EXPENSE LIMIT AGREEMENT
Expense Limit Agreement made as of November 20, 2000, 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 until the
Portfolio achieves a certain level of assets; 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 shares do not exceed the
percentage of average daily net assets attributable to Class I shares 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 shares. 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 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 20th day of November, 2000.
PIONEER VARIABLE CONTRACTS PIONEER INVESTMENT
TRUST MANAGEMENT, INC.
BY:/s/ Xxxxx X. Xxxxxxx BY:/s/ Xxxxx X. Xxxxxxx
Xxxxx X. Xxxxxxx Xxxxx X. Xxxxxxx
Executive Vice President President
APPENDIX I
SCHEDULE OF EXPENSE LIMITATIONS FOR
PIONEER VARIABLE CONTRACTS TRUST'S PORTFOLIOS
CLASS I
PORTFOLIO EXPENSE LIMITATION
Pioneer Europe VCT Portfolio 1.50%
Pioneer Emerging Markets VCT Portfolio 1.75%
Pioneer Science & Technology VCT Portfolio 1.25%
Pioneer High Yield VCT Portfolio 1.25%
Pioneer Strategic Income VCT Portfolio 1.25%
