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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 Variable Contracts Trust
(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>
[GRAPHIC]
[PIONEER INVESTMENTS(R) LOGO]
PIONEER VARIABLE CONTRACTS TRUST
PIONEER VARIABLE CONTRACTS TRUST -- CLASS I SHARES
PIONEER EMERGING MARKETS VCT PORTFOLIO
PIONEER EUROPE VCT PORTFOLIO
PIONEER INTERNATIONAL VALUE VCT PORTFOLIO
PIONEER SMALL CAP VALUE VCT PORTFOLIO
PIONEER SMALL COMPANY VCT PORTFOLIO
PIONEER MID CAP VALUE VCT PORTFOLIO
PIONEER GROWTH SHARES VCT PORTFOLIO
PIONEER REAL ESTATE SHARES VCT PORTFOLIO
PIONEER FUND VCT PORTFOLIO
PIONEER EQUITY INCOME VCT PORTFOLIO
PIONEER BALANCED VCT PORTFOLIO
PIONEER HIGH YIELD VCT PORTFOLIO
PIONEER STRATEGIC INCOME VCT PORTFOLIO
PIONEER AMERICA INCOME VCT PORTFOLIO
PIONEER MONEY MARKET VCT PORTFOLIO
SEMIANNUAL REPORT
JUNE 30, 2003
<Page>
PIONEER VARIABLE CONTRACTS TRUST
TABLE OF CONTENTS
<Table>
Letter from the President 1
Pioneer Emerging Markets VCT Portfolio
Portfolio and Performance Update 2
Portfolio Management Discussion 3
Pioneer Europe VCT Portfolio
Portfolio and Performance Update 4
Portfolio Management Discussion 5
Pioneer International Value VCT Portfolio
Portfolio and Performance Update 6
Portfolio Management Discussion 7
Pioneer Small Cap Value VCT Portfolio
Portfolio and Performance Update 8
Portfolio Management Discussion 9
Pioneer Small Company VCT Portfolio
Portfolio and Performance Update 10
Portfolio Management Discussion 11
Pioneer Mid Cap Value VCT Portfolio
Portfolio and Performance Update 12
Portfolio Management Discussion 13
Pioneer Growth Shares VCT Portfolio
Portfolio and Performance Update 14
Portfolio Management Discussion 15
Pioneer Real Estate Shares VCT Portfolio
Portfolio and Performance Update 16
Portfolio Management Discussion 17
Pioneer Fund VCT Portfolio
Portfolio and Performance Update 18
Portfolio Management Discussion 19
Pioneer Equity Income VCT Portfolio
Portfolio and Performance Update 20
Portfolio Management Discussion 21
Pioneer Balanced VCT Portfolio
Portfolio and Performance Update 22
Portfolio Management Discussion 23
Pioneer High Yield VCT Portfolio
Portfolio and Performance Update 24
Portfolio Management Discussion 25
Pioneer Strategic Income VCT Portfolio
Portfolio and Performance Update 26
Portfolio Management Discussion 27
Pioneer America Income VCT Portfolio
Portfolio and Performance Update 28
Portfolio Management Discussion 29
Pioneer Money Market VCT Portfolio
Portfolio and Performance Update 30
Schedules of Investments
Pioneer Emerging Markets VCT Portfolio 31
Pioneer Europe VCT Portfolio 36
Pioneer International Value VCT Portfolio 39
Pioneer Small Cap Value VCT Portfolio 43
Pioneer Small Company VCT Portfolio 47
Pioneer Mid Cap Value VCT Portfolio 50
Pioneer Growth Shares VCT Portfolio 53
Pioneer Real Estate Shares VCT Portfolio 55
Pioneer Fund VCT Portfolio 56
Pioneer Equity Income VCT Portfolio 60
Pioneer Balanced VCT Portfolio 63
Pioneer High Yield VCT Portfolio 70
Pioneer Strategic Income VCT Portfolio 75
Pioneer America Income VCT Portfolio 84
Pioneer Money Market VCT Portfolio 86
Financial Statements 88
Notes to Financial Statements 110
Trustees, Officers and Service Providers
</Table>
<Page>
PIONEER VARIABLE CONTRACTS TRUST
LETTER FROM THE PRESIDENT 6/30/03
DEAR SHAREOWNER,
With the fading of concerns over the Iraq war, investors whose attention had
been focused overseas were buoyed by hints of increased economic activity at
home. The nation's stock markets began a broad-based rally in early March, and
prices continued to climb. From April through June, the major stock market
averages recorded one of the biggest quarterly jumps in years. Increasing
investor confidence also led to strong returns on corporate bonds. However,
returns on government bonds, which rose sharply earlier, have slowed.
Encouraging factors aren't hard for investors to find. The lowest interest rates
most of us have ever seen and the administration's tax cuts mean higher incomes
for many consumers. The tax reductions on dividends and capital gains are of
special interest to investors. Corporations can also borrow at the lowest rates
in years. Many companies are realizing substantial savings by replacing old,
high-cost debt with new issues that carry lower interest. The Federal Reserve
Board cut rates once again in June in an effort to inject further stimulus into
the economy. And the weak U.S. dollar helps exporters and multinational
companies operating in countries with stronger currencies.
One possible lesson to be learned from the market's decline and recovery is the
importance of staying invested. Those who stayed with their commitments
participated in the recent rally, while those who remained on the sidelines had
to play catch-up. If the protracted slump caused your investment discipline to
slip, this may be an ideal time to contact your financial advisor for guidance
on resuming your investment program.
OUR STYLE FOCUSES ON COMPANIES, NOT ON FORECASTS
There are always risks, of course, and the direction of the economy is something
of a puzzle at the moment. If it continues to struggle for very long, investors
may once again seek shelter in short-term commitments. However, Pioneer's
portfolio managers and analysts do not base investment decisions on economic
assumptions. Instead, as it has since our founding in 1928, our value-focused
investment style requires complete understanding of a company and its potential.
That means intensive analysis of financial reports, visits to companies and
detailed discussions with corporate managers. When we discover potential that
appears to exceed the market's valuation, that company becomes a candidate for
investment. Our research efforts are aided in no small measure by the global
resources of our parent organization, UniCredito Italiano, S.p.A.
Like everyone at Pioneer, I appreciate your continued confidence in our products
and services.
Respectfully
/s/ Osbert M. Hood
Osbert M. Hood
Pioneer Investment Management, Inc.
PIONEER'S NEW PRESIDENT
Osbert Hood was recently named Chief Executive Officer and President of Pioneer
Investments USA. Mr. Hood, formerly Pioneer's Chief Operating Officer and a key
member of the senior management committee, joined Pioneer in 2000 from John
Hancock Financial Services, where he had held senior financial positions.
"I am excited and honored to have the opportunity to lead Pioneer as it
continues to grow," Mr. Hood said. "As CEO I look forward to furthering
Pioneer's strategic goals, including developing new products that can meet the
wider needs of investors and the advisers who serve them."
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.
1
<Page>
PIONEER EMERGING MARKETS VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO AND PERFORMANCE UPDATE 6/30/03
[CHART]
PORTFOLIO DIVERSIFICATION
(As a percentage of total investment in securities)
<Table>
International Common Stocks 61.9%
Depositary Receipts for International Stocks 34.0%
Temporary Cash Investment 2.4%
International Preferred Stocks 1.7%
</Table>
[CHART]
GEOGRAPHICAL DISTRIBUTION
(As a percentage of equity holdings)
<Table>
South Korea 15.8%
India 12.1%
South Africa 12.1%
Taiwan 9.3%
Brazil 8.8%
Mexico 6.4%
Thailand 4.4%
Russia 3.6%
Chile 3.2%
Indonesia 3.1%
Hong Kong 3.1%
Malaysia 3.0%
Turkey 2.9%
Israel 2.0%
Singapore 1.9%
Peoples Republic of China 1.6%
Hungary 1.6%
Peru 1.5%
Poland 1.3%
Other (individually less than 1%) 2.3%
</Table>
FIVE LARGEST HOLDINGS
(As a percentage of equity holdings)
<Table>
1. Telefonos de Mexico SA 4.08%
2. Anglo American Plc 3.34
3. Lukoil Holding (A.D.R.) 2.24
4. Samsung Electronics Co. 2.12
5. Pohang Iron & Steel Co. (A.D.R.) 1.85
</Table>
Holdings will vary for other periods.
PRICES AND DISTRIBUTIONS
<Table>
<Caption>
6/30/03 12/31/02
Net Asset Value per Share $ 12.68 $ 11.03
<Caption>
DISTRIBUTIONS PER SHARE SHORT-TERM LONG-TERM
(1/1/03 - 6/30/03) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$ 0.0551 $ - $ -
</Table>
PERFORMANCE OF A $10,000 INVESTMENT
The following chart shows the change in value of an investment made in PIONEER
EMERGING MARKETS VCT PORTFOLIO at net asset value, compared to that of the
Morgan Stanley Capital International (MSCI) Emerging Markets Free Index.
Portfolio returns are based on net asset value and do not reflect any applicable
insurance fees or surrender charges.
[CHART]
<Table>
<Caption>
MSCI EMERGING
PIONEER EMERGING MARKETS FREE
MARKETS VCT PORTFOLIO* INDEX
10/31/1998 $ 10,000 $ 10,000
$ 10,490 $ 10,675
6/30/99 $ 18,750 $ 17,766
$ 12,337 $ 12,330
6/30/2001 $ 11,450 $ 12,037
$ 11,312 $ 11,315
6/30/2003 $ 13,062 $ 13,137
</Table>
The MSCI Emerging Markets Free Index is an unmanaged, capitalization-weighted
measure of 679 securities trading in 26 emerging markets; it reflects only those
securities available to foreign investors. 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 the Index.
AVERAGE ANNUAL
TOTAL RETURNS
(As of June 30, 2003)
NET ASSET VALUE*
<Table>
Life-of-Class 5.89%
(10/30/98)
1 Year 7.11%
</Table>
All total returns shown assume reinvestment of distributions at net asset value.
* 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 EMERGING MARKETS VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO MANAGEMENT DISCUSSION 6/30/03
For the six months ended June 30, 2003, Pioneer Emerging Markets VCT Portfolio's
Class I shares delivered a total return at net asset value of 15.46%. Over the
same time period, the MSCI Emerging Markets Free Index had a total return of
16.13%.
In the following discussion, Mark Madden, portfolio manager of Pioneer Emerging
Markets VCT Portfolio, addresses the factors impacting the Portfolio's
performance and the outlook for the emerging markets.
Q: WHAT FACTORS INFLUENCED THE PERFORMANCE OF EMERGING MARKETS IN THE SIX MONTHS
ENDED JUNE 30, 2003?
A: Emerging markets performance has improved in the last few months as the
prospects for global growth are looking better following the swift completion
of the war in Iraq. Many expect corporate earnings to strengthen due to
corporate restructuring efforts and low interest rates, which reduce
financing costs and help propel consumer spending.
In the last six months several emerging market countries experienced sharp
recoveries in their financial markets. Brazil was one of the strongest
performing markets due in part to proposed economic policies by the new
president, Luiz Inacio Lula da Silva. The Brazilian market had declined last
year on fears that the president would implement populist policies that would
lower economic growth prospects and increase financing costs. These fears
have proved thus far to be unfounded. Russia also had strong performance in
the last six months due to high oil prices (Russia is a major oil producer),
prospects for reform in Russia's electric power industry, and merger and
acquisition activity in the Russian market that highlighted the attractive
valuations of Russian stocks.
Pioneer Emerging Markets VCT Portfolio's total return was roughly in line
with its benchmark, the MSCI Emerging Markets Free Index, over the last six
months. The Portfolio's focus on Brazil and good stock selection in India
contributed positively to performance. The Fund also benefited from its
deemphasis on the technology sector, which was the worst performing sector
during the last six months due to the disappointing earnings and high
valuations of stocks in the sector. The Portfolio's underweight position in
Israel detracted slightly from performance. The Israeli market rebounded
after Israel escaped negative repercussions from the war in Iraq (as many had
expected), and as the prospects for a peaceful settlement of the
Israeli/Palestinian conflict have improved.
Q: WHAT IS YOUR INVESTMENT STRATEGY?
A: Our investment process is driven by rigorous research that focuses on
companies that sell at a discount to our estimation of fair value, with
strong long-term growth prospects and proven management ability. We look for
companies that are well positioned in industries with favorable long-term
trends and growth potential. We manage risk through diversification among
various countries, sectors and companies while emphasizing stocks that are
attractively valued.
Q: WHERE ARE YOU FINDING ATTRACTIVE OPPORTUNITIES IN EMERGING MARKETS?
A: We are particularly optimistic about the prospects for India, Thailand and
Indonesia. In India, we find many attractively valued stocks across a range
of sectors and are optimistic about the economic growth prospects, if the
Indian government can continue to pursue economic reform measures. Thailand's
economic growth may continue to accelerate as the financial restructuring
that has been in progress the last few years begins to reap benefits.
Indonesia's political situation has been stable, and Indonesian stocks are
among the cheapest in emerging markets. Indonesian interest rates may
continue to decline, which would be very positive to its stock market.
As for sectors, we continue to maintain an underweight position in the
technology sector. We believe earnings are likely to continue to be
disappointing due to intense pressure on profit margins, and stock valuations
are still high.
Q: WHAT IS YOUR OUTLOOK?
A: We believe emerging markets offer better potential than developed markets due
to the low relative valuations in emerging markets and the attractive growth
prospects of emerging market countries relative to developed market
countries. Many companies in emerging markets are gaining global market share
by delivering quality products and services at very competitive prices. Due
to these trends, we expect earnings and cash flow growth to be strong. The
primary risk relates to the health of the global economy, which has a direct
impact on export growth and domestic confidence. Still, we believe there is
significant value in emerging market stocks relative to their own history and
relative to their developed market peers.
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]
Investing in emerging markets carries its own set of risks, including but not
limited to currency fluctuations and social and economic instability. However,
we feel confident that the long-term prospects invite serious consideration.
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 EUROPE VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO AND PERFORMANCE UPDATE 6/30/03
[CHART]
SECTOR DISTRIBUTION
(As a percentage of total equity holdings)
<Table>
Financials 25.1%
Health Care 14.0%
Energy 12.2%
Consumer Staples 11.1%
Consumer Discretionary 9.8%
Telecommunication Services 9.3%
Industrials 5.9%
Information Technology 5.6%
Materials 4.1%
Utilities 2.9%
</Table>
[CHART]
GEOGRAPHICAL DISTRIBUTION
(As a percentage of equity holdings)
<Table>
United Kingdom 33.3%
France 15.2%
Netherlands 11.0%
Switzerland 10.7%
Germany 9.7%
Italy 7.4%
Spain 4.0%
Finland 3.5%
Ireland 2.6%
Denmark 1.1%
Portugal 1.0%
Sweden 0.5%
</Table>
FIVE LARGEST HOLDINGS
(As a percentage of equity holdings)
<Table>
1. Vodafone Group Plc 5.05%
2. BNP Paribas SA 3.76%
3. Royal Dutch Petroleum Co. 3.67%
4. HSBC Holdings Plc 3.41%
5. Nestle SA (Registered Shares) 3.12%
</Table>
Holdings will vary for other periods.
PRICES AND DISTRIBUTIONS
<Table>
<Caption>
6/30/03 12/31/02
Net Asset Value per Share $ 7.41 $ 6.82
<Caption>
DISTRIBUTIONS PER SHARE SHORT-TERM LONG-TERM
(1/1/03 - 6/30/03) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$ 0.032 $ -- $ --
</Table>
PERFORMANCE OF A $10,000 INVESTMENT
The following chart shows the change in value of an investment made in PIONEER
EUROPE VCT PORTFOLIO at net asset value, compared to that of the Morgan Stanley
Capital International (MSCI) Europe Index. Portfolio returns are based on net
asset value and do not reflect any applicable insurance fees or surrender
charges.
[CHART]
<Table>
<Caption>
PIONEER EUROPE VCT MSCI EUROPE
PORTFOLIO* INDEX
10/31/1998 $ 10,000 $ 10,000
$ 10,600 $ 10,992
6/30/1999 $ 13,618 $ 12,741
$ 11,104 $ 11,671
6/30/2001 $ 8,587 $ 9,349
$ 6,955 $ 7,629
6/30/2003 $ 7,589 $ 8,452
</Table>
The MSCI Europe Index is an unmanaged, capitalization-weighted index of the 15
European country indices included in the MSCI EAFE (Europe, Australasia, Far
East) 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 the Index.
AVERAGE ANNUAL
TOTAL RETURNS
(As of June 30, 2003)
NET ASSET VALUE*
<Table>
Life-of-Class -5.74%
(10/30/98)
1 Year -7.21%
</Table>
All total returns shown assume reinvestment of distributions at net asset value.
* 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.
4
<Page>
PIONEER EUROPE VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO MANAGEMENT DISCUSSION 6/30/03
Heightened volatility and improving investor sentiment marked the first six
months of the Portfolio's fiscal year. During the first three months of the
reporting period, geopolitical tensions in the Middle East and North Korea,
combined with a surge in oil prices and concerns over capital adequacy levels
among Europe's insurance companies, sent equity markets lower. Following the
swift conclusion of the Iraqi conflict in early April, equity markets staged an
impressive rebound. Investors returned to the market with enthusiasm, buoyed by
interest-rate cuts in both Europe and the United States and a modestly improving
U.S. macroeconomic outlook. In the following interview, Stan Pearson, a member
of the Portfolio's management team, suggests that while volatility and slow
economic growth are complicating a recovery near term, the outlook is improving.
Q: HOW DID EUROPEAN STOCKS PERFORM DURING THE FIRST HALF OF THE PORTFOLIO'S
FISCAL YEAR?
A: Very well. With the pronounced decline in European equity markets over the
first three months of the reporting period. By April valuations had reached
attractive levels both in absolute terms and relative to bond prices. During
the second quarter, the majority of corporate earnings releases in the United
States and Europe proved to be better than anticipated. Furthermore, many
highly leveraged companies were actively selling non-performing assets,
improving their balance sheets. We also saw an increase in capital-raising
share issuance program and a significant amount of mergers and acquisition
activity. These positive developments helped to ease fears and triggered a
rally, with many investors diversifying more broadly into higher-risk
investments.
Q: HOW DID THE PORTFOLIO PERFORM IN THIS ENVIRONMENT?
A: Total return at net asset value for Class I shares was 9.11% for the six
months ended June 30, 2003. In comparison, the Morgan Stanley Capital
International (MSCI) Europe Index rose 10.77% for the same period. We
attribute the Portfolio's underperformance relative to this benchmark to
disappointing performance among a handful of individual stocks that lagged
their respective sectors.
As was the case in the United States, closer scrutiny of balance sheets has
produced a wave of restated earnings across Europe, and investors have been
quick to punish companies that have been less than forthcoming with their
corporate reporting - regardless of their underlying strength. Also, while
our decision to underweight insurance stocks proved correct, the few
insurance holdings present in the Portfolio suffered from concerns that
falling equity markets are pressuring companies' capital adequacy ratios, as
the value of their equity investments declined.
Q: WHICH SECTORS SAW THE GREATEST IMPROVEMENT DURING THE SIX MONTHS?
A: Given the slower-growth environment, several defensive industries, including
the utility, financial and industrial sectors performed well for the
Portfolio. Defensive sectors tend to have a low correlation to the underlying
strength of the economy, whereas cyclical sectors tend to move in tandem with
the pace of economic growth. From a sector perspective, holdings in the
industrials, health care and consumer discretionary (particularly media) were
very positive. Our decision to retain an overweight position (relative to the
Portfolio's benchmark) in capital goods stocks was also profitable during the
six months.
Q: COULD YOU DESCRIBE SOME OF THE PORTFOLIO'S HOLDINGS THAT PROSPERED DURING THE
SIX-MONTH PERIOD?
A: Certainly. Construction and engineering company Grupo Dragados (Spain) is
benefiting from government-sponsored contracts. In spite of its
asbestos-related litigation liabilities, building materials company St.
Gobain (France) recovered strongly when the company disclosed the true extent
of its exposure and the adequate resources it possessed to meet these
liabilities. Furthermore, proposals to introduce a cap in liabilities any
company might face in the future were well received. Building materials
company Wolseley (United Kingdom) benefited from strong activity in the U.S.
and U.K. housing markets. Smiths Industries (United Kingdom), a leading
producer of metal detection systems that are deployed in airports and other
security sensitive locations, has seen strong growth in demand for its
products following the September 11 terrorist attacks.
Q: WHAT IS YOUR OUTLOOK FOR THE BALANCE OF THE FISCAL YEAR?
A: The short-term outlook for European equities is uncertain, with little
visibility for growth. The strong appreciation of the euro versus other
currencies, notably the U.S. dollar, is reducing the competitiveness of
European goods abroad and is putting some companies' profit forecasts under
pressure. In addition, other macroeconomic indicators, such as manufacturing
and unemployment data, are continuing to point to slow growth in Europe.
Notwithstanding the near-term economic uncertainties, European investor
confidence is improving. Although we do not foresee a major economic recovery
in the near term, we believe that the medium to longer-term outlook for
European equities is attractive. We are increasing the Portfolio's cyclical
exposure, particularly in the capital goods and industrial sectors, and
maintaining an emphasis on the pharmaceutical, media and capital goods
sectors. We believe that the rising tide of optimism is setting the stage for
attractive returns and are positioning assets to best respond to improving
fundamentals.
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]
International investing may involve special risks, including differences in
accounting and currency, as well as economic and political instability.
The Portfolio's investment adviser, Pioneer Investment Management, Inc., reduced
its management fee and certain other expenses; otherwise, returns would have
been lower.
5
<Page>
PIONEER INTERNATIONAL VALUE VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO AND PERFORMANCE UPDATE 6/30/03
[CHART]
SECTOR DISTRIBUTION
(As a percentage of equity holdings)
<Table>
Financials 22.5%
Energy 12.3%
Consumer Staples 11.5%
Health Care 11.1%
Consumer Discretionary 9.8%
Telecommunication Services 9.1%
Informational Technology 7.7%
Industrials 7.0%
Materials 5.3%
Utilities 3.7%
</Table>
[CHART]
GEOGRAPHICAL DISTRIBUTION
(As a percentage of equity holdings)
<Table>
United Kingdom 34.3%
Japan 14.7%
France 11.6%
Switzerland 10.1%
Germany 8.1%
Netherlands 2.9%
Australia 2.9%
Spain 2.5%
Italy 2.5%
South Korea 2.3%
Finland 2.2%
Hong Kong 1.0%
Other (individually less than 1%) 4.9%
</Table>
FIVE LARGEST HOLDINGS
(As a percentage of equity holdings)
<Table>
1. Vodafone Group Plc 3.98%
2. Shell Transport & Trading Co. 3.98%
3. BNP Paribas SA 2.61%
4. Nestle SA (Registered Shares) 2.39%
5. HSBC Holdings Plc 2.36%
</Table>
Holdings will vary for other periods.
PRICES AND DISTRIBUTIONS
<Table>
<Caption>
6/30/03 12/31/02
Net Asset Value per Share $ 8.22 $ 7.79
<Caption>
DISTRIBUTIONS PER SHARE SHORT-TERM LONG-TERM
(1/1/03 - 6/30/03) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$ 0.0602 $ - $ -
</Table>
PERFORMANCE OF A $10,000 INVESTMENT
The following chart shows the change in value of an investment made in PIONEER
INTERNATIONAL VALUE VCT PORTFOLIO at net asset value, compared to that of the
Morgan Stanley Capital International (MSCI) All Country World Free (ACWF) ex.
U.S. Index. Portfolio returns are based on net asset value and do not reflect
any applicable insurance fees or surrender charges.
[CHART]
<Table>
<Caption>
PIONEER INTERNATIONAL MSCI ACWF
VALUE VCT PORTFOLIO* EX. U.S. INDEX+
3/31/1995 $ 10,000 $ 10,000
$ 11,053 $ 10,960
$ 11,998 $ 11,691
6/30/1997 $ 12,581 $ 11,929
$ 12,163 $ 13,655
6/30/1999 $ 17,561 $ 17,877
$ 13,609 $ 15,177
6/30/2001 $ 10,378 $ 12,218
$ 8,996 $ 10,425
6/30/2003 $ 9,561 $ 11,585
</Table>
+ Index comparison begins on 2/28/95. The MSCI ACWF ex. U.S. Index is composed
of 46 markets - 21 developed countries and 25 emerging countries. 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 the Index.
AVERAGE ANNUAL
TOTAL RETURNS
(As of June 30, 2003)
NET ASSET VALUE*
<Table>
Life-of-Class -0.55%
(3/1/95)
5 Years -5.79%
1 Year -8.52%
</Table>
All total returns shown assume reinvestment of distributions at net asset value.
* 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.
6
<Page>
PIONEER INTERNATIONAL VALUE VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO MANAGEMENT DISCUSSION 6/30/03
The easing of geopolitical tensions and lower interest rates set the stage for a
strong comeback in international stocks during the six months ended June 30,
2003. However, a strong euro is presenting mixed opportunities for investors. In
the following interview, Stefano Pregnolato, who is responsible for the
Portfolio's day-to-day management, discusses how the Portfolio responded to this
complex environment and his outlook for the balance of the fiscal year.
Q: WAS THE SIX MONTHS ENDED JUNE 30, 2003 A FAVORABLE PERIOD FOR THE PORTFOLIO?
A: Definitely. With the discussions about Iraq turning from war to
reconstruction, months of uncertainty dissipated. Investors seemed to breathe
a collective sigh of relief and redirected their attention to the financial
markets and prospects for economic recovery. Understandably, the downtrodden
and more cyclical stocks that were most undervalued led the rally -
regardless of quality. While the Portfolio is diversified across both
cyclical and defensive stocks to best position it for growth in up and down
markets, its emphasis on high-quality companies limited its participation in
the spring rally. In addition, a handful of Japanese holdings and insurance
stocks on the whole turned in disappointing returns.
For the six months ended June 30, 2003, the Portfolio's Class I returned
6.28% at net asset value. The Morgan Stanley Capital International (MSCI) All
Country World Free Index excluding the United States posted a return of
11.10% for the same period.
Q: HOW IS THE EURO'S STRONG APPRECIATION AFFECTING THE HOLDINGS IN THE
PORTFOLIO?
A: Falling global stock prices and lower demand for the U.S. dollar triggered
the stronger euro, which has been enjoying a safe-haven status along with the
Swiss Franc since November 2002. The euro's climb has brought mixed fortunes
for your Portfolio. As the Portfolio's gains or losses in the more expensive
euro currency are converted back into a weaker U.S. dollar, the dollar-based
returns become more favorable. On the downside, Europe's export-fueled
economy is losing its pricing edge over foreign competitors, ultimately
lowering profits for continental Europe's businesses.
The weaker U.S. dollar has favorably impacted emerging markets and your
Portfolio's investments there. Since these markets tend to be heavily reliant
on exports, a weaker dollar has made it easier for them to compete.
Q: ON JUNE 5, 2003 THE EUROPEAN CENTRAL BANK REDUCED ITS BENCHMARK INTEREST
RATES BY HALF A PERCENTAGE POINT. WILL THE CUT BE BENEFICIAL FOR THE
PORTFOLIO?
A: We think the reduction is positive for the Portfolio, because lower interest
rates can help stimulate the economies in the 12 continental European
countries constituting the euro zone. Many financial observers believe that
Europe's sluggish growth is suppressing recovery in the United States, which
many are hoping will help jump start a bona fide recovery. It stands to
reason, given the increasing interdependency of the world's economies, that
any improvement in Europe's economic health will spill over into the global
economy.
Q: IS THE UNITED KINGDOM OFFERING ATTRACTIVE INVESTMENT OPPORTUNITIES AT THIS
TIME?
A: We think so. Britain's economy is currently much stronger than that of
Germany and France, and the British pound has appreciated less sharply than
the euro. British American Tobacco and Compass Group, a catering company,
have performed quite well in the slower-growth environment.
Q: HAVE PROSPECTS FOR JAPAN IMPROVED?
A: No. While we are somewhat skeptical about Japan's ability to wrest itself
from a multi-year recession and a banking crisis, we believe companies that
derive their profits from domestic businesses are in a better position to
increase revenues than export-driven businesses.
Q: WHAT FACTORS WOULD CONVINCE YOU THAT A BONA FIDE RECOVERY IS UNDER WAY?
A: First, we would like to see improvement in corporate earnings. The business
sector, which contributed to the recession by drastically cutting spending,
will be key to jump starting a full-fledged recovery. Secondly, an economic
recovery in the United States would help other economies to grow. Finally,
additional interest rate cuts in Europe would be very positive.
Given the positive developments this spring, we believe it is prudent to
begin positioning for such a recovery - selectively adding less defensive,
more cyclical stocks, whose performance is tied to economic growth. Once
investors regain confidence in the future, those and other holdings in the
Portfolio will be well positioned to appreciate as earnings growth and market
sentiment improve.
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]
International investing may involve special risks, including differences in
accounting and currency, as well as economic and political instability.
The Portfolio's investment adviser, Pioneer Investment Management, Inc., reduced
its management fee and certain other expenses; otherwise, returns would have
been lower.
7
<Page>
PIONEER SMALL 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 90.3%
U.S. Denominated Foreign Stocks 4.0%
Temporary Cash Investment 3.9%
Exchange Traded Fund 1.8%
</Table>
[CHART]
SECTOR DISTRIBUTION
(As a percentage of equity holdings)
<Table>
Industrials 24%
Financials 20%
Consumer Discretionary 15%
Health Care 8%
Energy 8%
Information Technology 7%
Utilities 7%
Materials 6%
Consumer Staples 3%
Telecommunication Services 2%
</Table>
FIVE LARGEST HOLDINGS
(As a percentage of equity holdings)
<Table>
1. PacifiCare Health Systems, Inc. 2.02%
2. Southwestern Energy Co. 1.96%
3. R.H. Donnelley Corp. 1.88%
4. Swift Energy Co. 1.88%
5. Stelmar Shipping Ltd. 1.82%
</Table>
Holdings will vary for other periods. They exclude money market instruments.
PRICES AND DISTRIBUTIONS
<Table>
<Caption>
6/30/03 12/31/02
Net Asset Value per Share $ 10.36 $ 9.23
<Caption>
DISTRIBUTIONS PER SHARE SHORT-TERM LONG-TERM
(1/1/03 - 6/30/03) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$ - $ - $ -
</Table>
PERFORMANCE OF A $10,000 INVESTMENT
The following chart shows the change in value of an investment made in PIONEER
SMALL CAP VALUE VCT PORTFOLIO at net asset value, compared to that of the
Russell 2000 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 SMALL CAP RUSSELL 2000
VALUE VCT PORTFOLIO* VALUE INDEX+
11/30/2001 $ 10,000 $ 10,000
$ 10,574 $ 10,612
6/30/2002 $ 8,979 $ 9,400
6/30/2003 $ 10,078 $ 10,950
</Table>
+ Index comparison begins 11/30/01. The Russell 2000 Value Index is a measure
of the performance of the value-oriented stocks in the Russell 2000 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 the Index.
AVERAGE ANNUAL
TOTAL RETURNS
(As of June 30, 2003)
NET ASSET VALUE*
<Table>
Life-of-Class 2.18%
(11/8/01)
1 Year -8.88%
</Table>
All total returns shown assume reinvestment of distributions at net asset value.
* 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.
8
<Page>
PIONEER SMALL CAP VALUE VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO MANAGEMENT DISCUSSION 6/30/03
Pioneer Small Cap Value VCT Portfolio delivered positive results for shareowners
over the last six months. However, strength in speculative stocks that did not
meet the Portfolio's value criteria caused performance to lag the benchmark. In
the following discussion, portfolio manager David Adams and assistant portfolio
manager Jack McPherson review the changing environment for small-cap value
stocks and some of the investment decisions that affected performance.
Q: HOW DID THE PORTFOLIO PERFORM OVER THIS PERIOD?
A: For the six-month period ended June 30, 2003, Pioneer Small Cap Value VCT
Portfolio returned 12.24%, at net asset value. These results trailed the
16.49% return on the Russell 2000 Value Index, the Portfolio's benchmark, for
the same period.
Q: WHAT WERE CONDITIONS LIKE OVER THE PAST SIX MONTHS AND HOW DID YOU RESPOND?
A: Last fall, it appeared that the U.S. economy might be poised to expand.
However, uncertainties surrounding the war in Iraq and the protracted, severe
winter took a toll on business activity. But investor confidence recovered as
the war progressed.
In early March, stocks began a vigorous rally that continued through the end
of the period, with speculative issues recording the largest gains. In the
meantime, the economy has been moving in fits and starts, with unemployment
levels stubbornly high. Nevertheless, we have been structuring the Portfolio
for the possibility of a better economy, in part by purchasing slightly
larger companies and weeding out smaller holdings that disappointed.
Q: WHICH AREAS HAD THE MOST IMPACT ON RESULTS?
A: An overweight position and successful stock selection among energy issues
made a positive contribution to performance. Shares of coal producer Massey
Energy rose after the company resolved its operational problems. Swift
Energy, which produces oil and natural gas in and around the Gulf of Mexico,
delivered good earnings, giving evidence that production is on track after a
period of shortfalls. Another Gulf-area driller, Texas-based Southwestern
Energy, exploited new production areas and appears well situated to profit
from potentially higher natural gas prices.
Strong performers among financial companies included bank holding company
Irwin Financial, which saw its mortgage business expand as homeowners took
advantage of low interest rates. Title insurer Stewart Information Systems
was another direct beneficiary of the mortgage-refinancing boom. Medallion
Financial, which lends money to finance the purchase of taxi medallions in
New York and other large cities, emerged from a post-9/11 slump. Medallion
also operates the nation's largest taxi-top advertising company and is
setting up a bank in order to gather low-interest deposits that it can then
lend out.
Q: WHICH AREAS HELD BACK PERFORMANCE?
A: A significant portion of the Portfolio's underperformance compared to its
benchmark can be tied to health care stocks. We kept the Portfolio
underweighted in biotechnology, a sector characterized by high valuations and
modest profitability. As the market became less risk averse, several biotech
companies did well, hurting relative performance. Among portfolio holdings,
RITA Medical Systems makes laparoscopic devices for treating liver cancer by
means of thermal energy. Shares fell when the company's CEO resigned.
However, conversations with management have reaffirmed our confidence in the
company's prospects. We also remain optimistic about the potential for
Haemonetics, whose shares suffered when demand for its automated
blood-processing technology weakened.
Pediatrix has grown by acquiring neonatal and maternal-fetal medical
practices in several states. Shares dropped when the Federal Trade Commission
sought additional information about an acquisition it had approved earlier.
In addition, the CEO resigned unexpectedly, and the firm's founder assumed
that role. Coming on the heels of accounting scandals at HealthSouth (not
part of the Portfolio), these problems caused widespread selling of
Pediatrix. We bought shares on this weakness; prices had recovered
substantially by the end of the period.
Q: PLEASE GIVE US YOUR OUTLOOK FOR THE ECONOMY AND FOR SMALL STOCKS.
A: For the first time in years, small-cap companies lagged large caps during the
troubling period that preceded the war. With the war resolved, small
companies began to outperform large companies once again. However, many
small-cap issues are still available at valuations that could attract
investors if the economy shows renewed signs of growth. Right now, business
conditions no longer seem to be worsening, but improvement is coming
grudgingly. If investors gain confidence that better economic times lay
ahead, small caps have the potential to produce strong returns.
Our energies remain focused on finding companies with solid finances whose
share prices appear to understate their potential to produce growing earnings
over the next few years.
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]
Small-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.
9
<Page>
PIONEER SMALL COMPANY 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 87.4%
Temporary Cash Investment 9.9%
Exchange Traded Fund 1.7%
International Common Stocks 1.0%
</Table>
[CHART]
SECTOR DISTRIBUTION
(As a percentage of equity holdings)
<Table>
Financials 23%
Industrials 18%
Consumer Discretionary 15%
Health Care 12%
Information Technology 9%
Energy 8%
Materials 6%
Consumer Staples 4%
Utilities 3%
Telecommunication Services 2%
</Table>
FIVE LARGEST HOLDINGS
(As a percentage of equity holdings)
<Table>
1. iDine Rewards Network, Inc. 4.66%
2. American Capital Strategies, Ltd. 2.52%
3. Forest Oil Corp. 2.46%
4. John H. Harland Co. 2.26%
5. Unisource Energy Corp. 2.10%
</Table>
Holdings will vary for other periods. They exclude money market instruments.
PRICES AND DISTRIBUTIONS
<Table>
<Caption>
6/30/03 12/31/02
Net Asset Value per Share $ 9.78 $ 9.13
<Caption>
DISTRIBUTIONS PER SHARE SHORT-TERM LONG-TERM
(1/1/03 - 6/30/03) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$ - $ - $ -
</Table>
PERFORMANCE OF A $10,000 INVESTMENT
The following chart shows the change in value of an investment made in PIONEER
SMALL COMPANY VCT PORTFOLIO at net asset value, compared to that of the Russell
2000 Index. Portfolio returns are based on net asset value and do not reflect
any applicable insurance fees or surrender charges.
<Table>
<Caption>
PIONEER SMALL COMPANY RUSSELL 2000
VCT PORTFOLIO* INDEX+
1/31/2001 $ 10,000 $ 10,000
6/30/2001 $ 10,498 $ 9,741
6/30/2002 $ 8,739 $ 7,747
6/30/2003 $ 9,362 $ 9,131
</Table>
+ Index comparison begins 1/31/01. The Russell 2000 Index is an unmanaged
measure of the 2,000 smallest stocks, based on capitalization, in the Russell
3000 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 the Index.
AVERAGE ANNUAL
TOTAL RETURNS
(As of June 30, 2003)
NET ASSET VALUE*
<Table>
Life-of-Class -0.90%
(1/19/01)
1 Year -11.49%
</Table>
All total returns shown assume reinvestment of distributions at net asset value.
* 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.
10
<Page>
PIONEER SMALL COMPANY VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO MANAGEMENT DISCUSSION 6/30/03
Pioneer Small Company VCT Portfolio delivered positive results over the last six
months. However, a preference by investors for speculative issues caused the
Portfolio, with its value focus, to underperform its benchmark, the Russell 2000
Index. In the following discussion, portfolio manager David Adams and assistant
portfolio manager Jack McPherson review the changing environment for
small-capitalization stocks and some of the investment decisions that affected
performance.
Q: HOW DID PIONEER SMALL COMPANY VCT PORTFOLIO PERFORM OVER THIS PERIOD?
A: For the six months ended June 30, 2003, Pioneer Small Company VCT Portfolio
returned 7.12% at net asset value. These results lagged the 17.88% return on
the Russell 2000 Index for the same period.
Q: WHAT WAS THE BACKGROUND FOR SMALL-COMPANY STOCKS AND HOW DID THAT BACKGROUND
AFFECT PERFORMANCE?
A: A rally from depressed levels began last fall and continued through early
December, when equity markets turned neutral. The uptrend resumed in January
as investors anticipated a return to economic growth. But the market reversed
course when year-end corporate earnings proved disappointing and worries grew
over war with Iraq. Markets turned higher again in mid-March, as fears of a
long, draining war evaporated and optimism regarding the long awaited
economic recovery seemed to be renewed. Small-cap stocks ended the second
quarter of the year as the best performing equity class as investors showed
an interest in attractively priced stocks that had been punished earlier in
the year.
Q: WHICH OF YOUR DECISIONS MOST AFFECTED PORTFOLIO PERFORMANCE?
A: The biggest contributor to relative performance was iDine Reward Networks,
which markets loyalty reward programs to consumers for utilizing member
restaurants, which was and is our largest holding in the Portfolio. iDine
appreciated as consistently solid fundamental operating results were finally
rewarded by the market. Alliance Atlantis Communications, a producer and
distributor of movies and television shows, produced solid performance. TALX,
a business process outsourcer, appreciated due to strong demand for the
company's services. School Specialty, a distributor of school supplies,
appreciated as the result of its attractive valuation and the announcement of
a favorable acquisition.
An underweight position in biotechnology and medical devices and
underperformance by our health care services holdings combined to have the
largest negative impact on relative performance. We were not invested in
biotechnology and this contributed to the Portfolio's performance lag versus
its benchmark. Our health care services investments underperformed the
benchmark for a variety of reasons that we view as temporary. We remain
confident that our long-term approach in this area will be rewarded. The
largest single detractor from performance was Haemonetics, a manufacturer of
blood filtration equipment. This holding declined as demand for the company's
products weakened. The stock price of Agnico Eagle Mines dropped due to
production problems. However, we don't think these difficulties are
significant enough to prevent the company from realizing the value of its
mining assets.
Q: PLEASE HIGHLIGHT THE CHANGES THAT WERE MADE TO THE PORTFOLIO OVER THE PERIOD.
A: We added FTI Consulting, a financial consulting firm that specializes in
bankruptcy consulting, after the stock declined on concerns that a better
economy would hurt their business. We also purchased Tech Data, a distributor
of technology products, in anticipation of an eventual upturn in demand.
Tupperware was added due to the defensive nature of its products. We added
Seacor Smit, an owner and operator of supply boats to offshore drilling
contractors, due to our favorable outlook for the oil and gas markets.
Manhattan Associates, a leading software vendor focused on supply chain
management, was added because of its leadership position in its market and
because we were impressed with the company's strong results despite a
difficult operating environment.
We eliminated a position in Medimune because we had acquired the company when
it had purchased one of our holdings and the stock is not a small-cap stock.
We sold our holdings of Orthodontic Centers of America and AFC Enterprises
because of deteriorating fundamentals. We eliminated Wind River Systems
because of an uncertain outlook for its products.
Q: PLEASE GIVE US YOUR OUTLOOK FOR THE ECONOMY AND FOR SMALL STOCKS.
A: Business conditions are not improving rapidly, but they are no longer getting
worse. As value-conscious investors, we continue to focus on fundamental
measures of corporate health, emphasizing companies whose stock valuations
appear to understate their growth potential over the next couple of years.
When the economy rebounds, the attractive valuations of small-cap stocks have
the potential to attract more investors. We may be approaching a time when
investors have more confidence in the economy; should this happen, small caps
have the potential to produce strong returns.
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]
Small-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.
11
<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
<Table>
<Caption>
6/30/03 12/31/02
Net Asset Value per Share $ 16.85 $ 14.94
<Caption>
DISTRIBUTIONS PER SHARE SHORT-TERM LONG-TERM
(1/1/03 - 6/30/03) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$ 0.0567 $ - $ -
</Table>
PERFORMANCE OF A $10,000 INVESTMENT
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 RUSSELL MIDCAP
VALUE VCT PORTFOLIO* VALUE INDEX+
3/31/1995 $ 10,000 $ 10,000
$ 11,819 $ 12,263
$ 13,596 $ 14,748
6/30/97 $ 16,952 $ 19,812
$ 16,271 $ 20,820
6/30/99 $ 18,407 $ 20,799
$ 21,721 $ 24,789
6/30/2001 $ 23,130 $ 25,369
$ 20,537 $ 22,920
6/30/2003 $ 23,241 $ 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 10.53%
(3/1/95)
5 Years 4.79%
1 Year 2.22%
</Table>
All total returns shown assume reinvestment of distributions at net asset value.
* 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.
12
<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 had a total return of 13.16%, 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 the 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: Our better performing investments tended to be from a variety of industries,
reflecting our emphasis on individual stock selection rather than industry
weighting.
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.
13
<Page>
PIONEER GROWTH SHARES 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 92.2%
Exchange Traded Fund 5.0%
U.S.-Denominated Foreign Stocks 1.5%
Depositary Receipts for International Stocks 1.3%
</Table>
[CHART]
SECTOR DISTRIBUTION
(As a percentage of equity holdings)
<Table>
Information Technology 27%
Health Care 26%
Consumer Staples 15%
Industrials 11%
Financial 10%
Consumer Discretionary 8%
Energy 3%
</Table>
FIVE LARGEST HOLDINGS
(As a percentage of equity holdings)
<Table>
1. Pfizer, Inc. 8.20%
2. Microsoft Corp. 6.61
3. Nasdaq - 100 Index Traded Stock 4.98
4. Wal-Mart Stores, Inc. 4.55
5. General Electric Co. 4.04
</Table>
Holdings will vary for other periods.
PRICES AND DISTRIBUTIONS
<Table>
<Caption>
6/30/03 12/31/02
Net Asset Value per Share $ 11.01 $ 9.75
<Caption>
DISTRIBUTIONS PER SHARE SHORT-TERM LONG-TERM
(1/1/03 - 6/30/03) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$ 0.0014 $ - $ -
</Table>
PERFORMANCE OF A $10,000 INVESTMENT
The following chart shows the change in value of an investment made in PIONEER
GROWTH SHARES VCT PORTFOLIO at net asset value, compared to that of the Russell
1000 Growth Index. Portfolio returns are based on net asset value and do not
reflect any applicable insurance fees or surrender charges.
[CHART]
<Table>
<Caption>
PIONEER GROWTH SHARES RUSSELL 1000
VCT PORTFOLIO* GROWTH INDEX
10/31/1997 $ 10,000 $ 10,000
$ 10,227 $ 10,542
$ 13,561 $ 14,622
6/30/99 $ 14,637 $ 19,470
$ 13,484 $ 15,104
6/30/2001 $ 10,962 $ 12,019
$ 7,157 $ 8,668
6/30/2003 $ 8,083 $ 9,802
</Table>
The Russell 1000 Growth Index contains those Russell 1000 securities with
greater-than-average growth orientation. Companies in this index tend to exhibit
higher price-to-book and price-to-earnings ratios, lower dividend yields and
higher forecasted growth values than the Value universe. 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 the Index.
AVERAGE ANNUAL
TOTAL RETURNS
(As of June 30, 2003)
NET ASSET VALUE*
<Table>
Life-of-Class -3.69%
(10/31/97)
5 Years -8.46%
1 Year -0.89%
</Table>
All total returns shown assume reinvestment of distributions at net asset value.
* 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.
14
<Page>
PIONEER GROWTH SHARES VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO MANAGEMENT DISCUSSION 6/30/03
The quick resolution of the major military campaign in Iraq in March sparked a
stock market rally led by growth stocks, which continued through the end of
June. Equities that had been driven down the furthest in the slump of the
previous three years, including technology and telecommunications issues, tended
to be among the performance leaders in the market revival. In the following
interview, Eric Weigel discusses the factors that influenced the performance of
Pioneer Growth Shares VCT Portfolio during the six-month period ended June 30,
2003. Mr. Weigel is responsible for the Portfolio's day-to-day management.
Q: HOW DID THE PORTFOLIO PERFORM DURING THE FIRST HALF OF 2003?
A: The Portfolio performed well. For the six-month period ended June 30, 2003,
the Portfolio's Class I shares had a total return of 12.94%, at net asset
value. For the same period, the Standard & Poor's 500 Index, a benchmark for
large-company stocks, returned 11.76%, while the Russell 1000 Growth Index
had a return of 13.09%.
Q: WHAT FACTORS INFLUENCED THE PORTFOLIO'S PERFORMANCE?
A: Our stock selection was excellent, helping lift Portfolio performance,
despite our deemphasis of some of the best-performing sectors relative to the
Russell 1000 Growth Index.
We had entered 2003 with a moderately aggressive outlook, emphasizing
companies that had clearly shown their ability to improve their earnings and
that had reasonable stock valuations. However, more speculative stocks tended
to be the performance leaders in the rally that began in March and continued
through June 30.
The Portfolio's investments in the health care industry, which we
overweighted relative to the Russell 1000 Growth Index, were major
contributors to the Portfolio's performance during the period. Our consumer
staples holdings also helped overcome our deemphasis of more aggressive
technology and consumer discretionary stocks, which we believed offered more
risk than growth potential in the near term.
Q: WHAT WERE SOME OF THE INVESTMENTS THAT CONTRIBUTED TO PERFORMANCE?
A: Health care led the way. Specialty pharmaceutical and generic drug
manufacturers did well both because of growing sales and because of improving
prospects in the generic part of the industry, which should benefit from
President Bush's health care plan. Takeover activity and a more favorable
regulatory environment also helped biotech stocks post strong results. The
Portfolio's performance leaders included Biovail, a specialty pharmaceutical
and generic manufacturer, and Mylan Labs, a generic company. Scios, a small
pharmaceutical company, was acquired during the period by Johnson & Johnson
at a healthy premium to its stock price. Amgen, a leading biotech firm, also
contributed to performance.
In the consumer staples group, Estee Lauder was a very strong performer,
while PepsiCo also helped. Estee Lauder's stock staged a particularly strong
turnaround from a low valuation. Sales at airport outlets account for 30% of
the cosmetics company's revenues. As sales increased at the airports and
other retail locations, the stock performed very well.
Q: WHAT INVESTMENT DECISIONS DETRACTED FROM PERFORMANCE?
A: Our decision to deemphasize aggressive technology stocks did not help. While
we did have representation in the technology industry, we tended to own
larger, less risky companies. Many of our technology holdings also rose in
the rally, but they still trailed some of the more speculative performance
leaders during the period. For example IBM and Nokia, two major positions,
gained 7% and 8%, respectively, during the six months but still lagged far
beyond technology averages. Cadence Systems, another position, rose by just
2%. One large holding that performed very well was Intel, which gained 33%.
However, Microsoft, one of the Portfolio's largest holding on June 30,
actually fell by one-half of one percentage point.
Q: WHAT IS YOUR INVESTMENT OUTLOOK?
A: We are cautious. While we still think stocks offer good value in relation to
bonds, we think stock market prices reflect overly optimistic expectations
for corporate earnings growth. We believe earnings may rise for the remainder
of 2003, but they may fall short of market expectations.
We remain slightly underweighted in technology and overweighted in health
care, which we believe offers more stable and predictable earnings growth
rates. We will continue to take advantage of major market day-to-day moves in
stock prices to reduce our positions in higher priced stocks and invest in
equities with more reasonable valuations.
We intend to continue to keep the Portfolio less aggressively positioned,
with an emphasis on lower risk stocks.
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]
The Portfolio's investment adviser, Pioneer Investment Management, Inc., reduced
its management fee and certain other expenses; otherwise, returns would have
been lower.
15
<Page>
PIONEER REAL ESTATE SHARES 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 92.7%
Temporary Cash Investment 7.3%
</Table>
[CHART]
SECTOR DISTRIBUTION
(As a percentage of equity holdings)
<Table>
Retail 26.7%
Office 23.3%
Apartment 18.5%
Diversified 11.5%
Industrial 7.9%
Hotel 6.0%
Self Storage 4.4%
Manufactured Homes 1.7%
</Table>
FIVE LARGEST HOLDINGS
(As a percentage of equity holdings)
<Table>
1. Equity Office Properties Trust 7.02%
2. Simon DeBartolo Group, Inc. 5.78
3. Equity Residential Property Trust 4.30
4. General Growth Properties, Inc. 4.19
5. ProLogis Trust 4.19
</Table>
Holdings will vary for other periods.
PRICES AND DISTRIBUTIONS
<Table>
<Caption>
6/30/03 12/31/02
Net Asset Value per Share $ 15.86 $ 14.47
<Caption>
DISTRIBUTIONS PER SHARE SHORT-TERM LONG-TERM
(1/1/03 - 6/30/03) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$ 0.360 $ - $ -
</Table>
PERFORMANCE OF A $10,000 INVESTMENT
The following chart shows the change in value of an investment made in PIONEER
REAL ESTATE SHARES VCT PORTFOLIO at net asset value, compared to that of the
Wilshire Real Estate Securities Index. Portfolio returns are based on net asset
value and do not reflect applicable insurance fees and surrender charges.
[CHART]
<Table>
<Caption>
PIONEER REAL ESTATE WILSHIRE REAL
SHARES VCT PORTFOLIO* ESTATE SECURITIES INDEX+
3/31/1995 $ 10,000 $ 10,000
$ 11,696 $ 11,322
$ 15,875 $ 15,497
6/30/97 $ 19,235 $ 18,565
$ 15,629 $ 15,330
6/30/99 $ 14,977 $ 14,841
$ 19,397 $ 19,403
6/30/2001 $ 20,911 $ 21,431
$ 21,440 $ 21,983
6/30/2003 $ 24,071 $ 24,945
</Table>
+ Index comparison begins on 2/28/95. The Wilshire Index is a
market-capitalization weighted measure of the performance of real estate
investment trusts (equity and hybrid) and real estate operating companies.
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 the Index.
AVERAGE ANNUAL
TOTAL RETURNS
(As of June 30, 2003)
NET ASSET VALUE*
<Table>
Life-of-Class 11.12%
(3/1/95)
5 Years 5.87%
1 Year 2.35%
</Table>
All total returns shown assume reinvestment of distributions at net asset value.
* 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.
16
<Page>
PIONEER REAL ESTATE SHARES VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO MANAGEMENT DISCUSSION 6/30/03
Following the swift conclusion of the war in Iraq in early April, equity markets
staged an impressive rebound, contributing to strong gains for the six months
ended June 30, 2003. It appears that the relatively short duration of the war in
Iraq helped to temper investors' anxiety and ease the uncertainty overshadowing
stock markets worldwide. In the following interview, portfolio manager Jeff
Caira suggests that while volatility and slow economic growth are complicating a
recovery, the outlook is improving.
Q: THE PORTFOLIO HAD POSITIVE RETURNS GOING INTO THE APRIL RALLY. HOW DID IT
PERFORM FOR THE SIX MONTHS ENDED JUNE 30, 2003?
A: The Portfolio achieved favorable gains for the first half of its fiscal year,
which was rewarding given the fact that many sectors of the real estate
market were showing increasing vulnerability to the weaker U.S. economy. In
April, investors returned to the market with enthusiasm, but our preference
for larger, high-quality real estate investments proved to be a drawback
during the rally.
For the six months ended June 30, the Portfolio's total return at net asset
value for Class I shares was 12.27%. The Portfolio underperformed its
benchmark, the Wilshire Real Estate Securities Index, which rose 13.47% for
the same period. In addition to investors' penchant for lower-quality,
higher-yielding stocks, poor stock selection in the hotel sector and our
decision to limit the Portfolio's exposure to community center property
companies during a period of strong performance accounts for the disparity.
Q: WHY DID THE PORTFOLIO'S HOTEL STOCKS PROVE TO BE SO DISAPPOINTING?
A: In addition to choosing stocks that lagged the hotel sector's spring rally,
our decision to underweight the Portfolio's exposure to this sector had the
added misfortune of limiting its participation in the rebound. Furthermore,
Starwood Hotels & Resorts, which we'd chosen to slightly underweight
(relative to the benchmark), outperformed the benchmark for the six-month
period.
Q: DESPITE SLUGGISH ECONOMIC GROWTH, RETAIL STOCKS TURNED IN STRONG PERFORMANCE.
WHY IS THAT?
A: Retails stocks benefited from continued improvement in fundamentals, as
landlords were generally able to increase occupancy levels in retail centers
and generate strong rent increase on expiring and new leases. Additionally,
there were fewer tenant bankruptcies than there were for the same period last
year, keeping cash flows strong. Investors continued to bid these stocks up
despite valuations levels at the high end of the historical range for
community center property companies. Investors appeared to be downplaying
valuation levels in favor of the strong absolute and even stronger relative
fundamentals of this property type. Two of the Portfolio's largest
investments in this area of the retail sector, Pan Pacific Retail Properties
and Weingarten Realty Investors, were significant contributors to performance
for the six months under review.
Q: HAS THE OUTLOOK FOR THE OFFICE SECTOR IMPROVED?
A: Office real estate investment trusts (REITs) are still experiencing weak
fundamentals, since the sector is so highly correlated to the direction of
economic growth, albeit with a lag. Vacancy rates have risen and expiring
contractual rent agreements, which experienced dramatic increases in recent
years, are, in many cases, in jeopardy of being renewed at today's lower rent
levels. We're watching the group closely to look for signs of job growth in
the economy, which could signal a subsequent turnaround in office property
fundamentals. We are pleased to see that the supply of new office buildings
has moderated, which bodes well for the sector once job growth improves and
demand increases.
Q: WHAT IS YOUR OUTLOOK?
A: We believe that the longer-term benefits of real estate investments remain
intact - namely above-average dividend yields, relatively stable cash flows
and modest growth. The industry's current fundamentals are weak, however, and
we don't foresee substantial improvement, with the exception of hotel REITs,
until job growth resumes. While we remain cautious, we've taken steps to
reduce the Portfolio's exposure to defensive sectors, including industrial,
manufactured housing and office REITs, and slightly increased its exposure to
retail by adding to community center property companies. Since real estate is
a lagging indicator of the economy's strength by about six months, we want to
ensure that the Portfolio is well positioned for an eventual recovery before
it becomes widely apparent.
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]
Real estate investments may be subject to special risks, including risks related
to general and local economic conditions and risks related to an individual
property.
The Portfolio's investment adviser, Pioneer Investment Management, Inc., reduced
its management fee and certain other expenses; otherwise, returns would have
been lower.
17
<Page>
PIONEER FUND 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 91.5%
Depositary Receipts for International Stocks 3.6%
Temporary Cash Investments 3.5%
International Common Stocks 1.4%
</Table>
[CHART]
SECTOR DISTRIBUTION
(As a percentage of equity holdings)
<Table>
Financials 16.7%
Information Technology 15.6%
Industrials 14.6%
Consumer Discretionary 12.4%
Health Care 11.0%
Consumer Staples 10.4%
Energy 7.6%
Materials 6.0%
Telecommunication Services 3.8%
Utilities 1.9%
</Table>
FIVE LARGEST HOLDINGS
(As a percentage of equity holdings)
<Table>
1. ChevronTexaco Corp. 2.91%
2. IBM Corp. 2.38
3. SBC Communications, Inc. 2.04
4. Exxon Mobil Corp. 1.93
5. Target Corp. 1.86
</Table>
Holdings will vary for other periods. They exclude money market instruments.
PRICES AND DISTRIBUTIONS
<Table>
<Caption>
6/30/03 12/31/02
Net Asset Value per Share $ 16.28 $ 15.28
<Caption>
DISTRIBUTIONS PER SHARE SHORT-TERM LONG-TERM
(1/1/03 - 6/30/03) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$ 0.090 $ - $ -
</Table>
PERFORMANCE OF A $10,000 INVESTMENT
The following chart shows the change in value of an investment made in PIONEER
FUND VCT PORTFOLIO at net asset value, compared to that of the Standard & Poor's
(S&P) 500 Index. Portfolio returns are based on net asset value and do not
reflect any applicable insurance fees or surrender charges.
[CHART]
<Table>
<Caption>
PIONEER FUND
VCT PORTFOLIO* S&P 500 INDEX
10/31/1997 $ 10,000 $ 10,000
$ 10,543 $ 10,643
$ 13,296 $ 13,686
6/30/1999 $ 15,411 $ 16,565
$ 15,600 $ 15,060
6/30/2001 $ 13,908 $ 13,275
$ 11,261 $ 10,342
6/30/2003 $ 12,067 $ 11,552
</Table>
The S&P 500 Index is an unmanaged measure of 500 widely held common stocks
listed on the New York Stock Exchange, American Stock Exchange and the
over-the-counter markets. Index returns assume reinvestment of dividends and,
unlike Portfolio returns, do not reflect any fees, expenses or sales charges.
Portfolio returns are based on net asset value and do not reflect any
annuity-related costs. You cannot invest directly in the Index.
AVERAGE ANNUAL
TOTAL RETURNS
(As of June 30, 2003)
NET ASSET VALUE*
<Table>
Life-of-Class 3.38%
(10/31/97)
5 Years 0.17%
1 Year -4.89%
</Table>
All total returns shown assume reinvestment of distributions at net asset value.
* 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.
18
<Page>
PIONEER FUND VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO MANAGEMENT DISCUSSION 6/30/03
In the following discussion, John Carey, portfolio manager of Pioneer Fund VCT
Portfolio, comments on the performance of the Portfolio, as well as the economy
over the past six months.
Q: PLEASE COMMENT ON THE STOCK MARKET DURING THE FIRST SIX MONTHS OF 2003 AND
THE PERFORMANCE OF PIONEER FUND VCT PORTFOLIO.
A: The first half of 2003 saw a marked change in the direction of stock prices
in the United States. After beginning the year in a state of great
uncertainty, the market turned sharply upward in the middle of March. The
immediate catalyst for the improvement seemed to be the apparent military
success of the U.S. and British led coalition in Iraq. For several months
prior to the war in Iraq, investors had been nervous about the prospect of
war and unsure of its economic consequences. Relieved of that anxiety and
also heartened by continued low interest rates, new Federal tax cuts and
improved corporate earnings, investors flocked back to the stock market in
the second quarter. Prices rose briskly from the depressed levels of earlier
in the year. At the margins there was intense speculative activity in many
"deep value" and "turnaround" stocks, even in some with, in our view, quite
dubious prospects. A burst of merger-and-acquisition transactions also
captivated investors.
For the six months ended June 20, 2003, the S&P 500 Index rose by 11.76%. The
performance came principally in the second quarter, when the S&P 500 went up
15.39%. By comparison, Pioneer Fund VCT Portfolio rose, on a fully reinvested
basis at net asset value, by 7.16% in the six months and 13.64% in the second
quarter.
Q: CAN YOU PROVIDE FURTHER DETAIL ON SECTOR PERFORMANCE FOR THE MARKET AND THE
PORTFOLIO AND ON THE PERFORMANCE OF PARTICULAR STOCKS IN THE PORTFOLIO THAT
HELPED OR HURT RESULTS?
A: The sectors with the greatest absolute performance during the period for both
the Portfolio and the S&P 500 were financials and information technology. In
those sectors the Portfolio posted weighted returns equal to or better than
the S&P 500. While our stock selections in some cases differed from the
stocks important in the Index, we managed to do quite well, especially in the
financial sector. Our positions in T. Rowe Price and National City made
significant contributions, and we also benefited by not owning the troubled
Freddie Mac. In technology, Synopsys was a stand out for us.
Looking across the other sectors, our areas of weakness included most notably
consumer discretionary, health care and industrials. In each case, it was our
choice of stocks rather than the amount of our investment in the sector that
caused the problems. Sony and Eastman Kodak hurt us in consumer
discretionary; owning the struggling Schering-Plough while not owning the
strong performer Amgen hampered results in health care; and, in industrials,
despite the exceptional performance of our holding in PACCAR, the poor return
of General Dynamics and the fact that we were only lightly represented in the
very strong General Electric held us back.
Q: WHAT CHANGES DID YOU MAKE TO THE PORTFOLIO DURING THE SIX MONTHS?
A: Positioning the Portfolio for the improvement in many areas of technology
spending, we added six names in that sector: Electronic Data Systems,
Electronic Arts, SunGuard Data Systems, Symantec, Cisco Systems and Qualcomm.
We continue to look for additional promising names in the information
technology sector as well as in all the other sectors.
We sold 3M at what we regarded as a full price. In a cash acquisition offer,
we also sold profitably our long-held position in American Water Works. After
extended disappointment with results, we sold Schlumberger, Sony, CVS, Ford
Motor and General Motors. Loss of confidence in management led to our
decisions to part company with DPL and Bristol-Myers Squibb. Judging that
there were more attractive alternatives elsewhere, we also sold our positions
in British Petroleum and Mellon Financial.
Q: WHAT IS YOUR OUTLOOK FOR THE REST OF THE YEAR?
A: We are optimistic for the rest of the year, though we have several concerns.
The high prices of oil and natural gas may become a drag on corporate
profitability as the year progresses. We are also watching the bond market
closely and are wondering about the effects of rising longer-term interest
rates on housing, banks and mortgage-finance companies, and insurance
companies with large bond portfolios. Finally, we expect the dollar to
stabilize and perhaps even strengthen somewhat against the euro and British
pound and so do not think that the boost to U.S. corporate earnings resulting
from the weak dollar will persist.
Counterbalancing the concerns are a number of intriguing developments. The
new Federal income tax cuts, including the reductions in taxes on dividends
and capital gains, should prove stimulative. New regulations, including the
Sarbanes-Oxley corporate responsibility provisions and the SEC proxy-voting
disclosure requirements, are helping to restore investor confidence in
financial markets. Recovery in Asia is in progress following the SARS
epidemic. Finally, capital spending appears to be picking up as businesses
feel they are at last regaining their footing and getting some traction after
three very difficult years.
The key to further market advances will be corporate earnings. Improvements
in earnings, calendar year to date, have been fueled importantly by cost
cutting, the weak dollar, the mortgage-refinancing boom and very low interest
rates. Going forward, companies must achieve real unit sales growth and also
get some pricing in order to power additional growth in earnings. Will it
happen? Six months from now we shall know. We do think that there is a
reasonably good chance of the needed earnings growth, based on our
conversations with company managements about the improving tone of their
businesses. We are going to "place our bets" on that outcome, which we think
is also likely assuming a normal rotation of the business cycle. Thank you
for your continued support.
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]
The Portfolio's investment adviser, Pioneer Investment Management, Inc., reduced
its management fee and certain other expenses; otherwise, returns would have
been lower.
19
<Page>
PIONEER EQUITY INCOME 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 91.6%
Temporary Cash Investments 5.4%
U.S. Convertible Securities 3.0%
</Table>
[CHART]
SECTOR DISTRIBUTION
(As a percentage of equity holdings)
<Table>
Financials 23.2%
Utilities 15.3%
Industrials 12.0%
Consumer Discretionary 11.6%
Energy 11.0%
Consumer Staples 8.2%
Health Care 7.4%
Telecommunication Services 5.1%
Materials 4.1%
Information Technology 2.1%
</Table>
FIVE LARGEST HOLDINGS
(As a percentage of equity holdings)
<Table>
1. Paccar, Inc. 4.32%
2. ChevronTexaco Corp. 4.12
3. ConocoPhillips, Inc. 3.56
4. Exxon Mobil Corp. 3.36
5. Constellation Energy Group 2.86
</Table>
Holdings will vary for other periods. They exclude money market instruments.
PRICES AND DISTRIBUTIONS
<Table>
<Caption>
6/30/03 12/31/02
Net Asset Value per Share $ 16.15 $ 15.11
<Caption>
DISTRIBUTIONS PER SHARE SHORT-TERM LONG-TERM
(1/1/03 - 6/30/03) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$ 0.180 $ - $ -
</Table>
PERFORMANCE OF A $10,000 INVESTMENT
The following chart shows the change in value of an investment made in PIONEER
EQUITY INCOME VCT PORTFOLIO at net asset value, compared to that of the Russell
1000 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 EQUITY INCOME RUSSELL 1000
VCT PORTFOLIO* VALUE INDEX+
3/31/1995 $ 10,000 $ 10,000
$ 12,025 $ 12,632
$ 13,852 $ 15,366
6/30/1997 $ 18,732 $ 20,773
$ 22,816 $ 24,021
6/30/1999 $ 23,092 $ 25,787
$ 26,522 $ 27,597
6/30/2001 $ 24,673 $ 26,054
$ 20,770 $ 22,010
6/30/2003 $ 22,465 $ 24,555
</Table>
+ Index comparison begins 2/28/95. The Russell 1000 Value Index measures the
performance of those Russell 1000 companies with lower price-to-book ratios
and lower forecasted growt values. Index returns assume reinvestment of
dividends and, unlike Portfolio returns, do not reflect any fees, expenses or
sales charges. Portfolio returns are based on net asset value and do not
reflect any annuity-related costs. You cannot invest directly in any Index.
AVERAGE ANNUAL TOTAL RETURNS
(As of June 30, 2003)
NET ASSET VALUE*
<Table>
Life-of-Class 10.57%
(3/1/95)
5 Years 1.31%
1 Year -3.69%
</Table>
All total returns shown assume reinvestment of distributions at net asset value.
* 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.
20
<Page>
PIONEER EQUITY INCOME VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO MANAGEMENT DISCUSSION 6/30/03
In the following discussion, John Carey, portfolio manager of Pioneer Equity
Income VCT Portfolio, reviews the Portfolio's performance and the investment
environment over the first half of 2003.
Q: HOW DID PIONEER EQUITY INCOME VCT PORTFOLIO PERFORM OVER THE SIX-MONTH PERIOD
ENDED JUNE 30, 2003?
A: For the six months ended June 30, 2003, Pioneer Equity Income VCT Portfolio
returned 8.16% at net asset value. The Portfolio's benchmark, the Russell
1000 Value Index returned 11.57% over the same period.
Q: PLEASE DESCRIBE THE INVESTMENT BACKDROP OVER THE PERIOD.
A: While the first quarter of the year was marked by the war in Iraq and
declining equity markets, the second quarter looked much brighter. Heartened
by the U.S. success in Iraq, continued low interest rates, new federal tax
cuts and improved corporate earnings, investors flocked back to the stock
market in the second quarter. Prices rose sharply from the depressed levels
of earlier in the year. At the margins there was intense speculative activity
in many "deep value" and "turnaround" stocks, and an increase in
merger-and-acquisition transactions also captivated investors.
Q: WHAT HELPED AND WHAT HINDERED RESULTS?
A: For the six months ended June 30, 2003, the greatest contributor to
performance was our security selection in industrials. PACCAR, the
heavy-truck manufacturer, contributed to relative performance by returning
48% year-to-date.
Also contributing positively to relative performance during the period was
our security selection in the energy sector. Our overweight in ConocoPhillips
helped as the company returned over 15% during the first six months of the
year. Our position in Exxon Mobil also contributed to performance.
Our security selection in the consumer discretionary sector detracted from
relative performance. Eastman Kodak lost almost 20% during the period, on
reduced profit forecasts due to the SARS epidemic in Asia, which detracted
from film sales. Our low weighting and security selection within the
strong-performing information technology sector also detracted from
performance. Diebold, one of the world's largest producers of ATMs and
related software, performed poorly.
Other weak performers included Johnson & Johnson, Roanoke Electric Steel and
Sara Lee. Also, not owning tobacco stocks in a quarter in which they
outperformed detracted from performance.
Q: WHAT CHANGES DID YOU MAKE TO THE PORTFOLIO OVER THE PERIOD?
A: Following Microsoft's new focus on dividends, we added shares of that
dominant software company. Rising farm income also led us to initiate a
position in Deere, the most important agricultural-equipment manufacturer.
Other securities added in the six-month period were Coca-Cola, Charter One
Financial and Simon DeBartolo Group.
Sold during the first six months of the year were 3M and Fifth Third Bancorp,
both of which reached our price targets. Less happy were our experiences with
Schering-Plough, Duke Energy, Dell and Nicor, all of which we sold following
disappointing corporate developments. In the case of American Water Works, we
sold at a profit in a cash acquisition offer.
Q: WHAT IS YOUR OUTLOOK FOR THE REMAINDER OF THE YEAR?
A: We are optimistic for the rest of the year, though we have several concerns.
The high prices of oil and natural gas may become a drag on corporate
profitability as the year progresses. We are also watching the bond market
closely and are wondering about the effects of rising longer-term rates on
housing, mortgage-finance companies and insurance companies with large bond
portfolios. Finally, we expect the dollar to stabilize and even strengthen
somewhat against the euro and so do not think that a boost to earnings from
the weak dollar will persist.
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]
The Portfolio's investment adviser, Pioneer Investment Management, Inc., reduced
its management fee and certain other expenses; otherwise, returns would have
been lower.
21
<Page>
PIONEER BALANCED 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 62.3%
U.S. Government Agency Obligations 15.0%
Corporate Bonds 22.3%
Foreign Government Bonds 0.4%
</Table>
[CHART]
SECTOR DISTRIBUTION
(As a percentage of long-term holdings)
<Table>
Consumer Staples 17.0%
Government 15.4%
Financials 13.0%
Consumer Discretionary 12.3%
Health Care 9.3%
Industrials 9.3%
Energy 8.6%
Information Technology 8.5%
Materials 4.6%
Utilities 1.1%
Telecommunication Services 0.9%
</Table>
FIVE LARGEST HOLDINGS
(As a percentage of long-term holdings)
<Table>
1. Federal Home Loan Mortgage Corp., 6.0%, 1/1/33 5.03%
2. Pfizer, Inc. 3.78
3. Family Dollar Stores, Inc. 3.15
4. Berkshire Hathaway, Inc. (Class B) 3.14
5. Anheuser-Bush Co., Inc. 2.96
</Table>
Holdings will vary for other periods.
PRICES AND DISTRIBUTIONS
<Table>
<Caption>
6/30/03 12/31/02
Net Asset Value per Share $ 13.25 $ 12.27
<Caption>
DISTRIBUTIONS PER SHARE SHORT-TERM LONG-TERM
(1/1/03 - 6/30/03) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$ 0.130 $ - $ -
</Table>
PERFORMANCE OF A $10,000 INVESTMENT
The following chart shows the change in value of an investment made in PIONEER
BALANCED VCT PORTFOLIO at net asset value, compared to that of the Standard &
Poor's (S&P) 500 Index, the Lehman Brothers Aggregate Bond Index and the Russell
3000 Index. Portfolio returns are based on net asset value and do not reflect
any applicable insurance fees or surrender charges.
[CHART]
<Table>
<Caption>
PIONEER BALANCED LEHMAN BROTHERS AGGREGATE S&P 500
VCT PORTFOLIO* BOND INDEX+ INDEX RUSSELL 3000 INDEX
3/31/1995 $ 10,000 $ 10,000 $ 10,000 $ 100,000
$ 11,847 $ 11,359 $ 12,533 $ 12,550
$ 13,536 $ 11,687 $ 15,406 $ 15,288
6/30/97 $ 15,920 $ 12,827 $ 20,543 $ 20,147
$ 16,341 $ 14,042 $ 26,417 $ 25,011
6/30/99 $ 16,754 $ 13,740 $ 31,974 $ 30,238
$ 17,668 $ 15,368 $ 29,068 $ 27,983
6/30/2001 $ 17,268 $ 16,675 $ 25,623 $ 24,776
$ 15,496 $ 18,513 $ 19,961 $ 19,439
6/30/2003 $ 16,905 $ 19,486 $ 22,307 $ 21,909
</Table>
+ Index comparison begins 2/28/95. The S&P 500 Index is an unmanaged measure of
500 widely held common stocks listed on the New York Stock Exchange, American
Stock Exchange and the over-the-counter markets. The Lehman Brothers
Aggregate Bond Index is a widely recognized market value-weighted measure of
government and corporate securities, agency mortgage pass-through securities,
asset-backed securities and commercial mortgage-based securities. The Russell
3000 Index measures the performance of the 3,000 largest U.S. companies based
on total market capitalization, which represents approximately 98% of the
investable U.S. equity market. Pioneer believes the S&P 500 Index is more
representative of the issues in the Portfolio than the Russell 3000 Index and
will not provide the Russell 3000 Index in the future. Index returns assume
reinvestment of dividends and, unlike Portfolio returns, do not reflect any
fees, expenses or sales charges. Portfolio returns are based on net asset
value and do not reflect any annuity-related costs. You cannot invest
directly in any Index.
AVERAGE ANNUAL TOTAL RETURNS
(As of June 30, 2003)
NET ASSET VALUE*
<Table>
Life-of-Class 6.76%
(3/1/95)
5 Years -0.02%
1 Year 5.19%
</Table>
All total returns shown assume reinvestment of distributions at net asset value.
* 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.
22
<Page>
PIONEER BALANCED VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO MANAGEMENT DISCUSSION 6/30/03
Investor optimism rose quickly during the first six months of 2003, buoyed by
the quick ending to major armed conflict in Iraq and by rising expectations that
federal monetary policy and fiscal stimulus would combine to lift the economy
from its slump. In this improving environment, both the equity and fixed-income
portions of Pioneer Balanced VCT Portfolio delivered strong results. In the
following interview, Timothy Mulrenan, who is responsible for the equity portion
of the portfolio, and Richard Schlanger, who oversees the fixed-income
portfolio, discuss the markets and their investment strategies during the past
six months.
Q: HOW DID PIONEER BALANCED VCT PORTFOLIO PERFORM DURING THE SIX-MONTH PERIOD?
A: The Portfolio performed very well. For the six months ended June 30, 2003,
Pioneer Balanced VCT Portfolio had a total return of 9.10% at net asset
value.
Q: HOW WOULD YOU DESCRIBE THE INVESTMENT ENVIRONMENT?
A: After it became apparent in early March that the significant fighting in Iraq
would end quickly, market sentiment improved rapidly and investors became
willing to allocate funds to riskier sectors in virtually all asset classes
in pursuit of greater returns. Optimism rose because of military success in
Iraq and the anticipation that the economy would begin to rebound because of
the effects of both new tax cuts and the Federal Reserve Board's policies to
cut short-term interest rates to stimulate growth.
In the equity markets, performance was led by stocks from those industries
that had been in the most disfavor during the previous three years, including
technology, biotechnology, and Internet stocks, as well as small-cap stocks
in general.
In the fixed-income markets, interest rates fell across the spectrum of
maturities, with longer-maturity securities posting the strongest total
returns. Corporate bonds, especially lower-rated bonds, outperformed
government securities as investors anticipated improving credit quality in an
economic revival.
Q: WHAT WERE YOUR PRINCIPAL FIXED-INCOME STRATEGIES?
A: We pared back our smaller positions and added to our positions of those
securities in which we had the greatest confidence. During a period when many
new corporate bonds were issued, we took advantage of this supply and sold
some of our shorter-term corporate securities while selectively adding
longer-maturity corporates, especially when we saw strong relative values.
Within our corporate holdings, we lightened our exposure to banks because we
were concerned that the profit margins from their traditional lending
business were likely to shrink as the difference between long-term and
short-term rates narrowed. We continued to underweight government securities
due to supply considerations and an expanding deficit. We reduced our
holdings of mortgage-backed securities because of our concerns about
prepayment risk, as homeowners refinanced their mortgages.
The average credit quality of the Portfolio was rated A and the effective
duration of the portfolio was 4.26 years, compared with 3.42 years on
December 31, 2002. (Ratings apply to underlying securities, not Portfolio
shares.)
Q: WHAT WERE YOUR PRINCIPAL EQUITY STRATEGIES?
A: In general, we focused on large-cap, better quality, stable-growth companies,
while reducing our exposure to financial stocks and technology stocks because
of our concern about the risks in those sectors. We completely avoided the
telecommunications and utility industries.
Progressive Corp., the well-known automobile insurance company, was the
single best-performing stock during the six months. Progressive has increased
its market share by competing successfully in all three distribution channels
for automobile insurance - agents, direct sales and the Internet.
After we added pharmaceutical company Wyeth to the portfolio in April, the
company's stock rallied based on strong drug sales and its decision to use
proceeds from its sale of Amgen stock to buy down its debt and improve its
balance sheet.
Defense contractor Northrop Grumman was the portfolio's weakest performer
over the six months with a decline of 10%. The rising federal deficit is
causing some concern that future defense spending may be curtailed. However,
as long as the threat of domestic terrorism continues and global geopolitical
risks remain high we believe that public support for defense spending will
also remain high.
Q: WHAT IS YOUR OUTLOOK FOR FIXED-INCOME INVESTMENTS?
A: We think the economy will grow, but at a slower pace than in many past
recoveries, in part because energy prices remain high. We estimate the
national gross domestic product (GDP) will grow at an annualized rate of less
than 4% during the second half of 2003. Because of high unemployment and
unused industrial capacity, it is possible that the Federal Reserve may lower
rates again. However, we believe the Fed is unlikely to raise rates before
the second half of 2004.
With this outlook, we think corporate bonds and mortgages are likely to
outperform government securities in the coming months. Longer term, we are
concerned about the effects of rising federal deficits and the corporate
profit outlook, particularly if revenue-strapped states start raising
corporate taxes, which could limit business investment.
Q: WHAT IS YOUR OUTLOOK FOR EQUITY INVESTMENTS?
A: After the strong rally of the first six months of 2003, we think the market
may pause and stock prices may remain within a trading range. Many stock
prices currently are based on very optimistic expectations for corporate
profit growth. Thus far, much of the gains in corporate profitability have
been derived from cost cuts rather than revenue gains. We believe that in
order for stock prices to go higher, we will need more evidence of a
sustained economic recovery than we have seen.
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]
The Portfolio's investment adviser, Pioneer Investment Management, Inc., reduced
its management fee and certain other expenses; otherwise, returns would have
been lower.
23
<Page>
PIONEER HIGH YIELD VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO AND PERFORMANCE UPDATE 6/30/03
[CHART]
PORTFOLIO DIVERSIFICATION
(As a percentage of total investment in securities)
<Table>
Convertible Corporate Bonds 50.6%
Corporate Bonds 43.2%
Convertible Preferred Stocks 3.3%
Temporary Cash Investments 2.9%
</Table>
[CHART]
MATURITY DISTRIBUTION
(Effective life as a percentage of total debt holdings)
<Table>
0-1 years 2.9%
1-3 years 16.9%
3-4 years 27.3%
4-6 years 38.9%
6-8 years 8.1%
8+ years 5.9%
</Table>
FIVE LARGEST HOLDINGS
(As a percentage of total debt holdings)
<Table>
1. IVAX Corp., 4.5%, 5/15/08 3.45%
2. Freeport-McMoRan Copper & Gold, Inc., 8.25%, 1/31/06 2.84
3. Affymetrix Inc., 4.75%, 2/15/07 2.57
4. Connexant Systems Inc., 4.0%, 2/1/07 2.55
5. Invitrogen Corp., 2.25%, 12/15/06 2.30
</Table>
Holdings will vary for other periods.
PRICES AND DISTRIBUTIONS
<Table>
<Caption>
6/30/03 12/31/02
Net Asset Value per Share $ 10.80 $ 9.27
<Caption>
DISTRIBUTIONS PER SHARE SHORT-TERM LONG-TERM
(1/1/03 - 6/30/03) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$ 0.40298 $ - $ -
</Table>
PERFORMANCE OF A $10,000 INVESTMENT
The following chart shows the change in value of an investment made in PIONEER
HIGH YIELD VCT PORTFOLIO at net asset value, compared to that of Merrill Lynch
(ML) High Yield Master II Index and of the ML Index of Convertible Bonds
(Speculative Quality). Portfolio returns are based on net asset value and do not
reflect any applicable insurance fees or surrender charges.
[CHART]
<Table>
<Caption>
PIONEER HIGH YIELD VCT ML HIGH YIELD ML INDEX OF CONVERTIBLE
PORTFOLIO* MASTER II INDEX+ BONDS (SPECULATIVE QUALITY)+
5/31/2000 $ 10,000 $ 10,000 $ 10,000
6/30/2000 $ 10,623 $ 9,770 $ 8,424
6/30/2001 $ 12,387 $ 10,207 $ 7,882
6/30/2002 $ 12,211 $ 10,013 $ 7,744
6/30/2003 $ 14,804 $ 11,803 $ 9,201
</Table>
+ Index comparisons begin on 4/30/00. The ML High Yield Master II Index is a
broad-based measure of the performance of the non-investment grade U.S.
domestic bond market. The ML Index of Convertible Bonds (Speculative Quality)
is a market-capitalization weighted index including mandatory and
non-mandatory domestic corporate convertible securities. Index returns 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 12.50%
(5/1/00)
1 Year 18.44%
</Table>
All total returns shown assume reinvestment of distributions at net asset value.
* 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.
24
<Page>
PIONEER HIGH YIELD VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO MANAGEMENT DISCUSSION 6/30/03
High-yield bonds profited from a vibrant rally during the six months ended June
30, 2003. In the following interview, manager Margaret Patel outlines the
strategy that helped the Portfolio outperform the high-yield market during the
six-month period.
Q: HOW DID THE PORTFOLIO PERFORM?
A: During the six months ended June 30, 2003, the Portfolio had a total return
based on net asset value of 21.23% for the Portfolio's Class I shares. To
compare, the Merrill Lynch High Yield Master II Index returned 17.88%.
Q: WHAT WAS THE ENVIRONMENT LIKE FOR THE HIGH-YIELD MARKET DURING THE PAST SIX
MONTHS?
A: High-yield bonds enjoyed a strong rally, reflecting a substantial decline in
the default rate and sustained, albeit sluggish, economic growth. High-yield
bonds significantly outperformed other segments of the bond market and
equities as well, rebounding from oversold price levels. Investors became
attracted to junk bonds against a backdrop of modest economic growth and
historically low interest rates. Yields offered by Treasuries and other
higher-quality bond sectors were very low, leading many in the markets to
look for opportunities among beaten down high-yield bonds.
Q: WHAT FACTORS HELPED THE PORTFOLIO OUTPERFORM THE MERRILL LYNCH HIGH YIELD
MASTER II INDEX.
A: The main factor was the strong performance of a number of the Portfolio's
investments in convertible securities, which are not part of the Merrill
Lynch Index. Both the bond and the stock markets heavily influence these
securities. Many of the Portfolio's convertible positions rose in concert
with the high-yield bond market, with the rising prices of their underlying
equities helping to advance their prices as well.
Q: WHAT WAS YOUR STRATEGY DURING THE PERIOD?
A: It was unchanged. We continued to focus on companies with business positions
and liquid resources strong enough to survive in a period of limited economic
growth. We also looked to invest in companies that were ready to benefit from
the accelerating economic growth that we expect should occur during the
second half of 2003. To that end, we added investments in economically
sensitive sectors such as basic materials, non-ferrous metals, chemicals,
paper and forest products, and packaging. We also maintained a significant
allocation to the technology sector, as well as to health care. The
steady-growth quality of the Portfolio's health care investments - a sector
that we favor due to its positive demographic trends - worked to balance the
Portfolio with the economic sensitivity found in other parts.
Q: DID YOU MAINTAIN A SPECIAL FOCUS ON CONVERTIBLE SECURITIES?
A: Yes, they are still an important tool for us. Convertible securities are
bonds that are exchangeable for a set number of shares of common stock at a
certain price. When we invest in convertible securities, we try to locate
those that are selling at discounted prices and offering high yields. Our aim
is to invest in convertible securities issued by companies in industries
where generic high-yield bonds are not in strong supply, especially smaller
companies within rapidly growing industries. Discounted convertible
securities are attractive because their prices can appreciate more than
regular bonds if the underlying value of the company's stock rises. At the
same time, holders of convertible bonds can earn the same attractive yields
as those found in the high-yield market. Technology and health care are two
sectors where the Portfolio is heavily invested in convertible securities.
Q: WHICH INVESTMENTS PROVED TO BE SOME OF THE TOP PERFORMERS DURING THE FISCAL
YEAR? WHICH DISAPPOINTED?
A: In such a strong period, many of the Portfolio's holdings enjoyed
particularly healthy gains, and very few lost value. Biotechnology holdings
such as Imclone and Ligand Pharmaceuticals benefited from a change in
investor sentiment brought on by well-publicized drug discoveries and an
expectation that the Food and Drug Administration would speed up its approval
process. Alpharma and Ivax, two generic pharmaceutical manufacturers, posted
improved operating results. Technology was very strong, with the
semiconductor and associated industries showing marked improvement,
reflecting improving demand. Semiconductor manufacturer Conexant Systems was
one Portfolio holding that was part of this trend. In lodging, Meristar
Hospitality - which owns and operates upscale, full-service hotels -
benefited from an expected turnaround in the travel market. Within basic
materials, Freeport-McMoRan rose in response to increasing copper prices. On
the down side, our very small stake in DDI, a specialized computer equipment
manufacturer, declined due to reduced demand, and we sold the position.
PolyOne, a chemical firm, rose but underperformed the market as a whole due
to pricing pressures.
Q: WHAT IS YOUR OUTLOOK?
A: We believe it is likely that the economy will continue to grow, with a modest
acceleration over the balance of the year and into 2004. With a stronger
economy and a continued, gradual decline in default rates, we think that
high-yield bonds should provide attractive yields relative to alternatives in
more conservative areas of the bond market.
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]
The Portfolio invests in high-yield bonds, which may be subject to greater price
fluctuations than investment-grade bonds.
The Portfolio's investment adviser, Pioneer Investment Management, Inc., reduced
its management fee and certain other expenses; otherwise, returns would have
been lower.
25
<Page>
PIONEER STRATEGIC INCOME VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO AND PERFORMANCE UPDATE 6/30/03
[CHART]
PORTFOLIO DIVERSIFICATION
(As a percentage of total investment portfolio)
<Table>
Corporate Bonds 51.5%
Foreign Government Bonds 15.0%
Convertible Corporate Bonds 14.1%
U.S. Government Agency Obligations 11.3%
Municipal Bonds 2.7%
Temporary Cash Investment 2.5%
Asset-Backed Securities 1.5%
Supernational Bonds 0.8%
Sovereign Issues 0.6%
</Table>
[CHART]
QUALITY DISTRIBUTION
(As a percentage of debt holdings)
<Table>
0-1 years 1.4%
1-3 years 18.8%
3-4 years 19.9%
4-6 years 31.6%
6-8 years 20.0%
8+ years 8.3%
</Table>
FIVE LARGEST HOLDINGS
(As a percentage of debt holdings)
<Table>
1. Government of France, 3.0%, 7/25/09 2.43%
2. Government of Canada, 5.25%, 6/1/12 1.98
3. Government of Canada, 6.0%, 6/1/11 1.80
4. U.S. Treasury Notes, 3.5%, 1/15/11 1.74
5. Government of Sweden I/L, 3.5%, 12/1/15 1.53
</Table>
Holdings will vary for other periods.
PRICES AND DISTRIBUTIONS
<Table>
<Caption>
6/30/03 12/31/02
Net Asset Value per Share $ 10.70 $ 9.67
<Caption>
DISTRIBUTIONS PER SHARE SHORT-TERM LONG-TERM
(1/1/03 - 6/30/03) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$ 0.323576 $ - $ -
</Table>
PERFORMANCE OF A $10,000 INVESTMENT
The following chart shows the change in value of an investment made in PIONEER
STRATEGIC INCOME VCT PORTFOLIO at net asset value, compared to that of the
Lehman Brothers U.S. Universal Index. Portfolio returns are based on net asset
value and do not reflect any applicable insurance fees or surrender charges.
[CHART]
<Table>
<Caption>
PIONEER STRATEGIC LEHMAN BROTHERS U.S.
INCOME VCT PORTFOLIO* UNIVERSAL INDEX+
7/31/1999 $ 10,000 $ 10,000
6/30/1999 $ 10,070 $ 10,136
$ 10,525 $ 11,234
6/30/2001 $ 11,251 $ 12,144
$ 12,458 $ 13,338
6/30/2003 $ 14,225 $ 13,999
</Table>
+ Index comparison begins July 31, 1999. The Lehman Brothers U.S. Universal
Index is the union of the U.S. Aggregate Index, the U.S. High Yield Corporate
Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, the
non-ERISA portion of the CMBS Index and the CMBS High Yield Index. Municipal
debt, private placements and non-dollar-denominated issues are excluded from
the 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 the Index.
AVERAGE ANNUAL TOTAL RETURNS
(As of June 30, 2003)
NET ASSET VALUE*
<Table>
Life-of-Class 9.41%
(7/29/99)
1 Year 20.76%
</Table>
All total returns shown assume reinvestment of distributions at net asset value.
* 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.
26
<Page>
PIONEER STRATEGIC INCOME VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO MANAGEMENT DISCUSSION 6/30/03
Healthy returns in most of the sectors the Portfolio invested in led to
exceptionally strong performance by Pioneer Strategic Income VCT Portfolio
during the six months ended June 30, 2003. In the following interview, Kenneth
J. Taubes discusses the factors that influenced the Portfolio's performance
during the period. Mr. Taubes, head of Pioneer's fixed income group, oversees
the team responsible for the daily management of the Portfolio.
Q: HOW DID THE PORTFOLIO PERFORM DURING THE SIX MONTHS ENDED JUNE 30, 2003?
A: Performance was excellent. During the six-month period, the Portfolio's Class
I shares had a total return of 14.19% at net asset value, while the Lehman
Brothers U.S. Universal Bond Index returned 4.95%.
While these returns showed the value of diversification and good security
selection, it is important also to note that they occurred during an unusual
period in which virtually all classes of bonds in which we invest posted
strong performance. The Portfolio's most recent returns may not be
sustainable in the future.
Q: WHAT WERE THE PRINCIPAL FACTORS THAT INFLUENCED PERFORMANCE?
A: The Portfolio was ideally positioned to benefit from the strong recoveries in
domestic investment-grade and high-yield corporate bonds as well as by the
vigorous performance of foreign bonds in both developed and emerging markets.
In the United States, the investment environment for corporate securities -
in which the Portfolio was heavily invested - improved significantly. While
falling interest rates tended to support the performance of bonds in general,
corporates also benefited from a change in attitudes about the economy and
the prospects for an economic recovery. Influenced by declining default
rates, investors began to see less risk in corporate debt. In addition, they
correctly anticipated that the Federal Reserve would make further cuts in
short-term rates, easing the flow of money into the economy. Moreover,
evidence began accumulating that the business sector had begun to stabilize.
Many corporations had cut their overhead expenses, repaired their balance
sheets and refinanced their debt to take advantage of lower interest rates.
The weakening of the U.S. dollar on international currency exchanges also
tended to help corporations, especially those selling products overseas and
those competing domestically against imported goods. Lower-rated corporate
bonds, which had performed poorly during the previous two years, had the
strongest performance. The Merrill Lynch High Yield Master Index, for
example, rose by more than 17% during the six months, while the Merrill Lynch
Investment Grade Corporate Index delivered a total return of about 7.5%. By
comparison, the 30-year Treasury returned 5.80%, and the five-year Treasury
had a return of 3.5%.
At the end of the fiscal period on June 30, 2003, 46% of Portfolio assets
were invested in domestic high-yield bonds, and another 14% were invested in
investment-grade corporates.
Emerging market debt performed as well as domestic high-yield bonds, also
contributing to the performance of the Portfolio, which had 14% of assets
invested in high-yielding, emerging market debt on June 30, 2003. Many
developing nations appeared to stabilize during the period, while their
economies benefited from rising prices of commodities such as oil and copper.
Both emerging market bonds and investment-grade foreign bonds gained as the
U.S. dollar declined against most foreign currencies during the period. The
Portfolio's holdings in securities denominated in the euro, the Canadian and
Australian dollars and the Danish and Swedish kroners also did exceptionally
well. On June 30, 2003, 18% of Portfolio assets were invested in
international investment-grade debt.
Q: WHY DID THE U.S. DOLLAR CONTINUE TO WEAKEN?
A: A significant change has taken place in the way in which the United States
finances its current account and trade deficits with foreign countries.
Foreign investors attracted to appreciating U.S. stock prices were
responsible for financing a major portion of the deficit during the bull
market of the 1990s. However, when U.S. stock prices started to fall, foreign
investors looked for alternatives. Fixed-income assets became more attractive
than equities, and investors focused on the differences in the yields of
different types of securities. Markets in countries such as Australia and
Canada offered these investors significantly higher yields than were
available in the United States, where money market yields were falling to
40-year lows. As private money migrated out of the United States in search of
the best available yields, the value of the U.S. currency continued to fall.
Q: WHAT INDIVIDUAL INVESTMENTS HAD THE MOST INFLUENCE ON PORTFOLIO PERFORMANCE?
A: We had strong performance from several telecommunications company bonds as
the industry started to recover from its brutal slump. Bonds of Rogers
Cantel, a Canadian wireless company, appreciated, as did the securities of
CMS Panhandle, a pipeline company whose bonds were upgraded from high yield
to investment grade following a merger announcement. Other individual
holdings that supported performance included bonds of Affymetrix, a
biotechnology company that produces DNA chip sets that help researchers
analyze genetic information, and Veeco Instruments, which produces equipment
used in the production of semiconductors.
Q: WHAT IS YOUR INVESTMENT OUTLOOK?
A: The performance of the past six months has been extraordinarily good and is
not likely to be repeated. The U.S. dollar may start stabilizing against
foreign currencies, while the performance of domestic, high-yield securities
may level off. Then, total return may more closely resemble underlying bond
yields. In addition, interest rates may be close to their lows, with the
possibility that rates may begin to rise once the economy picks up,
undermining the performance of high-grade bonds in particular.
In the absence of any unanticipated events, we think that the domestic
economy should strengthen as the effects of the tax cuts and monetary
stimulus take hold. Corporate bonds should continue to outperform government
securities. We intend to keep emphasizing corporate debt, while reducing our
exposure to the possibility of rising interest rates by shortening
maturities.
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]
The Portfolio's investment adviser, Pioneer Investment Management, Inc., reduced
its management fee and certain other expenses; otherwise, returns would have
been lower.
International investing may involve special risks, including differences in
accounting and currency as well as economic and political instability.
27
<Page>
PIONEER AMERICA INCOME 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. Government and Agency Obligations 95.5%
Collateralized Mortgage Obligations 1.6%
Temporary Cash Investment 2.9%
</Table>
[CHART]
MATURITY DISTRIBUTION
(Effective life as a percentage of total investment portfolio)
<Table>
0-1 years 30.2%
1-3 years 42.2%
3-4 years 3.2%
4-6 years 12.8%
6-8 years 1.3%
8+ years 10.3%
</Table>
FIVE LARGEST HOLDINGS
(As a percentage of debt holdings)
<Table>
1. U.S. Treasury Notes, 6.5%, 2/15/10 10.35%
2. U.S. Treasury Notes, 6.25%, 8/15/23 3.95
3. Federal Home Loan Mortgage Corp., 6.25%, 3/1/33 3.94
4. U.S. Treasury Bonds, 7.25%, 5/15/16 3.94
5. U.S. Treasury Notes, 6.375%, 8/15/27 2.56
</Table>
Holdings will vary for other periods.
PRICES AND DISTRIBUTIONS
<Table>
<Caption>
6/30/03 12/31/02
Net Asset Value per Share $ 10.59 $ 10.59
<Caption>
DISTRIBUTIONS PER SHARE SHORT-TERM LONG-TERM
(1/1/03 - 6/30/03) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$ 0.199672 $ - $ -
</Table>
PERFORMANCE OF A $10,000 INVESTMENT
The following chart shows the change in value of an investment made in PIONEER
AMERICA INCOME VCT PORTFOLIO at net asset value, compared to that of the Lehman
Brothers Fixed-Rate Mortgage-Backed Securities Index and of Lehman Brothers
Government Bond Index. Portfolio returns are based on net asset value and do not
reflect any applicable insurance fees or surrender charges.
<Table>
<Caption>
PIONEER AMERICA INCOME LEHMAN BROTHERS FIXED-RATE MORTGAGE-BACKED LEHMAN BROTHERS
VCT PORTFOLIO* SECURITIES INDEX+ GOVERNMENT BOND INDEX+
3/31/1995 $ 10,000 $ 10,000 $ 10,000
$ 10,574 $ 11,098 $ 11,302
$ 10,712 $ 11,693 $ 11,615
6/30/1997 $ 11,616 $ 12,802 $ 12,727
$ 12,563 $ 13,694 $ 13,981
6/30/1999 $ 12,246 $ 13,947 $ 13,667
$ 13,686 $ 15,505 $ 15,477
6/30/2001 $ 14,573 $ 16,779 $ 16,598
$ 16,076 $ 18,246 $ 18,506
6/30/2003 $ 16,382 $ 18,536 $ 19,181
</Table>
+ Index comparisons begin 2/28/95. The Lehman Brothers Fixed-Rate
Mortgage-Backed Securities Index is an unmanaged index including 15- and
30-year fixed rate securities backed by pools of the Government National
Mortgage Association, Federal Home Loan Mortgage Corporation and Federal
National Mortgage Association. The Lehman Brothers Government Bond Index is
an unmanaged performance measure of U.S. Treasury debt, all publicly issued
debt of U.S. government agencies and quasi-federal corporations of corporate
debt guaranteed by the U.S. government. 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 6.10%
(3/1/95)
5 Years 6.44%
1 Year 7.85%
</Table>
All total returns shown assume reinvestment of distributions at net asset value.
* 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.
28
<Page>
PIONEER AMERICA INCOME VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO MANAGEMENT DISCUSSION 6/30/03
A struggling economy, the war in Iraq and concerns about deflation on the part
of the Federal Reserve caused market participants to seek the highest quality
investments during the first half of the fiscal year for Pioneer America Income
VCT Portfolio. As a result, long-term Treasury bonds were among the best
performing asset classes. Richard Schlanger, a member of the Pioneer
fixed-income team, discusses the factors that had an impact on the fixed-income
market and your Portfolio during the six-month period ended June 30, 2003.
Q: HOW DID THE PORTFOLIO PERFORM OVER THE SIX MONTHS ENDED JUNE 30, 2003?
A: For the period, Class I shares of Pioneer America Income VCT Portfolio
produced a total return of 1.90% at net asset value. In comparison, the
Lehman Brothers Government Bond Fund Index returned 3.63%. The Portfolio's
underweighting in Treasury securities and its short duration were mainly
responsible for its underperformance relative to the Index. (Expressed in
years, duration measures a bond's price sensitivity to changes in interest
rates. A shorter duration is usually advantageous when interest rates rise, a
longer duration benefits a fund when interest rates decline.) The Lehman
Brothers Fixed-Rate Mortgage-Backed Securities Index returned 1.59%. Because
we emphasized mortgage-backed securities, we were able to provide
shareholders with an attractive level of income while maintaining the highest
credit quality of AAA. (Quality ratings apply to underlying portfolio
securities, not Portfolio shares).
Q: WHAT WAS THE INVESTMENT ENVIRONMENT LIKE DURING THE PERIOD?
A: Uncertainty dominated investor sentiment for most of the period. Global
economic growth was weak, and Federal Reserve Chairman Alan Greenspan raised
the issue of deflation, which is a reduction in wholesale and consumer prices
that usually lasts for several months or years. A deflationary environment
could be negative because as prices decline, corporate profits may fall,
causing unemployment to rise and a weak economy overall. In this uncertain
economic climate, investors sought the relative safety of long-term Treasury
securities. The increased demand for Treasuries pushed prices up and yields
down to 45-year lows. By mid-June, yields on 5-year Treasuries were just over
2.0%, and yields on 10-year Treasuries were a little over 3.0%. On June 25,
2003, the Fed trimmed the fed funds rate by 0.25%, adding more stimulus to
the lackluster economy. (The federal funds rate is the rate of interest that
commercial banks charge each other for overnight loans.) Despite the Fed's
action, market interest rates rose slightly, as the stock market rallied and
investors looked forward to a better economy during the second half of 2003.
Because mortgage rates are pegged to Treasury indexes, there is a correlation
between declines in Treasury yields and mortgage refinancing activity. As
yields on Treasury securities fell for most of the period, homeowners
refinanced their mortgages in record numbers. The Mortgage Banker Association
of America's Refinancing Index rose to about 10,000; in 2002 it was at 6,500.
The refinancing boom provided consumers with extra money to spend. As a
result, consumer spending was one of the few bright spots in the economy and
was largely responsible for the positive, if muted, economic growth over the
period.
Q: WHAT STRATEGIES DID YOU USE IN MANAGING THE PORTFOLIO?
A: At 67% of net assets, we maintained the Portfolio's position in
mortgage-backed securities issued by the Government National Mortgage
Association (GNMA). Like U.S. Treasury securities, GNMAs are backed by the
full faith and credit of the U.S. government. (A full faith and credit
backing applies to underlying Portfolio securities, not Portfolio shares.) We
were reluctant to make a big commitment to long-term Treasury securities
because we were concerned that with the growing federal budget deficit
Treasury yields are likely to rise and prices decline in the near future. We
also disagreed with the Fed about the possibility of deflation. Gold prices
rose above $340 an ounce and other commodity prices were at relatively high
levels during the six months. In addition, the yield curve remained extremely
steep as a result of the Fed's interest-rate cuts. We believe higher
commodity prices and the Fed's determination to keep interest rates low over
the near term are more indicative of a recovering economy than a deflationary
environment. (The yield curve shows the relationship between bond yields and
maturity lengths. When the yield curve steepens, or slopes upward, yields on
short-term bonds are lower than yields on long-term bonds. An upward slopping
yield curve, often referred to as a positive yield curve demonstrates the
more typical relationship between bond yields and maturity lengths.)
The Portfolio's relatively large allocation to mortgage-backed securities
held back performance for two main reasons. First, investors preferred
Treasury securities in an uncertain economic climate. Second, investors were
concerned about the "prepayment risk" that can affect mortgages. Prepayment
risk, the risk that income investors receive from mortgage-backed securities,
will decline as homeowners "prepay" their mortgages and refinance them at
lower rates.
To mitigate the effects of prepayment risk, we purchased mortgage securities
with coupons in the 5.5% to 6.0% range. We sought pools of mortgages grouped
either by states, where mortgages tend to be prepaid at a slower pace, or by
issuers that were slow to promote refinancing and to originate new mortgages.
We also bought low loan-balance mortgages and newly created mortgages, with
the expectation that homeowners would be more reluctant to undertake the
refinancing process if they had recently refinanced. We also sold some of the
Portfolio's higher-coupon mortgages that were prepaying quickly.
Q: WHAT IS YOUR OUTLOOK FOR THE COMING MONTHS?
A: There is a great deal of stimulus in the economy. Interest rates are at
40-year lows, the Fed has signaled that it will continue its accommodative
monetary policy and may trim interest rates again over the next few months,
and new tax cuts should put more money in the pockets of consumers. These
factors should be positive for the economy over the next several quarters. We
believe the Portfolio is positioned to perform well in this environment, as
we expect mortgage-backed securities to outperform Treasuries. Our duration
of 2.83 years should ease concerns about future performance when and if the
Fed raises interest rates. We believe the Portfolio continues to be
appropriate for people seeking an AAA-quality investment and relatively high
income in a low-interest rate environment.
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]
The Portfolio's investment adviser, Pioneer Investment Management, Inc., reduced
its management fee and certain other expenses; otherwise, returns would have
been lower.
29
<Page>
PIONEER MONEY MARKET VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
PORTFOLIO AND PERFORMANCE UPDATE 6/30/03
Money market yields remained exceptionally low during the first six months of
2003 as the U.S. Federal Reserve held to its accommodative monetary policy in an
effort to stimulate economic growth and head off the possibility of deflation.
During the six months ended June 30, 2003, Pioneer Money Market VCT Portfolio
provided current income consistent with this low-yielding environment, while
maintaining a $1 share price. The Portfolio invests exclusively in high-quality
money market instruments issued by the U.S. government and domestic corporations
and banks. All issues have the highest ratings from the two leading nationally
recognized rating organizations: A1 by Standard & Poor's Investors Services and
P1 by Moody's Investors Service. (Ratings apply to underlying securities, not
Portfolio shares.)
In the following discussion, Andrew D. Feltus reviews the investment environment
and the strategies that affected the Portfolio's performance over the six
months. Mr. Feltus is a member of Pioneer's fixed income group, which is
responsible for the daily management of the Portfolio.
Q: HOW DID THE PORTFOLIO PERFORM?
A: For the six months ended June 30, 2003, the Portfolio returned 0.35%, at net
asset value. On June 30, 2003, the seven-day effective yield was 0.54%.
Q: WHAT FACTORS INFLUENCED THE PERFORMANCE?
A: The Portfolio performed in line with its investment objective, but in the
extraordinarily low interest-rate environment of the past six months, the
Portfolio's absolute returns were low. The Federal Reserve had lowered the
key short-term rate, the federal funds rate, by one-half of one percentage
point in November 2002, and cut it by an additional one-quarter of one
percentage point on June 25. As a result, the benchmark rate ended the period
on June 30, 2003 at just 1.00%. Federal Reserve Board Chairman Alan Greenspan
had warned openly about the potential threat from deflation, which in theory
could disrupt consumers and business' ability to service their debts.
Greenspan's comments sent a strong signal to the capital markets that
short-term rates were likely to remain at their low levels for the
foreseeable future. This caused longer-term fixed income securities to rally,
and shortened the difference in yields between short-term and long-term
maturities.
In this environment we kept the Portfolio's maturity longer to protect income
as much as possible against the possibility of further rate cuts by the
Federal Reserve. On June 30, 2003, the Portfolio's average duration was 70
days, up from 53 days at the start of the period on January 1, 2003. We also
continued to look for and find attractively priced corporate issues.
Q: WHAT IS YOUR OUTLOOK FOR THE SECOND HALF OF 2003?
A: We believe the economy is actually beginning to rebound more strongly and we
think that the possibility of deflation is minimal. The Federal Reserve
actually has lowered short-term rates to below the rate of inflation, which
is an abnormality by historical standards. We believe this situation is
unsustainable in the long-term.
With this as a backdrop, we believe interest rates will remain stable in the
near term, so we anticipate continuing to keep the Portfolio's duration
relatively long for a money fund. However, at some point the Fed is likely to
reverse its policy and begin raising rates. We will be alert for signals of
any policy change so that we can begin to shorten duration for a rising
interest-rate environment.
PRICES AND DISTRIBUTIONS
<Table>
<Caption>
6/30/03 12/31/02
Net Asset Value per Share $ 1.00 $ 1.00
<Caption>
DISTRIBUTIONS PER SHARE SHORT-TERM LONG-TERM
(1/1/03 - 6/30/03) DIVIDENDS CAPITAL GAINS CAPITAL GAINS
$ 0.0035 $ - $ -
</Table>
AVERAGE ANNUAL TOTAL RETURNS
(As of June 30, 2003)
NET ASSET VALUE*
<Table>
Life-of-Class 3.98%
(3/1/95)
5 Years 3.46%
1 Year 0.89%
</Table>
All total returns shown assume reinvestment of distributions at net asset value.
* 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 does not reflect the deduction of taxes
that a shareowner would pay on distributions or the redemption of shares.
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.
30
<Page>
PIONEER EMERGING MARKETS VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
SCHEDULE OF INVESTMENTS 6/30/03 (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
PREFERRED STOCKS - 1.7%
BANKS - 0.6%
DIVERSIFIED BANKS - 0.6%
1,959,800 Banco Itau Holding Financiera $ 130,553
------------
TOTAL BANKS $ 130,553
------------
TELECOMMUNICATION SERVICES - 1.1%
INTEGRATED TELECOMMUNICATION SERVICES - 0.8%
14,001 Tele Norte Leste Participacoes (A.D.R.)* $ 163,532
------------
WIRELESS TELECOMMUNICATION SERVICES - 0.3%
3,500 Telemig Celular Participacoes (A.D.R.) $ 73,570
------------
TOTAL TELECOMMUNICATION SERVICES $ 237,102
------------
TOTAL PREFERRED STOCKS
(Cost $234,915) $ 367,655
------------
COMMON STOCKS - 95.9%
ENERGY - 9.2%
INTEGRATED OIL & GAS - 5.1%
50,900 CNOOC Ltd. $ 75,063
38,100 Gas Authority of India Ltd.* 90,750
6,080 Lukoil Holding (A.D.R.) 480,320
20,600 Petrobras Brasiliero (A.D.R.) 365,856
15,479,550 Tupras-Turkiye Petrol Rafinerileri A.S. 102,033
------------
$ 1,114,022
------------
OIL & GAS EXPLORATION & PRODUCTION - 1.9%
431,000 China Petroleum & Chemical $ 103,354
5,100 Mol Magyar Olaj 111,379
125,600 PTT Public Co., Ltd. 198,536
------------
$ 413,269
------------
OIL & GAS REFINING, MARKETING &
TRANSPORTATION - 2.2%
15,900 Bharat Petroleum Corp., Ltd. $ 97,390
12,800 Hindustan Petroleum 96,518
6,800 Polski Koncern Nafto (G.D.R.) 66,776
7,200 S-OIL Corp. 123,566
4,120 TelecomAsia Corp. Public Co., Ltd. 105,060
------------
$ 489,310
------------
TOTAL ENERGY $ 2,016,601
------------
MATERIALS - 18.7%
ALUMINUM - 0.3%
112,000 Aluminum Corporation of China Ltd. $ 24,991
2,900 Hindalco Industries Ltd. 46,610
------------
$ 71,601
------------
COMMODITY CHEMICALS - 1.5%
4,569 Daelim Industrial Co. $ 79,561
7,800 Reliance Industries Ltd. (144A)* 113,490
14,385,600 Ultrapar Participacoes SA 133,293
------------
$ 326,344
------------
CONSTRUCTION MATERIALS - 0.9%
2,800 Asia Cement Co., Ltd.* $ 76,183
16,579,000 Akcansa Cimento AS 42,660
12,900 Siam Cement Co., Ltd. (Foreign Shares) 51,514
2,932 Suez Cement Co. (G.D.R.) 21,022
------------
$ 191,379
------------
DIVERSIFIED CHEMICALS - 0.5%
200 Israel Chemicals Ltd. $ 267
1,100 LG Chemicals, Ltd.* 44,203
148,360 Sinopac Holdings Co.* 54,304
------------
$ 98,774
------------
DIVERSIFIED METALS & MINING - 1.8%
1,800 Anglo American Platinum Corp., Ltd. $ 57,179
6,800 Companhia Vale do Rio Doce (A.D.R.) 188,700
26,500 KGHM Polska Miedz SA* 97,627
101,000 Yanzhou Coal Mining (Class H) 46,950
------------
$ 390,456
------------
PAPER PRODUCTS - 0.5%
5,270 Aracruz Cellulose SA (A.D.R.) $ 110,986
------------
PRECIOUS METALS & MINERALS - 9.0%
9,600 Anglo American Plc $ 146,782
46,500 Anglo American Plc (A.D.R.) 718,218
3,650 Anglogold Ltd. 110,792
9,300 Anglogold Ltd. (A.D.R.) 296,670
10,600 Compania de Minas Buenaventura SA 318,954
17,500 Gold Fields Ltd. (A.D.R.) 213,150
15,400 Gold Fields Ltd. 178,998
------------
$ 1,983,564
------------
SPECIALTY CHEMICALS - 1.0%
80,814 Formosa Plastic Corp. $ 112,709
101,332 Nan Ya Plastics Corp. 109,952
------------
$ 222,661
------------
STEEL - 3.2%
100,597 China Steel Corp., Ltd. $ 69,859
15,200 Pohang Iron & Steel Co. Ltd. (A.D.R.) 398,088
28,400 Remgro Ltd. 241,884
------------
$ 709,831
------------
TOTAL MATERIALS $ 4,105,596
------------
CAPITAL GOODS - 2.1%
BUILDING PRODUCTS - 0.6%
1,900 Hanil Cement Co., Ltd.* $ 76,191
7,600 Daewoo Heavy Industries & Machinery Ltd.* 64,261
------------
$ 140,452
------------
</Table>
The accompanying notes are an integral part of these financial statements.
31
<Page>
<Table>
<Caption>
SHARES VALUE
CONSTRUCTION & ENGINEERING - 0.5%
4,100 LG Construction Ltd.* $ 70,879
903,000 Enka Insaat VE Sanayi AS 31,034
------------
$ 101,913
------------
ELECTRICAL COMPONENTS & EQUIPMENT - 0.7%
13,700 Bharat Heavy Electricals (Demat Shares) $ 79,495
42,800 Techtronic Industries Co. 71,899
------------
$ 151,394
------------
INDUSTRIAL CONGLOMERATES - 0.1%
26,000 China Resources Enterprise Limited $ 22,505
------------
METAL FABRICATORS - 0.2%
2,590 Korea Zinc Co.* $ 46,618
------------
TOTAL CAPITAL GOODS $ 462,882
------------
COMMERCIAL SERVICES & SUPPLIES - 0.9%
DATA PROCESSING SERVICES - 0.3%
129,900 Shinawatra Computer Co., Plc $ 58,667
------------
DIVERSIFIED COMMERCIAL SERVICES - 0.6%
22,607 Bidvest Group Ltd. $ 129,873
------------
TOTAL COMMERCIAL SERVICES &
SUPPLIES $ 188,540
------------
TRANSPORTATION - 1.5%
MARINE - 1.3%
98,000 Evergreen Marine Corp. $ 69,757
6,373 Hanjin Shipping Co., Ltd.* 52,393
34,280 Hyundai Merchant Marine Co.* 96,426
17,000 Samsung Heavy Industries Co., Ltd.* 68,171
------------
$ 286,747
------------
RAILROADS - 0.2%
21,000 Malaysia International Shipping Bhd $ 41,724
------------
TOTAL TRANSPORTATION $ 328,471
------------
AUTOMOBILES & COMPONENTS - 3.1%
AUTO PARTS & EQUIPMENT - 0.8%
34,300 Cycle & Carriage $ 96,233
3,300 Hyundai Mobis* 84,676
------------
$ 180,909
------------
AUTOMOBILE MANUFACTURERS - 2.3%
14,000 Edaran Otomobile Nasional Bhd $ 32,974
8,430 Hyundai Heavy Industries* 173,611
13,649,000 Koc Holdings AS* 119,314
99,153 PT Astra International* 42,966
54,900 Sime Darby Bhd 73,682
13,999 Tata Engineering & Locomotive Co. 59,696
------------
$ 502,243
------------
TOTAL AUTOMOBILES & COMPONENTS $ 683,152
------------
CONSUMER DURABLES & APPAREL - 1.1%
HOMEBUILDING - 0.2%
463,800 Ayala Land, Inc. $ 52,049
------------
LEISURE PRODUCTS - 0.9%
3,595 Bajaj Auto Ltd. (Demat Shares) $ 44,513
81,000 Berjaya Sports Toto Bhd 78,868
12,800 Hero Honda Motors Ltd. (Demat Shares) 69,924
------------
$ 193,305
------------
TOTAL CONSUMER DURABLES & APPAREL $ 245,354
------------
HOTELS, RESTAURANTS & LEISURE - 0.4%
HOTELS, RESORTS & CRUISE LINES - 0.1%
5,003 Indian Hotels Co., Ltd.* $ 27,006
------------
RESTAURANTS - 0.3%
59,500 Kentucky Fried Chicken Bhd $ 56,368
------------
TOTAL HOTELS, RESTAURANTS & LEISURE $ 83,374
------------
MEDIA - 0.4%
BROADCASTING & CABLE TV - 0.2%
7,900 BEC World Public Co., Ltd.
(Foreign Shares) $ 45,068
------------
MOVIES & ENTERTAINMENT - 0.2%
18,200 Tanjong Plc $ 47,895
------------
TOTAL MEDIA $ 92,963
------------
RETAILING - 0.5%
GENERAL MERCHANDISE STORES - 0.5%
218,800 Global Green Technology Group $ 34,511
1,300 LG Home Shopping 86,522
------------
TOTAL RETAILING $ 121,033
------------
FOOD & DRUG RETAILING - 3.3%
FOOD DISTRIBUTORS - 0.7%
9,600 Compania Cervecerias Unidas SA $ 154,464
------------
FOOD RETAIL - 2.6%
2,280 CJ Corp. $ 99,255
12,900 Companhia Brasilieira de Destribuicao
(A.D.R.) 197,886
5,300 Distribucion y Servicio D&A SA 67,840
410,800 PT Indofood Sukses Makmur Tbk 42,325
5,501,200 Migros Turk T.A.S. 54,682
5,000 Tiger Brands Ltd. 44,355
11,800 Tata Tea Ltd. (Demat Shares) 57,472
------------
$ 563,815
------------
TOTAL FOOD & DRUG RETAILING $ 718,279
------------
FOOD, BEVERAGE & TOBACCO - 4.5%
AGRICULTURAL PRODUCTS - 0.2%
30,000 IOI Corp. Bhd $ 45,000
------------
DISTILLERS & VINTNERS - 1.7%
1,520,000 Andalou Efes Biracilik $ 30,271
8,900 Companhia de Bebidas (A.D.R.) 181,115
68,500 Grupo Modelo S.A. de C.V. 156,002
------------
$ 367,388
------------
</Table>
The accompanying notes are an integral part of these financial statements.
32
<Page>
<Table>
<Caption>
SHARES VALUE
SOFT DRINKS - 1.5%
13,200 Embotelladora Andina SA (A.D.R.) $ 103,620
2,100 Fomento Economico Mexicano,
S.A. de C.V. 86,520
17,600 Fraser & Neave Ltd. 85,963
110,000 Sermsuk Public Co., Ltd. 66,021
------------
$ 342,124
------------
TOBACCO - 1.1%
8,000 British American Tabacco (Malaysia) Bhd $ 82,105
62,000 PT Gudang Garam Public Co. Ltd. 76,655
159,000 PT Hanjaya Mandala Sampoerna Tbk 79,982
------------
$ 238,742
------------
TOTAL FOOD, BEVERAGE & TOBACCO $ 993,254
------------
HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
HOUSEHOLD PRODUCTS - 0.6%
3,300 LG Household & Health Care Ltd.* $ 85,228
15,286,610 Arcelik A.S. 53,344
------------
TOTAL HOUSEHOLD & PERSONAL PRODUCTS $ 138,572
------------
HEALTH CARE EQUIPMENT & SERVICES - 1.6%
HEALTH CARE DISTRIBUTORS - 1.6%
6,130 Teva Pharmaceutical Industries Ltd. $ 348,981
------------
TOTAL HEALTH CARE EQUIPMENT &
SERVICES $ 348,981
------------
PHARMACEUTICALS & BIOTECHNOLOGY - 1.1%
BIOTECHNOLOGY - 0.3%
3,000 Dr. Reddy's Laboratories (A.D.R.) $ 69,930
------------
PHARMACEUTICALS - 0.8%
1,375 Gideon Richter Sons (G.D.R.) $ 97,625
4,460 Ranbaxy Laboratories Ltd. 75,522
------------
$ 173,147
------------
TOTAL PHARMACEUTICALS &
BIOTECHNOLOGY $ 243,077
------------
BANKS - 13.1%
DIVERSIFIED BANKS - 13.1%
5,644 Banco Bradesco SA $ 105,430
3,203 Banco Santiago 65,373
13,700 Bangkok Bank Ltd. (Foreign Shares)* 21,981
79,600 Bank of Baroda* 191,658
2,981 Bank Zachodini 51,352
139,600 Canara Bank Ltd. 287,181
178,964 Chinatrust Financial Holding
Co., Ltd. 144,476
18,300 Commerce Asset Holdings Bhd 16,663
6,300 Commercial International Bank 38,493
11,000 Development Bank of Singapore Ltd. 64,348
112,600 Kasikornbank* 105,052
1,900 Kookmin Bank 57,262
2,700 Kookmin Bank (A.D.R.)* 81,675
52,900 Malayan Banking Bhd $ 119,721
9,500 MISR International 10,450
293,000 National Finance Public Co., Ltd. 105,165
93,100 Oriental Bank of Commerce 321,883
8,000 Overseas-Chinese Banking Corp., Ltd. 45,435
195,000 PT Bank Central Asia Tbk 67,955
1,343,476 PT Lippo Bank* 80,609
60,250 Public Bank Bhd (Foreign shares) 47,883
98,800 Punjab National Bank 330,612
47,600 Siam Commercial Bank Plc
(Foreign Shares)* 40,732
24,400 Standard Bank Group Ltd. 106,597
16,200 State Bank of India 134,283
3,900 State Bank of India (G.D.R.)* 79,989
20,616,496 Turkiye Is Bankasi (Isbank)* 65,403
5,400 Uniao de Bancos Brasileiros S.A.
(Unibanco)(G.D.R.)(144A) 90,720
------------
TOTAL BANKS $ 2,878,381
------------
DIVERSIFIED FINANCIALS - 5.0%
DIVERSIFIED FINANCIAL SERVICES - 5.0%
3,480,000 Alarko Holding A.S. $ 49,557
167,000 Bank Mandiri 13,800
357,917 China Development Fianancial* 136,704
78,300 FirstRand Ltd. 80,758
122,000 Fubon Group 97,784
111,700 Grupo Financiero Bancomer (Class B)* 94,379
27,793,666 Haci Omer Sabanci Holding AS 66,619
138,500 Kiatnakin Finance Plc (Foreign shares) 109,463
89,557 Old Mutual Plc 131,135
69,466 RMB Holdings Ltd. 98,747
2,750 Samsung Securities Co., Ltd. 66,649
96,000 Sanlam Ltd. 89,780
534,700 SM Prime Holdings 59,006
------------
TOTAL DIVERSIFIED FINANCIALS $ 1,094,381
------------
INSURANCE - 1.3%
MULTI-LINE INSURANCE - 0.3%
1,500 Samsung Fire & Marine Insurance* $ 72,959
------------
PROPERTY & CASUALTY INSURANCE - 1.0%
177,662 Cathay Financial Holdings Co. $ 217,451
------------
TOTAL INSURANCE $ 290,410
------------
SOFTWARE & SERVICES - 0.9%
APPLICATION SOFTWARE - 0.9%
3,500 Check Point Software Technologies Ltd.* $ 68,425
1,150 Infosys Technologies Ltd. 81,005
4,900 Satyam Computer Services Ltd. 48,657
------------
TOTAL SOFTWARE & SERVICES $ 198,087
------------
</Table>
The accompanying notes are an integral part of these financial statements.
33
<Page>
<Table>
<Caption>
SHARES VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 4.7%
COMMUNICATIONS EQUIPMENT - 1.0%
10,640 Empresa Nacional De Telecom $ 54,923
7,600 Matav Rt (A.D.R.) 130,720
1,000 Samsung Electro Mechanics Co., Ltd.* 32,859
------------
$ 218,502
------------
COMPUTER HARDWARE - 0.3%
58,400 Compal Electronics $ 78,407
------------
COMPUTER STORAGE & PERIPHERALS - 0.5%
54,000 Quanta Computer, Inc. $ 111,719
------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.6%
43,000 Asustek Computer, Inc. $ 108,869
809 Elbit Systems Ltd. 15,731
28,150 Elec & Eltek International Co., Ltd. 53,485
2,350 LG Electronics Inc.* 97,974
91,300 Phoenixtec Power Co., Ltd. 76,876
770 Samsung Display Devices 58,338
204,000 Varitronix International Ltd. 155,652
------------
$ 566,925
------------
OFFICE ELECTRONICS - 0.3%
8,100 Baiksan OPC Co.* $ 65,166
------------
TOTAL TECHNOLOGY HARDWARE &
EQUIPMENT $ 1,040,719
------------
SEMICONDUCTORS - 4.8%
30,500 Hon Hai Precision Industry $ 110,757
1,530 Samsung Electronics Co. 454,709
218,000 Taiwan Semiconductor
Manufacturing Co.* 359,549
215,000 United Microelectronics Corp., Ltd.* 138,730
------------
TOTAL SEMICONDUCTORS $ 1,063,745
------------
TELECOMMUNICATION SERVICES - 12.3%
ALTERNATE CARRIERS - 0.2%
154,000 Singapore Post Ltd.* $ 59,475
------------
INTEGRATED TELECOMMUNICATION SERVICES - 8.2%
20,000 Asia Satellite Telecommunications
Holdings Ltd. $ 32,957
2,900 Brasil Telecom Participacoes SA* 108,605
4,900 Compania de Telephonos de Chile SA
(A.D.R.)* 57,820
14,000 PT Indosat Indonesian Satellite Corp. 151,620
10,600 KT Corp.* 208,926
15,400 Mahanagar Telephone Nigam Ltd. 73,920
48,000 Mahanagar Telephone (Demat Shares)* 117,489
9,740 Telekomunik Indonesia (A.D.R.) 109,088
27,900 Telefonos de Mexico SA 876,618
18,500 Telekomunikacja Polska SA 65,067
------------
$ 1,802,110
------------
WIRELESS TELECOMMUNICATION SERVICES - 3.9%
42,700 Advanced Service Co., Ltd.
(Foreign Shares) $ 61,913
8,400 Alumax, Inc. 157,500
12,200 China Mobile Ltd. 28,786
8,500 Mobinil-Egyptian Mobile Services* 75,796
19,437 SK Telecom Co., Ltd.* 366,582
143,900 United Communication Industry
Public Co., Ltd.* 74,909
40,900 Venfin Ltd.* 91,800
------------
$ 857,286
------------
TOTAL TELECOMMUNICATION SERVICES $ 2,718,871
------------
UTILITIES - 4.8%
ELECTRIC UTILITIES - 4.0%
126,300 Empresa Nacional de Electricid S.A.* $ 38,174
1,708,376 Enersis SA* 149,116
88,500 Hongkong Electric Holdings Ltd. 347,275
6,400 Korea Electric Power Corp. 101,264
8,560 Unified Energy System (G.D.R.)* 228,470
------------
$ 864,299
------------
GAS UTILITIES - 0.6%
248,000 PetroChina Co., Ltd. $ 74,734
3,200 Gazprom (A.D.R.)* 60,480
------------
$ 135,214
------------
WATER UTILITIES - 0.2%
5,400 Cia Saneamento Basic de Estado de
Sao Paulo* $ 49,680
------------
TOTAL UTILITIES $ 1,049,193
------------
TOTAL COMMON STOCKS
(Cost $18,230,138) $ 21,103,916
------------
RIGHTS/WARRANTS - 0.0%
TELECOMMUNICATION SERVICES - 0.0%
INTEGRATED TELECOMMUNICATION SERVICES - 0.0%
32,210 TelecomAsia Public, Co., Ltd.
(Foreign Warrants) $ --
------------
TOTAL RIGHTS/WARRANTS
(Cost $9,538) $ --
------------
</Table>
The accompanying notes are an integral part of these financial statements.
34
<Page>
PIONEER EMERGING MARKETS VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
TEMPORARY CASH INVESTMENT - 2.4%
SECURITY LENDING COLLATERAL - 2.4%
$ 537,832 Securities Lending Investment Fund,
1.21% $ 537,832
------------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $537,832) $ 537,832
------------
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $19,012,423)(a) $ 22,009,403
============
</Table>
* Non-income producing security.
144A Security is exempt from registration under Rule 144A of the Securities Act
of 1933. Such securities may be resold normally to qualified institutional
buyers in a transaction exempt from registration. At June 30, 2003, the
value of these securities amounted to $204,210 or 0.9% of total net assets.
(a) Distributions of investments by country of issue, as a percentage of total
equity holdings, is as follows
<Table>
South Korea 15.8%
India 12.1
South Africa 12.1
Taiwan 9.3
Brazil 8.8
Mexico 6.4
Thailand 4.4
Russia 3.6
Chile 3.2
Indonesia 3.1
Hong Kong 3.1
Malaysia 3.0
Turkey 2.9
Israel 2.0
Singapore 1.9
People's Republic Of China 1.6
Hungary 1.6
Peru 1.5
Poland 1.3
Other (individually less than 1%) 2.3
-----
100.0%
=====
</Table>
The accompanying notes are an integral part of these financial statements.
35
<Page>
PIONEER EUROPE VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
SCHEDULE OF INVESTMENTS 6/30/03 (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
PREFERRED STOCKS - 0.9%
AUTOMOBILES & COMPONENTS - 0.9%
AUTOMOBILE MANUFACTURERS - 0.9%
228 Porsche AG Designs $ 95,628
------------
TOTAL AUTOMOBILES & COMPONENTS $ 95,628
------------
TOTAL PREFERRED STOCKS
(Cost $69,539) $ 95,628
------------
COMMON STOCKS - 99.1%
ENERGY - 12.2%
INTEGRATED OIL & GAS - 6.1%
38,782 BP Amoco Plc $ 269,080
12,902 ENI S.p.A. 195,929
33,648 Shell Transport & Trading Co. 222,474
------------
$ 687,483
------------
OIL & GAS REFINING, MARKETING &
TRANSPORTATION - 6.1%
8,799 Royal Dutch Petroleum Co. $ 409,164
1,779 Total SA 269,339
------------
$ 678,503
------------
TOTAL ENERGY $ 1,365,986
------------
MATERIALS - 4.1%
COMMODITY CHEMICALS - 0.5%
1,337 BASF India Ltd. $ 57,173
------------
CONSTRUCTION MATERIALS - 0.9%
6,508 CRH Plc $ 102,199
------------
DIVERSIFIED METALS & MINING - 1.8%
7,241 Rio Tinto Plc $ 136,806
2,277 Sandvik AB 59,786
------------
$ 196,592
------------
SPECIALTY CHEMICALS - 0.9%
697 L'Air Liquide SA $ 103,521
------------
TOTAL MATERIALS $ 459,485
------------
CAPITAL GOODS - 4.5%
AEROSPACE & DEFENSE - 0.5%
4,567 Smiths Industries $ 53,070
------------
CONSTRUCTION & ENGINEERING - 2.5%
5,449 Compagnie de Saint Gobain $ 214,832
3,331 Grupo Dragados SA 67,178
------------
$ 282,010
------------
ELECTRICAL COMPONENTS & EQUIPMENT - 0.5%
1,180 Schneider Electric SA* $ 55,577
------------
INDUSTRIAL MACHINERY - 1.0%
18,077 Scottish Power Plc $ 108,167
------------
TOTAL CAPITAL GOODS $ 498,824
------------
COMMERCIAL SERVICES & SUPPLIES - 2.4%
DIVERSIFIED COMMERCIAL SERVICES - 2.4%
54,129 Hays Plc $ 86,341
1,700 ISS International Service System AS 60,812
6,795 TNT Post Group NV 118,198
------------
TOTAL COMMERCIAL SERVICES & SUPPLIES $ 265,351
------------
AUTOMOBILES & COMPONENTS - 2.4%
AUTO PARTS & EQUIPMENT - 0.6%
3,067 Continental AG* $ 64,323
------------
AUTOMOBILE MANUFACTURERS - 1.8%
3,138 Bayerische Motoren Werke AG $ 120,758
1,637 PSA Peugeot Citroen 79,663
------------
$ 200,421
------------
TOTAL AUTOMOBILES & COMPONENTS $ 264,744
------------
HOTELS, RESTAURANTS & LEISURE - 1.6%
RESTAURANTS - 1.6%
22,619 Compass Group Plc $ 121,885
5,258 Gus Plc* 58,449
------------
TOTAL HOTELS, RESTAURANTS & LEISURE $ 180,334
------------
MEDIA - 4.3%
ADVERTISING - 0.7%
2,778 Publicis SA $ 74,689
------------
BROADCASTING & CABLE TV - 0.6%
41,320 Granada Plc* $ 61,470
------------
MOVIES & ENTERTAINMENT - 0.5%
6,483 Pearson Plc $ 60,715
------------
PUBLISHING - 2.5%
13,532 Elsevier NV $ 159,882
2,245 VNU NV 69,295
4,429 Wolters Kluwer NV* 53,501
------------
$ 282,678
------------
TOTAL MEDIA $ 479,552
------------
</Table>
The accompanying notes are an integral part of these financial statements.
36
<Page>
<Table>
<Caption>
SHARES VALUE
RETAILING - 0.6%
HOME IMPROVEMENT RETAIL - 0.6%
6,139 Wolsely $ 67,988
------------
TOTAL RETAILING $ 67,988
------------
FOOD & DRUG RETAILING - 8.0%
FOOD RETAIL - 8.0%
2,499 Carrefour Supermarch $ 122,704
1,685 Nestle SA (Registered Shares) 348,354
64,470 Tesco Plc 233,646
14,858 Tomkins Plc* 55,750
2,503 Unilever NV 134,534
------------
TOTAL FOOD & DRUG RETAILING $ 894,988
------------
FOOD, BEVERAGE & TOBACCO - 3.1%
DISTILLERS & VINTNERS - 1.0%
10,077 Diageo Plc $ 107,853
------------
TOBACCO - 2.1%
20,982 British American Tobacco Plc $ 237,227
------------
TOTAL FOOD, BEVERAGE & TOBACCO $ 345,080
------------
HEALTH CARE EQUIPMENT & SUPPLIES - 0.6%
HEALTH CARE EQUIPMENT - 0.6%
1,743 Celesio AG* $ 68,378
------------
TOTAL HEALTH CARE EQUIPMENT &
SUPPLIES $ 68,378
------------
PHARMACEUTICALS & BIOTECHNOLOGY - 13.4%
BIOTECHNOLOGY - 0.5%
9,396 Celltech Chiroscience Plc* $ 54,320
------------
PHARMACEUTICALS - 12.9%
722 Altana AG $ 45,676
5,008 AstraZeneca Plc 201,155
1,941 Aventis SA 106,649
13,819 GlaxoSmithKline Plc 277,761
8,457 Novartis AG 335,290
2,851 Roche Holdings AG 224,061
1,075 Sanofi-Synthelabo SA* 63,073
3,675 Schering AG 179,601
------------
$ 1,433,266
------------
TOTAL PHARMACEUTICALS &
BIOTECHNOLOGY $ 1,487,586
------------
BANKS - 15.4%
DIVERSIFIED BANKS - 15.4%
5,105 Allied Irish Banks Plc $ 76,878
10,816 Banco Bilbao Vizcaya Argentaria, SA 113,856
38,826 Barclays Plc 287,195
8,241 BNP Paribas SA 419,528
3,419 CS Group 90,157
32,172 HSBC Holdings Plc 380,228
11,085 Royal Bank of Scotland Group Plc 310,208
3,594 Standard Chartered Plc 43,991
------------
TOTAL BANKS $ 1,722,041
------------
DIVERSIFIED FINANCIALS - 8.1%
DIVERSIFIED FINANCIAL SERVICES - 8.1%
1,779 Deutsche Bank AG (Registered Shares) $ 115,574
3,075 Deutsche Boerse AG 162,661
7,615 ING Groep N.V. 132,549
2,213 Societe Generale 140,536
6,237 UBS AG 347,615
------------
TOTAL DIVERSIFIED FINANCIALS $ 898,935
------------
INSURANCE - 1.6%
LIFE & HEALTH INSURANCE - 0.6%
7,293 Aegon NV $ 73,163
------------
MULTI-LINE INSURANCE - 1.0%
3,550 AXA SA $ 55,176
452 Zurich Financial Services* 53,995
------------
$ 109,171
------------
TOTAL INSURANCE $ 182,334
------------
SOFTWARE & SERVICES - 0.7%
APPLICATION SOFTWARE - 0.7%
7,755 Indra Sistemas, SA* $ 78,957
------------
TOTAL SOFTWARE & SERVICES $ 78,957
------------
TECHNOLOGY HARDWARE & DEVELOPMENT - 4.9%
COMMUNICATIONS EQUIPMENT - 3.1%
20,624 Nokia Oyj $ 340,244
------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.8%
4,187 Siemens $ 205,442
------------
TOTAL TECHNOLOGY HARDWARE &
DEVELOPMENT $ 545,686
------------
</Table>
The accompanying notes are an integral part of these financial statements.
37
<Page>
<Table>
<Caption>
SHARES VALUE
TELECOMMUNICATION SERVICES - 9.3%
INTEGRATED TELECOMMUNICATION SERVICES - 4.2%
7,726 British Sky Broadcasting Plc* $ 85,308
13,784 Porugal Telecom, SGPS, SA 98,953
16,510 Telecom Italia Mobile S.p.A. 81,864
13,493 Telecom Italia S.p.A. 122,787
7,343 Telefonica SA* 85,407
------------
$ 474,319
------------
WIRELESS TELECOMMUNICATION SERVICES - 5.1%
288,925 Vodafone Group Plc $ 563,544
------------
TOTAL TELECOMMUNICATION SERVICES $ 1,037,863
------------
UTILITIES - 1.9%
ELECTRIC UTILITIES - 1.9%
2,486 E.On AG $ 127,442
12,558 National Grid Trans Plc 85,211
------------
TOTAL UTILITIES $ 212,653
------------
TOTAL COMMON STOCKS
(Cost $10,392,374) $ 11,056,765
------------
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $10,461,913) (a) $ 11,152,393
============
</Table>
* Non-income producing security.
(a) Distributions of investments by country of issue, as a percentage of total
equity holdings, is as follows:
<Table>
United Kingdom 33.3%
France 15.2
Netherlands 11.0
Switzerland 10.7
Germany 9.7
Italy 7.4
Spain 4.0
Finland 3.5
Ireland 2.6
Denmark 1.1
Portugal 1.0
Sweden 0.5
-----
100.0%
=====
</Table>
The accompanying notes are an integral part of these financial statements.
38
<Page>
PIONEER INTERNATIONAL VALUE VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
SCHEDULE OF INVESTMENTS 6/30/03 (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
PREFERRED STOCKS - 0.9%
AUTOMOBILES & COMPONENTS - 0.3%
AUTOMOBILE MANUFACTURERS - 0.3%
155 Porsche AG Designs $ 65,010
------------
TOTAL AUTOMOBILES & COMPONENTS $ 65,010
------------
MEDIA - 0.6%
PUBLISHING - 0.6%
18,426 News Corp., Ltd. $ 113,700
------------
TOTAL MEDIA $ 113,700
------------
TOTAL PREFERRED STOCKS
(Cost $163,280) $ 178,710
------------
COMMON STOCKS - 98.5%
ENERGY - 9.7%
INTEGRATED OIL & GAS - 7.1%
52,910 BP Amoco Plc $ 367,104
17,300 ENI S.p.A. 262,717
119,600 Shell Transport & Trading Co. 790,773
------------
$ 1,420,594
------------
OIL & GAS EXPLORATION & PRODUCTION - 0.9%
162,000 China Petroleum & Chemical $ 38,848
32,000 Tokyo Gas Co., Ltd.* 92,111
4,600 Woodside Petroleum, Ltd.* 38,238
------------
$ 169,197
------------
OIL & GAS REFINING, MARKETING &
TRANSPORTATION - 1.7%
2,300 Total Fina Elf SA $ 348,218
------------
TOTAL ENERGY $ 1,938,009
------------
MATERIALS - 5.4%
COMMODITY CHEMICALS - 0.7%
2,500 BASF India, Ltd. $ 106,906
2,200 Reliance Industries, Ltd. (144A)* 32,010
------------
$ 138,916
------------
CONSTRUCTION MATERIALS - 0.7%
8,200 CRH Plc $ 129,808
------------
DIVERSIFIED CHEMICALS - 0.2%
1,100 LG Chemical, Ltd.* $ 44,203
------------
DIVERSIFIED METALS & MINING - 1.5%
10,600 Rio Tinto Plc $ 200,268
4,000 Sandvik AB 105,026
------------
$ 305,294
------------
PAPER PACKAGING - 0.2%
6,300 Amcor, Ltd.* $ 34,349
------------
SPECIALTY CHEMICALS - 1.3%
934 L'Air Liquide SA $ 138,721
3,430 Shin-Etsu Chemical Co., Ltd. 117,333
------------
$ 256,054
------------
STEEL - 0.8%
18,302 Broken Hill Proprietary Co., Ltd. $ 106,176
500 Pohang Iron & Steel Co.* 51,905
------------
$ 158,081
------------
TOTAL MATERIALS $ 1,066,705
------------
CAPITAL GOODS - 4.3%
AEROSPACE & DEFENSE - 0.9%
14,400 Smith Industries $ 167,332
------------
CONSTRUCTION & ENGINEERING - 1.8%
6,000 Compagnie de Saint Gobain $ 236,556
3,941 Grupo Dragados SA 79,480
41,000 Singapore Technologies Engineering* 40,517
------------
$ 356,553
------------
ELECTRICAL COMPONENTS & EQUIPMENT - 0.9%
3,800 Pioneer Corp.* $ 85,603
2,000 Fanuc, Ltd. 99,287
------------
$ 184,890
------------
INDUSTRIAL MACHINERY - 0.8%
20,710 Scottish Power Plc $ 123,922
41,000 Singapore Telecommunications, Ltd.* 35,161
------------
$ 159,083
------------
TOTAL CAPITAL GOODS $ 867,858
------------
COMMERCIAL SERVICES & SUPPLIES - 2.6%
COMMERCIAL PRINTING - 0.4%
6,900 Dai Nippon Printing Co., Ltd. $ 73,113
------------
DIVERSIFIED COMMERCIAL SERVICES - 0.9%
62,270 Hays Plc $ 99,327
4,800 TNT Post Group NV 83,495
------------
$ 182,822
------------
OFFICE SERVICES & SUPPLIES - 1.3%
3,500 Canon, Inc. $ 160,903
6,000 Ricoh Co.* 98,219
------------
$ 259,122
------------
TOTAL COMMERCIAL SERVICES & SUPPLIES $ 515,057
------------
TRANSPORTATION - 0.7%
RAILROADS - 0.7%
30 East Japan Railway Co. $ 133,662
------------
TOTAL TRANSPORTATION $ 133,662
------------
AUTOMOBILES & COMPONENTS - 4.6%
AUTO PARTS & EQUIPMENT - 0.4%
3,840 Continental AG* $ 80,535
------------
</Table>
The accompanying notes are an integral part of these financial statements.
39
<Page>
<Table>
<Caption>
SHARES VALUE
AUTOMOBILE MANUFACTURERS - 3.5%
3,100 Bayerische Motoren Werke AG $ 119,296
4,400 Honda Motor Co., Ltd. 167,035
4,860 Hyundai Motor Co., Ltd.* 62,861
2,320 PSA Peugeot Citroen 112,901
9,500 Toyota Motor Co.* 246,506
------------
$ 708,599
------------
TIRES & RUBBER - 0.7%
10,000 Bridgestone Corp. $ 135,998
------------
TOTAL AUTOMOBILES & COMPONENTS $ 925,132
------------
CONSUMER DURABLES & APPAREL - 0.9%
HOUSEWARES & SPECIALTIES - 0.5%
3,300 Sony Corp. $ 93,062
------------
PHOTOGRAPHIC PRODUCTS - 0.4%
3,000 Fuji Photo Film Co., Ltd.* $ 86,855
------------
TOTAL CONSUMER DURABLES & APPAREL $ 179,917
------------
HOTELS, RESTAURANTS & LEISURE - 0.8%
RESTAURANTS - 0.8%
30,740 Compass Group Plc $ 165,646
------------
TOTAL HOTELS, RESTAURANTS & LEISURE $ 165,646
------------
MEDIA - 3.1%
ADVERTISING - 0.5%
4,000 Publicis SA $ 107,544
------------
BROADCASTING & CABLE TV - 0.5%
3,020 Societe Television Francaise 1* $ 93,113
------------
MOVIES & ENTERTAINMENT - 0.5%
11,330 Pearson Plc $ 106,109
------------
PUBLISHING - 1.6%
30,500 Reed Elsevier Plc $ 253,840
4,900 Wolters Kluwer NV* 59,191
------------
$ 313,031
------------
TOTAL MEDIA $ 619,797
------------
RETAILING - 1.0%
HOME IMPROVEMENT RETAIL - 1.0%
18,000 Wolseley $ 199,346
------------
TOTAL RETAILING $ 199,346
------------
FOOD & DRUG RETAILING - 7.4%
FOOD DISTRIBUTORS - 0.5%
11,000 Ajinomoto Co., Inc. $ 105,544
------------
FOOD RETAIL - 6.9%
2,300 Carrefour Supermarch $ 112,933
590 Groupe Danone 81,791
3,000 Ito-Yokado Co., Ltd.* 71,962
2,300 Nestle SA (Registered Shares) 475,498
15,600 Tomkins Plc* 58,534
107,300 Tesco Plc 388,866
3,422 Unilever NV 183,929
------------
$ 1,373,513
------------
TOTAL FOOD & DRUG RETAILING $ 1,479,057
------------
FOOD, BEVERAGE & TOBACCO - 3.7%
DISTILLERS & VINTNERS - 1.8%
25,000 Diageo Plc $ 267,572
10,000 Foster's Group, Ltd. 28,268
10,000 Kirin Brewery Co., Ltd. 70,418
------------
$ 366,258
------------
SOFT DRINKS - 0.2%
11,200 Coca-Cola Amatil, Ltd.* $ 42,941
------------
TOBACCO - 1.7%
29,820 British American Tobacco Plc $ 337,151
------------
TOTAL FOOD, BEVERAGE & TOBACCO $ 746,350
------------
HOUSEHOLD & PERSONAL PRODUCTS - 0.7%
HOUSEHOLD PRODUCTS - 0.2%
2,400 Kao Corp. $ 44,754
------------
PERSONAL PRODUCTS - 0.5%
1,450 L'Oreal SA $ 102,425
------------
TOTAL HOUSEHOLD & PERSONAL PRODUCTS $ 147,179
------------
PHARMACEUTICALS & BIOTECHNOLOGY - 11.4%
BIOTECHNOLOGY - 0.4%
12,540 Celltech Chiroscience Plc* $ 72,496
------------
PHARMACEUTICALS - 11.0%
900 Altana AG $ 56,937
6,782 AstraZeneca Plc 272,411
4,617 Aventis SA 254,480
18,690 GlaxoSmithKline Plc 375,667
11,800 Novartis 467,828
4,628 Roche Holdings AG 363,715
4,870 Schering AG 238,002
2,000 Takeda Chemical Industries 73,923
3,900 Yamanouchi Pharmaceutical Co., Ltd.* 101,848
------------
$ 2,204,811
------------
TOTAL PHARMACEUTICALS & BIOTECHNOLOGY $ 2,277,307
------------
</Table>
The accompanying notes are an integral part of these financial statements.
40
<Page>
<Table>
<Caption>
SHARES VALUE
BANKS - 13.0%
DIVERSIFIED BANKS - 13.0%
7,800 Australia & New Zealand
Banking Group, Ltd.* $ 97,466
16,000 Banco Popular Espanol SA 168,426
51,625 Barclays Plc 381,868
10,200 BNP Paribas SA 519,256
4,530 CS Group 119,453
7,575 Development Bank of Singapore, Ltd. 44,312
6,300 Hang Seng Bank* 66,650
39,600 HSBC Holdings Plc 468,017
18 Mitsubishi Tokyo Financial Group, Inc. 81,549
14,920 Royal Bank of Scotland Group Plc 417,529
2,900 State Bank of India (G.D.R.) 59,479
8,400 United Overseas Bank* 59,157
10,100 Westpac Banking Corp. 110,202
------------
TOTAL BANKS $ 2,593,364
------------
DIVERSIFIED FINANCIALS - 8.1%
DIVERSIFIED FINANCIALS - 0.4%
36 Sumitomo Mitsui Financial Group, Inc. $ 78,695
------------
DIVERSIFIED FINANCIAL SERVICES - 7.7%
14,396 Collins Stewart Tullett Plc* $ 98,991
3,180 Deutsche Bank AG 206,592
4,900 Deutsche Boerse AG 259,199
9,500 ING Groep NV 165,360
9,000 Nomura Securites Co., Ltd. 114,438
1,919 Societe Generale 121,866
2,300 Swiss Re 127,679
8,100 UBS AG 451,448
------------
$ 1,545,573
------------
TOTAL DIVERSIFIED FINANCIALS $ 1,624,268
------------
INSURANCE - 1.0%
LIFE & HEALTH INSURANCE - 0.4%
8,090 Aegon NV $ 81,158
------------
PROPERTY & CASUALTY INSURANCE - 0.6%
16 Millea Holdings Inc.* $ 122,548
------------
TOTAL INSURANCE $ 203,706
------------
REAL ESTATE - 0.2%
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%
9,000 Sun Hungkai Property $ 45,472
------------
TOTAL REAL ESTATE $ 45,472
------------
TECHNOLOGY HARDWARE & EQUIPMENT - 6.3%
COMMUNICATIONS EQUIPMENT - 2.8%
26,331 Nokia Oyj $ 434,394
10,856 Hellenic Telecom Organization 128,390
------------
$ 562,784
------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 3.2%
25,210 Electrocomponents Plc $ 135,431
1,500 Hoya Corp. 103,500
1,100 LG Electronics Inc.* 45,860
400 Samsung Display Devices 30,306
6,390 Siemens AG 313,536
------------
$ 628,633
------------
TECHNOLOGY HARDWARE & EQUIPMENT - 0.3%
300 Keyence Corp. $ 55,067
------------
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT $ 1,246,484
------------
SEMICONDUCTORS - 1.3%
9,000 Hon Hai Precision Industry $ 32,682
600 Rohm Co., Ltd.* 65,529
350 Samsung Electronics 104,018
6,200 Siliconware Precision Industries Co. (A.D.R.)* 19,840
31,872 Taiwan Semiconductor Manufacturing Co.* 52,567
------------
TOTAL SEMICONDUCTORS $ 274,636
------------
TELECOMMUNICATION SERVICES - 9.1%
INTEGRATED TELECOMMUNICATION SERVICES - 4.5%
14,900 British Sky Broadcasting Plc* $ 164,522
2,400 KT Corp.* 47,304
35 Nippon Telegraph & Telephone Corp. 137,541
18,850 Portugal Telecom SGPS, SA 135,321
32,540 Telecom Italia Mobile S.p.A. 161,348
8,630 Telecom Italia S.p.A. 78,534
15,030 Telefonica SA* 174,815
------------
$ 899,385
------------
WIRELESS TELECOMMUNICATION SERVICES - 4.6%
2,600 China Mobile (Hong Kong) Ltd. (A.D.R.) $ 30,602
4,000 Hutchinson Whampoa, Ltd.* 24,365
3,600 SK Telecom Co., Ltd.* 67,896
405,741 Vodafone Group Plc 791,391
------------
$ 914,254
------------
TOTAL TELECOMMUNICATION SERVICES $ 1,813,639
------------
UTILITIES - 3.1%
ELECTRIC UTILITIES - 2.8%
5,400 Chubu Electric Power Co., Inc.* $ 98,669
12,500 CLP Holdings Ltd.* 54,660
3,333 E.On AG 170,863
34,000 Huaneng Power International* 38,804
4,700 Iberdrola SA 81,539
16,100 National Grid Plc 109,244
------------
$ 553,779
------------
WATER UTILITIES - 0.3%
3,370 Veolia Environment $ 69,393
------------
TOTAL UTILITIES $ 623,172
------------
TOTAL COMMON STOCKS
(Cost $18,892,910) $ 19,685,763
============
</Table>
The accompanying notes are an integral part of these financial statements.
41
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
TEMPORARY CASH INVESTMENT - 0.6%
SECURITY LENDING COLLATERAL - 0.6%
$ 112,350 Securities Lending Investment Fund,
1.21% $ 112,350
------------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $112,350) $ 112,350
------------
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $19,168,540)(a) $ 19,976,823
============
</Table>
* Non income producing security.
144A Security is exempt from registration under Rule 144A of the Securities Act
of 1933. Such securities may be resold normally to qualified institutional
buyers in a transaction exempt from registration. At June 30, 2003, the
value of these securities amounted to $32,010 or 0.2% of total net assets.
(a) Distributions of investments by country of issue, as a percentage of total
equity holdings, is as follows
<Table>
United Kingdom 34.3%
Japan 14.7
France 11.6
Switzerland 10.1
Germany 8.1
Netherlands 2.9
Australia 2.9
Spain 2.5
Italy 2.5
South Korea 2.3
Finland 2.2
Hong Kong 1.0
Other (individually less than 1%) 4.9
-----
100.0%
=====
</Table>
The accompanying notes are an integral part of these financial statements.
42
<Page>
PIONEER SMALL CAP VALUE VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
SCHEDULE OF INVESTMENTS 6/30/03 (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
COMMON STOCKS - 94.3%
ENERGY - 9.7%
OIL & GAS DRILLING - 1.9%
1,475 Atwood Oceanics, Inc.* $ 40,046
9,236 Key Energy Services Inc.* 99,010
---------------
$ 139,056
---------------
OIL & GAS EQUIPMENT & SERVICES - 3.0%
5,300 Gulfmark Offshore, Inc.* $ 89,464
1,130 Lufkin Industries, Inc. 27,515
5,265 Maverick Tube Corp.* 100,825
---------------
$ 217,804
---------------
OIL & GAS EXPLORATION & PRODUCTION - 4.2%
2,025 Penn Virginia Corp. $ 87,075
11,970 Swift Energy Co.* 131,670
516 Tom Brown, Inc.* 14,340
3,694 Unit Corp.* 77,242
---------------
$ 310,327
---------------
OIL & GAS REFINING, MARKETING &
TRANSPORTATION - 0.6%
1,612 St. Mary Land & Exploration Co. $ 44,008
---------------
TOTAL ENERGY $ 711,195
---------------
MATERIALS - 3.9%
DIVERSIFIED METALS & MINING - 1.7%
9,164 Massey Energy Co. $ 120,507
---------------
PAPER PRODUCTS - 1.2%
5,693 Domtar Inc. $ 62,908
5,255 Mercer International, Inc.* 23,385
---------------
$ 86,293
---------------
SPECIALTY CHEMICALS - 0.4%
1,450 Great Lakes Chemical Corp. $ 29,580
---------------
STEEL - 0.6%
8,293 Graftech International Ltd.* $ 45,197
---------------
TOTAL MATERIALS $ 281,577
---------------
CAPITAL GOODS - 9.3%
CONSTRUCTION, FARM MACHINERY &
HEAVY TRUCKS - 1.3%
6,925 Wabtec Corp. $ 96,327
---------------
CONSTRUCTION & ENGINEERING - 2.3%
2,270 Granite Construction, Inc. $ 43,493
6,875 Insituform Technologies, Inc.* 121,550
---------------
$ 165,043
---------------
ELECTRICAL COMPONENTS & EQUIPMENT - 0.4%
4,654 Power-One, Inc.* $ 33,276
---------------
INDUSTRIAL CONGLOMERATES - 2.0%
6,460 Cornell Companies, Inc.* $ 97,804
3,796 N N Ball & Roller, Inc. 48,057
---------------
$ 145,861
---------------
INDUSTRIAL MACHINERY - 2.3%
6,362 Joy Global, Inc.* $ 93,967
1,219 NACCO Industries, Inc. 71,848
---------------
$ 165,815
---------------
TRADING COMPANIES & DISTRIBUTORS - 1.0%
3,478 Applied Industrial Technologies, Inc. $ 73,386
---------------
TOTAL CAPITAL GOODS $ 679,708
---------------
COMMERCIAL SERVICES & SUPPLIES - 7.1%
COMMERCIAL PRINTING - 1.1%
3,068 John H. Harland Co. $ 80,259
---------------
DIVERSIFIED COMMERCIAL SERVICES - 5.1%
5,700 Central Parking Corp. $ 70,452
1,832 FTI Consulting, Inc.* 45,733
6,560 Profit Recovery Group International* 38,704
9,705 Rent-Way, Inc.* 45,128
2,503 Roto Rooter, Inc. 95,590
3,350 Watson Wyatt & Co. Holdings* 77,653
---------------
$ 373,260
---------------
EMPLOYMENT SERVICES - 0.9%
6,461 Hall, Kinion & Associates, Inc.* $ 17,703
4,045 Korn/Ferry International* 32,764
1,360 Right Management Consultants, Inc.* 17,204
---------------
$ 67,671
---------------
TOTAL COMMERCIAL SERVICES & SUPPLIES $ 521,190
---------------
TRANSPORTATION - 3.9%
MARINE - 1.8%
7,602 Stelmar Shipping Ltd.* $ 127,410
---------------
RAILROADS - 1.7%
6,062 Genesee & Wyoming, Inc.* $ 124,210
---------------
TRUCKING - 0.4%
1,693 Dollar Thrifty Automotive GP* $ 31,405
---------------
TOTAL TRANSPORTATION $ 283,025
---------------
AUTOMOBILES & COMPONENTS - 0.9%
AUTO PARTS & EQUIPMENT - 0.9%
3,695 Federal Signal Corp. $ 64,921
---------------
TOTAL AUTOMOBILES & COMPONENTS $ 64,921
---------------
CONSUMER DURABLES & APPAREL - 2.3%
APPAREL, ACCESSORIES & LUXURY GOODS - 0.5%
6,868 Charming Shoppes, Inc.* $ 34,134
---------------
FOOTWEAR - 1.0%
5,291 Maxwell Shoe Co., Inc.* $ 76,190
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
43
<Page>
<Table>
<Caption>
SHARES VALUE
HOUSEWARES & SPECIALTIES - 0.6%
745 Department 56, Inc.* $ 11,421
4,265 Oneida Ltd. 28,789
---------------
$ 40,210
---------------
TEXTILES - 0.2%
2,545 Quaker Fabric Corp. $ 16,797
---------------
TOTAL CONSUMER DURABLES & APPAREL $ 167,331
---------------
HOTELS, RESTAURANTS & LEISURE - 0.8%
LEISURE FACILITIES - 0.3%
2,505 Bally Total Fitness Holding Corp.* $ 22,620
---------------
RESTAURANTS - 0.5%
369 O'Charley's Inc.* $ 7,945
731 Rare Hospitality International, Inc.* 23,889
---------------
$ 31,834
---------------
TOTAL HOTELS, RESTAURANTS & LEISURE $ 54,454
---------------
MEDIA - 2.9%
ADVERTISING - 2.3%
2,666 Equity Marketing, Inc.* $ 39,457
3,619 R.H. Donnelley Corp.* 131,985
---------------
$ 171,442
---------------
PUBLISHING - 0.6%
3,315 Advanced Marketing Services, Inc. $ 43,095
---------------
TOTAL MEDIA $ 214,537
---------------
RETAILING - 7.1%
APPAREL RETAIL - 0.7%
2,145 Stage Stores, Inc.* $ 50,408
---------------
CATALOG RETAIL - 1.5%
10,650 Insight Enterprises, Inc.* $ 107,139
---------------
COMPUTER & ELECTRONICS RETAIL - 0.2%
2,305 Inter-TAN, Inc.* $ 18,901
---------------
GENERAL MERCHANDISE STORES - 0.7%
1,840 Blyth Industries, Inc. $ 50,048
---------------
SPECIALTY STORES - 4.0%
3,677 Guitar Center, Inc.* $ 106,633
5,007 Hancock Fabrics, Inc. 80,863
3,698 School Specialty, Inc.* 105,245
---------------
$ 292,741
---------------
TOTAL RETAILING $ 519,237
---------------
FOOD & DRUG RETAILING - 1.9%
FOOD RETAIL - 1.6%
2,958 Fresh Del Monte Produce, Inc.* $ 75,991
935 Hain Celestial Group, Inc.* 14,951
2,500 Wild Oats Markets, Inc.* 27,250
---------------
$ 118,192
---------------
HYPERMARKETS & SUPERCENTERS - 0.3%
1,100 BJ'S Wholesale Club, Inc.* $ 16,566
---------------
TOTAL FOOD & DRUG RETAILING $ 134,758
---------------
HOUSEHOLD & PERSONAL PRODUCTS - 1.2%
HOUSEHOLD PRODUCTS - 1.1%
7,604 Nu Skin Enterprises, Inc. $ 79,462
---------------
PERSONAL PRODUCTS - 0.1%
1,400 Playtex Products, Inc.* $ 8,988
---------------
TOTAL HOUSEHOLD & PERSONAL PRODUCTS $ 88,450
---------------
HEALTH CARE EQUIPMENT & SUPPLIES - 8.0%
HEALTH CARE DISTRIBUTORS - 1.7%
1,885 Amerigroup Corp.* $ 70,122
3,975 Cross Country Healthcares, Inc.* 52,430
---------------
$ 122,552
---------------
HEALTH CARE EQUIPMENT - 1.4%
4,110 Haemonetics Corp.* $ 76,857
7,966 Rita Medical Systems, Inc.* 27,881
---------------
$ 104,738
---------------
HEALTH CARE FACILITIES - 0.6%
650 Sunrise Senior Living, Inc.* $ 14,547
1,233 Triad Hospitals, Inc.* 30,603
---------------
$ 45,150
---------------
HEALTH CARE SERVICES - 2.3%
3,302 Pediatrix Medical Group, Inc.* $ 117,716
3,550 Quintiles Transnational Corp.* 50,375
---------------
$ 168,091
---------------
MANAGED HEALTH CARE - 2.0%
2,865 PacifiCare Health Systems* $ 141,330
---------------
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES $ 581,861
---------------
PHARMACEUTICALS & BIOTECHNOLOGY - 0.9%
BIOTECHNOLOGY - 0.9%
9,955 Kendle International, Inc.* $ 61,721
---------------
TOTAL PHARMACEUTICALS & BIOTECHNOLOGY $ 61,721
---------------
BANKS - 3.1%
DIVERSIFIED BANKS - 1.4%
2,580 BankAtlantic Bancorp, Inc. $ 30,676
1,831 Banner Corp. 37,517
1,550 Provident Financial Services, Inc. 29,527
---------------
$ 97,720
---------------
REGIONAL BANKS - 0.7%
1,130 Irwin Financial Corp. $ 29,267
705 Whitney Holding Corp. 22,539
---------------
$ 51,806
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
44
<Page>
<Table>
<Caption>
SHARES VALUE
THRIFTS & MORTGAGE FINANCE - 1.0%
2,800 First Niagara Financial Group, Inc.* $ 39,088
1,825 Staten Island Bancorp, Inc. 35,551
---------------
$ 74,639
---------------
TOTAL BANKS $ 224,165
---------------
DIVERSIFIED FINANCIALS - 3.7%
CONSUMER FINANCE - 3.1%
3,550 Advanta Corp. $ 34,932
2,728 Advanta Corp. (Class B) 27,444
2,600 American Capital Strategies 64,844
2,125 IDine Rewards Network* 29,197
9,731 Medallion Financial Corp. 68,214
---------------
$ 224,631
---------------
SPECIALIZED FINANCE - 0.6%
1,818 Financial Federal Corp.* $ 44,359
---------------
TOTAL DIVERSIFIED FINANCIALS $ 268,990
---------------
INSURANCE - 3.7%
LIFE & HEALTH INSURANCE - 0.5%
1,956 FBL Financial Group, Inc. $ 39,413
---------------
PROPERTY & CASUALTY INSURANCE - 3.2%
1,951 IPC Holdings Ltd. $ 65,358
2,128 Philadelphia Consolidated Holding Corp.* 85,971
1,800 RLI Corp.* 59,220
749 Stewart Information Services Corp.* 20,860
---------------
$ 231,409
---------------
TOTAL INSURANCE $ 270,822
---------------
REAL ESTATE - 6.9%
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.6%
2,200 American Financial Realty Trust* $ 32,802
7,840 Trizec Properties, Inc. 89,141
---------------
$ 121,943
---------------
REAL ESTATE INVESTMENT TRUSTS - 5.3%
2,835 Bedford Property Investors, Inc. $ 80,514
1,028 Entertainment Properties Trust 29,555
1,749 Pennsylvania Real Estate
Investment Trust, Inc. 52,383
2,800 Reckson Associates Realty Corp. 58,408
2,746 Universal Health Realty, Inc. 74,142
5,937 Ventas, Inc. 89,946
---------------
$ 389,948
---------------
TOTAL REAL ESTATE $ 506,891
---------------
SOFTWARE & SERVICES - 4.9%
APPLICATION SOFTWARE - 2.3%
9,274 E.Piphany, Inc.* $ 47,390
7,304 SPSS Inc.* 122,269
---------------
$ 169,659
---------------
DATA PROCESSING & OUTSOURCED SERVICES - 1.1%
3,003 Lightbridge, Inc.* $ 26,306
3,317 Pegusus Systems, Inc.* 53,901
---------------
$ 80,207
---------------
HOME ENTERTAINMENT SOFTWARE - 0.1%
725 Plato Learning, Inc.* $ 4,169
---------------
SYSTEMS SOFTWARE - 1.4%
8,425 Borland Software Corp.* $ 82,312
4,945 WatchGuard Technologies, Inc.* 22,747
---------------
$ 105,059
---------------
TOTAL SOFTWARE & SERVICES $ 359,094
---------------
TECHNOLOGY HARDWARE & DEVELOPMENT - 2.9%
NETWORKING EQUIPMENT - 0.6%
5,690 Computer Network Tech Corp.* $ 46,089
---------------
COMMUNICATIONS EQUIPMENT - 1.1%
10,975 Remec, Inc.* $ 76,386
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.5%
3,345 LSI Industries, Inc. $ 37,130
---------------
ELECTRONIC MANUFACTURING SERVICES - 0.2%
437 Photon Dynamics, Inc.* $ 12,074
---------------
TECHNOLOGY DISTRIBUTORS - 0.5%
1,400 Tech Data Corp.* $ 37,394
---------------
TOTAL TECHNOLOGY HARDWARE & DEVELOPMENT $ 209,073
---------------
SEMICONDUCTORS - 2.5%
SEMICONDUCTOR EQUIPMENT - 1.8%
1,593 Advanced Energy Industries, Inc.* $ 22,700
1,053 ATMI, Inc.* 26,293
3,337 Brooks Automation, Inc.* 37,842
2,520 Photronics, Inc.* 43,974
---------------
$ 130,809
---------------
SEMICONDUCTORS - 0.7%
4,995 HI/FN Inc.* $ 44,505
284 Power Integrations, Inc.* 6,907
---------------
$ 51,412
---------------
TOTAL SEMICONDUCTORS $ 182,221
---------------
TELECOMMUNICATION SERVICES - 0.2%
WIRELESS TELECOMMUNICATION SERVICES - 0.2%
1,028 Boston Communications Group, Inc.* $ 17,610
---------------
TOTAL TELECOMMUNICATION SERVICES $ 17,610
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
45
<Page>
<Table>
<Caption>
SHARES VALUE
UTILITIES - 6.5%
GAS UTILITIES - 6.5%
2,325 AGL Resources, Inc. $ 59,148
2,920 Cascade Natural Gas Corp. 55,772
7,122 NUI Corp. 110,533
2,655 People's Energy Corp. 113,873
9,174 Southwestern Energy Co.* 137,702
---------------
$ 477,028
---------------
TOTAL UTILITIES $ 477,028
---------------
TOTAL COMMON STOCKS
(Cost $6,314,049) $ 6,879,859
---------------
EXCHANGE TRADED FUNDS - 1.8%
900 iShares Russell 2000 Value Fund $ 115,740
575 Nasdaq-100 Index Traded Stock* 17,221
---------------
$ 132,961
---------------
TOTAL EXCHANGE TRADED FUNDS
(Cost $118,545) $ 132,961
---------------
<Caption>
PRINCIPAL
AMOUNT
TEMPORARY CASH INVESTMENT - 3.9%
SECURITY LENDING COLLATERAL - 3.9%
$ 286,331 Securities Lending Investment Fund, 1.21% $ 286,331
---------------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $286,331) $ 286,331
---------------
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $6,718,925) $ 7,299,151
===============
</Table>
* Non income producing security.
The accompanying notes are an integral part of these financial statements.
46
<Page>
PIONEER SMALL COMPANY VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
SCHEDULE OF INVESTMENTS 6/30/03 (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
COMMON STOCKS - 88.4%
ENERGY - 7.3%
OIL & GAS DRILLING - 2.2%
900 Atwood Oceanics, Inc.* $ 24,435
3,000 Grant Prideco, Inc.* 35,250
1,500 Key Energy Services, Inc.* 16,080
2,488 Patterson Energy, Inc.* 80,611
---------------
$ 156,376
---------------
OIL & GAS EQUIPMENT & SERVICES - 0.8%
700 Gulfmark Offshore, Inc.* $ 11,816
1,200 Seacor Smit, Inc.* 43,788
---------------
$ 55,604
---------------
OIL & GAS EXPLORATION & PRODUCTION - 3.5%
6,300 Forest Oil Corp.* $ 158,256
1,700 Plains Exploration and Production* 18,377
1,778 Spinnaker Exploration Co.* 46,584
1,050 Tom Brown, Inc.* 29,180
---------------
$ 252,397
---------------
OIL & GAS REFINING, MARKETING &
TRANSPORTATION - 0.8%
4,150 Plains Resources, Inc.* $ 58,723
---------------
TOTAL ENERGY $ 523,100
---------------
MATERIALS - 5.2%
COMMODITY CHEMICALS - 0.9%
4,000 Airgas, Inc. $ 67,000
---------------
MATERIALS - 0.8%
850 Mega Blocks, Inc.* $ 13,168
2,950 Mega Blocks, Inc. (144A)* 45,699
---------------
$ 58,867
---------------
PAPER PRODUCTS - 0.8%
5,150 Wausau-Mosinee Paper Corp. $ 57,680
---------------
PRECIOUS METALS & MINERALS - 1.5%
8,950 Agnico Eagle Mines Ltd. $ 103,820
---------------
SPECIALTY CHEMICALS - 1.0%
6,100 Wellman, Inc. $ 68,320
---------------
STEEL - 0.2%
3,100 Graftech International Ltd.* $ 16,895
---------------
TOTAL MATERIALS $ 372,582
---------------
CAPITAL GOODS - 2.6%
AEROSPACE & DEFENSE - 0.7%
7,150 AAR Corp. $ 50,479
---------------
CONSTRUCTION, FARM MACHINERY &
HEAVY TRUCKS - 1.0%
4,900 Wabtec Corp. $ 68,159
---------------
ELECTRICAL COMPONENTS & EQUIPMENT - 0.9%
8,750 Power-One, Inc.* $ 62,563
---------------
TOTAL CAPITAL GOODS $ 181,201
---------------
COMMERCIAL SERVICES & SUPPLIES - 7.6%
DATA PROCESSING SERVICES - 1.2%
3,650 TALX Corp. $ 82,454
---------------
COMMERCIAL PRINTING - 2.0%
5,550 John H. Harland Co. $ 145,188
---------------
DIVERSIFIED COMMERCIAL SERVICES - 2.9%
2,976 The Brinks Co. $ 43,360
3,450 FTI Consulting Inc.* 86,147
2,600 Regis Corp. 75,530
---------------
$ 205,037
---------------
EMPLOYMENT SERVICES - 0.9%
10,300 The Princeton Review, Inc.* $ 60,770
---------------
ENVIRONMENTAL SERVICES - 0.6%
8,211 Newpark Resources, Inc.* $ 44,996
---------------
TOTAL COMMERCIAL SERVICES & SUPPLIES $ 538,445
---------------
TRANSPORTATION - 0.5%
TRUCKING - 0.5%
2,050 Dollar Thrifty Automotive GP* $ 38,028
---------------
TOTAL TRANSPORTATION $ 38,028
---------------
CONSUMER DURABLES & APPAREL - 4.2%
APPAREL, ACCESSORIES & LUXURY GOODS - 0.9%
12,500 Charming Shoppes, Inc.* $ 62,125
---------------
HOUSEWARES & SPECIALTIES - 1.3%
4,200 Tupperware Corp. $ 60,312
1,500 Yankee Candle, Co.* 34,830
---------------
$ 95,142
---------------
LEISURE PRODUCTS - 0.5%
2,700 The Nautilus Group, Inc. $ 33,480
---------------
PHOTOGRAPHIC PRODUCTS - 0.3%
3,100 Creo Products* $ 26,040
---------------
TEXTILES - 1.2%
13,561 Unifi, Inc.* $ 84,078
---------------
TOTAL CONSUMER DURABLES & APPAREL $ 300,865
---------------
HOTELS, RESTAURANTS & LEISURE - 1.7%
LEISURE FACILITIES - 0.5%
4,125 Bally Total Fitness Holding Corp.* $ 37,249
---------------
RESTAURANTS - 1.2%
1,056 Applebee's International Inc. $ 33,190
1,400 CEC Entertainment Inc.* 51,702
---------------
$ 84,892
---------------
TOTAL HOTELS, RESTAURANTS & LEISURE $ 122,141
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
47
<Page>
<Table>
<Caption>
SHARES VALUE
MEDIA - 2.7%
MOVIES & ENTERTAINMENT - 1.6%
7,800 Alliance Atlantis Communications Inc.* $ 113,334
---------------
PUBLISHING - 1.1%
4,250 Journal Register Co.* $ 76,883
---------------
TOTAL MEDIA $ 190,217
---------------
RETAILING - 4.3%
APPAREL RETAIL - 1.1%
3,750 Genesco Inc.* $ 66,375
500 Gildan Activewer Inc.* 13,160
---------------
$ 79,535
---------------
COMPUTER & ELECTRONICS RETAIL - 0.7%
5,800 Inter-TAN, Inc.* $ 47,560
---------------
GENERAL MERCHANDISE STORES - 1.1%
3,100 Tuesday Morning Corp.* $ 81,530
---------------
SPECIALTY STORES - 1.4%
3,550 School Specialty Inc.* $ 101,033
---------------
TOTAL RETAILING $ 309,658
---------------
FOOD & DRUG RETAILING - 1.3%
FOOD DISTRIBUTORS - 0.9%
1,539 The J.M. Smucker Co. $ 61,391
---------------
FOOD RETAIL - 0.4%
1,200 Fresh Del Monte Produce Inc.* $ 30,828
---------------
TOTAL FOOD & DRUG RETAILING $ 92,219
---------------
FOOD, BEVERAGE & TOBACCO - 1.3%
AGRICULTURAL PRODUCTS - 1.3%
3,020 Corn Products International, Inc. $ 90,691
---------------
TOTAL FOOD, BEVERAGE & TOBACCO $ 90,691
---------------
HOUSEHOLD & PERSONAL PRODUCTS - 1.1%
HOUSEHOLD PRODUCTS - 1.1%
7,350 Nu Skin Enterprises Inc. $ 76,808
---------------
TOTAL HOUSEHOLD & PERSONAL PRODUCTS $ 76,808
---------------
HEALTH CARE EQUIPMENT & SERVICES - 11.0%
HEALTH CARE DISTRIBUTORS - 2.2%
6,950 AMN Healthcare Services* $ 88,265
5,050 Cross Country Healthcares, Inc.* 66,610
---------------
$ 154,875
---------------
HEALTH CARE EQUIPMENT - 1.6%
6,100 Haemonetics Corp.* $ 114,070
---------------
HEALTH CARE FACILITIES - 2.3%
2,200 Lifepoint Hospitals Inc.* $ 46,068
3,552 Sunrise Senior Living, Inc.* 79,494
925 Universal Health Services, Inc. (Class B)* 36,649
---------------
$ 162,211
---------------
HEALTH CARE SERVICES - 3.5%
17,300 Hooper Holmes, Inc. $ 111,412
450 Pediatrix Medical Group, Inc.* 16,043
8,850 Parexel International Corp.* 123,458
---------------
$ 250,913
---------------
MANAGED HEALTH CARE - 1.4%
3,675 First Health Group Corp.* $ 101,430
---------------
TOTAL HEALTH CARE EQUIPMENT & SERVICES $ 783,499
---------------
PHARMACEUTICALS & BIOTECHNOLOGY - 0.3%
BIOTECHNOLOGY - 0.3%
2,100 Cubist Pharmaceuticals Inc.* $ 22,386
---------------
TOTAL PHARMACEUTICALS & BIOTECHNOLOGY $ 22,386
---------------
BANKS - 6.0%
REGIONAL BANKS - 1.6%
3,552 Whitney Holding Corp. $ 113,557
---------------
THRIFTS & MORTGAGE FINANCE - 4.4%
4,500 Commercial Federal Corp. $ 95,400
4,496 Staten Island Bancorp Inc. 87,582
3,550 Webster Financial Corp. 134,190
---------------
$ 317,172
---------------
TOTAL BANKS $ 430,729
---------------
DIVERSIFIED FINANCIALS - 10.0%
CONSUMER FINANCE - 7.9%
9,953 Advanta Corp. (Class B) $ 100,127
6,487 American Capital Strategies Ltd. 161,786
21,772 IDine Rewards Network, Inc.* 299,147
---------------
$ 561,060
---------------
MULTI-SECTOR HOLDING - 1.2%
2,300 Leucadia National Corp. $ 85,376
---------------
DIVERSIFIED FINANCIAL SERVICES - 0.9%
1,825 Gabelli Asset Management Inc.* $ 65,883
---------------
TOTAL DIVERSIFIED FINANCIALS $ 712,319
---------------
INSURANCE - 2.0%
MULTI-LINE INSURANCE - 0.3%
1,500 Max Re Capital Ltd. $ 22,455
---------------
PROPERTY & CASUALTY INSURANCE - 1.7%
1,120 First American Corp. $ 29,512
3,670 Selective Insurance Group, Inc. 91,934
---------------
$ 121,446
---------------
TOTAL INSURANCE $ 143,901
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
48
<Page>
<Table>
<Caption>
SHARES VALUE
REAL ESTATE - 4.6%
REAL ESTATE INVESTMENT TRUSTS - 4.6%
1,250 Camden Property Trust $ 43,688
1,800 Colonial Properties Trust 63,342
2,917 Healthcare Realty Trust, Inc. 85,031
5,432 Innkeepers USA Trust 36,938
3,165 Prentiss Properties Trust 94,918
---------------
TOTAL REAL ESTATE $ 323,917
---------------
SOFTWARE & SERVICES - 3.9%
APPLICATION SOFTWARE - 3.1%
4,050 American Management Systems, Inc.* $ 57,834
1,758 Fair Isaac and Co., Inc. 90,449
1,500 Manhattan Associates, Inc.* 38,955
1,800 Mercury Computer Systems, Inc.* 32,688
---------------
$ 219,926
---------------
HOME ENTERTAINMENT SOFTWARE - 0.5%
6,950 Plato Learning, Inc.* $ 39,963
---------------
SYSTEMS SOFTWARE - 0.3%
2,000 Borland Software Corp* $ 19,540
---------------
TOTAL SOFTWARE & SERVICES $ 279,429
---------------
TECHNOLOGY HARDWARE & EQUIPMENT - 2.4%
COMMUNICATIONS EQUIPMENT - 0.7%
1,700 Avocent Corp.* $ 50,881
---------------
ELECTRONIC MANUFACTURER SERVICES - 0.8%
4,900 Plexus Corp.* $ 56,497
---------------
TECHNOLOGY DISTRIBUTORS - 0.9%
2,300 Tech Data Corp.* $ 61,433
---------------
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT $ 168,811
---------------
SEMICONDUCTORS - 3.7%
SEMICONDUCTOR EQUIPMENT - 2.6%
1,476 ATMI, Inc.* $ 36,856
648 Cymer, Inc.* 20,742
1,801 DuPont Photomasks, Inc.* 33,913
3,296 Photronics, Inc.* 57,515
1,201 Varian Semiconductor Equipment Associates, Inc.* 35,742
---------------
$ 184,768
---------------
SEMICONDUCTORS - 1.1%
3,100 Power Integrations, Inc.* $ 75,392
---------------
TOTAL SEMICONDUCTORS $ 260,160
---------------
TELECOMMUNICATION SERVICES - 1.5%
INTEGRATED TELECOMMUNICATION SERVICES - 1.5%
6,150 Aeroflex Inc.* $ 47,601
5,609 CT Communications Inc. 60,297
---------------
TOTAL TELECOMMUNICATION SERVICES $ 107,898
---------------
UTILITIES - 2.9%
ELECTRIC UTILITIES - 1.9%
7,164 Unisource Energy Corp. $ 134,683
---------------
GAS UTILITIES - 1.0%
1,700 People's Energy Corp. $ 72,900
---------------
TOTAL UTILITIES $ 207,583
---------------
CAPITAL GOODS - 0.3%
METAL FABRICATORS - 0.3%
600 Kennametal, Inc.* $ 20,304
---------------
TOTAL CAPITAL GOODS $ 20,304
---------------
TOTAL COMMON STOCKS
(Cost $6,333,945) $ 6,296,981
---------------
EXCHANGE TRADED FUND - 1.7%
1,400 Russell 2000 Index Fund, iShares* $ 124,460
---------------
TOTAL EXCHANGE TRADED FUND
(Cost $109,809) $ 124,460
---------------
<Caption>
PRINCIPAL
AMOUNT
TEMPORARY CASH INVESTMENT - 9.9%
SECURITY LENDING COLLATERAL - 9.9%
$ 705,418 Securities Lending Investment Fund, 1.21% $ 705,418
---------------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $705,418) $ 705,418
---------------
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $7,149,172) $ 7,126,769
===============
</Table>
* Non-income producing security
The accompanying notes are an integral part of these financial statements.
49
<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 financial statements.
50
<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.
51
<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.
52
<Page>
PIONEER GROWTH SHARES VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
SCHEDULE OF INVESTMENTS 6/30/03 (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
COMMON STOCKS - 95.0%
ENERGY - 2.6%
INTEGRATED OIL & GAS - 2.6%
9,500 Exxon Mobil Corp. $ 341,145
7,100 Occidental Petroleum Corp. 238,205
6,300 Royal Dutch Petroleum Co.* 293,706
---------------
TOTAL ENERGY $ 873,056
---------------
CAPITAL GOODS - 6.4%
AEROSPACE & DEFENSE - 1.3%
5,100 Northrop Grumman Corp. $ 440,079
---------------
ELECTRICAL COMPONENTS & EQUIPMENT - 4.0%
47,100 General Electric Co. $ 1,350,828
---------------
INDUSTRIAL MACHINERY - 1.1%
8,000 SPX Corp.* $ 352,480
---------------
TOTAL CAPITAL GOODS $ 2,143,387
---------------
COMMERCIAL SERVICES & SUPPLIES - 1.0%
DIVERSIFIED COMMERCIAL SERVICES - 1.0%
7,400 H & R Block, Inc. $ 320,050
---------------
TOTAL COMMERCIAL SERVICES & SUPPLIES $ 320,050
---------------
TRANSPORTATION - 1.4%
TRUCKING - 1.4%
7,200 United Parcel Service $ 458,640
---------------
TOTAL TRANSPORTATION $ 458,640
---------------
MEDIA - 2.8%
ADVERTISING - 1.3%
6,200 Omnicom Group $ 444,540
---------------
BROADCASTING & CABLE TV - 1.0%
7,600 Clear Channel Communications, Inc.* $ 322,164
---------------
PUBLISHING - 0.5%
2,900 McGraw-Hill Co., Inc. $ 179,800
---------------
TOTAL MEDIA $ 946,504
---------------
RETAILING - 5.3%
DEPARTMENT STORES - 0.7%
4,900 Kohl's Corp.* $ 251,762
---------------
GENERAL MERCHANDISE STORES - 1.4%
6,200 Family Dollar Stores, Inc. $ 236,530
6,100 Target Corp. 230,824
---------------
$ 467,354
---------------
HOME IMPROVEMENT RETAIL - 2.5%
10,000 Home Depot, Inc. $ 331,200
11,800 Lowe's Companies, Inc. 506,810
---------------
$ 838,010
---------------
SPECIALTY STORES - 0.7%
5,800 Michaels Stores, Inc.* $ 220,748
---------------
TOTAL RETAILING $ 1,777,874
---------------
FOOD & DRUG RETAILING - 5.0%
FOOD RETAIL - 0.4%
4,400 Kraft Foods, Inc. $ 143,220
---------------
HYPERMARKETS & SUPERCENTERS - 4.6%
28,400 Wal-Mart Stores, Inc. $ 1,524,228
---------------
TOTAL FOOD & DRUG RETAILING $ 1,667,448
---------------
FOOD, BEVERAGE & TOBACCO - 1.6%
SOFT DRINKS - 1.6%
12,100 PepsiCo, Inc. $ 538,450
---------------
TOTAL FOOD, BEVERAGE & TOBACCO $ 538,450
---------------
HOUSEHOLD & PERSONAL PRODUCTS - 8.2%
HOUSEHOLD PRODUCTS - 4.0%
4,000 Estee Lauder Co. $ 134,120
13,500 Procter & Gamble Co. 1,203,930
---------------
$ 1,338,050
---------------
PERSONAL PRODUCTS - 4.2%
16,464 Gillette Co. $ 524,543
17,100 Kimberly-Clark Corp. 891,594
---------------
$ 1,416,137
---------------
TOTAL HOUSEHOLD & PERSONAL PRODUCTS $ 2,754,187
---------------
HEALTH CARE EQUIPMENT & SUPPLIES - 12.1%
HEALTH CARE DISTRIBUTORS - 8.8%
21,300 Biovail Corp., International* $ 1,002,378
16,300 Johnson & Johnson Co. 842,710
24,400 Wyeth, Inc. 1,111,420
---------------
$ 2,956,508
---------------
HEALTH CARE EQUIPMENT - 0.9%
6,200 Medtronic, Inc.* $ 297,414
---------------
HEALTH CARE FACILITIES - 1.2%
13,000 HCA, Inc. $ 416,520
---------------
MANAGED HEALTH CARE - 1.2%
4,600 Wellpoint Health Networks, Inc.* $ 387,780
---------------
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES $ 4,058,222
---------------
PHARMACEUTICALS & BIOTECHNOLOGY - 14.4%
BIOTECHNOLOGY - 3.7%
12,758 Amgen, Inc.* $ 854,531
10,900 IDEC Pharmaceuticals Corp.* 370,600
---------------
$ 1,225,131
---------------
PHARMACEUTICALS - 10.7%
3,000 Eli Lilly & Co. $ 206,910
15,650 Mylan Laboratories, Inc. 544,151
80,421 Pfizer, Inc. 2,746,377
5,700 Sepracor, Inc.* 102,771
---------------
$ 3,600,209
---------------
TOTAL PHARMACEUTICALS & BIOTECHNOLOGY $ 4,825,340
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
53
<Page>
<Table>
<Caption>
SHARES VALUE
BANKS - 0.8%
THRIFTS & MORTGAGE FINANCE - 0.8%
4,000 Federal National Mortgage Association $ 269,760
---------------
TOTAL BANKS $ 269,760
---------------
DIVERSIFIED FINANCIALS - 3.1%
CONSUMER FINANCE - 1.0%
7,700 American Express Co. $ 321,937
---------------
OTHER DIVERSIFIED FINANCIAL SERVICES - 2.1%
16,473 Citigroup, Inc. $ 705,044
---------------
TOTAL DIVERSIFIED FINANCIALS $ 1,026,981
---------------
INSURANCE - 1.6%
MULTI-LINE INSURANCE - 1.6%
9,800 American International Group, Inc. $ 540,764
---------------
TOTAL INSURANCE $ 540,764
---------------
SOFTWARE & SERVICES - 10.1%
APPLICATION SOFTWARE - 7.9%
13,400 Cadence Design System, Inc.* $ 161,604
86,400 Microsoft Corp. 2,212,704
21,500 Oracle Corp.* 258,430
---------------
$ 2,632,738
---------------
DATA PROCESSING & OUTSOURCED SERVICES - 1.9%
9,942 Automatic Data Processing, Inc. $ 336,636
7,000 First Data Corp. 290,080
---------------
$ 626,716
---------------
HOME ENTERTAINMENT SOFTWARE - 0.3%
1,600 Electronic Arts, Inc.* $ 118,384
---------------
TOTAL SOFTWARE & SERVICES $ 3,377,838
---------------
TECHNOLOGY HARDWARE & DEVELOPMENT - 10.7%
COMMUNICATIONS EQUIPMENT - 6.0%
47,000 Cisco Systems, Inc.* $ 779,730
12,000 L-3 Communications Holdings, Inc.* 521,880
26,744 Nokia Corp. (A.D.R.) 439,404
7,600 Qualcomm, Inc. 271,700
---------------
$ 2,012,714
---------------
COMPUTER HARDWARE - 3.6%
13,800 Dell Computer Corp.* $ 441,048
19,800 Hewlett-Packard Co. 421,740
4,000 IBM Corp.* 330,000
---------------
$ 1,192,788
---------------
COMPUTER STORAGE & PERIPHERALS - 0.5%
17,000 EMC Corp.* $ 177,990
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.6%
20,100 Flextronics International, Ltd.* $ 208,839
---------------
TOTAL TECHNOLOGY HARDWARE & DEVELOPMENT $ 3,592,331
---------------
SEMICONDUCTORS - 7.9%
SEMICONDUCTOR EQUIPMENT - 1.2%
13,000 Applied Materials, Inc.* $ 206,180
4,200 KLA-Tencor Corp.* 195,258
---------------
$ 401,438
---------------
SEMICONDUCTORS - 6.7%
87,300 Applied Micro Circuits Corp.* $ 528,165
58,600 Intel Corp. 1,217,942
26,800 Micron Technology, Inc.* 311,684
10,100 Texas Instruments, Inc. 177,761
---------------
$ 2,235,552
---------------
TOTAL SEMICONDUCTORS $ 2,636,990
---------------
TOTAL COMMON STOCKS
(Cost $34,292,097) $ 31,807,821
---------------
EXCHANGE TRADED FUND - 5.0%
55,700 Nasdaq-100 Index Traded Stock* $ 1,668,215
---------------
TOTAL EXCHANGE TRADED FUND
(Cost $1,699,676) $ 1,668,215
---------------
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $35,991,773) $ 33,476,037
===============
</Table>
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
54
<Page>
PIONEER REAL ESTATE SHARES VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
SCHEDULE OF INVESTMENTS 6/30/03 (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
COMMON STOCKS - 92.7%
HOTELS, RESTAURANTS & LEISURE - 3.0%
HOTELS, RESORTS & CRUISE LINES - 3.0%
66,000 Starwood Hotels & Resorts $ 1,886,940
---------------
TOTAL HOTELS, RESTAURANTS & LEISURE $ 1,886,940
---------------
REAL ESTATE - 89.7%
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.5%
11,500 American Financial Realty Trust* $ 171,465
61,000 Catellus Development Corp.* 1,342,000
---------------
$ 1,513,465
---------------
REAL ESTATE INVESTMENT TRUSTS - 87.2%
13,600 Alexandria Real Estate Equities, Inc. $ 612,000
37,500 AMB Property Corp. 1,056,375
62,000 Apartment Investment & Management Co. 2,145,200
62,215 Archstone Communities Trust 1,493,160
56,000 Arden Realty Group, Inc. 1,453,200
32,500 AvalonBay Communities, Inc.* 1,385,800
45,000 Boston Properties, Inc. 1,971,000
31,200 Brandywine Realty Trust 768,144
34,000 Camden Property Trust 1,188,300
39,000 Carramerica Realty Corp. 1,084,590
33,800 CBL & Associates Properties 1,453,400
28,800 Chelsea Property Group, Inc. 1,160,928
57,000 Duke Realty Investments, Inc. 1,570,350
149,157 Equity Office Properties Trust 4,028,731
95,000 Equity Residential Property Trust 2,465,250
7,600 Essex Property Trust, Inc. 435,100
31,000 Federal Realty Investment Trust 992,000
2,000 First Industrial Realty Trust, Inc. 63,200
38,500 General Growth Properties, Inc. 2,403,940
19,500 Home Properties of NY, Inc. 687,180
125,790 Host Marriott Corp.* 1,150,979
51,000 Innkeepers USA Trust 346,800
38,000 Liberty Property Trust 1,314,800
28,200 Manufactured Home Communities, Inc. 990,102
12,100 MeriStar Hospitality Corp. 62,194
36,400 Mills Corp. 1,221,220
31,300 Pan Pacific Retail Properties, Inc. 1,231,655
44,000 Prentiss Properties Trust 1,319,560
88,000 ProLogis Trust 2,402,400
29,000 PS Business Parks, Inc.* 1,023,700
43,700 Public Storage, Inc. 1,480,119
1,615 Public Storage, Inc. (Depository Shares) 45,866
16,000 Regency Centers Corp.* 559,680
31,000 Shurgard Storage Centers, Inc. 1,025,480
85,000 Simon DeBartolo Group, Inc. 3,317,550
31,000 SL Green Realty Corp. 1,081,590
34,900 Taubman Centers, Inc. 668,683
34,000 The Macerich Co. 1,194,420
74,500 Trizec Properties Inc. 847,065
48,000 United Dominion Realty Trust 826,560
54,000 Vornado Realty Trust $ 2,354,400
26,000 Western Resources, Inc. 1,089,400
---------------
` $ 53,972,071
---------------
TOTAL REAL ESTATE $ 55,485,536
---------------
TOTAL COMMON STOCKS
(Cost $50,393,499) $ 57,372,476
---------------
<Caption>
PRINCIPAL
AMOUNT
TEMPORARY CASH INVESTMENTS - 7.3%
SECURITIES LENDING COLLATERAL - 7.3%
$ 4,500,325 Securities Lending Investment Fund,
1.21% $ 4,500,325
---------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $4,500,325) $ 4,500,325
---------------
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $54,893,824) $ 61,872,801
===============
</Table>
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
55
<Page>
PIONEER FUND VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
SCHEDULE OF INVESTMENTS 6/30/03 (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
COMMON STOCKS - 96.5%
ENERGY - 7.3%
INTEGRATED OIL & GAS - 6.4%
73,500 ChevronTexaco Corp. $ 5,306,700
20,290 ConocoPhillips 1,111,892
98,000 Exxon Mobil Corp. 3,519,180
28,800 Royal Dutch Petroleum Co.* 1,342,656
21,800 Shell Transport & Trading Co. (A.D.R.) 868,730
---------------
$ 12,149,158
---------------
OIL & GAS DRILLING - 0.9%
34,500 Smith International, Inc.* $ 1,267,530
21,100 Transocean Offshore, Inc.* 463,567
---------------
$ 1,731,097
---------------
TOTAL ENERGY $ 13,880,255
---------------
MATERIALS - 5.8%
ALUMINUM - 0.8%
54,900 Alcoa, Inc. $ 1,399,950
---------------
COMMODITY CHEMICALS - 1.3%
19,000 Air Products & Chemicals, Inc. $ 790,400
9,900 Dow Chemical Co. 306,504
31,800 E.I. du Pont de Nemours and Co. 1,324,152
---------------
$ 2,421,056
---------------
DIVERSIFIED CHEMICALS - 0.4%
15,200 PPG Industries, Inc. $ 771,248
---------------
DIVERSIFIED METALS & MINING - 1.9%
28,900 Phelps Dodge Corp.* $ 1,108,026
134,800 Rio Tinto Plc 2,546,810
---------------
$ 3,654,836
---------------
PAPER PRODUCTS - 0.7%
55,100 Meadwestvaco Corp. $ 1,360,970
---------------
PRECIOUS METALS & MINERALS - 0.7%
41,900 Newmont Mining Corp. $ 1,360,074
---------------
TOTAL MATERIALS $ 10,968,134
---------------
CAPITAL GOODS - 7.1%
AEROSPACE & DEFENSE - 2.3%
19,600 Boeing Co. $ 672,672
32,000 General Dynamics Corp. 2,320,000
28,400 Lockheed Martin Corp. 1,350,988
---------------
$ 4,343,660
---------------
ELECTRICAL COMPONENTS & EQUIPMENT - 0.6%
15,200 Emerson Electric Co. $ 776,720
11,400 General Electric Co. 326,952
---------------
$ 1,103,672
---------------
INDUSTRIAL CONGLOMERATES - 2.4%
17,000 Illinois Tool Works, Inc. $ 1,119,450
18,700 Johnson Controls, Inc. 1,600,720
25,800 United Technologies Corp. 1,827,414
---------------
$ 4,547,584
---------------
INDUSTRIAL MACHINERY - 1.8%
27,700 Caterpillar, Inc. $ 1,541,782
41,300 Deere & Co. 1,887,410
---------------
$ 3,429,192
---------------
TOTAL CAPITAL GOODS $ 13,424,108
---------------
COMMERCIAL SERVICES & SUPPLIES - 1.6%
EMPLOYMENT SERVICES - 0.7%
68,600 Robert Half International, Inc.* $ 1,299,284
---------------
OFFICE SERVICES & SUPPLIES - 0.9%
38,700 Canon, Inc. (A.D.R.)* $ 1,766,655
---------------
TOTAL COMMERCIAL SERVICES & SUPPLIES $ 3,065,939
---------------
TRANSPORTATION - 3.6%
AIRLINES - 1.0%
113,200 Southwest Airlines Co. $ 1,947,040
---------------
RAILROADS - 2.1%
33,100 Burlington Northern, Inc. $ 941,364
120,200 Norfolk Southern Corp. 2,307,840
13,100 Union Pacific Corp. 760,062
---------------
$ 4,009,266
---------------
TRUCKING - 0.5%
13,900 United Parcel Service $ 885,430
---------------
TOTAL TRANSPORTATION $ 6,841,736
---------------
AUTOMOBILES & COMPONENTS - 0.9%
AUTOMOBILE MANUFACTURERS - 0.9%
25,550 PACCAR, Inc. $ 1,722,581
---------------
TOTAL AUTOMOBILES & COMPONENTS $ 1,722,581
---------------
CONSUMER DURABLES & APPAREL - 0.6%
PHOTOGRAPHIC PRODUCTS - 0.6%
40,900 Eastman Kodak Co. $ 1,118,615
---------------
TOTAL CONSUMER DURABLES & APPAREL $ 1,118,615
---------------
MEDIA - 6.0%
ADVERTISING - 1.1%
29,200 Omnicom Group $ 2,093,640
---------------
PUBLISHING - 4.9%
14,500 Dow Jones & Co., Inc. $ 623,935
7,800 Elsevier NV 92,158
33,200 Gannett Co. 2,550,092
106,300 John Wiley & Sons, Inc. 2,785,060
52,100 McGraw-Hill Co., Inc. 3,230,200
---------------
$ 9,281,445
---------------
TOTAL MEDIA $ 11,375,085
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
56
<Page>
<Table>
<Caption>
SHARES VALUE
RETAILING - 3.6%
DEPARTMENT STORES - 0.4%
31,400 May Department Stores Co. $ 698,964
---------------
GENERAL MERCHANDISE STORES - 2.3%
23,900 Family Dollar Stores, Inc. $ 911,785
89,900 Target Corp. 3,401,816
---------------
$ 4,313,601
---------------
HOME IMPROVEMENT RETAIL - 0.7%
32,500 Lowe's Companies, Inc. $ 1,395,875
---------------
SPECIALTY STORES - 0.2%
13,400 Barnes & Noble, Inc.* $ 308,870
---------------
TOTAL RETAILING $ 6,717,310
---------------
FOOD & DRUG RETAILING - 3.3%
DRUG RETAIL - 1.5%
92,600 Walgreen Co. $ 2,787,260
---------------
FOOD DISTRIBUTORS - 0.9%
56,100 Sysco Corp. $ 1,685,244
---------------
HYPERMARKETS & SUPERCENTERS - 0.9%
32,800 Wal-Mart Stores, Inc. $ 1,760,376
---------------
TOTAL FOOD & DRUG RETAILING $ 6,232,880
---------------
FOOD, BEVERAGE & TOBACCO - 5.0%
PACKAGED FOODS & MEATS - 4.0%
57,700 Campbell Soup Co. $ 1,413,650
18,553 Del Monte Foods Co.* 164,009
30,100 General Mills, Inc. 1,427,041
48,800 H.J. Heinz Co., Inc. 1,609,424
18,500 Hershey Foods Corp. 1,288,710
83,100 Sara Lee Corp. 1,563,111
---------------
$ 7,465,945
---------------
SOFT DRINKS - 1.0%
43,600 PepsiCo, Inc. $ 1,940,200
---------------
TOTAL FOOD, BEVERAGE & TOBACCO $ 9,406,145
---------------
HOUSEHOLD & PERSONAL PRODUCTS - 2.7%
HOUSEHOLD PRODUCTS - 2.7%
44,000 Colgate-Palmolive Co. $ 2,549,800
29,100 Procter & Gamble Co. 2,595,138
---------------
TOTAL HOUSEHOLD & PERSONAL PRODUCTS $ 5,144,938
---------------
HEALTH CARE EQUIPMENT & SUPPLIES - 4.2%
HEALTH CARE DISTRIBUTORS - 2.6%
39,400 Abbott Laboratories $ 1,724,144
62,100 Johnson & Johnson Co. 3,210,570
---------------
$ 4,934,714
---------------
HEALTH CARE EQUIPMENT - 1.0%
48,200 Becton, Dickinson & Co. $ 1,872,570
---------------
MANAGED HEALTH CARE - 0.6%
11,600 United Healthcare Group, Inc. $ 582,900
6,200 Wellpoint Health Networks Inc.* 522,660
---------------
$ 1,105,560
---------------
TOTAL HEALTH CARE EQUIPMENT & SUPPLIES $ 7,912,844
---------------
PHARMACEUTICALS & BIOTECHNOLOGY - 6.4%
PHARMACEUTICALS - 6.4%
29,400 Eli Lilly & Co. $ 2,027,718
45,500 Merck & Co., Inc. 2,755,025
37,600 Novartis AG (A.D.R.) 1,496,856
51,100 Pfizer, Inc. 1,745,065
12,500 Roche Holdings AG (A.D.R.)* 965,234
162,800 Schering-Plough Corp. 3,028,080
---------------
TOTAL PHARMACEUTICALS & BIOTECHNOLOGY $ 12,017,978
---------------
BANKS - 5.9%
DIVERSIFIED BANKS - 1.4%
13,900 Bank of America Corp. $ 1,098,517
30,300 Wells Fargo & Co. 1,527,120
---------------
$ 2,625,637
---------------
REGIONAL BANKS - 3.8%
23,300 First Tennessee National Corp. $ 1,023,103
12,800 Huntington Bancshares, Inc. 249,856
93,700 National City Corp. 3,064,927
34,900 SunTrust Banks, Inc. 2,070,966
15,900 Zions Bancorporation 804,699
---------------
$ 7,213,551
---------------
THRIFTS & MORTGAGE FINANCE - 0.7%
32,600 Washington Mutual, Inc. $ 1,346,380
---------------
TOTAL BANKS $ 11,185,568
---------------
DIVERSIFIED FINANCIALS - 6.1%
ASSET MANAGEMENT & CUSTODY BANKS - 4.0%
77,600 The Bank of New York Co., Inc. $ 2,231,000
30,400 Federated Investors, Inc. 833,568
51,200 State Street Corp. 2,017,280
67,200 T. Rowe Price Associates, Inc. 2,536,800
---------------
$ 7,618,648
---------------
CONSUMER FINANCE - 0.7%
31,400 American Express Co. $ 1,312,834
---------------
INVESTMENT BANKING & BROKERAGE - 1.4%
40,700 Merrill Lynch & Co., Inc. $ 1,899,876
16,400 Morgan Stanley, Dean Witter & Co. 701,100
---------------
$ 2,600,976
---------------
TOTAL DIVERSIFIED FINANCIALS $ 11,532,458
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
57
<Page>
<Table>
<Caption>
SHARES VALUE
INSURANCE - 4.1%
INSURANCE BROKERS - 1.2%
45,400 Marsh & McLennan Co., Inc. $ 2,318,578
---------------
MULTI-LINE INSURANCE - 0.9%
30,600 American International Group, Inc. $ 1,688,508
---------------
PROPERTY & CASUALTY INSURANCE - 2.0%
37,900 Chubb Corp. $ 2,274,000
22,700 Safeco Corp. 800,856
18,900 St. Paul Companies, Inc. 690,039
---------------
$ 3,764,895
---------------
TOTAL INSURANCE $ 7,771,981
---------------
SOFTWARE & SERVICES - 6.3%
APPLICATION SOFTWARE - 3.5%
29,500 Adobe Systems, Inc. $ 946,065
33,200 BMC Software, Inc.* 542,156
98,300 Microsoft Corp. 2,517,463
10,700 Symantec Corp.* 469,302
34,100 Synopsys, Inc.* 2,109,085
---------------
$ 6,584,071
---------------
DATA PROCESSING & OUTSOURCED SERVICES - 2.7%
32,300 Automatic Data Processing, Inc. $ 1,093,678
36,000 Computer Sciences Corp.* 1,372,320
17,900 DST Systems, Inc.* 680,200
35,100 Electronic Data Systems Corp. 752,895
20,950 Fiserv, Inc.* 746,030
14,600 SunGard Data Systems, Inc.* 378,286
---------------
$ 5,023,409
---------------
HOME ENTERTAINMENT SOFTWARE - 0.1%
3,600 Electronic Arts, Inc.* $ 266,364
---------------
TOTAL SOFTWARE & SERVICES $ 11,873,844
---------------
TECHNOLOGY HARDWARE & DEVLOPMENT - 6.4%
COMMUNICATIONS EQUIPMENT - 2.4%
36,200 Cisco Systems, Inc.* $ 600,558
162,400 Motorola, Inc. 1,531,432
105,500 Nokia Corp. (A.D.R.) 1,733,365
17,600 Qualcomm, Inc. 629,200
---------------
$ 4,494,555
---------------
COMPUTER HARDWARE - 3.8%
50,100 Dell Computer Corp.* $ 1,601,196
18,800 Diebold, Inc. 813,100
52,700 IBM Corp.* 4,347,750
107,200 Sun Microsystems, Inc.* 493,120
---------------
$ 7,255,166
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%
24,800 Veeco Instruments, Inc.* $ 422,344
---------------
TOTAL TECHNOLOGY
HARDWARE & DEVELOPMENT $ 12,172,065
---------------
SEMICONDUCTORS - 4.1%
SEMICONDUCTOR EQUIPMENT - 1.5%
98,700 Applied Materials, Inc.* $ 1,565,382
31,500 Novellus Systems, Inc.* 1,153,562
---------------
$ 2,718,944
---------------
SEMICONDUCTORS - 2.6%
58,500 Altera Corp.* $ 959,400
104,000 Intel Corp. 2,161,535
105,800 Texas Instruments, Inc. 1,862,080
---------------
$ 4,983,015
---------------
TOTAL SEMICONDUCTORS $ 7,701,959
---------------
TELECOMMUNICATION SERVICES - 3.7%
INTEGRATED TELECOMMUNICATION SERVICES - 3.7%
15,500 Alltel Corp. $ 747,410
96,000 BellSouth Corp. 2,556,480
145,300 SBC Communications, Inc. 3,712,415
---------------
TOTAL TELECOMMUNICATION SERVICES $ 7,016,305
---------------
UTILITIES - 1.8%
ELECTRIC UTILITIES - 1.1%
22,100 American Electric Power Co., Inc. $ 659,243
16,000 Consolidated Edison, Inc. 692,480
22,400 Southern Co. 697,984
---------------
$ 2,049,707
---------------
GAS UTILITIES - 0.7%
18,500 KeySpan Energy Corp. $ 655,825
25,500 Vectren Corp. 638,774
---------------
$ 1,294,599
---------------
TOTAL UTILITIES $ 3,344,306
---------------
TOTAL COMMON STOCKS
(Cost $191,811,311) $ 182,427,034
===============
</Table>
The accompanying notes are an integral part of these financial statements.
58
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
TEMPORARY CASH INVESTMENTS - 3.5%
REPURCHASE AGREEMENT - 2.9%
$ 5,500,000 Bear Stearns & Co., Inc.,
1.08%, dated 6/30/03, repurchase
price of $5,500,000 plus accrued
interest on 7/1/03 collateralized by
$5,455,000 U.S. Treasury Bonds,
3.625%, 3/31/04 $ 5,500,000
---------------
SECURITY LENDING COLLATERAL - 0.6%
1,199,885 Securities Lending Investment Fund,
1.21% $ 1,199,885
---------------
TOTAL TEMPORARY CASH
INVESTMENTS
(Cost $6,699,885) $ 6,699,885
---------------
TOTAL INVESTMENT IN
SECURITIES - 100.0%
(Cost $198,511,196) $ 189,126,919
===============
</Table>
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
59
<Page>
PIONEER EQUITY INCOME VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
SCHEDULE OF INVESTMENTS 6/30/03 (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
CONVERTIBLE PREFERRED STOCKS - 2.6%
TRANSPORTATION - 0.8%
RAILROADS - 0.8%
29,347 Union Pacific Capital Trust, 6.25%,
4/1/28 (144A) $ 1,471,018
---------------
TOTAL TRANSPORTATION $ 1,471,018
---------------
AUTOMOBILES & COMPONENTS - 0.7%
AUTOMOBILE MANUFACTURERS - 0.7%
2,600 General Motors, 5.25%, 3/6/32 $ 57,850
25,600 Ford Capital Trust, 6.5%, 1/15/32 1,108,736
---------------
TOTAL AUTOMOBILES & COMPONENTS $ 1,166,586
---------------
SOFTWARE & SERVICES - 1.1%
DATA PROCESSING & OUTSOURCED SERVICES - 1.1%
94,700 Electronic Data, 7.625%, 8/17/04 $ 2,071,563
---------------
TOTAL SOFTWARE & SERVICES $ 2,071,563
---------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $7,228,993) $ 4,709,167
---------------
<Caption>
PRINCIPAL
AMOUNT
CONVERTIBLE CORPORATE BONDS - 0.4%
RETAILING - 0.1%
APPAREL RETAIL - 0.1%
$ 200,000 Gap Inc., 5.75%, 3/15/09 $ 268,750
---------------
TOTAL RETAILING $ 268,750
---------------
TECHNOLOGY HARDWARE & EQUIPMENT - 0.3%
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.3%
480,000 Veeco Instruments, 4.125%, 12/21/08 $ 439,200
---------------
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT $ 439,200
---------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $696,442) $ 707,950
---------------
<Caption>
SHARES
COMMON STOCKS - 91.6%
ENERGY - 10.4%
INTEGRATED OIL & GAS - 10.4%
98,300 ChevronTexaco Corp. $ 7,097,260
111,865 CononcoPhillips, Inc. 6,130,202
161,066 Exxon Mobil Corp. 5,783,880
---------------
TOTAL ENERGY $ 19,011,342
---------------
MATERIALS - 3.9%
COMMODITY CHEMICALS - 2.2%
50,300 Air Products & Chemicals, Inc. $ 2,092,480
25,000 Dow Chemical Co. 774,000
27,341 E.I. du Pont de Nemours and Co. 1,138,479
---------------
$ 4,004,959
---------------
DIVERSIFIED CHEMICALS - 0.7%
25,300 PPG Industries, Inc. $ 1,283,722
---------------
PAPER PRODUCTS - 0.4%
25,800 Meadwestvaco Corp. $ 637,260
---------------
<Caption>
SHARES VALUE
STEEL - 0.6%
19,600 Nucor Corp. $ 957,460
20,050 Roanoke Electric Steel Corp. 150,175
---------------
$ 1,107,635
---------------
TOTAL MATERIALS $ 7,033,576
---------------
CAPITAL GOODS - 7.8%
AEROSPACE & DEFENSE - 2.7%
51,600 Boeing Co. $ 1,770,912
43,200 General Dynamics Corp. 3,132,000
---------------
$ 4,902,912
---------------
ELECTRICAL COMPONENTS & EQUIPMENT - 1.2%
43,900 Emerson Electric Co. $ 2,243,290
---------------
INDUSTRIAL CONGLOMERATES - 2.6%
10,300 Illinois Tool Works, Inc. $ 678,255
27,900 Johnson Controls, Inc. 2,388,240
22,200 United Technologies Corp. 1,572,426
---------------
$ 4,638,921
---------------
INDUSTRIAL MACHINERY - 1.3%
25,000 Deere & Co. $ 1,142,500
22,000 Gorman-Rupp Co. 528,000
37,200 The Timken Co. 651,372
---------------
$ 2,321,872
---------------
TOTAL CAPITAL GOODS $ 14,106,995
---------------
TRANSPORTATION - 1.6%
RAILROADS - 1.6%
26,500 Burlington Northern, Inc. $ 753,660
42,500 Norfolk Southern Corp. 816,000
56,800 Philadelphia Suburban Corp. 1,384,784
---------------
TOTAL TRANSPORTATION $ 2,954,444
---------------
AUTOMOBILES & COMPONENTS - 4.1%
AUTOMOBILE MANUFACTURERS - 4.1%
110,450 PACCAR, Inc. $ 7,446,539
---------------
TOTAL AUTOMOBILES & COMPONENTS $ 7,446,539
---------------
CONSUMER DURABLES & APPAREL - 0.4%
PHOTOGRAPHIC PRODUCTS - 0.4%
27,800 Eastman Kodak Co. $ 760,330
---------------
TOTAL CONSUMER DURABLES & APPAREL $ 760,330
---------------
MEDIA - 4.2%
MOVIES & ENTERTAINMENT - 2.0%
132,400 Cedar Fair, L.P. $ 3,707,200
---------------
PUBLISHING - 2.2%
40,500 McGraw-Hill Co., Inc. $ 2,511,000
29,900 Tribune Co. 1,444,170
---------------
$ 3,955,170
---------------
TOTAL MEDIA $ 7,662,370
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
60
<Page>
<Table>
<Caption>
SHARES VALUE
RETAILING - 1.5%
DEPARTMENT STORES - 0.8%
62,825 May Department Stores Co. $ 1,398,485
---------------
GENERAL MERCHANDISE STORES - 0.7%
40,300 Sears, Roebuck and Co. $ 1,355,692
---------------
TOTAL RETAILING $ 2,754,177
---------------
FOOD, BEVERAGE & TOBACCO - 6.5%
PACKAGED FOODS & MEATS - 4.7%
147,500 Campbell Soup Co. $ 3,613,750
22,200 General Mills, Inc. 1,052,502
64,100 H.J. Heinz Co., Inc. 2,114,018
96,900 Sara Lee Corp. 1,822,689
---------------
$ 8,602,959
---------------
SOFT DRINKS - 1.8%
12,900 The Coca-Cola Co. $ 598,689
58,600 PepsiCo, Inc. 2,607,700
---------------
$ 3,206,389
---------------
TOTAL FOOD, BEVERAGE & TOBACCO $ 11,809,348
---------------
HOUSEHOLD & PERSONAL PRODUCTS - 1.2%
HOUSEHOLD PRODUCTS - 1.2%
39,200 Colgate-Palmolive Co. $ 2,271,640
---------------
TOTAL HOUSEHOLD & PERSONAL PRODUCTS $ 2,271,640
---------------
HEALTH CARE EQUIPMENT & SERVICES - 4.4%
HEALTH CARE DISTRIBUTORS & SERVICES - 3.6%
88,900 Abbott Laboratories $ 3,890,264
50,600 Johnson & Johnson Co. 2,616,020
---------------
$ 6,506,284
---------------
HEALTH CARE EQUIPMENT - 0.8%
38,200 Becton, Dickinson & Co. $ 1,484,070
---------------
TOTAL HEALTH CARE EQUIPMENT & SERVICES $ 7,990,354
---------------
PHARMACEUTICALS & BIOTECHNOLOGY - 2.6%
PHARMACEUTICALS - 2.6%
27,900 Eli Lilly & Co. $ 1,924,263
47,300 Merck & Co., Inc. 2,864,015
---------------
TOTAL PHARMACEUTICALS & BIOTECHNOLOGY $ 4,788,278
---------------
BANKS - 11.0%
DIVERSIFIED BANKS - 4.1%
154,900 Charter One Financial, Inc. $ 4,829,782
53,700 Wells Fargo & Co. 2,706,480
---------------
$ 7,536,262
---------------
REGIONAL BANKS - 6.3%
62,200 First Tennessee National Corp. $ 2,731,202
87,300 National City Corp. 2,855,583
75,200 SouthTrust Corp. 2,045,440
63,000 SunTrust Banks, Inc. 3,738,420
---------------
$ 11,370,645
---------------
THRIFTS & MORTGAGE FINANCE - 0.6%
24,800 Washington Mutual, Inc. $ 1,024,240
---------------
TOTAL BANKS $ 19,931,147
---------------
DIVERSIFIED FINANCIALS - 5.7%
ASSET MANAGEMENT & CUSTODY BANKS - 2.4%
26,800 Eaton Vance Corp. $ 846,880
93,700 T. Rowe Price Associates, Inc. 3,537,175
---------------
$ 4,384,055
---------------
INVESTMENT BANKING & BROKERAGE - 1.6%
43,100 A.G. Edwards, Inc. $ 1,474,020
32,500 Merrill Lynch & Co., Inc. 1,517,100
---------------
$ 2,991,120
---------------
OTHER DIVERSIFIED FINANCE SERVICES - 1.7%
83,800 Alliance Capital Management L.P. $ 3,058,700
---------------
TOTAL DIVERSIFIED FINANCIALS $ 10,433,875
---------------
INSURANCE - 3.3%
PROPERTY & CASUALTY INSURANCE - 3.3%
51,600 Chubb Corp. $ 3,096,000
26,800 Safeco Corp. 945,504
53,900 St. Paul Companies, Inc. 1,967,889
---------------
TOTAL INSURANCE $ 6,009,393
---------------
REAL ESTATE - 2.0%
REAL ESTATE INVESTMENT TRUSTS - 2.0%
62,000 Equity Office Properties Trust $ 1,674,620
51,600 Simon DeBartolo Group, Inc. 2,013,948
---------------
TOTAL REAL ESTATE $ 3,688,568
---------------
SOFTWARE & SERVICES - 0.4%
APPLICATION SOFTWARE - 0.4%
31,000 Microsoft Corp. $ 793,910
---------------
TOTAL SOFTWARE & SERVICES $ 793,910
---------------
TECHNOLOGY HARDWARE & EQUIPMENT - 1.3%
COMPUTER HARDWARE - 1.3%
44,300 Diebold, Inc. $ 1,915,975
6,200 IBM Corp. * 511,500
---------------
TOTAL TECHNOLOGY HARDWARE &
EQUIPMENT $ 2,427,475
---------------
TELECOMMUNICATION SERVICES - 4.8%
INTEGRATED TELECOMMUNICATION SERVICES - 4.8%
36,100 Alltel Corp. $ 1,740,742
98,500 BellSouth Corp. 2,623,055
169,800 SBC Communications, Inc. 4,338,390
---------------
TOTAL TELECOMMUNICATION SERVICES $ 8,702,187
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
61
<Page>
<Table>
<Caption>
SHARES VALUE
UTILITIES - 14.4%
ELECTRIC UTILITIES - 9.3%
55,800 American Electric Power Co., Inc. $ 1,664,514
143,500 Constellation Energy Group 4,922,050
41,300 Consolidated Edison, Inc. 1,787,464
33,000 FPL Group, Inc. 2,206,050
90,900 Great Plains Energy, Inc. 2,625,192
64,000 NSTAR 2,915,200
23,700 Southern Co. 738,492
---------------
$ 16,858,962
---------------
GAS UTILITIES - 4.8%
105,900 KeySpan Energy Corp. $ 3,754,155
105,900 Questar Corp. 3,544,473
61,100 Vectren Corp. 1,530,554
---------------
$ 8,829,182
---------------
MULTI-UTILITIES & UNREGULATED POWER - 0.3%
25,800 Consol Energy Inc. $ 586,692
---------------
TOTAL UTILITIES $ 26,274,836
---------------
TOTAL COMMON STOCKS
(Cost $150,869,607) $ 166,850,784
---------------
<Caption>
PRINCIPAL
AMOUNT VALUE
TEMPORARY CASH INVESTMENTS - 5.4%
REPURCHASE AGREEMENT - 3.7%
$ 6,800,000 Bear Stearns & Co., Inc., 1.08%,
dated 6/30/03, repurchase price of
$6,800,000 plus accrued interest
on 7/1/03 collateralized by $6,481,000
U.S. Treasury Bonds, 11.875%, 11/15/03 $ 6,800,000
---------------
SECURITY LENDING COLLATERAL - 1.7%
$ 3,166,730 Securities Lending Investment Fund, 1.21% $ 3,166,730
---------------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $9,966,730) $ 9,966,730
---------------
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $168,761,773) $ 182,234,631
===============
</Table>
* Non-income producing security.
144A Security is exempt from registration under Rule 144A of the Securities Act
of 1933. Such securities may be resold normally to qualified institutional
buyers in a transaction exempt from registration. At June 30, 2003, the
value of these securities amounted to $1,471,018 or 0.8% of total net
assets.
The accompanying notes are an integral part of these financial statements.
62
<Page>
PIONEER BALANCED VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
SCHEDULE OF INVESTMENTS 6/30/03 (UNAUDITED)
<Table>
<Caption>
SHARES VALUE
COMMON STOCKS - 62.3%
ENERGY - 6.4%
INTEGRATED OIL & GAS - 0.8%
8,600 Exxon Mobil Corp. $ 308,826
---------------
OIL & GAS DRILLING - 4.0%
9,000 Encana Corp. $ 345,330
28,100 ENSCO International, Inc. 755,890
25,800 Varco International Inc.* 505,680
---------------
$ 1,606,900
---------------
OIL & GAS EXPLRATION & PRODUCTION - 1.6%
11,692 Devon Energy Corp. $ 624,353
---------------
TOTAL ENERGY $ 2,540,079
---------------
MATERIALS - 2.9%
PRECIOUS METALS & MINERALS - 2.9%
35,000 Newmont Mining Corp. $ 1,136,100
---------------
TOTAL MATERIALS $ 1,136,100
---------------
CAPITAL GOODS - 3.2%
AEROSPACE & DEFENSE - 2.6%
11,800 Northrop Grumman Corp. $ 1,018,222
---------------
ELECTRICAL COMPONENTS & EQUIPMENT - 0.6%
10,800 Molex, Inc. $ 250,333
---------------
TOTAL CAPITAL GOODS $ 1,268,555
---------------
COMMERCIAL SERVICES & SUPPLIES - 0.5%
DIVERSIFIED COMMERCIAL SERVICES - 0.5%
5,000 Cintas Corp. $ 177,200
---------------
TOTAL COMMERCIAL SERVICES & SUPPLIES $ 177,200
---------------
TRANSPORTATION - 1.0%
TRUCKING - 1.0%
6,000 United Parcel Service $ 382,200
---------------
TOTAL TRANSPORTATION $ 382,200
---------------
CONSUMER DURABLES & APPAREL - 0.5%
LEISURE PRODUCTS - 0.5%
5,100 Harley -Davidson, Inc. $ 203,286
---------------
TOTAL CONSUMER DURABLES & APPAREL $ 203,286
---------------
MEDIA - 2.0%
BROADCASTING & CABLE TV - 0.7%
9,300 Comcast Corp. (Special)* $ 268,119
---------------
MOVIES & ENTERTAINMENT - 0.9%
8,140 Viacom, Inc. (Class B Non-voting)* $ 355,392
---------------
PUBLISHING - 0.4%
3,000 McGraw-Hill Co., Inc. $ 186,000
---------------
TOTAL MEDIA $ 809,511
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
63
<Page>
<Table>
<Caption>
SHARES VALUE
RETAILING - 3.2%
GENERAL MERCHANDISE STORES - 3.2%
32,900 Family Dollar Stores, Inc. $ 1,255,135
---------------
TOTAL RETAILING $ 1,255,135
---------------
FOOD & DRUG RETAILING - 6.6%
DRUG RETAIL - 0.6%
8,000 CVS Corp. $ 224,240
---------------
FOOD DISTRIBUTORS - 1.9%
12,000 Cardinal Health, Inc. $ 771,600
---------------
FOOD RETAIL - 2.8%
19,600 Wm. Wrigley Jr. Co. $ 1,102,108
---------------
HYPERMARKETS & SUPERCENTERS - 1.3%
10,000 Wal-Mart Stores, Inc. $ 536,700
---------------
TOTAL FOOD & DRUG RETAILING $ 2,634,648
---------------
FOOD, BEVERAGE & TOBACCO - 5.0%
DISTILLERS & VINTNERS - 3.0%
23,100 Anheuser-Busch Companies, Inc. $ 1,179,255
---------------
SOFT DRINKS - 2.0%
12,300 The Coca-Cola Co. $ 570,843
5,600 PepsiCo, Inc. 249,200
---------------
$ 820,043
---------------
TOTAL FOOD, BEVERAGE & TOBACCO $ 1,999,298
---------------
HOUSEHOLD & PERSONAL PRODUCTS - 6.4%
HOUSEHOLD PRODUCTS - 1.6%
19,100 Estee Lauder Co. $ 640,423
---------------
PERSONAL PRODUCTS - 4.8%
34,900 Gillette Co. $ 1,111,914
15,600 Kimberly-Clark Corp. 813,384
---------------
$ 1,925,298
---------------
TOTAL HOUSEHOLD & PERSONAL PRODUCTS $ 2,565,721
---------------
HEALTH CARE EQUIPMENT & SERVICES - 2.8%
HEALTH CARE DISTRIBUTORS - 2.8%
24,900 Wyeth, Inc. $ 1,134,195
---------------
TOTAL HEALTH CARE EQUIPMENT & SERVICES $ 1,134,195
---------------
PHARMACEUTICALS & BIOTECHNOLOGY - 5.2%
BIOTECHNOLOGY - 0.5%
2,716 Amgen, Inc.* $ 181,918
---------------
PHARMACEUTICALS - 4.7%
6,400 Merck & Co., Inc. $ 387,520
44,088 Pfizer, Inc. 1,505,605
---------------
$ 1,893,125
---------------
TOTAL PHARMACEUTICALS & BIOTECHNOLOGY $ 2,075,043
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
64
<Page>
<Table>
<Caption>
SHARES VALUE
DIVERSIFIED FINANCIALS - 1.3%
CONSUMER FINANCE - 1.3%
12,000 American Express Co. $ 501,720
---------------
TOTAL DIVERSIFIED FINANCIALS $ 501,720
---------------
INSURANCE - 6.1%
PROPERTY & CASUALTY INSURANCE - 6.1%
515 Berkshire Hathaway Inc. (Class B)* $ 1,251,450
16,100 Progressive Corp.* 1,176,910
---------------
TOTAL INSURANCE $ 2,428,360
---------------
SOFTWARE & SERVICES - 6.3%
APPLICATION SOFTWARE - 3.8%
24,900 Microsoft Corp. $ 637,689
20,400 Symantec Corp.* 894,744
---------------
$ 1,532,433
---------------
DATA PROCESSING & OUTSOURCED SERVICES - 2.5%
23,600 First Data Corp. $ 977,984
---------------
TOTAL SOFTWARE & SERVICES $ 2,510,417
---------------
TECHNOLOGY HARDWARE & EQUIPMENT - 2.4%
COMPUTER HARDWARE - 2.4%
45,122 Hewlett-Packard Co. $ 961,099
---------------
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT $ 961,099
---------------
SEMICONDUCTORS - 0.6%
11,800 Intel Corp. $ 245,251
---------------
TOTAL SEMICONDUCTORS $ 245,251
---------------
TOTAL COMMON STOCKS
(Cost $23,177,132) $ 24,827,818
---------------
<Caption>
PRINCIPAL S&P/MOODY'S
AMOUNT RATINGS
CORPORATE BONDS - 22.3%
MISCELLANEOUS - 0.3%
$ 100,000 BBB-/Baa2 Capital One Bank, 4.875%, 5/15/08 $ 102,051
---------------
TOTAL MISCELLANEOUS $ 102,051
---------------
ENERGY - 1.7%
INTEGRATED OIL & GAS - 0.7%
30,000 BBB/Baa2 Occidental Petroleum, 7.65%, 2/15/06 $ 33,897
40,000 BBB/Baa2 Occidental Petroleum, 6.75%, 1/15/12 47,567
125,000 BBB+/Baa1 Marthon Oil Corp., 6.125%, 3/15/12 140,153
40,000 A-/A3 Philips Petroleum Co., 8.75%, 5/25/10 52,062
---------------
$ 273,679
---------------
OIL & GAS EQUIPMENT AND SERVICES - 0.3%
100,000 BBB/Baa3 Seacor Smit Inc., 5.875%, 10/1/12 $ 107,244
---------------
OIL & GAS REFINING, MARKETING & TRANSPORTATION - 0.7%
250,000 BBB/Baa2 Valero Energy Corp., 6.875%, 4/15/12 $ 283,393
---------------
TOTAL ENERGY $ 664,316
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
65
<Page>
<Table>
<Caption>
PRINCIPAL S&P/MOODY'S
AMOUNT RATINGS VALUE
MATERIALS - 1.7%
ALUMINUM - 0.2%
$ 60,000 A+/A1 Aloca Inc., 7.375%, 8/1/10 $ 72,694
---------------
DIVERSIFIED METALS & MINING - 0.4%
125,000 BBB-/Baa3 Inco Ltd., 7.2%, 9/15/32 $ 137,770
---------------
METAL & GLASS CONTAINERS - 0.1%
40,000 BBB-/Baa3 Tenneco Packaging, 8.125%, 6/15/17 $ 51,614
---------------
PAPER PRODUCTS - 0.5%
200,000 BBB-/Baa3 Abitibi-Consolidated, Inc., 6.95%, 4/1/08 $ 210,496
---------------
SPECIALTY CHEMICALS - 0.5%
100,000 BBB-/Baa3 Polyone Corp., 8.875%, 5/1/12 $ 89,000
100,000 BBB+/BAA1 Ferro Corp., 9.125%, 1/1/09 117,469
---------------
$ 206,469
---------------
TOTAL MATERIALS $ 679,043
---------------
CAPITAL GOODS - 1.1%
AEROSPACE & DEFENSE - 0.1%
25,000 B/B3 K&F Industries, 9.625%, 12/15/10 $ 27,750
---------------
ELECTRICAL COMPONENTS & EQUIPMENT - 0.2%
75,000 BBB-/Ba1 Thomas & Betts, 7.25%, 6/1/13 $ 75,000
---------------
INDUSTRIAL CONGLOMERATES - 0.2%
55,000 AAA/Aaa General Electric Capital Corp., 6.125%, 2/22/11 $ 62,716
30,000 AAA/Aaa General Electric Capital Corp., 6.75%, 3/15/32 35,087
---------------
$ 97,803
---------------
INDUSTRIAL MACHINERY - 0.6%
60,000 A+/A2 Caterpillar Inc., 7.25%, 9/15/09 $ 73,100
150,000 BBB-/Baa3 Timken Co., 5.75%, 2/15/10 157,921
---------------
$ 231,021
---------------
TOTAL CAPITAL GOODS $ 431,574
---------------
COMMERCIAL SERVICES & SUPPLIES - 0.4%
ENVIRONMENTAL SERVICES - 0.4%
150,000 BB/BA3 Allied Waste, 8.875%, 1/1/09 $ 156,938
---------------
TOTAL COMMERCIAL SERVICES & SUPPLIES $ 156,938
---------------
AUTOMOBILES & COMPONENTS - 1.6%
AUTOMOBILE MANUFACTURERS - 1.6%
400,000 BBB/A3 General Motors Acceptance Corp., 7.2%, 1/15/11 $ 403,170
175,000 BBB+/A2 Ford Motor Credit Co., 5.8%, 1/12/09 173,925
50,000 BBB+/A2 Ford Motor Credit Co., 9.14%, 12/30/14 53,168
---------------
TOTAL AUTOMOBILES & COMPONENTS $ 630,263
---------------
HOTELS, RESTAURANTS & LEISURE - 1.5%
CASINOS & GAMING - 0.3%
25,000 B+/B1 Turning Stone, 9.125%, 12/15/10 $ 26,656
75,000 BBB-/Ba1 Park Place Entertainment, 7.0%, 4/15/13 (144A) 80,250
---------------
$ 106,906
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
66
<Page>
<Table>
<Caption>
PRINCIPAL S&P/MOODY'S
AMOUNT RATINGS VALUE
HOTELS, RESORTS & CRUISE LINES - 1.2%
$ 200,000 BBB-/Ba1 Hilton Hotels, 7.625%, 12/1/12 $ 219,000
250,000 BBB-/Ba1 Starwood Hotels & Resorts, 7.875%, 5/1/12 273,750
---------------
$ 492,750
---------------
TOTAL HOTELS, RESTAURANTS & LEISURE $ 599,656
---------------
MEDIA - 3.1%
BROADCASTING & CABLE TV - 1.7%
250,000 BBB/Baa3 Comcast Cable Corp., 7.125%, 6/15/13 $ 292,094
100,000 BB+/Ba1 British Sky Broadcasting, 8.2%, 7/15/09 118,500
240,000 BBB Cox Communications, 7.125%, 10/1/12 286,592
---------------
$ 697,186
---------------
MOVIES & ENTERTAINMENT - 0.9%
300,000 BBB+/Baa1 AOL Time Warner, Inc., 6.875%, 5/1/12 $ 342,485
---------------
PUBLISHING - 0.5%
170,000 BBB-/Baa3 News America Inc., 7.3%, 4/30/28 $ 193,044
---------------
TOTAL MEDIA $ 1,232,715
---------------
RETAILING - 0.3%
DEPARTMENT STORES - 0.2%
100,000 BBB-/Ba3 J.C. Penney, Inc., 8.0%, 3/1/10 $ 104,750
---------------
SPECIALTY STORES - 0.1%
25,000 BBB-/Baa3 Toys "R" Us, Inc., 7.875%, 4/15/13 $ 26,893
---------------
TOTAL RETAILING $ 131,643
---------------
HEALTH CARE EQUIPMENT & SERVICES - 1.3%
HEALTH CARE DISTRIBUTORS - 0.3%
100,000 BB-/B2 Biovail Corp., 7.875%, 4/1/10 $ 106,000
---------------
HEALTH CARE EQUIPMENT - 0.3%
100,000 BBB/Baa3 Beckman Industries, Inc., 7.45%, 3/4/08 $ 117,959
---------------
HEALTH CARE FACILITIES - 0.5%
200,000 BBB-/Ba1 HCA Inc., 6.3%, 10/1/12 $ 204,472
---------------
HEALTH CARE SUPPLIES - 0.2%
100,000 BBB-/Ba1 Bausch & Lomb, 7.125%, 8/1/28 $ 95,875
---------------
TOTAL HEALTH CARE EQUIPMENT & SERVICES $ 524,306
---------------
PHARMACEUTICALS & BIOTECHNOLOGY - 0.1%
PHARMACEUTICALS - 0.1%
40,000 AA-/A1 Pharmacia Corp., 6.6%, 12/1/28 $ 48,556
---------------
TOTAL PHARMACEUTICALS & BIOTECHNOLOGY $ 48,556
---------------
BANKS - 0.6%
BANKS - 0.2%
50,000 A/A1 First Union National Bank, 7.8%, 8/18/10 $ 62,038
---------------
DIVERSIFIED BANKS - 0.2%
75,000 A+/Aa2 National Westminster, 7.375%, 10/1/09 $ 91,970
---------------
THRIFTS & MORTGAGE FINANCE - 0.2%
100,000 BBB-/Baa3 Sovereign Bank, 5.125%, 3/15/13 $ 103,273
---------------
TOTAL BANKS $ 257,281
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
67
<Page>
<Table>
<Caption>
PRINCIPAL S&P/MOODY'S
AMOUNT RATINGS VALUE
DIVERSIFIED FINANCIALS - 2.7%
CONSUMER FINANCE - 1.7%
$ 5,000 BBB-/Baa2 Capital One Bank, 6.875%, 2/1/06 $ 5,365
400,000 A-/A2 Household Financial, 6.5%, 11/15/08 459,932
200,000 BBB+/Baa1 MBNA America Bank NA, 5.375%, 1/15/08 216,232
---------------
$ 681,529
---------------
DIVERSIFIED FINANCIAL SERVICES - 0.7%
100,000 A-Baa3 Brascan Corp., 5.75%, 3/1/10 $ 106,438
100,000 BBB-/Baa2 PF Export REC, 6.436%, 6/ 1/15 (144A) 101,250
50,000 BBB/Baa1 Norfolk Southern Corp., 7.35%, 5/15/07 58,262
---------------
$ 265,950
---------------
SPECIALIZED FINANCE - 0.3%
100,000 B/B2 MDP Acquistitions, 9.625%, 10/1/12 $ 110,500
---------------
TOTAL DIVERSIFIED FINANCIALS $ 1,057,979
---------------
INSURANCE - 0.6%
LIFE & HEALTH INSURANCE - 0.2%
100,000 BBB/Baa3 Provident Co., 7.0%, 7/15/18 $ 100,000
---------------
PROPERTY & CASUALTY INSURANCE - 0.4%
150,000 BBB+/Baa2 Berkely, 5.875%, 2/15/13 $ 159,530
---------------
TOTAL INSURANCE $ 259,530
---------------
REAL ESTATE - 1.1%
REAL ESTATE INVESTMENT TRUSTS - 1.1%
150,000 BBB-/Baa3 Hospitality Properties Trust, 6.75%, 2/15/13 $ 159,078
175,000 BBB-/Ba1 Health Care REIT, Inc., 7.5%, 8/15/07 186,984
100,000 BBB-/Baa3 Colonial Realty LP, 6.15%, 4/15/13 105,866
---------------
TOTAL REAL ESTATE $ 451,928
---------------
TECHNOLOGY HARDWARE & EQUIPMENT - 1.6%
COMMUNICATIONS EQUIPMENT - 0.4%
150,000 BB+/Ba3 Rogers Wireless, 9.625%, 5/1/11 $ 172,500
---------------
COMPUTER HARDWARE - 1.0%
250,000 BBB-/Baa3 NCR Corp., 7.125%, 6/15/09 $ 274,627
100,000 BB+/Ba1 Unisys Corp., 6.875%, 3/15/10 104,000
---------------
$ 378,627
---------------
TECHNOLOGY DISTRIBUTORS - 0.2%
100,000 BBB-/Baa3 Arrow Electronic Inc., 6.875%, 7/1/13 $ 99,038
---------------
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT $ 650,165
---------------
TELECOMMUNICATION SERVICES - 0.2%
INTEGRATED TELECOMMUNICATION SERVICES - 0.2%
55,000 A+/A2 Verizon Global, 7.75%, 12/1/30 $ 69,656
---------------
TOTAL TELECOMMUNICATION SERVICES $ 69,656
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
68
<Page>
<Table>
<Caption>
PRINCIPAL S&P/MOODY'S
AMOUNT RATINGS VALUE
UTILITIES - 2.3%
ELECTRIC UTILITIES - 2.3%
$ 100,000 BBB+/Baa1 Constellation Energy, 7.0%, 4/1/12 $ 116,483
175,000 BB/Ba2 CMS Panhandle, 6.5%, 7/15/09 193,375
250,000 BBB+/Baa1 Dominion Resources, 5.125%, 12/15/09 269,453
50,000 BBB-/Baa2 First Energy Corp., 7.38%, 11/15/31 56,002
250,000 BBB+/Baa1 Oncor Electric Delivery, 6.375%, 1/15/15 (144A) 283,606
---------------
TOTAL UTILITIES $ 918,919
---------------
TOTAL CORPORATE BONDS
(Cost $8,223,498) $ 8,866,519
---------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 15.0%
GOVERNMENT - 15.0%
1,931,663 NA/Aaa Federal Home Loan Mortgage Corp., 6.0%, 1/1/33 $ 2,002,825
80,574 NA/Aaa Federal Home Loan Mortgage Corp., 6.5%, 5/1/09 85,183
361,419 NA/Aaa Federal National Mortgage Association, 5.5%, 2/1/17 375,491
110,000 NA/Aaa Federal National Mortgage Association, 6.125%, 3/15/12 129,728
175,835 NA/Aaa Federal National Mortgage Association, 6.5%, 10/1/32 183,366
31,278 NA/Aaa Federal National Mortgage Association, 6.5%, 10/1/32 32,618
151,288 NA/Aaa Federal National Mortgage Association, 6.5%, 4/1/29 159,716
312,204 NA/Aaa Federal National Mortgage Association, 6.5%, 7/1/32 325,575
51,326 NA/Aaa Federal National Mortgage Association, 6.5%, 8/1/13 54,189
103,788 NA/Aaa Federal National Mortgage Association, 6.5%, 9/1/32 109,660
72,337 NA/Aaa Federal National Mortgage Association, 6.5%, 8/1/14 76,354
10,000 AAA/Aaa Federal National Mortgage Association, 7.125%, 6/15/10 12,361
150,000 AAA/Aaa Freddie Mac, 5.75%, 1/15/12 172,585
78,200 AAA/Aaa Government National Mortgage Association II, 7.5%, 9/2/29 82,644
175,482 AAA/Aaa Government National Mortgage Association, 6.5%, 10/15/28 184,538
498,657 AAA/Aaa Government National Mortgage Association, 6.5%, 2/15/29 524,255
45,000 AAA/Aaa TSY INFL IX Notes, 3.375%, 1/15/07 56,209
470,000 AAA/Aaa U.S Treasury Notes, 4.0%, 11/15/12 489,075
500,000 AAA/Aaa U.S. Treasury Notes, 5.625%, 5/15/08 573,203
300,000 AAA/Aaa US Treasury Notes, 4.75%, 11/15/08 332,566
---------------
$ 5,962,141
---------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $5,779,677) $ 5,962,141
---------------
FOREIGN GOVERNMENT BONDS - 0.4%
150,000 Republic of Chile, 5.5%, 1/15/13 $ 158,700
---------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $150,000) $ 158,700
---------------
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $37,330,306) $ 39,815,178
===============
</Table>
* Non-income producing security
144A Sescurity is exempt from registration under Rule 144A of the Securities
Act of 1933. Such securities may be resold normally to qualified
institutional buyers in a transaction exempt from registration. At June
30, 2003, the value of these securities amounted to $465,106 or 1.1% of
total net assets.
The accompanying notes are an integral part of these financial statements.
69
<Page>
PIONEER HIGH YIELD VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
SCHEDULE OF INVESTMENTS 6/30/03 (UNAUDITED)
<Table>
<Caption>
PRINCIPAL S&P/MOODY'S
AMOUNT RATINGS VALUE
CONVERTIBLE PREFERRED STOCKS - 3.3%
CAPITAL GOODS - 2.3%
CONSTRUCTION & FARM MACHINERY & HIGHWAY TRUCKS - 2.3%
$ 25,000 B+/Ba2 Cummins Capital Trust I, 7.0%, 6/15/31 $ 1,325,000
---------------
TOTAL AUTOMOBILE & COMPONENTS $ 1,325,000
---------------
DIVERSIFIED FINANCIALS - 1.0%
15,000 B/B2 Nuevo Energy, 5.75%, 12/15/26 $ 562,500
---------------
TOTAL DIVERSIFIED FINANCIALS $ 562,500
---------------
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $1,705,317) $ 1,887,500
---------------
CONVERTIBLE CORPORATE BONDS - 50.6%
ENERGY - 1.4%
OIL & GAS DRILLING - 0.6%
$ 300,000 BB/Ba2 Pride International Inc., 3.25%, 5/1/33 (144A) $ 328,500
---------------
OIL & GAS EXPLORATION & PRODUCTION - 0.8%
500,000 A+/A1 Schlumberg Ltd., 2.125%, 6/1/23 $ 481,875
---------------
TOTAL ENERGY $ 810,375
---------------
MATERIALS - 3.9%
DIVERSIFIED METALS & MINING - 3.0%
900,000 BB+/Ba1 Freeport McMoRan Copper & Gold, Inc., 8.25%, 1/31/06 $ 1,598,625
100,000 B-/NR Inco Ltd., 3.5%, 3/14/52 104,000
---------------
$ 1,702,625
---------------
SPECIALTY CHEMICALS - 0.9%
1,000,000 BBB/Baa3 RPM International Inc., 1.389%, 5/13/33 (144A) $ 526,250
---------------
TOTAL MATERIALS $ 2,228,875
---------------
CAPITAL GOODS - 5.6%
AEROSPACE & DEFENSE - 0.7%
400,000 NR/NR EDO Corp., 5.25%, 4/15/07 $ 402,000
---------------
ELETRICAL COMPONENTS & EQUIPMENT - 2.0%
1,300,000 B+/Ba3 SCI Systems Inc., 3.0%, 3/15/07 $ 1,140,750
---------------
INDUSTRIAL CONGLOMERATES - 2.0%
1,100,000 BB+/Ba2 Corning Inc., 3.5%, 11/1/08 $ 1,181,125
---------------
INDUSTRIAL MACHINERY - 0.9%
500,000 B/NR Lennox International, 6.25%, 6/1/09 $ 543,750
---------------
TOTAL CAPITAL GOODS $ 3,267,625
---------------
COMMERCIAL SERVICES & SUPPLIES - 1.8%
DATA PROCESSING SERVICES - 1.8%
1,000,000 NR/NR Checkfree Holdings Corp., 6.5%, 12/1/06 $ 1,017,500
---------------
TOTAL COMMERCIAL SERVICES & SUPPLIES $ 1,017,500
---------------
HEALTH CARE EQUIPMENT & SERVICES - 0.7%
400,000 B-/B3 Community Health Systems, 4.25%, 10/15/08 $ 399,500
---------------
TOTAL HEALTH CARE EQUIPMENT & SERVICES $ 399,500
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
70
<Page>
<Table>
<Caption>
PRINCIPAL S&P/MOODY'S
AMOUNT RATINGS VALUE
PHARMACEUTICALS & BIOTECHNOLOGY - 19.5%
BIOTECHNOLOGY - 9.7%
$ 1,600,000 NR/NR Affymetrix Inc., 4.75%, 2/15/07 $ 1,446,000
500,000 NR/NR Affymetrix Inc., 5.0%, 10/1/06 497,500
700,000 NR/NR CV Therapeutics, 4.75%, 3/7/07 661,500
900,000 NR/NR Enzon Inc., 4.5%, 7/1/08 738,000
400,000 B-/NR FEI Co., 5.5%, 8/15/08 397,500
700,000 CCC/NR Human Genome Sciences, 3.75%, 3/15/07 577,500
1,400,000 NR/NR Invitrogen Corp., 2.25%, 12/15/06 1,295,000
---------------
$ 5,613,000
---------------
PHARMACEUTICALS - 9.8%
100,000 B+/B3 Alpharma Inc., 5.75%, 4/1/05 $ 104,125
1,100,000 B/Caal Alpharma Inc., 3.0%, 6/1/06 1,285,625
300,000 NR/NR Cubist Pharmaceuticals, 5.5%, 11/1/08 225,000
2,000,000 NR/NR Ivax Corp., 4.5%, 5/15/08 1,940,000
300,000 NR/NR Ligand Pharmaceuticals, 6.0%, 11/16/07 690,750
1,150,000 CCC+/NR Sepracor Inc., 5.0%, 2/15/07 1,014,875
500,000 NR/NR Vertex Pharmaceutical Inc., 5.0%, 9/19/07 418,125
---------------
$ 5,678,500
---------------
TOTAL PHARMACEUTICALS & BIOTECHNOLOGY $ 11,291,500
---------------
INSURANCE - 0.3%
PROPERTY & CASUALTY INSURANCE - 0.3%
200,000 BB/Baa3 Ohio Casualty Corp., 5.0%, 3/19/22 $ 200,750
---------------
TOTAL INSURANCE $ 200,750
---------------
SOFTWARE & SERVICES - 1.5%
APPLICATION SOFTWARE - 1.5%
200,000 NR/NR Mentor Graphics, 6.875%, 6/15/07 $ 221,000
670,000 NR/NR Mercury Interactive Corp., 0.0%, 5/1/08 (144A) 667,488
---------------
TOTAL SOFTWARE & SERVICES $ 888,488
---------------
TECHNOLOGY HARDWARE & EQUIPMENT -15.9%
COMMUNICATIONS EQUIPMENT - 1.7%
1,000,000 B-/NR Adaptec Inc., 3.0%, 3/5/07 (144A) $ 962,500
---------------
COMPUTER STORAGE & PERIPHERALS - 2.6%
200,000 NR/NR Eletronics For Imaging, 1.5%, 6/1/23 $ 206,250
700,000 NR/B2 Maxtor Corp., 6.8%, 4/30/10 (144A) 805,000
500,000 B+/B2 Quantum Corp., 7.0%, 8/1/04 503,750
---------------
$ 1,515,000
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.3%
300,000 NR/NR Flir Systems, 3.0%, 6/1/23 (144A) $ 304,500
500,000 NR/NR Veeco Intruments, 4.125%, 12/21/08 457,500
---------------
$ 762,000
---------------
SEMICONDUCTOR EQUIPMENT - 4.9%
700,000 B-/NR Advanced Energy Industries, Inc., 5.25%, 11/15/06 $ 630,000
200,000 NR/NR Axcelis Technologies, 4.25%, 1/15/07 177,250
700,000 NR/NR Brooks Automation, Inc., 4.75%, 6/1/08 591,500
200,000 B-/NR Cymer Inc., 3.5%, 2/15/09 201,500
1,900,000 NR/NR Emcore Corp., 5.0%, 5/15/06 1,230,250
---------------
$ 2,830,500
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
71
<Page>
<Table>
<Caption>
PRINCIPAL S&P/MOODY'S
AMOUNT RATINGS VALUE
SEMICONDUCTORS - 5.4%
$ 1,825,000 CCC+/NR Conexant Systems Inc., 4.0%, 2/1/07 $ 1,432,625
49,000 B-/B3 Cypress Semiconductor, 3.75%, 7/1/05 49,061
300,000 B/B2 International Rectifier Corp., 4.25%, 7/15/07 292,125
400,000 B-/NR Nvidia Corp., 4.75%, 10/15/07 397,000
1,155,000 NR/NR Triquint Semiconductor, 4.0%, 3/1/07 955,763
---------------
$ 3,126,574
---------------
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT $ 9,196,574
---------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $26,180,148) $ 29,301,187
---------------
CORPORATE BONDS - 43.2%
ENERGY - 2.7%
OIL & GAS EQUIPMENT & SERVICES - 0.9%
200,000 BB-/Ba3 Grant Prideco Escrow, 9.0%, 12/15/09 $ 222,000
235,000 BB/Ba2 Key Energy, 6.375%, 5/1/13 238,525
100,000 B+/B3 Transmontaigne, 9.125%, 6/1/10 (144A) 105,375
---------------
$ 565,900
---------------
OIL & GAS EXPLORATION & PRODUCTION - 0.2%
100,000 B/B2 Nuevo Energy Co., 9.375%, 10/1/10 $ 107,750
---------------
OIL & GAS REFINING, MARKETING & TRANSPORTATION - 1.6%
500,000 B/B3 Tesoro Escrow Co., 9.625%, 4/1/12 $ 457,500
500,000 B/B3 Tesoro Petroleum Corp., 9.625%, 11/1/08 462,500
---------------
$ 920,000
---------------
TOTAL ENERGY $ 1,593,650
---------------
MATERIALS - 9.4%
CONSTRUCTION MATERIALS - 1.0%
525,000 BB-/B1 Texas Industries Inc., 10.25%, 6/15/11 $ 548,625
---------------
METAL & GLASS CONTAINERS - 4.8%
586,000 BB/Ba3 Ball Corp., 6.875%, 12/15/12 $ 621,160
2,000,000 B+/B1 Crown Holdings, 9.5%, 3/1/11 (144A) 2,160,000
---------------
$ 2,781,160
---------------
PAPER PACKAGING - 1.0%
600,000 B+/B2 Fibermark Inc., 10.75%, 4/15/11 $ 600,000
---------------
SPECIALTY CHEMICALS - 2.6%
1,000,000 BB+/Ba2 Nova Chemical Corp., 7.4%, 4/1/09 $ 1,065,000
500,000 BB-/B2 Polyone Corp., 8.875%, 5/1/12 445,000
---------------
$ 1,510,000
---------------
TOTAL MATERIALS $ 5,439,785
---------------
CAPITAL GOODS - 7.0%
BUILDING PRODUCTS - 1.5%
850,000 B/B2 NCI Building Systems, Inc., 9.25%, 5/1/09 $ 909,500
---------------
ELECTRICAL COMPONENT & EQUIPMENT - 1.0%
500,000 BB-/Ba2 Sanmina Corp., 10.375%, 1/15/10 $ 557,500
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
72
<Page>
<Table>
<Caption>
PRINCIPAL S&P/MOODY'S
AMOUNT RATINGS VALUE
INDUSTRIAL MACHINERY - 4.5%
$ 700,000 B+/B2 Intermet Corp. 9.75%, 6/15/09 $ 672,000
900,000 B+/B2 JLG Industries Inc., 8.375%, 6/15/12 819,000
500,000 B+/B2 Manitowoc Company Inc., 10.5%, 8/1/12 555,000
517,000 BB+/Ba3 SPX Corp., 7.5%, 1/1/13 559,653
---------------
$ 2,605,653
---------------
TOTAL CAPITAL GOODS $ 4,072,653
---------------
COMMERCIAL SERVICES & SUPPLIES - 2.2%
DIVERSIFIED COMMERCIAL SERVICES - 2.2%
1,400,000 B-/B3 Wesco Distribution Inc., 9.125%, 6/1/08 $ 1,305,500
---------------
TOTAL COMMERCIAL SERVICES & SUPPLIES $ 1,305,500
---------------
TRANSPORTATION - 1.0%
AIR FREIGHT & COURIERS - 1.0%
500,000 BB-/Ba3 Petroleum Helicopters, 9.375%, 5/1/09 $ 560,625
---------------
TOTAL TRANSPORTATION $ 560,625
---------------
AUTOMOBILES & COMPONENTS - 1.6%
AUTO PARTS & EQUIPMENT - 1.6%
500,000 BB+/Ba2 Cummins Capital Trust I, 7.125%, 3/1/28 $ 447,500
500,000 B/B1 RJ Tower Corp., 12.0%, 6/1/13 480,000
---------------
TOTAL AUTOMOBILES & COMPONENTS $ 927,500
---------------
CONSUMER DURABLES & APPAREL - 0.8%
HOMEBUILDING - 0.8%
400,000 BB/Ba2 Beazer Homes USA, 8.375%, 4/15/12 $ 443,000
---------------
TOTAL CONSUMER DURABLES & APPAREL $ 443,000
---------------
MEDIA - 3.6%
ADVERTISING - 3.6%
2,000,000 BB+/Baa3 Interpublic Group Inc., 7.875%, 10/15/05 $ 2,110,000
---------------
TOTAL MEDIA $ 2,110,000
---------------
RETAILING - 2.3%
DEPARTMENT STORES - 2.3%
1,500,000 BB+/Ba3 J.C. Penney Co. Inc., 7.625%, 3/1/97 $ 1,342,500
---------------
TOTAL RETAILING $ 1,342,500
---------------
PHARMACEUTICALS & BIOTECHNOLOGY - 0.4%
PHARMACEUTICALS - 0.4%
204,000 B/Caa1 Alpharma Inc., 8.625%, 5/1/11 (144A) $ 214,200
---------------
TOTAL PHARMACEUTICALS & BIOTECHNOLOGY $ 214,200
---------------
REAL ESTATE - 8.6%
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.0%
510,000 B+/Ba3 LNR Property Corp., 5.5%, 3/1/23 $ 578,213
---------------
REAL ESTATE INVESTMENT TRUSTS - 7.6%
750,000 B-/B3 BF Saul Real Estate Investment Trust, 9.75%, 4/1/08 $ 750,000
1,300,000 B-/Ba3 Crescent Real Estate, 9.25%, 4/15/09 1,401,790
750,000 BB-/Ba3 Forest City Enterprises, 7.625%, 6/1/15 786,506
1,500,000 B-/B2 Meristar Hospitality, 9.12%, 1/15/11 1,470,000
---------------
$ 4,408,296
---------------
TOTAL REAL ESTATE $ 4,986,509
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
73
<Page>
<Table>
<Caption>
PRINCIPAL S&P/MOODY'S
AMOUNT RATINGS VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 3.6%
ELETRONIC EQUIPMENT & INSTRUMENTS - 3.6%
$ 750,000 BBB-/Baa3 Arrow Eletronics Inc., 6.875%, 6/1/18 $ 725,829
300,000 BB-/Ba2 Ingram Micro Inc., 9.875%, 8/15/08 324,000
1,000,000 BB-/Ba3 L-3 Communication Corp., 6.125%, 7/15/13 1,010,000
---------------
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT $ 2,059,829
---------------
TOTAL CORPORATE BONDS
(Cost $23,860,211) $ 25,055,751
---------------
TEMPORARY CASH INVESTMENT - 2.9%
SECURITY LENDING COLLATERAL - 2.9%
1,691,338 Securities Lending Investment Fund, 1.21% $ 1,691,338
---------------
TOTAL TEMPORARY CASH INVESTMENT
(Cost $1,691,338) $ 1,691,338
---------------
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $53,437,014) $ 57,935,776
---------------
</Table>
144A Security is exempt from registration under Rule 144A of the Securities act
of 1933. Such securities may be resold normally to qualified institutional
buyers in a transaction exempt from registration. At June 30, 2003, the
value of these securities amounted to $6,073,813 or 10.3% of total net
assets.
The accompanying notes are an integral part of these financial statements.
74
<Page>
PIONEER STRATEGIC INCOME VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
SCHEDULE OF INVESTMENTS 6/30/03 (UNAUDITED)
<Table>
<Caption>
PRINCIPAL
AMOUNT S&P/MOODY'S
USD ($) RATINGS VALUE
CONVERTIBLE CORPORATE BONDS - 14.1%
MATERIALS - 0.6%
DIVERSIFIED METALS & MINING - 0.6%
$ 118,000 BBB-/Baa3 Inco Ltd., 7.75%, 3/15/16 $ 119,180
---------------
TOTAL MATERIALS $ 119,180
---------------
AUTOMOBILES & COMPONENTS - 0.6%
AUTO PARTS & EQUIPMENT - 0.6%
115,000 B/B3 Tower Automotive Inc., 5.0%, 8/1/04 $ 110,975
---------------
TOTAL AUTOMOBILES & COMPONENTS $ 110,975
---------------
CONSUMER DURABLES & APPAREL - 0.9%
LEISURE PRODUCTS - 0.9%
200,000 BBB-/NR Aristocrat Leisure, Ltd., 5.0%, 5/31/06 $ 176,050
---------------
TOTAL CONSUMER DURABLES & APPAREL $ 176,050
---------------
FOOD, BEVERAGE & TOBACCO - 0.8%
AGRICULTURAL PRODUCTS - 0.8%
130,000 NR/NR Royal Numico NV, 1.5%, 9/22/04 $ 160,028
---------------
TOTAL FOOD, BEVERAGE & TOBACCO $ 160,028
---------------
PHARMACEUTICALS & BIOTECHNOLOGY - 3.3%
BIOTECHNOLOGY - 3.3%
175,000 NR/NR Affymetrix Inc., 5.0%, 10/1/06 $ 174,125
150,000 NR/NR CV Therapeutics, 4.75%, 3/7/07 141,750
90,000 CCC/NR Human Genome, 3.75%, 3/15/07 74,250
100,000 NR/NR Invitrogen Corp., 2.25%, 12/15/06 92,500
170,000 NR/NR Vertex Pharmaceuticals Inc., 5.0%, 9/19/07 142,163
---------------
TOTAL PHARMACEUTICALS & BIOTECHNOLOGY $ 624,788
---------------
SOFTWARE & SERVICES - 0.8%
DATA PROCESSING & OUTSOURCED SERVICES - 0.8%
160,000 NR/NR Checkfree Holdings Corp., 6.5%, 12/1/06 $ 162,800
---------------
TOTAL SOFTWARE & SERVICES $ 162,800
---------------
TECHNOLOGY HARDWARE & EQUIPMENT - 2.7%
COMMUNICATIONS EQUIPMENT - 0.5%
110,000 B+/Ba3 Commscope Inc., 4.0%, 12/15/06 $ 99,550
---------------
COMPUTER STORAGE & PERIPHERALS - 0.6%
110,000 B+/B2 Quantum Corp., 7.0%, 8/1/04 $ 110,825
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.9%
185,000 NR/NR Veeco Instruments, 4.125%, 12/21/08 $ 169,275
---------------
ELECTRONIC MANUFACTURING SERVICES - 0.7%
150,000 B+/Ba3 SCI Systems Inc., 3.0%, 3/15/07 $ 131,625
---------------
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT $ 511,275
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
75
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT S&P/MOODY'S
USD ($) RATINGS VALUE
SEMICONDUCTORS - 4.4%
SEMICONDUCTOR EQUIPMENT - 3.6%
$ 175,000 B-/NR Advanced Energy Industries, Inc., 5.25%, 11/15/06 $ 157,500
100,000 NR/NR Axcelis Technology, 4.25%, 1/15/07 88,625
170,000 NR/NR Brooks Automation, 4.75%, 6/1/08 143,650
140,000 NR/NR Emcore Corp., 5.0%, 5/15/06 90,650
50,000 B-/NR FEI Company, 5.5%, 8/15/08 49,688
170,000 B/NR LAM Research (LRCX), 4.0%, 6/1/06 165,112
---------------
$ 695,225
---------------
SEMICONDUCTORS - 0.8%
130,000 CCC+/NR Conexant Systems Inc., 4.0%, 2/1/07 $ 102,050
70,000 NR/NR Triquint Semiconductor, 4.0%, 3/1/07 57,924
---------------
$ 159,974
---------------
TOTAL SEMICONDUCTORS $ 855,199
---------------
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $2,493,482) $ 2,720,295
---------------
ASSET BACKED SECURITIES - 1.5%
BANKS - 1.3%
DIVERSIFIED BANKS - 1.3%
DKK 826,637 AA-/Aa2 Nykredit, 5.0%, 10/1/19 $ 130,249
DKK 696,655 AA/Aa2 Nykredit, 5.0%, 10/1/35 105,615
DKK 48,997 AA-/Aa2 Nykredit, 6.0%, 10/1/32 7,781
---------------
TOTAL BANKS $ 243,645
---------------
DIVERSIFIED FINANCIALS - 0.2%
CONSUMER FINANCE - 0.2%
DKK 217,539 AA+/Aa1 RealKredit Danmark, 7.0%, 10/1/32 $ 35,203
---------------
TOTAL DIVERSIFIED FINANCIALS $ 35,203
---------------
TOTAL ASSET BACKED SECURITIES
(Cost $221,047) $ 278,848
---------------
CORPORATE BONDS - 51.5%
ENERGY - 3.3%
OIL & GAS DRILLING - 0.9%
275,000,000 BBB-/Baa2 Petroleos Mexicanos, 7.375%, 8/13/07 $ 173,657
---------------
OIL & GAS EQUIPMENT & SERVICES - 1.2%
150,000 BB/Ba2 Key Energy Services Inc., 6.375%, 5/1/13 $ 152,250
76,000 B+/B3 Transmontaigne Inc., 9.125%, 6/1/10 80,085
---------------
$ 232,335
---------------
OIL & GAS EXPLORATION & PRODUCTION - 0.8%
80,000 B/B2 Compton Petroleum Corp., 9.9%, 5/15/09 $ 88,000
50,000 B/B2 Nuevo Energy Co., 9.375%, 10/1/10 53,875
13,000 B/B2 Nuevo Energy Co., 9.5%, 6/1/08 13,634
---------------
$ 155,509
---------------
OIL & GAS REFINING MARKETING & TRANSPORTATION - 0.4%
75,000 B/B3 Tesoro Petroleum Corp., 9.625%, 11/1/08 $ 69,375
---------------
TOTAL ENERGY $ 630,876
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
76
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT S&P/MOODY'S
USD ($) RATINGS VALUE
MATERIALS - 12.4%
COMMODITY CHEMICALS - 2.0%
$ 100,000 BB/Ba3 Arco Chemical Co., 9.8%, 2/1/20 $ 88,000
25,000 BB/Ba3 Lyondell Petrochemical Co., 9.875%, 5/1/07 24,500
105,000 BBB-/Ba1 Methanex Corp., 7.75%, 8/15/05 110,250
75,000 BB+/Ba2 Nova Chemicals Corp., 7.0%, 5/15/06 79,125
75,000 BB+/Ba2 Nova Chemicals Corp., 7.4%, 4/1/09 79,875
---------------
$ 381,750
---------------
DIVERSIFIED CHEMICALS - 0.7%
EURO 130,000 B-/Caa1 Huntsman ICI Chemicals LLC, 10.125%, 7/1/09 $ 139,089
---------------
DIVERSIFIED METALS & MINING - 2.3%
140,000 B-/B2 Freeport-McMoran Copper & Gold Inc., 7.5%, 11/15/06 $ 156,450
100,000 BBB/Ba1 Kennametal Inc., 7.2%, 6/15/12 109,444
150,000 BBB-/Baa3 Phelps Dodge Corp., 8.75%, 6/1/11 176,358
---------------
$ 442,252
---------------
FERTILIZERS & AGRICULTURAL CHEMICALS - 0.3%
45,000 B+/Ba3 Scott's Corp., 8.625%, 1/15/09 $ 48,150
---------------
METAL & GLASS CONTAINERS - 1.8%
75,000 BB/Ba3 Ball Corp., 6.875%, 12/15/12 $ 79,500
100,000 B+/B1 Crown Euro Holdings SA, 10.25%, 3/1/11 (144A) 121,948
130,000 B+/B2 Greif Brothers Corp., 8.875%, 8/1/12 139,750
---------------
$ 341,198
---------------
PAPER PACKAGING - 1.6%
150,000 B/B3 Constar International, 11.0%, 12/1/12 $ 162,000
80,000 B+/B2 Graphic Pack, 8.625%, 2/15/12 81,600
10,000 B/B2 Stone Container Corp., 9.75%, 2/1/11 10,950
50,000 B/B2 Stone Container Corp., 8.375%, 7/1/12 53,625
---------------
$ 308,175
---------------
PAPER PRODUCTS - 0.5%
100,000 B+/B2 FiberMark Inc., 10.75%, 4/15/11 $ 100,000
---------------
PRECIOUS METALS & MINERALS - 0.4%
75,000 A-/A2 Codelco Inc., 6.375%, 11/30/12 (144A) $ 82,601
---------------
SPECIALTY CHEMICALS - 2.8%
100,000 BBB-/Baa3 Ferro Corp., 7.125%, 4/1/28 $ 92,941
150,000 BB-/B2 Polyone Corp., 8.875%, 5/1/12 133,500
140,000 BB/Ba2 Rhodia SA, 8.0%, 6/1/10 169,921
135,000 B-/B3 United Industries Co., 9.875%, 4/1/09 (144A) 142,425
---------------
$ 538,787
---------------
TOTAL MATERIALS $ 2,382,002
---------------
CAPITAL GOODS - 5.6%
AEROSPACE & DEFENSE - 1.3%
100,000 CCC+/Caa2 Hexcel Corp., 9.75%, 1/15/09 $ 99,500
150,000 BB-/Ba3 L-3 Communications Corp., 6.125%, 7/15/13 151,500
---------------
$ 251,000
---------------
BUILDING PRODUCTS - 0.5%
90,000 B/B2 NCI Building Systems, Inc., 9.25%, 5/1/09 $ 96,300
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
77
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT S&P/MOODY'S
USD ($) RATINGS VALUE
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS - 0.8%
$ 75,000 BB+/Ba2 Cummins Inc., 7.125%, 3/1/28 $ 67,125
80,000 B+/B3 NMHG Holding Co., 10.0%, 5/15/09 88,000
---------------
$ 155,125
---------------
INDUSTRIAL MACHINERY - 3.0%
175,000 B+/B2 JLG Industries Inc., 8.375%, 6/15/12 $ 159,250
125,000 B+/B2 Manitowoc Co., Inc., 10.5%, 8/1/12 (144A) 138,750
125,000 BB+/Ba3 SPX Corp., 7.5%, 1/1/13 135,313
125,000 BBB-/Baa3 Timken Co., 5.75%, 2/15/10 131,601
---------------
$ 564,914
---------------
TOTAL CAPITAL GOODS $ 1,067,339
---------------
COMMERCIAL SERVICES & SUPPLIES - 0.7%
ENVIRONMENTAL SERVICES - 0.4%
75,000 B-/B3 IESI Corp., 10.25%, 6/15/12 $ 79,500
---------------
OFFICE SERVICES & SUPPLIES - 0.3%
50,000 BB-/B1 Moore North American Finance, 7.875%, 1/15/11 $ 52,125
---------------
TOTAL COMMERCIAL SERVICES & SUPPLIES $ 131,625
---------------
TRANSPORTATION - 1.8%
AIR FREIGHT & COURIERS - 0.8%
130,000 BB-/B1 Petroleum Helicopter, 9.375%, 5/1/09 $ 145,763
---------------
AIRLINES - 0.2%
50,000 B-/Caa1 Northwest Airlines, Inc., 8.52%, 4/7/04 $ 39,500
---------------
TRANSPORTATION - 0.8%
150,000 B+/B1 TFM SA De CV, 11.75%, 6/15/09 $ 153,000
---------------
TOTAL TRANSPORTATION $ 338,263
---------------
AUTOMOBILES & COMPONENTS - 1.3%
AUTO PARTS & EQUIPMENT - 0.7%
140,000 B+/B2 Intermet Corp., 9.75%, 6/15/09 $ 134,400
---------------
AUTOMOBILE MANUFACTURERS - 0.6%
35,000 BBB/A3 Ford Motor Credit Co., 5.8%, 1/12/09 $ 34,785
75,000 BBB/A2 General Motors Acceptance Corp., 8.0%, 11/1/31 73,587
---------------
$ 108,372
---------------
TOTAL AUTOMOBILES & COMPONENTS $ 242,772
---------------
CONSUMER DURABLES & APPAREL - 0.6%
HOMEBUILDING - 0.6%
100,000 BB/Ba2 Beazer Homes USA, 8.375%, 4/15/12 $ 110,750
---------------
TOTAL CONSUMER DURABLES & APPAREL $ 110,750
---------------
HOTELS, RESTAURANTS & LEISURE - 2.5%
HOTELS, RESORTS & CRUISE LINES - 1.8%
100,000 BBB-/Ba1 Hilton Hotels, 7.625%, 12/01/12 $ 109,500
125,000 B/B2 John Q Hamons Hotels, 8.875%, 5/15/12 131,250
100,000 BB+/Ba1 Starwood Hotels & Resorts, 7.875%, 5/1/12 109,500
---------------
$ 350,250
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
78
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT S&P/MOODY'S
USD ($) RATINGS VALUE
LEISURE FACILITIES - 0.7%
$ 125,000 B/B2 Premier Parks, Inc., 9.75%, 6/15/07 $ 123,750
---------------
TOTAL HOTELS, RESTAURANTS & LEISURE $ 474,000
---------------
MEDIA - 1.6%
BROADCASTING & CABLE TV - 0.3%
50,000 BB+/Ba1 British Sky Broadcasting, 8.2%, 7/15/09 $ 59,250
---------------
MOVIES & ENTERTAINMENT - 0.4%
75,000 BBB+/Baa1 AOL Time Warner, Inc., 6.875%, 5/1/12 $ 85,621
---------------
PUBLISHING - 0.9%
80,000 BBB-/Baa3 News America Holdings, 8.5%, 2/23/25 $ 99,886
75,000 NR/B2 Quebecor Media Inc., 13.75%, 7/15/11 62,250
---------------
$ 162,136
---------------
TOTAL MEDIA $ 307,007
---------------
RETAILING - 2.4%
DEPARTMENT STORES - 0.4%
90,000 BB+/Ba3 JC Penney Co., 7.625%, 3/1/97 $ 80,550
---------------
DISTRIBUTORS - 0.5%
105,000 B-/B3 Wesco Distribution Inc., 9.125%, 6/1/08 $ 97,913
---------------
GENERAL MERCHANDISE STORES - 0.6%
100,000 B+/B2 Central Garden & Pet Co., 9.125%, 2/1/13 $ 106,500
---------------
SPECIALTY STORES - 0.9%
170,000 B+/B2 Grupo Elektra SA, 12.0%, 4/1/08 (144A) $ 170,850
---------------
TOTAL RETAILING $ 455,813
---------------
FOOD, BEVERAGE & TOBACCO - 0.9%
SOFT DRINKS - 0.9%
160,000 BBB/Baa3 CIA Brasileira de Bebida, 10.5%, 12/15/11 $ 177,600
---------------
TOTAL FOOD, BEVERAGE & TOBACCO $ 177,600
---------------
HEALTH CARE EQUIPMENT & SERVICES - 2.1%
HEALTH CARE DISTRIBUTORS - 1.1%
60,000 BB+/Ba2 Omnicare Inc., 6.125%, 6/1/13 $ 61,200
125,000 B+/B3 Pacificare Health Systems, 10.75%, 6/1/09 143,438
---------------
$ 204,638
---------------
HEALTH CARE EQUIPMENT - 0.3%
40,000 BBB/Baa3 Beckman Instruments, Inc., 7.05%, 6/1/26 $ 46,567
---------------
HEALTH CARE FACILITIES - 0.7%
35,000 BBB-/Ba1 Columbia HCA Healthcare Corp., 7.25%, 5/20/08 $ 38,609
100,000 BBB-/Ba1 HCA Inc., 6.3%, 10/1/12 102,236
---------------
$ 140,845
---------------
TOTAL HEALTH CARE EQUIPMENT & SERVICES $ 392,050
---------------
PHARMACEUTICALS & BIOTECHNOLOGY - 0.8%
PHARMACEUTICALS - 0.8%
150,000 B+/B3 Alpharma Inc., 8.625%, 5/1/11 $ 157,500
---------------
TOTAL PHARMACEUTICALS & BIOTECHNOLOGY $ 157,500
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
79
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT S&P/MOODY'S
USD ($) RATINGS VALUE
BANKS - 0.1%
DIVERSIFIED BANKS - 0.1%
$ 15,000 BBB/A2 Skandinaviska Enskilda Bank, 8.125%, 9/6/49 (144A) $ 17,284
---------------
TOTAL BANKS $ 17,284
---------------
DIVERSIFIED FINANCIALS - 1.8%
CONSUMER FINANCE - 0.4%
70,000 BBB-/Baa2 Capital One Bank, 6.875%, 2/1/06 $ 75,113
---------------
DIVERSIFIED FINANCIAL SERVICES - 0.9%
175,000 BBB-/Baa2 PF Export REC Master Trust, 6.436%, 6/1/15 $ 177,188
---------------
SPECIALIZED FINANCE - 0.5%
80,000 BBB-/Baa3 GATX Financial Corp., 8.875%, 6/1/09 $ 85,957
---------------
TOTAL DIVERSIFIED FINANCIALS $ 338,258
---------------
INSURANCE - 1.0%
MULTI-LINE INSURANCE - 1.0%
210,000 BB-/B1 Allmerica Financial Corp., 7.625%, 10/15/25 $ 186,900
---------------
TOTAL INSURANCE $ 186,900
---------------
REAL ESTATE - 4.4%
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.0%
185,000 BB-/Ba3 Forest City Enterprises, 8.5%, 3/15/08 $ 194,019
---------------
REAL ESTATE INVESTMENT TRUSTS - 3.4%
140,000 B-/B3 BF Saul Real Estate Investment Trust, 9.75%, 4/1/08 $ 140,000
15,000 BBB-/Baa3 Colonial Realty Senior Note, 7.0%, 7/14/07 16,697
155,000 B+/Ba3 Crescent Real Estate, 9.25%, 4/15/09 167,137
90,000 BBB-/Ba1 Health Care Real Estate Investment
Trust, Inc., 7.5%, 8/15/07 96,163
40,000 BBB-/Ba1 Health Care Real Estate Investment
Trust, Inc., 8.0%, 9/12/12 43,028
30,000 BBB/Baa2 Mack-Cali Realty Corp., 7.25%, 3/15/09 35,199
150,000 B-/B1 Meristar Hospitality Operation
Finance Corp., 10.5%, 6/15/09 (144A) 153,375
---------------
$ 651,599
---------------
TOTAL REAL ESTATE $ 845,618
---------------
TECHNOLOGY HARDWARE & EQUIPMENT - 3.5%
COMMUNICATIONS EQUIPMENT - 0.4%
100,000 B-/Caa1 Lucent Technologies Inc., 5.5%, 11/15/08 $ 84,250
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.6%
120,000 B-/Ba3 Vestel Electronics Finance, 11.5%, 5/14/07 (144A) $ 118,500
---------------
ELECTRONIC MANUFACTURING SERVICES - 0.3%
50,000 BB-/Ba2 Sanmina-Sci Corp., 10.375%, 1/15/10 $ 55,750
---------------
OFFICE ELECTRONICS - 0.5%
120,000 B-/B3 Xerox Corp., 8.0%, 2/1/27 $ 101,400
---------------
TECHNOLOGY DISTRIBUTORS - 1.7%
200,000 BBB-/Baa3 Arrow Electronics Inc., 6.875%, 7/1/13 $ 198,077
110,000 BB-/Ba2 Ingram Micro Inc., 9.875%, 8/15/08 (144A) 118,800
---------------
$ 316,877
---------------
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT $ 676,777
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
80
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT S&P/MOODY'S
USD ($) RATINGS VALUE
SEMICONDUCTORS - 0.1%
$ 20,000 B/B2 Fairchild Semiconductor, 10.5%, 2/1/09 $ 22,500
---------------
TOTAL SEMICONDUCTORS $ 22,500
---------------
TELECOMMUNICATION SERVICES - 2.7%
INTEGRATED TELECOMMUNICATIONS SERVICES - 0.6%
25,000 BB-/Ba3 PTC International Finance II, 10.875%, 5/1/08 $ 32,177
75,000 B-/B3 TSI Telecommunication Services, 12.75%, 2/1/09 74,250
---------------
$ 106,427
---------------
WIRELESS TELECOMMUNICATIONS SERVICES - 2.1%
75,000 B+/Ba3 Mobile Telesystems Finance, 10.95%, 12/21/04 $ 79,500
105,000 BB-/B1 PTC International Finance, 11.25%, 12/1/09 134,870
240,000 BB+/Ba3 Rogers Cantel, Inc., 10.5%, 6/1/06 189,435
---------------
$ 403,805
---------------
TOTAL TELECOMMUNICATION SERVICES $ 510,232
---------------
UTILITIES - 1.9%
ELECTRIC UTILITIES - 1.6%
150,000 BBB/Ba2 CMS Panhandle, 6.5%, 7/15/09 $ 165,750
25,000 BBB-/Baa3 Great Lakes Power Inc., 8.3%, 3/1/05 26,874
50,000 BBB+/Baa1 Public Services Co. of Colorado, 7.875%, 10/1/12 (144A) 62,947
50,000 BBB-/Baa3 Xcel Energy Inc., 7.0%, 12/1/10 57,182
---------------
$ 312,753
---------------
MULTI-UTILITIES & UNREGULATED POWER - 0.3%
50,000 B+/B1 Northwest Pipeline Corp., 8.125%, 3/1/10 $ 53,750
---------------
TOTAL UTILITIES $ 366,503
---------------
TOTAL CORPORATE BONDS
(Cost $9,104,123) $ 9,831,669
---------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 11.3%
GOVERNMENT - 11.3%
85,451 AAA/Aaa Federal Home Loan Mortgage, 6.0%, 1/1/33 to 2/1/33 $ 88,599
99,283 AAA/Aaa Federal National Mortgage Association, 6.0%,
12/1/31 to 11/1/32 103,217
300,000 AAA/Aaa Federal National Mortgage Association, 6.375%, 8/15/07 211,964
75,046 AAA/Aaa Federal National Mortgage Association, 6.5%,
7/1/31 to 2/1/32 78,262
7,527 AAA/Aaa Federal National Mortgage Association, 7.0%, 9/1/29 7,931
1,039 AAA/Aaa Federal National Mortgage Association, 7.5%, 6/1/30 1,104
100,000 AAA/Aaa Government National Mortgage Association, 5.0%, TBA 102,406
175,000 AAA/Aaa Government National Mortgage Association, 6.5%, TBA 183,750
74,592 AAA/Aaa Government National Mortgage Association, 5.5%, 4/15/33 77,832
219,531 AAA/Aaa Government National Mortgage Association, 6.0%, 3/15/33 230,234
409,202 AAA/Aaa Government National Mortgage Association, 6.5%,
3/15/29 to 3/15/32 429,856
78,757 AAA/Aaa Government National Mortgage Association, 7.0%,
5/15/23 to 3/15/31 83,438
65,000 AAA/Aaa U.S. Treasury Bond, 3.0%, 7/15/12 73,290
115,000 AAA/Aaa U.S. Treasury Bond, 5.75%, 8/15/10 134,608
25,000 AAA/Aaa U.S. Treasury Bond, 6.25%, 5/15/30 31,123
270,000 AAA/Aaa U.S. Treasury Notes, 3.5%, 1/15/11 $ 324,490
---------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $2,050,376) $ 2,162,104
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
81
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT S&P/MOODY'S
USD ($) RATINGS VALUE
FOREIGN GOVERNMENT BONDS - 15.0%
$ 150,000 AAA/Aaa Australian Government I/L, 4.0%, 8/20/15 $ 141,619
210,000,000 B+/B2 Banco Nac De Desen Econo, 8.0%, 4/28/10 102,296
475,000 AAA/Aaa Government of Canada, 5.25%, 6/1/12 370,721
410,000 AAA/Aaa Government of Canada, 6.0%, 6/1/11 335,667
100,000 BB-/B1 Federal Republic of Brazil, 11.0%, 1/11/12 99,500
EURO 343,000 AAA/Aaa Government of France, 3.0%, 7/25/09 454,603
1,930,000 TSY/Tsy Government of Sweden, 3.5%, 12/1/15 286,392
850,000 TSY/Aaa Government of Sweden, 8.0%, 8/15/07 124,842
332,000 AA/Aa2 Province of Ontario, 5.5%, 4/23/13 225,776
150,000 A-/Baa1 Republic of Chile, 5.5%, 1/15/13 158,700
205,000 BB/Ba2 Republic of Columbia, 11.375%, 1/31/08 265,440
50,000 BBB/Baa2 Republic of South Africa, 5.25%, 5/16/13 55,423
145,000 BB/Ba2 Russia Regs., 5.0%, 3/31/30 140,650
180,000 BBB-/Baa3 United Mexican States, 8.25%, 2/24/09 121,115
---------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $2,297,720) $ 2,882,744
---------------
SUPERNATIONAL BONDS - 0.8%
INSURANCE - 0.9%
NZD 258,000 AAA/Aaa International Finance Corp., 6.75%, 7/15/09 $ 161,128
---------------
TOTAL INSURANCE $ 161,128
---------------
TOTAL SUPERNATIONAL BONDS
(Cost $113,297) $ 161,128
---------------
SOVEREIGN ISSUES - 0.6%
GOVERNMENT
75,000 BB-/Ba2 Dominican Republic, 9.04%, 1/23/13 $ 67,875
50,000 BB-/Ba3 Republic of Peru, 9.875%, 2/6/15 54,875
---------------
TOTAL GOVERNMENT $ 122,750
---------------
TOTAL SOVEREIGN ISSUES
(Cost $126,415) $ 122,750
---------------
RIGHTS/WARRANTS - 0.0%
MATERIALS - 0.0%
PAPER PRODUCTS - 0.0%
25 Asia Pulp & Paper, 3/15/05 (144A)* $ --
---------------
TOTAL MATERIALS $ --
---------------
TOTAL RIGHTS/WARRANTS
(Cost $0) $ --
---------------
MUNICIPAL BONDS - 2.7%
GOVERNMENT - 2.7%
200,000 A/A2 California State Municipal Bond, 5.25%, 2/1/28 $ 204,550
140,000 BB-/Caa2 Chicago Illinois O' Hare International Airport, 6.45%, 5/1/1 98,028
175,000 B/Caa2 New Jersey Economic Development Authority, 7.0%, 11/15/30 145,665
100,000 NR/NR Wayne Charter County, 6.75%, 12/1/15 72,730
---------------
TOTAL GOVERNMENT $ 520,973
---------------
TOTAL MUNICIPAL BONDS
(Cost $509,830) $ 520,973
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
82
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT S&P/MOODY'S
USD ($) RATINGS VALUE
TEMPORARY CASH INVESTMENTS - 2.5%
SECURITIES LENDING COLLATERAL - 2.5%
$ 477,740 Securities Lending Investment Fund, 1.21% $ 477,740
---------------
TOTAL TEMPORARY CASH INVESTMENT $ 477,740
---------------
(Cost $477,740) $ 477,740
---------------
507,973,023 TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $17,394,030) $ 19,158,251
===============
</Table>
* Non-income producing security.
(144A) Security is exempt from registration under Rule 144A of the Securities
Act of 1933. Such securities may be resold normally to qualified
institutional buyers in a transaction exempt from registration. At June
30, 2003, the value of these securities amounted to $1,127,480 or 6.0% of
total net assets.
Note: The Porfolio's investments in mortgage-backed securites of the Government
Mortgage Association (GNMA) and the Federal National Mortgage Association
(FNMA) are interests in separate pools of mortgages. All separate
investments in the issuer which have the same coupon rate have been
aggregated for the purpose of presentation in the schedule of
investments.
Note: Principal amounts are denominated in U.S. dollars unless otherwise noted.
DKK Danish Kroner
NZD New Zealand Dollar
EURO Euro
TBA (To Be Assigned) Securities are purchased on a forward commitment basis
with an Approximate (generally plus or minus 2.5%) principal amount and
no definite Maturity date period. The actual principal amount and
maturity date will be Determined upon settlement when the specific
mortgage pools are assigned.
The accompanying notes are an integral part of these financial statements.
83
<Page>
PIONEER AMERICA INCOME VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
SCHEDULE OF INVESTMENTS 6/30/03 (UNAUDITED)
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
U.S. GOVERNMENT
AND AGENCY OBLIGATIONS - 95.5%
$ 550,000 Federal Farm Credit Bank,
6.5%, 9/29/06 $ 628,381
100,000 Federal Farm Credit Bank,
5.88%, 9/8/08 115,206
200,000 Federal Farm Credit Bank,
Medium Term Note,
6.38%, 11/27/06 228,514
400,000 Federal Home Loan Bank,
4.53%, 10/30/06 432,610
850,000 Federal Home Loan Bank,
5.875%, 11/15/07 970,183
300,000 Federal Home Loan Bank,
5.89%, 6/30/08 345,811
5,453,695 Federal Home Loan Mortgage Corp.,
6.0%, 5/25/12 to 3/1/33 5,654,991
2,819,762 Federal Home Loan Mortgage Corp.,
6.5%, 1/1/29 to 7/1/32 2,934,721
140,000 Federal Home Loan Mortgage Corp.,
6.7%, 1/5/07 161,965
510,236 Federal Home Loan Mortgage Corp.,
7.0%, 9/1/27 to 4/1/32 535,947
183,950 Federal Home Loan Mortgage Corp.,
7.5%, 8/1/31 195,501
250,000 Federal National Mortgage Association,
3.25%, 3/17/08 253,391
1,485,665 Federal National Mortgage Association,
5.5%, 3/1/18 to 2/1/33 1,547,613
4,167,017 Federal National Mortgage Association,
6.0%, 12/1/31 to 6/1/33 4,332,052
4,220,979 Federal National Mortgage Association,
6.5%, 7/1/21 to 8/1/32 4,403,045
1,056,156 Federal National Mortgage Association,
7.0%, 9/1/18 to 1/1/32 1,114,450
85,041 Federal National Mortgage Association,
7.5%, 2/1/31 90,353
498,908 Government National Mortgage
Association,
5.5%, 4/15/33 520,579
4,426,498 Government National Mortgage
Association,
6.0%, 10/15/31 to 2/15/33 4,647,104
6,900,621 Government National Mortgage
Association,
6.5%, 4/15/17 to 7/15/32 7,253,918
2,421,582 Government National Mortgage
Association,
7.0%, 12/15/25 to 2/15/32 2,559,149
$ 370,491 Government National Mortgage
Association,
7.5%, 10/15/22 to 1/15/32 $ 394,093
294,704 Government National Mortgage
Association I,
6.0%, 2/15/29 309,070
1,195,029 Government National Mortgage
Association I,
6.5%, 5/15/29 to 5/15/32 1,255,351
324,083 Government National Mortgage
Association I,
7.0%, 11/15/30 to 12/15/30 342,417
114,048 Government National Mortgage
Association I,
7.5%, 1/15/31 121,174
458,677 Government National Mortgage
Association II,
6.5%, 8/20/28 to 9/20/31 479,697
335,877 Government National Mortgage
Association II,
7.0%, 2/20/29 353,541
28,210 Government National Mortgage
Association II,
7.5%, 8/20/27 29,845
8,700 Government National Mortgage
Association II, 8.0%, 8/20/25 9,350
195,369 Government National Mortgage
Association, REMIC Series 1997-8PM,
7.0%, 4/16/26 197,642
950,000 Tennesse Valley Authority,
6.375%, 6/15/05 1,039,319
12,000 Tennesse Valley Authority,
6.75%, 6/1/28 325,320
1,700,000 U.S. Treasury Bonds,
7.25%, 5/15/16 2,260,867
1,175,000 U.S. Treasury Bonds,
6.375%, 8/15/27 1,471,917
4,900,000 U.S. Treasury Notes,
6.5%, 2/15/10 5,944,504
600,000 U.S. Treasury Notes,
3.5%, 1/15/11 721,089
1,850,000 U.S. Treasury Notes,
6.25%, 8/15/23 2,266,106
---------------
TOTAL U.S. GOVERNMENT
AND AGENCY OBLIGATIONS
(Cost $54,214,489) $ 56,446,786
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
84
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
COLLATERALIZED MORTGAGE
OBLIGATIONS - 1.6%
GOVERNMENT - 1.6%
$ 250,000 Freddie Mac,
3.2%, 5/21/08 $ 253,695
300,000 Freddie Mac,
5.25%, 11/15/12 316,369
244,476 Freddie Mac,
6.0%, 4/15/25 245,768
153,197 Fannie Mae,
5.0%, 8/25/22 154,371
---------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS - 1.6%
(Cost $943,986) $ 970,203
---------------
TEMPORARY CASH INVESTMENT - 2.9%
REPURCHASE AGREEMENT - 2.9%
1,700,000 Bear Stearns & Co., Inc.,
1.08% dated 6/30/03, repurchase
price of $1.700,000 plus accrued
interest on 7/1/03,
collateralized by $1,644,000
U.S. Treasury Bond,
11.875%, 11/15/03 $ 1,700,000
---------------
TOTAL TEMPORARY
CASH INVESTMENT - 2.9%
(Cost $1,700,000) $ 1,700,000
---------------
TOTAL INVESTMENTS IN
SECURITIES - 100%
(Cost $56,858,475) $ 59,116,989
===============
</Table>
The accompanying notes are an integral part of these financial statements.
85
<Page>
PIONEER MONEY MARKET VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
SCHEDULE OF INVESTMENTS 6/30/03 (UNAUDITED)
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
CORPORATE BONDS - 54.7%
ENERGY - 1.1%
OIL & GAS DRILLING - 1.1%
$ 500,000 Paine Webber Group Inc.,
6.45%, 12/1/03 $ 510,808
---------------
TOTAL ENERGY $ 510,808
---------------
CAPITAL GOODS - 3.6%
CONSTRUCTION & FARM MACHINERY &
HEAVY TRUCKS - 0.9%
400,000 PACCAR Financial Corp.,
7.38%, 7/15/03 $ 400,931
---------------
INDUSTRIAL CONGLOMERATES - 2.7%
450,000 General Electric Capital Corp.,
5.625%, 9/8/03 $ 453,510
800,000 General Electric Capital Corp.,
Floating Rate, 7/28/03 800,017
---------------
$ 1,253,527
---------------
TOTAL CAPITAL GOODS $ 1,654,458
---------------
COMMERCIAL SERVICES & SUPPLIES - 0.4%
OFFICE SERVICES & SUPPLIES - 0.4%
170,000 Pitney Bowes Inc.,
5.5%, 4/15/04 $ 175,567
---------------
TOTAL COMMERCIAL SERVICES &
SUPPLIES $ 175,567
---------------
FOOD & DRUG RETAILING - 4.5%
HYPERMARKETS & SUPERCENTERS - 4.5%
1,500,000 Wal-Mart Stores Inc.,
7.5%, 5/15/04 $ 1,582,954
500,000 Wal-Mart Stores Inc.,
4.375%, 8/1/03 501,298
---------------
TOTAL FOOD & DRUG RETAILING $ 2,084,252
---------------
HOUSEHOLD & PERSONAL PRODUCTS - 3.8%
HOUSEHOLD PRODUCTS - 3.8%
735,000 Procter & Gamble,
8.0%, 11/15/03 $ 752,612
1,000,000 Procter & Gamble,
5.25%, 9/15/03 1,007,928
---------------
TOTAL HOUSEHOLD & PERSONAL PRODUCTS $ 1,760,540
---------------
BANKS - 9.1%
DIVERSIFIED BANKS - 9.1%
1,137,000 Abbey National Treasury,
5.5%, 2/2/04 $ 1,164,650
1,000,000 Abbey National Treasury,
Floating Rate, 4/2/04 999,924
202,000 Bank of America,
5.75%, 3/1/04 207,953
500,000 Wells Fargo Co.,
7.2%, 4/1/04 522,066
$ 1,000,000 Wells Fargo Co.,
4.25%, 8/15/03 $ 1,003,649
250,000 Wells Fargo Co.,
7.25%, 7/14/03 250,518
---------------
TOTAL BANKS $ 4,148,760
---------------
DIVERSIFIED FINANCIALS - 22.7%
DIVERSIFIED CAPITAL MARKETS - 2.8%
1,250,000 Chase Manhattan JP Morgan,
5.69%, 2/10/04 $ 1,282,145
---------------
INVESTMENT BANKING & BROKERAGE - 1.1%
500,000 Merrill Lynch, Floating Rate,
2/11/04 $ 500,000
---------------
DIVERSIFIED FINANCIAL SERVICES - 23.8%
850,000 American Express Credit,
Floating Rate, 11/10/03 $ 850,342
400,000 American General Finance Corp.,
Floating Rate, 3/8/04 401,032
1,000,000 Associates Corp.,
Floating Rate, 6/25/04 1,000,000
400,000 Bank of America,
Floating Rate, 8/18/03 400,001
500,000 Bank One Corp,
Floating Rate, 5/12/04 500,939
1,000,000 Bank One Corp,
Floating Rate, 5/7/04 1,002,758
1,000,000 GE Capital Corp.
Floating Rate, 11/7/03 1,000,530
950,000 J P Morgan & Co., Inc.,
5.75%, 2/25/04 976,705
750,000 Merrill Lynch,
Floating Rate, 8/13/03 750,180
1,000,000 Merrill Lynch,
Floating Rate, 8/15/03 1,000,397
2,000,000 PACCAR Financial Corp.,
1.38%, 2/17/04 2,001,313
1,000,000 Salomon Inc.,
6.625%, 11/15/03 1,019,531
---------------
$ 10,903,728
---------------
TOTAL DIVERSIFIED FINANCIALS $ 12,685,873
---------------
INSURANCE - 4.5%
MULTI-LINE INSURANCE - 4.5%
1,000,000 American General Finance,
5.75%, 11/1/03 $ 1,014,932
1,000,000 American General Finance,
5.82%, 4/16/04 1,034,181
---------------
TOTAL INSURANCE $ 2,049,113
---------------
TOTAL CORPORATE BONDS
(Cost $25,069,372) $ 25,069,371
---------------
</Table>
The accompanying notes are an integral part of these financial statements.
86
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
U.S. GOVERNMENT AGENCY
OBLIGATIONS - 15.9%
GOVERNMENT - 15.9%
1,500,000 Federal Home Loan Mortgage Corp,
5.75%, 7/15/03 $ 1,502,528
1,500,000 Federal Home Loan Bank,
1.02%, 7/16/04 1,500,000
1,000,000 Federal Home Loan Bank,
1.18%, 4/8/04 998,744
2,000,000 Federal Home Loan Bank,
1.4%, 5/10/04 2,000,000
300,000 Freddie Mac,
6.55%, 8/15/03 301,871
959,000 Federal National Mortgage
Association,
4.0%, 8/15/03 962,111
---------------
$ 7,265,254
---------------
TOTAL U.S. GOVERNMENT
AGENCY OBLIGATIONS
(Cost $7,265,254) $ 7,265,254
---------------
TEMPORARY CASH INVESTMENTS - 29.4%
COMMERCIAL PAPER - 29.4%
2,000,000 Coca Cola Co.,
1.02%, 7/7/03 $ 1,999,660
2,000,000 EI DuPont,
0.91%, 7/17/03 1,999,191
2,000,000 National Rural Utilities,
1.15%, 7/10/03 1,999,425
1,100,000 Schering Corp.,
1.03%, 7/9/03 1,099,748
1,000,000 Schering Corp.,
1.22%, 7/11/03 999,661
1,500,000 Verizon Communications,
0.95%, 7/22/03 1,499,169
3,900,000 JP Morgan Chase,
1.0%, 7/1/03 3,900,000
---------------
TOTAL TEMPORARY
CASH INVESTMENTS
(Cost $13,496,854) $ 13,496,854
---------------
TOTAL INVESTMENT IN SECURITIES
(Cost $45,831,479) $ 45,831,479
===============
</Table>
The accompanying notes are an integral part of these financial statements.
87
<Page>
PIONEER EMERGING MARKETS VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
SIX MONTHS
ENDED
6/30/03 YEAR ENDED YEAR ENDED
CLASS I (UNAUDITED) 12/31/02 12/31/01
Net asset value, beginning of period $ 11.03 $ 11.23 $ 12.10
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.14 $ 0.06 $ 0.15
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.57 (0.19) (1.02)
------------ ------------ ------------
Net increase (decrease) from investment operations $ 1.71 $ (0.13) $ (0.87)
Distributions to shareowners:
Net income (0.06) (0.07) --
Net realized gain -- -- --
------------ ------------ ------------
Net increase (decrease) in net asset value $ 1.65 $ (0.20) $ (0.87)
------------ ------------ ------------
Net asset value, end of period $ 12.68 $ 11.03 $ 11.23
============ ============ ============
Total return* 15.46% (1.20)% (7.19)%
Ratio of net expenses to average net assets+ 1.75%** 1.75% 1.66%
Ratio of net investment income (loss) to average net assets+ 2.27%** 0.63% 1.30%
Portfolio turnover rate 119%** 124% 175%
Net assets, end of period (in thousands) $ 5,962 $ 5,886 $ 6,896
Ratios with no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 2.89%** 2.88% 3.83%
Net investment income (loss) 1.13%** (0.50)% (0.87)%
Ratios with waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 1.75%** 1.75% 1.66%
Net investment income (loss) 2.27%** 0.63% 1.30%
<Caption>
10/30/98
YEAR ENDED YEAR ENDED TO
CLASS I 12/31/00 12/31/99 12/31/98
Net asset value, beginning of period $ 18.75 $ 10.49 $ 10.00
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.12) $ (0.03) $ 0.00(a)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions (6.20) 8.29 0.49
------------ ------------ ------------
Net increase (decrease) from investment operations $ (6.32) $ 8.26 $ 0.49
Distributions to shareowners:
Net income -- -- --
Net realized gain (0.33) -- --
------------ ------------ ------------
Net increase (decrease) in net asset value $ (6.65) $ 8.26 $ 0.49
------------ ------------ ------------
Net asset value, end of period $ 12.10 $ 18.75 $ 10.49
============ ============ ============
Total return* (34.20)% 78.74% 4.90%
Ratio of net expenses to average net assets+ 1.79% 1.88% 1.75%**
Ratio of net investment income (loss) to average net assets+ (0.59)% (0.74)% (0.01)%**
Portfolio turnover rate 156% 144% 60%**
Net assets, end of period (in thousands) $ 9,446 $ 9,679 $ 133
Ratios with no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 2.45% 6.56% 104.83%**
Net investment income (loss) (1.25)% (5.42)% (103.09)%**
Ratios with waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 1.75% 1.75% 1.75%**
Net investment income (loss) (0.55)% (0.61)% (0.01)%**
</Table>
(a) Amount rounds to less than one cent per share.
* 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.
88
<Page>
PIONEER EUROPE VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
SIX MONTHS
ENDED
6/30/03 YEAR ENDED YEAR ENDED
CLASS I (UNAUDITED) 12/31/02 12/31/01
Net asset value, beginning of period $ 6.82 $ 8.42 $ 11.07
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.09 $ 0.05 $ 0.01
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.53 (1.65) (2.51)
------------ ------------ ------------
Net increase (decrease) from investment operations $ 0.62 $ (1.60) $ (2.50)
Distributions to shareowners:
Net investment income (0.03) -- (0.15)
Net realized gain --
------------ ------------ ------------
Net increase (decrease) in net asset value $ 0.59 $ (1.60) $ (2.65)
------------ ------------ ------------
Net asset value, end of period $ 7.41 $ 6.82 $ 8.42
============ ============ ============
Total return* 9.11% (19.00)% (22.66)%
Ratio of net expenses to average net assets+ 1.50%** 1.50% 1.50%
Ratio of net investment income (loss) to average net assets+ 2.43%** 0.68% 0.25%
Portfolio turnover rate 60%** 94% 73%
Net assets, end of period (in thousands) $ 8,396 $ 8,696 $ 12,417
Ratios with no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 2.69%** 2.21% 1.99%
Net investment income (loss) 1.24%** 0.03% (0.24)%
Ratios with waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 1.50%** 1.50% 1.50%
Net investment income (loss) 2.43%** 0.68% 0.25%
<Caption>
10/30/98
YEAR ENDED YEAR ENDED TO
CLASS I 12/31/00 12/31/99 12/31/98
Net asset value, beginning of period $ 13.61 $ 10.60 $ 10.00
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.06) $ 0.05 $ --
Net realized and unrealized gain (loss) on investments
and foreign currency transactions (2.45) 2.97 0.60
------------ ------------ ------------
Net increase (decrease) from investment operations $ (2.51) $ 3.02 $ 0.60
Distributions to shareowners:
Net investment income (0.02) -- --
Net realized gain (0.01) (0.01) --
------------ ------------ ------------
Net increase (decrease) in net asset value $ (2.54) $ 3.01 $ 0.60
------------ ------------ ------------
Net asset value, end of period $ 11.07 $ 13.61 $ 10.60
============ ============ ============
Total return* (18.46)% 28.47% 6.00%
Ratio of net expenses to average net assets+ 1.48% 1.53% 1.50%
Ratio of net investment income (loss) to average net assets+ (0.28)% 0.56% 0.00%
Portfolio turnover rate 92% 60% 6%
Net assets, end of period (in thousands) $ 18,474 $ 12,735 $ 1,620
Ratios with no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 1.55% 2.58% 16.56%
Net investment income (loss) (0.35)% (0.49)% (15.06)%
Ratios with waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 1.48% 1.50% 1.50%
Net investment income (loss) (0.28)% 0.60% 0.00%
</Table>
PIONEER INTERNATIONAL VALUE VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
SIX MONTHS
ENDED
6/30/03 YEAR ENDED YEAR ENDED
CLASS I (UNAUDITED) 12/31/02 12/31/01
Net asset value, beginning of period $ 7.79 $ 9.00 $ 11.83
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.11 $ 0.03 $ 0.02
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.38 (1.23) (2.83)
------------ ------------ ------------
Net increase (decrease) from investment operations $ 0.49 $ (1.20) $ (2.81)
Distributions to shareowners:
Net investment income (0.06) (0.01) (0.02)
Net realized gain -- -- --
------------ ------------ ------------
Net increase (decrease) in net asset value $ 0.43 $ (1.21) $ (2.83)
------------ ------------ ------------
Net asset value, end of period $ 8.22 $ 7.79 $ 9.00
============ ============ ============
Total return* 6.28% (13.31)% (23.74)%
Ratio of net expenses to average net assets+ 1.57%** 1.46% 1.38%
Ratio of net investment income (loss) to average net assets+ 1.59%** 0.62% 0.21%
Portfolio turnover rate 140%** 31% 39%
Net assets, end of period (in thousands) $ 19,977 $ 21,271 $ 32,083
Ratios with no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 1.57%** 1.46% 1.38%
Net investment income 1.59%** 0.62% 0.21%
Ratios with waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 1.57%** 1.46% 1.38%
Net investment income 1.59%** 0.62% 0.21%
<Caption>
YEAR ENDED YEAR ENDED YEAR ENDED
CLASS I 12/31/00 12/31/99 12/31/98
Net asset value, beginning of period $ 15.38 $ 10.79 $ 12.23
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.01 $ 0.07 $ 0.09
Net realized and unrealized gain (loss) on investments
and foreign currency transactions (3.45) 4.67 (0.45)
------------ ------------ ------------
Net increase (decrease) from investment operations $ (3.44) $ 4.74 $ (0.36)
Distributions to shareowners:
Net investment income (0.11) (0.15) (0.19)
Net realized gain -- -- (0.89)
------------ ------------ ------------
Net increase (decrease) in net asset value $ (3.55) $ 4.59 $ (1.44)
------------ ------------ ------------
Net asset value, end of period $ 11.83 $ 15.38 $ 10.79
============ ============ ============
Total return* (22.50)% 44.38% (3.32)%
Ratio of net expenses to average net assets+ 1.25% 1.22% 1.44%
Ratio of net investment income (loss) to average net assets+ 0.10% 0.01% 1.00%
Portfolio turnover rate 55% 90% 113%
Net assets, end of period (in thousands) $ 48,380 $ 69,192 $ 51,525
Ratios with no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 1.25% 1.22% 1.47%
Net investment income 0.10% 0.01% 0.97%
Ratios with waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 1.25% 1.22% 1.43%
Net investment income 0.10% 0.01% 1.01%
</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.
89
<Page>
PIONEER SMALL CAP VALUE VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
SIX MONTHS
ENDED 11/8/01
6/30/03 YEAR ENDED TO
CLASS I (UNAUDITED) 12/31/02 12/31/01(a)
Net asset value, beginning of period $ 9.23 $ 10.87 $ 10.00
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.01 $ (0.01) $ 0.01
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.12 (1.63) 0.86
------------ ------------ ------------
Net increase (decrease) from investment operations $ 1.13 $ (1.64) $ 0.87
Distributions to shareowners
Net investment income -- 0.00(c) --
Net realized gain -- 0.00(c) --
------------ ------------ ------------
Net increase (decrease) in net asset value $ 1.13 $ (1.64) $ 0.87
------------ ------------ ------------
Net asset value, end of period $ 10.36 $ 9.23 $ 10.87
============ ============ ============
Total return* 12.24% (15.08)% 8.70%
Ratio of net expenses to average net assets+ 1.25%** 1.25% 1.21%**
Ratio of net investment income (loss) to average net assets+ 0.16%** (0.05)% 0.86%**
Portfolio turnover rate 151%** 50% 0%**
Net assets, end of period (in thousands) $ 7,925 $ 6,603 $ 504
Ratios with no waiver of management fees and assumption of expenses
by PIM:
Net expenses 2.58%** 2.76% 77.48%**
Net investment income (loss) (1.17)%** (1.56)% (75.41)%**
Ratios with waiver of management fees and assumption of expenses
by PIM and no reduction for fees paid indirectly:
Net expenses 1.25%** 1.25% 1.21%
Net investment income (loss) 0.16%** (0.05)% 0.86%
</Table>
PIONEER SMALL COMPANY VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
SIX MONTHS
ENDED 1/19/01
6/30/03 YEAR ENDED TO
CLASS I (UNAUDITED) 12/31/02 12/31/01(b)
Net asset value, beginning of period $ 9.13 $ 10.97 $ 10.00
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.01 $ 0.00(c) $ 0.02
Net realized and unrealized gain (loss) on investments,
futures contracts and foreign currency transactions 0.64 (1.84) 0.95
------------ ------------ ------------
Net increase (decrease) from investment operations $ 0.65 $ (1.84) $ 0.97
Distribution to shareowners
Net investment income $ 0.00(c) -- --
------------ ------------ ------------
Net increase (decrease) in net asset value $ 0.65 $ (1.84) $ 0.97
------------ ------------ ------------
Net asset value, end of period $ 9.78 $ 9.13 $ 10.97
============ ============ ============
Total return* 7.12% (16.75)% 9.70%
Ratio of net expenses to average net assets+ 1.25%** 1.25% 1.24%**
Ratio of net investment income (loss) to average net assets+ 0.22%** 0.07% 0.30%**
Portfolio turnover rate 54%** 53% 72%**
Net assets, end of period (in thousands) $ 3,305 $ 3,441 $ 2,375
Ratios with no waiver of management fees and assumption of expenses
by PIM and no reduction for fees paid indirectly:
Net expenses 2.53%** 2.68% 7.49%**
Net investment income (loss) (1.06)%** (1.36)% (5.95)%**
</Table>
(a) Shares of Pioneer Small Cap Value VCT Portfolio were first publicly offered
on November 8, 2001.
(b) Shares of Pioneer Small Company VCT Portfolio were first publicly offered
on January 19, 2001.
(c) Amount rounds to less than one cent per share.
* 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.
90
<Page>
PIONEER MID CAP VALUE VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
SIX MONTHS
ENDED
6/30/03 YEAR ENDED YEAR ENDED
CLASS I (UNAUDITED) 12/31/02 12/31/01
Net asset value, beginning of period $ 14.94 $ 17.35 $ 17.79
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.05 $ 0.07 $ 0.07
Net realized and unrealized gain (loss) on investments 1.92 (1.97) 1.06
------------ ------------ ------------
Net increase (decrease) from investment operations $ 1.97 $ (1.90) $ 1.13
Distributions to shareowners:
Net investment income (0.06) (0.05) (0.10)
Net realized gain -- (0.46) (1.47)
------------ ------------ ------------
Net increase (decrease) in net asset value $ 1.91 $ (2.41) $ (0.44)
------------ ------------ ------------
Net asset value, end of period $ 16.85 $ 14.94 $ 17.35
============ ============ ============
Total return* 13.16% (11.21)% 6.49%
Ratio of net expenses to average net assets+ 0.75%** 0.80% 0.79%
Ratio of net investment income (loss) to average net assets+ 0.57%** 0.46% 0.45%
Portfolio turnover rate 58%** 68% 95%
Net assets, end of period (in thousands) $ 130,478 $ 120,687 $ 128,340
Ratio with no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 0.75%** 0.80% 0.79%
Net investment income (loss) 0.57%** 0.46% 0.45%
Ratio with waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 0.75%** 0.80% 0.79%
Net investment income (loss) 0.57%** 0.46% 0.45%
<Caption>
YEAR ENDED YEAR ENDED YEAR ENDED
CLASS I 12/31/00 12/31/99 12/31/98
Net asset value, beginning of period $ 16.26 $ 14.49 $ 16.15
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.13 $ 0.13 $ 0.12
Net realized and unrealized gain (loss) on investments 2.62 1.77 (0.65)
------------ ------------ ------------
Net increase (decrease) from investment operations $ 2.75 $ 1.90 $ (0.53)
Distributions to shareowners:
Net investment income (0.13) (0.13) (0.10)
Net realized gain (1.09) -- (1.03)
------------ ------------ ------------
Net increase (decrease) in net asset value $ 1.53 $ 1.77 $ (1.66)
------------ ------------ ------------
Net asset value, end of period $ 17.79 $ 16.26 $ 14.49
============ ============ ============
Total return* 18.00% 13.13% (4.02)%
Ratio of net expenses to average net assets+ 0.77% 0.76% 0.74%
Ratio of net investment income (loss) to average net assets+ 0.63% 0.77% 0.90%
Portfolio turnover rate 85% 91% 81%
Net assets, end of period (in thousands) $ 111,466 $ 120,526 $ 113,359
Ratio with no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 0.77% 0.76% 0.74%
Net investment income (loss) 0.63% 0.77% 0.90%
Ratio with waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 0.77% 0.76% 0.74%
Net investment income (loss) 0.63% 0.77% 0.90%
</Table>
PIONEER GROWTH SHARES VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
SIX MONTHS
ENDED
6/30/03 YEAR ENDED YEAR ENDED
CLASS I (UNAUDITED) 12/31/02 12/31/01
Net asset value, beginning of period $ 9.75 $ 14.95 $ 18.39
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.00 $ 0.00 $ 0.01
Net realized and unrealized gain (loss) on investments 1.26 (5.19) (3.45)
------------ ------------ ------------
Net increase (decrease) from investment operations $ 1.26 $ (5.19) $ (3.44)
Distributions to shareowners:
Net investment income (0.00)(a) (0.01) --
Net realized gain -- -- --
------------ ------------ ------------
Net increase (decrease) in net asset value $ 1.26 $ (5.20) $ (3.44)
------------ ------------ ------------
Net asset value, end of period $ 11.01 $ 9.75 $ 14.95
============ ============ ============
Total return* 12.94% (34.71)% (18.71)%
Ratio of net expenses to average net assets+ 1.10%** 0.97% 0.85%
Ratio of net investment income (loss) to average net assets+ 0.00%** 0.01% 0.07%
Portfolio turnover rate 33%** 86% 111%
Net assets, end of period (in thousands) $ 35,227 $ 34,746 $ 72,456
Ratios with no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 1.10%** 0.97% 0.85%
Net investment income (loss) 0.00%** 0.01% 0.07%
Ratios with waiver of management fees and assumption of expenses
by PIM and no reduction for fees paid indirectly:
Net expenses 1.10%** 0.97% 0.85%
Net investment income (loss) 0.00%** 0.01% 0.07%
<Caption>
YEAR ENDED YEAR ENDED YEAR ENDED
CLASS I 12/31/00 12/31/99 12/31/98
Net asset value, beginning of period $ 21.92 $ 20.34 $ 15.34
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.03) $ (0.02) $ 0.00(a)
Net realized and unrealized gain (loss) on investments (1.91) 1.64 5.00
------------ ------------ ------------
Net increase (decrease) from investment operations $ (1.94) $ 1.62 $ 5.00
Distributions to shareowners:
Net investment income -- (0.01) (0.00)(a)
Net realized gain (1.59) (0.03) --
------------ ------------ ------------
Net increase (decrease) in net asset value $ (3.53) $ 1.58 $ 5.00
------------ ------------ ------------
Net asset value, end of period $ 18.39 $ 21.92 $ 20.34
============ ============ ============
Total return* (7.88)% 7.93% 32.60%
Ratio of net expenses to average net assets+ 0.73% 0.76% 0.88%
Ratio of net investment income (loss) to average net assets+ (0.11%) (0.08%) 0.08%
Portfolio turnover rate 95% 47% 28%
Net assets, end of period (in thousands) $ 105,855 $ 162,730 $ 85,670
Ratios with no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 0.73% 0.76% 0.92%
Net investment income (loss) (0.11%) (0.08%) (0.04)%
Ratios with waiver of management fees and assumption of expenses
by PIM and no reduction for fees paid indirectly:
Net expenses 0.73% 0.76% 0.88%
Net investment income (loss) (0.11%) (0.08%) (0.08)%
</Table>
(a) Amount rounds to less than one cent per share.
* 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.
91
<Page>
PIONEER REAL ESTATE SHARES VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
SIX MONTHS
ENDED
6/30/03 YEAR ENDED YEAR ENDED
CLASS I (UNAUDITED) 12/31/02 12/31/01
Net asset value, beginning of period $ 14.47 $ 14.77 $ 14.42
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.48 $ 1.10 $ 0.68
Net realized and unrealized gain (loss) on investments 1.27 (0.71) 0.4
------------ ------------ ------------
Net increase (decrease) from investment operations $ 1.75 $ 0.39 $ 1.08
Distributions to shareowners:
Net investment income (0.36) (0.69) (0.56)
Net realized gain -- -- --
Tax return of capital -- -- (0.17)
------------ ------------ ------------
Net increase (decrease) in net asset value $ 1.39 $ (0.30) $ 0.35
------------ ------------ ------------
Net asset value, end of period $ 15.86 $ 14.47 $ 14.77
============ ============ ============
Total return* 12.27% (2.53)% 7.80%
Ratio of net expenses to average net assets+ 0.90%** 1.07% 1.16%
Ratio of net investment income (loss) to average net assets+ 5.27%** 4.76% 4.71%
Portfolio turnover rate 14%** 29% 34%
Net assets, end of period (in thousands) $ 28,899 $ 29,873 $ 33,026
Ratios with no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 0.90%** 1.07% 1.16%
Net investment income (loss) 5.27%** 4.76% 4.71%
Ratios with waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 0.90%** 1.07% 1.16%
Net investment income (loss) 5.27%** 4.76% 4.71%
<Caption>
YEAR ENDED YEAR ENDED YEAR ENDED
CLASS I 12/31/00 12/31/99 12/31/98
Net asset value, beginning of period $ 11.73 $ 13.07 $ 16.90
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.71 $ 0.66 $ 0.60
Net realized and unrealized gain (loss) on investments 2.67 (1.20) (3.72)
------------ ------------ ------------
Net increase (decrease) from investment operations $ 3.38 $ (0.54) $ (3.12)
Distributions to shareowners:
Net investment income (0.59) (0.60) (0.56)
Net realized gain -- (0.12) (0.15)
Tax return of capital (0.10) (0.08) --
------------ ------------ ------------
Net increase (decrease) in net asset value $ 2.69 $ (1.34) $ (3.83)
------------ ------------ ------------
Net asset value, end of period $ 14.42 $ 11.73 $ 13.07
============ ============ ============
Total return* 29.51% (4.17)% (18.74)%
Ratio of net expenses to average net assets+ 1.10% 1.15% 1.19%
Ratio of net investment income (loss) to average net assets+ 5.02% 5.07% 4.06%
Portfolio turnover rate 31% 54% 18%
Net assets, end of period (in thousands) $ 32,982 $ 28,318 $ 35,579
Ratios with no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 1.10% 1.30% 1.20%
Net investment income (loss) 5.02% 4.92% 4.05%
Ratios with waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 1.10% 1.14% 1.19%
Net investment income (loss) 5.02% 5.08% 4.06%
</Table>
PIONEER FUND VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
SIX MONTHS
ENDED
6/30/03 YEAR ENDED YEAR ENDED
CLASS I (UNAUDITED) 12/31/02 12/31/01
Net asset value, beginning of period $ 15.28 $ 19.08 $ 22.67
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.10 $ 0.19 $ 0.17
Net realized and unrealized gain (loss) on investments 0.99 (3.81) (2.57)
------------ ------------ ------------
Net increase (decrease) from investment operations $ 1.09 $ (3.62) $ (2.40)
Distributions to shareowners:
Net investment income (0.09) (0.18) (0.17)
Net realized gain -- -- (1.02)
------------ ------------ ------------
Net increase (decrease) in net asset value $ 1.00 $ (3.80) $ (3.59)
------------ ------------ ------------
Net asset value, end of period $ 16.28 $ 15.28 $ 19.08
============ ============ ============
Total return* 7.16% 19.03% (10.85)%
Ratio of net expenses to average net assets+ 0.81%** 0.80% 0.74%
Ratio of net investment income (loss) to average net assets+ 1.26%** 1.09% 0.83%
Portfolio turnover rate 14%** 11% 7.0%
Net assets, end of period (in thousands) $ 138,967 $ 141,892 $ 199,160
Ratios with no waiver of management fees and
assumption of expenses by PIM and no reduction for
fees paid indirectly:
Net expenses 0.81%** 0.80% 0.74%
Net investment income (loss) 1.26%** 1.09% 0.83%
Ratios with waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 0.81%** 0.80% 0.74%
Net investment income (loss) 1.26%** 1.09% 0.83%
<Caption>
YEAR ENDED YEAR ENDED YEAR ENDED
CLASS I 12/31/00 12/31/99 12/31/98
Net asset value, beginning of period $ 22.70 $ 19.76 $ 15.80
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.18 $ 0.16 $ 0.15
Net realized and unrealized gain (loss) on investments 0.10 2.97 3.96
------------ ------------ ------------
Net increase (decrease) from investment operations $ 0.28 $ 3.13 $ 4.11
Distributions to shareowners:
Net investment income (0.18) (0.17) (0.15)
Net realized gain (0.13) (0.02) --
------------ ------------ ------------
Net increase (decrease) in net asset value $ (0.03) $ 2.94 $ 3.96
------------ ------------ ------------
Net asset value, end of period $ 22.67 $ 22.70 $ 19.76
============ ============ ============
Total return* 1.22% 15.91% 26.12%
Ratio of net expenses to average net assets+ 0.69% 0.70% 0.86%
Ratio of net investment income (loss) to average net assets+ 0.78% 0.82% 0.97%
Portfolio turnover rate 37% 8% 4%
Net assets, end of period (in thousands) $ 222,107 $ 204,927 $ 89,860
Ratios with no waiver of management fees and
assumption of expenses by PIM and no reduction for
fees paid indirectly:
Net expenses 0.69% 0.70% 0.87%
Net investment income (loss) 0.78% 0.82% 0.96%
Ratios with waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 0.69% 0.70% 0.86%
Net investment income (loss) 0.78% 0.82% 0.97%
</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.
92
<Page>
PIONEER EQUITY INCOME VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
SIX MONTHS
ENDED
6/30/03 YEAR ENDED YEAR ENDED
CLASS I (UNAUDITED) 12/31/02 12/31/01
Net asset value, beginning of period $ 15.11 $ 18.40 $ 21.28
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.19 $ 0.42 $ 0.40
Net realized and unrealized gain (loss) on investments 1.03 (3.30) (1.86)
------------ ------------ ------------
Net increase (decrease) from investment operations $ 1.22 $ (2.88) $ (1.46)
Distributions to shareowners:
Net investment income (0.18) (0.41) (0.36)
Net realized gain -- -- (1.06)
------------ ------------ ------------
Net increase (decrease) in net asset value $ 1.04 $ (3.29) $ (2.88)
------------ ------------ ------------
Net asset value, end of period $ 16.15 $ 15.11 $ 18.40
============ ============ ============
Total return* 8.16% (15.82)% (6.97)%
Ratio of net expenses to average net assets+ 0.72%** 0.80% 0.75%
Ratio of net investment income (loss) to average net assets+ 2.18%** 2.48% 2.07%
Portfolio turnover rate 14%** 12% 13%
Net assets, end of period (in thousands) $ 139,905 $ 133,258 $ 164,019
Ratios with no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 0.72%** 0.80% 0.75%
Net investment income (loss) 2.18%** 2.48% 2.07%
Ratios with waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 0.72%** 0.80% 0.75%
Net investment income (loss) 2.18%** 2.48% 2.07%
<Caption>
YEAR ENDED YEAR ENDED YEAR ENDED
CLASS I 12/31/00 12/31/99 12/31/98
Net asset value, beginning of period $ 20.72 $ 21.44 $ 18.14
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.51 $ 0.42 $ 0.39
Net realized and unrealized gain (loss) on investments 2.28 (0.15) 3.52
------------ ------------ ------------
Net increase (decrease) from investment operations $ 2.79 $ 0.27 $ 3.91
Distributions to shareowners:
Net investment income (0.49) (0.41) (0.39)
Net realized gain (1.74) (0.58) (0.22)
------------ ------------ ------------
Net increase (decrease) in net asset value $ 0.56 $ (0.72) $ 3.30
------------ ------------ ------------
Net asset value, end of period $ 21.28 $ 20.72 $ 21.44
============ ============ ============
Total return* 14.85% 1.21% 21.80%
Ratio of net expenses to average net assets+ 0.71% 0.70% 0.71%
Ratio of net investment income (loss) to average net assets+ 2.40% 1.97% 2.04%
Portfolio turnover rate 13% 23% 19%
Net assets, end of period (in thousands) $ 181,920 $ 226,379 $ 203,976
Ratios with no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 0.71% 0.70% 0.71%
Net investment income (loss) 2.40% 1.97% 2.04%
Ratios with waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 0.71% 0.70% 0.71%
Net investment income (loss) 2.40% 1.97% 2.04%
</Table>
PIONEER BALANCED VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
SIX MONTHS
ENDED
6/30/03 YEAR ENDED YEAR ENDED
CLASS I (UNAUDITED) 12/31/02 12/31/01(b)
Net asset value, beginning of period $ 12.27 $ 13.91 $ 14.60
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.13 $ 0.21 $ 0.34
Net realized and unrealized gain (loss) on investments 0.98 (1.63) (0.67)
------------ ------------ ------------
Net increase (decrease) from investment operations $ 1.11 $ (1.42) $ (0.33)
Distributions to shareowners:
Net investment income (0.13) (0.22) (0.36)
Net realized gain -- -- --
------------ ------------ ------------
Net increase (decrease) in net asset value $ 0.98 $ (1.64) $ (0.69)
------------ ------------ ------------
Net asset value, end of period $ 13.25 $ 12.27 $ 13.91
============ ============ ============
Total return* 9.10% (10.27)% (2.26)%
Ratio of net expenses to average net assets+ 0.95%** 0.95% 0.84%
Ratio of net investment income (loss) to average net assets+ 1.98%** 1.62% 2.42%
Portfolio turnover rate 34%** 179% 136%
Net assets, end of period (in thousands) $ 41,011 $ 42,849 $ 56,890
Ratios with no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 0.95%** 0.95% 0.84%
Net investment income (loss) 1.98%** 1.62% 2.42%
Ratios with waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 0.95%** 0.95% 0.84%
Net investment income (loss) 1.98%** 1.62% 2.42%
<Caption>
YEAR ENDED YEAR ENDED YEAR ENDED
CLASS I 12/31/00 12/31/99 12/31/98
Net asset value, beginning of period $ 14.31 $ 14.47 $ 14.99
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.48 $ 0.51 $ 0.42
Net realized and unrealized gain (loss) on investments 0.29 (0.16) 0.00(a)
------------ ------------ ------------
Net increase (decrease) from investment operations $ 0.77 $ 0.35 $ 0.42
Distributions to shareowners:
Net investment income (0.48) (0.51) (0.42)
Net realized gain -- -- (0.52)
------------ ------------ ------------
Net increase (decrease) in net asset value $ 0.29 $ (0.16) $ (0.52)
------------ ------------ ------------
Net asset value, end of period $ 14.60 $ 14.31 $ 14.47
============ ============ ============
Total return* 5.45% 2.53% 2.64%
Ratio of net expenses to average net assets+ 0.82% 0.78% 0.80%
Ratio of net investment income (loss) to average net assets+ 3.21% 3.58% 2.93%
Portfolio turnover rate 15% 59% 104%
Net assets, end of period (in thousands) $ 59,545 $ 72,669 $ 66,930
Ratios with no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 0.82% 0.78% 0.80%
Net investment income (loss) 3.21% 3.58% 2.93%
Ratios with waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 0.82% 0.77% 0.80%
Net investment income (loss) 3.21% 3.59% 2.93%
</Table>
(a) Amount rounds to less than one cent per share.
(b) The Portfolio began accreting discounts and amortizing premiums on debt
securities. The effect of this change for the year ended December 31, 2001,
was to decrease net investment income by $0.00, increase net realized and
unrealized gain (loss) by $0.00 (both amounts round to less than one cent
per share) and resulted in no change in the ratio of net investment income
to average net assets assuming waiver of management fees by PIM and
reduction for fees paid indirectly. Per share ratios and supplemental data
for periods prior to January 1, 2001, have not been restated to reflect
this change in presentation.
* 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.
93
<Page>
PIONEER HIGH YIELD 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 I (UNAUDITED) 12/31/02 12/31/01 12/31/00
Net asset value, beginning of period $ 9.27 $ 10.33 $ 9.82 $ 10.00
---------- ---------- ---------- ----------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.40 $ 0.92 $ 0.95 $ 0.61
Net realized and unrealized gain (loss) on investments 1.53 (1.06) 0.62 (0.18)
---------- ---------- ---------- ----------
Net increase (decrease) from investment operations $ 1.93 $ (0.14) $ 1.57 $ 0.43
Distributions to shareowners:
Net investment income (0.40) (0.92) (0.95) (0.61)
Net realized gain -- -- (0.11) --
---------- ---------- ---------- ----------
Net increase (decrease) in net asset value $ 1.53 $ (1.06) $ 0.51 $ (0.18)
---------- ---------- ---------- ----------
Net asset value, end of period $ 10.80 $ 9.27 $ 10.33 $ 9.82
========== ========== ========== ==========
Total return* 21.23% (1.42)% 16.60% 4.12%
Ratio of net expenses to average net assets+ 0.94%** 1.02% 1.15% 1.25%**
Ratio of net investment income (loss) to average net assets+ 8.07%** 9.39% 9.15% 9.18%**
Portfolio turnover rate 47%** 42% 36% 33%**
Net assets, end of period (in thousands) $ 56,208 $ 41,111 $ 32,331 $ 6,849
Ratios with no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses 0.94%** 1.02% 1.28% 2.35%**
Net investment income (loss) 8.07%** 9.39% 9.02% 8.08%**
</Table>
PIONEER STRATEGIC INCOME VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
SIX MONTHS
ENDED 7/29/99
6/30/03 YEAR ENDED YEAR ENDED YEAR ENDED TO
CLASS I (UNAUDITED) 12/31/02 12/31/01 12/31/00 12/31/99
Net asset value, beginning of period $ 9.67 $ 9.33 $ 9.43 $ 9.75 $ 10.00
---------- ---------- ---------- ---------- ----------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.32 $ 0.65 $ 0.67 $ 0.73 $ 0.28
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 1.03 0.32 (0.04) (0.32) (0.21)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) from investment operations $ 1.35 $ 0.97 $ 0.63 $ 0.41 $ 0.07
Distributions to shareowners:
Net investment income (0.32) (0.63) (0.67) (0.73) (0.28)
Tax return of capital -- -- (0.06) -- (0.04)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value $ 1.03 $ 0.34 $ (0.10) $ (0.32) $ (0.25)
---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 10.70 $ 9.67 $ 9.33 $ 9.43 $ 9.75
========== ========== ========== ========== ==========
Total return* 14.19% 10.72% 6.90% 4.51% 0.70%
Ratio of net expenses to average net assets+ 1.24%** 1.25% 1.25% 1.30% 1.54%**
Ratio of net investment income (loss) to average net assets+ 6.57%** 6.75% 7.16% 7.53% 6.46%**
Portfolio turnover rate 55%** 50% 55% 54% 49%**
Net assets, end of period (in thousands) $ 18,360 $ 14,692 $ 7,479 $ 3,265 $ 1,244
Ratios with no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 1.26%** 1.62% 2.44% 2.97% 8.68%**
Net investment income (loss) 6.55%** 6.38% 5.97% 5.86% (0.68)%**
Ratios with waiver of management fees and assumption of
expenses by PIM and reduction for fees paid indirectly:
Net expenses 1.24%** 1.25% 1.25% 1.25% 1.25%**
Net investment income (loss) 6.57%** 6.75% 7.16% 7.58% 6.75%**
</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.
94
<Page>
PIONEER AMERICA INCOME VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
SIX MONTHS
ENDED
6/30/03 YEAR ENDED YEAR ENDED
CLASS I (UNAUDITED) 12/31/02 12/31/01(a)
Net asset value, beginning of period $ 10.59 $ 10.06 $ 9.97
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.19 $ 0.46 $ 0.52
Net realized and unrealized gain (loss) on investments 0.01 0.56 0.12
------------ ------------ ------------
Net increase (decrease) from investment operations $ 0.20 $ 1.02 $ 0.64
Distributions to shareowners:
Net investment income (0.20) (0.49) (0.55)
Net realized gain -- -- --
------------ ------------ ------------
Net increase (decrease) in net asset value $ 0.00 $ 0.53 $ 0.09
------------ ------------ ------------
Net asset value, end of period $ 10.59 $ 10.59 $ 10.06
============ ============ ============
Total return* 1.90% 10.32% 6.48%
Ratio of net expenses to average net assets+ 0.81%** 0.81% 83.00%
Ratio of net investment income (loss) to average net assets+ 3.81%** 4.39% 5.19%
Portfolio turnover rate 46%** 54% 71%
Net assets, end of period (in thousands) $ 59,303 $ 69,551 $ 37,381
Ratios assuming no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 0.81%** 0.81% 0.85%
Net investment income (loss) 3.81%** 4.39% 5.17%
Ratios assuming waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 0.81%** 0.81% 0.82%
Net investment income (loss) 3.81%** 4.39% 5.20%
<Caption>
YEAR ENDED YEAR ENDED YEAR ENDED
CLASS I 12/31/00 12/31/99 12/31/98
Net asset value, beginning of period $ 9.47 $ 10.29 $ 10.04
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.58 $ 0.56 $ 0.55
Net realized and unrealized gain (loss) on investments 0.50 (0.81) 0.25
------------ ------------ ------------
Net increase (decrease) from investment operations $ 1.08 $ (0.25) $ 0.80
Distributions to shareowners:
Net investment income (0.58) (0.55) (0.55)
Net realized gain -- (0.01) --
------------ ------------ ------------
Net increase (decrease) in net asset value $ 0.50 $ (0.82) $ 0.25
------------ ------------ ------------
Net asset value, end of period $ 9.97 $ 9.47 $ 10.29
============ ============ ============
Total return* 11.76% (2.52)% 8.15%
Ratio of net expenses to average net assets+ 0.84% 0.81% 0.94%
Ratio of net investment income (loss) to average net assets+ 6.00% 5.64% 5.35%
Portfolio turnover rate 55% 41% 36%
Net assets, end of period (in thousands) $ 25,791 $ 29,779 $ 28,822
Ratios assuming no waiver of management fees and assumption of
expenses by PIM and no reduction for fees paid indirectly:
Net expenses 0.84% 0.81% 0.94%
Net investment income (loss) 6.00% 5.64% 5.35%
Ratios assuming waiver of management fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 0.81% 0.79% 0.93%
Net investment income (loss) 6.03% 5.66% 5.36%
</Table>
PIONEER MONEY MARKET VCT PORTFOLIO PIONEER VARIABLE CONTRACTS TRUST
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
SIX MONTHS
ENDED
6/30/03 YEAR ENDED YEAR ENDED
CLASS I (UNAUDITED) 12/31/02 12/31/01
Net asset value, beginning of period $ 1.000 $ 1.00 $ 1.00
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.004 $ 0.01 $ 0.03
------------ ------------ ------------
Distributions to shareowners:
Net investment income (0.004) (0.01) (0.03)
------------ ------------ ------------
Net asset value, end of period $ 1.000 $ 1.00 $ 1.00
============ ============ ============
Total return* 0.35% 1.19% 3.39%
Ratio of net expenses to average net assets+ 0.70%** 0.78% 0.78%
Ratio of net investment income (loss) to average net assets+ 0.72%** 1.11% 3.16%
Net assets, end of period (in thousands) $ 44,952 $ 59,521 $ 49,545
Ratios assuming no waiver of fees and assumption of expenses
by PIM and no reduction for fees paid indirectly:
Net expenses 0.70%** 0.78% 0.78%
Net investment income (loss) 0.72%** 1.11% 3.16%
Ratios assuming waiver of fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 0.70%** 0.78% 0.78%
Net investment income (loss) 0.72%** 1.11% 3.16%
<Caption>
YEAR ENDED YEAR ENDED YEAR ENDED
CLASS I 12/31/00 12/31/99 12/31/98
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00
------------ ------------ ------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.06 $ 0.04 $ 0.05
------------ ------------ ------------
Distributions to shareowners:
Net investment income (0.06) (0.04) (0.05)
------------ ------------ ------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00
============ ============ ============
Total return* 5.71% 4.38% 4.68%
Ratio of net expenses to average net assets+ 0.76% 0.79% 0.92%
Ratio of net investment income (loss) to average net assets+ 5.58% 4.34% 4.55%
Net assets, end of period (in thousands) $ 36,979 $ 37,347 $ 21,497
Ratios assuming no waiver of fees and assumption of expenses
by PIM and no reduction for fees paid indirectly:
Net expenses 0.76% 0.79% 0.97%
Net investment income (loss) 5.58% 4.34% 4.50%
Ratios assuming waiver of fees and assumption of expenses
by PIM and reduction for fees paid indirectly:
Net expenses 0.75% 0.78% 0.92%
Net investment income (loss) 5.59% 4.35% 4.55%
</Table>
(a) The Portfolio began accreting discounts and amortizing premiums on debt
securities. The effect of this change for the year ended December 31, 2001,
was to decrease net investment income by $0.00, increase net realized and
unrealized gain (loss) by $0.00 (both amounts round to less than one cent
per share) and to decrease the ratio of net investment income to average
net assets assuming waiver of management fees by PIM and reduction for fees
paid indirectly from 5.38% to 5.17%. Per share ratios and supplemental data
for periods prior to January 1, 2001, have not been restated to reflect
this change in presentation.
* 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 assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
95
<Page>
PIONEER VARIABLE CONTRACTS TRUST PIONEER VARIABLE CONTRACTS TRUST
BALANCE SHEETS 6/30/03 (UNAUDITED)
<Table>
<Caption>
PIONEER
EMERGING PIONEER
MARKETS EUROPE
VCT PORTFOLIO VCT PORTFOLIO
ASSETS:
Investment in securities, at value, (including securities
loaned of $515,563,$0, $106,762, $269,768, $681,618,
$9,531,429, $0, respectively) (cost $19,012,423,
$10,461,913, $19,168,540, $6,718,925, $7,149,170,
$218,930,845,$35,991,773, respectively) $ 22,009,403 $ 11,152,393
Cash 1,042,128 85,311
Cash held as collateral for futures contracts - -
Foreign currencies, at value 101,114 18,722
Receivables -
Investment securities sold 195,605
Fund shares sold 39,244 55,267
Variation margin - -
Dividends, interest and foreign taxes withheld 87,630 45,555
Forward foreign currency settlement contracts, net - -
Forward foreign currency portfolio hedge contracts, open-net - -
Due from Pioneer Investment Management, Inc. 585 316
Other 3,185 -
--------------- ---------------
Total assets $ 23,478,894 $ 11,357,564
--------------- ---------------
LIABILITIES:
Payables -
Investment securities purchased $ 78,930 $ -
Fund shares repurchased 5,570 5,724
Dividends 703 -
Upon return of securities loaned 537,832 -
Variation margin - -
Forward foreign currency settlement contracts, net 1 -
Forward foreign currency portfolio hedge contracts, net - -
Due to bank - -
Due to affiliates 13,706 3,981
Accrued expenses 47,369 20,779
Other - 908
--------------- ---------------
Total liabilities $ 684,111 $ 31,392
--------------- ---------------
NET ASSETS:
Paid-in capital $ 29,165,366 $ 19,712,250
Accumulated net investment income (loss) 141,444 115,354
Accumulated undistributed net realized gain (loss) (9,510,316) (9,197,836)
Net unrealized gain (loss) on:
Investments 2,996,980 690,480
Futures contracts - -
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 1,309 5,924
--------------- ---------------
Total net assets $ 22,794,783 $ 11,326,172
--------------- ---------------
NET ASSET VALUE PER SHARE:
CLASS I:
(Unlimited number of shares authorized)
Net assets $ 5,962,006 $ 8,396,372
Shares outstanding 470,226 1,132,632
--------------- ---------------
Net asset value per share $ 12.68 $ 7.41
CLASS II:
(Unlimited number of shares authorized)
Net assets $ 16,832,777 $ 2,929,800
Shares outstanding 1,334,649 401,611
--------------- ---------------
Net asset value per share $ 12.61 $ 7.30
</Table>
The accompanying notes are an integral part of these financial statements.
96
<Page>
<Table>
<Caption>
PIONEER PIONEER PIONEER
INTERNATIONAL SMALL CAP SMALL
VALUE VALUE COMPANY
VCT PORTFOLIO VCT PORTFOLIO VCT PORTFOLIO
ASSETS:
Investment in securities, at value, (including securities
loaned of $515,563,$0, $106,762, $269,768, $681,618,
$9,531,429, $0, respectively) (cost $19,012,423,
$10,461,913, $19,168,540, $6,718,925, $7,149,170,
$218,930,845,$35,991,773, respectively) $ 19,976,823 $ 7,299,151 $ 7,126,769
Cash 961,426 937,579 832,915
Cash held as collateral for futures contracts 111,323 - 15,000
Foreign currencies, at value - -
Receivables -
Investment securities sold 229,982 44,880 14,227
Fund shares sold 371 35,160 55,778
Variation margin - - -
Dividends, interest and foreign taxes withheld 95,922 9,069 6,374
Forward foreign currency settlement contracts, net - - -
Forward foreign currency portfolio hedge contracts, open-net - - -
Due from Pioneer Investment Management, Inc. - 417 3,226
Other 359 - 345
--------------- --------------- ---------------
Total assets $ 21,376,206 $ 8,326,673 $ 8,054,634
--------------- --------------- ---------------
LIABILITIES:
Payables -
Investment securities purchased $ 1,190,332 $ - $ -
Fund shares repurchased 10,736 9,512 12,514
Dividends - - -
Upon return of securities loaned 112,350 286,331 705,418
Variation margin - - 675
Forward foreign currency settlement contracts, net 1,795 - -
Forward foreign currency portfolio hedge contracts, net - - -
Due to bank - - -
Due to affiliates 21,490 5,381 5,339
Accrued expenses 25,466 23,939 17,106
Other 6,311 - -
--------------- --------------- ---------------
Total liabilities $ 1,368,480 $ 325,163 $ 741,052
--------------- --------------- ---------------
NET ASSETS:
Paid-in capital $ 36,366,366 $ 8,550,135 $ 8,139,290
Accumulated net investment income (loss) 161,718 5,607 3,396
Accumulated undistributed net realized gain (loss) (17,348,667) (1,134,458) (802,546)
Net unrealized gain (loss) on:
Investments 808,283 580,226 (22,401)
Futures contracts - - (4,157)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 20,026 - -
--------------- --------------- ---------------
Total net assets $ 20,007,726 $ 8,001,510 $ 7,313,582
--------------- --------------- ---------------
NET ASSET VALUE PER SHARE:
CLASS I:
(Unlimited number of shares authorized)
Net assets $ 19,976,530 $ 7,925,270 $ 3,305,452
Shares outstanding 2,430,707 764,834 337,918
--------------- --------------- ---------------
Net asset value per share $ 8.22 $ 10.36 $ 9.78
CLASS II:
(Unlimited number of shares authorized)
Net assets $ 31,196 $ 76,240 $ 4,008,130
Shares outstanding 3,799 7,364 412,688
--------------- --------------- ---------------
Net asset value per share $ 8.21 $ 10.35 $ 9.71
<Caption>
PIONEER PIONEER
MID CAP GROWTH
VALUE SHARES
VCT PORTFOLIO VCT PORTFOLIO
ASSETS:
Investment in securities, at value, (including securities
loaned of $515,563,$0, $106,762, $269,768, $681,618,
$9,531,429, $0, respectively) (cost $19,012,423,
$10,461,913, $19,168,540, $6,718,925, $7,149,170,
$218,930,845,$35,991,773, respectively) $ 240,886,948 $ 33,476,037
Cash 89,471 2,206,390
Cash held as collateral for futures contracts - 30,000
Foreign currencies, at value - -
Receivables -
Investment securities sold 2,969,246 -
Fund shares sold 1,353,876 144,546
Variation margin - -
Dividends, interest and foreign taxes withheld 215,997 25,956
Forward foreign currency settlement contracts, net - -
Forward foreign currency portfolio hedge contracts, open-net - -
Due from Pioneer Investment Management, Inc. - -
Other 475 915
--------------- ---------------
Total assets $ 245,516,013 $ 35,883,844
--------------- ---------------
LIABILITIES:
Payables -
Investment securities purchased $ 7,186,652 $ -
Fund shares repurchased 234,144 530
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 25,262
Accrued expenses 57,922 22,264
Other 17 -
--------------- ---------------
Total liabilities $ 17,539,602 $ 48,056
--------------- ---------------
NET ASSETS:
Paid-in capital $ 212,299,019 $ 78,754,183
Accumulated net investment income (loss) 492,137 (1,182)
Accumulated undistributed net realized gain (loss) (6,770,848) (40,401,477)
Net unrealized gain (loss) on:
Investments 21,956,103 (2,515,736)
Futures contracts - -
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies - -
--------------- ---------------
Total net assets $ 227,976,411 $ 35,835,788
--------------- ---------------
NET ASSET VALUE PER SHARE:
CLASS I:
(Unlimited number of shares authorized)
Net assets $ 130,478,221 $ 35,226,564
Shares outstanding 7,744,185 3,198,205
--------------- ---------------
Net asset value per share $ 16.85 $ 11.01
CLASS II:
(Unlimited number of shares authorized)
Net assets $ 97,498,190 $ 609,224
Shares outstanding 5,822,220 55,762
--------------- ---------------
Net asset value per share $ 16.75 $ 10.93
</Table>
The accompanying notes are an integral part of these financial statements.
97
<Page>
<Table>
<Caption>
PIONEER
REAL ESTATE PIONEER
SHARES FUND
VCT PORTFOLIO VCT PORTFOLIO
ASSETS:
Investment in securities, at value, (including securities
loaned of $4,306,657$1,172,397, $3,039,048, $0, $1,656,195,
$467,095, $0, $0, respectively) (cost $54,893,824,
$198,511,196, $168,761,773, $37,330,306, $53,437,014,
$17,394,030,$56,858,475, $45,831,479, respectively) $ 61,872,801 $ 189,126,919
Cash 1,749,210 52,168
Cash held as collateral for futures contracts - -
Foreign currencies, at value - -
Receivables -
Investment securities sold 273,309 -
Fund shares sold 85,364 296,685
Variation margin - -
Interest and Dividends, net of taxes withheld 378,499 214,001
Forward foreign currency settlement contracts, net - -
Forward foreign currency portfolio hedge contracts, open-net - -
Due from Pioneer Investment Management, Inc. - -
Other 415 548
--------------- ---------------
Total assets $ 64,359,598 $ 189,690,321
--------------- ---------------
LIABILITIES:
Payables -
Investment securities purchased $ - $ -
Fund shares repurchased 60,623 72,937
Dividends - -
Upon return for securities loaned 4,500,325 1,199,885
Variation margin - -
Forward foreign currency settlement contracts, net - -
Forward foreign currency portfolio hedge contracts, - -
Due to bank -
Due to affiliates 51,690 134,053
Accrued expenses 35,387 56,712
Other - - 2,156
--------------- ---------------
Total liabilities $ 4,648,025 $ 1,465,743
--------------- ---------------
NET ASSETS:
Paid-in capital $ 56,923,798 $ 230,257,508
Accumulated undistributed/(distributions in excess of)
net investment income 166,693 76,286
Accumulated undistributed net realized gain (loss) (4,357,895) (32,724,939)
Net unrealized gain (loss) on:
Investments 6,978,977 (9,384,277)
Futures contracts - -
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies - -
--------------- ---------------
Total net assets $ 59,711,573 $ 188,224,578
--------------- ---------------
NET ASSET VALUE PER SHARE:
CLASS I:
(Unlimited number of shares authorized)
Net assets $ 28,899,714 $ 138,967,353
Shares outstanding 1,822,079 8,533,545
--------------- ---------------
Net asset value per share $ 15.86 $ 16.28
CLASS II:
(Unlimited number of shares authorized)
Net assets $ 30,811,859 $ 49,257,225
Shares outstanding 1,944,844 3,030,826
--------------- ---------------
Net asset value per share $ 15.84 $ 16.25
</Table>
The accompanying notes are an integral part of these financial statements.
98
<Page>
<Table>
<Caption>
PIONEER PIONEER
EQUITY PIONEER HIGH
INCOME BALANCED YIELD
VCT PORTFOLIO VCT PORTFOLIO VCT PORTFOLIO
ASSETS:
Investment in securities, at value, (including securities
loaned of $4,306,657$1,172,397, $3,039,048, $0, $1,656,195,
$467,095, $0, $0, respectively) (cost $54,893,824,
$198,511,196, $168,761,773, $37,330,306, $53,437,014,
$17,394,030,$56,858,475, $45,831,479, respectively) $ 182,234,631 $ 39,815,178 $ 57,935,776
Cash 83,530 1,264,718 1,555,939
Cash held as collateral for futures contracts - - -
Foreign currencies, at value -
Receivables -
Investment securities sold - - 51,031
Fund shares sold 513,540 44 151,926
Variation margin - - -
Interest and Dividends, net of taxes withheld 314,067 206,852 830,778
Forward foreign currency settlement contracts, net - - -
Forward foreign currency portfolio hedge contracts, open-net - - -
Due from Pioneer Investment Management, Inc. - - -
Other 493 437 356
--------------- --------------- ---------------
Total assets $ 183,146,261 $ 41,287,229 $ 60,525,806
--------------- --------------- ---------------
LIABILITIES:
Payables -
Investment securities purchased $ - $ 83,711 $ -
Fund shares repurchased 143,403 82,495 23,163
Dividends - - 104
Upon return for securities loaned 3,166,730 - 1,691,338
Variation margin - -
Forward foreign currency settlement contracts, net - - -
Forward foreign currency portfolio hedge contracts, - - -
Due to bank - -
Due to affiliates 114,964 26,770 36,205
Accrued expenses 66,809 31,879 28,109
Other - - - -
--------------- --------------- ---------------
Total liabilities $ 3,491,906 $ 224,855 $ 1,778,919
--------------- --------------- ---------------
NET ASSETS:
Paid-in capital $ 180,837,354 $ 45,306,819 $ 55,393,940
Accumulated undistributed/(distributions in excess of)
net investment income 1,250,792 21,302 (503)
Accumulated undistributed net realized gain (loss) (15,906,649) (6,750,619) (1,145,312)
Net unrealized gain (loss) on:
Investments 13,472,858 2,484,872 4,498,762
Futures contracts - - -
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies - - -
--------------- --------------- ---------------
Total net assets $ 179,654,355 $ 41,062,374 $ 58,746,887
--------------- --------------- ---------------
NET ASSET VALUE PER SHARE:
CLASS I:
(Unlimited number of shares authorized)
Net assets $ 139,904,568 $ 41,011,274 $ 56,208,316
Shares outstanding 8,661,488 3,096,009 5,205,858
--------------- --------------- ---------------
Net asset value per share $ 16.15 $ 13.25 $ 10.80
CLASS II:
(Unlimited number of shares authorized)
Net assets $ 39,749,787 $ 51,100 $ 2,538,571
Shares outstanding 2,450,165 3,859 235,114
--------------- --------------- ---------------
Net asset value per share $ 16.22 $ 13.24 $ 10.80
<Caption>
PIONEER PIONEER PIONEER
STRATEGIC AMERICA MONEY
INCOME INCOME MARKET
VCT PORTFOLIO VCT PORTFOLIO VCT PORTFOLIO
ASSETS:
Investment in securities, at value, (including securities
loaned of $4,306,657$1,172,397, $3,039,048, $0, $1,656,195,
$467,095, $0, $0, respectively) (cost $54,893,824,
$198,511,196, $168,761,773, $37,330,306, $53,437,014,
$17,394,030,$56,858,475, $45,831,479, respectively) $ 19,158,251 $ 59,116,989 $ 45,831,479
Cash 228,746 - -
Cash held as collateral for futures contracts - 20,142 5,608
Foreign currencies, at value 204,448 - -
Receivables -
Investment securities sold 92,600 - -
Fund shares sold 78,896 103,915 -
Variation margin - - -
Interest and Dividends, net of taxes withheld 314,998 462,116 320,187
Forward foreign currency settlement contracts, net - -
Forward foreign currency portfolio hedge contracts, open-net 16,325 - -
Due from Pioneer Investment Management, Inc. - - -
Other 491 828 838
--------------- --------------- ---------------
Total assets $ 20,094,755 $ 59,703,990 $ 46,158,112
--------------- --------------- ---------------
LIABILITIES:
Payables -
Investment securities purchased $ 812,437 $ - $ 851,729
Fund shares repurchased 38,196 73,352 303,566
Dividends 3,024 - -
Upon return for securities loaned 477,740 - -
Variation margin - - -
Forward foreign currency settlement contracts, net - - -
Forward foreign currency portfolio hedge contracts, - - -
Due to bank - - -
Due to affiliates 13,856 29,695 23,271
Accrued expenses 15,556 24,878 27,146
Other - - - -
--------------- --------------- ---------------
Total liabilities $ 1,360,809 $ 127,925 $ 1,205,712
--------------- --------------- ---------------
NET ASSETS:
Paid-in capital $ 16,666,969 $ 57,667,425 $ 44,956,113
Accumulated undistributed/(distributions in excess of)
net investment income 65,701 (176,208) -
Accumulated undistributed net realized gain (loss) 219,177 (173,666) (3,713)
Net unrealized gain (loss) on:
Investments 1,764,221 2,258,514 -
Futures contracts - - -
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 17,878 - -
--------------- --------------- ---------------
Total net assets $ 18,733,946 $ 59,576,065 $ 44,952,400
--------------- --------------- ---------------
NET ASSET VALUE PER SHARE:
CLASS I:
(Unlimited number of shares authorized)
Net assets $ 18,360,299 $ 59,302,693 $ 44,952,400
Shares outstanding 1,716,031 5,600,495 44,960,070
--------------- --------------- ---------------
Net asset value per share $ 10.70 $ 10.59 $ 1.00
CLASS II:
(Unlimited number of shares authorized)
Net assets $ 373,647 $ 273,372 $ -
Shares outstanding 34,940 25,819 -
--------------- --------------- ---------------
Net asset value per share $ 10.69 $ 10.59 $ -
</Table>
The accompanying notes are an integral part of these financial statements.
99
<Page>
PIONEER VARIABLE CONTRACTS TRUST PIONEER VARIABLE CONTRACTS TRUST
STATEMENTS OF OPERATIONS (UNAUDITED)
<Table>
<Caption>
PIONEER PIONEER
EMERGING MARKETS EUROPE
VCT PORTFOLIO VCT PORTFOLIO
SIX MONTHS SIX MONTHS
ENDED ENDED
6/30/03 6/30/03
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $42,979, $33,388,
$53,771, $19, $33, $2,533, $895, and $0, respectively) $ 323,221 $ 201,429
Interest (net of foreign taxes withheld of $0, $0, $149,
$0, $0, $0, $0 and $0, respectively) 3,683 401
Income on securities loaned, net 1,115 -
Other 2,264 -
------------------ ---------------
Total investment income $ 330,283 $ 201,830
------------------ ---------------
EXPENSES:
Management fees $ 94,837 $ 51,171
Transfer agent fees 1,506 1,362
Distribution fees (Class II) 13,787 2,743
Administrative fees 18,596 18,596
Custodian fees 74,502 38,620
Professional fees 29,410 11,266
Printing 10,396 11,947
Fees and expenses of nonaffiliated trustees - 349
Miscellaneous 4,475 4,754
------------------ ---------------
Total expenses $ 247,509 $ 140,808
Less management fees waived and expenses assumed
by Pioneer Investment Management, Inc. (89,444) (60,633)
Less fees paid indirectly - -
------------------ ---------------
Net expenses $ 158,065 $ 80,175
------------------ ---------------
Net investment income (loss) $ 172,218 $ 121,655
------------------ ---------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, FUTURES CONTRACTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
Investments $ (149,989) $ (299,270)
Futures contracts - 4,777
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (19,762) 3,081
------------------ ---------------
$ (169,751) $ (291,412)
------------------ ---------------
Change in net unrealized gain or loss from:
Investments $ 2,804,284 $ 1,102,207
Futures contracts - -
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 1,039 851
------------------ ---------------
$ 2,805,323 $ 1,103,058
------------------ ---------------
Net gain (loss) on investments, futures contracts
and foreign currency transactions $ 2,635,572 $ 811,646
================== ===============
Net increase (decrease) in net assets resulting
from operations $ 2,807,790 $ 933,301
================== ===============
</Table>
The accompanying notes are an integral part of these financial statements.
100
<Page>
<Table>
<Caption>
PIONEER PIONEER PIONEER
INTERNATIONAL VALUE SMALL CAP VALUE SMALL COMPANY
VCT PORTFOLIO VCT PORTFOLIO VCT PORTFOLIO
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
6/30/03 6/30/03 6/30/03
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $42,979, $33,388,
$53,771, $19, $33, $2,533, $895, and $0, respectively) $ 316,108 $ 46,457 $ 44,245
Interest (net of foreign taxes withheld of $0, $0, $149,
$0, $0, $0, $0 and $0, respectively) 1,646 2,818 659
Income on securities loaned, net 5,232 470 2,734
Other - - 1,011
--------------------- ----------------- ---------------
Total investment income $ 322,986 $ 49,745 $ 48,649
--------------------- ----------------- ---------------
EXPENSES:
Management fees $ 98,439 $ 26,513 $ 24,497
Transfer agent fees 672 724 1,877
Distribution fees (Class II) - 14 4,221
Administrative fees 18,596 18,632 18,509
Custodian fees 17,602 13,588 10,284
Professional fees 13,194 12,183 11,286
Printing 7,125 14,529 11,987
Fees and expenses of nonaffiliated trustees 134 361 361
Miscellaneous 4,905 4,666 4,666
--------------------- ----------------- ---------------
Total expenses $ 160,667 $ 91,210 $ 87,688
Less management fees waived and expenses assumed
by Pioneer Investment Management, Inc. - (47,071) (41,820)
Less fees paid indirectly - - -
--------------------- ----------------- ---------------
Net expenses $ 160,667 $ 44,139 $ 45,868
--------------------- ----------------- ---------------
Net investment income (loss) $ 162,319 $ 5,606 $ 2,781
--------------------- ----------------- ---------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, FUTURES CONTRACTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
Investments $ (1,186,441) $ (433,779) $ (386,861)
Futures contracts - 4,001 9,783
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (24,771) - 202
--------------------- ----------------- ---------------
$ (1,211,212) $ (429,778) $ (376,876)
--------------------- ----------------- ---------------
Change in net unrealized gain or loss from:
Investments $ 2,213,647 $ 1,327,215 $ 854,107
Futures contracts - 4,882 5,607
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 11,609 (3)
--------------------- ----------------- ---------------
$ 2,225,256 $ 1,332,097 $ 859,711
--------------------- ----------------- ---------------
Net gain (loss) on investments, futures contracts
and foreign currency transactions $ 1,014,044 $ 902,319 $ 482,835
===================== ================= ===============
Net increase (decrease) in net assets resulting
from operations $ 1,176,363 $ 907,925 $ 485,616
===================== ================= ===============
<Caption>
PIONEER PIONEER PIONEER
MID CAP VALUE GROWTH SHARES REAL ESTATE SHARES
VCT PORTFOLIO VCT PORTFOLIO VCT PORTFOLIO
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
6/30/03 6/30/03 6/30/03
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $42,979, $33,388,
$53,771, $19, $33, $2,533, $895, and $0, respectively) $ 1,276,197 $ 181,544 $ 1,677,652
Interest (net of foreign taxes withheld of $0, $0, $149,
$0, $0, $0, $0 and $0, respectively) 55,449 - 3,017
Income on securities loaned, net 2,656 3,221 933
Other 6,884 - -
--------------- --------------- --------------------
Total investment income $ 1,341,186 $ 184,765 $ 1,681,602
--------------- --------------- --------------------
EXPENSES:
Management fees $ 617,142 $ 118,144 $ 226,520
Transfer agent fees 1,040 1,157 1,253
Distribution fees (Class II) 89,519 321 36,101
Administrative fees 25,334 18,477 18,596
Custodian fees 30,377 11,247 13,830
Professional fees 12,099 10,302 13,980
Printing 65,084 20,595 27,396
Fees and expenses of nonaffiliated trustees 1,519 334 794
Miscellaneous 6,540 5,192 5,188
--------------- --------------- --------------------
Total expenses $ 848,654 $ 185,769 $ 343,658
Less management fees waived and expenses assumed
by Pioneer Investment Management, Inc. - - -
Less fees paid indirectly - - -
--------------- --------------- --------------------
Net expenses $ 848,654 $ 185,769 $ 343,658
--------------- --------------- --------------------
Net investment income (loss) $ 492,532 $ (1,004) $ 1,337,944
--------------- --------------- --------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, FUTURES CONTRACTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
Investments $ (4,354,264) $ (2,700,019) $ (1,197,543)
Futures contracts - - -
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies - - -
--------------- --------------- --------------------
$ (4,354,264) $ (2,700,019) $ (1,197,543)
--------------- --------------- --------------------
Change in net unrealized gain or loss from:
Investments $ 28,891,828 $ 6,806,446 $ 6,194,967
Futures contracts - -
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies - - -
--------------- --------------- --------------------
$ 28,891,828 $ 6,806,446 $ 6,194,967
--------------- --------------- --------------------
Net gain (loss) on investments, futures contracts
and foreign currency transactions $ 24,537,564 $ 4,106,427 $ 4,997,424
=============== =============== ====================
Net increase (decrease) in net assets resulting
from operations $ 25,030,096 $ 4,105,423 $ 6,335,368
=============== =============== ====================
</Table>
The accompanying notes are an integral part of these financial statements.
101
<Page>
<Table>
<Caption>
PIONEER PIONEER
FUND EQUITY INCOME
VCT PORTFOLIO VCT PORTFOLIO
SIX MONTHS SIX MONTHS
ENDED ENDED
6/30/03 6/30/03
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of
$25,486, $0, $0, $0, $0 $0 and $0, respectively) $ 1,738,249 $ 2,628,343
Interest (net of foreign taxes withheld of $0, $0, $0,
$0, $0, $0 and $0, respectively) 45,195 70,465
Income on securities loaned, net 2,208 1,297
Other 2,341 -
--------------- ---------------
Total investment income $ 1,787,993 $ 2,700,105
--------------- ---------------
EXPENSES:
Management fees $ 563,542 $ 520,165
Transfer agent fees 1,902 1,022
Distribution fees (Class II) 49,648 39,191
Administrative fees 43,872 32,049
Custodian fees 19,008 20,059
Professional fees 12,604 11,081
Printing 52,235 76,718
Fees and expenses of nonaffiliated trustees 1,597 1,389
Miscellaneous 6,740 6,444
--------------- ---------------
Total expenses $ 751,148 $ 708,118
Less management fees waived and expenses assumed
by Pioneer Investment Management, Inc. - -
Less fees paid indirectly - -
--------------- ---------------
Net expenses $ 751,148 $ 708,118
--------------- ---------------
Net investment income (loss) $ 1,036,845 $ 1,991,987
--------------- ---------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, FUTURES CONTRACTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
Investments $ (7,122,124) $ (1,143,505)
Futures contracts - -
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (870) -
--------------- ---------------
$ (7,122,994) $ (1,143,505)
--------------- ---------------
Change in net unrealized gain or loss from:
Investments $ 18,438,612 $ 12,277,967
Futures contracts - -
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies - -
--------------- ---------------
$ 18,438,612 $ 12,277,967
--------------- ---------------
Net gain (loss) on investments, futures contracts
and foreign currency transactions $ 11,315,618 $ 11,134,462
=============== ===============
Net increase (decrease) in net assets resulting
from operations $ 12,352,463 $ 13,126,449
=============== ===============
</Table>
The accompanying notes are an integral part of these financial statements.
102
<Page>
<Table>
<Caption>
PIONEER PIONEER PIONEER
BALANCED HIGH YIELD STRATEGIC INCOME
VCT PORTFOLIO VCT PORTFOLIO VCT PORTFOLIO
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
6/30/03 6/30/03 6/30/03
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of
$25,486, $0, $0, $0, $0 $0 and $0, respectively) $ 125,953 $ 97,589 $ 303
Interest (net of foreign taxes withheld of $0, $0, $0,
$0, $0, $0 and $0, respectively) 455,229 2,099,294 644,542
Income on securities loaned, net - 7,752 1,059
Other - - -
--------------- --------------- ------------------
Total investment income $ 581,182 $ 2,204,635 $ 645,904
--------------- --------------- ------------------
EXPENSES:
Management fees $ 132,207 $ 159,309 $ 53,748
Transfer agent fees 669 496 599
Distribution fees (Class II) 4 292 21
Administrative fees 18,596 18,596 18,596
Custodian fees 14,615 9,744 9,381
Professional fees 12,811 13,628 12,935
Printing 11,024 21,783 4,100
Fees and expenses of nonaffiliated trustees 382 487 361
Miscellaneous 5,163 4,985 4,680
--------------- --------------- ------------------
Total expenses $ 195,471 $ 229,320 $ 104,421
Less management fees waived and expenses assumed
by Pioneer Investment Management, Inc. - - (2,197)
Less fees paid indirectly - - -
--------------- --------------- ------------------
Net expenses $ 195,471 $ 229,320 $ 102,224
--------------- --------------- ------------------
Net investment income (loss) $ 385,711 $ 1,975,315 $ 543,680
--------------- --------------- ------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, FUTURES CONTRACTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
Investments $ (126,155) $ (454,133) $ 371,983
Futures contracts - - -
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies - - (74,178)
--------------- --------------- ------------------
$ (126,155) $ (454,133) $ 297,805
--------------- --------------- ------------------
Change in net unrealized gain or loss from:
Investments $ 3,231,769 $ 7,989,826 $ 1,342,209
Futures contracts - - -
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies - - 40,842
--------------- --------------- ------------------
$ 3,231,769 $ 7,989,826 $ 1,383,051
--------------- --------------- ------------------
Net gain (loss) on investments, futures contracts
and foreign currency transactions $ 3,105,614 $ 7,535,693 $ 1,680,856
=============== =============== ==================
Net increase (decrease) in net assets resulting
from operations $ 3,491,325 $ 9,511,008 $ 2,224,536
=============== =============== ==================
<Caption>
PIONEER PIONEER
AMERICA INCOME MONEY MARKET
VCT PORTFOLIO VCT PORTFOLIO
SIX MONTHS SIX MONTHS
ENDED ENDED
6/30/03 6/30/03
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of
$25,486, $0, $0, $0, $0 $0 and $0, respectively) $ - $ -
Interest (net of foreign taxes withheld of $0, $0, $0,
$0, $0, $0 and $0, respectively) 1,428,504 374,963
Income on securities loaned, net - -
Other - -
---------------- ---------------
Total investment income $ 1,428,504 $ 374,963
---------------- ---------------
EXPENSES:
Management fees $ 179,423 $ 132,448
Transfer agent fees 800 742
Distribution fees (Class II) 12 -
Administrative fees 18,596 18,596
Custodian fees 11,898 13,719
Professional fees 12,879 10,486
Printing 20,387 5,048
Fees and expenses of nonaffiliated trustees 796 -
Miscellaneous 5,024 4,697
---------------- ---------------
Total expenses $ 249,815 $ 185,736
Less management fees waived and expenses assumed
by Pioneer Investment Management, Inc. - -
Less fees paid indirectly - -
---------------- ---------------
Net expenses $ 249,815 $ 185,736
---------------- ---------------
Net investment income (loss) $ 1,178,689 $ 189,227
---------------- ---------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS, FUTURES CONTRACTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) from:
Investments $ 221,154 $ 1,700
Futures contracts - -
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies - -
---------------- ---------------
$ 221,154 $ 1,700
---------------- ---------------
Change in net unrealized gain or loss from:
Investments $ (179,850) $ -
Futures contracts - -
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies - -
---------------- ---------------
$ (179,850) $ -
---------------- ---------------
Net gain (loss) on investments, futures contracts
and foreign currency transactions $ 41,304 $ 1,700
================ ===============
Net increase (decrease) in net assets resulting
from operations $ 1,219,993 $ 190,927
================ ===============
</Table>
The accompanying notes are an integral part of these financial statements.
103
<Page>
PIONEER VARIABLE CONTRACTS TRUST PIONEER VARIABLE CONTRACTS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
PIONEER EMERGING
MARKETS PIONEER EUROPE
VCT PORTFOLIO VCT PORTFOLIO
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR
6/30/03 ENDED 6/30/03 ENDED
(UNAUDITED) 12/31/02 (UNAUDITED) 12/31/02
FROM OPERATIONS:
Net investment income (loss) $ 172,218 $ 72,830 $ 121,655 $ 77,491
Net realized gain (loss) on investments (169,751) (878,970) (291,412) (3,024,509)
Change in net unrealized gain or loss
on investments, futures contracts and
foreign currency transactions 2,805,323 220,065 1,103,058 488,028
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations $ 2,807,790 $ (586,075) $ 933,301 $ (2,458,990)
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income
Class I $ (25,890) $ (59,364) $ (36,322) $ -
Class II (60,429) (40,352) (9,367) -
Net realized gain
Class I - - - -
Class II - - - -
Tax return of capital
Class I - - - -
Class II - - - -
------------- ------------- ------------- -------------
Total distributions to shareowners $ (86,319) $ (99,716) $ (45,689) $ -
------------- ------------- ------------- -------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 9,240,468 $ 10,385,105 $ 3,444,853 $ 23,204,325
Reinvestment of distributions 85,767 99,013 45,689 -
Cost of shares repurchased (3,991,243) (9,817,734) (3,576,830) (23,035,621)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from fund share transactions $ 5,334,992 $ 666,384 $ (86,288) $ 168,704
------------- ------------- ------------- -------------
Net increase (decrease) in net assets $ 8,056,463 $ (19,407) $ 801,324 $ (2,290,286)
------------- ------------- ------------- -------------
NET ASSETS:
Beginning of period $ 14,738,320 $ 14,757,727 $ 10,524,848 $ 12,815,134
------------- ------------- ------------- -------------
End of period $ 22,794,783 $ 14,738,320 $ 11,326,172 $ 10,524,848
============= ============= ============= =============
Accumulated undistributed/(distributions in
excess of) net investment income $ 141,444 $ 55,545 $ 115,354 $ 39,388
============= ============= ============= =============
</Table>
The accompanying notes are an integral part of these financial statements.
104
<Page>
<Table>
<Caption>
PIONEER PIONEER
INTERNATIONAL SMALL CAP VALUE
VALUE VCT PORTFOLIO VCT PORTFOLIO
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR
6/30/03 ENDED 6/30/03 ENDED
(UNAUDITED) 12/31/02 (UNAUDITED) 12/31/02
FROM OPERATIONS:
Net investment income (loss) $ 162,319 $ 169,644 $ 5,606 $ (2,200)
Net realized gain (loss) on investments (1,211,212) (6,311,159) (429,778) (704,976)
Change in net unrealized gain or loss
on investments, futures contracts and
foreign currency transactions 2,225,256 2,383,686 1,332,097 (768,908)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations $ 1,176,363 $ (3,757,829) $ 907,925 $ (1,476,084)
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income
Class I $ (146,246) $ (43,705) $ - $ (188)
Class II (4) - - -
Net realized gain
Class I - - - (62)
Class II - - - -
Tax return of capital
Class I - - - -
Class II - - - -
------------- ------------- ------------- -------------
Total distributions to shareowners $ (146,250) $ (43,705) $ - $ (250)
------------- ------------- ------------- -------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 3,114,377 $ 6,017,712 $ 14,800,238 $ 11,382,894
Reinvestment of distributions 146,247 43,705 - 247
Cost of shares repurchased (5,554,332) (13,071,764) (14,309,864) (3,807,810)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from fund share transactions $ (2,293,708) $ (7,010,347) $ 490,374 $ 7,575,331
------------- ------------- ------------- -------------
Net increase (decrease) in net assets $ (1,263,595) $ (10,811,881) $ 1,398,299 $ 6,098,997
------------- ------------- ------------- -------------
NET ASSETS:
Beginning of period $ 21,271,321 $ 32,083,202 $ 6,603,211 $ 504,214
------------- ------------- ------------- -------------
End of period $ 20,007,726 $ 21,271,321 $ 8,001,510 $ 6,603,211
============= ============= ============= =============
Accumulated undistributed/(distributions in
excess of) net investment income $ 161,718 $ 145,649 $ 5,607 $ 1
============= ============= ============= =============
<Caption>
PIONEER
SMALL COMPANY
VCT PORTFOLIO
SIX MONTHS
ENDED YEAR
6/30/03 ENDED
(UNAUDITED) 12/31/02
FROM OPERATIONS:
Net investment income (loss) $ 2,781 $ (2,253)
Net realized gain (loss) on investments (376,876) (290,679)
Change in net unrealized gain or loss
on investments, futures contracts and
foreign currency transactions 859,711 (1,085,816)
------------- -------------
Net increase (decrease) in net assets
resulting from operations $ 485,616 $ (1,378,748)
------------- -------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income
Class I $ - $ (1,223)
Class II - (819)
Net realized gain
Class I - -
Class II - -
Tax return of capital
Class I - -
Class II - -
------------- -------------
Total distributions to shareowners $ - $ (2,042)
------------- -------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 2,085,411 $ 6,456,212
Reinvestment of distributions - 2,009
Cost of shares repurchased (2,116,879) (1,530,967)
------------- -------------
Net increase (decrease) in net assets
resulting from fund share transactions $ (31,468) $ 4,927,254
------------- -------------
Net increase (decrease) in net assets $ 454,148 $ 3,546,464
------------- -------------
NET ASSETS:
Beginning of period $ 6,859,434 $ 3,312,970
------------- -------------
End of period $ 7,313,582 $ 6,859,434
============= =============
Accumulated undistributed/(distributions in
excess of) net investment income $ 3,396 $ 615
============= =============
</Table>
The accompanying notes are an integral part of these financial statements.
105
<Page>
<Table>
<Caption>
PIONEER MID CAP VALUE PIONEER GROWTH SHARES
VCT PORTFOLIO VCT PORTFOLIO
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR
6/30/03 ENDED 6/30/03 ENDED
(UNAUDITED) 12/31/02 (UNAUDITED) 12/31/02
FROM OPERATIONS:
Net investment income (loss) $ 492,532 $ 692,951 $ (1,004) $ 4,320
Net realized gain (loss) on investments (4,354,264) (604,669) (2,700,019) (21,487,880)
Change in net unrealized gain or loss
on investments, futures contracts and
foreign currency transactions 28,891,828 (24,313,838) 6,806,446 (2,222,350)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations $ 25,030,096 $ (24,225,556) $ 4,105,423 $ (23,705,910)
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income
Class I $ (438,494) $ (418,823) $ (4,477) $ (55,371)
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) $ (4,477) $ (55,371)
------------- ------------- ------------- -------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 47,077,487 $ 113,623,860 $ 1,252,189 $ 1,191,751
Reinvestment of distributions 674,612 5,657,981 4,477 55,371
Cost of shares repurchased (25,856,388) (46,207,577) (4,530,390) (15,591,853)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from fund share transactions $ 21,895,711 $ 73,074,264 $ (3,273,724) $ (14,344,731)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets $ 46,251,178 $ 43,190,727 $ 827,222 $ (38,106,012)
------------- ------------- ------------- -------------
NET ASSETS:
Beginning of period $ 181,725,233 $ 138,534,506 $ 35,008,566 $ 73,114,578
------------- ------------- ------------- -------------
End of period $ 227,976,411 $ 181,725,233 $ 35,835,788 $ 35,008,566
============= ============= ============= =============
Accumulated undistributed/(distributions in
excess of) net investment income (loss) $ 492,137 $ 674,234 $ (1,182) $ 4,299
============= ============= ============= =============
</Table>
The accompanying notes are an integral part of these financial statements.
106
<Page>
<Table>
<Caption>
PIONEER REAL ESTATE SHARES PIONEER FUND
VCT PORTFOLIO VCT PORTFOLIO
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR
6/30/03 ENDED 6/30/03 ENDED
(UNAUDITED) 12/31/02 (UNAUDITED) 12/31/02
FROM OPERATIONS:
Net investment income (loss) $ 1,337,944 $ 2,492,943 $ 1,036,845 $ 2,080,084
Net realized gain (loss) on investments (1,197,543) 1,113,384 (7,122,994) (18,575,951)
Change in net unrealized gain or loss
on investments, futures contracts and
foreign currency transactions 6,194,967 (3,941,737) 18,438,612 (27,945,273)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations $ 6,335,368 $ (335,410) $ 12,352,463 $ (44,441,140)
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income
Class I $ (659,124) $ (1,521,318) $ (776,256) $ (1,805,575)
Class II (650,123) (1,232,076) (195,191) (263,066)
Net realized gain
Class I - - - -
Class II - - - -
Tax return of capital
Class I - - - -
Class II - - - -
------------- ------------- ------------- -------------
Total distributions to shareowners $ (1,309,247) $ (2,753,394) $ (971,447) $ (2,068,641)
------------- ------------- ------------- -------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 2,596,538 $ 39,665,104 $ 21,145,375 $ 54,299,089
Reinvestment of distributions 1,309,247 2,753,394 971,450 2,068,642
Cost of shares repurchased (11,078,117) (22,469,623) (23,383,484) (43,581,678)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from fund share transactions $ (7,172,332) $ 19,948,875 $ (1,266,659) $ 12,786,053
------------- ------------- ------------- -------------
Net increase (decrease) in net assets $ (2,146,211) $ 16,860,071 $ 10,114,357 $ 33,723,728
------------- ------------- ------------- -------------
NET ASSETS:
Beginning of period $ 61,857,784 $ 44,997,713 $ 178,110,221 $ 211,833,949
------------- ------------- ------------- -------------
End of period $ 59,711,573 $ 61,857,784 $ 188,224,578 $ 178,110,221
============= ============= ============= =============
Accumulated undistributed/(distributions in
excess of) net investment income (loss) $ 166,693 $ 137,996 $ 76,286 $ 10,888
============= ============= ============= =============
<Caption>
PIONEER EQUITY INCOME
VCT PORTFOLIO
SIX MONTHS
ENDED YEAR
6/30/03 ENDED
(UNAUDITED) 12/31/02
FROM OPERATIONS:
Net investment income (loss) $ 1,991,987 $ 4,268,983
Net realized gain (loss) on investments (1,143,505) (8,261,714)
Change in net unrealized gain or loss
on investments, futures contracts and
foreign currency transactions 12,277,967 (27,486,806)
------------- -------------
Net increase (decrease) in net assets
resulting from operations $ 13,126,449 $ (31,479,537)
------------- -------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income
Class I $ (1,538,543) $ (3,650,009)
Class II (351,917) (551,010)
Net realized gain
Class I - -
Class II - -
Tax return of capital
Class I - -
Class II - -
------------- -------------
Total distributions to shareowners $ (1,890,460) $ (4,201,019)
------------- -------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 24,000,663 $ 49,351,660
Reinvestment of distributions 1,890,691 4,201,019
Cost of shares repurchased (17,814,481) (39,497,483)
------------- -------------
Net increase (decrease) in net assets
resulting from fund share transactions $ 8,076,873 $ 14,055,196
------------- -------------
Net increase (decrease) in net assets $ 19,312,862 $ (21,625,360)
------------- -------------
NET ASSETS:
Beginning of period $ 160,341,493 $ 181,966,853
------------- -------------
End of period $ 179,654,355 $ 160,341,493
============= =============
Accumulated undistributed/(distributions in
excess of) net investment income (loss) $ 1,250,792 $ 1,149,345
============= =============
</Table>
The accompanying notes are an integral part of these financial statements.
107
<Page>
<Table>
<Caption>
PIONEER BALANCED
VCT PORTFOLIO
SIX MONTHS
ENDED YEAR
6/30/03 ENDED
(UNAUDITED) 12/31/02
FROM OPERATIONS:
Net investment income (loss) $ 385,711 $ 807,085
Net realized gain (loss) on investments (126,155) (5,427,861)
Change in net unrealized gain or loss
on investments, futures contracts and
foreign currency transactions 3,231,769 (1,161,669)
------------- -------------
Net increase (decrease) in net assets
resulting from operations $ 3,491,325 $ (5,782,445)
------------- -------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income
Class I $ (414,411) $ (838,807)
Class II (158) -
Net realized gain
Class I - -
Class II - -
Tax return of capital
Class I - -
Class II - -
------------- -------------
Total distributions to shareowners $ (414,569) $ (838,807)
------------- -------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 165,153 $ 2,188,541
Reinvestment of distributions 414,567 838,807
Cost of shares repurchased (5,442,731) (10,447,197)
------------- -------------
Net increase (decrease) in net assets
resulting from fund share transactions $ (4,863,011) $ (7,419,849)
------------- -------------
Net increase (decrease) in net assets $ (1,786,255) $ (14,041,101)
------------- -------------
NET ASSETS:
Beginning of period $ 42,848,629 $ 56,889,730
------------- -------------
End of period $ 41,062,374 $ 42,848,629
============= =============
Accumulated undistributed/(distributions
in excess of) net investment income $ 22,717 $ 50,160
============= =============
</Table>
The accompanying notes are an integral part of these financial statements.
108
<Page>
<Table>
<Caption>
PIONEER STRATEGIC INCOME PIONEER AMERICA INCOME
VCT PORTFOLIO VCT PORTFOLIO
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR
6/30/03 ENDED 6/30/03 ENDED
(UNAUDITED) 12/31/02 (UNAUDITED) 12/31/02
FROM OPERATIONS:
Net investment income (loss) $ 543,680 $ 713,959 $ 1,178,689 $ 2,203,726
Net realized gain (loss) on investments 297,805 138,737 221,154 144,048
Change in net unrealized gain or loss
on investments, futures contracts and
foreign currency transactions 1,383,051 332,245 (179,850) 2,378,668
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations $ 2,224,536 $ 1,184,941 $ 1,219,993 $ 4,726,442
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income
Class I $ (530,696) $ (692,603) $ (1,242,443) $ (2,315,833)
Class II (616) - (218) -
Net realized gain
Class I - - - -
Class II - - - -
Tax return of capital
Class I - - - -
Class II - - - -
------------- ------------- ------------- -------------
Total distributions to shareowners $ (531,312) $ (692,603) $ (1,242,661) $ (2,315,833)
------------- ------------- ------------- -------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 20,833,658 $ 10,603,630 $ 68,813,472 $ 43,606,478
Reinvestment of distributions 514,597 660,491 1,242,658 2,315,834
Cost of shares repurchased (18,999,907) (4,543,210) (80,008,176) (16,163,107)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from fund share transactions $ 2,348,348 $ 6,720,911 $ (9,952,046) $ 29,759,205
------------- ------------- ------------- -------------
Net increase (decrease) in net assets $ 4,041,572 $ 7,213,249 $ (9,974,714) $ 32,169,814
------------- ------------- ------------- -------------
NET ASSETS:
Beginning of period $ 14,692,374 $ 7,479,125 $ 69,550,779 $ 37,380,965
------------- ------------- ------------- -------------
End of period $ 18,733,946 $ 14,692,374 $ 59,576,065 $ 69,550,779
============= ============= ============= =============
Accumulated undistributed/(distributions
in excess of) net investment income $ 65,701 $ 53,333 $ (176,208) $ (112,236)
============= ============= ============= =============
<Caption>
PIONEER MONEY MARKET
VCT PORTFOLIO
SIX MONTHS
ENDED YEAR
6/30/03 ENDED
(UNAUDITED) 12/31/02
FROM OPERATIONS:
Net investment income (loss) $ 189,227 $ 631,097
Net realized gain (loss) on investments 1,700 (5,413)
Change in net unrealized gain or loss
on investments, futures contracts and
foreign currency transactions - -
------------- -------------
Net increase (decrease) in net assets
resulting from operations $ 190,927 $ 625,684
------------- -------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income
Class I $ (189,227) $ (631,097)
Class II - -
Net realized gain
Class I - (41,701)
Class II - -
Tax return of capital
Class I - -
Class II - -
------------- -------------
Total distributions to shareowners $ (189,227) $ (672,798)
------------- -------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 12,464,894 $ 65,817,777
Reinvestment of distributions 189,225 672,789
Cost of shares repurchased (27,224,112) (56,467,574)
------------- -------------
Net increase (decrease) in net assets
resulting from fund share transactions $ (14,569,993) $ 10,022,992
------------- -------------
Net increase (decrease) in net assets $ (14,568,293) $ 9,975,878
------------- -------------
NET ASSETS:
Beginning of period $ 59,520,693 $ 49,544,815
------------- -------------
End of period $ 44,952,400 $ 59,520,693
============= =============
Accumulated undistributed/(distributions
in excess of) net investment income $ - $ -
============= =============
</Table>
The accompanying notes are an integral part of these financial statements.
109
<Page>
PIONEER VARIABLE CONTRACTS TRUST
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 Mid Cap Value VCT Portfolio (Mid Cap Value Portfolio)
Pioneer Growth Shares VCT Portfolio (Growth Shares Portfolio)
Pioneer Real Estate Shares VCT Portfolio (Real Estate Shares Portfolio)
Pioneer Fund VCT Portfolio (Fund 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 Emerging Markets Portfolio, Europe Portfolio and
International Value Portfolio is to seek long-term capital growth. Small Company
Portfolio and Small Cap Value Portfolio seeks capital appreciation. Mid-Cap
Value Portfolio and Growth Shares Portfolio seek capital appreciation. Real
Estate Shares Portfolio pursues long-term capital growth, with current income as
a secondary objective. Fund Portfolio seeks reasonable income and growth of
capital. Equity Income Portfolio seeks current income and long-term capital
growth. Balanced Portfolio's investment objectives are capital growth and
current income. High Yield Portfolio seeks to maximize total return through a
combination of income and capital appreciation. Strategic Income Portfolio seeks
to produce a high level of current income. America Income Portfolio seeks a high
level of current income as consistent with preservation of capital. Money Market
Portfolio invests for current income consistent with preserving capital and
providing liquidity.
The Trust's financial statements have been prepared in conformity with
accounting principles generally accepted in the United States of America and
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 income 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.
Fixed income securities are valued at prices supplied by independent pricing
services, which consider such factors as Treasury spreads, yields, maturities
and ratings. Valuations may be supplemented by dealers and other sources, as
required. Securities for which market quotations are not readily available
are valued at their fair values as determined by, or under the direction of,
the Board of Trustees. Temporary cash investments and securities held by
Money Market Portfolio are valued at amortized cost.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities
110
<Page>
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.
Because the Real Estate Shares Portfolio may invest a substantial portion of
its assets in Real Estate Investment Trusts (REITs), the Portfolio may be
subject to certain risks associated with direct investments in REITs. REITs
may be affected by changes in the value of their underlying properties and by
defaults by borrowers or tenants. REITs depend generally on their ability to
generate cash flow to make distributions to shareowners, and certain REITs
have self-liquidation provisions by which mortgages held may be paid in full
and distributions of capital returns may be made at any time. In addition,
the performance of a REIT may be affected by its failure to qualify for
tax-free pass-through of income under the Internal Revenue Code or its
failure to maintain exemption from registration under the Investment Company
Act of 1940.
Emerging Markets and International Value Portfolios' investments in emerging
markets or countries with limited or developing markets may subject the
Portfolios to a greater degree of risk than in a developed market. Risks
associated with these developing markets include political, social or
economic factors and may affect the price of the Portfolios' investments and
income generated by these investments, as well as the Portfolios' ability to
repatriate such amounts.
The High Yield Portfolio invests in below investment grade (high yield) debt
securities and preferred stocks. These high yield securities may be
convertible into equity securities of the issuer. Debt securities rated below
investment grade are commonly referred to as "junk bonds" and are considered
speculative. These 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.
Small capitalization stocks, while offering the potential for higher returns,
may be subject to greater short-term price fluctuations than securities of
larger companies.
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.
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, open contracts are shown
at the bottom of this page.
C. FOREIGN CURRENCY TRANSLATION
The books and records of the Portfolios 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.
<Table>
<Caption>
NUMBER OF
CONTRACTS SETTLEMENT UNREALIZED
PORTFOLIO TYPE LONG/(SHORT) MONTH MARKET VALUE GAIN/(LOSS)
- -------------------------------------------------------------------------------------------------------------
Small Company Portfolio Russell 2000 1 Sep-03 $ 224,200 (4,157)
</Table>
111
<Page>
D. FORWARD FOREIGN CURRENCY CONTRACTS
Certain Portfolios are authorized to enter 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 Portfolios record
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.
In addition to the requirements of the Internal Revenue Code, the Portfolios
may also be required to pay local taxes on the recognition of capital gains
and/or the repatriation of foreign currencies in certain countries. During
the six months ended June 30, 2003, no such taxes were paid.
In determining the daily net asset value, the Portfolios estimate the reserve
for such taxes, if any, associated with investments in certain countries. Any
estimated reserve for capital gains is based on the net unrealized
appreciation on certain portfolio securities, the holding period of such
securities and the related tax rates, tax loss carryforward (if applicable)
and other such factors. Any estimated reserve for repatriation of foreign
currencies is based on principal balances and/or unrealized appreciation of
applicable securities, the holding period of such investments and the related
tax rates and other such factors. As of June 30, 2003, the Portfolios had no
reserves related to capital gains taxes or taxes on the repatriation of
foreign currencies.
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.
A portion of the dividend income recorded by the Real Estate Shares Portfolio
is from distributions by publicly traded REITs, and such distributions for
tax purposes may also consist of capital gains and return of capital. The
actual return of capital and capital gains portions of such distributions
will be determined by formal notifications from the REITs subsequent to the
calendar year-end. Distributions received from the REITs that are determined
to be a return of capital, are recorded by
112
<Page>
the Trust as a reduction of the cost basis of the securities held.
Capital loss carryforwards are available to offset future realized capital
gains. At December 31, 2002, certain Portfolios had capital loss
carryforwards as follows:
<Table>
<Caption>
YEARS OF
PORTFOLIO AMOUNT EXPIRATION
- -----------------------------------------------------------------------------------
Emerging Markets Portfolio $ 8,383,090 2008 through 2010
Europe Portfolio 7,099,420 2008 through 2010
International Value Portfolio 14,831,969 2007 through 2010
Small Cap Value Portfolio 508,261 2010
Small Company Portfolio 328,260 2009 through 2010
Mid Cap Value Portfolio 879,730 2010
Growth Shares Portfolio 33,198,313 2008 through 2010
Real Estate Shares Portfolio 2,857,774 2007 through 2008
Fund Portfolio 20,927,218 2009 through 2010
Balanced Portfolio 3,686,550 2006 through 2010
Equity Income Portfolio 12,735,231 2009 through 2010
High Yield Portfolio 631,431 2009 through 2010
Strategic Income Portfolio 77,621 2007 through 2010
America Income Portfolio 382,424 2008 through 2010
Money Market Portfolio 5,413 2010
</Table>
The following Portfolios elected to defer capital and/or currency losses
recognized between November 1, 2002 and December 31, 2002 to their fiscal
year ending December 31, 2003
<Table>
<Caption>
CAPITAL CURRENCY
PORTFOLIO LOSSES LOSSES
- -----------------------------------------------------------------------------
Emerging Markets Portfolio $ 218,701 $ -
Europe Portfolio 280,725 6,336
International Value Portfolio 1,289,601 399
Small Cap Value Portfolio 79,212 -
Small Company Portfolio 70,671 36
Mid Cap Value Portfolio - -
Growth Shares Portfolio 3,753,201 -
Real Estate Shares Portfolio - -
Fund Portfolio 4,582,695 -
Equity Income Portfolio 2,027,913 -
Balanced Portfolio 2,859,248 -
High Yield Portfolio 59,748 -
Strategic Income Portfolio - 25,962
America Income Portfolio 4,502 -
</Table>
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 carryforwards detailed above.
113
<Page>
<Table>
<Caption>
PIONEER PIONEER
EMERGING PIONEER INTERNATIONAL
MARKETS EUROPE VALUE
VCT PORTFOLIO VCT PORTFOLIO VCT PORTFOLIO
2002 2002 2002
- ---------------------------------------------------------------------------------------
DISTRIBUTIONS PAID FROM:
Ordinary Income $ 99,716 $ - $ 43,705
Long-Term capital gain - - -
--------------------------------------------
99,716 $ - $ 43,705
Return of Capital - - -
--------------------------------------------
Total distributions $ 99,716 $ - $ 43,705
--------------------------------------------
DISTRIBUTABLE EARNINGS
(ACCUMULATED LOSSES):
Undistributed ordinary income $ 86,208 $ 45,638 $ 146,048
Undistributed long-term gain - - -
Unrealized appreciation (depreciation) (576,471) (1,932,847) (1,412,832)
--------------------------------------------
Total $ (490,263) $ (1,887,209) $ (1,266,784)
--------------------------------------------
</Table>
<Table>
<Caption>
PIONEER PIONEER PIONEER PIONEER
SMALL CAP SMALL MID CAP GROWTH
VALUE COMPANY VALUE SHARES
VCT PORTFOLIO VCT PORTFOLIO VCT PORTFOLIO VCT PORTFOLIO
2002 2002 2002 2002
- -------------------------------------------------------------------------------------------------------
DISTRIBUTIONS PAID FROM:
Ordinary Income $ 188 $ 2,042 $ 944,511 $ 55,371
Long-Term capital gain 62 - 4,173,470 -
------------------------------------------------------------
$ 250 $ 2,042 $ 5,117,981 $ 55,371
Return of Capital - - - -
------------------------------------------------------------
Total distributions $ 250 $ 2,042 $ 5,117,981 $ 55,371
------------------------------------------------------------
DISTRIBUTABLE EARNINGS
(ACCUMULATED LOSSES):
Undistributed ordinary income $ - $ - $ 674,234 $ 4,299
Undistributed long-term gain - - - -
Unrealized appreciation (depreciation) (864,578) (912,357) (8,472,579) (10,072,126)
------------------------------------------------------------
Total $ (864,578) $ (912,357) $ (7,798,345) $ (10,067,827)
============================================================
</Table>
<Table>
<Caption>
PIONEER PIONEER
REAL ESTATE PIONEER EQUITY PIONEER
SHARES FUND INCOME BALANCED
VCT PORTFOLIO VCT PORTFOLIO VCT PORTFOLIO VCT PORTFOLIO
2002 2002 2002 2002
- --------------------------------------------------------------------------------------------------------
DISTRIBUTIONS PAID FROM:
Ordinary Income $ 2,753,394* $ 2,068,641 $ 4,201,019 $ 838,807
Long-Term capital gain - - - -
-------------------------------------------------------------
$ 2,753,394* $ 2,068,641 $ 4,201,019 $ 838,807
Return of Capital - - - -
-------------------------------------------------------------
Total distributions $ 2,753,394 $ 2,068,641 $ 4,201,019 $ 838,807
-------------------------------------------------------------
DISTRIBUTABLE EARNINGS
(ACCUMULATED LOSSES):
Undistributed ordinary income $ - $ 10,888 $ - $ 28,790
Undistributed long-term gain - - - -
Unrealized appreciation (depreciation) 481,432 (27,914,921) 2,344,156 (804,193)
-------------------------------------------------------------
Total $ 481,432 $ (27,904,033) $ 2,344,156 $ (775,403)
=============================================================
</Table>
* Included in the Portfolio's distribution from ordinary income is $677,466 in
excess of investment company taxable income, which in accordance with U.S.
tax law.
114
<Page>
<Table>
<Caption>
PIONEER PIONEER PIONEER PIONEER
HIGH STRATEGIC AMERICA MONEY
YIELD INCOME INCOME MARKET
VCT PORTFOLIO VCT PORTFOLIO VCT PORTFOLIO VCT PORTFOLIO
2002 2002 2002 2002
- -------------------------------------------------------------------------------------------------------
DISTRIBUTIONS PAID FROM:
Ordinary Income $ 3,536,672 $ 692,603 $ 2,315,833 $ 672,798
Long-Term capital gain - - - -
------------------------------------------------------------
$ 3,536,672 $ 692,603 $ 2,315,833 $ 672,798
Return of Capital - - - -
------------------------------------------------------------
Total distributions $ 3,536,672 $ 692,603 $ 2,315,833 $ 672,798
------------------------------------------------------------
DISTRIBUTABLE EARNINGS
(ACCUMULATED LOSSES):
Undistributed ordinary income $ - $ 60,267 $ 626 $ -
Undistributed long-term gain - - - -
Unrealized appreciation (depreciation) (3,491,064) 428,028 2,317,608 -
------------------------------------------------------------
Total $ (3,491,064) $ 488,295 $ 2,318,234 $ -
============================================================
</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 Portfolios record sales and repurchases of their 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 trust shares for the six months ended June 30, 2003. The High
Yield, Strategic Income, America Income and Money Market Portfolios declare
as daily dividends substantially all of their respective net investment
income. All dividends are paid on a monthly basis. Short-term capital gain
distributions, if any, may be declared with the daily dividends. Dividends
and distributions to shareowners are recorded on the ex-dividend date.
G. SECURITY LENDING
The Portfolios lend securities in their portfolios 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 loaned securities 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 Portfolios, 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 Trust's custodian, or subcustodians. 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.
115
<Page>
2. MANAGEMENT AGREEMENT
PIM manages the Portfolios, and is a wholly owned indirect subsidiary of
UniCredito Italiano. Management fees are calculated daily at the following
annual rates:
<Table>
<Caption>
MANAGEMENT FEE AS A PERCENTAGE
OF EACH PORTFOLIO'S AVERAGE
PORTFOLIO DAILY NET ASSETS
- --------------------------------------------------------------------------------
Emerging Markets Portfolio 1.15%
Europe Portfolio 1.00%
International Value Portfolio 1.00%
Small Cap Value Portfolio 0.75%
Small Company Portfolio 0.75%
Mid Cap Value Portfolio 0.65%
Growth Shares Portfolio 0.70%
Real Estate Shares Portfolio 0.80%
Fund Portfolio 0.65%
Equity Income Portfolio 0.65%
Balanced Portfolio 0.65%
High Yield Portfolio 0.65%
Strategic Income Portfolio 0.65%
America Income Portfolio 0.55%
Money Market Portfolio 0.50%
</Table>
PIM has agreed not to impose a portion of its management fees and to assume
other operating expenses for certain Portfolios to the extent necessary to limit
expenses of Class I shares (Class II shares in the case of High Yield and Value
Portfolios) to the following percentages of the Portfolios' average daily net
assets attributable to Class I shares:
<Table>
<Caption>
EXPENSE LIMITATION AS A
PERCENTAGE OF EACH PORTFOLIO'S
PORTFOLIO AVERAGE DAILY NET ASSETS
- --------------------------------------------------------------------------------
Emerging Markets Portfolio 1.75%
Europe Portfolio 1.50%
Small Cap Value Portfolio 1.25%
Small Company Portfolio 1.25%
High Yield Portfolio 1.30%
Strategic Income Portfolio 1.25%
</Table>
116
<Page>
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Portfolios. At June 30, 2003, the following amounts
were payable to PIM related to management fees, administrative fees and certain
other services:
<Table>
<Caption>
PORTFOLIO AMOUNT
- -----------------------------------------------------------------------
Emerging Markets Portfolio $ 9,955
Europe Portfolio 2,971
International Value Portfolio 21,490
Small Cap Value Portfolio 2,971
Small Company Portfolio 2,971
Mid Cap Value Portfolio 133,523
Growth Shares Portfolio 24,956
Real Estate Shares Portfolio 44,763
Fund Portfolio 122,320
Equity Income Portfolio 106,200
Balanced Portfolio 26,742
High Yield Portfolio 35,182
Strategic Income Portfolio 13,716
America Income Portfolio 29,576
Money Market Portfolio 23,152
</Table>
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. The following
amounts in transfer agent fees payable to PIMSS were included in due to
affiliates at June 30, 2003:
<Table>
<Caption>
PORTFOLIO AMOUNT
- -----------------------------------------------------------------------
Emerging Markets Portfolio $ 238
Europe Portfolio 366
International Value Portfolio -
Small Cap Value Portfolio 2,396
Small Company Portfolio 1,517
Mid Cap Value Portfolio 118
Growth Shares Portfolio 238
Real Estate Shares Portfolio 250
Fund Portfolio 929
Equity Income Portfolio 258
Balanced Portfolio 28
High Yield Portfolio 857
Strategic Income Portfolio 119
America Income Portfolio 119
Money Market Portfolio 119
</Table>
117
<Page>
4. DISTRIBUTION PLANS
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 PFD a distribution fee of 0.25% of the average daily
net assets attributable to Class II shares. The following amounts of
distribution fees payable to PFD are included in due to affiliates at June 30,
2003:
<Table>
<Caption>
PORTFOLIO AMOUNT
- -----------------------------------------------------------------------
Emerging Markets Portfolio $ 3,513
Europe Portfolio 644
Small Cap Value Portfolio 14
Small Company Portfolio 851
Mid Cap Value Portfolio 20,297
Growth Shares Portfolio 68
Real Estate Shares Portfolio 6,677
Fund Portfolio 10,804
Equity Income Portfolio 8,506
High Yield Portfolio 166
Strategic Income Portfolio 21
</Table>
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 were as follows:
<Table>
<Caption>
NET
GROSS GROSS APPRECIATION/
PORTFOLIO TAX COST APPRECIATION DEPRECIATION (DEPRECIATION)
- --------------------------------------------------------------------------------------------------
Emerging Markets Portfolio $ 19,781,860 $ 2,474,239 $ (246,696) $ 2,227,543
Europe Portfolio 11,988,192 873,988 (1,709,787) (835,799)
International Value Portfolio 19,184,426 1,435,505 (643,108) 792,397
Small Cap Value Portfolio 6,841,013 639,783 (181,645) 458,138
Small Company Portfolio 7,185,029 469,659 (527,919) (58,260)
Mid Cap Value Portfolio 220,467,699 25,533,413 (5,114,164 20,419,249
Growth Shares Portfolio 36,741,717 1,325,885 (4,591,565) (3,265,680)
Real Estate Shares Portfolio 55,196,402 7,766,689 (1,090,290) 6,676,399
Fund Portfolio 198,603,228 17,275,820 (26,752,129) (9,476,309)
Equity Income Portfolio 167,612,508 24,201,527 (9,579,404) 14,622,123
Balanced Portfolio 37,387,602 3,052,430 (624,854) 2,427,576
High Yield Portfolio 53,437,014 5,090,758 (591,996) 4,498,762
Strategic Income Portfolio 17,395,037 1,860,130 (96,916) 1,763,214
America Income Portfolio 56,979,231 2,147,876 (10,118) 2,137,758
Money Market Portfolio 45,831,479 - - -
</Table>
118
<Page>
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 as follows:
<Table>
<Caption>
PORTFOLIO PURCHASES SALES
- -------------------------------------------------------------------------------------------------
Emerging Markets Portfolio $ 13,792,191 $ 9,382,229
Europe Portfolio 3,022,009 2,997,126
International Value Portfolio 13,428,329 16,093,870
Small Company Portfolio 1,598,032 1,904,362
Small Cap Value Portfolio 4,801,013 4,580,487
Mid Cap Value Portfolio 74,022,147 52,711,595
Growth Shares Portfolio 5,273,886 10,546,670
Real Estate Shares Portfolio 4,055,653 10,827,733
Fund Portfolio 13,158,575 11,786,732
Equity Income Portfolio 20,956,502 12,849,080
Balanced Portfolio 6,723,245 11,557,749
High Yield Portfolio 18,411,758 11,476,102
Strategic Income Portfolio 5,909,159 3,433,726
America Income Portfolio - -
Money Market Portfolio 554,257,600 563,192,275
</Table>
The cost of purchases and the proceeds from sales of long-term U.S. Government
obligations for the six months ended June 30, 2003, were as follows:
<Table>
<Caption>
PORTFOLIO PURCHASES SALES
- -------------------------------------------------------------------------------------------------
Balanced Portfolio $ - $ 679,094
Strategic Income Portfolio 909,550 1,043,975
America Income Portfolio 14,587,138 23,848,786
Money Market Portfolio 10,636,614 14,385,000
</Table>
119
<Page>
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>
'03 SHARES '03 AMOUNT '02 SHARES '02 AMOUNT
- ---------------------------------------------------------------------------------------------------------------
EMERGING MARKETS PORTFOLIO
CLASS I:
Shares sold 77,327 $ 857,644 379,032 $ 4,494,546
Reinvestment of distributions 2,017 25,338 4,888 58,661
Shares repurchased (142,700) (1,585,220) (464,371) (5,189,233)
--------------------------------------------------------------------
Net increase (decrease) (63,356) $ (702,238) (80,451) (636,026)
====================================================================
CLASS II:
Shares sold 732,118 $ 8,382,824 496,055 $ 5,890,559
Reinvestment of distributions 4,838 60,429 3,374 40,352
Shares repurchased (208,659) (2,406,023) (395,832) (4,628,501)
--------------------------------------------------------------------
Net increase (decrease) 528,297 $ 6,037,230 103,597 $ 1,302,410
====================================================================
EUROPE PORTFOLIO
CLASS I:
Shares sold 26,943 $ 195,686 933,302 $ 7,424,556
Reinvestment of distributions 4,817 36,322 - -
Shares repurchased (174,500) (1,188,802) (1,132,763) (8,859,398)
--------------------------------------------------------------------
Net increase (decrease) (142,740) $ (956,794) (199,462) $ (1,434,842)
====================================================================
CLASS II:
Shares sold 471,255 $ 3,249,166 2,117,532 $ 15,779,769
Reinvestment of distributions 1,262 9,367 - -
Shares repurchased (343,363) (2,388,028) (1,893,113) (14,176,224)
--------------------------------------------------------------------
Net increase (decrease) 129,154 $ 870,505 224,419 $ 1,603,546
====================================================================
INTERNATIONAL VALUE PORTFOLIO:
CLASS I:
Shares sold 71,290 $ 3,083,035 682,924 $ 6,017,712
Reinvestment of distributions 17,452 146,247 4,961 43,705
Shares repurchased (387,687) (5,554,332) (1,522,353) (13,071,764)
--------------------------------------------------------------------
Net increase (decrease) (298,945) $ (2,325,050) (834,468) $ (7,010,347)
====================================================================
CLASS II:
Shares sold 3,799 $ 31,342 - $ -
Reinvestment of distributions - - - -
Shares repurchased - - - -
--------------------------------------------------------------------
Net increase (decrease) 3,799 $ 31,342 - $ -
====================================================================
SMALL CAP VALUE PORTFOLIO
CLASS I:
Shares sold 1,406,109 $ 14,720,476 1,077,831 $ 11,382,891
Reinvestment of distributions - - 23 -
Shares repurchased (1,357,054) (14,303,755) (408,459) (3,807,810)
--------------------------------------------------------------------
Net increase (decrease) 49,055 $ 416,721 669,395 $ 7,575,081
====================================================================
CLASS II:
Shares sold 7,962 $ 79,762 - $ -
Reinvestment of distributions - - - -
Shares repurchased (598) (6,109) - -
--------------------------------------------------------------------
Net increase (decrease) 7,364 $ 73,653 - $ -
====================================================================
</Table>
120
<Page>
<Table>
<Caption>
'03 SHARES '03 AMOUNT '02 SHARES '02 AMOUNT
- ---------------------------------------------------------------------------------------------------------------
SMALL COMPANY PORTFOLIO
CLASS I:
Shares sold 157,856 $ 1,446,648 273,309 $ 2,966,433
Reinvestment of distributions - - 108 1,190
Shares repurchased (196,866) (1,804,418) (112,938) (1,132,691)
--------------------------------------------------------------------
Net increase (decrease) (39,010) $ (357,790) 160,479 $ 1,834,932
====================================================================
CLASS II:
Shares sold 71,677 $ 638,763 333,230 $ 3,489,779
Reinvestment of distributions - - 75 819
Shares repurchased (35,858) (312,441) (42,070) (398,276)
--------------------------------------------------------------------
Net increase (decrease) 35,819 326,322 291,235 $ 3,092,322
====================================================================
MID CAP VALUE PORTFOLIO
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 (decrease) (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 (decrease) 1,713,407 $ 26,715,887 3,518,847 $ 60,305,148
====================================================================
GROWTH SHARES PORTFOLIO
CLASS I:
Shares sold 69,637 $ 755,576 84,353 $ 1,009,535
Reinvestment of distributions 403 4,477 4,896 55,371
Shares repurchased (436,742) (4,349,405) (1,372,544) (15,216,738)
--------------------------------------------------------------------
Net increase (decrease) (366,702) $ (3,589,352) 1,283,295 $ (14,151,832)
====================================================================
CLASS II:
Shares sold 46,571 $ 496,613 16,073 $ 182,216
Reinvestment of distributions - - - -
Shares repurchased (17,919) (180,985) (33,024) (375,115)
--------------------------------------------------------------------
Net increase (decrease) 28,652 $ 315,628 (16,951) $ (192,899)
====================================================================
REAL ESTATE SHARES PORTFOLIO
CLASS I:
Shares sold 60,608 $ 927,255 817,845 $ 12,158,841
Reinvestment of distributions 44,259 659,124 100,318 1,521,318
Shares repurchased (347,107) (5,054,630) (1,090,008) (15,874,180)
--------------------------------------------------------------------
Net increase (decrease) (242,240) $ (3,468,251) (171,845) $ (2,194,021)
====================================================================
CLASS II:
Shares sold 108,458 $ 1,669,283 1,775,897 $ 27,506,262
Reinvestment of distributions 43,686 650,123 82,099 1,232,076
Shares repurchased (420,169) (6,023,485) (456,793) (6,595,443)
--------------------------------------------------------------------
Net increase (decrease) (268,025) $ (3,704,079) 1,401,203 $ 22,142,896
====================================================================
</Table>
121
<Page>
<Table>
<Caption>
'03 SHARES '03 AMOUNT '02 SHARES '02 AMOUNT
- ---------------------------------------------------------------------------------------------------------------
FUND PORTFOLIO
CLASS I:
Shares sold 273,475 $ 4,223,151 724,147 $ 12,875,126
Reinvestment of distributions 49,898 776,259 108,860 1,805,576
Shares repurchased (1,073,509) (16,133,536) (1,989,049) (32,131,119)
--------------------------------------------------------------------
Net increase (decrease) (750,136) $ (11,134,126) (1,156,042) $ (17,450,417)
====================================================================
CLASS II:
Shares sold 1,109,407 $ 16,922,224 2,408,611 $ 41,423,963
Reinvestment of distributions 12,487 195,191 16,342 263,066
Shares repurchased (465,505) (7,249,948) (715,895) (11,450,559)
--------------------------------------------------------------------
Net increase (decrease) 656,389 $ 9,867,467 1,709,058 $ 30,236,470
====================================================================
EQUITY INCOME PORTFOLIO
CLASS I:
Shares sold 791,250 $ 11,969,323 1,395,275 $ 23,429,706
Reinvestment of distributions 101,678 1,538,774 223,712 3,650,009
Shares repurchased (1,049,892) (15,570,237) (1,716,186) (27,000,779)
--------------------------------------------------------------------
Net increase (decrease) (156,964) $ (2,062,140) (97,199) $ 78,936
====================================================================
CLASS II:
Shares sold 792,849 $ 12,031,340 1,549,025 $ 25,921,954
Reinvestment of distributions 23,075 351,917 34,034 551,010
Shares repurchased (150,369) (2,244,244) (769,373) (12,496,704)
--------------------------------------------------------------------
Net increase (decrease) 665,555 $ 10,139,013 813,686 $ 13,976,260
====================================================================
BALANCED PORTFOLIO
CLASS I:
Shares sold 7,953 $ 104,052 169,730 $ 2,188,541
Reinvestment of distributions 32,690 414,411 65,588 838,807
Shares repurchased (435,368) (5,433,238) (834,080) (10,447,197)
--------------------------------------------------------------------
Net increase (decrease) (394,725) $ (4,914,775) (598,762) $ (7,419,849)
====================================================================
CLASS II:
Shares sold 4,559 $ 61,101 - $ -
Reinvestment of distributions 12 156 - -
Shares repurchased (712) (51,764) - -
--------------------------------------------------------------------
Net increase (decrease) 3,859 $ 51,764 - $ -
====================================================================
HIGH YIELD PORTFOLIO
CLASS I:
Shares sold 1,102,241 $ 11,035,923 2,364,432 $ 23,267,135
Reinvestment of distributions 192,181 1,945,811 358,882 3,473,162
Shares repurchased (521,982) (5,403,685) (1,419,950) (13,834,156)
--------------------------------------------------------------------
Net increase (decrease) 772,440 $ 7,578,049 1,303,364 $ 12,906,141
====================================================================
CLASS II:
Shares sold 232,544 $ 2,507,952 24,056 $ 245,184
Reinvestment of distributions 896 9,301 1,833 17,625
Shares repurchased (22,884) (222,591) (4,051) (37,593)
--------------------------------------------------------------------
Net increase (decrease) 210,556 $ 2,294,662 21,838 $ 225,216
====================================================================
</Table>
122
<Page>
<Table>
<Caption>
'03 SHARES '03 AMOUNT '02 SHARES '02 AMOUNT
- ---------------------------------------------------------------------------------------------------------------
STRATEGIC INCOME PORTFOLIO
CLASS I:
Shares sold 2,125,581 $ 20,459,698 1,135,309 $ 10,603,630
Reinvestment of distributions 50,012 513,986 70,392 660,491
Shares repurchased (1,979,558) (18,999,891) (487,032) (4,543,210)
--------------------------------------------------------------------
Net increase (decrease) 196,035 $ 1,973,792 718,669 $ 6,720,911
====================================================================
CLASS II:
Shares sold 34,885 $ 373,961 - $ -
Reinvestment of distributions 57 611 - -
Shares repurchased (1) (16) - -
--------------------------------------------------------------------
Net increase (decrease) 34,940 $ 374,556 - $ -
====================================================================
AMERICA INCOME PORTFOLIO
CLASS I:
Shares sold 6,651,196 $ 68,540,203 4,195,455 $ 43,606,478
Reinvestment of distributions 117,370 1,242,443 223,921 2,315,834
Shares repurchased (7,737,639) (80,008,123) (1,564,808) (16,163,107)
--------------------------------------------------------------------
Net increase (decrease) (969,073) $ (10,225,477) 2,854,568 $ 29,759,205
====================================================================
CLASS II:
Shares sold 25,804 $ 273,269 - $ -
Reinvestment of distributions 20 215 - -
Shares repurchased (5) (53) - -
--------------------------------------------------------------------
Net increase (decrease) 25,819 $ 273,431 - $ -
====================================================================
MONEY MARKET PORTFOLIO
CLASS I:
Shares sold 12,464,894 $ 12,464,894 65,817,777 $ 65,817,777
Reinvestment of distributions 189,225 189,225 672,789 672,789
Shares repurchased (27,224,112) (27,224,112) (56,467,574) (56,467,574)
--------------------------------------------------------------------
Net increase (decrease) (14,569,993) $ (14,569,993) 10,022,992 $ 10,022,992
====================================================================
</Table>
8. FORWARD FOREIGN CURRENCY CONTRACTS
At June 30, 2003, certain Portfolios had entered into various contracts that
obligate the Portfolios to deliver currencies at specified future dates. At the
maturity of a contract, the Portfolios 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 Portfolios' open portfolio hedges were as follows:
<Table>
<Caption>
NET
CONTRACTS TO IN EXCHANGE SETTLEMENT UNREALIZED
PORTFOLIO DELIVER FOR DATE VALUE GAIN
- -------------------------------------------------------------------------------------------------------------
Strategic Income Portfolio EURO (830,000) $ (970,198) 7/14/03 $ (954,446) $ 15,752
Strategic Income Portfolio EURO 160,000 $ 183,336 7/14/03 $ 183,909 $ 573
</Table>
123
<Page>
Outstanding forward currency settlement contracts as of June 30, 2003 were as
follows:
<Table>
<Caption>
NET
GROSS GROSS RECEIVABLE/
PORTFOLIO RECEIVABLE PAYABLE (PAYABLE)
- --------------------------------------------------------------------------------------
Emerging Markets Portfolio $ (6,214) $ (6,213) $ (1)
International Value Portfolio $ 863,361 $ 865,156 $ (1,795)
</Table>
124
<Page>
[PIONEER INVESTMENTS(R) LOGO]
PIONEER VARIABLE CONTRACTS TRUST
ISSUER
ALLMERICA FINANCIAL LIFE INSURANCE AND ANNUITY COMPANY, CONTRACT FORM A3025-96
IN NEW YORK AND HAWAII, ISSUED BY FIRST ALLMERICA FINANCIAL LIFE INSURANCE
COMPANY, CONTRACT FORM A3025-96 GRC
GENERAL DISTRIBUTOR
ALLMERICA INVESTMENTS, INC.
440 LINCOLN STREET
WORCESTER, MA 01653
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.
13953-00-0803
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 Variable Contracts Trust
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.