<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 0000930709
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 PIONEER VARIABLE CONTRACTS TRUST
001 B000000 811-8786
001 C000000 6177427825
002 A000000 60 STATE STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
002 D020000 1801
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 8
007 C010100 1
007 C020100 INTERNATIONAL GROWTH PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 CAPITAL GROWTH PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 REAL ESTATE GROWTH PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 EQUITY-INCOME PORTFOLIO
007 C030400 N
007 C010500 5
007 C020500 BALANCED PORTFOLIO
007 C030500 N
007 C010600 6
007 C020600 AMERICA INCOME PORTFOLIO
007 C030600 N
007 C010700 7
007 C020700 MONEY MARKET PORTFOLIO
007 C030700 N
007 C010800 8
007 C020800 SWISS FRANC BOND PORTFOLIO
007 C030800 N
007 C010900 9
007 C011000 10
011 A00AA01 PIONEER FUNDS DISTRIBUTOR, INC.
011 B00AA01 8-41256
<PAGE> PAGE 2
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02109
011 C04AA01 1820
012 A00AA01 PIONEERING SERVICES CORPORATION
012 B00AA01 84-1359
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02109
012 C04AA01 1820
013 A00AA01 ARTHUR ANDERSEN LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
013 B04AA01 2604
015 A00AA01 BROWN BROTHERS HARRIMAN & CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02109
015 C04AA01 1975
015 E01AA01 X
015 A00AA02 CITIBANK N.A., BUENOS AIRES
015 B00AA02 S
015 C01AA02 BUENOS AIRES
015 D01AA02 ARGENTINA
015 E04AA02 X
015 A00AA03 NATIONAL AUSTRALIA BANKS LTD., MELBOURNE
015 B00AA03 S
015 C01AA03 MELBOURNE
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 CREDITANSTALT BANKVEREIN
015 B00AA04 S
015 C01AA04 VIENNA
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA05 BANQUE BRUXELLES LAMBERT
015 B00AA05 S
015 C01AA05 BRUSSELLS
015 D01AA05 BELGIUM
015 E04AA05 X
015 A00AA06 THE FIRST NATL BANK OF BOSTON, SAN PAULO
015 B00AA06 S
015 C01AA06 SAN PAULO
015 D01AA06 BRAZIL
015 E04AA06 X
015 A00AA07 CANADIAN IMPERIAL BANK OF COMMERCE
015 B00AA07 S
015 C01AA07 QUEBEC
015 D01AA07 CANADA
<PAGE> PAGE 3
015 E04AA07 X
015 A00AA08 CITIBANK N.A., SANTIAGO
015 B00AA08 S
015 C01AA08 SANTIAGO
015 D01AA08 CHILE
015 E04AA08 X
015 A00AA09 STANDARD CHARTERED BANK, SHANGHAI
015 B00AA09 S
015 C01AA09 SHANGHAI
015 D01AA09 CHINA
015 E04AA09 X
015 A00AA10 STANDARD CHARTERED BANK, SHENZHEN
015 B00AA10 S
015 C01AA10 SHENZEN
015 D01AA10 CHINA
015 E04AA10 X
015 A00AA11 CITITRUST COLOMBIA S.A., SOCIEDAD
015 B00AA11 S
015 C01AA11 BOGOTA
015 D01AA11 COLOMBIA
015 E04AA11 X
015 A00AA12 CESKOLOVENSKA OBCHODNI BANKA A.S. PRAGUE
015 B00AA12 S
015 C01AA12 PRAGUE
015 D01AA12 CZECH REPUBLIC
015 E04AA12 X
015 A00AA13 DEN DANSKE BANK
015 B00AA13 S
015 C01AA13 COPENHAGEN
015 D01AA13 DENMARK
015 E04AA13 X
015 A00AA14 MERITA BANK
015 B00AA14 S
015 C01AA14 HELSINKI
015 D01AA14 FINLAND
015 E04AA14 X
015 A00AA15 BANQUE PARIBAS
015 B00AA15 S
015 C01AA15 PARIS
015 D01AA15 FRANCE
015 E04AA15 X
015 A00AA16 DRESDNER BANK
015 B00AA16 S
015 C01AA16 FRANKFURT
015 D01AA16 GERMANY
015 E04AA16 X
015 A00AA17 CITIBANK N.A., ATHENS
015 B00AA17 S
015 C01AA17 ATHENS
015 D01AA17 GREECE
015 E04AA17 X
<PAGE> PAGE 4
015 A00AA18 STANDARD CHARTERED BANK, HONG KONG
015 B00AA18 S
015 C01AA18 HONG KONG
015 D01AA18 HONG KONG
015 E04AA18 X
015 A00AA19 CITIBANK BUDAPEST RT FOR CITIBANK N.A.
015 B00AA19 S
015 C01AA19 BUDAPEST
015 D01AA19 HUNGARY
015 E04AA19 X
015 A00AA20 CITIBANK N.A. JAKARTA
015 B00AA20 S
015 C01AA20 JAKARTA
015 D01AA20 INDONESIA
015 E04AA20 X
015 A00AA21 CITIBANK N.A. MUMBAI
015 B00AA21 S
015 C01AA21 BOMBAY
015 D01AA21 INDIA
015 E04AA21 X
015 A00AA22 ALLIED IRISH BANKS PLC
015 B00AA22 S
015 C01AA22 DUBLIN
015 D01AA22 IRELAND
015 E04AA22 X
015 A00AA23 BANK HAPOALIM B.M.
015 B00AA23 S
015 C01AA23 HAPOALIM
015 D01AA23 ISREAL
015 E04AA23 X
015 A00AA24 BANCA COMMERCIALE ITALIANA
015 B00AA24 S
015 C01AA24 MILAN
015 D01AA24 ITALY
015 E04AA24 X
015 A00AA25 SUMITOMO TRUST & BANKING CO.
015 B00AA25 S
015 C01AA25 TOKYO 1OO
015 D01AA25 JAPAN
015 E04AA25 X
015 A00AA26 CITIBANK N.A. SEOUL
015 B00AA26 S
015 C01AA26 SEOUL
015 D01AA26 KOREA
015 E04AA26 X
015 A00AA27 HONG KONG BANK MALAYSIA BERHAD
015 B00AA27 S
015 C01AA27 KUALA LAMPUR 50100
015 D01AA27 MALYSIA
015 E04AA27 X
015 A00AA28 CITIBANK MEXICO S.A.
<PAGE> PAGE 5
015 B00AA28 S
015 C01AA28 MEXICO
015 D01AA28 MEXICO
015 E04AA28 X
015 A00AA29 BANQUE MAROCAINE DU COMMERCE EXTERIOR
015 B00AA29 S
015 C01AA29 MOROCCO
015 D01AA29 MOROCCO
015 E04AA29 X
015 A00AA30 ABN-BMRO BANK
015 B00AA30 S
015 C01AA30 BREDA
015 D01AA30 NETHERLANDS
015 E04AA30 X
015 A00AA31 NATL AUSTRALIA BANK LTD AUCKLAND
015 B00AA31 S
015 C01AA31 AUCKLAND
015 D01AA31 NEW ZEALAND
015 E04AA31 X
015 A00AA32 DEN NORSKE BANK
015 B00AA32 S
015 C01AA32 OSLO
015 D01AA32 NORWAY
015 E04AA32 X
015 A00AA33 STANDARD CHARTERED BANK KARACHI
015 B00AA33 S
015 C01AA33 KARACHI
015 D01AA33 PAKISTAN
015 E04AA33 X
015 A00AA34 CITIBANK N.A. LIMA
015 B00AA34 S
015 C01AA34 LIMA
015 D01AA34 PERU
015 E04AA34 X
015 A00AA35 CITIBANK N.A., MANILA
015 B00AA35 S
015 C01AA35 MAKATI METRO
015 D01AA35 PHILLIPPINES
015 E04AA35 X
015 A00AA36 CITIBANK (POLAND) S.A. FOR CITIBANK N.A.
015 B00AA36 S
015 C01AA36 WARSAW
015 D01AA36 POLAND
015 E04AA36 X
015 A00AA37 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA SA
015 B00AA37 S
015 C01AA37 1200 LISBON
015 D01AA37 PORTUGAL
015 E04AA37 X
015 A00AA38 STANDARD CHARTERED BANK
015 B00AA38 S
<PAGE> PAGE 6
015 C01AA38 0104 SINGAPORE
015 D01AA38 SINGAPORE
015 E04AA38 X
015 A00AA39 FIRST NATL BANK OF SOUTHERN AFRICA
015 B00AA39 S
015 C01AA39 JOHANNESBURG
015 D01AA39 SOUTH AFRICA
015 E04AA39 X
015 A00AA40 BANCO SANTANDER
015 B00AA40 S
015 C01AA40 MADRID 28022
015 D01AA40 SPAIN
015 E04AA40 X
015 A00AA41 HONGKONG & SHANGHAI BANKING CORP COLUMBO
015 B00AA41 S
015 C01AA41 COLUMBO
015 D01AA41 SRI LANKA
015 E04AA41 X
015 A00AA42 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA42 S
015 C01AA42 STOCKHOLM
015 D01AA42 SWEDEN
015 E04AA42 X
015 A00AA43 SWISS BANK CORP
015 B00AA43 S
015 C01AA43 ZURICK
015 D01AA43 SWITZERLAND
015 E04AA43 X
015 A00AA44 CENTRAL TRUST OF CHINA
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015 C01AA44 TAIPEI
015 D01AA44 TAIWAN
015 E04AA44 X
015 A00AA45 HONGKONG & SHANGHAI BANKING CORP, BANGKOK
015 B00AA45 S
015 C01AA45 BANGKOK 10500
015 D01AA45 THAILAND
015 E04AA45 X
015 A00AA46 CITIBANK N.A. ISTANBUL
015 B00AA46 S
015 C01AA46 ISTANBUL
015 D01AA46 TURKEY
015 E04AA46 X
015 A00AA47 ROYAL BANK OF SCOTLAND
015 B00AA47 S
015 C01AA47 LONDON
015 D01AA47 UNITED KINGDOM
015 E04AA47 X
015 A00AA48 THE FIRST NATL BANK OF BOSTON, MONTEVIDEO
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<PAGE> PAGE 7
015 D01AA48 URUGUAY
015 E04AA48 X
015 A00AA49 CITIBANK N.A., CARACAS
015 B00AA49 S
015 C01AA49 CARACAS
015 D01AA49 VENEZUELA
015 E04AA49 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 30
019 C00AA00 PIONEERFDS
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020 A000003 ABNER HERRMAN
020 C000003 8
020 A000004 MORGAN KEEGAN
020 B000004 64-0474907
020 C000004 7
020 A000005 VECTOR SECURITIES
020 B000005 52-1643524
020 C000005 6
020 A000006 WEEDEN & CO.
020 B000006 13-3364318
020 C000006 6
020 A000007 DAIN BOSWORTH
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020 C000007 6
020 A000008 BEAR STEARNS
020 B000008 13-3299429
020 C000008 6
020 A000009 BROWN (ALEX)
020 B000009 52-1319768
020 C000009 4
020 A000010 BDS SECURITIES
020 B000010 13-3442669
020 C000010 4
021 000000 128
022 A000001 BROWN BROTHERS
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022 C000001 856100
022 D000001 0
022 A000002 CHASE SECURITIES
022 B000002 13-3112953
022 C000002 31600
022 D000002 0
022 A000003 FORD MOTOR CREDIT CO.
022 B000003 38-1612444
022 C000003 9342
<PAGE> PAGE 8
022 D000003 0
022 A000004 AMERICAN EXPRESS
022 B000004 11-1988350
022 C000004 8222
022 D000004 0
022 A000005 GE CAPITAL CORP.
022 B000005 13-1500700
022 C000005 7404
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022 A000006 CHEVRON OIL FINANCE
022 B000006 25-1215010
022 C000006 6478
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022 A000007 COMMERCIAL CREDIT
022 B000007 52-0883351
022 C000007 5183
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022 A000008 PRUDENTIAL FUNDING
022 C000008 5086
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022 A000009 EXXON ASSET MGMT
022 C000009 4705
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022 A000010 BUCKINGHAM HARRIS
022 C000010 4500
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<PAGE> PAGE 9
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
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<PAGE> PAGE 10
086 E010000 0
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008 A000101 PIONEERING MANAGEMENT CORPORATION
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<PAGE> PAGE 11
037 000100 N
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039 000100 N
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051 000100 N
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055 A000100 N
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<PAGE> PAGE 12
057 000100 N
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<PAGE> PAGE 13
070 H020100 N
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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SIGNATURE ROBERT P. NAULT
TITLE ASST. SECRETARY
To the Board of Trustees of
Pioneer Variable Contracts Trust:
In planning and performing our audit of the financial statements of Pioneer
Variable Contracts Trust (consisting of International Growth Portfolio, Capital
Growth Portfolio, Balanced Portfolio, Swiss Franc Bond Portfolio, Real Estate
Growth Portfolio, Equity Income Portfolio, America Income Portfolio, and Money
Market Portfolio) for the period ended December 31, 1996, we considered its
internal control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control structure.
The management of Pioneer Variable Contracts Trust is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and transactions
are executed in accordance with management's authorization and recorded properly
to permit preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ARTHUR ANDERSEN LLP
Boston, Massachusetts
February 3, 1997
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