Contract

PIONEER FAMILY OF FUNDS MASTER INVESTMENT COMPANY SERVICE AGREEMENT March 4, 2003 WHEREAS, each open-end and closed-end investment management companylisted on Exhibit A hereto organized as either a Delaware business trust or aMassachusetts business trust, each with its principal place of business at 60State Street, Boston, Massachusetts 02109 (each a “Customer”), has previouslyentered into an investment management company service agreement (the “OriginalAgreement(s)”) between itself and Pioneer Investment Management ShareholderServices, Inc., a Massachusetts corporation with its principal place of businessat 60 State Street, Boston, Massachusetts 02109 (“PIMSS”); and WHEREAS, Customer and PIMSS now have determined that it is desirable toamend and restate each Original Agreement so as to provide for a MasterInvestment Company Service Agreement between each Customer listed on Exhibit Ahereto, as amended from time to time, and PIMSS, and that each OriginalAgreement is hereby superseded by this Agreement as of the date hereof; NOW THEREFORE, each Customer, severally and not jointly, and PIMSShereby agree as follows: 1. SERVICES TO BE PROVIDED BY PIMSS. During the term of this Agreement,PIMSS will provide to each series of shares of beneficial interest of Customerwhich may be established from time to time (the “Account”) the servicesdescribed in Exhibits C, D, E and F (collectively, the Exhibits). It isunderstood that PIMSS may subcontract any of such services to one or more firmsdesignated by PIMSS, provided that PIMSS (i) shall be solely responsible for allcompensation payable to any such firm and (ii) shall be liable to Customer forthe acts or omissions of any such firm to the same extent as PIMSS would beliable to Customer with respect to any such act or omission hereunder. 2. EFFECTIVE DATE. This Agreement shall become effective on the datehereof (the “Effective Date”) and shall continue in effect until it isterminated in accordance with Section 11 below. 3. DELIVERY OF DOCUMENTATION, MATERIALS AND DATA. Customer shall, fromtime to time, while this Agreement is in effect deliver all such documentation,materials and data as may be necessary or desirable to enable PIMSS to performits services hereunder. 4. REPORTS AND MAINTENANCE OF RECORDS BY PIMSS. PIMSS will furnish toCustomer and to properly authorized auditors, examiners, distributors, dealers,underwriters, salesmen, insurance companies, investors, and others designated byCustomer in writing, such books, any and all records and reports at such timesas are prescribed for each service in the Exhibits attached hereto. Customeragrees to examine or to ask any other authorized recipient to examine each suchreport or copy promptly and will report or cause to be reported any errors ordiscrepancies therein of which Customer then has any knowledge. PIMSS may at itsoption at any time, and shall forthwith upon Customer’s demand, turn over toCustomer and cease to retain in PIMSS’ files any and all records and documentscreated and maintained by PIMSS pursuant to this Agreement which are no longerneeded by PIMSS in the performance of its services or for its protection. If not so turned over to Customer, such documents and reports will beretained by PIMSS for six years from the year of creation, during the first twoof which the same shall be in readily accessible form. At the end of six years,such records and documents will be turned over to Customer by PIMSS unlessCustomer authorizes their destruction. 5. PIMSS’ DUTY OF CARE. PIMSS shall at all times use reasonable careand act in good faith in performing its duties hereunder. PIMSS shall incur noliability to Customer in connection with its performance of services hereunderexcept to the extent that it does not comply with the foregoing standards. PIMSS shall at all times adhere to various procedures and systemsconsistent with industry standards in order to safeguard Customer’s checks,records and other data from loss or damage attributable to fire or theft. PIMSSshall maintain insurance adequate to protect against the costs of reconstructingchecks, records and other data in the event of such loss and shall notifyCustomer in the event of a material adverse change in such insurance coverage.In the event of damage or loss occurring to Customer’s records or data such thatPIMSS is unable to meet the terms of this Agreement, PIMSS shall transfer allrecords and data to a transfer agent of Customer’s choosing upon Customer’swritten authorization to do so. Without limiting the generality of the foregoing, PIMSS shall not beliable or responsible for delays or errors occurring by reason of circumstancesbeyond its control, including acts of civil, military or banking authority,national emergencies, labor difficulties, fire, flood or other catastrophes,acts of God, insurrection, war, riots, failure of transportation, communicationor power supply. 6. CONFIDENTIALITY. PIMSS will keep confidential all records andinformation provided by Customer or by the shareholders of the Account to PIMSS,except to the extent disclosures are required by this Agreement, are required bythe Customer’s Prospectus and Statement of Additional Information, or arerequired by a valid subpoena or warrant issued by a court of competentjurisdiction or by a state or federal agency or governmental authority. 2 7. CUSTOMER INSPECTION. Upon reasonable notice, in writing signed byCustomer, PIMSS shall make available, during regular business hours, all recordsand other data created and maintained pursuant to this Agreement for reasonableaudit and inspection by Customer or Customer’s agents, including reasonablevisitation by Customer or Customer’s agents, including inspecting PIMSS’operation facilities. PIMSS shall not be liable for injury to or responsible inany way for the safety of any individual visiting PIMSS’ facilities under theauthority of this section. Customer will keep confidential and will cause tokeep confidential all confidential information obtained by its employees oragents or any other individual representing Customer while on PIMSS’ premises.Confidential information shall include (1) any information of whatever natureregarding PIMSS’ operations, security procedures, and data processingcapabilities, (2) financial information regarding PIMSS, its affiliates, orsubsidiaries, and (3) any information of whatever kind or description regardingany customer of PIMSS, its affiliates or subsidiaries. 8. RELIANCE BY PIMSS ON INSTRUCTIONS AND ADVICE; INDEMNITY. PIMSS shallbe entitled to seek advice of Customer’s legal counsel with respect to PIMSS’responsibilities and duties hereunder and shall in no event be liable toCustomer for any action taken pursuant to such advice, except to the extent thatCustomer’s legal counsel determines in its sole discretion that the rendering ofadvice to PIMSS would result in a conflict of interest. Whenever PIMSS is authorized to take action hereunder pursuant toproper instructions from Customer, PIMSS shall be entitled to rely upon anycertificate, letter or other instrument or telephone call or Internettransaction reasonably believed by PIMSS to be genuine and to have been properlymade or signed by an officer or other authorized agent of Customer, and shall beentitled to receive as conclusive proof of any fact or matter required to beascertained by it hereunder a certificate signed by an officer of Customer orany other person authorized by Customer’s Board of Trustees. Subject to the provisions of Section 13 of this Agreement, Customeragrees to indemnify and hold PIMSS, its employees, agents and nominees harmlessfrom any and all claims, demands, actions and suits, whether groundless orotherwise, and from and against any and all judgments, liabilities, losses,damages, costs, charges, counsel fees and other expenses of every nature andcharacter arising out of or in any way relating to PIMSS’ action or non-actionupon information, instructions or requests given or made to PIMSS by Customerwith respect to the Account. Notwithstanding the above, whenever Customer may be asked to indemnifyor hold PIMSS harmless, Customer shall be advised of all pertinent facts arisingfrom the situation in question. Additionally, PIMSS will use reasonable care toidentify and notify Customer promptly concerning any situation which presents,actually or potentially, a claim for indemnification against Customer. Customershall have the option to defend PIMSS against any claim for which PIMSS isentitled to indemnification from Customer 3under the terms hereof, and, in the event Customer so elects, it will notifyPIMSS and, thereupon, Customer shall take over complete defense of the claim,and PIMSS shall sustain no further legal or other expenses in such a situationfor which indemnification shall be sought or entitled. PIMSS may in no eventconfess any claim or make any compromise in any case in which Customer will beasked to indemnify PIMSS except with Customer’s prior written consent. 9. MAINTENANCE OF DEPOSIT ACCOUNTS. PIMSS shall maintain on behalf ofCustomer such deposit accounts as are necessary or desirable from time to timeto enable PIMSS to carry out the provisions of this Agreement. 10. COMPENSATION AND REIMBURSEMENT TO PIMSS. For the services renderedby PIMSS under this Agreement, Customer agrees to pay to PIMSS an (a) annual feeper open account and (b) an annual fee per closed account in the applicableamounts set forth in Exhibit B attached hereto in effect on the date hereof, oras amended from time to time, such fees to be payable in equal monthlyinstallments. Customer shall reimburse PIMSS monthly for out-of-pocket expenses,including, but not limited to, forms, postage, mail service, telephone charges,including internet access charges, archives, microfiche and other recordsstorage services, mailing and tabulating proxies, sub account recordkeeper feesrelating to omnibus accounts, and miscellaneous. In addition, Customer willreimburse any other expenses incurred by PIMSS at the request of or with theconsent of Customer. 11. TERMINATION. Either PIMSS or Customer may at any time terminatethis Agreement by giving 90 days’ prior written notice to the other. After the date of termination, for so long as PIMSS in fact continuesto perform any one or more of the services contemplated by this Agreement or theExhibits, the provisions of this Agreement, including, without limitation, theprovisions of Section 8 dealing with indemnification, shall, where applicable,continue in full force and effect. 12. REPRESENTATIONS AND WARRANTIES; REQUIRED DOCUMENTS. 12.1 REPRESENTATIONS AND WARRANTIES OF PIMSS. PIMSS represents and warrants to the Customer that: (a) It is a corporation duly organized and existing and ingood standing under the laws of The Commonwealth of Massachusetts. (b) It is duly qualified to carry on its business in TheCommonwealth of Massachusetts and the State of Nebraska. 4 (c) All requisite corporate proceedings have been taken toauthorize it to enter into this Agreement. (d) It is empowered under all applicable laws and by itsArticles of Organization and By Laws to enter into and perform this Agreement. 12.2 REPRESENTATIONS AND WARRANTIES OF CUSTOMER. Customer represents and warrants to PIMSS that: (a) It is a business trust duly organized and existing and ingood standing under the laws of its governing jurisdiction. (b) All requisite corporate proceedings have been taken toauthorize it to enter into this Agreement. (c) It is empowered under all applicable laws and by itsAgreement and Declaration of Trust and By Laws to enter into and perform thisAgreement. (d) It is either an open-end or closed-end managementinvestment company, as applicable, registered under the Investment Company Actof 1940, as amended. (e) A registration statement under the Securities Act of1933, as amended (the “Registration Statement”), has been filed with theSecurities and Exchange Commission and is currently effective and will remaineffective, and appropriate state securities law filings have been made and willcontinue to be made, with respect to all shares of beneficial interest of theCustomer to be offered for sale. 12.3 CUSTOMER DOCUMENT DELIVERY.Customer shall promptly furnish to PIMSS the following: (a) A copy of Customer’s Agreement and Declaration of Trustand By Laws and all amendments related thereto. (b) A certified copy of the resolution of the Customer’s Boardof Trustees authorizing the appointment of PIMSS and the execution and deliveryof this Agreement. (c) A copy of the Customer’s Registration Statement and allamendments thereto. 13. INDEMNIFICATION. Customer and PIMSS acknowledge and agree that allliabilities arising directly or indirectly under this Agreement, of any andevery nature 5whatsoever, including, without limitation, liabilities arising in connectionwith any agreement of Customer or its Trustees set forth herein to indemnify anyparty to this Agreement or any other person, shall be satisfied out of theassets of the Account first and then of Customer and that no Trustee, officer orholder of shares of beneficial interest of Customer shall be personally liablefor any of the foregoing liabilities. Customer’s Agreement and Declaration ofTrust describes in detail the respective responsibilities and limitations onliability of the Trustees, officers, and holders of shares of beneficialinterest of Customer. 14. MISCELLANEOUS. In connection with the operation of this Agreement,Customer and PIMSS may agree from time to time on such provisions interpretiveof or in addition to the provisions of this Agreement as may in their jointopinion be consistent with the general tenor of this Agreement. Any suchinterpretive or additional provisions are to be signed by both parties andannexed hereto, but no such provision shall contravene any applicable federaland state law or regulation, and no such provision shall be deemed to be anamendment of this Agreement. This Agreement together with all Exhibits constitutes the entireagreement between the parties hereto and supersedes any prior agreement withrespect to the subject matter hereof whether written or oral. If any provision or provisions of this Agreement shall be held invalid,unlawful or unenforceable, the validity, legality, and enforceability of theremaining provisions of the Agreement shall not in any way be affected orimpaired. This Agreement shall be construed in accordance with the laws of TheCommonwealth of Massachusetts. IN WITNESS WHEREOF, Customer and PIMSS have caused this Agreement to beexecuted in their respective names by their respective officers thereunto dulyauthorized as of the date first written above. PIONEER INVESTMENT MANAGMENT SHAREHOLDER SERVICES, INC. By: /s/Tracy Cmar Tracy Cmar Senior Vice President 6 EACH OF THE FUNDS LISTED ON EXHIBIT A ATTACHED HERETO, AS AMENDED FROM TIME TO TIME (Severally and not Jointly) By: /s/Vincent Nave Vincent Nave Treasurer 7 EXHIBIT A – TO MASTER INVESTMENT COMPANY SERVICE AGREEMENT Dated December 6, 2005- ——————————————————————————–Pioneer America Income Trust- ——————————————————————————–Pioneer Balanced Fund- ——————————————————————————–Pioneer Bond Fund- ——————————————————————————–Pioneer Emerging Markets Fund- ——————————————————————————–Pioneer Equity Income Fund- ——————————————————————————–Pioneer Equity Opportunity Fund- ——————————————————————————–Pioneer Europe Select Equity Fund- ——————————————————————————–Pioneer Fund- ——————————————————————————–Pioneer Global High Yield Fund- ——————————————————————————–Pioneer Growth Shares- ——————————————————————————–Pioneer High Yield Fund- ——————————————————————————–Pioneer Ibbotson Asset Allocation Series, a series trust consisting of: Pioneer Ibbotson Conservative Allocation Fund Pioneer Ibbotson Moderate Allocation Fund Pioneer Ibbotson Growth Allocation Fund Pioneer Ibbotson Aggressive Allocation Fund- ——————————————————————————–Pioneer Independence Fund- ——————————————————————————–Pioneer Interest Shares- ——————————————————————————–Pioneer International Equity Fund- ——————————————————————————–Pioneer International Value Fund- ——————————————————————————–Pioneer Large Cap Growth Fund- ——————————————————————————–Pioneer Mid Cap Growth Fund- ——————————————————————————–Pioneer Mid Cap Value Fund- ——————————————————————————–Pioneer Money Market Trust/Pioneer Cash Reserves Fund- ——————————————————————————–Pioneer Protected Principal Trust, a series fund consisting of:- ——————————————————————————– Pioneer Protected Principal Plus Fund Pioneer Protected Principal Plus Fund II- ——————————————————————————–Pioneer Real Estate Shares- ——————————————————————————–Pioneer Research Fund- ——————————————————————————–Pioneer Select Equity Fund- ——————————————————————————–Pioneer Select Value Fund- ——————————————————————————–Pioneer Series Trust I, a series trust consisting of: Pioneer Oak Ridge Large Cap Growth Fund Pioneer Oak Ridge Small Cap Growth Fund- ——————————————————————————–Pioneer Series Trust II, a series trust consisting of: Pioneer Small and Mid Cap Growth Fund Pioneer Growth Leaders Fund- ——————————————————————————– 8- ——————————————————————————– Pioneer Am Pac Growth Fund Pioneer California Tax Free Income Fund Pioneer Growth Opportunities Fund Pioneer Municipal Bond Fund Pioneer Tax Free Money Market Fund- ——————————————————————————–Pioneer Series Trust III, a series trust consisting of: Pioneer Cullen Value Fund- ——————————————————————————–Pioneer Series Trust IV, a series trust consisting of: 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 Fund- ——————————————————————————–Pioneer Series Trust V, a series trust consisting of: Pioneer Global Select Equity Fund Pioneer Select Research Growth Fund Pioneer Select Research Value Fund- ——————————————————————————–Pioneer Short Term Income Fund- ——————————————————————————–Pioneer Small Cap Value Fund- ——————————————————————————–Pioneer Small Company Fund- ——————————————————————————–Pioneer Strategic Income Fund- ——————————————————————————–Pioneer Tax Free Income Fund- ——————————————————————————–Pioneer Value Fund- ——————————————————————————–Pioneer Variable Contracts Trust, consisting of:- ——————————————————————————– Pioneer America Income VCT Portfolio- ——————————————————————————– Pioneer AmPac 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- ——————————————————————————– 9- ——————————————————————————– 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 Portfolio- ——————————————————————————– EACH OF THE FUNDS LISTED ON EXHIBIT A ATTACHED HERETO, AS AMENDED FROM TIME TO TIME (Severally and not Jointly) By: /s/Vincent Nave Vincent Nave TreasurerDated: December 6, 2005 10 EXHIBIT B – TO MASTER INVESTMENT COMPANY SERVICE AGREEMENT ACCOUNT FEESA. OPEN EQUITY FUND ACCOUNTS $26.60 per accountB. OPEN FIXED INCOME FUND ACCOUNTS $33.00 per accountC. OPEN MONEY MARKET FUND ACCOUNTS $28.00 per accountD. OPEN VARIABLE ANNUITY FUND ACCOUNTS $1500.00 per accountE. ALL FUNDS-CLOSED ACCOUNTS $8.00 per account 11Confirmed and approved by the Pioneer Funds Board of Trustees as of January 1,2005. EXHIBIT CSHAREHOLDER ACCOUNT SERVICE: As servicing agent for fund accounts and in accordance with theprovisions of the standard fund application and Customer’s Prospectus andStatement of Additional Information, PIMSS will: (a) Open, maintain and close accounts. (b) Purchase shares for the shareholder. (c) Out of the money received in payment for sales of Customer’s shares pay to the Customer’s custodian the net asset value per share and pay to the underwriter and to the dealer their commission, if any, on a bi-monthly basis. (d) Redeem shares by systematic withdrawal orders. (SEE EXHIBIT D) (e) Reinvest or disburse dividends and other distributions upon direction of a shareholder. (f) Establish the proper registration of ownership of shares. (g) Pass upon the adequacy of documents submitted by a shareholder or his legal representative to substantiate the transfer of ownership of shares from the registered owner to transferees. 12 (h) Make transfers from time to time upon the books of the Customer in accordance with properly executed transfer instructions furnished to PIMSS. (i) Upon receiving appropriate detailed instructions and written materials prepared by Customer and, where applicable, proxy proofs checked by Customer, mail shareholder reports, proxies and related materials of suitable design for automatic enclosing, receive and tabulate executed proxies, and furnish an annual meeting list of shareholders when required. (j) Respond to shareholder inquiries in a timely manner. (k) Maintain dealer and salesperson records. (l) Maintain and furnish to Customer such shareholder information as Customer may reasonably request for the purpose of compliance by Customer with the applicable tax and securities law of various jurisdictions. (m) Mail confirmations of transactions to shareholders in a timely fashion (confirmations of Automatic Investment Plan transactions will be mailed quarterly). (n) Provide Customer with such information regarding correspondence as well as enable Customer to comply with related Form N-SAR (semi-annual report) requirements. (o) Maintain continuous proof of the outstanding shares of Customer. (p) Solicit taxpayer identification numbers. (q) Provide data to enable Customer to file abandoned property reports for those accounts that have been indicated by the Post Office to be not at the address of record with no forwarding address. (r) Maintain bank accounts and reconcile same on a monthly basis. (s) Provide management information reports on a quarterly basis to Customer’s Board of Trustees outlining the level of service provided. (t) Provide sales/statistical reporting for purposes of providing Customer’s management with information for maximizing the return to shareholders. 13 EXHIBIT DREDEMPTION SERVICE:In accordance with the provisions of the Customer’s Prospectus and Statement ofAdditional Information, as servicing agent for the redemptions, PIMSS will: (a) Where applicable, establish accounts payable based on information furnished to PIMSS on behalf of Customer (i.e., copies of trade confirmations and other documents deemed necessary or desirable by PIMSS on the first business day following the trade date). (b) Receive shares for redemption through written, telephone or Internet authorization. (c) Verify there are sufficient available shares in an account to cover redemption requests. (d) Transfer the redeemed or repurchased shares to Customer’s treasury share account or, if applicable, cancel such shares for retirement. (e) Pay the applicable redemption or repurchase price to the shareholder in accordance with Customer’s Prospectus, Statement of Additional Information and Agreement and Declaration of Trust on or before the seventh calendar day succeeding any receipt of requests for redemption or repurchase in “good order” as defined in the Prospectus and Statement of Additional Information. (f) Notify Customer and the underwriter on behalf of Customer of the total number of shares presented and covered by such requests within a reasonable period of time following receipt. (g) Promptly notify the shareholder if any such request for redemption or repurchase is not in “good order” together with notice of the documents required to comply with the good order standards. Upon receipt of the necessary documents, PIMSS shall effect such redemption at the net asset value applicable on the date and at the time of receipt of such documents. (h) Produce periodic reports of unsettled items, if any. (i) Adjust unsettled items, if any, relative to dividends and distributions. (j) Report to Customer any late redemptions which must be included in Customer’s Form N-SAR (semi-annual report) filing. 14 EXHIBIT EEXCHANGE SERVICE: (a) Receive and process exchanges in accordance with a duly executed exchange authorization. PIMSS will redeem existing shares and use the proceeds to purchase new shares. Shares of Customer purchased directly or acquired through reinvestment of dividends on such shares may be exchanged for shares of other Pioneer funds (which funds have sales charges) only by payment of the applicable sales charge, if any, as described in Customer’s Prospectus and Statement of Additional Information. Shares of Customer acquired by exchange and through reinvestment of dividends on such shares may be re-exchanged to another Pioneer fund at its respective net asset value. (b) Make authorized deductions of fees, if any. (c) Register new shares identically with the shares surrendered for exchange. Mail an account statement confirming the exchange by first class mail to the address of record. (d) Maintain a record of unprocessed exchanges and produce a periodic report. 15 EXHIBIT FINCOME ACCRUAL AND DISBURSING SERVICE: (a) Distribute income dividends and/or capital gain distributions, either through reinvestment or in cash, in accordance with shareholder instructions. (b) On the mailing date, Customer shall make available to PIMSS collected funds to make such distribution. (c) Adjust unsettled items relative to dividends and distributions. (d) Reconcile dividends and/or distributions with Customer. (e) Prepare and file annual Federal and State information returns of distributions and, in the case of Federal returns, mail information copies to shareholders and report and pay Federal income taxes withheld from distributions made to non-resident aliens. 16