Fidelity Bond Premium and Coverage Allocation Agreement
EXHIBIT
99-4
Fidelity
Bond Premium
and
AGREEMENT,
dated as of August 1, 2006, 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 Investment Company Blanket 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, other than Pioneer Independence Plans, 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 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.
1
Pioneer
Independence Plans is a unit investment trust registered under the 1940 Act
and
serves as a vehicle for the accumulation of Class P shares of Pioneer
Independence Fund, a registered management investment company under the 1940
Act
and a Fund insured under the Fidelity Bond. Pioneer Independence Plans has
no
assets other than its holdings of Class P shares of Pioneer Independence Fund
and therefore has not been allocated a portion of the aggregate premium.
Accordingly, Pioneer Independence Plans will only participate in a claim under
the Fidelity Bond and any proceeds therefrom to the extent that Pioneer
Independence Fund participates in such claim and the proceeds therefrom will
be
paid to Pioneer Independence Fund pursuant to 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 shares of 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.
2
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.
Each
Fund
Listed on Appendix A hereto
|
By:/s/
Xxxxxxx Xxxx
Xxxxxxx
Xxxx
Treasurer
of Each Fund
Listed
on Appendix A
|
Pioneer
Independence Plans
By:
Pioneer Funds Distributor, Inc., Sponsor
By:
/s/Xxxxxxx X. Xxxxxxxx
Xxxxxxx
X. Xxxxxxxx
Clerk
3
Appendix
A
|
Pioneer
America Income Trust
|
|
Pioneer
Balanced Fund
|
|
Pioneer
Bond Fund
|
|
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, a series trust consisting
of:
Pioneer
Ibbotson Aggressive Allocation Fund
Pioneer
Ibbotson Conservative Allocation Fund
Pioneer
Ibbotson Growth Allocation Fund
Pioneer
Ibbotson Moderate Allocation Fund
|
|
Pioneer
Independence Fund
|
|
Pioneer
Independence Plans
|
|
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, a series fund consisting
of:
Pioneer
Cash Reserves Fund
|
|
Pioneer
Municipal High Income Trust
|
|
Pioneer
Municipal High Income Advantage Trust
|
|
Pioneer
Protected Principal Trust, a series trust consisting of:
Pioneer
Protected Principal Plus Fund
Pioneer
Protected Principal Plus Fund II
|
|
Pioneer
Real Estate Shares
|
|
Pioneer
Research Fund
|
|
Pioneer
Select Equity Fund
|
|
Pioneer
Select Value Fund
|
4
|
Pioneer
Series Trust I, a series trust consisting of:
Pioneer
Oak Ridge Large Cap Growth Fund
Pioneer
Oak Ridge Small Cap Growth Fund
|
|
Pioneer
Series Trust II, a series trust consisting of:
Pioneer
Am Pac Growth Fund
Pioneer
AMT -Free CA Municipal Bond Fund
Pioneer
AMT -Free Municipal Fund
Pioneer
Growth Leaders Fund
Pioneer
Growth Opportunities Fund
Pioneer
Small and Mid Cap Growth Fund
Pioneer
Tax Free Money Market Fund
|
|
Pioneer
Series Trust III, a series trust consisting of:
|
|
Pioneer
Cullen Value Fund
|
|
Pioneer
Series Trust IV, a series trust consisting of:
Pioneer
Classic Balanced Fund
Pioneer
Florida Tax Free Income Fund
Pioneer
Focused Equity Fund
Pioneer
Government Income Fund
Pioneer
Institutional Money Market Fund
Pioneer
International Core Equity Fund
Pioneer
Treasury Reserves Fund
|
|
Pioneer
Series Trust V, a series trust consisting of:
Pioneer
Global Select Equity Fund
Pioneer
High Income Municipal Fund
Pioneer
Oak Ridge All Cap Growth Fund
Pioneer
Select Research Growth Fund
Pioneer
Select Research Value Fund
|
|
Pioneer
Small Cap Value Fund
|
|
Pioneer
Strategic Income Fund
|
|
Pioneer
Tax Advantaged Balanced Trust
|
|
Pioneer
Tax Free Income Fund
|
|
Pioneer
Value Fund
|
5
|
Pioneer
Variable Contracts Trust, a series trust consisting of:
|
|
Pioneer
America Income VCT Portfolio
|
|
Pioneer
Am Pac Growth VCT Portfolio
|
|
Pioneer
Balanced VCT Portfolio
|
|
Pioneer
Bond VCT Portfolio
|
|
Pioneer
Core Bond VCT Portfolio
|
|
Pioneer
Cullen Value VCT Portfolio
|
|
Pioneer
Emerging Markets VCT Portfolio
|
|
Pioneer
Equity Income VCT Portfolio
|
|
Pioneer
Equity Opportunity VCT Portfolio
|
|
Pioneer
Europe VCT Portfolio
|
|
Pioneer
Fund VCT Portfolio
|
|
Pioneer
Global High Yield VCT Portfolio
|
|
Pioneer
Growth Opportunities VCT Portfolio
|
|
Pioneer
Growth Shares VCT Portfolio
|
|
Pioneer
High Yield VCT Portfolio
|
|
Pioneer
Ibbotson Aggressive Allocation VCT Portfolio
|
|
Pioneer
Ibbotson Growth Allocation VCT Portfolio
|
|
Pioneer
Ibbotson Moderate Allocation VCT Portfolio
|
|
Pioneer
International Value VCT Portfolio
|
|
Pioneer
Mid Cap Value VCT Portfolio
|
|
Pioneer
Money Market VCT Portfolio
|
|
Pioneer
Oak Ridge Large Cap Growth VCT Portfolio
|
|
Pioneer
Real Estate Shares VCT Portfolio
|
|
Pioneer
Small and Mid Cap Growth VCT Portfolio
|
|
Pioneer
Small Cap Value VCT Portfolio
|
|
Pioneer
Strategic Income VCT Portfolio
|
|
Pioneer
Value VCT Portfolio
|
|
By:
/s/ Xxxxxxx Xxxx
Xxxxxxx
Xxxx
Treasurer
of Each Fund
Listed
on Appendix A
|
August
1,
2006
6
