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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08786
Pioneer Mid Cap Value VCT Portfolio Class II Shares
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Joseph P. Barri, Hale and Dorr LLP, 60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: June 30
Date of reporting period: January 1, 2003 through June 30, 2003
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
<Page>
[PIONEER INVESTMENTS(R) LOGO]
PIONEER VARIABLE CONTRACTS TRUST
PIONEER MID CAP VALUE VCT PORTFOLIO -- CLASS II SHARES
SEMIANNUAL REPORT
JUNE 30, 2003
<Page>
PIONEER VARIABLE CONTRACTS TRUST
TABLE OF CONTENTS
<Table>
Pioneer Mid Cap Value VCT Portfolio
Portfolio and Performance Update 2
Portfolio Management Discussion 3
Schedule of Investments 4
Financial Statements 7
Notes to Financial Statements 11
</Table>
<Page>
PIONEER MID CAP VALUE VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO AND PERFORMANCE UPDATE 6/30/03
[CHART]
PORTFOLIO DIVERSIFICATION
(As a percentage of total investment portfolio)
<Table>
U.S. Common Stocks 88.2%
Temporary Cash Investments 9.5%
International Common Stocks 2.3%
</Table>
[CHART]
SECTOR DISTRIBUTION
(As a percentage of equity holdings)
<Table>
Financials 19.6%
Industrials 18.8%
Consumer Discretionary 14.2%
Health Care 11.9%
Energy 9.1%
Materials 7.6%
Information Technology 7.4%
Consumer Staples 4.5%
Utilities 3.8%
Telecommunication Services 3.1%
</Table>
FIVE LARGEST HOLDINGS
(As a percentage of equity holdings)
<Table>
1. Freeport-McMoRan Copper & Gold, Inc. (Class B) 2.12%
2. Foot Locker, Inc. 2.09
3. Telephone & Data Systems, Inc. 2.03
4. CVS Corp. 1.99
5. Manor Care, Inc. 1.97
</Table>
Holdings will vary for other periods. They exclude money market instruments.
PRICES AND DISTRIBUTIONS--CLASS II SHARES
<Table>
<Caption>
6/30/03 12/31/02
Net Asset Value per Share $ 16.75 $ 14.86
</Table>
<Table>
<Caption>
DISTRIBUTIONS PER SHARE SHORT-TERM LONG-TERM
(1/1/03 - 6/30/03) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$0.042 $ - $ -
</Table>
PERFORMANCE OF A $10,000 INVESTMENT--CLASS II SHARES
The following chart shows the change in value of an investment made in PIONEER
MID CAP VALUE VCT PORTFOLIO at net asset value, compared to that of the Russell
Midcap Value Index. Portfolio returns are based on net asset value and do not
reflect any applicable insurance fees or surrender charges.
[CHART]
<Table>
<Caption>
PIONEER MID CAP VALUE VCT PORTFOLIO* RUSSELL MID CAP VALUE INDEX+
3/31/1995 $ 10,000 $ 10,000
$ 11,685 $ 12,263
$ 13,193 $ 14,748
6/30/1997 $ 16,294 $ 19,812
$ 14,734 $ 20,820
6/30/1999 $ 16,615 $ 20,799
$ 19,800 $ 24,789
6/30/2001 $ 21,032 $ 25,369
$ 18,639 $ 22,920
6/30/2003 $ 21,062 $ 25,922
</Table>
+ Index comparison begins 2/28/95. The Russell Midcap Value Index measures the
performance of the value-oriented stocks in the Russell Midcap Index. Index
returns are calculated monthly, assume reinvestment of dividends and, unlike
Portfolio returns, do not reflect any fees, expenses or sales charges. You
cannot invest directly in any Index.
AVERAGE ANNUAL
TOTAL RETURNS+
(As of June 30, 2003)
NET ASSET VALUE*
<Table>
Life-of-Class 9.23%
5 Years 4.79%
1 Year 1.96%
</Table>
All total returns shown assume reinvestment of distributions at net asset value.
+ The performance of Class II shares for the period prior to the commencement
of operations of Class II shares on May 1, 2000 is based on the performance
of Class I shares, reduced to reflect the higher distribution fees of Class I
shares.
* Portfolio performance does not reflect any variable contract fees, expenses
or sales charges. If they had been included, performance would have been
lower. See the pages that comprise the inside cover of this report for
performance net of any contract fees, expenses or sales charges.
Past performance does not guarantee future results. Returns and principal values
fluctuate so that your investment, when redeemed, may be worth more or less than
its original cost. The performance table and graph do not reflect the deduction
of taxes that a shareowner would pay on distributions or the redemption of
shares.
2
<Page>
PIONEER MID CAP VALUE VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO MANAGEMENT DISCUSSION 6/30/03
The war in Iraq was the most significant factor influencing equity prices during
the first six months of 2003. Equities, including mid-cap value stocks, began to
rally in early March in reaction to optimistic reports about the war's progress.
The rally continued through the end of the period on June 30, 2003 as investors
became more optimistic that the economy would finally emerge from its prolonged
slump. In the following interview, Rod Wright discusses the market environment
and portfolio strategies for the six months ended June 30, 2003. Mr. Wright is
responsible for the day-to-day portfolio supervision of Pioneer Mid Cap Value
VCT Portfolio.
Q: HOW DID THE PORTFOLIO PERFORM?
A: The Portfolio outperformed the overall stock market and finished slightly
ahead of the benchmark for the mid-cap value universe. For the six-month
period ended June 30, 2003, the Portfolio's Class II shares had a total
return of 13.00% at net asset value. During the same period, the Standard &
Poor's 500 Index, reflecting the performance of large company stocks,
returned 11.75%, while the Russell Midcap Value Index had a return of 13.11%.
Q: WHAT WAS THE INVESTMENT ENVIRONMENT LIKE DURING THE SIX MONTHS?
A: Virtually all stocks declined during the first weeks of the year, amidst the
growing apprehension about the looming war with Iraq. In addition to war
worries, investors were concerned about the weak economy and the continuing
allegations of corporate fraud and corruption. However, the negative
sentiment changed abruptly in March as it became evident that the U.S. and
its allies would gain a quick victory in the major combat in Iraq. Mounting
optimism also was fueled by passage of a large federal tax cut and by the
Federal Reserve Board's continuing policy to lower short-term interest rates
to stimulate the economy. From March 11 through the end of the six-month
period, stock prices rose steadily on this wave of new optimism, despite the
lack of clear evidence that economic growth was beginning to increase.
Q: WHAT WERE YOUR PRINCIPAL STRATEGIES DURING THE SIX MONTHS?
A: In general, we stuck to our long-term discipline, emphasizing investments in
reasonably valued stocks. When specific holdings rise sharply and become more
expensive, we typically sell some or all of the Portfolio's position to take
profits and reduce risk. This is in keeping with our goal of consistent
performance with less risk than competitor portfolios. At the start of the
year, we overweighted technology stocks. However, as that industry surged
when the stock market rallied, we reduced our tech position, becoming more
defensive by adding to our health care, energy and materials holdings.
Q: WHAT INVESTMENTS HAD THE GREATEST POSITIVE INFLUENCE ON PERFORMANCE?
A: Amdocs, a transaction processing company specializing in the operation of
billing systems for telecommunications companies, was the single largest
contributor to performance during the six months, gaining 151% during the
period. However, we gradually reduced our exposure to the company as its
stock price rose, selling about three-quarters of our position. Other
technology-related holdings that showed strong gains included Mentor
Graphics, which produces automated, electronic design software for the
semiconductor industry, and Symbol Technologies, which develops and
manufactures scanners and mobile computing devices that help track
inventories and deliveries. Mentor rose 96% during the six months, while
Symbol Technologies appreciated 66%.
IVAX and Mylan Laboratories, two specialty pharmaceutical and generic drug
manufacturers, both turned in very strong performance based on prospects for
products in development as well as the improving outlook for generic drugs.
Other positive contributors included retailer Sears, which rose by 37% since
we first invested last December, and mining company Freeport-McMoRan.
Freeport, which owns the largest and lowest-cost mine in the world, benefited
from the rising price of gold.
Q: WHAT WERE YOUR MAJOR DISAPPOINTMENTS?
A: The biggest detractor from performance was our underweighting of utility
stocks. As the stock market rallied, some lower-quality utilities posted huge
gains. In addition, dividend-paying utilities became increasingly attractive
as interest rates continued to decline.
Among our holdings, Triad Hospitals, a hospital management company,
disappointed us during the period, through no fault of its own. It declined
because of the well-publicized problems of HCA, a major hospital company, and
because of concerns that hospital usage might be declining. Declining
fundamentals and intense competition among discount retailers undermined the
stock value of BJ's Wholesale Club.
Q: WHAT IS YOUR INVESTMENT OUTLOOK?
A: We are concerned about the short term, believing that it is possible the
market may give back some of its recent gains. We remain defensively
positioned and are very conscious of valuations in our stock decisions.
However, we are much more optimistic about the longer term and believe that
after clear evidence emerges about an economic rebound, the stock market
could enter a sustained period of good performance. In general, corporations
have improved their balance sheets and are well positioned to benefit from
low interest rates and an economic recovery.
THE PRECEDING INFORMATION IS THE OPINION OF FUND MANAGEMENT. PAST PERFORMANCE IS
NO GUARANTEE OF FUTURE RESULTS, AND THERE IS NO GUARANTEE THAT MARKET FORECASTS
DISCUSSED WILL BE REALIZED.
[SIDENOTE]
Mid-capitalization stocks, while offering the potential for higher returns, may
be subject to greater short-term price fluctuations than securities of larger
companies.
The Portfolio's investment adviser, Pioneer Investment Management, Inc., reduced
its management fee and certain other expenses; otherwise, returns would have
been lower.
3
<Page>
PIONEER MID CAP VALUE VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
SCHEDULE OF INVESTMENTS 6/30/03 (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
COMMON STOCKS - 90.5%
ENERGY - 8.2%
INTEGRATED OIL & GAS - 0.9%
64,350 Occidental Petroleum Corp. $ 2,158,943
-------------
OIL & GAS DRILLING - 3.2%
72,925 ENSCO International, Inc. $ 1,961,683
47,400 Nabors Industries, Inc.* 1,874,670
81,600 Transocean Offshore Inc.* 1,792,752
51,475 Weatherford International, Inc.* 2,156,803
-------------
$ 7,785,908
-------------
OIL & GAS EXPLORATION & PRODUCTION - 2.3%
42,661 Devon Energy Corp. $ 2,278,097
124,375 Pioneer Natural Resources Co.* 3,246,188
-------------
$ 5,524,285
-------------
OIL & GAS REFINING, MARKETING &
TRANSPORTATION - 1.8%
60,075 Sun Company, Inc. $ 2,267,231
55,775 Valero Energy Corp. 2,026,306
-------------
$ 4,293,537
-------------
TOTAL ENERGY $ 19,762,673
-------------
MATERIALS - 6.9%
COMMODITY CHEMICALS - 1.0%
60,075 Air Products & Chemicals, Inc. $ 2,499,120
-------------
DIVERSIFIED CHEMICALS - 0.7%
34,350 PPG Industries, Inc. $ 1,742,919
-------------
DIVERSIFIED METALS & MINING - 3.5%
188,750 Freeport-McMoRan
Copper & Gold, Inc. (Class B) $ 4,624,375
98,675 Phelps Dodge Corp.* 3,783,200
-------------
$ 8,407,575
-------------
PAPER PRODUCTS - 0.6%
38,575 Bowater, Inc. $ 1,444,634
-------------
PRECIOUS METALS & MINERALS - 1.1%
77,375 Newmont Mining Corp. $ 2,511,593
-------------
TOTAL MATERIALS $ 16,605,841
-------------
CAPITAL GOODS - 7.5%
AEROSPACE & DEFENSE - 0.7%
23,725 General Dynamics Corp. $ 1,720,063
-------------
ELECTRICAL COMPONENT & EQUIPMENT - 3.2%
112,325 American Power Conversion Corp.* $ 1,751,147
85,825 Cooper Industries, Inc. 3,544,573
188,800 Symbol Technologies, Inc. 2,456,288
-------------
$ 7,752,008
-------------
INDUSTRIAL CONGLOMERATES - 2.3%
38,600 American Standard Companies, Inc.* $ 2,853,698
38,650 ITT Industries, Inc. 2,530,029
-------------
$ 5,383,727
-------------
INDUSTRIAL MACHINERY - 1.3%
25,700 Deere & Co. $ 1,174,490
42,900 Ingersoll-Rand Co. 2,030,028
-------------
$ 3,204,518
-------------
TOTAL CAPITAL GOODS $ 18,060,316
-------------
COMMERCIAL SERVICES & SUPPLIES - 5.2%
DATA PROCESSING SERVICES - 1.5%
68,600 Amdocs Ltd.* $ 1,646,400
77,250 Equifax, Inc.* 2,008,500
-------------
$ 3,654,900
-------------
COMMERCIAL PRINTING - 2.0%
42,500 R.R. Donnelly & Sons Co., Inc. $ 1,110,950
146,000 John H. Harland Co. 3,819,360
-------------
$ 4,930,310
-------------
DIVERSIFIED COMMERCIAL SERVICES - 0.5%
26,000 H & R Block, Inc. $ 1,124,500
-------------
ENVIRONMENTAL SERVICES - 1.2%
124,425 Republic Services, Inc.* $ 2,820,715
-------------
TOTAL COMMERCIAL SERVICES & SUPPLIES $ 12,530,425
-------------
TRANSPORTATION - 1.7%
AIRLINES - 0.7%
94,400 Southwest Airlines Co. $ 1,623,680
-------------
RAILROADS - 1.0%
51,450 Canadian National Railway Co. $ 2,482,977
-------------
TOTAL TRANSPORTATION $ 4,106,657
-------------
AUTOMOBILES & COMPONENTS - 0.4%
AUTOMOBILE MANUFACTURERS - 0.4%
25,725 Cummins, Inc. $ 923,270
-------------
TOTAL AUTOMOBILES & COMPONENTS $ 923,270
-------------
CONSUMER DURABLES & APPAREL - 2.0%
APPAREL, ACCESSORIES & LUXURY GOODS - 1.0%
159,200 The Limited Brands, Inc. $ 2,467,600
-------------
LEISURE PRODUCTS - 1.0%
124,450 Mattel, Inc. $ 2,354,594
-------------
TOTAL CONSUMER DURABLES & APPAREL $ 4,822,194
-------------
HOTELS, RESTAURANTS & LEISURE - 3.3%
RESTAURANTS - 3.3%
98,675 Outback Steakhouse, Inc. $ 3,848,325
141,575 Tricon Global Restaurants, Inc* 4,184,957
-------------
$ 8,033,282
-------------
TOTAL HOTELS, RESTAURANTS & LEISURE $ 8,033,282
-------------
</Table>
The accompanying notes are an integral part of these statements.
4
<Page>
<Table>
<Caption>
SHARES VALUE
MEDIA - 2.7%
ADVERTISING - 1.6%
188,775 The Interpublic Group of Companies, Inc. $ 2,525,810
17,375 Omnicom Group 1,245,788
------------
$ 3,771,598
------------
MOVIES & ENTERTAINMENT - 1.1%
111,550 Regal Entertainment Group $ 2,630,349
------------
TOTAL MEDIA $ 6,401,947
------------
RETAILING - 3.5%
GENERAL MERCHANDISE STORES - 0.7%
51,900 Sears, Roebuck and Co. $ 1,745,916
------------
SPECIALTY STORES - 2.8%
133,725 Blockbuster, Inc. $ 2,253,266
343,200 Foot Locker, Inc. 4,547,400
------------
$ 6,800,666
------------
TOTAL RETAILING $ 8,546,582
------------
FOOD & DRUG RETAILING - 4.9%
DRUG RETAIL - 1.8%
154,750 CVS Corp. $ 4,337,643
------------
FOOD RETAIL - 2.2%
68,600 Albertson's, Inc. $ 1,317,120
126,500 ConAgra, Inc. 2,985,400
64,475 Kroger Co.* 1,075,443
------------
$ 5,377,963
------------
HYPERMARKETS & SUPERCENTERS - 0.9%
145,850 BJ'S Wholesale Club, Inc.* $ 2,196,501
------------
TOTAL FOOD & DRUG RETAILING $ 11,912,107
------------
HEALTH CARE EQUIPMENT & SERVICES - 8.4%
HEALTH CARE EQUIPMENT - 3.2%
137,300 Apogent Technologies Inc.* $ 2,746,000
72,925 Becton, Dickinson & Co. 2,833,136
95,175 Sybron Dental Specialities* 2,246,130
------------
$ 7,825,266
------------
HEALTH CARE FACILITIES - 3.6%
172,075 Manor Care, Inc.* $ 4,303,596
171,600 Triad Hospitals, Inc.* 4,259,112
------------
$ 8,562,708
------------
MANAGED HEALTH CARE - 1.6%
34,300 CIGNA Corp. $ 1,610,042
27,475 Wellpoint Health Networks Inc.* 2,316,143
------------
$ 3,926,185
------------
TOTAL HEALTH CARE EQUIPMENT &
SERVICES $ 20,314,159
------------
PHARMACEUTICALS & BIOTECHNOLOGY - 2.4%
PHARMACEUTICALS - 2.4%
167,375 IVAX Corp.* $ 2,987,644
77,250 Mylan Laboratories, Inc. 2,685,983
------------
TOTAL PHARMACEUTICALS & BIOTECHNOLOGY $ 5,673,627
------------
BANKS - 9.0%
DIVERSIFIED BANKS - 1.0%
77,272 Charter One Financial, Inc. $ 2,409,341
------------
REGIONAL BANKS - 4.9%
63,925 Boston Private Financial Holdings, Inc. $ 1,347,539
85,800 KeyCorp 2,168,166
42,925 Marshall & Ilsley Corp. 1,312,647
38,575 North Fork Bancorporation, Inc. 1,313,865
64,350 SouthTrust Corp. 1,750,320
55,825 TCF Financial Corp. 2,224,068
34,300 Zions Bancorporation 1,735,923
------------
$ 11,852,528
------------
THRIFTS & MORTGAGE FINANCE - 3.1%
34,300 Countrywide Financial Corp. $ 2,386,251
47,600 GreenPoint Financial Corp. 2,424,744
94,450 The PMI Group, Inc. 2,535,038
------------
$ 7,346,033
------------
TOTAL BANKS $ 21,607,902
------------
DIVERSIFIED FINANCIALS - 3.0%
CONSUMER FINANCE - 1.4%
8,584 White Mountains Insurance Group, Ltd. $ 3,390,680
------------
INVESTMENT BANKING & BROKERAGE - 1.6%
68,650 A.G. Edwards, Inc. $ 2,347,830
85,800 Investment Technology Group, Inc.* 1,595,880
------------
$ 3,943,710
------------
TOTAL DIVERSIFIED FINANCIALS $ 7,334,390
------------
INSURANCE - 5.7%
INSURANCE BROKERS - 1.6%
77,200 Platinum Underwriter Holdings, Ltd. $ 2,095,208
60,100 Willis Group Holdings Ltd. 1,848,075
------------
$ 3,943,283
------------
LIFE & HEALTH INSURANCE - 1.0%
55,750 Jefferson - Pilot Corp. $ 2,311,395
------------
PROPERTY & CASUALTY INSURANCE - 3.1%
38,575 Ambac Financial Group, Inc. $ 2,555,594
77,225 Renaissancere Holdings, Ltd. 3,515,282
17,250 XL Capital Ltd. 1,431,750
------------
$ 7,502,626
------------
TOTAL INSURANCE $ 13,757,304
------------
</Table>
The accompanying notes are an integral part of these financial statements.
5
<Page>
<Table>
<Caption>
SHARES VALUE
SOFTWARE & SERVICES - 5.6%
APPLICATION SOFTWARE - 1.6%
116,125 Autodesk, Inc. $ 1,876,580
128,700 Mentor Graphics Corp.* 1,863,576
-------------
$ 3,740,156
-------------
DATA PROCESSING & OUTSOURCED SERVICES - 4.0%
142,200 The BISYS Group, Inc.* $ 2,612,214
257,475 CSG Systems International, Inc.* 3,638,122
130,429 SunGard Data Systems, Inc.* 3,379,415
-------------
$ 9,629,751
-------------
TOTAL SOFTWARE & SERVICES $ 13,369,907
-------------
TECHNOLOGY HARDWARE & EQUIPMENT - 3.7%
COMMUNICATIONS EQUIPMENT - 0.6%
240,511 Tellabs, Inc.* $ 1,580,157
-------------
COMPUTER HARDWARE - 1.1%
103,000 NCR Corp.* $ 2,638,860
-------------
COMPUTER STORAGE & PERIPHERALS - 0.7%
16,275 Quantum Corp - DLT & Storage Systems* $ 65,914
60,100 Storage Technology Corp.* 1,546,974
-------------
$ 1,612,888
-------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.3%
51,500 W.W. Grainger, Inc. $ 2,408,140
25,700 Waters Corp.* 748,641
-------------
$ 3,156,781
-------------
TOTAL TECHNOLOGY HARDWARE &
EQUIPMENT $ 8,988,686
-------------
TELECOMMUNICATION SERVICES - 2.9%
INTEGRATED TELECOMMUNICATION SERVICES - 2.9%
51,275 Alltel Corp. $ 2,472,481
89,200 Telephone and Data Systems, Inc. 4,433,240
-------------
TOTAL TELECOMMUNICATION SERVICES $ 6,905,721
-------------
UTILITIES - 3.5%
ELECTRIC UTILITIES - 2.3%
51,475 Constellation Energy Group $ 1,765,593
34,350 DTE Energy Co. 1,327,284
47,225 Entergy Corp. 2,492,526
-------------
$ 5,585,403
-------------
GAS UTILITIES - 1.2%
77,225 KeySpan Energy Corp. $ 2,737,626
-------------
TOTAL UTILITIES $ 8,323,029
-------------
TOTAL COMMON STOCKS
(Cost $196,023,916) $ 217,980,019
=============
<Caption>
PRINCIPAL
AMOUNT VALUE
TEMOPORARY CASH INVESTMENTS - 9.5%
REPURCHASE AGREEMENT - 5.4%
$13,000,000 Bear Stearns & Co., Inc.,
1.08%, dated 6/30/03,
repurchase price of $13,000,000
plus accrued interest on
7/1/03 collateralized by $11,959,000
U.S. Treasury Notes,
2.125%, 10/31/04 $ 13,000,000
-------------
SECURITY LENDING COLLATERAL - 4.1%
$9,906,929 Securities Lending Investment Fund,
1.21% $ 9,906,929
-------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $22,906,929) $ 22,906,929
-------------
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $218,930,845) $ 240,886,948
=============
</Table>
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
6
<Page>
PIONEER MID CAP VALUE VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
SIX MONTHS
ENDED 5/1/00
6/30/03 YEAR ENDED YEAR ENDED TO
CLASS II (UNAUDITED) 12/31/02 12/31/01 12/31/00
Net asset value, beginning of period $ 14.86 $ 17.28 $ 17.75 $ 16.89
------------ ------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.01 $ 0.04 $ 0.14 $ 0.07
Net realized and unrealized gain (loss) on investments 1.92 (1.96) 0.94 2.01
------------ ------------ ------------ ------------
Net increase (decrease) from investment operations $ 1.93 $ (1.92) $ 1.08 $ 2.08
Distributions to shareowners:
Net investment income (0.04) (0.04) (0.08) (0.13)
Net realized gain (0.46) (1.47) (1.09)
------------ ------------ ------------ ------------
Net increase (decrease) in net asset value $ 1.89 $ (2.42) $ (0.47) $ 0.86
------------ ------------ ------------ ------------
Net asset value, end of period $ 16.75 $ 14.86 $ 17.28 $ 17.75
============ ============ ============ ============
Total return* 13.00% (11.38)% 6.22% 13.35%
Ratio of net expenses to average net assets+ 1.05%** 1.07% 1.11% 1.01%**
Ratio of net investment income to average net assets+ 0.04%** 0.24% 0.10% 0.37%**
Portfolio turnover rate 58%** 68% 92% 85%**
Net assets, end of period (in thousands) $ 97,498 $ 61,038 $ 10,195 $ 1,943
Ratios with no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 1.05%** 1.07% 1.11% 1.01%**
Net investment income 0.04%** 0.24% 0.10% 0.37%**
Ratios with waiver of management fees and assumption of
expenses by PIM and reduction for fees paid indirectly:
Net expenses 1.05%** 1.07% 1.11% 1.01%**
Net investment income 0.04%** 0.24% 0.10% 0.37%**
</Table>
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
** Annualized.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
7
<Page>
PIONEER MID CAP VALUE VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
BALANCE SHEET 6/30/03 (UNAUDITED)
<Table>
ASSETS:
Investment in securities, at value, (including securities loaned of $9,531,429)
(cost $218,930,845) $ 240,886,948
Cash 89,471
Cash held as collateral for futures contracts -
Foreign currencies, at value -
Receivables -
Investment securities sold 2,969,246
Fund shares sold 1,353,876
Variation margin -
Dividends, interest and foreign taxes withheld 215,997
Forward foreign currency settlement contracts, net -
Forward foreign currency portfolio hedge contracts, open-net -
Due from Pioneer Investment Management, Inc. -
Other 475
-------------
Total assets $ 245,516,013
-------------
LIABILITIES:
Payables -
Investment securities purchased $ 7,186,652
Fund shares repurchased 234,144
Dividends -
Upon return of securities loaned 9,906,929
Variation margin -
Forward foreign currency settlement contracts, net -
Forward foreign currency portfolio hedge contracts, net -
Due to bank
Due to affiliates 153,938
Accrued expenses 57,922
Other 17
-------------
Total liabilities $ 17,539,602
-------------
NET ASSETS:
Paid-in capital $ 212,299,019
Accumulated net investment income (loss) 492,137
Accumulated undistributed net realized gain (loss) (6,770,848)
Net unrealized gain (loss) on:
Investments 21,956,103
Futures contracts -
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies -
-------------
Total net assets $ 227,976,411
-------------
NET ASSET VALUE PER SHARE:
CLASS I:
(Unlimited number of shares authorized)
Net assets $ 130,478,221
Shares outstanding 7,744,185
=============
Net asset value per share $ 16.85
CLASS II:
(Unlimited number of shares authorized)
Net assets $ 97,498,190
Shares outstanding 5,822,220
=============
Net asset value per share $ 16.75
</Table>
The accompanying notes are an integral part of these financial statements.
8
<Page>
PIONEER MID CAP VALUE VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
STATEMENT OF OPERATIONS (UNAUDITED)
<Table>
<Caption>
SIX MONTHS
ENDED
6/30/03
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $2,533) $ 1,276,197
Interest (net of foreign taxes withheld of $0) 55,449
Income on securities loaned, net 2,656
Other 6,884
------------
Total investment income $ 1,341,186
------------
EXPENSES:
Management fees $ 617,142
Transfer agent fees 1,040
Distribution fees (Class II) 89,519
Administrative fees 25,334
Custodian fees 30,377
Professional fees 12,099
Printing 65,084
Fees and expenses of nonaffiliated trustees 1,519
Miscellaneous 6,540
------------
Total expenses $ 848,654
Less management fees waived and expenses assumed by Pioneer
Investment Management, Inc. -
Less fees paid indirectly -
------------
Net expenses $ 848,654
------------
Net investment income (loss) $ 492,532
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, FUTURES CONTRACTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
Investments $ (4,354,264)
Futures contracts -
Forward foreign currency contracts and other assets and
liabilities denominated in foreign currencies -
------------
$ (4,354,264)
------------
Change in net unrealized gain or loss from:
Investments $ 28,891,828
Futures contracts -
Forward foreign currency contracts and other assets and liabilities
denominated in foreign currencies -
------------
$ 28,891,828
------------
Net gain (loss) on investments, futures contracts and foreign currency
transactions $ 24,537,564
============
Net increase (decrease) in net assets resulting from operations $ 25,030,096
============
</Table>
The accompanying notes are an integral part of these financial statements.
9
<Page>
PIONEER MID CAP VALUE VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
SIX MONTHS
ENDED YEAR
6/30/03 ENDED
(UNAUDITED) 12/31/02
FROM OPERATIONS:
Net investment income (loss) $ 492,532 $ 692,951
Net realized gain (loss) on investments (4,354,264) (604,669)
Change in net unrealized gain or loss on investments, futures contracts and
foreign currency transactions 28,891,828 (24,313,838)
------------- -------------
Net increase (decrease) in net assets resulting from operations $ 25,030,096 $ (24,225,556)
------------- -------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income
Class I $ (438,494) $ (418,823)
Class II (236,135) (123,345)
Net realized gain
Class I - (3,695,361)
Class II - (1,420,452)
Tax return of capital
Class I - -
Class II - -
------------- -------------
Total distributions to shareowners $ (674,629) $ (5,657,981)
------------- -------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 47,077,487 $ 113,623,860
Reinvestment of distributions 674,612 5,657,981
Cost of shares repurchased (25,856,388) (46,207,577)
------------- -------------
Net increase (decrease) in net assets resulting from fund share transactions $ 21,895,711 $ 73,074,264
------------- -------------
Net increase (decrease) in net assets $ 46,251,178 $ 43,190,727
------------- -------------
NET ASSETS:
Beginning of period $ 181,725,233 $ 138,534,506
------------- -------------
End of period $ 227,976,411 $ 181,725,233
============= =============
Accumulated undistributed/(distributions in excess of) net investment income (loss) $ 492,137 $ 674,234
============= =============
</Table>
The accompanying notes are an integral part of these financial statements.
10
<Page>
PIONEER MID CAP VALUE VCT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS 6/30/03 (UNAUDITED)
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Pioneer Variable Contracts Trust (the Trust) is a Delaware business trust
registered under the Investment Company Act of 1940 as an open-end management
investment company. The Trust consists of sixteen separate portfolios
(collectively, the Portfolios, individually the Portfolio) as follows:
PORTFOLIOS:
Pioneer Emerging Markets VCT Portfolio (Emerging Markets Portfolio)
Pioneer Europe VCT Portfolio (Europe Portfolio)
Pioneer International Value VCT Portfolio (International Value Portfolio)
Pioneer Small Cap Value VCT Portfolio (Small Cap Value Portfolio)
Pioneer Small Company VCT Portfolio (Small Company Portfolio
Pioneer Fund VCT Portfolio (Fund Portfolio)
Pioneer Growth Shares VCT Portfolio (Growth Shares Portfolio)
Pioneer Real Estate Shares VCT Portfolio (Real Estate Shares Portfolio)
Pioneer Mid Cap Value VCT Portfolio (Mid Cap Value Portfolio)
Pioneer Equity Income VCT Portfolio (Equity Income Portfolio)
Pioneer Balanced VCT Portfolio (Balanced Portfolio)
Pioneer High Yield VCT Portfolio (High Yield Portfolio)
Pioneer Strategic Income VCT Portfolio (Strategic Income Portfolio)
Pioneer America Income VCT Portfolio (America Income Portfolio)
Pioneer Money Market VCT Portfolio (Money Market Portfolio)
Pioneer Value VCT Portfolio (Value Portfolio) (Class II only)
Portfolio shares may be purchased by insurance companies for the purpose of
funding variable annuity or variable life insurance contracts, and may also be
purchased by qualified pension and retirement plans.
The investment objective of Mid Cap Value Portfolio is to seek capital
appreciation.
The Trust's financial statements have been prepared in conformity with
accounting principles generally accepted in the United States that require the
management of the Trust to, among other things, make estimates and assumptions
that affect the reported amounts of assets and liabilities, the disclosure of
contingent assets and liabilities at the date of the financial statements, and
the reported amounts of revenues and expenses during the reporting periods.
Actual results could differ from those estimates. The following is a summary of
significant accounting policies consistently followed by the Trust, which are in
conformity with those generally accepted in the investment company industry:
A. SECURITY VALUATION
Security transactions are recorded as of trade date. Net asset values for the
portfolios are computed once daily, on each day the New York Stock Exchange
is open, as of the close of regular trading on the Exchange. In computing the
net asset values, securities are valued at the last sale price on the
principal exchange where they are traded. Securities that have not traded on
the date of valuation, or securities for which sale prices are not generally
reported, are valued at the mean between the last bid and asked prices.
Trading in foreign equity securities is substantially completed each day at
various times prior to the close of the New York Stock Exchange. The value of
such securities used in computing the net asset value of the Portfolio's
shares, based on the last sale price on the principal exchange where they
traded, are determined as of such times.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Portfolio is informed of the ex-dividend data in
the exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis, net of
unrecoverable foreign taxes withheld at the applicable country rates. All
discounts/premiums are accreted/amortized for financial reporting purposes.
Gains and losses from sales on investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. FUTURES CONTRACTS
The Portfolios may enter into futures transactions to hedge against changes
in interest rates, securities prices, and currency rates or to seek to
increase total return. Upon entering into a futures contract, the Portfolios
are required to deposit with a broker an amount of cash or securities equal
to the minimum "initial margin" requirements of the associated futures
exchange. Subsequent payments for futures contracts ("variation margin") are
paid or received by the Portfolios, depending on the daily fluctuation in the
value of the contracts, and are recorded by the Portfolios as unrealized
gains or losses. When the contract is closed, the Portfolios realize a gain
or loss equal to the difference between the opening and closing value of the
contract. The use of futures contracts involves, to varying degrees, elements
of market risk which may exceed the amounts recognized by the Portfolios.
11
<Page>
Changes in the value of the contracts may not directly correlate to the
changes in the value of the underlying securities. These risks may decrease
the effectiveness of the Portfolio's hedging and trading strategies and
potentially result in a loss. As of June 30, 2003, Mid Cap Value Portfolio
had no open contracts.
C. FOREIGN CURRENCY TRANSLATION
The books and records of the Portfolio are maintained in U.S. dollars.
Amounts denominated in foreign currencies are translated into U.S. dollars
using current exchange rates.
Net realized gains and losses on foreign currency transactions represent, the
net realized gains and losses on foreign currency contracts, disposition of
foreign currencies, and the difference between the amount of income accrued
and the U.S. dollar actually received. Further, the effects of changes in
foreign currency exchange rates on investments are not segregated in the
statement of operations from the effects of changes in market price of those
securities but are included with the net realized and unrealized gain or loss
on investments.
D. FORWARD FOREIGN CURRENCY CONTRACTS
The Portfolio enters into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date as a hedge or cross-hedge against either specific investment
transactions (settlement hedges) or portfolio positions (portfolio hedges).
All contracts are marked to market daily at the applicable exchange rates,
and any resulting unrealized gains or losses are recorded in the Portfolios'
financial statements. The Portfolio records realized gains and losses at the
time a portfolio hedge is offset by entry into a closing transaction or
extinguished by delivery of the currency. Risks may arise upon entering into
these contracts from the potential inability of counterparties to meet the
terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar (see Note 8).
E. TAXES
It is the Trust's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required.
The characterization of distributions to shareowners for financial reporting
purposes is determined in accordance with income tax rules. Therefore, the
source of each Portfolio's distributions may be shown in the accompanying
financial statements as either from or in excess of net investment income or
net realized gain on investment transactions, or from paid-in capital,
depending on the type of book/tax differences that may exist.
Capital loss carryforwards are available to offset future realized capital
gains. At December 31, 2002, Mid Cap Value VCT Portfolio had a capital loss
carryforward of $879,730, which will expire in 2010 if not utilized.
12
<Page>
The following chart shows the components of distributable earnings (accumulated
losses) as of December 31, 2002 and the distributions paid during the year ended
December 31, 2002 on a tax basis as of December 31, 2002. The tax character of
current year distributions will be determined at the end of the current fiscal
year. These amounts do not include the capital loss carryforward detailed above.
<Table>
<Caption>
PIONEER
MID CAP VALUE
VCT PORTFOLIO
2002
- ------------------------------------------------------
DISTRIBUTIONS PAID FROM:
Ordinary Income $ 944,511
Long- Term capital gain $ 4,173,470
-----------
$ 5,117,981
Return of Capital -
-----------
Total distributions $ 5,117,981
-----------
DISTRIBUTABLE EARNINGS
(ACCUMULATED LOSSES):
Undistributed ordinary income $ 674,234
Undistributed long-term gain -
Unrealized appreciation/(depreciation) (8,472,579)
-----------
Total $ 7,798,345
===========
</Table>
The difference between book-basis and tax-basis unrealized appreciation
(depreciation) is primarily attributable to the tax deferral of losses on wash
sales, returns of capital on REITs, and the recognition of unrealized gains or
losses on certain futures contracts.
F. PORTFOLIO SHARES
The Portfolio records sales and repurchases of its shares as of trade date.
Certain insurance companies paid Pioneer Funds Distributor, Inc. (PFD), the
principal underwriter for the Trust and a wholly owned indirect subsidiary of
UniCredito Italiano S.p.A. (UniCredito Italiano), $30,371 in commissions on
the sale of portfolio shares for the six months ended June 30, 2003.
Dividends and distributions to shareowners are recorded on the ex-dividend
date.
G. SECURITY LENDING
The Portfolio lends securities in its portfolio to certain broker-dealers or
other institutional investors, with the Portfolios' custodian acting as the
lending agent. When entering into a loan, the Portfolio receives collateral
which is maintained by the custodian and earns income in the form of
negotiated lenders' fees. The Portfolio also continues to receive interest or
dividends on the securities loaned, and gain or loss in the fair value of the
securities loaned that may occur during the term of the loan, will be for
account of the Portfolio. The loans are secured by collateral of at least
102%, at all times, of the fair value of the securities loaned. The fair
value of the collateral will be adjusted daily to reflect any price
fluctuation in the value of the loaned securities. The value of loaned
securities and cash collateral at period end are disclosed on the balance
sheet. The Trust invests cash collateral in the Securities Lending Investment
Fund which is managed by Brown Brothers Harriman & Co., the Trust's
custodian.
H. REPURCHASE AGREEMENTS
With respect to repurchase agreements entered into by the Portfolio, the
value of the underlying securities (collateral), including accrued interest
received from counterparties, is required to be at least equal to or in
excess of the value of the repurchase agreement at the time of purchase. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Portfolio's custodian, or subcustodian. The
Trust's investment adviser, Pioneer Investment Management, Inc. (PIM), is
responsible for determining that the value of the collateral remains at least
equal to the repurchase price.
2. MANAGEMENT AGREEMENT
PIM manages the Portfolio, and is a wholly owned indirect subsidiary of
UniCredito Italiano. Management fees are calculated daily at the following
annual rate of 0.65% of the Portfolios' average daily net assets.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Portfolio. At June 30, 2003, $133,523 was payable to
PIM related to management fees, administrative fees and certain other services.
3. TRANSFER AGENT
Pioneer Investment Management Shareholder Services, Inc. (PIMSS), a wholly owned
indirect subsidiary of UniCredito Italiano provides substantially all transfer
agent and shareowner services to the Trust at negotiated rates. Included in due
to affiliates is $118 in transfer agent fees payable to PIMSS at June 30, 2003.
13
<Page>
4. DISTRIBUTION PLANS
The Portfolio has adopted a plan of distribution for Class II shares in
accordance with Rule 12b-1 under the Investment Company Act of 1940. Under the
plan, the Portfolio pays PFD a distribution fee of 0.25% of the average daily
net assets attributable to Class II shares. Included in due to affiliates is
$20,297 payable to PFD at June 30, 2003.
5. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION
At June 30, 2003, the Portfolios' aggregate unrealized appreciation and
depreciation based on cost for federal income tax purposes was as follows:
<Table>
<Caption>
NET
GROSS GROSS APPRECIATION/
TAX COST APPRECIATION DEPRECIATION (DEPRECIATION)
- --------------------------------------------------------------------------------------------------
Mid Cap Value Portfolio $ 220,467,699 $ 25,533,413 $ (5,114,164) $ 20,419,249
</Table>
6. PORTFOLIO TRANSACTIONS
The cost of purchases and the proceeds from sales of investments other than U.S.
Government obligations and temporary cash investments for the six months ended
June 30, 2003, were $74,022,147 and $52,711,595, respectively.
7. CAPITAL SHARES
At June 30, 2003, there were an unlimited number of shares of beneficial
interest authorized. Transactions in capital shares were as follows:
<Table>
<Caption>
MID CAP VALUE PORTFOLIO '03 SHARES '03 AMOUNT '02 SHARES '02 AMOUNT
- --------------------------------------------------------------------------------------------------
CLASS I:
Shares sold 1,171,515 $ 18,153,499 2,337,210 $ 37,800,042
Reinvestment of distributions 26,085 438,477 247,842 4,114,184
Shares repurchased (1,531,308) (23,412,152) (1,905,763) (29,145,110)
-----------------------------------------------------------------
Net increase (333,708) $ (4,820,176) 679,289 $ 12,769,116
=================================================================
CLASS II:
Shares sold 1,868,426 $ 28,923,988 4,505,621 $ 75,823,818
Reinvestment of distributions 14,131 236,135 93,450 1,543,797
Shares repurchased (169,150) (2,444,236) (1,080,224) (17,062,467)
-----------------------------------------------------------------
Net increase 1,713,407 $ 26,715,887 3,518,847 $ 60,305,148
=================================================================
</Table>
8. FORWARD FOREIGN CURRENCY CONTRACTS
At June 30, 2003, certain Portfolios had entered into various contracts that
obligate the Portfolio to deliver currencies at specified future dates. At the
maturity of a contract, the Portfolio must make delivery of the foreign
currency. Alternatively, prior to the settlement date of a portfolio hedge, the
Portfolio may close out such contracts by entering into an offsetting hedge
contract. As of June 30, 2003, the Portfolio had no open portfolio hedges. As of
June 30, 2003, the Portfolio had no open currency settlement contracts.
14
<Page>
THIS PAGE FOR YOUR NOTES.
15
<Page>
THIS PAGE FOR YOUR NOTES.
16
<Page>
THIS PAGE FOR YOUR NOTES.
17
<Page>
[PIONEER INVESTMENTS(R) LOGO]
PIONEER VARIABLE CONTRACTS TRUST
OFFICERS
JOHN F. COGAN, JR., PRESIDENT
OSBERT M. HOOD, EXECUTIVE VICE PRESIDENT*
VINCENT NAVE, TREASURER
JOSEPH P. BARRI, SECRETARY
TRUSTEES
JOHN F. COGAN, JR., CHAIRMAN
MARY K. BUSH
RICHARD H. EGDAHL, M.D.
MARGARET B.W. GRAHAM
OSBERT M. HOOD*
STEPHEN K. WEST
JOHN WINTHROP
INVESTMENT ADVISER
PIONEER INVESTMENT MANAGEMENT, INC.
CUSTODIAN
BROWN BROTHERS HARRIMAN & CO.
PRINCIPAL UNDERWRITER
PIONEER FUNDS DISTRIBUTOR, INC.
LEGAL COUNSEL
HALE AND DORR LLP
SHAREOWNER SERVICES AND TRANSFER AGENT
PIONEER INVESTMENT MANAGEMENT SHAREHOLDER SERVICES, INC.
*MR. HOOD WAS ELECTED TRUSTEE AND EXECUTIVE VICE PRESIDENT ON JUNE 3, 2003.
DANIEL T. GERACI RESIGNED AS TRUSTEE AND EXECUTIVE VICE PRESIDENT OF THE FUND ON
APRIL 30, 2003.
THIS REPORT MUST BE PRECEDED OR ACCOMPANIED BY A PROSPECTUS, WHICH INCLUDES MORE
INFORMATION ABOUT CHARGES AND EXPENSES. PLEASE READ THE PROSPECTUS CAREFULLY
BEFORE YOU INVEST OR SEND MONEY.
13915-00-0803
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
Not applicable for semiannual reports; to be answered on annual submissions
after July 15, 2003.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable for semiannual reports; to be answered on annual submissions
after July 15, 2003.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
Not applicable for semiannual reports; to be answered on annual submissions
after December 15, 2003.
ITEMS 5-6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) The registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our evaluation of
these controls and procedures as of a date within 90 days prior to the filing
date of this report.
(b) There were no significant changes in the registrants internal controls
or in other factors that could significantly affect these controls subsequent
to the date of their evaluation, including any corrective actions with regard
to significant deficiencies and material weaknesses.
ITEM 10. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
Not applicable.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Mid Cap Value VCT Portfolio Class II Shares
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date August 25, 2003
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date August 25, 2003
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date August 25, 2003
* Print the name and title of each signing officer under his or her signature.