Pioneer Investments: Fund Performance


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Fund Performance

Guide to tickers and CUSIPS
Quarterly Performance Update (and expense ratio information)

Class A Average Annual Total Returns as of 06/30/2010 (% at NAV)

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. 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.

Flexible Funds

Fund Name	Symbol	YTD¹	1 Year	3 Year	5 Year	10 Yr/ Life²	Incept. Date
Pioneer Multi-Asset Real Return Fund A	PMARX	-	-	-	-	-0.80	05/03/10

Equity Funds

Fund Name	Symbol	YTD¹	1 Year	3 Year	5 Year	10 Yr/ Life²	Incept. Date
Pioneer Classic Balanced Fund A	AOBLX	-5.49	11.36	-3.36	2.32	4.24	12/19/91
Pioneer Cullen Value Fund A	CVFCX	-8.46	8.95	-9.24	0.09	5.38	07/01/00
Pioneer Oak Ridge Small Cap Growth Fund A	ORIGX	-1.56	14.90	-4.61	1.64	3.10	01/03/94
Pioneer Oak Ridge Large Cap Growth Fund A	ORILX	-9.70	7.93	-8.67	-2.20	-1.39	03/01/99
Pioneer Research Fund A	PATMX	-8.04	12.76	-9.02	0.30	-1.40	11/18/99
Pioneer Mid Cap Value Fund A	PCGRX	-4.44	14.90	-9.70	-0.68	6.05	07/25/90
Pioneer Equity Opportunity Fund A	PEOFX	-2.86	15.80	-11.24	0.52	1.09	12/01/04
Pioneer Equity Income Fund A	PEQIX	-2.31	17.72	-10.85	-0.59	2.38	07/25/90
Pioneer Global Diversified Equity Fund A	PGDBX	-9.82	8.10	-	-	-15.12	06/02/08
Pioneer Growth Opportunities Fund A	PGOFX	-3.25	16.04	-7.09	-0.90	2.13	09/30/96
Pioneer Fundamental Growth Fund A	PIGFX	-8.20	9.98	-4.32	1.42	4.00	08/22/02
Pioneer Independence Fund A	PINDX	-10.29	8.99	-12.78	-1.43	-1.50	03/16/98
Pioneer Fund A	PIODX	-8.15	12.36	-10.14	-0.41	-0.80	02/13/28
Pioneer Value Fund A	PIOTX	-7.94	10.52	-15.33	-4.43	-0.03	09/30/69
Pioneer Select Mid Cap Growth Fund A	PMCTX	-5.64	16.93	-3.58	3.48	4.76	06/30/93
Pioneer Real Estate Shares A	PWREX	7.11	54.43	-9.12	0.28	9.36	10/25/93
Pioneer Disciplined Value Fund A	SERSX	-8.19	11.24	-10.04	-	-1.67	12/15/05
Pioneer Disciplined Growth Fund A	SRSGX	-7.90	11.94	-7.45	-	-0.63	12/15/05

International Equity Funds

Fund Name	Symbol	YTD¹	1 Year	3 Year	5 Year	10 Yr/ Life²	Incept. Date
Pioneer Emerging Markets Fund A	PEMFX	-7.91	18.98	-8.27	10.41	7.31	06/23/94
Pioneer Global Equity Fund A	GLOSX	-11.11	7.52	-11.48	-	-1.81	12/15/05
Pioneer International Value Fund A	PIIFX	-14.67	0.54	-15.45	-0.12	-2.72	03/25/93

Income Funds

Fund Name	Symbol	YTD¹	1 Year	3 Year	5 Year	10 Yr/ Life²	Incept. Date
Pioneer AMT-Free Municipal Fund A	PBMFX	4.25	14.29	3.86	3.47	5.49	09/30/96
Pioneer Bond Fund A	PIOBX	5.72	14.71	7.88	5.48	6.74	10/31/78
Pioneer Cash Reserves Fund A	PMTXX	0.00	0.01	1.65	2.63	2.20	06/22/87
Pioneer Floating Rate Fund A	FLARX	2.93	13.52	2.09	-	2.35	02/14/07
Pioneer Global Aggregate Bond Fund A	PGABX	0.39	7.47	-	-	5.56	12/27/07
Pioneer Global High Yield Fund A	PGHYX	4.68	32.88	2.27	5.69	9.78	08/27/01
Pioneer Government Income Fund A	AMGEX	5.13	7.53	7.54	5.22	5.38	10/01/93
Pioneer High Income Municipal Fund A	PIMAX	5.43	26.15	-2.27	-	-0.54	10/17/06
Pioneer High Yield Fund A	TAHYX	0.21	24.76	0.83	4.52	6.91	02/12/98
Pioneer Short Term Income Fund A	STABX	3.72	9.51	4.36	3.86	3.50	07/08/04
Pioneer Strategic Income Fund A	PSRAX	4.63	18.35	8.11	6.63	8.56	04/15/99
Pioneer Tax Free Money Market Fund A	TTAXX	0.00	0.01	1.02	1.63	1.49	09/18/84
Pioneer Treasury Reserves Fund A	ITAXX	0.00	0.01	1.17	2.25	2.04	03/29/94

Asset Allocation Series

Fund Name	Symbol	YTD¹	1 Year	3 Year	5 Year	10 Yr/ Life²	Incept. Date
Pioneer Ibbotson Aggressive Allocation Fund A	PIAAX	-5.70	14.35	-9.57	-0.30	2.45	08/09/04
Pioneer Ibbotson Conservative Allocation Fund A	PIAVX	0.20	13.18	-0.04	2.77	3.01	05/12/05
Pioneer Ibbotson Growth Allocation Fund A	GRAAX	-4.26	14.44	-7.15	0.60	2.79	08/09/04
Pioneer Ibbotson Moderate Allocation Fund A	PIALX	-2.85	14.12	-4.53	1.43	3.10	08/09/04

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.

1. Cumulative total return.
2. Total return since inception is quoted for funds with less than 10 years of operation.

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.