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Select Mid Cap Growth Fund (prior to merger with Growth Opportunities)

On June 7, 2013, Pioneer Select Mid Cap Growth Fund reorganized with Pioneer Growth Opportunities Fund. The combined fund was renamed Pioneer Select Mid Cap Growth Fund.

Strategy

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 May 31, 2013

ClassA SharesC SharesY Shares*
CUSIP**72387W40872387W60672387W762
Nasdaq Symbol**PGOFXGOFCXGROYX
Inception Date/
Performance Inception Date
7/10/20005/15/20095/15/2009
Total Net Assets (millions)$377.2$14.3$99.2
Initial Minimum Investment$1,000$1,000$5,000,000
Management Fee0.63%0.63%0.63%
Gross Expense Ratio1.16%2.16%0.73%

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


Portfolio Characteristics

As of May 31, 2013

Average P/E (Trailing)31.2
Weighted Avg. Mkt. Capitalization (millions)$15,105
Median Market Capitalization (millions)$7,027
Total Holdings145
Turnover86%

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.

Neither Pioneer, nor its representatives, are legal or tax advisors. In addition, Pioneer does not provide advice or recommendations. The investments you choose should correspond to your needs, goals, and risk tolerance. For assistance in determining your financial situation, please consult an investment professional.

 
 

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 or summary prospectus and for information on any Pioneer fund, please download it here.

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