Pioneer Fund today marked its 95th anniversary. On this occasion we want to highlight recent developments in the Fund and the firm’s historical emphasis on sustainability. Pioneer Fund seeks capital growth and reasonable income by investing in a broad group of carefully selected equity securities that the Fund's portfolio managers believe are reasonably priced, rather than in securities whose prices reflect a premium resulting from their market popularity.

Lisa Jones, Head of the Americas, President and CEO at Amundi US, said: “Today we celebrate and recognize the legacy of Pioneer Fund, its history of long-term equity investing, and the confidence entrusted in us on behalf of our clients. The Fund has served, and we believe, can continue to serve our clients well. After nearly a century, Pioneer Fund is a testament to the value of active management over multiple economic and market cycles.”

Jeff Kripke, Lead Portfolio Manager of Pioneer Fund, said, “The approach we take in Pioneer Fund is to focus on investments in companies that we believe are strong from a competitive, financial and ESG perspective, but also offer the potential to withstand difficult economic and market environments. I believe the consistency of this approach is what has allowed Pioneer Fund to stand the test of time.”

• Pioneer Fund is America’s second-oldest mutual fund. Since its inception on February 13, 1928, the Fund has served as the flagship offering for Amundi US. Amundi US is the US business of Amundi, one of the world’s ten largest asset managers by assets under management.¹

• Pioneer Fund (Y shares) had a five star Overall rating from Morningstar (out of 1223 funds in Morningstar’s Large Blend category), based on risk-adjusted performance through December 31, 2022. Please see below for additional Morningstar Rating^TM information. Pioneer Fund had $6.5 billion in AUM as of Dec. 31, 2022. The Fund’s large cap core investment approach is deployed in a range of similar products distributed to retail and institutional investors worldwide, totaling $12.5 billion in AUM as of December 31, 2022.

• Pioneer Fund was one of the first mutual funds to focus on responsible investing.² As part of the Fund’s investment approach, the Fund’s portfolio managers incorporate ESG factors in evaluating potential investments. Pioneer Fund had an “AA” ESG rating from MSCI based on holdings as of October 31, 2022, MSCI’s second-highest rating³. Please see below for additional MSCI ESG Ratings information.

• The Fund has maintained a consistent investment philosophy under the leadership of only five lead portfolio managers over its history. The Fund’s investment philosophy was developed by Pioneer Fund founder Philip Carret, who was one of the first value investors. One of Carret’s long-standing investment tenets was to avoid alcohol, tobacco and gaming stocks -- an approach derived from what Carret called his “basic value” approach to investing, which emphasized, among other things, businesses providing what he believed were truly useful goods and services. This original tenet has been maintained throughout the Fund’s history. Consistent with Carret’s investment philosophy, Pioneer Fund focuses on investing in what the managers believe are high-quality companies with sustainable business models and attractive long-term growth and income potential across the spectrum of large cap growth and value companies. The current portfolio management team is led by Jeff Kripke, who has been in that role since 2015.

¹ Source: IPE “Top 500 Asset Managers” published in June 2022, based on assets under management as of 12/31/2021

² UBS Sustainable Investing. ”Adding Value(s) to Investing.” March 2015

³ Produced by MSCI ESG Research as of 11/30/22. THE USE BY AMUNDI US OF ANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES (“MSCI”) DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION OF AMUNDI US BY MSCI. MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITS INFORMATION PROVIDERS, AND ARE PROVIDED ‘AS-IS’ AND WITHOUT WARRANTY. MSCI NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI.

Amundi US will celebrate the 95th anniversary of Pioneer Fund throughout the year with special recognition on our web site and additional communications acknowledging the Fund’s long-term record.

For more information on Pioneer Fund, including its long-term performance and holdings, please visit us.amundi.com/usinvestors.

Important Information

Morningstar Ratings and Rankings as of 12/31/22

Ratings and rankings 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 Rating^TM 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. Rankings are based on average annual total returns for listed periods and do not reflect any applicable sales load.

The Morningstar Rating and ranking are for Class Y shares; other classes may have different performance characteristics.

Source: Morningstar

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. ©2023 Morningstar, Inc. All Rights Reserved.

About the MSCI ESG Fund Ratings

MSCI ESG Fund Ratings are not performance-based. The MSCI ESG Fund Ratings are designed to assess the resilience of a fund’s aggregate holdings to long term ESG risks and opportunities. Highly rated funds consist of issuers with leading or improving management of key ESG risks. MSCI assigns an overall fund rating based on a proprietary weighted average score of the fund’s underlying holdings on a AAA (highest) to CCC (lowest) scale. MSCI leverages ESG Ratings with respect to underlying securities to create ESG scores and metrics for approximately 56,000 multiasset class Mutual Funds and ETFs globally as of January 17, 2022. MSCI ESG Fund Ratings Badges are awarded to funds with qualifying ratings. MSCI ESG Fund Ratings holdings data is sourced from Lipper. To be included in MSCI ESG Fund Ratings, a fund must pass the following four criteria: 1. 65% of the fund’s gross weight must come from covered securities. 2. Fund holdings date must be less than one year old. 3. Fund must have at least ten securities. 4. Fund must not be in the Commodity Asset Class. Please see www.MSCI.com/our-solutions/esg-investing/esg-fund-ratings for more information on MSCI ESG Fund Ratings. MSCI ESG materials have not been submitted to, nor received approval from, the US SEC or any other regulatory body. None of the Information constitutes an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product, or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. The Information is provided “as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.

A Word About Risk:

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.

About Amundi US

Amundi US is the US business of Amundi, Europe’s largest asset manager by assets under management and ranked among the ten largest globally¹. Boston is one of Amundi’s six main global investment hubs² and offers a broad range of fixed-income, equity, and multi-asset investment solutions in close partnership with wealth management firms, distribution platforms, and institutional investors across the Americas, Europe, and Asia-Pacific.

With our financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape. Amundi clients benefit from the expertise and advice of 5,400³ team members and market professionals in 35 countries³. A subsidiary of the Crédit Agricole group and listed on the Paris stock exchange, Amundi currently manages approximately $1.904 trillion of assets³.

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Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your advisor or Amundi US for a prospectus or summary prospectus containing this information. Read it carefully.

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