EXPENSE LIMIT AGREEMENT
Expense Limit Agreement made as of May 1, 2006 and as revised on December
1, 2006 between Pioneer Investment Management, Inc. ("PIM"), on behalf of itself
and its affiliates, Pioneer Investment Management Shareholder Services, Inc.
("PIMSS") and Pioneer Funds Distributor, Inc. ("PFD"), and each of the Pioneer
Funds listed on Annex A, as updated from time to time (each a "Fund").
Whereas PIM, PIMSS and PFD wish to reduce the expenses of each Fund; and
Whereas each Fund wishes to have PIM 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 PIMSS waiving 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,
PFD 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, PIM 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 PIM waives or reimburses any
Fund-Wide Expenses, PIM 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. Notwithstanding the foregoing, in the event that pursuant to
Section 2, PIM is waiving or reimbursing Fund-Wide Expenses with respect to a
class of shares, the expenses of each class of shares shall be limited first by
waiving or reimbursing Fund-Wide Expenses to the extent required by Section 2
and then by waiving class specific expenses.
SECTION 2 Expense Limitations for Other Funds. PIM agrees to limit the
expenses attributable to each class of shares of each Fund listed in Annex C, as
updated from time to time, by waiving Fund-Wide Expenses so that the Ordinary
Operating Expenses of the Fund listed in Annex C with respect to the class of
shares set forth in Annex C do not exceed the percentage of average daily net
assets attributable to such class of shares on an annual basis. PIM also agrees
to waive Fund-Wide Expenses attributable to any other authorized class of a
Fund's shares to the same extent that such expenses are reduced for the class of
shares listed in Annex C. In no event shall PFD be required to waive or PIM
reimburse any fees payable under a Rule 12b-1 Plan with respect to the Funds
listed in Annex C.
SECTION 3 Amendment or Termination of Expense Limits. PIM may terminate or
modify these expense limitations only in accordance with this Agreement. PIM
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 Pioneer may extend a date reflected in Annex B from time to
time. With respect to the Funds listed in Annex C, PIM shall be entitled to
modify or terminate the expense limitation with respect to any fiscal year that
commences subsequent to the date this Agreement is executed 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 with respect to a Fund 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 a 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 4 Termination of Expense Reimbursement Provisions. Notwithstanding
anything to the contrary in any predecessor to this Agreement, PIM agrees that
it shall not be entitled to be reimbursed for any expenses that PIM, PIMSS or
PFD has waived or limited.
SECTION 5 Ordinary Operating Expenses. For purposes of this Agreement,
Ordinary Operating Expenses means all expenses of the Funds other than
extraordinary expenses, such as litigation, taxes and brokerage commissions.
SECTION 6 Governing Law. This Agreement shall be governed by the laws of
the State of Delaware.
SECTION 7 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 December, 2006.
Each of the Funds Listed on Annex A.
By: /s/ Xxxxxx X. Xxxx
--------------------------
Name: Xxxxxx X. Xxxx
Title: Executive Vice President
PIONEER INVESTMENT MANAGEMENT, INC.
By: /s/ Xxxxxxx X. Xxxxxxxx
--------------------------
Name: Xxxxxxx X. Xxxxxxxx
Title: Secretary
Annex A
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Pioneer AmPac Growth Fund (a series of Pioneer Series Trust II)
Pioneer Bond Fund
Pioneer AMT-Free CA Municipal Fund (a series of Pioneer Series Trust II)
Pioneer AMT-Free Municipal Fund (a series of Pioneer Series Trust II)
Pioneer Classic Balanced Fund (a series of Pioneer Series Trust IV)
Pioneer Cullen Value Fund (a series of Pioneer Series Trust III)
Pioneer Emerging Markets Fund
Pioneer Equity Opportunity Fund
Pioneer Europe Select Equity Fund
Pioneer Fundamental Growth Fund
Pioneer Global High Yield Fund
Pioneer Global Select Equity Fund (a series of Pioneer Series Trust V)
Pioneer Government Income Fund (a series of Pioneer Series Trust IV)
Pioneer Growth Leaders Fund (a series of Pioneer Series Trust II)
Pioneer High Income Municipal Fund (a series of Pioneer Series Trust V)
Pioneer Ibbotson Aggressive Allocation Fund (a series of Pioneer Ibbotson
Asset Allocation Series)
Pioneer Ibbotson Conservative Allocation Fund (a series of Pioneer Ibbotson
Asset Allocation Series)
Pioneer Ibbotson Growth Allocation Fund (a series of Pioneer Ibbotson
Asset Allocation Series)
Pioneer Ibbotson Moderate Allocation Fund (a series of Pioneer Ibbotson
Asset Allocation Series)
Pioneer Independence Fund
Pioneer Institutional Money Market Fund (a series of Pioneer Series Trust IV)
Pioneer International Core Equity Fund (a series of Pioneer Series Trust IV)
Pioneer International Equity Fund
Pioneer International Value Fund
Pioneer Oak Ridge All Cap Growth Fund (a series of Pioneer Series Trust V)
Pioneer Oak Ridge Large Cap Growth Fund (a series of Pioneer Series Trust I)
Pioneer Oak Ridge Small Cap Growth Fund (a series of Pioneer Series Trust I)
Pioneer Research Fund
Pioneer Select Equity Fund
Pioneer Select Research Value Fund (a series of Pioneer Series Trust V)
Pioneer Select Research Growth Fund (a series of Pioneer Series Trust V)
Pioneer Select Value Fund
Pioneer Short Term Income Fund
Pioneer Small and Mid Cap Growth Fund (a series of Pioneer Series Trust II)
Annex B
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Fiscal Regular
Year End Prospectus Expense
Fund Class Date Limit Expiration
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Pioneer Select Value Fund A 2/28 7/1 1.25% 7/1/08
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B 2/28 7/1 2.15% 7/1/07
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C 2/28 7/1 2.15% 7/1/07
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Pioneer International Equity Fund A 3/31 8/1 1.60% 8/1/08
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B 3/31 8/1 2.50% 8/1/07
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C 3/31 8/1 2.50% 8/1/07
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Pioneer Fundamental Growth Fund A 3/31 8/1 1.25% 8/1/08
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B 3/31 8/1 2.15% 8/1/07
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C 3/31 8/1 2.15% 8/1/07
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Pioneer Bond Fund A 6/30 11/1 1.00% 11/1/09
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B 6/30 11/1 1.90% 11/1/07
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C 6/30 11/1 1.90% 11/1/07
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R 6/30 11/1 1.25% 11/1/07
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Pioneer Cullen Value Fund A 6/30 11/1 1.25% 11/1/09
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B 6/30 11/1 2.15% 11/1/07
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C 6/30 11/1 2.15% 11/1/07
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R 6/30 11/1 1.40% 11/1/07
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Pioneer Ibbotson Moderate Allocation Fund A 7/31 12/1 0.74% 12/1/09
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B 7/31 12/1 1.52% 12/1/08
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C 7/31 12/1 1.52% 12/1/08
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Pioneer Ibbotson Growth Allocation Fund A 7/31 12/1 0.79% 12/1/09
---------------------------------------------------------------------------------------------------------------------
B 7/31 12/1 1.57% 12/1/08
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C 7/31 12/1 1.57% 12/1/08
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Pioneer Ibbotson Aggressive Allocation Fund A 7/31 12/1 0.85% 12/1/09
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B 7/31 12/1 1.64% 12/1/08
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C 7/31 12/1 1.64% 12/1/08
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Pioneer Ibbotson Conservative Allocation Fund A 7/31 12/1 0.78% 12/1/09
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B 7/31 12/1 1.68% 12/1/08
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C 7/31 12/1 1.68% 12/1/08
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Pioneer Classic Balanced Fund* A 7/31 12/1 1.16% 12/1/09
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B 7/31 12/1 2.06% 12/1/07
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C 7/31 12/1 2.06% 12/1/07
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Pioneer Government Income Fund** B 7/31 12/1 1.89% 12/1/07
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Pioneer International Core Equity Fund A 7/31 12/1 1.60% 12/1/09
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B 7/31 12/1 2.50% 12/1/07
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C 7/31 12/1 2.50% 12/1/07
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Pioneer Institutional Money Market Fund 1 7/31 12/1 0.25% 12/1/08
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2 7/31 12/1 0.50% 12/1/08
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3 7/31 12/1 0.75% 12/1/08
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Pioneer Europe Select Equity Fund A 8/31 1/1 1.75% 1/1/09
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B 8/31 1/1 2.65% 1/1/07
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C 8/31 1/1 2.65% 1/1/07
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R 8/31 1/1 2.00% 1/1/07
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Pioneer Short Term Income Fund A 8/31 1/1 0.90% 1/1/09
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B 8/31 1/1 1.80% 1/1/07
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C 8/31 1/1 1.80% 1/1/07
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Pioneer Global Select Equity Fund A 8/31 1/1 1.30% 1/1/09
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B 8/31 1/1 2.20% 1/1/07
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C 8/31 1/1 2.20% 1/1/07
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Pioneer Select Research Value Fund A 8/31 1/1 1.25% 1/1/09
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B 8/31 1/1 2.15% 1/1/07
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C 8/31 1/1 2.15% 1/1/07
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Pioneer Select Research Growth Fund A 8/31 1/1 1.25% 1/1/09
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B 8/31 1/1 2.15% 1/1/07
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C 8/31 1/1 2.15% 1/1/07
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Pioneer High Income Municipal Fund A 8/31 1/1 0.90% 1/1/09
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C 8/31 1/1 1.80% 1/1/08
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Pioneer Oak Ridge All Cap Growth Fund A 8/31 1/1 1.25% 1/1/09
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C 8/31 1/1 2.15% 1/1/08
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Pioneer Global High Yield Fund A 10/31 3/1 1.10% 3/1/08
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B 10/31 3/1 2.00% 3/1/07
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C 10/31 3/1 2.00% 3/1/07
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Pioneer Emerging Markets Fund A 11/30 4/1 1.95% 4/1/09
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B 11/30 4/1 2.85% 4/1/07
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C 11/30 4/1 2.85% 4/1/07
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R 11/30 4/1 2.20% 4/1/07
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Pioneer International Value Fund A 11/30 4/1 1.70% 4/1/09
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B 11/30 4/1 2.60% 4/1/07
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C 11/30 4/1 2.60% 4/1/07
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R 11/30 4/1 1.95% 4/1/07
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Pioneer Oak Ridge Large Cap Growth Fund A 11/30 4/1 1.20% 4/1/09
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B 11/30 4/1 2.10% 4/1/07
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C 11/30 4/1 2.10% 4/1/07
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R 11/30 4/1 1.45% 4/1/07
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Pioneer Oak Ridge Small Cap Growth Fund A 11/30 4/1 1.40% 4/1/09
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B 11/30 4/1 2.30% 4/1/07
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C 11/30 4/1 2.30% 4/1/07
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Pioneer Select Equity Fund A 11/30 4/1 1.25% 4/1/09
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B 11/30 4/1 2.15% 4/1/07
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C 11/30 4/1 2.15% 4/1/07
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Pioneer Research Fund A 12/31 5/1 1.25% 5/1/09
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B 12/31 5/1 2.15% 5/1/08+
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C 12/31 5/1 2.15% 5/1/08+
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Pioneer Independence Fund P 12/31 5/1 1.50% 5/1/07
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A 12/31 5/1 1.25% 5/1/09
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C 12/31 5/1 2.15% 5/1/07
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Pioneer AmPac Growth Fund A 12/31 5/1 1.40% 5/1/07
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B 12/31 5/1 2.30% 5/1/07
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C 12/31 5/1 2.30% 5/1/07
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R 12/31 5/1 1.65% 5/1/07
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Pioneer Small and Mid Cap Growth Fund A 12/31 5/1 1.45% 5/1/07
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B 12/31 5/1 2.35% 5/1/07
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C 12/31 5/1 2.35% 5/1/07
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R 12/31 5/1 1.70% 5/1/07
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Pioneer AMT-Free Municipal Fund A++ 12/31 5/1 0.82% 5/1/08
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B 12/31 5/1 1.77% 5/1/07
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C 12/31 5/1 1.77% 5/1/07
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Pioneer AMT-Free CA Municipal Fund A 12/31 5/1 0.86% 5/1/07
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B 12/31 5/1 1.76% 5/1/07
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C 12/31 5/1 1.76% 5/1/07
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Annex C
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Fund Class A Expense Limit
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Pioneer AmPac Growth Fund 1.25% until December 31, 2006
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Pioneer Equity Opportunity Fund 1.25% until November 30, 2007
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Pioneer Growth Leaders Fund 1.25% until December 31, 2006
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Pioneer Small and Mid Cap Growth Fund 1.25% until December 31, 2006
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