April 22, 1999
SUPPLEMENT TO THE PROSPECTUS OF
PIONEER VARIABLE CONTRACTS TRUST
DATED MAY 1, 1998
The following supplements the corresponding section of the prospectus.
IV. THE FUND AND THE PIONEER ORGANIZATION
THE MANAGER
REAL ESTATE GROWTH PORTFOLIO: Effective April 1, 1999, day-to-day management of
the portfolio's investments is the responsibility of Matthew L. Ostrower, a vice
president of Pioneer since 1999. Mr. Ostrower has worked for The Boston
Financial Group as a real estate analyst since 1995 and has been working with
Pioneer as an investment professional since 1996.
Mr. Ostrower is supervised by Theresa A. Hamacher, chief investment officer of
Pioneer. She joined Pioneer in 1997 and has been an investment professional
since 1984; most recently as chief investment officer at another investment
adviser.
THE REAL ESTATE GROWTH PORTFOLIO SUBADVISER. Boston Financial Securities, Inc.
(BFS), which is an affiliate of The Boston Financial Group Limited Partnership,
has extensive experience and expertise in placing, evaluating and providing
advice on a variety of real estate related investments since 1969. In its
capacity as subadviser to the portfolio, BFS (i) identifies and analyzes real
estate industry companies, (ii) analyzes market conditions affecting the real
estate industry generally and specific geographical and securities markets,
(iii) reviews and analyzes the portfolio's investments and (iv) furnishes
advisory reports to Pioneer.
Mr. Fred N. Pratt, Jr. has the ultimate responsibility for overseeing the
provisions of subadvisory services to the portfolio. Mr. Pratt is president and
chief executive officer of Boston Financial Group, director of BFS. Mr. Pratt
has worked in the real estate industry since 1969.
V. FUND MANAGEMENT FEES AND EXPENSES
Effective April 1, 1999, Pioneer Investment Management, Inc. ("Pioneer") has
agreed to waive a portion of its management fee to the extent required to reduce
the fee from 1.00% to 0.80% of the portfolio's average daily net assets. As
previously agreed, Pioneer will not charge its management fee and will make
other arrangements, if necessary, to limit the portfolio's Class I share total
annual operating expenses to 1.25% of the portfolio's average daily net assets
attributable to Class I shares. These agreements are voluntary and temporary and
may be revised or terminated at any time.
0499-6533
(C) Pioneer Funds Distributor, Inc.
