| Highlights |
- Large-cap equity fund with a research-based, total return investment strategy focused on quality stocks with appealing risk/reward profiles at reasonable prices
- Opportunistic, high conviction approach to large cap U.S. companies
Pioneer Independence Fund manager's commentary
| Strategy |
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FUND STRATEGY The Fund seeks capital growth by investing primarily in the equity securities of U.S. companies offering the opportunity to build assets through systematic investments over an extended period. |  |
PORTFOLIO MANAGEMENT PERSPECTIVE
"We conduct detailed analyses of company fundamentals, competitive positioning, and financials and then look opportunistically at taking a contrarian approach to uncover superior stock selection opportunities. A broadly diversified combination of securities selected in this manner in our view is likely to produce stronger, more consistent results, with less risk than the market as a whole."
A WORD ABOUT RISK
Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. 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. Investing in a concentrated, narrowly focused fund may entail greater risks than is normally associated with more widely diversified funds. These risks may increase share price volatility.
| Fund Facts |
As of April 30, 2013
| Class | A Shares | B Shares | C Shares | Y Shares* |
| CUSIP | 723922100 | 723922506 | 723922308 | 723922407 |
| Nasdaq Symbol | PINDX | INDBX | INDCX | INYDX |
| Inception Date/ Performance Inception Date | 3/16/1998 | 12/7/2007 | 3/10/2006 | 3/16/1998 |
| Total Net Assets (millions) | $821.8 | $9.1 | $14.8 | $3.0 |
| 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) | 1.25% | 2.59% | 2.18% | 0.89% |
| Total Expense Ratio (Net) | 1.25% | 2.15% | 2.15% | 0.89% |
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Initial minimum investment amounts for retirement plans are lower. |
| Portfolio Characteristics |
As of April 30, 2013
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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 |
Andrew Acheson, Portfolio Manager
Mr. Acheson is a senior vice president at Pioneer Investments. He joined Pioneer as a portfolio manager in 2001 and has been an investment professional since 1994.
Effective November 1, 2012, Tim Mulrenan, Co-Portfolio Manager of the Fund, resigned from Pioneer Investments for personal reasons. Andrew Acheson, who has been a Portfolio Manager on the Fund since 2001, remains as the sole manager.
| 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.