Pioneer Investments Announces Participation in U.S. Treasury Temporary Money Market Fund Guarantee Program

Business Wire, Oct 8, 2008

BOSTON -- Pioneer Investments today announced that the Boards of Trustees of four Pioneer money market funds approved participation of the funds in the U.S. Treasury Department's Temporary Guarantee Program for Money Market Funds.

"Pioneer's U.S. money market funds consistently have maintained their $1 per share values, and we believe the funds are highly liquid and well diversified," said Daniel K. Kingsbury, President and Chief Executive Officer of Pioneer Investment Management USA Inc. "During this period of market unrest, Pioneer and the funds' Trustees are taking this step to provide an additional level of comfort to our shareholders," Kingsbury added.

The four Pioneer funds applying to participate in the program are Pioneer Cash Reserves Fund, Pioneer Institutional Money Market Fund, Pioneer Tax Free Money Market Fund, and Pioneer Money Market VCT Portfolio.

The U.S. Treasury Department recently instituted the money market fund guarantee program to enhance market confidence and alleviate investor concerns about the ability of money market funds to absorb a loss. For participating funds, coverage is provided to shareholders for amounts that they held in the money market funds as of the close of business on September 19, 2008. Any increase in the number of shares held by an investor in a fund after the close of business on September 19, 2008 will not be covered. If, following September 19, 2008, the number of shares held in an account fluctuates, investors will be covered for either the number of shares held as of the close of business on September 19, 2008 or the number of shares held on the date of the trigger event, whichever is less. The guarantee would be triggered on a day when the value of a participating fund's share falls below $0.995, commonly referred to as breaking the buck.

The program will exist for an initial three-month term and is scheduled to terminate on December 18, 2008 unless the Treasury determines to extend the program. The Treasury has discretion to continue the program until September 18, 2009. If the program were extended, eligible funds would have to renew their participation to maintain coverage.

Pioneer Investments will continue to manage its money market funds in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, with Pioneer's traditional focus on credit analysis and high credit standards. The firm continues to monitor all securities held by the money market funds in an effort to ensure they continue to present minimal credit risk.

More information about the program is available on the U.S. Treasury's website at http://www.treas.gov/offices/domestic-finance/key-initiatives/ money-market-fund.shtml. (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)

Past performance is no guarantee of future results.

Although each Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Fund shares are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

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Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus containing this information. Read it carefully.

Securities offered through Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA. 02109. Underwriter of Pioneer mutual funds, Member SIPC.

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