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Pioneer Core Equity Fund

Highlights

  • Diversified large-cap equity portfolio of best ideas from Pioneer's sector and industry analysts

  • Disciplined, valuation-oriented investment process that is actively and fundamentally research driven

  • Managed by a team of experienced career research analysts, each specializing in specific sectors and industries

  • Rigorous analysis based on proprietary financial models

  • Accountability through portfolio management for the analysts


Strategy

FUND STRATEGY

The Fund seeks long-term capital growth by investing primarily in U.S. large-cap equity securities and diversifying across a broad range of market sectors. It employs a valuation conscious approach, one that focuses on the quality and price of individual securities, while following a research-based investment strategy to select stocks with above average growth potential.

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


PORTFOLIO MANAGEMENT PERSPECTIVE

"We've designed this 'best ideas' fund to tap the expertise of Pioneer's industry and sector analysts. Detailed financial models, rigorous fundamental research, and valuation judgments drive stock selection while the portfolio is kept sector-neutral to the S&P 500 Index. Managers then choose securities that are highly ranked by the research team and selling at reasonable prices or substantial discounts to their underlying values."

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.


Fund Facts

As of July 31, 2015

(load waived) (load adjusted)
Overall Morningstar RatingTM
(out of 1394 large blend funds)

Morningstar proprietary ratings reflect risk-adjusted performance as of 7/31/15

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 Core Equity Fund was rated exclusively against U.S.-domiciled large blend funds as follows: 3, 3 and 4 stars (load waived) and 2, 3 and 3 stars (load adjusted) among 1394, 1234 and 867 funds for the three-, five-, and 10-year periods ended 7/31/15, 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.

ClassA SharesC SharesY Shares*
CUSIP724010103724010301724010509
Nasdaq SymbolPIOTXPCOTXPVFYX
Inception Date/
Performance Inception Date
11/18/199911/19/199911/18/1999
Total Net Assets (millions)$1,571.0$14.9$63.7
Initial Minimum Invest. (A)$1,000$1,000$5,000,000
Management Fee0.50%0.50%0.50%
Gross Expense Ratio0.94%1.81%0.63%

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 July 31, 2015

Average P/E (Trailing)25.3
Weighted Avg. Mkt. Capitalization (millions)$116,428
Median Market Capitalization (millions)$34,354
Total Holdings70
Turnover57%

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


Craig Sterling, Portfolio Manager
Mr. Sterling, a Senior Vice President and Head of Equity Research, U.S., joined Pioneer in May 2015. Effective May 29, 2015, Craig Sterling became a portfolio manager for the Fund.
John Peckham, Portfolio Manager
Mr. Peckham, a senior vice president, joined Pioneer in 2002 and has been an investment professional since that time.
James Moynihan, Portfolio Manager
Mr. Moynihan, a vice president and senior equity analyst, joined Pioneer in 2007 and has been an investment professional since 1986.



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 © 2015 Pioneer Investments.