| Highlights |
- Large-cap value fund that follows a strict, low-P/E discipline
- Focused portfolio of 30 to 40 stocks of well researched companies
- Focus on stocks with strong fundamentals helps to enhance return potential while managing risk
Pioneer Fundamental Value Fund manager's commentary
| Strategy |
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FUND STRATEGY The Fund uses a disciplined strategy to seek capital appreciation, investing primarily in the equity securities of U.S. companies that management believes to be undervalued in relation to earnings. Current income is a secondary objective. |  |
PORTFOLIO MANAGEMENT PERSPECTIVE
"As classic value investors, we seek opportunities that are available at times when stocks of high quality companies are temporarily priced below their intrinsic worth. Because prices tend to return to their true values over the long term, we believe this investment approach may produce favorable results for patient investors."
A WORD ABOUT RISK
Investments in mid-sized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than larger, more established companies. The Fund invests in a limited number of securities and, as a result, the fund's performance may be more volatile than the performance of other funds holding more securities. Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. 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.
| Fund Facts |
As of April 30, 2013
| Class | A Shares | B Shares | C Shares | R Shares | Y Shares* |
| CUSIP | 72387X109 | 72387X208 | 72387X307 | 72387X505 | 72387X406 |
| Nasdaq Symbol | CVFCX | CVFBX | CVCFX | CVRFX | CVFYX |
| Inception Date/ Performance Inception Date | 7/1/2000 | 7/1/2000 | 7/1/2000 | 7/1/2000 | 7/1/2000 |
| Total Net Assets (millions) | $833.7 | $34.2 | $225.3 | $25.0 | $424.0 |
| Initial Minimum Investment | $1,000 | $1,000 | $1,000 | $0 | $5,000,000 |
| Management Fee | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
| Total Expense Ratio (Gross) | 1.20% | 2.10% | 1.93% | 1.54% | 0.85% |
| Total Expense Ratio (Net) | 1.20% | 2.10% | 1.93% | 1.40% | 0.85% |
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Initial minimum investment amounts for retirement plans are lower. |
| Portfolio Characteristics |
As of April 30, 2013
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P/E refers to the price of a stock divided by its earnings per share. Reflects weighted average of trailing 12-month price-to-earnings ratios of portfolio holdings.
Market Capitalization reflects the total U.S.-denominated portion of the portfolio.
Turnover Ratio is the percentage of a fund's assets that have changed over the course of a given time period, usually a year. Mutual funds with higher turnover ratios tend to have higher expenses.
| Portfolio Management |
Effective August 1, 2012, Pioneer Investment Management, Inc. ("Pioneer") assumed direct responsibility for the day-to-day management of the fund's portfolio. Previously, Pioneer, the fund's investment adviser, oversaw the fund's operations and supervised Cullen Capital Management LLC ("Cullen") as investment subadviser to the fund. Additionally, Edward T. Shadek, Jr. and John Peckham assumed the day-to-day management of the fund's portfolio.
Ned Shadek, Jr., Portfolio Manager
Mr. Shadek, a senior vice president, joined Pioneer in January 2012 and has over 20 years of investment experience.
John Peckham, Portfolio Manager
Mr. Peckham, senior vice president and Co-Head of Equity Research-U.S., joined Pioneer in 2002 as an Equity Analyst and has served as Head of Global Fundamental Research and as portfolio manager.
| Not FDIC insured | May lose value | No bank guarantee |
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 and for information on any Pioneer fund, please download from our web site.
Neither Pioneer, nor its representatives, are legal or tax advisors. In addition, Pioneer does not provide advice or recommendations. The investments you choose should correspond to your needs, goals, and risk tolerance. For assistance in determining your financial situation, please consult an investment professional.