Pioneer Long/Short European Equity - July 2008

The fund employs real-time risk management tools to monitor its risk profile and this information is provided to investors on a daily basis. The fund focuses on mid and large cap stocks and is predominately market neutral. However, the fund may be net long or net short at times. The Pioneer fund selects investments based on the strategies of pairs trading, long/short portfolio and opportunistic strategies. These strategies allow the fund to maintain a diversified strategic mix. PLSEE has been