| Highlights |
- Largecap growth fund with a consistent investment process focused on earnings growth
- Disciplined approach employs fundamental research and diversification to pursue strong returns with low volatility over full market cycles
- Portfolio Managers David Klaskin and Rob McVicker have over 25 and 20 years of investment management experience respectively, and have managed the Fund since inception in 1999
Pioneer Oak Ridge Large Cap Growth Fund manager's commentary
| Strategy |
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FUND STRATEGY The Fund seeks capital appreciation by investing primarily in a diversified portfolio of U.S. large-cap growth stocks, focusing on high quality companies with accelerating earnings and reasonable valuations. The Fund follows an actively managed, stock-by-stock approach to select issues that provide the best risk/reward profile. |  |
PORTFOLIO MANAGEMENT PERSPECTIVE
"We believe earnings growth is the primary driver of long-term stock price appreciation. Our disciplined and price-sensitive 'intelligent growth' bottom-up approach identifies companies with consistent earnings growth, attractive valuations, and strong fundamentals, attributes which we expect to produce superior returns over time."
A WORD ABOUT RISK
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. 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 | 72387T405 | 72387T504 | 72387T603 | 72387T702 | 72387T801 |
| Nasdaq Symbol | ORILX | ORLBX | ORLCX | ORLRX | PORYX |
| Inception Date/ Performance Inception Date | 3/1/1999 | 3/1/1999 | 3/1/1999 | 3/1/1999 | 3/1/1999 |
| Total Net Assets (millions) | $50.6 | $2.9 | $19.7 | $1.1 | $12.5 |
| Initial Minimum Investment | $1,000 | $1,000 | $1,000 | $0 | $5,000,000 |
| Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Total Expense Ratio (Gross) | 1.63% | 2.66% | 2.30% | 1.96% | 1.11% |
| Total Expense Ratio (Net) | 1.20% | 2.10% | 2.10% | 1.45% | 1.11% |
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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 |
Oak Ridge Investments, LLC ("Oak Ridge") acts as the sub advisor to the Pioneer Oak Ridge Large Cap Growth Fund and Pioneer Oak Ridge Small Cap Growth Fund, under the supervision of the Pioneer Investment Management, Inc. ("PIM"). In addition, Pioneer Institutional Asset Management, Inc. ("PIAM") is a minority (49%) owner, and the sole non-employee owner, of Oak Ridge. Pioneer Funds Distributor, Inc. ("PFD") is a limited purpose broker dealer that offers sales and marketing services for the Pioneer Funds. PFD is a wholly-owned subsidiary of PIM. PIM and PIAM are wholly owned subsidiaries of Pioneer Investment Management, USA, Inc. ("PIM USA").
David M. Klaskin, Lead Portfolio Manager
Mr. Klaskin has been Chairman of Oak Ridge Investments since 1998 and Chief Executive Officer and Chief Investment Officer since 1989.
Robert G. McVicker, Portfolio Manager
Mr. McVicker has been the Director of Research at Oak Ridge Investments since 1989.
| 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.