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An Active, Risk-Managed Approach to Core Fixed Income

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An Active, Risk-Managed Approach to Core Fixed Income An Active, Risk-Managed Approach to Core Fixed Income Pioneer Bond Fund As of June 30, 2021 Y: PICYX A: PIOBX C: PCYBX K: PBFKX amundi.com/us Overall Morningstar RatingTM Pioneer Bond Fund is a multi-sector bond fund that invests across a broad range of US dollar-denominated fixed income sectors, including Class Y core US investment grade, up to 20% in non-investment grade (out of 550 funds in the Intermediate Core- securities and up to 15% in non-US securities. The Fund’s benchmark is Plus Bond Category) Morningstar proprietary the Bloomberg Barclays US Aggregate Bond Index, a broad measure ratings reflect risk-adjusted performance as of 6/30/21. See page 3 for more information of the US bond market. on the Morningstar Ratings. Approach Fund Facts Pioneer Bond Fund seeks to outperform its index, while delivering benchmark-like Investment Objective volatility and managing downside risk1, through dynamic investment across a diversified Current income and total return range of US fixed income investment grade and non-investment grade sectors. Benchmark This strategy can serve as an investor’s core fixed income allocation, while offering the Bloomberg Barclays US Aggregate Bond Index potential for higher returns with its increased opportunity set. The Fund strives to achieve volatility similar to that of a core bond portfolio, due to the diversification2 Portfolio Management benefits of lower-correlated asset classes. Pioneer Bond Fund pursues an active, value- Kenneth Taubes driven investment approach, seeking to add value primarily through asset allocation and Executive Vice President security selection. Chief Investment Officer, US Lead Portfolio Manager • Joined Amundi US in 1998 Philosophy • Investment experience since 1983 The Fund adheres to three core investment tenets: Brad Komenda 1. Value-driven: The Fund seeks to invest in sectors that offer attractive relative values, Senior Vice President based on both fundamentals and yield spread relationships. Value investing seeks to Deputy Director of Investment capitalize on the benefits of portfolio rebalancing through dynamic asset allocation, as Grade Corporates Portfolio Manager underlying factors change, which can make a significant contribution to portfolio returns • Joined Amundi US in 2008 over time. • Investment experience since 1993 2. Broad diversification: Pioneer Bond Fund’s diversification level seeks to benefit from incorporating a broad range of factors and sectors, which helps the Fund pursue Timothy Rowe Managing Director attractive risk-adjusted returns. The diversification available from asset classes Director of Multi-Sector Income with lower correlation3 to core sectors can also potentially help reduce volatility and Portfolio Manager downside risk. • Joined Amundi US in 1988 3. Focus on risk management: Pioneer Bond Fund has been successful in limiting downside • Investment experience since 1985 risk and avoiding permanent impairment of capital, reflecting its disciplined approach to limiting issuer concentration. This, combined with strong fundamental credit research, avoidance of at-risk sectors and market value loss in rising interest rate environments, helps the Fund seek to avoid potential losses. Historically, the Fund has demonstrated strong downside market capture rankings and lower volatility relative to its peers and the benchmark. 1 Downside risk is the risk of the actual return being below the expected return. 2 Diversification does not assure a profit or protect against loss. 3 Correlation is the degree to which assets or asset class prices have moved in relation to one another. Correlation ranges from -1 (always moving in opposite directions) through 0 (absolutely independent) to 1 (always moving together). Distinguishing Features Seeking Outperformance through Dynamic Allocation Seeking to benefit from its value-driven, diversified approach, Pioneer Bond Fund strives to deliver outperformance of its benchmark and peers over time. The Fund’s flexible approach to asset allocation can help pursue strong performance in different economic, interest rate and credit environments. Historical Asset Allocations as of June 30, 2021 100% Sectors 90% 2% Cash 80% 5% Treasury 70% 0% Municipals 60% 25% Agency MBS Non-Agency Mortgage-Backed/ 50% 0% Asset-Backed Securities* 40% 21% Non-Agency MBS 30% 7% Asset-Backed Securities 20% 7% Commercial MBS US Investment Grade 10% 16% 5% International Investment Grade 0% 0% Bank Loans Jul-11 Jul-17 Jul-13 Jul-15 Jul-12 Jul-18 Jul-14 Jul-16 Jul-19 Jul-10 Jul-07 Jul-03 Jul-05 Jul-20 Jul-08 US High Yield Jul-04 Jul-09 Jul-06 Jun-21 9% 2% Emerging Markets 1% Convertible Securities Source: Amundi US. US High Yield includes Event-Linked Bonds (2%), International High Yield (2%) and Preferred and Common Stock (0%). *Prior to January 31, 2006, the Non-Agency Mortgage-Backed/Asset-Backed Securities sector reflects the combined allocations to non-agency MBS, CMBS, and ABS. Subsequent to that date, those sectors are broken out individually. Due to rounding, figures may not total 100%. The portfolio is actively managed; sector allocations will vary over other periods and do not reflect a commitment to an investment policy or sector. Diversified Risk Exposures and Alpha4 Sources The flexibility to invest across a broad range of fixed income asset classes, including non-investment grade, non-US and floating rate sectors, increases the opportunity set, and hence the potential for higher returns, while also potentially providing additional diversification benefits due to the low correlations among these asset classes. Within these allocations, the Fund has tended to hold overweights in credit sectors. We believe Amundi US has a core competency in the evaluation and pricing of corporate and structured credit. In addition, we believe the Fund is differentiated by its competitive advantage of historically having entered early into non-core sectors, including convertible bonds, emerging markets, bank loans and event-linked (catastrophe) bonds. We believe the diversification of the Fund and exposure to lower-correlated sectors have contributed to its competitive returns, lower volatility and reduced downside risk relative to its peers over longer time horizons, such as 3, 5 and 10 years. Non-Siloed Approach Portfolio managers make the portfolio, sector and security level decisions, aligning these with Fund-specific objectives and risk tolerances. For example, with its focus on managing downside risk, Pioneer Bond Fund searches for higher quality, non- investment grade exposures, and seeks more senior securities within these exposures. Transparency of Portfolio The Fund adds value by investing directly in bonds and a wide mix of fixed income asset classes. This focus and historically low derivative5 usage may appeal to investors who seek transparency in their investments. The chart above documents how Pioneer Bond Fund has added value over time, through its dynamic asset allocation during changing market conditions. It depicts when the portfolio has added or reduced risk, by adhering to its value-driven investment philosophy. Stable, Experienced Portfolio Management and Sector Teams We believe the Fund’s value-based approach benefits from the views of its seasoned team of portfolio managers and sector specialists, who have a deep understanding of relative value across a broad range of fixed income asset classes. The portfolio managers average 34 years of experience (as of 6/30/21). 4 Alpha measures risk-adjusted performance, representing excess return relative to the return of the benchmark. A positive alpha suggests risk-adjusted value added by the manager versus the index. 5 A derivative is a security with a price that is dependent upon or derived from one or more underlying assets. Its value is determined by fluctuations in the underlying asset. 2 Results Average Annual Total Returns As of 6/30/21 YTD 1-Year 3-Year 5-Year 10-Year Y Share 0.45% 6.57% 6.40% 4.46% 4.41% Bloomberg Barclays US Aggregate Bond Index (Benchmark) -1.60% -0.33% 5.34% 3.03% 3.39% Morningstar Intermediate Core-Plus Bond Category Average - 0.64% 2.94% 5.68% 3.69% 3.81% Class Y expense ratios: 0.45% (Gross/Net). Call 1-800-225-6292 or visit amundi.com/usinvestors 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 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. The Morningstar (MSTAR) Intermediate Core-Plus category measures the performance of funds in the intermediate-term core plus bond universe. The Bloomberg Barclays US Aggregate Bond Index is a measure of the US bond market. 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. Morningstar Ratings and Rankings as of 6/30/21 1-Year 3-Year 5-Year 10-Year Overall Ranking Rating Ranking Rating Ranking Rating Ranking 6% 22% 18% 18% Y Share 24/587 135/550 84/478 51/341 Ratings and rankings are based on past performance, which is no guarantee of future results.
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