EXPENSE LIMIT AGREEMENT
Expense Limit Agreement made as of November 20, 2000, between Pioneer
Investment Management, Inc. (PIM) and Pioneer Independence 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;
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.)
do not exceed 1.50% per annum of average daily net assets. 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 plan.
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 during the remainder of the fiscal year in which this
Agreement is executed. 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 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. 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 20th day of November, 2000.
PIONEER INDEPENDENCE FUND PIONEER INVESTMENT
MANAGEMENT, INC.
BY:/s/ Xxxxx X. Triple BY:/s/ Xxxxx X. Xxxxxxx
Xxxxx X. Xxxxxxx Xxxxx X. Xxxxxxx
Executive Vice President President
