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Pioneer Equity Opportunity Fund
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0.068
0.1933
0.102
-0.4258
0.3226
0.2545
2004-12-01
2004-12-01
2004-12-01
2004-12-01
2004-12-01
2004-12-01
0.0431
0.0444
0.0447
0.0539
0.0372
0.0394
0.1818
0.2031
0.244
0.2671
0.1182
0.1818
0.0339
0.0368
0.0374
0.0486
0.029
0.0296
<div class="MetaData"><font size="2" class="_mt"> </font>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">THE FUND'S PAST PERFORMANCE</font></p><font size="2" class="_mt"> </font></div>
<div> <div class="MetaData"><font size="2" class="_mt"> </font>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">For the period covered by the bar chart:</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">THE <font class="_mt">HIGHEST CALENDAR QUARTERLY RETURN</font> WAS 18.59% (04/01/2009 TO 06/30/2009)</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><br /><font size="2" class="_mt">THE <font class="_mt">LOWEST CALENDAR QUARTERLY RETURN </font>WAS -24.47% (10/01/2008 TO 12/31/2008)</font></p><font size="2" class="_mt"> </font></div> </div>
<font class="_mt">The bar chart does not reflect any sales charge you may pay when you buy fund shares. </font>
<div class="MetaData"><font size="2" class="_mt"> </font>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">ANNUAL RETURN CLASS A SHARES (%)<br />(Year ended December 31)</font></p><font size="2" class="_mt"> </font></div>
0.1859
2009-06-30
-0.2447
2008-12-31
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0.0025
0.01
0.01
<font class="_mt">You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $<font class="_mt">50,000</font> in Class A shares of the Pioneer funds. </font>
50000
<div class="MetaData"><font size="2" class="_mt"> </font>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">IF YOU REDEEM YOUR SHARES</font></p><font size="2" class="_mt"> </font></div>
<font class="_mt">EXAMPLE</font>
<div> <font class="_mt">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods shown and then, except as indicated, redeem all of your shares at the end of those periods. It also assumes that (a) your investment has a 5% return each year and (b) the fund's total annual operating expenses remain the same except for year one (which considers the effect of the expense limitation). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </div>
<div class="MetaData"><font size="2" class="_mt"> </font>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">IF YOU DO NOT REDEEM YOUR SHARES</font></p><font size="2" class="_mt"> </font></div>
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695
218
218
1116
841
815
1561
1490
1438
2794
3023
3117
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695
618
318
1116
1141
815
1561
1590
1438
2794
3023
3117
<font class="_mt"><font size="2" class="_mt">FEES AND EXPENSES OF THE FUND</font></font>
<div> <div class="MetaData"><font size="2" class="_mt"> </font>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><br /><font class="_mt"><font size="2" class="_mt"><font class="_mt">You may qualify for sales charge discounts if you or your family invest, or agree to invest in the future, at least $<font class="_mt">50,000</font> in Class A shares of the Pioneer funds. </font>More information about these and other discounts is available from your investment professional and in the "Sales charges" section of the prospectus beginning on page 29 and the "Sales charges" section of the statement of additional information beginning on page 58.</font></font></p><font size="2" class="_mt"> </font></div> </div>
0.0209
0.0297
0.0284
-0.0084
-0.0082
-0.0069
<font class="_mt">April 1, 2012</font>
<font class="_mt">HIGHEST CALENDAR QUARTERLY RETURN</font>
<font class="_mt">LOWEST CALENDAR QUARTERLY RETURN </font>
0.0075
0.0075
0.0075
0
0.04
0.01
0.0575
0
0
0.0125
0.0215
0.0215
<font class="_mt">INVESTMENT OBJECTIVES</font>
<div> <font class="_mt"><font class="_mt"><font size="2" class="_mt"><font class="_mt">Long-term capital growth. </font></font></font></font> </div>
<div> <font class="_mt"><font class="_mt"><font size="2" class="_mt"><font class="_mt">As a secondary objective, the fund may seek income.</font></font></font></font> </div>
<div class="MetaData"><font size="2" class="_mt"> </font>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">ANNUAL FUND OPERATING EXPENSES </font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">(expenses that you pay each year as a percentage of the value of your investment) </font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"> </font> </p><font size="2" class="_mt"> </font></div>
0.0109
0.0122
0.0109
<font class="_mt">1-800-225-6292</font>
<font class="_mt">https://us.pioneerinvestments.com/performance </font>
<font class="_mt"><font size="2" class="_mt">The bar chart and table indicate the risks and volatility of an investment in the fund by showing how the fund has performed in the past. <font class="_mt">The bar chart shows changes in the performance of the fund's Class A shares from calendar year to calendar year. The table shows the average annual total returns for each class of the fund over time and compares these returns to the returns of the Russell 2500 Index, a broad-based measure of market performance that has characteristics relevant to the fund's investment strategies. </font></font></font>
<div> <div class="MetaData">
<div>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"><font class="_mt"><font size="2" class="_mt">The bar chart and table indicate the risks and volatility of an investment in the fund by showing how the fund has performed in the past. <font class="_mt">The bar chart shows changes in the performance of the fund's Class A shares from calendar year to calendar year. The table shows the average annual total returns for each class of the fund over time and compares these returns to the returns of the Russell 2500 Index, a broad-based measure of market performance that has characteristics relevant to the fund's investment strategies. </font></font></font>You can obtain updated performance information by visiting <font class="_mt">https://us.pioneerinvestments.com/performance </font>or by calling <font class="_mt">1-800-225-6292</font>.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><br /><font class="_mt"><font size="2" class="_mt">The fund's past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</font></font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt"><font size="2" class="_mt"><font class="_mt">The bar chart does not reflect any sales charge you may pay when you buy fund shares. </font>If this amount was reflected, returns would be less than those shown.</font></font></p></div></div> </div>
<font class="_mt"><font size="2" class="_mt">The fund's past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</font></font>
<div class="MetaData"><font size="2" class="_mt"> </font>
<p><font size="2" class="_mt">AVERAGE ANNUAL TOTAL RETURN (%)</font></p>
<p><font size="2" class="_mt">(for periods ended December 31, 2010)</font></p><font size="2" class="_mt"> </font></div>
<div> <div class="MetaData"><font size="2" class="_mt"> </font>
<p><font class="_mt"><font size="2" class="_mt"><font class="_mt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </font><font class="_mt">Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font></font></font></p>
<p><font class="_mt"><font size="2" class="_mt"><font class="_mt"> After-tax returns are shown only for Class A shares. After-tax returns for Class B and Class C shares will vary</font>.</font></font></p><font size="2" class="_mt"> </font></div> </div>
<font class="_mt">Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font>
<font class="_mt"> After-tax returns are shown only for Class A shares. After-tax returns for Class B and Class C shares will vary</font>
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<font class="_mt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </font>
<div class="MetaData"><font size="2" class="_mt"> </font>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">PORTFOLIO TURNOVER</font></p><font size="2" class="_mt"> </font></div>
1
<div> <div class="MetaData"><font size="2" class="_mt"> </font>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was <font class="_mt">100</font>% of the average value of its portfolio.<br /></font></p><font size="2" class="_mt"> </font></div> </div>
2011-04-01
<div class="MetaData"><font size="2" class="_mt"> </font>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">PRINCIPAL RISKS OF INVESTING IN THE FUND</font></p><font size="2" class="_mt"> </font></div>
<font class="_mt">You could lose money on your investment in the fund. </font>
<div> <div class="MetaData"><font size="2" class="_mt"> </font>
<p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt"><font size="2" class="_mt"><font class="_mt">You could lose money on your investment in the fund. </font>As with any mutual fund, there is no guarantee that the fund will achieve its objectives. Following is a summary description of principal risks of investing in the fund.</font></font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">MARKET RISK. The values of securities held by the fund may fall due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may fall due to factors affecting a particular issuer, industry or the securities market as a whole. The stock market may perform poorly relative to other investments (this risk may be greater in the short term). The recent global financial crisis has caused a significant decline in the value and liquidity of many securities, including securities held by the fund. In response to the crisis, the U.S. Government and the Federal Reserve have taken steps to support financial markets. The withdrawal of this support could also negatively affect the value and liquidity of certain securities. In addition, legislation recently enacted in the U.S. calls for changes in many aspects of financial regulation. The impact of the legislation on the markets, and the practical implications for market participants, may not be known for some time. The fund may experience a substantial or complete loss on any individual security.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">VALUE STYLE RISK. The prices of securities the adviser believes are undervalued may not appreciate as expected or may go down. Value stocks may fall out of favor with investors and underperform the overall equity market.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><br /><font size="2" class="_mt">SMALL AND MID-SIZE COMPANIES RISK. Compared to large companies, small- and mid-size companies, and the market for their equity securities, may be more sensitive to changes in earnings results and investor expectations, have more limited product lines and capital resources, experience sharper swings in market values, have limited liquidity, be harder to value or to sell at the times and prices the adviser thinks appropriate, and offer greater potential for gain and loss.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">PORTFOLIO SELECTION RISK. The Pioneer's judgment about a particular security or issuer, or about the economy or a particular sector, region or market segment, or about an investment strategy, may prove to be incorrect.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">RISKS OF CONVERTIBLE SECURITIES. The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. A downturn in equity markets may cause the price of convertible securities to decrease relative to other fixed income securities.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">DEBT SECURITIES RISK. Factors that could contribute to a decline in the market value of debt securities in the fund's portfolio include rising interest rates,if the issuer or other obligor of a security held by the fund fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy or the credit quality or value of any underlying assets declines. Junk bonds involve greater risk of loss, are subject to greater price volatility and are less liquid, especially during periods of economic uncertainty or change, than higher quality debt securities; they may also be more difficult to value. Junk bonds have a higher risk of default or are already in default and are considered speculative.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><br /><font size="2" class="_mt">HIGH YIELD OR "JUNK" BOND RISK. Debt securities that are below investment grade, called "junk bonds," are speculative, have a higher risk of default or are already in default, tend to be less liquid and are more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">RISKS OF INVESTMENTS IN REITS. Investing in REITs involves unique risks. They are significantly affected by the market for real estate and are dependent upon management skills and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. Many real estate companies, including REITs, utilize leverage.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">RISKS OF NON-U.S. INVESTMENTS. Investing in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers. These risks are more pronounced for issuers in emerging markets or to the extent that the fund invests significantly in one region or country. These risks may include different financial reporting practices and regulatory standards, less liquid trading markets, currency risks, changes in economic, political, regulatory and social conditions, sustained economic downturns, tax burdens, and investment and repatriation restrictions. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><br /><font size="2" class="_mt">ETF RISKS. Because the fund may invest a portion of its assets in ETFs, its ability to achieve its investment objective may depend on the performance of the ETFs in which it invests. The fund is indirectly subject to all of the risks associated with an investment in the ETFs. There can be no assurance that the investment objective of any ETF will be achieved. In addition, the fund will bear a pro rata portion of the operating expenses of the ETFs in which it invests, and it is subject to business and regulatory developments affecting the ETFs.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">MARKET SEGMENT RISK. To the extent the fund emphasizes, from time to time, investments in a market segment, the fund will be subject to a greater degree to the risks particular to that segment, and may experience greater market fluctuation than a fund without the same focus.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><br /><font size="2" class="_mt">DERIVATIVES RISK. Using derivatives exposes the fund to additional risks, may increase the volatility of the fund's net asset value and may not provide the result intended. Derivatives may have a leveraging effect on the fund's portfolio. Changes in a derivative's value may not correlate well with the referenced asset or metric. The fund also may have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">LEVERAGING RISK. When the fund engages in transactions that have a leveraging effect on the fund's portfolio, the value of the fund will be more volatile and all other risks will tend to be compounded. This is because leverage generally magnifies the effect of any increase or decrease in the value of the fund's underlying assets or creates investment risk with respect to a larger pool of assets than the fund would otherwise have. Engaging in such transactions may cause the fund to liquidate positions when it may not be advantageous to do so to satisfy its obligations or meet segregation requirements. In addition, certain of the fund's investments may have embedded leverage.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">SECURITIES LENDING RISK. When lending securities in its portfolio, the fund will continue to have market risk and other risks associated with owning the securities on loan, as well as the risks associated with the investment of the cash collateral received in connection with the loan. Securities lending is also subject to the risk that the borrower fails to return a loaned security, and/or there is a shortfall on the collateral to be returned to the borrower, and the risk that the fund is unable to recall a security in time to exercise voting rights or sell the security.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">PORTFOLIO TURNOVER RISK. If the fund does a lot of trading, it may incur additional operating expenses, which would reduce performance, and could cause shareowners to incur a higher level of taxable income or capital gains.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">RISK OF INCREASE IN EXPENSES. Your actual costs of investing in the fund may be higher than the expenses shown in "Annual fund operating expenses" for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><br /><font size="2" class="_mt">Please note that there are many other factors that could adversely affect your investment and that could prevent the fund from achieving its goals.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><br /><font class="_mt"><font size="2" class="_mt"><font class="_mt">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font></font></font></p><font size="2" class="_mt"> </font></div> </div>
<font class="_mt">An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font>
<div class="MetaData"><font size="2" class="_mt"> </font>
<p><font size="2" class="_mt">PIONEER EQUITY OPPORTUNITY FUND</font></p><font size="2" class="_mt"> </font></div>
<div class="MetaData"><font size="2" class="_mt"> </font>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">SHAREOWNER FEES<br />(fees paid directly from your investment)</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"> </p><font size="2" class="_mt"> </font></div>
<div> <div style="display:none;" >~ http://www.pioneerinvestments.com/role/ScheduleShareholderFeesPioneerEquityOpportunityFund column period compact * column dei_LegalEntityAxis compact cik001301444_S000010188Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> </div>
<div class="MetaData">
<p style="margin-top: 0px; margin-bottom: 0px;"><font class="_mt"><font size="2" class="_mt">PRINCIPAL INVESTMENT STRATEGIES</font></font></p></div>
<div> <div class="MetaData"><font size="2" class="_mt"> </font>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"><font class="_mt"><font size="2" class="_mt">The fund seeks to achieve its objectives by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities. The fund invests the majority of its assets in equity securities of U.S. issuers. </font></font>The fund may invest in issuers of any capitalization. The fund's investment approach may result in significant investment in securities of small and mid cap issuers. </font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">For purposes of the fund's investment policies, equity securities include common stocks, debt convertible to equity securities and other equity instruments, such as exchange-traded funds (ETFs) that invest primarily in equity securities, depositary receipts, warrants, rights, equity interests in real estate investment trusts (REITs) and preferred stocks.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">The fund may invest in investment grade and below investment grade convertible bonds and preferred stocks that are convertible into the equity securities of the issuer. The fund's investments in convertible securities will not exceed 25% of its total assets.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><br /><font size="2" class="_mt">The fund may invest up to 20% of its total assets in debt securities, including up to 20% in below investment grade (high yield) debt securities and preferred stocks. The fund's investments in high yield securities may be convertible into the equity securities of the issuer. Debt securities rated below investment grade are commonly referred to as "junk bonds." The fund invests in securities with a broad range of maturities. </font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">The fund may invest up to 10% of its total assets in equity and debt securities of non-U.S. issuers, including securities of emerging markets issuers. </font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt"> </font> </p>
<p style="margin-top: 0px; margin-bottom: 0px;"><font size="2" class="_mt">The fund may use derivatives for a variety of purposes, including as a hedge against adverse changes in the market prices of securities, interest rates or currency exchange rates; as a substitute for purchasing or selling securities; and to increase the fund's return as a non-hedging strategy that may be considered speculative. The fund also may hold cash or other short-term instruments.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><br /><font size="2" class="_mt">The fund may lend securities in its portfolio to earn additional income. The fund may lend up to 33 1/3% of its total assets. Any income realized through securities lending may help fund performance.</font></p>
<p style="margin-top: 0px; margin-bottom: 0px;"><br /><font size="2" class="_mt">The fund's investment adviser uses a value approach to select the fund's investments to buy and sell. The adviser seeks to identify securities that are selling at reasonable prices or substantial discounts to their underlying values and then holds these securities until the market values reflect their intrinsic values, while also benefiting from their incremental yields. The adviser evaluates a security's potential value, including the attractiveness of its market valuation, based on the company's assets and prospects for earnings growth. In making that assessment, the adviser employs fundamental research and an evaluation of the issuer based on its financial statements and operations.The adviser also considers a security's potential to provide income.</font></p><font size="2" class="_mt"> </font></div> </div>
<font class="_mt"><font size="2" class="_mt">The fund seeks to achieve its objectives by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities. The fund invests the majority of its assets in equity securities of U.S. issuers. </font></font>
The fund's investment adviser has contractually agreed to limit ordinary operating expenses to the extent required to reduce fund expenses to 1.25%, 2.15% and 2.15% of the average daily net assets attributable to Class A, Class B and Class C shares, respectively. These expense limitations are in effect through April 1, 2012. There can be no assurance that the adviser will extend the expense limitations beyond such time.While in effect, the arrangement may be terminated for a class only by agreement of the adviser and the Board of Trustees.