PRELIMINARY PROSPECTUS
SUBJECT TO COMPLETION, DATED OCTOBER 4, 2000
Pioneer logo
THE INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY
NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES
IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.
[Pioneer logo]
PIONEER
GLOBAL HEALTH CARE FUND
CLASS A, CLASS B AND CLASS C SHARES
Prospectus, November ___, 2000
CONTENTS
Basic information about the fund 1
Management 6
Buying, exchanging and selling shares 8
Dividends, capital gains and taxes 26
Neither the Securities and Exchange Commission nor any state securities agency
has approved the fund's shares or determined whether this prospectus is accurate
or complete. Any representation to the contrary is a crime.
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AN INVESTMENT IN THE FUND IS NOT A BANK DEPOSIT AND IS NOT INSURED OR GUARANTEED
BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
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CONTACT YOUR INVESTMENT PROFESSIONAL TO DISCUSS HOW THE FUND FITS INTO YOUR
PORTFOLIO.
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BASIC INFORMATION ABOUT THE FUND
INVESTMENT OBJECTIVE
Capital growth.
PRINCIPAL INVESTMENT STRATEGIES
Normally, the fund invests at least 65% of its total assets in common stocks of
U.S. and non-U.S. issuers in the health care industry. The fund considers
securities that trade like common stocks, such as convertible debt, depositary
receipts, warrants, rights and preferred stocks, to be common stocks. The fund
also may purchase forward foreign currency exchange contracts in connection with
its investments.
The fund's holdings are likely to include companies such as pharmaceutical,
biomedical, biotechnology, healthcare service and medical device companies.
These companies are typically involved in:
|X| Medical, pharmaceutical or biotechnological research and development
|X| Ownership or operation of healthcare facilities, franchises or practices
|X| The design, production or selling of medical, dental and optical products
The fund allocates its assets among securities of U.S. and non-U.S. issuers. The
fund invests in securities of issuers located in developing and emerging
economies. At least 65% of the fund's assets (at time of purchase) are allocated
among securities of issuers located in at least three countries, one of which
may be the United States.
The fund may invest in large capitalization companies with established track
records or less established mid- or small-capitalization companies.
The fund uses a "growth" style of management and seeks to invest in companies
with above average potential for earnings and revenue growth. To select growth
stocks, Pioneer Investment Management, Inc., the fund's investment adviser,
employs due diligence and fundamental research, an evaluation of the issuer
based on its financial statements and operations. Pioneer relies on the
knowledge, experience and judgment of its staff and the staff of its affiliates
who have access to a wide variety of research. Pioneer focuses on the quality
and price of individual issuers and economic sector analysis, not on
market-timing strategies. Factors Pioneer looks for in selecting investments
include:
|X| A sustainable competitive advantage such as a brand name, customer base,
proprietary technology or economies of scale
|X| Issuer has strong fundamentals relative to its competitors, such as
increasing or sustainable demand for its health care products or services
|X| Favorable expected returns relative to perceived risk
Pioneer generally sells a portfolio security when Pioneer believes that the
issuer no longer offers the potential for above average earnings and revenue
growth. Pioneer makes that determination based upon the same criteria it uses to
select portfolio securities.
PRINCIPAL RISKS OF INVESTING IN THE FUND
Even though the fund seeks capital growth, you could lose money on your
investment or not make as much as if you invested elsewhere if:
|X| The stock market goes down (this risk may be greater in the short term)
|X| Growth stocks fall out of favor with investors
|X| The fund's investments do not have the growth potential originally expected
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HEALTH CARE ISSUERS
Health care issuers include companies with at least 50% of their revenues
generated by the design, production or sale of products or services used for or
in connection with health care or medicine.
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The fund also has the risks associated with its focus on investing in the health
care industry. Issuers in which the fund invests are likely to:
|X| Be subject to intense competition, which may result in slim or negative
profit margins as the companies compete for market share, and extremely
volatile stock prices
|X| Be dependent upon technological innovation to obtain market advantages over
competitors
|X| Be subject to government regulation such as control of reimbursement rates
and approval of products or services
|X| Experience rapid obsolescence or patent expirations
Investments in non-U.S. issuers may involve unique risks compared to
investing in securities of U.S. issuers. These risks are more pronounced to the
extent that the fund invests a significant portion of its non-U.S. investments
in any one region. These risks may include:
|X| Less information about non-U.S. issuers or markets may be available due to
less rigorous disclosure or accounting standards or regulatory practices
|X| Many non-U.S. markets are smaller, less liquid and more volatile than U.S.
markets. In a changing market, Pioneer may not be able to sell the fund's
securities at times, in amounts and at prices Pioneer considers reasonable
|X| Adverse effect of currency exchange rates or controls on the value of the
fund's investments
|X| Economic, political and social developments that adversely affect the
securities markets
|X| Withholding and other non-U.S. taxes may decrease the fund's return
To the extent that the fund invests in small- and mid-size companies, it will
also have the risks associated with investing in these companies. Compared to
large companies, smaller companies, and the market for their common stocks, are
likely to:
|X| Be more sensitive to changes in the economy, earnings results and investor
expectations
|X| Have more limited product lines and capital resources
|X| Experience sharper swings in market values
|X| Be harder to sell at the times and prices Pioneer thinks appropriate
The fund is not diversified, which means that it can invest a higher percentage
of its assets in any one issuer than a diversified fund. Being non-diversified
may magnify the fund's losses from adverse events affecting a particular issuer.
THE FUND'S PERFORMANCE
Since the fund is newly organized, it does not disclose any performance
information. The fund's performance will vary from year to year. Past
performance does not necessarily indicate how a fund will perform in the future.
As a shareowner, you may lose or make money on your investment.
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FEES AND EXPENSES
These are the fees and expenses, based on estimated expenses for the fund's
current fiscal year, you may pay if you invest in the fund.
SHAREOWNER FEES
PAID DIRECTLY FROM YOUR INVESTMENT CLASS A CLASS B CLASS C
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Maximum sales charge (load) when you buy shares
as a percentage of offering price 5.75% None None
.......................................................................
Maximum deferred sales charge (load) as a
percentage of offering price or the
amount you receive when you sell shares,
whichever is less None(1) 4% 1%
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ANNUAL FUND OPERATING EXPENSES
PAID FROM THE ASSETS OF THE FUND
as a percentage of average daily net
assets CLASS A CLASS B CLASS C
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Management Fee(2) 1.00% 1.00% 1.00%
.......................................................................
Distribution and Service (12b-1) Fee 0.25% 1.00% 1.00%
.......................................................................
Other Expenses(2) 1.15% 1.52% 1.52%
.......................................................................
Total Annual Fund Operating Expenses(2) 2.77% 3.52% 3.52%
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(1) Purchases of $1 million or more and purchases by participants in
certain group plans are not subject to an initial sales charge but may
be subject to a contingent deferred sales charge. See "Buying,
exchanging and selling shares."
(2) Pioneer has agreed not to impose all or a portion of its management fee
and, if necessary, to limit other operating expenses of the fund to the
extent required to reduce Class A expenses to 1.75.% of the average
daily net assets attributable to Class A shares; the portion of fund
expenses attributable to Class B and Class C shares will be reduced
only to the extent such expenses are reduced for Class A shares. This
agreement is voluntary and temporary and may be revised or terminated
at any time. Pioneer may subsequently recover reimbursed expenses from
the fund if the fund's expense ratio is less than the expense
limitation. Estimated expenses for the fiscal year ending August 31,
2001 are:
CLASS A CLASS B CLASS C
Management Fee 0.00% 0.00% 0.00%
Distribution and Service (12b-1) Fee 0.25% 1.00% 1.00%
Other Expenses 1.50% 1.50% 1.50%
Total Annual Fund Operating Expenses 1.75% 2.50% 2.50%
EXAMPLE
This example helps you compare the cost of investing in the fund with the cost
of investing in other mutual funds. It assumes that: a) you invest $10,000 in
the fund for the time periods shown, b) you reinvest all dividends and
distributions, c) your investment has a 5% return each year and d) the fund's
operating expenses remain the same.
Although your actual costs may be higher or lower, under these assumptions your
costs would be:
IF YOU SELL YOUR SHARES IF YOU DO NOT SELL YOUR SHARES
-------------------------------------------------------------
NUMBER OF YEARS YOU OWN YOUR SHARES
-------------------------------------------------------------
1 3 1 3
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Class A $839 $1,385 $839 $1,385
.......................................................................
Class B 755 1,380 355 1,080
.......................................................................
Class C 455 1,080 355 1,080
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BASIC INFORMATION ABOUT THE FUND
OTHER INVESTMENT STRATEGIES
As discussed, the fund invests primarily in the common stock of health care
companies.
This section describes additional investments that the fund may make or
strategies that it may pursue to a lesser degree to achieve the fund's goal.
Some of the fund's secondary investment policies also entail risks. To learn
more about these investments and risks, you should obtain and read the statement
of additional information (SAI).
INVESTMENTS OTHER THAN COMMON STOCKS OF HEALTH CARE COMPANIES
The fund may invest up to 35% of its total assets (at time of purchase) in the
common stock of companies expected to benefit from the design, production or
sale of products or services used for or in connection with health care or
medicine.
The fund may invest up to 35% of its total assets (at the time of purchase) in
debt securities of U.S. or non-U.S. corporate and government issuers. Generally
the fund acquires debt securities that are investment grade, but the fund may
invest up to 5% of its total assets (at the time of purchase) in below
investment grade debt securities. Although investing in debt securities is not a
principal investment strategy of the fund, the fund invests in debt securities
when Pioneer believes they are consistent with the fund's investment objective,
to diversify the fund's portfolio or for greater liquidity.
Debt securities are subject to the risk of an issuer's inability to meet
principal or interest payments on its obligations. Factors which could
contribute to a decline in the market value of debt securities in the fund's
portfolio include rising interest rates or a reduction in the perceived
creditworthiness of the issuer of the securities. A debt security is investment
grade if it is rated in one of the top four categories by a nationally
recognized securities rating organization or determined to be of equivalent
credit quality by Pioneer. Debt securities rated below investment grade are
commonly referred to as "junk bonds" and are considered speculative. Below
investment grade debt securities involve greater risk of loss, are subject to
greater price volatility and are less liquid, especially during periods of
economic uncertainty or change, than higher quality debt securities.
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TEMPORARY INVESTMENTS
Normally, the fund invests substantially all of its assets to meet its
investment objective. The fund may invest the remainder of its assets in
securities with remaining maturities of less than one year or may hold cash or
cash equivalents. For temporary defensive purposes, the fund may depart from its
principal investment strategies and invest part or all of its assets in these
securities or may hold cash. During such periods, the fund may not be able to
achieve its investment objective. The fund intends to adopt a defensive strategy
only when Pioneer believes common stocks have extraordinary risks due to
political or economic factors.
SHORT-TERM TRADING
The fund usually does not trade for short-term profits. The fund will sell an
investment, however, even if it has only been held for a short time, if it no
longer meets the fund's investment criteria. If the fund does a lot of trading,
it may incur additional operating expenses, which would reduce performance, and
could cause shareowners to incur a higher level of taxable income or capital
gains.
DERIVATIVES
The fund may use futures, options and other derivatives. A derivative is a
security or instrument whose value is determined by reference to the value or
the change in value of one or more securities, currencies, indices or other
financial instruments. The fund does not use derivatives as a primary investment
technique and generally limits their use to hedging. However, the fund may use
derivatives for a variety of non-principal purposes, including:
|X| As a hedge against adverse changes in stock market prices, interest rates or
currency exchange rates
|X| As a substitute for purchasing or selling securities
|X| To increase the fund's return as a non-hedging strategy that may be
considered speculative
Even a small investment in derivatives can have a significant impact on the
fund's exposure to stock market values, interest rates or currency exchange
rates. If changes in a derivative's value do not correspond to changes in the
value of the fund's other investments, the fund may not fully benefit from or
could lose money on the derivative position. In addition, some derivatives
involve risk of loss if the person who issued the derivative defaults on its
obligation. Certain derivatives may be less liquid and more difficult to value.
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MANAGEMENT
PIONEER, THE FUND'S INVESTMENT ADVISER,
selects the fund's investments and oversees the fund's operations.
PIONEER GLOBAL ASSET MANAGEMENT
Pioneer is part of Pioneer Global Asset Management, the asset management
subsidiary of UniCredito Italiano S.p.A., one of the largest banking groups in
Italy. Pioneer Global Asset Management provides investment management and
financial services to mutual funds, institutional and other clients. As of
September 30, 2000, Pioneer Global Asset Management had over $100 billion in
assets under management worldwide and Pioneer had over $__billion in assets
under management.
INVESTMENT ADVISER
Pioneer's main office is at 60 State Street, Boston, Massachusetts 02109.
Pioneer has filed for an order from the Securities and Exchange Commission that
would permit Pioneer to hire and terminate a subadviser for the fund without
shareholder approval. Currently, Pioneer does not intend to use a subadviser in
connection with the fund but, if the order is granted, will be able to do so in
the future with the approval of the fund's trustees.
PORTFOLIO MANAGER
Day-to-day management of the fund's portfolio is the responsibility of a [insert
appropriate description.]
6
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MANAGEMENT FEE
The fund pays Pioneer a fee for managing the fund and to cover the cost of
providing certain services to the fund. Pioneer's annual fee is equal to 1.00%
of the fund's average daily net assets. The fee is normally computed daily and
paid monthly.
DISTRIBUTOR AND TRANSFER AGENT
Pioneer Funds Distributor, Inc. is the fund's distributor. Pioneering
Services Corporation is the fund's transfer agent. The fund compensates the
distributor and transfer agent for their services. The distributor and the
transfer agent are subsidiaries of Pioneer Global Assets Management.
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BUYING, EXCHANGING AND SELLING SHARES
NET ASSET VALUE
The fund's net asset value is the value of its portfolio of securities plus any
other assets minus its operating expenses and any other liabilities. The fund
calculates a net asset value for each class of shares every day the New York
Stock Exchange is open when regular trading closes (normally 4:00 p.m. Eastern
time).
The fund generally values its portfolio securities based on market prices or
quotations. When market prices are not available or are considered by Pioneer to
be unreliable, the fund may use an asset's fair value. Fair value is determined
in accordance with procedures approved by the fund's trustees. International
securities markets may be open on days when the U.S. markets are closed. For
this reason, the values of any international securities owned by the fund could
change on a day when you cannot buy or sell shares of the fund.
You buy or sell shares at the share price. When you buy Class A shares, you pay
an initial sales charge. When you sell Class B or Class C shares, you may pay a
contingent deferred sales charge depending on how long you have owned your
shares.
CHOOSING A CLASS OF SHARES
The fund offers three classes of shares through this prospectus. Each class has
different sales charges and expenses, allowing you to choose the class that best
meets your needs.
Factors you should consider include:
|X| How long you expect to own the shares
|X| The expenses paid by each class
|X| Whether you qualify for any reduction or waiver of sales charges
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.
DISTRIBUTION PLANS
The fund has adopted a distribution plan for each class of shares offered
through this prospectus in accordance with Rule 12b-1 under the Investment
Company Act of 1940. Under each plan the fund pays distribution and service fees
to the distributor. Because these fees are an ongoing expense, over time they
increase the cost of your investment and your shares may cost more than shares
that are subject to other types of sales charges.
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SHARE PRICE
The net asset value per share calculated on the day of your transaction,
adjusted for any applicable sales charge, is often referred to as the share
price.
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COMPARING CLASSES OF SHARES
CLASS A
CLASS B
CLASS C
WHY YOU MIGHT PREFER EACH CLASS
Class A shares may be your best alternative if you prefer to pay an initial
sales charge and have lower annual expenses, or if you qualify for any reduction
or waiver of the initial sales charge.
You may prefer Class B shares if you do not want to pay an initial sales charge,
or if you plan to hold your investment for at least six years. Class B shares
are not recommended if you are investing $250,000 or more.
You may prefer Class C shares if you do not wish to pay an initial sales charge
and you would rather pay higher annual expenses over time.
INITIAL SALES CHARGE
Up to 5.75% of the offering price, which is reduced or waived for large
purchases and certain types of investors. At the time of your purchase, your
investment firm may receive a commission from the distributor of up to 5%,
declining as the size of your investment increases.
None
None
CONTINGENT DEFERRED SALES CHARGES
None, except in certain circumstances when the initial sales charge is waived.
Up to 4% is charged if you sell your shares. The charge is reduced over time and
not charged after six years. Your investment firm may receive a commission from
the distributor at the time of your purchase of up to 4%.
A 1% charge if you sell your shares within one year of purchase. Your investment
firm may receive a commission from the distributor at the time of your purchase
of up to 1%.
DISTRIBUTION AND SERVICE FEES
Up to 0.25% of average daily net assets.
Up to 1% of average daily net assets.
Up to 1% of average daily net assets.
ANNUAL EXPENSES (INCLUDING DISTRIBUTION AND SERVICE FEES)
Lower than Class B or Class C.
Higher than Class A shares; Class B shares convert to Class A shares after eight
years.
Higher than Class A shares; Class C shares do not convert to any other class of
shares. You continue to pay higher annual expenses.
EXCHANGE PRIVILEGE
Class A shares of other Pioneer mutual funds.
Class B shares of other Pioneer mutual funds.
Class C shares of other Pioneer mutual funds.
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BUYING, EXCHANGING AND SELLING SHARES
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 distributions paid by the fund.
INVESTMENTS OF $1 MILLION OR MORE
You do not pay a sales charge when you purchase Class A shares if you are
investing $1 million or more or you are a participant in certain group plans.
However, you pay a deferred sales charge if you sell your Class A shares within
one year of purchase. The sales charge is equal to 1% of your investment or your
sale proceeds, whichever is less.
REDUCED SALES CHARGES
You may qualify for a reduced Class A sales charge if you own or are purchasing
shares of Pioneer mutual funds. If you or your investment professional notifies
the distributor of your eligibility for a reduced sales charge at the time of
your purchase, the distributor will credit you with the combined value (at the
current offering price) of all your Pioneer mutual fund shares and the shares of
your spouse and the shares of any children under 21. Certain trustees and
fiduciaries may also qualify for 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. managed by Pioneer.
See "Qualifying for a reduced sales charge" for more information.
SALES CHARGES FOR CLASS A SHARES
SALES CHARGE AS % OF
------------------------
OFFERING NET AMOUNT
AMOUNT OF PURCHASE PRICE INVESTED
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Less than $50,000 5.75 6.10
......................................................................
$50,000 but less than $100,000 4.50 4.71
......................................................................
$100,000 but less than $250,000 3.50 3.63
......................................................................
$250,000 but less than $500,000 2.50 2.56
......................................................................
$500,000 but less than $1 million 2.00 2.04
......................................................................
$1 million or more -0- -0-
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OFFERING PRICE
The net asset value per share plus any initial sales charge.
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SALES CHARGES: CLASS B SHARES
You buy Class B shares at net asset value per share without paying an initial
sales charge. However, you will pay a contingent deferred sales charge to the
distributor if you sell your Class B shares within six years of purchase. The
contingent deferred sales charge decreases as the number of years since your
purchase increases.
CONTINGENT DEFERRED SALES CHARGE
---------------------------------------------
ON SHARES SOLD AS A % OF
BEFORE THE DOLLAR AMOUNT SUBJECT
END OF YEAR TO THE SALES CHARGE
---------------------------------------------
1 4
.............................................
2 4
.............................................
3 3
.............................................
4 3
.............................................
5 2
.............................................
6 1
.............................................
7+ -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 at the beginning of the
calendar month (calendar quarter for shares purchased before October 1, 1998)
that is eight years after the date of purchase except that:
|X| Shares purchased by reinvesting dividends and capital gain distributions
will convert to Class A shares at the same time as shares on which the
dividend or distribution was paid
|X| 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.
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PAYING THE CONTINGENT DEFERRED SALES CHARGE (CDSC)
Several rules apply for Class B shares so that you pay the lowest possible CDSC.
|X| The CDSC is calculated on the current market value or the original cost
of the shares you are selling, whichever is less
|X| You do not pay a CDSC on reinvested dividends or distributions
|X| In determining the number of years since your purchase, all purchases
are considered to have been made on the first day of that month (quarter
for shares purchased before October 1, 1998)
|X| 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
|X| You may qualify for a waiver of the CDSC normally charged. See
"Qualifying for a reduced sales charge"
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CONTINGENT DEFERRED SALES CHARGE
A sales charge that may be deducted from your sale proceeds.
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BUYING, EXCHANGING AND SELLING SHARES
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 to 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.
[text box]
PAYING THE CONTINGENT DEFERRED SALES CHARGE (CDSC)
Several rules apply for Class C shares which result in your paying the lowest
CDSC.
|X| The CDSC is calculated on the current market value or the original cost
of the shares you are selling, whichever is less
|X| You do not pay a CDSC on reinvested dividends or distributions
|X| In determining the amount of time since your purchase, all purchases
are considered to have been made on the first day of that month (quarter
for shares purchased before October 1, 1998)
|X| 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 purchased most recently
|X| You may qualify for a waiver of the CDSC normally charged. See
"Qualifying for a reduced sales charge"
[end text box]
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CONTINGENT DEFERRED SALES CHARGE
A sales charge that may be deducted from your sale proceeds.
[end text box]
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QUALIFYING FOR A REDUCED SALES CHARGE
INITIAL CLASS A SALES CHARGE WAIVERS
You may purchase Class A shares at net asset value (without a sales charge) or
with a reduced initial sales charge as follows. If you believe you qualify for
any of the 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:
|X| Current or former trustees and officers of the fund;
|X| Current or former partners and employees of legal counsel to the fund;
|X| Current or former directors, officers, employees or sales representatives
of The Pioneer Group, Inc. and its affiliates;
|X| Current or former 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;
|X| Current or former officers, partners, employees or registered
representatives of broker-dealers which have entered into sales agreements
with the distributor;
|X| Members of the immediate families of any of the persons above;
|X| Any trust, custodian, pension, profit sharing or other benefit plan of the
foregoing persons;
|X| Insurance company separate accounts;
|X| Certain "wrap accounts" for the benefit of clients of financial planners
adhering to standards established by the distributor;
|X| Other funds and accounts for which Pioneer or any of its affiliates serve
as investment adviser or manager;
|X| In connection with certain reorganization, liquidation or acquisition
transactions involving other investment companies or personal holding
companies;
|X| Certain unit investment trusts;
|X| Employer-sponsored retirement plans with 100 or more eligible employees or
at least $500,000 in total plan assets;
|X| 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 actively
promote Pioneer mutual funds to program participants and (iv) the program
provides for a matching contribution for each participant contribution;
|X| Participants in an employer-sponsored 403(b) plan or employer-sponsored 457
plan if (i) the 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.
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<PAGE>
BUYING, EXCHANGING AND SELLING SHARES
CLASS A PURCHASES AT A REDUCED INITIAL SALES CHARGE OR NET ASSET VALUE ARE ALSO
AVAILABLE TO: Group Plans if the sponsoring organization
|X| recommends purchases of Pioneer mutual funds to,
|X| permits solicitation of, or
|X| facilitates purchases by
its employees, members or participants.
LETTER OF INTENT (CLASS A)
You can use a letter of intent to qualify for reduced sales charges in two
situations:
|X| If you plan to invest at least $50,000 (excluding any
reinvestment of dividends and capital gain distributions) in the fund's
Class A shares during the next 13 months
|X| 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 statement of additional
information.
REINVESTMENT (CLASS A)
If you sold shares of another mutual fund within the past 60 days, you may be
able to reinvest the sale proceeds from that fund in Class A shares of the fund
at net asset value without a sales charge.
To qualify:
|X| Your investment firm must have a sales agreement with the distributor;
|X| You must demonstrate that the amount invested is from the proceeds of
the sale of shares from another mutual fund that occurred within 60 days
immediately preceding your purchase;
|X| You paid a sales charge on the original purchase of the shares sold; and
|X| The mutual fund whose shares were sold also offers net asset value
purchases to shareowners that sell shares of a Pioneer mutual fund.
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WAIVER OR REDUCTION OF CONTINGENT DEFERRED SALES CHARGES (CDSC)
CLASS A SHARES THAT ARE SUBJECT TO A CDSC
Purchases of Class A shares of $1 million 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 1,000 or more eligible employees or at
least $10 million in total plan assets.
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:
|X| 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;
|X| 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;
|X| 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);
|X| 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 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
1/2, in which case the distribution amount may exceed 10% (based solely
on plan assets held in Pioneer mutual funds);
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BUYING, EXCHANGING AND SELLING SHARES
- 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;
- It is in the form of a loan to a participant in a plan that permits loans
(each repayment will be subject to a CDSC as though a new purchase);
|X| 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) the 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:
- 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;
- 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);
|X| The distribution is made pursuant to the fund's right to liquidate or
involuntarily redeem shares in a shareholder's account;
|X| The selling broker elects, with the distributor's approval, to waive
receipt of the commission normally paid at the time of the sale.
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OPENING YOUR ACCOUNT
If your shares are held in your investment firm's name, the options and services
available to you may be different from those discussed in this prospectus. Ask
your investment professional for more information.
If you invest in the fund through investment professionals or other financial
intermediaries, including wrap programs and fund supermarkets, additional
conditions may apply to your investment in the fund, and the investment
professional or intermediary may charge you a transaction-based or other fee for
its services. These conditions and fees are in addition to those imposed by the
fund and its affiliates. You should ask your investment professional or
financial intermediary about its services and any applicable fees.
ACCOUNT OPTIONS
Use your account application to select options and privileges for your account.
You can change your selections at any time by sending a completed account
options form to the transfer agent. You may be required to obtain a signature
guarantee to make certain changes to an existing account.
Call or write to the transfer agent for account applications, account options
forms and other account information:
PIONEERING SERVICES CORPORATION
P.O. Box 9014
Boston, Massachusetts 02205-9014
Telephone 1-800-225-6292
TELEPHONE TRANSACTION PRIVILEGES
If your account is registered in your name, you can buy, exchange or sell fund
shares by telephone. If you do not want your account to have telephone
transaction privileges, you must indicate that choice on your account
application or by writing to the transfer agent.
When you request a telephone transaction the transfer agent will try to confirm
that the request is genuine. The transfer agent records the call, requires the
caller to provide the personal identification number for the account and sends
you a written confirmation. The fund may implement other confirmation 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.
[text box: telephone icon]
BY PHONE
If you want to place your telephone transaction by speaking to a shareowner
services representative, call 1-800-225-6292 between 8:00 a.m. and 9:00 p.m.
Eastern time on any weekday that the New York Stock Exchange is open. You may
use FactFoneSM at any time.
[end text box]
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BUYING, EXCHANGING AND SELLING SHARES
GENERAL RULES ON BUYING, EXCHANGING AND SELLING YOUR FUND SHARES
SHARE PRICE
If you place an order with your investment firm before the New York Stock
Exchange closes and your investment firm submits the order to the distributor
prior to the distributor's close of business (usually 5:30 p.m. Eastern time),
your share price will be calculated that day. Otherwise, your share price will
be calculated at the close of the New York Stock Exchange after the distributor
receives your order. Your investment firm is responsible for submitting your
order to the distributor.
BUYING
You may buy fund shares from any investment firm that has a sales agreement with
the distributor. If you do not have an investment firm, please call
1-800-225-6292 for information on how to locate an investment professional in
your area.
You can buy fund shares at the offering price. The distributor may reject any
order until it has confirmed the order in writing and received payment. The fund
reserves the right to stop offering any class of shares.
MINIMUM INVESTMENT AMOUNTS
Your initial investment must be at least $1,000. Additional investments must be
at least $100 for Class A shares and $500 for Class B or Class C shares. You may
qualify for lower initial or subsequent investment minimums if you are opening a
retirement plan account, establishing an automatic investment plan or placing
your trade through your investment firm.
[text box]
RETIREMENT PLAN ACCOUNTS
You can purchase fund shares through tax-deferred retirement plans for
individuals, businesses and tax-exempt organizations.
Your initial investment for most types of retirement plan accounts must be at
least $250. Additional investments for most types of retirement plans must be at
least $100.
You may not use the account application accompanying this prospectus to
establish a Pioneer retirement plan. You can obtain retirement plan applications
from your investment firm or by calling the Retirement Plans Department at
1-800-622-0176.
[end text box]
[text box: questionmark icon]
Consult your investment professional to learn more about buying, exchanging or
selling fund shares.
[end text box]
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EXCHANGING
You may exchange your shares for shares of the same class of another Pioneer
mutual fund.
Your exchange request must be for at least $1,000 unless the fund you are
exchanging into has a different minimum. The fund allows you to exchange your
shares at net asset value without charging you either an initial or contingent
deferred sales charge at the time of the exchange. Shares you acquire as part of
an exchange will continue to be subject to any contingent deferred sales charge
that applies to the shares you originally purchased. When you ultimately sell
your shares, the date of your original purchase will determine your contingent
deferred sales charge.
Before you request an exchange, consider each fund's investment objective and
policies as described in the fund's prospectus.
SELLING
Your shares will be sold at net asset value per share next calculated after the
fund receives your request in good order.
If the shares you are selling are subject to a deferred sales charge, it will be
deducted from the sale proceeds. The fund generally will send your sale proceeds
by check, bank wire or electronic funds transfer. Normally you will be paid
within seven days. If you recently sent a check to purchase the shares being
sold, the fund may delay payment of the sale proceeds until your check has
cleared. This may take up to 15 calendar days from the purchase date.
If you are selling shares from a non-retirement account or certain IRAs, you may
use any of the methods described below. If you are selling shares from a
retirement account other than an IRA, you must make your request in writing.
[text box]
GOOD ORDER MEANS THAT:
|X| You have provided adequate instructions
|X| There are no outstanding claims against your account
|X| There are no transaction limitations on your account
|X| If you have any fund share certificates, you submit them and they are
signed by each record owner exactly as the shares are registered
|X| Your request includes a signature guarantee if you:
- Are selling over $100,000 or exchanging over $500,000 worth of shares
- Changed your account registration or address within the last 30 days
- Instruct the transfer agent to mail the check to an address different
from the one on your account
- Want the check paid to someone other than the account owner(s)
- Are transferring the sale proceeds to a Pioneer mutual fund account with
a different registration
[end text box]
[text box: capital icon]
You may have to pay income taxes on a sale or an exchange.
[end text box]
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BUYING, EXCHANGING AND SELLING SHARES
BUYING SHARES
EXCHANGING SHARES
THROUGH YOUR INVESTMENT FIRM
Normally, your investment firm will send your purchase request to the fund's
transfer agent. CONSULT YOUR INVESTMENT PROFESSIONAL FOR MORE INFORMATION. Your
investment firm may receive a commission from the distributor for your purchase
of fund shares. The distributor or its affiliates may pay additional
compensation, out of their own assets, to certain investment firms or their
affiliates based on objective criteria established by the distributor.
Normally, your investment firm will send your exchange request to the fund's
transfer agent. CONSULT YOUR INVESTMENT PROFESSIONAL FOR MORE INFORMATION ABOUT
EXCHANGING YOUR SHARES.
BY PHONE
YOU CAN USE THE TELEPHONE PURCHASE PRIVILEGE IF you have an existing
non-retirement account or certain IRAs. You can purchase additional fund shares
by phone if:
|X| You established your bank account of record at least 30 days ago
|X| Your bank information has not changed for at least 30 days
|X| You are not purchasing more than $25,000 worth of shares per account per day
|X| You can provide the proper account identification information
When you request a telephone purchase, the transfer agent will electronically
debit the amount of the purchase from your bank account of record. The transfer
agent will purchase fund shares for the amount of the debit at the offering
price determined after the transfer agent receives your telephone purchase
instruction and good funds. It usually takes three business days for the
transfer agent to receive notification from your bank that good funds are
available in the amount of your investment.
After you establish your fund account, YOU CAN EXCHANGE FUND SHARES BY PHONE IF:
|X| You are using the exchange to establish a new account, provided the new
account has a registration identical to the original account
|X| The fund into which you are exchanging offers the same class of shares
|X| You are not exchanging more than $500,000 worth of shares per account per
day
|X| You can provide the proper account identification information
IN WRITING, BY MAIL OR BY FAX
You can purchase fund shares for an existing fund account by MAILING A CHECK TO
THE TRANSFER AGENT. Make your check payable to the fund. Neither initial nor
subsequent investments should be made by third party check. Your check must be
in U.S. dollars and drawn on a U.S. bank. Include in your purchase request the
fund's name, the account number and the name or names in the account
registration.
You can exchange fund shares by MAILING OR FAXING A LETTER OF INSTRUCTION TO THE
TRANSFER AGENT. You can exchange fund shares directly through the fund only if
your account is registered in your name. However, you may not fax an exchange
request for more than $500,000. Include in your letter:
|X| The name, social security number and signature of all registered owners
|X| A signature guarantee for each registered owner if the amount of the
exchange is more than $500,000
|X| The name of the fund out of which you are exchanging and the name of the
fund into which you are exchanging
|X| The class of shares you are exchanging
|X| The dollar amount or number of shares you are exchanging
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SELLING SHARES
Normally, your investment firm will send your request to sell shares to the
fund's transfer agent. CONSULT YOUR INVESTMENT PROFESSIONAL FOR MORE
INFORMATION. The fund has authorized the distributor to act as its agent in the
repurchase of fund shares from qualified investment firms. The fund reserves the
right to terminate this procedure at any time.
YOU MAY SELL UP TO $100,000 PER ACCOUNT PER DAY. You may sell fund shares held
in a retirement plan account by phone only if your account is an IRA. You may
not sell your shares by phone if you have changed your address (for checks) or
your bank information (for wires and transfers) in the last 30 days.
You may receive your sale proceeds:
|X| By check, provided the check is made payable exactly as your account is
registered
|X| By bank wire or by electronic funds transfer, provided the sale proceeds are
being sent to your bank address of record
You can sell some or all of your fund shares by WRITING DIRECTLY TO THE FUND
only if your account is registered in your name. Include in your request your
name, your social security number, the fund's name, your fund account number,
the class of shares to be sold, the dollar amount or number of shares to be sold
and any other applicable requirements as described below. The transfer agent
will send the sale proceeds to your address of record unless you provide other
instructions. Your request must be signed by all registered owners and be in
good order. The transfer agent will not process your request until it is
received in good order. You may sell up to $100,000 per account per day by fax.
[text box]
HOW TO CONTACT US
BY PHONE [telephone icon]
For information or to request a telephone transaction between 8:00 a.m. and 9:00
p.m. (Eastern time) by speaking with a shareholder services representative call
1-800-225-6292 To request a transaction using FactFoneSM call 1-800-225-4321
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
BY MAIL [envelope icon]
Send your written instructions to:
PIONEERING SERVICES CORPORATION
P.O. Box 9014
Boston, Massachusetts 02205-9014
BY FAX [fax icon]
Fax your exchange and sale requests to:
1-800-225-4240
[end text box]
[text box]
EXCHANGE PRIVILEGE
You may make up to four exchange redemptions of $25,000 or more per account per
calendar year.
The fund and the distributor reserve the right to refuse any exchange request or
restrict, at any time without notice, the number and/or frequency of exchanges
to prevent abuses of the exchange privilege. Abuses include frequent trading in
response to short-term market fluctuations and a pattern of trading that appears
to be an attempt to "time the market." In addition, the fund and the distributor
reserve the right, at any time without notice, to charge a fee for exchanges or
to modify, limit or suspend the exchange privilege. The fund will provide 60
days' notice of material amendments to or termination of the privilege.
[end text box]
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<PAGE>
BUYING, EXCHANGING AND SELLING SHARES
ACCOUNT OPTIONS
See the account application form for more details on each of the following
options.
AUTOMATIC INVESTMENT PLANS
You can make regular periodic investments in the fund by setting up monthly bank
drafts, government allotments, payroll deductions, a Pioneer Investomatic Plan
and other similar automatic investment plans. You may use an automatic
investment plan to establish a Class A share account with a small initial
investment. If you have a Class B or Class C share account and your balance is
at least $1,000, you may establish an automatic investment plan.
PIONEER INVESTOMATIC PLAN
If you establish a Pioneer Investomatic Plan, the transfer agent will make a
periodic investment in fund shares by means of a preauthorized electronic funds
transfer from your bank account. Your plan investments are voluntary. You may
discontinue your plan at any time or change the plan's dollar amount, frequency
or investment date by calling or writing to the transfer agent. You should allow
up to 30 days for the transfer agent to establish your plan.
AUTOMATIC EXCHANGES
You can automatically exchange your fund shares for shares of the same class of
another Pioneer mutual fund. The automatic exchange will begin on the day you
select when you complete the appropriate section of your account application or
an account options form. In order to establish automatic exchange:
|X| You must select exchanges on a monthly or quarterly basis
|X| Both the originating and receiving accounts must have identical
registrations
|X| The originating account must have a minimum balance of $5,000
DISTRIBUTION OPTIONS
The fund offers three distribution options. Any fund shares you buy by
reinvesting distributions will be priced at the applicable net asset value per
share.
(1) Unless you indicate another option on your account application, any
dividends and capital gain distributions paid to you by the fund will
automatically be invested in additional fund shares.
(2) You may elect to have the amount of any dividends paid to you in cash and
any capital gain distributions reinvested in additional shares.
(3) You may elect to have the full amount of any dividends and/or capital gain
distributions paid to you in cash.
Options (2) or (3) are not available to retirement plan accounts or accounts
with a current value of less than $500.
If your distribution check is returned to the transfer agent or you do not cash
the check for six months or more, the transfer agent may reinvest the amount of
the check in your account and automatically change the distribution option on
your account to option (1) until you request a different option in writing.
These additional shares will be purchased at the then current net asset value.
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<PAGE>
DIRECTED DIVIDENDS
You can invest the dividends paid by one of your Pioneer mutual fund accounts in
a second Pioneer mutual fund account. The value of your second account must be
at least $1,000 ($500 for Pioneer Fund or Pioneer II). You may direct the
investment of any amount of dividends. There are no fees or charges for directed
dividends. If you have a retirement plan account, you may only direct dividends
to accounts with identical registrations.
SYSTEMATIC WITHDRAWAL PLANS
When you establish a systematic withdrawal plan for your account, the transfer
agent will sell the number of fund shares you specify on a periodic basis and
the proceeds will be paid to you or to any person you select. You must obtain a
signature guarantee to direct payments to another person after you have
established your systematic withdrawal plan. Payments can be made either by
check or by electronic transfer to a bank account you designate.
To establish a systematic withdrawal plan:
|X| Your account must have a total value of at least $10,000 when you establish
your plan
|X| You must request a periodic withdrawal of at least $50
|X| You may not request a periodic withdrawal of more than 10% of the value of
any Class B or Class C share account (valued at the time the plan is
implemented)
Systematic sales of fund shares may be taxable transactions for you. If you
purchase Class A shares while you are making systematic withdrawals from your
account, you may pay unnecessary sales charges.
DIRECT DEPOSIT
If you elect to take dividends or dividends and capital gain distributions in
cash, or if you establish a systematic withdrawal plan, you may choose to have
those cash payments deposited directly into your savings, checking or NOW bank
account.
VOLUNTARY TAX WITHHOLDING
You may have the transfer agent withhold 28% of the dividends and capital gain
distributions paid from your fund account (before any reinvestment) and forward
the amount withheld to the Internal Revenue Service as a credit against your
federal income taxes. Voluntary tax withholding is not available for retirement
plan accounts or for accounts subject to backup withholding.
REINSTATEMENT PRIVILEGE FOR CLASS A SHARES
You may qualify for the reinstatement privilege if you recently sold all or part
of your Class A shares.
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<PAGE>
BUYING, EXCHANGING AND SELLING SHARES
SHAREOWNER SERVICES
PIONEER WEBSITE
WWW.PIONEERFUNDS.COM
The website includes a full selection of information on mutual fund investing.
You can also use the website to get:
|X| Your current account information
|X| Prices, returns and yields of all publicly available Pioneer mutual funds
|X| Prospectuses for all the Pioneer mutual funds
FACTFONESM 1-800-225-4321
You can use FactFoneSM to:
|X| Obtain current information on your Pioneer mutual fund accounts
|X| Inquire about the prices and yields of all publicly available Pioneer
mutual funds
|X| Make computer-assisted telephone purchases, exchanges and redemptions for
your fund accounts
|X| Request account statements
If you plan to use FactFoneSM to make telephone purchases and redemptions, first
you must activate your personal identification number and establish your bank
account of record. If your account is registered in the name of a broker-dealer
or other third party, you may not be able to use FactFoneSM.
HOUSEHOLD DELIVERY OF FUND DOCUMENTS
With your consent, Pioneer may send a single prospectus and shareholder report
to your residence for you and any other member of your household who has an
account with the fund. If you wish to revoke your consent to this practice, you
may do so by notifying Pioneer, by phone or in writing (see "How to contact
us"). Pioneer will begin mailing separate prospectuses and shareholder reports
to you within 30 days after receiving your notice.
CONFIRMATION STATEMENTS
The transfer agent maintains an account for each investment firm or individual
shareowner and records all account transactions. You will be sent confirmation
statements showing the details of your transactions as they occur, except
automatic investment plan transactions, which are confirmed quarterly. If you
have more than one Pioneer mutual fund account registered in your name, the
Pioneer combined account statement will be mailed to you each quarter.
TAX INFORMATION
In January of each year, the fund will mail you information about the tax status
of the dividends and distributions paid to you by the fund.
TDD 1-800-225-1997
If you have a hearing disability and access to TDD keyboard equipment, you can
contact our telephone representatives with questions about your account by
calling our TDD number between 8:30 a.m. and 5:30 p.m. Eastern time any weekday
that the New York Stock Exchange is open.
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<PAGE>
SHAREOWNER ACCOUNT POLICIES
SIGNATURE GUARANTEES AND OTHER REQUIREMENTS You are required to obtain a
signature guarantee when you are:
|X| Requesting certain types of exchanges or sales of fund shares
|X| Redeeming shares for which you hold a share certificate
|X| Requesting certain types of changes for your existing account
You can obtain a signature guarantee from most broker-dealers, banks, credit
unions (if authorized under state law) and federal savings and loan
associations. You cannot obtain a signature guarantee from a notary public.
Fiduciaries and corporations are required to submit additional documents to sell
fund shares.
EXCHANGE LIMITATION
The fund's exchange limitation is intended to discourage short-term trading in
fund shares. Short-term trading can increase the expenses incurred by the fund
and make portfolio management less efficient. In determining whether the
exchange redemption limit has been reached, Pioneer may aggregate a series of
exchanges (each valued at less than $25,000) and/or fund accounts that appear to
be under common ownership or control. Pioneer may view accounts for which one
person gives instructions or accounts that act on advice provided by a single
source to be under common control.
The exchange limitation does not apply to automatic exchange transactions or to
exchanges made by participants in employer-sponsored retirement plans qualified
under Section 401(a) of the Internal Revenue Code. The exchange limitation does
not apply to accounts that have a written exchange agreement with the
distributor. The exchange limitation may not apply to transactions made through
an omnibus account for fund shares.
MINIMUM ACCOUNT SIZE
The fund requires that you maintain a minimum account value of $500. If you hold
less than the minimum in your account because you have sold or exchanged some of
your shares, the fund will notify you of its intent to sell your shares and
close your account. You may avoid this by increasing the value of your account
to at least the minimum within six months of the notice from the fund.
TELEPHONE ACCESS
You may have difficulty contacting the fund by telephone during times of market
volatility or disruption in telephone service. On New York Stock Exchange
holidays or on days when the exchange closes early, the telephone center will
adjust its hours accordingly. If you are unable to reach the fund by telephone,
you should communicate with the fund in writing.
SHARE CERTIFICATES
Normally, your shares will remain on deposit with the transfer agent and
certificates will not be issued. If you are legally required to obtain a
certificate, you may request one for your Class A shares only. A fee may be
charged for this service.
OTHER POLICIES
The fund may suspend transactions in shares when trading on the New York Stock
Exchange is closed or restricted, when an emergency exists that makes it
impracticable for the fund to sell or value its portfolio securities or with the
permission of the Securities and Exchange Commission.
The fund or the distributor may revise, suspend or terminate the account options
and services available to shareowners at any time.
The fund reserves the right to redeem in kind by delivering portfolio securities
to a redeeming shareowner, provided that the fund must pay redemptions in cash
if a shareowner's aggregate redemptions in a 90-day period are less than
$250,000 or 1% of the fund's net assets.
[text box: magnifier icon]
You may make up to four exchange redemptions of $25,000 or more per account per
calendar year out of the fund. Except as noted, you may make any number of
exchanges of less than $25,000.
[end text box]
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DIVIDENDS, CAPITAL GAINS AND TAXES
DIVIDENDS AND CAPITAL GAINS
The fund generally pays any distributions of net short- and long-term capital
gains in November. The fund generally pays dividends from any net investment
income in December. The fund may also pay dividends and capital gain
distributions at other times if necessary for the fund to avoid federal income
or excise tax. If you invest in the fund close to the time that the fund makes a
distribution, generally you will pay a higher price per share and you will pay
taxes on the amount of the distribution whether you reinvest the distribution or
receive it as cash.
TAXES
For federal income tax purposes, your distributions from the fund's net
long-term capital gains are considered long-term capital gains and may be
taxable to you at different maximum rates depending upon their source and other
factors. Dividends and short-term capital gain distributions are taxable as
ordinary income. Dividends and distributions are taxable, whether you take
payment in cash or reinvest them to buy additional fund shares. When you sell or
exchange fund shares you will generally recognize a capital gain or capital loss
in an amount equal to the difference between the net amount of sale proceeds
(or, in the case of an exchange, the fair market value of the shares) that you
receive and your tax basis for the shares that you sell or exchange. In January
of each year the fund will mail to you information about your dividends,
distributions and any shares you sold in the previous calendar year.
You must provide your social security number or other taxpayer identification
number to the fund along with the certifications required by the Internal
Revenue Service when you open an account. If you do not or if it is otherwise
legally required to do so, the fund will withhold 31% "backup withholding" tax
from your dividends and distributions, sale proceeds and any other payments to
you.
You should ask your own tax adviser about any federal and state tax
considerations, including possible additional withholding taxes for non-U.S.
shareholders. You may also consult the fund's statement of additional
information for a more detailed discussion of federal income tax considerations
that may affect the fund and its shareowners.
[text box: capital icon]
Sales and exchanges may be taxable transactions to shareowners.
[end text box]
26
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NOTES
27
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NOTES
28
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NOTES
29
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PIONEER
GLOBAL HEALTH CARE FUND
YOU CAN OBTAIN MORE FREE INFORMATION about the fund from your investment firm or
by writing to Pioneering Services Corporation, 60 State Street, Boston,
Massachusetts 02109. You may also call 1-800-225-6292.
SHAREOWNER REPORTS
Annual and semiannual reports to shareowners provide information about the
fund's investments. The annual report discusses market conditions and investment
strategies that significantly affected the fund's performance during its last
fiscal year.
STATEMENT OF ADDITIONAL INFORMATION
The statement of additional information provides more detailed information about
the fund. It is incorporated by reference into this prospectus.
VISIT OUR WEBSITE
www.pioneerfunds.com
You can also review the fund's shareowner reports, prospectus and statement of
additional information at the Securities and Exchange Commission's Public
Reference Room in Washington, D.C. Call 1-202-942-8090 for information. The
Commission charges a fee for copies. You can get the same information free from
the Commission's EDGAR database on the Internet (http://www.sec.gov). You may
also e-mail requests for these documents to [email protected] or make a request
in writing to the Commission's Public Reference Section, Washington, D.C.
20549-0102.
(Investment Company Act file no. 811-xxxxx)
[Pioneer
logo] Pioneer Funds Distributor, Inc.
60 State Street
Boston, MA 02109 9174-00-1000
www.pioneerfunds.com (C) Pioneer Funds Distributor, Inc.
