EXPENSE LIMIT AGREEMENT
Expense Limit Agreement made as of May 1, 2006 and as revised on February
1, 2011 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").
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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
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each class of shares of the Funds listed on Annex B, as updated from time to
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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
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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
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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
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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
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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.
SECTION 2 Amendment or Termination of Expense Limits. PIM may
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terminate or modify these expense limitations only in accordance with this
Agreement. PIM agrees that the expense limitations set forth in Annex B shall
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continue in force until the date set forth with respect to each Fund (and class
thereof) in Annex B; provided, that PIM may extend a date reflected in Annex B
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from time to time.
SECTION 3 Termination of Expense Reimbursement Provisions.
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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 4 Ordinary Operating Expenses. For purposes of this Agreement,
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Ordinary Operating Expenses means all expenses of the Funds other than
extraordinary expenses, such as litigation, taxes and brokerage commissions.
SECTION 5 Governing Law. This Agreement shall be governed by the laws
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of the State of Delaware.
SECTION 6 Existing Agreements Superseded. In the case of each Fund, to
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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 March, 2010.
Each of the Funds Listed on Annex A.
By: /s/ Xxxxxx X. Xxxxxxxxx
Name: Xxxxxx X. Xxxxxxxxx
Title: Executive Vice President
PIONEER INVESTMENT MANAGEMENT, INC.
By: /s/ Xxxxx X. Xxxxxxx
Name: Xxxxx X. Xxxxxxx
Title: Chief Financial Officer
ANNEX A
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Pioneer Absolute Return Credit Fund (a series of Pioneer Series Trust X)
Pioneer Multi-Asset Floating Rate Fund (a series of Pioneer Series Trust X)
ANNEX B
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TERM
FUND CLASS FISCAL YEAR END REGULAR PROSPECTUS DATE EXPENSE LIMIT
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Pioneer Absolute Return Credit Fund A 3/31 8/1 1.20% 8/1/12
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C 3/31 8/1 2.10% 8/1/12
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Y 3/31 8/1 0.85% 8/1/12
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Pioneer Multi-Asset Floating Rate Fund A 3/31 8/1 1.15%
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8/1/12
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C 3/31 8/1 2.05% 8/1/12
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Y 3/31 8/1 0.85% 8/1/12
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