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Pioneer Fund

Highlights

  • Actively managed large-cap equity fund focused on high quality stocks of well established companies

  • Long-term value-oriented, risk-managed investment approach since 1928

  • Consistent portfolio management. John Carey, an industry veteran for over 30 years and 4th manager in the Fund's 80+ year history, has managed the fund since 1986

  • Impressive long-term track record; historically low portfolio turnover under 25% since 1996

  • Socially responsible tradition of trying to avoid the stocks of companies whose primary business is alcohol or tobacco

Pioneer Fund manager's commentary


Strategy

FUND STRATEGY

The Fund seeks reasonable income and capital growth by investing primarily in the equity securities of U.S. companies. The Fund diversifies across all sectors of the S&P 500 Index using an actively managed, bottom-up approach that seeks under-valued, high quality stocks of well established companies in well established businesses.

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


PORTFOLIO MANAGEMENT PERSPECTIVE

"We are long-term investors in high-quality large-cap companies. We invest in companies with attractive long-term growth and income potential at points in time when their stocks are temporarily out of favor, possibly profiting both from the market's subsequently recognizing their value and the companies' own ability to create shareholder value."

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. These risks may increase share price volatility.


Fund Facts

As of March 31, 2014

ClassA SharesB SharesC SharesR SharesY Shares*
CUSIP723682100723682209723682308723682506723682407
Nasdaq SymbolPIODXPBODXPCODXPIORXPYODX
Inception Date/
Performance Inception Date
2/13/19287/1/19967/1/19962/13/19282/13/1928
Total Net Assets (millions)$4,655.5$26.3$160.6$73.6$316.2
Initial Minimum Investment$1,000$1,000$1,000$0$5,000,000
Management Fee0.50%0.50%0.50%0.50%0.50%
Gross Expense Ratio1.01%2.27%1.80%1.33%0.66%

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 March 31, 2014

Average P/E (Trailing)21.6
Weighted Avg. Mkt. Capitalization (millions)$90,615
Median Market Capitalization (millions)$34,183
Total Holdings127
Turnover7%

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


John A. Carey, Portfolio Manager
Mr. Carey is an executive vice president at Pioneer. He joined Pioneer as an analyst in 1979.
Walter Hunnewell, Jr., Portfolio Manager
Mr. Hunnewell is a vice president at Pioneer. He joined the company in August 2001 and has been an investment professional since 1985.



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.