Expense Limitation Agreement
Expense Limitation Agreement made as of August 3, 2004, between Pioneer
Investment Management, Inc. (PIM) and the investment companies and series
thereof listed on Annex A (each a "Fund").
Whereas PIM wishes to reduce the expenses of the Investor Class shares
or Class I shares of each Fund until the second anniversary of the closing of
the reorganization relating to the initial issuance of Investor Class shares or
Class I shares of such Fund; and
Whereas each Fund wishes to have PIM enter into such an agreement;
Now therefore the parties agree as follows:
Section 1. PIM agrees, until the end of the month of the second
anniversary of the reorganization relating to the initial issuance of Investor
Class shares or Class I shares of a Fund, to limit such Fund's ordinary
operating expenses (other than extraordinary expenses, such as litigation,
taxes, brokerage commissions, etc.) attributable to the Investor Class shares or
Class I shares (the "Expense Limitation") to the percentage listed for such Fund
on Annex A. Such limitation shall be made by waiving transfer agency fees and/or
reimbursing expenses attributable to Investor Class shares or Class I shares. In
the event that the waiver of transfer agency fees and expenses is not
sufficient, PIM shall waive other fees and/or reimburse the Fund for the Fund's
other ordinary operating expenses (other than extraordinary expenses, such as
litigation, taxes, brokerage commissions, etc) so that the Expense Limitation is
satisfied with respect to Investor Class shares or Class I shares, as the case
may be.
Section 2. PIM may not terminate or modify the duration or amount of
this Expense Limitation Agreement. PIM may otherwise modify this Agreement with
the approval of the Board of Trustees of each Fund.
Section 3. This Agreement automatically terminates without obligation
by the Fund upon termination of the Management Contract between PIM and the
Fund.
Section 4. 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 3rd day of August, 2004.
Each Fund listed on Annex A PIONEER INVESTMENT MANAGEMENT, INC.
By: /s/ Xxxxxx X. Xxxx By:/s/ Xxxxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxx Xxxxxxx X. Xxxxxxxx
Executive Vice President Secretary
Annex A
Acquiring Fund Class of Shares Expense Limitation
(Investor class) for
initial two years
Pioneer International Investor Class 1.40%
Equity Fund
Pioneer Balanced Fund Investor Class 1.10%
Pioneer Fund Investor Class 1.02%
Pioneer Growth Shares Investor Class 1.15%
Pioneer Value Fund Investor Class 1.10%
Pioneer Small Cap Value Investor Class 1.15%
Fund
Pioneer Bond Fund Investor Class 0.74%
Pioneer Tax Free Income Investor Class 0.70%
Fund
Pioneer America Income Investor Class 0.74%
Trust
Pioneer High Yield Fund Investor Class 0.90%
Pioneer Cash Reserves Investor Class 0.71%
Fund
Pioneer Tax Free Money Investor Class 0.65%
Market Fund
Pioneer Growth Investor Class 1.05%
Opportunities Fund
Pioneer Mid Cap Value Investor Class 1.10%
Fund
Pioneer California Tax Investor Class 0.63%
Free Income Fund
Pioneer Municipal Bond Investor Class 0.62%
Fund
Acquiring Fund Class of Expense limitation for
Shares initial two years
Pioneer Fund VCT Class I 0.80%
Portfolio
Pioneer Small Cap Value Class I 1.01%
II VCT Portfolio
Pioneer Bond VCT Class I 0.62%
Portfolio
Pioneer Money Market Class I 0.90%
VCT Portfolio
Pioneer Mid Cap VCT Class I 0.88%
Portfolio
Pioneer Growth Class I 0.79%
Opportunities VCT
Portfolio
