November 20, 1998
Supplement to Prospectus for
Pioneer Variable Contracts Trust
Dated May 1, 1998
PIONEERING MANAGEMENT CORPORATION
Effective November 2, 1998, Pioneering Management Corporation ("PMC") changed
its name to Pioneer Investment Management, Inc. Wherever "Pioneering Management
Corporation" or "PMC" appears it is replaced by "Pioneer Investment Management,
Inc." or "Pioneer Investments," respectively.
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The following information supplements the corresponding section of the
Prospectus. Please consult the Prospectus for the full text of the revised
section.
MANAGEMENT OF THE FUND
Year 2000. Information technology experts are concerned about computer and other
electronic systems' ability to process date-related information on and after
January 1, 2000. This scenario, commonly referred to as the "Year 2000 problem,"
could have an adverse impact the on the Fund and the provision of services to
its shareowners. Pioneer Investments is addressing the Year 2000 problem with
respect to its systems and those used by the distributor and transfer agent.
During 1999, Pioneer Investments expects to finish addressing all material Year
2000 issues and to participate in industry-wide testing. The fund has obtained
assurances from its other service providers that they are taking appropriate
Year 2000 measures and Pioneer Investments is monitoring their efforts. Although
the fund does not expect the Year 2000 problem to adversely impact it, the fund
cannot guarantee that its, or the fund's service providers', efforts will be
successful.
OFFICERS
John A. Boynton, Treasurer
On November 3, 1998, the Trustees of the Funds approved Mr. Boynton as Treasurer
for all the Pioneer mutual funds. Mr. Boynton is the chief financial officer and
treasurer of The Pioneer Group, Inc., Pioneer Investments' parent company. Prior
to joining The Pioneer Group in November 1998, Mr. Boynton was a senior vice
president of The Quaker Oats Company, where he had been part of the senior
management team since 1981. Mr. Boynton is 44.
1198-5872
(C) Pioneer Funds Distributor, Inc.
