OVERVIEW
Pioneer Fundamental Growth Fund
High quality focus mitigates downside risk
As of 9/30/16
Class A: PIGFX Class C: FUNCX Class K: PFGKX Class R: PFGRX Class Y: FUNYX
us.pioneerinvestments.com
Philosophy/Approach
Overall Morningstar RatingTM
We believe a portfolio of companies that have sustainable competitive advantages, earn high
returns on growth capital, demonstrate consistent growth and sell at a discount to their
intrinsic value can outperform the broader market over time with less risk.
HHHH Class Y Share
HHHHH Class A Share (LW)
HHHH Class A Share (LA)
• S
ustainable competitive advantage – We look for companies with an economic moat, which
creates a barrier to the competition and the potential for above average returns.
LW: Load-Waived
LA: Load-Adjusted
• H
igh returns on growth capital – Growth capital is capital a company uses to grow its
business versus simply maintaining it. A high return on growth capital is an indication that
a company is growing profitably and not simply for the sake of growth.
(out of 1,482 funds in the Large
Growth Category as of 9/30/16)
• C
onsistent growth – A company must not only have a track record of growth, but also must
be able to sustain it. We look for an identifiable tailwind, such as increased spending on
pharmaceuticals due to an aging population.
Benchmark
Russell 1000® Growth Index
Portfolio Management
Andrew Acheson, SVP
Portfolio Manager
Low Volatility with Attractive Risk-Adjusted Returns
• Joined Pioneer in 1999
• Investment experience
since 1994
For growth investors who fear the effects of volatile markets, Pioneer Fundamental Growth
Fund offers an attractive track record of risk and reward.
Paul Cloonan, SVP, CFA
Portfolio Manager
Pioneer Fundamental Growth Fund Risk/Return Profile (as of 9/30/16)
Downside Capture
Standard Deviation
• Joined Pioneer in 1997
• Investment experience
since 1994
Sharpe Ratio
Quartiles
1st
Symbols/Expense Ratio
2nd
Median
3rd
4th
3-Year
Fund Rank
✦
13%
5-Year 10-Year
11%
1%
3-Year
13%
Pioneer Fundamental Growth Fund – Y Shares 5-Year 10-Year
5%
✦
1%
3-Year
5%
5-Year 10-Year
3%
1%
Morningstar Large Growth Category Average
Source: Morningstar as of 9/30/16. Past performance is no guarantee of future results. See full performance
data on page 2.
Downside Capture is a measure of relative performance versus an index during those quarters when the index had
only negative returns. A down market ratio of 90% suggests outperformance of the index by 10% during quarters with
negative returns. Standard deviation is a statistical measure of the historical volatility of a portfolio; a lower standard
deviation indicates historically less volatility. Sharpe Ratio is a risk-adjusted measure calculated to determine reward
per unit of risk. It uses a standard deviation and excess return. The higher the Sharpe Ratio, the better the portfolio’s
historical risk-adjusted performance.
Gross
Net
A: PIGFX*
1.11%
1.09%
C: FUNCX
1.77%
1.77%
K: PFGKX
0.67%
0.67%
R: PFGRX*
1.43%
1.40%
Y: FUNYX
0.79%
0.79%
*C
ontractual expense limits currently in
effect through 8/1/2017 for Class A
and R shares.
Fund Overview | Pioneer Fundamental Growth Fund
High Exposure to Wide Moat Companies
The idea of an economic moat refers to how likely companies are to keep competitors at bay for an extended period.* We believe one
of the keys to finding attractive long-term investments is buying companies that seek to stay one step ahead of their competitors.
We attempt to capture this characteristic, the strength and sustainability of a firm’s competitive advantage, with the economic
moat rating.
The Wide Moat Effect
% of Wide Moat Holdings
80
Our Attributes of Economic Moats
70
60
62%
50
40
Efficient Scale
When a firm enjoys economies of scale in areas like manufacturing, sales
and marketing, it can be pretty tough for a competitor to catch up.
Low-Cost Producer
The ability to produce products or services at a lower cost than competitors
is an advantage that is especially potent in commodity industries.
Intangible Assets such
as Brand, Patents
Companies can generate above average profits when a brand or the
government protects their products or services from competition.
High Customer
Switching Costs
If you can make it tough for your customers to use a competitor, it is usually
easy to increase prices year after year, which may lead to higher profits.
The Network Effect
This is a relatively rare, but potentially quite potent, source of competitive
advantage, and often accrues by the first mover in an emerging technology.
Because a network’s value increases as more people use it, the company
that created the network can create a massive economic moat.
30
20
10
19%
0
Russell
1000® Growth
Index
Pioneer
Fundamental
Growth Fund
Source: Morningstar. Data as of 9/30/16. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike mutual fund returns, do not reflect any
fees or expenses associated with a mutual fund. It is not possible to invest directly in an index.
* Moat is a perceived competitive advantage that one company has over other companies in the same industry. The wider the moat, the larger and more sustainable the
competitive advantage. By having a well-known brand name, pricing power and a large portion of market demand, a company with a wide moat may possess characteristics that act as barriers against other companies wanting to enter into the industry.
A Competitive Large Growth Performer
Average Annual Total Returns
as of 9/30/16
YTD
1-Year
3-Year
5-Year
Y Shares
3.77%
11.37%
12.16%
16.32%
9.30%
A Shares (NAV)
3.48%
11.00%
11.81%
15.96%
9.01%
A Shares (POP)
-2.49%
4.64%
9.61%
14.61%
8.37%
Benchmark: Russell 1000® Growth Index
6.00%
13.76%
11.83%
16.60%
8.85%
Morningstar Large Growth Category Average
3.41%
10.43%
9.23%
14.98%
7.52%
10-Year
Gross expense ratio (A): 1.11%. Net expense ratio (A): 1.09%. Gross expense ratio (Y): 0.79%. Contractual expense waiver for A shares expires 8/1/17.
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance
may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no
guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or
less than their original cost.
Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.
NAV results represent the percent change in net asset value per share. Public Offering Price reflects deduction of maximum 5.75% sales charge.
All results are historical and assume the reinvestment of dividends and capital gains. Performance for periods prior to the inception of Class Y shares (on 4/8/09)
reflects the NAV performance of the Fund’s Class A Shares. The performance does not reflect differences in expenses, including the 12b-1 fees applicable to Class A
Shares. Since fees for Class A shares are generally higher than those of Class Y, the performance shown for the Class Y shares prior to their inception would have been
higher. Other share classes are available for which performance and expenses will differ.
Performance results reflects any applicable expense waivers in effect during the periods shown. Without such waivers, fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus
and financial statements for more information.
2
Fund Overview | Pioneer Fundamental Growth Fund
Analysis of Return on Growth Capital Drives Stock Selection
Companies invest capital to maintain and grow their businesses. While return on capital is useful in assessing current
profitability, we believe return on growth capital provides the best insight into future potential growth and profitability.
To illustrate this concept, below is a hypothetical example: ABC Food Trucks
2014
2015
•ABC opened in 2014 with four trucks
•Total investment cost of $1.2M, or $300k per truck
•ABC had cash flow to invest in the business because of a
high return on capital in 2014
•Full year profit was $600k
•ABC added one additional truck at a cost of $300k
•Return on capital was 50%, which is the total profit ($600k) divided
by the total investment ($1.2M)
•Profit from the initial four trucks remained at $600k
•Profit from the fifth truck was $180k, due to prime location
•Full year profit of $780k
•Return on capital was 52%
•Return on growth capital was 60%, which is profit from the fifth
truck ($180k) divided by the cost of an additional truck ($300k)
Number of Trucks
Investment per Truck
Total Investment
Profit (from initial four trucks)
Profit (from the fifth truck)
Total Profit
2014
2015
Four
Five
$300,000
$300,000
$1,200,000
$1,500,000
$600,000
$600,000
N/A
$180,000
$600,000
$780,000
Return on Capital
50%
52%
Return on Growth Capital
N/A
60%
By generating a high return on growth capital in 2015, we believe ABC Food Trucks can expand at a faster rate in 2016
than it could have if returns were lower. The portfolio management team of Pioneer Fundamental Growth Fund focuses on
identifying companies that generate high returns on growth capital, which is a differentiator from other growth funds.
For illustrative purposes only. Not meant to represent an investment of the Fund.
High Conviction Approach
The Fund currently invests in 39 stocks (as of 9/30/16) that we believe best meet our investment criteria of having a sustainable
competitive advantage, high returns on growth capital and consistent growth. We believe this high conviction approach to
investing reduces overall risk by avoiding lower quality companies that have a greater likelihood of succumbing to competitive
threats or allocating capital unwisely.
The Fund’s lower risk profile is evidenced by a lower standard deviation and downside capture than the Russell 1000® Growth
Index and its peer group over 5- and 10-year periods. As part of its risk management strategy, the Fund limits industry
weightings to 25% and limits position sizes at purchase.
3
Fund Overview | Pioneer Fundamental Growth Fund
Highly Rated by Morningstar
Morningstar Ratings
As of 9/30/16
Pioneer Fundamental Growth Fund – A
Pioneer Fundamental Growth Fund – Y
Morningstar Rankings
Large Cap Growth Funds
Load-Waived
3-Year
Load-Adjusted
★★★★★
★★★
★★★★★
Load-Waived
5-Year
Load-Adjusted
★★★★
★★★
★★★★
10-Year
Load-Waived
Load-Adjusted
★★★★★ ★★★★★
★★★★★
1-Year
Rank/Fund Universe
3-Year
Rank/Fund Universe
5-Year
Rank/Fund Universe
10-Year
Rank/Fund Universe
Pioneer Fundamental Growth Fund – A
45%
(726/1629)
11%
(162/1482)
30%
(385/1285)
15%
(136/924)
Pioneer Fundamental Growth Fund – Y
39%
(639/1629)
8%
(113/1482)
22%
(276/1285)
11%
144/1306
Source: Morningstar
Past performance does not guarantee future results. The Overall Morningstar Rating™ is based on a weighted average of the star ratings assigned to a fund’s three-,
five-, and ten-year (as applicable) time periods. Ratings and rankings 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). Morningstar load-waived ratings
are based on the standard Morningstar rating methodology with the exception that they are recalculated without the effects of the front load sales charge. Morningstar
proprietary ratings reflect risk-adjusted performance as of 9/30/16. 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. The top 10% of funds in each category receive 5 stars, the next 22.5%
receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (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.) Ratings are Class A and Y shares only; ratings for other classes
will vary.
A Word About Risk
Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic and political conditions. 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. These risks may increase share price volatility.
The Russell 1000® Growth Index measures the performance of large-cap US growth stocks. Indices are unmanaged and their returns assume reinvestment of dividends
and, unlike mutual fund returns, do not reflect any fees or expenses associated with a mutual fund. It is not possible to invest directly in an index. The Morningstar
(MSTAR) Large Growth Category Average measures the performance of funds in the large-cap universe. Indices are unmanaged and their returns assume reinvestment of
dividends and, unlike mutual fund returns, do not reflect any fees or expenses associated with a mutual fund. It is not possible to invest directly in an index. The following
copyright pertains only to the 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. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of
this information. © 2016 Morningstar, Inc. All Rights Reserved.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments
for a prospectus containing this information. Read it carefully. To obtain a prospectus or summary prospectus and for other information on
any Pioneer fund, call 1-800-225-6292 or visit our web site at us.pioneerinvestments.com.
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 financial needs, goals and risk tolerance. For assistance in determining your financial situation, please consult an investment professional.
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