Fidelity Bond Premium and Coverage Allocation Agreement
Exhibit
99-4
Fidelity
Bond Premium
and
AGREEMENT,
dated as of August 1, 2006, as amended effective as of May 15, 2007, among
the
investment companies or series thereof listed on Appendix A, as amended from
time to time (each a “Fund”).
WHEREAS,
each of the Funds is registered or is a series of a Trust registered as an
investment company under the Investment Company Act of 1940, as amended (the
“1940 Act”); and
WHEREAS,
each Fund is named as an insured on a joint insured fidelity bond (the “Fidelity
Bond”) issued by ICI Mutual Insurance Company (the “Insurer”);
NOW
THEREFORE, in consideration of the mutual covenants and benefits set forth
herein, each Fund agrees as follows:
1. Each
Fund
shall pay a portion of the aggregate premium payable under the Fidelity Bond
which portion shall be the Fund’s pro-rata share of the aggregate premium which
shall be determined by calculating the proportion which the Fund’s level of
coverage required under Rule 17g-1(d) of the 1940 Act, determined as of a
specified date or the fiscal quarter end for each Fund nearest a specified
date,
bears to the aggregate limit of liability of the Fidelity Bond, as so
determined, and applying said proportion to the aggregate Fidelity Bond premium.
From time to time, appropriate adjustments will be made to the portion of the
premium theretofore paid by a Fund, based on a subsequent change or changes
in
the required coverage of one or more Funds.
2. If
the
Insurer is willing without additional premium to add, as an insured under the
Fidelity Bond, any investment company not listed on Appendix A referred to
above
for which Pioneer Investment Management, Inc. or an affiliate thereof is
investment adviser, which may be included in the Fidelity Bond pursuant to
Rule
17g-1(b) under the 1940 Act, the Funds agree (a) that such addition may be
made,
provided that those directors or trustees of each of the Funds who are not
“interested persons” of such Funds shall approve such addition, and (b) that if
such additional insured is an investment company, it may become a party to
this
Agreement and, whether a separate investment company or a series, such
additional insured may be included within the terms “Fund” and/or “party,” as
the case may be, provided that in each case any such separate investment company
shall have executed and delivered to the Funds its written agreement to become
a
party hereto and to be bound by the terms of this Agreement.
3. In
the
event that the claims of loss of two or more insureds under the Fidelity Bond
are so related that the Insurer is entitled to assert that the claims must
be
aggregated, the following rule shall determine, as among the claimants, the
priority of satisfaction of the claims under the Fidelity Bond:
Proceeds
in respect of a claim under the Fidelity Bond shall be applied to the
unsatisfied claim (or portion thereof) of each Fund by calculating the
proportion which the unsatisfied claim (or portion thereof) of each Fund bears
to the total unsatisfied claims (or portions thereof) of all Funds and applying
said proportion to the remaining amount of insurance paid; provided, however,
that each Fund shall receive proceeds in an amount at least equal to the amount
which it would have received had it provided and maintained a single insured
bond with the minimum coverage required by Rule 17g-1(d) under the 1940 Act
for
the calendar year in which the claim arose.
4. This
Agreement shall become effective as of the date hereof, and shall remain in
full
force and effect as to the Fidelity Bond during the bond period as specified
in
such bond.
5. The
obligations of the Funds under this Agreement are not binding upon any of the
Trustees or holders of sharesof beneficial interest of any Fund or individually,
but bind only the assets of any Fund, and the obligations of any series of
an
investment company under this Agreement are not binding on any other series
of
such investment company.
IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
by
their duly authorized officers as of the day and year first above
written.
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Each
Fund Listed on Appendix A hereto
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| By: | /s/ Xxxxxxx X. Xxxxxxxx | |
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Xxxxxxx
X. Xxxxxxxx
Secretary
of Each Fund
Listed
on Appendix A
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Appendix
A
Pioneer
Bond Fund
Pioneer
Diversified High Income Trust
Pioneer
Emerging Markets Fund
Pioneer
Equity Income Fund
Pioneer
Equity Opportunity Fund
Pioneer
Europe Select Equity Fund
Pioneer
Floating Rate Trust
Pioneer
Fund
Pioneer
Fundamental Growth Fund
Pioneer
Global High Yield Fund
Pioneer
Growth Shares
Pioneer
High Income Trust
Pioneer
High Yield Fund
Pioneer
Ibbotson Asset Allocation Series
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Pioneer
Ibbotson Aggressive Allocation Fund
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Pioneer
Ibbotson Conservative Allocation
Fund
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Pioneer
Ibbotson Growth Allocation Fund
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Pioneer
Ibbotson Moderate Allocation Fund
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Pioneer
Interest Shares
Pioneer
International Equity Fund
Pioneer
International Value Fund
Pioneer
Mid Cap Growth Fund
Pioneer
Mid Cap Value Fund
Pioneer
Money Market Trust
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Pioneer
Cash Reserves Fund
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Pioneer
Municipal High Income Advantage Trust
Pioneer
Municipal High Income Trust
Pioneer
Protected Principal Trust
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Pioneer
Protected Principal Plus Fund
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Pioneer
Protected Principal Plus Fund II
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Pioneer
Real Estate Shares
Pioneer
Research Fund
Pioneer
Select Equity Fund
Pioneer
Select Value Fund
Pioneer
Series Trust I
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Pioneer
Oak Ridge Large Cap Growth Fund
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Pioneer
Oak Ridge Small Cap Growth Fund
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Pioneer
Series Trust II
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Pioneer
Am Pac Growth Fund
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Pioneer
AMT -Free CA Municipal Bond Fund
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Pioneer
AMT-Free Municipal Fund
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Pioneer
Growth Leaders Fund
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Pioneer
Growth Opportunities Fund
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Pioneer
Small and Mid Cap Growth Fund
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Pioneer
Tax Free Money Market Fund
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Pioneer
Series Trust III
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Pioneer
Cullen Value Fund
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-3-
Pioneer
Series Trust IV
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Pioneer
Classic Balanced Fund
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Pioneer
Government Income Fund
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Pioneer
Institutional Money Market Fund
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Pioneer
International Core Equity Fund
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Pioneer
Treasury Reserves Fund
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Pioneer
Series Trust V
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Pioneer
Global Select Equity Fund
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Pioneer
High Income Municipal Fund
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Pioneer
Oak Ridge All Cap Growth Fund
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Pioneer
Select Research Growth Fund
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Pioneer
Select Research Value Fund
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Pioneer
Series Trust VI
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Pioneer
Floating Rate Fund
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Pioneer
Short Term Income Fund
Pioneer
Small Cap Value Fund
Pioneer
Small Company Fund
Pioneer
Strategic Income Fund
Pioneer
Tax Advantaged Balanced Trust
Pioneer
Tax Free Income Fund
Pioneer
Value Fund
Pioneer
Variable Contracts Trust
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Pioneer
America Income VCT Portfolio
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Pioneer
Bond VCT Portfolio
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Pioneer
Core Bond VCT Portfolio
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Pioneer
Cullen Value VCT Portfolio
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Pioneer
Emerging Markets VCT Portfolio
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Pioneer
Equity Income VCT Portfolio
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Pioneer
Equity Opportunity VCT Portfolio
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Pioneer
Fund VCT Portfolio
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Pioneer
Global High Yield VCT Portfolio
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Pioneer
Growth Shares VCT Portfolio
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Pioneer
Growth Opportunities VCT Portfolio
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Pioneer
High Yield VCT Portfolio
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Pioneer
Ibbotson Aggressive Allocation VCT
Portfolio
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Pioneer
Ibbotson Growth Allocation VCT
Portfolio
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Pioneer
Ibbotson Moderate Allocation VCT
Portfolio
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Pioneer
International Value VCT Portfolio
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Pioneer
Mid Cap Value VCT Portfolio
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Pioneer
Money Market VCT Portfolio
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Pioneer
Oak Ridge Large Cap Growth VCT
Portfolio
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Pioneer
Real Estate Shares VCT Portfolio
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Pioneer
Small Cap Value VCT Portfolio
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Pioneer
Small and Mid Cap Growth VCT
Portfolio
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Pioneer
Strategic Income VCT Portfolio
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Pioneer
Value VCT Portfolio
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| By: | /s/ Xxxxxxx X. Xxxxxxxx | |
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Xxxxxxx
X. Xxxxxxxx
Secretary
of Each Fund
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As
of May 15, 2007
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