Expense Limit and Reimbursement Agreement
Expense Limit and Reimbursement Agreement made as of August 5, 2004
between Pioneer Investment Management, Inc. ("PIM") and Pioneer Europe Select
Fund (the "Fund").
Whereas PIM wishes to reduce the expenses of the Fund until the Fund
achieves a certain level of assets; and
Whereas the Fund wishes to have PIM enter into such an agreement and is
prepared to repay such expenses if the Fund subsequently achieves a sufficient
level of assets;
Now therefore the parties agree as follows:
Section 1. PIM agrees to limit the Fund's expenses (the "Expense
Limitation") by waiving PIM's fees and/or reimbursing the Fund for the Fund's
ordinary operating expenses so that the total expenses of the Fund (other than
extraordinary expenses, such as litigation, taxes, brokerage commissions, etc.)
with respect to Class A shares do not exceed 1.75% per annum of average daily
net assets attributable to Class A shares. PIM also agrees to waive its fees
and/or reimburse the Fund-wide expenses attributable to any other authorized
class of shares to the same extent that such expenses are reduced for Class A
shares. In no event, shall Pioneer Funds Distributor, Inc. be required to waive
or PIM reimburse any fees payable under the Fund's Rule 12b-1 plans.
Section 2. PIM may terminate or modify the Expense Limitation only in
accordance with this Agreement. PIM agrees that the Expense Limitation shall not
be modified or terminated on or before August 31, 2005. PIM shall be entitled to
modify or terminate the Expense Limitation after August 31, 2005 and any
subsequent fiscal year if, but only if, PIM elects to modify or terminate the
Expense Limitation with respect to such subsequent fiscal year and such election
is made prior to the effective date of the Fund's post-effective amendment to
its Registration Statement on Form N-1A to incorporate the Fund's financial
statements; provided that this Agreement shall remain in effect at all times
until the Fund's then current prospectus is amended or supplemented to reflect
the termination or modification of this Agreement. The election by PIM referred
to in the preceding sentence shall not be subject to the approval of the Fund or
its Board of Trustees, but PIM shall notify the Board of Trustees in advance of
the termination or modification of the Expense Limitation.
Section 3. PIM shall keep a record of the amount of expenses for each
class of shares that it waived or reimbursed pursuant to Section 1 hereof
("Prior Expenses"). If at any future date the total expenses of the Fund
attributable to Class A shares are less than the Expense Limitation, PIM shall
be entitled to be reimbursed for such Prior Expenses attributable to Class A
shares, provided that such reimbursement does not cause the Fund's Class A
expenses to exceed the Expense Limitation. PIM shall also be entitled to
reimbursement of the corresponding Prior Expenses attributable to any other
authorized class of shares if the expense ratio of such other class is less than
the expense ratio for that class in effect at the time the Prior Expense was
incurred. If the Fund's Class A expenses subsequently exceed the Expense
Limitation, the reimbursement of Prior Expenses shall be suspended and, if
subsequent reimbursement of Prior Expenses shall be resumed to the extent that
Class A expenses do not exceed the Expense Limitation (unless previously
terminated by PIM), the Expense Limitation shall be applied. Notwithstanding
anything in this Section 3 to the contrary, the Fund shall not reimburse PIM for
any Prior Expense pursuant to this Section 3 more than three (3) years after the
expense was incurred.
Section 4. It is not intended by PIM or the Fund that the reimbursement
agreement in Section 3 shall be an obligation of the Fund unless and until the
total expenses of the Fund attributable to Class A shares are less than 1.75% of
average daily net assets. PIM understands that such total expenses may never be
reduced to such level and there is no assurance that the Prior Expenses shall be
reimbursed. In addition, the Fund shall have the right to terminate this
Agreement, including its obligation to reimburse Prior Expenses, at any time
upon notice to PIM. This Agreement automatically terminates without obligation
by the Fund upon termination of the Management Contract between PIM and the
Fund.
Section 5. This Agreement shall be governed by the laws of the State
of Delaware.
In witness whereof, the parties hereto have caused this Agreement to be
signed as of the 2nd day of August, 2004.
PIONEER EUROPE SELECT FUND PIONEER INVESTMENT
MANAGEMENT, INC.
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Treasurer Vice President