Fund Description

The fund was incepted in July 1990 and is managed by Pioneer Investment Management. The objective of this fund is capital appreciation by investing in a diversified portfolio of securities consisting primarily of common stocks. The fund invests at least 80% of its assets in equity securities of mid-size companies, that is, companies with market values within the range of market values of companies included in the Standard and Poor's Mid Cap 400 Index. The fund's investment adviser uses a value approach to select the fund's investments. Using this investment style, the fund seeks securities selling at substantial discounts to their underlying values and then holds these securities until the market values reflect their intrinsic values. The fund offers dividends in December. Capital gains are distributed in November.