October 14, 1998
PIONEER VARIABLE CONTRACTS TRUST
Supplement to Prospectus dated May 1, 1998
The following information supplements the corresponding section in the
Prospectus. Please consult the Prospectus for the full text of the revised
section:
IV. THE FUND AND THE PIONEER ORGANIZATION
The Manager
The second paragraph is replaced by the following:
Ms. Theresa A. Hamacher, chief investment officer of Pioneering
Management Corporation ("Pioneer") since September 1, 1998, has general
responsibility for Pioneer's investment operations. Ms. Hamacher joined Pioneer
in 1997 and has been an investment professional since 1984. Mr. David Tripple,
who formerly served as chief investment officer, continues as president of
Pioneer and executive vice president of all the Pioneer mutual funds.
Sherman B. Russ and Kenneth J. Taubes are jointly responsible for
overseeing Pioneer's U.S. and global fixed income team. Mr. Russ, senior vice
president of Pioneer, joined Pioneer in 1983 and has been an investment
professional since 1962. Mr. Taubes joined Pioneer as a vice president in
September 1998 and has been an investment professional since 1989. Prior to
joining Pioneer, Mr. Taubes had served since 1991 as a senior vice president and
senior portfolio manager for several Putnam institutional accounts and mutual
funds.
Balanced Portfolio: Day-to-day management of the Fund is the
responsibility of co-managers Tin Chan and Eric Weigel, vice presidents of
Pioneer. Mr. Chan is responsible for the equity investments of the Portfolio. He
joined Pioneer in August 1998 and has been an investment professional since
1993. Prior to joining Pioneer, Mr. Chan was an equity portfolio manager with
Allmerica Financial from 1995 to 1998 and was an equity research analyst with
Key Corp. from 1993 to 1995. Mr. Weigel is responsible for the asset allocation
decisions for the Portfolio. He joined Pioneer in August 1998 and has been an
investment professional since 1989. Prior to joining Pioneer, Mr. Weigel was
head of Global Asset Allocation and portfolio manager at Chancellor LGT Asset
Management from 1994 to 1998 and managed domestic and international portfolios
for INVESCO U.C. Management and Research from 1993 to 1994.
Day-to-day management of the Portfolio's fixed income investments is
the responsibility of the team of managers and analysts which focuses on fixed
income investments, led by Mr. Taubes.
0998-5632
Pioneer Funds Distributor, Inc.
