A Flexible Core Equity Strategy Pursuing Sustainable Growth

Overall Y Share Morningstar RatingTM (out of 1,276 funds in the Large Blend Category)

Morningstar Proprietary Risk-Adjusted Ratings Performance as of 11/30/2024
For more information about Morningstar Star Ratings^TM, including methodology, visit our  Strength Across the Board  page. 

We believe investing in attractively valued, high quality, sustainable businesses that have high or improving ESG ratings can generate above average returns over time with reduced risk.

Downside risk mitigation with strong upside capture Focusing on high-quality, sustainable, growing businesses has helped the Fund outperform in down markets and meaningfully participate in up markets equities at prices below intrinsic value coupled with a strict valuation and risk management we seek to limit downside risk.	An Integrated, ESG-focused approach to evaluating the sustainability of a business* The Fund’s sustainability analysis includes ESG, financial and competitive factors, which results in a concentrated portfolio of 40 to 70 stocks	Opportunistic allocation across growth and value stocks The Portfolio’s core approach gives it the flexibility to migrate across the growth and value spectrum as we seek attractive investment opportunities, favoring companies benefitting from secular technology themes, such as 5G and artificial intelligence.

*Effective July 1, 2018 these guidelines were formally incorporated into the Fund's prospectus

Chart Assumptions: Fund Inception: February 13, 1928. Since inception period of chart begins 3/1/28. All chart performance is cumulative and reflects a 5.75% maximum sales charge on a hypothetical $1,000 initial investment in Class A shares of Pioneer Fund and the categories shown.

Click here  to see complete performance information and important disclosure.

Past performance is no guarantee of future results.

While equity investments have historically offered a higher rate of return, they may be more volatile and riskier than fixed income investments. Corporate bonds offer a fixed principal value and a fixed rate of return if held to maturity. Government bonds and Treasury securities are guaranteed as to the timely payment of interest and principal; corporate bonds are not.

Please note, these results are not usual and investors should not expect similar results. S&P 500 data shown combines a number of indices. The 90-stock Composite was calculated from 1926 through February 1957 when S&P introduced the S&P 500 stock average including 425 industrials, 25 rails and 50 utilities, weighting the index substantially in favor of the industrials. S&P did not calculate the 500-stock index prior to March 1957, but used the old 90-share index (as well as the old 50 industrials, 20 rails and 20 utilities indices) to extend the data back to 1928. Corporate bonds represented by the US Long-Term Corporate Bond Index until 3/31/22 and then switched to the ICE BofA 10+ Year US Corporate Bond Index because the former index has been discontinued, government bonds by the US Long-Term Government Bond Index; treasuries by the US 30-Day T-Bill Index and inflation by the Consumer Price Index, which is a general measure of inflation. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike mutual fund returns, do not reflect any fees or expenses associated with a mutual fund. It is not possible to invest directly in an index. The chart was prepared by Amundi US and is hypothetical, for illustrative purposes only. It does not represent the results of an investor’s actual experience with the Fund.

Source: Morningstar, Amundi US. Pioneer Fund’s A shares did not have an initial sales charge at inception. The initial sales charge on the A shares has varied throughout the Fund’s history and has sometimes been higher than the current initial sales charge of 5.75%. Keep in mind, the since inception results for Pioneer Fund are not usual and investors should not expect similar results. The results cover a lengthy time period where the effects of holding the Fund shares for the entire period and compounding had a material impact on the Fund’s return. It is important to note that there are no shareholders remaining from the Fund’s inception in 1928.

Average Annual Total Returns through 9/30/2024

Gross Expense Ratio (A): 0.93% | (Y): 0.75%. Net Expense Ratio (A): 0.93% | (Y): 0.65%. The Net Expense Ratio reflects contractual expense limitations currently in effect through 5/1/2025 for Class Y Shares. There can be no assurance that Amundi US will extend the expense limitations beyond such time. Please see the prospectus and financial statements for more information.

Call 1-800-225-6292 or visit our  performance page  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.

With sales charge reflects deduction of maximum 5.75% sales charge. Performance without sales charge represents the percent change in net asset value per share. 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. Performance results reflect any applicable expense waivers in effect during the periods shown. Periods less than one year are actual, not annualized. 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 for periods prior to the inception of Class Y Shares on 5/6/99 reflects the NAV performance of the Fund’s Class A Shares. The performance does not reflect differences in expenses, including the 12b-1 fees applicable to Class A Shares. Since fees for Class A Shares are generally higher than those of Class Y, the performance shown for the Class Y Shares prior to their inception would have been higher. Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.

Fund Facts

*The Fund’s performance benchmark is shown. Information on any additional benchmark for regulatory purposes can be found in the prospectus.

A Word About Risk: Pioneer Fund

The market prices of securities 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, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment.The Fund generally excludes corporate issuers that do not meet or exceed minimum ESG standards. Excluding specific issuers limits the universe of investments available to the Fund, which may mean forgoing some investment opportunities available to funds without similar ESG standards.

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your financial professional or Amundi US for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus or summary prospectus and for information on any Pioneer fund, please download it from our  literature section.

Securities offered through Amundi Distributor US, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer mutual funds, Member   SIPC.   

Not FDIC insured | May lose value | No bank guarantee Amundi Asset Management US, Inc.  Form CRS         Amundi Distributor US, Inc.  Form CRS 

EXP-2025-6-12-ADID-3639939-1Y-T