EXPENSE LIMIT AGREEMENT
Expense Limit Agreement made as of August 1, 2006 and as revised on
August 1, 2017 between Amundi Pioneer Asset Management, Inc. ("Amundi Pioneer")
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 Amundi Pioneer wishes to reduce the expenses of each Portfolio; and
Whereas the Trust wishes to have Amundi Pioneer enter into such an agreement.
Now therefore the parties agree as follows:
SECTION 1. Amundi Pioneer agrees to limit each Portfolio's expenses (the
"Expense Limitation") by waiving Amundi Pioneer'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 assets attributable to Class I or Class II
shares, as specified in Appendix I, on an annual basis. Amundi Pioneer 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. Amundi Pioneer 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 Amundi Pioneer Distributor, Inc. be
required to waive or Amundi Pioneer reimburse any fees payable under the
Trust's Rule 12b-1 Plan.
SECTION 2. Amundi Pioneer may terminate or modify the Expense Limitation
only in accordance with this Agreement. Amundi Pioneer 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.
Amundi Pioneer 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, Amundi Pioneer 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 Amundi Pioneer
referred to in the preceding sentence shall not be subject to the approval of
the Trust or its Board of Trustees, but Amundi Pioneer 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 August, 2017.
PIONEER VARIABLE CONTRACTS TRUST
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇
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Name: ▇▇▇▇ ▇. ▇▇▇▇▇
Title: President
AMUNDI PIONEER ASSET MANAGEMENT, INC.
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Title: Chief Financial Officer
APPENDIX I
Effective as of August 1, 2017:
PORTFOLIO CLASS EXPENSE LIMITATION
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Pioneer Bond VCT Portfolio Class I 0.62% until 05/01/19
Pioneer Strategic Income VCT Portfolio Class I 0.75% until 05/01/19
Pioneer Strategic Income VCT Portfolio Class II 1.00% until 05/01/19