examinations and investigations . Provide consultation on regulatory matters relating to Fund operations        and any potential changes in the Funds' investment policies, operations        or structure . Develop or assist in developing guidelines and procedures to improve        overall compliance by the Funds and their various agents . Oversee implementation and testing of the Funds' compliance-related        policies and procedures ADMINISTRATION AGREEMENT                     Investor Services Group (ISG) Services . Coordinate and monitor services of the Funds' transfer agents, including        with regard to: . Service level quality . Compliance with applicable regulations and Fund procedures . Training as to Fund policies, strategies and initiatives . Shareholder mailings and other communications . Planning and implementing Fund initiatives and projects . Coordination of systems upgrades and other significant projects of           transfer agents that relate to Fund policies . Coordinate shareholder proxy solicitation activities, including planning        of proxy-related projects and the use of proxy tabulation and        solicitation firms . Provide analysis and historical information to assist with shareholder        inquiries and reports, as well as inquiries from other Fund service        providers . Provide oversight of the Funds' anti-money laundering program, including        monitoring related activities delegated by the Funds to transfer agents        or other entities . Coordinate program designed to limit frequent and/or excessive trading        in Fund shares, including implementation of shareholder information        agreements under Rule 22c-2 under the 1940 Act and associated monitoring        systems and procedures . Perform activities and and provide reporting in support of the Funds'        compliance program . Enter into investor servicing relationships on behalf of the Funds with        omnibus account administrators, retirement plan administrators and other        investor service organizations . Provide oversight of investor service organizations under a vendor        management program, including service and compensation review Blue Sky Administration (State Registration) . Principal liaison with Blue Sky vendor (the fees and expenses of which        are charged separately to the applicable Funds) . Coordinate SEC filing schedule and Fund documentation with Blue Sky        vendor . Monitor status of state filings with Blue Sky vendor . Transfer agent coordination . Review Blue Sky vendor statements and invoices . Conduct Blue Sky vendor due diligence, as appropriate . Hiring oversight . In-person meetings . Independent audit of services



CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


We consent to the references to our firm under the captions "Financial
Highlights" in the Prospectus and "Independent Registered Public Accounting
Firm" and "Financial Statements" in the Statement of Additional Information
in Post-Effective Amendment Number 53 to the Registration Statement (Form
N-1A, No. 811-06106) of Pioneer Mid Cap Value Fund, and to the incorporation
by reference of our report, dated December 20, 2019, on Pioneer Mid Cap
Value Fund included in the Annual Reports to Shareholders for the fiscal
year ended October 31, 2019.



		           /s/ Ernst & Young LLP


Boston, Massachusetts		
February 24, 2020





                               

                               

                               

                               POWER OF ATTORNEY

   I, the undersigned trustee or officer of the investment companies listed on
Annex A for which Amundi Pioneer Asset Management, Inc. or one of its
affiliates acts as investment adviser (each, a "Trust" and collectively, the
"Trusts"), hereby constitute and appoint Lisa M. Jones, Christopher J. Kelley
and Mark E. Bradley, and each of them acting singly, to be my true, sufficient
and lawful attorneys, with full power to each of them to sign for me, in my
name, (i) any Registration Statement on Form N-1A, N-2 or any other applicable
registration form under the Investment Company Act of 1940, as amended, and/or
under the Securities Act of 1933, as amended, and any and all amendments
thereto filed by each Trust, of which I am now, or am on the date of such
filing, a Trustee or officer of the Trust, (ii) any application, notice or
other filings with the Securities and Exchange Commission, and (iii) any and
all other documents and papers relating thereto, and generally to do all such
things in my name and on behalf of me to enable each Trust to comply with the
Investment Company Act of 1940, as amended, and the Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder, hereby ratifying
and confirming my signature as it may be signed by said attorneys, or each of
them, to any and all Registration Statements and amendments to said
Registration Statements, including any amendments to establish a new series of
a Trust, and any other filings with the Securities and Exchange Commission on
behalf of each Trust.

   IN WITNESS WHEREOF, I have hereunder set my hand as of this 16th day of
July, 2019.

                                                  /s/ Diane Durnin
                                                  ------------------------------
                                                  Diane Durnin



                               POWER OF ATTORNEY
                                    ANNEX A





Pioneer Asset Allocation Trust:                 Pioneer Series Trust VI:
   Pioneer Solutions - Balanced Fund               Pioneer Floating Rate Fund
Pioneer Bond Fund                                  Pioneer Flexible Opportunities Fund
Pioneer Diversified High Income Trust           Pioneer Series Trust VII:
Pioneer Equity Income Fund                         Pioneer Global High Yield Fund
Pioneer Floating Rate Trust                        Pioneer Global Multisector Income Fund
Pioneer Fund                                    Pioneer Series Trust VIII:
Pioneer High Income Trust                          Pioneer International Equity Fund
Pioneer High Yield Fund                         Pioneer Series Trust X:
Pioneer ILS Bridge Fund                            Pioneer Dynamic Credit Fund
Pioneer ILS Interval Fund                          Pioneer Fundamental Growth Fund
Pioneer Mid Cap Value Fund                         Pioneer Multi-Asset Ultrashort Income Fund
Pioneer Money Market Trust:                     Pioneer Series Trust XI:
   Pioneer U.S. Government Money Market Fund       Pioneer Core Equity Fund
Pioneer Municipal High Income Trust             Pioneer Series Trust XII:
Pioneer Municipal High Income Advantage Trust      Pioneer Disciplined Growth Fund
Pioneer Real Estate Shares                      Pioneer Short Term Income Fund
Pioneer Series Trust II:                        Pioneer Series Trust XIV:
   Pioneer AMT-Free Municipal Fund                 Pioneer Emerging Markets Equity Fund
   Pioneer Select Mid Cap Growth Fund              Pioneer Strategic Income Fund
Pioneer Series Trust III:                       Pioneer Variable Contracts Trust:
   Pioneer Disciplined Value Fund                  Pioneer Bond VCT Portfolio
Pioneer Series Trust IV:                           Pioneer Equity Income VCT Portfolio
   Pioneer Classic Balanced Fund                   Pioneer Fund VCT Portfolio
   Pioneer Multi-Asset Income Fund                 Pioneer High Yield VCT Portfolio
Pioneer Series Trust V:                            Pioneer Mid Cap Value VCT Portfolio
   Pioneer Global Equity Fund                      Pioneer Real Estate Shares VCT Portfolio
   Pioneer High Income Municipal Fund              Pioneer Select Mid Cap Growth VCT Portfolio
   Pioneer Corporate High Yield Fund               Pioneer Strategic Income VCT Portfolio


                               

                               

                               

                               POWER OF ATTORNEY

   I, the undersigned trustee or officer of the investment companies listed on
Annex A for which Amundi Pioneer Asset Management, Inc. or one of its
affiliates acts as investment adviser (each, a "Trust" and collectively, the
"Trusts"), hereby constitute and appoint Lisa M. Jones, Christopher J. Kelley
and Mark E. Bradley, and each of them acting singly, to be my true, sufficient
and lawful attorneys, with full power to each of them to sign for me, in my
name, (i) any Registration Statement on Form N-1A, N-2 or any other applicable
registration form under the Investment Company Act of 1940, as amended, and/or
under the Securities Act of 1933, as amended, and any and all amendments
thereto filed by each Trust, of which I am now, or am on the date of such
filing, a Trustee or officer of the Trust, (ii) any application, notice or
other filings with the Securities and Exchange Commission, and (iii) any and
all other documents and papers relating thereto, and generally to do all such
things in my name and on behalf of me to enable each Trust to comply with the
Investment Company Act of 1940, as amended, and the Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder, hereby ratifying
and confirming my signature as it may be signed by said attorneys, or each of
them, to any and all Registration Statements and amendments to said
Registration Statements, including any amendments to establish a new series of
a Trust, and any other filings with the Securities and Exchange Commission on
behalf of each Trust.

   IN WITNESS WHEREOF, I have hereunder set my hand as of this 16th day of
September, 2019.

                                                  /s/ John E. Baumgardner, Jr.
                                                  ------------------------------
                                                  John E. Baumgardner, Jr.



                               POWER OF ATTORNEY
                                    ANNEX A





Pioneer Asset Allocation Trust:                  Pioneer Series Trust VI:
   Pioneer Solutions - Balanced Fund                Pioneer Floating Rate Fund
Pioneer Bond Fund                                   Pioneer Flexible Opportunities Fund
Pioneer Diversified High Income Trust            Pioneer Series Trust VII:
Pioneer Equity Income Fund                          Pioneer Global High Yield Fund
Pioneer Floating Rate Trust                         Pioneer Global Multisector Income Fund
Pioneer Fund                                     Pioneer Series Trust VIII:
Pioneer High Income Trust                           Pioneer International Equity Fund
Pioneer High Yield Fund                          Pioneer Series Trust X:
Pioneer ILS Bridge Fund                             Pioneer Dynamic Credit Fund
Pioneer ILS Interval Fund                           Pioneer Fundamental Growth Fund
Pioneer Mid Cap Value Fund                          Pioneer Multi-Asset Ultrashort Income Fund
Pioneer Money Market Trust:                      Pioneer Series Trust XI:
   Pioneer U.S. Government Money Market Fund        Pioneer Core Equity Fund
Pioneer Municipal High Income Trust              Pioneer Series Trust XII:
Pioneer Municipal High Income Advantage Trust       Pioneer Disciplined Growth Fund
Pioneer Real Estate Shares                       Pioneer Short Term Income Fund
Pioneer Series Trust II:                         Pioneer Series Trust XIV:
   Pioneer AMT-Free Municipal Fund                  Pioneer Emerging Markets Equity Fund
   Pioneer Select Mid Cap Growth Fund               Pioneer Strategic Income Fund
Pioneer Series Trust III:                        Pioneer Variable Contracts Trust:
   Pioneer Disciplined Value Fund                   Pioneer Bond VCT Portfolio
Pioneer Series Trust IV:                            Pioneer Equity Income VCT Portfolio
   Pioneer Classic Balanced Fund                    Pioneer Fund VCT Portfolio
   Pioneer Multi-Asset Income Fund                  Pioneer High Yield VCT Portfolio
Pioneer Series Trust V:                             Pioneer Mid Cap Value VCT Portfolio
   Pioneer Global Equity Fund                       Pioneer Real Estate Shares VCT Portfolio
   Pioneer High Income Municipal Fund               Pioneer Select Mid Cap Growth VCT Portfolio
   Pioneer Corporate High Yield Fund                Pioneer Strategic Income VCT Portfolio

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