PIONEER VARIABLE CONTRACTS TRUST /MA/, 497, 2000-03-27

PIONEER VARIABLE CONTRACTS TRUST /MA/
497, 2000-03-27

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Pioneer Variable Contracts Trust

CLASS I SHARES PROSPECTUS
MARCH 29, 2000

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INTRODUCTION PORTFOLIOS

Pioneer Variable Contracts Trust is an open-end
management investment company that currently consists STRATEGIC FOCUS
of fifteen distinct portfolios. Pioneer Investment
Management, Inc. is the investment adviser to each HIGH YIELD invests in below investment grade (high
portfolio. Class I shares of the Pioneer High Yield yield) debt securities and preferred stocks to
VCT and Pioneer Science & Technology VCT portfolios maximize total return.
are offered through this prospectus. Shares of the
portfolios are offered primarily to insurance SCIENCE & TECHNOLOGY invests for capital growth in
companies to fund the benefits under variable annuity common stock and other equity securities of
and variable life insurance contracts (Variable companies expected to benefit from the development,
Contracts) issued by their companies. You may obtain advancement or use of science or technology.
certain tax benefits by purchasing a Variable
Contract. CONTENTS

Each portfolio has its own distinct investment Basic information about the portfolios...... 2
objective and policies. In striving to meet its
objective, each portfolio will face the challenges of Common portfolio investment policies........ 10
changing business, economic and market conditions.
Each portfolio offers different levels of potential Management.................................. 10
return and risks. These risks are discussed in the
description of each portfolio. Distributions and taxes..................... 11

No single portfolio constitutes a complete investment Shareholder information..................... 11
plan. Each portfolio's share price, yield and total
return will fluctuate and an investment in a
portfolio may be worth more or less than the original
cost when shares are redeemed.
An investment in a portfolio is not a bank deposit
Each portfolio complies with various insurance and is not insured or guaranteed by the Federal
regulations. Please read your insurance company's Deposit Insurance Corporation or any other
separate account prospectus for more specific government agency.
information relating to insurance regulations and
instructions on how to invest among the portfolios NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR
through a Variable Contract. ANY STATE SECURITIES AGENCY HAS APPROVED THE
PORTFOLIOS' SHARES OR DETERMINED WHETHER THIS
PROSPECTUS IS ACCURATE OR COMPLETE. ANY
REPRESENTATION TO THE CONTRARY IS A CRIME.

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Basic information about High Yield Portfolio

INVESTMENT OBJECTIVE

Maximize total return through a combination of income and capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES

Normally, the portfolio invests at least 65% of its total assets (at the time of
purchase) in below investment grade (high yield) debt securities and preferred
stocks. These high yield securities may be convertible into the equity
securities of the issuer. Debt securities rated below investment grade are
commonly referred to as "junk bonds" and are considered speculative. Below
investment grade debt securities involve greater risk of loss, are subject to
greater price volatility and are less liquid, especially during periods of
economic uncertainty or change, than higher rated debt securities.

The portfolio's investments may have fixed or variable principal payments and
all types of interest rate and dividend payment and reset terms, including fixed
rate, adjustable rate, zero coupon, contingent, deferred, payment in kind and
auction rate features. The portfolio invests in securities with a broad range of
maturities.

Pioneer, the portfolio's investment adviser, uses a value approach to select the
portfolio's investments. Using this investment style, Pioneer seeks securities
selling at reasonable prices or substantial discounts to their underlying values
and then holds these securities for their incremental yields or until the market
values reflect their intrinsic values. Pioneer evaluates a security's potential
value, including the attractiveness of its market valuation, based on the
company's assets and prospects for earnings growth. In making that assessment,
Pioneer employs due diligence and fundamental research, an evaluation of the
issuer based on its financial statements and operations. Pioneer also considers
a security's potential to provide income. In assessing the appropriate maturity,
rating and sector weighting of the portfolio's investments, Pioneer considers a
variety of factors that are expected to influence economic activity and interest
rates. These factors include fundamental economic indicators, such as the rates
of economic growth and inflation, Federal Reserve monetary policy and the
relative value of the U.S. dollar compared to other currencies. Pioneer adjusts
sector weighting to reflect its outlook of the market for high yield securities
rather than using a fixed sector allocation. In making these portfolio
decisions, Pioneer relies on the knowledge, experience and judgment of its staff
who have access to a wide variety of research.

PRINCIPAL RISKS OF INVESTING IN THE PORTFOLIO

Even though the portfolio seeks to maximize total return, you could lose money
on your investment or not make as much as if you invested elsewhere if:
|X| Interest rates go up, causing the value of debt securities in the
portfolio to decline
|X| The issuer of a security owned by the portfolio defaults on its
obligation to pay principal and/or interest or has its credit rating
downgraded
|X| During periods of declining interest rates, the issuer of a security may
exercise its option to prepay principal earlier than scheduled, forcing the
portfolio to reinvest in lower yielding securities. This is known as call
or prepayment risk
|X| During periods of rising interest rates, the average life of certain types
of securities may be extended because of slower than expected principal
payments. This may lock in a below market interest rate, increase the
security's duration and reduce the value of the security. This is known as
extension risk
|X| Pioneer's judgment about the attractiveness, relative value or potential
appreciation of a particular sector, security or investment strategy proves
to be incorrect
|X| A downturn in equity markets causes the price of convertible securities to
drop even when the prices of below investment grade bonds otherwise would
not go down

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BELOW INVESTMENT GRADE DEBT SECURITIES

A debt security is below investment grade if it is rated BB or lower by Standard
& Poor's Ratings Group or the equivalent rating by a nationally recognized
securities rating organization or, if unrated, determined to be of equivalent
credit quality by Pioneer.

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INVESTMENT IN HIGH YIELD SECURITIES INVOLVES SUBSTANTIAL RISK OF LOSS. These
securities are considered speculative with respect to the issuer's ability to
pay interest and principal and are susceptible to default or decline in market
value due to adverse economic and business developments. The market values for
high yield securities tend to be very volatile, and these securities are less
liquid than investment grade debt securities. For these reasons, your investment
in the portfolio is subject to the following specific risks:
|X| Increased price sensitivity to changing interest rates and deteriorating
economic environment
|X| Greater risk of loss due to default or declining credit quality
|X| Adverse company specific events are more likely to render the issuer
unable to make interest and/or principal payments
|X| A negative perception of the high yield market develops, depressing the
price and liquidity of high yield securities. This negative perception
could last for a significant period of time

The portfolio is not diversified, which means that it can invest a higher
percentage of its assets in any one issuer than a diversified portfolio. Being
non-diversified may magnify the portfolio's losses from adverse events affecting
a particular issuer.

THE PORTFOLIO'S PERFORMANCE

Since the portfolio is newly organized, it does not disclose any performance
information. The portfolio's performance will vary from year to year. Past
performance does not necessarily indicate how a portfolio will perform in the
future. As a shareowner, you may lose or make money on your investment.

OTHER INVESTMENT STRATEGIES

As discussed, the portfolio invests primarily in below investment grade debt
securities and preferred stocks to maximize total return.

This section and "Common portfolio investment practices" describe additional
investments that the portfolio may make or strategies that it may pursue to a
lesser degree to achieve the portfolio's goal. Some of the portfolio's secondary
investment policies also entail risks. To learn more about these investments and
risks, you should obtain and read the statement of additional information (SAI).

MORE ON PRINCIPAL INVESTMENTS

The portfolio may invest in investment grade and below investment grade
convertible bonds and preferred stocks that are convertible into the equity
securities of the issuer. Convertible securities generally offer lower interest
or dividend yields than non-convertible securities of similar quality. As with
all fixed income securities, the market values of convertible securities tend to
decline as interest rates increase and, conversely, to increase as interest
rates decline. However, when the market price of the common stock underlying a
convertible security exceeds the conversion price, the convertible security
tends to reflect the market price of the underlying common stock. As the market
price of the underlying common stock declines, the convertible security tends to
trade increasingly on a yield basis and thus may not decline in price to the
same extent as the underlying common stock. Convertible securities rank senior
to common stocks in an issuer's capital structure and consequently entail less
risk than the issuer's common stock.

The portfolio may invest in mortgage-backed and asset-backed securities.
Mortgage-backed securities may be issued by private companies or by agencies of
the U.S. government and represent direct or indirect participation in, or are
collateralized by and payable from, mortgage loans secured by real property.
Asset-backed securities represent participations in, or are secured by and
payable from, assets such as installment sales or loan contracts, leases, credit
card receivables and other categories of receivables.

To the extent the portfolio invests significantly in asset-backed and
mortgage-related securities, its exposure to prepayment and extension risks may
be greater than if it invested in other fixed income securities.

Certain debt instruments may only pay principal at maturity or may only
represent the right to receive payments of principal or payments of interest on
underlying pools of mortgage or government securities, but not both. The value
of these types of instruments may change more drastically than debt securities
that pay both principal and interest during periods of changing interest rates.
Principal only mortgage backed securities generally increase in value if
interest rates decline, but are also subject to the risk of prepayment. Interest
only instruments generally increase in value in a rising interest rate
environment when fewer of the underlying mortgages are prepaid.

The portfolio may invest in mortgage derivatives and structured securities.
Because the terms of these securities incorporate imbedded leverage features,
small changes in interest or prepayment rates may cause large and sudden price
movements. Mortgage derivatives can also become illiquid and hard to value in
declining markets.

INVESTMENTS OTHER THAN HIGH YIELD OR DEBT SECURITIES

Consistent with its objective, the portfolio may invest in equity securities,
including common stocks, depositary receipts, warrants, rights and other equity
interests. Equity securities represent an ownership interest in an issuer, rank
junior in a company's capital structure to debt securities and consequently may
entail greater risk of loss than fixed income securities. Although equity
securities may not pay dividends, the portfolio invests in equity securities
when Pioneer believes they offer the potential for capital gains or to diversify
the portfolio.

INVESTMENTS IN NON-U.S. SECURITIES

The portfolio may invest in securities of Canadian issuers to the same extent as
securities of U.S. issuers. The portfolio may invest up to up to 15% of its
total assets (at the time of purchase) in securities of non-U.S. issuers,
including debt and equity securities of corporate issuers and debt securities of
government issuers in developed and emerging markets. Investing in Canadian and
non-U.S. issuers may involve unique risks compared to investing in securities of
U.S. issuers. These risks are more pronounced to the extent the portfolio
invests in issuers in emerging markets or focuses its non-U.S. investments
in any one region. These risks may include:

|X| Less information about non-U.S. issuers or markets may be available due to
less rigorous disclosure and accounting standards or regulatory practices

|X| Many non-U.S. markets are smaller, less liquid and more volatile. In a
changing market, Pioneer may not be able to sell the portfolio's
investments in amounts and at prices Pioneer considers reasonable
|X| Adverse effect of currency exchange rates or controls on the value of
the portfolio's investments
|X| Economic, political, economic and social developments that adversely
affect the securities markets
|X| Withholding and other non-U.S. taxes may decrease the portfolio's return.

MANAGEMENT

PORTFOLIO MANAGER

Day-to-day management of the portfolio is the responsibility of a team of fixed
income portfolio managers and analysts supervised by Sherman B. Russ and Kenneth
J. Taubes.

Mr. Russ and Mr. Taubes are jointly responsible for overseeing Pioneer's U.S.
and global fixed income team. Mr. Russ is a senior vice president of Pioneer. He
joined Pioneer in 1983 as an assistant portfolio manager and has been an
investment professional since 1962. Mr. Taubes joined Pioneer as a senior vice
president in September 1998 and has been an investment professional since 1986.
Prior to joining Pioneer, Mr. Taubes had served since 1991 as a senior vice
president and senior portfolio manager for several Putnam Investments
institutional accounts and mutual funds.

Mr. Russ, Mr. Taubes and their team operate under the supervision of Theresa A.
Hamacher. Ms. Hamacher is 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.

MANAGEMENT FEE

The portfolio pays Pioneer a fee for managing the portfolio and to cover the
cost of providing certain services to the portfolio. Pioneer's annual fee is
equal to 0.65% of the portfolio's average daily net assets. The fee is normally
computed daily and paid monthly. Pioneer has agreed not to impose all or a
portion of its fee and, if necessary, to limit other operating expenses of the
portfolio to the extent required to reduce Class I expenses to 1.25% of the
portfolio's average daily net assets attributable to Class I shares. This
agreement is voluntary and temporary and may be revised or terminated at any
time.

DISTRIBUTIONS

The portfolio declares a dividend daily. The dividend consists of substantially
all of the portfolio's net income. Investors begin to earn dividends on the
first business day following receipt of payment for shares and continue to earn
dividends up to and including the date of sale. Dividends are normally paid on
the last business day of each month. The portfolio generally pays any
distributions of net short- and long-term capital gains in June. The portfolio
may pay additional distributions and dividends at other times if necessary for
the portfolio to avoid a federal tax.

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Basic information about Science & Technology Portfolio

INVESTMENT OBJECTIVE

Capital growth

PRINCIPAL INVESTMENT STRATEGIES

Normally, the portfolio invests at least 65% of its total assets (at time of
purchase) in the common stock and other equity securities of companies Pioneer
Investment Management, Inc., the portfolio's investment adviser, expects to
benefit from the development, advancement or use of science or technology. The
portfolio considers securities that trade like common stocks, such as
convertible debt, warrants, and preferred stocks, to be equity securities.

|X| computer hardware or software, including related products, components and
networking systems
|X| internet and related services
|X| telecommunications
|X| media and information services
|X| medical services, healthcare and biotechnology
The portfolio's holdings may include companies from industries outside the
technology and science industries if Pioneer believes such companies may benefit
from the use of scientific or technological discoveries and developments.

The portfolio may invest in large capitalization companies with established
track records or less established mid- or small-capitalization companies.

The portfolio may invest in equity securities of U.S. and non-U.S. issuers.
The portfolio will not invest more than 5% of its total assets (at time of
purchase) in the securities of emerging markets issuers.

The portfolio uses a "growth" style of management and seeks to invest in
companies with above average potential for earnings and revenue growth. To
select growth stocks, Pioneer employs due diligence and fundamental research, an
evaluation of the issuer based on its financial statements and operations.
Pioneer relies on the knowledge, experience and judgment of its staff who have
access to a wide variety of research. Pioneer focuses on the quality and price
of individual issuers and economic sector analysis, not on market timing
strategies. Factors Pioneer looks for in selecting investments include:

|X| Issuer has strong fundamentals relative to its industry, such as increasing
or sustainable demand for technological change
|X| Issuers in countries expected to have economic and market environments
that will support the development, advancement or use of science and
technology

|X| Market leadership in a company's primary products and services
|X| Favorable expected returns relative to perceived risk
|X| A sustainable competitive advantage such as a brand name, customer base,
proprietary technology or economies of scale
|X| Estimated private market value in excess of current stock price.
Private market value is the price an independent investor would pay to
own the entire company

PRINCIPAL RISKS OF INVESTING IN THE PORTFOLIO

Even though the portfolio seeks capital growth, you could lose money on your
investment or not make as much as if you invested elsewhere if:

|X| The stock market goes down (this risk may be greater in the short term)
|X| Growth or science and technology stocks fall out of favor with investors
|X| The portfolio's investments do not have the growth potential
originally expected

The portfolio also has the risks associated with its focus on investing in
companies in the rapidly changing fields of science or technology. Compared to
companies in more developed market sectors, companies that focus on science and
technology, and the market for their common stocks, may:

|X| Experience unusually high price volatility, both in terms of gains and
losses and, as a result, have the potential for wide variations in
performance due to the special risks associated with these stocks
|X| Market products or services that at first appear promising but that do not
prove commercially successful or that become obsolete more quickly than
anticipated
|X| Be adversely affected by developing government regulation and policies

AN INVESTMENT IN THE PORTFOLIO MAY ALSO INVOLVE A HIGH DEGREE OF RISK TO THE
EXTENT THAT THE PORTFOLIO INVESTS IN NON-U.S. ISSUERS. Investments in non-U.S.
issuers may involve unique risks compared to investing in securities of U.S.
issuers. These risks are more pronounced to the extent that the portfolio
invests in issuers in emerging markets or focuses its non-U.S. investments in
any one region. These risks may include:

|X| Less information about non-U.S. issuers or markets may be available due to
less rigorous disclosure or accounting standards or regulatory practices
|X| Many non-U.S. markets are smaller, less liquid and more volatile than U.S.
markets. In a changing market, Pioneer may not be able to sell the
portfolio's securities in amounts and at prices Pioneer considers
reasonable

|X| Adverse effect of currency exchange rates or controls on the value
of the portfolio's investment
|X| Economic, political, economic and social developments that
adversely affect the securities markets
|X| Withholding and other non-U.S. taxes may decrease the portfolio's return

To the extent that the portfolio invests in small- and mid-size companies, it
will also have the risks associated with investing in these companies. Compared
to large companies, smaller companies, and the market for their common stocks,
are likely to:
|X| Be more sensitive to changes in the economy, earnings results
and investor expectations
|X| Have more limited product lines and capital resources
|X| Experience sharper swings in market values
|X| Be harder to sell at the times and prices Pioneer thinks appropriate

The portfolio is not diversified, which means that it can invest a higher
percentage of its assets in any one issuer than a diversified fund. Being
non-diversified may magnify the portfolio's losses from adverse events affecting
a particular issuer.

THE PORTFOLIO'S PERFORMANCE

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OTHER INVESTMENT STRATEGIES

As discussed, the portfolio invests primarily in equity securities of companies
expected to benefit from the development, advancement or use of science and
technology.

DEBT SECURITIES

The portfolio may invest the balance of its assets in debt securities of U.S.
corporate and governmental issuers. Generally, the portfolio may acquire debt
securities that are investment grade, but the portfolio may invest up to 5% of
its total assets (at the time of purchase) in lower quality debt securities
including below investment grade convertible debt securities. The portfolio
invests in debt securities when Pioneer believes that they are consistent with
the portfolio's investment objective, to diversify the portfolio's investments
or for greater liquidity.

Debt securities are subject to the risk of an issuer's inability to meet
principal or interest payments on its obligations. Factors which could
contribute to a decline in the market value of the portfolio's debt securities
include rising interest rates or a reduction in the perceived creditworthiness
of the issuer of the security. A debt security is investment grade if it is
rated in one of the top four categories by a nationally recognized securities
rating organization or determined to be of equivalent credit quality by Pioneer.
Debt securities rated below investment grade are commonly referred to as "junk
bonds" and are considered speculative. Below investment grade debt securities
involve a greater risk of loss, are subject to greater price volatility and are
less liquid, especially during periods of economic instability, than higher
quality debt securities.

MANAGEMENT

PORTFOLIO MANAGER

Day-to-day management of the portfolio's investments is the responsibility of
co-managers Thomas A. Crowley, Kenneth G. Fuller and Robert C. Junkin. Mr.
Crowley is a vice president of Pioneer. He joined Pioneer in 1996 as an analyst.
Prior to joining Pioneer, Mr. Crowley was an electrical engineer for GTE from
1989 to 1996. Mr. Fuller is a senior vice president of Pioneer. He joined
Pioneer in October 1999 and has been an investment professional since 1975.
Prior to joining Pioneer, Mr. Fuller was a principal and analyst at Manley
Fuller Asset Management from 1994 to 1999. Mr. Junkin joined Pioneer in 1997 as
an analyst and has been an investment professional since 1993. Prior to joining
Pioneer, Mr. Junkin was a vice president and analyst at ABN AMRO from 1995 to
1996.

Mr. Crowley, Mr. Fuller and Mr. Junkin are supported by a team of portfolio
managers and analysts focusing on the securities of companies Pioneer expects to
benefit from the development, advancement and use of science or technology. This
team manages and provides research for the portfolio and other Pioneer mutual
funds with similar investment objectives or styles.

Mr. Crowley, Mr. Fuller, Mr. Junkin and the portfolio management team operate
under the supervision of Theresa A. Hamacher. Ms. Hamacher is 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.

MANAGEMENT FEE

The portfolio pays Pioneer a fee for managing the portfolio and to cover the
cost of providing certain services to the portfolio. Pioneer's annual fee is
equal to 0.75% of the portfolio's average daily net assets. The fee is normally
computed daily and paid monthly. Pioneer has agreed not to impose all or a
portion of its fee and, if necessary, to limit other operating expenses of the
portfolio to the extent required to reduce Class I expenses to 1.25% of the
portfolio's average daily net assets attributable to Class I shares. This
agreement is voluntary and temporary and may be revised or terminated at any
time.

DISTRIBUTIONS

The portfolio generally pays any distributions of net short- and long-term
capital gains in June. The portfolio pays dividends from net investment
income, if any, annually. The portfolio may pay additional distributions and
dividends at other times if necessary for the portfolio to avoid a federal tax.

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Common portfolio investment policies

Some policies of the portfolios are stated as a percentage of assets. These
percentages are applied at the time of purchase of a security and subsequent may
be exceeded because of changes in the value of a portfolio's investments. If a
rating organization downgrades the quality rating assigned to one or more of the
fund's portfolio securities, Pioneer will consider what actions, if any, are
appropriate including selling the downgraded security or purchasing additional
securities as soon as it is prudent to do so.

TEMPORARY INVESTMENTS

Normally, each portfolio invests substantially all of its assets to meet its
investment objective. For temporary defensive purposes, a portfolio may depart
from its principal investment strategies and invest part or all of its assets in
securities with remaining maturities of less than one year or may hold cash or
cash equivalents. During such periods, the portfolio may not be able to achieve
its investment objective. Each portfolio intends to adopt a defensive strategy
only when Pioneer believes there to be extraordinary risks in investing in the
securities in which the portfolio normally invests due to political or economic
factors.

SHORT-TERM TRADING

The portfolios usually do not trade for short-term profits. Each portfolio will
sell an investment, however, even if it has only been held for a short time, if
it no longer meets the portfolio's investment criteria. If a portfolio does a
lot of trading, it may incur additional operating expenses, which would reduce
performance.

DERIVATIVES

Each portfolio (other than Money Market portfolio) may use futures, options and
other derivatives. A derivative is a security or instrument whose value is
determined by reference to the value or the change in value of one or more
securities, currencies, indices or other financial instruments. The portfolios
do not use derivatives as a primary investment technique and generally limit
their use to hedging. However, each portfolio may use derivatives for a variety
of non-principal purposes, including:

|X| As a hedge against adverse changes in stock market prices, interest rates
or currency exchange rates
|X| As a substitute for purchasing or selling securities
|X| To increase the portfolio's return as a non-hedging strategy that may be
considered speculative

Even a small investment in derivatives can have a significant impact on the
portfolio's exposure to stock market values, interest rates or currency exchange
rates. If changes in a derivative's value do not correspond to changes in the
value of the portfolio's other investments, the portfolio may not fully benefit
from or could lose money on the derivative position. In addition, some
derivatives involve risk of loss if the person who issued the derivative
defaults on its obligation. Certain derivatives may be less liquid and more
difficult to value.

MANAGEMENT

Pioneer, the portfolios' investment adviser, selects each portfolio's
investments and oversees the portfolios' operations.

PIONEER GROUP

The Pioneer Group, Inc. and its subsidiaries are engaged in financial services
businesses in the United States and many foreign countries. As of December 31,
1999, the firm had more than $24 billion in assets under management worldwide
including more than $23 billion in U.S. mutual funds. The firm's U.S. mutual
fund investment history includes creating in 1928 of one of the first mutual
funds. John F. Cogan, chairman of the board and president of The Pioneer Group,
Inc., owns approximately 14% of the firm. He is also an officer and director of
each of the Pioneer mutual funds.

THE INVESTMENT ADVISER

Pioneer manages a family of U.S. and international stock funds, bond funds and
money market funds. Pioneer is a subsidiary of The Pioneer Group, Inc. Its main
office is at 60 State Street, Boston, Massachusetts 02109.

DISTRIBUTIONS AND TAXES

You should read the prospectus for your insurance company's Variable Contract
for a discussion of the tax status of a Variable Contract, including the tax
consequences of withdrawals or other payments. You should keep all statements
you receive from the insurance company or the portfolios to assist in your
personal recordkeeping. Class I shares of the portfolios are held by life
insurance company separate accounts that fund Variable Contracts or by certain
qualified pension and retirement plans (Qualified Plans). A portfolio's
dividends and capital gain distributions to those accounts are generally treated
as ordinary income and long-term capital gain, respectively, under the Internal
Revenue Code and are treated as received by the insurance company rather than
the owner of the qualified Variable Contract. Insurance companies should consult
their own tax advisers regarding the tax treatment of dividends or capital gain
distributions they receive from any portfolio.

Each portfolio is treated as a separate entity for federal income tax purposes
and has elected or intends to elect to be treated, and intends to qualify each
year, as a regulated investment company under Subchapter M of the Code. Each
portfolio must satisfy certain requirements relating to the sources of its
income, diversification of its assets and distribution of its income to
shareholders to qualify as a regulated investment company. As a regulated
investment company, each portfolio will not be subject to federal income tax on
any net investment income and net realized capital gains that are distributed to
its shareholders as required under the Code.

In addition to the above, each portfolio also follows certain portfolio
diversification requirements imposed by the Code on separate accounts of
insurance companies relating to the tax-deferred status of Variable Contracts.
More specific information on these diversification requirements is contained in
the insurance company's separate account prospectus and in the portfolios' SAI.

SHAREHOLDER INFORMATION

Net asset values

Each portfolio's net asset value is the value of its portfolio of securities
plus any other assets minus its operating expenses and any other liabilities.
Each portfolio calculates a net asset value for each class of shares every day
the New York Stock Exchange is open when regular trading closes (normally 4:00
p.m. Eastern time).

Each portfolio generally values its portfolio securities based on market prices
or quotations. When market prices are not available or are considered by Pioneer
to be unreliable, the portfolio may use an asset's fair value. Fair value is
determined in accordance with procedures approved by the portfolios' trustees.
International securities markets may be open on days when the U.S. markets are
closed. For this reason, the values of any international securities owned by a
portfolio could change on a day when insurance companies or Qualified Plans
cannot buy or sell shares of the portfolio.

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SHARE PRICE

The net asset value per share calculated on the day of a transaction, is often
referred to as the share price.

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INVESTMENTS IN SHARES OF THE PORTFOLIOS

Each portfolio may sell its shares directly to separate accounts established and
maintained by insurance companies for the purpose of funding Variable Contracts
and to Qualified Plans. Shares of the portfolios are sold at net asset value.
Variable Contracts may or may not allow you to allocate your investments in the
Variable Contracts to all the portfolios described in this prospectus.
Investments in each portfolio are expressed in terms of the full and fractional
shares of the portfolio purchased. Investments in a portfolio are credited to an
insurance company's separate account immediately upon acceptance of the
investment by the portfolio. Investments will be processed at the next net asset
value calculated after an order is received and accepted by a portfolio. The
offering of shares of any portfolio may be suspended for a period of time and
each portfolio reserves the right to reject any specific purchase order.
Purchase orders may be refused if, in Pioneer's opinion, they are of a size that
would disrupt the management of a portfolio.

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SINCE YOU MAY NOT DIRECTLY PURCHASE SHARES OF THE PORTFOLIOS, YOU SHOULD READ
THE PROSPECTUS FOR YOUR INSURANCE COMPANY'S VARIABLE CONTRACT TO LEARN HOW TO
PURCHASE A VARIABLE CONTRACT BASED ON THE PORTFOLIOS.

[end text box]

The interests of Variable Contracts and Qualified Plans investing in the
portfolios could conflict due to differences of tax treatment and other
considerations. The portfolios currently do not foresee any disadvantages to
investors arising out of the fact that each portfolio may offer its shares to
insurance company separate accounts that serve as the investment medium for
their Variable Contracts or that each portfolio may offer its shares to
Qualified Plans. Nevertheless, the portfolios' trustees intend to monitor events
in order to identify any material irreconcilable conflicts which may possibly
arise, and to determine what action, if any, should be taken in response to such
conflicts. If such a conflict were to occur, one or more insurance companies'
separate accounts or Qualified Plans might be required to withdraw their
investments in one or more portfolios and shares of another portfolio may be
substituted. This might force a portfolio to sell securities at disadvantageous
prices. In addition, the trustees may refuse to sell shares of any portfolio to
any separate account or Qualified Plan or may suspend or terminate the offering
of shares of any portfolio if such action is required by law or regulatory
authority or is in the best interests of the shareholders of the portfolio.

SELLING

Shares of a portfolio may be sold on any business day. Portfolio shares are sold
at net asset value next determined after receipt by the portfolio of a
redemption request in good order from the insurance company as described in the
prospectus of the insurance company's Variable Contract. Sale proceeds will
normally be forwarded by bank wire to the selling insurance company on the next
business day after receipt of the sales instructions by a portfolio but in no
event later than 7 days following receipt of instructions. Each portfolio may
suspend transactions in shares or postpone payment dates when trading on the New
York Stock Exchange is closed or restricted, when an emergency exists that makes
it impracticable for the portfolio to sell or value its portfolio securities or
with the permission of the Securities and Exchange Commission.

<PAGE>

PIONEER VARIABLE CONTRACTS TRUST

CLASS I SHARES

YOU CAN OBTAIN MORE FREE INFORMATION about the portfolios by writing to
Pioneering Services Corporation, 60 State Street, Boston, Massachusetts 02109.
You may also call 1-800-225-6292.

SHAREOWNER REPORTS

Annual and semiannual reports to shareowners provide information about the
portfolios' investments. The annual report discusses market conditions and
investment strategies that significantly affected each portfolio's performance
during its last fiscal year.

STATEMENT OF ADDITIONAL INFORMATION

The statement of additional information provides more detailed information about
the portfolio. It is incorporated by reference into this prospectus.

You can also review each portfolio's shareowner reports, prospectus and
statement of additional information at the Securities and Exchange Commission's
Public Reference Room in Washington, D.C. Call 202-942-8090 for information. The
Commission charges a fee for copies. You can get the same information free from
the Commission's EDGAR database on the Internet (http://www.sec.gov). You may
also e-mail requests for these documents to [email protected] or make a request
in writing to the Commission's Public Reference Section, Washington, D.C.
20549-0102 .

(Investment Company Act file no. 811-08786)

PIONEER FUNDS DISTRIBUTOR, INC.

60 STATE STREET
BOSTON, MA 02109

WWW.PIONEERFUNDS.COM

xxxx-oo-xxxx
(C)Pioneer Funds Distributor, Inc.

<PAGE>

Pioneer Variable Contracts Trust

CLASS II SHARES PROSPECTUS
MARCH 29, 2000

<TABLE>
<S> <C>
INTRODUCTION PORTFOLIOS

Pioneer Variable Contracts Trust is an open-end
management investment company that currently consists STRATEGIC FOCUS
of fifteen distinct portfolios. Pioneer Investment
Management, Inc. is the investment adviser to each HIGH YIELD invests in below investment grade (high
portfolio. Class II shares of the Pioneer High Yield yield) debt securities and preferred stocks to
VCT and Pioneer Science & Technology VCT portfolios maximize total return.
are offered through this prospectus. Shares of the
portfolios are offered primarily to insurance SCIENCE & TECHNOLOGY invests for capital growth in
companies to fund the benefits under variable annuity common stock and other equity securities of
and variable life insurance contracts (Variable companies expected to benefit from the development,
Contracts) issued by their companies. You may obtain advancement or use of science or technology.
certain tax benefits by purchasing a Variable
Contract. CONTENTS

</TABLE>
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Basic information about High Yield Portfolio

INVESTMENT OBJECTIVE

Maximize total return through a combination of income and capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES

PRINCIPAL RISKS OF INVESTING IN THE PORTFOLIO

[text box]
BELOW INVESTMENT GRADE DEBT SECURITIES

[end text box]

THE PORTFOLIO'S PERFORMANCE

OTHER INVESTMENT STRATEGIES

As discussed, the portfolio invests primarily in below investment grade debt
securities and preferred stocks to maximize total return.

MORE ON PRINCIPAL INVESTMENTS

INVESTMENTS OTHER THAN HIGH YIELD OR DEBT SECURITIES

INVESTMENTS IN NON-U.S. SECURITIES

|X| Less information about non-U.S. issuers or markets may be available due to
less rigorous disclosure and accounting standards or regulatory practices

MANAGEMENT

PORTFOLIO MANAGER

Day-to-day management of the portfolio is the responsibility of a team of fixed
income portfolio managers and analysts supervised by Sherman B. Russ and Kenneth
J. Taubes.

MANAGEMENT FEE

The portfolio pays Pioneer a fee for managing the portfolio and to cover the
cost of providing certain services to the portfolio. Pioneer's annual fee is
equal to 0.65% of the portfolio's average daily net assets. The fee is normally
computed daily and paid monthly. Pioneer has agreed not to impose all or a
portion of its management fee and, if necessary, to limit other operating
expenses of the portfolio to the extent required to reduce Class I expenses to
1.25% of the portfolio's average daily net assets attributable to Class I
shares. The portion of portfolio expenses attributable to Class II shares will
be reduced only to the extent such expenses are reduced for the Class I shares
of the portfolio. This agreement is voluntary and temporary and may be revised
or terminated at any time.

DISTRIBUTIONS

The portfolio declares a dividend daily. The dividend consists of substantially
all of the portfolio's net income. Investors begin to earn dividends on the
first business day following receipt of payment for shares and continue to earn
dividends up to and including the date of sale. Dividends are normally paid on
the last business day of each month. The portfolio generally pays any makes
distributions from net short- and long-term capital gains in June. The portfolio
may pay additional distributions and dividends at other times if necessary for
the portfolio to avoid a federal tax.

<PAGE>

Basic information about Science & Technology Portfolio

INVESTMENT OBJECTIVE

Capital growth

PRINCIPAL INVESTMENT STRATEGIES

The portfolio may invest in large capitalization companies with established
track records or less established mid- or small-capitalization companies.

PRINCIPAL RISKS OF INVESTING IN THE PORTFOLIO

Even though the portfolio seeks capital growth, you could lose money on your
investment or not make as much as if you invested elsewhere if:

THE PORTFOLIO'S PERFORMANCE

<PAGE>

OTHER INVESTMENT STRATEGIES

As discussed, the portfolio invests primarily in equity securities of companies
expected to benefit from the development, advancement or use of science and
technology.

DEBT SECURITIES

MANAGEMENT

PORTFOLIO MANAGER

MANAGEMENT FEE

The portfolio pays Pioneer a fee for managing the portfolio and to cover the
cost of providing certain services to the portfolio. Pioneer's annual fee is
equal to 0.75% of the portfolio's average daily net assets. The fee is normally
computed daily and paid monthly. Pioneer has agreed not to impose all or a
portion of its fee and, if necessary, to limit other operating expenses of the
portfolio to the extent required to reduce Class I expenses to 1.25% of the
portfolio's average daily net assets attributable to Class I shares. The portion
of portfolio expenses attributable to Class II shares will be reduced only to
the extent such expenses were reduced for the Class I shares of the portfolio.
This agreement is voluntary and temporary and may be revised or terminated at
any time.

DISTRIBUTIONS

The portfolio generally pays any distributions of net short- and long-term
capital gains in June. The portfolio pays dividends from net investment income,
if any, annually. The portfolio may pay additional distributions and dividends
at other times if necessary for the portfolio to avoid a federal tax.

<PAGE>

Common portfolio investment policies

TEMPORARY INVESTMENTS

SHORT-TERM TRADING

DERIVATIVES

Each portfolio may use futures, options and other derivatives. A derivative is a
security or instrument whose value is determined by reference to the value or
the change in value of one or more securities, currencies, indices or other
financial instruments. The portfolios do not use derivatives as a primary
investment technique and generally limit their use to hedging. However, each
portfolio may use derivatives for a variety of non-principal purposes,
including:

MANAGEMENT

Pioneer, the portfolios' investment adviser, selects each portfolio's
investments and oversees the portfolios' operations.

PIONEER GROUP

THE INVESTMENT ADVISER

DISTRIBUTION PLAN

The portfolios have adopted plans of distribution for Class II shares in
accordance with Rule 12b-1 under the Investment Company Act of 1940. Under the
plans, each portfolio pays to Pioneer Funds Distributor, Inc. a distribution fee
of 0.25% of the average daily net assets attributable to Class II shares.
Because these fees are an ongoing expense, over time they increase the cost of
an investment and the shares may cost more than shares that are not subject to a
distribution fee.

DISTRIBUTIONS AND TAXES

SHAREHOLDER INFORMATION

Net asset values

[text box]
SHARE PRICE

The net asset value per share calculated on the day of a transaction, is often
referred to as the share price.

[end text box]

INVESTMENTS IN SHARES OF THE PORTFOLIOS

[end text box]

SELLING

<PAGE>

PIONEER VARIABLE CONTRACTS TRUST

CLASS II SHARES

YOU CAN OBTAIN MORE FREE INFORMATION about the portfolios by writing to
Pioneering Services Corporation, 60 State Street, Boston, Massachusetts 02109.
You may also call 1-800-225-6292.

SHAREOWNER REPORTS

STATEMENT OF ADDITIONAL INFORMATION

The statement of additional information provides more detailed information about
the portfolio. It is incorporated by reference into this prospectus.

(Investment Company Act file no. 811-08786)

PIONEER FUNDS DISTRIBUTOR, INC.

60 STATE STREET
BOSTON, MA 02109

WWW.PIONEERFUNDS.COM

xxxx-oo-xxxx
(C)Pioneer Funds Distributor, Inc.

MARCH 29, 2000

SUPPLEMENT TO
STATEMENT OF ADDITIONAL INFORMATION
MAY 3, 1999
REVISED JULY 29, 1999

PIONEER VARIABLE CONTRACTS TRUST

The following information supplements the corresponding section of the statement
of additional information (SAI). Please consult the SAI for the full text of the
revised sections.

INVESTMENT POLICIES, RISKS AND RESTRICTIONS

The third sentence of the first paragraph is replaced as follows:

The fund currently consists of the following 15 distinct portfolios: Emerging
Markets Portfolio, International Growth Portfolio, Europe Portfolio, Science &
Technology Portfolio, Capital Growth Portfolio, Growth Shares Portfolio, Real
Estate Growth Portfolio, Growth and Income Portfolio, Equity-Income Portfolio,
Balanced Portfolio, High Yield Portfolio, Swiss Franc Bond Portfolio, Strategic
Income Portfolio, America Income Portfolio and Money Market Portfolio.

INVESTMENT OBJECTIVES AND CERTAIN POLICIES OF THE PORTFOLIOS

The following are added as the fourth and eleventh portfolios in the section:

SCIENCE & TECHNOLOGY PORTFOLIO seeks capital growth through investment in the
common stock and other equity securities of companies expected to benefit from
the development, advancement or use of science or technology.

The portfolio has the flexibility to invest in any company or industry that
Pioneer believes will benefit from the development, advancement or use of
science or technology. The portfolio's holdings are likely to include companies
from industries directly related to technological and scientific development.
The portfolio's holdings may include companies from industries outside the
technology and science industries if Pioneer believes such companies may benefit
from the use of scientific or technological discoveries and developments.

1
<PAGE>
HIGH YIELD PORTFOLIO seeks to maximize total return through a combination of
income and capital appreciation. The portfolio invests in below investment grade
(high yield) debt securities and preferred stocks to maximize total return.

INVESTMENT RESTRICTIONS

The following is inserted immediately following the first paragraph of the
section:

FUNDAMENTAL INVESTMENT RESTRICTIONS. The portfolio has adopted certain
investment restrictions which, along with the portfolio's investment objective,
may not be changed without the affirmative vote of the holders of a "majority of
the outstanding voting securities" (as defined in the 1940 Act) of the
portfolio. Statements in italics are not part of the restriction. For this
purpose, a majority of the outstanding shares of the portfolio means the vote of
the lesser of:

(i) 67% or more of the shares represented at a meeting, if the holders of more
than 50% of the outstanding shares are present in person or by proxy, or

(ii) more than 50% of the outstanding shares of the portfolio.

RESTRICTIONS THAT APPLY TO SCIENCE & TECHNOLOGY PORTFOLIO
AND HIGH YIELD PORTFOLIO:

Each portfolio may not:

(1) Issue senior securities, except as permitted by the 1940 Act and the rules
and interpretive positions of the SEC thereunder. SENIOR SECURITIES THAT THE
PORTFOLIO MAY ISSUE IN ACCORDANCE WITH THE 1940 ACT INCLUDE BORROWING, FUTURES,
WHEN-ISSUED AND DELAYED DELIVERY SECURITIES AND FORWARD FOREIGN CURRENCY
EXCHANGE TRANSACTIONS.

(2) Borrow money, except the portfolio may: (a) borrow from banks or through
reverse repurchase agreements in an amount up to 33 1/3% of the portfolio's
total assets (including the amount borrowed); (b) to the extent permitted by
applicable law, borrow up to an additional 5% of the portfolio's assets for
temporary purposes; (c) obtain such short-term credits as are necessary for the
clearance of portfolio transactions; (d) the portfolio may purchase securities
on margin to the extent permitted by applicable law; and (e) engage in
transactions in mortgage dollar rolls that are accounted for as financings.

2
<PAGE>

(3) Invest in real estate, except that the portfolio may invest in securities of
issuers that invest in real estate or interests therein, securities that are
secured by real estate or interests therein, securities of real estate
investment trusts and mortgage-backed securities.

(4) Make loans, except by the purchase of debt obligations, by entering into
repurchase agreements or through the lending of portfolio securities.

(5) Invest in commodities or commodity contracts, except that the portfolio may
invest in currency instruments and contracts and financial instruments and
contracts that might be deemed to be commodities and commodity contracts. A
FUTURES CONTRACT, FOR EXAMPLE, MAY BE DEEMED TO BE A COMMODITY CONTRACT.

(6) Act as an underwriter, except as it may be deemed to be an underwriter in a
sale of restricted securities held in its portfolio.

It is the fundamental policy of each portfolio not to concentrate its
investments in securities of companies in any particular industry. In the
opinion of the SEC, investments are concentrated in a particular industry if
such investments aggregate 25% or more of the portfolio's total assets. A
portfolio's policy does not apply to investments in U.S. government securities.
Although each portfolio is classified as non-diversified for purposes of the
1940 Act, each portfolio will comply with the diversification requirements of
the Internal Revenue Code of 1986, as amended, applicable to regulated
investment companies.

NON-FUNDAMENTAL INVESTMENT RESTRICTIONS. The following restriction has been
designated as non-fundamental and may be changed by a vote of a portfolio's
Board of Trustees without approval of shareholders.

The portfolio may not:

(1) Purchase securities while borrowings are in excess of 5% of total assets.