Exhibit (k)(3)
EXPENSE LIMIT AGREEMENT
Expense Limit Agreement made as of October 1, 2019, between Amundi Pioneer
Asset Management, Inc. ("Amundi Pioneer"), on behalf of itself and its
affiliate, Amundi Pioneer Distributor, Inc. ("Amundi Pioneer Distributor"), and
each of the Pioneer Funds listed on Annex A, as updated from time to time (each
a "Fund").
Whereas Amundi Pioneer and Amundi Pioneer Distributor wish to reduce the
expenses of each Fund; and
Whereas each Fund wishes to have Amundi Pioneer enter into such an agreement.
Now therefore the parties agree as follows:
SECTION 1 Special Class A Limitations. The expenses attributable to each
class of shares of the Funds listed on Annex B, as updated from time to time,
shall be reduced, if necessary, so that the Ordinary Operating Expenses (as
defined below) of each Fund attributable to such class of shares do not exceed
the percentage of average daily net assets attributable to the applicable class
of shares of such Fund as set forth on Annex B. This expense limitation shall
be effected first by Amundi Pioneer waiving and/or reimbursing transfer agency
fees and expenses allocated to the applicable class of shares. If waiving
transfer agency fees and expenses alone is not sufficient to achieve the
expense limitation reflected in Annex B, Amundi Pioneer Distributor shall waive
Rule 12b-1 fees attributable to the applicable class of shares. In the event
that waiving transfer agency fees and expenses and Rule 12b-1 fees attributable
to a class of shares is not sufficient to achieve the expense limitation
reflected in Annex B, Amundi Pioneer shall reimburse other expenses or waive
other fees ("Fund-Wide Expenses") to the extent necessary to further reduce the
expenses attributable to that class of shares to the percentage of average
daily net assets reflected in Annex B. In the event that Amundi Pioneer waives
or reimburses any Fund-Wide Expenses, Amundi Pioneer also agrees to waive or
reimburse the Fund-Wide Expenses attributable to any other authorized class of
shares to the same extent that such expenses are reduced for the class of
shares that required the reduction of Fund-Wide Expenses.
SECTION 2 Amendment or Termination of Expense Limits. Amundi Pioneer may
terminate or modify these expense limitations only in accordance with this
Agreement. Amundi Pioneer agrees that the expense limitations set forth in
Annex B shall continue in force until the date set forth with respect to each
Fund (and class thereof) in Annex B; provided, that Amundi Pioneer may extend a
date reflected in Annex B from time to time.
SECTION 3 Termination of Expense Reimbursement Provisions. Notwithstanding
anything to the contrary in any predecessor to this Agreement, Amundi Pioneer
agrees that it shall not be entitled to be reimbursed for any expenses that
Amundi Pioneer or Amundi Pioneer Distributor has waived or limited.
SECTION 4 Ordinary Operating Expenses. For purposes of this Agreement,
Ordinary Operating Expenses means all expenses of the Funds other than taxes,
brokerage commissions, acquired fund fees and expenses, and extraordinary
expenses, such as litigation.
SECTION 5 Governing Law. This Agreement shall be governed by the laws of the
State of Delaware.
SECTION 6 Existing Agreements Superseded. In the case of each Fund, to the
extent that this Agreement provides for expense limit arrangements for the same
classes of the Fund to which an existing expense limit agreement relates (each
an "Existing Agreement"), this Agreement shall supersede and replace the
Existing Agreement.
In witness whereof, the parties hereto have caused this Agreement to be
signed as of the 1st day of October, 2019.
Each of the Funds Listed on Annex A.
By: /s/ Xxxx X. Xxxxx
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Name: Xxxx X. Xxxxx
Title: President
AMUNDI PIONEER ASSET MANAGEMENT, INC.
By: /s/ Xxxxx X. Xxxxxxx
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Name: Xxxxx X. Xxxxxxx
Title: Chief Financial Officer
Annex A
Pioneer Securitized Income Fund
Annex B
Fiscal Regular
Year Prospectus Expense
Fund Class End Date Limit Expiration
---- ----- ------ ---------- ------- ----------
Pioneer Securitized Income Fund N/A 7/31 12/1 0.99% 1/1/21
