November 15, 1996
SUPPLEMENT TO THE PROSPECTUS OF:
PIONEER VARIABLE CONTRACTS TRUST
BALANCED PORTFOLIO
DATED APRIL 30, 1996 (REVISED JULY 8, 1996)
The following supplements "The Fund and The Pioneer Organization" section of the
Prospectus.
THE MANAGER
Pioneer, the investment adviser to each Portfolio, provides investment research
and portfolio management services to a number of other retail mutual funds and
certain institutional clients. It maintains a staff of experienced investment
personnel and a full complement of related support facilities. As of September
30, 1996, Pioneer advised mutual funds with a total value of over $15 billion,
which includes more than 1,000,000 U.S. shareholder accounts, and other
institutional accounts. Pioneer Funds Distributor, Inc. (PFD), with its
principal business address at 60 State Street, Boston, Massachusetts,
distributes shares of the Portfolios and shares of Pioneer's retail mutual
funds.
Each Portfolio is overseen by an Equity Investment Committee or Fixed Income
Investment Committee. Both Committees consist of Pioneer's most senior
investment professionals and are chaired by David D. Tripple, Pioneer's
President and Chief Investment Officer. Mr. Tripple joined Pioneer in 1974 and
has had general responsibility for Pioneer's investment operations and specific
portfolio assignments for more than five years. Fixed income investments made by
Pioneer are under the general supervision of Sherman B. Russ, Senior Vice
President of Pioneer. Mr. Russ joined Pioneer in 1983.
The Portfolio Manager responsible for day-to-day management of the Balanced
Portfolio is William C. Field, Vice President of Pioneer. Mr. Field joined
Pioneer in 1991 as a research analyst and has served as an assistant portfolio
manager for certain institutional accounts since January 1996.
1196-3803
(C) Pioneer Funds Distributor, Inc.
