EXHIBIT 99-4

Fidelity Bond Premium

and

Coverage Allocation Agreement

AGREEMENT, dated as of August 1, 2006, among the investment companies or series thereof listed on Appendix A, as amended from time to time (each a “Fund”).

WHEREAS, each of the Funds is registered or is a series of a Trust registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”); and

WHEREAS, each Fund is named as an insured on a joint Investment Company Blanket Bond (the “Fidelity Bond”) issued by ICI Mutual Insurance Company (the “Insurer”);

NOW THEREFORE, in consideration of the mutual covenants and benefits set forth herein, each Fund agrees as follows:

1. Each Fund, other than Pioneer Independence Plans, shall pay a portion of the aggregate premium payable under the Fidelity Bond which portion shall be the Fund’s pro-rata share of the aggregate premium which shall be determined by calculating the proportion which the Fund’s level of coverage required under Rule 17g-1(d) of the 1940 Act, determined as of a specified date or the fiscal quarter end for each Fund nearest a specified date, bears to the aggregate limit of liability of the Fidelity Bond, as so determined, and applying said proportion to the aggregate Fidelity Bond premium. From time to time, appropriate adjustments will be made to the portion of the premium theretofore paid by a Fund, based on a subsequent change or changes in the required coverage of one or more Funds.

2. If the Insurer is willing without additional premium to add, as an insured under the Fidelity Bond, any investment company not listed on Appendix A referred to above for which Pioneer Investment Management, Inc. or an affiliate thereof is investment adviser, which may be included in the Fidelity Bond pursuant to Rule 17g-1(b) under the 1940 Act, the Funds agree (a) that such addition may be made, provided that those trustees of each of the Funds who are not “interested persons” of such Funds shall approve such addition, and (b) that if such additional insured is an investment company, it may become a party to this Agreement and, whether a separate investment company or a series, such additional insured may be included within the terms “Fund” and/or “party,” as the case may be, provided that in each case any such separate investment company shall have executed and delivered to the Funds its written agreement to become a party hereto and to be bound by the terms of this Agreement.

^{1
Pioneer
Independence Plans is a unit investment trust registered under the 1940 Act
and
serves as a vehicle for the accumulation of Class P shares of Pioneer
Independence Fund, a registered management investment company under the 1940
Act
and a Fund insured under the Fidelity Bond. Pioneer Independence Plans has
no
assets other than its holdings of Class P shares of Pioneer Independence Fund
and therefore has not been allocated a portion of the aggregate premium.
Accordingly, Pioneer Independence Plans will only participate in a claim under
the Fidelity Bond and any proceeds therefrom to the extent that Pioneer
Independence Fund participates in such claim and the proceeds therefrom will
be
paid to Pioneer Independence Fund pursuant to this
Agreement.}

3. In the event that the claims of loss of two or more insureds under the Fidelity Bond are so related that the Insurer is entitled to assert that the claims must be aggregated, the following rule shall determine, as among the claimants, the priority of satisfaction of the claims under the Fidelity Bond:

Proceeds in respect of a claim under the Fidelity Bond shall be applied to the unsatisfied claim (or portion thereof) of each Fund by calculating the proportion which the unsatisfied claim (or portion thereof) of each Fund bears to the total unsatisfied claims (or portions thereof) of all Funds and applying said proportion to the remaining amount of insurance paid; provided, however, that each Fund shall receive proceeds in an amount at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required by Rule 17g-1(d) under the 1940 Act for the calendar year in which the claim arose.

4. This Agreement shall become effective as of the date hereof and shall remain in full force and effect as to the Fidelity Bond during the bond period as specified in such bond.

5. The obligations of the Funds under this Agreement are not binding upon any of the Trustees or holders of shares of beneficial interest of any Fund or individually, but bind only the assets of any Fund, and the obligations of any series of an investment company under this Agreement are not binding on any other series of such investment company.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized officers as of the day and year first above written.

Each Fund Listed on Appendix A hereto

By:/s/ Vincent Nave

Vincent Nave

Treasurer of Each Fund

Listed on Appendix A

Pioneer Independence Plans

By: Pioneer Funds Distributor, Inc., Sponsor

By: /s/Dorothy E. Bourassa

Dorothy E. Bourassa

Clerk

Appendix A

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 Floating Rate Trust

Pioneer Fund

Pioneer Fundamental Growth Fund

Pioneer Global High Yield Fund

Pioneer Growth Shares

Pioneer High Income Trust

Pioneer High Yield Fund

Pioneer Ibbotson Asset Allocation Series, a series trust consisting of:

Pioneer Ibbotson Aggressive Allocation Fund

Pioneer Ibbotson Conservative Allocation Fund

Pioneer Ibbotson Growth Allocation Fund

Pioneer Ibbotson Moderate Allocation Fund

Pioneer Independence Fund

Pioneer Independence Plans

Pioneer Interest Shares

Pioneer International Equity Fund

Pioneer International Value Fund

Pioneer Mid Cap Growth Fund

Pioneer Mid Cap Value Fund

Pioneer Money Market Trust, a series fund consisting of:

Pioneer Cash Reserves Fund

Pioneer Municipal High Income Trust

Pioneer Municipal High Income Advantage Trust

Pioneer Protected Principal Trust, a series trust 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 Am Pac Growth Fund

Pioneer AMT -Free CA Municipal Bond Fund

Pioneer AMT -Free Municipal Fund

Pioneer Growth Leaders Fund

Pioneer Growth Opportunities Fund

Pioneer Small and Mid Cap Growth 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 Florida Tax Free Income Fund

Pioneer Focused Equity 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 High Income Municipal Fund

Pioneer Oak Ridge All Cap Growth Fund

Pioneer Select Research Growth Fund

Pioneer Select Research Value Fund

Pioneer Short Term Income Fund

Pioneer Small Cap Value Fund

Pioneer Strategic Income Fund

Pioneer Tax Advantaged Balanced Trust

Pioneer Tax Free Income Fund

Pioneer Value Fund

Pioneer Variable Contracts Trust, a series trust consisting of:

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 Real Estate Shares VCT Portfolio

Pioneer Small and Mid Cap Growth VCT Portfolio

Pioneer Small Cap Value VCT Portfolio

Pioneer Strategic Income VCT Portfolio

Pioneer Value VCT Portfolio

By: /s/ Vincent Nave

Vincent Nave

Treasurer of Each Fund

Listed on Appendix A

August 1, 2006