EXPENSE LIMIT AGREEMENT
Expense Limit Agreement made as of August 1, 2006 and as revised on
December 1, 2015 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 and
brokerage commissions, and acquired fund fees and expenses) 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. PIM may waive and/or reimburse fees and expenses allocated to the
applicable Class of shares before waiving or reimbursing fund-wide expenses. 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 1/st/ day of December, 2015.
PIONEER VARIABLE CONTRACTS TRUST
By: /s/ Xxxx X. Xxxxx
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Xxxx X. Xxxxx
Title: President
PIONEER INVESTMENT MANAGEMENT, INC.
By: /s/ Xxxxx X. Xxxxxxx
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Name: Xxxxx X. Xxxxxxx
Title: Chief Financial Officer
APPENDIX I
Effective as of December 1, 2015:
PORTFOLIO CLASS EXPENSE LIMITATION
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Pioneer Bond VCT Portfolio Class I 0.62% until 05/01/17
Pioneer Disciplined Value VCT Portfolio Class II 1.00% until 05/01/17
Pioneer Strategic Income VCT Portfolio* Class I 0.75% until 05/01/17
Pioneer Strategic Income VCT Portfolio* Class II 1.00% until 05/01/17
* Effective January 1, 2016
