| 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. |  |
MANAGER'S 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."
Paul Cloonan, Portfolio Manager
Timothy Foley, Portfolio Manager
Bradley Galko, Portfolio Manager
Kim Galle, Portfolio Manager
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 June 30, 2010
| Class | A Shares | B Shares | C Shares | Y Shares* |
| CUSIP | 723865101 | 723865200 | 723865309 | 723865408 |
| Nasdaq Symbol | PATMX | PBTMX | PCTMX | PRFYX |
| Inception Date | 11/18/1999 | 11/18/1999 | 11/19/1999 | 11/18/1999 |
| Total Net Assets (millions) | $11.6 | $3.3 | $1.3 | $40.0 |
| Initial Minimum Investment | $1,000 | $1,000 | $1,000 | $5,000,000 |
| Management Fee | 0.65% | 0.65% | 0.65% | 0.65% |
| Total Expense Ratio (Gross) | 1.62% | 2.54% | 2.50% | 0.97% |
| Total Expense Ratio (Net) | 1.25% | 2.15% | 2.15% | 0.97% |
|
Initial minimum investment amounts for retirement plans are lower. |
| Portfolio Characteristics |
As of June 30, 2010
| Average P/E (Trailing) | 18.0 |
| Weighted Avg. Mkt. Capitalization (millions) | $67,719 |
| Median Market Capitalization (millions) | $16,904 |
| Total Holdings | 100 |
| Turnover | 90% |
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 |
Paul Cloonan, Portfolio Manager
Mr. Cloonan, vice president and Head of Equity Research-U.S., is responsible for coverage of semiconductor and media sectors.
Timothy Foley, Portfolio Manager
Mr. Foley, vice president and analyst, is responsible for coverage of the U.S. diversified financials sector.
Bradley Galko, Portfolio Manager
Mr. Galko, vice president and senior analyst, is responsible for coverage of the capital goods sector.
Kim Galle, Portfolio Manager
Mr. Galle, vice president and analyst, is responsible for coverage of the retail sector.
| 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 containing this information. Read it carefully. To obtain a free prospectus and for information on any Pioneer fund, please download from our web site.