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Performance data shown represents past performance. Past performance does not guarantee future results. Assumes reinvestment of all distributions at net asset value. Investment return and principal value fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance shown.

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.

Shares of closed-end funds frequently trade at prices lower than their net asset value. Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares are sold in the open market through an exchange. Each fund is designed primarily for long term investors and should not be considered a vehicle for trading purposes. For further information, please contact your financial advisor.