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Pioneer Disciplined Growth Fund


Strategy

FUND STRATEGY

The fund seeks long-term capital growth through an investment approach which includes fundamental and quantitative analysis, investing in a portfolio comprised primarily of U.S. large-cap growth stocks.


PORTFOLIO MANAGEMENT PERSPECTIVE

"The true benefit of this Fund is that it combines focused fundamental and quantitative research, allowing us to better identify the most attractive growth investment opportunities which may offer the potential for superior returns over time."

Fund commentary with performance analysis

A WORD ABOUT RISK

Investments in 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. 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.


Fund Facts

As of April 30, 2015

(load waived) (load adjusted)
Overall Morningstar RatingTM
(out of 1577 funds in the Large Growth Category)

Morningstar proprietary ratings reflect risk-adjusted performance as of 4/30/15

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 Disciplined Growth Fund was rated exclusively against U.S.-domiciled large growth funds as follows: 4 and 4 stars (load waived) and 3 and 3 stars (load adjusted) among 1577 and 1357 funds for the three- and five-year periods ended 4/30/15, 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. Morningstar is not responsible for any damages or losses arising from any use of this information. 2015 Morningstar, Inc. All Rights Reserved.

Class A SharesC SharesY Shares*
CUSIP 723922100723922308723922407
Nasdaq Symbol PINDXINDCXINYDX
Inception Date/
Performance Inception Date
12/15/20057/16/200812/15/2005
Total Net Assets (millions) $1,031.8$24.6$28.2
Initial Minimum Invest. (A) $1,000$1,000$5,000,000
Management Fee 0.65%0.65%0.65%
Gross Expense Ratio 1.18%2.04%0.75%

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.


Portfolio Characteristics

As of April 30, 2015

Average P/E (Trailing) 27.6
Weighted Avg. Mkt. Capitalization (millions) $144,373
Median Market Capitalization (millions) $49,211
Total Holdings 51
Turnover 47%

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


Paul Cloonan, Lead Portfolio Manager
Mr. Cloonan, senior vice president, joined Pioneer in 1997.
Ace Savla, Portfolio Manager
Mr. Savla, vice president and senior quantitative research analyst, joined Pioneer in 2003.
Carol Lintz, Portfolio Manager
Ms. Lintz, vice president and senior equity analyst, joined the Equity Research department in 2006.



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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