[February 2004]
PIONEER FUNDS DISTRIBUTOR, INC.
00 XXXXX XXXXXX
XXXXXX, XX 00000
(000) 000-0000
SALES AGREEMENT
Pioneer Funds Distributor, Inc. (PFD), Member of the UniCredito Italiano Banking
Group, Register of Banking Groups, acts as principal underwriter, as defined in
the Investment Company Act of 1940, for the registered investment companies (the
"Funds") listed on Appendix A attached (as amended from time to time by PFD).
Acting as a principal, PFD offers to sell shares of the Funds subject to the
conditions set forth in this agreement and subsequent amendments thereto.
1. Shares purchased from PFD for sale to the public shall be offered and
sold at the price or prices, and on the terms and conditions, set forth in the
currently effective prospectuses of the Funds, as amended or supplemented from
time to time (the "Prospectus" or "Prospectuses"). In the sale of such shares to
the public you shall act as dealer for your own account or as agent for your
customer, and in no transaction shall you have any authority to act or hold
yourself out as agent for PFD, any of the Funds, the Funds' Custodians, the
Funds' Transfer Agent, or any other party, and nothing in this agreement shall
constitute you a partner, employee or agent of ours or give you any authority to
act for PFD. Neither PFD nor the Funds shall be liable for any of your acts or
obligations as a broker-dealer under this agreement. Nothing herein shall be
construed to prohibit your acting as agent for one or both customers in the sale
of shares by one customer to another and charging such customer(s) a reasonable
commission.
2. Shares purchased from PFD for sale to the public shall be purchased
only to cover orders previously received by you from your customers. Shares
purchased for your own bona fide investment shall not be reoffered or sold
except to the applicable Fund or to PFD. PFD also agrees to purchase shares only
for investment or to cover orders received.
3. If you purchase shares from your customers, you agree to pay such
customers not less than the redemption price in effect on the date of purchase,
as defined in the Prospectus of the applicable Fund. Sales of shares at prices
reflecting a discount, concession, commission or other reallowance shall be made
only to registered broker-dealers which are members of the National Association
of Securities Dealers, Inc. (NASD) and who also have entered into sales
agreements with PFD.
4. Only unconditional orders for a designated number of shares or dollar
amount of investment shall be accepted. Procedures relating to handling orders
shall be conveyed to you from time to time. All orders are subject to acceptance
or rejection by PFD in our sole discretion.
5. If any shares sold to or through you under the terms of this agreement
are repurchased by PFD or by the issuer or are tendered for redemption within
seven business days after the date of our confirmation of the original purchase
by you, we both agree to pay to the Fund all commissions on such shares.
6. Sales by you to the public shall earn a commission computed as a
percentage of the applicable offering price and which varies with the size and
nature of each such purchase. The terms and conditions affecting the applicable
offering prices on shares sold with a front-end sales charge, including features
such as combined purchase, rights of accumulation, Letters of Intent and net
asset value purchases, are described in the Prospectuses. The schedules of
commissions generally payable with respect to sales of the Funds' shares are
Page 1
outlined on Appendix A to this agreement. Commission checks for less than $1
will not be issued. PFD may, from time to time, offer additional commissions or
bonuses on sales by you or your representatives without otherwise revising this
agreement. Any such additional commissions or bonuses shall take effect in
accordance with the terms and conditions contained in written notification to
you.
7. Remittance of the net amount due for shares purchased from PFD shall be
made payable to Pioneer Investment Management Shareholder Services, Inc.
(PIMSS), Agent for the Underwriter, in New York or Boston funds, within three
days of our confirmation of sale to you, or within such shorter time as
specified by the rules of the NASD or of a registered clearing agent through
which the transaction is settled. Payments made to PIMSS should be sent to Xxxx
Xxxxxx Xxx 0000, Xxxxxx, XX 00000 (or wired to an account designated by PIMSS),
along with your transfer instructions on the appropriate copy of our
confirmation of sale to you. If such payment is not received by PIMSS, we
reserve the right to liquidate the shares purchased for your account and risk.
Promptly upon receipt of payment, shares sold to you shall be deposited by PIMSS
to an account on the books of the Fund(s) in accordance with your instructions.
Certificates will not be issued unless specifically requested and we reserve the
right to levy a charge for issuance of certificates.
8. You represent that you are and, at the time of purchasing any shares of
the Funds, will be registered as a broker-dealer with the US. Securities and
Exchange Commission (SEC) or are exempt from such registration; if required to
be registered as a broker-dealer you are a member in good standing of the NASD;
you are qualified to act as a broker-dealer in the states or jurisdictions in
which you intend to offer shares of the Funds; you will abide by all applicable
federal and state statutes and the rules of the NASD; and when making sales to
citizens or residents of a foreign country, that you will abide by all
applicable laws and regulations of that country. Expulsion or suspension from
the NASD or revocation or suspension of SEC registration shall act as an
immediate cancellation of this agreement.
9. No person is authorized to make any representations concerning shares
of any of the Funds except those contained in the then current Prospectus or
Statement of Additional Information (SAI) for such Fund. In purchasing shares
from PFD you shall rely solely on the representations contained in such
Prospectuses and SAIs.
10. Additional copies of the current Prospectuses, SAIs, and other
literature will be supplied in reasonable quantities upon request.
11. We reserve the right in our discretion to suspend sales or withdraw
the offering of shares of any Fund entirely. Either party hereto has the right
to cancel this agreement upon five days' written notice to the other party. We
reserve the right to amend this agreement at any time and you agree that an
order to purchase shares of any one of the Funds placed by you after notice of
such amendment has been sent to you shall constitute your agreement to any such
amendment.
12. Notwithstanding anything to the contrary in this Agreement, in addition
to and not in lieu of other provisions in this Agreement:
(a) "Confidential Information: includes without limitation all
information regarding the customers of the parties to this Agreement
and any of their subsidiaries, affiliates or licensees; or the
accounts, account numbers, names, addresses, social security numbers or
any other personal identifier of such customers; or any information
derived therefrom.
(b) Neither party may disclose Confidential Information for any purpose
other than to carry out the purpose for which Confidential Information
was provided to that party as set forth in this Agreement; and each
Page 2
party agrees to cause its employees, agents and representatives, or any
other person to whom the parties may provide access or disclose
Confidential Information to limit the use and disclosure of
Confidential Information to that purpose.
(c) The parties agree to implement appropriate measures designed to
ensure the security and confidentiality of Confidential Information, to
protect such information against any anticipated threats or hazards to
the security and integrity of such information, and to protect against
unauthorized access to, or use of, Confidential Information that could
result in substantial harm or inconvenience to any of the customers of
the parties or any of their subsidiaries, affiliates or licensees; the
parties further agree to cause all their respective agents,
representatives or subcontractors, or any other party to whom they
provide access to or disclose Confidential Information, to implement
appropriate measures to meet the objectives set forth in this Section
12.
13. All written communications to PFD should be sent to the above address.
All written communications to you will be sent to your address listed below.
14. This agreement shall become effective upon receipt by us of your
acceptance hereof and supersedes any prior agreement between us with respect to
the sales of shares of any of the Funds.
15. This agreement shall be construed in accordance with the laws of
Massachusetts. The parties hereby agree that all disputes between us of whatever
subject matter, whether existing on the date hereof or arising hereafter, shall
be submitted to arbitration in accordance with the then current Code of
Arbitration Procedure of the NASD, the Uniform Arbitration Act or similar rules.
Arbitration shall take place in the city of Boston, Massachusetts. Any decision
that shall be made in such arbitration shall be final and binding and shall have
the same force and effect as a judgment made in a court of competent
jurisdiction.
16. You appoint the transfer agent for each Fund as your agent to execute
the purchase transactions of shares of such Fund in accordance with the terms
and provisions of any account, program, plan or service established or used by
your customers and to confirm each purchase to your customers on your behalf,
except as modified in writing by the Transfer Agent, and you guarantee to us and
the Fund the legal capacity of your customers so purchasing such shares and any
other person in whose name the shares are to be registered.
PIONEER FUNDS DISTRIBUTOR, INC.
Date:
By:______________________________________________________
Xxxxxxx X. Xxxxxx
Senior Vice President
The undersigned hereby accepts the offer set forth in above letter.
------------------------------------------------
Name:
Title:
Date:
Page 3
PIONEER FUNDS DISTRIBUTOR, INC.
00 XXXXX XXXXXX
XXXXXX, XX 00000
(000) 000-0000
SUPPLEMENTAL SALES AND SERVICE AGREEMENT
You have entered into a Sales Agreement with Pioneer Funds Distributor, Inc.
("PFD"), Member of the UniCredito Italiano Banking Group, Register of Banking
Group, with respect to the Pioneer mutual funds for which PFD serves as
principal underwriter (the "Funds").
This agreement incorporates and supplements that agreement. In consideration of
your sales of shares of the Funds, for providing services to shareholders of the
Funds and assisting PFD and its affiliates in providing such services, we are
authorized to pay you certain service fees as specified herein. Receipt by you
of any such service fees is subject to the terms and conditions contained in the
Funds' prospectuses and/or specified below, as may be amended from time to time.
1. You agree to cooperate as requested with programs that the Funds, PFD or
their affiliates provide to enhance shareholder service.
2. You agree to take an active role in providing such shareholder services as
processing purchase and redemption transactions and, where applicable, exchanges
and account transfers; establishing and maintaining shareholder accounts;
providing certain information and assistance with respect to the Funds; and
responding to shareholder inquiries or advising us of such inquiries where
appropriate.
3. You agree to assign an active registered representative to each shareholder
account on your and our records and to reassign accounts when registered
representatives leave your firm. You also agree, with respect to accounts which
are held in nominee or "street" name, to provide such documentation and
verification that active representatives are assigned to all such accounts as
PFD may require from time to time.
4. You agree to pay to the registered representatives assigned to shareholder
accounts a share of any service fees paid to you pursuant to this agreement. You
also agree to instruct your representatives to regularly contact shareholders
whose accounts are assigned to them.
5. You acknowledge that service fee payments are subject to terms and conditions
set forth herein and in the Funds' prospectuses, statements of additional
information and plans of distribution and that this agreement may be terminated
by either party at any time by written notice to the other. Any order to
purchase or sell shares received by PFD from you subsequent to the date of our
notification to you of an amendment of our agreement shall be deemed to be your
acceptance of such an amendment.
6. You acknowledge that your continued participation in this agreement is
subject to your providing a level of support to PFD's marketing and shareholder
retention efforts that is deemed acceptable by PFD. Factors which may be
considered by PFD in this respect include, but are not limited to, the level of
shareholder redemptions, the level of assistance in disseminating shareholder
communications, reasonable access to your offices and/or representatives by PFD
wholesalers or other employees and whether your compensation system or
"preferential list" unduly discriminates against the sale of shares of the
Funds.
7. Service fees will generally be paid quarterly, at the rates and under the
conditions specified on Schedule A hereto.
8. All communications to PFD should be sent to the above address. Any notice to
Page 4
you shall be duly given if mailed or telegraphed to the address specified by you
below. This agreement, in conjunction with the Sales Agreement, describes the
complete understanding of the parties. This agreement shall be construed under
the laws of the Commonwealth of Massachusetts.
Accepted: Execute this Agreement in duplicate
and return one of the duplicate
originals to us.
By:________________________________ By:_________________________________
Title:_____________________________ Xxxxxxx X. Xxxxxx
Senior Vice President
Date:______________________
RETAIN ONE COPY AND RETURN THE OTHER
Page 5
APPENDIX A
(REVISED 2/1/04)
SUPPLEMENTAL SALES AND SERVICE AGREEMENT
WITH PIONEER FUNDS DISTRIBUTOR, INC.
1. COMMISSIONS AND SALES CHARGES
For additional information about broker-dealer commissions and sales charges,
refer to the fund's prospectus.
-------------------------------------------- ----------- --------------- ---------------- -------------
CLASS A CLASS B CLASS C CLASS Y
FUND SCHEDULE SCHEDULE SCHEDULE SCHEDULE
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer America Income Trust 1B 2 3 n/a
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Balanced Fund 1B 2 3 n/a
(formerly Pioneer Income Fund)
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Bond Fund 1B 2 3 4
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Cash Reserves Fund 1C 2 3 n/a
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Core Equity Fund 1A 2 3 n/a
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Emerging Markets Fund 1A 2 3 4
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Equity Income Fund 1A 2 3 4
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Europe Fund 1A 2 3 4
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Europe Select Fund 1A 2 3 n/a
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Fund 1A 2 3 4
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Global High Yield Fund 1A 2 3 n/a
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Growth Shares 1A 2 3 4
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer High Yield Fund 1B 2 3 4
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer International Equity Fund 1A 2 3 n/a
(formerly Pioneer World Equity Fund)
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer International Value Fund 1A 2 3 n/a
(formerly Pioneer International Growth )
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Mid Cap Growth Fund 1A 2 3 n/a
(formerly Pioneer Mid-Cap Fund)
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Mid Cap Value Fund 1A 2 3 4
(formerly Pioneer Capital Growth Fund)
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Oak Ridge Large Cap Growth Fund 1A 2 3 4
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Oak Ridge Small Cap Growth Fund 1A 2 3 4
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer XXXX America-Pacific Rim Fund 1A 2 3 4
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer XXXX Small & Mid Cap Growth Fund 1A 2 3 4
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer XXXX Stock Fund 1A 2 3 4
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer XXXX Strategic Growth Fund 1A 2 3 4
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Real Estate Shares 1A 2 3 4
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Select Equity Fund (Open to MA 1A 2 3 n/a
Residents only)
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Small Cap Value Fund 1A 2 3 n/a
(formerly Pioneer Micro-Cap Fund)
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Small Company Fund 1A 2 3 n/a
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Strategic Income Fund 1B 2 3 n/a
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Tax Free Income Fund 1B 2 3 n/a
-------------------------------------------- ----------- --------------- ---------------- -------------
Pioneer Value Fund 1A 2 3 n/a
(formerly Pioneer II)
-------------------------------------------- ----------- --------------- ---------------- -------------
Page 6
SCHEDULES
SCHEDULE 1A
-------------------------------- --------------------------------- -----------------------------------
SALES CHARGE AS % OF PUBLIC
PURCHASE AMOUNT BROKER/DEALER COMMISSION OFFERING PRICE
-------------------------------- --------------------------------- -----------------------------------
Less than $ 50,000 5.75% 5.00%
-------------------------------- --------------------------------- -----------------------------------
$50,000 - $99,999 4.50% 4.00%
-------------------------------- --------------------------------- -----------------------------------
$100,000 - $249,999 3.50% 3.00%
-------------------------------- --------------------------------- -----------------------------------
$250,000 - $499,999 2.50% 2.00%
-------------------------------- --------------------------------- -----------------------------------
$500,000 - $999,999 2.00% 1.75%
-------------------------------- --------------------------------- -----------------------------------
$1,000,000 or more None See below (1)
-------------------------------- --------------------------------- -----------------------------------
SCHEDULE 1B
-------------------------------- --------------------------------- -----------------------------------
SALES CHARGE AS % OF PUBLIC
PURCHASE AMOUNT BROKER/DEALER COMMISSION OFFERING PRICE
-------------------------------- --------------------------------- -----------------------------------
Less than $100,000 4.50% 4.00%
-------------------------------- --------------------------------- -----------------------------------
$100,000 - $249,999 3.50% 3.00%
-------------------------------- --------------------------------- -----------------------------------
$250,000 - $499,999 2.50% 2.00%
-------------------------------- --------------------------------- -----------------------------------
$500,000 - $999,999 2.00% 1.75%
-------------------------------- --------------------------------- -----------------------------------
$1,000,000 or more None see below (1)
-------------------------------- --------------------------------- -----------------------------------
Page 7
SCHEDULE 1C
Class A shares of Pioneer Cash Reserves Fund are sold at net asset value,
without either an initial sales charge or a contingent deferred sales charge.
SCHEDULE 2
--------------------------------- --------------------------------------------------------------------
CONTINGENT DEFERRED SALES CHARGE
--------------------------------- -------------------------------- -----------------------------------
BROKER/DEALER COMMISSION YEAR SINCE PURCHASE CDSC%
--------------------------------- -------------------------------- -----------------------------------
4.00% (2) First 4.0
Second 4.0
Third 3.0
Fourth 3.0
Fifth 2.0
Sixth 1.0
Seventh none
Eighth none
Ninth Converts to Class A Shares
--------------------------------- -------------------------------- -----------------------------------
SCHEDULE 3
---------------------- ---------------------- --------------------------------------------------------
CONTINGENT DEFERRED SALES CHARGE
---------------------- ---------------------- --------------------------------------------------------
---------------------- ---------------------- --------------------------- ----------------------------
MAXIMUM
FRONT-END BROKER/DEALER YEAR SINCE PURCHASE CDSC%
LOAD COMMISSION
---------------------- ---------------------- --------------------------- ----------------------------
---------------------- ---------------------- --------------------------- ----------------------------
0 % 1.00% (2) First 1.0
---------------------- ---------------------- --------------------------- ----------------------------
Page 8
SCHEDULE 4
Class Y shares are sold at net asset value, without either an initial sales
charge or a contingent deferred sales charge. Class Y shares are not subject to
any ongoing service fee or distribution fee and do not convert to any other
class of shares.
NOTES
(1) Purchases of $1 million or more, and certain group plans, are not
subject to an initial sales charge. PFD may pay a commission to
broker-dealers who initiate and are responsible for such purchases
for funds listed on Schedules 1A and 1B above at the following rate
(for accounts other than employer-sponsored retirement plans): 1.00%
on the first $4 million invested, 0.50 of 1% on the next $46 million
and 0.25 of 1% on the excess over $50 million. For employer-sponsored
retirement plans, the following rates will apply: 0.50% of 1% up to
$50 million and 0.25% over $50 million. A one-year prepaid service
fee is included in this commission. These commissions will not be
paid if the purchaser is affiliated with the broker-dealer or if the
purchase represents the reinvestment of a redemption made during the
previous 12 calendar months. Broker-dealers who receive a commission
in connection with class A share purchases at net asset value by
employer-sponsored retirement plan with at least $10 million in total
plan assets (or that has $1,000.00 or more eligible participants or
at least $10 million in total plan assets for employer-sponsored
retirement plans with accounts established with Pioneer on or before
March 31, 2004) will be required to return any commissions paid or a
pro rata portion thereof if the retirement plan redeems its shares
within 18 months of purchase. A contingent deferred sales charge will
be payable on full or partial redemptions of such investments within
18 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.
(2) Dealer commission includes a first year service fee equal to 0.25% of
the amount invested.
(3) Dealer commission includes a first year distribution fee equal to
0.75% of the amount invested.
Page 9
2. SERVICE AND DISTRIBUTION FEES
Service fees on Class A shares sold with a front-end sales charge normally begin
to be earned as soon as the transaction settles, unless specified otherwise in
the fund prospectus. Since the commission on Class A shares sold with a CDSC
includes a prepaid one-year service fee, periodic service fees on such shares
are paid beginning one year following the transaction.
The initial sales commission for Class B and Class C shares includes a prepaid
one-year service fee. Periodic payment of service fees will begin one year
following the transaction.
Pioneer reserves the right to reduce the service fee paid on individual accounts
of more than $10 million.
Service fees will not be paid:
a. On Class Y shares.
b. On accounts representing purchases by you or your affiliates, employees or
representatives.
c. On Class A shares which were purchased at net asset value (except for
sales of Pioneer Cash Reserves Fund).
d. On "house" accounts or any other accounts not assigned to an active
registered representative(s).
e. If the amount due is less than $50 per calendar quarter.
Service fees will be paid quarterly at an annual rate set forth below on the
aggregate net asset value for each account assigned to you.
-------------------------------------------- ----------- --------------- ---------------- ------------
CLASS A CLASS B CLASS C CLASS Y
FUND SHARES SHARES 4 SHARES 4 SHARES
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer America Income Trust 0.25% 1 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Balanced Fund 0.25% 1 0.25% 1.00% n/a
(formerly Pioneer Income Fund)
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Bond Fund 0.25% 1, 2 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Cash Reserves Fund 0.15% 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Core Equity Fund 0.25% 1 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Emerging Markets Fund 0.25% 1 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Equity Income Fund 0.25% 1 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Europe Fund 0.25% 1 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Europe Select Fund 0.25% 1 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Fund 0.25% 3 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Global High Yield Fund 0.25% 1 0.25% 1.00% N/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Growth Shares 0.25% 1 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer High Yield Fund 0.25% 1 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer International Equity Fund 0.25% 1 0.25% 1.00% n/a
(formerly Pioneer World Equity Fund)
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer International Value Fund 0.25% 1 0.25% 1.00% n/a
(formerly Pioneer International Growth
Fund)
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Mid Cap Growth Fund 0.25% 3 0.25% 1.00% n/a
(formerly Pioneer Mid-Cap Fund)
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Mid Cap Value Fund 0.25% 1 0.25% 1.00% n/a
(formerly Pioneer Capital Growth Fund)
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Oak Ridge Large Cap Growth Fund 0.25% 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Oak Ridge Small Cap Growth Fund 0.25% 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer XXXX America-Pacific Rim Fund 0.25% 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer XXXX Small & Mid Cap Growth Fund 0.25% 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer XXXX Stock Fund 0.25% 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer XXXX Strategic Growth Fund 0.25% 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Real Estate Shares 0.25% 1 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Select Equity Fund (Open to MA 0.25% 1 0.25% 1.00% n/a
residents only)
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Small Cap Value Fund 0.25% 1 0.25% 1.00% n/a
(formerly Pioneer Micro-Cap Fund)
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Small Company Fund 0.25% 1 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Strategic Income Fund 0.25% 1 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Tax Free Income Fund 0.25% 1 0.25% 1.00% n/a
-------------------------------------------- ----------- --------------- ---------------- ------------
Pioneer Value Fund 0.25% 3 0.25% 1.00% n/a
(formerly Pioneer II)
-------------------------------------------- ----------- --------------- ---------------- ------------
1 Service fees will be 0.15% on Class A shares are acquired on or after
August 19, 1991, as a result of an exchange of shares owned prior to
August 19, 1991 from Pioneer Fund, Pioneer Value Fund or Pioneer Mid
Cap Growth Fund
2 Service fees will not be paid on accounts established in Pioneer Bond
Fund prior to January 1, 1986.
3 Service fees will be 0.15% on Class A acquired prior to August 19,
1991.
4 Distribution fee of up to 0.75% on average daily net assets.
Page 10
3. PIONEER CLASS R SHARES
ELIGIBILITY
Class R shares are available to certain tax-deferred retirement plans (including
401(k) plans, employer-sponsored 403(b) plans, 457 plans, profit sharing and
money purchase pension plans, defined benefit plans and non-qualified deferred
compensation plans) held in plan level or omnibus accounts. Class R shares also
are available to XXX Rollovers from eligible retirement plans that offered one
or more Class R share Pioneer funds as investment options. Class R shares
generally are not available to non-retirement accounts, Traditional or Xxxx
IRAs, Xxxxxxxxx Education Savings Accounts, SEPs, SAR-SEPs, SIMPLE IRAs,
individual 403(b)s or retirement plans that are not subject to the Employee
Retirement Income Security Act of 1974 (ERISA).
THE FOLLOWING PIONEER FUNDS ARE AVAILABLE:
Pioneer America Income Trust Pioneer High Yield
Pioneer Bond Pioneer International Value
Pioneer Cash Reserves Pioneer Mid Cap Value
Pioneer Emerging Markets Pioneer Small Cap Value
Pioneer Equity Income Pioneer Small Company
Pioneer Europe Pioneer Strategic Income
Pioneer Fund Pioneer Value
Pioneer Growth Shares
SALES CHARGES AND DEALER CONCESSIONS
------------------------------ ---------------------------------- --------------------------------- ---------------------------
MAXIMUM SALES CHARGE None EXCHANGE MINIMUM None
------------------------------ ---------------------------------- --------------------------------- ---------------------------
------------------------------ ---------------------------------- --------------------------------- ---------------------------
12B-1 0.50% MINIMUM PURCHASE None
------------------------------ ---------------------------------- --------------------------------- ---------------------------
------------------------------ ---------------------------------- -------------------------------------------------------------
OPTION 1: (DEFAULT) OPTION 2:
DEALER CONCESSIONS1 Finders Fee = None Finders Fee = 1%
(2 OPTIONS) Trail = 0.50% paid immediately Trail = 0.35% paid quarterly after 1 year
------------------------------ ---------------------------------- -------------------------------------------------------------
------------------------------ ---------------------------------- -------------------------------------------------------------
CDSC Option 1 = None Option 2 = 1% for 18 months
------------------------------ ---------------------------------- -------------------------------------------------------------
1 Pioneer Cash Reserves Fund will pay no finders fee and an immediate 0.25%
trail. Option 2 is only available to Pioneer retirement plan products including
Pioneer MultiCharter(R).
Page 11
