Strategy

FUND STRATEGY The Fund seeks long-term capital growth through an investment approach which includes fundamental and quantitative analysis, investing in a portfolio comprised primarily of U.S. large-cap value stocks.

PORTFOLIO MANAGEMENT PERSPECTIVE

"The true benefit of this Fund is that it combines focused fundamental and quantitative research, allowing us to better identify the most attractive value investment opportunities that may offer the potential for superior returns over time."

Fund commentary with performance analysis

A WORD ABOUT RISK

Investments in 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.

Fund Facts

As of April 30, 2013

Class	A Shares	C Shares	Y Shares*
CUSIP	72387N101	72387N309	72387N812
Nasdaq Symbol	SERSX	PRVCX	PRUYX
Inception Date/ Performance Inception Date	12/15/2005	7/16/2008	12/15/2005
Total Net Assets (millions)	$3.4	$1.0	$45.0
Initial Minimum Investment	$1,000	$1,000	$5,000,000
Management Fee	0.65%	0.65%	0.65%
Total Expense Ratio (Gross)	1.71%	2.34%	1.03%
Total Expense Ratio (Net)	1.25%	2.15%	0.90%

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. The Net Expense ratio reflects contractual expense limitations currently in effect through 1/1/2014, 1/1/2014 and 1/1/2014 for Class A, C and Y 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 April 30, 2013

Average P/E (Trailing) 15.2 Weighted Avg. Mkt. Capitalization (millions) $89,119 Median Market Capitalization (millions) $37,821 Total Holdings 47 Turnover 94%

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

John Peckham, Lead Portfolio Manager
Mr. Peckham, senior vice president and Co-Head of Equity Research-U.S., joined Pioneer in 2002 as an Equity Analyst and has served as Head of Global Fundamental Research and as portfolio manager.
Ace Savla, Portfolio Manager
Mr. Savla, vice president and senior quantitative research analyst, joined Pioneer in 2003 and focuses on the development and implementation of quantitative models and portfolio construction techniques.
Brian Popiel, Portfolio Manager
Mr. Popiel, a Fundamental Research Analyst, joined Pioneer in 2011 and focuses on covering the U.S. diversified financial stocks within the financials 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 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.