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Pioneer Fundamental Growth Fund


  • 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



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 assure a profit or protect against loss.


"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 we believe has not yet been reflected in their price."


Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. 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 May 31, 2016

(load waived) (load adjusted)
Overall Morningstar RatingTM
(out of 1467 funds in the Large Growth Category)

Morningstar proprietary ratings reflect risk-adjusted performance as of 5/31/16

The Overall Morningstar RatingTM is based on a weighted average of the star ratings assigned to a fund's three, five, and ten year (as applicable) time periods. The Morningstar Category identifies funds based on their underlying portfolio holdings. Classifications are based on portfolio statistics and compositions over the past three years. For funds less than three years old, category classifications are based on life of the fund. Pioneer Fundamental Growth Fund was rated exclusively against U.S.-domiciled large growth funds as follows: 4, 5 and 5 stars (load waived) and 3, 4 and 5 stars (load adjusted) among 1467, 1288 and 932 funds for the three-, five-, and 10-year periods ended 5/31/16, respectively. The Morningstar Rating is for Class A Shares only. Morningstar Load Waived ratings do not take into account Class A sales charges. Ratings may vary among share classes and are based on past performance, which is no guarantee of future results.

Please see a prospectus for complete information pertaining to load waived eligibility (such as large purchases or certain types of group plan participants). For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2, or 1 star, respectively. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Each fund is rated exclusively against U.S. domiciled funds. The following copyright pertains only to Morningstar information. The Morningstar information contained herein 1) is proprietary to Morningstar; 2) may not be copied; and 3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 2016 Morningstar, Inc. All Rights Reserved.

ClassA SharesC SharesK SharesR SharesY Shares*
Inception Date/
Performance Inception Date
Total Net Assets (millions)$1,066.1$384.0$134.7$87.1$2,193.1
Initial Minimum Invest.$1,000$1,000$5,000,000$0$5,000,000
Management Fee0.63%0.63%0.63%0.63%0.63%
Expense Ratio (Gross)1.13%1.79%0.69%1.52%0.80%
Expense Ratio (Net)1.09%1.79%0.69%1.40%0.80%

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 8/1/2016 and 8/1/2016 for Class A and R 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 May 31, 2016

Average P/E (Trailing)34.6
Weighted Avg. Mkt. Capitalization (millions)$159,908
Median Market Capitalization (millions)$81,066
Total Holdings42

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

Andrew Acheson, Portfolio Manager
Mr. Acheson, a senior vice president, joined Pioneer in 2001 and has been an investment professional since 1994.
Paul Cloonan, Portfolio Manager
Mr. Cloonan, a senior vice president, 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 © 2016 Pioneer Investments.