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Closed end funds, unlike open-end funds, are not continuously offered. Thaere is a one-time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange and frequently trade at prices lower than their net asset value. Net Asset Value (NAV) is total assets less total liabilities divided by the number of common shares outstanding.


Total investment return does not reflect broker sales charges or commissions. All performance information is for common shares of the fund. When net asset value (NAV) is lower than market price, dividends are assumed to be reinvested at the greater of NAV or 95% of the market price. When NAV is higher, dividends are assumed to be reinvested at market price.

Please consider each fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus and semi-annual report contain this and other information about each fund and should be read carefully before you invest or send money. To obtain a prospectus or semi-annual report and for other information on any Pioneer fund contact your financial advisor or visit the download literature page. A prospectus is available for each fund until the fund's first semi-annual report is issued.