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 1940 Act) 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]

<PAGE>

     IN WITNESS  WHEREOF,  the parties  thereto have caused this Agreement to be
executed by their officers thereunto duly authorized.

                                PIONEER BOND FUND




                                By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER EMERGING MARKETS FUND




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER EQUITY INCOME FUND




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER EQUITY OPPORTUNITY FUND




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER FUND




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee

                                PIONEER FUNDAMENTAL GROWTH FUND




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER HIGH YIELD FUND




                                By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee
<PAGE>

                                PIONEER IBBOTSON ASSET ALLOCATION SERIES




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER INDEPENDENCE FUND




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER INTERNATIONAL EQUITY FUND




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee



                                PIONEER MID CAP GROWTH FUND




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER MID CAP VALUE FUND




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee

<PAGE>

                                PIONEER MONEY MARKET TRUST




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER PROTECTED PRINCIPAL TRUST




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER REAL ESTATE SHARES




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee

<PAGE>

                                PIONEER RESEARCH FUND




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER SELECT GROWTH FUND




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER SERIES TRUST I




                                By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER SERIES TRUST II




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee

<PAGE>

                                PIONEER SERIES TRUST III




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee

                                PIONEER SERIES TRUST IV




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER SERIES TRUST V




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee

                                PIONEER SERIES TRUST VI




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER SERIES TRUST VII




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee

<PAGE>

                                PIONEER SERIES TRUST VIII




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER SERIES TRUST IX




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER SHORT TERM INCOME FUND




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER SMALL CAP VALUE FUND




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER STRATEGIC INCOME FUND




                                By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee

<PAGE>

                                PIONEER TAX FREE INCOME FUND




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER VALUE FUND




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER VARIABLE CONTRACTS TRUST




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee


                                PIONEER INVESTMENT MANAGEMENT, INC.




                                 By:     /s/ Daniel K. Kingsbury
                                -----------------------------
                                Name:   Daniel K. Kingsbury
                                Title:  Executive Vice President and Trustee

<PAGE>

<TABLE>

                                                                                                        Appendix A




<S>                        <C>                         <C>                                  <C>

-------------------------- --------------------------- ------------------------------------ ---------------------
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
-------------------------- --------------------------- ------------------------------------ ---------------------

</TABLE>

<PAGE>
                                                                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  EDGAR)  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

<PAGE>

                            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  EDGAR)  amendments  to  the  Funds'  Registration
     Statements,  including preparing  prospectuses and statements of additional
     information (placeCitySAIs)

o    Prepare and file (via EDGAR)  supplements  to the Funds'  prospectuses  and
     registration statements

o    Prepare and file (via EDGAR) 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 EDGAR) Rule 24f-2 Notices

o    SEC Electronic Filing (EDGAR) Responsibilities

     o  Maintain and develop enhancements to Pioneer's  EDGAR-related systems
        and procedures, including contingency planning

     o Maintain EDGAR related databases and document archives
     o Liaise with third party EDGAR 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

<PAGE>

                            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