PIONEER VARIABLE CONTRACTS RUSTfile/AG0094.pdf · Pioneer Fund VCT Portfolio PIONEER VARIABLE...

PIONEER VARIABLE CONTRACTS TRUST

P i o n e e r F u n d V C T P o r t f o l i o — C l a s s I a n d I I S h a r e s

ANNUAL REPORT

December 31, 2019

Please refer to your contract prospectus to determine the applicable share class offered under your contract.

Beginning in February 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving papercopies of the Portfolio’s shareholder reports like this one by mail, unless you specifically request paper copies of the reports from the insurancecompany that offers your variable annuity or variable life insurance contract or from your financial intermediary. Instead, the insurance companymay choose to make the reports available on a website, and will notify you by mail each time a shareholder report is posted and provide you witha website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Youmay elect to receive shareholder reports and other communications from the insurance company or your financial intermediary electronically byfollowing the instructions provided by the insurance company or by contacting your financial intermediary.You may elect to receive all future Portfolio shareholder reports in paper free of charge from the insurance company. You can inform the insurancecompany or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by following the instructionsprovided by the insurance company or by contacting your financial intermediary. Your election to receive reports in paper will apply to all fundsavailable under your contract with the insurance company.

PIONEER VARIABLE CONTRACTS TRUST

Ta b l e o f C o n t e n t s

Pioneer Fund VCT Portfolio

Portfolio and Performance Update 2

Comparing Ongoing Portfolio Expenses 3

Portfolio Management Discussion 4

Schedule of Investments 8

Financial Statements 10

Notes to Financial Statements 15

Report of Independent Registered Public Accounting Firm 19

Additional Information 20

Approval of Investment Management Agreement 21

Trustees, Officers and Service Providers 24

This report is authorized for distribution only whenpreceded or accompanied by a prospectus for thePortfolio being offered.

Pioneer Variable Contracts Trust files a complete scheduleof portfolio holdings with the Securities and ExchangeCommission for the first and third quarters of each fiscalyear as an exhibit to its reports on Form N-PORT.Shareholders may view the filed Form N-PORT by visitingthe Commission’s web site at https://www.sec.gov.

Information Technology 17.5%

Financials 12.9%

Communication Services 17.9%Consumer Staples 8.1%

Consumer Discretionary 9.5%

Industrials 8.5%

Materials 3.0%

Health Care 18.3%Real Estate 1.6%Energy 2.7%

Pioneer Fund VCT Portfolio PIONEER VARIABLE CONTRACTS TRUST

PO R T F O L I O UP DAT E 12/31/19

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PE R F O R M A N C E UP DAT E 12/31/19

5 Largest Holdings(As a percentage of total investments)*

1. Apple, Inc. 5.27%2. Alphabet, Inc. 5.033. Microsoft Corp. 4.974. JPMorgan Chase & Co. 4.925. Elanco Animal Health, Inc. 4.06

* Excludes temporary cash investments and allderivative contracts except for optionspurchased. The Portfolio is actively managed,and current holdings may be different. Theholdings listed should not be consideredrecommendations to buy or sell any securities.

Sector Distribution(As a percentage of total investments)*

Call 1-800-688-9915 or visitwww.amundipioneer.com/us for the most recent month-endperformance results. Currentperformance may be lower orhigher than the performance data quoted.

The performance data quotedrepresents past performance,which is no guarantee of futureresults. Investment return andprincipal value will fluctuate, andshares, when redeemed, may beworth more or less than theiroriginal cost.

The returns for the Portfolio do not reflect the deduction ofexpenses associated with variableproducts, such as mortality andexpense risk charges, separateaccount charges, and salescharges. These expenses wouldreduce the overall returns shown.

Performance results reflect anyapplicable expense waivers in effectduring the periods shown. Withoutsuch waivers performance would belower. Waivers may not be in effectfor all portfolios. Certain fee waiversare contractual through a specifiedperiod. Otherwise, fee waivers can berescinded at any time. See theprospectus and financial statementsfor more information.

Average Annual Total Returns(As of December 31, 2019)

Class I Class II S&P 500 Index

10 Years 12.09% 11.81% 13.56%5 Years 11.56% 11.28% 11.70%1 Year 31.33% 31.03% 31.49%

All total returns shown assume reinvestment of distributions at net asset value.The performance table does not reflect the deduction of taxes that a shareowner would pay ondistributions or the redemption of shares.

The Standard & Poor’s 500 Index(the S&P 500) is an unmanaged,commonly used measure of thebroad U.S. stock market. Indexreturns are calculated monthly,assume reinvestment ofdividends and, unlike Portfolioreturns, do not reflect any fees,expenses or sales charges. It isnot possible to invest directly inan index.

Prices and DistributionsNet Asset Value per Share 12/31/19 12/31/18

Class I $14.95 $13.52Class II $15.06 $13.60

Net Distributions per Share Investment Short-Term Long-Term(1/1/19 – 12/31/19) Income Capital Gains Capital Gains

Class I $0.1484 $0.1379 $2.2672Class II $0.1094 $0.1379 $2.2672

Performance of a $10,000 InvestmentThe following chart shows the change in value of an investment made in Class I and Class II sharesof Pioneer Fund VCT Portfolio at net asset value during the periods shown, compared to that of theStandard & Poor’s 500 Index (the S&P 500). Portfolio returns are based on net asset value and donot reflect any applicable insurance fees or surrender charges.

$40,000

35,000

30,000

25,000

20,000

15,000

10,000

5000

Pioneer Fund VCT Portfolio Class IPioneer Fund VCT Portfolio Class IIS&P 500 Index

12/09 12/11 12/13 12/15 12/17 12/19

$35,666$31,300$30,530


CO M PA R I N G ON G O I N G PO R T F O L I O EX P E N S E S

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As a shareowner in the Portfolio, you incur two types of costs:

(1) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses; and

(2) transaction costs, including sales charges (loads) on purchase payments.

This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Portfolio and tocompare these costs with the ongoing costs of investing in other mutual funds offered through your variable annuity contract.The example is based on an investment of $1,000 at the beginning of the Portfolio’s latest six-month period and heldthroughout the six months.

Using the TablesActual Expenses

The first table below provides information about actual account values and actual expenses. You may use the information inthis table, together with the amount you invested, to estimate the expenses that you paid over the period as follows:

1. Divide your account value by $1,000Example: an $8,600 account value ÷ $1,000 = 8.6

2. Multiply the result in (1) above by the corresponding share class’s number in the third row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Expenses Paid on a $1,000 Investment in Pioneer Fund VCT Portfolio

Based on actual returns from July 1, 2019 through December 31, 2019.

Share Class I II

Beginning Account Value on 7/1/19 $1,000.00 $1,000.00Ending Account Value on 12/31/19 $1,103.52 $1,102.11 Expenses Paid During Period* $4.35 $5.67

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.82% and 1.07% for Class I and Class II shares respectively, multiplied by the average account value average accountvalue over the period, multiplied by 184/365 (to reflect the one-half year period).

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on thePortfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not thePortfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual endingaccount balance or expenses you paid for the period.

You may use this information to compare the ongoing costs of investing in the Portfolio and other variable annuities. Todo so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reportsof the other variable annuities.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect anytransaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the tablebelow is useful in comparing ongoing costs only and will not help you determine the relative total costs of owningdifferent variable annuities. In addition, if these transaction costs were included, your costs would have been higher.

Expenses Paid on a $1,000 Investment in Pioneer Fund VCT Portfolio

Based on a hypothetical 5% per year return before expenses, reflecting the period from July 1, 2019 through December 31, 2019.

Share Class I II

Beginning Account Value on 7/1/19 $1,000.00 $1,000.00 Ending Account Value on 12/31/19 $1,021.07 $1,019.81 Expenses Paid During Period* $4.18 $5.45

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.82% and 1.07% for Class I and Class II shares respectively, multiplied by the average account value average accountvalue over the period, multiplied by 184/365 (to reflect the one-half year period).


PO R T F O L I O MA N A G E M E N T D I S C U S S I O N 12/31/19

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A Word About Risk:

All investments are subject to risk, includingthe possible loss of principal. In the pastseveral years, financial markets haveexperienced increased volatility, depressedvaluations, decreased liquidity andheightened uncertainty. These conditionsmay continue, recur, worsen or spread.

The Portfolio generally excludes corporateissuers that do not meet or exceedminimum ESG standards. Excluding specificissuers limits the universe of investmentsavailable to the Portfolio, which may meanforgoing some investment opportunitiesavailable to portfolios without similar ESGstandards.

At times, the Portfolio’s investments mayrepresent industries or industry sectorsthat are interrelated or have common risks,making it more susceptible to anyeconomic, political, or regulatorydevelopments or other risks affecting thoseindustries and sectors.

These risks may increase share price volatility.

Call 1-800-688-9915 or visitwww.amundipioneer.com/us for the mostrecent month-end performance results.Current performance may be lower orhigher than the performance data quoted.

The performance data quoted representspast performance, which is no guaranteeof future results. Investment return andprincipal value will fluctuate, and shares,when redeemed, may be worth more orless than their original cost.

The returns for the Portfolio do not reflectthe deduction of expenses associated withvariable products, such as mortality andexpense risk charges, separate accountcharges, and sales charges. These expenseswould reduce the overall returns shown.

Performance results reflect any applicableexpense waivers in effect during the periodsshown. Without such waivers performancewould be lower. Waivers may not be in effectfor all portfolios. Certain fee waivers arecontractual through a specified period.Otherwise, fee waivers can be rescinded atany time. See the prospectus and financialstatements for more information.

In the following discussion, Jeff Kripke discusses the market environment duringthe 12-month period ended December 31, 2019, and Pioneer Fund VCT Portfolio’sperformance during the period. Mr. Kripke, a senior vice president and a portfoliomanager at Amundi Pioneer Asset Management, Inc. (Amundi Pioneer), isresponsible for the day-to-day management of the Portfolio, along with John Carey,Managing Director, Director of Equity Income, U.S., and a portfolio manager atAmundi Pioneer, Craig Sterling*, Managing Director, Director of Core Equity andDirector of Equity Research, U.S., and a portfolio manager at Amundi Pioneer, andJames Yu*, a vice president and associate portfolio manager at Amundi Pioneer.

Q: How did the Portfolio perform over the 12-month period ended December 31, 2019?

A: Pioneer Fund VCT Portfolio’s Class I shares returned 31.33% at net assetvalue during the 12-month period ended December 31, 2019, and Class IIshares returned 31.03%, while the Portfolio’s benchmark, the Standard &Poor’s 500 Index (the S&P 500), returned 31.49%.

Q: How would you describe the market environment for equities during the 12-month period ended December 31, 2019?

A: After a sharp correction in December 2018, just prior to the beginning of theperiod, domestic stocks rose steadily over the following 12 months, with onlythree brief setbacks in May, August, and October of 2019. Each period ofmarket weakness – usually in response to news signaling a lack of progressin U.S./China trade discussions and/or reports of weaker globalmanufacturing activity – was soon followed by a full recovery. For the full 12-month period, U.S. stocks, as measured by the Portfolio’s benchmark, theS&P 500, returned 31.49%.

U.S. economic growth slowed along with decelerating global economies duringthe 12-month period, while trade tensions between the U.S. and China ebbedand flowed, but remained a constant cause of investor concern and had adampening effect on business confidence. The U.S. Federal Reserve (Fed)responded to the weakening economic picture by cutting interest rates threetimes between July and October of 2019. Meanwhile, towards the end of the12-month period, the U.S. and China agreed in principle on a “phase-one”trade deal.

“Easy” money conditions played a major role in propelling equity marketshigher during the 12-month period. Not only did the Fed cut rates three times,but it also ended its balance-sheet reduction program earlier than planned. Itthen began to swell its balance sheet once again, thus pumping more liquidityinto the economy to ease stress in the overnight lending market. Anotherpositive factor during the 12-month period was a resilient U.S. labor marketand the continued strength in domestic consumer spending. Those positivescontrasted with generally weak manufacturing data in both the U.S. andglobally throughout most of the 12-month period.

* Mr. Sterling and Mr. Yu became portfolio managers on the Portfolio effective July 31, 2019.


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During the 12-month period, stocks of better-quality companies with higherdividends** performed well given the Fed’s policy shift from tightening toeasing. Within the S&P 500, all sectors turned in positive performance, withinformation technology, up by more than 50%, easily the best performer.Energy, up by more than 11% but still well behind the returns of other sectors,was by far the worst-performing benchmark sector, as oil and other energyprices struggled for much of the 12-month period. Other strong sectors duringthe period were communication services and financials, each returning morethan 32% for the 12-month period.

Q: Which of your investment decisions either contributed positively to, or detractedfrom, the Portfolio’s benchmark-relative performance during the 12-month periodended December 31, 2019?

A: The Portfolio’s return versus the S&P 500 was essentially flat over the 12-month period, but slightly trailed the benchmark’s return.

Asset allocation detracted from the Portfolio’s benchmark-relativeperformance during the 12-month period, with an underweight to informationtechnology, the S&P 500’s strongest sector, having the biggest negative effecton relative returns. Conversely, an underweight to energy benefited thePortfolio’s benchmark-relative performance, as the sector turned in theweakest results over the 12-month period.

We had underweighted the Portfolio to information technology (IT) in part dueto high valuations in the sector, and because we had concerns that the globaleconomic slowdown would affect demand for chips and other IT products. Thedemand concerns turned out to be valid, but the market overlooked thoseissues and instead bid up IT stock prices, as investors embraced the hopescreated by the impending U.S./China trade deal as well as the efforts ofglobal central banks, including the Fed, to ease monetary policy. With regardto energy, we underweighted the Portfolio to the sector as we had concernsabout low energy prices, which were a problem throughout most of the 12-month period.

Among individual investments, the top detractors from the Portfolio’sbenchmark-relative performance over the 12-month period were positions inElanco Animal Health, International Flavors and Fragrances, and RoyalDutch Shell.

Shares of Elanco Animal Health came under pressure during the 12-monthperiod as the market reacted negatively to the company’s announcement thatit was acquiring Bayer AG’s animal health division. (Bayer is not a Portfolioholding). Elanco recently completed plans to fund the acquisition, which isexpected to close in mid-2020, and so we retained the Portfolio’s position.Another victim of investor jitters over an acquisition announcement during the12-month period was International Flavors and Fragrances (IFF), whichannounced plans to acquire DuPont’s nutrition & biosciences unit. (DuPont is

** Dividends are not guaranteed.


PO R T F O L I O MA N A G E M E N T D I S C U S S I O N 12/31/19 (continued)

6

not a Portfolio holding). Despite the setback, we have retained the Portfolio’sshares of IFF. Royal Dutch Shell struggled during the 12-month period alongwith much of the energy sector due to the general weakness in energy prices.We exited the position before period-end.

On the positive side, the Portfolio’s benchmark-relative returns benefited from holding shares of Facebook, Lam Research, and AT&T during the 12-month period.

The Portfolio’s position in Facebook aided benchmark-relative performanceduring the 12-month period as the company reported stronger-than-expectedresults. Facebook’s social-media platforms actually gained users instead oflosing them, as the market had previously anticipated. The valuationdiscrepancy in Facebook’s stock price also contracted, making it a moreattractive investment from a value perspective. Our investment thesis on thestock is that the company has a sustainable competitive advantage in itssocial-media platforms, including Instagram, and the potential to benefit fromcontinued growth in those platforms. In addition, new ventures such as“Libra,” a cryptocurrency the company plans to launch in 2020, may provideFacebook with an additional source of advertising revenue. Shares ofsemiconductor firm Lam Research also contributed positively to the Portfolio’sbenchmark-relative results during the 12-month period. Lam Research is aleading operator in a consolidated, more rational, and less volatile industry.With 30% of the company’s revenues now coming from parts and service, LamResearch appears better able to weather a downturn versus prior cycles. Thestock rallied in the latter months of the period after an early-2019 slumpdriven by embedded, and what we believed were extreme investor fearsregarding the NAND (flash memory) cycle. Finally, benchmark-relative returnsbenefited from the Portfolio’s position in AT&T. The company reboundedstrongly from earlier deficits during the 12-month period, while finally closingits long-pending deal to acquire Time Warner. Market participants wereencouraged by the company’s debt-reduction and cost-saving efforts, as wellas its dividend-growth and share-buyback initiative. In addition, AT&T’sprospects in the 5G and other new technology areas has generated optimismamong investors.

Q: Could you discuss the Portfolio’s commitment to environmental, social, andgovernance (ESG) investing?

A: ESG refers to the three central factors in measuring the sustainability andethical impact of an investment in a company or business. We have historicallyfollowed an ESG-friendly approach when building the Portfolio. We use specificscreening criteria to exclude investments from the Portfolio in companies thatfail to meet certain ESG standards across all industries. Per the prospectus,the Portfolio will not invest in companies significantly involved in certainbusiness activities, which include, but are not limited to: the operation of coalmines, the production of alcohol, tobacco products, and certain controversialmilitary weapons, and gambling casinos and other gaming businesses. Inaddition, we view the “governance” aspect of ESG as critically important, as


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PO R T F O L I O MA N A G E M E N T D I S C U S S I O N 12/31/19 (continued)

we believe companies that take steps to better manage risk exposure thantheir competitors can help reduce volatility and lead to solid performanceduring more difficult periods for both the economy and the markets.

Q: Did the Portfolio have any exposure to derivatives during the 12-month periodended December 31, 2019?

A: No, the Portfolio had no exposure to derivatives during the period.

Q: What is your outlook for equities as the Portfolio enters a new fiscal year, andhow would you characterize the Portfolio’s current positioning?

A: The U.S. economy slowed modestly over the last 12 months from the pace ithad exhibited in the prior year. That said, central banks around the globe havestepped in to provide substantial liquidity, and we believe the prospect ofcontinued global central-bank support should be a positive for the economyand for U.S. equities going forward, as valuations are not overstretched, in ourview. Additionally, a potential “phase-one” trade truce between the U.S. andChina may begin to mend business confidence and could result in a bottomingof manufacturing activity in the U.S. and other regions.

Among the key risks to this outlook are geopolitical concerns, such as therecently inflamed tensions between the U.S. and Iran, and November’s U.S.Presidential election, which is likely to feature candidates with significantlycontrasting views on economic policy.

We have confidence in the Portfolio’s current positioning. We have continuedto pursue our major investment theme of purchasing shares of what webelieve are high-quality, financially strong, market-leading companies that havebeen benefiting from their investments in future technologies such as thecloud, the “internet of things,” artificial intelligence, G5, and machine learning,and that have sustainable competitive advantages. We feel those companiesare on the leading edge of major technology trends and improvements thatwill drive revenues and reduce costs, which may result in faster growth ratesand higher corporate profits.

In managing the Portfolio, we are always striving to produce a solid risk-adjusted total return, with a strict risk-management discipline. As notedearlier, our ESG investment philosophy is a major part of that approach, ascompanies that meet our ESG criteria tend to place an emphasis on riskmanagement, and thus could be less likely to experience a significant crisis.

Please refer to the Schedule of Investments on pages 8 to 9 for a full listing ofPortfolio securities.

Past performance is no guarantee of future results.

Any information in this shareholder report regarding market or economic trendsor the factors influencing the Portfolio’s historical or future performance arestatements of opinion as of the date of this report.


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SC H E D U L E O F IN V E S T M E N T S 12/31/19

Shares ValueUNAFFILIATED ISSUERS – 99.5%COMMON STOCKS – 99.5%of Net AssetsAir Freight & Logistics – 4.0%

6,861 FedEx Corp. $ 1,037,45229,976 United Parcel Service, Inc., Class B 3,508,991

Total Air Freight &Logistics $ 4,546,443

Automobiles – 0.9%26,058 Harley-Davidson, Inc. $ 969,097

Total Automobiles $ 969,097

Banks – 7.9%39,843 JPMorgan Chase & Co. $ 5,554,11462,531 Wells Fargo & Co. 3,364,168

Total Banks $ 8,918,282

Beverages – 1.2%9,936 PepsiCo., Inc. $ 1,357,953

Total Beverages $ 1,357,953

Biotechnology – 1.3%4,822(a) Biogen, Inc. $ 1,430,832

Total Biotechnology $ 1,430,832

Capital Markets – 2.4%731 BlackRock, Inc. $ 367,474

12,002 CME Group, Inc. 2,409,041Total Capital Markets $ 2,776,515

Chemicals – 3.0%26,324 International Flavors &

Fragrances, Inc. $ 3,396,323Total Chemicals $ 3,396,323

CommunicationsEquipment – 0.7%

17,568 Cisco Systems, Inc. $ 842,561Total CommunicationsEquipment $ 842,561

Consumer Discretionary – 1.6%18,320 NIKE, Inc., Class B $ 1,855,999

Total Consumer Discretionary $ 1,855,999

Diversified FinancialServices – 2.0%

9,977(a) Berkshire Hathaway, Inc., Class B $ 2,259,791Total Diversified FinancialServices $ 2,259,791

Diversified Telecommunication Services – 7.0%

86,261 AT&T, Inc. $ 3,371,08073,955 Verizon Communications, Inc. 4,540,837

Total DiversifiedTelecommunication Services $ 7,911,917

Shares ValueEnergy Equipment &Services – 2.1%

60,012 Schlumberger, Ltd. $ 2,412,482Total Energy Equipment &Services $ 2,412,482

Entertainment – 2.8%21,828 Walt Disney Co. $ 3,156,984

Total Entertainment $ 3,156,984

Equity Real EstateInvestment Trusts (REIT) – 1.6%

168 Crown Castle International Corp. $ 23,8815,935 Essex Property Trust, Inc. 1,785,604

Total Equity Real EstateInvestment Trusts (REIT) $ 1,809,485

Food & StaplesRetailing – 6.0%

9,999 Costco Wholesale Corp. $ 2,938,90632,748 Walmart, Inc. 3,891,772

Total Food & StaplesRetailing $ 6,830,678

Food Products – 0.9%126 Chocoladefabriken Lindt &

Spruengli AG $ 978,849Total Food Products $ 978,849

Health Care – 2.0%15,129 Johnson & Johnson $ 2,206,867

Total Health Care $ 2,206,867

Health Care Equipment &Supplies – 5.4%

12,527 Danaher Corp. $ 1,922,64437,480 Medtronic PLC 4,252,106

Total Health Care Equipment& Supplies $ 6,174,750

Health Care Providers &Services – 1.9%

7,188 UnitedHealth Group, Inc. $ 2,113,128Total Health Care Providers& Services $ 2,113,128

Hotels, Restaurants &Leisure – 0.4%

2,561 McDonald’s Corp. $ 506,079Total Hotels, Restaurants &Leisure $ 506,079

Industrial Conglomerates – 1.4%8,609 Honeywell International, Inc. $ 1,523,793

Total Industrial Conglomerates $ 1,523,793

Insurance – 0.5%9,214 Hartford Financial Services Group, Inc. $ 559,935

Total Insurance $ 559,935

The accompanying notes are an integral part of these financial statements.


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SC H E D U L E O F IN V E S T M E N T S 12/31/19 (continued)


Shares ValueInteractive Media &Services – 8.1%

4,236(a) Alphabet, Inc. $ 5,673,65617,072(a) Facebook, Inc. 3,504,028

Total Interactive Media &Services $ 9,177,684

Internet & DirectMarketing Retail – 3.0%

1,859(a) Amazon.com, Inc. $ 3,435,135Total Internet & DirectMarketing Retail $ 3,435,135

IT Services – 1.9%11,366 Visa, Inc. $ 2,135,672

Total IT Services $ 2,135,672

Life Sciences Tools &Service – 2.1%

19,349 Agilent Technologies, Inc. $ 1,650,6633,207(a) Waters Corp. 749,316

Total Life Sciences Tools &Services $ 2,399,979

Machinery – 1.5%3,774 Illinois Tool Works, Inc. $ 677,924

10,610 Lincoln Electric Holdings, Inc. 1,026,305Total Machinery $ 1,704,229

Oil, Gas & ConsumableFuels – 0.6%

7,871 EOG Resources, Inc. $ 659,275Total Oil, Gas & ConsumableFuels $ 659,275

Pharmaceuticals – 5.5%155,776(a) Elanco Animal Health, Inc. $ 4,587,603

19,225 Merck & Co., Inc. 1,748,514Total Pharmaceuticals $ 6,336,117

Road & Rail – 1.6%10,003 Union Pacific Corp. $ 1,808,442

Total Road & Rail $ 1,808,442

Semiconductors &Semiconductor Equipment – 4.5%

7,682 Analog Devices, Inc. $ 912,9298,171 Lam Research Corp. 2,389,2007,020(a) Micron Technology, Inc. 377,5366,414 NVIDIA Corp. 1,509,214

Total Semiconductors &Semiconductor Equipment $ 5,188,879

Software – 4.9%35,556 Microsoft Corp. $ 5,607,181

Total Software $ 5,607,181

Shares ValueSpecialty Retail – 3.5%

14,807 Home Depot, Inc. $ 3,233,5536,016 Lowe’s Cos., Inc. 720,476

Total Specialty Retail $ 3,954,029

Technology Hardware,Storage & Peripherals – 5.3%

20,263 Apple, Inc. $ 5,950,230Total Technology Hardware,Storage & Peripherals $ 5,950,230

TOTAL COMMON STOCKS(Cost $82,547,111) $112,895,595

TOTAL INVESTMENTS INUNAFFILIATEDISSUERS – 99.5%(Cost $82,547,111) $112,895,595

OTHER ASSETS ANDLIABILITIES – 0.5% $ 595,414

NET ASSETS – 100.0% $113,491,009

REIT Real Estate Investment Trust.

(A.D.R.) American Depositary Receipts.

(a) Non-income producing security.

Purchases and sales of securities (excluding temporary cash investments) for the year endedDecember 31, 2019, aggregated $72,859,428 and $82,246,632, respectively.

The Portfolio is permitted to engage in purchase and sale transactions (“cross trades”) withcertain funds and accounts for which Amundi Pioneer Asset Management, Inc. (the “Adviser”)serves as the Portfolio’s investment adviser, as set forth in Rule 17a-7 under the InvestmentCompany Act of 1940, pursuant to procedures adopted by the Board of Trustees. Underthese procedures, cross trades are effected at current market prices. During the year endedDecember 31, 2019, the Portfolio did not engage in any cross trade activity.

At December 31, 2019, the net unrealized appreciation on investments based on cost forfederal tax purposes of $82,783,185 was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $30,777,592

Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (665,182)

Net unrealized appreciation $30,112,410

Various inputs are used in determining the value of the Portfolio’s investments. These inputsare summarized in the three broad levels below.

Level 1 – quoted prices in active markets for identical securities.

Level 2 – other significant observable inputs (including quoted prices for similar securities,interest rates, prepayment speeds, credit risks, etc.). See Notes to FinancialStatements — Note 1A.

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions indetermining fair value of investments). See Notes to Financial Statements — Note 1A.

The following is a summary of the inputs used as of December 31, 2019, in valuing thePortfolio’s investments:

Level 1 Level 2 Level 3 Total

Common Stocks $112,895,595 $ — $ — $112,895,595___________ _____ _____ ___________Total Investments in

Securities $112,895,595 $ — $ — $112,895,595______ ___ ___ ______During the year ended December 31, 2019, there were no transfers between Levels 1, 2 and 3.


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STAT E M E N T O F AS S E T S A N D L I A B I L I T I E S 12/31/19


ASSETS:Investments in unaffiliated issuers, at value (cost $82,547,111) $112,895,595Cash 1,037,318Receivables —

Investment securities sold 169,804Portfolio shares sold 16,873Dividends 210,268

Total assets $114,329,858

LIABILITIES:Payables —

Investment securities purchased $ 726,204Portfolio shares repurchased 38,333Trustees’ fees 54Professional fees 41,458

Due to affiliates 10,826Accrued expenses 21,974

Total liabilities $ 838,849

NET ASSETS:Paid-in capital $ 73,667,866Distributable earnings 39,823,143

Net assets $113,491,009

NET ASSET VALUE PER SHARE:No par value (unlimited number of shares authorized)

Class I (based on $99,853,072/6,679,065 shares) $ 14.95

Class II (based on $13,637,937/905,754 shares) $ 15.06


11

STAT E M E N T O F OP E R AT I O N S


FOR THE YEAR ENDED 12/31/19

Dividends from unaffiliated issuers (net of foreign taxes withheld $14,727) $ 1,986,552Interest from unaffiliated issuers 26,935

Total investment income $ 2,013,487

EXPENSES:Management fees $ 689,944Administrative expense 74,650Distribution fees

Class II 30,904Custodian fees 20,427Professional fees 54,708Printing expense 15,017Trustees’ fees 8,050Insurance expense 2,316Miscellaneous 3,178

Total expenses $ 899,194

Net investment income $ 1,114,293

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:Net realized gain (loss) on:

Investments in unaffiliated issuers $ 9,597,279Other assets and liabilities denominated in foreign currencies (3,148) $ 9,594,131

Change in net unrealized appreciation (depreciation) on:Investments in unaffiliated issuers $17,794,063Other assets and liabilities denominated in foreign currencies 12 $17,794,075

Net realized and unrealized gain (loss) on investments $27,388,206

Net increase in net assets resulting from operations $28,502,499


12 The accompanying notes are an integral part of these financial statements.

STAT E M E N T S O F CH A N G E S I N NE T AS S E T S

Year Ended Year Ended12/31/19 12/31/18

FROM OPERATIONS:Net investment income (loss) $ 1,114,293 $ 1,202,919Net realized gain (loss) on investments 9,594,131 16,198,480Change in net unrealized appreciation (depreciation) on investments 17,794,075 (18,248,241)____________ ____________

Net increase (decrease) in net assets resulting from operations $ 28,502,499 $ (846,842)____________ ____________

DISTRIBUTIONS TO SHAREOWNERS:Class I ($2.56 and $4.71 per share, respectively) $ (15,278,833) $ (24,474,704)Class II ($2.52 and $4.65 per share, respectively) (2,001,964) (2,978,664)____________ ____________

Total distributions to shareowners $ (17,280,797) $ (27,453,368)____________ ____________

FROM PORTFOLIO SHARE TRANSACTIONS:Net proceeds from sales of shares $ 8,389,230 $ 5,308,456Reinvestment of distributions 17,280,797 27,453,368Cost of shares repurchased (19,012,750) (22,965,192)____________ ____________

Net increase in net assets resulting from Portfolio share transactions $ 6,657,277 $ 9,796,632____________ ____________Net increase (decrease) in net assets $ 17,878,979 $ (18,503,578)

NET ASSETS:Beginning of year $ 95,612,030 $114,115,608____________ ____________End of year $113,491,009 $ 95,612,030____________ ____________

Year Ended Year Ended Year Ended Year Ended12/31/19 12/31/19 12/31/18 12/31/18

Shares Amount Shares AmountCLASS IShares sold 326,293 $ 4,706,777 172,978 $ 2,708,243Reinvestment of distributions 1,114,770 15,278,833 1,711,573 24,474,704Less shares repurchased (1,003,955) (14,429,994) (1,167,717) (18,759,251)__________ ___________ __________ ___________

Net increase 437,108 $ 5,555,616 716,834 $ 8,423,696 __________ ___________ __________ ___________CLASS IIShares sold 254,279 $ 3,682,453 169,954 $ 2,600,213Reinvestment of distributions 145,124 2,001,964 207,310 2,978,664Less shares repurchased (320,051) (4,582,756) (262,451) (4,205,941)__________ ___________ __________ ___________

Net increase 79,352 $ 1,101,661 114,813 $ 1,372,936 __________ ____________ __________ ___________


13

Year Ended Year Ended Year Ended Year Ended Year Ended12/31/19 12/31/18 12/31/17 12/31/16* 12/31/15*

Class INet asset value, beginning of period $ 13.52 $ 18.29 $ 17.72 $ 19.75 $ 26.84______ ______ _______ _______ _______Increase (decrease) from investment operations:

Net investment income (loss) (a) $ 0.16 $ 0.18 $ 0.21 $ 0.24 $ 0.25Net realized and unrealized gain (loss) on investments 3.83 (0.24) 3.31 1.46 (0.07)______ ______ _______ _______ _______

Net increase (decrease) from investment operations $ 3.99 $ (0.06) $ 3.52 $ 1.70 $ 0.18______ ______ _______ _______ _______Distributions to shareowners:

Net investment income $ (0.15) $ (0.19) $ (0.21) $ (0.24) $ (0.26)Net realized gain (2.41) (4.52) (2.74) (3.49) (7.01)______ ______ _______ _______ _______

Total distributions $ (2.56) $ (4.71) $ (2.95) $ (3.73) $ (7.27)______ ______ _______ _______ _______Net increase (decrease) in net asset value $ 1.43 $ (4.77) $ 0.57 $ (2.03) $ (7.09)______ ______ _______ _______ _______Net asset value, end of period $ 14.95 $ 13.52 $ 18.29 $ 17.72 $ 19.75___ ___ ____ ____ ____Total return (b) 31.33% (1.51)%(c) 21.72% 9.81% (0.06)%(d)Ratio of net expenses to average net assets 0.82% 0.82% 0.77% 0.75% 0.75%Ratio of net investment income (loss) to average net assets 1.08% 1.12% 1.16% 1.32% 1.09%Portfolio turnover rate 70% 58% 59% 60% 49%Net assets, end of period (in thousands) $99,853 $84,375 $101,056 $121,626 $127,818

* The Portfolio was audited by an independent registered public accounting firm other than Ernst & Young LLP.(a) The per-share data presented above is based on the average shares outstanding for the period presented.(b) 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.(c) If the Portfolio had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2018, the total return would have

been (1.55)%.(d) If the Portfolio had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2015, the total return would have

been (0.21)%.

NOTE: The above financial highlights do not reflect the deduction of non-portfolio expenses associated with variable insurance products, such as mortality andexpense risk charges, separate account charges, and sales charges.


F I N A N C I A L H I G H L I G H T S


14 The accompanying notes are an integral part of these financial statements.

F I N A N C I A L H I G H L I G H T S (continued)

Year Ended Year Ended Year Ended Year Ended Year Ended12/31/19 12/31/18 12/31/17 12/31/16* 12/31/15*

Class IINet asset value, beginning of period $ 13.60 $ 18.35 $ 17.78 $ 19.79 $ 26.89______ ______ ______ ______ ______Increase (decrease) from investment operations:

Net investment income (loss) (a) $ 0.12 $ 0.14 $ 0.16 $ 0.19 $ 0.19Net realized and unrealized gain (loss) on investments 3.86 (0.24) 3.32 1.48 (0.09)______ ______ ______ ______ ______

Net increase (decrease) from investment operations $ 3.98 $ (0.10) $ 3.48 $ 1.67 $ 0.10______ ______ ______ ______ ______Distributions to shareowners:

Net investment income $ (0.11) $ (0.13) $ (0.17) $ (0.19) $ (0.19)Net realized gain (2.41) (4.52) (2.74) (3.49) (7.01)______ ______ ______ ______ ______

Total distributions $ (2.52) $ (4.65) $ (2.91) $ (3.68) $ (7.20)______ ______ ______ ______ ______Net increase (decrease) in net asset value $ 1.46 $ (4.75) $ 0.57 $ (2.01) $ (7.10)______ ______ ______ ______ ______Net asset value, end of period $ 15.06 $ 13.60 $ 18.35 $ 17.78 $ 19.79___ ___ ___ ___ ___Total return (b) 31.03% (1.74)%(c) 21.36% 9.62% (0.37)%(d)Ratio of net expenses to average net assets 1.07% 1.07% 1.02% 1.00% 1.01%Ratio of net investment income (loss) to average net assets 0.83% 0.88% 0.91% 1.07% 0.84%Portfolio turnover rate 70% 58% 59% 60% 49%Net assets, end of period (in thousands) $13,638 $11,237 $13,060 $15,328 $15,420

* The Portfolio was audited by an independent registered public accounting firm other than Ernst & Young LLP.(a) The per-share data presented above is based on the average shares outstanding for the period presented.(b) 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.(c) If the Portfolio had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2018, the total return would have

been (1.78)%.(d) If the Portfolio had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2015, the total return would have

been (0.52)%.

NOTE: The above financial highlights do not reflect the deduction of non-portfolio expenses associated with variable insurance products, such as mortality andexpense risk charges, separate account charges, and sales charges.


15

NO T E S T O F I N A N C I A L STAT E M E N T S 12/31/19

1. Organization and Significant Accounting Policies Pioneer Fund VCT Portfolio (the “Portfolio”) is one of 8 portfolios comprising Pioneer Variable Contracts Trust (the “Trust”), a Delaware statutory trust. The Portfolio isregistered under the Investment Company Act of 1940 as adiversified, open-end management investment company. Theinvestment objectives of the Portfolio are reasonable incomeand capital growth.

The Portfolio offers two classes of shares designated asClass I and Class II shares. Each class of shares representsan interest in the same portfolio of investments of thePortfolio and has identical rights (based on relative net assetvalues) to assets and liquidation proceeds. Share classescan bear different rates of class-specific fees and expenses,such as transfer agent and distribution fees. Differences inclass-specific fees and expenses will result in differences innet investment income and, therefore, the payment ofdifferent dividends from net investment income earned byeach class. The Amended and Restated Declaration of Trustof the Portfolio gives the Board of Trustees the flexibility tospecify either per-share voting or dollar-weighted voting whensubmitting matters for shareowner approval. Under per-sharevoting, each share of a class of the Portfolio is entitled to onevote. Under dollar-weighted voting, a shareowner’s votingpower is determined not by the number of shares owned, butby the dollar value of the shares on the record date. Eachshare class has exclusive voting rights with respect tomatters affecting only that class, including with respect to thedistribution plan for that class. There is no distribution planfor Class I shares.

Portfolio shares may be purchased only by insurancecompanies for the purpose of funding variable annuity andvariable life insurance contracts or by qualified pension andretirement plans.

Amundi Pioneer Asset Management, Inc., an indirect, whollyowned subsidiary of Amundi and Amundi’s wholly ownedsubsidiary, Amundi USA, Inc., serves as the Portfolio’sinvestment adviser (the “Adviser”). Amundi PioneerDistributor, Inc., an affiliate of Amundi Pioneer AssetManagement, Inc., serves as the Portfolio’s distributor (the“Distributor”).

In August 2018, the Securities and Exchange Commission(“SEC”) released a Disclosure Update and Simplification FinalRule. The Final Rule amends Regulation S-X disclosuresrequirements to conform them to U.S. Generally AcceptedAccounting Principles (“U.S. GAAP”) for investmentcompanies. The Portfolio’s financial statements wereprepared in compliance with the new amendments toRegulation S-X.

The Portfolio is an investment company and followsinvestment company accounting and reporting guidance underU.S. GAAP. U.S. GAAP requires the management of thePortfolio to make estimates and assumptions that affect thereported amounts of assets and liabilities, the disclosure ofcontingent assets and liabilities at the date of the financialstatements, and the reported amounts of income, expensesand gain or loss on investments during the reporting period.Actual results could differ from those estimates.

The following is a summary of significant accounting policiesfollowed by the Portfolio in the preparation of its financialstatements:

A. Security ValuationThe net asset value of the Portfolio is computed oncedaily, on each day the New York Stock Exchange(“NYSE”) is open, as of the close of regular trading onthe NYSE.

Equity securities that have traded on an exchange arevalued by using the last sale price on the principalexchange where they are traded. Equity securities thathave not traded on the date of valuation, or securitiesfor which sale prices are not available, generally arevalued using the mean between the last bid and askedprices or, if both last bid and asked prices are notavailable, at the last quoted bid price. Last sale and bidand asked prices are provided by independent thirdparty pricing services. In the case of equity securitiesnot traded on an exchange, prices are typicallydetermined by independent third party pricing servicesusing a variety of techniques and methods.

The value of foreign securities is translated into U.S.dollars based on foreign currency exchange ratequotations supplied by a third party pricing source.Trading in non-U.S. equity securities is substantiallycompleted each day at various times prior to the closeof the NYSE. The values of such securities used incomputing the net asset value of the Portfolio’s sharesare determined as of such times. The Portfolio may usea fair value model developed by an independent pricingservice to value non-U.S. equity securities.

Securities for which independent pricing services orbroker-dealers are unable to supply prices or for whichmarket prices and/or quotations are not readilyavailable or are considered to be unreliable are valuedby a fair valuation team comprised of certain personnelof the Adviser pursuant to procedures adopted by thePortfolio’s Board of Trustees. The Adviser’s fairvaluation team uses fair value methods approved by theValuation Committee of the Board of Trustees. The


16

NO T E S T O F I N A N C I A L STAT E M E N T S 12/31/19 (continued)

Adviser’s fair valuation team is responsible formonitoring developments that may impact fair valuedsecurities and for discussing and assessing fair valueson an ongoing basis, and at least quarterly, with theValuation Committee of the Board of Trustees.

Inputs used when applying fair value methods to valuea security may include credit ratings, the financialcondition of the company, current market conditions andcomparable securities. The Portfolio may use fair valuemethods if it is determined that a significant event hasoccurred after the close of the exchange or market onwhich the security trades and prior to the determinationof the Portfolio’s net asset value. Examples of asignificant event might include political or economicnews, corporate restructurings, natural disasters,terrorist activity or trading halts. Thus, the valuation ofthe Portfolio’s securities may differ significantly fromexchange prices, and such differences could bematerial.

At December 31, 2019, no securities were valuedusing fair value methods (other than securities valuedusing prices supplied by independent pricing services,broker-dealers or using a third party insurance industrypricing model).

B. Investment Income and TransactionsDividend income is recorded on the ex-dividend date,except that certain dividends from foreign securitieswhere the ex-dividend date may have passed arerecorded as soon as the Portfolio becomes aware of theex-dividend data in the exercise of reasonable diligence.

Interest income, including interest on income-bearingcash accounts, is recorded on the accrual basis.Dividend and interest income are reported net ofunrecoverable foreign taxes withheld at the applicablecountry rates and net of income accrued on defaultedsecurities.

Interest and dividend income payable by delivery ofadditional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interestand dividend income, respectively.

Security transactions are recorded as of trade date.Gains and losses on sales of investments arecalculated on the identified cost method for bothfinancial reporting and federal income tax purposes.

C. Foreign Currency TranslationThe books and records of the Portfolio are maintainedin U.S. dollars. Amounts denominated in foreigncurrencies are translated into U.S. dollars using currentexchange rates.

Net realized gains and losses on foreign currencytransactions, if any, represent, among other things, thenet realized gains and losses on foreign currencyexchange contracts, disposition of foreign currenciesand the difference between the amount of incomeaccrued and the U.S. dollars actually received. Further,the effects of changes in foreign currency exchangerates on investments are not segregated on theStatement of Operations from the effects of changes inthe market prices of those securities, but are includedwith the net realized and unrealized gain or loss oninvestments.

D. Federal Income TaxesIt is the Portfolio’s policy to comply with therequirements of the Internal Revenue Code applicableto regulated investment companies and to distribute allof its net taxable income and net realized capital gains,if any, to its shareowners. Therefore, no provision forfederal income taxes is required. As of December 31,2019, the Portfolio did not accrue any interest orpenalties with respect to uncertain tax positions, which,if applicable, would be recorded as an income taxexpense on the Statement of Operations. Tax returnsfiled within the prior three years remain subject toexamination by federal and state tax authorities.

The amount and character of income and capital gaindistributions to shareowners are determined inaccordance with federal income tax rules, which maydiffer from U.S. GAAP. Distributions in excess of netinvestment income or net realized gains are temporaryover distributions for financial statement purposesresulting from differences in the recognition orclassification of income or distributions for financialstatement and tax purposes. Capital accounts withinthe financial statements are adjusted for permanentbook/tax differences to reflect tax character, but are notadjusted for temporary differences.

The tax character of distributions paid during the yearsended December 31, 2019 and December 31, 2018,were as follows:

2019 2018Distributions paid from:Ordinary income $ 1,973,369 $ 5,494,505Long-term capital gain 15,307,428 21,958,863

Total $17,280,797 $27,453,368


17

The following shows the components of distributableearnings on a federal income tax basis at December 31, 2019.

2019Distributable Earnings:Undistributed long-term capital gain $ 8,087,155Undistributed ordinary income 1,623,680Net unrealized appreciation 30,112,308

Total $39,823,143

The difference between book-basis and tax-basis netunrealized appreciation is attributable to the taxdeferral of losses on wash sales and the tax basisadjustments on REITs and common stocks.

E. Portfolio Shares and Class AllocationsThe Portfolio records sales and repurchases of itsshares as of trade date. Distribution fees for Class IIshares are calculated based on the average daily netasset value attributable to Class II shares of thePortfolio (see Note 4). Class I shares do not paydistribution fees.

Income, common expenses (excluding transfer agentand distribution fees) and realized and unrealized gainsand losses are calculated at the Portfolio level andallocated daily to each class of shares based on itsrespective percentage of the adjusted net assets at thebeginning of the day.

All expenses and fees paid to the Portfolio’s transferagent for its services are allocated among the classesof shares based on the number of accounts in eachclass and the ratable allocation of related out-of-pocketexpenses (see Note 3).

Dividends and distributions to shareowners arerecorded on the ex-dividend date. Distributions paid bythe Portfolio with respect to each class of shares arecalculated in the same manner and at the same time,except that net investment income dividends to Class Iand Class II shares can reflect different transfer agentand distribution expense rates.

F. RisksThe value of securities held by the Portfolio may go upor down, sometimes rapidly or unpredictably, due togeneral market conditions, such as real or perceivedadverse economic, political or regulatory conditions,inflation, changes in interest rates, lack of liquidity inthe bond markets or adverse investor sentiment. In thepast several years, financial markets have experiencedincreased volatility, depressed valuations, decreased

liquidity and heightened uncertainty. These conditionsmay continue, recur, worsen or spread. A general rise ininterest rates could adversely affect the price andliquidity of fixed-income securities and could also resultin increased redemptions from the Portfolio.

At times, the Portfolio’s investments may representindustries or industry sectors that are interrelated orhave common risks, making the Portfolio moresusceptible to any economic, political, or regulatorydevelopments or other risks affecting those industriesand sectors. The Portfolio’s investments in foreignmarkets and countries with limited developing marketsmay subject the Portfolio to a greater degree of riskthan investments in a developed market. These risksinclude disruptive political or economic conditions andthe imposition of adverse governmental laws orcurrency exchange restrictions.

With the increased use of technologies such as theInternet to conduct business, the Portfolio issusceptible to operational, information security andrelated risks. While the Portfolio’s Adviser hasestablished business continuity plans in the event of,and risk management systems to prevent, limit ormitigate, such cyber-attacks, there are inherentlimitations in such plans and systems including thepossibility that certain risks have not been identified.Furthermore, the Portfolio cannot control thecybersecurity plans and systems put in place byservice providers to the Portfolio such as BrownBrothers Harriman & Co., the Portfolio’s custodian andaccounting agent, and DST Asset Manager Solutions,Inc., the Portfolio’s transfer agent. In addition, manybeneficial owners of Portfolio shares hold them throughaccounts at broker-dealers, retirement platforms andother financial market participants over which neitherthe Portfolio nor Amundi Pioneer exercises control.Each of these may in turn rely on service providers tothem, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at AmundiPioneer or the Portfolio’s service providers orintermediaries have the ability to cause disruptionsand impact business operations, potentially resulting infinancial losses, interference with the Portfolio’s abilityto calculate its net asset value, impediments totrading, the inability of Portfolio shareowners to effectshare purchases, redemptions or exchanges, or receivedistributions, loss of or unauthorized access to privateshareowners information and violations of applicableprivacy and other laws, regulatory fines, penalties,reputational damage, or additional compliance costs.


NO T E S T O F I N A N C I A L STAT E M E N T S 12/31/19 (continued)

18

Such costs and losses may not be covered under anyinsurance. In addition, maintaining vigilance againstcyber-attacks may involve substantial costs over time,and system enhancements may themselves be subjectto cyber-attacks.

The Portfolio’s prospectus contains unauditedinformation regarding the Portfolio’s principal risks.Please refer to that document when considering thePortfolio’s principal risks.

2. Management AgreementThe Adviser manages the Portfolio. Management fees arecalculated daily at the annual rate of 0.65% of the Portfolio’saverage daily net assets. For the year ended December 31,2019, the effective management fee was equivalent to 0.65%of the Portfolio’s average daily net assets

In addition, under the management and administrationagreements, certain other services and costs, includingaccounting, regulatory reporting and insurance premiums, arepaid by the Portfolio as administrative reimbursements.Included in “Due to affiliates” reflected on the Statement ofAssets and Liabilities is $10,357 in management fees,administrative costs and certain other reimbursementspayable to the Adviser at December 31, 2019.

3. Transfer AgentDST Asset Manager Solutions, Inc. serves as the transferagent to the Portfolio at negotiated rates. Transfer agent feesand payables shown on the Statement of Operations and theStatement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Portfolio’somnibus relationship contracts.

4. Distribution PlanThe Portfolio has adopted a distribution plan (the “Plan”)pursuant to Rule 12b-1 of the Investment Company Act of1940 with respect to its Class II shares. Pursuant to thePlan, the Portfolio pays the Distributor a distribution fee of0.25% of the average daily net assets attributable to Class IIshares to compensate the Distributor for (1) distributionservices and (2) personal and account maintenance servicesperformed and expenses incurred by the Distributor inconnection with the Portfolio’s Class II shares. Included in“Due to affiliates” reflected on the Statement of Assets andLiabilities is $469 in distribution fees payable to theDistributor at December 31, 2019.


RE P O R T O F IN D E P E N D E N T RE G I S T E R E D PU B L I C AC C O U N T I N G F I R M

19

To the Board of Trustees of Pioneer Variable Contracts Trust and the Shareholders of Pioneer Fund VCT Portfolio:

Opinion on the Financial Statements We have audited the accompanying statement of assets and liabilities of Pioneer Fund VCT Portfolio (the “Portfolio”) (one ofthe portfolios constituting Pioneer Variable Contracts Trust (the “Trust”)), including the schedule of investments, as ofDecember 31, 2019, and the related statement of operations for the year then ended, the statements of changes in netassets for each of the two years in the period then ended, the financial highlights for each of the three years in the period thenended and the related notes (collectively referred to as the “financial statements”). The financial highlights for the periodsended December 31, 2015 and December 31, 2016 were audited by another independent registered public accounting firmwhose report, dated February 14, 2017, expressed an unqualified opinion on those financial highlights. In our opinion, thefinancial statements present fairly, in all material respects, the financial position of Pioneer Fund VCT Portfolio (one of theportfolios constituting Pioneer Variable Contracts Trust) at December 31, 2019, the results of its operations for the year thenended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each ofthe three years in the period then ended in conformity with U.S. generally accepted accounting principles.

Basis for Opinion These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on thePortfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public CompanyAccounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust inaccordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and ExchangeCommission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whetherdue to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal controlover financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financialreporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financialreporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whetherdue to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a testbasis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation ofsecurities owned as of December 31, 2019, by correspondence with the custodian and brokers. Our audits also includedevaluating the accounting principles used and significant estimates made by management, as well as evaluating the overallpresentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Amundi Pioneer investment companies since 2017.

Boston, MassachusettsFebruary 14, 2020


AD D I T I O N A L IN F O R M AT I O N (U N A U D I T E D )

20

For the year ended December 31, 2019, certain dividends paid by the Portfolio may be subject to a maximum tax rate of 20%.The Portfolio intends to designate up to the maximum amount of such dividends allowable, as taxed at a maximum rate of20%. Complete information will be computed and reported in conjunction with your 2019 Form 1099-DIV.

The qualifying percentage of the Portfolio’s ordinary income dividends for the purpose of the corporate dividends receiveddeduction was 87.79%.


21

AP P R OVA L O F IN V E S T M E N T MA N A G E M E N T AG R E E M E N T

Amundi Pioneer Asset Management, Inc. (“APAM”) serves as the investment adviser to Pioneer Fund VCT Portfolio (the“Portfolio”) pursuant to an investment management agreement between APAM and the Portfolio. In order for APAM to remainthe investment adviser of the Portfolio, the Trustees of the Portfolio must determine annually whether to renew the investmentmanagement agreement for the Portfolio.

The contract review process began in January 2019 as the Trustees of the Portfolio agreed on, among other things, an overallapproach and timeline for the process. Contract review materials were provided to the Trustees in March 2019, July 2019 andSeptember 2019. In addition, the Trustees reviewed and discussed the Portfolio’s performance at regularly scheduledmeetings throughout the year, and took into account other information related to the Portfolio provided to the Trustees atregularly scheduled meetings, in connection with the review of the Portfolio’s investment management agreement.

In March 2019, the Trustees, among other things, discussed the memorandum provided by Fund counsel that summarized thelegal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of theinvestment management agreement, and reviewed and discussed the qualifications of the investment management teams forthe Portfolio, as well as the level of investment by the Portfolio’s portfolio managers in the Portfolio. In July 2019, the Trustees,among other things, reviewed the Portfolio’s management fees and total expense ratios, the financial statements of APAM andits parent companies, profitability analyses provided by APAM, and analyses from APAM as to possible economies of scale.The Trustees also reviewed the profitability of the institutional business of APAM and APAM’s affiliate, Amundi PioneerInstitutional Asset Management, Inc. (“APIAM” and, together with APAM, “Amundi Pioneer”), as compared to that of APAM’sfund management business, and considered the differences between the fees and expenses of the Portfolio and the fees andexpenses of APAM’s and APIAM’s institutional accounts, as well as the different services provided by APAM to the Portfolio andby APAM and APIAM to the institutional accounts. The Trustees further considered contract review materials, includingadditional materials received in response to the Trustees’ request, in September 2019.

At a meeting held on September 17, 2019, based on their evaluation of the information provided by APAM and third parties,the Trustees of the Portfolio, including the Independent Trustees voting separately, unanimously approved the renewal of theinvestment management agreement for another year. In approving the renewal of the investment management agreement, theTrustees considered various factors that they determined were relevant, including the factors described below. The Trusteesdid not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.

Nature, Extent and Quality of ServicesThe Trustees considered the nature, extent and quality of the services that had been provided by APAM to the Portfolio, takinginto account the investment objective and strategy of the Portfolio. The Trustees also reviewed APAM’s investment approachfor the Portfolio and its research process. The Trustees considered the resources of APAM and the personnel of APAM whoprovide investment management services to the Portfolio. They also reviewed the amount of non-Portfolio assets managed bythe portfolio managers of the Portfolio. They considered the non-investment resources and personnel of APAM that areinvolved in APAM’s services to the Portfolio, including APAM’s compliance, risk management, and legal resources andpersonnel. The Trustees noted the substantial attention and high priority given by APAM’s senior management to the PioneerFund complex.

The Trustees considered that APAM supervises and monitors the performance of the Portfolio’s service providers andprovides the Portfolio with personnel (including Portfolio officers) and other resources that are necessary for the Portfolio’sbusiness management and operations. The Trustees also considered that, as administrator, APAM is responsible for theadministration of the Portfolio’s business and other affairs. The Trustees considered the fees paid to APAM for the provisionof administration services.

Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been providedby APAM to the Portfolio were satisfactory and consistent with the terms of the investment management agreement.


22

AP P R OVA L O F IN V E S T M E N T MA N A G E M E N T AG R E E M E N T (continued)

Performance of the PortfolioIn considering the Portfolio’s performance, the Trustees regularly review and discuss throughout the year data prepared byAPAM and information comparing the Portfolio’s performance with the performance of its peer group of funds, as classified byMorningstar, Inc. (Morningstar), and the performance of the Portfolio’s benchmark index. They also discuss the Portfolio’sperformance with APAM on a regular basis. The Trustees’ regular reviews and discussions were factored into the Trustees’deliberations concerning the renewal of the investment management agreement.

Management Fee and ExpensesThe Trustees considered information showing the fees and expenses of the Portfolio in comparison to the management feesof its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on thebasis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual FundResearch and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to beloware organized in quintiles. Each quintile represents one-fifth of the peer group. In all peer group comparisons referred to below,first quintile is most favorable to the Portfolio’s shareowners. The Trustees noted that they separately review and consider theimpact of the Portfolio’s transfer agency and Portfolio- and APAM-paid expenses for sub-transfer agency and intermediaryarrangements, and that the results of the most recent such review were considered in the consideration of the Portfolio’sexpense ratio.

The Trustees considered that the Portfolio’s management fee for the most recent fiscal year was in the fourth quintile relativeto the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees consideredthat the expense ratio of the Portfolio’s Class I shares for the most recent fiscal year was in the second quintile relative to itsStrategic Insight peer group for the comparable period.

The Trustees reviewed management fees charged by APAM and APIAM to institutional and other clients, including publiclyoffered European funds sponsored by APAM’s affiliates, unaffiliated U.S. registered investment companies (in a sub-advisorycapacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered APAM’s costs in providingservices to the Portfolio and APAM’s and APIAM’s costs in providing services to the other clients and considered thedifferences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated withAPAM’s and APIAM’s client accounts, the Trustees took into account the respective demands, resources and complexityassociated with the Portfolio and other client accounts. The Trustees noted that, in some instances, the fee rates for thoseclients were lower than the management fee for the Portfolio and considered that, under the investment managementagreement with the Portfolio, APAM performs additional services for the Portfolio that it does not provide to those other clientsor services that are broader in scope, including oversight of the Portfolio’s other service providers and activities related tocompliance and the extensive regulatory and tax regimes to which the Portfolio is subject. The Trustees also considered theentrepreneurial risks associated with APAM’s management of the Portfolio.

The Trustees concluded that the management fee payable by the Portfolio to APAM was reasonable in relation to the natureand quality of the services provided by APAM.

ProfitabilityThe Trustees considered information provided by APAM regarding the profitability of APAM with respect to the advisory servicesprovided by APAM to the Portfolio, including the methodology used by APAM in allocating certain of its costs to themanagement of the Portfolio. The Trustees also considered APAM’s profit margin in connection with the overall operation of thePortfolio. They further reviewed the financial results, including the profit margins, realized by APAM and APIAM from non-fundbusinesses. The Trustees considered APAM’s profit margins in comparison to the limited industry data available and notedthat the profitability of any adviser was affected by numerous factors, including its organizational structure and method forallocating expenses. The Trustees concluded that APAM’s profitability with respect to the management of the Portfolio was notunreasonable.


23

Economies of ScaleThe Trustees considered APAM’s views relating to economies of scale in connection with the Pioneer Funds as fund assetsgrow and the extent to which any such economies of scale are shared with the Portfolio and Portfolio shareholders. TheTrustees recognize that economies of scale are difficult to identify and quantify, and that, among other factors that may berelevant, are the following: fee levels, expense subsidization, investment by APAM in research and analytical capabilities andAPAM’s commitment and resource allocation to the Portfolio. The Trustees noted that profitability also may be an indicator ofthe availability of any economies of scale, although profitability may vary for other reasons including due to reductions inexpenses. The Trustees concluded that economies of scale, if any, were being appropriately shared with the Portfolio.

Other BenefitsThe Trustees considered the other benefits that APAM enjoys from its relationship with the Portfolio. The Trustees consideredthe character and amount of fees paid or to be paid by the Portfolio, other than under the investment management agreement,for services provided by APAM and its affiliates. The Trustees further considered the revenues and profitability of APAM’sbusinesses other than the Fund business. To the extent applicable, the Trustees also considered the benefits to the Portfolioand to APAM and its affiliates from the use of “soft” commission dollars generated by the Portfolio to pay for research andbrokerage services.

The Trustees considered that Amundi Pioneer is the principal U.S. asset management business of Amundi, which is one of thelargest asset managers globally. Amundi’s worldwide asset management business manages over $1.6 trillion in assets(including the Pioneer Funds). The Trustees considered that APAM’s relationship with Amundi creates potential opportunitiesfor APAM, APIAM and Amundi that derive from APAM’s relationships with the Portfolio, including Amundi’s ability to market theservices of APAM globally. The Trustees noted that APAM has access to additional research and portfolio managementcapabilities as a result of its relationship with Amundi and Amundi’s enhanced global presence that may contribute to anincrease in the resources available to APAM. The Trustees considered that APAM and the Portfolio receive reciprocal intangiblebenefits from the relationship, including mutual brand recognition and, for the Portfolio, direct and indirect access to theresources of a large global asset manager. The Trustees concluded that any such benefits received by APAM as a result of itsrelationship with the Portfolio were reasonable.

ConclusionAfter consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees,concluded that the investment management agreement for the Portfolio, including the fees payable thereunder, was fair andreasonable and voted to approve the proposed renewal of the investment management agreement.

Pio

neer

Fun

d V

CT

Por

tfol

io

24

TR

US

TE

ES,

OF

FIC

ER

SA

ND

SE

RV

ICE

PR

OV

IDE

RS

Trus

tees

and

Offi

cers

The

Port

folio

’s T

rust

ees

and

offic

ers

are

liste

d be

low, t

oget

her

with

the

ir pr

inci

pal o

ccup

atio

ns a

nd o

ther

dire

ctor

ship

s th

ey h

ave

held

dur

ing

at le

ast

the

past

five

yea

rs. T

rust

ees

who

are

inte

rest

ed p

erso

ns o

f the

Port

folio

s w

ithin

the

mea

ning

of t

he 1

940 A

ct a

re r

efer

red

to a

s In

tere

sted

Tru

stee

s. T

rust

ees

who

are

not

inte

rest

ed p

erso

ns o

f the

Por

tfol

io a

re r

efer

red

to a

s In

depe

nden

t Tr

uste

es. E

ach

of t

he T

rust

ees

serv

es a

s a

Trus

tee

of e

ach

of t

he 4

5 U

.S. r

egis

tere

d in

vest

men

t po

rtfo

lios

for

whi

ch A

mun

di P

ione

er s

erve

s as

inve

stm

ent

advi

ser

(the

“Pi

onee

r Fu

nds”

). Th

e ad

dres

s fo

r al

l Tru

stee

s an

d al

l offi

cers

of t

he P

ortf

olio

s is

60 S

tate

Str

eet,

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ton,

Mas

sach

uset

ts 0

2109.

The

Sta

tem

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of A

dditi

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Info

rmat

ion

of t

he P

ortf

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incl

udes

add

ition

al in

form

atio

n ab

out

the

Trus

tees

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is a

vaila

ble,

with

out

char

ge, u

pon

requ

est,

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allin

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(62)

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ves

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oval

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agin

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evel

opm

ent,

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Mel

lon

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stm

ent M

anag

emen

t (20

12-2

018)

; Vic

e Ch

airm

an –

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fus

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orat

ion

(200

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): Ex

ecut

ive V

ice

Pres

iden

t Hea

d of

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uct,

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lon

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stm

ent M

anag

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t (20

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012)

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cutiv

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rect

or- P

rodu

ct S

trate

gy, M

ello

n As

set M

anag

emen

t (20

05-2

007)

;Ex

ecut

ive V

ice

Pres

iden

t Hea

d of

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duct

s, M

arke

ting

and

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nt S

ervic

e,Dr

eyfu

s Co

rpor

atio

n (2

000-

2005

); an

d Se

nior

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e Pr

esid

ent S

trate

gic

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uct a

nd B

usin

ess

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lopm

ent,

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fus

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4-20

00)

NA

ME,

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E A

ND

PO

SITI

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D W

ITH

TH

E TR

UST

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M O

F O

FFIC

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ELD

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N

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stm

ent

Adv

iser

and

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orAm

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neer

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et M

anag

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t, In

c.

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an a

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dmin

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ator

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ther

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arrim

an &

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Inde

pend

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lic A

ccou

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g Fi

rmEr

nst

& Y

oung

LLP

Prin

cipa

l Und

erw

riter

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undi

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neer

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trib

utor

, Inc

.

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l Cou

nsel

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gan,

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is &

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kius

LLP

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sfer

Age

ntD

ST

Asse

t M

anag

er S

olut

ions

, Inc

.

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as J.

Per

na (6

8)Ch

airm

an o

f the

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rd

and

Trust

ee

Trust

ee s

ince

200

6. S

erve

s un

tila

succ

esso

r tru

stee

is e

lect

edor

ear

lier r

etire

men

t or r

emov

al.

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ctor

, Bro

adrid

ge F

inan

cial

Sol

utio

ns, I

nc. (

inve

stor

com

mun

icat

ions

and

sec

uriti

es p

roce

ssin

g pr

ovid

er fo

rfin

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ervic

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dust

ry) (

2009

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rese

nt);

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ctor

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adris

erv,

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(200

5 –

2013

); an

d Co

mm

issi

oner

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w Je

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cutiv

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ficer

(200

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d Se

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Exec

utive

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Bank

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ew Yo

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ecur

ities

serv

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Pio

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Fun

d V

CT

Por

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25

None

Fred

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(72)

Trust

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ves

until

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rust

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tmen

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lon

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inve

stm

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ompa

ny s

ervic

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(196

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); Di

rect

or, B

NY In

tern

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inan

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p. (fi

nanc

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) (20

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ello

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erse

as In

vest

men

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p.(fi

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ctor

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anci

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odel

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) (20

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ctor

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ilton

Fun

ds, I

rela

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ffsho

re in

vest

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t com

pani

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-200

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hairm

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irect

or,

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Secu

ritie

s Se

rvic

es, L

td.,

Irela

nd (fi

nanc

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ervic

es) (

1999

-20

06);

and

Chai

rman

, BNY

Alte

rnat

ive In

vest

men

t Ser

vices

, Inc

.(fi

nanc

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2005

-200

7)

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US

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OF

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ND

SE

RV

ICE

PR

OV

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RS

(con

tinue

d)

Benj

amin

M. F

riedm

an (7

5)Tru

stee

Trust

ee s

ince

200

8. S

erve

s un

tila

succ

esso

r tru

stee

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lect

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ear

lier r

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men

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aste

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plex

) (19

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ph M

aier

Pro

fess

or o

f Pol

itica

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nom

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rvar

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ivers

ity(1

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– pr

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Lorr

aine

H. M

onch

ak (6

2)Tru

stee

Trust

ee s

ince

201

7. (A

dvis

ory

Trust

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om 2

014

- 201

7).

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es u

ntil

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rust

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mov

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f Inv

estm

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ffice

r, 11

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EIU

Fund

s (h

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kers

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e Pr

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rnat

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vest

men

ts G

roup

, Am

eric

an In

tern

atio

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roup

, Inc

. (in

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ice

Pres

iden

t – C

orpo

rate

Fin

ance

and

Treas

ury

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p, C

itiba

nk, N

.A. (

1980

– 1

986

and

1990

– 1

993)

; Vic

ePr

esid

ent –

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et/L

iabi

lity

Man

agem

ent G

roup

, Fed

eral

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m F

undi

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rpor

atio

n (g

over

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t-spo

nsor

ed is

suer

of d

ebt s

ecur

ities

) (19

88 –

1990

); M

ortg

age

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tegi

es G

roup

, She

arso

n Le

hman

Hut

ton,

Inc.

(inve

stm

ent b

ank)

(198

7 –

1988

); an

d M

ortg

age

Stra

tegi

es G

roup

,Dr

exel

Bur

nham

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bert,

Ltd

. (in

vest

men

t ban

k) (1

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– 19

87)

Mar

guer

ite A

. Pire

t (71

)Tru

stee

Trust

ee s

ince

199

5. S

erve

s un

tila

succ

esso

r tru

stee

is e

lect

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ear

lier r

etire

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t or r

emov

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ctor

of N

ew A

mer

ica

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me

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, Inc

.(c

lose

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vest

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t com

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d M

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ard

of G

over

nors

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estm

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ompa

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iden

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xecu

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etric

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Pio

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Fun

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io

26

Kenn

eth

J. Ta

ubes

(61)

*Tru

stee

Trust

ee s

ince

201

4. S

erve

s un

tila

succ

esso

r tru

stee

is e

lect

edor

ear

lier r

etire

men

t or r

emov

al

None

Dire

ctor

and

Exe

cutiv

e Vi

ce P

resi

dent

(sin

ce 2

008)

and

Chi

ef In

vest

men

tOf

ficer

, U.S

. (si

nce

2010

) of A

mun

di P

ione

er A

sset

Man

agem

ent U

SA,

Inc.

; Dire

ctor

and

Exe

cutiv

e Vi

ce P

resi

dent

and

Chi

ef In

vest

men

t Offi

cer,

U.S.

of A

mun

di P

ione

er (s

ince

200

8); E

xecu

tive

Vice

Pre

side

nt a

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hief

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stm

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ffice

r, U.

S. o

f Am

undi

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itutio

nal A

sset

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agem

ent,

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(sin

ce 2

009)

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tfolio

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ager

of A

mun

di P

ione

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ince

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9); a

nd D

irect

or o

f Am

undi

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, Inc

. (si

nce

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US

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tinue

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INT

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TE

DT

RU

ST

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S

* M

s. Jo

nes

and

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es a

re In

tere

sted

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tees

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ause

they

are

offi

cers

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irect

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of th

e Po

rtfol

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inve

stm

ent a

dvis

er a

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erta

in o

f its

affi

liate

s.

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M. J

ones

(57)

*Tru

stee

, Pre

side

nt a

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hief

Exec

utive

Offi

cer

Trust

ee s

ince

201

7. S

erve

s un

tila

succ

esso

r tru

stee

is e

lect

edor

ear

lier r

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men

t or r

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al

None

Dire

ctor

, CEO

and

Pre

side

nt o

f Am

undi

Pio

neer

Ass

et M

anag

emen

t USA

,In

c. (s

ince

Sep

tem

ber 2

014)

; Dire

ctor

, CEO

and

Pre

side

nt o

f Am

undi

Pion

eer A

sset

Man

agem

ent,

Inc.

(sin

ce S

epte

mbe

r 201

4); D

irect

or, C

EOan

d Pr

esid

ent o

f Am

undi

Pio

neer

Dis

tribu

tor,

Inc.

(sin

ce S

epte

mbe

r20

14);

Dire

ctor

, CEO

and

Pre

side

nt o

f Am

undi

Pio

neer

Inst

itutio

nal A

sset

Man

agem

ent,

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(sin

ce S

epte

mbe

r 201

4); C

hair,

Am

undi

Pio

neer

Ass

etM

anag

emen

t USA

, Inc

., Am

undi

Pio

neer

Dis

tribu

tor,

Inc.

and

Am

undi

Pion

eer I

nstit

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014

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Man

agin

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rect

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orga

n St

anle

y In

vest

men

t Man

agem

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2010

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13);

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ctor

of I

nstit

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usin

ess,

CEO

of In

tern

atio

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nVa

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agem

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2005

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mun

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nc.

(sin

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Chris

toph

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ley

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Offi

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ista

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Sep

tem

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Caro

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Assi

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ves

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None

Fund

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mun

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anag

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mun

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003

to N

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2006

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of A

mun

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om Ja

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Fun

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tfol

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27

Gary

Sul

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Assi

stan

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asur

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nce

2002

. Ser

ves

at th

edi

scre

tion

of th

e Bo

ard

None

Seni

or M

anag

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Fun

d Tre

asur

y of

Am

undi

Pio

neer

; and

Ass

ista

ntTre

asur

er o

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of th

e Pi

onee

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ds

Kelly

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onne

ll (4

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ti-M

oney

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nder

ing

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Sinc

e 20

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s at

the

disc

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mun

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sset

Man

agem

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Mon

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Offic

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the

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sin

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OF

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RS

(con

tinue

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Thom

as R

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Assi

stan

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nce

2010

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ves

at th

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scre

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None

Seni

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Mar

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(60)

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mun

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reas

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Pion

eer F

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sin

ce M

arch

200

8; D

eput

y Tre

asur

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f Am

undi

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neer

from

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ch 2

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to F

ebru

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2008

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Ass

ista

nt Tr

easu

rer o

f all

of th

ePi

onee

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ds fr

om M

arch

200

4 to

Feb

ruar

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08

John

Mal

one

(48)

Chie

f Com

plia

nce

Offic

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nce

2018

. Ser

ves

at th

edi

scre

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of th

e Bo

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None

Man

agin

g Di

rect

or, C

hief

Com

plia

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neer

Ass

etM

anag

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t; Am

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Inst

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agem

ent,

Inc.

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the

Pion

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sin

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epte

mbe

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Com

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Offic

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Am

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Dis

tribu

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sin

ce Ja

nuar

y 20

14.

Luis

I. P

resu

tti (

54)

Assi

stan

t Tre

asur

erSi

nce

2000

. Ser

ves

at th

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scre

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of th

e Bo

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Non

eDi

rect

or –

Fun

d Tre

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Am

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Ass

ista

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of th

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onee

r Fun

ds

FU

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OF

FIC

ER

S

28

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29

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18649-14-0220

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