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Pioneer Disciplined Value Fund


Strategy

FUND STRATEGY

The Fund seeks long-term capital growth through an investment approach which includes fundamental and quantitative analysis, investing in a portfolio comprised primarily of U.S. value stocks of any market capitalization.


PORTFOLIO MANAGEMENT PERSPECTIVE

"The true benefit of this Fund is that it combines focused fundamental and quantitative research, allowing us to better identify the most attractive value investment opportunities that we believe may offer the potential for superior returns over time."

Fund commentary with performance analysis

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. 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.


Fund Facts

As of May 31, 2015

ClassA SharesC SharesR SharesY Shares*
CUSIP72387X10972387X30772387X50572387X406
Nasdaq SymbolCVFCXCVCFXCVRFXCVFYX
Inception Date/
Performance Inception Date
12/15/20057/16/200812/15/200512/15/2005
Total Net Assets (millions)$456.6$191.2$18.3$192.8
Initial Minimum Invest. (A)$1,000$1,000$0$5,000,000
Management Fee0.64%0.64%0.64%0.64%
Expense Ratio (Gross)1.19%1.88%1.58%0.82%
Expense Ratio (Net)1.19%1.88%1.40%0.82%

Initial minimum investment amounts for retirement plans are lower.
*Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.
The Net Expense ratio reflects contractual expense limitations currently in effect through 1/1/2016 for Class R Shares. There can be no assurance that Pioneer will extend the expense limitations beyond such time. Please see the prospectus and financial statements for more information.


Portfolio Characteristics

As of May 31, 2015

Average P/E (Trailing)20.7
Weighted Avg. Mkt. Capitalization (millions)$81,088
Median Market Capitalization (millions)$33,440
Total Holdings49
Turnover139%

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. Average P/E ratio (Forecast) is the current price of a stock divided by the estimated one year projection of its earnings per share.
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 a given period, usually a year. Mutual funds with higher turnover ratios tend to have higher expenses.


Portfolio Management


Craig Sterling, Portfolio Manager
Mr. Sterling, a Senior Vice President and Head of Equity Research, U.S., joined Pioneer in May 2015. Effective May 29, 2015, Craig Sterling became a portfolio manager for the Fund.
John Peckham, Portfolio Manager
Mr. Peckham, a senior vice president, joined Pioneer in 2002 and has been an investment professional since that time.
Ace Savla, Portfolio Manager
Mr. Savla, a vice president and Team Leader of U.S. Equity Quantitative Research, joined Pioneer in 2003 and has been an investment professional since that time.
Brian Popiel, Portfolio Manager
Mr. Popiel, a vice president and senior equity analyst, joined Pioneer in 2011 and has been an investment professional since 1999.



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.

 
 

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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Securities offered through Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA. 02109. Underwriter of Pioneer mutual funds, Member SIPC © 2015 Pioneer Investments.