Notice to Unitholders of

Transcription

1 Notice to Unitholders of Pioneer Funds Global Investment Grade Corporate Bond Pioneer Funds Absolute Return Multi-Strategy Growth Pioneer Funds Multi Asset Real Return (dated 30 November 2015)

2 Contents I. Co-management of Pioneer Funds Global Investment Grade Corporate Bond... 3 II. Change of name, investment objective and adjustment of risk/return profile of Pioneer Funds Absolute Return Multi-Strategy Growth... 3 III. Change of name and investment objective of Pioneer Funds Multi Asset Real Return Notice Pioneer Funds

3 Dear Unitholder, The Board of Directors of Pioneer Asset Management S.A., the management company (the Management Company ) of Pioneer Funds (the Fund ) is writing to you to advise you of changes to selected sub-funds: I. Co-management of Pioneer Funds Global Investment Grade Corporate Bond (the Sub-Fund ) With effect from 4 January 2016, Pioneer Investment Management, Inc., Boston will be appointed as Investment Manager of the Sub-Fund and will manage it jointly with Pioneer Investment Management Limited, Dublin, the current Investment Manager of the Sub-Fund. Pioneer Investment Management Limited, Dublin will focus on managing non-u.s. issued securities while Pioneer Investment Management Inc., Boston will manage mainly U.S. issued securities. Joint management in this way will enable the Sub-Fund to benefit from each manager s particular expertise. Pioneer Investment Management, Inc., Boston was established in 1962 and acts as an investment manager for investment funds with a variety of investment objectives, including investment objectives similar to those of the Sub-Fund. Pioneer Investment Management, Inc. and its affiliates had U.S. dollars 69.4 billion of assets under management at 31 December Please note that the appointment of Pioneer Investment Management, Inc. does not alter the other characteristics of the Sub-Fund (including fees) and it will continue to be managed according to the same investment strategies and criteria. II. Change of name, investment objective and adjustment of risk/return profile of Pioneer Funds Absolute Return Multi-Strategy Growth (the Sub-Fund ) With effect from 4 January 2016, the description of the investment objective of the Sub-Fund will be adjusted as follows: The Sub-Fund will seek to achieve positive returns in excess of cash over a full market cycle instead of a positive return in all market conditions. Consequently, the Sub-Fund will be renamed Pioneer Funds Multi-Strategy Growth. Furthermore, the risk/return profile of the Sub-Fund will be adjusted. The maximum expected level of gross leverage of the Sub-Fund (as disclosed in the prospectus) will be increased from 1000% to 1500% in excess of the Sub-Fund s net assets. This increase in leverage will be achieved through the increased use of financial derivative instruments. The Management Company considers that these changes are in the interests of investors, better align the Sub-Fund with current market needs and better reflect the profile of the Sub-Fund. III. Change of name and investment objective of Pioneer Funds Multi Asset Real Return (the Sub-Fund ) With effect from 4 January 2016, the description of the investment objective of the Sub-Fund will be adjusted as follows: Current text This Sub-Fund seeks to achieve capital appreciation and income in real terms (i.e. adjusted for US inflation) over the medium to long-term New text This Sub-Fund seeks to achieve capital appreciation and income over the medium to long-term Notice Pioneer Funds 3

4 By removing the wording linking returns to US inflation, the Sub-Fund will be more flexible in its investment approach while maintaining its core strategy. Consequently, the Sub-Fund will be renamed Pioneer Funds - Flexible Opportunities. These changes better reflect the profile of the Sub-Fund and will not significantly impact the composition of the portfolio or the investment strategies used by the Investment Manager of the Sub-Fund. Should Unitholders of Pioneer Funds Absolute Return Multi-Strategy Growth and Pioneer Funds Multi Asset Real Return not agree with the above changes, they may request redemption or conversion of their Units, without any conversion or redemption fees, from the date of this Notice up to and including 31 December 2015 at the applicable Net Asset Value per Unit. When converting Units of Pioneer Funds Absolute Return Multi-Strategy Growth and Pioneer Funds Multi Asset Real Return into another sub-fund charging a higher sales charge, a conversion fee equal to the difference between the sales charges will continue to apply. The abovementioned changes will be reflected in the next edition of the prospectus. Yours faithfully, Enrico Turchi Managing Director Pioneer Asset Management S.A. Luxembourg, 30 November Notice Pioneer Funds

5 Contact Information Pioneer Funds (Fonds commun de placement) 8-10, rue Jean Monnet L-2180 Luxembourg Grand-Duchy of Luxembourg