August 1, 2002
Pioneer Small Cap Value Fund
00 Xxxxx Xxxxxx
Xxxxxx, XX 00000
Ladies and Gentlemen:
RE: INVESTMENT MANAGEMENT FEE
Reference is hereby made to the Management Contract between Pioneer Small Cap
Value Fund (formerly Pioneer Micro-Cap Fund) (the "Trust") and Pioneer
Investment Management, Inc. (the "Manager"), dated as of October 24, 2000. The
Manager agrees, subject to approval by the Trust if indicated below, that
Section 8 of the Management Contract is revised as follows:
8. The Trust shall pay the Manager, as compensation for the Manager's services
and expenses assumed hereunder, a fee at the annual rate of 0.85% of the Trust's
average daily net assets.
Pioneer understands that the annual investment management fee paid by the Trust
may not subsequently be increased without approval of the Trust's Trustees
and/or a majority of the Trust's shareholders, each as prescribed by the
Investment Company Act of 1940, as amended.
Please sign both copies of this letter agreement, retain one copy for your
records and mail the other original to Pioneer at the address below.
Very truly yours,
PIONEER INVESTMENT MANAGEMENT, INC.
By: /s/ Xxxxxx X. Xxxxxx
Xxxxxx X. Xxxxxx
President
Accepted and agreed to this 1st day of August, 2002:
PIONEER SMALL CAP VALUE FUND
By: /s/ Xxxxxx X. Xxxxxx
Xxxxxx X. Xxxxxx
Executive Vice President
