EXPENSE LIMIT AGREEMENT
Expense Limit Agreement made as of May 1, 2006, between Pioneer
Investment Management, Inc. ("PIM") and Pioneer Variable Contracts Trust (the
"Trust") with respect to the Trust's series of shares of beneficial interest
listed on Appendix I hereto (each a "Portfolio").
Whereas PIM wishes to reduce the expenses of each Portfolio; and
Whereas the Trust wishes to have PIM enter into such an agreement.
Now therefore the parties agree as follows:
SECTION 1. PIM agrees to limit each Portfolio's expenses (the "Expense
Limitation") by waiving PIM's fees and/or reimbursing the Portfolio for the
Portfolio's ordinary operating expenses so that the total expenses of the
Portfolio (other than extraordinary expenses, such as litigation, taxes,
brokerage commissions, etc.) with respect to Class I or Class II shares, as
designated in Appendix I, do not exceed the percentage of average daily net
assets attributable to Class I or Class II shares, as specified in Appendix I,
on an annual basis. PIM also agrees to waive its fees and/or reimburse the
fund-wide expenses attributable to any other authorized class of a Portfolio's
shares to the same extent that such expenses are reduced for that Portfolio's
Class I or Class II shares, as the case may be. In no event, shall Pioneer Funds
Distributor, Inc. be required to waive or PIM reimburse any fees payable under
the Trust's Rule 12b-1 Plan.
SECTION 2. PIM may terminate or modify the Expense Limitation only in
accordance with this Agreement. PIM agrees that the Expense Limitation shall not
be modified or terminated during the remainder of the fiscal year in which this
Agreement or any predecessor Agreement is executed. PIM shall be entitled to
modify or terminate the Expense Limitation with respect to any fiscal year that
commences subsequent to the date this Agreement is executed if, but only if, PIM
elects to modify or terminate the Expense Limitation with respect to such
subsequent fiscal year and such election is made prior to the effective date of
the Trust's post-effective amendment to its Registration Statement on Form N-1A
to incorporate the Portfolios' financial statements; provided that this
Agreement shall remain in effect at all times with respect to a Portfolio until
the Portfolio's then current prospectus is amended or supplemented to reflect
the termination or modification of this Agreement. The election by PIM referred
to in the preceding sentence shall not be subject to the approval of the Trust
or its Board of Trustees, but PIM shall notify the Board of Trustees in advance
of the termination or modification of the Expense Limitation.
SECTION 3. This Agreement shall be governed by the laws of the State of
Delaware.
In witness whereof, the parties hereto have caused this Agreement to be signed
as of the 1stday of May, 2006.
PIONEER VARIABLE CONTRACTS TRUST
By: /s/ Xxxxxx X. Xxxx
-----------------------------
Name: Xxxxxx X. Xxxx
Title: Executive Vice President
PIONEER INVESTMENT MANAGEMENT,
INC.
By: /s/ Xxxxxx X. Xxxx
-----------------------------
Name: Xxxxxx X. Xxxx
Title: President
APPENDIX I
Effective as of May 1, 2006:
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PORTFOLIO CLASS EXPENSE LIMITATION
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Pioneer AmPac Growth VCT Portfolio Class II 0.95% until 05/01/07
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Pioneer Bond VCT Portfolio Class I 0.62% until 05/01/07
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Pioneer Core Bond VCT Portfolio Class II 0.85% until 05/01/07
--------------------------------------------------------------------------------------------------------
Pioneer Cullen Value VCT Portfolio Class II 1.00% until 05/01/07
--------------------------------------------------------------------------------------------------------
Pioneer Equity Opportunity VCT Portfolio Class II 1.25% until 05/01/07
--------------------------------------------------------------------------------------------------------
Pioneer Fund VCT Portfolio Class I 0.80% until 05/01/07
Class II 1.00% until 05/01/07
--------------------------------------------------------------------------------------------------------
Pioneer Global High Yield VCT Portfolio Class II 1.00% until 05/01/07
--------------------------------------------------------------------------------------------------------
Pioneer Growth Opportunities VCT Class I 0.79% until 05/01/07
Portfolio
--------------------------------------------------------------------------------------------------------
Pioneer Ibbotson Aggressive Allocation Class II 0.74% until 05/01/07
VCT Portfolio
--------------------------------------------------------------------------------------------------------
Pioneer Ibbotson Growth Allocation VCT Class II 0.74% until 05/01/07
Portfolio
--------------------------------------------------------------------------------------------------------
Pioneer Ibbotson Moderate Allocation VCT Class II 0.74% until 05/01/07
Portfolio
--------------------------------------------------------------------------------------------------------
Pioneer Mid Cap VCT Portfolio Class I 0.88% until 05/01/07
--------------------------------------------------------------------------------------------------------
Pioneer Money Market VCT Portfolio Class I 0.90% until 05/01/07
--------------------------------------------------------------------------------------------------------
Pioneer Oak Ridge Large Cap Growth VCT Class II 0.95% until 05/01/07
Portfolio
--------------------------------------------------------------------------------------------------------
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Pioneer Small and Mid Cap Growth VCT Class II 1.00% until 05/01/07
Portfolio
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Pioneer Small Cap Value VCT Portfolio Class I 1.01% until 05/01/07 (assuming
shareholder approval of
reorganizations of Pioneer Small
Company VCT Portfolio and Pioneer
Small Cap Value II VCT Portfolio
into Pioneer Small Cap Value VCT
Portfolio)
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Pioneer Small Cap Value II VCT Portfolio Class I 1.01% until 05/01/07
--------------------------------------------------------------------------------------------------------
Pioneer Value VCT Portfolio Class II 1.30% until 05/01/07
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PIONEER VARIABLE CONTRACTS TRUST
Date: May 1, 2006 By: /s/Xxxxxx X. Xxxx
-----------------
Name: Xxxxxx X. Xxxx
Title: Executive Vice President
PIONEER INVESTMENT MANAGEMENT, INC.
Date: May 1, 2006 By: /s/Xxxxxx X. Xxxx
-----------------
Name: Xxxxxx X. Xxxx
Title: President
