July 25, 1995
SUPPLEMENT TO THE PROSPECTUS OF
PIONEER VARIABLE CONTRACTS TRUST
dated March 1, 1995
The following information pertains to the Real Estate Growth Portfolio:
On July 17, 1995, the Real Estate Growth Portfolio's management contract with
Pioneer Winthrop Advisers ("PWA") and subadvisory contracts with Winthrop
Advisors Limited Partnership ("WALP") and Pioneering Management Corporation
("PMC") terminated as a result of the sale by The Nomura Securities Co., Ltd. of
its interest in the parent company of WALP. PMC, which had served as the Real
Estate Growth Portfolio's co-investment subadviser since inception, has served
as this Portfolio's sole investment adviser pursuant to an interim management
contract since July 17, 1995.
Mr. Robert Benson, Senior Vice President of PMC, has been since the Real Estate
Growth Portfolio's inception and continues to be responsible for this
Portfolio's day-to-day portfolio decisions. Mr. Benson joined PMC in 1974. PMC
has hired a former employee of WALP to continue to provide to the Real Estate
Growth Portfolio the real estate securities advice previously provided through
WALP. Additionally, PMC has contracted with an affiliate of WALP for consulting
advice regarding real estate projects in which issuers of this Portfolio's
portfolio securities have an interest.
The Real Estate Growth Portfolio's portfolio is now overseen by an Equity
Committee, which consists of PMC's most senior equity professionals, and a
Portfolio Management Committee, which consists of PMC's domestic equity
portfolio managers. Both committees are chaired by Mr. David Tripple, PMC's
President and Chief Investment Officer and Executive Vice President of the Fund.
Mr. Tripple joined PMC in 1974 and has had general responsibility for PMC's
investment operations and specific portfolio assignments for more than the last
five years.
The Real Estate Growth Portfolio intends to hold a special meeting of
shareholders in September, 1995 for the purpose of submitting PMC's interim
management contract to shareholders for approval. The interim management
contract contains the same terms and conditions as the Real Estate Growth
Portfolio's prior management contract with PWA, except for the names of the
parties, and the dates of commencement and termination. Further, the management
fees payable to PMC under the interim management contract are paid at the same
rate as the fees payable to PWA under the prior management contract. However,
the management fees earned by PMC prior to shareholder approval of the interim
management contract will be paid into an escrow account. Shareholders will
receive proxy material in connection with the special meeting of shareholders.
0795-2565
(c) Pioneer Funds Distributor, Inc.
<PAGE>
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION OF
PIONEER VARIABLE CONTRACTS TRUST
Dated April 28, 1995
Effective July 17, 1995, Arthur J. Halleran, Jr. no longer serves as Vice
President of Pioneer Variable Contracts Trust.
Dated: July 25, 1995
