| Strategy |
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FUND STRATEGY The Fund seeks long-term capital growth by investing primarily in the equity securities of mid-size companies. The Fund's objective is to own higher-quality, sustainable growth companies that we believe have a competitive advantage and to buy them at the right price with a favorable risk/reward ratio. |  |
PORTFOLIO MANAGEMENT PERSPECTIVE
"We focus on mid-cap companies with superior growth potential that can best be found in industries experiencing tailwinds. We are valuation-disciplined and buy stocks when we believe the risk/reward is most favorable."Ken Winston, Portfolio Manager
A WORD ABOUT RISK
Investing in small and mid-sized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than larger, more established companies. The Fund invests in a limited number of securities and, as a result, the fund's performance may be more volatile than the performance of other funds holding more securities. 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. These risks may increase share price volatility.
| Fund Facts |
As of April 30, 2013
| Class | A Shares | C Shares | Y Shares* |
| CUSIP | 72387T827 | 72387T819 | 72387T793 |
| Nasdaq Symbol | PMCTX | PMTCX | PMTYX |
| Inception Date/ Performance Inception Date | 6/30/1993 | 1/7/2002 | 6/23/2004 |
| Total Net Assets (millions) | $364.2 | $13.8 | $96.5 |
| Initial Minimum Investment | $1,000 | $1,000 | $5,000,000 |
| Management Fee | 0.63% | 0.63% | 0.63% |
| Gross Expense Ratio | 1.16% | 2.16% | 0.73% |
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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 |
Ken Winston, Portfolio Manager
Mr. Winston, vice president, joined Pioneer in 2007 and has served as portfolio manager for the fund since 2009. Prior to joining Pioneer, he focused on small and mid cap growth portfolios at both Hartford Investment Management Company and Lee Munder Capital Group.
Shaji John, Portfolio Manager
Mr. John, a vice president, joined Pioneer in 2011 from JT Venture Partners, LLC where he was managing general partner from 2000 to 2011. Mr. John has served as portfolio manager of the fund since 2013.
Jon Stephenson, Portfolio Manager
Mr. Stephenson, a vice president, joined Pioneer in 2011 from Summer Street Research as a Director of Research and Senior Biopharmaceuticals Analyst. Previously he had worked for Akasha Capital as a Senior Anaylst, for John Hancock as a Portfolio Manager and for State Street Research as an Analyst. He has served as a portfolio manager of the fund since 2013.
Effective April 1, 2013, Shaji John and Jon Stephenson joined Ken Winston as portfolio managers of the Fund.
| 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.