The Overall Morningstar Rating™ is based on a weighted average of the star ratings assigned to a fund’s three, five, and ten year (as applicable) time periods. The rating is for Class A shares only.

The mutual funds shown may have experienced negative performance during one or more of the time
periods represented by the Morningstar ratings shown.
Call 1-800-225-6292 or visit us.pioneerinvestments.com/performance for the most recent performance results.

The performance data quoted represents past performance, which is no guarantee of future results. Please see a prospectus for complete information pertaining to load waived eligibility (such as large purchases or certain types of group plan participants). 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. Class A shares performance includes a maximum 5.75% or 4.50% sales charge, for equity and fixed income funds, respectively. Ratings are based on past performance, which is no guarantee of future results. Morningstar proprietary ratings reflect risk adjusted performance as of 4/30/13. 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 fund's 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 following copyright pertains only to the Morningstar information. 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. © 2013 Morningstar, Inc. All Rights Reserved.

A Word About Risk

Pioneer AMT-Free Municipal Fund 5,8,2,1
Pioneer Bond Fund 5,8,9,4,10,6,2
Pioneer Disciplined Growth Fund 3,2
Pioneer Equity Income Fund 2
Pioneer Floating Rate Fund *
Pioneer Global Aggregate Bond Fund 6, 11, 5, 8, 4, 3, 10, 2
Pioneer Fundamental Growth Fund 2
Pioneer Oak Ridge Small Cap Growth Fund 7,2
Pioneer Research Fund 2
Pioneer Short Term Income Fund 5, 8, 9, 10, 6, 3, 2
Pioneer Strategic Income Fund 5,8,9,10,6,4,3,2

These risks may increase share price volatility: 1. A portion of income may be subject to local, state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax. 2. 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. 3. Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. 4. Investments in high yield or lower-rated securities are subject to greater-than-average risk. 5. When interest rates rise, the prices of fixed income securities in the fund will generally fall. Conversely, when interest rates fall, the prices of fixed income securities in the fund will generally rise. 6. The portfolio may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-Backed securities are also subject to pre-payments. 7. Investments in small companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than larger, more established companies. 8. Investments in the fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations. 9. Prepayment risk is the chance that mortgage-backed bonds will be paid off early if falling interest rates prompt homeowners to refinance their mortgages. Forced to reinvest the unanticipated proceeds at lower interest rates, the fund would experience a decline in income and lose the opportunity for additional price appreciation associated with falling interest rates. 10. The securities issued by U.S. Government sponsored entities (i.e., FNMA, Freddie Mac) are neither guaranteed nor issued by the U.S. Government. 11. The portfolio may invest in derivative securities, which may include futures and options. These types of instruments can increase price fluctuation.

* Pioneer Floating Rate Fund Risks:
Debt securities rated below investment grade are commonly referred to as "junk bonds" and are considered speculative. Below investment grade debt securities involve greater risk of loss, are subject to greater price volatility and are less liquid, especially during periods of economic uncertainty or change, than higher rated debt securities. The Fund may invest in high yield securities of any rating, including securities that are in default at the time of purchase.

Securities with floating interest rates generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as prevailing interest rates. Unlike fixed-rate securities, floating rate securities generally will not increase in value if interest rates decline. Changes in interest rates also will affect the amount of interest income the Fund earns on its floating rate investments.

These risks may increase share price volatility.