Class A Average Annual Total Returns as of 05/31/2013 (% 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 for equity funds and a maximum 4.50% sales charge for bond funds and flexible funds. 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 Otherwise, fee waivers can be rescinded at any time.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 June 30, 2012, Pioneer Cullen Value Fund was renamed Pioneer Fundamental Value Fund.
4. 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.
5. Effective June 30, 2012, Pioneer Multi-Asset Floating Rate Fund was renamed Pioneer Multi-Asset Ultrashort Income Fund.
6. 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.
7. As of March 1, 2013, Pioneer Equity Opportunity Fund was closed to new purchases. Effective March 15, 2013, the Fund was liquidated.
8. On June 7, 2013, Pioneer Research Fund was reorganized with Pioneer Value Fund. The combined fund was renamed Pioneer Core Equity Fund.
9. On June 7, 2013, Pioneer Disciplined Value Fund was reorganized with Pioneer Fundamental Value Fund. The combined fund was renamed Pioneer Disciplined Value Fund.
10. On June 7, 2013, Pioneer Disciplined Growth Fund was reorganized with Pioneer Independence Fund. The combined fund was renamed Pioneer Disciplined Growth Fund.
11. On June 7, 2013, Pioneer Select Mid Cap Growth Fund was reorganized with Pioneer Growth Opportunities Fund. The combined fund was renamed Pioneer Select Mid Cap Growth Fund.
12. Effective June 17, 2013, Pioneer Absolute Return Credit Fund was renamed Pioneer Dynamic Credit Fund.

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 (or summary prospectus, if available), which contains more information, including charges and expenses. Please read it carefully before you invest or send money.