EXPENSE LIMIT AGREEMENT

         Expense Limit Agreement made as of May 1, 2006 and as revised on
December 1, 2008 between Pioneer Investment Management, Inc. ("PIM"), on behalf
of itself and its affiliates, Pioneer Investment Management Shareholder
Services, Inc. ("PIMSS") and 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,  PIMSS 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 PIMSS waiving 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 Pioneer 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, PIMSS 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
extraordinary expenses, such as litigation, taxes and brokerage commissions.

         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 December,  2008.

                                Each of the Funds Listed on Annex A.


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

                                PIONEER INVESTMENT MANAGEMENT, INC.


                                By:    /s/ Gregg M. Dooling
                                ---------------------------
                                Name:  Gregg  M.  Dooling
                                Title: Chief Financial Officer

<PAGE>
                                                                        Annex A

Pioneer AmPac Growth Fund (a series of Pioneer Series Trust II)
Pioneer Bond Fund
Pioneer AMT-Free CA Municipal Fund (a series of Pioneer Series Trust II)
Pioneer AMT-Free Municipal Fund (a series of Pioneer Series Trust II)
Pioneer Classic Balanced Fund (a series of Pioneer Series Trust IV)
Pioneer Cullen Value Fund (a series of Pioneer Series Trust III)
Pioneer Emerging Markets Fund
Pioneer Equity Income Fund
Pioneer Equity Opportunity Fund
Pioneer Europe Select Equity Fund (a series of Pioneer Series Trust IX)
Pioneer Floating Rate Fund (a series of Pioneer Series Trust VI)
Pioneer Fund
Pioneer Fundamental Growth Fund
Pioneer Global Aggregate Bond Fund (a series of Pioneer Series Trust VII)
Pioneer Global Diversified Equity Fund (a series of Pioneer Series Trust VII)
Pioneer Global High Yield Fund (a series of Pioneer Series Trust VII)
Pioneer Global Select Equity Fund (a series of Pioneer Series Trust V)
Pioneer Government Income Fund (a series of Pioneer Series Trust IV)
Pioneer High Income Municipal Fund (a series of Pioneer Series Trust V)
Pioneer High Yield Fund
Pioneer Ibbotson Aggressive Allocation Fund (a series of Pioneer Ibbotson Asset
  Allocation Series)
Pioneer Ibbotson Conservative Allocation Fund (a series of Pioneer Ibbotson
  Asset Allocation Series)
Pioneer Ibbotson Growth Allocation Fund (a series of Pioneer Ibbotson Asset
  Allocation Series)
Pioneer Ibbotson Moderate Allocation Fund (a series of Pioneer Ibbotson Asset
  Allocation Series)
Pioneer Independence Fund
Pioneer Institutional Money Market Fund (a series of Pioneer Series Trust IV)
Pioneer International Equity Fund
Pioneer International Value Fund (a series of Pioneer Series Trust VIII)
Pioneer Oak Ridge All Cap Growth Fund (a series of Pioneer Series Trust V)
Pioneer Oak Ridge Large Cap Growth Fund (a series of Pioneer Series Trust I)
Pioneer Oak Ridge Small Cap Growth Fund (a series of Pioneer Series Trust I)
Pioneer Research Fund
Pioneer Research Value Fund (a series of Pioneer Series Trust V)
Pioneer Research Growth Fund (a series of Pioneer Series Trust V)
Pioneer Select Growth Fund
Pioneer Short Term Income Fund
Pioneer Small and Mid Cap Growth Fund (a series of Pioneer Series Trust II)
Pioneer Strategic Income Fund
Pioneer Tax Free Income Fund

<PAGE>

<TABLE>

<S>                                                <C>        <C>           <C>             <C>        <C>
                                                                                                                        Annex B
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                               Fiscal        Regular
                                                              Year End      Prospectus      Expense
Fund                                               Class                       Date          Limit     Expiration
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer International Equity Fund                    A          3/31           8/1           1.45%        8/1/11
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          3/31           8/1           2.35%        8/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          3/31           8/1           2.35%        8/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Fundamental Growth Fund                      A          3/31           8/1           1.25%        8/1/11
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          3/31           8/1           2.15%        8/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          3/31           8/1           2.15%        8/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Bond Fund                                    A          6/30           11/1          0.85%        11/1/13
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          6/30           11/1          1.90%        11/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          6/30           11/1          1.90%        11/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     R          6/30           11/1          1.25%        11/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     Z          6/30           11/1          0.65%        11/1/13
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Cullen Value Fund                            A          6/30           11/1          1.25%        11/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          6/30           11/1          2.15%        11/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          6/30           11/1          2.15%        11/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     R          6/30           11/1          1.40%        11/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Ibbotson Moderate Allocation Fund*           A          7/31           12/1          0.74%        12/1/11
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          7/31           12/1          1.52%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          7/31           12/1          1.52%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Ibbotson Growth Allocation Fund*             A          7/31           12/1          0.79%        12/1/11
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          7/31           12/1          1.57%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          7/31           12/1          1.57%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Ibbotson Aggressive Allocation Fund*         A          7/31           12/1          0.85%        12/1/11
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          7/31           12/1          1.64%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          7/31           12/1          1.64%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Ibbotson Conservative Allocation Fund*       A          7/31           12/1          0.78%        12/1/11
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          7/31           12/1          1.68%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          7/31           12/1          1.68%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Classic Balanced Fund                        A          7/31           12/1          1.16%        12/1/11
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          7/31           12/1          2.06%        12/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          7/31           12/1          2.06%        12/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Government Income Fund                       B          7/31           12/1          1.89%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Institutional Money Market Fund              1          7/31           12/1          0.25%        12/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     2          7/31           12/1          0.50%        12/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     3          7/31           12/1          0.75%        12/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Europe Select Equity Fund                    A          8/31           1/1           1.50%        1/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          8/31           1/1           2.40%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          8/31           1/1           2.40%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Short Term Income Fund                       A          8/31           1/1           0.90%        1/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          8/31           1/1           1.80%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          8/31           1/1           1.80%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Global Select Equity Fund                    A          8/31           1/1           1.30%        1/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          8/31           1/1           2.20%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          8/31           1/1           2.20%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     Y          8/31           1/1           0.80%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Research Value Fund                          A          8/31           1/1           1.25%        1/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          8/31           1/1           2.15%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          8/31           1/1           2.15%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     Y          8/31           1/1           0.90%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Research Growth Fund                         A          8/31           1/1           1.25%        1/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          8/31           1/1           2.15%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          8/31           1/1           2.15%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     Y          8/31           1/1           0.90%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer High Income Municipal Fund                   A          8/31           1/1           0.90%        1/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          8/31           1/1           1.80%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Oak Ridge All Cap Growth Fund                A          8/31           1/1           1.25%        1/1/12

----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          8/31           1/1           2.15%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     Y          8/31           1/1           0.95%        1/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Strategic Income Fund                        Z          9/30           2/1           0.85%        2/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Global High Yield Fund                       A          10/31          3/1           1.10%        3/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          10/31          3/1           2.00%        3/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          10/31          3/1           2.00%        3/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     Z          10/31          3/1           0.90%        3/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Equity Income Fund                           Z          10/31          3/1           0.85%        3/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer High Yield Fund                              Z          10/31          3/1           0.85%        3/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Floating Rate Fund                           A          10/31          3/1           1.10%        3/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          10/31          3/1           2.00%        3/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Global Aggregate Bond Fund                   A          10/31          3/1           1.00%        3/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          10/31          3/1           1.90%        3/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Global Diversified Equity Fund               A          10/31          3/1           1.30%        3/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C           10/31          3/1           2.20%        3/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Emerging Markets Fund                        A          11/30          4/1           1.95%        4/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          11/30          4/1           2.85%        4/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          11/30          4/1           2.85%        4/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     R          11/30          4/1           2.20%        4/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer International Value Fund                     A          11/30          4/1           1.70%        4/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          11/30          4/1           2.60%        4/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          11/30          4/1           2.60%        4/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Oak Ridge Large Cap Growth Fund              A          11/30          4/1           1.20%        4/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          11/30          4/1           2.10%        4/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          11/30          4/1           2.10%        4/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     R          11/30          4/1           1.45%        4/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Oak Ridge Small Cap Growth Fund              A          11/30          4/1           1.40%        4/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          11/30          4/1           2.30%        4/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          11/30          4/1           2.30%        4/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Select Growth Fund                           A          11/30          4/1           1.25%        4/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          11/30          4/1           2.15%        4/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          11/30          4/1           2.15%        4/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Equity Opportunity Fund                      A          11/30          4/1           1.25%        4/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          11/30          4/1           2.15%        4/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          11/30          4/1           2.15%        4/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Fund                                         Z          12/31          5/1           0.85%        5/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Research Fund                                A          12/31          5/1           1.25%        5/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          12/31          5/1           2.15%        5/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          12/31          5/1           2.15%        5/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Independence Fund                            A          12/31          5/1           1.25%        5/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          12/31          5/1           2.15%        5/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          12/31          5/1           2.15%        5/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer AmPac Growth Fund                            A          12/31          5/1           1.25%        5/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          12/31          5/1           2.15%        5/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          12/31          5/1           2.15%        5/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Small and Mid Cap Growth Fund                A          12/31          5/1           1.25%        5/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          12/31          5/1           2.15%        5/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          12/31          5/1           2.15%        5/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer AMT-Free Municipal Fund                      A          12/31          5/1           0.82%        5/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          12/31          5/1           1.72%        5/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          12/31          5/1           1.72%        5/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer AMT-Free CA Municipal Fund                   A          12/31          5/1           0.86%        5/1/12
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     B          12/31          5/1           1.76%        5/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
                                                     C          12/31          5/1           1.76%        5/1/10
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
----------------------------------------------- ------------ ------------ --------------- ------------ --------------
Pioneer Tax Free Income Fund                         A          12/31          5/1           0.89%        11/1/11
----------------------------------------------- ------------ ------------ --------------- ------------ --------------

</TABLE>


* Expense limitation applies to the fund's direct ordinary operating expenses
  and not the expenses of the underlying funds.