- The Fund's actively managed approach is not constrained by benchmark weightings, allowing the flexibility to pursue opportunities across a broad range of capitalizations and styles
- A research-driven, value-oriented investment process combines a top-down, industry-focused approach with a bottom-up security selection process; the result is an emphasis on leading companies in improving industries
- Portfolio Manager Timothy Horan leads the Fund and brings nearly 15 years of investment experience with significant experience investing in value stocks across all capitalization ranges.
The Fund seeks long-term capital growth by investing primarily in the equity securities of U.S. companies. As a secondary objective, the Fund may seek income. With the flexibility to invest in a broad range of industries and companies, it uses a distinctive, industry-focused investment approach.
PORTFOLIO MANAGEMENT PERSPECTIVE
"We believe that our value approach to equity investing can identify opportunities for above-average returns. Our primary focus is bottom-up stock selection, and we are able to employ a flexible investment approach which is unrestricted by marketing capitalization or style requirements."
A WORD ABOUT RISK
Investing in small and 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. 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. When interest rates rise, the prices of fixed-income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the Fund will generally rise. Investments in the Fund are subject to possible loss due to the financial failure of underlying securities and their inability to meet their debt obligations. Prepayment risk is the chance that mortgage-backed bonds will be paid off early if falling interest rates prompt homeowners to refinance their mortgages. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation associated with falling interest rates. Investments in high yield or lower-rated securities are subject to greater-than-average risk. These risks may increase share price volatility.
As of February 28, 2013
|Class||A Shares||B Shares||C Shares|
Performance Inception Date
|Total Net Assets (millions)||$12.4||$1.3||$5.1|
|Initial Minimum Investment||$1,000||$1,000||$1,000|
|Total Expense Ratio (Gross)||1.89%||2.85%||2.63%|
|Total Expense Ratio (Net)||1.25%||2.15%||2.15%|
Initial minimum investment amounts for retirement plans are lower.
As of February 28, 2013
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.
|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.