PIONEER VARIABLE CONTRACTS TRUST
MULTIPLE CLASS PLAN PURSUANT TO RULE 18F-3
Class I Shares and Class II Shares
July 1, 1998
The series of Pioneer Variable Contracts Trust (the "Trust") listed on
SCHEDULE A hereto (each, a "Series") will have of two classes of shares, Class I
and Class II shares. Within each Series, Class I and Class II shares shall have
the same relative rights and privileges and shall be subject to the same sales
charges, fees and expenses, except as set forth below. The Board of Trustees of
the Trust, on behalf of an applicable Series, may determine in the future that
other distribution arrangements, allocations of expenses (whether ordinary or
extraordinary) or services to be provided to a class of shares are appropriate
and amend this Plan accordingly without the approval of shareholders of any
class. Except as set forth in the Series' prospectuses, shares may be exchanged
only for shares of the same class of another Series.
ARTICLE I. CLASS I SHARES
Class I Shares are sold at net asset value per share without the
imposition of an initial sales charge. Class I Shares are not subject to a
contingent deferred sales charge ("CDSC") upon redemption regardless of the
length of the period of time such shares are held. Class I Shares shall be
entitled to the shareholder services set forth from time to time in the Series'
prospectus with respect to Class I Shares. Class I Shares are not subject to
fees payable under a distribution or other plan adopted pursuant to Rule 12b-1.
The Class I Shareholders of the Trust have exclusive voting rights, if any, with
respect to the Trust's possible future adoption of a Class I Rule 12b-1
Distribution Plan. Transfer agency fees are allocated to Class I Shares on a per
account basis except to the extent, if any, such an allocation would cause the
Trust or the Series to fail to satisfy any requirement necessary to obtain or
rely on a private letter ruling from the Internal Revenue Service ("IRS")
relating to the issuance of multiple classes of shares. Class I shares shall
bear the costs and expenses associated with conducting a shareholder meeting for
matters relating to Class I shares.
ARTICLE II. CLASS II SHARES
Class II Shares are sold at net asset value per share without the imposition of
an initial sales charge. Class II Shares are not subject to a CDSC upon
redemption regardless of the length of the period of time such shares are held.
Class II Shares shall be entitled to the shareholder services set forth from
time to time in the Series' prospectus with respect to Class II Shares. Class II
Shares are subject to fees calculated as a stated percentage of the net assets
attributable to Class II shares under the Class II Rule 12b-1 Distribution Plan
as set forth in such Distribution Plan. The Class II Shareholders of the
applicable Series have exclusive voting rights, if any, with respect to the
Trust's Class II Rule 12b-1 Distribution Plan. Transfer agency fees are
allocated to Class II Shares on a per account basis except to the extent, if
any, such an allocation would cause the Trust or the Series to fail to satisfy
any requirement necessary to obtain or rely on a private letter ruling from the
IRS relating to the issuance of multiple classes of shares. Class II shares
shall bear the costs and expenses associated with conducting a shareholder
meeting for matters relating to Class II shares.
ARTICLE III. APPROVAL BY BOARD OF TRUSTEES
This Plan shall not take effect until it has been approved by the vote
of a majority (or whatever greater percentage may, from time to time, be
required under Rule 18f-3 under the Investment Company Act of 1940, as amended
(the "Act")) of (a) all of the Trustees of the Trust, on behalf of each series,
and (b) those of the Trustees who are not "interested persons" of the Trust, as
such term may be from time to time defined under the Act.
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ARTICLE IV. AMENDMENTS
No material amendment to the Plan shall be effective unless it is
approved by the Board of Trustees in the same manner as is provided for approval
of this Plan in Article III.
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SCHEDULE A
The following series of the Trust have adopted this Multiple Class Plan
Pursuant to Rule 18f-3:
SERIES
PIONEER BALANCED VCT PORTFOLIO
PIONEER EMERGING MARKETS VCT PORTFOLIO
PIONEER EQUITY-INCOME VCT PORTFOLIO
PIONEER EUROPE VCT PORTFOLIO
PIONEER FUND VCT PORTFOLIO
PIONEER GROWTH SHARES VCT PORTFOLIO
PIONEER INTERNATIONAL GROWTH VCT PORTFOLIO
PIONEER LARGE-CAP GROWTH VCT PORTFOLIO
PIONEER LARGE-CAP VALUE VCT PORTFOLIO
PIONEER MID-CAP VALUE VCT PORTFOLIO
PIONEER REAL ESTATE GROWTH VCT PORTFOLIO
PIONEER SCIENCE & TECHNOLOGY VCT PORTFOLIO
PIONEER SMALL COMPANY VCT PORTFOLIO
PIONEER STRATEGIC INCOME VCT PORTFOLIO
PIONEER HIGH YIELD VCT PORTFOLIO
