Pioneer Global Equity Fund - Pioneer Investments

Pioneer Global Equity Fund - Pioneer Investments

OVERVIEW Pioneer Global Equity Fund Global insights driven by fundamental stock selection As of 9/30/17 Class Y: PGSYX Class A: GLOSX Class C: GCSLX...

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OVERVIEW

Pioneer Global Equity Fund Global insights driven by fundamental stock selection As of 9/30/17

Class Y: PGSYX Class A: GLOSX Class C: GCSLX

amundipioneer.com

Philosophy

Overall Morningstar Rating

We believe that: Sources of market inefficiencies vary over time. The best way to capitalize on these inefficiencies and pursue attractive risk-adjusted returns is through an integrated approach that combines fundamental bottom-up research and a top-down view of the global macroeconomic landscape in a well-diversified portfolio. Quality companies outperform. Quality companies are companies that have sustainable competitive advantages and can produce strong, unlevered returns on equity compared to their peers. Investing in attractively valued, high-quality companies can further contribute to strong risk-adjusted returns over time.

Approach

HHHH Class Y Share HHH Class A Share (out of 703 World Large Stock Category Funds as of 9/30/17)

Fund Facts Investment Objective: Long-term Capital Growth Benchmark: MSCI World Index Total Number of Holdings: 68*

By integrating top-down and bottom-up insights, Amundi Pioneer’s experienced global equity team capitalizes on opportunities wherever they exist - at the security, sector and/or country level. Through fundamental analysis, the team seeks to identify quality companies that have sustainable competitive advantages, high returns on equity, low debt and sell at attractive valuations. A disciplined portfolio construction process results in high and diversified* active share, which limits risk while providing attractive long-term return potential. *Diversification does not assure a profit or protect against loss.

Portfolio Management Marco Pirondini Executive Vice President Head of Equities, US Portfolio Manager • Joined Amundi Pioneer in 1991 • Investment Experience Since 1991

Distinguishing Features

David Glazer

Integrated Top-down, Bottom-up Investment Approach The global equity investment process integrates top-down insights related to the expected impact of changing market conditions and economic events on a company’s business prospects with bottom-up insights related to a company’s fundamental strengths and weaknesses to form a more complete understanding of its prospects for success and the drivers of its stock price. The integration of top-down and bottom-up perspectives has a compounding effect on the value of the investment team’s collective investment decisions.

Macroeconomic Themes

*As of 9/30/17

Bottom-Up Fundamental Analysis

Proprietary Multi-Factor Screening Model

Senior Vice President Portfolio Manager

• Joined Amundi Pioneer in 2012 • Investment Experience Since 1996

Fund Overview | Pioneer Global Equity Fund

Distinguishing Features (continued) Focus on Quality and Active Management We invest in high quality companies because we believe they can outperform lower quality companies over time. High quality companies have competitive barriers that can help protect against competition. They also can tend to have higher returns on equity and lower debt than their peers, which may allow them to hold up better during periods of economic distress. We believe investing in high quality companies increases the return potential of the portfolio while reducing risk. The Fund also has a high active share,* which increases the opportunity for the team’s insights to meaningfully impact performance relative to the benchmark. By diversifying our active share across companies, sectors and countries, we minimize the risk that any one event will significantly detract from performance.

Pioneer Global Equity Fund Active Share as of 9/30/17

Contributors to Active Risk as of 9/30/17

100% 80% 60%

2%

88.43 86.85 81.38 81.22 78.45 81.22 85.55 85.78

36%

40% 59%

20%

3%

0%

Industry Country Security Specific Currency

2010 2011 2012 2013 2014 2015 2016 2017 YTD Source: Amundi Pioneer Asset Management and Morningstar. *Active Share is a measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index.

Comprehensive Risk Management The team manages risk at the security, sector, country and portfolio level using sophisticated risk analytic tools. Risk management is central to the portfolio construction process and contributes to the attractive risk-return profile of the Fund.

Experienced Global Investment Team The Fund is managed by seasoned professionals who average over 20 years of investment experience. Their investment tenure encompasses a significant number of global market cycles that vary in terms of length and magnitude. This experience helps them better understand the potential impact of changing market conditions and macroeconomic events on a company’s business prospects. In addition, the team’s experience has helped them to develop an in-depth understanding of the fundamental drivers that impact a company’s success. The dedicated global equity investment team benefits from access to Amundi Pioneer’s global investment platform. In addition to the three dedicated global equity analysts, the team leverages the insights of over 14 analysts within its centralized US equity research group in Boston as well as over 40 global research analysts located outside of the US, principally in London and Dublin. Further, the team collaborates with Amundi Pioneer’s other investment teams located around the world, including the global macro and multi-asset teams.

2

Fund Overview | Pioneer Global Equity Fund

Results Average Annual Total Returns as of 9/30/17 A Shares (NAV)

Benchmark: MSCI World Index

Y Shares

Morningstar World Large Stock Category Average

23.22 23.87

24% 21.34 21.77

17.60 16.01

18%

18.17 17.50

12% 7.59 8.11 7.69 7.21

6%

12.81 12.26 10.99 10.39 4.34

4.79

6.24 6.63 6.20 5.97

4.22 3.98

0% YTD

Class A Shares POP

1-Year

3-Year

5-Year

10-Year

Since Inception (12/15/05)

YTD

1-Year

3-Year

5-Year

10-Year

Since Inception

14.33%

16.16%

5.50%

10.93%

3.72%

5.71%

Expense ratios: Class A — 1.45% Gross, 1.25% Net

Class Y — 1.08% Gross, 0.80% Net

The Net Expense Ratio reflects contractual expense limitations currently in effect through 1/1/2019 for Class A and 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. Source: Amundi Pioneer Asset Management and Morningstar

Call 1-800-225-6292 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. Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors. Public Offering Price reflects deduction of maximum 5.75% sales charge. NAV results represent percent changes in net asset values 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 for periods prior to the inception of Class Y shares on 12/31/08 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. Periods less than one year are actual, not annualized.

3

Fund Overview | Pioneer Global Equity Fund

Highly Rated by Morningstar Morningstar Ratings As of 9/30/17 Pioneer Global Equity Fund – Y Pioneer Global Equity Fund – A Morningstar Rankings World Large Stock Category Funds

3-Year

5-Year

10-Year

★★★ ★★★

★★★★ ★★★★

★★★★ ★★★

1-Year Rank/Fund Universe

3-Year Rank/Fund Universe

5-Year Rank/Fund Universe

10-Year Rank/Fund Universe

Pioneer Global Equity Fund – Y

8% (69/842)

38% (247/703)

13% (58/583)

32% (16/481)

Pioneer Global Equity Fund – A

9% (76/842)

47% (311/703)

19% (94/583)

42% (141/320)

Source: Morningstar Ratings and rankings are based on past performance, which does not guarantee 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, exchangetraded 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% 10year 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. Rankings are based on average annual total returns for listed periods and do not take into effect any applicable sales load. The Morningstar Rating and ranking are for Class Y shares; other classes may have different performance characteristics.

A Word About Risk Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic and political conditions. The Fund is subject to currency risk, meaning that the Fund could experience losses based on changes in the exchange rate between non-US currencies and the US dollar. Investing in small and midsized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than larger, more established companies. When interest rates rise, the prices of fixed income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed income securities in the Fund will generally rise. The Fund may use derivatives, such as options, futures, inverse floating rate obligations, swaps and others, which can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance. Derivatives may have a leveraging effect on the Fund. At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. These risks may increase share price volatility. The MSCI World Index measures the performance of stock markets in the developed world. 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. Morningstar (MSTAR) World Large Stock category represents an equal-weighted average of all World Stock equity funds in the Morningstar universe with 40% or more of their equity holdings in foreign stocks (on average over three years).

Please consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about the Fund and should be read carefully before you invest or send money. To obtain a prospectus or summary prospectus and for other information on any Pioneer fund, call 1-800-225-6292 or visit our web site at amundipioneer.com. Neither Amundi Pioneer, nor its representatives are legal or tax advisors. In addition, Amundi Pioneer does not provide advice or recommendations. The investments you choose should correspond to your financial needs, goals and risk tolerance. For assistance in determining your financial situation, please consult an investment professional. 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. © 2017 Morningstar, Inc All Rights Reserved.

Securities offered through Amundi Pioneer Distributor, Inc. 60 State Street, Boston, Massachusetts 02109 Underwriter of Pioneer mutual funds, Member SIPC ©2017 Amundi Pioneer Asset Management amundipioneer.com 28629-10-1017