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Pioneer Fundamental Growth Fund

Highlights

  • Large­cap growth fund investing in companies that management believes offer superior free cash flow growth at the right price, to help pursue long­term growth

  • Strong stock selection process based on detailed fundamental and quantitative analysis, seeking growth companies with superior sales and cash flow growth, above­average returns on capital, and justifiable valuations

  • Dedicated management team with over 25 years of combined investment experience, supported by Pioneer's global equity research team

Pioneer Fundamental Growth Fund manager's commentary


Strategy

FUND STRATEGY

The Fund seeks long-term capital growth by investing primarily in the equity securities of U.S. companies that management believes have better than average growth potential. The Fund's managers employ a disciplined, bottom-up process for security identification and selection, and then apply state-of-the-art portfolio construction techniques to ensure appropriate diversification and risk levels.

Diversification does not ensure a profit or protect against loss in a declining market.


PORTFOLIO MANAGEMENT PERSPECTIVE

"The pursuit of under-priced stocks has as much validity in growth investing as it does in value investing. That's why we are careful to select stocks with strong free cash flow growth that has not yet been reflected in their price."

A WORD ABOUT RISK

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 October 31, 2014

ClassA SharesB SharesC SharesR SharesY Shares*
CUSIP723695102723695201723695300723695508723695409
Nasdaq SymbolPIGFXFUNBXFUNCXPFGRXFUNYX
Inception Date/
Performance Inception Date
8/22/200212/15/200512/15/20058/22/20028/22/2002
Total Net Assets (millions)$695.5$3.1$200.0$32.6$1,008.2
Initial Minimum Investment$1,000$1,000$1,000$0$5,000,000
Management Fee0.63%0.63%0.63%0.63%0.63%
Expense Ratio (Gross)1.13%2.18%1.83%1.39%0.82%
Expense Ratio (Net)1.09%2.15%1.83%1.39%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 8/1/2015 and 8/1/2015 for Class A and B Shares, respectively. 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 October 31, 2014

Average P/E (Trailing)23.8
Weighted Avg. Mkt. Capitalization (millions)$142,678
Median Market Capitalization (millions)$58,466
Total Holdings41
Turnover21%

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


Andrew Acheson, Portfolio Manager
Mr. Acheson is a senior vice president at Pioneer Investments. He joined Pioneer as a portfolio manager in 2001 and has been an investment professional since 1994.
Paul Cloonan, Portfolio Manager
Mr. Cloonan is a senior vice president and Co-Head of Equity Research-U.S. He joined Pioneer in 1997 and has been an investment professional since that time.



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 © 2014 Pioneer Investments.