EXPENSE LIMIT AGREEMENT
Expense Limit Agreement made as of May 1, 2006, and as revised on
March 1, 2017, between Pioneer Investment Management, Inc. ("PIM"), on
behalf of itself and its affiliate, 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 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 PIM waiving and/or reimbursing 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 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 taxes,
brokerage commissions, acquired fund fees and expenses, and extraordinary
expenses, such as litigation.
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 March, 2017.
Each of the Funds Listed on Annex A.
By: /s/▇▇▇▇ ▇. ▇▇▇▇▇
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Name: ▇▇▇▇ ▇. ▇▇▇▇▇
Title: President
PIONEER INVESTMENT MANAGEMENT, INC.
By: /s/▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Title: Chief Financial Officer
Annex A
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 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 Flexible Opportunities Fund (a series of Pioneer Series Trust VI)
Pioneer Floating Rate Fund (a series of Pioneer Series Trust VI)
Pioneer Fundamental Growth Fund (a series of Pioneer Series Trust X)
Pioneer Global Equity Fund (a series of Pioneer Series Trust V)
Pioneer Global Multisector Income Fund (a series of Pioneer Series Trust VII)
Pioneer High Income Municipal Fund (a series of Pioneer Series Trust V)
Pioneer International Equity Fund (a series of Pioneer Series Trust VIII)
Pioneer ILS Interval Fund
Pioneer Multi-Asset Income Fund (a series of Pioneer Series Trust IV)
Pioneer Solutions - Balanced Fund (a series of Pioneer Asset Allocation Trust)
Pioneer Solutions - Conservative Fund (a series of Pioneer Asset Allocation
Trust)
Pioneer Solutions - Growth Fund (a series of Pioneer Asset Allocation Trust)
Pioneer U.S. Corporate High Yield Fund (a series of Pioneer Series Trust V)
Annex B
Fiscal Regular
Year Prospectus Expense
Fund Class End Date Limit Expiration
---- ----- ------ ---------- ------- ----------
Pioneer Dynamic Credit Fund A 3/31 8/1 1.20% 8/1/18
T 3/31 8/1 1.20% 8/1/18
Y 3/31 8/1 0.85% 8/1/18
Pioneer Fundamental Growth Fund A 3/31 8/1 1.09% 8/1/18
R 3/31 8/1 1.40% 8/1/18
T 3/31 8/1 1.09% 8/1/18
Y 3/31 8/1 0.83% 8/1/18
Pioneer Bond Fund A 6/30 11/1 0.85% 11/1/18
R 6/30 11/1 1.10% 11/1/18
T 6/30 11/1 0.85% 11/1/18
Y 6/30 11/1 0.58% 11/1/18
Pioneer Solutions - Balanced Fund* A 7/31 12/1 0.70% 12/1/18
C 7/31 12/1 1.45% 12/1/18
R 7/31 12/1 0.90% 12/1/18
T 7/31 12/1 0.70% 12/1/18
Pioneer Solutions - Growth Fund* A 7/31 12/1 0.70% 12/1/18
C 7/31 12/1 1.45% 12/1/18
R 7/31 12/1 0.90% 12/1/18
T 7/31 12/1 0.70% 12/1/18
Pioneer Solutions - Conservative Fund* A 7/31 12/1 0.70% 12/1/18
C 7/31 12/1 1.45% 12/1/18
R 7/31 12/1 0.90% 12/1/18
T 7/31 12/1 0.70% 12/1/18
Y 7/31 12/1 0.65% 12/1/18
Pioneer Classic Balanced Fund A 7/31 12/1 1.16% 12/1/18
K 7/31 12/1 0.90% 12/1/18
R 7/31 12/1 1.30% 12/1/18
T 7/31 12/1 1.16% 12/1/18
Pioneer Multi-Asset Income Fund A 7/31 12/1 0.85% 12/1/18
C 7/31 12/1 1.75% 12/1/17
T 7/31 12/1 0.85% 12/1/18
Y 7/31 12/1 0.65% 12/1/18
Pioneer Global Equity Fund A 8/31 1/1 1.30% 1/1/18
C 8/31 1/1 2.20% 1/1/18
K 8/31 1/1 0.80% 1/1/18
R 8/31 1/1 1.55% 1/1/18
T 8/31 1/1 1.30% 1/1/18
Y 8/31 1/1 0.80% 1/1/18
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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% 1/1/18
C 8/31 1/1 2.10% 1/1/18
R 8/31 1/1 1.40% 1/1/18
T 8/31 1/1 1.20% 1/1/18
Y 8/31 1/1 0.85% 1/1/18
Pioneer High Income Municipal Fund A 8/31 1/1 0.90% 1/1/18
T 8/31 1/1 0.90% 1/1/18
Pioneer U.S. Corporate High Yield Fund A 8/31 1/1 1.05% 1/1/18
C 8/31 1/1 1.80% 1/1/18
T 8/31 1/1 1.05% 1/1/18
Y 8/31 1/1 0.75% 1/1/18
Pioneer Floating Rate Fund Y 10/31 3/1 0.70% 3/1/18
Pioneer Global Multisector Income Fund A 10/31 3/1 1.00% 3/1/18
C 10/31 3/1 1.90% 3/1/18
T 10/31 3/1 1.00% 3/1/18
Y 10/31 3/1 0.75% 3/1/18
Pioneer Flexible Opportunities Fund* A 10/31 3/1 1.20% 3/1/18
T 10/31 3/1 1.20% 3/1/18
Y 10/31 3/1 0.90% 3/1/18
Pioneer ILS Interval Fund N/A 10/31 3/1 1.99% 3/1/18
Pioneer Emerging Markets Fund A 11/30 4/1 1.95% 4/1/18
C 11/30 4/1 2.85% 4/1/18
R 11/30 4/1 2.20% 4/1/18
T 11/30 4/1 1.95% 4/1/18
Pioneer International Equity Fund A 11/30 4/1 1.45% 4/1/18
C 11/30 4/1 2.35% 4/1/18
T 11/30 4/1 1.45% 4/1/18
Pioneer AMT-Free Municipal Fund A 12/31 5/1 0.82% 5/1/18
T 12/31 5/1 0.82% 5/1/18
Y 12/31 5/1 0.55% 5/1/18
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* Expense limitation applies to the fund's direct ordinary operating expenses
and not the expenses of the underlying funds.