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Click on fund name for more information including standardized returns as of the most recent quarter-end and risk disclosure.

Call 1-800-225-6292 or visit our performance page for the most recent month-end performance results. 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 reinvestments of dividends and capital gains. NAV results represent the percent change in net asset value per share.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers 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 Otherwise, fee waivers can be rescinded at any time.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.

Flexible Funds - Class A Shares as of 9/08/2010 Fund name NASDAQ symbol NAV   POP   NAV   Change YTD return at NAV (%) 12 mo. return at NAV (%) Pioneer Multi-Asset Real Return Fund PMARX $10.29 $10.77  $0.00 2.90 2.90   Equity Funds - Class A Shares as of 9/08/2010 Fund name NASDAQ symbol NAV   POP   NAV   Change YTD return at NAV (%) 12 mo. return at NAV (%) Pioneer Classic Balanced Fund 1 AOBLX $8.53 $8.93 $0.04 -0.23 7.34 Pioneer Cullen Value Fund CVFCX $16.33 $17.33 $0.07 -2.04 5.41 Pioneer Disciplined Growth Fund SRSGX $9.28 $9.85 $0.07 0.43 10.08 Pioneer Disciplined Value Fund SERSX $8.29 $8.80 $0.06 -1.66 6.09 Pioneer Equity Income Fund PEQIX $22.23 $23.59 $0.07 3.66 13.30 Pioneer Equity Opportunity Fund PEOFX $9.88 $10.48 $0.07 4.77 14.09 Pioneer Fund 2,1 PIODX $34.93 $37.06 $0.19 -1.77 7.98 Pioneer Fundamental Growth Fund PIGFX $10.05 $10.66 $0.02 -4.19 4.71 Pioneer Growth Opportunities Fund 1 PGOFX $22.71 $24.10 $0.19 -0.44 7.22 Pioneer Independence Fund PINDX $9.32 $9.89 $0.07 -5.09 1.94 Pioneer Mid Cap Value Fund 2,1 PCGRX $18.29 $19.41 $0.10 1.44 8.27 Pioneer Oak Ridge Large Cap Growth Fund ORILX $10.56 $11.20 $0.05 -6.05 3.49 Pioneer Oak Ridge Small Cap Growth Fund ORIGX $23.38 $24.81 $0.19 4.00 10.80 Pioneer Real Estate Shares PWREX $19.55 $20.74 $0.05 21.60 42.51 Pioneer Research Fund PATMX $8.15 $8.65 $0.07 -0.73 9.01 Pioneer Select Mid Cap Growth Fund PMCTX $14.86 $15.77 $0.15 1.02 11.64 Pioneer Value Fund 2,1 PIOTX $10.10 $10.72 $0.06 -3.35 3.68   International Equity Funds - Class A Shares as of 9/08/2010 Fund name NASDAQ symbol NAV   POP   NAV   Change YTD return at NAV (%) 12 mo. return at NAV (%) Pioneer Emerging Markets Fund PEMFX $26.91 $28.55 $0.15 1.36 13.24 Pioneer Global Equity Fund GLOSX $8.80 $9.34 $0.07 -4.14 2.01 Pioneer International Value Fund 2 PIIFX $17.90 $18.99 $0.09 -6.18 -1.67   Income Funds - Class A Shares as of 9/08/2010 Fund name NASDAQ symbol NAV   POP   NAV   Change YTD return at NAV (%) 12 mo. return at NAV (%) Pioneer AMT-Free Municipal Fund 1 PBMFX $13.62 $14.26 $-0.01 9.21 12.09 Pioneer Bond Fund 1 PIOBX $9.60 $10.05 $-0.01 8.38 12.28 Pioneer Cash Reserves Fund 3,1 PMTXX $1.00 $1.00  $0.00 0.01 0.01 Pioneer Floating Rate Fund FLARX $6.77 $7.09 $0.01 5.07 10.17 Pioneer Global Aggregate Bond Fund PGABX $10.85 $11.36  $0.00 4.53 6.23 Pioneer Global High Yield Fund PGHYX $10.09 $10.57 $0.01 10.44 24.84 Pioneer Government Income Fund 1 AMGEX $10.20 $10.68 $-0.03 6.92 7.33 Pioneer High Income Municipal Fund PIMAX $7.92 $8.29 $-0.02 10.57 22.92 Pioneer High Yield Fund 1 TAHYX $9.28 $9.72 $0.02 5.33 18.71 Pioneer Short Term Income Fund 4 STABX $9.74 $9.99 $-0.01 4.86 7.06 Pioneer Strategic Income Fund PSRAX $10.85 $11.36  $0.00 8.55 14.93 Pioneer Tax Free Money Market Fund 1,5,6 TTAXX $1.00 $1.00  $0.00 0.01 0.01 Pioneer Treasury Reserves Fund ITAXX $1.00 $1.00  $0.00 0.01 0.01   Asset Allocation Funds - Class A Shares as of 9/08/2010 Fund name NASDAQ symbol NAV   POP   NAV   Change YTD return at NAV (%) 12 mo. return at NAV (%) Pioneer Ibbotson Aggressive Allocation Fund 4 PIAAX $9.56 $10.14 $0.05 0.95 9.25 Pioneer Ibbotson Conservative Allocation Fund 4 PIAVX $10.24 $10.86 $0.01 3.96 9.63 Pioneer Ibbotson Growth Allocation Fund 4 GRAAX $9.79 $10.38 $0.04 1.77 9.74 Pioneer Ibbotson Moderate Allocation Fund 4 PIALX $9.71 $10.30 $0.03 2.43 9.74

Past performance is no guarantee of future results. Share price, yield and return will vary and you may have a gain or loss when you sell your shares.

Y Shares are available only to investors eligible to invest in products at NAV (Net Asset Value).

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