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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 September 30, 2014

ClassA SharesB SharesC SharesY Shares*
CUSIP723922100723922506723922308723922407
Nasdaq SymbolPINDXINDBXINDCXINYDX
Inception Date/
Performance Inception Date
12/15/200512/15/20057/16/200812/15/2005
Total Net Assets (millions)$979.4$7.0$20.1$19.5
Initial Minimum Investment$1,000$1,000$1,000$5,000,000
Management Fee0.65%0.65%0.65%0.65%
Expense Ratio (Gross)1.26%2.75%2.25%0.95%
Expense Ratio (Net)1.25%2.15%2.15%0.90%

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 1/1/2015, 1/1/2015, 1/1/2015 and 1/1/2015 for Class A, B, C and Y 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 September 30, 2014

Average P/E (Trailing)27.5
Weighted Avg. Mkt. Capitalization (millions)$141,472
Median Market Capitalization (millions)$53,427
Total Holdings50
Turnover54%

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


Paul Cloonan, Lead Portfolio Manager
Mr. Cloonan, senior vice president and Co-Head of Equity Research-U.S., joined Pioneer in 1997 and is responsible for coverage of semiconductor and media sectors.
Ace Savla, Portfolio Manager
Mr. Savla, vice president and senior quantitative research analyst, joined Pioneer in 2003 and focuses on the development and implementation of quantitative models and portfolio construction techniques.
Carol Lintz, Portfolio Manager
Ms. Lintz, a Fundamental Research Analyst, joined the Equity Research department in 2006 to cover the analysis of the Consumer ex Media sector, specializing in the food, beverage, household products, personal care and tobacco industries.



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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