October 5, 2012




Securities and Exchange Commission

Office of Registration and Reports

100 F Street, N.E.

Washington, D.C. 20549


Re:Pioneer Family of Mutual Funds

(Each Registrant listed on Attachment A hereto)


Members of the Commission:


In accordance with Rule 17g-1(g) of the Investment Company Act of 1940, each of the registrants listed on Attachment A hereby files the following documents with the Commission:


1.Bond No. 87002112B (the “Bond”) issued by the ICI Mutual Insurance Company of Burlington, Vermont in the amount of $38,000,000 covering the period July 31, 2012 through July 31, 2013 (EXHIBIT 99-1);


2.A certified copy of resolutions adopted by a majority of the Boards of Trustees who are not “interested persons” of each of the registrants, at meetings held on July 10, 2012, approving the amount, type, form and coverage of the Bond and the portion of the premium to be paid by each Registrant (EXHIBIT 99-2);


3.A statement showing the amount of the single insured bond which each registrant would have provided and maintained had it not been named as an insured under a joint insured bond based on its gross assets as of July 31, 2012 (EXHIBIT 99-3); and

4.A copy of the Fidelity Bond Premium and Coverage Allocation Agreement, effective as of August 1, 2012, by and among the joint insureds under the Bond (EXHIBIT 99-4).


Pioneer Investment Management, Inc.

60 State Street

Boston, MA 02109-1820

Telephone: 617-742-7825


“Member of the UniCredit Banking Group, Register of Banking Groups.”




The Bond provides total fidelity coverage of $38,000,000 for 30 registrants associated with Pioneer Investment Management USA Inc.


The premium associated with coverage under the Bond has been paid for the period from July 31, 2012 to July 31, 2013.


Please contact me at 617/517-8996 should you have any questions or require additional information.


  Very truly yours,
  /s/ Carol B. Hannigan
  Carol B. Hannigan
  Assistant Secretary of the Pioneer Funds




CC: Terrence J. Cullen
  Roger Joseph, Esq.
  Christopher J. Kelley
  Toby Serkin, Esq.




Attachment A





Investment Company
Act Registration
1 Pioneer Bond Fund 811-02864
2 Pioneer Diversified High Income Trust 811-22014
3 Pioneer Emerging Markets Fund 811-08448
4 Pioneer Equity Income Fund 811-08657
5 Pioneer Equity Opportunity Fund 811-21623
6 Pioneer Floating Rate Trust 811-21654
7 Pioneer Fund 811-01466
8 Pioneer High Income Trust 811-21043
9 Pioneer High Yield Fund 811-09685
10 Pioneer Ibbotson Asset Allocation Series, a series trust consisting of: 811-21569
  Pioneer Ibbotson Aggressive Allocation Fund  
  Pioneer Ibbotson Conservative Allocation Fund  
  Pioneer Ibbotson Growth Allocation Fund  
  Pioneer Ibbotson Moderate Allocation Fund  
11 Pioneer Independence Fund 811-08547
12 Pioneer Mid Cap Value Fund 811-06106

Pioneer Money Market Trust, a series fund consisting of:

Pioneer Cash Reserves Fund

14 Pioneer Municipal High Income Trust 811-21321
15 Pioneer Municipal High Income Advantage Trust 811-21409
16 Pioneer Real Estate Shares 811-07870
17 Pioneer Research Fund 811-09585

Pioneer Series Trust I, a series trust consisting of:

Pioneer Oak Ridge Large Cap Growth Fund

Pioneer Oak Ridge Small Cap Growth Fund

Pioneer Select Mid Cap Growth Fund


Pioneer Series Trust II, a series trust consisting of:

Pioneer AMT-Free Municipal Fund

Pioneer Growth Opportunities Fund


Pioneer Series Trust III, a series trust consisting of:

Pioneer Fundamental Value Fund


Pioneer Series Trust IV, a series trust consisting of:

Pioneer Classic Balanced Fund

Pioneer Government Income Fund

Pioneer Multi-Asset Income Fund


Pioneer Series Trust V, a series trust consisting of:

Pioneer Global Equity Fund

Pioneer High Income Municipal Fund

Pioneer Disciplined Growth Fund

Pioneer Disciplined Value Fund








Investment Company
Act Registration

Pioneer Series Trust VI, a series trust consisting of:

Pioneer Floating Rate Fund

Pioneer Multi-Asset Real Return Fund




Pioneer Series Trust VII, a series trust consisting of:

Pioneer Global Aggregate Bond Fund

Pioneer Global High Yield Fund


Pioneer Series Trust VIII, a series trust consisting of:

Pioneer International Value Fund


Pioneer Series Trust X

Pioneer Absolute Return Credit Fund

Pioneer Fundamental Growth Fund

Pioneer Multi-Asset Ultrashort Income Fund

27 Pioneer Short Term Income Fund 811-21558
28 Pioneer Strategic Income Fund 811-09223
29 Pioneer Value Fund 811-01835
30 Pioneer Variable Contracts Trust, a series trust consisting of: 811-08786
  Pioneer Bond VCT Portfolio  
  Pioneer Fundamental Value VCT Portfolio  
  Pioneer Emerging Markets VCT Portfolio  
  Pioneer Equity Income VCT Portfolio  
  Pioneer Fund VCT Portfolio  
  Pioneer Growth Opportunities VCT Portfolio  
  Pioneer High Yield VCT Portfolio  
  Pioneer Ibbotson Growth Allocation VCT Portfolio  
  Pioneer Ibbotson Moderate Allocation VCT Portfolio  
  Pioneer Mid Cap Value VCT Portfolio  
  Pioneer Real Estate Shares VCT Portfolio  
  Pioneer Strategic Income VCT Portfolio