Risk Measures

As of July 31, 2010

As compared to the Barclay Aggregate Bond Index

R-squared	0.47
Beta	0.87
Sharpe Ratio	0.36
Standard Deviation (Fund)	5.08
Standard Deviation (Benchmark)	4.07

Risk measures apply to Class A Shares only.
Beta is a measure of the volatility of a fund relative to the overall market.
R-squared represents the percentage of the portfolio's movements that can be explained by the general movements of the market.
Standard Deviation is a statistical measure of the historic volatility of a portfolio.

Fund Performance

Chart represents performance through 2nd quarter 2010.

Chart is for illustrative purposes. These results represent the percentage change in net asset value per share. NAV returns would have been lower had sales charges been reflected.

For the most recent month-end performance results click here. 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. All results are historical and assume the reinvestment of dividends and capital gains.

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 Otherwise, fee waivers can be rescinded at any time.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

AVERAGE ANNUAL TOTAL RETURNS through July 31, 2010   1-Year 3-Year 5-Year 10-Year Performance Inception Date Class A Shares (NAV) 13.02% 8.08% 5.90% 6.78% 7.88% Class A Shares (POP) 7.89% 6.45% 4.92% 6.29% 7.72% Class B Return If Held 11.90% 7.05% 4.89% 5.83% 5.39% Class B Return If Redeemed 7.90% 6.47% 4.89% 5.83% 5.39% Class C Return If Held 11.94% 7.10% 4.94% 5.81% 4.93% Class C Return If Redeemed 11.94% 7.10% 4.94% 5.81% 4.93% Class R Return If Held 12.62% 7.68% 5.57% 6.46% 7.41% Class R Return If Redeemed 12.62% 7.68% 5.57% 6.46% 7.41% Class Y Shares (NAV) 13.22% 8.39% 6.23% 7.14% 7.99% Lipper Corp. Debt A-Rated Funds Average 11.65% 6.08% 4.72% 5.72% 8.29% Barclay Aggregate Bond Index 8.91% 7.63% 5.96% 6.48% 8.56%

AVERAGE ANNUAL TOTAL RETURNS through June 30, 2010   1-Year 3-Year 5-Year 10-Year Performance Inception Date Class A Shares (NAV) 14.71% 7.88% 5.48% 6.74% 7.86% Class A Shares (POP) 9.51% 6.25% 4.52% 6.25% 7.70% Class B Return If Held 13.47% 6.82% 4.45% 5.77% 5.34% Class B Return If Redeemed 9.47% 6.23% 4.45% 5.77% 5.34% Class C Return If Held 13.63% 6.90% 4.54% 5.75% 4.87% Class C Return If Redeemed 13.63% 6.90% 4.54% 5.75% 4.87% Class R Return If Held 14.18% 7.45% 5.13% 6.40% 7.38% Class R Return If Redeemed 14.18% 7.45% 5.13% 6.40% 7.38% Class Y Shares (NAV) 15.06% 8.19% 5.83% 7.09% 7.97% Lipper Corp. Debt A-Rated Funds Average 13.45% 5.75% 4.26% 5.69% 8.28% Barclay Aggregate Bond Index 9.50% 7.55% 5.54% 6.47% 8.55%

CALENDAR YEAR RETURNS (Total Return)   YTD 2009 2008 2007 2006 Class A Shares at NAV 7.11% 17.70% -4.36% 6.09% 3.55% Class B Shares at NAV 6.49% 16.59% -5.30% 5.15% 2.63% Class C Shares at NAV 6.47% 16.64% -5.24% 5.32% 2.57% Class R Shares at NAV 6.93% 17.31% -4.87% 5.97% 3.31% Class Y Shares at NAV 7.30% 17.95% -4.05% 6.49% 3.98% Lipper Corp. Debt A-Rated Funds Average 6.66% 14.56% -5.09% 4.58% 3.99% Barclay Aggregate Bond Index 6.46% 5.93% 5.24% 6.97% 4.33%

Class A Share (POP): Reflects the deduction of maximum 4.50% sales charge.

Class B Return if Redeemed: Reflects deduction of applicable CDSC. Effective December 1, 2004, the period during which a contingent deferred sales charge (CDSC) is applied to withdrawals was shortened to 5 years. Please note that the maximum CDSC for class B shares continues to be 4%. For more complete information, please see the appropriate fund's prospectus for details.

Please note: Shares purchased prior to December 1, 2004 remain subject to the CDSC in effect at the time you purchased those shares. For performance information for shares purchased prior to December 1, 2004, please click here.

Class C Return if Redeemed: The performance of Class C shares does not reflect the 1% front-end sales charge in effect prior to February 1, 2004. If you paid a 1% sales charge, your returns would be lower than shown above. Class C Shares held for less than one year are subject to a 1% contingent deferred sales charge (CDSC).

Class R Return if Redeemed: The performance of Class R shares for the period prior to the commencement of operations of Class R shares on 4/1/03 is based on the performance of Class A shares, reduced to reflect the higher distribution and service fees of Class R shares. For the period after April 1, 2003, the actual performance of Class R shares is reflected, which performance may be influenced by the smaller asset size of Class R shares compared to Class A shares. The performance of Class R shares does not reflect the 1% CDSC that was in effect prior to July 1, 2004.

Class Y Return (NAV): Performance for periods prior to the inception of Y shares reflects the NAV performance of the Fund's A shares. The performance does not reflect differences in expenses, including the Rule 12b-1 fees applicable to A shares. Since fees for A shares are generally higher than those of Y shares, the performance shown for Y shares prior to their inception would have been higher. Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.

NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. The Lipper Corporate Debt A-Rated Funds Average represents the average annual returns for all Corporate Debt A-Rated Funds for the respective time periods. The Barclays Capital Aggregate Bond Index is a measure of the U.S. bond market. Index returns assume reinvestment of dividends, and unlike Fund returns, do not reflect any fees or expenses. You cannot invest directly in an index. Periods less than one year are actual, not annualized.

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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 containing this information. Read it carefully. To obtain a free prospectus and for information on any Pioneer fund, please download from our web site.