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 Otherwise, fee waivers can be rescinded at any time.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

4. Effective the close of business November 14, 2014, Pioneer Ibbotson Aggressive Allocation Fund was reorganized into Pioneer Ibbotson Growth Allocation Fund. After the reorganization, the Fund’s asset allocation strategies were modified and the Fund was renamed Pioneer Solutions – Growth Fund.

5. Effective the close of business November 14, 2014, Pioneer Ibbotson Conservative Allocation Fund’s asset allocation strategies were modified and the Fund was renamed Pioneer Solutions – Conservative Fund.

6. Effective the close of business November 14, 2014, Pioneer Ibbotson Growth Allocation Fund’s asset allocation strategies were modified and the Fund was renamed Pioneer Solutions – Growth Fund.

7. Effective the close of business November 14, 2014, Pioneer Ibbotson Moderate Allocation Fund’s asset allocation strategies were modified and the Fund was renamed Pioneer Solutions – Balanced Fund.

As of close of business November 10, 2014, all outstanding Class B shares of the Pioneer funds were converted to Class A shares.

On October 17, 2014, Pioneer Oak Ridge Large Cap Growth Fund reorganized into a newly established fund for which Oak Ridge serves investment advisor. Visit the Oak Ridge Funds website for more information.

On October 17, 2014, Pioneer Oak Ridge Small Cap Growth Fund reorganized into a newly established fund for which Oak Ridge serves as investment advisor. Visit the Oak Ridge Funds website for more information.

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.