| Strategy |
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FUND STRATEGY The Fund seeks capital growth by investing primarily in equity securities of small-capitalization companies. It offers an opportunity for capital appreciation by investing in reasonably priced equity securities of companies that management believes have above average growth potential. |  |
PORTFOLIO MANAGEMENT PERSPECTIVE
"We employ a strictly bottom-up, disciplined fundamental investment style. We take a "growth at a reasonable price" approach, while favoring strong companies that offer more than just high growth rates. In addition, we believe attention to valuation will help to manage volatility."
Fund commentary with performance analysis
A WORD ABOUT RISK
Investments in small companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than larger, more established companies. 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 | 72387W408 | 72387W507 | 72387W606 | 72387W739 | 72387W762 |
| Nasdaq Symbol | PGOFX | GOFBX | GOFCX | PGRRX | GROYX |
| Inception Date/ Performance Inception Date | 9/30/1996 | 9/30/1996 | 4/30/2000 | 12/13/2004 | 9/30/1996 |
| Total Net Assets (millions) | $460.7 | $9.6 | $41.8 | $8.0 | $34.6 |
| Initial Minimum Investment | $1,000 | $1,000 | $1,000 | $0 | $5,000,000 |
| Management Fee | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Gross Expense Ratio | 1.25% | 2.68% | 2.11% | 1.60% | 0.76% |
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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 |
Marco Pirondini, Portfolio Manager
Mr. Pirondini, Executive Vice President, Head of Equities U.S., joined Pioneer in 2000 and has served as a portfolio manager of the fund since 2013. From 2004 until 2010, he was Global Chief Investment Officer of Pioneer Investments, overseeing equity, fixed income, balanced and quantitative portfolio management and quantitative and fundamental research divisions.
Shaji John, Portfolio Manager
Mr. John, a vice president, joined Pioneer in 2011 from JT Venture Partners, LLC where he was managing general partner from 2000 to 2011. Mr. John has served as portfolio manager of the fund since 2013.
Effective April 1, 2013, Marco Pirondini and Shaji John assumed management of the Fund, replacing Brian Stack.
| 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.