pioneer flexible opportunities fund amundipioneer - …pira.fgraphic.com/noauth/pdf/24065.pdf ·...

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Not FDIC insured • May lose value • No bank guarantee amundipioneer.com Pioneer Flexible Opportunities Fund HHHH Overall Morningstar™ Rating (out of 242 funds in the Tactical Allocation Category) Morningstar proprietary ratings reflect risk adjusted performance as of 3/31/18 Ratings are based on past performance, which is no guarantee of future results. The Overall Morningstar Rating TM is based on a weighted average of the star ratings assigned to a fund’s three, five, and ten year (as applicable) time periods. The Morningstar Category identifies funds based on their underlying portfolio holdings. Classifications are based on portfolio statistics and compositions over the past three years. For funds less than three years old, category classifications are based on life of the fund. Pioneer Flexible Opportunities Fund was rated exclusively against U.S.-domiciled tactical allocation funds as follows: 5 and 4 stars among 242 and 182 funds for the three- and five-year periods ended 3/31/18, respectively. The Morningstar Rating is for Class A Shares only. Ratings may vary among share classes. FUND FACTS Inception Date 5/3/2010 Total Net Assets (millions) $801.0 Initial Minimum Investment $1,000 Management Fee 0.70% Expense Ratio A (Gross) 1.22% Expense Ratio Y (Net) 0.94% Expense Ratio Y (Gross) 0.99% Total Holdings 206 Total Net Assets and Number of Holdings represent all share classes. Initial minimum investment amounts for retirement plans are lower. The Net Expense ratio reflects contractual expense limitations currently in effect through 3/1/2019 for Class Y Shares. There can be no assurance that Amundi Pioneer will extend the expense limitations beyond such time. Please see the prospectus and financial statements for more information. Class CUSIP Nasdaq Symbol A 72387S407 PMARX C 72387S506 PRRCX Y 72387S605 PMYRX PORTFOLIO MANAGEMENT Michele Garau, Portfolio Manager Mr. Garau is a Senior Vice President at Amundi Pioneer. Howard Weiss, Portfolio Manager Mr. Weiss is a Vice President at Amundi Pioneer. Kenneth J. Taubes, Portfolio Manager Mr. Taubes is Chief Investment Officer, US and an Executive Vice President at Amundi Pioneer. *Typically, the duration of a full market cycle has been between 5-8 years. FUND STRATEGY The Fund’s investment objective is total return. The Fund is a global macro world allocation Fund. Pioneer Flexible Opportunities Fund deploys a flexible top down, global approach to analyze trends across a wide range of data including leading economic indicators, as well as information related to social and monetary policies. The results of our analysis are used to identify investment themes that serve as the foundation of our allocation decisions. Our investment views are primarily reflected through asset class, sector, country and currency allocation rather than bottom-up security selection. Adhering to a long-term view that corresponds with the duration of a full market cycle*, the Fund seeks to take advantage of attractive investment opportunities while mitigating the risk of permanent capital impairment. Call 1-800-622-9876 or visit amundipioneer.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. PERFORMANCE HIGHLIGHTS Time Period 5/3/10 through 3/31/18 Initial Investment: $10,000 in Class A Shares at net asset value $0 $5000 $10000 $15000 $20000 3/18 9/17 3/17 9/16 3/16 9/15 3/15 9/14 3/14 9/13 3/13 9/12 3/12 9/11 3/11 9/10 5/10 $18,710 n Value of initial investment with all dividends & capital gains reinvested Chart is for illustrative purposes. These results represent the percentage change in net asset value per share. NAV returns would have been lower had sales charges been reflected. AVERAGE ANNUAL TOTAL RETURNS through March 31, 2018 1-Year 3-Year 5-Year Since Inception A shares (NAV) 22.92 7.42 6.56 8.24 Y Shares (NAV) 23.14 7.69 6.86 8.55 A Shares (POP) 17.39 5.78 5.59 7.62 BBG Barc U.S. Treasury TIPS 1-10 Yr. Index 0.43 1.24 -0.06 2.11 MSCI AC World (60%)/BBG Barc Global Agg Bond (40%) 12.06 6.59 6.52 6.79 Morningstar Tactical Allocation Category Avg. 7.10 2.79 3.42 4.38 Public Offering Price reflects deduction of maximum 4.50% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors. CALENDAR YEAR RETURNS through March 31, 2018 YTD 2017 2016 2015 2014 A shares (NAV) 3.13 23.24 3.99 0.60 -2.64 Y Shares (NAV) 3.10 23.67 4.22 0.97 -2.39 BBG Barc U.S. Treasury TIPS 1-10 Yr. Index -0.40 1.90 4.01 -0.52 0.91 MSCI AC World (60%)/BBG Barc Global Agg Bond (40%) 0.08 17.46 6.05 -2.16 3.10 Morningstar Tactical Allocation Category Avg. -1.46 12.32 6.16 -5.88 2.74 NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. The Bloomberg Barclays (BBG Barc) U.S. Treasury TIPS 1-10 Yr Index (benchmark) is an unmanaged market index comprised of U.S. Treasury Inflation-Protected Securities having a maturity of at least 1 year and less than 10 years. The MSCI AC World Index measures the performance of developed and emerging market stock markets. The Bloomberg Barclays (BBG Barc) Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The Morningstar Tactical Allocation Category Average measures the performance of tactical allocation funds within the Morningstar universe. Indices are unmanaged and their returns assume reinvestment of dividends, and unlike Fund returns, do not reflect any fees or expenses. You cannot invest directly in an index. Periods less than one year are actual, not annualized. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.mscibarra.com) March 31, 2018

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Page 1: Pioneer Flexible Opportunities Fund amundipioneer - …pira.fgraphic.com/noauth/pdf/24065.pdf · Pioneer Flexible Opportunities Fund amundipioneer.com HHHH Overall Morningstar™

Not FDIC insured • May lose value • No bank guarantee

amundipioneer.comPioneer Flexible Opportunities Fund

HHHHOverall Morningstar™ Rating(out of 242 funds in the Tactical Allocation Category)Morningstar proprietary ratings reflect risk adjusted performance as of 3/31/18

Ratings are based on past performance, which is no guarantee of future results. The Overall Morningstar RatingTM is based on a weighted average of the star ratings assigned to a fund’s three, five, and ten year (as applicable) time periods. The Morningstar Category identifies funds based on their underlying portfolio holdings. Classifications are based on portfolio statistics and compositions over the past three years. For funds less than three years old, category classifications are based on life of the fund. Pioneer Flexible Opportunities Fund was rated exclusively against U.S.-domiciled tactical allocation funds as follows: 5 and 4 stars among 242 and 182 funds for the three- and five-year periods ended 3/31/18, respectively. The Morningstar Rating is for Class A Shares only. Ratings may vary among share classes.

FUND FACTSInception Date 5/3/2010Total Net Assets (millions) $801.0Initial Minimum Investment $1,000Management Fee 0.70%Expense Ratio A (Gross) 1.22%Expense Ratio Y (Net) 0.94%Expense Ratio Y (Gross) 0.99%Total Holdings 206

Total Net Assets and Number of Holdingsrepresent all share classes. Initial minimuminvestment amounts for retirement plansare lower.The Net Expense ratio reflects contractualexpense limitations currently in effect through 3/1/2019 for Class Y Shares. There can be no assurance that Amundi Pioneer will extend the expense limitations beyond such time. Please see the prospectus and financial statements for more information.

Class CUSIP Nasdaq SymbolA 72387S407 PMARXC 72387S506 PRRCXY 72387S605 PMYRX

PORTFOLIO MANAGEMENTMichele Garau, Portfolio ManagerMr. Garau is a Senior Vice President at Amundi Pioneer.

Howard Weiss, Portfolio ManagerMr. Weiss is a Vice President at Amundi Pioneer.

Kenneth J. Taubes, Portfolio ManagerMr. Taubes is Chief Investment Officer, US and an Executive Vice President at Amundi Pioneer.

*Typically, the duration of a full market cycle has been between 5-8 years.

FUND STRATEGYThe Fund’s investment objective is total return. The Fund is a global macro world allocation Fund. Pioneer Flexible Opportunities Fund deploys a flexible top down, global approach to analyze trends across a wide range of data including leading economic indicators, as well as information related to social and monetary policies. The results of our analysis are used to identify investment themes that serve as the foundation of our allocation decisions. Our investment views are primarily reflected through asset class, sector, country and currency allocation rather than bottom-up security selection. Adhering to a long-term view that corresponds with the duration of a full market cycle*, the Fund seeks to take advantage of attractive investment opportunities while mitigating the risk of permanent capital impairment.

Call 1-800-622-9876 or visit amundipioneer.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

PERFORMANCE HIGHLIGHTS Time Period 5/3/10 through 3/31/18

Initial Investment: $10,000 in Class A Shares at net asset value

$0

$5000

$10000

$15000

$20000

3/189/173/179/163/169/153/159/143/149/133/139/123/129/113/119/105/10

$18,710

n Value of initial investment with all dividends & capital gains reinvested Chart is for illustrative purposes. These results represent the percentage change in net asset value per share. NAV returns would have been lower had sales charges been reflected.

AVERAGE ANNUAL TOTAL RETURNS through March 31, 2018

1-Year 3-Year 5-Year Since InceptionA shares (NAV) 22.92 7.42 6.56 8.24Y Shares (NAV) 23.14 7.69 6.86 8.55A Shares (POP) 17.39 5.78 5.59 7.62BBG Barc U.S. Treasury TIPS 1-10 Yr. Index 0.43 1.24 -0.06 2.11MSCI AC World (60%)/BBG Barc Global Agg Bond (40%) 12.06 6.59 6.52 6.79Morningstar Tactical Allocation Category Avg. 7.10 2.79 3.42 4.38

Public Offering Price reflects deduction of maximum 4.50% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.

CALENDAR YEAR RETURNS through March 31, 2018

YTD 2017 2016 2015 2014A shares (NAV) 3.13 23.24 3.99 0.60 -2.64Y Shares (NAV) 3.10 23.67 4.22 0.97 -2.39BBG Barc U.S. Treasury TIPS 1-10 Yr. Index -0.40 1.90 4.01 -0.52 0.91MSCI AC World (60%)/BBG Barc Global Agg Bond (40%) 0.08 17.46 6.05 -2.16 3.10Morningstar Tactical Allocation Category Avg. -1.46 12.32 6.16 -5.88 2.74

NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. The Bloomberg Barclays (BBG Barc) U.S. Treasury TIPS 1-10 Yr Index (benchmark) is an unmanaged market index comprised of U.S. Treasury Inflation-Protected Securities having a maturity of at least 1 year and less than 10 years. The MSCI AC World Index measures the performance of developed and emerging market stock markets. The Bloomberg Barclays (BBG Barc) Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The Morningstar Tactical Allocation Category Average measures the performance of tactical allocation funds within the Morningstar universe. Indices are unmanaged and their returns assume reinvestment of dividends, and unlike Fund returns, do not reflect any fees or expenses. You cannot invest directly in an index. Periods less than one year are actual, not annualized. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.mscibarra.com)

March 31, 2018

Page 2: Pioneer Flexible Opportunities Fund amundipioneer - …pira.fgraphic.com/noauth/pdf/24065.pdf · Pioneer Flexible Opportunities Fund amundipioneer.com HHHH Overall Morningstar™

amundipioneer.comPioneer Flexible Opportunities Fund

Top 10 Holdings

1. ProShares S&P 500 Dividend Aristocrats ETF 1.9%2. GGB 3.75% 30Jan28 REGS 1.2%3. Harris Corp. 1.1%4. China Construction Bank Corp. 1.1%5. Swiss Life Holding AG 1.0%6. Booz Allen Hamilton Holding Corp. 1.0%7. Aviva Plc 1.0%8. United Overseas Bank, Ltd. 1.0%9. Sumitomo Mitsui Financial Group, Inc. 1.0%10. UOL Group, Ltd. 1.0%

* The portfolio is actively managed and current fund information is subject to change. The holdings listed should not be considered recommendations to buy or sell any security listed.

Fixed Income Portfolio Characteristics

Weighted Avg. Life 6.49 YearsWeighted Avg. Maturity 7.37 YearsEffective Duration 4.98 Years

The Weighted Average Maturity of certain funds might not be a useful measure if they contain securities with principal paydowns, such as mortgage passthroughs. Instead, market participants calculate Weighted Average Life,which reflects the average time to receipt of principal payments scheduled principal payments and projected prepayments). Duration is a measurement of how long, in years, it takes for the price of a bond to be repaid by its internal cash flows.

Equity Portfolio Characteristics

Average P/E (Forecast) 17Weighted Avg. Mkt. Capitalization (millions) $55,468 Median Market Capitalization (millions) $21,606

P/E refers to the price of a stock divided by its earnings per share. Average P/E ratio (Forecast) is the current price of a stock divided by the estimated one year projection of its earnings per share.

Market Capitalization reflects the total U.S.-denominated portion of the portfolio.

Quality Distribution

AAA 14.28%A 3.90%BBB 8.81%BB 11.12%B 5.24%CCC 10.61%Cash & Cash Equivalents 46.04%

Due to rounding, figures may not total 100%.Source: Credit rating breakdown reflects the average of available ratings across Moody’s, Standard & Poor’s (S&P) and Fitch. Bond ratings are ordered highest to lowest in portfolio. Based on S&P’s measures, AAA (highest possible rating) through BBB are considered investment grade. BB or lower ratings are considered non-investment grade. Cash equivalents and some bonds may not be rated bonds.

PORTFOLIO HIGHLIGHTS*

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

For more information on this or any Pioneer fund, please visit amundipioneer.com or call 1-800-622-9876. Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your advisor or Amundi Pioneer for a prospectus or summary prospectus containing this information. Read it carefully.Ratings are based on past performance, which is no guarantee of future results. Star ratings do not reflect the effect of any applicable sales load. The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The following copyright pertains only to Morningstar information. The Morningstar information contained herein 1) is proprietary to Morningstar; 2) may not be copied; and 3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. ©2018 Morningstar, Inc. All Rights Reserved.Individuals are encouraged to seek advice from their financial, legal, tax and other appropriate advisers before making any investment or financial decisions or purchasing any financial, securities or investment-related product or service, including any product or service described in these materials. Amundi Pioneer does not provide investment advice or investment recommendations.

Portfolio Allocation

US Equity 32.1%Developed International Equity 23.4%Emerging Markets Equity 17.3%REITS 8.8%Cash and Cash Equivalents 7.1%International Government 6.4%US Corporate Bond 1.5%Emerging Markets Bond 1.5%Metals 1.3%International Corporate Bond 0.6%

Due to rounding, figures may not total 100%. Commodities, when shown, reflect direct investment (ETFs, Futures). Commodity or commodity-related exposure may also be found in individual equity and/or fixed income securities within certain industries.

March 31, 2018

Risk Measures (5-Year) As compared to the BBG Barc U.S. Treasury TIPS 1-10 Yr. Index

Beta 0.97R-squared 13.05Standard Deviation (Fund) 9.16Standard Deviation (Benchmark) 3.42

Source: Morningstar. Risk measures apply to Class A Shares only. Beta is a measure of the volatility of a fund relative to the overall market. R-squared represents the percentage of the portfolio’s movements that can be explained by the general movements of the market. Standard Deviation is a statistical measure of the historic volatility of a portfolio.

Securities offered through Amundi Pioneer Distributor, Inc., 60 State Street, Boston, MA. 02109. Underwriter of Pioneer mutual funds, Member SIPC. © 2018 Amundi Pioneer Asset Management • 24065-40-0418