Fidelity Bond Premium and Coverage Allocation Agreement
Exhibit
99-4
Fidelity
Bond Premium
and
AGREEMENT,
dated as of August 1, 2010, among the investment companies or series thereof
listed on Appendix A1, 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 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.
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/ Xxxxxxxxxxx X.
Xxxxxx
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Xxxxxxxxxxx
X. Xxxxxx
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Secretary
of of Each Fund
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Listed
on Appendix A
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By:
/s/ Xxxxxxxxxxx X.
Xxxxxx
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Xxxxxxxxxxx
X. Xxxxxx
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Secretary
of Pioneer Multi-Asset
Real
Return Fund, on behalf of
Pioneer
Cayman Commodity
Fund
Ltd.
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Appendix
A
Pioneer
Bond Fund
Pioneer
Emerging Markets Fund
Pioneer
Equity Income Fund
Pioneer
Equity Opportunity Fund
Pioneer
Floating Rate Trust
Pioneer
Fund
Pioneer
Fundamental Growth Fund
Pioneer
High Income Trust
Pioneer
High Yield Fund
Pioneer
Ibbotson Asset Allocation Series
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·
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Pioneer
Ibbotson Aggressive Allocation Fund
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·
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Pioneer
Ibbotson Conservative Allocation
Fund
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·
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Pioneer
Ibbotson Growth Allocation Fund
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·
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Pioneer
Ibbotson Moderate Allocation Fund
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Pioneer
Independence Fund
Pioneer
Mid Cap Growth Fund
Pioneer
Mid Cap Value Fund
Pioneer
Money Market Trust
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·
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Pioneer
Cash Reserves Fund
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Pioneer
Municipal High Income Advantage Trust
Pioneer
Municipal High Income Trust
Pioneer
Real Estate Shares
Pioneer
Research Fund
Pioneer
Series Trust I
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Pioneer
Growth Fund
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Pioneer
Intermediate Tax Free Income Fund
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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
Select Mid Cap Growth Fund
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Pioneer
Series Trust II
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Pioneer
AMT-Free Municipal Fund
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Pioneer
Growth Opportunities 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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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
Treasury Reserves Fund
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Pioneer
Series Trust V
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Pioneer
Global Equity Fund
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Pioneer
High Income Municipal Fund
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Pioneer
Disciplined Growth Fund
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Pioneer
Disciplined Value Fund
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-3-
Pioneer
Series Trust VI
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Pioneer
Floating Rate Fund
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Pioneer
Multi-Asset Real Return Fund (including its wholly-owned
subsidiary Pioneer Cayman Commodity Fund
Ltd.)
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Pioneer
Series Trust VII
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Pioneer
Global Aggregate Bond Fund
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Pioneer
Global Diversified Equity Fund
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Pioneer
Global High Yield Fund
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Pioneer
Series Trust VIII
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Pioneer
International Value Fund
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Pioneer
Short Term Income Fund
Pioneer
Strategic Income Fund
Pioneer
Tax Free Income Fund
Pioneer
Value Fund
Pioneer
Variable Contracts Trust
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Pioneer
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
Fund 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 Growth Allocation VCT
Portfolio
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Pioneer
Ibbotson Moderate Allocation 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
Real Estate Shares VCT Portfolio
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Pioneer
Strategic Income VCT Portfolio
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As of
August 1, 2010,
-4-
