A Dynamic Approach to Seeking Real Returns


Pioneer Flexible Opportunities Fund

We believe building wealth and enhancing purchasing power can be accomplished through a flexible, top down, global multi-asset approach that seeks to generate real returns over time.

Strategically Seeking Global Opportunities

Pioneer Flexible Opportunities Fund is a global macro world allocation fund that seeks to take advantage of attractive, long-term investment opportunities, while managing risk through global diversification.1


Total Return

The Fund seeks to deliver a total return that enhances true purchasing power over time.

Theme-Driven Asset Allocation

The Fund deploys a theme-driven approach that provides holistic views of the global economy, designed to lead to more robust investment insights.

Global Diversification 

The Fund seeks to manage risk through a global, diversified portfolio by allocating across a variety of asset classes, sectors, countries and currencies.


1Diversification does not assure a profit or protect against loss.

Dynamic Approach to Allocation

Total Return through a Flexible, Top-Down Approach

The Fund seeks to pursue real return opportunistically through a flexible, active approach that allows portfolio management to choose what they believe are the most appropriate investment vehicles or real assets based on the current environment. The portfolio managers apply dynamic allocation to a mix of financial securities and real assets, seeking to outpace the rate of inflation over the course of different market environments. There can be no assurance that the Fund will meet this target over the long term. The Fund’s asset allocation decisions are driven by the portfolio managers’ views of inflation levels and GDP growth.

Theme-Driven Asset Allocation

Theme-driven approach that provides holistic views of the global economy designed to lead to more robust investment insights.

Fund Facts

Tickers, CUSIPs

Class A: PMARX, 72387S407
Class C: PRRCX, 72387S506
Class K: FLEKX, 72387S845
Class R: MUARX, 72387S886
Class Y: PMYRX, 72387S605

Investment Objective

Total Return

Inception Date



Bloomberg Barclays US Treasury TIPS 
1 - 10 Year Index

Overall Y Share Morningstar RatingTM

(out of 224 funds in the Tactical Allocation Category)


Morningstar Proprietary Risk-Adjusted Ratings Performance as of 2/28/2021 
For more information about Morningstar Star RatingsTM including methodology, visit our  Strength Across the Board  page. 

 Portfolio Management Team

The Portfolio Managers, with an average of over 24 years of investment experience, offer a proven track record of managing and growing assets by employing a global macro strategy through a long-term, disciplined, and diversified approach that seeks to deliver positive real returns over a market cycle.

Michele Garau
Senior Vice President
Lead Portfolio Manager

Howard Weiss
Vice President 
Portfolio Manager

Ken Taubes
Executive Vice President
Chief Investment Officer, US
Portfolio Manager




Contact us to learn more! 1-800-622-9876

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. All investments are subject to risk, including the possible loss of principal. Pioneer Flexible Opportunities Fund has the ability to invest in a wide variety of securities and asset classes. The Fund may invest in underlying funds (ETFs and unit investment trusts). In addition to the Fund's operating expenses, you will indirectly bear the operating expenses of investments in any underlying funds.The Fund and some of the underlying funds employ leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses if an underlying fund's investments decline in value. The Fund and some of the underlying funds may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The Fund and some of the underlying funds may employ short selling, a speculative strategy. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. The Fund may invest in inflation-linked securities. As inflationary expectations increase, inflation-linked securities may become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, inflation-linked securities will become less attractive and less valuable. The Fund may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. The Fund may invest in subordinated securities, which may be disproportionately adversely affected by a default or even a perceived decline in creditworthiness of the issuer. The Fund may invest in floating rate loans. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. The Fund may invest in event-linked bonds. The return of principal and the payment of interest on event-linked bonds are contingent on the nonoccurrence of a predefined "trigger" event, such as a hurricane or an earthquake of a specific magnitude. The Fund may invest in securities that provide exposure to commodities. The value of commodity-linked derivatives may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, factors affecting a particular industry or commodity, international economic, political and regulatory developments, supply and demand, and governmental regulatory policies. Investments in equity securities are subject to price fluctuation. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. International investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Investments in fixed income securities involve interest rate, credit, inflation, and reinvestment risks. As interest rates rise, the value of fixed income securities falls. The Fund may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to pre-payments. Prepayment risk is the chance that mortgage-backed bonds will be paid off early if falling interest rates prompt homeowners to refinance their mortgages. High yield bonds possess greater price volatility, illiquidity and possibility of default. These risks may increase share price volatility. There is no assurance that these and other strategies used by the Fund or underlying funds will be successful. Please see the prospectus for a more complete discussion of the Fund's risks. 

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.
(Formerly Amundi Pioneer Distributor, Inc.)
60 State Street, Boston, MA  02109
Underwriter of Pioneer mutual funds, Member  SIPC.  

Not FDIC insured | May lose value | No bank guarantee