EXPENSE LIMIT AGREEMENT
Expense Limit Agreement made as of August 1, 2006 and as revised on
December 1, 2016 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").
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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 (ordinary operating expenses means all
expenses of the Portfolio other than taxes, brokerage commissions, acquired fund
fees and expenses, and extraordinary expenses, such as litigation) so that the
total expenses of the Portfolio with respect to Class I or Class II shares, as
designated in Appendix I, do not exceed the percentage of average daily net
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assets attributable to Class I or Class II shares, as specified in Appendix I,
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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 1st day of December, 2016.
PIONEER VARIABLE CONTRACTS TRUST
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇
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▇▇▇▇ ▇. ▇▇▇▇▇
Title: President
PIONEER INVESTMENT MANAGEMENT, INC.
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Title: Chief Financial Officer
APPENDIX I
Effective as of December 1, 2016:
PORTFOLIO CLASS EXPENSE LIMITATION
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Pioneer Bond VCT Portfolio Class I 0.62% until 05/01/18
Pioneer Strategic Income VCT Portfolio Class I 0.75% until 05/01/18
Pioneer Strategic Income VCT Portfolio Class II 1.00% until 05/01/18