Class A Average Annual Total Returns as of 10/31/2009 (% at POP)

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.
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.
For fund descriptions, historical and current performance, standardized returns as of the most recent quarter-end, risk disclosure or a prospectus, please click fund names in the tables below.

Average annual total returns assume reinvestment of all distributions at net asset value.

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 Otherwise, fee waivers can be rescinded at any time.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.

NAV performance returns do not reflect the deduction of sales charges which would lower returns.

1. Cumulative total return.
2. Total return since inception is quoted for funds with less than 10 years of operation.
3. Effective March 20, 2009, Pioneer Select Growth Fund was liquidated.
4. Effective April 1, 2009, Pioneer Research Growth Fund was renamed Pioneer Disciplined Growth Fund.
5. Effective April 1, 2009, Pioneer Research Value Fund was renamed Pioneer Disciplined Value Fund.
6. Effective April 1, 2009, Pioneer Global Select Equity Fund was renamed Pioneer Global Equity Fund.
7. Effective April 3, 2009, Pioneer Protected Principal Plus Fund II was liquidated.
8. On June 12, 2009, Pioneer Europe Select Equity Fund was reorganized into Pioneer Global Equity Fund.
9. On June 12, 2009, Pioneer International Equity Fund was reorganized into Pioneer International Value Fund.
10. On June 12, 2009, Pioneer AMT-Free CA Municipal Fund was reorganized into Pioneer AMT-Free Municipal Fund.
11. On August 7, 2009, Pioneer Oak Ridge All Cap Growth Fund was liquidated.
12. On August 28, 2009, Pioneer AmPac Growth Fund was reorganized into Pioneer Fundamental Growth Fund.
13. On August 28, 2009, Pioneer Growth Leaders Fund was reorganized into Pioneer Fundamental Growth Fund.
14. On August 28, 2009, Pioneer Small Cap Value Fund was reorganized into Pioneer Growth Opportunities Fund.
15. On September 18, 2009, Pioneer Small and Mid Cap Growth Fund was reorganized into Pioneer Oak Ridge Small Cap Growth Fund.
* The Fund closed to new investors as of December 18, 2002.

Important Legal Information

These materials are not an offer to sell or a solicitation of an offer to buy any security in any jurisdiction in which such an offer, solicitation, purchase or sale would be unlawful under the laws of the jurisdiction.

Please request a free information kit on any Pioneer fund by ordering from this web site or by calling 1-800-225-6292. The kit includes a quarterly fact sheet and a prospectus, which contains more information, including charges and expenses. Please read it carefully before you invest or send money.