File Nos. 033-13179
                                                                     811-05099


    As filed with the Securities and Exchange Commission on April 24, 2017



                       SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C. 20549

                                        FORM N-1A

        REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933         [X]

                        Pre-Effective Amendment No. ___                 [ ]

                        Post-Effective Amendment No. 51                 [X]

                                        and/or

        REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]

                                Amendment No. 52                        [X]

                        (Check appropriate box or boxes)

                        PIONEER MONEY MARKET TRUST
               (Exact Name of Registrant as Specified in Charter)

                  60 State Street, Boston, Massachusetts 02109
               (Address of Principal Executive Offices) (Zip Code)


       Registrant's Telephone Number, including Area Code: (617) 742-7825

            Terrence J. Cullen, Pioneer Investment Management, Inc.,
                  60 State Street, Boston, Massachusetts 02109
                     (Name and Address of Agent for Service)


It is proposed that this filing will become effective (check appropriate box):


           [ ]  immediately upon filing pursuant to paragraph (b)
           [X]  on May 1, 2017 pursuant to paragraph (b)
           [ ]  60 days after filing pursuant to paragraph (a)(1)
           [ ]  on [date] pursuant to paragraph (a)(1)
           [ ]  75 days after filing pursuant to paragraph (a)(2)
           [ ]  on [date] pursuant to paragraph (a)(2) of Rule 485.


If appropriate, check the following box:

          ___ This post-effective amendment designates a new effective date for
a previously filed post-effective amendment.

<PAGE>

PIONEER
--------------------------------------------------------------------------------
U.S. GOVERNMENT MONEY MARKET FUND
                                                  Class A Shares (PMTXX)
                                                  Class Y Shares (PRYXX)




                                                         Prospectus, May 1, 2017


CONTENTS
--------------------------------------------------------------------------------

<TABLE>
<S>                                             <C>
Fund summary...................................  1
More on the fund's investment objectives
and strategies.................................  9
More on the risks of investing in the fund..... 13
Management..................................... 20
Pricing of shares.............................. 22
Choosing a class of shares..................... 23
Distribution and service arrangements.......... 24
Sales charges.................................. 26
Buying, exchanging and selling shares.......... 29
Account options................................ 41
Shareholder services and policies.............. 45
Dividends, capital gains and taxes............. 52
Financial highlights........................... 54
</TABLE>


Neither the Securities and Exchange Commission nor any state securities agency
has approved or disapproved the fund's shares or determined whether this
prospectus is

[GRAPHIC APPEARS HERE]





accurate or complete. Any representation to the contrary is a crime.
<PAGE>


     An investment in the fund is not a bank deposit and is not insured or
     guaranteed by the Federal Deposit Insurance Corporation or any other
     government agency. Although the fund seeks to preserve the value of your
     investment at $1.00 per share, it is possible to lose money by investing
     in the fund.

-------------------------------------------------------------------------------

     Contact your investment professional to discuss how the fund may fit
     into your portfolio.
-------------------------------------------------------------------------------
<PAGE>

Fund summary

INVESTMENT OBJECTIVES
Preservation of capital, liquidity, and current income.


FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy and hold
shares of the fund.


<TABLE>
<CAPTION>
SHAREOWNER FEES
(fees paid directly from your investment)                                    CLASS A   CLASS Y
---------------------------------------------------------------------------  --------- --------
<S>                                                                          <C>       <C>
Maximum sales charge (load) when you buy shares (as a percentage of
offering price)                                                                   None     None
---------------------------------------------------------------------------  --------- --------
Maximum deferred sales charge (load) (as a percentage of offering price or
the amount you receive when you sell shares, whichever is less)                   None     None
---------------------------------------------------------------------------  --------- --------
</TABLE>




<TABLE>
<CAPTION>
ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your
investment)                                                             CLASS A   CLASS Y
----------------------------------------------------------------------  --------- --------
<S>                                                                     <C>       <C>
Management Fees                                                           0.35%     0.35%
----------------------------------------------------------------------     ----      ----
Distribution and Service (12b-1) Fees                                     0.15%     0.00%
----------------------------------------------------------------------     ----      ----
Other Expenses                                                            0.32%     0.15%
----------------------------------------------------------------------     ----      ----
Total Annual Fund Operating Expenses                                      0.82%     0.50%
----------------------------------------------------------------------     ----      ----
</TABLE>


EXAMPLE
This example is intended to help you compare the cost of investing in the fund
with the cost of investing in other mutual funds. The example assumes that you
invest $10,000 in the fund for the time periods shown and then, except as
indicated, redeem all of your shares at the end of those periods. It also
assumes that (a) your investment has a 5% return each year and (b) the fund's
total annual operating expenses remain the same. Although your actual costs may
be higher or lower, based on these assumptions your costs would be:



<TABLE>
<CAPTION>
                IF YOU REDEEM YOUR SHARES        IF YOU DO NOT REDEEM YOUR SHARES
           -----------------------------------  -----------------------------------
                             NUMBER OF YEARS YOU OWN YOUR SHARES
           ------------------------------------------------------------------------
                1        3        5         10       1        3        5         10
           ------  -------  -------  ---------  ------  -------  -------  ---------
<S>        <C>     <C>      <C>      <C>        <C>     <C>      <C>      <C>
Class A    $84     $262     $455     $1,014     $84     $262     $455     $1,014
---------  ---     ----     ----     ------     ---     ----     ----     ------
Class Y     51      160      280        628      51      160      280        628
---------  ---     ----     ----     ------     ---     ----     ----     ------
</TABLE>


PRINCIPAL INVESTMENT STRATEGIES
The fund is a government money market fund. The fund seeks to maintain a
constant net asset value of $1.00 per share by investing in high-quality, U.S.
dollar denominated money market securities issued by the U.S. government and
its agencies and instrumentalities.


                                       1
<PAGE>

Fund summary

The fund will invest at least 99.5% of its total assets in U.S. government
securities, cash, and/or repurchase agreements that are fully collateralized by
U.S. government securities or cash. In addition, under normal circumstances,
the fund will invest at least 80% of its net assets in U.S. government
securities and/or repurchase agreements that are collateralized by U.S.
government securities.

The fund invests in accordance with the credit quality, maturity, liquidity and
diversification requirements applicable to money market funds. Within these
standards, the adviser's assessment of broad economic factors that are expected
to affect economic activity and interest rates influences securities selection.
The adviser also employs fundamental research and an evaluation of the issuer
based on its financial statements and operations, to assess an issuer's credit
quality.


PRINCIPAL RISKS OF INVESTING IN THE FUND
You could lose money by investing in the fund. Although the fund seeks to
preserve the value of your investment at $1.00 per share, it cannot guarantee
it will do so. An investment in the fund is not a bank deposit and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The fund's sponsor has no legal obligation to provide
financial support to the fund, and you should not expect that the sponsor will
provide financial support to the fund at any time.


If one or more money market funds were to incur a sizeable loss or impose fees
on redemptions or suspend redemptions, there could be significant redemptions
from money market funds in general, potentially driving the market prices of
money market instruments down and adversely affecting market liquidity.


In the past, the adviser and its affiliates have reimbursed or otherwise
reduced the fund's expenses and the adviser has waived a portion of its
management fee in an effort to maintain a net asset value of $1.00 per share,
for the purpose of avoiding a negative yield or increasing the fund's yield.
The adviser and its affiliates may, but are not required to, continue to waive
and/or reimburse fees in the future. Any such expense reimbursements,
reductions or waivers are voluntary and temporary and may be terminated by the
adviser at any time without notice. The adviser may not recapture fees and
expenses previously waived and/or reimbursed.


                                       2
<PAGE>

As a government money market fund, the fund is not required to impose a fee
upon sale of your shares (liquidity fees) or temporarily suspend your ability
to sell shares if the fund's liquidity falls below required minimums
(redemption gates), and has no current intention to voluntarily impose such
liquidity fees or redemption gates. However, the Board of Trustees reserves the
right to impose liquidity fees and/or redemption gates in the future.

The fund could underperform other short-term debt instruments or money market
funds.

Following is a summary description of principal risks of investing in the fund.


INTEREST RATE AND MARKET RISK. General market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity or other disruptions in the bond
markets, adverse investor sentiment or other adverse market events and
conditions could cause the value of your investment, or its yield, to decline.
While the fund seeks to maintain a $1.00 share price, when market prices fall,
the value of your investment could go down. Market prices will generally go
down when interest rates rise. A rise in rates tends to have a greater impact
on the prices of longer term securities. Interest rates in the U.S. have
recently been historically low, so the fund faces a heightened risk that
interest rates may rise. A general rise in interest rates may cause investors
to move out of fixed income securities on a large scale, which could adversely
affect the price and liquidity of fixed income securities and could also result
in increased redemptions from the fund. In the past several years, financial
markets, such as those in the United States, Europe, Asia and elsewhere, have
experienced increased volatility, depressed valuations, decreased liquidity and
heightened uncertainty. These conditions may continue, recur, worsen or spread.
Events that have contributed to these market conditions include, but are not
limited to, major cybersecurity events; measures to address U.S. federal and
state budget deficits; downgrading of U.S. long-term sovereign debt; declines
in oil and commodity prices; dramatic changes in currency exchange rates; and
public sentiment. The U.S. government and the Federal Reserve, as well as
certain foreign governments and their central banks, have taken steps to
support financial markets. This and other government intervention may not work
as intended, particularly if the efforts are perceived by investors as being
unlikely to achieve the desired results. The Federal Reserve has reduced its
market support activities and recently has begun raising interest rates.
Certain foreign governments and central banks are implementing or discussing
so-called negative interest



                                       3
<PAGE>

Fund summary


rates (e.g., charging depositors who keep their cash at a bank) to spur
economic growth. Further Federal Reserve or other U.S. or non-U.S. governmental
or central bank actions, including interest rate increases or contrary actions
by different governments, could negatively affect financial markets generally,
increase market volatility and reduce the value and liquidity of securities in
which the fund invests. Policy and legislative changes in the U.S. and in other
countries are affecting many aspects of financial regulation, and may in some
instances contribute to decreased liquidity and increased volatility in the
financial markets. The impact of these changes on the markets, and the
practical implications for market participants, may not be fully known for some
time. Economies and financial markets throughout the world are increasingly
interconnected. Economic, financial or political events, trading and tariff
arrangements, terrorism, natural disasters and other circumstances in one
country or region could have profound impacts on global economies or markets.
As a result, whether or not the fund invests in securities of issuers located
in or with significant exposure to the countries directly affected, the value
and liquidity of the fund's investments may be negatively affected.


CREDIT RISK. If an issuer or obligor of a security held by the fund or a
counterparty to a financial contract with the fund defaults on its obligation
to pay principal and/or interest, has its credit rating downgraded or is
perceived to be less creditworthy, or the credit quality or value of any
underlying assets declines, the value of your investment will decline. In
addition, the default or downgrade of a single holding or issuer may cause
significant deterioration in the fund's share price. The credit quality of the
fund's holdings can change rapidly in certain markets.

YIELD RISK. The amount of income received by the fund will go up or down
depending on day-to-day variations in short-term interest rates, and when
interest rates are very low the fund's expenses could absorb all or a
significant portion of the fund's income. If interest rates increase, the
fund's yield may not increase proportionately. For example, the fund's adviser
may discontinue any temporary voluntary fee waivers. In addition, the
implementation of the new requirements recently adopted for money market funds
could have a negative effect on the fund's yield.

EXTENSION RISK. During periods of rising interest rates, the average life of
certain types of securities may be extended because of slower than expected
principal payments. This may lock in a below market interest rate, increase the
security's duration and reduce the value of the security.


                                       4
<PAGE>

PORTFOLIO SELECTION RISK. The adviser's judgment about the quality, relative
yield, relative value or market trends affecting a particular sector or region,
market segment, security or about interest rates generally may prove to be
incorrect.

U.S. TREASURY OBLIGATIONS RISK. The market value of direct obligations of the
U.S. Treasury may vary due to changes in interest rates. In addition, changes
to the financial condition or credit rating of the U.S. government may cause
the value of the fund's investments in obligations issued by the U.S. Treasury
to decline.

U.S. GOVERNMENT AGENCY OBLIGATIONS RISK. The fund invests in obligations issued
by agencies and instrumentalities of the U.S. government. Government-sponsored
entities such as FNMA, FHLMC and the FHLBs, although chartered or sponsored by
Congress, are not funded by congressional appropriations and the debt issued by
them are neither guaranteed nor issued by the U.S. government. Such debt
securities are subject to the risk of default on the payment of interest and/or
principal, similar to debt of private issuers. The maximum potential liability
of the issuers of some U.S. government obligations may greatly exceed their
current resources, including any legal right to support from the U.S.
government. Although the U.S. government has provided financial support to FNMA
and FHLMC in the past, there can be no assurance that it will support these or
other government-sponsored entities in the future.


LIQUIDITY RISK. Liquidity risk exists when particular investments are
impossible or difficult to sell. Although most of the fund's investments must
be liquid at the time of investment, investments may become illiquid after
purchase by the fund, particularly during times of market turmoil. These
illiquid securities also may be difficult to value. Liquidity risk may be
magnified in a rising interest rate environment. If the fund is forced to sell
an illiquid investment to meet redemption requests or other cash needs, the
fund may be forced to sell at a loss.

VALUATION RISK. The sales price the fund could receive for any particular
portfolio investment may differ from the fund's last valuation of the
investment, particularly for securities that trade in thin or volatile markets
or that are valued using a fair value methodology. Investors who purchase or
redeem fund shares on days when the fund is holding fair-valued securities may
receive fewer or more shares or lower or higher redemption proceeds than they
would have received if the fund had not fair-valued the securities or



                                       5
<PAGE>

Fund summary


had used a different valuation methodology. The fund's ability to value its
investments may also be impacted by technological issues and/or errors by
pricing services or other third party service providers.


REDEMPTION RISK. The fund may experience periods of heavy redemptions that
could cause the fund to liquidate its assets at inopportune times or at a loss
or depressed value, particularly during periods of declining or illiquid
markets, and that could affect the fund's ability to maintain a $1.00 share
price. Redemption risk is greater to the extent that the fund has investors
with large shareholdings, short investment horizons, or unpredictable cash flow
needs. The redemption by one or more large shareholders of their holdings in
the fund could cause the remaining shareholders in the fund to lose money. In
addition, the fund may suspend redemptions when permitted by applicable
regulations.

EXPENSE RISK. Your actual costs of investing in the fund may be higher than the
expenses shown in "Annual fund operating expenses" for a variety of reasons.
For example, expense ratios may be higher than those shown if overall net
assets decrease or are lower than estimated, as a result of redemptions or
otherwise, or if a voluntary fee waiver is changed or terminated.

Please note that there are many other factors that could adversely affect your
investment and that could prevent the fund from achieving its goals.


THE FUND'S PAST PERFORMANCE
The bar chart and table indicate the risks and volatility of an investment in
the fund by showing how the fund has performed in the past. The bar chart shows
changes in the performance of the fund's Class A shares from calendar year to
calendar year. The table shows the average annual total returns for each class
of the fund over time. You can obtain updated performance information by
visiting https://us.pioneerinvestments.com/performance or by calling
1-800-225-6292.

Prior to November 13, 2015, the fund operated as a "prime" money market fund.
Performance shown for periods prior to November 13, 2015 reflect the fund's
former investment strategy.

The fund's past performance (before and after taxes) does not necessarily
indicate how it will perform in the future.


                                       6
<PAGE>

ANNUAL RETURN CLASS A SHARES (%)
(Year ended December 31)
[GRAPHIC APPEARS HERE]









<TABLE>
<CAPTION>
'07      '08    '09    '10    '11   '12   '13   '14   '15   '16
<S>      <C>    <C>    <C>    <C>   <C>   <C>   <C>   <C>   <C>
  4.72   2.46   0.16   0.02   .01   .01   .01   .01   .01   .01
</TABLE>






For the period covered by the bar chart:
THE HIGHEST CALENDAR QUARTERLY RETURN WAS 1.18% (07/01/2007 TO 09/30/2007).

THE LOWEST CALENDAR QUARTERLY RETURN WAS 0.00% (04/01/2016 TO 06/30/2016).



AVERAGE ANNUAL TOTAL RETURN (%)

(for periods ended December 31, 2016)




<TABLE>
<CAPTION>
                                                  SINCE   INCEPTION
             1 YEAR    5 YEARS    10 YEARS    INCEPTION        DATE
           --------  ---------  ----------  -----------  ----------
<S>        <C>       <C>        <C>         <C>          <C>
Class A      0.01       0.01        0.73         3.02      6/22/87
---------    ----       ----        ----         ----      -------
Class Y      0.01       0.01        0.79         1.20      9/26/05
---------    ----       ----        ----         ----      -------
</TABLE>


MANAGEMENT


<TABLE>
<S>                    <C>
INVESTMENT ADVISER     Pioneer Investment Management, Inc.
PORTFOLIO MANAGEMENT   Seth Roman, Vice President of Pioneer
                       (portfolio manager of the fund since 2006)
</TABLE>

PURCHASE AND SALE OF FUND SHARES
You may purchase, exchange or sell (redeem) shares each day the New York Stock
Exchange is open through your financial intermediary or, for accounts held
directly with the fund, by contacting the fund in writing or by telephone,
Pioneer Funds, P.O. Box 55014, Boston, MA 02205-5014, tel. 1-800-225-6292.


                                       7
<PAGE>

Fund summary

Your initial investment for Class A shares must be at least $1,000. Additional
investments must be at least $100 for Class A shares. The initial investment
for Class Y shares must be at least $5 million. This amount may be invested in
one or more of the Pioneer mutual funds that currently offer Class Y shares.
There is no minimum additional investment amount for Class Y shares.


TAX INFORMATION
The fund intends to make distributions that may be taxed as ordinary income or
capital gains.


PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase the fund through a broker-dealer or other financial
intermediary (such as a bank), the fund and its related companies may pay the
intermediary for the sale of fund shares and related services. These payments
create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson or investment professional to recommend the
fund over another investment. Ask your salesperson or investment professional
or visit your financial intermediary's website for more information.


                                       8
<PAGE>

More on the fund's investment objectives
and strategies


INVESTMENT OBJECTIVES
Preservation of capital, liquidity, and current income.

The fund's investment objectives may be changed without shareholder approval.
The fund will provide at least 30 days' notice prior to implementing any change
to its investment objectives.


PRINCIPAL INVESTMENT STRATEGIES
The fund is a government money market fund. The fund seeks to maintain a
constant net asset value of $1.00 per share by investing in high-quality, U.S.
dollar denominated money market securities issued by the U.S. government and
its agencies and instrumentalities.

The fund will invest at least 99.5% of its total assets in U.S. government
securities, cash, and/or repurchase agreements that are fully collateralized by
U.S. government securities or cash. In addition, under normal circumstances,
the fund will invest at least 80% of its net assets in U.S. government
securities and/or repurchase agreements that are collateralized by U.S.
government securities.

The fund invests in accordance with the credit quality, maturity, liquidity and
diversification requirements applicable to money market funds. Within these
standards, the assessment of broad economic factors that are expected to affect
economic activity and interest rates influences securities selection by Pioneer
Investment Management, Inc. ("Pioneer"), the fund's investment adviser. Pioneer
also employs fundamental research and an evaluation of the issuer based on its
financial statements and operations, to assess an issuer's credit quality.

The fund seeks to invest in securities that present minimal credit risks to the
fund.

The fund invests exclusively in securities with a maximum remaining maturity of
397 days and maintains a dollar-weighted average portfolio maturity of 60 days
or less. In addition, the fund must comply with rules with respect to the
fund's weighted average life.

The fund must follow strict rules with respect to the liquidity of its
portfolio securities including daily and weekly liquidity requirements. In
addition, the fund may not purchase illiquid securities if, as a result of the
acquisition, more than 5% of the fund's total assets would be invested in
illiquid securities.


                                       9
<PAGE>

More on the fund's investment objectives
and strategies

The fund's investment strategies and policies may be changed from time to time
without shareholder approval, unless specifically stated otherwise in this
prospectus or in the statement of additional information.


U.S. GOVERNMENT SECURITIES
U.S. government securities include U.S. Treasury obligations, obligations of,
or guaranteed by, the U.S. government, its agencies or government-sponsored
entities. U.S. government securities include issues by non-governmental
entities (like financial institutions) that carry direct guarantees from U.S.
government agencies as part of government initiatives in response to the market
crisis or otherwise. Although the U.S. government guarantees principal and
interest payments on securities issued by the U.S. government and some of its
agencies, such as securities issued by the GNMA, this guarantee does not apply
to losses resulting from declines in the market value of these securities. U.S.
government securities include zero coupon securities that make payments of
interest and principal only upon maturity and which therefore tend to be
subject to greater volatility than interest-bearing securities with comparable
maturities. Some of the U.S. government securities that the fund may hold are
not guaranteed or backed by the full faith and credit of the U.S. government,
such as those issued by FNMA and FHLMC.


U.S. TREASURY OBLIGATIONS
U.S. Treasury obligations are direct debt obligations issued by the U.S.
government. Treasury bills, with maturities normally from 4 weeks to 52 weeks,
are typically issued at a discount as they pay interest only upon maturity.
Treasury bills are non-callable. Treasury notes have a maturity between two and
ten years and typically pay interest semi-annually, while Treasury bonds have a
maturity of over ten years and pay interest semiannually. Treasuries also
include STRIPS, TIPS and FRNs. STRIPS are Treasury obligations with separately
traded principal and interest component parts that are transferable through the
federal book-entry system. Because payments on STRIPS are made only at
maturity, during periods of changing interest rates, STRIPS may be more
volatile than unstripped U.S. Treasury obligations with comparable maturities.
TIPS are Treasury Inflation-Protected Securities, the principal of which
increases with inflation and decreases with deflation, as measured by the
Consumer Price Index. At maturity, a TIPS holder is entitled to the adjusted
principal or original principal, whichever is greater. TIPS pay interest twice
a year, at a fixed rate. The rate is applied to the adjusted principal; so,
like the principal, interest payments rise with inflation


                                       10
<PAGE>


and fall with deflation. However, because the interest rate is fixed, TIPS may
lose value when market interest rates increase, particularly during periods of
low inflation. FRNs are newly introduced floating rate notes that are indexed
to the most recent 13-week Treasury bill auction High Rate, and which pay
interest quarterly. U.S. Treasury obligations typically offer lower interest
rates than other obligations.



REPURCHASE AGREEMENTS
In a repurchase agreement, the fund purchases securities from a broker/dealer
or a bank, called the counterparty, upon the agreement of the counterparty to
repurchase the securities from the fund at a later date, and at a specified
price, which is typically higher than the purchase price paid by the fund. The
securities purchased serve as the fund's collateral for the obligation of the
counterparty to repurchase the securities. If the counterparty does not
repurchase the securities, the fund is entitled to sell the securities, but the
fund may not be able to sell them for the price at which they were purchased,
thus causing a loss. Additionally, if the counterparty becomes insolvent, there
is some risk that the fund will not have a right to the securities, or the
immediate right to sell the securities.


ADDITIONAL INVESTMENT STRATEGIES
In addition to the principal investment strategies discussed above, the fund
may also use other techniques, including the following non-principal investment
strategies.


REVERSE REPURCHASE AGREEMENTS AND BORROWING
The fund may enter into reverse repurchase agreements pursuant to which the
fund transfers securities to a counterparty in return for cash, and the fund
agrees to repurchase the securities at a later date and for a higher price.
Reverse repurchase agreements are treated as borrowings by the fund, are a form
of leverage and may make the value of an investment in the fund more volatile
and increase the risks of investing in the fund. The fund also may borrow money
from banks or other lenders for temporary purposes. The fund may borrow up to
33 1/3% of its total assets. Entering into reverse repurchase agreements and
other borrowing transactions may cause the fund to liquidate positions when it
may not be advantageous to do so in order to satisfy its obligations or meet
segregation requirements.


                                       11
<PAGE>

More on the fund's investment objectives
and strategies

"WHEN-ISSUED", DELAYED DELIVERY, TO BE ANNOUNCED AND FORWARD COMMITMENT
TRANSACTIONS
The fund may purchase and sell securities, including mortgaged-backed
securities, on a when-issued, delayed delivery, to be announced or forward
commitment basis. These transactions arise when securities are purchased or
sold by the fund with payment and delivery taking place at a fixed future date.
The fund will not earn income on these securities until delivered. The fund may
engage in these transactions when it believes they would result in a favorable
price and yield for the security being purchased or sold.


                                       12
<PAGE>

More on the risks of investing in the fund

PRINCIPAL RISKS OF INVESTING IN THE FUND
You could lose money by investing in the fund. Although the fund seeks to
preserve the value of your investment at $1.00 per share, it cannot guarantee
it will do so. An investment in the fund is not a bank deposit and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The fund's sponsor has no legal obligation to provide
financial support to the fund, and you should not expect that the sponsor will
provide financial support to the fund at any time.


If one or more money market funds were to incur a sizeable loss or impose fees
on redemptions or suspend redemptions, there could be significant redemptions
from money market funds in general, potentially driving the market prices of
money market instruments down and adversely affecting market liquidity.


In the past, the adviser and its affiliates have reimbursed or otherwise
reduced the fund's expenses and the adviser has waived a portion of its
management fee in an effort to maintain a net asset value of $1.00 per share,
for the purpose of avoiding a negative yield or increasing the fund's yield.
The adviser and its affiliates may, but are not required to, continue to waive
and/or reimburse fees in the future. Any such expense reimbursements,
reductions or waivers are voluntary and temporary and may be terminated by the
adviser at any time without notice. The adviser may not recapture fees and
expenses previously waived and/or reimbursed.

The fund could take other actions in an effort to maintain a net asset value of
$1.00 per share. For example, the fund could increase or decrease the number of
its outstanding shares. If the fund were to reduce the number of its
outstanding shares in order to maintain a $1.00 per share net asset value, you
would own fewer shares and lose money.

As a government money market fund, the fund is not required to impose a fee
upon sale of your shares (liquidity fees) or temporarily suspend your ability
to sell shares if the fund's liquidity falls below required minimums
(redemption gates), and has no current intention to voluntarily impose such
liquidity fees or redemption gates. However, the Board of Trustees reserves the
right to impose liquidity fees and/or redemption gates in the future.

The fund could underperform other short-term debt instruments or money market
funds.

Following is a description of principal risks of investing in the fund.

                                       13
<PAGE>

More on the risks of investing in the fund


INTEREST RATE AND MARKET RISK. General market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity or other disruptions in the bond
markets, adverse investor sentiment or other adverse market events and
conditions could cause the value of your investment, or its yield, to decline.
While the fund seeks to maintain a $1.00 share price, when market prices fall,
the value of your investment could go down. Market prices will generally go
down when interest rates rise. A rise in rates tends to have a greater impact
on the prices of longer term securities. Interest rates in the U.S. have
recently been historically low, so the fund faces a heightened risk that
interest rates may rise. A general rise in interest rates may cause investors
to move out of fixed income securities on a large scale, which could adversely
affect the price and liquidity of fixed income securities and could also result
in increased redemptions from the fund. In the past several years, financial
markets, such as those in the United States, Europe, Asia and elsewhere, have
experienced increased volatility, depressed valuations, decreased liquidity and
heightened uncertainty. These conditions may continue, recur, worsen or spread.
Events that have contributed to these market conditions include, but are not
limited to, major cybersecurity events; measures to address U.S. federal and
state budget deficits; downgrading of U.S. long-term sovereign debt; declines
in oil and commodity prices; dramatic changes in currency exchange rates; and
public sentiment. The U.S. government and the Federal Reserve, as well as
certain foreign governments and their central banks, have taken steps to
support financial markets. This and other government intervention may not work
as intended, particularly if the efforts are perceived by investors as being
unlikely to achieve the desired results. The Federal Reserve has reduced its
market support activities and recently has begun raising interest rates.
Certain foreign governments and central banks are implementing or discussing
so-called negative interest rates (e.g., charging depositors who keep their
cash at a bank) to spur economic growth. Further Federal Reserve or other U.S.
or non-U.S. governmental or central bank actions, including interest rate
increases or contrary actions by different governments, could negatively affect
financial markets generally, increase market volatility and reduce the value
and liquidity of securities in which the fund invests. Policy and legislative
changes in the U.S. and in other countries are affecting many aspects of
financial regulation, and may in some instances contribute to decreased
liquidity and increased volatility in the financial markets. The impact of
these changes on the markets, and the practical implications for market
participants, may not be fully known for some time. Economies and financial
markets throughout the



                                       14
<PAGE>


world are increasingly interconnected. Economic, financial or political events,
trading and tariff arrangements, terrorism, natural disasters and other
circumstances in one country or region could have profound impacts on global
economies or markets. As a result, whether or not the fund invests in
securities of issuers located in or with significant exposure to the countries
directly affected, the value and liquidity of the fund's investments may be
negatively affected.

CREDIT RISK. An issuer or other obliger (such as a party providing insurance or
other credit enhancement) may fail to make the required payments on securities
held by the fund. Debt securities also go up or down in value based on the
perceived creditworthiness of issuers or other obligors. If an obligor for a
security held by the fund or a counterparty to a financial contract with the
fund fails to pay, otherwise defaults or is perceived to be less creditworthy,
a security's credit rating is downgraded, which could happen rapidly, or the
credit quality or value of any underlying assets declines, the value of your
investment in the fund could decline significantly, particularly in certain
market environments. In addition, the default or downgrade of a single holding
or issuer may cause significant deterioration in the fund's share price. If a
single entity provides credit enhancement to more than one of the fund's
investments, the adverse effects resulting from the downgrade or default will
increase the adverse effects on the fund. The credit quality of the fund's
holdings can change rapidly in certain markets. If the fund enters into a
financial contract (such as a repurchase agreement or reverse repurchase
agreement) the fund will be subject to the credit risk presented by the
counterparty. In addition, the fund may incur expenses in an effort to protect
the fund's interests or to enforce its rights.


Generally, applicable regulations require that the fund invest only in
securities that have a remaining maturity of 397 days or less. However, these
regulations permit the fund to use interest rate reset dates or demand features
in calculating a security's maturity for purposes of regulatory maturity
limitations, rather than using the security's actual maturity. Accordingly, the
fund may invest in securities that have an actual maturity which is greater
than 397 days, and the security's value may decline on the basis of perceived
longer term credit risk of the issuer.

Upon the occurrence of certain triggering events or defaults on a security held
by the fund, or if the portfolio manager believes that an obligor of such a
security may have difficulty meeting its obligations, the fund may obtain a new
or restructured security or underlying assets. In that case, the fund


                                       15
<PAGE>

More on the risks of investing in the fund

may become the holder of securities or assets that it could not otherwise
purchase (for example, because they are of lower quality or are subordinated to
other obligations of the issuer) at a time when those assets may be difficult
to sell or can be sold only at a loss. Any of these events may cause you to
lose money.

YIELD RISK. The fund invests in short-term money market instruments. As a
result, the amount of income received by the fund will go up or down depending
on day-to-day variations in short-term interest rates. Investing in high
quality, short-term instruments may result in a lower yield (the income on your
investment) than investing in lower quality or longer-term instruments. When
interest rates are very low, the fund's expenses could absorb all or a
significant portion of the fund's income, and, if the fund's expenses exceed
the fund's income, the fund may be unable to maintain its $1.00 share price. If
interest rates increase, the fund's yield may not increase proportionately. For
example, the fund's adviser may discontinue any temporary voluntary fee
waivers. A money market fund is also required to maintain liquidity levels
based on the characteristics and anticipated liquidity needs of its
shareholders. A fund with greater liquidity needs may have a lower yield than
money market funds with a different shareholder base. The implementation of the
new requirements recently adopted for money market funds may have a negative
effect on the fund's yield.

EXTENSION RISK. During periods of rising interest rates, the average life of
certain types of securities may be extended because of slower than expected
principal payments. This may lock in a below market interest rate, increase the
security's duration (the estimated period until the security is paid in full)
and reduce the value of the security.

To the extent the fund invests significantly in mortgage-related and
asset-backed securities, its exposure to extension risks may be greater than if
it invested in other fixed income securities.

PORTFOLIO SELECTION RISK. The adviser's judgment about the quality, relative
yield, relative value or market trends affecting a particular sector or region,
market segment, security or about interest rates generally may prove to be
incorrect.


                                       16
<PAGE>

U.S. TREASURY OBLIGATIONS RISK. The market value of direct obligations of the
U.S. Treasury may vary due to changes in interest rates. In addition, changes
to the financial condition or credit rating of the U.S. government may cause
the value of the fund's investments in obligations issued by the U.S. Treasury
to decline.

U.S. GOVERNMENT AGENCY OBLIGATIONS RISK. The fund invests in obligations issued
by agencies and instrumentalities of the U.S. government. Government sponsored
entities such as the FNMA, FHLMC and the FHLBs, although chartered or sponsored
by Congress, are not funded by congressional appropriations and the debt
securities issued by them are neither guaranteed nor issued by the U.S.
government. The maximum potential liability of the issuers of some U.S.
government obligations may greatly exceed their current resources, including
any legal right to support from the U.S. government. Such debt securities are
subject to the risk of default in the payment of interest and/or principal,
similar to debt of private issuers. Although the U.S. government has provided
financial support to FNMA and FHLMC in the past, there can be no assurance that
it will support these or other government sponsored entities in the future.

RISKS OF INVESTING IN "WHEN-ISSUED", DELAYED DELIVERY, TO BE ANNOUNCED AND
FORWARD COMMITMENT TRANSACTIONS. The market value of these transactions may
increase or decrease as a result of changes in interest rates. These
transactions involve risk of loss if the value of the underlying security
changes unfavorably before the settlement date or if the assets set aside to
pay for these securities decline in value prior to the settlement date.
Therefore, these transactions may have a leveraging effect on the fund, making
the value of an investment in the fund more volatile and increasing the fund's
overall investment exposure. There is also a risk that the security will not be
issued or that the other party to the transaction will default on its
obligation to purchase or sell the security, which may result in the fund
missing the opportunity to obtain a favorable price or yield elsewhere.


LIQUIDITY RISK. Liquidity risk exists when particular investments are
impossible or difficult to sell. Although most of the fund's investments must
be liquid at the time of investment, investments may become illiquid after
purchase by the fund, particularly during times of market turmoil. Markets may
become illiquid when, for instance, there are few, if any, interested buyers
and sellers or when dealers are unwilling to make a market for certain
securities or when dealer market-making capacity is otherwise reduced, and this
is more likely to occur as a result of the reduction of market support activity
by the



                                       17
<PAGE>

More on the risks of investing in the fund

Federal Reserve. A lack of liquidity or other adverse credit market conditions
may affect the fund's ability to sell the securities in which it invests or to
fund and purchase suitable investments. These illiquid investments may also be
difficult to value. If the fund is forced to sell an illiquid investment to
meet redemption requests or other cash needs, the fund may be forced to sell at
a loss. Liquidity risk is magnified in a rising interest rate environment in
which investor redemptions may be higher than normal.


VALUATION RISK. The sales price the fund could receive for any particular
portfolio investment may differ from the fund's last valuation of the
investment, particularly for securities that trade in thin or volatile markets
or that are valued using a fair value methodology. Investors who purchase or
redeem fund shares on days when the fund is holding fair-valued securities may
receive fewer or more shares or lower or higher redemption proceeds than they
would have received if the fund had not fair-valued the securities or had used
a different valuation methodology. The fund's ability to value its investments
may also be impacted by technological issues and/or errors by pricing services
or other third party service providers.


REDEMPTION RISK. The fund may experience periods of heavy redemptions that
could cause the fund to liquidate its assets at inopportune times or at a loss
or depressed value particularly during periods of declining or illiquid
markets. Redemption risk is greater to the extent that the fund has investors
with large shareholdings, short investment horizons, or unpredictable cash flow
needs. In addition, redemption risk is heightened during periods of overall
market turmoil. The redemption by one or more large shareholders of their
holdings in the fund could cause the remaining shareholders in the fund to lose
money. Further, if one decision maker has control of fund shares owned by
separate fund shareholders, redemptions by these shareholders may further
increase the fund's redemption risk. If the fund is forced to liquidate its
assets under unfavorable conditions or at inopportune times, the fund's ability
to maintain a stable $1.00 share price may be affected. In addition, the fund
may suspend redemptions when permitted by applicable regulations.

EXPENSE RISK. Your actual costs of investing in the fund may be higher than the
expenses shown in "Annual fund operating expenses" for a variety of reasons.
For example, expense ratios may be higher than those shown if overall net
assets decrease or are lower than estimated, as a result of redemptions or
otherwise, or if a voluntary fee waiver is changed or terminated.


                                       18
<PAGE>

DISCLOSURE OF PORTFOLIO HOLDINGS
The fund's policies and procedures with respect to disclosure of the fund's
securities are described in the statement of additional information.


                                       19
<PAGE>

Management

INVESTMENT ADVISER
Pioneer, the fund's investment adviser, selects the fund's investments and
oversees the fund's operations.


Pioneer is an indirect, wholly owned subsidiary of UniCredit S.p.A., one of the
largest banking groups in Italy. Pioneer is part of the global asset management
group providing investment management and financial services to mutual funds,
institutional and other clients. As of March 31, 2017, assets under management
were approximately $244 billion worldwide, including over $71 billion in assets
under management by Pioneer (and its U.S. affiliates).


Pioneer's main office is at 60 State Street, Boston, Massachusetts 02109.

The firm's U.S. mutual fund investment history includes creating in 1928 one of
the first mutual funds.

Pioneer has received an order from the Securities and Exchange Commission that
permits Pioneer, subject to the approval of the fund's Board of Trustees, to
hire and terminate a subadviser that is not affiliated with Pioneer (an
"unaffiliated subadviser") or to materially modify an existing subadvisory
contract with an unaffiliated subadviser for the fund without shareholder
approval. Pioneer retains the ultimate responsibility to oversee and recommend
the hiring, termination and replacement of any unaffiliated subadviser.

                                       20
<PAGE>

PORTFOLIO MANAGEMENT
Day-to-day management of the fund's portfolio is the responsibility of Seth
Roman (portfolio manager of the fund since 2006). Mr. Roman is supported by the
fixed income team. Members of this team manage other Pioneer funds investing
primarily in fixed income securities. The portfolio manager and the team also
may draw upon the research and investment management expertise of one or more
of Pioneer's affiliates. Mr. Roman, a Vice President of Pioneer, joined Pioneer
as a portfolio manager in March 2006 and has been an investment professional
for over 10 years.

The fund's statement of additional information provides additional information
about the portfolio manager's compensation, other accounts managed by the
portfolio manager, and the portfolio manager's ownership of shares of the fund.


MANAGEMENT FEE
The fund pays Pioneer a fee for managing the fund and to cover the cost of
providing certain services to the fund. Pioneer's annual fee is equal to 0.35%
of the fund's average daily net assets up to $1 billion and 0.30% of the fund's
average daily net assets over $1 billion. The fee is accrued daily and paid
monthly.


For the fiscal year ended December 31, 2016, the fund paid management fees
(excluding waivers and/or assumption of expenses) equivalent to 0.35% of the
fund's average daily net assets.

A discussion regarding the basis for the Board of Trustees' approval of the
management contract is available in the fund's annual report to shareholders
for the period ended December 31, 2016.



DISTRIBUTOR
Pioneer Funds Distributor, Inc. is the fund's distributor. The fund compensates
the distributor for its services. The distributor is an affiliate of Pioneer.


                                       21
<PAGE>

Pricing of shares

NET ASSET VALUE
The fund's net asset value is the value of its securities plus other assets
minus its accrued operating expenses and other liabilities. The fund calculates
a net asset value for each class of shares twice daily, every day the New York
Stock Exchange is open, at 1:00 p.m. Eastern time and as of the scheduled close
of regular trading (normally 4:00 p.m. Eastern time). On days when the New York
Stock Exchange is closed for trading, including certain holidays listed in the
statement of additional information, a net asset value generally is not
calculated. The fund's most recent net asset value is available on the fund's
web site, us.pioneerinvestments.com.

The fund generally values its securities using the amortized cost method. This
valuation method assumes a steady rate of amortization of any premium or
discount from the date of purchase until the maturity of each security. This
valuation method is designed to permit a money market fund to maintain a
constant net asset value of $1.00 per share, but there is no guarantee that it
will do so.

You buy or sell shares at the share price. When you buy a class of shares, you
do not pay an initial sales charge. When you sell Class A shares, you may pay a
contingent deferred sales charge depending on how long you have owned your
shares.


SHARE PRICE
The net asset value per share next calculated after your transaction, adjusted
for any applicable sales charge.


CONTINGENT DEFERRED SALES CHARGE
A sales charge that may be deducted from your sale proceeds.


                                       22
<PAGE>

Choosing a class of shares

The fund offers two classes of shares through this prospectus. Each class has
different eligibility requirements and expenses, allowing you to choose the
class that best meets your needs.

Factors you should consider include:
o The eligibility requirements that apply to purchases of a particular share
  class
o The expenses paid by each class
o How long you expect to own the shares
o Any services you may receive from a financial intermediary


Your investment professional can help you determine which class meets your
goals. Your investment professional or financial intermediary may receive
different compensation depending upon which class you choose.


For information on the fund's expenses, please see "Fund Summary."


CLASS A SHARES
o You do not pay an initial sales charge, but you may pay a sales charge if you
  exchange your shares for Class A shares of another Pioneer mutual fund.
o There is no contingent deferred sales charge on the sale of fund shares you
  purchase. However, if you exchange shares of another Pioneer mutual fund for
  shares of the fund, any contingent deferred sales charge that applied to
  your shares of the other Pioneer mutual fund at the time of the exchange
  will continue to apply to your shares of the fund after the exchange. When
  you ultimately sell your shares of the fund, the date of your original
  purchase of shares of the other Pioneer mutual fund will determine your
  contingent deferred sales charge.
o Distribution and service fees of 0.15% of average daily net assets.


CLASS Y SHARES
o No initial or contingent deferred sales charge.
o Initial investments are subject to a $5 million investment minimum, which may
  be waived in some circumstances.


                                       23
<PAGE>

Distribution and service arrangements

DISTRIBUTION PLAN
The fund has adopted a distribution plan for Class A shares in accordance with
Rule 12b-1 under the Investment Company Act of 1940. Under the plan, the fund
pays distribution and service fees to the distributor. From time to time, the
distributor and/or financial intermediaries may agree to a reduction or waiver
of these fees. Because these fees are an ongoing expense of the fund, over time
they increase the cost of your investment and your shares may cost more than
shares that are subject to other types of sales charges.


ADDITIONAL PAYMENTS TO FINANCIAL INTERMEDIARIES

Your financial intermediary may receive compensation from the fund, Pioneer or
its affiliates for the sale of fund shares and related services. Compensation
may include sales commissions and distribution and service (Rule 12b-1) fees,
as well as compensation for administrative services and transaction processing.

Pioneer or its affiliates may make additional payments to your financial
intermediary. These payments may provide your financial intermediary with an
incentive to favor the Pioneer funds over other mutual funds or assist the
distributor in its efforts to promote the sale of the fund's shares. Financial
intermediaries include broker-dealers, banks (including bank trust
departments), registered investment advisers, financial planners, retirement
plan administrators and other types of intermediaries.

Pioneer or its affiliates make these additional payments (sometimes referred to
as "revenue sharing") to financial intermediaries out of its own assets, which
may include profits derived from services provided to the fund, or from the
retention of a portion of sales charges or distribution and service fees.
Pioneer may base these payments on a variety of criteria, including the amount
of sales or assets of the Pioneer funds attributable to the financial
intermediary or as a per transaction fee.


Not all financial intermediaries receive additional compensation and the amount
of compensation paid varies for each financial intermediary. In certain cases,
these payments may be significant. Pioneer determines which firms to support
and the extent of the payments it is willing to make, generally choosing firms
that have a strong capability to effectively distribute shares of the Pioneer
funds and that are willing to cooperate with Pioneer's


                                       24
<PAGE>

promotional efforts. Pioneer also may compensate financial intermediaries (in
addition to amounts that may be paid by the fund) for providing certain
administrative services and transaction processing services.

Pioneer may benefit from revenue sharing if the intermediary features the
Pioneer funds in its sales system (such as by placing certain Pioneer funds on
its preferred fund list or giving access on a preferential basis to members of
the financial intermediary's sales force or management). In addition, the
financial intermediary may agree to participate in the distributor's marketing
efforts (such as by helping to facilitate or provide financial assistance for
conferences, seminars or other programs at which Pioneer personnel may make
presentations on the Pioneer funds to the intermediary's sales force). To the
extent intermediaries sell more shares of the Pioneer funds or retain shares of
the Pioneer funds in their clients' accounts, Pioneer receives greater
management and other fees due to the increase in the Pioneer funds' assets. The
intermediary may earn a profit on these payments if the amount of the payment
to the intermediary exceeds the intermediary's costs.

The compensation that Pioneer pays to financial intermediaries is discussed in
more detail in the fund's statement of additional information. Your
intermediary may charge you additional fees or commissions other than those
disclosed in this prospectus. Intermediaries may categorize and disclose these
arrangements differently than in the discussion above and in the statement of
additional information. You can ask your financial intermediary about any
payments it receives from Pioneer or the Pioneer funds, as well as about fees
and/or commissions it charges.

Pioneer and its affiliates may have other relationships with your financial
intermediary relating to the provision of services to the Pioneer funds, such
as providing omnibus account services or effecting portfolio transactions for
the Pioneer funds. If your intermediary provides these services, Pioneer or the
Pioneer funds may compensate the intermediary for these services. In addition,
your intermediary may have other relationships with Pioneer or its affiliates
that are not related to the Pioneer funds.


                                       25
<PAGE>

Sales charges

The fund does not charge a contingent deferred sales charge on the sale of fund
shares you purchase. However, if you exchange shares of another Pioneer mutual
fund for shares of the fund, any contingent deferred sales charge that applied
to your shares of the other Pioneer mutual fund at the time of the exchange
will continue to apply to your shares of the fund after the exchange. When you
ultimately sell your shares of the fund, the date of your original purchase of
shares of the other Pioneer mutual fund will determine your contingent deferred
sales charge.


PAYING THE CONTINGENT DEFERRED SALES CHARGE (CDSC)
Several rules apply for calculating CDSCs so that you pay the lowest possible
CDSC.
o The CDSC is calculated on the current market value or the original cost of
  the shares you are selling, whichever is less
o You do not pay a CDSC on reinvested dividends or distributions
o If you sell only some of your shares, the transfer agent will first sell your
  shares that are not subject to any CDSC and then the shares that you have
  owned the longest
o You may qualify for a waiver of the CDSC normally charged. See "Waiver or
  reduction of contingent deferred sales charges"


WAIVER OR REDUCTION OF CONTINGENT DEFERRED SALES CHARGES
It is your responsibility to confirm that your investment professional has
notified the distributor of your eligibility for a reduced sales charge at the
time of sale. If you or your investment professional do not notify the
distributor of your eligibility, you will risk losing the benefits of a reduced
sales charge.

The distributor may waive or reduce the CDSC for Class A shares that are
subject to a CDSC or for Class A shares if:
o The distribution results from the death of all registered account owners or a
  participant in an employer-sponsored plan. For UGMAs, UTMAs and trust
  accounts, the waiver applies only upon the death of all beneficial owners;
o You become disabled (within the meaning of Section 72 of the Internal Revenue
  Code) after the purchase of the shares being sold. For UGMAs, UTMAs and
  trust accounts, the waiver only applies upon the disability of all
  beneficial owners;
o The distribution is made in connection with limited automatic redemptions as
  described in "Systematic withdrawal plans" (limited in any year to 10% of
  the value of the account in the fund at the time the withdrawal plan is
  established);


                                       26
<PAGE>

o The distribution is from any type of IRA, 403(b) or employer-sponsored plan
  described under Section 401(a) or 457 of the Internal Revenue Code and, in
  connection with the distribution, one of the following applies:
  - It is part of a series of substantially equal periodic payments made over
    the life expectancy of the participant or the joint life expectancy of the
    participant and his or her beneficiary (limited in any year to 10% of the
    value of the participant's account at the time the distribution amount is
    established);
  - It is a required minimum distribution due to the attainment of age 70 1/2,
    in which case the distribution amount may exceed 10% (based solely on
    total plan assets held in Pioneer mutual funds);
  - It is rolled over to or reinvested in another Pioneer mutual fund in the
    same class of shares, which will be subject to the CDSC of the shares
    originally held; or
  - It is in the form of a loan to a participant in a plan that permits loans
    (each repayment applied to the purchase of shares will be subject to a
    CDSC as though a new purchase);
o The distribution is to a participant in an employer-sponsored retirement plan
  described under Section 401(a) of the Internal Revenue Code or to a
  participant in an employer-sponsored 403(b) plan or employer-sponsored 457
  plan if (i) your employer has made special arrangements for your plan to
  operate as a group through a single broker, dealer or financial intermediary
  and (ii) all participants in the plan who purchase shares of a Pioneer
  mutual fund do so through a single broker, dealer or other financial
  intermediary designated by your employer and is or is in connection with:
  - A return of excess employee deferrals or contributions;
  - A qualifying hardship distribution as described in the Internal Revenue
    Code;
  - Due to retirement or termination of employment;
  - From a qualified defined contribution plan and represents a participant's
    directed transfer, provided that this privilege has been preauthorized
    through a prior agreement with the distributor regarding participant
    directed transfers;
o The distribution is made pursuant to the fund's right to liquidate or
  involuntarily redeem shares in a shareholder's account;
o The distribution is made to pay an account's advisory or custodial fees; or
o The distributor does not pay the selling broker a commission normally paid at
  the time of the sale.


                                       27
<PAGE>

Sales charges

Please see the fund's statement of additional information for more information
regarding reduced sales charges and breakpoints.


                                       28
<PAGE>

Buying, exchanging and selling shares

OPENING YOUR ACCOUNT
You may open an account by completing an account application and sending it to
the fund by mail or by fax. Please call the fund to obtain an account
application. Certain types of accounts, such as retirement accounts, have
separate applications.

Use your account application to select options and privileges for your account.
You can change your selections at any time by sending a completed account
options form to the fund. You may be required to obtain a signature guarantee
to make certain changes to an existing account.

Call or write to the fund for account applications, account options forms and
other account information:

PIONEER FUNDS
P.O. Box 55014
Boston, Massachusetts 02205-5014
Telephone 1-800-225-6292

Please note that there may be a delay in receipt by the fund's transfer agent
of applications submitted by regular mail to a post office address.

Each fund is generally available for purchase in the United States, Puerto
Rico, Guam, American Samoa and the U.S. Virgin Islands. Except to the extent
otherwise permitted by the funds' distributor, the funds will only accept
accounts from U.S. citizens with a U.S. address (including an APO or FPO
address) or resident aliens with a U.S. address (including an APO or FPO
address) and a U.S. taxpayer identification number.


IDENTITY VERIFICATION
To help the government fight the funding of terrorism and money laundering
activities, federal law requires all financial institutions to obtain, verify
and record information that identifies each person who opens an account. When
you open an account, you will need to supply your name, address, date of birth,
and other information that will allow the fund to identify you.

The fund may close your account if we cannot adequately verify your identity.
The redemption price will be the net asset value on the date of redemption.


INVESTING THROUGH FINANCIAL INTERMEDIARIES AND RETIREMENT PLANS
If you invest in the fund through your financial intermediary or through a
retirement plan, the options and services available to you may be different
from those discussed in this prospectus. Shareholders investing through


                                       29
<PAGE>

Buying, exchanging and selling shares

financial intermediaries, programs sponsored by financial intermediaries and
retirement plans may only purchase funds and classes of shares that are
available. When you invest through an account that is not in your name, you
generally may buy and sell shares and complete other transactions only through
the account. Ask your investment professional or financial intermediary for
more information.

Additional conditions may apply to your investment in the fund, and the
investment professional or intermediary may charge you a transaction-based,
administrative or other fee for its services. These conditions and fees are in
addition to those imposed by the fund and its affiliates. You should ask your
investment professional or financial intermediary about its services and any
applicable fees.


SHARE PRICES FOR TRANSACTIONS
If you place an order to purchase, exchange or sell shares that is received in
good order by the fund's transfer agent or an authorized agent by the close of
regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern
time), (except for orders received by 1:00 p.m. meeting the requirements
referenced below) the share price for your transaction will be based on the net
asset value determined as of the scheduled close of regular trading on the New
York Stock Exchange on that day (plus or minus any applicable sales charges).
If your order is received by the fund's transfer agent or an authorized agent
after the scheduled close of regular trading on the New York Stock Exchange, or
your order is not in good order, the share price will be based on the net asset
value next determined after your order is received in good order by the fund or
authorized agent. The authorized agent is responsible for transmitting your
order to the fund in a timely manner.

On any day that the money markets in which the fund invests close early, such
as days in advance of holidays or in the event of an emergency, the fund
reserves the right to advance the time when the fund's share price is
determined (and by which transaction orders must be received) to the closing
time of the markets.

You begin earning dividends on the first business day after the fund is
credited with same day funds for your purchase. However, if your purchase order
is received by the fund by 1:00 p.m. with payment through same-day wire meeting
the requirements referenced below, you also will receive dividends declared
that day.


                                       30
<PAGE>

There are special requirements if you wish to purchase fund shares by wire,
have your order executed at 1:00 p.m. and receive dividends for that day. You
or your investment firm must contact the fund at 1-800-225-6292, to be
pre-approved.

Wire transfers normally take two or more hours to complete and a fee may be
charged by the sending bank


GOOD ORDER MEANS THAT:
o You have provided adequate instructions
o There are no outstanding claims against your account
o There are no transaction limitations on your account
o Your request includes a signature guarantee if you:
  - Are selling over $100,000 or exchanging over $500,000 worth of shares
  - Changed your account registration or address within the last 30 days
  - Instruct the transfer agent to mail the check to an address different from
    the one on your account
  - Want the check paid to someone other than the account's record owner(s)
  - Are transferring the sale proceeds to a Pioneer mutual fund account with a
    different registration


TRANSACTION LIMITATIONS
Your transactions are subject to certain limitations, including the limitation
on the purchase of the fund's shares within 30 calendar days of a redemption.
See "Excessive trading."


BUYING
You may buy fund shares from any financial intermediary that has a sales
agreement or other arrangement with the distributor.

You can buy shares at net asset value per share plus any applicable sales
charge. The distributor may reject any order until it has confirmed the order
in writing and received payment. Normally, your financial intermediary will
send your purchase request to the fund's transfer agent. CONSULT YOUR
INVESTMENT PROFESSIONAL FOR MORE INFORMATION. Your investment firm receives a
commission from the distributor, and may receive additional compensation from
Pioneer, for your purchase of fund shares.


                                       31
<PAGE>

Buying, exchanging and selling shares

MINIMUM INVESTMENT AMOUNTS


CLASS A SHARES
Your initial investment must be at least $1,000. Additional investments must be
at least $100 for Class A shares.

You may qualify for lower initial or subsequent investment minimums if you are
opening a retirement plan account, establishing an automatic investment plan or
placing your trade through your investment firm. The fund may waive the initial
or subsequent investment minimums. Minimum investment amounts may be waived
for, among other things, share purchases made through certain mutual fund
programs (e.g., asset based fee program accounts) sponsored by qualified
intermediaries, such as broker-dealers and investment advisers, that have
entered into an agreement with Pioneer.


CLASS Y SHARES
Your initial investment in Class Y shares must be at least $5 million. This
amount may be invested in one or more of the Pioneer mutual funds that
currently offer Class Y shares. There is no minimum additional investment
amount. The fund may waive the initial investment amount.


WAIVERS OF THE MINIMUM INVESTMENT AMOUNT FOR CLASS Y
The fund will accept an initial investment of less than $5 million if:

(a)        The investment is made by a trust company or bank trust department
           which is initially investing at least $1 million in any of the
           Pioneer mutual funds and, at the time of the purchase, such assets
           are held in a fiduciary, advisory, custodial or similar capacity
           over which the trust company or bank trust department has full or
           shared investment discretion; or

(b)        The investment is at least $1 million in any of the Pioneer mutual
           funds and the purchaser is an insurance company separate account; or

(c)        The account is not represented by a broker-dealer and the investment
           is made by (1) an ERISA-qualified retirement plan that meets the
           requirements of Section 401 of the Internal Revenue Code, (2) an
           employer-sponsored retirement plan that meets the requirements of
           Sections 403 or 457 of the Internal Revenue Code, (3) a private
           foundation that meets the requirements of Section 501(c)(3) of the
           Internal Revenue Code or (4) an endowment or other organization that
           meets the requirements of Section 509(a)(1) of the Internal Revenue
           Code; or


                                       32
<PAGE>

(d)        The investment is made by an employer-sponsored retirement plan
           established for the benefit of (1) employees of Pioneer or its
           affiliates, or (2) employees or the affiliates of broker-dealers who
           have a Class Y shares sales agreement with the distributor; or

(e)        The investment is made through certain mutual fund programs
           sponsored by qualified intermediaries, such as broker-dealers and
           investment advisers. In each case, the intermediary has entered into
           an agreement with Pioneer to include Class Y shares of the Pioneer
           mutual funds in their program. The intermediary provides investors
           participating in the program with additional services, including
           advisory, asset allocation, recordkeeping or other services. You
           should ask your investment firm if it offers and you are eligible to
           participate in such a mutual fund program and whether participation
           in the program is consistent with your investment goals. The
           intermediaries sponsoring or participating in these mutual fund
           programs may also offer their clients other classes of shares of the
           funds and investors may receive different levels of services or pay
           different fees depending upon the class of shares included in the
           program. Investors should consider carefully any separate
           transaction and other fees charged by these programs in connection
           with investing in each available share class before selecting a
           share class; or

(f)        The investment is made by another Pioneer fund.

The fund reserves the right to waive the initial investment minimum in other
circumstances.


MAXIMUM PURCHASE AMOUNTS
Class A and Class Y shares are not subject to a maximum purchase amount.


RETIREMENT PLAN ACCOUNTS
You can purchase fund shares through tax-deferred retirement plans for
individuals, businesses and tax-exempt organizations.

Your initial investment for most types of retirement plan accounts must be at
least $250. Additional investments for most types of retirement plans must be
at least $100.


                                       33
<PAGE>

Buying, exchanging and selling shares

You may not use the account application accompanying this prospectus to
establish a Pioneer retirement plan. You can obtain retirement plan
applications from your investment firm or by calling the Retirement Plans
Department at 1-800-622-0176.


HOW TO BUY SHARES


THROUGH YOUR INVESTMENT FIRM
Normally, your investment firm will send your purchase request to the fund's
distributor and/or transfer agent. CONSULT YOUR INVESTMENT PROFESSIONAL FOR
MORE INFORMATION. Your investment firm receives a commission from the
distributor, and may receive additional compensation from Pioneer, for your
purchase of fund shares.


BY PHONE OR ONLINE
YOU CAN USE THE TELEPHONE OR ONLINE PURCHASE PRIVILEGE IF you have an existing
non-retirement account. Certain IRAs can use the telephone purchase privilege.
If your account is eligible, you can purchase additional fund shares by phone
or online if:
o You established your bank account of record at least 30 days ago
o Your bank information has not changed for at least 30 days
o You are not purchasing more than $100,000 worth of shares per account per day
o You can provide the proper account identification information

When you request a telephone or online purchase, the fund's transfer agent will
electronically debit the amount of the purchase from your bank account of
record. The fund's transfer agent will purchase fund shares for the amount of
the debit at the offering price determined after the fund's transfer agent
receives your telephone or online purchase instruction and good funds. It
usually takes three business days for the fund's transfer agent to receive
notification from your bank that good funds are available in the amount of your
investment.


IN WRITING, BY MAIL
You can purchase fund shares for an existing fund account by MAILING A CHECK TO
THE FUND. Make your check payable to the fund. Neither initial nor subsequent
investments should be made by third party check, travelers check, or credit
card check. Your check must be in U.S. dollars and drawn on a U.S. bank.
Include in your purchase request the fund's name, the


                                       34
<PAGE>

account number and the name or names in the account registration. Please note
that there may be a delay in receipt by the fund's transfer agent of purchase
orders submitted by regular mail to a post office address.


BY WIRE (CLASS Y SHARES ONLY)
If you have an existing (Class Y shares only) account, you may wire funds to
purchase shares. Note, however, that:
o State Street Bank must receive your wire no later than 11:00 a.m. Eastern
  time on the business day after the fund receives your request to purchase
  shares
o If State Street Bank does not receive your wire by 11:00 a.m. Eastern time on
  the next business day, your transaction will be canceled at your expense and
  risk
o Wire transfers normally take two or more hours to complete and a fee may be
  charged by the sending bank
o Wire transfers may be restricted on holidays and at certain other times


INSTRUCT YOUR BANK TO WIRE FUNDS TO:


<TABLE>
<S>                      <C>
Receiving Bank:          State Street Bank and Trust Company
                         225 Franklin Street
                         Boston, MA 02101
                         ABA Routing No. 011000028
For further credit to:   Shareholder Name
                         Existing Pioneer Account No.
                         U.S. Government Money Market Fund
</TABLE>

The fund's transfer agent must receive your account application before you send
your initial check or federal funds wire. In addition, you must provide a bank
wire address of record when you establish your account.


EXCHANGING
You may, under certain circumstances, exchange your shares for shares of the
same class of another Pioneer mutual fund.

Your exchange request must be for at least $1,000. The fund allows you to
exchange your shares at net asset value without charging you either an initial
or contingent deferred sales charge at the time of the exchange. Shares you
acquire as part of an exchange will continue to be subject to any contingent
deferred sales charge that applies to the shares you originally purchased. When
you ultimately sell your shares, the date of your original purchase will
determine your contingent deferred sales charge.


                                       35
<PAGE>

Buying, exchanging and selling shares

Before you request an exchange, consider each fund's investment objective and
policies as described in the fund's prospectus.


SAME-FUND EXCHANGE PRIVILEGE
Certain shareholders may be eligible to exchange their shares for the fund's
Class Y shares. If eligible, no sales charges or other charges will apply to
any such exchange. Generally, shareholders will not recognize a gain or loss
for federal income tax purposes upon such an exchange. Investors should contact
their financial intermediary to learn more about the details of this privilege.


HOW TO EXCHANGE SHARES


THROUGH YOUR INVESTMENT FIRM
Normally, your investment firm will send your exchange request to the fund's
transfer agent. CONSULT YOUR INVESTMENT PROFESSIONAL FOR MORE INFORMATION ABOUT
EXCHANGING YOUR SHARES.


BY PHONE OR ONLINE
After you establish an eligible fund account, YOU CAN EXCHANGE FUND SHARES BY
PHONE OR ONLINE IF:
o You are exchanging into an existing account or using the exchange to
  establish a new account, provided the new account has a registration
  identical to the original account
o The fund into which you are exchanging offers the same class of shares
o You are not exchanging more than $500,000 worth of shares per account per day
o You can provide the proper account identification information


IN WRITING, BY MAIL OR BY FAX
You can exchange fund shares by MAILING OR FAXING A LETTER OF INSTRUCTION TO
THE FUND. You can exchange fund shares directly through the fund only if your
account is registered in your name. However, you may not fax an exchange
request for more than $500,000. Include in your letter:
o The name and signature of all registered owners
o A signature guarantee for each registered owner if the amount of the exchange
  is more than $500,000
o The name of the fund out of which you are exchanging and the name of the fund
  into which you are exchanging
o The class of shares you are exchanging

                                       36
<PAGE>

o The dollar amount or number of shares you are exchanging

Please note that there may be a delay in receipt by the fund's transfer agent
of exchange requests submitted by regular mail to a post office address.


SELLING
Your shares will be sold at the share price (net asset value less any
applicable sales charge) next calculated after the fund or its authorized
agent, such as a broker-dealer, receives your request in good order. If a
signature guarantee is required, you must submit your request in writing.

There are special requirements if you wish to have your order executed at 1:00
p.m. and receive your redemption proceeds by wire that same day. You or your
investment firm must contact the fund's transfer agent at 1-800-225-6292, to be
pre-approved. You will not receive that day's dividend.

If the shares you are selling are subject to a deferred sales charge, it will
be deducted from the sale proceeds. The fund generally will send your sale
proceeds by check, bank wire or electronic funds transfer. Normally you will be
paid within seven days. If you recently sent a check to purchase the shares
being sold, the fund may delay payment of the sale proceeds until your check
has cleared. This may take up to 10 calendar days from the purchase date.

If you are selling shares from a non-retirement account or certain IRAs, you
may use any of the methods described below. If you are selling shares from a
retirement account other than an IRA, you must make your request in writing.

If you must use a written request to exchange or sell your shares and your
account is registered in the name of a corporation or other fiduciary you must
include the name of an authorized person and a certified copy of a current
corporate resolution, certificate of incumbency or similar legal document
showing that the named individual is authorized to act on behalf of the record
owner.


CHECKWRITING PRIVILEGE
You may write a check to sell your shares, if you have established the
checkwriting privilege. You may write a check for as little as $500 or as much
as $250,000.


                                       37
<PAGE>

Buying, exchanging and selling shares

To establish the checkwriting privilege, complete a checkwriting form. The fund
will then establish a checking account for you. About two weeks after you
request checkwriting, the bank will send your personalized checks to you.

Each time you write a check, the check will be presented to the bank for
payment. The bank will instruct the fund to sell a sufficient number of shares
to cover the amount of your check. The fund will sell shares in payment of a
check at the net asset value next calculated after your check is presented to
the bank. You will receive any daily dividends declared on your shares until
the day a check clears. You may not write a check to close your account because
the value of your shares changes each day.

Your checking account with the bank is subject to the bank's rules and
regulations governing checking accounts. If you do not have enough shares in
your fund account to cover the amount of a check when the check is presented to
the bank for payment, the bank will return your check to the presenter without
making payment.

The checkwriting privilege is not available to accounts subject to backup
withholding. The checkwriting privilege is generally not available to
retirement plan accounts.


HOW TO SELL SHARES


THROUGH YOUR INVESTMENT FIRM
Normally, your investment firm will send your request to sell shares to the
fund's transfer agent. CONSULT YOUR INVESTMENT PROFESSIONAL FOR MORE
INFORMATION. The fund has authorized the distributor to act as its agent in the
repurchase of fund shares from qualified investment firms. The fund reserves
the right to terminate this procedure at any time.


BY PHONE OR ONLINE
IF YOU HAVE AN ELIGIBLE NON-RETIREMENT ACCOUNT, YOU MAY SELL UP TO $100,000 PER
ACCOUNT PER DAY BY PHONE OR ONLINE. You may sell fund shares held in a
retirement plan account by phone only if your account is an eligible IRA (tax
penalties may apply). You may not sell your shares by phone or online if you
have changed your address (for checks) or your bank information (for wires and
transfers) in the last 30 days.

You may receive your sale proceeds:

                                       38
<PAGE>

o By check, provided the check is made payable exactly as your account is
  registered
o By bank wire or by electronic funds transfer, provided the sale proceeds are
  being sent to your bank address of record

For Class Y shares, shareholders may sell up to $5 million per account per day
if the proceeds are directed to your bank account of record ($100,000 per
account per day if the proceeds are not directed to your bank account of
record).


IN WRITING, BY MAIL OR BY FAX
You can sell some or all of your fund shares by WRITING DIRECTLY TO THE FUND
only if your account is registered in your name. Include in your request your
name, the fund's name, your fund account number, the class of shares to be
sold, the dollar amount or number of shares to be sold and any other applicable
requirements as described below. The fund's transfer agent will send the sale
proceeds to your address of record unless you provide other instructions. Your
request must be signed by all registered owners and be in good order.

The fund's transfer agent will not process your request until it is received in
good order.

You may sell up to $100,000 per account per day by fax.

Please note that there may be a delay in receipt by the fund's transfer agent
of redemption requests submitted by regular mail to a post office address.


HOW TO CONTACT US


BY PHONE
For information or to request a telephone transaction between 8:00 a.m. and
7:00 p.m. (Eastern time) by speaking with a shareholder services
representative call
1-800-225-6292

To request a transaction using FactFone/SM/ call
1-800-225-4321

                                       39
<PAGE>

Buying, exchanging and selling shares

BY MAIL
Send your written instructions to:
PIONEER FUNDS
P.O. Box 55014
Boston, Massachusetts 02205-5014


PIONEER WEBSITE
us.pioneerinvestments.com


BY FAX
Fax your exchange and sale requests to:
1-800-225-4240


                                       40
<PAGE>

Account options

See the account application form for more details on each of the following
services or call the fund for details and availability.


TELEPHONE TRANSACTION PRIVILEGES
If your account is registered in your name, you can buy, exchange or sell fund
shares by telephone. If you do not want your account to have telephone
transaction privileges, you must indicate that choice on your account
application or by writing to the fund.

When you request a telephone transaction the fund's transfer agent will try to
confirm that the request is genuine. The transfer agent records the call,
requires the caller to provide validating information for the account and sends
you a written confirmation. The fund may implement other confirmation
procedures from time to time. Different procedures may apply if you have a
non-U.S. account or if your account is registered in the name of an
institution, broker-dealer or other third party. If the fund's confirmation
procedures are followed, neither the fund nor its agents will bear any
liability for these transactions.


ONLINE TRANSACTION PRIVILEGES
If your account is registered in your name, you may be able to buy, exchange or
sell fund shares online. Your investment firm may also be able to buy, exchange
or sell your fund shares online.

To establish online transaction privileges:
o For new accounts, complete the online section of the account application
o For existing accounts, complete an account options form, write to the
  fund or complete the online authorization screen at
  us.pioneerinvestments.com

To use online transactions, you must read and agree to the terms of an online
transaction agreement available on the Pioneer website. When you or your
investment firm requests an online transaction, the fund's transfer agent
electronically records the transaction, requires an authorizing password and
sends a written confirmation. The fund may implement other procedures from time
to time. Different procedures may apply if you have a non-U.S. account or if
your account is registered in the name of an institution, broker-dealer or
other third party. You may not be able to use the online transaction privilege
for certain types of accounts, including most retirement accounts.


                                       41
<PAGE>

Account options

AUTOMATIC INVESTMENT PLANS
You can make regular periodic investments in the fund by setting up monthly
bank drafts, government allotments, payroll deductions, a Pioneer Investomatic
Plan and other similar automatic investment plans. Automatic investments may be
made only through U.S. banks. You may use an automatic investment plan to
establish a Class A share account with a small initial investment.


PIONEER INVESTOMATIC PLAN
If you establish a Pioneer Investomatic Plan, the fund's transfer agent will
make a periodic investment in fund shares by means of a preauthorized
electronic funds transfer from your bank account. Your plan investments are
voluntary. You may discontinue your plan at any time or change the plan's
dollar amount, frequency or investment date by calling or writing to the fund's
transfer agent. You should allow up to 30 days for the fund's transfer agent to
establish your plan.


AUTOMATIC EXCHANGES
You can automatically exchange your fund shares for shares of the same class of
another Pioneer mutual fund. The automatic exchange will begin on the day you
select when you complete the appropriate section of your account application or
an account options form. In order to establish automatic exchange:
o You must select exchanges on a monthly or quarterly basis
o Both the originating and receiving accounts must have identical registrations
o The originating account must have a minimum balance of $5,000

You may have to pay income taxes on an exchange.


DISTRIBUTION OPTIONS
The fund offers three distribution options. Any fund shares you buy by
reinvesting distributions will be priced at the applicable net asset value per
share.

(1)   Unless you indicate another option on your account application, any
      dividends and capital gain distributions paid to you by the fund will
      automatically be invested in additional fund shares.

(2)   You may elect to have the amount of any dividends paid to you in cash and
      any capital gain distributions reinvested in additional shares.


                                       42
<PAGE>

(3)   You may elect to have the full amount of any dividends and/or capital
      gain distributions paid to you in cash.

Options (2) and (3) are not available to retirement plan accounts or accounts
with a current value of less than $500.

If you are under 59 1/2, taxes and tax penalties may apply.

If your distribution check is returned to the fund's transfer agent or you do
not cash the check for six months or more, the fund's transfer agent may
reinvest the amount of the check in your account and automatically change the
distribution option on your account to option (1) until you request a different
option in writing. If the amount of a distribution check would be less than
$25, the fund may reinvest the amount in additional shares of the fund instead
of sending a check. Additional shares of the fund will be purchased at the
then-current net asset value.


DIRECTED DIVIDENDS
You can invest the dividends paid by one of your Pioneer mutual fund accounts
in a second Pioneer mutual fund account. The value of your second account must
be at least $1,000. You may direct the investment of any amount of dividends.
There are no fees or charges for directed dividends. If you have a retirement
plan account, you may only direct dividends to accounts with identical
registrations.


SYSTEMATIC WITHDRAWAL PLANS
When you establish a systematic withdrawal plan for your account, the transfer
agent will sell the number of fund shares you specify on a periodic basis and
the proceeds will be paid to you or to any person you select. You must obtain a
signature guarantee to direct payments to another person after you have
established your systematic withdrawal plan. Payments can be made either by
check or by electronic transfer to a U.S. bank account you designate.

To establish a systematic withdrawal plan:
o Your account must have a total value of at least $10,000 when you establish
  your plan
o You must request a periodic withdrawal of at least $50

These requirements do not apply to scheduled (Internal Revenue Code Section
72(t) election) or mandatory (required minimum distribution) withdrawals from
IRAs and certain retirement plans.


                                       43
<PAGE>

Account options

Systematic sales of fund shares may be taxable transactions for you. While you
are making systematic withdrawals from your account, you may pay unnecessary
initial sales charges on additional purchases of Class A shares or contingent
deferred sales charges.


DIRECT DEPOSIT
If you elect to take dividends or dividends and capital gain distributions in
cash, or if you establish a systematic withdrawal plan, you may choose to have
those cash payments deposited directly into your savings, checking or NOW bank
account.


VOLUNTARY TAX WITHHOLDING
You may have the fund's transfer agent withhold 28% of the dividends and
capital gain distributions paid from your fund account (before any
reinvestment) and forward the amount withheld to the Internal Revenue Service
as a credit against your federal income taxes. Voluntary tax withholding is not
available for retirement plan accounts or for accounts subject to backup
withholding.


                                       44
<PAGE>

Shareholder services and policies

EXCESSIVE TRADING
Frequent trading into and out of the fund can disrupt portfolio management
strategies, harm fund performance by forcing the fund to hold excess cash or to
liquidate certain portfolio securities prematurely and increase expenses for
all investors, including long-term investors who do not generate these costs.
An investor may use short-term trading as a strategy, for example, if the
investor believes that the valuation of the fund's portfolio securities for
purposes of calculating its net asset value does not fully reflect the
then-current fair market value of those holdings. The fund discourages, and
does not take any intentional action to accommodate, excessive and short-term
trading practices, such as market timing. Although there is no generally
applied standard in the marketplace as to what level of trading activity is
excessive, we may consider trading in the fund's shares to be excessive for a
variety of reasons, such as if:
o You sell shares within a short period of time after the shares were
  purchased;
o You make two or more purchases and redemptions within a short period of time;
o You enter into a series of transactions that indicate a timing pattern or
  strategy; or
o We reasonably believe that you have engaged in such practices in connection
  with other mutual funds.

The fund's Board of Trustees has adopted policies and procedures with respect
to frequent purchases and redemptions of fund shares by fund investors.
Pursuant to these policies and procedures, we monitor selected trades on a
daily basis in an effort to detect excessive short-term trading. If we
determine that an investor or a client of a broker or other intermediary has
engaged in excessive short-term trading that we believe may be harmful to the
fund, we will ask the investor, broker or other intermediary to cease such
activity and we will refuse to process purchase orders (including purchases by
exchange) of such investor, broker, other intermediary or accounts that we
believe are under their control. In determining whether to take such actions,
we seek to act in a manner that is consistent with the best interests of the
fund's shareholders.

While we use our reasonable efforts to detect excessive trading activity, there
can be no assurance that our efforts will be successful or that market timers
will not employ tactics designed to evade detection. If we are not successful,
your return from an investment in the fund may be adversely affected.
Frequently, fund shares are held through omnibus accounts maintained by
financial intermediaries such as brokers and retirement plan administrators,


                                       45
<PAGE>

Shareholder services and policies

where the holdings of multiple shareholders, such as all the clients of a
particular broker or other intermediary, are aggregated. Our ability to monitor
trading practices by investors purchasing shares through omnibus accounts may
be limited and dependent upon the cooperation of the broker or other
intermediary in taking steps to limit this type of activity.

The fund may reject a purchase or exchange order before its acceptance or the
issuance of shares. The fund may also restrict additional purchases or
exchanges in an account. Each of these steps may be taken for any transaction,
for any reason, without prior notice, including transactions that the fund
believes are requested on behalf of market timers. The fund reserves the right
to reject any purchase or exchange request by any investor or financial
institution if the fund believes that any combination of trading activity in
the account or related accounts is potentially disruptive to the fund. A
prospective investor whose purchase or exchange order is rejected will not
achieve the investment results, whether gain or loss, that would have been
realized if the order had been accepted and an investment made in the fund. A
fund and its shareholders do not incur any gain or loss as a result of a
rejected order. The fund may impose further restrictions on trading activities
by market timers in the future.

To limit the negative effects of excessive trading on the fund, the fund has
adopted the following restriction on investor transactions. If an investor
redeems $5,000 or more (including redemptions that are a part of an exchange
transaction) from the fund, that investor shall be prevented (or "blocked")
from purchasing shares of the fund (including purchases that are a part of an
exchange transaction) for 30 calendar days after the redemption. This policy
does not apply to systematic purchase or withdrawal plan transactions,
transactions made through employer-sponsored retirement plans described under
Section 401(a), 403(b) or 457 of the Internal Revenue Code or employee benefit
plans, scheduled (Internal Revenue Code Section 72(t) election) or mandatory
(required minimum distribution) withdrawals from IRAs, rebalancing transactions
made through certain asset allocation or "wrap" programs, transactions by
insurance company separate accounts or transactions by other funds that invest
in the fund. This policy does not apply to purchase or redemption transactions
of less than $5,000 or to Pioneer U.S. Government Money Market Fund or Pioneer
Multi-Asset Ultrashort Income Fund.


                                       46
<PAGE>

We rely on financial intermediaries that maintain omnibus accounts to apply to
their customers either the fund's policy described above or their own policies
or restrictions designed to limit excessive trading of fund shares. However, we
do not impose this policy at the omnibus account level.

Purchases pursuant to the reinstatement privilege (for Class A shares) are
subject to this policy.


PURCHASES IN KIND
You may use securities you own to purchase shares of the fund provided that
Pioneer, in its sole discretion, determines that the securities are consistent
with the fund's objectives and policies and their acquisition is in the best
interests of the fund. If the fund accepts your securities, they will be valued
for purposes of determining the number of fund shares to be issued to you in
the same way the fund will value the securities for purposes of determining its
net asset value. For federal income tax purposes, you may be taxed in the same
manner as if you sold the securities that you use to purchase fund shares for
cash in an amount equal to the value of the fund shares that you purchase. Your
broker may also impose a fee in connection with processing your purchase of
fund shares with securities.


REINSTATEMENT PRIVILEGE (CLASS A SHARES)
If you recently sold all or part of your Class A shares, you may be able to
reinvest all or part of your sale proceeds without a sales charge in Class A
shares of any Pioneer mutual fund. To qualify for reinstatement:
o You must send a written request to the fund no more than 90 days after
  selling your shares and
o The registration of the account in which you reinvest your sale proceeds must
  be identical to the registration of the account from which you sold your
  shares.

Purchases pursuant to the reinstatement privilege are subject to limitations on
investor transactions, including the limitation on the purchase of the fund's
shares within 30 calendar days of redemption. See "Excessive trading."

When you elect reinstatement, you are subject to the provisions outlined in the
selected fund's prospectus, including the fund's minimum investment
requirement. Your sale proceeds will be reinvested in shares of the fund at the
Class A net asset value per share determined after the fund receives your
written request for reinstatement. You may realize a gain or loss for


                                       47
<PAGE>

Shareholder services and policies

federal income tax purposes as a result of your sale of fund shares, and
special tax rules may apply if you elect reinstatement. Consult your tax
adviser for more information.


PIONEER WEBSITE
US.PIONEERINVESTMENTS.COM
The website includes a full selection of information on mutual fund investing.
You can also use the website to get:
o Your current account information
o Prices, returns and yields of all publicly available Pioneer mutual funds
o Prospectuses, statements of additional information and shareowner reports for
  all the Pioneer mutual funds
o A copy of Pioneer's privacy notice

If you or your investment firm authorized your account for the online
transaction privilege, you may buy, exchange and sell shares online.


FACTFONE/SM/ 1-800-225-4321
You can use FactFone/SM/ to:
o Obtain current information on your Pioneer mutual fund accounts
o Inquire about the prices of all publicly available Pioneer mutual funds
o Make computer-assisted telephone purchases, exchanges and redemptions for
  your fund accounts
o Request account statements

If you plan to use FactFone/SM/ to make telephone purchases and redemptions,
first you must activate your personal identification number and establish your
bank account of record. If your account is registered in the name of a
broker-dealer or other third party, you may not be able to use FactFone/SM/.

If your account is registered in the name of a broker-dealer or other third
party, you may not be able to use FactFone/SM/ to obtain account information.


HOUSEHOLD DELIVERY OF FUND DOCUMENTS
With your consent, Pioneer may send a single proxy statement, prospectus and
shareowner report to your residence for you and any other member of your
household who has an account with the fund. If you wish to revoke your consent
to this practice, you may do so by notifying Pioneer, by phone or in writing
(see "How to contact us"). Pioneer will begin mailing separate proxy
statements, prospectuses and shareowner reports to you within 30 days after
receiving your notice.


                                       48
<PAGE>

CONFIRMATION STATEMENTS
The fund's transfer agent maintains an account for each investment firm or
individual shareowner and records all account transactions. You will be sent
confirmation statements showing the details of your transactions as they occur,
except automatic investment plan transactions, which are confirmed quarterly.
If you have more than one Pioneer mutual fund account registered in your name,
the Pioneer combined account statement will be mailed to you each quarter.


TAX INFORMATION
Early each year, the fund will mail you information about the tax status of the
dividends and distributions paid to you by the fund.


TAX INFORMATION FOR IRA ROLLOVERS
In January (or by the applicable Internal Revenue Service deadline) following
the year in which you take a reportable distribution, the fund's transfer agent
will mail you a tax form reflecting the total amount(s) of distribution(s)
received by the end of January.


PRIVACY
The fund has a policy designed to protect the privacy of your personal
information. A copy of Pioneer's privacy notice was given to you at the time
you opened your account. The fund will send you a copy of the privacy notice
each year. You may also obtain the privacy notice by calling the fund or
through Pioneer's website.


SIGNATURE GUARANTEES AND OTHER REQUIREMENTS
You are required to obtain a signature guarantee when:
o Requesting certain types of exchanges or sales of fund shares
o Requesting certain types of changes for your existing account

You can obtain a signature guarantee from most broker-dealers, banks, credit
unions (if authorized under state law) and federal savings and loan
associations. You cannot obtain a signature guarantee from a notary public.

The Pioneer funds generally accept only medallion signature guarantees. A
medallion signature guarantee may be obtained from a domestic bank or trust
company, broker, dealer, clearing agency, savings association, or other
financial institution that is participating in a medallion program recognized
by the Securities Transfer Association. Signature guarantees from financial


                                       49
<PAGE>

Shareholder services and policies

institutions that are not participating in one of these programs are not
accepted as medallion signature guarantees. The fund may accept other forms of
guarantee from financial intermediaries in limited circumstances.

Fiduciaries and corporations are required to submit additional documents to
sell fund shares.


MINIMUM ACCOUNT SIZE
The fund requires that you maintain a minimum account value of $500. If you
hold less than $500 in your account, the fund reserves the right to notify you
that it intends to sell your shares and close your account. You will be given
60 days from the date of the notice to make additional investments to avoid
having your shares sold. This policy does not apply to certain qualified
retirement plan accounts.


TELEPHONE AND WEBSITE ACCESS
You may have difficulty contacting the fund by telephone or accessing
us.pioneerinvestments.com during times of market volatility or disruption in
telephone or Internet service. On New York Stock Exchange holidays or on days
when the exchange closes early, Pioneer will adjust the hours for the telephone
center and for online transaction processing accordingly. If you are unable to
access us.pioneerinvestments.com or reach the fund by telephone, you should
communicate with the fund in writing.


SHARE CERTIFICATES
The fund does not offer share certificates. Shares are electronically recorded.


OTHER POLICIES
The fund and the distributor reserve the right to:
o reject any purchase or exchange order for any reason, without prior notice
o charge a fee for exchanges or to modify, limit or suspend the exchange
  privilege at any time without notice. The fund will provide 60 days' notice
  of material amendments to or termination of the exchange privilege
o revise, suspend, limit or terminate the account options or services available
  to shareowners at any time, except as required by the rules of the
  Securities and Exchange Commission

The fund reserves the right to:
o suspend or postpone transactions in shares on any day when trading on the New
  York Stock Exchange is closed or restricted, or when the Securities


                                       50
<PAGE>

  and Exchange Commission determines an emergency or other circumstances exist
  that make it impracticable for the fund to sell or value its portfolio
  securities, or otherwise as permitted by the rules of or by the order of the
  Securities and Exchange Commission

o redeem in kind, generally by delivering to you a proportionate share of the
  portfolio securities owned by the fund rather than cash. Securities you
  receive this way may increase or decrease in value while you hold them and
  you may incur brokerage and transaction charges and tax liability when you
  convert the securities to cash. The fund may redeem in kind at a
  shareholder's request or if, for example, the fund reasonably believes that
  a cash redemption would negatively affect the fund's operation or
  performance

o charge transfer, shareholder servicing or similar agent fees, such as an
  account maintenance fee for small balance accounts, directly to accounts
  upon at least 30 days' notice. The fund may do this by deducting the fee
  from your distribution of dividends and/or by redeeming fund shares to the
  extent necessary to cover the fee
o close your account after a period of inactivity, as determined by state law,
  and transfer your shares to the appropriate state


                                       51
<PAGE>

Dividends, capital gains and taxes

DIVIDENDS AND CAPITAL GAINS
Each day the fund declares substantially all of its net investment income as a
dividend to shareowners. Dividends are accrued each day and paid on the last
business day of the month. The fund generally pays any distributions of net
short-term capital gains in November. The fund does not anticipate making any
distributions of net long-term capital gains. The fund may also pay dividends
and distributions at other times if necessary for the fund to avoid U.S.
federal income or excise tax.


TAXES
You will normally have to pay federal income taxes, and any state or local
taxes, on the dividends and other distributions you receive from the fund,
whether you take the distributions in cash or reinvest them in additional
shares. For U.S. federal income tax purposes, distributions from the fund's net
capital gains (if any) are considered long-term capital gains and are generally
taxable to noncorporate shareholders at rates of up to 20%. Distributions from
the fund's net short-term capital gains are generally taxable as ordinary
income. Other dividends are taxable as ordinary income.

Since the fund's income is derived from sources that do not pay dividends, it
is not expected that any portion of dividends paid by the fund will qualify for
either the dividends-received deduction for corporations or any favorable U.S.
federal income tax rate available to noncorporate shareholders on "qualified
dividend income."

The fund will report to shareholders annually the U.S. federal income tax
status of all fund distributions.

If the fund declares a dividend in October, November or December, payable to
shareholders of record in such a month, and pays it in January of the following
year, you will be taxed on the dividend as if you received it in the year in
which it was declared.

When you sell or exchange fund shares it is generally considered a taxable
event, but you will not have any gain or loss on the sale or exchange so long
as the fund maintains a net asset value of $1.00 per share.

A 3.8% Medicare contribution tax generally applies to all or a portion of the
net investment income of a shareholder who is an individual and not a
nonresident alien for federal income tax purposes and who has adjusted gross
income (subject to certain adjustments) that exceeds a threshold amount. This
3.8% tax also applies to all or a portion of the undistributed


                                       52
<PAGE>

net investment income of certain shareholders that are estates and trusts. For
these purposes, dividends, interest and certain capital gains are generally
taken into account in computing a shareholder's net investment income.

You must provide your social security number or other taxpayer identification
number to the fund along with the certifications required by the Internal
Revenue Service when you open an account. If you do not or if it is otherwise
legally required to do so, the fund will apply "backup withholding" tax on your
dividends and other distributions and any other payments to you that are
subject to backup withholding. The backup withholding rate is 28%.

Shareholders that are exempt from U.S. federal income tax, such as retirement
plans that are qualified under Section 401 of the Internal Revenue Code,
generally are not subject to U.S. federal income tax on fund dividends or other
distributions or on sales or exchanges of fund shares. However, in the case of
fund shares held through a nonqualified deferred compensation plan, fund
dividends and other distributions received by the plan and sales and exchanges
of fund shares by the plan generally will be taxable to the employer sponsoring
such plan in accordance with U.S. federal income tax laws that are generally
applicable to shareholders receiving such dividends and other distributions
from regulated investment companies such as the fund, or effecting such sales
or exchanges.

Plan participants whose retirement plan invests in the fund generally are not
subject to federal income tax on fund dividends or other distributions received
by the plan or on sales or exchanges of fund shares by the plan. However,
distributions to plan participants from a retirement plan generally are taxable
to plan participants as ordinary income.

Distributions derived from interest on U.S. government obligations (but
generally not distributions of gain from the sale of such obligations) may be
exempt from certain state and local taxes.

You should ask your tax adviser about any federal, state, local and foreign tax
considerations relating to an investment in the fund. You may also consult the
fund's statement of additional information for a more detailed discussion of
the U.S. federal income tax considerations that may affect the fund and its
shareowners.


                                       53
<PAGE>

Financial highlights

The financial highlights table helps you understand the fund's financial
performance for the past five years.

Certain information reflects financial results for a single fund share. The
total returns in the table represent the rate that you would have earned or
lost on an investment in Class A and Class Y shares of the fund (assuming
reinvestment of all dividends and distributions).


The information below for the fiscal years ended December 31, 2014 through
December 31, 2016 has been audited by Deloitte & Touche LLP, independent
registered public accounting firm, whose report is included in the fund's
annual report along with the fund's financial statements. The information below
for each of the periods ended on or prior to December 31, 2013 was audited by
another independent registered public accounting firm. The fund's annual report
is incorporated by reference in the statement of additional information and is
available upon request.



                                       54
<PAGE>

PIONEER U.S. GOVERNMENT MONEY MARKET FUND


CLASS A SHARES



<TABLE>
<CAPTION>
                                            YEAR                  YEAR
                                           ENDED                 ENDED
                                          12/31/16              12/31/15
                                   --------------------- ---------------------
<S>                                <C>                   <C>
Net asset value, beginning of
 period                                 $    1.00             $    1.00
                                        ---------             ---------
Increase (decrease) from
 investment operations:
 Net investment income (loss)           $   0.000(a)(b)       $   0.000(a)(b)
                                        ---------             ---------
Distributions to shareowners:
 Net investment income                  $  (0.000)*(b)        $  (0.000)(b)
                                        ---------             ---------
Net asset value, end of period          $    1.00             $    1.00
                                        ---------             ---------
Total return**                               0.01%                 0.01%
Ratio of net expenses to average
 net assets (c)                              0.34%                 0.10%
Ratio of net investment income
 (loss) to average net assets                0.01%                 0.01%
Net assets, end of period (in
 thousands)                             $ 251,143             $ 261,928
Ratios with no waiver of fees and
 assumption of expenses by
PIM and no reduction for fees
 paid indirectly:
 Total expenses to average net
   assets (c)                                0.82%                 0.71%
 Net investment income (loss) to
   average net assets                       (0.46)%               (0.60)%



<CAPTION>
                                          YEAR               YEAR               YEAR
                                          ENDED              ENDED              ENDED
                                        12/31/14           12/31/13           12/31/12
                                   ------------------ ------------------ ------------------
<S>                                <C>                <C>                <C>
Net asset value, beginning of
 period                                $    1.00          $    1.00          $    1.00
                                       ---------          ---------          ---------
Increase (decrease) from
 investment operations:
 Net investment income (loss)          $   0.000(b)       $   0.000(b)       $   0.000(b)
                                       ---------          ---------          ---------
Distributions to shareowners:
 Net investment income                 $  (0.000)(b)      $  (0.000)(b)      $  (0.000)(b)
                                       ---------          ---------          ---------
Net asset value, end of period         $    1.00          $    1.00          $    1.00
                                       ---------          ---------          ---------
Total return**                              0.01%              0.01%              0.01%
Ratio of net expenses to average
 net assets (c)                             0.05%              0.08%              0.17%
Ratio of net investment income
 (loss) to average net assets               0.01%              0.01%              0.01%
Net assets, end of period (in
 thousands)                            $ 273,746          $ 286,961          $ 330,058
Ratios with no waiver of fees and
 assumption of expenses by
PIM and no reduction for fees
 paid indirectly:
 Total expenses to average net
   assets (c)                               0.75%              0.76%              1.30%
 Net investment income (loss) to
   average net assets                      (0.69)%            (0.67)%            (1.12)%
</TABLE>



*     The amount of distributions made to shareowners during the year were in
      excess of the net investment income earned by the Fund during the year. A
      decrease in distributions may have a negative effect on the market value
      of the Fund's shares.
**    Assumes initial investment at net asset value at the beginning of each
      period, reinvestment of all distributions, the complete redemption of the
      investment at net asset value at the end of each period and no sales
      charges. Total return would be reduced if sales charges were taken into
      account.
(a)        The per-share data presented above is based on the average shares
           outstanding for the period presented.
(b)        Amount rounds to less than $0.001 or $(0.001) per share.
(c)        Includes interest expense of 0.00%, 0.00%, 0.00%+, 0.00%, and 0.00%,
           respectively.

+     Amount rounds to less than 0.01%.

                                       55
<PAGE>

Financial highlights

PIONEER U.S. GOVERNMENT MONEY MARKET FUND


CLASS Y SHARES



<TABLE>
<CAPTION>
                                            YEAR                  YEAR
                                           ENDED                 ENDED
                                          12/31/16              12/31/15
                                   --------------------- ---------------------
<S>                                <C>                   <C>
Net asset value, beginning of
 period                                 $    1.00             $    1.00
                                        ---------             ---------
Increase (decrease) from
 investment operations:
Net investment income (loss)            $   0.000(a)(b)       $   0.000(a)(b)
Distributions to shareowners:
 Net investment income                  $  (0.000)*(b)        $  (0.000)(b)
                                        ---------             ---------
Net asset value, end of period          $    1.00             $    1.00
                                        ---------             ---------
Total return**                               0.01%                 0.01%
Ratio of net expenses to average
 net assets (c)                              0.34%                 0.10%
Ratio of net investment income
 (loss) to average net assets                0.01%                 0.01%
Net assets, end of period (in
 thousands)                             $  63,703             $  63,553
Ratios with no waiver of fees and
 assumption of expenses by
PIM and no reduction for fees
 paid indirectly:
 Total expenses to average net
   assets (c)                                0.50%                 0.46%
 Net investment income (loss) to
   average net assets                       (0.15)%               (0.35)%



<CAPTION>
                                          YEAR               YEAR               YEAR
                                          ENDED              ENDED              ENDED
                                        12/31/14           12/31/13           12/31/12
                                   ------------------ ------------------ ------------------
<S>                                <C>                <C>                <C>
Net asset value, beginning of
 period                                $    1.00          $    1.00          $    1.00
                                       ---------          ---------          ---------
Increase (decrease) from
 investment operations:
Net investment income (loss)           $   0.000(b)       $   0.000(b)       $   0.000(b)
Distributions to shareowners:
 Net investment income                 $  (0.000)(b)      $  (0.000)(b)      $  (0.000)(b)
                                       ---------          ---------          ---------
Net asset value, end of period         $    1.00          $    1.00          $    1.00
                                       ---------          ---------          ---------
Total return**                              0.01%              0.01%              0.01%
Ratio of net expenses to average
 net assets (c)                             0.05%              0.08%              0.13%
Ratio of net investment income
 (loss) to average net assets               0.01%              0.01%              0.01%
Net assets, end of period (in
 thousands)                            $  58,851          $  63,741          $  62,578
Ratios with no waiver of fees and
 assumption of expenses by
PIM and no reduction for fees
 paid indirectly:
 Total expenses to average net
   assets (c)                               0.46%              0.45%              0.59%
 Net investment income (loss) to
   average net assets                      (0.40)%            (0.36)%            (0.45)%
</TABLE>



*     The amount of distributions made to shareowners during the year were in
      excess of the net investment income earned by the Fund during the year. A
      decrease in distributions may have a negative effect on the market value
      of the Fund's shares.
**    Assumes initial investment at net asset value at the beginning of each
      period, reinvestment of all distributions, the complete redemption of the
      investment at net asset value at the end of each period and no sales
      charges. Total return would be reduced if sales charges were taken into
      account.
(a)        The per-share data presented above is based on the average shares
           outstanding for the period presented.
(b)        Amount rounds to less than $0.001 or $(0.001) per share.
(c)        Includes interest expense of 0.00%, 0.00%, 0.00%+, 0.00%, and 0.00%,
           respectively.

+     Amount rounds to less than 0.01%.

                                       56
<PAGE>

                                     Notes

                                       57
<PAGE>


                                     Notes


                                       58
<PAGE>


                                     Notes


                                       59
<PAGE>

Pioneer
U.S. Government Money Market Fund
(formerly, Pioneer Cash Reserves Fund)
YOU CAN OBTAIN MORE FREE INFORMATION about the fund from your investment firm
or by writing to Pioneer Funds, 60 State Street, Boston, Massachusetts 02109.
You may also call 1-800-225-6292 for more information about the fund, to
request copies of the fund's statement of additional information and shareowner
reports, and to make other inquiries.

VISIT OUR WEBSITE
us.pioneerinvestments.com

The fund makes available the statement of additional information and shareowner
reports, free of charge, on the fund's website at us.pioneerinvestments.com.
You also may find other information and updates about Pioneer and the fund,
including fund performance information and the fund's most recent net asset
value, on the fund's website.

SHAREOWNER REPORTS
Annual and semiannual reports to shareowners, and quarterly reports filed with
the Securities and Exchange Commission, provide additional information about
the fund's investments. The annual report discusses market conditions and
investment strategies that significantly affected the fund's performance during
its last fiscal year.

STATEMENT OF ADDITIONAL INFORMATION
The statement of additional information provides more detailed information
about the fund.


The statement of additional information, dated May 1, 2017, as may be amended
from time to time, and filed with the Securities and Exchange Commission, is
incorporated by reference into this prospectus.


You can also review and copy the fund's shareowner reports, prospectus and
statement of additional information at the Securities and Exchange Commission's
Public Reference Room in Washington, D.C. Call 1-202-551-8090 for information.
The Commission charges a fee for copies. You can get the same information free
from the Commission's EDGAR database on the Internet (http://www.sec.gov). You
may also e-mail requests for these documents to publicinfo@sec.gov or make a
request in writing to the Commission's Public Reference Section, Washington,
D.C. 20549-1520.

(Investment Company Act file no. 811-05099)



<TABLE>
[GRAPHIC APPEARS HERE]


<S>                              <C>

PIONEER FUNDS DISTRIBUTOR, INC.
60 STATE STREET                                                    19293-13-0517
BOSTON, MA 02109                 (Copyright)2017 Pioneer Funds Distributor, Inc.
US.PIONEERINVESTMENTS.COM                                            Member SIPC
</TABLE>


<PAGE>

<PAGE>

[GRAPHIC APPEARS HERE]




Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com














This is not part of the prospectus.





19293-13-0517
(Copyright)2017 Pioneer Funds Distributor, Inc.

Underwriter of Pioneer mutual funds
Member SIPC

<PAGE>

PIONEER U.S. GOVERNMENT MONEY MARKET FUND
(PIONEER MONEY MARKET TRUST)
--------------------------------------------------------------------------------
60 State Street

Boston, Massachusetts 02109
                                                         CLASS A SHARES (PMTXX)
                                                         CLASS Y SHARES (PRYXX)


                      Statement of Additional Information

                                  May 1, 2017

This statement of additional information is not a prospectus. It should be read
in conjunction with the fund's Class A and Class Y shares prospectus dated May
1, 2017, as supplemented or revised from time to time. A copy of the prospectus
can be obtained free of charge by calling the fund at 1-800-225-6292 or by
written request to the fund at 60 State Street, Boston, Massachusetts 02109.
You can also obtain a copy of the prospectus from our website at:
us.pioneerinvestments.com. The fund's financial statements for the fiscal year
ended December 31, 2016, including the independent registered public accounting
firm's report thereon, are incorporated into this statement of additional
information by reference.


CONTENTS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                      PAGE
<S>      <C>                                                         <C>
   1.    Fund history...............................................    1
   2.    Investment policies, risks and restrictions................    1
   3.    Trustees and officers......................................   12
   4.    Investment adviser.........................................   21
   5.    Principal underwriter and distribution plan................   23
   6.    Shareholder servicing/transfer agent.......................   25
   7.    Custodian and sub-administrator............................   26
   8.    Independent registered public accounting firm..............   26
   9.    Portfolio management.......................................   26
  10.    Portfolio transactions.....................................   29
  11.    Description of shares......................................   30
  12.    Sales charges..............................................   33
  13.    Redeeming shares...........................................   37
  14.    Telephone and online transactions..........................   38
  15.    Pricing of shares..........................................   39
  16.    Tax status.................................................   40
  17.    Financial statements.......................................   46
  18.    Annual fee, expense and other information..................   46
  19.    Appendix A - Description of short-term debt, corporate bond
         and preferred stock ratings//..............................   49
  20.    Appendix B - Proxy voting policies and procedures..........   53
</TABLE>

[GRAPHIC APPEARS HERE]





<PAGE>


1. FUND HISTORY


The fund is a diversified open-end management investment company. The fund is a
series of the Pioneer Money Market Trust (the "Trust"), a Delaware statutory
trust. The fund originally was organized as a series of a Massachusetts
business trust on March 31, 1987 and was reorganized as a series of a Delaware
statutory trust on March 30, 1995. On November 13, 2015, the fund changed its
name from Pioneer Cash Reserves Fund to Pioneer U.S. Government Money Market
Fund. Pioneer Investment Management, Inc. ("Pioneer") is the fund's investment
adviser.


2. INVESTMENT POLICIES, RISKS AND RESTRICTIONS

The prospectus presents the investment objective and the principal investment
strategies and risks of the fund. This section supplements the disclosure in
the fund's prospectus and provides additional information on the fund's
investment policies or restrictions. Restrictions or policies stated as a
maximum percentage of the fund's assets are only applied immediately after a
portfolio investment to which the policy or restriction is applicable (other
than the limitations on borrowing and illiquid securities). Accordingly, any
later increase or decrease in a percentage resulting from a change in values,
net assets or other circumstances will not be considered in determining whether
the investment complies with the fund's restrictions and policies.


DEBT SECURITIES AND RELATED INVESTMENTS


MONEY MARKET FUND MATTERS
The fund is a government money market fund, meaning that it will invest at
least 99.5% of its total assets in U.S. government securities, cash and/or
repurchase agreements that are fully collateralized by U.S. government
securities and cash. In addition, the fund will invest at least 80% of its net
assets in U.S. government securities and/or repurchase agreements that are
fully collateralized by U.S. government securities. The fund invests in
accordance with the credit quality, diversification, liquidity and maturity
requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended
(the "1940 Act").

The fund seeks to invest in securities that present minimal credit risks to the
fund.

The fund will maintain a dollar-weighted average portfolio maturity of 60 days
or less and will limit its investments to securities that have remaining
maturities of 397 calendar days or less or other features that shorten
maturities in a manner consistent with the requirements of Rule 2a-7, such as
interest rate reset and demand features.


U.S. GOVERNMENT SECURITIES
U.S. government securities in which the fund invests include debt obligations
of varying maturities issued by the U.S. Treasury or issued or guaranteed by an
agency, authority or instrumentality of the U.S. government, including the
Federal Housing Administration, Federal Financing Bank, Farm Service Agency,
Export-Import Bank of the U.S., Small Business Administration, Government
National Mortgage Association ("GNMA"), General Services Administration,
National Bank for Cooperatives, Federal Farm Credit Banks, Federal Home Loan
Banks ("FHLBs"), Federal Home Loan Mortgage Corporation ("FHLMC"), Federal
National Mortgage Association ("FNMA"), Maritime Administration, Tennessee
Valley Authority and various institutions that previously were or currently are
part of the Farm Credit System (which has been undergoing reorganization since
1987). Some U.S. government securities, such as U.S. Treasury bills, Treasury
notes and Treasury bonds, which differ only in their interest rates, maturities
and times of issuance, are supported by the full faith and credit of the United
States. Others are supported by: (i) the right of the issuer to borrow from the
U.S. Treasury, such as securities of the FHLBs; (ii) the discretionary
authority of the U.S. government to purchase the agency's obligations, such as
securities of FNMA; or (iii) only the credit of the issuer. Such debt
securities are subject to the risk of default on the payment of interest and/or
principal, similar to debt of private issuers. The maximum potential liability
of some U.S. government securities may greatly exceed their current resources,
including any legal right to support from the U.S. government. Although the
U.S.


                                       1
<PAGE>

government provided financial support to FNMA and FHLMC in the past, no
assurance can be given that the U.S. government will provide financial support
in the future to these or other U.S. government agencies, authorities or
instrumentalities that are not supported by the full faith and credit of the
United States. Securities guaranteed as to principal and interest by the U.S.
government, its agencies, authorities or instrumentalities include: (i)
securities for which the payment of principal and interest is backed by an
irrevocable letter of credit issued by the U.S. government or any of its
agencies, authorities or instrumentalities; and (ii) participations in loans
made to non-U.S. governments or other entities that are so guaranteed. The
secondary market for certain loan participations described above is limited
and, therefore, the participations may be regarded as illiquid.

U.S. government securities may include zero coupon securities that may be
purchased when yields are attractive and/or to enhance portfolio liquidity.
Zero coupon U.S. government securities are debt obligations that are issued or
purchased at a significant discount from face value. The discount approximates
the total amount of interest the security will accrue and compound over the
period until maturity or the particular interest payment date at a rate of
interest reflecting the market rate of the security at the time of issuance.
Zero coupon U.S. government securities do not require the periodic payment of
interest. These investments may experience greater volatility in market value
than U.S. government securities that make regular payments of interest. The
fund accrues income on these investments for tax and accounting purposes, which
is distributable to shareholders and which, because no cash is received at the
time of accrual, may require the liquidation of other portfolio securities to
satisfy the fund's distribution obligations, in which case the fund will forgo
the purchase of additional income producing assets with these funds. Zero
coupon U.S. government securities include STRIPS and CUBES, which are issued by
the U.S. Treasury as component parts of U.S. Treasury bonds and represent
scheduled interest and principal payments on the bonds.


CYBERSECURITY ISSUES
With the increased use of technologies such as the Internet to conduct
business, the fund is susceptible to operational, information security and
related risks. In general, cyber incidents can result from deliberate attacks
or unintentional events. Cyber attacks include, but are not limited to, gaining
unauthorized access to digital systems (e.g., through "hacking" or malicious
software coding) for purposes of misappropriating assets or sensitive
information, corrupting data, or causing operational disruption. Cyber attacks
may also be carried out in a manner that does not require gaining unauthorized
access, such as causing denial-of-service attacks on websites (i.e., efforts to
make network services unavailable to intended users). Cybersecurity failures or
breaches by the fund's adviser, transfer agent, distributor and other service
providers (including, but not limited to, the fund's custodian and financial
intermediaries), and the issuers of securities in which the fund invests, have
the ability to cause disruptions and impact business operations potentially
resulting in financial losses, interference with the fund's ability to
calculate its NAV, impediments to trading, the inability of fund shareholders
to transact business, violations of applicable privacy and other laws,
regulatory fines, penalties, reputational damage, reimbursement or other
compensation costs, or additional compliance costs. In addition, substantial
costs may be incurred in order to prevent any cyber incidents in the future.
While the fund or its adviser has established business continuity plans in the
event of, and risk management systems to prevent, such cyber attacks, there are
inherent limitations in such plans and systems including the possibility that
certain risks have not been identified. Furthermore, the fund cannot control
the cyber security plans and systems put in place by service providers to the
fund and issuers in which the fund invests. The fund and its shareholders could
be negatively impacted as a result.


NATURAL DISASTERS
Certain areas of the world, including areas within the United States,
historically have been prone to natural disasters, such as hurricanes,
earthquakes, typhoons, flooding, tidal waves, tsunamis, erupting volcanoes,
wildfires or droughts. Such disasters, and the resulting damage, could have a
significant adverse impact on the economies of those areas and on the ability
of issuers in which the fund invests to conduct their


                                       2
<PAGE>

businesses, and thus on the investments made by the fund in such geographic
areas and/or issuers. Adverse weather conditions could have a significant
adverse impact on issuers in the agricultural sector and on insurance companies
that insure against the impact of natural disasters.


INVESTMENT COMPANY SECURITIES


OTHER INVESTMENT COMPANIES
The fund may invest in the securities of other investment companies to the
extent that such investments are consistent with the fund's investment
objective and policies and permissible under the Investment Company Act of
1940, as amended (the "1940 Act") and the rules thereunder. Investing in other
investment companies subjects the fund to the risks of investing in the
underlying securities held by those investment companies. The fund, as a holder
of the securities of other investment companies, will bear its pro rata portion
of the other investment companies' expenses, including advisory fees. These
expenses are in addition to the direct expenses of the fund's own operations.


OTHER INVESTMENTS AND INVESTMENT TECHNIQUES


SHORT-TERM INVESTMENTS
For temporary defensive or cash management purposes, the fund may invest in all
types of short-term investments including, but not limited to, (a) commercial
paper and other short-term commercial obligations; (b) obligations (including
certificates of deposit and bankers' acceptances) of banks; (c) obligations
issued or guaranteed by a governmental issuer, including governmental agencies
or instrumentalities; (d) fixed income securities of non-governmental issuers;
and (e) other cash equivalents or cash. Subject to the fund's restrictions
regarding investment in non-U.S. securities, these securities may be
denominated in any currency. Although these investments generally are rated
investment grade or are determined by Pioneer to be of equivalent credit
quality, the fund may also invest in these instruments if they are rated below
investment grade in accordance with its investment objective, policies and
restrictions.


ILLIQUID SECURITIES
The fund may invest up to 5% of its total assets in illiquid and other
securities that are not readily marketable. If due to subsequent fluctuations
in value or any other reasons, the value of the fund's illiquid securities
exceeds this percentage limitation, the fund will consider what actions, if
any, are necessary to maintain adequate liquidity. Repurchase agreements
maturing in more than seven days will be included for purposes of the foregoing
limit. Securities subject to restrictions on resale under the Securities Act of
1933, as amended (the "1933 Act"), are considered illiquid unless they are
eligible for resale pursuant to Rule 144A or another exemption from the
registration requirements of the 1933 Act and are determined to be liquid by
Pioneer. Pioneer determines the liquidity of Rule 144A and other restricted
securities according to procedures adopted by the Board of Trustees. Under the
direction of the Board of Trustees, Pioneer monitors the application of these
guidelines and procedures. The inability of the fund to dispose of illiquid
investments readily or at reasonable prices could impair the fund's ability to
raise cash for redemptions or other purposes. If the fund sold restricted
securities other than pursuant to an exception from registration under the 1933
Act such as Rule 144A, it may be deemed to be acting as an underwriter and
subject to liability under the 1933 Act.


REPURCHASE AGREEMENTS
The fund may enter into repurchase agreements with broker-dealers, member banks
of the Federal Reserve System and other financial institutions. Repurchase
agreements are arrangements under which the fund purchases securities and the
seller agrees to repurchase the securities within a specific time and at a
specific price. The repurchase price is generally higher than the fund's
purchase price, with the difference being income to the fund. A repurchase
agreement may be considered a loan by the fund collateralized by securities.
Under the direction of the Board of Trustees, Pioneer reviews and monitors the
creditworthiness of any institution which enters into a repurchase agreement
with the fund. The counterparty's obligations


                                       3
<PAGE>

under the repurchase agreement are collateralized with U.S. Treasury and/or
agency obligations with a market value of not less than 100% of the
obligations, valued daily. Collateral is held by the fund's custodian in a
segregated, safekeeping account for the benefit of the fund. Repurchase
agreements afford the fund an opportunity to earn income on temporarily
available cash. In the event of commencement of bankruptcy or insolvency
proceedings with respect to the seller of the security before repurchase of the
security under a repurchase agreement, the fund may encounter delay and incur
costs before being able to sell the security. Such a delay may involve loss of
interest or a decline in price of the security. If the court characterizes the
transaction as a loan and the fund has not perfected a security interest in the
security, the fund may be required to return the security to the seller's
estate and be treated as an unsecured creditor of the seller. As an unsecured
creditor, the fund would be at risk of losing some or all of the principal and
interest involved in the transaction. There is no specific limit on the fund's
ability to enter into repurchase agreements. The SEC frequently treats
repurchase agreements as loans for purposes of the 1940 Act.


REVERSE REPURCHASE AGREEMENTS
Reverse repurchase agreements involve the sale of securities to a bank or other
institution with an agreement that the fund will buy back the securities at a
fixed future date at a fixed price plus an agreed amount of "interest" which
may be reflected in the repurchase price. Reverse repurchase agreements involve
the risk that the market value of securities purchased by the fund with
proceeds of the transaction may decline below the repurchase price of the
securities sold by the fund that it is obligated to repurchase. The fund will
also continue to be subject to the risk of a decline in the market value of the
securities sold under the agreements because it will reacquire those securities
upon effecting their repurchase. Reverse repurchase agreements may be
considered to be a type of borrowing. The 1940 Act permits a fund to borrow
money in amounts of up to one-third of the fund's total assets from banks for
any purpose and up to 5% of the fund's total assets from banks and other
lenders for temporary purposes. The fund will segregate assets in an amount at
least equal to the repurchase price of the securities.


ASSET SEGREGATION
The 1940 Act requires that the fund segregate assets in connection with certain
types of transactions that may have the effect of leveraging the portfolio. If
the fund enters into a transaction requiring segregation, such as a forward
commitment or a reverse repurchase agreement, the custodian or Pioneer will
segregate liquid assets in an amount required to comply with the 1940 Act. Such
segregated assets will be valued at market daily. If the aggregate value of
such segregated assets declines below the aggregate value required to satisfy
the 1940 Act, additional liquid assets will be segregated. In some instances a
fund may "cover" its obligation using other methods to the extent permitted
under the 1940 Act, orders or releases issued by the SEC thereunder, or
no-action letters or other guidance of the SEC staff.


LENDING OF PORTFOLIO SECURITIES
The fund may lend portfolio securities to registered broker-dealers or other
institutional investors deemed by Pioneer to be of good standing under
agreements which require that the loans be secured continuously by collateral
in the form of cash, cash equivalents, U.S. Government securities or
irrevocable letters of credit issued by banks approved by the fund. The value
of the collateral is monitored on a daily basis and the borrower is required to
maintain the collateral at an amount at least equal to the market value of the
securities loaned. The fund continues to receive the equivalent of the interest
or dividends paid by the issuer on the securities loaned and continues to have
all of the other risks associated with owning the securities. Where the
collateral received is cash, the cash will be invested and the fund will be
entitled to a share of the income earned on the investment, but will also be
subject to investment risk on the collateral and will bear the entire amount of
any loss in connection with investment of such collateral. The fund may pay
administrative and custodial fees in connection with loans of securities and,
where the collateral received is cash, the fund may pay a portion of the income
earned on the investment of collateral to the borrower, lending agent or other
intermediary. Fees and expenses paid by the fund in connection with loans of
securities are not reflected in the fee table or expense example in the fund's
prospectus. If the income earned on the investment of the cash collateral is
insufficient to pay these amounts or if the value of the securities


                                       4
<PAGE>

purchased with such cash collateral declines, the fund may take a loss on the
loan. Where the fund receives securities as collateral, the fund will earn no
income on the collateral, but will earn a fee from the borrower. The fund
reserves the right to recall loaned securities so that it may exercise voting
rights on loaned securities according to the fund's Proxy Voting Policies and
Procedures.

The risk in lending portfolio securities, as with other extensions of credit,
consists of the possibility of loss to the fund due to (i) the inability of the
borrower to return the securities, (ii) a delay in receiving additional
collateral to adequately cover any fluctuations in the value of securities on
loan, (iii) a delay in recovery of the securities, or (iv) the loss of rights
in the collateral should the borrower fail financially. In addition, as noted
above, the fund continues to have market risk and other risks associated with
owning the securities on loan. Where the collateral delivered by the borrower
is cash, the fund will also have the risk of loss of principal and interest in
connection with its investment of collateral. If a borrower defaults, the value
of the collateral may decline before the fund can dispose of it. The fund will
lend portfolio securities only to firms that have been approved in advance by
Pioneer, which will monitor the creditworthiness of any such firms. However,
this monitoring may not protect the fund from loss. At no time would the value
of the securities loaned exceed 33 1/3% of the value of the fund's total
assets.


INTERFUND LENDING
To satisfy redemption requests or to cover unanticipated cash shortfalls, a
Pioneer fund may enter into lending agreements ("Interfund Lending Agreements")
under which the fund would lend money and borrow money for temporary purposes
directly to and from another Pioneer fund through a credit facility ("Interfund
Loan"), subject to meeting the conditions of an SEC exemptive order granted to
the funds permitting such interfund lending. All Interfund Loans will consist
only of uninvested cash reserves that the fund otherwise would invest in
short-term repurchase agreements or other short-term instruments. The fund may
participate as a lending fund in the interfund lending credit facility but will
not participate as a borrowing fund.

If a fund has outstanding borrowings, any Interfund Loans to the fund (a) will
be at an interest rate equal to or lower than any outstanding bank loan, (b)
will be secured at least on an equal priority basis with at least an equivalent
percentage of collateral to loan value as any outstanding bank loan that
requires collateral, (c) will have a maturity no longer than any outstanding
bank loan (and in any event not over seven days) and (d) will provide that, if
an event of default occurs under any agreement evidencing an outstanding bank
loan to the fund, the event of default will automatically (without need for
action or notice by the lending fund) constitute an immediate event of default
under the Interfund Lending Agreement entitling the lending fund to call the
Interfund Loan (and exercise all rights with respect to any collateral) and
that such call will be made if the lending bank exercises its right to call its
loan under its agreement with the borrowing fund.

A fund may make an unsecured borrowing through the credit facility if its
outstanding borrowings from all sources immediately after the interfund
borrowing total 10% or less of its total assets; provided, that if the fund has
a secured loan outstanding from any other lender, including but not limited to
another Pioneer fund, the fund's interfund borrowing will be secured on at
least an equal priority basis with at least an equivalent percentage of
collateral to loan value as any outstanding loan that requires collateral. If a
fund's total outstanding borrowings immediately after an interfund borrowing
would be greater than 10% of its total assets, the fund may borrow through the
credit facility on a secured basis only. A fund may not borrow through the
credit facility nor from any other source if its total outstanding borrowings
immediately after the interfund borrowing would be more than 33 1/3% of its
total assets.

No fund may lend to another fund through the interfund lending credit facility
if the loan would cause its aggregate outstanding loans through the credit
facility to exceed 15% of the lending fund's net assets at the time of the
loan. A fund's Interfund Loans to any one fund shall not exceed 5% of the
lending fund's net assets. The duration of Interfund Loans is limited to the
time required to receive payment for securities sold, but in no event more than
seven days. Loans effected within seven days of each other will be treated as
separate loan transactions for purposes of this condition. Each Interfund Loan
may be called on one business day's notice by a lending fund and may be repaid
on any day by a borrowing fund.


                                       5
<PAGE>

The limitations detailed above and the other conditions of the SEC exemptive
order permitting interfund lending are designed to minimize the risks
associated with interfund lending for both the lending fund and the borrowing
fund. However, no borrowing or lending activity is without risk. When a fund
borrows money from another fund, there is a risk that the loan could be called
on one day's notice or not renewed, in which case the fund may have to borrow
from a bank at higher rates if an Interfund Loan were not available from
another fund. A delay in repayment to a lending fund could result in a lost
opportunity or additional lending costs.


WHEN-ISSUED AND DELAYED DELIVERY SECURITIES
The fund may purchase securities, including U.S. government securities, on a
when-issued basis or may purchase or sell securities for delayed delivery. In
such transactions, delivery of the securities occurs beyond the normal
settlement period, but no payment or delivery is made by the fund prior to the
actual delivery or payment by the other party to the transaction. The fund will
not earn income on these securities until delivered. The purchase of securities
on a when-issued or delayed delivery basis involves the risk that the value of
the securities purchased will decline prior to the settlement date. The sale of
securities for delayed delivery involves the risk that the prices available in
the market on the delivery date may be greater than those obtained in the sale
transaction. When the fund enters into when-issued or delayed delivery
transactions it will segregate liquid assets with a value equal to the fund's
obligations. See "Asset Segregation."


DISCLOSURE OF PORTFOLIO HOLDINGS
The Board of Trustees has adopted policies and procedures relating to
disclosure of the Pioneer funds' portfolio securities. These policies and
procedures are designed to provide a framework for disclosing information
regarding portfolio holdings, portfolio composition or other portfolio
characteristics consistent with applicable federal securities laws and
regulations and general principles of fiduciary duty relating to fund
shareholders. While Pioneer may manage other separate accounts and unregistered
products that have substantially similar investment strategies to those of
another Pioneer fund, and therefore portfolio holdings that may be
substantially similar, and in some cases nearly identical, to such fund, these
policies and procedures only relate to the disclosure of portfolio information
of the Pioneer funds that are registered management companies. Separate account
and unregistered product clients are not subject to these policies and
procedures. Separate account and unregistered product clients of Pioneer have
access to their portfolio holdings, and prospective clients have access to
representative holdings.

Currently, the fund discloses its complete portfolio holdings as of the last
business day of the month no later than five business days after month-end on
the funds' website (us.pioneerinvestments.com). Such information may be sent to
rating agencies, reporting/news services and financial intermediaries, upon
request.

Pioneer may provide a fund's full portfolio holdings or other information to
certain entities prior to the date such information is made public, provided
that certain conditions are met. The entities to which such disclosure may be
made as of the date of this statement of additional information are rating
agencies, plan sponsors, prospective separate account clients and other
financial intermediaries (i.e., organizations evaluating a fund for purposes of
investment by their clients, such as broker-dealers, investment advisers,
banks, insurance companies, financial planning firms, plan sponsors, plan
administrators, shareholder servicing organizations and pension consultants).
The third party must agree to a limited use of that information which does not
conflict with the interests of the fund's shareholders, to use the information
only for that authorized purpose, to keep such information confidential, and
not to trade on such information. The Board of Trustees considered the
disclosure of portfolio holdings information to these categories of entities to
be consistent with the best interests of shareholders in light of the agreement
to maintain the confidentiality of such information and only to use such
information for the limited and approved purposes. Pioneer's compliance
department, the local head of investment management and the global chief
investment officer may, but only acting jointly, grant exemptions to this
policy. Exemptions may be granted only if these persons determine that
providing such information is consistent with the interests of shareholders and
the third party agrees to limit the use of such information only for the
authorized purpose, to keep such information confidential, and not to trade on
such information. Although the Board of Trustees will periodically be


                                       6
<PAGE>

informed of exemptions granted, granting exemptions entails the risk that
portfolio holdings information may be provided to entities that use the
information in a manner inconsistent with their obligations and the best
interests of a fund.

Currently, Pioneer, on behalf of the Pioneer funds, has ongoing arrangements
whereby the following entities may receive a fund's full portfolio holdings or
other information prior to the date such information is made public:
Metropolitan Life Insurance Company (within 30 days after month end for board
materials and advance preparation of marketing materials, as needed to evaluate
Pioneer funds); Roszel Advisors (within 30 days after month end for due
diligence and review of certain Pioneer funds included in fund programs);
Oppenheimer & Co. (within 30 days after month end for due diligence and review
of certain Pioneer funds included in fund programs); UBS (within 15 days after
month end for due diligence and review of certain Pioneer funds included in
fund programs); Ibbotson Associates Advisors LLC (as needed to select Pioneer
funds for the Pioneer-Ibbotson fund of funds products); Beacon Pointe Advisors
(as needed for quarterly review of certain Pioneer funds); Commonwealth
Financial Network (within 30 days after month end for risk analysis on funds on
behalf of their clients); Hartford Retirement Services, LLC (as needed for risk
analysis on funds on behalf of their clients); Transamerica Life Insurance
Company (as needed for performance and risk analysis on funds on behalf of
their clients); TIBCO Software Inc./Spotfire Division (as needed to evaluate
and develop portfolio reporting software); Curcio Webb, LLC (as needed for
evaluation and research purposes); Fidelity Investments (as needed to evaluate
Pioneer funds); Egan Jones Ratings Company (as needed in order to evaluate and
select Nationally Recognized Statistical Rating Organizations (NRSROs)); DBRS
Limited (as needed in order to evaluate and select NRSROs); Wells Fargo
Advisors (as needed for risk analysis on funds on behalf of their clients and
product review); and Capital Market Consultants (as needed to complete
quarterly due diligence research).

Compliance with the funds' portfolio holdings disclosure policy is subject to
periodic review by the Board of Trustees, including a review of any potential
conflicts of interest in the disclosures made by Pioneer in accordance with the
policy or the exceptions permitted under the policy. Any change to the policy
to expand the categories of entities to which portfolio holdings may be
disclosed or an increase in the purposes for which such disclosure may be made
would be subject to approval by the Board of Trustees and, reflected, if
material, in a supplement to the fund's statement of additional information.

The funds' portfolio holdings disclosure policy is not intended to prevent the
disclosure of any and all portfolio information to the funds' service providers
who generally need access to such information in the performance of their
contractual duties and responsibilities, such as Pioneer, the funds' custodian,
fund accounting agent, principal underwriter, investment sub-adviser, if any,
independent registered public accounting firm or counsel. In approving the
policy, the Board of Trustees considered that the service providers are subject
to duties of confidentiality arising under law or contract that provide an
adequate safeguard for such information. None of Pioneer, the funds, or any
other party receive any compensation or other consideration from any
arrangement pertaining to the release of a fund's portfolio holdings
information.

In addition, the funds make their portfolio holdings available semi-annually in
shareholder reports filed on Form N-CSR and after the first and third fiscal
quarters in regulatory filings on Form N-Q. These shareholder reports and
regulatory filings are filed with the SEC, as required by the federal
securities laws. Form N-Q is filed with the SEC within sixty (60) days after
the end of a fund's first and third fiscal quarters. Form N-CSR is filed with
the SEC within ten (10) days after the transmission to shareholders of a fund's
annual or semi-annual report, as applicable.

The fund also must file with the SEC a monthly report of portfolio holdings on
form N-MFP, current as of the last day of the previous month, no later than the
fifth business day of each month. The information filed with the SEC on Form
N-MFP is made available to the public 60 days after the end of the month to
which the information pertains.


                                       7
<PAGE>

INVESTMENT RESTRICTIONS


FUNDAMENTAL INVESTMENT POLICIES
The fund has adopted certain fundamental investment policies which may not be
changed without the affirmative vote of the holders of a "majority of the
outstanding voting securities" (as defined in the 1940 Act) of the fund. For
this purpose, a majority of the outstanding shares of the fund means the vote
of the lesser of:

(1)   67% or more of the shares represented at a meeting, if the holders of
      more than 50% of the outstanding shares are present in person or by
      proxy; or

(2)   more than 50% of the outstanding shares of the fund.

The fund's fundamental policies are as follows:

(1)   The fund may not borrow money except as permitted by (i) the 1940 Act, or
      interpretations or modifications by the SEC, SEC staff or other authority
      of competent jurisdiction, or (ii) exemptive or other relief or
      permission from the SEC, SEC staff or other authority of competent
      jurisdiction.

(2)   The fund may not engage in the business of underwriting the securities of
      other issuers except as permitted by (i) the 1940 Act, or interpretations
      or modifications by the SEC, SEC staff or other authority of competent
      jurisdiction, or (ii) exemptive or other relief or permission from the
      SEC, SEC staff or other authority of competent jurisdiction.

(3)   The fund may lend money or other assets to the extent permitted by (i)
      the 1940 Act, or interpretations or modifications by the SEC, SEC staff
      or other authority of competent jurisdiction or (ii) exemptive or other
      relief or permission from the SEC, SEC staff or other authority of
      competent jurisdiction.

(4)   The fund may not issue senior securities except as permitted by (i) the
      1940 Act, or interpretations or modifications by the SEC, SEC staff or
      other authority of competent jurisdiction, or (ii) exemptive or other
      relief or permission from the SEC, SEC staff or other authority of
      competent jurisdiction.

(5)   The fund may not purchase or sell real estate except as permitted by (i)
      the 1940 Act, or interpretations or modifications by the SEC, SEC staff
      or other authority of competent jurisdiction, or (ii) exemptive or other
      relief or permission from the SEC, SEC staff or other authority of
      competent jurisdiction.

(6)   The fund may purchase or sell commodities or contracts related to
      commodities to the extent permitted by (i) the 1940 Act, or
      interpretations or modifications by the SEC, SEC staff or other authority
      of competent jurisdiction, or (ii) exemptive or other relief or
      permission from the SEC, SEC staff or other authority of competent
      jurisdiction.

(7)   Except as permitted by exemptive or other relief or permission from the
      SEC, SEC staff or other authority of competent jurisdiction, the fund may
      not make any investment if, as a result, the fund's investments will be
      concentrated in any one industry, except the fund may invest without
      limitation in obligations issued by banks.

With respect to the fundamental policy relating to borrowing money set forth in
(1) above, the 1940 Act permits a fund to borrow money in amounts of up to
one-third of the fund's total assets from banks for any purpose, and to borrow
up to 5% of the fund's total assets from banks or other lenders for temporary
purposes (the fund's total assets include the amounts being borrowed). To limit
the risks attendant to borrowing, the 1940 Act requires the fund to maintain at
all times an "asset coverage" of at least 300% of the amount of its borrowings.
Asset coverage means the ratio that the value of the fund's total assets
(including amounts borrowed), minus liabilities other than borrowings, bears to
the aggregate amount of all borrowings. Borrowing money to increase a fund's
investment portfolio is known as "leveraging." Borrowing, especially when used
for leverage, may cause the value of a fund's shares to be more volatile than
if the fund did not borrow. This is because borrowing tends to magnify the
effect of any increase or decrease in the value of the fund's portfolio
holdings. Borrowed money thus creates an opportunity for greater gains,


                                       8
<PAGE>

but also greater losses. To repay borrowings, the fund may have to sell
securities at a time and at a price that is unfavorable to the fund. There also
are costs associated with borrowing money, and these costs would offset and
could eliminate a fund's net investment income in any given period. Currently,
the fund does not contemplate borrowing for leverage, but if the fund does so,
it will not likely do so to a substantial degree. The policy in (1) above will
be interpreted to permit the fund to engage in trading practices and
investments that may be considered to be borrowing to the extent permitted by
the 1940 Act. Reverse repurchase agreements may be considered to be a type of
borrowing. Short-term credits necessary for the settlement of securities
transactions and arrangements with respect to securities lending will not be
considered to be borrowings under the policy. Practices and investments that
may involve leverage but are not considered to be borrowings are not subject to
the policy. Such trading practices may include futures, options on futures,
forward contracts and other derivative investments.

A fund may pledge its assets and guarantee the securities of another company
without limitation, subject to the fund's investment policies (including the
fund's fundamental policy regarding borrowing) and applicable laws and
interpretations. Pledges of assets and guarantees of obligations of others are
subject to many of the same risks associated with borrowings and, in addition,
are subject to the credit risk of the obligor for the underlying obligations.
To the extent that pledging or guaranteeing assets may be considered the
issuance of senior securities, the issuance of senior securities is governed by
the fund's policies on senior securities. If the fund were to pledge its
assets, the fund would take into account any then-applicable legal guidance,
including any applicable SEC staff position, would be guided by the judgment of
the fund's Board and Pioneer regarding the terms of any credit facility or
arrangement, including any collateral required, and would not pledge more
collateral than, in their judgment, is necessary for the fund to obtain the
credit sought. Shareholders should note that in 1973, the SEC staff took the
position in a no-action letter that a mutual fund could not pledge 100% of its
assets without a compelling business reason. In more recent no-action letters,
including letters that address the same statutory provision of the 1940 Act
(Section 17) addressed in the 1973 letter, the SEC staff has not mentioned any
limitation on the amount of collateral that may be pledged to support credit
obtained. This does not mean that the staff's position on this issue has
changed.

With respect to the fundamental policy relating to underwriting set forth in
(2) above, the 1940 Act does not prohibit a fund from engaging in the
underwriting business or from underwriting the securities of other issuers; in
fact, the 1940 Act permits a fund to have underwriting commitments of up to 25%
of its assets under certain circumstances. Those circumstances currently are
that the amount of the fund's underwriting commitments, when added to the value
of the fund's investments in issuers where the fund owns more than 10% of the
outstanding voting securities of those issuers, cannot exceed the 25% cap. A
fund engaging in transactions involving the acquisition or disposition of
portfolio securities may be considered to be an underwriter under the
Securities Act of 1933, as amended (the "1933 Act"). Under the 1933 Act, an
underwriter may be liable for material omissions or misstatements in an
issuer's registration statement or prospectus. Securities purchased from an
issuer and not registered for sale under the 1933 Act are considered restricted
securities. There may be a limited market for these securities. If these
securities are registered under the 1933 Act, they may then be eligible for
sale but participating in the sale may subject the seller to underwriter
liability. These risks could apply to a fund investing in restricted
securities. Although it is not believed that the application of the 1933 Act
provisions described above would cause a fund to be engaged in the business of
underwriting, the policy in (2) above will be interpreted not to prevent the
fund from engaging in transactions involving the acquisition or disposition of
portfolio securities, regardless of whether the fund may be considered to be an
underwriter under the 1933 Act.

With respect to the fundamental policy relating to lending set forth in (3)
above, the 1940 Act does not prohibit a fund from making loans; however, SEC
staff interpretations currently prohibit funds from lending more than one-third
of their total assets, except through the purchase of debt obligations or the
use of repurchase agreements. (A repurchase agreement is an agreement to
purchase a security, coupled with an agreement to sell that security back to
the original seller on an agreed-upon date at a price that reflects current
interest rates. The SEC frequently treats repurchase agreements as loans.)
While lending securities


                                       9
<PAGE>

may be a source of income to a fund, as with other extensions of credit, there
are risks of delay in recovery or even loss of rights in the underlying
securities should the borrower fail financially. However, loans would be made
only when the fund's manager or a subadviser believes the income justifies the
attendant risks. The fund also will be permitted by this policy to make loans
of money, including to other funds. The fund has obtained exemptive relief from
the SEC to make short-term loans to other Pioneer funds through a credit
facility in order to satisfy redemption requests or to cover unanticipated cash
shortfalls; as discussed in this Statement of Additional Information under
"Interfund Lending". The conditions of the SEC exemptive order permitting
interfund lending are designed to minimize the risks associated with interfund
lending, however no lending activity is without risk. A delay in repayment to a
lending fund could result in a lost opportunity or additional lending costs.
The policy in (3) above will be interpreted not to prevent the fund from
purchasing or investing in debt obligations and loans. In addition, collateral
arrangements with respect to options, forward currency and futures transactions
and other derivative instruments, as well as delays in the settlement of
securities transactions, will not be considered loans.

With respect to the fundamental policy relating to issuing senior securities
set forth in (4) above, "senior securities" are defined as fund obligations
that have a priority over the fund's shares with respect to the payment of
dividends or the distribution of fund assets. The 1940 Act prohibits a fund
from issuing senior securities except that the fund may borrow money in amounts
of up to one-third of the fund's total assets from banks for any purpose. A
fund also may borrow up to 5% of the fund's total assets from banks or other
lenders for temporary purposes, and these borrowings are not considered senior
securities. The issuance of senior securities by a fund can increase the
speculative character of the fund's outstanding shares through leveraging.
Leveraging of a fund's portfolio through the issuance of senior securities
magnifies the potential for gain or loss on monies, because even though the
fund's net assets remain the same, the total risk to investors is increased.
Certain widely used investment practices that involve a commitment by a fund to
deliver money or securities in the future are not considered by the SEC to be
senior securities, provided that a fund segregates cash or liquid securities in
an amount necessary to pay the obligation or the fund holds an offsetting
commitment from another party. These investment practices include repurchase
and reverse repurchase agreements, swaps, dollar rolls, options, futures and
forward contracts. The policy in (4) above will be interpreted not to prevent
collateral arrangements with respect to swaps, options, forward or futures
contracts or other derivatives, or the posting of initial or variation margin.

With respect to the fundamental policy relating to real estate set forth in (5)
above, the 1940 Act does not prohibit a fund from owning real estate; however,
a fund is limited in the amount of illiquid assets it may purchase. Investing
in real estate may involve risks, including that real estate is generally
considered illiquid and may be difficult to value and sell. Owners of real
estate may be subject to various liabilities, including environmental
liabilities. To the extent that investments in real estate are considered
illiquid, Rule 2a-7 limits a fund's purchases of illiquid securities to 5% of
its total assets. The policy in (5) above will be interpreted not to prevent
the fund from investing in real estate-related companies, companies whose
businesses consist in whole or in part of investing in real estate, instruments
(like mortgages) that are secured by real estate or interests therein, or real
estate investment trust securities.

With respect to the fundamental policy relating to commodities set forth in (6)
above, the 1940 Act does not prohibit a fund from owning commodities, whether
physical commodities and contracts related to physical commodities (such as oil
or grains and related futures contracts), or financial commodities and
contracts related to financial commodities (such as currencies and, possibly,
currency futures). However, a fund is limited in the amount of illiquid assets
it may purchase. To the extent that investments in commodities are considered
illiquid, Rule 2a-7 limits a fund's purchases of illiquid securities to 5% of
its total assets. If a fund were to invest in a physical commodity or a
physical commodity-related instrument, the fund would be subject to the
additional risks of the particular physical commodity and its related market.
The value of commodities and commodity-related instruments may be extremely
volatile and may be affected either


                                       10
<PAGE>

directly or indirectly by a variety of factors. There also may be storage
charges and risks of loss associated with physical commodities. The policy in
(6) above will be interpreted to permit investments in exchange traded funds
that invest in physical and/or financial commodities.

With respect to the fundamental policy relating to concentration set forth in
(7) above, the 1940 Act does not define what constitutes "concentration" in an
industry. The SEC staff has taken the position that investment of 25% or more
of a fund's total assets in one or more issuers conducting their principal
activities in the same industry or group of industries constitutes
concentration. It is possible that interpretations of concentration could
change in the future. A fund that invests a significant percentage of its total
assets in a single industry may be particularly susceptible to adverse events
affecting that industry and may be more risky than a fund that does not
concentrate in an industry. The policy in (7) above will be interpreted to
refer to concentration as that term may be interpreted from time to time. The
policy also will be interpreted to permit investment without limit in the
following: securities of the U.S. government and its agencies or
instrumentalities; and repurchase agreements collateralized by any such
obligations. Accordingly, issuers of the foregoing securities will not be
considered to be members of any industry. Tax-exempt funds that invest 80% of
their net assets in tax-exempt securities characterize investments in
securities the interest upon which is paid from revenues of similar type
projects by the type or types of projects.

In addition, money market funds are subject to special SEC rules relating to
concentration. The rules do not provide for any limit on a money market fund's
concentration in any one industry, and allow a money market fund to invest
without limit in obligations of banks without being deemed to concentrate their
investments. The fund's policy permits (but does not require) the fund to take
advantage of the flexibility to invest in bank obligations that the SEC has
granted to money market funds, to the extent consistent with the fund's other
investment strategies and policies. However, the fund is currently required to
invest at least 99.5% of its total assets in U.S. government securities, cash,
and/or repurchase agreements that are fully collateralized by U.S. government
securities or cash. The policy also will be interpreted to give broad authority
to the fund as to how to classify issuers within or among industries. When
identifying industries for purposes of its concentration policy, the fund may
rely upon available industry classifications. As of the date of the SAI, the
fund relies primarily on the Bloomberg L.P. ("Bloomberg") classifications, and,
with respect to securities for which no industry classification under Bloomberg
is available or for which the Bloomberg classification is determined not to be
appropriate, the fund may use industry classifications published by another
source, which, as of the date of the SAI, is MSCI Global Industry
Classification Standard. The fund may change any source used for determining
industry classification without shareholder approval.

The fund's fundamental policies are written and will be interpreted broadly.
For example, the policies will be interpreted to refer to the 1940 Act and the
related rules as they are in effect from time to time, and to interpretations
and modifications of or relating to the 1940 Act by the SEC and others as they
are given from time to time. When a policy provides that an investment practice
may be conducted as permitted by the 1940 Act, the policy will be interpreted
to mean either that the 1940 Act expressly permits the practice or that the
1940 Act does not prohibit the practice.


NON-FUNDAMENTAL INVESTMENT POLICY
The following policy is non-fundamental and may be changed by a vote of the
Board of Trustees without approval of shareholders.

The fund may not invest in any investment company in reliance on Section
12(d)(1)(F) of the 1940 Act, which would allow the fund to invest in other
investment companies, or in reliance on Section 12(d)(1)(G) of the 1940 Act,
which would allow the fund to invest in other Pioneer funds, in each case
without being subject to the limitations discussed above under "Other
Investment Companies" so long as another investment company invests in the fund
in reliance on Section 12(d)(1)(G). The fund has adopted this non-fundamental
policy in order that the fund may be a permitted investment of the series of
Pioneer Asset Allocation Trust. If the series of Pioneer Asset Allocation Trust
do not invest in the fund, then this non-fundamental restriction will not
apply.


                                       11
<PAGE>

In addition, the fund's investment objective is non-fundamental and it and the
fund's non-fundamental investment policies may be changed by a vote of the
Board of Trustees without approval of shareholders at any time.


DIVERSIFICATION
The fund is currently classified as a diversified fund under the 1940 Act. A
diversified fund may not purchase securities of an issuer (other than
obligations issued or guaranteed by the U.S. government, its agencies or
instrumentalities) if, with respect to 75% of the fund's total assets, (a) more
than 5% of the fund's total assets would be invested in securities of that
issuer, or (b) the fund would hold more than 10% of the outstanding voting
securities of that issuer. Under the 1940 Act, the fund cannot change its
classification from diversified to non-diversified without shareholder
approval.


3. TRUSTEES AND OFFICERS


The fund's Trustees and officers are listed below, together with their
principal occupations and other directorships they have held during at least
the past five years. Trustees who are interested persons of the fund within the
meaning of the 1940 Act are referred to as Interested Trustees. Trustees who
are not interested persons of the fund are referred to as Independent Trustees.
Each of the Trustees serves as a Trustee of each of the 46 U.S. registered
investment portfolios for which Pioneer serves as investment adviser (the
"Pioneer Funds"). The address for all Trustees and all officers of the fund is
60 State Street, Boston, Massachusetts 02109.




<TABLE>
<CAPTION>
NAME, AGE AND                 TERM OF OFFICE AND                                                 OTHER DIRECTORSHIPS
POSITION HELD WITH THE FUND   LENGTH OF SERVICE          PRINCIPAL OCCUPATION                    HELD BY TRUSTEE
----------------------------- -------------------------- --------------------------------------- -------------------------
<S>                           <C>                        <C>                                     <C>
INDEPENDENT TRUSTEES:
----------------------------- -------------------------- --------------------------------------- ----
THOMAS J. PERNA (66)          Trustee since 2006.        Private investor (2004 - 2008 and       Director, Broadridge
Chairman of the Board and     Serves until a successor   2013 - present); Chairman (2008 -       Financial Solutions,
Trustee                       trustee is elected or      2013) and Chief Executive Officer       Inc. (investor
-----------------------------
                              earlier retirement or      (2008 - 2012), Quadriserv, Inc.         communications and
                              removal.                   (technology products for securities     securities processing
                              --------------------------
                                                         lending industry); and Senior           provider for financial
                                                         Executive Vice President, The Bank      services industry)
                                                         of New York (financial and securities   (2009 - present);
                                                         services) (1986 - 2004)                 Director, Quadriserv,
                                                         ---------------------------------------
                                                                                                 Inc. (2005 - 2013);
                                                                                                 and Commissioner,
                                                                                                 New Jersey State
                                                                                                 Civil Service
                                                                                                 Commission (2011 -
                                                                                                 2015)
                                                                                                 ----
</TABLE>


                                       12
<PAGE>



<TABLE>
<CAPTION>
NAME, AGE AND                 TERM OF OFFICE AND                                                     OTHER DIRECTORSHIPS
POSITION HELD WITH THE FUND   LENGTH OF SERVICE          PRINCIPAL OCCUPATION                        HELD BY TRUSTEE
----------------------------- -------------------------- ------------------------------------------- --------------------------
<S>                           <C>                        <C>                                         <C>
DAVID R. BOCK (73)            Trustee since 2005.        Managing Partner, Federal City              Director of New York
Trustee                       Serves until a successor   Capital Advisors (corporate advisory        Mortgage Trust
---
                              trustee is elected or      services company) (1997 - 2004              (publicly-traded
                              earlier retirement or      and 2008 - present); Interim Chief          mortgage REIT)
                              removal.                   Executive Officer, Oxford Analytica,        (2004 - 2009, 2012
                              --------------------------
                                                         Inc. (privately held research and           - present); Director of
                                                         consulting company) (2010);                 The Swiss Helvetia
                                                         Executive Vice President and Chief          Fund, Inc.
                                                         Financial Officer, I-trax, Inc. (publicly   (closed-end fund)
                                                         traded health care services                 (2010 - present);
                                                         company) (2004 - 2007); and                 Director of Oxford
                                                         Executive Vice President and Chief          Analytica, Inc. (2008
                                                         Financial Officer, Pedestal Inc.            - present); and
                                                         (internet-based mortgage trading            Director of Enterprise
                                                         company) (2000 - 2002); Private             Community
                                                         Consultant (1995 - 1997);                   Investment, Inc.
                                                         Managing Director, Lehman                   (privately-held
                                                         Brothers (1992 - 1995); Executive,          affordable housing
                                                         The World Bank (1979 - 1992)                finance company)
                                                         -------------------------------------------
                                                                                                     (1985 - 2010);
                                                                                                     --------------------------
BENJAMIN M. FRIEDMAN          Trustee since 2008.        William Joseph Maier Professor of           Trustee, Mellon
(72)                          Serves until a successor   Political Economy, Harvard                  Institutional Funds
Trustee                       trustee is elected or      University (1972 - present)                 Investment Trust and
---                                                      -------------------------------------------
                              earlier retirement or                                                  Mellon Institutional
                              removal.                                                               Funds Master
                              --------------------------
                                                                                                     Portfolio (oversaw
                                                                                                     17 portfolios in fund
                                                                                                     complex) (1989 -
                                                                                                     2008)
                                                                                                     ----
MARGARET B.W. GRAHAM          Trustee since 1990.        Founding Director, Vice-President           None
                                                                                                     ----
(69)                          Serves until a successor   and Corporate Secretary, The
Trustee                       trustee is elected or      Winthrop Group, Inc. (consulting
---
                              earlier retirement or      firm) (1982 - present); Desautels
                              removal.                   Faculty of Management, McGill
                              --------------------------
                                                         University (1999 - present); and
                                                         Manager of Research Operations
                                                         and Organizational Learning, Xerox
                                                         PARC, Xerox's advance research
                                                         center (1990-1994)
                                                         -------------------------------------------
MARGUERITE A. PIRET (68)      Trustee since 1987.        President and Chief Executive               Director of New
Trustee                       Serves until a successor   Officer, Newbury Piret Company              America High Income
---
                              trustee is elected or      (investment banking firm) (1981 -           Fund, Inc.
                              earlier retirement or      present)                                    (closed-end
                                                         -------------------------------------------
                              removal.                                                               investment company)
                              --------------------------
                                                                                                     (2004 - present);
                                                                                                     and Member, Board
                                                                                                     of Governors,
                                                                                                     Investment Company
                                                                                                     Institute (2000 -
                                                                                                     2006)
                                                                                                     ----
</TABLE>


                                       13
<PAGE>



<TABLE>
<CAPTION>
NAME, AGE AND                 TERM OF OFFICE AND                                                OTHER DIRECTORSHIPS
POSITION HELD WITH THE FUND   LENGTH OF SERVICE          PRINCIPAL OCCUPATION                   HELD BY TRUSTEE
----------------------------- -------------------------- -------------------------------------- ---------------------
<S>                           <C>                        <C>                                    <C>
FRED J. RICCIARDI (70)        Trustee since 2014.        Consultant (investment company         None
                                                                                                ----
Trustee                       Serves until a successor   services) (2012 - present);
---
                              trustee is elected or      Executive Vice President, BNY
                              earlier retirement or      Mellon (financial and investment
                              removal.                   company services) (1969 - 2012);
                              ----
                                                         Director, BNY International
                                                         Financing Corp. (financial services)
                                                         (2002 - 2012); Director, Mellon
                                                         Overseas Investment Corp.
                                                         (financial services) (2009 - 2012)
                                                         --------------------------------------
INTERESTED TRUSTEE:
----------------------------- ----                       -------------------------------------- ----
KENNETH J. TAUBES (58)*       Trustee since 2014.        Director and Executive Vice            None
                                                                                                ----
Trustee                       Serves until a successor   President (since 2008) and Chief
---
                              trustee is elected or      Investment Officer, U.S. (since
                              earlier retirement or      2010) of Pioneer Investment
                              removal                    Management USA Inc. ("PIM-USA");
                              ----
                                                         Executive Vice President and Chief
                                                         Investment Officer, U.S. of Pioneer
                                                         (since 2008); Executive Vice
                                                         President of Pioneer Institutional
                                                         Asset Management, Inc. (since
                                                         2009); Portfolio Manager of Pioneer
                                                         (since 1999)
                                                         --------------------------------------
ADVISORY TRUSTEE:
----------------------------- ----                       -------------------------------------- ----
LORRAINE H. MONCHAK           Advisory Trustee since     Chief Investment Officer, 1199 SEIU    Trustee of Pioneer
(60)**                        2014.                      Funds (healthcare workers union        closed-end
                              ----
Advisory Trustee                                         pension funds) (2001 - present);       investment
-----------------------------
                                                         Vice President - International         companies (5
                                                         Investments Group, American            portfolios) (Sept.
                                                         International Group, Inc. (insurance   2015-present)
                                                                                                ----
                                                         company) (1993 - 2001); Vice
                                                         President Corporate Finance and
                                                         Treasury Group, Citibank, N.A.(1980
                                                         - 1986 and 1990 - 1993); Vice
                                                         President - Asset/Liability
                                                         Management Group, Federal Farm
                                                         Funding Corporation
                                                         (government-sponsored issuer of
                                                         debt securities) (1988 - 1990);
                                                         Mortgage Strategies Group,
                                                         Shearson Lehman Hutton, Inc.
                                                         (investment bank) (1987 - 1988);
                                                         Mortgage Strategies Group, Drexel
                                                         Burnham Lambert, Ltd. (investment
                                                         bank) (1986 - 1987)
                                                         --------------------------------------
</TABLE>


                                       14
<PAGE>



<TABLE>
<CAPTION>
NAME, AGE AND                 TERM OF OFFICE AND                                             OTHER DIRECTORSHIPS
POSITION HELD WITH THE FUND   LENGTH OF SERVICE       PRINCIPAL OCCUPATION                   HELD BY TRUSTEE
----------------------------- ----------------------- -------------------------------------- ---------------------
<S>                           <C>                     <C>                                    <C>
FUND OFFICERS:
----------------------------- ----------------------- -------------------------------------- ----
LISA M. JONES (55)            Since 2014. Serves at   Chair, Director, CEO and President     Trustee of Pioneer
President and Chief           the discretion of the   of PIM-USA (since September            closed-end
Executive Officer             Board                   2014); Chair, Director and CEO of      investment
----------------------------- -----------------------
                                                      Pioneer Investment Management,         companies (5
                                                      Inc. (since September 2014); Chair,    portfolios) (Sept.
                                                      Director and CEO of Pioneer Funds      2015-present)
                                                                                             ----
                                                      Distributor, Inc. (since September
                                                      2014); Chair, Director, CEO and
                                                      President of Pioneer Institutional
                                                      Asset Management, Inc. (since
                                                      September 2014); Managing
                                                      Director, Morgan Stanley Investment
                                                      Management (2010 - 2013);
                                                      Director of Institutional Business,
                                                      CEO of International, Eaton Vance
                                                      Management (2005 - 2010)
                                                      --------------------------------------
CHRISTOPHER J. KELLEY (52)    Since 2003. Serves at   Vice President and Associate           None
                                                                                             ----
Secretary and Chief Legal     the discretion of the   General Counsel of Pioneer since
Officer                       Board                   January 2008; Secretary and Chief
----------------------------- -----------------------
                                                      Legal Officer of all of the Pioneer
                                                      Funds since June 2010; Assistant
                                                      Secretary of all of the Pioneer Funds
                                                      from September 2003 to May
                                                      2010; Vice President and Senior
                                                      Counsel of Pioneer from July 2002
                                                      to December 2007
                                                      --------------------------------------
CAROL B. HANNIGAN (56)        Since 2010. Serves at   Fund Governance Director of            None
                                                                                             ----
Assistant Secretary           the discretion of the   Pioneer since December 2006 and
-----------------------------
                              Board                   Assistant Secretary of all the
                              -----------------------
                                                      Pioneer Funds since June 2010;
                                                      Manager - Fund Governance of
                                                      Pioneer from December 2003 to
                                                      November 2006; and Senior
                                                      Paralegal of Pioneer from January
                                                      2000 to November 2003
                                                      --------------------------------------
THOMAS REYES (54)             Since 2010. Serves at   Senior Counsel of Pioneer since        None
                                                                                             ----
Assistant Secretary           the discretion of the   May 2013 and Assistant Secretary
-----------------------------
                              Board                   of all the Pioneer Funds since June
                              -----------------------
                                                      2010; Counsel of Pioneer from June
                                                      2007 to May 2013
                                                      --------------------------------------
MARK E. BRADLEY (57)          Since 2008. Serves at   Vice President - Fund Treasury of      None
                                                                                             ----
Treasurer and Chief           the discretion of the   Pioneer; Treasurer of all of the
Financial and Accounting      Board                   Pioneer Funds since March 2008;
                              -----------------------
Officer                                               Deputy Treasurer of Pioneer from
-----------------------------
                                                      March 2004 to February 2008; and
                                                      Assistant Treasurer of all of the
                                                      Pioneer Funds from March 2004 to
                                                      February 2008
                                                      --------------------------------------
LUIS I. PRESUTTI (51)         Since 2000. Serves at   Director - Fund Treasury of Pioneer;   None
                                                                                             ----
Assistant Treasurer           the discretion of the   and Assistant Treasurer of all of the
-----------------------------
                              Board                   Pioneer Funds
                              ----------------------- --------------------------------------
</TABLE>


                                       15
<PAGE>



<TABLE>
<CAPTION>
NAME, AGE AND                 TERM OF OFFICE AND                                              OTHER DIRECTORSHIPS
POSITION HELD WITH THE FUND   LENGTH OF SERVICE       PRINCIPAL OCCUPATION                    HELD BY TRUSTEE
----------------------------- ----------------------- --------------------------------------- ---------------------
<S>                           <C>                     <C>                                     <C>
GARY SULLIVAN (58)            Since 2002. Serves at   Fund Accounting Manager - Fund          None
                                                                                              ---------------------
Assistant Treasurer           the discretion of the   Treasury of Pioneer; and Assistant
-----------------------------
                              Board                   Treasurer of all of the Pioneer Funds
                              ----------------------- ---------------------------------------
DAVID F. JOHNSON (37)         Since 2009. Serves at   Fund Administration Manager - Fund      None
                                                                                              ---------------------
Assistant Treasurer           the discretion of the   Treasury of Pioneer since November
-----------------------------
                              Board                   2008; Assistant Treasurer of all of
                              -----------------------
                                                      the Pioneer Funds since January
                                                      2009; Client Service Manager -
                                                      Institutional Investor Services at
                                                      State Street Bank from March 2003
                                                      to March 2007
                                                      ---------------------------------------
JEAN M. BRADLEY (64)          Since 2010. Serves at   Chief Compliance Officer of Pioneer     None
                                                                                              ---------------------
Chief Compliance Officer      the discretion of the   and of all the Pioneer Funds since
-----------------------------
                              Board                   March 2010; Chief Compliance
                              -----------------------
                                                      Officer of Pioneer Institutional Asset
                                                      Management, Inc. since January
                                                      2012; Chief Compliance Officer of
                                                      Vanderbilt Capital Advisors, LLC
                                                      since July 2012: Director of Adviser
                                                      and Portfolio Compliance at Pioneer
                                                      since October 2005; Senior
                                                      Compliance Officer for Columbia
                                                      Management Advisers, Inc. from
                                                      October 2003 to October 2005
                                                      ---------------------------------------
KELLY O'DONNELL (46)          Since 2006. Serves at   Director - Transfer Agency              None
                                                                                              ---------------------
Anti-Money Laundering         the discretion of the   Compliance of Pioneer and
Officer                       Board                   Anti-Money Laundering Officer of all
----------------------------- -----------------------
                                                      the Pioneer Funds since 2006
                                                      ---------------------------------------
</TABLE>


*     Mr. Taubes is an Interested Trustee because he is an officer or director
      of the fund's investment adviser and certain of its affiliates.

**    Ms. Monchak is a non-voting advisory trustee.


BOARD COMMITTEES

The Board of Trustees is responsible for overseeing the fund's management and
operations. The Chairman of the Board is an Independent Trustee. Independent
Trustees constitute more than 75% of the Board. During the most recent fiscal
year, the Board of Trustees held 6 meetings. Each Trustee attended at least 75%
of such meetings.


The Trustees were selected to join the Board based upon the following as to
each Board member: such person's character and integrity; such person's
willingness and ability to commit the time necessary to perform the duties of a
Trustee; as to each Independent Trustee, his or her status as not being an
"interested person" as defined under the 1940 Act; and, as to Mr. Taubes, his
association with Pioneer. Each of the Independent Trustees also was selected to
join the Board based on the criteria and principles set forth in the Nominating
Committee Charter. In evaluating a Trustee's prospective service on the Board,
the Trustee's experience in, and ongoing contributions toward, overseeing the
fund's business as a Trustee also are considered. In addition, the following
specific experience, qualifications, attributes and/or skills apply as to each
Trustee: Mr. Bock, accounting, financial, business and public company
experience as a chief financial officer and an executive officer and experience
as a board member of other organizations; Mr. Friedman, academic leadership,
economic and finance experience and investment company board experience; Ms.
Graham, academic leadership, experience in business, finance and management
consulting; Mr. Perna, accounting, financial, and business experience as an
executive officer and experience as a board member


                                       16
<PAGE>

of other organizations; Ms. Piret, accounting, financial and entrepreneurial
experience as an executive, valuation experience and investment company board
experience; Mr. Ricciardi, financial, business and investment company
experience as an executive officer of a financial and investment company
services organization, and experience as a board member of offshore investment
companies and other organizations; and Mr. Taubes, portfolio management
experience and leadership roles with Pioneer. However, in its periodic
assessment of the effectiveness of the Board, the Board considers the
complementary skills and experience of individual Trustees primarily in the
broader context of the Board's overall composition so that the Board, as a
body, possesses the appropriate (and appropriately diverse) skills and
experience to oversee the business of the fund.

The Trust's Amended and Restated Agreement and Declaration of Trust provides
that the appointment, designation (including in any proxy or registration
statement or other document) of a Trustee as an expert on any topic or in any
area, or as having experience, attributes or skills in any area, or any other
appointment, designation or identification, shall not impose on that person any
standard of care or liability that is greater than that imposed on that person
as a Trustee in the absence of the appointment, designation or identification,
and no Trustee who has special attributes, skills, experience or expertise, or
is appointed, designated, or identified as aforesaid, shall be held to a higher
standard of care by virtue thereof.

The Board of Trustees has five standing committees: the Independent Trustees
Committee, the Audit Committee, the Governance and Nominating Committee, the
Policy Administration Committee and the Valuation Committee. Each committee is
chaired by an Independent Trustee and all members of each committee are
Independent Trustees.

The Chairs of the committees work with the Chairman of the Board and fund
management in setting the agendas for Board meetings. The Chairs of the
committees set the agendas for committee meetings with input from fund
management. As noted below, through the committees, the Independent Trustees
consider and address important matters involving the fund, including those
presenting conflicts or potential conflicts of interest for management. The
Independent Trustees also regularly meet without the presence of management and
are advised by independent legal counsel. The Board has determined that
delegation to the committees of specified oversight responsibilities helps
ensure that the fund has effective and independent governance and oversight.
Notwithstanding the fact that the Chairman of the Board is an Independent
Trustee, the Board continues to believe that the committee structure enables
the Board more effectively to provide governance and oversight of the fund's
affairs. Mr. Perna, Chairman of the Board, is a member of each committee except
the Audit Committee and the Valuation Committee, of each of which he is a
non-voting, ex-officio member.


During the most recent fiscal year, the Independent Trustees, Audit, Governance
and Nominating, Policy Administration, and Valuation Committees held 8, 5, 2, 5
and 5 meetings, respectively.



INDEPENDENT TRUSTEES COMMITTEE

David R. Bock, Benjamin M. Friedman, Margaret B.W. Graham, Lorraine H. Monchak
(non-voting advisory member), Thomas J. Perna (Chair), Marguerite A. Piret and
Fred J. Ricciardi.


The Independent Trustees Committee is comprised of all of the Independent
Trustees. The Independent Trustees Committee serves as the forum for
consideration of a number of issues required to be considered separately by the
Independent Trustees under the 1940 Act, including the assessment and review of
the fund's advisory agreement and other related party contracts. The
Independent Trustees Committee also considers issues that the Independent
Trustees believe it is advisable for them to consider separately from the
Interested Trustees.


AUDIT COMMITTEE
David R. Bock (Chair), Benjamin M. Friedman, Lorraine H. Monchak (non-voting
advisory member) and Marguerite A. Piret.


                                       17
<PAGE>

The Audit Committee, among other things, oversees the accounting and financial
reporting policies and practices of the fund, oversees the quality and
integrity of the fund's financial statements, approves, and recommends to the
Independent Trustees for their ratification, the engagement of the fund's
independent registered public accounting firm, reviews and evaluates the
accounting firm's qualifications, independence and performance, and approves
the compensation of the accounting firm. The Audit Committee also approves all
audit and permissible non-audit services provided to the fund by the fund's
accounting firm and all permissible non-audit services provided by the fund's
accounting firm to Pioneer and any affiliated service providers of the fund if
the engagement relates directly to the fund's operations and financial
reporting.


GOVERNANCE AND NOMINATING COMMITTEE

Margaret B.W. Graham (Chair), Thomas J. Perna and Fred J. Ricciardi.


The Governance and Nominating Committee considers governance matters affecting
the Board and the fund. Among other responsibilities, the Governance and
Nominating Committee reviews the performance of the Independent Trustees as a
whole, and reviews and recommends to the Independent Trustees Committee any
appropriate changes concerning, among other things, the size and composition of
the Board, the Board's committee structure and the Independent Trustees'
compensation. The Governance and Nominating Committee also makes
recommendations to the Independent Trustees Committee or the Board on matters
delegated to it.

In addition, the Governance and Nominating Committee screens potential
candidates for Independent Trustees. Among other responsibilities, the
Governance and Nominating Committee reviews periodically the criteria for
Independent Trustees and the spectrum of desirable experience and expertise for
Independent Trustees as a whole, and reviews periodically the qualifications
and requisite skills of persons currently serving as Independent Trustees and
being considered for re-nomination. The Governance and Nominating Committee
also reviews the qualifications of any person nominated to serve on the Board
by a shareholder or recommended by any Trustee, management or another person
and makes a recommendation as to the qualifications of such nominated or
recommended person to the Independent Trustees and the Board, and reviews
periodically the Committee's procedure, if any, regarding candidates submitted
by shareholders. The Governance and Nominating Committee does not have
specific, minimum qualifications for nominees, nor has it established specific
qualities or skills that it regards as necessary for one or more of the
Independent Trustees to possess (other than qualities or skills that may be
required by applicable law or regulation). However, in evaluating a person as a
potential nominee to serve as an Independent Trustee, the Governance and
Nominating Committee will consider the following general criteria and
principles, among any others that it may deem relevant:

o whether the person has a reputation for integrity, honesty and adherence to
  high ethical standards;

o whether the person has demonstrated business acumen and ability to exercise
  sound judgment in matters that relate to the objectives of the fund and
  whether the person is willing and able to contribute positively to the
  decision-making process of the fund;

o whether the person has a commitment and ability to devote the necessary time
  and energy to be an effective Independent Trustee, to understand the fund
  and the responsibilities of a trustee of an investment company;

o whether the person has the ability to understand the sometimes conflicting
  interests of the various constituencies of the fund and to act in the
  interests of all shareholders;

o whether the person has a conflict of interest that would impair his or her
  ability to represent the interests of all shareholders and to fulfill the
  responsibilities of a trustee; and

o the value of diversity on the Board. The Governance and Nominating Committee
  Charter provides that nominees shall not be discriminated against on the
  basis of race, religion, national origin, sex, sexual orientation,
  disability or any other basis proscribed by law.


                                       18
<PAGE>

The Governance and Nominating Committee also will consider whether the nominee
has the experience or skills that the Governance and Nominating Committee
believes would maintain or enhance the effectiveness of the Independent
Trustees' oversight of the fund's affairs, based on the then current
composition and skills of the Independent Trustees and experience or skills
that may be appropriate in light of changing business conditions and regulatory
or other developments. The Governance and Nominating Committee does not
necessarily place the same emphasis on each criterion.

The Governance and Nominating Committee does not have a formal policy for
considering trustee nominees submitted by the fund's shareholders. Nonetheless,
the Nominating Committee may, on an informal basis, consider any shareholder
recommendations of nominees that it receives. Shareholders who wish to
recommend a nominee should send recommendations to the fund's Secretary that
include all information relating to such persons that is required to be
included in solicitations of proxies for the election of trustees.


POLICY ADMINISTRATION COMMITTEE

Thomas J. Perna (Chair), Margaret B.W. Graham, and Fred J. Ricciardi.


The Policy Administration Committee, among other things, oversees and monitors
the fund's compliance with legal and regulatory requirements that are not
directly related to financial reporting, internal financial controls,
independent audits or the performance of the fund's internal audit function.
The Policy Administration Committee also oversees the adoption and
implementation of certain of the fund's policies and procedures.


VALUATION COMMITTEE
David R. Bock, Benjamin M. Friedman, Lorraine H. Monchak (non-voting advisory
member) and Marguerite A. Piret (Chair).

The Valuation Committee, among other things, determines with Pioneer the value
of securities under certain circumstances and considers other matters with
respect to the valuation of securities, in each case in accordance with the
fund's valuation procedures.


OVERSIGHT OF RISK MANAGEMENT
Consistent with its responsibility for oversight of the fund in the interests
of shareholders, the Board of Trustees oversees risk management of the fund's
investment management and business operations. In performing this oversight
function, the Board considers various risks and risk management practices
relating to the fund. The Board has delegated certain aspects of its risk
oversight responsibilities to the committees.

The fund faces a number of risks, such as investment risk, counterparty risk,
valuation risk, enterprise risk, reputational risk, cybersecurity risk, risk of
operational failure or lack of business continuity, and legal, compliance and
regulatory risk. The goal of risk management is to identify and address risks,
i.e., events or circumstances that could have material adverse effects on the
business, operations, shareholder services, investment performance or
reputation of the fund.

Most of the fund's investment management and business operations are carried
out by or through Pioneer, its affiliates, and other service providers, each of
which has an independent interest in risk management but whose policies and the
methods by which one or more risk management functions are carried out may
differ from the fund's and each other's in the setting of priorities, the
resources available or the effectiveness of relevant controls.

Under the overall supervision of the Board or the applicable committee of the
Board, the fund, or Pioneer and the affiliates of Pioneer or other service
providers to the fund employ a variety of processes, procedures and controls in
an effort to identify, address and mitigate risks. Different processes,
procedures and controls are employed with respect to different types of risks.
Various personnel, including the fund's and Pioneer's chief compliance officer
and Pioneer's chief risk officer and director of internal audit, as well as
various personnel of Pioneer and of other service providers, make periodic
reports to the applicable committee


                                       19
<PAGE>


or to the Board with respect to various aspects of risk management, and the
applicable committee of the Board reviews Financial Intermediary Controls and
Compliance Assessment (FICCA) reports, if available. The reports received by
the Trustees related to risks typically are summaries of relevant information.


The Trustees recognize that not all risks that may affect the fund can be
identified, that it may not be practical or cost-effective to eliminate or
mitigate certain risks, that it may be necessary to bear certain risks (such as
investment-related risks) to achieve the fund's goals, that the processes,
procedures and controls employed to address certain risks may be limited in
their effectiveness, and that some risks are simply beyond the control of the
fund or Pioneer and its affiliates or other service providers. As a result of
the foregoing and other factors, the fund's ability to manage risk is subject
to substantial limitations.

In addition, it is important to note that the fund is designed for investors
that are prepared to accept investment risk, including the possibility that as
yet unforeseen risks may emerge in the future.


COMPENSATION OF OFFICERS AND TRUSTEES
The Pioneer Funds, including the fund, compensate their Trustees. The
Independent Trustees review and set their compensation annually, taking into
consideration the committee and other responsibilities assigned to specific
Trustees. The table under "Annual Fees, Expense and Other Information -
Compensation of Officers and Trustees" sets forth the compensation paid to each
of the Trustees. The compensation paid to the Trustees is then allocated among
the funds as follows:

o each fund with assets less than $250 million pays each Independent Trustee an
  annual fee of $1,000.

o the remaining compensation of the Independent Trustees is allocated to each
  fund with assets greater than $250 million based on the fund's net assets.

o the Interested Trustees receive an annual fee of $500 from each fund, except
  in the case of funds with net assets of $50 million or less, which pay each
  Interested Trustee an annual fee of $200. Pioneer reimburses these funds for
  the fees paid to the Interested Trustees.

Except for the chief compliance officer, the fund does not pay any salary or
other compensation to its officers. The fund pays a portion of the chief
compliance officer's compensation for her services as the fund's chief
compliance officer. Pioneer pays the remaining portion of the chief compliance
officer's compensation.

See "Compensation of Officers and Trustees" in "Annual Fee, Expense and Other
Information."


SALES LOADS
The fund offers its shares to Trustees and officers of the fund and employees
of Pioneer and its affiliates without a sales charge in order to encourage
investment in the fund by individuals who are responsible for its management
and because the sales to such persons do not entail any sales effort by the
fund, brokers or other intermediaries.


OTHER INFORMATION
The Amended and Restated Agreement and Declaration of Trust provides that no
Trustee, officer or employee of the fund shall be liable to the fund or any
shareholder for any action, failure to act, error or mistake except in cases of
bad faith, willful misfeasance, gross negligence or reckless disregard of duty.
The Amended and Restated Agreement and Declaration of Trust requires the fund
to indemnify each Trustee, director, officer, employee and authorized agent to
the fullest extent permitted by law against liability and against all expenses
reasonably incurred or paid by him in connection with any claim, action, suit
or proceeding in which he becomes involved as a party or otherwise by virtue of
his being or having been such a Trustee, director, officer, employee, or agent
and against amounts paid or incurred by him in settlement thereof. The 1940 Act
currently provides that no officer or director shall be protected from
liability to the fund or shareholders for willful misfeasance, bad faith, gross
negligence, or reckless disregard of the duties of office. The Amended and
Restated Agreement and Declaration of Trust extends to Trustees, officers and
employees of the fund the full protection from liability that the law allows.


                                       20
<PAGE>

SHARE OWNERSHIP
See "Annual Fee, Expense and Other Information" for information on the
ownership of fund shares by the Trustees, the fund's officers and owners in
excess of 5% of any class of shares of the fund and a table indicating the
value of shares that each Trustee beneficially owns in the fund and in all the
Pioneer Funds.


PROXY VOTING POLICIES
Information regarding how the fund voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 is available to
shareowners without charge at http://us.pioneerinvestments.com and on the SEC's
website at http://www.sec.gov. The fund's proxy voting policies and procedures
are attached as "Appendix B".


4. INVESTMENT ADVISER

The fund has entered into an amended and restated management agreement
(hereinafter, the "management contract") with Pioneer pursuant to which Pioneer
acts as the fund's investment adviser. Pioneer is an indirect, wholly owned
subsidiary of UniCredit. Certain Trustees or officers of the fund are also
directors and/or officers of certain of UniCredit's subsidiaries (see
management biographies above). Pioneer has entered into an agreement with its
affiliate, Pioneer Investment Management Limited ("PIML"), pursuant to which
PIML provides certain services to Pioneer.

As the fund's investment adviser, Pioneer provides the fund with investment
research, advice and supervision and furnishes an investment program for the
fund consistent with the fund's investment objective and policies, subject to
the supervision of the fund's Trustees. Pioneer determines what portfolio
securities will be purchased or sold, arranges for the placing of orders for
the purchase or sale of portfolio securities, selects brokers or dealers to
place those orders, maintains books and records with respect to the fund's
securities transactions, and reports to the Trustees on the fund's investments
and performance.

The management contract will continue in effect from year to year provided such
continuance is specifically approved at least annually (i) by the Trustees of
the fund or by a majority of the outstanding voting securities of the fund (as
defined in the 1940 Act), and (ii) in either event, by a majority of the
Independent Trustees of the fund, with such Independent Trustees casting votes
in person at a meeting called for such purpose.

The management contract may be terminated without penalty by the Trustees of
the fund or by vote of a majority of the outstanding voting securities of the
fund on not more than 60 days' nor less than 30 days' written notice to
Pioneer, or by Pioneer on not less than 90 days' written notice to the fund,
and will automatically terminate in the event of its assignment (as defined in
the 1940 Act) by Pioneer. The management contract is not assignable by the fund
except with the consent of Pioneer.

The Trustees' approval of and the terms, continuance and termination of the
management contract are governed by the 1940 Act. Pursuant to the management
contract, Pioneer assumes no responsibility other than to render the services
called for under the management contract, in good faith, and Pioneer will not
be liable for any error of judgment or mistake of law or for any loss arising
out of any investment or for any act or omission in the execution of securities
or other transactions for the fund. Pioneer, however, is not protected against
liability by reason of willful misfeasance, bad faith or gross negligence in
the performance of its duties or by reason of its reckless disregard of its
obligations and duties under the management contract. The management contract
requires Pioneer to furnish all necessary services, facilities and personnel in
connection with the performance of its services under the management contract,
and except as specifically stated therein, Pioneer is not responsible for any
of the fund's ordinary and extraordinary expenses.


ADVISORY FEE

As compensation for its management services and expenses incurred, the fund
pays Pioneer a fee at the annual rate of 0.35% of the fund's average daily net
assets up to $1 billion and 0.30% of the fund's average daily net assets
greater than $1 billion. This fee is computed and accrued daily and paid
monthly.



                                       21
<PAGE>

In the past, Pioneer and its affiliates have reimbursed or otherwise reduced
the fund's expenses and Pioneer has waived a portion of its management fee in
an effort to maintain a net asset value of $1.00 per share, for the purpose of
avoiding a negative yield or for increasing the fund's yield. Pioneer and its
affiliates may, but are not required to, continue to waive and/or reimburse
fees in the future. Any such expense reimbursements, reductions or waivers are
voluntary and temporary and may be terminated by Pioneer and its affiliate at
any time without notice. Pioneer may not recapture fees and expenses previously
waived and/or reimbursed.

See the table in "Annual Fee, Expense and Other Information" for the management
fee paid to Pioneer during the recently completed fiscal years.


ADMINISTRATION AGREEMENT
The fund has entered into an amended and restated administration agreement with
Pioneer pursuant to which Pioneer acts as the fund's administrator, performing
certain accounting, administration and legal services for the fund. Pioneer is
reimbursed for its cost of providing such services. The cost of providing these
services is based on direct costs and costs of overhead, subject to review by
the Board of Trustees. See "Annual Fee, Expense and Other Information" for fees
the fund paid to Pioneer for administration and related services. In addition,
Brown Brothers Harriman & Co. performs certain sub-administration services to
the fund pursuant to an agreement with Pioneer and the fund.


Under the terms of the amended and restated administration agreement with the
fund, Pioneer pays or reimburses the fund for expenses relating to its services
for the fund, with the exception of the following, which are to be paid by the
fund: (a) charges and expenses for fund accounting, pricing and appraisal
services and related overhead, including, to the extent such services are
performed by personnel of Pioneer, or its affiliates, office space and
facilities and personnel compensation, training and benefits; (b) the charges
and expenses of auditors; (c) the charges and expenses of any custodian,
transfer agent, plan agent, dividend disbursing agent and registrar appointed
by the fund; (d) issue and transfer taxes, chargeable to the fund in connection
with securities transactions to which the fund is a party; (e) insurance
premiums, interest charges, dues and fees for membership in trade associations
and all taxes and corporate fees payable by the fund to federal, state or other
governmental agencies; (f) fees and expenses involved in registering and
maintaining registrations of the fund and/or its shares with federal regulatory
agencies, state or blue sky securities agencies and foreign jurisdictions,
including the preparation of prospectuses and statements of additional
information for filing with such regulatory authorities; (g) all expenses of
shareholders' and Trustees' meetings and of preparing, printing and
distributing prospectuses, notices, proxy statements and all reports to
shareholders and to governmental agencies; (h) charges and expenses of legal
counsel to the fund and the Trustees; (i) any distribution fees paid by the
fund in accordance with Rule 12b-1 promulgated by the SEC pursuant to the 1940
Act; (j) compensation of those Trustees of the fund who are not affiliated with
or interested persons of Pioneer, the fund (other than as Trustees), PIM-USA or
the distributor; (k) the cost of preparing and printing share certificates; (l)
interest on borrowed money, if any; (m) fees payable by the fund under
management agreements and the administration agreement; and (n) extraordinary
expenses. The fund shall also assume and pay any other expense that the fund,
Pioneer or any other agent of the fund may incur not listed above that is
approved by the Board of Trustees (including a majority of the Independent
Trustees) as being an appropriate expense of the fund. The fund shall pay all
fees and expenses to be paid by the fund under the sub-administration agreement
with Brown Brothers Harriman & Co. In addition, the fund shall pay all brokers'
and underwriting commissions chargeable to the fund in connection with
securities transactions to which the fund is a party.



POTENTIAL CONFLICTS OF INTEREST
The fund is managed by Pioneer, which also serves as investment adviser to
other Pioneer mutual funds and other accounts (including separate accounts and
unregistered products) with investment objectives identical or similar to those
of the fund. Securities frequently meet the investment objectives of the fund,
the other Pioneer mutual funds and such other accounts. In such cases, the
decision to recommend a


                                       22
<PAGE>

purchase to one fund or account rather than another is based on a number of
factors. The determining factors in most cases are the amount of securities of
the issuer then outstanding, the value of those securities and the market for
them. Other factors considered in the investment recommendations include other
investments which each fund or account presently has in a particular industry
and the availability of investment funds in each fund or account.

It is possible that at times identical securities will be held by more than one
fund and/or account. However, positions in the same issue may vary and the
length of time that any fund or account may choose to hold its investment in
the same issue may likewise vary. To the extent that more than one of the
Pioneer mutual funds or a private account managed by Pioneer seeks to acquire
the same security at about the same time, the fund may not be able to acquire
as large a position in such security as it desires or it may have to pay a
higher price for the security. Similarly, the fund may not be able to obtain as
large an execution of an order to sell or as high a price for any particular
portfolio security if Pioneer decides to sell on behalf of another account the
same portfolio security at the same time. On the other hand, if the same
securities are bought or sold at the same time by more than one fund or
account, the resulting participation in volume transactions could produce
better executions for the fund. In the event more than one account purchases or
sells the same security on a given date, the purchases and sales will normally
be made as nearly as practicable on a pro rata basis in proportion to the
amounts desired to be purchased or sold by each account. Although the other
Pioneer mutual funds may have the same or similar investment objectives and
policies as the fund, their portfolios do not generally consist of the same
investments as the fund or each other, and their performance results are likely
to differ from those of the fund.


PERSONAL SECURITIES TRANSACTIONS
The fund, Pioneer, and PFD have adopted a code of ethics under Rule 17j-1 under
the 1940 Act which is applicable to officers, trustees/directors and designated
employees of Pioneer and certain of Pioneer's affiliates. The code permits such
persons to engage in personal securities transactions for their own accounts,
including securities that may be purchased or held by the fund, and is designed
to prescribe means reasonably necessary to prevent conflicts of interest from
arising in connection with personal securities transactions. The code is on
public file with and available from the SEC.


5. PRINCIPAL UNDERWRITER AND DISTRIBUTION PLAN


PRINCIPAL UNDERWRITER
PFD, 60 State Street, Boston, Massachusetts 02109, is the principal underwriter
for the fund in connection with the continuous offering of its shares. PFD is
an indirect wholly owned subsidiary of PIM-USA.

The fund entered into an underwriting agreement with PFD which provides that
PFD will bear expenses for the distribution of the fund's shares, except for
expenses incurred by PFD for which it is reimbursed or compensated by the fund
under the distribution plan (discussed below). PFD bears all expenses it incurs
in providing services under the underwriting agreement. Such expenses include
compensation to its employees and representatives and to securities dealers for
distribution-related services performed for the fund. PFD also pays certain
expenses in connection with the distribution of the fund's shares, including
the cost of preparing, printing and distributing advertising or promotional
materials, and the cost of printing and distributing prospectuses and
supplements to prospective shareholders. The fund bears the cost of registering
its shares under federal and state securities law and the laws of certain
non-U.S. countries. Under the underwriting agreement, PFD will use its best
efforts in rendering services to the fund.

See "Sales Charges" for the schedule of initial sales charge reallowed to
dealers as a percentage of the offering price of the fund's Class A shares.


                                       23
<PAGE>

See the tables under "Annual Fee, Expense and Other Information" for
commissions retained by PFD and reallowed to dealers in connection with PFD's
offering of the fund's Class A and Class C shares during recently completed
fiscal years.

The fund will not generally issue fund shares for consideration other than
cash. At the fund's sole discretion, however, it may issue fund shares for
consideration other than cash in connection with a bona fide reorganization,
statutory merger or other acquisition of portfolio securities.

It is the fund's general practice to repurchase its shares of beneficial
interest for cash consideration in any amount; however, the redemption price of
shares of the fund may, at Pioneer's discretion, be paid in portfolio
securities. The fund has elected to be governed by Rule 18f-1 under the 1940
Act pursuant to which the fund is obligated to redeem shares solely in cash up
to the lesser of $250,000 or 1% of the fund's net asset value during any 90-day
period for any one shareholder. Should the amount of redemptions by any
shareholder exceed such limitation, the fund will have the option of redeeming
the excess in cash or portfolio securities. In the latter case, the securities
are taken at their value employed in determining the fund's net asset value.
You may incur additional costs, such as brokerage fees and taxes, and risks,
including a decline in the value of the securities you receive, if the fund
makes an in-kind distribution.


DISTRIBUTION PLAN
The fund has adopted a distribution plan (the "Distribution Plan") pursuant to
Rule 12b-1 under the 1940 Act with respect to its Class A shares. The fund has
not adopted a Distribution Plan with respect to its Class Y shares.

For each Class that has adopted a Distribution Plan, fees under the
Distribution Plan may be used to make payments to one or more principal
underwriters, broker-dealers, financial intermediaries (which may include
banks) and other parties that enter into a distribution, selling or service
agreement with respect to the shares of such Class (each of the foregoing, a
"Service Party"). The fund, its principal underwriter or other parties also may
incur expenses in connection with the distribution or marketing and sales of
the fund's shares that may be paid or reimbursed by the fund. The aggregate
amount in respect of such fees and expenses with respect to each Class shall be
the amount calculated at a percentage per annum of the average daily net assets
attributable to such Class as set forth below:


<TABLE>
<CAPTION>
            APPLICABLE PERCENTAGE
CLASS                   PER ANNUM
---------  ----------------------
<S>        <C>
Class A                    0.15%
---------                   ----
</TABLE>


Payments are made under the Distribution Plan for distribution services and
other activities in respect of the sale of shares of the fund and to make
payments for advertising, marketing or other promotional activity, and for
preparation, printing, and distribution of prospectuses, statements of
additional information and reports for recipients other than regulators and
existing shareholders. The fund also may make payments to Service Parties under
the Distribution Plan for providing personal service or the maintenance of
shareholder accounts. The amounts paid to each recipient may vary based upon
certain factors, including, among other things, the levels of sales of fund
shares and/or shareholder services provided; provided, however, that the fees
paid to a recipient with respect to a particular Class that may be used to
cover expenses primarily intended to result in the sale of shares of that
Class, or that may be used to cover expenses primarily intended for personal
service and/or maintenance of shareholder accounts, may not exceed the maximum
amounts, if any, as may from time to time be permitted for such services under
the Financial Industry Regulatory Authority ("FINRA") Conduct Rule 2341 or any
successor rule, in each case as amended or interpreted by FINRA.


The Distribution Plan also provides that the Service Parties may receive all or
a portion of any sales charges paid by investors.


                                       24
<PAGE>

The Distribution Plan permits the fund to pay fees to the Service Parties as
compensation for their services, not as reimbursement for specific expenses
incurred. Thus, even if their expenses exceed the fees provided for by the
Distribution Plan, the fund will not be obligated to pay more than those fees
and, if their expenses are less than the fees paid to them, they will realize a
profit. The fund may pay the fees to the Service Parties until the Distribution
Plan or any related distribution agreement is terminated or not renewed. In
that event, a Service Party's expenses in excess of fees received or accrued
through the termination date will be such Service Party's sole responsibility
and not obligations of the fund. In their annual consideration of the
continuation of the Distribution Plan for the fund, the Trustees will review
the Distribution Plan and the expenses for each Class within the fund
separately. The fund may participate in joint distribution activities with
other Pioneer funds. The costs associated with such joint distribution
activities are allocated to a fund based on the number of shares sold.

The Distribution Plan also recognizes that Pioneer, PFD or any other Service
Party may make payments for distribution-related expenses out of its own
resources, including past profits, or payments received from the fund for other
purposes, such as management fees, and that the Service Parties may from time
to time use their own resources for distribution-related services, in addition
to the fees paid under the Distribution Plan. The Distribution Plan
specifically provides that, to the extent that such payments might be deemed to
be indirect financing of any activity primarily intended to result in the sale
of shares of the fund within the context of Rule 12b-1, then the payments are
deemed to be authorized by the Distribution Plan but not subject to the maximum
amounts set forth above.

Under its terms, the Distribution Plan continues in effect for one year and
thereafter for successive annual periods, provided such continuance is
specifically approved at least annually by vote of the Board, including a
majority of the Independent Trustees who have no direct or indirect financial
interest in the operation of the Distribution Plan. The Distribution Plan may
not be amended to increase materially the amount of the service and
distribution fees without shareholder approval, and all material amendments of
the Distribution Plan also must be approved by the Trustees, including all of
the Independent Trustees, in the manner described above. The Distribution Plan
may be terminated with respect to a Class of the fund at any time, without
penalty, by vote of a majority of the Independent Trustees or by vote of a
majority of the outstanding voting securities of such Class of the fund (as
defined in the 1940 Act).

As of the close of business on December 31, 2012, PFD lowered the Rule 12b-1
fees paid to financial intermediaries on Class A shares of the fund from 0.15%
to 0.05%. Effective at the close of business on July 1, 2014, PFD lowered the
Rule 12b-1 fees paid to financial intermediaries on Class A shares of the fund
from 0.05% to 0.00%. Accordingly, PFD will waive Rule 12b-1 fees payable by the
fund to the same extent.

See "Annual Fee, Expense and Other Information" for fund expenses under the
Distribution Plan paid to PFD for the most recently completed fiscal year.


6. SHAREHOLDER SERVICING/TRANSFER AGENT

The fund has contracted with Boston Financial Data Services, Inc., 2000 Crown
Colony Drive, Quincy, Massachusetts, 02169, to act as shareholder servicing and
transfer agent for the fund.

Under the terms of its contract with the fund, Boston Financial Data Services,
Inc. services shareholder accounts, and its duties include: (i) processing
sales, redemptions and exchanges of shares of the fund; (ii) distributing
dividends and capital gains associated with the fund's portfolio; and (iii)
maintaining account records and responding to shareholder inquiries.


                                       25
<PAGE>

7. CUSTODIAN AND SUB-ADMINISTRATOR

Brown Brothers Harriman & Co. ("BBH"), 50 Post Office Square, Boston,
Massachusetts 02110, is the custodian of the fund's assets. The custodian's
responsibilities include safekeeping and controlling the fund's cash and
securities, handling the receipt and delivery of securities, and collecting
interest and dividends on the fund's investments.

BBH also performs certain fund accounting and fund administration services for
the Pioneer Fund complex, including the fund. For performing such services, BBH
receives fees based on complex-wide assets.


8. INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


Deloitte & Touche LLP, 200 Berkeley Street, Boston, MA 02116, independent
registered public accounting firm, provided audit services, tax return review
services, and assistance and consultation with respect to filings with the SEC
for the fiscal year ended December 31, 2016.



9. PORTFOLIO MANAGEMENT


ADDITIONAL INFORMATION ABOUT THE PORTFOLIO MANAGER

OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGER

The table below indicates, for the portfolio manager of the fund, information
about the accounts other than the fund over which the portfolio manager has
day-to-day investment responsibility. All information on the number of accounts
and total assets in the table is as of December 31, 2016. For purposes of the
table, "Other Pooled Investment Vehicles" may include investment partnerships,
undertakings for collective investments in transferable securities ("UCITS")
and other non-U.S. investment funds and group trusts, and "Other Accounts" may
include separate accounts for institutions or individuals, insurance company
general or separate accounts, pension funds and other similar institutional
accounts but generally do not include the portfolio manager's personal
investment accounts or those which the manager may be deemed to own
beneficially under the code of ethics. Certain funds and other accounts managed
by the portfolio manager may have substantially similar investment strategies.




<TABLE>
<CAPTION>
                                                                                               NUMBER OF          ASSETS
                                                                                                ACCOUNTS         MANAGED
                                                                                             MANAGED FOR       FOR WHICH
                                                                                          WHICH ADVISORY        ADVISORY
                                                          NUMBER OF                               FEE IS          FEE IS
NAME OF                                                    ACCOUNTS       TOTAL ASSETS      PERFORMANCE-    PERFORMANCE-
PORTFOLIO MANAGER    TYPE OF ACCOUNT                        MANAGED    MANAGED (000'S)             BASED   BASED (000'S)
-------------------  ---------------------------------- -----------  -----------------  ----------------  --------------
<S>                  <C>                                <C>          <C>                <C>               <C>
Seth Roman           Other Registered Investment
                     Companies                                  2    $3,785,876                      N/A             N/A
                     Other Pooled Investment Vehicles           0    $        0                      N/A             N/A
                     Other Accounts                             0    $        0                      N/A             N/A
-------------------  ---------------------------------- -----------  ----------         ----------------  --------------
</TABLE>


POTENTIAL CONFLICTS OF INTEREST
When a portfolio manager is responsible for the management of more than one
account, the potential arises for the portfolio manager to favor one account
over another. The principal types of potential conflicts of interest that may
arise are discussed below. For the reasons outlined below, Pioneer does not
believe that any material conflicts are likely to arise out of a portfolio
manager's responsibility for the management of the fund as well as one or more
other accounts. Although Pioneer has adopted procedures that it believes are
reasonably designed to detect and prevent violations of the federal securities
laws and to mitigate the potential for conflicts of interest to affect its
portfolio management


                                       26
<PAGE>

decisions, there can be no assurance that all conflicts will be identified or
that all procedures will be effective in mitigating the potential for such
risks. Generally, the risks of such conflicts of interest are increased to the
extent that a portfolio manager has a financial incentive to favor one account
over another. Pioneer has structured its compensation arrangements in a manner
that is intended to limit such potential for conflicts of interest. See
"Compensation of Portfolio Managers" below.

o A portfolio manager could favor one account over another in allocating new
  investment opportunities that have limited supply, such as initial public
  offerings and private placements. If, for example, an initial public
  offering that was expected to appreciate in value significantly shortly
  after the offering was allocated to a single account, that account may be
  expected to have better investment performance than other accounts that did
  not receive an allocation of the initial public offering. Generally,
  investments for which there is limited availability are allocated based upon
  a range of factors including available cash and consistency with the
  accounts' investment objectives and policies. This allocation methodology
  necessarily involves some subjective elements but is intended over time to
  treat each client in an equitable and fair manner. Generally, the investment
  opportunity is allocated among participating accounts on a pro rata basis.
  Although Pioneer believes that its practices are reasonably designed to
  treat each client in an equitable and fair manner, there may be instances
  where a fund may not participate, or may participate to a lesser degree than
  other clients, in the allocation of an investment opportunity.

o A portfolio manager could favor one account over another in the order in
  which trades for the accounts are placed. If a portfolio manager determines
  to purchase a security for more than one account in an aggregate amount that
  may influence the market price of the security, accounts that purchased or
  sold the security first may receive a more favorable price than accounts
  that made subsequent transactions. The less liquid the market for the
  security or the greater the percentage that the proposed aggregate purchases
  or sales represent of average daily trading volume, the greater the
  potential for accounts that make subsequent purchases or sales to receive a
  less favorable price. When a portfolio manager intends to trade the same
  security on the same day for more than one account, the trades typically are
  "bunched," which means that the trades for the individual accounts are
  aggregated and each account receives the same price. There are some types of
  accounts as to which bunching may not be possible for contractual reasons
  (such as directed brokerage arrangements). Circumstances may also arise
  where the trader believes that bunching the orders may not result in the
  best possible price. Where those accounts or circumstances are involved,
  Pioneer will place the order in a manner intended to result in as favorable
  a price as possible for such client.

o A portfolio manager could favor an account if the portfolio manager's
  compensation is tied to the performance of that account to a greater degree
  than other accounts managed by the portfolio manager. If, for example, the
  portfolio manager receives a bonus based upon the performance of certain
  accounts relative to a benchmark while other accounts are disregarded for
  this purpose, the portfolio manager will have a financial incentive to seek
  to have the accounts that determine the portfolio manager's bonus achieve
  the best possible performance to the possible detriment of other accounts.
  Similarly, if Pioneer receives a performance-based advisory fee, the
  portfolio manager may favor that account, whether or not the performance of
  that account directly determines the portfolio manager's compensation.

o A portfolio manager could favor an account if the portfolio manager has a
  beneficial interest in the account, in order to benefit a large client or to
  compensate a client that had poor returns. For example, if the portfolio
  manager held an interest in an investment partnership that was one of the
  accounts managed by the portfolio manager, the portfolio manager would have
  an economic incentive to favor the account in which the portfolio manager
  held an interest.

o If the different accounts have materially and potentially conflicting
  investment objectives or strategies, a conflict of interest could arise. For
  example, if a portfolio manager purchases a security for one account and
  sells the same security for another account, such trading pattern may
  disadvantage either the account that is long or short. In making portfolio
  manager assignments, Pioneer seeks to avoid such


                                       27
<PAGE>

 potentially conflicting situations. However, where a portfolio manager is
 responsible for accounts with differing investment objectives and policies, it
 is possible that the portfolio manager will conclude that it is in the best
 interest of one account to sell a portfolio security while another account
 continues to hold or increase the holding in such security.


COMPENSATION OF PORTFOLIO MANAGER
Pioneer has adopted a system of compensation for portfolio managers that seeks
to align the financial interests of the portfolio managers with those of
shareholders of the accounts (including Pioneer funds) the portfolio managers
manage, as well as with the financial performance of Pioneer. The compensation
program for all Pioneer portfolio managers includes a base salary (determined
by the rank and tenure of the employee) and an annual bonus program, as well as
customary benefits that are offered generally to all full-time employees. Base
compensation is fixed and normally reevaluated on an annual basis. Pioneer
seeks to set base compensation at market rates, taking into account the
experience and responsibilities of the portfolio manager. The bonus plan is
intended to provide a competitive level of annual bonus compensation that is
tied to the portfolio manager achieving superior investment performance and
align the interests of the investment professional with those of shareholders,
as well as with the financial performance of Pioneer. Any bonus under the plan
is completely discretionary, with a maximum annual bonus that may be in excess
of base salary. The annual bonus is based upon a combination of the following
factors:

o QUANTITATIVE INVESTMENT PERFORMANCE. The quantitative investment performance
  calculation is based on pre-tax investment performance of all of the
  accounts managed by the portfolio manager (which includes the fund and any
  other accounts managed by the portfolio manager) over a one-year period (20%
  weighting) and four-year period (80% weighting), measured for periods ending
  on December 31. The accounts, which include the fund, are ranked against a
  group of mutual funds with similar investment objectives and investment
  focus (60%) and against the performance of the same type of securities in
  which the accounts invest (40%), which, in the case of the fund, is a
  Treasury Bill of similar maturity. As a result of these two benchmarks, the
  performance of the portfolio manager for compensation purposes is measured
  against the criteria that are relevant to the portfolio manager's
  competitive universe.

o QUALITATIVE PERFORMANCE. The qualitative performance component with respect
  to all of the accounts managed by the portfolio manager includes objectives,
  such as effectiveness in the areas of teamwork, leadership, communications
  and marketing, that are mutually established and evaluated by each portfolio
  manager and management.

o PIONEER RESULTS AND BUSINESS LINE RESULTS. Pioneer's financial performance,
  as well as the investment performance of its investment management group,
  affect a portfolio manager's actual bonus by a leverage factor of plus or
  minus (+/-) a predetermined percentage.

The quantitative and qualitative performance components comprise 80% and 20%,
respectively, of the overall bonus calculation (on a pre-adjustment basis). A
portion of the annual bonus is deferred for a specified period and may be
invested in one or more Pioneer funds.

Certain portfolio managers may participate in other programs designed to reward
and retain key contributors. Senior executives or other key employees may be
granted performance units based on the stock price performance of UniCredit and
the financial performance of Pioneer Global Asset Management S.p.A., which are
affiliates of Pioneer. Portfolio managers also may participate in a deferred
compensation program, whereby deferred amounts are invested in one or more
Pioneer funds.


SHARE OWNERSHIP BY PORTFOLIO MANAGER

The following table indicates as of December 31, 2016 the value, within the
indicated range, of shares beneficially owned by the portfolio manager of the
fund.



                                       28
<PAGE>


<TABLE>
<CAPTION>
                             BENEFICIAL OWNERSHIP
NAME OF PORTFOLIO MANAGER    OF THE FUND*
---------------------------  ---------------------
<S>                          <C>
Seth Roman                   E
---------------------------  ---------------------
</TABLE>

*     Key to Dollar Ranges


<TABLE>
<S>  <C>
A.   None
B.   $1 - $10,000
C.   $10,001 - $50,000
D.   $50,001 - $100,000
E.   $100,001 - $500,000
F.   $500,001 - $1,000,000
G.   Over $1,000,000
</TABLE>

10. PORTFOLIO TRANSACTIONS

All orders for the purchase or sale of portfolio securities are placed on
behalf of the fund by Pioneer pursuant to authority contained in the fund's
management contract. Securities purchased and sold on behalf of the fund
normally will be traded in the over-the-counter market on a net basis (i.e.
without commission) through dealers acting for their own account and not as
brokers or otherwise through transactions directly with the issuer of the
instrument. The cost of securities purchased from underwriters includes an
underwriter's commission or concession, and the prices at which securities are
purchased and sold from and to dealers include a dealer's markup or markdown.
Pioneer normally seeks to deal directly with the primary market makers unless,
in its opinion, better prices are available elsewhere. Pioneer seeks to obtain
overall best execution on portfolio trades. The price of securities and any
commission rate paid are always factors, but frequently not the only factors,
in judging best execution. In selecting brokers or dealers, Pioneer considers
various relevant factors, including, but not limited to, the size and type of
the transaction; the nature and character of the markets for the security to be
purchased or sold; the execution efficiency, settlement capability and
financial condition of the dealer; the dealer's execution services rendered on
a continuing basis; and the reasonableness of any dealer spreads. Transactions
in non-U.S. equity securities are executed by broker-dealers in non-U.S.
countries in which commission rates may not be negotiable (as such rates are in
the U.S.).

Pioneer may select broker-dealers that provide brokerage and/or research
services to the fund and/or other investment companies or other accounts
managed by Pioneer over which it or its affiliates exercise investment
discretion. In addition, consistent with Section 28(e) of the Securities
Exchange Act of 1934, as amended, if Pioneer determines in good faith that the
amount of commissions charged by a broker-dealer is reasonable in relation to
the value of the brokerage and research services provided by such broker, the
fund may pay commissions to such broker-dealer in an amount greater than the
amount another firm may charge. Such services may include advice concerning the
value of securities; the advisability of investing in, purchasing or selling
securities; the availability of securities or the purchasers or sellers of
securities; providing stock quotation services, credit rating service
information and comparative fund statistics; furnishing analyses, electronic
information services, manuals and reports concerning issuers, industries,
securities, economic factors and trends, portfolio strategy, and performance of
accounts and particular investment decisions; and effecting securities
transactions and performing functions incidental thereto (such as clearance and
settlement). Pioneer maintains a listing of broker-dealers who provide such
services on a regular basis. However, because many transactions on behalf of
the fund and other investment companies or accounts managed by Pioneer are
placed with broker-dealers (including broker-dealers on the listing) without
regard to the furnishing of such services, it is not possible to estimate the
proportion of such transactions directed to such dealers solely because such
services were provided. Pioneer believes that no exact dollar value can be
calculated for such services.


                                       29
<PAGE>

The research received from broker-dealers may be useful to Pioneer in rendering
investment management services to the fund as well as other investment
companies or other accounts managed by Pioneer, although not all such research
may be useful to the fund. Conversely, such information provided by brokers or
dealers who have executed transaction orders on behalf of such other accounts
may be useful to Pioneer in carrying out its obligations to the fund. The
receipt of such research enables Pioneer to avoid the additional expenses that
might otherwise be incurred if it were to attempt to develop comparable
information through its own staff.

The fund may participate in third-party brokerage and/or expense offset
arrangements to reduce the fund's total operating expenses. Pursuant to
third-party brokerage arrangements, the fund may incur lower expenses by
directing brokerage to third-party broker-dealers which have agreed to use part
of their commission to pay the fund's fees to service providers unaffiliated
with Pioneer or other expenses. Since the commissions paid to the third party
brokers reflect a commission cost that the fund would generally expect to incur
on its brokerage transactions but not necessarily the lowest possible
commission, this arrangement is intended to reduce the fund's operating
expenses without increasing the cost of its brokerage commissions. Since use of
such directed brokerage is subject to the requirement to achieve best execution
in connection with the fund's brokerage transactions, there can be no assurance
that such arrangements will be utilized. Pursuant to expense offset
arrangements, the fund may incur lower transfer agency expenses due to interest
earned on cash held with the transfer agent. See "Financial highlights" in the
prospectus.

See the table in "Annual Fee, Expense and Other Information" for aggregate
brokerage and underwriting commissions paid by the fund in connection with its
portfolio transactions during recently completed fiscal years. The Board of
Trustees periodically reviews Pioneer's performance of its responsibilities in
connection with the placement of portfolio transactions on behalf of the fund.


11. DESCRIPTION OF SHARES

As an open-end management investment company, the fund continuously offers its
shares to the public and under normal conditions must redeem its shares upon
the demand of any shareholder at the next determined net asset value per share
less any applicable contingent deferred sales charge ("CDSC"). See "Sales
Charges." When issued and paid for in accordance with the terms of the
prospectus and statement of additional information, shares of the fund are
fully paid and non-assessable. Shares will remain on deposit with the fund's
transfer agent and certificates will not normally be issued.

The fund is a series of Pioneer Money Market Trust, a Delaware statutory trust.
The Trustees have authorized the issuance of the following classes of shares of
the fund, designated as Class A, Class B, Class C, Class R and Class Y shares.
No Class B, Class C or Class R shares are outstanding as of the date of this
statement of additional information. Each share of a class of the fund
represents an equal proportionate interest in the assets of the fund allocable
to that class. Upon liquidation of the fund, shareholders of each class of the
fund are entitled to share pro rata in the fund's net assets allocable to such
class available for distribution to shareholders. The Trust reserves the right
to create and issue additional series or classes of shares, in which case the
shares of each class of a series would participate equally in the earnings,
dividends and assets allocable to that class of the particular series.

The shares of each class represent an interest in the same portfolio of
investments of the fund. Each class has identical rights (based on relative net
asset values) to assets and liquidation proceeds. Share classes can bear
different class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of
different dividends by each class. Share classes have exclusive voting rights
with respect to matters affecting only that class, including with respect to
the distribution plan for that class.


                                       30
<PAGE>

THE TRUST
The Trust's operations are governed by the Amended and Restated Agreement and
Declaration of Trust, dated as of July 1, 2008 (referred to in this section as
the declaration). A copy of the Trust's Certificate of Trust dated as of March
7, 1995, as amended, is on file with the office of the Secretary of State of
Delaware.

Delaware law provides a statutory framework for the powers, duties, rights and
obligations of the board (referred to in this section as the trustees) and
shareholders of the Delaware statutory trust, while the more specific powers,
duties, rights and obligations of the trustees and the shareholders are
determined by the trustees as set forth in the declaration. Some of the more
significant provisions of the declaration are described below.


SHAREHOLDER VOTING
The declaration provides for shareholder voting as required by the 1940 Act or
other applicable laws but otherwise permits, consistent with Delaware law,
actions by the trustees without seeking the consent of shareholders. The
trustees may, without shareholder approval, where approval of shareholders is
not otherwise required under the 1940 Act, merge or consolidate the Trust into
other entities, reorganize the Trust or any series or class into another trust
or entity or a series or class of another entity, sell the assets of the Trust
or any series or class to another entity, or a series or class of another
entity, or terminate the Trust or any series or class.

The fund is not required to hold an annual meeting of shareholders, but the
fund will call special meetings of shareholders whenever required by the 1940
Act or by the terms of the declaration. The declaration gives the board the
flexibility to specify either per share voting or dollar-weighted voting. Under
per share voting, each share of the fund is entitled to one vote. Under
dollar-weighted voting, a shareholder's voting power is determined, not by the
number of shares the shareholder owns, but by the dollar value of those shares
determined on the record date. All shareholders of all series and classes of
the Trust vote together, except where required by the 1940 Act to vote
separately by series or by class, or when the trustees have determined that a
matter affects only the interests of one or more series or classes of shares.


ELECTION AND REMOVAL OF TRUSTEES
The declaration provides that the trustees may establish the number of trustees
and that vacancies on the board may be filled by the remaining trustees, except
when election of trustees by the shareholders is required under the 1940 Act.
Trustees are then elected by a plurality of votes cast by shareholders at a
meeting at which a quorum is present. The declaration also provides that a
mandatory retirement age may be set by action of two-thirds of the trustees and
that trustees may be removed at any time or for any reason by a majority of the
board or by a majority of the outstanding shareholders of the Trust.


AMENDMENTS TO THE DECLARATION
The trustees are authorized to amend the declaration without the vote of
shareholders, but no amendment may be made that impairs the exemption from
personal liability granted in the declaration to persons who are or have been
shareholders, trustees, officers or, employees of the trust or that limit the
rights to indemnification or insurance provided in the declaration with respect
to actions or omissions of persons entitled to indemnification under the
declaration prior to the amendment.


ISSUANCE AND REDEMPTION OF SHARES
The fund may issue an unlimited number of shares for such consideration and on
such terms as the trustees may determine. Shareholders are not entitled to any
appraisal, preemptive, conversion, exchange or similar rights, except as the
trustees may determine. The fund may involuntarily redeem a shareholder's
shares upon certain conditions as may be determined by the trustees, including,
for


                                       31
<PAGE>

example, if the shareholder fails to provide the fund with identification
required by law, or if the fund is unable to verify the information received
from the shareholder. Additionally, as discussed below, shares may be redeemed
in connection with the closing of small accounts.


DISCLOSURE OF SHAREHOLDER HOLDINGS
The declaration specifically requires shareholders, upon demand, to disclose to
the fund information with respect to the direct and indirect ownership of
shares in order to comply with various laws or regulations, and the fund may
disclose such ownership if required by law or regulation.


SMALL ACCOUNTS
The declaration provides that the fund may close out a shareholder's account by
redeeming all of the shares in the account if the account falls below a minimum
account size (which may vary by class) that may be set by the trustees from
time to time. Alternately, the declaration permits the fund to assess a fee for
small accounts (which may vary by class) and redeem shares in the account to
cover such fees, or convert the shares into another share class that is geared
to smaller accounts.


SERIES AND CLASSES
The declaration provides that the trustees may establish series and classes in
addition to those currently established and to determine the rights and
preferences, limitations and restrictions, including qualifications for
ownership, conversion and exchange features, minimum purchase and account size,
expenses and charges, and other features of the series and classes. The
trustees may change any of those features, terminate any series or class,
combine series with other series in the trust, combine one or more classes of a
series with another class in that series or convert the shares of one class
into another class.

Each share of the fund, as a series of the Trust, represents an interest in the
fund only and not in the assets of any other series of the Trust.


SHAREHOLDER, TRUSTEE AND OFFICER LIABILITY
The declaration provides that shareholders are not personally liable for the
obligations of the fund and requires a fund to indemnify a shareholder against
liability arising solely from the shareholder's ownership of shares in the
fund. In addition, the fund will assume the defense of any claim against a
shareholder for personal liability at the request of the shareholder. The
declaration also provides that no Trustee, officer or employee of the Trust
owes any duty to any person (including without limitation any shareholder),
other than the Trust or any series. The declaration further provides that no
trustee, officer or employee of the fund shall be liable to the fund or any
shareholder for any action, failure to act, error or mistake except in cases of
bad faith, willful misfeasance, gross negligence or reckless disregard of duty.
The declaration requires the fund to indemnify each trustee, director, officer,
employee and authorized agent to the fullest extent permitted by law against
liability and against all expenses reasonably incurred or paid by him in
connection with any claim, action, suit or proceeding in which he becomes
involved as a party or otherwise by virtue of his being or having been such a
trustee, director, officer, employee, or agent and against amounts paid or
incurred by him in settlement thereof. The 1940 Act currently provides that no
officer or director shall be protected from liability to the fund or
shareholders for willful misfeasance, bad faith, gross negligence, or reckless
disregard of the duties of office. The declaration extends to trustees,
officers and employees of the fund the full protection from liability that the
law allows.

The declaration provides that the appointment, designation or identification of
a trustee as chairperson, a member of a committee, an expert, lead independent
trustee, or any other special appointment, designation or identification shall
not impose any heightened standard of care or liability on such trustee.


                                       32
<PAGE>

DERIVATIVE AND DIRECT ACTIONS
The declaration provides a detailed process for the bringing of derivative or
direct actions by shareholders in order to permit legitimate inquiries and
claims while avoiding the time, expense, distraction, and other harm that can
be caused to the fund or its shareholders as a result of spurious shareholder
demands and derivative actions. Prior to bringing a derivative action, a demand
by three unrelated shareholders must first be made on the fund's trustees. The
declaration details various information, certifications, undertakings and
acknowledgements that must be included in the demand. Following receipt of the
demand, the trustees have a period of 90 days, which may be extended by an
additional 60 days, to consider the demand. If a majority of the trustees who
are considered independent for the purposes of considering the demand determine
that maintaining the suit would not be in the best interests of the fund, the
trustees are required to reject the demand and the complaining shareholders may
not proceed with the derivative action unless the shareholders are able to
sustain the burden of proof to a court that the decision of the trustees not to
pursue the requested action was not a good faith exercise of their business
judgment on behalf of the fund. The declaration further provides that
shareholders owning shares representing at least 10% of the voting power of the
affected fund must join in bringing the derivative action. If a demand is
rejected, the complaining shareholders will be responsible for the costs and
expenses (including attorneys' fees) incurred by the fund in connection with
the consideration of the demand, if a court determines that the demand was made
without reasonable cause or for an improper purpose. If a derivative action is
brought in violation of the declaration, the shareholders bringing the action
may be responsible for the fund's costs, including attorneys' fees, if a court
determines that the action was brought without reasonable cause or for an
improper purpose.

The declaration provides that no shareholder may bring a direct action claiming
injury as a shareholder of the Trust, or any series or class thereof, where the
matters alleged (if true) would give rise to a claim by the Trust or by the
Trust on behalf of a series or class, unless the shareholder has suffered an
injury distinct from that suffered by the shareholders of the Trust, or the
series or class, generally. Under the declaration, a shareholder bringing a
direct claim must be a shareholder of the series or class with respect to which
the direct action is brought at the time of the injury complained of, or have
acquired the shares afterwards by operation of law from a person who was a
shareholder at that time.

The declaration further provides that the fund shall be responsible for payment
of attorneys' fees and legal expenses incurred by a complaining shareholder
only if required by law, and any attorneys' fees that the fund is obligated to
pay shall be calculated using reasonable hourly rates. The declaration also
requires that actions by shareholders against the fund be brought only in
federal court in Boston, Massachusetts, or if not permitted to be brought in
federal court, then in state court in Boston, Massachusetts, and that
shareholders have no right to jury trial for such actions.


The declaration also provides that shareholders have no rights, privileges,
claims or remedies under any contract or agreement entered into by the Trust
with any service provider or other agent or contract with the Trust, including,
without limitation, any third party beneficiary rights, except as may be
expressly provided in any service contract or agreement.



12. SALES CHARGES


The fund continuously offers the following classes of shares: Class A and Class
Y shares, as described in the prospectus. The fund offers its shares at a
reduced sales charge to investors who meet certain criteria that permit the
fund's shares to be sold with low distribution costs. These criteria are
described below or in the prospectus. The availability of certain sales charge
waivers and discounts may depend on whether you purchase your shares directly
from the fund or through a financial intermediary. Please see the prospectus to
determine any sales charge discounts and waivers that may be available to you
through your financial intermediary.



                                       33
<PAGE>

CLASS A SHARE SALES CHARGES
You may buy Class A shares at the net asset value per share next computed after
receipt of a purchase order without the imposition of an initial sales charge.


ADDITIONAL PAYMENTS TO FINANCIAL INTERMEDIARIES
The financial intermediaries through which shares are purchased may receive all
or a portion of the sales charges and Rule 12b-1 fees discussed above. In
addition to those payments, Pioneer or one or more of its affiliates
(collectively, "Pioneer Affiliates") may make additional payments to financial
intermediaries in connection with the promotion and sale of shares of Pioneer
funds. Pioneer Affiliates make these payments from their own resources, which
include resources that derive from compensation for providing services to the
Pioneer funds. These additional payments are described below. The categories
described below are not mutually exclusive. The same financial intermediary may
receive payments under more than one or all categories. Many financial
intermediaries that sell shares of Pioneer funds receive one or more types of
these payments. The financial intermediary typically initiates requests for
additional compensation. Pioneer negotiates these arrangements individually
with financial intermediaries and the amount of payments and the specific
arrangements may differ significantly. A financial intermediary also may
receive different levels of compensation with respect to sales or assets
attributable to different types of clients of the same intermediary or
different Pioneer funds. Where services are provided, the costs of providing
the services and the overall array of services provided may vary from one
financial intermediary to another. Pioneer Affiliates do not make an
independent assessment of the cost of providing such services. While the
financial intermediaries may request additional compensation from Pioneer to
offset costs incurred by the financial intermediary in servicing its clients,
the financial intermediary may earn a profit on these payments, since the
amount of the payment may exceed the financial intermediary's costs. In this
context, "financial intermediary" includes any broker, dealer, bank (including
bank trust departments), insurance company, transfer agent, registered
investment adviser, financial planner, retirement plan administrator and any
other financial intermediary having a selling, administrative and shareholder
servicing or similar agreement with a Pioneer Affiliate.

A financial intermediary's receipt of additional compensation may create
conflicts of interest between the financial intermediary and its clients. Each
type of payment discussed below may provide your financial intermediary with an
economic incentive to actively promote the Pioneer funds over other mutual
funds or cooperate with the distributor's promotional efforts. The receipt of
additional compensation for Pioneer Affiliates may be an important
consideration in a financial intermediary's willingness to support the sale of
the Pioneer funds through the financial intermediary's distribution system.
Pioneer Affiliates are motivated to make the payments described above since
they promote the sale of Pioneer fund shares and the retention of those
investments by clients of financial intermediaries. In certain cases these
payments could be significant to the financial intermediary. The financial
intermediary may charge additional fees or commissions other than those
disclosed in the prospectus. Financial intermediaries may categorize and
disclose these arrangements differently than Pioneer Affiliates do. To the
extent financial intermediaries sell more shares of the funds or retain shares
of the funds in their clients' accounts, Pioneer Affiliates benefit from the
incremental management and other fees paid to Pioneer Affiliates by the funds
with respect to those assets.


REVENUE SHARING PAYMENTS
Pioneer Affiliates make revenue sharing payments as incentives to certain
financial intermediaries to promote and sell shares of Pioneer funds. The
benefits Pioneer Affiliates receive when they make these payments include,
among other things, entry into or increased visibility in the financial
intermediary's sales system, participation by the intermediary in the
distributor's marketing efforts (such as helping facilitate or providing
financial assistance for conferences, seminars or other programs at which
Pioneer personnel may make presentations on the funds to the intermediary's
sales force), placement on the financial intermediary's preferred fund list,
and access (in some cases, on a preferential basis over other


                                       34
<PAGE>

competitors) to individual members of the financial intermediary's sales force
or management. Revenue sharing payments are sometimes referred to as "shelf
space" payments because the payments compensate the financial intermediary for
including Pioneer funds in its fund sales system (on its "shelf space").
Pioneer Affiliates also may pay financial intermediaries "finders'" or
"referral" fees for directing investors to the Pioneer funds. Pioneer
Affiliates compensate financial intermediaries differently depending typically
on the level and/or type of considerations provided by the financial
intermediary.

The revenue sharing payments Pioneer Affiliates make may be calculated on sales
of shares of Pioneer funds ("Sales-Based Payments"); although there is no
policy limiting the amount of Sales-Based Payments any one financial
intermediary may receive, the total amount of such payments normally does not
exceed 0.25% per annum of those assets. Such payments also may be calculated on
the average daily net assets of the applicable Pioneer funds attributable to
that particular financial intermediary ("Asset-Based Payments"); although there
is no policy limiting the amount of Asset-Based Payments any one financial
intermediary may receive, the total amount of such payments normally does not
exceed 0.16% per annum of those assets. Sales-Based Payments primarily create
incentives to make new sales of shares of Pioneer funds and Asset-Based
Payments primarily create incentives to retain previously sold shares of
Pioneer funds in investor accounts. Pioneer Affiliates may pay a financial
intermediary either or both Sales-Based Payments and Asset-Based Payments.


ADMINISTRATIVE AND PROCESSING SUPPORT PAYMENTS
Pioneer Affiliates also may make payments to certain financial intermediaries
that sell Pioneer fund shares for certain administrative services, including
record keeping and sub-accounting shareholder accounts, to the extent that the
funds do not pay for these costs directly. Pioneer Affiliates also may make
payments to certain financial intermediaries that sell Pioneer fund shares in
connection with client account maintenance support, statement preparation and
transaction processing. The types of payments that Pioneer Affiliates may make
under this category include, among others, payment of ticket charges per
purchase or exchange order placed by a financial intermediary, payment of
networking fees in connection with certain mutual fund trading systems, or
one-time payments for ancillary services such as setting up funds on a
financial intermediary's mutual fund trading system.


OTHER PAYMENTS
From time to time, Pioneer Affiliates, at their expense, may provide additional
compensation to financial intermediaries which sell or arrange for the sale of
shares of the Pioneer funds. Such compensation provided by Pioneer Affiliates
may include financial assistance to financial intermediaries that enable
Pioneer Affiliates to participate in and/or present at conferences or seminars,
sales or training programs for invited registered representatives and other
employees, client entertainment, client and investor events, and other
financial intermediary-sponsored events, and travel expenses, including lodging
incurred by registered representatives and other employees in connection with
client prospecting, retention and due diligence trips. Other compensation may
be offered to the extent not prohibited by federal or state laws or any
self-regulatory agency, such as FINRA. Pioneer Affiliates make payments for
entertainment events they deem appropriate, subject to Pioneer Affiliates'
guidelines and applicable law. These payments may vary depending upon the
nature of the event or the relationship.


As of January 1, 2017, Pioneer anticipates that the following broker-dealers or
their affiliates will receive additional payments as described in the fund's
prospectus and statement of additional information:


AIG VALIC
ADP Retirement Services
Ameriprise Financial Services, Inc.
Ascensus Broker Dealer Services, Inc.
Cetera Advisors Networks LLC
Charles Schwab & Co., Inc.
Citigroup Global Markets Inc.

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<PAGE>

Commonwealth Financial Network
Fidelity Brokerage Services LLC
First Clearing, LLC
First Command Financial Planning, Inc.
FSC Securities Corporation
Guardian Investor Services LLC
GWFS Equities, Inc.
H.D. Investment Services
Hartford Securities Distribution Company, Inc.

J.P. Morgan Securities LLC

Jefferson National Securities Corporation
Legend Equities Corporation
Lincoln Financial
LPL Financial Corp.
Merrill Lynch & Co., Inc.
MetLife Securities Inc.
Mid Atlantic Capital Corporation
MML Investors Services
Morgan Stanley & Co., Inc.
MSCS Financial Services, LLC
Mutual of Omaha Investor Services, Inc.
N.I.S. Financial Services, Inc.
National Financial Services LLC
Nationwide Securities, Inc.
Northwestern Investment Services, LLC
NYLife Securities, LLC
OneAmerica Securities, Inc.
Pershing LLC
PFS Investments Inc.
PNC Investments
Prudential Financial
Raymond James Financial Services, Inc.
RBC Dain Rauscher Inc.
Robert W. Baird & Co., Inc.
Royal Alliance Associates, Inc.
SagePoint Financial
Sammons Financial Network, LLC
Securities America, Inc.
Symetra Investment Services, Inc.
TD Ameritrade, Inc.
TIAA-CREF Individual & Institutional Services, LLC
T. Rowe Price Investment Services, Inc.
Transamerica Financial Advisors, Inc.
UBS Financial Services Inc.
U.S. Bancorp Investments, Inc.
Vanguard Marketing Corporation
Voya Financial Partners, LLC
Wells Fargo Investments, LLC
Woodbury Financial Services

                                       36
<PAGE>

Please contact your financial intermediary for details about any payments it
receives from Pioneer Affiliates or the funds, as well as about fees and/or
commissions it charges.


13. REDEEMING SHARES

Redemptions may be suspended or payment postponed during any period in which
any of the following conditions exist: the New York Stock Exchange (the
"Exchange") is closed or trading on the Exchange is restricted; an emergency
exists as a result of which disposal by the fund of securities owned by it is
not reasonably practicable or it is not reasonably practicable for the fund to
fairly determine the value of the net assets of its portfolio; or otherwise as
permitted by the rules of or by the order of the SEC.


Redemptions and repurchases are taxable transactions for shareholders that are
subject to U.S. federal income tax, but such shareholders will not have any
gain or loss upon redemptions or repurchases so long as the fund maintains a
net asset value of $1.00 per share



SYSTEMATIC WITHDRAWAL PLAN(S) ("SWP") (CLASS A SHARES)
A SWP is designed to provide a convenient method of receiving fixed payments at
regular intervals from fund share accounts having a total value of not less
than $10,000. You must also be reinvesting all dividends and capital gain
distributions to use the SWP option.

Periodic payments will be deposited monthly, quarterly, semiannually or
annually directly into a bank account designated by the applicant or will be
sent by check to the applicant, or any person designated by the applicant.
Payments can be made either by check or electronic funds transfer to a bank
account designated by you. Withdrawals from some accounts are limited to 10% of
the value of the account at the time the SWP is established. See "Qualifying
for a reduced sales charge" in the prospectus. If you direct that withdrawal
payments be paid to another person, want to change the bank where payments are
sent or designate an address that is different from the account's address of
record after you have opened your account, a medallion signature guarantee must
accompany your instructions. Withdrawals under the SWP are redemptions that may
have tax consequences for you.

While you are making systematic withdrawals from your account, you may pay
unnecessary initial sales charges on additional purchases of Class A shares or
contingent deferred sales charges. SWP redemptions reduce and may ultimately
exhaust the number of shares in your account. In addition, the amounts received
by a shareholder cannot be considered as yield or income on his or her
investment because part of such payments may be a return of his or her
investment.

A SWP may be terminated at any time (1) by written notice to the fund or from
the fund to the shareholder; (2) upon receipt by the fund of appropriate
evidence of the shareholder's death; or (3) when all shares in the
shareholder's account have been redeemed.

You may obtain additional information by calling the fund at 1-800-225-6292.


REINSTATEMENT PRIVILEGE (CLASS A SHARES)
Subject to the provisions outlined in the prospectus, you may reinvest all or
part of your sale proceeds from Class A shares without a sales charge into
Class A shares of a Pioneer mutual fund. However, the distributor will not pay
your investment firm a commission on any reinvested amount.


                                       37
<PAGE>

14. TELEPHONE AND ONLINE TRANSACTIONS

You may purchase, exchange or sell shares by telephone or online. See the
prospectus for more information. For personal assistance, call 1-800-225-6292
between 8:00 a.m. and 7:00 p.m. Eastern time on weekdays. Computer-assisted
telephone transactions may be available to shareholders who have prerecorded
certain bank information (see "FactFone/SM/"). YOU ARE STRONGLY URGED TO
CONSULT WITH YOUR INVESTMENT PROFESSIONAL PRIOR TO REQUESTING ANY TELEPHONE OR
ONLINE TRANSACTION.


TELEPHONE TRANSACTION PRIVILEGES
To confirm that each transaction instruction received by telephone is genuine,
the fund will record each telephone transaction, require the caller to provide
validating information for the account and send you a written confirmation of
each telephone transaction. Different procedures may apply to accounts that are
registered to non-U.S. citizens or that are held in the name of an institution
or in the name of an investment broker-dealer or other third party. If
reasonable procedures, such as those described above, are not followed, the
fund may be liable for any loss due to unauthorized or fraudulent instructions.
The fund may implement other procedures from time to time. In all other cases,
neither the fund, the fund's transfer agent nor PFD will be responsible for the
authenticity of instructions received by telephone; therefore, you bear the
risk of loss for unauthorized or fraudulent telephone transactions.


ONLINE TRANSACTION PRIVILEGES
If your account is registered in your name, you may be able buy, exchange or
sell fund shares online. Your investment firm may also be able to buy, exchange
or sell your fund shares online.

To establish online transaction privileges:

o For new accounts, complete the online section of the account application

o For existing accounts, complete an account options form, write to the fund or
  complete the online authorization screen on us.pioneerinvestments.com

To use online transactions, you must read and agree to the terms of an online
transaction agreement available on the Pioneer website. When you or your
investment firm requests an online transaction the transfer agent
electronically records the transaction, requires an authorizing password and
sends a written confirmation. The fund may implement other procedures from time
to time. Different procedures may apply if you have a non-U.S. account or if
your account is registered in the name of an institution, broker-dealer or
other third party. You may not be able to use the online transaction privilege
for certain types of accounts, including most retirement accounts.


TELEPHONE AND WEBSITE ONLINE ACCESS
You may have difficulty contacting the fund by telephone or accessing
us.pioneerinvestments.com during times of market volatility or disruption in
telephone or Internet services. On Exchange holidays or on days when the
Exchange closes early, Pioneer will adjust the hours for the telephone center
and for online transaction processing accordingly. If you are unable to access
us.pioneerinvestments.com or to reach the fund by telephone, you should
communicate with the fund in writing.


FACTFONE/SM/
FactFone/SM/ is an automated inquiry and telephone transaction system available
to Pioneer mutual fund shareholders by dialing 1-800-225-4321. FactFone/SM/
allows shareholder access to current information on Pioneer mutual fund
accounts and to the prices of all publicly available Pioneer mutual funds. In
addition, you may use FactFone/SM/ to make computer-assisted telephone
purchases, exchanges or redemptions from your Pioneer mutual fund accounts,
access your account balances and last three transactions and order a duplicate
statement if you have activated your PIN. Telephone purchases or redemptions
require the establishment of a bank account of record. YOU ARE STRONGLY URGED
TO CONSULT WITH YOUR


                                       38
<PAGE>

INVESTMENT PROFESSIONAL PRIOR TO REQUESTING ANY TELEPHONE TRANSACTION.
Shareholders whose accounts are registered in the name of a broker-dealer or
other third party may not be able to use FactFone/SM/. Call the fund at
1-800-225-6292 for assistance.

FactFone/SM/ allows shareholders to hear the following recorded fund
information:

o net asset value prices for all Pioneer mutual funds;

o dividends and capital gain distributions on all Pioneer mutual funds.

The value of each class of shares (except for Pioneer U.S. Government Money
Market Fund, which seeks to maintain a stable $1.00 share price) will also
vary, and such shares may be worth more or less at redemption than their
original cost.


15. PRICING OF SHARES

The net asset value per share of each class of the fund is determined twice
daily, every day the Exchange is open, at 1:00 p.m. Eastern time and as of the
scheduled close of regular trading on the Exchange (normally 4:00 p.m. Eastern
time). As of the date of this statement of additional information, the Exchange
is open for trading every weekday except for the days that the following
holidays are observed: New Year's Day, Martin Luther King, Jr. Day, Presidents'
Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day
and Christmas Day. The net asset value per share of each class of the fund is
also determined on any other day on which the level of trading in its portfolio
securities is sufficiently high that the current net asset value per share
might be materially affected by changes in the value of its portfolio
securities. The fund is not required to determine its net asset value per share
on any day on which no purchase orders in good order for fund shares are
received and no shares are tendered and accepted for redemption.

The net asset value per share of each class of the fund is computed by taking
the value of all of the fund's assets attributable to a class, less the fund's
liabilities attributable to that class, and dividing the result by the number
of outstanding shares of that class. For purposes of determining net asset
value, expenses of the classes of the fund are accrued daily and taken into
account. Each class of shares is offered at net asset value without the
imposition of an initial sales charge (some Class A shares may be subject to a
CDSC).

Except as set forth below, the fund's portfolio investments are valued on each
business day on the basis of amortized cost, if the Board of Trustees
determines in good faith that such method approximates fair value. This
technique involves valuing an instrument at its cost and, thereafter, assuming
a constant amortization to maturity of any discount or premium, regardless of
the impact of fluctuating interest rates on the market value of the instrument.
While this method provides certainty in valuation, it may result in periods
during which value, as determined by amortized cost, is higher or lower than
the price the fund would receive if it sold the investment. During periods of
declining interest rates, the yield on shares of the fund computed as described
below may tend to be higher than a like computation made by a fund with
identical investments utilizing a method of valuation based upon market prices
and estimates of market prices for all of its portfolio investments. Thus, if
the use of amortized cost by the fund resulted in a lower aggregate portfolio
value on a particular day, a prospective investor in the fund would be able to
obtain a somewhat higher yield than would result from investment in a fund
utilizing solely market values. The converse would apply in a period of rising
interest rates.

Standby commitments will be valued at zero in determining net asset value.
"When-issued" securities will be valued at the value of the security at the
time the commitment to purchase is entered into.

The valuation of the fund's portfolio investments based upon their amortized
cost and the concomitant expectation to maintain the fund's per share net asset
value of $1.00 is permitted in accordance with Rule 2a-7 under the 1940 Act
pursuant to which the fund must adhere to certain conditions. The fund must
comply with the quality, maturity, liquidity and diversification requirements
of Rule 2a-7 and maintain


                                       39
<PAGE>

a dollar-weighted average portfolio maturity of 60 days or less. The maturities
of variable rate demand instruments held in the fund's portfolio will be deemed
to be the longer of the demand period or the period remaining until the next
interest rate adjustment, although stated maturities may be in excess of one
year. For purposes of determining the weighted average life of the fund's
portfolio, the period remaining until the variable rate instrument's next
interest rate readjustment will not be taken into account. The Trustees have
established procedures designed to stabilize, to the extent reasonably
possible, the price per share of each class of the fund for the purpose of
maintaining sales and redemptions at a single value. It is the intention of the
fund to maintain each class' per share net asset value of $1.00 but there can
be no assurance of this. Such procedures will include review of the fund's
portfolio holdings by the Trustees, at such intervals as they may deem
appropriate, to determine whether the fund's net asset value per class
calculated by using available market quotations deviates from $1.00 per share
and, if so, whether such deviation may result in material dilution or is
otherwise unfair to existing shareholders. In the event the Trustees determine
that such a deviation exists, they have agreed to take such corrective action
as they regard as necessary and appropriate, including: (i) the sale of
portfolio instruments prior to maturity to realize capital gains or losses or
to shorten average portfolio maturity; (ii) withholding dividends; (iii)
redeeming shares in kind; (iv) investing all cash in instruments maturing on
the next business day; (v) establishing a net asset value per share by using
available market quotations; or (vi) suspending redemptions and payment of
redemption proceeds if the Board irrevocably has approved the liquidation of
the fund.


16. TAX STATUS

The fund has elected to be treated, and has qualified and intends to continue
to qualify each year, as a "regulated investment company" under Subchapter M of
the Internal Revenue Code of 1986, as amended (the "Code"), so that it will not
pay U.S. federal income tax on income and capital gains distributed to
shareholders. In order to qualify as a regulated investment company under
Subchapter M of the Code, the fund must, among other things, (i) derive at
least 90% of its gross income for each taxable year from dividends, interest,
payments with respect to certain securities loans, gains from the sale or other
disposition of stock, securities or foreign currencies, or other income
(including gains from options, futures and forward contracts) derived with
respect to its business of investing in such stock, securities or currencies,
and net income derived from an interest in a qualified publicly traded
partnership (as defined in Section 851(h) of the Code) (the "90% income test")
and (ii) diversify its holdings so that, at the end of each quarter of each
taxable year: (a) at least 50% of the value of the fund's total assets is
represented by (1) cash and cash items, U.S. government securities, securities
of other regulated investment companies, and (2) other securities, with such
other securities limited, in respect of any one issuer, to an amount not
greater than 5% of the value of the fund's total assets and to not more than
10% of the outstanding voting securities of such issuer and (b) not more than
25% of the value of the fund's total assets is invested in (1) the securities
(other than U.S. government securities and securities of other regulated
investment companies) of any one issuer, (2) the securities (other than
securities of other regulated investment companies) of two or more issuers that
the fund controls and that are engaged in the same, similar, or related trades
or businesses, or (3) the securities of one or more qualified publicly traded
partnerships.

For purposes of the 90% income test, the character of income earned by certain
entities in which the fund invests that are not treated as corporations for
U.S. federal income tax purposes (e.g., partnerships other than certain
publicly traded partnerships or trusts that have not elected to be classified
as corporations under the "check-the-box" regulations) will generally pass
through to the fund. Consequently, in order to qualify as a regulated
investment company, the fund may be required to limit its equity investments in
such entities that earn fee income, rental income or other nonqualifying
income.


                                       40
<PAGE>

If the fund qualifies as a regulated investment company and properly
distributes to its shareholders each taxable year an amount equal to or
exceeding the sum of (i) 90% of its "investment company taxable income" as that
term is defined in the Code (which includes, among other things, dividends,
taxable interest, and the excess of any net short-term capital gains over net
long-term capital losses, as reduced by certain deductible expenses) without
regard to the deduction for dividends paid and (ii) 90% of the excess of its
gross tax-exempt interest income, if any, over certain disallowed deductions,
the fund generally will not be subject to U.S. federal income tax on any income
of the fund, including "net capital gain" (the excess of net long-term capital
gain over net short-term capital loss), distributed to shareholders. However,
if the fund meets such distribution requirements, but chooses to retain some
portion of its taxable income or gains, it generally will be subject to U.S.
federal income tax at regular corporate rates on the amount retained. The fund
may designate certain amounts retained as undistributed net capital gain in a
notice to its shareholders, who (i) will be required to include in income for
U.S. federal income tax purposes, as long-term capital gain, their
proportionate shares of the undistributed amount so designated, (ii) will be
entitled to credit their proportionate shares of the income tax paid by the
fund on that undistributed amount against their federal income tax liabilities
and to claim refunds to the extent such credits exceed their liabilities and
(iii) will be entitled to increase their tax basis, for federal income tax
purposes, in their shares by an amount equal to the excess of the amount of
undistributed net capital gain included in their respective income over their
respective income tax credits. The fund intends to distribute at least annually
all or substantially all of its investment company taxable income (computed
without regard to the dividends-paid deduction), net tax-exempt interest
income, and net capital gain.

If, for any taxable year, the fund does not qualify as a regulated investment
company or does not satisfy the 90% distribution requirement, it will be
treated as a U.S. corporation subject to U.S. federal income tax, thereby
subjecting any income earned by the fund to tax at the corporate level and to a
further tax at the shareholder level when such income is distributed. Under
certain circumstances, the fund may be able to cure a failure to qualify as a
regulated investment company, but in order to do so, the fund may incur
significant fund-level taxes and may be forced to dispose of certain assets.

Under the Code, the fund will be subject to a nondeductible 4% U.S. federal
excise tax on a portion of its undistributed ordinary income and capital gain
net income if it fails to meet certain distribution requirements with respect
to each calendar year and year ending October 31, respectively. The fund
intends to make distributions in a timely manner and accordingly does not
expect to be subject to the excise tax.

The fund declares a dividend from net investment income (other than capital
gains) each business day. Dividends are normally paid on the last business day
of the month or shortly thereafter. The fund distributes any net short- and
long-term capital gains in November. Dividends from income and/or capital gains
may also be paid at such other times as may be necessary for the fund to avoid
U.S. federal income or excise tax.

Unless a shareholder specifies otherwise, all distributions from the fund to
that shareholder will be automatically reinvested in additional full and
fractional shares of the fund. For U.S. federal income tax purposes, all
dividends generally are taxable whether a shareholder takes them in cash or
reinvests them in additional shares of the fund. In general, assuming that the
fund has sufficient earnings and profits, dividends from net investment income
and net short-term capital gains are taxable as ordinary income. Since the
fund's income is derived from sources that do not pay dividends, it is not
expected that any dividends paid by the fund will qualify for either the
dividends-received deduction for corporations or any favorable U.S. federal
income tax rates available to individual and certain other noncorporate
shareholders on qualified dividend income. Distributions by the fund in excess
of the fund's current and accumulated earnings and profits will be treated as a
return of capital to the extent of (and in reduction of) the shareholder's tax
basis in its shares and any such amount in excess of that basis will be treated
as gain from the sale of shares, as discussed below.


                                       41
<PAGE>

Distributions from net capital gains, if any, that are reported as capital gain
dividends by the fund are taxable as long-term capital gains for U.S. federal
income tax purposes without regard to the length of time the shareholder has
held shares of the fund. The fund does not anticipate that it will earn or
distribute any net capital gains. Any capital gain dividends distributed by the
fund to individual and certain other noncorporate shareholders will be taxed as
long-term capital gains, which are generally taxable to noncorporate taxpayers
at U.S. federal income tax rates of up to 20%.

A shareholder should also be aware that the benefits of the favorable tax rates
applicable to long-term capital gains may be affected by the application of the
alternative minimum tax to individual shareholders.

The U.S. federal income tax status of all distributions will be reported to
shareholders annually.

A 3.8% Medicare contribution tax generally applies to all or a portion of the
net investment income of a shareholder who is an individual and not a
nonresident alien for federal income tax purposes and who has adjusted gross
income (subject to certain adjustments) that exceeds a threshold amount
($250,000 if married filing jointly or if considered a "surviving spouse" for
federal income tax purposes, $125,000 if married filing separately, and
$200,000 in other cases). This 3.8% tax also applies to all or a portion of the
undistributed net investment income of certain shareholders that are estates
and trusts. For these purposes, interest, dividends and certain capital gains
(among other categories of income) are generally taken into account in
computing a shareholder's net investment income.

Although dividends generally will be treated as distributed when paid, any
dividend declared by the fund in October, November or December and payable to
shareholders of record in such a month that is paid during the following
January will be treated for U.S. federal income tax purposes as received by
shareholders on December 31 of the calendar year in which it was declared. In
addition, certain distributions made after the close of a taxable year of the
fund may be "spilled back" and treated for certain purposes as paid by the fund
during such taxable year. In such case, shareholders generally will be treated
as having received such dividends in the taxable year in which the
distributions were actually made. For purposes of calculating the amount of a
regulated investment company's undistributed income and gain subject to the 4%
excise tax described above, such "spilled back" dividends are treated as paid
by the regulated investment company when they are actually paid.


The fund is permitted to carry forward indefinitely a net capital loss from any
taxable year to offset its capital gains, if any, in years following the year
of the loss. To the extent subsequent capital gains are offset by such losses,
they will not result in U.S. federal income tax liability to the fund and may
not be distributed as capital gains to shareholders. See "Annual Fee, Expense
and Other Information" for the fund's available capital loss carryforwards.
Generally, the fund may not carry forward any losses other than net capital
losses. Under certain circumstances, the fund may elect to treat certain losses
as though they were incurred on the first day of the taxable year immediately
following the taxable year in which they were actually incurred.


Redemptions and exchanges generally are subject to tax but generally will not
result in taxable gain or loss if the fund successfully maintains a constant
net asset value per share. A loss may occur to the extent that a CDSC is
imposed in connection with a redemption or exchange. Shareholders should
consult their own tax advisers with reference to their individual circumstances
to determine whether any particular transaction in fund shares is properly
treated as a sale for tax purposes, as the following discussion assumes, and to
ascertain the tax treatment of any gains or losses recognized in such
transactions. In general, if fund shares are sold, the shareholder will
recognize gain or loss equal to the difference, if any, between the amount
realized on the sale and the shareholder's adjusted basis in the shares. Such
gain or loss generally will be treated as long-term capital gain or loss if the
shares were held for more than one year and otherwise generally will be treated
as short-term capital gain or loss. Any loss recognized by a shareholder upon
the redemption, exchange or other disposition of shares with a tax holding
period of six


                                       42
<PAGE>

months or less will be treated as a long-term capital loss to the extent of any
amounts treated as distributions to the shareholder of long-term capital gain
with respect to such shares (including any amounts credited to the shareholder
as undistributed capital gains).

Losses on redemptions or other dispositions of shares may be disallowed under
"wash sale" rules in the event of other investments in the fund (including
those made pursuant to reinvestment of dividends and/or capital gain
distributions) within a period of 61 days beginning 30 days before and ending
30 days after a redemption or other disposition of shares. In such a case, the
disallowed portion of any loss generally would be included in the U.S. federal
tax basis of the shares acquired in the other investments. Gain may be
increased (or loss reduced) upon a redemption of Class A shares of the fund
within 90 days after their purchase followed by any purchase (including
purchases by exchange or by reinvestment), without payment of an additional
sales charge, of Class A shares of the fund or of another Pioneer fund (or any
other shares of a Pioneer fund generally sold subject to a sales charge) before
February 1 of the calendar year following the calendar year in which the
original Class A shares were redeemed.

Under Treasury regulations, if a shareholder recognizes a loss with respect to
fund shares of $2 million or more for an individual shareholder, or $10 million
or more for a corporate shareholder, in any single taxable year (or certain
greater amounts over a combination of years), the shareholder must file with
the IRS a disclosure statement on IRS Form 8886. Shareholders who own portfolio
securities directly are in many cases excepted from this reporting requirement
but, under current guidance, shareholders of regulated investment companies are
not excepted. A shareholder who fails to make the required disclosure to the
Internal Revenue Service (the "IRS") may be subject to substantial penalties.
The fact that a loss is reportable under these regulations does not affect the
legal determination of whether or not the taxpayer's treatment of the loss is
proper. Shareholders should consult with their tax advisers to determine the
applicability of these regulations in light of their individual circumstances.

Shareholders that are exempt from U.S. federal income tax, such as retirement
plans that are qualified under Section 401 of the Code, generally are not
subject to U.S. federal income tax on fund dividends or distributions, or on
sales or exchanges of fund shares unless the fund shares are "debt-financed
property" within the meaning of the Code. However, in the case of fund shares
held through a non-qualified deferred compensation plan, fund dividends and
distributions received by the plan and gains from sales and exchanges of fund
shares by the plan generally are taxable to the employer sponsoring such plan
in accordance with the U.S. federal income tax laws that are generally
applicable to shareholders receiving such dividends or distributions from
regulated investment companies such as the fund.

A plan participant whose retirement plan invests in the fund, whether such plan
is qualified or not, generally is not taxed on fund dividends or distributions
received by the plan or on gains from sales or exchanges of fund shares by the
plan for U.S. federal income tax purposes. However, distributions to plan
participants from a retirement plan account generally are taxable as ordinary
income, and different tax treatment, including penalties on certain excess
contributions and deferrals, certain pre-retirement and post-retirement
distributions and certain prohibited transactions, is accorded to accounts
maintained as qualified retirement plans. Shareholders should consult their tax
advisers for more information.

Foreign exchange gains and losses realized by the fund in connection with
certain transactions involving foreign currency-denominated debt securities,
certain options and futures contracts relating to foreign currency, foreign
currency forward contracts, foreign currencies, or payables or receivables
denominated in a foreign currency are subject to Section 988 of the Code, which
generally causes such gains and losses to be treated as ordinary income and
losses and may affect the amount, timing and character of distributions to
shareholders. Under Treasury regulations that may be promulgated in the future,
any gains from such transactions that are not directly related to the fund's
principal business of investing in stock or securities (or its options
contracts or futures contracts with respect to stock or securities) may have to
be limited in order to enable the fund to satisfy the 90% income test.


                                       43
<PAGE>

If the fund invests in certain pay-in-kind securities, zero coupon securities,
deferred interest securities or, in general, any other securities with original
issue discount (or with market discount if the fund elects to include market
discount in income currently), the fund generally must accrue income on such
investments for each taxable year, which generally will be prior to the receipt
of the corresponding cash payments. However, the fund must distribute to its
shareholders, at least annually, all or substantially all of its investment
company taxable income (determined without regard to the deduction for
dividends paid), including such accrued income, to qualify to be treated as a
regulated investment company under the Code and avoid U.S. federal income and
excise taxes. Therefore, the fund may have to dispose of its portfolio
securities, potentially under disadvantageous circumstances, to generate cash,
or may have to borrow the cash, to satisfy distribution requirements. Such a
disposition of securities may potentially result in additional taxable gain or
loss to the fund.

The fund may invest in or hold debt obligations of issuers not currently paying
interest or that are in default. Investments in debt obligations that are at
risk of or are in default present special tax issues for the fund. Federal
income tax rules are not entirely clear about issues such as when the fund may
cease to accrue interest, original issue discount or market discount, when and
to what extent deductions may be taken for bad debts or worthless securities,
how payments received on obligations in default should be allocated between
principal and interest and whether certain exchanges of debt obligations in a
workout context are taxable. These and other issues will be addressed by the
fund, in the event it invests in or holds such securities, in order to seek to
ensure that it distributes sufficient income to preserve its status as a
regulated investment company and does not become subject to U.S. federal income
or excise tax.

Options written or purchased and futures contracts entered into by the fund on
certain securities, indices and foreign currencies, as well as certain forward
foreign currency contracts, may cause the fund to recognize gains or losses
from marking-to-market even though such options may not have lapsed or been
closed out or exercised, or such futures or forward contracts may not have been
performed or closed out. The tax rules applicable to these contracts may affect
the characterization of some capital gains and losses realized by the fund as
long-term or short-term. Certain options, futures and forward contracts
relating to foreign currency may be subject to Section 988 of the Code, as
described above, and accordingly may produce ordinary income or loss.
Additionally, the fund may be required to recognize gain if an option, futures
contract, forward contract, short sale or other transaction that is not subject
to the mark-to-market rules is treated as a "constructive sale" of an
"appreciated financial position" held by the fund under Section 1259 of the
Code. Any net mark-to-market gains and/or gains from constructive sales may
also have to be distributed to satisfy the distribution requirements referred
to above even though the fund may receive no corresponding cash amounts,
possibly requiring the disposition of portfolio securities or borrowing to
obtain the necessary cash. Such a disposition of securities may potentially
result in additional taxable gain or loss to the fund. Losses on certain
options, futures or forward contracts and/or offsetting positions (portfolio
securities or other positions with respect to which the fund's risk of loss is
substantially diminished by one or more options, futures or forward contracts)
may also be deferred under the tax straddle rules of the Code, which may also
affect the characterization of capital gains or losses from straddle positions
and certain successor positions as long-term or short-term. Certain tax
elections may be available that would enable the fund to ameliorate some
adverse effects of the tax rules described in this paragraph. The tax rules
applicable to options, futures, forward contracts and straddles may affect the
amount, timing and character of the fund's income and gains or losses and hence
of its distributions to shareholders.


The fund may be subject to withholding and other taxes imposed by foreign
countries, including taxes on interest, dividends and capital gains with
respect to its investments in those countries. Any such taxes would, if
imposed, reduce the yield on or return from those investments. Tax conventions
between certain countries and the U.S. may reduce or eliminate such taxes in
some cases. The fund does not expect to



                                       44
<PAGE>


satisfy the requirements for passing through to its shareholders any share of
foreign taxes paid by the fund, with the result that shareholders will not
include such taxes in their gross incomes and will not be entitled to a tax
deduction or credit for such taxes on their own tax returns.


The fund is required to withhold (as "backup withholding") a portion of
reportable payments, including dividends and any capital gain distributions,
paid to shareholders who have not complied with certain IRS regulations. The
backup withholding rate is 28%. In order to avoid this withholding requirement,
shareholders, other than certain exempt entities, must generally certify that
the Social Security Number or other Taxpayer Identification Number they provide
is their correct number and that they are not currently subject to backup
withholding, or that they are exempt from backup withholding. The fund may
nevertheless be required to backup withhold if it receives notice from the IRS
or a broker that the number provided is incorrect or backup withholding is
applicable as a result of previous underreporting of interest or dividend
income.

The description of certain federal tax provisions above relates only to U.S.
federal income tax consequences for shareholders who are U.S. persons, i.e.,
generally, U.S. citizens or residents or U.S. corporations, partnerships,
trusts or estates, and who are subject to U.S. federal income tax and hold
their shares as capital assets. Except as otherwise provided, this description
does not address the special tax rules that may be applicable to particular
types of investors, such as financial institutions, insurance companies,
securities dealers, other regulated investment companies, or tax-exempt or
tax-deferred plans, accounts or entities. Investors other than U.S. persons may
be subject to different U.S. federal income tax treatment, including a
non-resident alien U.S. withholding tax at the rate of 30% or any lower
applicable treaty rate on amounts treated as ordinary dividends from the fund
(other than certain dividends reported by the fund as (i) interest-related
dividends, to the extent such dividends are derived from the fund's "qualified
net interest income," or (ii) short-term capital gain dividends, to the extent
such dividends are derived from the fund's "qualified short-term gain") or, in
certain circumstances, unless an effective IRS Form W-8BEN or other authorized
withholding certificate is on file, to backup withholding on certain other
payments from the fund. "Qualified net interest income" is the fund's net
income derived from U.S.-source interest and original issue discount, subject
to certain exceptions and limitations. "Qualified short-term gain" generally
means the excess of the net short-term capital gain of the fund for the taxable
year over its net long-term capital loss, if any. Backup withholding will not
be applied to payments that have been subject to the 30% (or lower applicable
treaty rate) withholding tax on shareholders who are neither citizens nor
residents of the United States.


Unless certain non-U.S. entities that hold fund shares comply with IRS
requirements that will generally require them to report information regarding
U.S. persons investing in, or holding accounts with, such entities, a 30%
withholding tax may apply to fund distributions payable to such entities and,
after December 31, 2018, to redemptions and certain capital gain dividends
payable to such entities. A non-U.S. shareholder may be exempt from the
withholding described in this paragraph under an applicable intergovernmental
agreement between the U.S. and a foreign government, provided that the
shareholder and the applicable foreign government comply with the terms of such
agreement.


Shareholders should consult their own tax advisers on these matters and on
state, local, foreign and other applicable tax laws.

If, as anticipated, the fund qualifies as a regulated investment company under
the Code, it will not be required to pay any Massachusetts income, corporate
excise or franchise taxes or any Delaware corporation income tax.

A state income (and possibly local income and/or intangible property) tax
exemption is generally available to the extent the fund's distributions are
derived from interest on (or, in the case of intangible property taxes, to the
extent the value of its assets is attributable to) certain U.S. government
obligations, provided


                                       45
<PAGE>

in some states that certain thresholds for holdings of such obligations and/or
reporting requirements are satisfied. The fund will not seek to satisfy any
threshold or reporting requirements that may apply in particular taxing
jurisdictions, although the fund may in its sole discretion provide relevant
information to shareholders.


17. FINANCIAL STATEMENTS


The fund's financial statements and financial highlights for the fiscal year
ended December 31, 2016 appearing in the fund's annual report, filed with the
SEC on March 1, 2017 (Accession No. 0000812195-17-000003), are incorporated by
reference into this statement of additional information. Those financial
statements and financial highlights have been audited by Deloitte & Touche LLP,
independent registered public accounting firm, as indicated in their report
thereon, and are incorporated herein by reference in reliance upon such report,
given on the authority of Deloitte & Touche LLP as experts in accounting and
auditing.


The fund's annual report includes the financial statements referenced above and
is available without charge upon request by calling the fund at 1-800-225-6292.


18. ANNUAL FEE, EXPENSE AND OTHER INFORMATION


SHARE OWNERSHIP

As of April 1, 2017, the Trustees and officers of the fund owned beneficially
in the aggregate less than 1% of the outstanding shares of the fund. The
following is a list of the holders of 5% or more of any class of the fund's
outstanding shares as of April 1, 2017




<TABLE>
<CAPTION>
RECORD HOLDER                         SHARE CLASS      NUMBER OF SHARES        % OF CLASS
------------------------------------- -------------  ------------------  ----------------
<S>                                   <C>            <C>                 <C>               <C>
BNY Mellon Distributors Inc.                                   Class A  11,997,956.939     5.02
                                                    ------------------  --------------    -----
Primerica Financial Services
760 Moore Rd.
King of Prussia, PA 19406-1212
---------------------------------------------------
Pioneer Funds Distributor, Inc.                                Class Y  33,000,000.000    50.31
                                                    ------------------  --------------    -----
Attn: Corporate Accounting
60 State St. 13th Floor
Boston, MA 02109-1800
---------------------------------------------------
MLPF&S                                                         Class Y  32,292,511.221    49.23
                                                    ------------------  --------------    -----
For the Sole Benefit of its Customers
Mutual Fund Administration
4800 Deer Lake Drive East, 2nd Floor
Jacksonville, FL 32246-6484
---------------------------------------------------
</TABLE>


TRUSTEE OWNERSHIP OF SHARES OF THE FUND AND OTHER PIONEER FUNDS

The following table indicates the value of shares that each Trustee
beneficially owned in the fund and Pioneer Funds in the aggregate as of
December 31, 2016. Beneficial ownership is determined in accordance with SEC
rules. The share value of any closed-end fund is based on its closing market
price on December 31, 2016. The share value of any open-end Pioneer Fund is
based on the net asset value of the class of shares on December 31, 2016. The
dollar ranges in this table are in accordance with SEC requirements.



                                       46
<PAGE>


<TABLE>
<CAPTION>
                                                     AGGREGATE DOLLAR RANGE OF EQUITY
                             DOLLAR RANGE OF             SECURITIES IN ALL REGISTERED
                           EQUITY SECURITIES         INVESTMENT COMPANIES OVERSEEN BY
NAME OF TRUSTEE                  IN THE FUND   TRUSTEE IN THE PIONEER FAMILY OF FUNDS
-----------------------  -------------------  ---------------------------------------
<S>                      <C>                  <C>
INTERESTED TRUSTEES:
-----------------------  -------------------  ---------------------------------------
Kenneth J. Taubes            Over $100,000                             Over $100,000
-----------------------  -------------------  ---------------------------------------
INDEPENDENT TRUSTEES:
-----------------------  -------------------  ---------------------------------------
David R. Bock                 $1 - $10,000                             Over $100,000
-----------------------  -------------------  ---------------------------------------
Benjamin M. Friedman                  None                             Over $100,000
-----------------------  -------------------  ---------------------------------------
Margaret B.W. Graham                  None                             Over $100,000
-----------------------  -------------------  ---------------------------------------
Thomas J. Perna                       None                             Over $100,000
-----------------------  -------------------  ---------------------------------------
Marguerite A. Piret      $10,001 - $50,000                             Over $100,000
-----------------------  -------------------  ---------------------------------------
Fred J. Ricciardi                     None                             Over $100,000
-----------------------  -------------------  ---------------------------------------
</TABLE>

COMPENSATION OF OFFICERS AND TRUSTEES
The following table sets forth certain information with respect to the
compensation of each Trustee of the fund.



<TABLE>
<CAPTION>
                                                 PENSION OR
                                                 RETIREMENT
                              AGGREGATE    BENEFITS ACCRUED      TOTAL COMPENSATION
                           COMPENSATION     AS PART OF FUND       FROM THE FUND AND
NAME OF TRUSTEE+            FROM FUND**            EXPENSES   OTHER PIONEER FUNDS**
-----------------------  --------------  ------------------  ----------------------
<S>                      <C>             <C>                 <C>
INTERESTED TRUSTEES:
-----------------------  ---------       -----               -------------
Kenneth J. Taubes*       $    0.00       $0.00               $        0.00
-----------------------  ---------       -----               -------------
INDEPENDENT TRUSTEES:
-----------------------  ---------       -----               -------------
David R. Bock            $1,458.49       $0.00               $  253,250.00
-----------------------  ---------       -----               -------------
Benjamin M. Friedman     $1,456.82       $0.00               $  252,500.00
-----------------------  ---------       -----               -------------
Margaret B.W. Graham     $1,392.69       $0.00               $  223,500.00
-----------------------  ---------       -----               -------------
Thomas J. Perna          $1,555.09       $0.00               $  296,750.00
-----------------------  ---------       -----               -------------
Marguerite A. Piret      $1,436.21       $0.00               $  243,250.00
-----------------------  ---------       -----               -------------
Fred J. Ricciardi        $1,354.55       $0.00               $  206,500.00
-----------------------  ---------       -----               -------------
 TOTAL                   $8,653.85       $0.00               $1,475,750.00
-----------------------  ---------       -----               -------------
</TABLE>


*     Under the management contract, Pioneer reimburses the fund for any
      Interested Trustee fees paid by the fund.


**    For the fiscal year ended December 31, 2016. As of December 31, 2016,
      there were 45 U.S. registered investment portfolios in the Pioneer Family
      of Funds.



+     Ms. Lorraine Monchak is a non-voting Advisory Trustee. Ms. Monchak
      received aggregate compensation from the fund in the amount of $1,394.98,
      pension or retirement benefits accrued as part of portfolio expenses of
      $0.00, and total compensation from the fund and the other Pioneer Funds
      in the amount of $224,750.00 for the fiscal year ended December 31, 2016.



APPROXIMATE MANAGEMENT FEES THE FUND PAID OR OWED PIONEER
The following table shows the dollar amount of gross investment management fees
incurred by the fund, along with the net amount of fees that were paid after
applicable fee waivers or expense reimbursements, if any. The data is for the
past three fiscal years or shorter period if the fund has been in operation for
a shorter period.


                                       47
<PAGE>



<TABLE>
<CAPTION>
FOR THE FISCAL YEARS ENDED DECEMBER 31             2016           2015           2014
----------------------------------------  -------------  -------------  -------------
<S>                                       <C>            <C>            <C>
Gross Fee Incurred                        $1,111,265     $1,118,242     $1,167,395
----------------------------------------  ----------     ----------     ----------
Net Fee Paid                                 627,305      ($36,349)     ($180,495)
----------------------------------------  ----------     ----------     ----------
</TABLE>


FEES THE FUND PAID TO PIONEER UNDER THE ADMINISTRATION AGREEMENT



<TABLE>
<CAPTION>
    FOR THE FISCAL YEARS ENDED DECEMBER 31
----------------------------------------------
        2016              2015         2014
--------------------  -----------  -----------
<S>                   <C>          <C>
         $206,718     $107,579     $110,518
       ----------     --------     --------
</TABLE>


UNDERWRITING EXPENSES AND COMMISSIONS



<TABLE>
<CAPTION>
FOR THE FISCAL YEARS ENDED DECEMBER 31                                           2016    2015   2014
-----------------------------------------------------------------------------  ------  ------  -----
<S>                                                                            <C>     <C>     <C>
Approximate Net Underwriting Expenses Retained by PFD                          $0      $0      $0
-----------------------------------------------------------------------------  --      --      --
Approximate Commissions Reallowed to Dealers (Class A shares)                  $0      $0      $0
-----------------------------------------------------------------------------  --      --      --
Approximate Brokerage and Underwriting Commissions (Portfolio Transactions)    $0      $0      $0
-----------------------------------------------------------------------------  --      --      --
</TABLE>


FUND EXPENSES UNDER THE DISTRIBUTION PLAN



<TABLE>
<CAPTION>
FOR THE FISCAL YEAR ENDED
    DECEMBER 31, 2016
--------------------------
CLASS A    N
-------  ---
<S>      <C>  <C>  <C>  <C>
  $0
----     ---- ---  ---  --
</TABLE>


ALLOCATION OF FUND EXPENSES UNDER THE DISTRIBUTION PLAN

An estimate by category of the allocation of fees paid by each class of shares
of the fund during the fiscal year ended December 31, 2016 is set forth in the
following table:




<TABLE>
<CAPTION>
                 PAYMENTS
             TO SERVICING                      SALES       PRINTING
               PARTIES/1/    ADVERTISING    MEETINGS    AND MAILING        TOTAL
           --------------  -------------  ----------  -------------  -----------
<S>        <C>             <C>            <C>         <C>            <C>
Class A    $0              $32,841        $85,442     $30,831        $149,114
---------  --              -------        -------     -------        --------
</TABLE>



1  Payments to Servicing Parties include Pioneer Funds Distributor, Inc.,
   broker-dealers, financial intermediaries and other parties that enter into
   a distribution, selling or service agreement with respect to one or more
   classes of the fund (annualized for the period ending December 31, 2016).



SECURITIES OF REGULAR BROKER-DEALERS

As of December 31, 2016, the fund held the following securities of its regular
broker-dealers (or affiliates of such broker-dealers):



<TABLE>
<S>     <C> <C>
  None
------  --  --
</TABLE>

CDSCS

During the fiscal year ended December 31, 2016, the following CDSCs were paid
to PFD:

$0



CAPITAL LOSS CARRYFORWARDS AS OF DECEMBER 31, 2016
At December 31, 2016, the fund had the following net capital loss carryforward:
$0


                                       48
<PAGE>

19. APPENDIX A - DESCRIPTION OF SHORT-TERM DEBT, CORPORATE BOND AND PREFERRED
STOCK RATINGS/1/


DESCRIPTION OF MOODY'S INVESTORS SERVICE, INC.'S ("MOODY'S") SHORT-TERM
RATINGS:
Moody's short-term ratings are forward-looking opinions of the ability of
issuers to honor short-term financial obligations. Ratings may be assigned to
issuers, short-term programs or to individual short-term debt instruments. Such
obligations generally have an original maturity of thirteen months or less and
reflect the likelihood of a default on contractually promised payments.

Moody's employs the following designations to indicate the relative repayment
ability of rated issuers:

P-1: Issuers (or supporting institutions) rated Prime-1 have a superior ability
to repay short-term debt obligations.

P-2: Issuers (or supporting institutions) rated Prime-2 have a strong ability
to repay short-term debt obligations.

P-3: Issuers (or supporting institutions) rated Prime-3 have an acceptable
ability to repay short-term obligations.

NP: Issuers (or supporting institutions) rated Not Prime do not fall within any
of the Prime rating categories.

NOTE: Canadian issuers rated P-1 or P-2 have their short-term ratings enhanced
by the senior-most long-term rating of the issuer, its guarantor or
support-provider.


DESCRIPTION OF MOODY'S LONG-TERM CORPORATE RATINGS:
Moody's long-term obligation ratings are forward-looking opinions of the
relative credit risk of fixed-income obligations with an original maturity of
one year or more. They address the possibility that a financial obligation will
not be honored as promised. Such ratings use Moody's Global Long-Term Rating
Scale and reflect both on the likelihood of default on contractually promised
payments and the expected financial loss suffered in the event of default.

AAA: Obligations rated Aaa are judged to be of the highest quality, subject to
the lowest level of credit risk.

AA: Obligations rated Aa are judged to be of high quality and are subject to
very low credit risk.

A: Obligations rated A are considered upper-medium grade and are subject to low
   credit risk.

BAA: Obligations rated Baa are judged to be medium-grade and subject to
moderate credit risk, and as such may possess certain speculative
characteristics.

BA: Obligations rated Ba are judged to be speculative and are subject to
substantial credit risk.

B: Obligations rated B are considered speculative and are subject to high
   credit risk.

CAA: Obligations rated Caa are judged to be speculative and of poor standing
and are subject to very high credit risk.
------------------------
/1/ The ratings indicated herein are believed to be the most recent ratings
   available at the date of this statement of additional information for the
   securities listed. Ratings are generally given to securities at the time of
   issuance. While the rating agencies may from time to time revise such
   ratings, they undertake no obligation to do so, and the ratings indicated
   do not necessarily represent ratings which will be given to these
   securities on the date of the fund's fiscal year-end.


                                       49
<PAGE>

CA: Obligations rated Ca are highly speculative and are likely in, or very
near, default, with some prospect of recovery of principal and interest.

C: Obligations rated C are the lowest rated class of bonds and are typically in
default, with little prospect for recovery of principal or interest.

NOTE: Moody's appends numerical modifiers "1", "2", and "3" to each generic
rating classification from "Aa" through "Caa". The modifier "1" indicates that
the obligation ranks in the higher end of its generic rating category; the
modifier "2" indicates a mid-range ranking; and the modifier "3" indicates a
ranking in the lower end of that generic rating category. Additionally, a
"(hyb)" indicator is appended to all ratings of hybrid securities issued by
banks, finance companies and securities firms.


STANDARD & POOR'S RATINGS GROUP'S LONG-TERM ISSUE CREDIT RATINGS:
Issue credit ratings are based, in varying degrees, on Standard & Poor's
analysis of the following considerations:

o Likelihood of payment-capacity and willingness of the obligor to meet its
  financial commitment on an obligation in accordance with the terms of the
  obligation;

o Nature of and provisions of the obligation;

o Protection afforded by, and relative position of, the obligation in the event
  of bankruptcy, reorganization, or other arrangement under the laws of
  bankruptcy and other laws affecting creditors' rights.

Issue ratings are an assessment of default risk, but may incorporate an
assessment of relative seniority or ultimate recovery in the event of default.
Junior obligations are typically rated lower than senior obligations, to
reflect the lower priority in bankruptcy, as noted above. (Such differentiation
may apply when an entity has both senior and subordinated obligations, secured
and unsecured obligations, or operating company and holding company
obligations.)

AAA: An obligation rated "AAA" has the highest rating assigned by Standard &
Poor's. The obligor's capacity to meet its financial commitment on the
obligation is extremely strong.

AA: An obligation rated "AA" differs from the highest-rated obligations only to
a small degree. The obligor's capacity to meet its financial commitment on the
obligation is very strong.

A: An obligation rated "A" is somewhat more susceptible to the adverse effects
of changes in circumstances and economic conditions than obligations in
higher-rated categories. However, the obligor's capacity to meet its financial
commitment on the obligation is still strong.

BBB: An obligation rated "BBB" exhibits adequate protection parameters.
However, adverse economic conditions or changing circumstances are more likely
to lead to a weakened capacity of the obligor to meet its financial commitment
on the obligation.

BB, B, CCC, CC, AND C: Obligations rated "BB", "B", "CCC", "CC", and "C" are
regarded as having significant speculative characteristics. "BB" indicates the
least degree of speculation and "C" the highest. While such obligations will
likely have some quality and protective characteristics, these may be
outweighed by large uncertainties or major exposures to adverse conditions.

BB: An obligation rated "BB" is less vulnerable to nonpayment than other
speculative issues. However, it faces major ongoing uncertainties or exposure
to adverse business, financial, or economic conditions which could lead to the
obligor's inadequate capacity to meet its financial commitment on the
obligation.

B: An obligation rated "B" is more vulnerable to nonpayment than obligations
rated "BB", but the obligor currently has the capacity to meet its financial
commitment on the obligation. Adverse business, financial, or economic
conditions will likely impair the obligor's capacity or willingness to meet its
financial commitment on the obligation.

                                       50
<PAGE>

CCC: An obligation rated "CCC" is currently vulnerable to nonpayment, and is
dependent upon favorable business, financial, and economic conditions for the
obligor to meet its financial commitment on the obligation. In the event of
adverse business, financial, or economic conditions, the obligor is not likely
to have the capacity to meet its financial commitment on the obligation.

CC: An obligation rated "CC" is currently highly vulnerable to nonpayment.

C: A "C" rating is assigned to obligations that are currently highly vulnerable
to nonpayment, obligations that have payment arrearages allowed by the terms of
the documents, or obligations of an issuer that is the subject of a bankruptcy
petition or similar action which have not experienced a payment default. Among
others, the "C" rating may be assigned to subordinated debt, preferred stock or
other obligations on which cash payments have been suspended in accordance with
the instrument's terms or when preferred stock is the subject of a distressed
exchange offer, whereby some or all of the issue is either repurchased for an
amount of cash or replaced by other instruments having a total value that is
less than par.

D: An obligation rated "D" is in payment default. The "D" rating category is
used when payments on an obligation, including a regulatory capital instrument,
are not made on the date due even if the applicable grace period has not
expired, unless Standard & Poor's believes that such payments will be made
during such grace period. The "D" rating also will be used upon the filing of a
bankruptcy petition or the taking of a similar action if payments on an
obligation are jeopardized. An obligation's rating is lowered to "D" upon
completion of a distressed exchange offer, whereby some or all of the issue is
either repurchased for an amount of cash or replaced by other instruments
having a total value that is less than par.

PLUS (+) OR MINUS (-): The ratings from "AA" to "CCC" may be modified by the
addition of a plus (+) or minus (-) sign to show relative standing within the
major rating categories.

NR: This indicates that no rating has been requested, that there is
insufficient information on which to base a rating, or that Standard & Poor's
does not rate a particular obligation as a matter of policy.


STANDARD & POOR'S SHORT-TERM ISSUE CREDIT RATINGS:
Short-term ratings are generally assigned to those obligations considered
short-term in the relevant market. In the U.S., for example, that means
obligations with an original maturity date of no more than 365 days - including
commercial paper. Short-term ratings are also used to indicate the
creditworthiness of an obligor with respect to put features on long-term
obligations. The result is a dual rating, in which the short-term rating
addresses the put feature, in addition to the usual long-term rating.

A-1: A short-term obligation rated "A-1" is rated in the highest category by
Standard & Poor's. The obligor's capacity to meet its financial commitment on
the obligation is strong. Within this category, certain obligations are
designated with a plus sign (+). This indicates that the obligor's capacity to
meet its financial commitment on these obligations is extremely strong.

A-2: A short-term obligation rated "A-2" is somewhat more susceptible to the
adverse effects of changes in circumstances and economic conditions than
obligations in higher rating categories. However, the obligor's capacity to
meet its financial commitment on the obligation is satisfactory.

A-3: A short-term obligation rated "A-3" exhibits adequate protection
parameters. However, adverse economic conditions or changing circumstances are
more likely to lead to a weakened capacity of the obligor to meet its financial
commitment on the obligation.

                                       51
<PAGE>

B: A short-term obligation rated "B" is regarded as having significant
speculative characteristics. Ratings of "B-1", "B-2", and "B-3" may be assigned
to indicate finer distinctions within the "B" category. The obligor currently
has the capacity to meet its financial commitment on the obligation; however,
it faces major ongoing uncertainties which could lead to the obligor's
inadequate capacity to meet its financial commitment on the obligation.

B-1: A short-term obligation rated "B-1" is regarded as having significant
speculative characteristics, but the obligor has a relatively stronger capacity
to meet its financial commitments over the short-term compared to other
speculative-grade obligors.

B-2: A short-term obligation rated "B-2" is regarded as having significant
speculative characteristics, and the obligor has an average speculative-grade
capacity to meet its financial commitments over the short-term compared to
other speculative-grade obligors.

B-3: A short-term obligation rated "B-3" is regarded as having significant
speculative characteristics, and the obligor has a relatively weaker capacity
to meet its financial commitments over the short-term compared to other
speculative-grade obligors.

C: A short-term obligation rated "C" is currently vulnerable to nonpayment and
is dependent upon favorable business, financial, and economic conditions for
the obligor to meet its financial commitment on the obligation.

D: A short-term obligation rated "D" is in payment default. The "D" rating
category is used when payments on an obligation, including a regulatory capital
instrument, are not made on the date due even if the applicable grace period
has not expired, unless Standard & Poor's believes that such payments will be
made during such grace period. The "D" rating also will be used upon the filing
of a bankruptcy petition or the taking of a similar action if payments on an
obligation are jeopardized.


LOCAL CURRENCY AND FOREIGN CURRENCY RISKS
Country risk considerations are a standard part of Standard & Poor's analysis
for credit ratings on any issuer or issue. Currency of repayment is a key
factor in this analysis. An obligor's capacity to repay foreign currency
obligations may be lower than its capacity to repay obligations in its local
currency due to the sovereign government's own relatively lower capacity to
repay external versus domestic debt. These sovereign risk considerations are
incorporated in the debt ratings assigned to specific issues. Foreign currency
issuer ratings are also distinguished from local currency issuer ratings to
identify those instances where sovereign risks make them different for the same
issuer.

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20. APPENDIX B - PROXY VOTING POLICIES AND PROCEDURES


POLICY
Each of Pioneer Investment Management, Inc. and Pioneer Institutional Asset
Management, Inc. (collectively, "Pioneer") is a fiduciary that owes each of its
clients the duties of care and loyalty with respect to all services undertaken
on the client's behalf, including voting proxies for securities held by the
client. When Pioneer has been delegated proxy-voting authority for a client,
the duty of care requires Pioneer to monitor corporate events and to vote the
proxies. To satisfy its duty of loyalty, Pioneer must place the client's
interests ahead of its own and must cast proxy votes in a manner consistent
with the best interest of the client. It is Pioneer's policy to vote proxies
presented to Pioneer in a timely manner in accordance with these principles.

Pioneer's sole concern in voting proxies is the economic effect of the proposal
on the value of portfolio holdings, considering both the short- and long-term
impact. In many instances, Pioneer believes that supporting the company's
strategy and voting "for" management's proposals builds portfolio value. In
other cases, however, proposals set forth by management may have a negative
effect on that value, while some shareholder proposals may hold the best
prospects for enhancing it. Pioneer monitors developments in the proxy-voting
arena and will revise this policy as needed.

Pioneer's clients may request copies of their proxy voting records and of
Pioneer's proxy voting policies and procedures by either sending a written
request to Pioneer's Proxy Coordinator, or clients may review Pioneer's proxy
voting policies and procedures online at pioneerinvestments.com. Pioneer may
describe to clients its proxy voting policies and procedures by delivering a
copy of Pioneer's Form ADV (Part II), by separate notice to the client or by
other means.


APPLICABILITY
This Proxy Voting policy and the procedures set forth below are designed to
complement Pioneer's investment policies and procedures regarding its general
responsibility to monitor the performance and/or corporate events of companies
that are issuers of securities held in accounts managed by Pioneer. This policy
sets forth Pioneer's position on a number of issues for which proxies may be
solicited, but it does not include all potential voting scenarios or proxy
events. Furthermore, because of the special issues associated with proxy
solicitations by closed-end Funds, Pioneer will vote shares of closed-end Funds
on a case-by-case basis.


PURPOSE
The purposes of this policy is to ensure that proxies for United States ("US")
and non-US companies that are received in a timely manner will be voted in
accordance with the principles stated above. Unless the Proxy Voting Oversight
Group (as described below) specifically determines otherwise, all shares in a
company held by Pioneer-managed accounts for which Pioneer has proxy-voting
authority will be voted alike, unless a client has given specific voting
instructions on an issue.

Pioneer does not delegate the authority to vote proxies relating to securities
held by its clients to any of its affiliates, which include other subsidiaries
of UniCredit S.p.A. ("UniCredit").

Any questions about this policy should be directed to Pioneer's Director of
Investment Operations (the "Proxy Coordinator").

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PROCEDURES


PROXY VOTING SERVICE
Pioneer has engaged an independent proxy voting service to assist in the voting
of proxies. The proxy voting service works with custodians to ensure that all
proxy materials are received by the custodians and are processed in a timely
fashion. To the extent applicable, the proxy voting service votes all proxies
in accordance with the proxy voting guidelines established by Pioneer and set
forth herein. The proxy voting service will refer proxy questions to the Proxy
Coordinator (described below) for instructions under circumstances where: (1)
the application of the proxy voting guidelines is unclear; (2) a particular
proxy question is not covered by the guidelines; or (3) the guidelines call for
specific instructions on a case-by-case basis. The proxy voting service is also
requested to call to the Proxy Coordinator's attention specific proxy questions
that, while governed by a guideline, appear to involve unusual or controversial
issues. Pioneer reserves the right to attend a meeting in person and may do so
when it determines that the company or the matters to be voted on at the
meeting are strategically important to its clients.


PROXY COORDINATOR
The Proxy Coordinator coordinates the voting, procedures and reporting of
proxies on behalf of Pioneer's clients. The Proxy Coordinator will deal
directly with the proxy voting service and, in the case of proxy questions
referred by the proxy voting service, will solicit voting recommendations and
instructions from the Portfolio Management Group or, to the extent applicable,
investment sub-advisers. The Proxy Coordinator is responsible for ensuring that
these questions and referrals are responded to in a timely fashion and for
transmitting appropriate voting instructions to the proxy voting service. The
Proxy Coordinator is responsible for verifying with the Chief Legal Officer or
his or her designee whether Pioneer's voting power is subject to any
limitations or guidelines issued by the client (or in the case of an employee
benefit plan, the plan's trustee or other fiduciaries).


REFERRAL ITEMS
The proxy voting service will refer proxy questions to the Proxy Coordinator or
his or her designee that are described by Pioneer's proxy voting guidelines as
to be voted on a case-by-case basis, that are not covered by Pioneer's
guidelines or where Pioneer's guidelines may be unclear with respect to the
matter to be voted on. Under such circumstances, the Proxy Coordinator will
seek a written voting recommendation from the Head of Portfolio Management U.S.
or his or her designated equity portfolio-management representative. Any such
recommendation will include: (i) the manner in which the proxies should be
voted; (ii) the rationale underlying any such decision; and (iii) the
disclosure of any contacts or communications made between Pioneer and any
outside parties concerning the proxy proposal prior to the time that the voting
instructions are provided.


SECURITIES LENDING
In accordance with industry standards, proxies are not available to be voted
when the shares are out on loan through either Pioneer's lending program or a
client's managed security lending program. However, Pioneer will reserve the
right to recall lent securities so that they may be voted according to the
Pioneer's instructions. If a portfolio manager would like to vote a block of
previously lent shares, the Proxy Coordinator will work with the portfolio
manager and Investment Operations to recall the security, to the extent
possible, to facilitate the vote on the entire block of shares. Certain clients
participate in securities lending programs. Although such programs allow for
the recall of securities for any reason, Pioneer may determine not to vote
securities on loan and it may not always be possible for securities on loan to
be recalled in time to be voted.

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SHARE-BLOCKING
"Share-blocking" is a market practice whereby shares are sent to a custodian
(which may be different than the account custodian) for record keeping and
voting at the general meeting. The shares are unavailable for sale or delivery
until the end of the blocking period (typically the day after general meeting
date).

Pioneer will vote in those countries with "share-blocking." In the event a
manager would like to sell a security with "share-blocking", the Proxy
Coordinator will work with the Portfolio Manager and Investment Operations
Department to recall the shares (as allowable within the market time frame and
practices) and/or communicate with executing brokerage firm. A list of
countries with "share-blocking" is available from the Investment Operations
Department upon request.


PROXY VOTING OVERSIGHT GROUP
The members of the Proxy Voting Oversight Group include Pioneer's Head of
Portfolio Management U.S. or his or her designated equity portfolio management
representative, the Director of Investment Operations, and the Chief Compliance
Officer of the Adviser and Funds. Other members of Pioneer will be invited to
attend meetings and otherwise participate as necessary. The Director of
Investment Operations will chair the Proxy Voting Oversight Group.

The Proxy Voting Oversight Group is responsible for developing, evaluating, and
changing (when necessary) Pioneer's proxy voting policies and procedures. The
group meets at least annually to evaluate and review this policy and procedures
and the services of its third-party proxy voting service. In addition, the
Proxy Voting Oversight Group will meet as necessary to vote on referral items
and address other business as necessary.


AMENDMENTS
Pioneer may not amend this policy without the prior approval of the Proxy
Voting Oversight Group and its corporate parent, Pioneer Global Asset
Management S.p.A. ("PGAM").


FILING FORM N-PX
The Proxy Coordinator and the Regulatory Compliance Manager are responsible for
ensuring that Form N-PX documents receive the proper review by a member of the
Proxy Voting Oversight Group prior to a Fund officer signing the forms.

The Investment Operations department will provide the Compliance department
with a copy of each Form N-PX filing prepared by the proxy voting service.

COMPLIANCE FILES N-PX.

The Compliance department will ensure that a corresponding Form N-PX exists for
each Pioneer registered investment company.

Following this review, each Form N-PX is formatted for public dissemination via
the EDGAR system.

Prior to submission, each Form N-PX is to be presented to the Fund officer for
a final review and signature.

Copies of the Form N-PX filings and their submission receipts are maintained
according to Pioneer record keeping policies.


PROXY VOTING GUIDELINES


ADMINISTRATIVE
While administrative items appear infrequently in U.S. issuer proxies, they are
quite common in non-U.S. proxies.

We will generally support these and similar management proposals:

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o Corporate name change.

o A change of corporate headquarters.

o Stock exchange listing.

o Establishment of time and place of annual meeting.

o Adjournment or postponement of annual meeting.

o Acceptance/approval of financial statements.

o Approval of dividend payments, dividend reinvestment plans and other
  dividend-related proposals.

o Approval of minutes and other formalities.

o Authorization of the transferring of reserves and allocation of income.

o Amendments to authorized signatories.

o Approval of accounting method changes or change in fiscal year-end.

o Acceptance of labor agreements.

o Appointment of internal auditors.

Pioneer will vote on a case-by-case basis on other routine administrative
items; however, Pioneer will oppose any routine proposal if insufficient
information is presented in advance to allow Pioneer to judge the merit of the
proposal. Pioneer has also instructed its proxy voting service to inform
Pioneer of its analysis of any administrative items that may be inconsistent,
in its view, with Pioneer's goal of supporting the value of its clients'
portfolio holdings so that Pioneer may consider and vote on those items on a
case-by-case basis.


AUDITORS
We normally vote for proposals to:

o Ratify the auditors. We will consider a vote against if we are concerned
  about the auditors' independence or their past work for the company.
  Specifically, we will oppose the ratification of auditors and withhold votes
  for audit committee members if non-audit fees paid by the company to the
  auditing firm exceed the sum of audit fees plus audit-related fees plus
  permissible tax fees according to the disclosure categories proposed by the
  Securities and Exchange Commission.

o Restore shareholder rights to ratify the auditors.

We will normally oppose proposals that require companies to:

o Seek bids from other auditors.

o Rotate auditing firms, except where the rotation is statutorily required or
  where rotation would demonstrably strengthen financial disclosure.

o Indemnify auditors.

o Prohibit auditors from engaging in non-audit services for the company.


BOARD OF DIRECTORS
On issues related to the board of directors, Pioneer normally supports
management. We will, however, consider a vote against management in instances
where corporate performance has been very poor or where the board appears to
lack independence.


GENERAL BOARD ISSUES
Pioneer will vote for:

o Audit, compensation and nominating committees composed of independent
  directors exclusively.

o Indemnification for directors for actions taken in good faith in accordance
  with the business judgment rule. We will vote against proposals for broader
  indemnification.

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o Changes in board size that appear to have a legitimate business purpose and
  are not primarily for anti-takeover reasons.

o Election of an honorary director.

We will vote against:

o Minimum stock ownership by directors.

o Term limits for directors. Companies benefit from experienced directors, and
  shareholder control is better achieved through annual votes.

o Requirements for union or special interest representation on the board.

o Requirements to provide two candidates for each board seat.

We will vote on a case-by case basis on these issues:

o Separate chairman and CEO positions. We will consider voting with
  shareholders on these issues in cases of poor corporate performance.


ELECTIONS OF DIRECTORS
In uncontested elections of directors we will vote against:

o Individual directors with absenteeism above 25% without valid reason. We
  support proposals that require disclosure of director attendance.

o Insider directors and affiliated outsiders who sit on the audit,
  compensation, stock option or nominating committees. For the purposes of our
  policy, we accept the definition of affiliated directors provided by our
  proxy voting service.

We will also vote against:

o Directors who have failed to act on a takeover offer where the majority of
  shareholders have tendered their shares.

o Directors who appear to lack independence or are associated with very poor
  corporate performance.

We will vote on a case-by-case basis on these issues:

o Re-election of directors who have implemented or renewed a dead-hand or
  modified dead-hand poison pill (a "dead-hand poison pill" is a shareholder
  rights plan that may be altered only by incumbent or "dead" directors. These
  plans prevent a potential acquirer from disabling a poison pill by obtaining
  control of the board through a proxy vote).

o Contested election of directors.

o Election of a greater number of independent directors (in order to move
  closer to a majority of independent directors in cases of poor performance.

o Mandatory retirement policies.

o Directors who have ignored a shareholder proposal that has been approved by
  shareholders for two consecutive years.

We will vote for:

o Precatory and binding resolutions requesting that the board changes the
  company's bylaws to stipulate that directors need to be elected with
  affirmative majority of votes cast, provided that the resolutions allow for
  plurality voting in cases of contested elections.

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TAKEOVER-RELATED MEASURES
Pioneer is generally opposed to proposals that may discourage takeover
attempts. We believe that the potential for a takeover helps ensure that
corporate performance remains high.

Pioneer will vote for:

o Cumulative voting.

o Increasing the ability for shareholders to call special meetings.

o Increasing the ability for shareholders to act by written consent.

o Restrictions on the ability to make greenmail payments.

o Submitting rights plans to shareholder vote.

o Rescinding shareholder rights plans ("poison pills").

o Opting out of the following state takeover statutes:

  - Control share acquisition statutes, which deny large holders voting rights
    on holdings over a specified threshold.

  - Control share cash-out provisions, which require large holders to acquire
    shares from other holders

  - Freeze-out provisions, which impose a waiting period on large holders
    before they can attempt to gain control

  - Stakeholder laws, which permit directors to consider interests of
    non-shareholder constituencies.

  - Disgorgement provisions, which require acquirers to disgorge profits on
    purchases made before gaining control.

  - Fair price provisions.

  - Authorization of shareholder rights plans.

  - Labor protection provisions.

  - Mandatory classified boards.

We will vote on a case-by-case basis on the following issues:

o Fair price provisions. We will vote against provisions requiring
  supermajority votes to approve takeovers. We will also consider voting
  against proposals that require a supermajority vote to repeal or amend the
  provision. Finally, we will consider the mechanism used to determine the
  fair price; we are generally opposed to complicated formulas or requirements
  to pay a premium.

o Opting out of state takeover statutes regarding fair price provisions. We
  will use the criteria used for fair price provisions in general to determine
  our vote on this issue.

o Proposals that allow shareholders to nominate directors.

We will vote against:

o Classified boards, except in the case of closed-end funds, where we shall
  vote on a case-by-case basis.

o Limiting shareholder ability to remove or appoint directors. We will support
  proposals to restore shareholder authority in this area. We will review on
  case-by-case basis proposals that authorize the board to make interim
  appointments.

o Classes of shares with unequal voting rights.

o Supermajority vote requirements.

o Severance packages ("golden" and "tin" parachutes). We will support proposals
  to put these packages to shareholder vote.

o Reimbursement of dissident proxy solicitation expenses. While we ordinarily
  support measures that encourage takeover bids, we believe that management
  should have full control over corporate funds.

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o Extension of advance notice requirements for shareholder proposals.

o Granting board authority normally retained by shareholders (e.g., amend
  charter, set board size).

o Shareholder rights plans ("poison pills"). These plans generally allow
  shareholders to buy additional shares at a below-market price in the event
  of a change in control and may deter some bids.


CAPITAL STRUCTURE
Managements need considerable flexibility in determining the company's
financial structure, and Pioneer normally supports managements' proposals in
this area. We will, however, reject proposals that impose high barriers to
potential takeovers.

Pioneer will vote for:

o Changes in par value.

o Reverse splits, if accompanied by a reduction in number of shares.

o Shares repurchase programs, if all shareholders may participate on equal
  terms.

o Bond issuance.

o Increases in "ordinary" preferred stock.

o Proposals to have blank check common stock placements (other than shares
  issued in the normal course of business) submitted for shareholder approval.

o Cancellation of company treasury shares.

We will vote on a case-by-case basis on the following issues:

o Reverse splits not accompanied by a reduction in number of shares,
  considering the risk of delisting.

o Increase in authorized common stock. We will make a determination
  considering, among other factors:

  - Number of shares currently available for issuance;

  - Size of requested increase (we would normally approve increases of up to
    100% of current authorization);

  - Proposed use of the proceeds from the issuance of additional shares, and

  - Potential consequences of a failure to increase the number of shares
    outstanding (e.g., delisting or bankruptcy).

o Blank check preferred. We will normally oppose issuance of a new class of
  blank check preferred, but may approve an increase in a class already
  outstanding if the company has demonstrated that it uses this flexibility
  appropriately.

o Proposals to submit private placements to shareholder vote.

o Other financing plans.

We will vote against preemptive rights that we believe limit a company's
 financing flexibility.


COMPENSATION
Pioneer supports compensation plans that link pay to shareholder returns and
believes that management has the best understanding of the level of
compensation needed to attract and retain qualified people. At the same time,
stock-related compensation plans have a significant economic impact and a
direct effect on the balance sheet. Therefore, while we do not want to
micromanage a company's compensation programs, we will place limits on the
potential dilution these plans may impose.

Pioneer will vote for:

o 401(k) benefit plans.

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o Employee stock ownership plans (ESOPs), as long as shares allocated to ESOPs
  are less than 5% of outstanding shares. Larger blocks of stock in ESOPs can
  serve as a takeover defense. We will support proposals to submit ESOPs to
  shareholder vote.

o Various issues related to the Omnibus Budget and Reconciliation Act of 1993
  (OBRA), including:

  - Amendments to performance plans to conform with OBRA;

  - Caps on annual grants or amendments of administrative features;

  - Adding performance goals, and

  - Cash or cash and stock bonus plans.

o Establish a process to link pay, including stock-option grants, to
  performance, leaving specifics of implementation to the company.

o Require that option repricing be submitted to shareholders.

o Require the expensing of stock-option awards.

o Require reporting of executive retirement benefits (deferred compensation,
  split-dollar life insurance, SERPs, and pension benefits).

o Employee stock purchase plans where the purchase price is equal to at least
  85% of the market price, where the offering period is no greater than 27
  months and where potential dilution (as defined below) is no greater than
  10%.

We will vote on a case-by-case basis on the following issues:

o Shareholder proposals seeking additional disclosure of executive and director
  pay information.

o Executive and director stock-related compensation plans. We will consider the
  following factors when reviewing these plans:

  - The program must be of a reasonable size. We will approve plans where the
    combined employee and director plans together would generate less than 15%
    dilution. We will reject plans with 15% or more potential dilution.

                        Dilution = (A + B + C) / (A + B + C + D), where
                        A = Shares reserved for plan/amendment,
                        B = Shares available under continuing plans,
                        C = Shares granted but unexercised and
                        D = Shares outstanding.

  - The plan must not:

    - Explicitly permit unlimited option repricing authority or that have
      repriced in the past without shareholder approval

    - Be a self-replenishing "evergreen" plan, or a plan that grants discount
      options and tax offset payments

  - We are generally in favor of proposals that increase participation beyond
    executives.

  - We generally support proposals asking companies to adopt rigorous vesting
    provisions for stock option plans such as those that vest incrementally
    over, at least, a three- or four-year period with a pro rata portion of
    the shares becoming exercisable on an annual basis following grant date.

  - We generally support proposals asking companies to disclose their window
    period policies for stock transactions. Window period policies ensure that
    employees do not exercise options based on insider information
    contemporaneous with quarterly earnings releases and other material
    corporate announcements.

  - We generally support proposals asking companies to adopt stock holding
    periods for their executives.

o All other employee stock purchase plans.

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o All other compensation-related proposals, including deferred compensation
  plans, employment agreements, loan guarantee programs and retirement plans.

o All other proposals regarding stock compensation plans, including extending
  the life of a plan, changing vesting restrictions, repricing options,
  lengthening exercise periods or accelerating distribution of awards and
  pyramiding and cashless exercise programs.

We will vote against:

o Pensions for non-employee directors. We believe these retirement plans reduce
  director objectivity.

o Elimination of stock option plans.

We will vote on a case-by-case basis on these issues:

o Limits on executive and director pay.

o Stock in lieu of cash compensation for directors.


CORPORATE GOVERNANCE
Pioneer will vote for:

o Confidential voting.

o Equal access provisions, which allow shareholders to contribute their
  opinions to proxy materials.

o Proposals requiring directors to disclose their ownership of shares in the
  company.

We will vote on a case-by-case basis on the following issues:

o Change in the state of incorporation. We will support reincorporations
  supported by valid business reasons. We will oppose those that appear to be
  solely for the purpose of strengthening takeover defenses.

o Bundled proposals. We will evaluate the overall impact of the proposal.

o Adopting or amending the charter, bylaws or articles of association.

o Shareholder appraisal rights, which allow shareholders to demand judicial
  review of an acquisition price.

We will vote against:

o Shareholder advisory committees. While management should solicit shareholder
  input, we prefer to leave the method of doing so to management's discretion.

o Limitations on stock ownership or voting rights.

o Reduction in share ownership disclosure guidelines.

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MERGERS AND RESTRUCTURINGS
Pioneer will vote on the following and similar issues on a case-by-case basis:

o Mergers and acquisitions.

o Corporate restructurings, including spin-offs, liquidations, asset sales,
  joint ventures, conversions to holding company and conversions to
  self-managed REIT structure.

o Debt restructurings.

o Conversion of securities.

o Issuance of shares to facilitate a merger.

o Private placements, warrants, convertible debentures.

o Proposals requiring management to inform shareholders of merger
  opportunities.

We will normally vote against shareholder proposals requiring that the company
 be put up for sale.


MUTUAL FUNDS
Many of our portfolios may invest in shares of closed-end funds or
exchange-traded funds. The non-corporate structure of these investments raises
several unique proxy-voting issues.

Pioneer will vote for:

o Establishment of new classes or series of shares.

o Establishment of a master-feeder structure.

Pioneer will vote on a case-by-case on:

o Changes in investment policy. We will normally support changes that do not
  affect the investment objective or overall risk level of the fund. We will
     examine more fundamental changes on a case-by-case basis.

o Approval of new or amended advisory contracts.

o Changes from closed-end to open-end format.

o Election of a greater number of independent directors (in order to move
  closer to a majority of independent directors) in cases of poor performance.

o Authorization for, or increase in, preferred shares.

o Disposition of assets, termination, liquidation, or mergers.

o Classified boards of closed-end funds, but will typically support such
  proposals.


SOCIAL ISSUES
Pioneer will abstain on stockholder proposals calling for greater disclosure of
corporate activities with regard to social issues. "Social Issues" may
generally be described as shareholder proposals for a company to:

o Conduct studies regarding certain issues of public concern and interest;

o Study the feasibility of the company taking certain actions with regard to
  such issues; or

o Take specific action, including ceasing certain behavior and adopting company
  standards and principles, in relation to issues of public concern and
  interest.

We believe these issues are important and should receive management attention.

Pioneer will vote against proposals calling for substantial changes in the
company's business or activities. We will also normally vote against proposals
with regard to contributions, believing that management should control the
routine disbursement of funds.

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AVOIDING CONFLICTS OF INTEREST
Pioneer recognizes that in certain circumstances a conflict of interest may
arise when Pioneer votes a proxy.

A conflict of interest occurs when Pioneer's interests interfere, or appear to
interfere with the interests of Pioneer's clients.

A conflict may be actual or perceived and may exist, for example, when the
matter to be voted on concerns:

o An affiliate of Pioneer, such as another company belonging to the UniCredit
  S.p.A. banking group (a "UniCredit Affiliate");

o An issuer of a security for which Pioneer acts as a sponsor, advisor,
  manager, custodian, distributor, underwriter, broker, or other similar
  capacity (including those securities specifically declared by PGAM to
  present a conflict of interest for Pioneer);

o An issuer of a security for which UniCredit has informed Pioneer that a
  UniCredit Affiliate acts as a sponsor, advisor, manager, custodian,
  distributor, underwriter, broker, or other similar capacity; or

o A person with whom Pioneer (or any of its affiliates) has an existing,
  material contract or business relationship.

Any member of the Proxy Voting Oversight Group and any other associate involved
in the proxy voting process with knowledge of any apparent or actual conflict
of interest must disclose such conflict to the Proxy Coordinator and the Chief
Compliance Officer of Pioneer and the Funds. If any associate is lobbied or
pressured with respect to any voting decision, whether within or outside of
Pioneer, he or she should contact a member of the Proxy Voting Oversight Group
or Pioneer's Chief Compliance Officer.

The Proxy Voting Oversight Group will review each item referred to Pioneer by
the proxy voting service to determine whether an actual or potential conflict
of interest exists in connection with the proposal(s) to be voted upon. The
review will be conducted by comparing the apparent parties affected by the
proxy proposal being voted upon against the Controller's and Compliance
Department's internal list of interested persons and, for any matches found,
evaluating the anticipated magnitude and possible probability of any conflict
of interest being present. The Proxy Voting Oversight Group may cause any of
the following actions to be taken when a conflict of interest is present:

o Vote the proxy in accordance with the vote indicated under "Voting
  Guidelines," If a vote is indicated;

o Direct the independent proxy voting service to vote the proxy in accordance
  with its independent assessment; or

o As determined by the Proxy Voting Oversight Group in its discretion
  consistent with its fiduciary duty.

If the Proxy Voting Oversight Group perceives a material conflict of interest,
the group may also choose to disclose the conflict to the affected clients and
solicit their consent to proceed with the vote, or may take such other action
in good faith (in consultation with counsel) that would protect the interest of
clients.

For each referral item, the determination regarding the presence or absence of
any actual or potential conflict of interest will be documented in a Conflicts
of Interest Report prepared by the Proxy Coordinator.

The Proxy Voting Oversight Group will review periodically the independence of
the proxy voting service. This may include a review of the service's conflict
management procedures and other documentation, and an evaluation as to whether
the service continues to have the competency and capacity to vote proxies.


DECISION NOT TO VOTE PROXIES
Although it is Pioneer's general policy to vote all proxies in accordance with
the principles set forth in this policy, there may be situations in which the
Proxy Voting Oversight Group does not vote a proxy referred to it. For example,
because of the potential conflict of interest inherent in voting shares of a
UniCredit


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affiliate, Pioneer will abstain from voting the shares unless otherwise
directed by a client. In such a case, the Proxy Coordinator will inform PGAM
Global Compliance and the PGAM Independent Directors before exercising voting
rights.

There exist other situations in which the Proxy Voting Oversight Group may
refrain from voting a proxy. For example, if the cost of voting a foreign
security outweighs the benefit of voting, the Group may not vote the proxy. The
Group may not be given enough time to process a vote, perhaps because it
receives a meeting notice too late or it cannot obtain a translation of the
agenda in the time available. If Pioneer has outstanding "sell" orders, the
proxies for shares subject to the order may not be voted to facilitate the
sale. Although Pioneer may hold shares on a company's record date, if the
shares are sold prior to the meeting date, the Group may decide not to vote
those shares.


SUPERVISION


ESCALATION
It is each associate's responsibility to contact his or her business unit head,
the Proxy Coordinator, a member of the Proxy Voting Oversight Group or
Pioneer's Chief Compliance Officer if he or she becomes aware of any possible
noncompliance with this policy.


TRAINING
Pioneer will conduct periodic training regarding proxy voting and this policy.
It is the responsibility of the business line policy owner and the applicable
Compliance Department to coordinate and conduct such training.


RELATED POLICIES AND PROCEDURES
Pioneer Investment Management, Inc.'s Books and Records Policy and the Books
and Records of the Pioneer Funds' Policy.


RECORD KEEPING
The Proxy Coordinator shall ensure that Pioneer's proxy voting service:

o Retains a copy of each proxy statement received (unless the proxy statement
  is available from the SEC's Electronic Data Gathering, Analysis, and
  Retrieval (EDGAR) system);

o Retains a record of the vote cast;

o Prepares Form N-PX for filing on behalf of each client that is a registered
  investment company; and

o Is able to promptly provide Pioneer with a copy of the voting record upon its
  request.

The Proxy Coordinator shall ensure that for those votes that may require
 additional documentation
(i.e. conflicts of interest, exception votes and case-by-case votes) the
following records are maintained:

o A record memorializing the basis for each referral vote cast;

o A copy of any document created by Pioneer that was material in making the
  decision on how to vote the subject proxy;

o A copy of any recommendation of the proxy voting service; and

o A copy of any conflict notice, conflict consent or any other written
  communication (including emails or other electronic communications) to or
  from the client (or in the case of an employee benefit plan, the plan's
  trustee or other fiduciaries) regarding the subject proxy vote cast by, or
  the vote recommendation of, Pioneer.

Pioneer shall maintain the above records in the client's file in accordance
 with applicable regulations.


RELATED REGULATIONS
Form N-1A, ICA Rule 30b1-4, Rule 31a1-3, Rule 38a-1 & IAA 206(4)-6, 204-2

                                       64
<PAGE>

ADOPTED BY THE PIONEER FUNDS' BOARD OF TRUSTEES
October 5, 2004


EFFECTIVE DATE:
October 5, 2004


REVISION DATE:

September 2009


                                                                   22091-13-0517
                                       65


<PAGE>


                                PART C - OTHER INFORMATION


Item 28. Exhibits


    (a)		Amended and Restated Agreement and Declaration of
		Trust (January 12, 2016) (12)
    (b)         Amended and Restated By-laws (8)
    (c)         Specimen Stock Certificate (1)
    (d)         Amended and Restated Management Agreement
                (November 12, 2013) (10)
    (e)(1)      Underwriting Agreement between Registrant, on behalf of each
                series, and Pioneer Funds Distributor, Inc. (3)
    (e)(2)      Dealer Sales Agreement (7)
    (f)         None
    (g)(1)      Custodian Agreement with Brown Brothers Harriman & Co.
		(July 1, 2001) (6)
    (g)(2)      Amended Appendix A to Custodian Agreement
		(December 10, 2014) (11)
    (g)(3)      Amendment to Custodian Agreement (May 31, 2016) (13)
    (h)(1)      Transfer Agency Agreement (November 2, 2015) (12)
    (h)(2)      Amended and Restated Administration Agreement with Pioneer
                Investment Management, Inc. (February 1, 2017) (13)
    (h)(3)      Administrative Agency Agreement (March 5, 2012) (9)
    (h)(4)      Appendix A to Administrative Agency
		Agreement (December 27, 2016) (13)
    (i)         Opinion and Consent of Counsel (2)
    (j)         Consent of Independent Registered Public Accounting Firm (13)
    (k)         None
    (l)         Stock Purchase Agreement (1)
    (m)(1)      Amended and Restated Pioneer Funds
		Distribution Plan (January 10, 2017) (13)
    (m)(2)      Class R Service Plan (4)
    (n)         Multiple Class Plan Pursuant to Rule 18f-3 (5)
    (o)         Not applicable
    (p)         Code of Ethics of the Pioneer Funds, PFD, PIAM, and PIM
                (September 20, 2013) (10)
    N/A         Power of Attorney (November 17, 2014) (11)

---------------------

     (1)  Previously  filed.  Incorporated  by reference  from the  Registrant's
Post-Effective  Amendment No. 12 to the  Registration  Statement on Form N-1A as
filed  electronically with the Securities and Exchange Commission (the "SEC") on
March 29, 1995 (Accession Number 0000812195-95-000013).

     (2)  Previously  filed.  Incorporated  by reference  from the  Registrant's
Post-Effective  Amendment No. 18 to the  Registration  Statement on Form N-1A as
filed   electronically  with  the  SEC  on  April  29,  1999  (Accession  Number
0000812195-99-500008).

     (3)  Previously  filed.  Incorporated  by reference  from the  Registrant's
Post-Effective  Amendment No. 23 to the  Registration  Statement on Form N-1A as
filed   electronically   with  the  SEC  on  March  1,  2002  (Accession  Number
0000812195-02-000004).

     (4)  Previously  filed.  Incorporated  by reference  from the  Registrant's
Post-Effective  Amendment No. 25 to the  Registration  Statement on Form N-1A as
filed  electronically  with  the SEC on  February  18,  2003  (Accession  Number
0000831120-03-000004).

     (5)  Previously  filed.  Incorporated  by reference  from the  Registrant's
Post-Effective  Amendment No. 30 to the  Registration  Statement on Form N-1A as
filed   electronically  with  the  SEC  on  April  29,  2005  (Accession  Number
0001016964-05-000188).

     (6) Previously  filed.  Incorporated  herein by reference from the exhibits
filed with Post-Effective Amendment No. 31 to the Registration Statement on Form
N-1A  as  filed   with   the  SEC  on   April   28,   2006   (Accession   Number
0000831120-06-000020).

     (7) Previously  filed.  Incorporated  herein by reference from the exhibits
filed with Post-Effective Amendment No. 32 to the Registration Statement on Form
N-1A  as  filed   with   the  SEC  on   April   30,   2007   (Accession   Number
0001265389-07-000006).

     (8)  Previously  filed.  Incorporated herein by reference from the exhibits
filed with Post-Effective Amendment No. 34 to the Registration Statement on Form
N-1A  as  filed  with  the  SEC  on  April  30,  2009  (Accession  Number
0001094522-09-000007).

     (9) Previously filed. Incorporated herein by reference from the exhibits
filed with Post-Effective Amendment No. 38 to the Registration Statement on Form
N-1A as filed with the SEC on April 26, 2012 (Accession Number
0000812195-12-000008).

    (10) Previously filed. Incorporated herein by reference from the exhibits
filed with Post-Effective Amendment No. 42 to the Registration Statement on Form
N-1A as filed with the SEC on April 29, 2014 (Accession Number
0000276776-14-000032).

    (11) Previously filed. Incorporated herein by reference from the exhibits
filed with Post-Effective Amendment No. 44 to the Registration Statement on Form
N-1A as filed with the SEC on April 29, 2015 (Accession Number
0000930709-15-000012).

    (12) Previously filed. Incorporated herein by reference from the exhibits
filed with Post-Effective Amendment No. 49 to the Registration Statement on Form
N-1A as filed with the SEC on April 26, 2016 (Accession Number
0000930709-16-000028).

    (13) Filed herein.


Item 29. Persons Controlled by or Under Common Control with the Fund

     None.


Item 30.  Indemnification

     Except for the Amended and Restated Agreement and Declaration of Trust (the
"Declaration"),  establishing  the Fund as a statutory trust under Delaware law,
there is no contract,  arrangement or statute under which any Trustee,  officer,
underwriter  or  affiliated  person of the Fund is insured or  indemnified.  The
Declaration  provides  that every  person  who is, or has been,  a Trustee or an
officer,  employee or agent of the Fund shall be  indemnified by the Fund or the
appropriate Fund series to the fullest extent permitted by law against liability
and against all expenses  reasonably  incurred or paid by him in connection with
any claim, action, suit or proceeding in which he becomes involved as a party or
otherwise by virtue of his being or having been a Trustee,  officer, employee or
agent and against amounts paid or incurred by him in the settlement thereof.

     Insofar as  indemnification  for liability arising under the Securities Act
of 1933, as amended (the "1933 Act"), may be available to Trustees, officers and
controlling  persons  of the  Fund  pursuant  to the  foregoing  provisions,  or
otherwise,  the  Fund  has  been  advised  that in the  opinion  of the SEC such
indemnification  is against  public  policy as expressed in the 1933 Act and is,
therefore,  unenforceable. In the event that a claim for indemnification against
such  liabilities  (other than the  payment by the Fund of expenses  incurred or
paid by a Trustee,  officer or controlling  person of the Fund in the successful
defense of any action, suit or proceeding) is asserted by such Trustee,  officer
or controlling  person in connection with the securities being  registered,  the
Fund will,  unless in the opinion of its counsel the matter has been  settled by
controlling  precedent,  submit  to a  court  of  appropriate  jurisdiction  the
question  whether  such  indemnification  by  it is  against  public  policy  as
expressed in the 1933 Act and will be governed by the final adjudication of such
issue.


Item 31. Business and Other Connections of Investment Adviser

     Pioneer Investment Management, Inc. ("Pioneer Investments") is a registered
investment adviser under the Investment Advisers Act of 1940, as amended, and is
an  indirect,   wholly  owned   subsidiary   of   UniCredit S.p.A.("UniCredit").
Pioneer Investments manages investment  companies,  pension and profit  sharing
plans,  trusts,  estates or charitable  organizations  and other
corporations or business entities.

     To the  knowledge of the Fund,  none of Pioneer  Investments'  directors or
executive  officers  is  or  has  been  during  their  employment  with  Pioneer
Investments engaged in any other business, profession, vocation or employment of
a  substantial  nature for the past two  fiscal  years. Certain  directors
and  officers,  however,  may hold or may have held  various positions  with,
and engage or have  engaged in business  for,  the  investment companies that
Pioneer Investments manages and/or other UniCredit subsidiaries.

Item 32. Principal Underwriters

          (a)     Pioneer Funds Distributor, Inc. acts as principal underwriter
                  for the following investment companies:

                        Pioneer Asset Allocation Trust
                        Pioneer Bond Fund
                        Pioneer Emerging Markets Fund
                        Pioneer Equity Income Fund
                        Pioneer Fund
                        Pioneer High Yield Fund
                        Pioneer ILS Interval Fund
                        Pioneer Mid Cap Value Fund
                        Pioneer Money Market Trust
                        Pioneer Real Estate Shares
                        Pioneer Series Trust II
                        Pioneer Series Trust III
                        Pioneer Series Trust IV
                        Pioneer Series Trust V
                        Pioneer Series Trust VI
                        Pioneer Series Trust VII
                        Pioneer Series Trust VIII
                        Pioneer Series Trust X
                        Pioneer Series Trust XI
                        Pioneer Series Trust XII
                        Pioneer Short Term Income Fund
                        Pioneer Strategic Income Fund
                        Pioneer Variable Contracts Trust



         (b)     Directors and executive officers of Pioneer Funds Distributor,
                 Inc.:

                         POSITIONS AND OFFICES           POSITIONS AND OFFICES
NAME                     WITH UNDERWRITER                WITH FUND

Lisa M. Jones            President, Director, Chairman	 President
                         and Chief Executive Officer

Laura J. Palmer		 Senior Vice President and	 None
			 Interim Head of U.S.
		         Intermediary Distribution

Erik D. Gosule		 Senior Vice President and	 None
			 Head of Marketing and Product
			 Development

Tracy L. Connelly        Senior Vice President and	 None
                         Chief Operations Officer

Gregg M. Dooling         Chief Financial Officer         None

Terrence J. Cullen	 Senior Vice President and	 None
			 General Counsel

John M. Malone           Senior Vice President and	 None
                         Chief Compliance Officer

Patrick D. Grecco        Vice President and Controller   None

The principal business address of each of these individuals is 60 State Street,
Boston, Massachusetts 02109-1820.

         (c)      Not applicable.


Item 33.  Location of Accounts and Records

         The accounts, books, and other documents required to be maintained by
Section 31(a) of the Investment Company Act of 1940, as amended, and the rules
promulgated thereunder are maintained at the following offices:

	(a)	Registrant:
		60 State Street
		Boston, Massachusetts 02109

	(b)	Investment adviser and administrator:
		Pioneer Investment Management, Inc.
		60 State Street
		Boston, Massachusetts 02109

	(c)	Principal underwriter:
		Pioneer Funds Distributor, Inc.
		60 State Street
		Boston, Massachusetts 02109

	(d) 	Custodian and sub-administrator:
		Brown Brothers Harriman & Co.
		50 Post Office Square
		Boston, Massachusetts 02110

	(e)	Shareholder servicing and transfer agent:
		Boston Financial Data Services, Inc.
		2000 Crown Colony Drive
		Quincy, MA 02169

Item 34.  Management Services

     Not applicable.

Item 35.  Undertakings

     Not applicable.

<PAGE>
                                   SIGNATURES


     Pursuant to the requirements of the Securities Act of 1933, as amended,
and the Investment Company Act of 1940, as amended, the Fund certifies that it
meets all of the requirements for effectiveness of this registration statement
under Rule 485(b) under the Securities Act of 1933 and has duly caused this
Post-Effective Amendment No. 51 to its Registration Statement to be signed on
its behalf by the undersigned, duly authorized, in the City of Boston and The
Commonwealth of Massachusetts on the 24th day of April, 2017.



                                             PIONEER MONEY MARKET TRUST


				    	By: /s/ Lisa M. Jones
                                        ---------------------------------------
                                            Lisa M. Jones
                                            President


     Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities indicated below on April 24, 2017:

        Signature                       Title


        /s/ Lisa M. Jones        	President (Principal Executive Officer)
        Lisa M. Jones


	Mark E. Bradley*                Treasurer (Principal Financial and
        Mark E. Bradley                 Accounting Officer)



        David R. Bock*                  Trustee
        David R. Bock


        Benjamin M. Friedman*           Trustee
        Benjamin M. Friedman


        Margaret B. W. Graham*          Trustee
        Margaret B. W. Graham


	Thomas J. Perna*		Chairman of the Board
	Thomas J. Perna			and Trustee


	Marguerite A. Piret*		Trustee
	Marguerite A. Piret


	Fred J. Ricciardi*		Trustee
	Fred J. Ricciardi


	Kenneth J. Taubes*		Trustee
	Kenneth J. Taubes




  *By: /s/ Lisa M. Jones           Dated: April 24, 2017
       Lisa M. Jones
       Attorney-in-fact

<PAGE>

 EXHIBIT INDEX

    Exhibit
    Number     Document Title


    (g)(3)      Amendment to Custodian Agreement (May 31, 2016)

    (h)(2)      Amended and Restated Administration Agreement with Pioneer
                Investment Management, Inc. (February 1, 2017)

    (h)(4)      Appendix A to Administrative Agency
		Agreement (December 27, 2016)

    (j)         Consent of Independent Registered Public Accounting Firm

    (m)(1)      Amended and Restated Pioneer Funds
		Distribution Plan (January 10, 2017)