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1. Effective November 1, 2012, Pioneer Cash Reserves Fund ceased to offer Class B, Class C and Class R shares. On that date, all outstanding Class B, Class C and Class R shares were converted to Class A shares of the Fund.
2. On June 7, 2013, Pioneer Research Fund reorganized with Pioneer Value Fund. The combined fund was renamed Pioneer Core Equity Fund.
3. On June 7, 2013, Pioneer Disciplined Growth Fund reorganized with Pioneer Independence Fund. The combined fund was renamed Pioneer Disciplined Growth Fund.
4. Effective June 30, 2012, Pioneer Cullen Value Fund was renamed Pioneer Fundamental Value Fund.
5. On June 7, 2013, Pioneer Disciplined Value Fund reorganized with Pioneer Fundamental Value Fund. The combined fund was renamed Pioneer Disciplined Value Fund.
6. At a Board meeting held on May 20, 2012, the Board of Trustees of Pioneer Cullen Value Fund and Pioneer Cullen Value VCT Portfolio approved a proposal by Pioneer Investment Management, Inc. ("Pioneer") to assume direct responsibility for the day-to-day management of each fund's portfolio, effective August 1, 2012. Currently, Pioneer, the fund's investment adviser, oversees the fund's operations and supervises Cullen Capital Management LLC ("Cullen") as investment subadviser to the fund. Cullen will continue to serve as the fund's subadviser through July 31, 2012.
7. Effective June 17, 2013, Pioneer Absolute Credit Return Fund was renamed Pioneer Dynamic Credit Fund.
8. As of March 1, 2013, Pioneer Equity Opportunity Fund was closed to new purchases. Effective March 15, 2013, the Fund will be liquidated.
9. 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.
10. Effective June 30, 2012, Pioneer Multi-Asset Floating Rate Fund was renamed Pioneer Multi-Asset Ultrashort Income Fund.

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.