Common use of SERVICE AND DISTRIBUTION FEES Clause in Contracts

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.