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.

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 May 31, 2013

Class	A Shares	B Shares	C Shares	Y Shares*
CUSIP**	724010103	72401202	724010301	724010509
Nasdaq Symbol**	PIOTX	PBOTX	PCOTX	PVFYX
Inception Date/ Performance Inception Date	11/18/1999	11/18/1999	11/19/1999	8/10/2004
Total Net Assets (millions)	$27.8	$.9	$4.9	$35.5
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)	1.59%	2.58%	2.31%	1.02%
Total Expense Ratio (Net)	1.25%	2.15%	2.15%	1.02%

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. ** As of June 7, 2013 The Net Expense ratio reflects contractual expense limitations currently in effect through 5/1/2014, 5/1/2014 and 5/1/2014 for Class A, B and C Shares, respectively. There can be no assurance that Pioneer will extend the expense limitations beyond such time. Please see the prospectus and financial statements for more information.

Portfolio Characteristics

As of May 31, 2013

Average P/E (Trailing) 18.3 Weighted Avg. Mkt. Capitalization (millions) $92,377 Median Market Capitalization (millions) $26,116 Total Holdings 95 Turnover 59%

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 is a senior vice president and Co-Head of Equity Research-U.S.
John Peckham, Portfolio Manager
Mr. Peckham is a senior vice president and Co-Head of Equity Research-U.S.
James Moynihan, Portfolio Manager
Mr. Moynihan is a vice president and an equity research analyst.

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.