Contract

ADMINISTRATION AGREEMENT THIS ADMINISTRATION AGREEMENT dated this 9th day of October, 1998between the Pioneer Funds, listed on Exhibit 1 hereto (the “Funds”), andPioneering Management Corporation, a Delaware corporation (the “Manager”). W I T N E S S E T H WHEREAS, the Funds are registered as open-end, diversified, managementinvestment companies under the Investment Company Act of 1940, as amended (the”1940 Act”), and has filed with the Securities and Exchange Commission (the”Commission”) a registration statement (the “Registration Statement”) for thepurpose of registering its shares for public offering under the Securities Actof 1933, as amended (the “1933 Act”); WHEREAS, the parties hereto are parties to Management Contracts (the”Management Contracts”); WHEREAS, the Management Contracts provide that the Manager will bearall of the Funds’ expenses other than those provided in Section 2(c) and 2(d) ofthe Management Contracts; WHEREAS, Section 2(c)(i) provides that the Funds shall pay charges andexpenses for Fund accounting, pricing and appraisal services and, for thoseFunds noted with an asterisk on Exhibit 2 hereto, related overhead, including,to the extent that such services were performed by personnel of the Manager orits affiliates, office space and facilities, and personnel compensation,training and benefits; WHEREAS, Section 2(c)(vi) and (vii) provide that the Funds shall pay(i) fees and expenses involved in registering and maintaining registrations ofthe Funds and/or their shares with the Commission, state or blue sky securitiesagencies and foreign countries, including the preparation of prospectuses andstatements of additional information for filing with the Commission and (ii) allexpenses of shareholders and Trustees’ meetings and of preparing, printing anddistributing prospectuses, notices, proxy statements and all reports toshareholders and to governmental agencies; and WHEREAS, certain of these activities, as set forth on Exhibit 3 hereto,can be performed by members of the Manager’s legal, accounting andadministrative staff working at the direction and under the supervision of theBoard of Trustees and Fund counsel. NOW THEREFORE, in consideration of the mutual covenants and benefitsset forth herein, the Funds and the Manager do hereby agree as follows: 1. The Funds authorize the Manager to perform fund accounting serviceson behalf of the Funds, subject to the supervision and direction of the Board ofTrustees. Such services, determined as of the date of this Agreement, are setforth on Exhibit 2 hereto. These services (the “Bookkeeping Services”) may berevised from time to time on mutual agreement of the parties. 2. The Funds authorize the Manager to assist with the performance ofthe legal services listed on Exhibit 3 hereto (the “Legal Services”). The LegalServices shall at all times be subject to the supervision and direction of theBoard of Trustees and Fund counsel. 3. The Trustees recognize that the Bookkeeping Services and the LegalServices can be performed efficiently by the Manager. The Funds are enteringinto this Agreement to achieve the operating and expense benefits of suchefficiency. In authorizing such activities on behalf of the Funds, the Fundsexpressly do not delegate to the Manager or its personnel the authority torender legal advice to, or legal judgments on behalf of, the Funds. Betweenmeetings of the Trustees, Fund counsel is authorized to determine the servicesthat may appropriately be provided by the Manager pursuant to this Agreement. 4. In consideration of its services under this Agreement, the Managershall be entitled to be reimbursed for the allocable portion of the direct costsof the Bookkeeping Services and the Legal Expenses (collectively, the”Services”). Such allocation shall be based upon the proportion of personneltime devoted to the Services authorized to be performed on behalf of the Fundsto the total time worked by such personnel, in each case as estimated in goodfaith by the Manager and reviewed and approved annually by the Board ofTrustees. Direct costs shall include any out-of-pocket expenses of the Managerincurred in connection with the Services, the salaries and benefits of personnelof the Manager who are engaged in the Services pursuant to this Agreement and,with respect to the Services, a reasonable allocation of overhead (to the extentpermitted under the Management Contracts) associated with the performance of theBookkeeping Services. The Manager shall estimate such direct costs and overhead(as appropriate) in good faith and the Funds shall be entitled to suchsupporting information as the Trustees shall reasonably request from time totime. Allocations of reimbursements paid hereunder among the Funds shall besubject to annual approval of the Board of Trustees. 5. The Manager will not be liable for any error of judgment or mistakeof law in the performance of its services under the Agreement, but nothingcontained herein will be construed to protect the Manager against any liabilityto the Funds or its shareholders by reason of willful misfeasance, bad faith orgross negligence in the performance of its duties or by reason of its recklessdisregard of its obligations and duties under this Agreement. 6. Either party hereto may, without penalty, terminate this Agreementby the giving of 60 days’ written notice to the other party. 2 7. The Manager is an independent contractor and not an employee of theFunds for any purpose. If any occasion should arise in which the Manager givesany advice to its clients concerning the shares of the Funds, the Manager willact solely as investment counsel for such clients and not in any way on behalfof the Funds or any series thereof. 8. This Agreement states the entire agreement of the parties heretowith respect to the subject matter of this Agreement and its intended to be thecomplete and exclusive statement of the terms hereof. It may not be added to orchanged orally, and may not be modified or rescinded except by a writing signedby the parties hereto and in accordance with the 1940 Act, when applicable. 9. This Agreement and all performance hereunder shall be governed byand construed in accordance with the laws of the Commonwealth of Massachusetts. 10. Any term or provision of this Agreement which is invalid orunenforceable in any jurisdiction shall, as to such jurisdiction be ineffectiveto the extent of such invalidity or unenforceability without rendering invalidor unenforceable the remaining terms or provisions of this Agreement oraffecting the validity or enforceability of any of the terms or provisions ofthis Agreement in any other jurisdiction. 11. This Agreement may be executed simultaneously in two or morecounterparts, each of which shall be deemed an original, but all of whichtogether shall constitute one and the same instrument. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to beexecuted by this duly authorized officers and their seal to be hereto affixed asof the day and year first above written.Attest: The Pioneer Funds Listed on Exhibit 1 hereto By: /s/ John F. Cogan, Jr./s/ Joseph P. Barri John F. Cogan, Jr.Joseph P. Barri PresidentSecretary PIONEERING MANAGEMENT CORPORATIONAttest:/s/ Joseph P. Barri By: /s/ David D. TrippleJoseph P. Barri David D. TrippleSecretary President Exhibit 1Pioneer Aggressive Growth FundPioneer America Income TrustPioneer Balanced FundPioneer Bond FundPioneer Core Equity FundPioneer Emerging Growth FundPioneer Emerging Markets FundPioneer Equity Income FundPioneer Europe FundPioneer Europe Select FundPioneer FundPioneer Global Consumers FundPioneer Global Energy & Utilities FundPioneer Global Financials FundPioneer Global Health Care FundPioneer Global High Yield FundPioneer Global Industrials FundPioneer Global Telecoms FundPioneer Global Value FundPioneer Growth SharesPioneer High Yield FundPioneer Independence FundPioneer Indo-Asia FundPioneer Interest SharesPioneer International Equity FundPioneer International Value FundPioneer Large Cap Growth FundPioneer Large Cap Value FundPioneer Limited Maturity Bond FundPioneer Market Neutral FundPioneer Protected Principal Trust Pioneer Protected Principal Plus Fund Pioneer Protected Principal Plus Fund IIPioneer Mid Cap Growth FundPioneer Mid Cap Value FundPioneer Money Market TrustPioneer Real Estate SharesPioneer Science & Technology FundPioneer Small Cap Growth FundPioneer Small Cap Value FundPioneer Small Company FundPioneer Strategic Income FundPioneer Tax Free Income FundPioneer Value FundPioneer Variable Contracts Trust: Pioneer America Income VCT Portfolio Pioneer Balanced VCT Portfolio Pioneer Emerging Markets VCT Portfolio Pioneer Equity Income VCT Portfolio Pioneer Europe VCT Portfolio Pioneer Fund VCT Portfolio Pioneer Global Consumers VCT Portfolio Pioneer Global Energy & Utilities VCT Portfolio Pioneer Global Financials VCT Portfolio Pioneer Global Health Care VCT Portfolio Pioneer Global Industrials VCT Portfolio Pioneer Global Telecoms VCT Portfolio Pioneer Global Value VCT Portfolio Pioneer Growth Shares VCT Portfolio Pioneer High Yield VCT Portfolio Pioneer International Value VCT Portfolio Pioneer Mid Cap Value VCT Portfolio Pioneer Money Market VCT Portfolio Pioneer Real Estate Shares VCT Portfolio Pioneer Science & Technology VCT Portfolio Pioneer Small Cap Value VCT Portfolio Pioneer Small Company VCT Portfolio Pioneer Strategic Income VCT Portfolio Pioneer Value VCT PortfolioUpdated as of January, 2003/s/ Vincent NaveVincent NaveTreasurer Exhibit 1Pioneer Aggressive Growth FundPioneer America Income TrustPioneer Balanced FundPioneer Bond FundPioneer Core Equity FundPioneer Emerging Growth FundPioneer Emerging Markets FundPioneer Equity Income FundPioneer Europe FundPioneer Europe Select FundPioneer FundPioneer Global High Yield FundPioneer Global Value FundPioneer Growth SharesPioneer High Yield FundPioneer Independence FundPioneer Interest SharesPioneer International Equity FundPioneer International Value FundPioneer Large Cap Growth FundPioneer Large Cap Value FundPioneer Market Neutral FundPioneer Protected Principal Trust Pioneer Protected Principal Plus Fund Pioneer Protected Principal Plus Fund IIPioneer Mid Cap Growth FundPioneer Mid Cap Value FundPioneer Money Market TrustPioneer Real Estate SharesPioneer Series Trust I Pioneer Oak Ridge Small Cap Growth Fund Pioneer Oak Ridge Large Cap Growth FundPioneer Series Trust II Pioneer Papp Stock Fund Pioneer Papp Small and Mid Cap Growth Fund Pioneer Papp America Abroad Fund Pioneer Papp America-Pacific Rim FundPioneer Small Cap Growth FundPioneer Small Cap Value FundPioneer Small Company FundPioneer Strategic Income FundPioneer Tax Free Income FundPioneer Value FundPioneer Variable Contracts Trust: Pioneer America Income VCT Portfolio Pioneer Balanced VCT Portfolio Pioneer Emerging Markets VCT Portfolio Pioneer Equity Income VCT Portfolio Pioneer Europe VCT Portfolio Pioneer Fund VCT Portfolio Pioneer Growth Shares VCT Portfolio Pioneer High Yield VCT Portfolio Pioneer International Value VCT Portfolio Pioneer Mid Cap Value VCT Portfolio Pioneer Money Market VCT Portfolio Pioneer Real Estate Shares VCT Portfolio Pioneer Small Cap Value VCT Portfolio Pioneer Small Company VCT Portfolio Pioneer Strategic Income VCT Portfolio Pioneer Value VCT PortfolioUpdated as of October 6, 2003/s/ Vincent NaveVincent NaveTreasurer Exhibit 1Pioneer Aggressive Growth FundPioneer America Income TrustPioneer Balanced FundPioneer Bond FundPioneer Emerging Growth FundPioneer Emerging Markets FundPioneer Equity Income FundPioneer Europe FundPioneer Europe Select FundPioneer FundPioneer Global High Yield FundPioneer Global Value FundPioneer Growth SharesPioneer High Yield FundPioneer Independence FundPioneer Interest SharesPioneer International Equity FundPioneer International Value FundPioneer Large Cap Growth FundPioneer Large Cap Value FundPioneer Market Neutral FundPioneer Protected Principal Trust Pioneer Protected Principal Plus Fund Pioneer Protected Principal Plus Fund IIPioneer Mid Cap Growth FundPioneer Mid Cap Value FundPioneer Money Market TrustPioneer Real Estate SharesPioneer Research FundPioneer Select Equity FundPioneer Series Trust I Pioneer Oak Ridge Small Cap Growth Fund Pioneer Oak Ridge Large Cap Growth FundPioneer Series Trust II Pioneer Papp Stock Fund Pioneer Papp Small and Mid Cap Growth Fund Pioneer Papp America Abroad Fund Pioneer Papp America-Pacific Rim FundPioneer Small Cap Growth FundPioneer Small Cap Value FundPioneer Small Company FundPioneer Strategic Income FundPioneer Tax Free Income FundPioneer Value FundPioneer Variable Contracts Trust: Pioneer America Income VCT Portfolio Pioneer Balanced VCT Portfolio Pioneer Emerging Markets VCT Portfolio Pioneer Equity Income VCT Portfolio Pioneer Europe VCT Portfolio Pioneer Fund VCT Portfolio Pioneer Growth Shares VCT Portfolio Pioneer High Yield VCT Portfolio Pioneer International Value VCT Portfolio Pioneer Mid Cap Value VCT Portfolio Pioneer Money Market VCT Portfolio Pioneer Oak Ridge Large Cap Growth VCT Portfolio Pioneer Papp America Abroad VCT Portfolio Pioneer Papp Small and Mid Cap Growth VCT Portfolio Pioneer Papp Stock VCT Portfolio Pioneer Real Estate Shares VCT Portfolio Pioneer Small Cap Value VCT Portfolio Pioneer Small Company VCT Portfolio Pioneer Strategic Income VCT Portfolio Pioneer Value VCT PortfolioUpdated as of December 11, 2003/s/ Vincent NaveVincent NaveTreasurer of Each Fund Listed Above Exhibit 1Pioneer America Income TrustPioneer Balanced FundPioneer Bond FundPioneer Emerging Growth FundPioneer Emerging Markets FundPioneer Equity Income FundPioneer Europe FundPioneer Europe Select FundPioneer FundPioneer Global High Yield FundPioneer Global Value FundPioneer Growth SharesPioneer High Yield FundPioneer Ibbotson Asset Allocation Series Pioneer Ibbotson Aggressive Allocation Fund Pioneer Ibboton Growth Allocation Fund Pioneer Ibboton Moderate Allocation FundPioneer Independence FundPioneer Interest SharesPioneer International Equity FundPioneer International Value FundPioneer Large Cap Growth FundPioneer Protected Principal Trust Pioneer Protected Principal Plus Fund Pioneer Protected Principal Plus Fund IIPioneer Mid Cap Growth FundPioneer Mid Cap Value FundPioneer Money Market TrustPioneer Real Estate SharesPioneer Research FundPioneer Select Equity FundPioneer Select Value FundPioneer Series Trust I Pioneer Oak Ridge Small Cap Growth Fund Pioneer Oak Ridge Large Cap Growth FundPioneer Series Trust II Pioneer Papp Stock Fund Pioneer Papp Small and Mid Cap Growth Fund Pioneer Papp Strategic Growth Fund Pioneer Papp America-Pacific Rim FundPioneer Short Term Income FundPioneer Small Cap Value FundPioneer Small Company FundPioneer Strategic Income FundPioneer Tax Free Income FundPioneer Value FundPioneer Variable Contracts Trust: Pioneer America Income VCT Portfolio Pioneer Balanced VCT Portfolio Pioneer Emerging Markets VCT Portfolio Pioneer Equity Income VCT Portfolio Pioneer Europe VCT Portfolio Pioneer Fund VCT Portfolio Pioneer Growth Shares VCT Portfolio Pioneer High Yield VCT Portfolio Pioneer International Value VCT Portfolio Pioneer Mid Cap Value VCT Portfolio Pioneer Money Market VCT Portfolio Pioneer Oak Ridge Large Cap Growth VCT Portfolio Pioneer Papp America Abroad VCT Portfolio Pioneer Papp Small and Mid Cap Growth VCT Portfolio Pioneer Papp Stock VCT Portfolio Pioneer Real Estate Shares VCT Portfolio Pioneer Small Cap Value VCT Portfolio Pioneer Small Company VCT Portfolio Pioneer Strategic Income VCT Portfolio Pioneer Value VCT PortfolioUpdated as of August 6, 2004/s/ Vincent NaveVincent NaveTreasurer of Each Fund Listed Above Exhibit 1Pioneer America Income TrustPioneer Balanced FundPioneer Bond FundPioneer Emerging Growth FundPioneer Emerging Markets FundPioneer Equity Income FundPioneer Europe FundPioneer Europe Select FundPioneer FundPioneer Global High Yield FundPioneer Global Value FundPioneer Growth SharesPioneer High Yield FundPioneer Ibbotson Asset Allocation Series Pioneer Ibbotson Aggressive Allocation Fund Pioneer Ibboton Growth Allocation Fund Pioneer Ibboton Moderate Allocation FundPioneer Independence FundPioneer Interest SharesPioneer International Equity FundPioneer International Value FundPioneer Large Cap Growth FundPioneer Protected Principal Trust Pioneer Protected Principal Plus Fund Pioneer Protected Principal Plus Fund IIPioneer Mid Cap Growth FundPioneer Mid Cap Value FundPioneer Money Market TrustPioneer Real Estate SharesPioneer Research FundPioneer Select Equity FundPioneer Select Value FundPioneer Series Trust I Pioneer Oak Ridge Small Cap Growth Fund Pioneer Oak Ridge Large Cap Growth FundPioneer Series Trust II, a series trust consisting of: Pioneer California Tax Free Income Fund Pioneer Growth Opportunities Fund Pioneer Municipal Bond Fund Pioneer Papp Strategic Growth Fund Pioneer Papp Small and Mid Cap Growth Fund Pioneer Papp Stock Fund Pioneer Papp America-Pacific Rim Fund Pioneer Tax Free Money Market FundPioneer Short Term Income FundPioneer Small Cap Value FundPioneer Small Company FundPioneer Strategic Income FundPioneer Tax Free Income FundPioneer Value FundPioneer Variable Contracts Trust: Pioneer America Income VCT Portfolio Pioneer Balanced VCT Portfolio Pioneer Emerging Markets VCT Portfolio Pioneer Equity Income VCT Portfolio Pioneer Europe VCT Portfolio Pioneer Fund VCT Portfolio Pioneer Growth Shares VCT Portfolio Pioneer High Yield VCT Portfolio Pioneer International Value VCT Portfolio Pioneer Mid Cap Value VCT Portfolio Pioneer Money Market VCT Portfolio Pioneer Oak Ridge Large Cap Growth VCT Portfolio Pioneer Papp America Abroad VCT Portfolio Pioneer Papp Small and Mid Cap Growth VCT Portfolio Pioneer Papp Stock VCT Portfolio Pioneer Real Estate Shares VCT Portfolio Pioneer Small Cap Value VCT Portfolio Pioneer Small Company VCT Portfolio Pioneer Strategic Income VCT Portfolio Pioneer Value VCT PortfolioUpdated as of August 17, 2004/s/ Vincent NaveVincent NaveTreasurer of Each Fund Listed AbovePioneer Municipal High Income Trust (the “Trust”) is hereby added as a Fundunder the Administration Agreement, dated October 9, 1998 (the “Agreement”),between Pioneer Investment Management, Inc and the investment companies listedon Exhibit 1 thereto from time to time; provided, however, that PIM shall onlyprovide the Trust with the legal services listed on Exhibit 3 to such Agreement(and shall not provide Bookkeeping Services to the Trust pursuant to theAgreement) and shall only be reimbursed for the Trust’s allocable share of LegalExpenses (as defined in the Agreement).Dated: July 22, 2003PIONEER MUNICIPAL HIGH INCOME TRUSTBy: /s/ Dorothy E. Bourassa ———————————————————-Name: Dorothy E. BourassaTitle: Assistant SecretaryPIONEER INVESTMENT MANAGEMENT, INC.By: /s/ Osbert M. Hood ———————————————————–Name: Osbert M. HoodTitle: PresidentPioneer Municipal High Income Advantage Trust (the “Trust”) is hereby addedas a Fund under the Administration Agreement, dated October 9, 1998 (the”Agreement”), between Pioneer Investment Management, Inc and the investmentcompanies listed on Exhibit 1 thereto from time to time; provided, however, thatPIM shall only provide the Trust with the legal services listed on Exhibit 3 tosuch Agreement (and shall not provide Bookkeeping Services to the Trust pursuantto the Agreement) and shall only be reimbursed for the Trust’s allocable shareof Legal Expenses (as defined in the Agreement).Dated: October 1, 2003PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUSTBy: /s/ Vincent NaveName: Vincent NaveTitle: TreasurerPIONEER INVESTMENT MANAGEMENT, INC.By: /s/ Vincent NaveName: Vincent NaveTitle: Vice PresidentPioneer Tax Advantaged Balanced Trust (the “Trust”) is hereby addedas a Fund under the Administration Agreement, dated October 9, 1998 (the”Agreement”), between Pioneer Investment Management, Inc and the investmentcompanies listed on Exhibit 1 thereto from time to time; provided, however, thatPIM shall only provide the Trust with the legal services listed on Exhibit 3 tosuch Agreement (and shall not provide Bookkeeping Services to the Trust pursuantto the Agreement) and shall only be reimbursed for the Trust’s allocable shareof Legal Expenses (as defined in the Agreement).Dated: January 30, 2004PIONEER TAX ADVANTAGED BALANCED TRUSTBy: /s/ Vincent NaveName: Vincent NaveTitle: TreasurerPIONEER INVESTMENT MANAGEMENT, INC.By: /s/ Vincent NaveName: Vincent NaveTitle: Vice PresidentPioneer America Income TrustPioneer Balanced FundPioneer Bond FundPioneer Emerging Growth FundPioneer Emerging Markets FundPioneer Equity Income FundPioneer Equity Opportunity FundPioneer Europe FundPioneer Europe Select FundPioneer FundPioneer Global High Yield FundPioneer Growth SharesPioneer High Yield FundPioneer Ibbotson Asset Allocation Series Pioneer Ibbotson Aggressive Allocation Fund Pioneer Ibbotson Growth Allocation Fund Pioneer Ibbotson Moderate Allocation FundPioneer Independence FundPioneer Interest SharesPioneer International Equity FundPioneer International Value FundPioneer Large Cap Growth FundPioneer Mid Cap Growth FundPioneer Mid Cap Value FundPioneer Protected Principal Trust Pioneer Protected Principal Plus Fund Pioneer Protected Principal Plus Fund IIPioneer Money Market TrustPioneer Real Estate SharesPioneer Research FundPioneer Select Equity FundPioneer Select Value FundPioneer Series Trust I Pioneer Oak Ridge Small Cap Growth Fund Pioneer Oak Ridge Large Cap Growth FundPioneer Series Trust II Pioneer Papp Stock Fund Pioneer Papp Small and Mid Cap Growth Fund Pioneer Papp Strategic Growth Fund Pioneer Papp America-Pacific Rim Fund Pioneer California Tax Free Income Fund Pioneer Growth Opportunities Fund Pioneer Municipal Bond Fund Pioneer Tax Free Money Market FundPioneer Series Trust III Pioneer Cullen Value FundPioneer Short Term Income FundPioneer Small Cap Value FundPioneer Small Company FundPioneer Strategic Income FundPioneer Tax Free Income FundPioneer Value FundPioneer Variable Contracts Trust: Pioneer America Income VCT Portfolio Pioneer Bond VCT Portfolio Pioneer Balanced VCT Portfolio Pioneer Cullen Value VCT Portfolio Pioneer Emerging Markets VCT Portfolio Pioneer Equity Income VCT Portfolio Pioneer Equity Opportunity VCT Portfolio Pioneer Europe VCT Portfolio Pioneer Fund VCT Portfolio Pioneer Growth Opportunities VCT Portfolio Pioneer Growth Shares VCT Portfolio Pioneer High Yield VCT Portfolio Pioneer Ibbotson Aggressive Allocation VCT Portfolio Pioneer Ibbotson Growth Allocation VCT Portfolio Pioneer Ibbotson Moderate Allocation VCT Portfolio Pioneer International Value VCT Portfolio Pioneer Mid Cap Value VCT Portfolio Pioneer Money Market VCT Portfolio Pioneer Oak Ridge Large Cap Growth VCT Portfolio Pioneer Papp America Pacific Rim VCT Portfolio Pioneer Papp Small and Mid Cap Growth VCT Portfolio Pioneer Real Estate Shares VCT Portfolio Pioneer Small Cap Value VCT Portfolio Pioneer Small Cap Value II VCT Portfolio Pioneer Small Company VCT Portfolio Pioneer Strategic Income VCT Portfolio Pioneer Value VCT PortfolioUpdated as of September 21, 2004By:/s/ Vincent NaveName: Vincent NaveTitle: Treasurer of Each Fund Listed AbovePioneer Floating Rate Trust (the “Fund”) is hereby added as a Fund under theAdministration Agreement, dated October 9, 1998 (the “Agreement”), betweenPioneer Investment Management, Inc and the investment companies listed onExhibit 1 thereto from time to time; provided, however, that PIM shall onlyprovide the Fund with the legal services listed on Exhibit 3 to such Agreement(and shall not provide Bookkeeping Services to the Fund pursuant to theAgreement) and shall only be reimbursed for the Fund’s allocable share of LegalExpenses (as defined in the Agreement).Dated: November 23, 2004By: /s/ Vincent NaveName: Vincent NaveTitle: TreasurerPIONEER INVESTMENT MANAGEMENT, INC.By: /s/ Vincent NaveName: Vincent NaveTitle: Vice President EXHIBIT 2 PIONEERING MANAGEMENT CORP. Fund Accounting, Administration and Custody Services (FAACS) LIST OF SERVICES PROVIDED TO PIONEER MUTUAL FUNDS SERVICES LISTED BY FAACS TEAM, OR FUNCTIONAL AREA. PLEASE SEE ATTACHED CHART FOR ORGANIZATIONAL STRUCTURE. PERCENTAGES FOLLOWING FAACS TEAM NAMES INDICATE EACH TEAM’S AGGREGATE COMPENSATION AND BENEFITS PERCENTAGE BILLABLE TO THE FUNDS.FAACS Administration (70%): . Provide direction, supervision and administrative support to all FAACS teams . Prepare or review and submit all tax reports for Funds + Oversee fund distributions for regulatory compliance + Assist in planning for new product introductionsFund Accounting (91%): . Maintain all accounting records for Funds . Calculate and report daily net asset values per share and yields . Recommend income and capital gains distribution rates . Prepare funds’ financial statements and assist in fund audits + Maintain accounting records for institutional portfolios + Perform periodic tests to verify each Fund’s compliance with its prospectus and applicable regulationsGlobalCustody and Settlements Division (20%): . Enter portfolio trades into Fund Accounting records . Support corporate actions analyses + Validate trade data and communicate them to Custodian Banks + Act as liaison with Custodian Banks for trade settlements, security position reconciliations and relaying global market updates to Investment Advisor + Provide daily cash reporting to portfolio managers + Resolve trade disputes with counter-partiesPricing and Corporate Actions (95%): . Ensure accuracy and timeliness of prices supplied by external sources to provide daily valuations of all security positions held by every Fund . Validate and communicate corporate/class action information to Fund Accounting . Present monthly valuation report to Funds’ Board of Trustees + Provide valuation and corporate actions services for securities held by institutional portfolios, but not by Funds PAGE 1List of FAACS Services (continued)- ———————FAACS Systems (51%): . Provide systems support to users of fund accounting and portfolio pricing software, and manage relationships with applicable software and hardware vendors . Develop and maintain custom applications and systems interfaces for FAACS teams . Manage Year 2000 project + Provide user support and vendor liaison for trading, compliance and analysis systems + Implement and manage systems interfaces with Investment Advisor, Custodian Banks and other service providersShareholder Reporting and Audit Liaison (82%): . Review and complete Funds’ financial statements . Manage the Fund Audit process to ensure timely completion of shareholder reports . Prepare reports related to contract renewals and soft dollar payments for Board of Trustees’ review . Provide financial information to Legal Department for prospectus updates and other regulatory filings . Prepare regulatory reports such as N-SAR, Form S and EDGAR filings + Provide financial information to Pioneer management and industry trade groups + Provide liquidity, commission and soft dollar reporting to Pioneer managementFunds Controller (93%): . Manage fund expense payment cycles (e.g., timeliness and accuracy of payments, allocation of costs among portfolios) . Coordinate and standardize fund expense accruals and forecasting . Provide expense reporting to Fund Accounting, FAACS management and auditors . Compile daily reports of shareholder transactions from all sources (e.g., PSC, PMIL, BFDS, variable annuity agents, 401(k) administrators, third party record keepers) for entry into fund records . Provide daily reconciliation of receivable, payable and share accounts between fund records and entities listed above . Manage the daily estimating process to minimize “as of” gains and losses to Funds . Communicate daily fund prices and yields to PSC, PMIL, etc. + Provide fund-related analyses to Pioneer management- ——————————————————————————– OVERALL WEIGHTED FAACS AVERAGE COMPENSATION AND BENEFITS RATE = 70%- ——————————————————————————— ——————————————————————————– Key: . Service provided under the Pioneer Funds Administration Agreement, for which the Investment Advisor is entitled to reimbursement from the Funds- ——————————————————————————– PAGE 2- ——————————————————————————– + Service provided to the Funds which would fall within the scope of the Advisory Agreement with the Funds and which is therefore not directly billable to the Funds- ——————————————————————————– PAGE 3 EXHIBIT 3 [updated fall 2001] THE INVESTMENT MANAGEMENT USA INC. – LEGAL DEPARTMENTI. LIST OF REIMBURSABLE LEGAL SERVICES PROVIDED TO PIONEER MUTUAL FUNDSFilings under Investment Company Act of 1940 and Securities Act of 1933 o Prepare and File (via EDGAR) Rule 24f-2 Notices (coordination with Pioneer Fund Accounting and Hale and Dorr LLP as necessary) o SEC Electronic Filing (EDGAR) Responsibilities o Prepare Fund Registration Statements and Related Filings for filing on EDGAR and complete filings o Maintain and develop enhancements to Pioneer’s EDGAR systems and procedures, including contingency planning o Maintain EDGAR related databases and document archives o Liaison with third party EDGAR agents when necessary o Prepare proxy statements and related materials for filing on EDGAR and complete filingsBlue Sky Administration (State Registration) o Principal liaison with Blue Sky vendor (Automated Business Development Corporation) 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 vendor statements and invoices o Conduct vendor due diligence, as appropriate Hiring oversight In-person meetings Arthur Andersen auditMiscellaneous Services o Assist Pioneer Fund Accounting in the preparation of Fund Form N-SARs o Managing internal participation in prospectus simplification project. Charge Funds only for portion that relates to Funds–this excludes work on behalf of distribution or management companies, including coordination internally.II. LIST OF NON-REIMBURSABLE LEGAL SERVICES PROVIDED TO PIONEER MUTUAL FUNDSFilings under Investment Company Act of 1940 and Securities Act of 1933 o Maintain Pioneer Mutual Funds SEC Filing Calendar o Interact as necessary with the staff of the investment adviser, distribution company and transfer agent to ensure awareness of Fund disclosure requirements o Coordinate internal review of Prospectuses and SAIs o Coordinate Hale and Dorr LLP review and internal review of Hale and Dorr LLP material o Identify business and other situations that trigger requirement to supplement Prospectuses and SAIsProxy Statements o Assist Hale and Dorr LLP in the preparation of proxy statements o Coordinate internal review of proxy statements and related documents o Review proxy related materials prepared by the distribution company to ensure compliance with regulatory requirements o Review the transfer agent’s proxy solicitation efforts to ensure compliance with regulatory requirements o Act as liaison between Hale and Dorr LLP and transfer agency staff with respect to the proxy solicitation processMiscellaneous Services o Monitor the preparation of shareholder reports by the distribution company o Prepare and File (via EDGAR) Section 16 filings (re: Pioneer Interest Shares) o Maintain Officer and Trustee Securities Holdings (Fund and non-Fund related) o Code of Ethics Administration (as it relates to Disinterested Trustees)Regulatory Oversight o Monitor proposed changes in applicable regulation and inform appropriate Pioneer personnel of the proposals and impact on Funds o Act as liaison with Hale and Dorr LLP in the implementation of changesSpecial Projects o Coordinate implementation of Text Manager (formerly Document Directions software system) for prospectus production o Prospectus simplification efforts on behalf of distribution or management companies, including internal coordination o Privacy procedures required by Gramm, Leach, Bliley and Regulation S-P 2 Administration Agreement dated October 9, 1998, amended as of December 6, 2005 Exhibit 1Pioneer America Income TrustPioneer Balanced FundPioneer Bond FundPioneer Emerging Markets FundPioneer Equity Income FundPioneer Equity Opportunity FundPioneer Europe Select Equity FundPioneer FundPioneer Global High Yield FundPioneer Growth SharesPioneer High Yield FundPioneer Ibbotson Asset Allocation Series Pioneer Ibbotson Aggressive Allocation Fund Pioneer Ibbotson Conservative Allocation Fund Pioneer Ibbotson Growth Allocation Fund Pioneer Ibbotson Moderate Allocation FundPioneer Independence FundPioneer Interest SharesPioneer International Equity FundPioneer International Value FundPioneer Large Cap Growth FundPioneer Mid Cap Growth FundPioneer Mid Cap Value FundPioneer Protected Principal Trust Pioneer Protected Principal Plus Fund Pioneer Protected Principal Plus Fund IIPioneer Money Market TrustPioneer Real Estate SharesPioneer Research FundPioneer Select Equity FundPioneer Select Value FundPioneer Series Trust I Pioneer Oak Ridge Small Cap Growth Fund Pioneer Oak Ridge Large Cap Growth FundPioneer Series Trust II Pioneer Growth Leaders Fund Pioneer Small and Mid Cap Growth Fund Pioneer AmPac Growth Fund Pioneer California Tax Free Income Fund Pioneer Growth Opportunities Fund Pioneer Municipal Bond Fund Pioneer Tax Free Money Market FundPioneer Series Trust III Pioneer Cullen Value FundPioneer Series Trust IV Pioneer Classic Balanced Fund Pioneer Focused Equity Fund Pioneer Florida Tax Free Income Fund Pioneer Government Income Fund Pioneer Institutional Money Market Fund Pioneer International Core Equity Fund Pioneer Treasury Reserves FundPioneer Series Trust V Pioneer Global Select Equity Fund Pioneer Select Research Growth Fund Pioneer Select Research Value FundPioneer Short Term Income FundPioneer Small Cap Value FundPioneer Small Company FundPioneer Strategic Income FundPioneer Tax Free Income FundPioneer Value FundPioneer Variable Contracts Trust: Pioneer America Income VCT Portfolio Pioneer Am Pac Growth VCT Portfolio Pioneer Balanced VCT Portfolio Pioneer Bond VCT Portfolio Pioneer Core Bond VCT Portfolio Pioneer Cullen Value VCT Portfolio Pioneer Emerging Markets VCT Portfolio Pioneer Equity Income VCT Portfolio Pioneer Equity Opportunity VCT Portfolio Pioneer Europe VCT Portfolio Pioneer Fund VCT Portfolio Pioneer Global High Yield VCT Portfolio Pioneer Growth Opportunities VCT Portfolio Pioneer Growth Shares VCT Portfolio Pioneer High Yield VCT Portfolio Pioneer Ibbotson Aggressive Allocation VCT Portfolio Pioneer Ibbotson Growth Allocation VCT Portfolio Pioneer Ibbotson Moderate Allocation VCT Portfolio Pioneer International Value VCT Portfolio Pioneer Mid Cap Value VCT Portfolio Pioneer Money Market VCT Portfolio Pioneer Oak Ridge Large Cap Growth VCT Portfolio Pioneer Small and Mid Cap Growth VCT Portfolio Pioneer Real Estate Shares VCT Portfolio Pioneer Small Cap Value VCT Portfolio Pioneer Small Cap Value II VCT Portfolio Pioneer Small Company VCT Portfolio Pioneer Strategic Income VCT Portfolio Pioneer Value VCT PortfolioUpdated as of December 6, 2005By: /s/ Vincent NaveName: Vincent NaveTitle: Treasurer of Each Fund Listed AbovePioneer Municipal High Income Trust (the “Trust”) is hereby added as a Fundunder the Administration Agreement, dated October 9, 1998 (the “Agreement”),between Pioneer Investment Management, Inc and the investment companies listedon Exhibit 1 thereto from time to time; provided, however, that PIM shall onlyprovide the Trust with the legal services listed on Exhibit 3 to such Agreement(and shall not provide Bookkeeping Services to the Trust pursuant to theAgreement) and shall only be reimbursed for the Trust’s allocable share of LegalExpenses (as defined in the Agreement).Dated: July 22, 2003PIONEER MUNICIPAL HIGH INCOME TRUSTBy: /s/ Dorothy E. BourassaName: Dorothy E. BourassaTitle: Assistant SecretaryPIONEER INVESTMENT MANAGEMENT, INC.By: /s/ Osbert M. HoodName: Osbert M. HoodTitle: PresidentPioneer Municipal High Income Advantage Trust (the “Trust”) is hereby added as aFund under the Administration Agreement, dated October 9, 1998 (the”Agreement”), between Pioneer Investment Management, Inc and the investmentcompanies listed on Exhibit 1 thereto from time to time; provided, however, thatPIM shall only provide the Trust with the legal services listed on Exhibit 3 tosuch Agreement (and shall not provide Bookkeeping Services to the Trust pursuantto the Agreement) and shall only be reimbursed for the Trust’s allocable shareof Legal Expenses (as defined in the Agreement).Dated: October 1, 2003PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUSTBy: /s/ Vincent NaveName: Vincent NaveTitle: TreasurerPIONEER INVESTMENT MANAGEMENT, INC.By: /s/ Vincent NaveName: Vincent NaveTitle: Vice PresidentPioneer Tax Advantaged Balanced Trust (the “Fund”) is hereby added as a Fundunder the Administration Agreement, dated October 9, 1998 (the “Agreement”),between Pioneer Investment Management, Inc and the investment companies listedon Exhibit 1 thereto from time to time; provided, however, that PIM shall onlyprovide the Fund with the legal services listed on Exhibit 3 to such Agreement(and shall not provide Bookkeeping Services to the Fund pursuant to theAgreement) and shall only be reimbursed for the Fund’s allocable share of LegalExpenses (as defined in the Agreement).Dated: January 30, 2004PIONEER TAX ADVANTAGED BALANCED TRUSTBy: /s/ Vincent NaveName: Vincent NaveTitle: TreasurerPioneer Floating Rate Trust (the “Fund”) is hereby added as a Fund under theAdministration Agreement, dated October 9, 1998 (the “Agreement”), betweenPioneer Investment Management, Inc and the investment companies listed onExhibit 1 thereto from time to time; provided, however, that PIM shall onlyprovide the Fund with the legal services listed on Exhibit 3 to such Agreement(and shall not provide Bookkeeping Services to the Fund pursuant to theAgreement) and shall only be reimbursed for the Fund’s allocable share of LegalExpenses (as defined in the Agreement).Dated: November 23, 2004PIONEER FLOATING RATE TRUSTBy: /s/ Vincent NaveName: Vincent NaveTitle: TreasurerPIONEER INVESTMENT MANAGEMENT, INC.By: /s/ Vincent NaveName: Vincent NaveTitle: Vice President