Looking for Growth, but Concerned About Volatile Markets?

Overall Y Share Morningstar RatingTM (out of 1,073 funds in the Large Growth Category)

Morningstar Sustainability RatingsTM (out of 1,150 funds in the Large Growth Category Based on 100.00% of AUM)

Morningstar Proprietary Risk-Adjusted Ratings Performance as of 10/31/2024
Morningstar Sustainability Ratings as of 9/30/2024
For more information about Morningstar Star Ratings^TM including methodology, visit our Strength Across the Board page. 
For more information about Morningstar Sustainability Ratings^TM, please visit our  Sustainability Ratings  page.

High Quality Focus Mitigates Downside Risk

We believe that a focused portfolio of companies that can generate high returns on growth capital, possess sustainable competitive advantages, capitalize on secular growth opportunities and trade at a discount to intrinsic value, can produce attractive risk-adjusted returns over a full market cycle.*

Sustainable competitive advantage We look for companies with an economic moat, which creates a barrier to the competition and can potentially allow a company to produce high rates of return on their reinvestment of capital over longer periods of time.	High returns on growth capital Growth capital is capital a company uses to grow its business versus simply maintain it. A high return on growth capital is an indication that a company is using capital efficiently and has the ability to create shareholder value over the long term.	Secular growth opportunities A company must not only have a track record of growth, but be able to sustain it. We seek companies in industries that have steady tailwinds, which may help to maintain growth under broadly slowing economic conditions.

 * A full market cycle is defined as a period of bull, bear, and bull periods generally lasting four to five years.

A Competitive Large Growth Performer

Average Annual Total Returns as of 9/30/2024

Gross expense ratio (Y): 0.76%.

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.

Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors. Initial investments are subject to a $5 million investment minimum, which may be waived in some circumstances. 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 reflects 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.

*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 Fundamental Growth 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 may invest in fewer than 40 securities and, as a result, its performance may be more volatile than the performance of other funds holding more securities. Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. 

The Fund’s adviser may integrate ESG considerations in its investment research process, which may mean forgoing some investment opportunities available to funds that do not consider ESG information.

Individuals are encouraged to seek advice from their financial, legal, tax and other appropriate professionals 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 US does not provide investment advice or investment recommendations.

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-2024-10-25-ADID-3193168-1Y-T