Pioneer Investments: Pioneer Funds Sales Charge and Breakpoint Information


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Pioneer Funds Sales Charge and Breakpoint Information

Choosing a class of shares

Pioneer offers five classes of shares: Class A, Class B, Class C, Class R and Class Y. All share classes may not be available for each fund. Class R shares, which are available for certain retirement plans, and Class Y shares, which are available for certain institutional investors, do not impose a sales charge on the purchase or sale of fund shares.

Please note: As of December 31, 2009, Class B shares of all Pioneer mutual funds are closed to new investments by new and existing shareholders. Please read our letter to shareholders for more information.

Your investment professional can help you determine which class meets your goals. Your investment firm may receive different compensation depending upon which class you choose. If you are not a U.S. citizen and are purchasing shares outside the U.S., you may pay different sales charges under local laws and business practices.

Sales charges: Class A shares

You pay the offering price when you buy Class A shares unless you qualify to purchase shares at net asset value. You pay a lower sales charge as the size of your investment increases. You do not pay a sales charge when you reinvest dividends or capital gain distributions paid by the fund. You do not pay a contingent deferred sales charge when you sell shares purchased through reinvestment of dividends or capital gain distributions.

Offering price
The net asset value per share plus any initial sales charge.

Sales charges for Class A shares

Sales Charge Schedule List A List B List C Cash Reserves Fund
Amount of purchase Sales Charge Sales Charge Sales Charge Sales Charge
Under $50,000 5.75% N/A 2.50% N/A
$50,000 - $99,999 4.50% N/A 2.00% N/A
Under $100,000 N/A 4.50% N/A N/A
$100,000 - $249,999 3.50% 3.50% 1.50% N/A
$250,000 - $499,999 2.50% 2.50% 1.00% N/A
$500,000 or more -0- -0- -0- N/A
 

List A
Pioneer Fundamental Value Fund *
Pioneer Disciplined Growth Fund
Pioneer Disciplined Value Fund
Pioneer Emerging Markets Fund
Pioneer Equity Income Fund
Pioneer Equity Opportunity Fund
Pioneer Fund
Pioneer Fundamental Growth Fund
Pioneer Global Equity Fund
Pioneer Growth Opportunities Fund
Pioneer Ibbotson Aggressive Allocation Fund
Pioneer Ibbotson Conservative Allocation Fund
Pioneer Ibbotson Growth Allocation Fund
Pioneer Ibbotson Moderate Allocation Fund
Pioneer Independence Fund
Pioneer International Value Fund
Pioneer Mid Cap Value Fund
Pioneer Oak Ridge Large Cap Growth Fund
Pioneer Oak Ridge Small Cap Growth Fund
Pioneer Real Estate Shares
Pioneer Research Fund
Pioneer Select Mid Cap Growth Fund
Pioneer Value Fund

List B
Pioneer Absolute Return Credit Fund
Pioneer AMT-Free Municipal Fund
Pioneer Bond Fund
Pioneer Classic Balanced Fund
Pioneer Floating Rate Fund
Pioneer Global Aggregate Bond Fund
Pioneer Global High Yield Fund1
Pioneer Government Income Fund
Pioneer High Income Municipal Fund
Pioneer High Yield Fund
Pioneer Multi-Asset Income Fund
Pioneer Multi-Asset Real Return Fund
Pioneer Short Term Income Fund
Pioneer Strategic Income Fund

List C
Pioneer Multi-Asset Ultrashort Income Fund**
Pioneer Short Term Income Fund

* Effective June 30, 2012, Pioneer Cullen Value Fund was renamed Pioneer Fundamental Value Fund.
** Effective June 30, 2012, Pioneer Multi-Asset Floating Rate Fund was renamed Pioneer Multi-Asset Ultrashort Income Fund.

1. The fund acquired all of the assets of Third Avenue High Yield Fund on February 25, 2000. Former Third Avenue High Yield Fund shareowners may purchase shares in any Pioneer mutual fund, either directly or by exchange, for any account established as a result of the reorganization without a sales charge.

The dollar amount of the sales charge is the difference between the offering price of the shares purchased (based on the applicable sales charge in the table) and the net asset value of those shares. Since the offering price is calculated to two decimal places using standard rounding methodology, the dollar amount of the sales charge as a percentage of the offering price and of the net amount invested for any particular purchase of fund shares may be higher or lower due to rounding.

Reduced sales charges for Class A Shares
You may qualify for a reduced Class A sales charge if you own or are purchasing shares of Pioneer mutual funds. The investment levels required to obtain a reduced sales charge are commonly referred to as "breakpoints." Pioneer offers two principal means of taking advantage of breakpoints in sales charges for aggregate purchases of Class A shares: rights of accumulation or a letter of intent.

Rights of accumulation
If you qualify for rights of accumulation, your sales charge will be based on the combined value (at the current offering price) of all your Pioneer mutual fund shares, the shares of your spouse and the shares of any children under the age of 21. This means that if the combined value is at least $50,000 in the Class A shares of any of the equity funds or Pioneer Short Term Income Fund ($100,000 in the case of the fixed income funds) you will receive a reduced sales charge.

Letter of intent
You can use a letter of intent to qualify for reduced sales charges in two situations:

  • If you plan to invest at least $50,000 in the Class A shares of any of the equity funds or Pioneer Short Term Income Fund ($100,000 in the case of the fixed income funds) (excluding any reinvestment of dividends and capital gain distributions) during the next 13 months
  • If you include in your letter of intent the value (at the current offering price) of all of your Class A shares of the fund and all other Pioneer mutual fund shares held of record in the amount used to determine the applicable sales charge for the fund shares you plan to buy

Completing a letter of intent does not obligate you to purchase additional shares, but if you do not buy enough shares to qualify for the projected level of sales charges by the end of the 13-month period (or when you sell your shares, if earlier), the distributor will recalculate your sales charge. You must pay the additional sales charge within 20 days after you are notified of the recalculation or it will be deducted from your account (or your sale proceeds). For more information regarding letters of intent, please contact your investment professional or obtain and read the prospectus and/or statement of additional information.

Qualifying for a reduced Class A sales charge

In calculating your total account value in order to determine whether you have met sales charge breakpoints, you can include your Pioneer mutual fund shares, those of your spouse and the shares of any children under the age of 21. Pioneer will use each fund's current offering price to calculate your total account value. Certain trustees and fiduciaries may also qualify for a reduced sales charge.

To receive a reduced sales charge, you or your investment professional must, at the time of purchase, notify the distributor of your eligibility. In order to verify your eligibility for a discount, you may need to provide your investment professional or the fund with information or records, such as account numbers or statements, regarding shares of the fund or other Pioneer mutual funds held in all accounts by you, your spouse or children under the age of 21 with that investment professional or with any other financial intermediary. Eligible accounts may include joint accounts, retirement plan accounts, such as IRA and 401k accounts, and custodial accounts, such as ESA, UGMA and UTMA accounts.

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.

For this purpose, Pioneer mutual funds include any fund for which the distributor is principal underwriter and, at the distributor's discretion, may include funds organized outside the U.S. and managed by Pioneer or an affiliate.

Class A purchases at a reduced initial sales charge or net asset value are also available to:
Group plans if the sponsoring organization:

  • recommends purchases of Pioneer mutual funds to,
  • permits solicitation of, or
  • facilitates purchases by its employees, members or participants.

Class A purchases at net asset value

You may purchase Class A shares at net asset value (without a sales charge) as follows.

Investments of $500,000 or more and certain retirement plans
You do not pay a sales charge when you purchase Class A shares if you are investing $500,000 or more, are a participant in an employer-sponsored retirement plan with at least $500,000 in total plan assets or are a participant in certain employer-sponsored retirement plans with accounts established with Pioneer on or before March 31, 2004 with 100 or more eligible employees or at least $500,000 in total plan assets. However, you may pay a deferred sales charge if you sell your Class A shares within 12 months of purchase. The sales charge is equal to 1% of your investment or your sale proceeds, whichever is less.

If you believe you qualify for any of the Class A sales charge waivers discussed below, contact the distributor. You are required to provide written confirmation of your eligibility. You may not resell these shares except to or on behalf of the fund.

Class A purchases at net asset value are available to:

  • Current or former trustees and officers of the fund;
  • Partners and employees of legal counsel to the fund (at the time of initial share purchase);
  • Directors, officers, employees or sales representatives of Pioneer and its affiliates (at the time of initial share purchase);
  • Directors, officers, employees or sales representatives of any subadviser or a predecessor adviser (or their affiliates) to any investment company for which Pioneer serves as investment adviser (at the time of initial share purchase);
  • Officers, partners, employees or registered representatives of broker-dealers (at the time of initial share purchase) which have entered into sales agreements with the distributor;
  • Employees of Regions Financial Corporation and its affiliates (at the time of initial share purchase);
  • Members of the immediate families of any of the persons above;
  • Any trust, custodian, pension, profit sharing or other benefit plan of the foregoing persons;
  • Insurance company separate accounts;
  • Certain wrap accounts for the benefit of clients of investment professionals or other financial intermediaries adhering to standards established by the distributor;
  • Other funds and accounts for which Pioneer or any of its affiliates serve as investment adviser or manager;
  • Investors, in connection with certain reorganization, liquidation or acquisition transactions involving other investment companies or personal holding companies;
  • Certain unit investment trusts;
  • Employer-sponsored retirement plans with at least $500,000 in total plan assets;
  • Employer-sponsored retirement plans with accounts established with Pioneer on or before March 31, 2004 with 100 or more eligible employees or at least $500,000 in total plan assets;
  • Participants in Optional Retirement Programs if (i) your employer has authorized a limited number of mutual funds to participate in the program, (ii) all participating mutual funds sell shares to program participants at net asset value, (iii) your employer has agreed in writing to facilitate investment in Pioneer mutual funds by program participants and (iv) the program provides for a matching contribution for each participant contribution;
  • Participants 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;
  • Individuals receiving a distributions consisting of Class Y shares of a Pioneer fund from a trust, fiduciary, custodial or other similar account who purchase Class A shares of the same Pioneer fund within 90 days of the date of the distribution;
  • Investors purchasing shares pursuant to the reinstatement privilege applicable to Class A and Class B shares;
  • Shareholders of record (i.e., not held in the name of your broker or an omnibus account) on the date of the reorganization of a predecessor Safeco fund into a corresponding Pioneer fund, shareholders who owned shares in the name of an omnibus account provider on that date that agrees with the fund to distinguish beneficial holders in the same manner, and retirement plans with assets invested in the predecessor Safeco fund on that date.

In addition, Class A shares may be purchased at net asset value 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 the Pioneer funds in their program without the imposition of a sales charge. 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 also may 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.

Reinstatement privilege for Class A and Class B shares
If you recently sold all or part of your Class A or Class B 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:

  • You must send a written request to the transfer agent no more than 90 days after selling your shares and
  • 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.

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 transfer agent receives your written request for reinstatement.

You may realize a gain or loss for 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.

Contingent deferred sales charge
A sales charge that may be deducted from your sale proceeds.

Class A shares that are subject to a CDSC
Purchases of Class A shares of $500,000 or more, or by participants in a group plan which were not subject to an initial sales charge, may be subject to a CDSC upon redemption. A CDSC is payable to the distributor in the event of a share redemption within 12 months following the share purchase at the rate of 1% of the lesser of the value of the shares redeemed (exclusive of reinvested dividend and capital gain distributions) or the total cost of such shares. However, the CDSC is waived for redemptions of Class A shares purchased by an employer-sponsored retirement plan described under Section 401(a), 403(b) or 457 of the Internal Revenue Code that has at least $500,000 in total plan assets (or that has 1,000 or more eligible employees for plans with accounts established with Pioneer on or before March 31, 2004).

Sales charges: Class B shares

Please note: As of December 31, 2009, Class B shares of all Pioneer mutual funds are closed to new investments by new and existing shareholders. Please read our letter to shareholders for more information.

You buy Class B shares at net asset value per share without paying an initial sales charge. However, if you sell your Class B shares within five years of purchase (3 years in the case of Short Term Income Fund), you will pay the distributor a contingent deferred sales charge. The contingent deferred sales charge decreases as the number of years since your purchase increases.

Contingent deferred sales charge

On shares sold before the end of year As a % of dollar amount subject to the sales charge

1 4
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2   4
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3   3
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4   2
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5   1
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6+   0
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Shares purchased prior to December 1, 2004 remain subject to the contingent deferred sales charges in effect at the time you purchased those shares.



Contingent deferred sales charge - Short Term Income Fund Only

On shares sold before the end of year As a % of dollar amount subject to the sales charge

1 2
.................................................................................
2   2
.................................................................................
3   1
.................................................................................
4+   0

Conversion to Class A shares
Class B shares automatically convert into Class A shares. This helps you because Class A shares pay lower expenses.

Your Class B shares will convert to Class A shares eight years after the date of purchase (five years in the case of Short Term Income Fund) except that:

  • Shares purchased by reinvesting dividends and capital gain distributions will convert to Class A shares over time in the same proportion as other shares held in the account
  • Shares purchased by exchanging shares from another fund will convert on the date that the shares originally acquired would have converted into Class A shares

Currently, the Internal Revenue Service permits the conversion of shares to take place without imposing a federal income tax. Conversion may not occur if the Internal Revenue Service deems it a taxable event for federal tax purposes.

Paying the contingent deferred sales charge (CDSC)

Several rules apply for Class B shares so that you pay the lowest possible CDSC.

  • The CDSC is calculated on the current market value or the original cost of the shares you are selling, whichever is less
  • You do not pay a CDSC on reinvested dividends or distributions
  • 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
  • You may qualify for a waiver of the CDSC normally charged. See "Waiver or reduction of contingent deferred sales charges (CDSC).
  • "

Contingent deferred sales charge
A sales charge that may be deducted from your sale proceeds.

Sales charges: Class C shares

You buy Class C shares at net asset value per share without paying an initial sales charge. However, if you sell your Class C shares within one year of purchase, you will pay the distributor a contingent deferred sales charge of 1% of the current market value or the original cost of the shares you are selling, whichever is less.

Paying the contingent deferred sales charge (CDSC)

Several rules apply for Class C shares so that you pay the lowest possible CDSC.

  • The CDSC is calculated on the current market value or the original cost of the shares you are selling, whichever is less
  • You do not pay a CDSC on reinvested dividends or distributions
  • 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
  • You may qualify for a waiver of the CDSC normally charged. See "Waiver or reduction of contingent deferred sales charges (CDSC)."

Contingent deferred sales charge
A sales charge that may be deducted from your sale proceeds.

Waiver or reduction of contingent deferred sales charges (CDSC)

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.

Class A, Class B and Class C shares

The distributor may waive or reduce the CDSC for Class A shares that are subject to a CDSC or for Class B or Class C shares if:

  • 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;
  • 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;
  • 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);
  • 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, 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);
  • 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. For Class B shares, waiver is granted only on payments of up to 10% of total plan assets held by Pioneer for all participants, reduced by the total of any prior distributions made in that calendar year;
    • Due to retirement or termination of employment. For Class B shares, waiver is granted only on payments of up to 10% of total plan assets held in a Pioneer mutual fund for all participants, reduced by the total of any prior distributions made in the same calendar year; or
    • 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 (not available to Class B shares);
  • The distribution is made pursuant to the fund's right to liquidate or involuntarily redeem shares in a shareholder's account; or
  • The distributor does not pay the selling broker a commission normally paid at the time of the sale.

See additional information regarding reduced sales charges and breakpoints.

 
 

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus or summary prospectus and for information on any Pioneer fund, please download it here.

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