Expense Limit Agreement
Expense Limit and Reimbursement Agreement made as of August 5, 2004
between Pioneer Investment Management, Inc. ("PIM") and Pioneer International
Equity Fund (the "Fund").
Whereas PIM wishes to reduce the expenses of the Fund until the Fund
achieves a certain level of assets; and
Whereas the Fund wishes to have PIM enter into such an agreement;
Now therefore the parties agree as follows:
Section 1. PIM agrees to limit the Fund's expenses (the "Expense
Limitation") by waiving PIM's fees and/or reimbursing the Fund for the Fund's
ordinary operating expenses so that the total expenses of the Fund (other than
extraordinary expenses, such as litigation, taxes, brokerage commissions, etc.)
with respect to Class A shares do not exceed 1.75% per annum of average daily
net assets attributable to Class A shares. PIM also agrees to waive its fees
and/or reimburse the Fund-wide expenses attributable to any other authorized
class of shares to the same extent that such expenses are reduced for Class A
shares. In no event, shall Pioneer Funds Distributor, Inc. be required to waive
or PIM reimburse any fees payable under the Fund's Rule 12b-1 plans.
Section 2. PIM may terminate or modify the Expense Limitation Agreement
only in accordance with this Agreement. PIM agrees that the Expense Limitation
shall not be modified or terminated on or before August 31, 2005. PIM shall be
entitled to modify or terminate the Expense Limitation after August 31, 2005 and
any subsequent fiscal year if, but only if, PIM elects to modify or terminate
the Expense Limitation with respect to such subsequent fiscal year and such
election is made prior to the effective date of the Fund's post-effective
amendment to its Registration Statement on Form N-1A to incorporate the Fund's
financial statements; provided that this Agreement shall remain in effect at all
times until the Fund's then current prospectus is amended or supplemented to
reflect the termination or modification of this Agreement. The election by PIM
referred to in the preceding sentence shall not be subject to the approval of
the Fund or its Board of Trustees, but PIM shall notify the Board of Trustees in
advance of the termination or modification of the Expense Limitation.
Section 3.This Agreement shall be governed by the laws of the State of Delaware.
In witness whereof, the parties hereto have caused this Agreement to be
signed as of the 5th day of August, 2004.
PIONEER INTERNATIONAL EQUITY FUND PIONEER INVESTMENT
MANAGEMENT, INC.
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Treasurer Vice President