Pioneer Investments: Pioneer Disciplined Value Fund

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Pioneer Disciplined Value Fund

Monthly Portfolio Holdings as of 8/31/2015

Security Name Par / Shares Market Value($)
JPMorgan Chase & Co. 348,140 22,315,774
Molson Coors Brewing Co. (Class B) 225,044 15,323,246
Tyson Foods, Inc. 419,881 17,752,569
Invesco, Ltd. 290,577 9,911,581
Hewlett-Packard Co. 555,145 15,577,369
International Paper Co. 340,928 14,707,634
Merck & Co, Inc. 358,117 19,284,600
Express Scripts Holding Co. 188,071 15,722,736
NextEra Energy, Inc. 93,773 9,228,201
Occidental Petroleum Corp. 245,279 17,907,820
eBay, Inc. 416,906 11,302,322
The Hartford Financial Services Group, Inc. 471,286 21,655,592
SunTrust Banks, Inc. 267,365 10,793,525
Whirlpool Corp. 90,154 15,154,887
Citizens Financial Group, Inc. 457,560 11,356,639
Raytheon Co. 101,150 10,373,944
American Electric Power Co, Inc. 189,626 10,294,796
Exelon Corp. 742,350 22,834,686
The NASDAQ OMX Group, Inc. 242,393 12,408,098
Johnson & Johnson 303,089 28,484,304
EMC Corp./MA 888,154 22,088,390
Aetna, Inc. 135,240 15,487,685
US Bancorp 398,112 16,860,043
Lincoln National Corp. 288,513 14,653,575
Oracle Corp. 346,960 12,868,746
Halliburton Co. 343,760 13,526,956
The PNC Financial Services Group, Inc. 241,126 21,971,401
Microsoft Corp. 509,664 22,180,577
Lennar Corp. 273,214 13,906,593
Archer-Daniels-Midland Co. 271,625 12,220,409
Bed Bath & Beyond, Inc. 205,366 12,755,282
Morgan Stanley 525,731 18,111,433
Schlumberger, Ltd. 205,641 15,910,444
Teva Pharmaceutical Industries, Ltd. (A.D.R.) 302,863 19,507,406
Cisco Systems, Inc. 842,273 21,798,025
Public Service Enterprise Group, Inc. 445,544 17,933,146
Northrop Grumman Corp. 64,075 10,491,641
General Motors Co. 767,982 22,609,390
Citigroup, Inc. 408,959 21,871,127
Exxon Mobil Corp. 298,208 22,437,170
Wells Fargo & Co. 413,011 22,025,877
XL Group Plc 131,648 4,909,154
American Airlines Group, Inc. 383,857 14,962,746
Viacom, Inc. (Class B) 162,350 6,619,010
Western Digital Corp. 109,363 8,963,391
United Continental Holdings, Inc. 169,901 9,679,260

At a Board meeting held on May 20, 2012, the Board of Trustees of Pioneer Cullen Value Fund and Pioneer Cullen Value VCT Portfolio approved a proposal by Pioneer Investment Management, Inc. ("Pioneer") to assume direct responsibility for the day-to-day management of each fundís portfolio, effective August 1, 2012. Currently, Pioneer, the fundís investment adviser, oversees the fundís operations and supervises Cullen Capital Management LLC ("Cullen") as investment subadviser to the fund. Cullen will continue to serve as the fundís subadviser through July 31, 2012.

The portfolio is actively managed, and current holdings may be different.

For fund descriptions, historical and current performance, standardized returns as of the most recent quarter-end, risk disclosure or a prospectus, please click here.

Please request a free information kit on any Pioneer fund by ordering from this web site or by calling 1-800-225-6292. The kit includes a quarterly fact sheet and a prospectus.

You should consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about each fund and should be read carefully before you invest or send money. To obtain a prospectus directly and for other information on any Pioneer fund please visit our download literature page.


Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments 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 here.

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