Pioneer Independence Fund (PINDX)
Quarterly Investment Profile | For the period ending March 31, 2011

Portfolio Profile

Investment Style: Opportunistic, flexible US large-cap growth Benchmark: Russell 1000 Growth Index Portfolio Manager:
Andrew Acheson, Senior Vice President

Investment Process

Screening Investable Universe Emphasis on companies within Russell 1000 Growth Index Typical market capitalization above $15 billion Maximum firm-wide position of 5% of outstanding shares
Lead Manager since 2001 Industry experience since 1994
Inception Date: March 16, 1998 Current Fund AUM: $876.4 Million Current Equity Holdings: 99.91% Current Cash/Equivalent Holdings: 0.09% Typical Holding Period: 1 to 2 years Typical Holdings Range: 50 to 60 securities Typical Turnover Range:* 50% to 100%
Qualitative Research trictly bottom-up fundamental stock analysis in pursuit of a S favorable risk/reward profile and a higher positive outcome across every investment case aluation parameters include the following, depending on respective V stock and/or sector: inancial (determining value: earnings, cash flows, receivables, F inventories) arket (investor psychology, point of business cycle, marketplace M stimuli) trategic (product launches/delays, management changes, shifts S in balance of power, competitive advantages)

Availability

Class Symbol A PINDX C INDCX Y INYDX
* urnover is the number of shares traded for a period as a percentage T of the total shares in a portfolio.
Portfolio Construction pportunistic, flexible approach to portfolio consolidation: O not limited to one definition of growth Typically 50-60 securities Typical holding period 1 to 2 years Initial positions 1% Individual position size limits typically below 6% Diversified portfolio with 25% industry limits arget tracking error: 4% to 6% versus the Russell 1000 Growth T Index ector weights driven by bottom-up stock picking, and relatively S unconstrained by benchmark
Sell Discipline Company fails to deliver Significantly overvalued Investor expectations are too high Investment does not materialize due to subsequent events More attractive alternatives
For the period ending March 31, 2011

Sector Weighting

Information Technology Energy Health Care Industrials Consumer Discretionary Financial Materials Consumer Staples 6.54% 4.73% 4.81% 5.10% 4.12% 9.31% Pioneer Independence Fund A
Source: Pioneer Investments Market Research
34.67% 30.24% 15.48% 11.93% 12.51% 9.89% 11.65% 13.61% 10.13% 14.29%
Russell 1000 Growth Index

Characteristics

Portfolio Asset (MM) Median Market Cap. (MM) Weighted Market Cap. (MM) Average Price/Earnings Ratio (Trailing) Average Price/Earnings Ratio (Forecast) Price/Book Ratio Number of Holdings $876 $21,456 $75,65 Index $6,481 $91,624

Top Ten Holdings

Sector Apple EMC TIBCO Software Freeport-McMoran Copper & Gold Exxon Mobil Oracle Weatherford International Microsoft Southwestern Energy Western Digital Total Percentage of Portfolio
Portfolio 5.68% 4.78% 4.05% 3.85% 3.28% 3.12% 2.58% 2.58% 2.46% 2.33% 34.71%
Information Technology Information Technology Information Technology Materials Energy Information Technology Energy Information Technology Energy Information Technology
Source: Pioneer Investments Market Research The portfolio is actively managed and current holdings and characteristics may be different. The holdings listed should not be considered recommendations to buy or sell any particular security listed.
Fund Performance as of March 31, 2011
Call 1-800-225-6292 or visit pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. NAV results represent the percent change in net asset value per share. POP returns reflect deduction of maximum 5.75% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. This material is intended for use with registered investment advisors who sell shares at net asset value. Calendar Year Returns (%) Class A shares YTD Pioneer Independence Fund A at NAV Fund at POP Russell 1000 Growth Index MStar Large Growth Average 6.68 0.50 6.03 5.14.36 7.77 16.71 15.43.06 34.63 37.21 35.-48.76 -51.76 -38.44 -40.12.69 6.24 11.81 13.10.96 4.59 9.07 6.94 1-Year 18.15 11.34 18.26 16.77 Average Annual Returns (%) 3-Year 2.99 0.98 5.19 3.57 5-Year 1.23 0.03 4.34 3.08 10-Year 2.52 1.91 2.99 2.91 Life

3/16/98

3.89 3.42 2.17 2.70
Gross Expense Ratio: 1.39% Net Expense Ratio: 1.25% The Net Expense ratio reflects contractual expense limitations currently in effect through 5/1/2012 for Class A Shares. 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.
Volatility/Return Comparison
5-Year Period Ended March 31, 2011

Return

Standard Deviation 22.25% 18.12% 18.57%
Pioneer Independence Fund A Russell 1000 Growth Index

1.23% 4.34% 3.08%

n MSTAR Large Growth Funds

Return 2%

Source: Morningstar Russell 1000 Growth Index measures the performance of large-cap U.S. growth stocks. MSTAR Large Growth Funds Average measures the performance of funds in the largecap universe. The Morningstar Large Growth category represents the performance of large growth funds tracked by Morningstar. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike mutual fund returns, do not reflect any fees or expenses associated with a mutual fund. It is not possible to invest directly in an index. 0%

20% Standard Deviation

5-Year Upside/Downside
Class A Shares at NAV as of March 31, 2011

Up Capture vs. Market

Down Capture vs. Market 127.04% 100.00% 105.96%

120% Upside %

112.31% 100.00% 98.72%

90% 90%

110% Downside %
Source: Morningstar Up Market/Down Market a measure of relative performance versus an index during either those quarters when the index had only positive returns or those periods where the index had only negative returns. An up market ratio of 110% suggests outperformance of the index by 10% during quarters with positive returns. Contrarily, a down market ratio of 90% suggests outperformance of the index by 10% during quarters with negative returns. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected.

Risk Measures (5 Years)

Alpha Pioneer Independence Fund A Russell 1000 Growth Index -2.82 Tracking Error 7.81 Information Ratio -0.40 Beta 1.16 1.00 R-Squared 89.43 100.00 Sharpe Ratio 0.07 0.21 Sortino Ratio 0.10 0.29 Standard Deviation 22.25 18.12
Source: Morningstar Alphaincremental return generated versus an index after accounting for volatility in the form of beta. A positive alpha suggests risk-adjusted value added by the money manager versus the index. Tracking Errorreported as a standard deviation percentage difference the difference between the return received on an investment and that of the investments benchmark. Information Ratioa measure of portfolio managements performance against risk and return relative to a benchmark or alternative measure. Betaa measure of volatility (risk) compared to that of an appropriate index. For example, a beta of 1.2 suggests 20% more volatility in returns than the benchmark index, which is assigned a beta of 1.0.
Lipper Rankings as of 3/31/11 Pioneer Independence Fund A Large Cap Growth Funds 1-Year Rank/Total Percentile 28%
R-Squareda measure of the reliability of beta and alpha, indicates whether the comparison benchmark is appropriate. An R-Squared rating above 0.70 is desirable. Sharpe Ratioa measure of excess return per unit of risk, as defined by standard deviation. A higher Sharpe ratio suggests better risk-adjusted performance. Sortino Ratio measure of excess return per unit of risk based on downside semi-variance, instead of total risk (standard deviation) used by the Sharpe Ratio. Since the Sortino Ratio takes into account only the downside size and frequency of returns, it measures the reward to negative volatility trade-off. Standard Deviationa measure of return variability (risk), above and below an average rate of return. A higher standard deviation suggests more variability in returns from quarter to quarter.
3-Year Rank/Total Percentile 56%
5-Year Rank/Total Percentile 82%
10-Year Rank/Total Percentile 49%
Lipper rankings do not take into account sales charges. Rankings are based on past performance, which is no guarantee of future results. Rankings are based on average annual total returns for the 1, 3, 5, 10 year/life periods in the Lipper Categories listed above. Keep in mind, a high relative ranking does not always mean the fund achieved a positive return during the period. Lipper performance rankings above apply to Class A shares. Other share classes are available for which performance and expenses will differ. Morningstar Ratings Large Growth Funds Load Waived Load Reflected Overall Rating

3-Year Rank/Total Rating

5-Year Rank/Total Rating
10-Year Rank/Total Rating
Please see a prospectus for complete information pertaining to load waived eligibility. Morningstar load waived ratings are based on the standard Morningstar rating methodology with the exception that they are recalculated without the effects of the front load sales charge. Morningstar proprietary ratings reflect risk-adjusted performance as of 3/31/11. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Pioneer Funds listed were rated exclusively against the specific fund category listed. The Morningstar Rating is for Class A shares only; other classes may have different performance characteristics. The Morningstar information contained herein: (1) is proprietary to Morningstar; (2) may not be copied; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 2011 Morningstar, Inc. All Rights Reserved. The performance data quoted represents past performance, which is no guarantee of future results. A Word About Risk: Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. At times, the Funds 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. The Russell 1000 Growth Index measures the performance of large-cap U.S. growth stocks. Indices are unmanaged and their returns assume reinvestment of dividends and, unlike mutual fund returns, do not reflect any fees or expenses associated with a mutual fund. It is not possible to invest directly in an index.

Contact your financial advisor or visit pioneerinvestments.com for more information about the Pioneer investment products and programs that may be best for your needs. Before investing, consider the products investment objectives, risks, charges and expenses. These risks may increase share price volatility. Contact your advisor or Pioneer Investments for a prospectus (or summary prospectus, if available) containing this information. Read it carefully.
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 financial needs, goals, and risk tolerance. For assistance in determining your financial situation, please consult an investment professional.
Not FDIC insured May lose value No bank guarantee
Securities offered through Pioneer Funds Distributor, Inc., 60 State Street, Boston, Massachusetts 02109 Underwriter of Pioneer mutual funds, Member SIPC 2011 Pioneer Investments pioneerinvestments.com 23704-04-0411