| Highlights |
- Diversified across a variety of large-cap companies in a variety of industries
- Invests in quality, financially sound, undervalued largecap companies to enhance return potential while managing risk
- Longterm, value-oriented approach employs fundamental, bottomup research
- Portfolio Manager Rod Wright seeks to invest in a broad list of carefully selected, reasonably priced securities with promising growth potential, rather than in securities whose prices reflect a premium resulting from current market popularity
| Strategy |
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FUND STRATEGY The Fund seeks to provide reasonable income and capital growth by investing in primarily large-cap equity securities. The Fund takes a value-oriented approach to investing across a wide spectrum of companies and industries, while employing a fundamental research-driven process. Up to 25% of the portfolio may be invested in the equity securities of non-U.S. companies. |  |
PORTFOLIO MANAGEMENT PERSPECTIVE
"We use a bottom-up approach to identify companies that trade at discounts to intrinsic value with catalysts to close the valuation gap over a reasonable time period."
Fund commentary with performance analysis
A WORD ABOUT RISK
Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. 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 April 30, 2013
| Class | A Shares | B Shares | C Shares | Y Shares* |
| CUSIP | 724010103 | 724010202 | 724010301 | 724010509 |
| Nasdaq Symbol | PIOTX | PBOTX | PCOTX | PVFYX |
| Inception Date/ Performance Inception Date | 9/30/1969 | 7/1/1996 | 7/1/1996 | 9/30/1969 |
| Total Net Assets (millions) | $1,406.4 | $2.3 | $4.7 | $8.6 |
| Initial Minimum Investment | $1,000 | $1,000 | $1,000 | $5,000,000 |
| Management Fee | 0.49% | 0.49% | 0.49% | 0.49% |
| Gross Expense Ratio | 0.99% | 2.65% | 2.10% | 0.61% |
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Initial minimum investment amounts for retirement plans are lower. |
| Portfolio Characteristics |
As of April 30, 2013
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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 |
Ned Shadek, Jr., Portfolio Manager
Mr. Shadek, a senior vice president, joined Pioneer in January 2012 and has over 20 years of investment experience.
John Peckham, Portfolio Manager
Mr. Peckham, senior vice president and Co-Head of Equity Research-U.S., joined Pioneer in 2002 as an Equity Analyst and has served as Head of Global Fundamental Research and as portfolio manager.
| 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.