An exchange is the movement of money from one fund to the same class of shares in another fund without any change in ownership.

Ways to Exchange Shares

FactFoneSM	Online
Mail	Telephone
Fax	Automatic Exchange Plan

Whichever method you select, please keep in mind the following guidelines:

• Before requesting an exchange into a new fund, read that fund's prospectus. It contains additional information about the fund, including sales charges, expenses and potential limits on exchanges.
• An exchange is considered to be a sale and purchase of shares and may generate a taxable gain or loss (except in the case of retirement accounts).
• The account registration, tax identification number and share class of both the originating and receiving accounts must be identical.
• The minimum investment amount for the receiving fund must be met. The minimum exchange amount is $1,000 (except when using our Automatic Exchange Plan).
• Not all Pioneer mutual funds offer the same share classes and certain funds may be closed to new investments.
• If your account does not have a certified tax identification number, Backup Withholding may be deducted from the amount exchanged (except for retirement accounts).
• Your shares will be exchanged at the net asset value next determined after we receive your complete request. If your complete request is received after the close of the New York Stock Exchange (usually 4:00 p.m. Eastern time), shares will be exchanged using the price of the next business day.

Use the information presented here as a general guide. Your circumstances may vary; talk to your investment professional, or call one of our Customer Service Representatives at 1-800-225-6292.

Exchanging by FactFone^SM

You may exchange shares using FactFone^SM, our automated phone service, by dialing 1-800-225-4321.

You will need your 14-digit Pioneer account number and 4-digit personal identification number (PIN) to use FactFone^SM.

• Please keep in mind that there is a maximum telephone and/or fax exchange amount of $500,000 per account per day.

Learn how to use FactFone^SM  

Exchanging Online

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:

• For new accounts, complete the online section of the account application
• For existing accounts, complete an Account Options Form or write to the transfer agent

After you establish an eligible fund account, you can exchange fund shares by phone or online if:

• 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


• The fund into which you are exchanging offers the same class of shares


• You are not exchanging more than $500,000 worth of shares per account per day


• You can provide the proper account identification information

To use online transactions, you must read and agree to the terms of an online transaction agreement. When you or your investment firm requests an online 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.

For more information about exchanging shares online, please see any Pioneer fund prospectus. They are available on this site.

Exchanging by Telephone

If you have already authorized Pioneer to accept telephone instructions, you may exchange shares by calling us at 1-800-225-6292. To exchange shares from a retirement account, call our Retirement Specialists at 1-800-622-0176.

• To authorize telephone exchanges, send a completed Account Options Form to Pioneer Investment Management Shareholder Services, Inc., P. O. Box 55014, Boston, MA 02205-5014. Be sure to include your 14-digit Pioneer account number, the last 4 digits of your social security number and phone number.

When you call, please be ready with your 14-digit Pioneer account number, 4-digit personal identification number (PIN), exchange amount and receiving fund name or existing account number in another fund.

• Please keep in mind that there is a maximum telephone and/or fax exchange amount of $500,000 per account per day.

Exchanging by Mail

If you prefer, you may exchange shares by mailing your request to Pioneer Investment Management Shareholder Services, Inc., P. O. Box 55014, Boston, MA 02205-5014.

• A Medallion Signature Guarantee is required for exchanges exceeding $500,000.

Your request must include your 14-digit Pioneer account number, tax identification number, exchange amount, and the receiving fund name or existing account number in another fund. All registered owners must sign the request.

Exchanging by Fax

You may exchange shares by faxing your request to 1-800-225-4240.

Your request must include your 14-digit Pioneer account number, tax identification number, exchange amount, and receiving fund name or existing account number in another fund. All registered owners must sign the request.

• Please keep in mind that there is a maximum telephone and/or fax exchange amount of $500,000 per account per day.

Automatic Exchange Program

Pioneer's Automatic Exchange Program provides a simple way for you to move money from one Pioneer mutual fund into another of the same share class on a regular schedule.

Please keep in mind the following guidelines for establishing Automatic Exchange:

• The originating account must have a minimum balance of $5,000 to start the program.
• The minimum monthly exchange amount is $250. The minimum quarterly exchange amount is $500.

Establish by Mail

To establish this plan, send a completed Account Options form or letter of instruction to Pioneer Investment Management Shareholder Services, Inc., P.O. Box 55014, Boston, MA 02205-5014. Be sure to include your 14- digit account number, last four digits of your social security number and phone number.

Establish by Phone

Call our Customer Service Representatives at 1-800-225-6292. When you call, please be ready with your 14-digit Pioneer account number, the last 4 digits of your social security number, exchange amount, frequency and receiving account number in another fund.