AMENDED AND RESTATED
ADMINISTRATION AGREEMENT
This AMENDED AND RESTATED ADMINISTRATION AGREEMENT ("Agreement") is made as
of this 1st day of July, 2008, by and between each Trust listed on Appendix A
annexed hereto (each, a "Trust"), each a Delaware statutory trust, and Pioneer
Investment Management, Inc., a Delaware corporation (the "Administrator").
WHEREAS, each Trust is a registered management investment company under the
Investment Company Act of 1940, as amended (the "1940 Act"); and
WHEREAS, the Trust wishes to engage the Administrator to provide certain
administrative services to each Trust with respect to the series of the Trust
designated in Appendix A annexed hereto from time to time (the "Funds"); and
WHEREAS, the Administrator is willing to furnish such services on the terms
and conditions hereinafter set forth;
NOW THEREFORE, in consideration of the promises and mutual covenants herein
contained, it is agreed as follows:
1. Each Trust hereby engages the Administrator to perform the administrative
services listed on Appendix B annexed hereto (as such Appendix may be revised
from time to time by agreement of the parties) with respect to each Fund, except
as otherwise provided in Appendix B with respect to accounting services to be
provided by third parties to certain Funds, for the period and on the terms set
forth in this Agreement. The Administrator accepts such engagement and agrees to
render the services herein set forth, for the compensation herein provided.
2. Subject to the direction and control of the Board of Trustees (the Board),
the Administrator shall perform the administrative services listed on Appendix
B. In no event shall the Administrator be deemed to have assumed any duties with
respect to, or be responsible for, the distribution of the shares of any Fund,
nor shall the Administrator be deemed to have assumed, or have any
responsibility with respect to, functions specifically assumed by any investment
adviser, transfer agent, fund accounting agent, custodian, shareholder servicing
agent or other agent, in each case employed by a Trust or a Fund to perform such
functions. With respect to the legal services listed in Appendix B, it is
recognized that such legal services are provided for the benefit of the Funds in
conjunction with legal services separately provided to the Funds by their
counsel, and nothing in this Agreement shall cause the Administrator to be
responsible for the fees and disbursements of counsel to the Funds.
3. Subject to the Board's approval, the Administrator may employ one or more
service providers, including affiliates of the Administrator, to provide certain
of the services to be provided by the Administrator under this Agreement, by
entering into a written agreement with each such entity on such terms as the
Administrator determines to be necessary, desirable or appropriate, provided
that in each case such contracts are entered into in accordance with all
applicable requirements of the 1940 Act. Except as otherwise provided in
paragraph 9, each Trust agrees that the Administrator shall not be accountable
to the Trust or any Fund or any Fund's shareholders for any loss or other
liability arising out of any error or omission by any such service provider.
4. Each Trust shall furnish to the Administrator such documents and information
as may be necessary or appropriate to enable the Administrator to perform its
duties hereunder and with such other documents and information with regard to
each Fund's affairs as the Administrator may from time to time reasonably
request.
5. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the
Administrator hereby agrees that any records that it maintains hereunder for any
Fund are the property of the Fund, and further agrees to surrender promptly to
the Fund any of such records upon the Fund's request. The Administrator further
agrees to arrange for the preservation of any of such records required to be
maintained by Rule 31a-1 under the 1940 Act for the periods prescribed by Rule
31a-2 under the 1940 Act.
6. The Administrator shall supply the Board and the officers of each Trust with
all information and reports reasonably required by them and reasonably available
to the Administrator relating to the services provided by the Administrator
hereunder.
7. (a) As compensation for the services performed by the Administrator, each
Fund shall pay the Administrator as promptly as possible after the last day of
each month, a fee, computed daily at an annual rate set forth opposite the
Fund's name on Appendix A annexed hereto, based on the Fund's average daily net
assets (or, as indicated on Appendix A, the Fund's average daily managed
assets). The Administrator and the Funds agree that the fees payable under this
Agreement will be reviewed from time to time. They also will be reviewed should
the scope of the Administrator's services provided hereunder be amended by
agreement of the parties. In connection with each such review, the Administrator
will provide such information as the Trustees reasonably request to evaluate the
benefits of this Agreement to the Funds and the fees hereunder, including an
analysis of the costs to the Administrator of providing its services. If this
Agreement is terminated with respect to any Fund as of any date not the last day
of a month, the fee payable by such Fund shall be paid as promptly as possible
after such date of termination, and shall be computed on the basis of the period
ending on the last business day on which this Agreement is in effect subject to
a pro rata adjustment based on the number of days elapsed in the current month
as a percentage of the total number of days in the month.
(b) The Administrator shall furnish all facilities and personnel necessary
for performing the Administrator's services hereunder and shall furnish to each
Trust office space in the offices of the Administrator or in such other place as
may be agreed upon from time to time. The Administrator shall pay directly or
reimburse each Trust for all expenses not hereinafter specifically assumed by
the Trust where such expenses are incurred by the Administrator or by the Trust
in connection with the management of the affairs of, and the investment and
reinvestment of the assets of, the Trust. Each Trust, on behalf of each Fund
that is a series of the Trust, shall assume and shall pay (i) charges and
expenses for fund accounting, pricing and appraisal services and related
overhead, including, to the extent such services are performed by personnel of a
Fund's investment adviser (the "Manager") or its affiliates, office space and
facilities, and personnel compensation, training and benefits; (ii) the charges
and expenses of auditors; (iii) the charges and expenses of any investment
adviser, administrator, custodian, transfer agent, plan agent, dividend
disbursing agent, registrar or any other agent appointed by the Trust; (iv)
issue and transfer taxes chargeable to the Trust in connection with securities
transactions to which the Trust is a party; (v) insurance premiums, interest
charges, any expenses in connection with any preferred shares, dues and fees for
membership in trade associations and all taxes and corporate fees payable by the
Trust to federal, state or other governmental agencies; (vi) fees and expenses
involved in registering and maintaining registrations of the Trust and/or its
shares with federal regulatory agencies, state or blue sky securities agencies
and foreign jurisdictions, including the preparation of prospectuses and
statements of additional information for filing with such regulatory
authorities; (vii) all expenses of shareholders' and Board of Trustees' (the
"Board", and each Board member, a "Trustee") meetings and of preparing, printing
and distributing prospectuses, notices, proxy statements and all reports to
shareholders and to governmental agencies; (viii) charges and expenses of legal
counsel to the Trust and the Trustees; (ix) any fees paid by the Trust in
accordance with Rule 12b-1 promulgated by the Securities and Exchange Commission
(the "Commission") pursuant to the 1940 Act; (x) compensation of those Trustees
of the Trust who are not affiliated with, or "interested persons" (as defined in
the 0000 Xxx) of, the Manager, the Trust (other than as Trustees), Pioneer
Investment Management USA Inc. or Pioneer Funds Distributor, Inc.; (xi) the cost
of preparing and printing share certificates; (xii) any fees and other expenses
of listing the Trust's shares on the New York Stock Exchange, American Stock
Exchange or any other national stock exchange, (xiii) interest on borrowed
money, if any; (xiv) fees payable by the Trust under management agreements and
under this Agreement; and (xv) extraordinary expenses. Each Trust shall also
assume and pay any other expense that the Trust, the Manager or any other agent
of the Trust may incur not listed above that is approved by the Board (including
a majority of the independent Trustees) as being an appropriate expense of the
Trust. In addition, each Trust, on behalf of each Fund that is a series of the
Trust, agrees to pay all brokers' and underwriting commissions chargeable to the
Trust in connection with securities transactions to which the Fund is a party.
8. The Administrator assumes no responsibility under this Agreement other than
to render the services called for hereunder, in good faith, and shall not be
liable for any error of judgment or mistake of law, or for any act or omission
in the performance of the services, provided that nothing in this Agreement
shall protect the Administrator against any liability to a Fund to which the
Administrator otherwise would be subject by reason of willful misfeasance, bad
faith or gross negligence in the performance of its duties or by reason of its
reckless disregard of its obligations and duties hereunder. As used in paragraph
9 and paragraph 10, the term "Administrator" shall include any affiliates of the
Administrator performing services for a Trust or any Fund pursuant to this
Agreement and the partners, shareholders, directors, officers and employees of
the Administrator and such affiliates.
9. Each Fund separately shall indemnify and hold the Administrator harmless from
all loss, cost, damage and expense, including reasonable fees and expenses for
counsel, incurred by the Administrator resulting from or arising out of the
provision of the Administrator's services, provided that this indemnification
shall not apply to actions or omissions of the Administrator, its officers or
employees resulting from or arising out of its or their own willful misfeasance,
bad faith or gross negligence. The Administrator shall indemnify and hold each
Fund harmless from all loss, cost, damage and expense, including reasonable fees
and expenses for counsel, incurred by a Fund resulting from or arising out of
the Administrator's, or its officers' or employees' own willful misfeasance, bad
faith or gross negligence.
10. Nothing in this Agreement shall limit or restrict the right of any director,
officer, or employee of the Administrator who may also be a Trustee, officer, or
employee of a Trust or any Fund to engage in any other business or to devote his
time and attention in part to the management or other aspects of any other
business, whether of a similar nature or a dissimilar nature, nor to limit or
restrict the right of the Administrator to engage in any other business or to
render services of any kind, including investment advisory and management
services, to any other fund, firm, individual or association.
11. For purposes of this Agreement, a Fund's "net assets" shall be determined as
provided in the Fund's then-current Prospectus and Statement of Additional
Information, and references to the "1940 Act" shall include any rule, regulation
or applicable exemptive order of the Securities and Exchange Commission (the
"SEC") thereunder and the interpretive guidance with respect to the 1940 Act by
the SEC or its staff. "Managed assets" means the total assets of a Trust,
including any form of investment leverage, minus all accrued expenses incurred
in the normal course of operations, but not excluding any liabilities or
obligations attributable to investment leverage obtained through (i)
indebtedness of any type (including, without limitation, borrowing through a
credit facility or the issuance of debt securities), (ii) the issuance of
preferred stock or other similar preference securities, (iii) the reinvestment
of collateral received for securities loaned in accordance with the Fund's
investment objectives and policies, and/or (iv) any other means. The liquidation
preference on any preferred shares is not a liability.
12. This Agreement will become effective with respect to each Fund on the date
first above written or such later date set forth opposite the Fund's name on
Appendix A annexed hereto, provided that it shall have been approved by the
applicable Trust's Board, and, unless sooner terminated as provided herein, will
continue in effect for each Fund designated on Appendix A on the date hereof
until December 31, 2009, and for each Fund added to Appendix A hereafter, until
the date specified in Appendix A. Thereafter, if not terminated, this Agreement
shall continue in effect with respect to each Fund for successive one-year
terms, so long as each such term is approved by the Board.
13. This Agreement is terminable with respect to any Fund (i) without penalty,
by the Board or (ii) by the Administrator upon not less than 90 days' written
notice to the applicable Trust. This Agreement may be terminated with respect to
one or more Funds without affecting the validity of this Agreement with respect
to any other Fund designated on Appendix A.
14. The Administrator agrees that for services rendered to each Fund, or for any
claim by it in connection with the services rendered to the Fund under this
Agreement, it shall look only to assets of the Fund for satisfaction and that it
shall have no claim against the assets of any other portfolios of any Trust. The
undersigned officer of the Trusts has executed this Agreement not individually,
but as an officer under each Trust's Declaration of Trust and the obligations of
this Agreement are not binding upon any of the Trustees, officers or
shareholders of the Trusts individually.
15. No provision of this Agreement may be changed, waived, discharged or
terminated orally, but only by an instrument in writing signed by the party
against which enforcement of the change, waiver, discharge or termination is
sought.
16. This Agreement embodies the entire agreement and understanding between the
parties hereto and supersedes all prior agreements and understandings relating
to the subject matter hereof. Should any part of this Agreement be held or made
invalid by a court decision, statute, rule or otherwise, the remainder of this
Agreement shall not be affected thereby. This Agreement shall be binding on and
shall inure to the benefit of the parties hereto and their respective
successors.
17. This Agreement shall be construed and the provisions hereof interpreted
under and in accordance with the laws of The Commonwealth of Massachusetts.
18. This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and
the same instrument.
19. This Agreement amends and restates in its entirety the prior administration
agreement in effect for each Trust and Fund.
[signature page to follow]
IN WITNESS WHEREOF, the parties thereto have caused this Agreement to be
executed by their officers thereunto duly authorized.
PIONEER BOND FUND
By: /s/ Xxxxxx X. Xxxxxxxxx
-----------------------------
Name: Xxxxxx X. Xxxxxxxxx
Title: Executive Vice President and Trustee
PIONEER EMERGING MARKETS FUND
By: ______________________________________
Name:
Title:
PIONEER EQUITY INCOME FUND
By: ______________________________________
Name:
Title:
PIONEER EQUITY OPPORTUNITY FUND
By: ______________________________________
Name:
Title:
PIONEER FUND
By: ______________________________________
Name:
Title:
PIONEER FUNDAMENTAL GROWTH FUND
By: ______________________________________
Name:
Title:
PIONEER HIGH YIELD FUND
By: ______________________________________
Name:
Title:
PIONEER IBBOTSON ASSET ALLOCATION SERIES
By: ______________________________________
Name:
Title:
PIONEER INDEPENDENCE FUND
By: ______________________________________
Name:
Title:
PIONEER INTERNATIONAL EQUITY FUND
By: ______________________________________
Name:
Title:
PIONEER MID CAP GROWTH FUND
By: ______________________________________
Name:
Title:
PIONEER MID CAP VALUE FUND
By: ______________________________________
Name:
Title:
PIONEER MONEY MARKET TRUST
By: ______________________________________
Name:
Title:
PIONEER PROTECTED PRINCIPAL TRUST
By: ______________________________________
Name:
Title:
PIONEER REAL ESTATE SHARES
By: ______________________________________
Name:
Title:
PIONEER RESEARCH FUND
By: ______________________________________
Name:
Title:
PIONEER SELECT GROWTH FUND
By: ______________________________________
Name:
Title:
PIONEER SERIES TRUST I
By: ______________________________________
Name:
Title:
PIONEER SERIES TRUST II
By: ______________________________________
Name:
Title:
PIONEER SERIES TRUST III
By: ______________________________________
Name:
Title:
PIONEER SERIES TRUST IV
By: ______________________________________
Name:
Title:
PIONEER SERIES TRUST V
By: ______________________________________
Name:
Title:
PIONEER SERIES TRUST VI
By: ______________________________________
Name:
Title:
PIONEER SERIES TRUST VII
By: ______________________________________
Name:
Title:
PIONEER SERIES TRUST VIII
By: ______________________________________
Name:
Title:
PIONEER SERIES TRUST IX
By: ______________________________________
Name:
Title:
PIONEER SHORT TERM INCOME FUND
By: ______________________________________
Name:
Title:
PIONEER SMALL CAP VALUE FUND
By: ______________________________________
Name:
Title:
PIONEER STRATEGIC INCOME FUND
By: ______________________________________
Name:
Title:
PIONEER TAX FREE INCOME FUND
By: ______________________________________
Name:
Title:
PIONEER VALUE FUND
By: ______________________________________
Name:
Title:
PIONEER VARIABLE CONTRACTS TRUST
By:
Name:
Title:
PIONEER INVESTMENT MANAGEMENT, INC.
By:
Name:
Title:
Appendix A
-------------------------- --------------------------- ------------------------------------ ---------------------
Trust Fund Effective Date/Initial Term Date Fees (calculated as
a percent per annum
of the Fund's
average daily net
assets)
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Bond Fund Pioneer Bond Fund Effective Date: July 1, 2008 0.0225%
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Emerging Markets Pioneer Emerging Markets Effective Date: July 1, 2008 0.0225%
Fund Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Equity Income Pioneer Equity Income Fund Effective Date: July 1, 2008 0.0225%
Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Equity Pioneer Equity Effective Date: July 1, 2008 0.0225%
Opportunity Fund Opportunity Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Fund Pioneer Fund Effective Date: July 1, 2008 0.0225%
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Fundamental Pioneer Fundamental Effective Date: July 1, 2008 0.0225%
Growth Fund Growth Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer High Yield Fund Pioneer High Yield Fund 0.0225%
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------------------------------------------------------------------
Pioneer Ibbotson Asset
Allocation Series
-------------------------- --------------------------------------------------------------------------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Ibbotson Effective Date: July 1, 2008 0.0175%
Aggressive Allocation Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Ibbotson Effective Date: July 1, 2008 0.0175%
Conservative Allocation
Fund Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Ibbotson Growth Effective Date: July 1, 2008 0.0175%
Allocation Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Ibbotson Moderate Effective Date: July 1, 2008 0.0175%
Allocation Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Independence Fund Pioneer Independence Fund Effective Date: July 1, 2008 0.0225%
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer International Pioneer International Effective Date: July 1, 2008 0.0225%
Equity Fund Equity Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Mid Cap Growth Pioneer Mid Cap Growth Effective Date: July 1, 2008 0.0225%
Fund Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Mid Cap Value Pioneer Mid Cap Value Fund Effective Date: July 1, 2008 0.0225%
Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Money Market Pioneer Cash Reserves Fund Effective Date: July 1, 2008 0.0225%
Trust
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------------------------------------------------------------------
Pioneer Protected
Principal Trust
-------------------------- --------------------------------------------------------------------------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Protected Effective Date: July 1, 2008 0.0225%
Principal Plus Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Protected Effective Date: July 1, 2008 0.0225%
Principal Plus Fund II
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Real Estate Pioneer Real Estate Effective Date: July 1, 2008 0.0225%
Shares Shares
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Research Fund Pioneer Research Fund Effective Date: July 1, 2008 0.0225%
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Select Growth Pioneer Select Growth Effective Date: July 1, 2008 0.0225%
Fund Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------------------------------------------------------------------
Pioneer Series Trust I
-------------------------- --------------------------------------------------------------------------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Oak Ridge Large Effective Date: July 1, 2008 0.0225%
Cap Growth Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Oak Ridge Small Effective Date: July 1, 2008 0.0225%
Cap Growth Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------------------------------------------------------------------
Pioneer Series Trust II
-------------------------- --------------------------------------------------------------------------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer AmPac Growth Fund Effective Date: July 1, 2008 0.0225%
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer AMT-Free CA Effective Date: July 1, 2008 0.0225%
Municipal Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer AMT-Free Effective Date: July 1, 2008 0.0225%
Municipal Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Growth Leaders Effective Date: July 1, 2008 0.0225%
Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Growth Effective Date: July 1, 2008 0.0225%
Opportunities Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Small and Mid Cap Effective Date: July 1, 2008 0.0225%
Growth Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Tax Free Money Effective Date: July 1, 2008 0.0225%
Market Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Series Trust III Pioneer Cullen Value Fund Effective Date: July 1, 2008 0.0225%
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------------------------------------------------------------------
Pioneer Series Trust IV
-------------------------- --------------------------------------------------------------------------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Classic Balanced Effective Date: July 1, 2008 0.0225%
Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Government Income Effective Date: July 1, 2008 0.0225%
Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Institutional Effective Date: July 1, 2008 0.0225%
Money Market Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Treasury Reserves Effective Date: July 1, 2008 0.0225%
Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------------------------------------------------------------------
Pioneer Series Trust V
-------------------------- --------------------------------------------------------------------------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Global Select Effective Date: July 1, 2008 0.0225%
Equity Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer High Income Effective Date: July 1, 2008 0.0225%
Municipal Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Oak Ridge All Cap Effective Date: July 1, 2008 0.0225%
Growth Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Select Research Effective Date: July 1, 2008 0.0225%
Growth Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Select Research Effective Date: July 1, 2008 0.0225%
Value Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Series Trust VI Pioneer Floating Rate Effective Date: July 1, 2008 0.0225%
Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Series Trust VII
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Global High Yield Effective Date: July 1, 2008 0.0225%
Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Global Effective Date: July 1, 2008 0.0225%
Diversified Equity Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Global Aggregate Effective Date: July 1, 2008 0.0225%
Bond Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Series Trust VIII Pioneer International Effective Date: July 1, 2008 0.0225%
Value Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Series Trust IX Pioneer Europe Select Effective Date: July 1, 2008 0.0225%
Equity Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Short Term Pioneer Short Term Income Effective Date: July 1, 2008 0.0225%
Income Fund Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Small Cap Value Pioneer Small Cap Value Effective Date: July 1, 2008 0.0225%
Fund Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Strategic Income Pioneer Strategic Income Effective Date: July 1, 2008 0.0225%
Fund Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Tax Free Income Pioneer Tax Free Income Effective Date: July 1, 2008 0.0225%
Fund Fund
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Value Fund Pioneer Value Fund Effective Date: July 1, 2008 0.0225%
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------------------------------------------------------------------
Pioneer Variable
Contracts Trust
-------------------------- --------------------------------------------------------------------------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Bond VCT Effective Date: July 1, 2008 0.0225%
Portfolio
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Cullen Value VCT Effective Date: July 1, 2008 0.0225%
Portfolio
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Emerging Markets Effective Date: July 1, 2008 0.0225%
VCT Portfolio
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Equity Income VCT Effective Date: July 1, 2008 0.0225%
Portfolio
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Fund VCT Effective Date: July 1, 2008 0.0225%
Portfolio
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Global High Yield Effective Date: July 1, 2008 0.0225%
VCT Portfolio
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Growth Effective Date: July 1, 2008 0.0225%
Opportunities VCT
Portfolio Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Independence VCT Effective Date: July 1, 2008 0.0225%
Portfolio
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer High Yield VCT Effective Date: July 1, 2008 0.0225%
Portfolio
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Ibbotson Effective Date: July 1, 2008 0.0175%
Aggressive Allocation VCT
Portfolio Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Ibbotson Growth Effective Date: July 1, 2008 0.0175%
Allocation VCT Portfolio
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Ibbotson Moderate Effective Date: July 1, 2008 0.0175%
Allocation VCT Portfolio
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer International Effective Date: July 1, 2008 0.0225%
Value VCT Portfolio
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Mid Cap Value VCT Effective Date: July 1, 2008 0.0225%
Portfolio
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Money Market VCT Effective Date: July 1, 2008 0.0225%
Portfolio
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Oak Ridge Large Effective Date: July 1, 2008 0.0225%
Cap Growth VCT Portfolio
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Real Estate Effective Date: July 1, 2008 0.0225%
Shares VCT Portfolio
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Small Cap Value Effective Date: July 1, 2008 0.0225%
VCT Portfolio
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
-------------------------- --------------------------- ------------------------------------ ---------------------
Pioneer Strategic Income Effective Date: July 1, 2008 0.0225%
VCT Portfolio
Initial Term: July 1,
2008-December 31, 2009
-------------------------- --------------------------- ------------------------------------ ---------------------
Appendix B
ADMINISTRATION AGREEMENT
Accounting Services
Fund Accounting
Maintain all accounting records for Funds
o Calculate and report daily net asset values per share and yields o
Recommend income and capital gains distribution rates o Prepare Funds'
financial statements and assist in Fund audits
Shareholder Reporting and Audit Liaison
o Prepare and file (via XXXXX) shareholder reports required by Rule 30e-1
under the 1940 Act and reports on Forms N-CSR, N-Q and N-SAR as required by
Rules 30d-1 and 30b-1 under the 1940 Act
o Manage the Funds' audit processes to ensure timely completion of financial
statements and shareholder reports
o Prepare reports related to advisory contract renewals for the Trustees'
review, as well as other materials that any Board may request from time to
time
o Provide financial information for prospectus updates and other regulatory
filings
o Prepare and furnish the Funds with performance information (including yield
and total return information) calculated in accordance with applicable U.S.
securities laws and report to external entities such information
Pricing and Corporate Actions
o Ensure accuracy and timeliness of prices supplied by external sources to be
used in daily valuations of all security positions held by each Fund
o Support corporate actions and bankruptcy proof of claim analyses
o Validate and communicate class action and bankruptcy proof of claim
information
o Present periodic valuation reports to Funds' Boards
Systems and Administration
o Provide direction, supervision and administrative support to all Fund
Accounting, Administration and Controllership (FAACS) teams providing
Accounting Services hereunder
o Provide systems support to users of Fund accounting and portfolio pricing
software, and manage relationships with applicable software and hardware
vendors
o Develop and maintain applications and systems interfaces for FAACS teams
Controllership Services
o Manage Fund expense payment cycles (e.g., timeliness and accuracy of
payments, allocation of costs among Funds)
o Coordinate and standardize Fund expense accruals and budgeting
o Provide expense reports as required
o Compile daily reports of shareholder transactions from all sources for
entry into Fund books
o Provide daily reconciliation of receivable, payable and share accounts
between Funds' records and sources of shareholder transactions
o Manage the daily process to minimize "as of" gains and losses to Funds
o Communicate daily Fund prices
o Provide information and consultation on financial matters relating to the
Funds including, without limitation, dividend distributions, expense pro
formas, expense accruals and other matters
Tax Services
o Manage the Funds' federal, state and applicable local tax preparation and
reporting
o Prepare fiscal and excise tax distribution calculations
o Prepare and file federal, state and any local income tax returns, including
tax return extension requests
o Prepare shareholder year-end reporting statements
o Provide the appropriate amounts and characterization of distributions
declared during the calendar year for Forms 1099 and similar reporting
o Periodically review and determine distributions to be paid to shareholders
pursuant to Sub Chapter M requirements
o Consult with the Funds' Treasurer on various tax issues as they arise and
with the Funds' auditors when appropriate
ADMINISTRATION AGREEMENT
Legal Services
Registration Statements, Proxy Statements and Related Securities and
Exchange Commission ("SEC") Filings
o Maintain SEC filing calendar for the Funds' Registration Statement filings
o Prepare and file (via XXXXX) amendments to the Funds' Registration
Statements, including preparing prospectuses and statements of additional
information (placeCitySAIs)
o Prepare and file (via XXXXX) supplements to the Funds' prospectuses and
registration statements
o Prepare and file (via XXXXX) Fund proxy statements; provide consultation on
proxy solicitation matters (i.e., with regard to the solicitation and
tabulation of proxies in connection with shareholder meetings; the
coordination of the printing and distribution of proxy materials, etc.)
o Review comments from the SEC on Fund registration statements and proxy
statement filings and contribute to the preparation of responses to such
comments
o Conduct and manage use of software utilized to aid in maintaining content
of disclosure in Fund prospectuses and placeCitySAIs, including related
language database
o Prepare and file (via XXXXX) Rule 24f-2 Notices
o SEC Electronic Filing (XXXXX) Responsibilities
o Maintain and develop enhancements to Pioneer's XXXXX-related systems
and procedures, including contingency planning
o Maintain XXXXX related databases and document archives
o Liaise with third party XXXXX agents when necessary
Blue Sky Administration (State Registration)
o Principal liaison with Blue Sky vendor (the fees and expenses of which are
charged separately to the applicable Funds)
o Coordinate SEC filing schedule and Fund documentation with Blue Sky vendor
o Monitor status of state filings with Blue Sky vendor
o Transfer Agent coordination
o Review Blue Sky vendor statements and invoices
o Conduct Blue Sky vendor due diligence, as appropriate
- Hiring oversight
- In-person meetings
- Independent audit of services
Shareholder Report Review and Support
o Review annual and semi-annual shareholder reports, including review of text
of footnotes, as well as management's discussion of Fund performance,
Trustee and officer background information and other non-financial
statement aspects of reports
o Provide consulting to FAACS in meeting regulatory requirements applicable
to financial statements
o With Fund counsel and FAACS, review comments from the SEC on Fund financial
statement filings and assist in the preparation of responses to such
comments
Corporate Secretarial and Governance Matters
o Maintain general calendar for Trustee meetings (including meetings of
committees of Boards); track items that require annual or other periodic
review and/or approval by Trustees; coordinate meeting presentations
o Maintain awareness of regulatory changes and track compliance dates with
respect thereto
o Prepare agenda and background materials for Trustee and Board committee
meetings (i.e., memoranda, proposed resolutions), attend meetings, prepare
minutes and follow up on matters raised at meetings
o Review draft materials and coordinate review by Trustees and external
personnel (i.e., Fund counsel and auditors)
o Produce and distribute materials to Trustees and other meeting attendees
o Oversee vendors and technology that facilitate assembly, production and
distribution of Trustee materials
o Attend and assist in coordination of shareholder meetings
o Monitor fidelity bond and directors' and officers' errors and omissions
policies and make required filings with the SEC; act as principal liaison
with Funds' insurance carriers and agents; coordinate amendments to and
annual renewals of policies and coverage, including completion of materials
for Board consideration
o Maintain Fund records required by Section 31 of the 1940 Act and the rules
thereunder, except those records that are either the responsibility of the
Fund's Manager under the management agreements with the Funds or otherwise
are maintained by the Funds' other service providers (e.g., subadviser,
custodian, transfer agent)
o Maintain corporate records on behalf of the Funds, including, but not
limited to, copies of minutes, contracts and Trustee meeting materials
Miscellaneous Services
o Preparation and filing of the Funds' Form N-SAR, Form N-CSR, Form N-Q and
Form N-PX filings
o Prepare and make Section 16 filings on behalf of the officers and Trustees
of the closed-end Funds
ADMINISTRATION AGREEMENT
Compliance Services
o Assist the Funds in responding to routine and non-routine regulatory
inquiries, examinations and investigations
o Provide consultation on regulatory matters relating to Fund operations and
any potential changes in the Funds' investment policies, operations or
structure
o Develop or assist in developing guidelines and procedures to improve
overall compliance by the Funds and their various agents
o Oversee implementation and testing of the Funds' compliance-related
policies and procedures
