Pioneer Four^SM

Avoiding Costly Decisions

You can avoid the trap of buying high and selling low by following three prudent rules of sound investing:

• Steer clear of hot securities that can fall sharply with changes in market environment
• Establish a diversified strategy to help minimize the impact of market volatility on a portfolio
• Confer with a financial advisor who can provide sound, pragmatic investment advice based on facts, not emotions.

A Diversified Solution: Pioneer Four^SM

The Pioneer Four^SM portfolio includes a select group of Pioneer funds that offer competitive performance records, strong portfolio management and consistent investment styles. Of course, this allocation model is intended to provide general investment information and does not take into account personal investment factors. Consult with your financial advisor regarding your specific situation.

The Pioneer Four^SM are:

Pioneer Four^SM vs. the Indexed Four

One way to determine whether an allocation makes sense is to compare its performance characteristics to those of appropriate market indices. While it is not possible to invest directly in an index, the example below compares the Pioneer Four^SM allocation to a hypothetical portfolio of four comparable indices – the Indexed Four.

The Indexed Four outpaced the S&P 500 with lower volatility for the five-year period ended September 30, 2003 – suggesting the benefits of diversification over time. The Pioneer Four^SM offered still greater performance and lower volatility than the Indexed Four, suggesting an additional benefit provided by active portfolio management.

Pioneer Four^SM Outpaced the Indexed Four with Lower Volatility
10/1/98 - 9/30/03*

Source: Zephyr StyleADVISOR.
Past performance is no guarantee of future results. The Pioneer Four^SM model is intended to provide general investment information and does not take into account the personal investment factors that an individual should consider before making any investment decision. Consult your financial advisor regarding your specific situation.

Click here for each fund's performance, including standardized returns at the public offering price.

For more information, including charges and expenses, click here for each fund's prospectus.

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* Mutual fund returns and principal values will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. Does not reflect the deduction of maximum sales charges (5.75% for Pioneer equity funds and 4.50% for Pioneer High Yield Fund), which would have lowered fund performance. Five-year time frame is based on the performance history of Pioneer High Yield Fund, inception 2/12/98. Chart reflects hypothetical investment example prepared by Pioneer for illustrative purposes. Does not constitute investment advice. The S&P 500 Index is an unmanaged barometer of U.S. stock market performance. Its subsets, the S&P Smallcap 600/BARRA Value and Midcap 400/BARRA Value indices, are measures of the performance of small- and mid-cap value stocks respectively. The Merrill Lynch High Yield Master II Index is a measure of the performance of high yield bonds. All indices are unmanaged. It is not possible to invest directly in an index. Chart prepared by Pioneer.