Strategy

FUND STRATEGY The Fund seeks a high level of current income.

PORTFOLIO MANAGEMENT PERSPECTIVE

"Our approach is to focus on higher quality loans than is typical for most bank loan funds, which we hope will allow for downside protection that will help manage risk. This may be an option for investors who want to diversify their fixed-income portfolios with a fund that may help protect their portfolios against a rise in interest rate."

Fund commentary with performance analysis

A WORD ABOUT RISK

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.

Fund Facts

As of April 30, 2013

Class	A Shares	C Shares	Y Shares*
CUSIP	72387S100	72387S209	72387S308
Nasdaq Symbol	FLARX	FLRCX	FLYRX
Inception Date/ Performance Inception Date	2/14/2007	2/14/2007	2/14/2007
Total Net Assets (millions)	$217.2	$86.6	$226.1
Initial Minimum Investment	$1,000	$1,000	$5,000,000
Management Fee	0.60%	0.60%	0.60%
Total Expense Ratio (Gross)	1.11%	1.86%	0.85%
Total Expense Ratio (Net)	1.11%	1.86%	0.70%

Initial minimum investment amounts for retirement plans are lower. *Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors. The Net Expense ratio reflects contractual expense limitations currently in effect through 3/1/2014 for Class Y Shares. There can be no assurance that Pioneer will extend the expense limitations beyond such time. Please see the prospectus and financial statements for more information.

Portfolio Characteristics

As of April 30, 2013

30-day SEC Yield With Expense Waiver Class A Class C Class Y 2.97% 2.30% 3.67% 30-day SEC Yield Without Expense Waiver Class A Class C Class Y 2.97% 2.30% 3.33% Weighted Average Life of Securities 4.92 Years Weighted Average Maturity 5.17 Years Duration 0.38 Years Total Holdings 481 Turnover 42%

The 30-day SEC yield is based on the hypothetical annualized earning power (investment income only) of the Fund's portfolio securities during the period indicated.

The Average Maturity of certain funds might not be a useful measure if they contain securities with principal paydowns, such as mortgage passthroughs. Instead, market participants calculate Average Life, which reflects the average time to receipt of principal payments (scheduled principal payments and projected prepayments).

Portfolio Management

Jonathan Sharkey, Portfolio Manager
Mr. Sharkey, a vice president, joined Pioneer in September 2006 and has been an investment professional since 1994.

Not FDIC insured

May lose value

No bank guarantee

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus and for information on any Pioneer fund, please download from our web site.