EXPENSE LIMIT AGREEMENT
Expense Limit Agreement made as of May 1, 2006 and as revised on July 1,
2015 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.
SECTION 2 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 PIM may extend a date reflected in Annex B from time to
time.
SECTION 3 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 4 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,
and acquired fund fees and expenses.
SECTION 5 Governing Law. This Agreement shall be governed by the laws of the
State of Delaware.
SECTION 6 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 July, 2015.
Each of the Funds Listed on Annex A.
By: /s/ Xxxx X. Xxxxx
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Name: Xxxx X. Xxxxx
Title: President
PIONEER INVESTMENT MANAGEMENT, INC.
By: /s/ Xxxxx X. Xxxxxxx
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Name: Xxxxx X. Xxxxxxx
Title: Chief Financial Officer
Annex A
Pioneer Absolute Return Bond Fund (a series of Pioneer Series Trust V)
Pioneer AMT-Free Municipal Fund (a series of Pioneer Series Trust II)
Pioneer Bond Fund
Pioneer Classic Balanced Fund (a series of Pioneer Series Trust IV)
Pioneer Core Equity Fund (a series of Pioneer Series Trust XI)
Pioneer Disciplined Growth Fund (a series of Pioneer Series Trust XII)
Pioneer Disciplined Value Fund (a series of Pioneer Series Trust III)
Pioneer Dynamic Credit Fund (a series of Pioneer Series Trust X)
Pioneer Emerging Markets Fund
Pioneer Emerging Markets Local Currency Debt Fund
Pioneer Floating Rate Fund (a series of Pioneer Series Trust VI)
Pioneer Fund
Pioneer Fundamental Growth Fund (a series of Pioneer Series Trust X)
Pioneer Global Multisector Income Fund (a series of Pioneer Series Trust VII)
Pioneer Global Equity Fund (a series of Pioneer Series Trust V)
Pioneer High Income Municipal Fund (a series of Pioneer Series Trust V)
Pioneer High Yield Fund
Pioneer Solutions - Conservative Fund (a series of Pioneer Asset Allocation
Trust)
Pioneer Solutions - Growth Fund (a series of Pioneer Asset Allocation Trust)
Pioneer Solutions - Balanced Fund (a series of Pioneer Asset Allocation Trust)
Pioneer International Value Fund (a series of Pioneer Series Trust VIII)
Pioneer Long/Short Bond Fund (a series of Pioneer Series Trust V)
Pioneer Long/Short Opportunistic Credit Fund (a series of Pioneer
Series Trust V)
Pioneer Multi-Asset Income Fund (a series of Pioneer Series Trust IV)
Pioneer Flexible Opportunities Fund (a series of Pioneer Series Trust VI)
Pioneer Multi-Asset Ultrashort Income Fund (a series of Pioneer Series Trust X)
Pioneer Short Term Income Fund
Annex B
Fiscal Regular
Year Prospectus Expense
Fund Class End Date Limit Expiration
---- ----- ------ ---------- ------- ----------
Pioneer Dynamic Credit Fund Y 3/31 8/1 0.85% 8/1/16
Pioneer Fundamental Growth Fund A 3/31 8/1 1.09% 8/1/16
C 3/31 8/1 2.15% 8/1/15
R 3/31 8/1 1.40% 8/1/16
Y 3/31 8/1 0.83% 8/1/16
Z 3/31 8/1 0.90% 8/1/16
Pioneer Multi-Asset Ultrashort Income Fund C2 3/31 8/1 1.15% 8/1/15
Pioneer Bond Fund A 6/30 11/1 0.85% 11/1/16
C 6/30 11/1 1.90% 11/1/15
R 6/30 11/1 1.10% 11/1/16
Y 6/30 11/1 0.58% 11/1/16
Z 6/30 11/1 0.65% 11/1/16
Pioneer Solutions - Balanced Fund* A 7/31 12/1 0.70% 12/1/16
C 7/31 12/1 1.45% 12/1/16
R 7/31 12/1 0.90% 12/1/16
Pioneer Solutions - Growth Fund* A 7/31 12/1 0.70% 12/1/16
C 7/31 12/1 1.45% 12/1/16
R 7/31 12/1 0.90% 12/1/16
Pioneer Solutions - Conservative Fund* A 7/31 12/1 0.70% 12/1/16
C 7/31 12/1 1.45% 12/1/16
R 7/31 12/1 0.90% 12/1/16
Pioneer Classic Balanced Fund A 7/31 12/1 1.16% 12/1/16
C 7/31 12/1 2.06% 12/1/15
R 7/31 12/1 1.30% 12/1/16
Pioneer Multi-Asset Income Fund A 7/31 12/1 0.85% 12/1/16
C 7/31 12/1 1.75% 12/1/16
Y 7/31 12/1 0.65% 12/1/16
Pioneer Short Term Income Fund A 8/31 1/1 0.85% 1/1/15
C 8/31 1/1 1.15% 1/1/15
C2 8/31 1/1 1.15% 1/1/15
Pioneer Global Equity Fund A 8/31 1/1 1.30% 1/1/17
C 8/31 1/1 2.20% 1/1/17
K 8/31 1/1 0.80% 1/1/17
Y 8/31 1/1 0.80% 1/1/17
R 8/31 1/1 1.55% 1/1/17
Pioneer Disciplined Growth Fund A 8/31 1/1 1.25% 1/1/15
C 8/31 1/1 2.15% 1/1/15
Y 8/31 1/1 0.90% 1/1/15
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* Expense limitation applies to the fund's direct ordinary operating expenses
and not the expenses of the underlying funds.
Fiscal Regular
Year Prospectus Expense
Fund Class End Date Limit Expiration
---- ----- ------ ---------- ------- ----------
Pioneer Disciplined Value Fund A 8/31 1/1 1.20% 1/1/16
C 8/31 1/1 2.10% 1/1/16
R 8/31 1/1 1.40% 1/1/16
Y 8/31 1/1 0.85% 1/1/16
Z 8/31 1/1 0.90% 1/1/16
Pioneer High Income Municipal Fund A 8/31 1/1 0.90% 1/1/16
C 8/31 1/1 1.80% 1/1/15
Pioneer Long/Short Bond Fund A 8/31 1/1 1.55% 1/1/16
C 8/31 1/1 2.30% 1/1/16
Y 8/31 1/1 1.30% 1/1/16
Pioneer Long/Short Opportunistic Credit Fund A 8/31 1/1 1.70% 1/1/16
C 8/31 1/1 2.45% 1/1/16
Y 8/31 1/1 1.45% 1/1/16
Pioneer Absolute Return Bond Fund A 8/31 1/1 1.15% 1/1/16
C 8/31 1/1 1.90% 1/1/16
Y 8/31 1/1 0.75% 1/1/16
Pioneer Emerging Markets Local Currency Debt Fund A 10/31 3/1 1.20% 3/1/16
C 10/31 3/1 2.10% 3/1/16
Y 10/31 3/1 0.85% 3/1/16
Pioneer High Yield Fund Z 10/31 3/1 0.85% 3/1/16
Pioneer Floating Rate Fund Y 10/31 3/1 0.70% 3/1/16
Z 10/31 3/1 0.90% 3/1/16
Pioneer Global Multisector Income Fund A 10/31 3/1 1.00% 3/1/16
C 10/31 3/1 1.90% 3/1/16
Y 10/31 3/1 0.75% 3/1/16
Pioneer Flexible Opportunities Fund* A 10/31 3/1 1.20% 3/1/16
C 10/31 3/1 2.10% 3/1/15
Y 10/31 3/1 0.90% 3/1/16
Pioneer Emerging Markets Fund A 11/30 4/1 1.95% 4/1/16
C 11/30 4/1 2.85% 4/1/16
R 11/30 4/1 2.20% 4/1/16
Pioneer International Value Fund A 11/30 4/1 1.45% 4/1/16
C 11/30 4/1 2.35% 4/1/16
Pioneer Core Equity Fund A 12/31 5/1 1.25% 5/1/15
C 12/31 5/1 2.15% 5/1/15
Pioneer Fund Z 12/31 5/1 0.85% 5/1/16
Pioneer AMT-Free Municipal Fund A 12/31 5/1 0.82% 5/1/16
C 12/31 5/1 1.72% 5/1/15
Y 12/31 5/1 0.55% 5/1/16
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* Expense limitation applies to the fund's direct ordinary operating expenses
and not the expenses of the underlying funds.
