# EDGAR Filing Document

**Accession Number:** 0000930709
**File Stem:** 0001193125-23-064079
**Filing Date:** 2023-3
**Character Count:** 1462584
**Document Hash:** ca4b1b3891d1be8ffa7412b7cd7eab21
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-064079.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001193125-23-064079

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIONEER VARIABLE CONTRACTS TRUST /MA/
- **CENTRAL INDEX KEY:** 0000930709
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08786
- **FILM NUMBER:** 23715243

**BUSINESS ADDRESS:**
- **STREET 1:** 60 STATE ST
- **STREET 2:** 5TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 617-742-7825

**MAIL ADDRESS:**
- **STREET 1:** 60 STATE ST
- **STREET 2:** 5TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 021091820

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VARIABLE INSURANCE CONTRACTS TRUST
- **DATE OF NAME CHANGE:** 19940929

## Series and Classes Contracts Data

### Pioneer Fund VCT Portfolio (Series ID: S000010159)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000028182 | Pioneer Fund VCT Portfolio: Class I  |  |
| C000028183 | Pioneer Fund VCT Portfolio: Class II |  |

### Pioneer Real Estate Shares VCT Portfolio (Series ID: S000010160)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000028184 | Pioneer Real Estate Shares VCT Portfolio: Class I  |  |
| C000028185 | Pioneer Real Estate Shares VCT Portfolio: Class II |  |

### Pioneer Strategic Income VCT Portfolio (Series ID: S000010163)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000028190 | Pioneer Strategic Income VCT Portfolio: Class I  |  |
| C000028191 | Pioneer Strategic Income VCT Portfolio: Class II |  |

### Pioneer Select Mid Cap Growth VCT Portfolio (Series ID: S000010170)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000030379 | Pioneer Select Mid Cap Growth VCT Portfolio: Class I |  |

### Pioneer Bond VCT Portfolio (Series ID: S000010172)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000028201 | Pioneer Bond VCT Portfolio: Class II |  |
| C000030381 | Pioneer Bond VCT Portfolio: Class I  |  |

### Pioneer Equity Income VCT Portfolio (Series ID: S000010181)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000028211 | Pioneer Equity Income VCT Portfolio: Class I  |  |
| C000028212 | Pioneer Equity Income VCT Portfolio: Class II |  |

### Pioneer High Yield VCT Portfolio (Series ID: S000010184)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000028217 | Pioneer High Yield VCT Portfolio: Class I  |  |
| C000028218 | Pioneer High Yield VCT Portfolio: Class II |  |

### Pioneer Mid Cap Value VCT Portfolio (Series ID: S000010186)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000028221 | Pioneer Mid Cap Value VCT Portfolio: Class I  |  |
| C000028222 | Pioneer Mid Cap Value VCT Portfolio: Class II |  |

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number 811-08786** 

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## Pioneer Variable Contracts Trust
**(Exact name of registrant as specified in charter)** 

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**60 State Street, Boston, MA 02109** 

**(Address of principal executive offices) (ZIP code)** 

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**Christopher J. Kelley, Amundi Asset Management, Inc.,** 

**60 State Street, Boston, MA 02109** 

**(Name and address of agent for service)** 

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**Registrant's telephone number, including area code: (617) 742-7825** 

**Date of fiscal year end: December 31, 2022** 

**Date of reporting period: January 1, 2022 through December 31, 2022** 

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Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

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ITEM 1. REPORTS TO STOCKHOLDERS.

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## Pioneer Bond

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## VCT Portfolio
Class I and II Shares

Annual Report \| December 31, 2022

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

![](g469588imgdaafe86a1.gif)

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Pioneer Variable Contracts Trust

#### **Table of Contents**

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#### Pioneer Bond VCT Portfolio

---

| | |
|:---|:---|
| [Portfolio and Performance Update](#xx_f082506c-0dc0-4f4c-833b-aea8f1052d30_1) | 2 |
| [Comparing Ongoing Portfolio Expenses](#xx_259d8695-ff56-44bd-9602-b257409f022f_1) | 3 |
| [Portfolio Management Discussion](#xx_1a26d84f-25b6-4a51-a55b-29a963fa936d_1) | 4 |
| [Schedule of Investments](#xx_6d2fe486-cb84-468a-875f-b4948f266b1e_1) | 8 |
| [Financial Statements](#xx_d9f72123-3fb3-4b74-b28c-891af84ea963_1) | 33 |
| [Notes to Financial Statements](#xx_0a389e63-c5e2-4ebe-9b78-9ee0fb3e3f0d_1) | 38 |
| [Report of Independent Registered Public Accounting Firm](#xx_855345da-4769-4c96-a376-05e77b7e3edd_1) | 48 |
| [Additional Information (unaudited)](#xx_b2b84940-a50f-49bc-96f1-2f25dd62b810_1) | 49 |
| [Approval of Renewal of Investment Management Agreement](#xx_a013fddc-130b-41c6-8e2b-2cf00f124cd3_1) | 50 |
| [Trustees, Officers and Service Providers](#xx_9909aa10-68a6-4080-89c7-0ac963a76365_1) | 53 |

---

This report is authorized for distribution only when preceded or accompanied by a prospectus for the Portfolio being offered.

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

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

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| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

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Portfolio Update 12/31/22

#### Portfolio Diversification
(As a percentage of total investments)\*

![](g469588img9e066dc62.jpg)

<sup>+</sup> Amount rounds to less than 0.1%.

#### 5 Largest Holdings

---

| | | |
|:---|:---|:---|
| (As a percentage of total investments)\* | (As a percentage of total investments)\* | (As a percentage of total investments)\* |
| &nbsp;&nbsp;1. | U.S. Treasury Bonds, 2.250%, 2/15/52 | 4.60% |
| &nbsp;&nbsp;2. | U.S. Treasury Bills, 1/24/23 | 3.30 |
| &nbsp;&nbsp;3. | U.S. Treasury Bills, 2/2/23 | 3.30 |
| &nbsp;&nbsp;4. | U.S. Treasury Bills, 1/10/23 | 2.91 |
| &nbsp;&nbsp;5. | U.S. Treasury Bonds, 3.000%, 2/15/48 | 1.87 |

---

\* Excludes short-term investments and all derivative contracts except for options purchased. The Portfolio is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.

(l) Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Amundi Asset Management US, Inc.

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#### Performance Update 12/31/22

#### Prices and Distributions

---

| | | |
|:---|:---|:---|
| **Net Asset Value per Share** | **12/31/22** | **12/31/21** |
| Class l | $9.23 | $11.27 |
| Class ll | $9.25 | $11.30 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Distributions per Share<br> (1/1/22 - 12/31/22)** | **Net <br> Investment<br> Income** | **Short-Term <br> Capital Gains** | **Long-Term <br> Capital Gains** | **Tax Return<br> of Capital** |
| Class l | $0.2223 | $0.0155 | $0.1970 | $0.0200 |
| Class ll | $0.1979 | $0.0155 | $0.1970 | $0.0200 |

---

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#### Performance of a $10,000 Investment
The following chart shows the change in value of an investment made in Class I and Class II shares of **Pioneer Bond VCT Portfolio** at net asset value during the periods shown, compared to that of the Bloomberg U.S. Aggregate Bond Index. Portfolio returns are based on net asset value and do not reflect any applicable insurance fees or surrender charges.

---

| | |
|:---|:---|
| ![](g469588imgcb8374af3.gif) | &nbsp;&nbsp;The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market value-weighted measure of Treasury and agency issues, corporate bond issues and mortgage-backed securities. Index returns are calculated monthly, assume reinvestment of dividends and do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. |

---

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#### Average Annual Total Returns
(As of December 31, 2022)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class l** | &nbsp;&nbsp;&nbsp;&nbsp;**Class ll** | &nbsp;&nbsp;&nbsp;&nbsp;**Bloomberg <br> U.S. Aggregate<br> Bond Index** |
| 10 Years | &nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% |
| 5 Years | &nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% |
| 1 Year | &nbsp;&nbsp;-14.19% | &nbsp;&nbsp;&nbsp;&nbsp;-14.45% | &nbsp;&nbsp;&nbsp;&nbsp;-13.01% |

---

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 on distributions or the redemption of shares.

#### Call 1-800-688-9915 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
**The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.**

The returns for the Portfolio do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges. These expenses would reduce the overall returns shown.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, performance would be lower. Waivers may not be in effect for all portfolios. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

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Comparing Ongoing Portfolio Expenses

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 to compare 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 held throughout the six months.

#### Using the Tables

#### Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this 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
$1,000<br> Example: 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 Bond VCT Portfolio
Based on actual returns from July 1, 2022 through December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Share Class** | **l** | **ll** |
| Beginning Account Value on 7/1/22 | $1000.00 | $1000.00 |
| Ending Account Value (after expenses) on 12/31/22 | &nbsp;&nbsp;&nbsp;$960.00 | &nbsp;&nbsp;&nbsp;$958.90 |
| Expenses Paid During Period\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.65 |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Expenses are equal to the Portfolio's annualized net expense ratio of 0.49% and 0.74% for Class I and Class II shares, respectively, multiplied by the average account value 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 the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account 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. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of 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 any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different 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 Bond VCT Portfolio
Based on a hypothetical 5% return per year before expenses, reflecting the period from July 1, 2022 through December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Share Class** | **l** | **ll** |
| Beginning Account Value on 7/1/22 | $1000.00 | $1000.00 |
| Ending Account Value (after expenses) on 12/31/22 | $1022.74 | $1021.48 |
| Expenses Paid During Period\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.77 |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Expenses are equal to the Portfolio's annualized net expense ratio of 0.49% and 0.74% for Class I and Class II shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

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| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

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Portfolio Management Discussion 12/31/22

#### Call 1-800-688-9915 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
**The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.**

The returns for the Portfolio do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges. These expenses would reduce the overall returns shown.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, performance would be lower. Waivers may not be in effect for all portfolios. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

*In the following interview, Brad Komenda discusses the factors that affected the performance of Pioneer Bond VCT Portfolio during the 12-month period ended December 31, 2022. Mr. Komenda, a Managing Director and Director of Investment-Grade Corporates, and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), is responsible for the daily management of the Portfolio, along with Kenneth J. Taubes, Executive Vice President and Chief Investment Officer, US, and a portfolio manager at Amundi US, Timothy Rowe, Managing Director, Director of Multisector Fixed Income, and a portfolio manager at Amundi US, and Jonathan Scott, a senior vice president, Deputy Director of Multi-Sector Fixed Income, and a portfolio manager at Amundi US.*

---

| | |
|:---|:---|
| **Q:** | **How did the Portfolio perform during the 12-month period ended December 31, 2022?** |
| **A:** | Pioneer Bond VCT Portfolio's Class I shares returned -14.19% at net asset value during the 12-month period ended December 31, 2022, and Class II shares returned -14.45%, while the Portfolio's benchmark, the Bloomberg US Aggregate Bond Index (the Bloomberg Index), returned -13.01%. |
| **Q:** | **How would you describe the investment environment in the fixed-income markets during the 12-month period?** |
| **A:** | The first quarter of 2022 saw increased geopolitical tensions, rising levels of inflation, and the prospect of higher interest rates due to changing monetary policies of several central banks, dominate market sentiment. Those factors combined to drive losses across most asset classes. Russia's invasion of Ukraine in late-February 2022, together with US and European sanctions on Russia led to a spike in energy, metals, and food prices, adding downside risk to real economic growth and adding upside risk to inflation. In addition, another round of lockdowns in China in the wake of increasing COVID-19 infections exacerbated already troublesome supply-chain disruptions and raised concerns about further risks to global economic growth. |
|  | At its mid-March 2022 meeting, the US Federal Reserve (Fed) acted to try to stem inflation by raising the target range for its benchmark overnight lending rate by a quarter-point, to 0.25%‒0.50%, and indicating that further increases in the federal funds rate target range would follow rapidly. The Fed also formally ended its pandemic-era quantitative easing program and signaled it would soon begin reducing its holdings of Treasury securities and agency mortgage-backed securities (MBS) by reinvesting only part of the proceeds from maturing securities. US consumer price inflation rose above 8% in March 2022, and would peak at 9.1% in June. The Fed implemented a series of sharp increases to the federal funds target range of between 50 and 75 basis points (bps) between May and December 2022, bringing the target to a range of 4.25%‒4.50%, its highest level since the fall of 2007. (A basis point is equal to 1/100th of a percentage point.) |
|  | Against that backdrop, the US Treasury yield curve moved higher, with yield increases rising most significantly for issues with shorter maturities as the market priced in the Fed's series of interest-rate increases. For the full 12-month period ended December 31, 2022, the two-year Treasury yield finished 368 bps higher, increasing from 0.73% in December 2021 to 4.41%, while the 10-year Treasury yield rose by a more modest 236 bps, from 1.52% to 3.88%, and the 30-year Treasury yield rose by 207 bps, from 1.90% to 3.97%. As a result, the Treasury yield curve ended 2022 significantly inverted (meaning |

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[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

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| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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| | |
|:---|:---|
|  | that short-term yields were higher than long-term yields), a development historically viewed as a predictor of recession. |
|  | Rising Treasury yields and widening credit spreads weighed on fixed-income market returns for the 12-month period. The investment-grade market, as gauged by the Bloomberg US Aggregate Bond Index, posted a return of -13.01% for the full calendar year. (Credit spreads are commonly defined as the differences in yield between Treasuries and other types of fixed-income securities with similar maturities.) Within the investment-grade market, corporate bonds were the biggest laggards, generating a return of -15.76%, while securitized assets and Treasuries also posted-double-digit losses. Below-investment-grade, US high-yield corporate bonds returned -11.22% for the period, as measured by the ICE BofA US High Yield Index. |
| **Q:** | **What factors influenced the Portfolio's performance relative to the Bloomberg Barclays Index during the 12-month period?** |
| **A:** | The Portfolio's sector allocation results weighed on relative returns for the period. Most notably, the Portfolio's underweight (versus the benchmark) to nominal US Treasuries, and an overweight to credit-sensitive sectors, were key detractors from relative performance. Non-agency MBS and commercial MBS (CMBS) exposures also detracted from relative results, as credit concerns and an imbalance between supply and demand weighed on the agency-MBS sector, while investors' sentiment with respect to CMBS weakened over the period, due to fears of impairment in underlying collateral in the event of a recession. Another detractor from relative performance was the Portfolio's allocation to investment-grade corporate bonds, as credit spreads in the sector widened, driven by rising fears of a recession against a backdrop of tighter financial conditions. |
|  | The negative effects of the Portfolio's benchmark-relative underweight to Treasuries and overweights to both the investment - grade and high-yield credit sectors were offset, to a degree, by holdings of index-based, high-yield credit-default-swap contracts (CDX), which we utilized in an attempt to hedge credit risk in the Portfolio. The CDX positions aided relative performance as credit spreads widened during the 12-month period. |
|  | The Portfolio's below-benchmark (short) stance with respect to duration (and corresponding interest-rate sensitivity) early in the period aided relative performance, as US Treasury yields moved higher over the 12 months. In addition, positioning along the yield curve proved additive to relative returns, as the Portfolio was underweight to securities with longer maturities, which felt the most negative effects of rising interest rates. (Duration is a measure of the sensitivity of the price, or the value of principal, of a fixed-income investment to a change in interest rates, expressed as a number of years.) |
|  | Overall security selection results were a modest, positive contributor to the Portfolio's relative performance for the period. Within agency MBS, an overweight to higher-coupon pools supported relative returns, as higher-coupon MBS have tended to be less sensitive to prepayment risk, and they outperformed over the period as mortgage rates rose and mortgage durations extended for lower-coupon pools. (Prepayment risk is the risk involved with the premature return of principal on a fixed-income security. When principal is returned early, future interest payments will not be paid on that part of the principal.) |

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[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

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| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Portfolio Management Discussion 12/31/22 (continued)

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| | |
|:---|:---|
|  | Finally, within the Portfolio's allocation to investment-grade corporates, positioning within industrials was slightly additive to relative results. |
| **Q:** | **Did the Portfolio have any investments in derivative securities during the 12-month period? If so, did the derivatives have any material impact on performance?** |
| **A:** | Yes, we invested the Portfolio in Treasury futures and in the CDX positions mentioned earlier. We invest in Treasury futures as part of our duration-management strategy for the Portfolio. We believe the use of Treasury futures allows us to express our views on duration and yield-curve positioning in the most efficient manner. We typically have used the CDX positions as part of our efforts to either increase or reduce the Portfolio's exposures to both investment-grade and high-yield securities efficiently, as cash-bond transactions take a little more time to execute, and have a higher liquidity cost. The use of derivatives, we think, may allow the Portfolio to potentially benefit from the performance impact of the targeted asset class, while retaining a better liquidity profile, which may help reduce risk. |
|  | Treasury futures, which we typically utilize to help managed the Portfolio's yield-curve and duration positioning, had a slightly negative effect on relative returns during the 12-month period. The use of CDX, as we noted earlier, aided the Portfolio's relative returns over the 12-month period. |
| **Q:** | **What factors affected the Portfolio's yield, or distributions\* to shareholders, during the 12-month period?** |
| **A:** | Rising Treasury yields and the widening in credit spreads over the 12-month period resulted in an increase in the Portfolio's monthly distribution rate, while having a negative effect on total return due to declining bond prices. |
| **Q:** | **What is your investment outlook and how is the Portfolio positioned?** |
| **A:** | The US macroeconomic situation remains highly unusual, in our view, due to the lingering effects of COVID-19-related changes in consumption, production, and supply chains. As consumption has continued to shift away from goods to services and as supply chains have continued to normalize, manufacturing has slowed overall. Supply-chain disruptions have decreased significantly, but backlogs remain for many products. At the same time, the domestic job market has remained overheated, with job openings far in excess of available workers. Inflation has remained well above the Fed's longer-run goal of 2%, and wage growth has been above levels consistent with that inflation target. The Fed has continued to focus on cooling the labor market to bring wage inflation down, and likely hopes that it can do so without tipping the economy into recession. However, we believe the path to such a "soft landing" for the economy remains extremely narrow. |
|  | We believe clarity on when the Fed will eventually pause its rate-hiking cycle could boost investor demand for US fixed-income assets in general, and provide a tailwind for fixed-income market returns, based on both spread tightening and declining interest rates over the near term. With that said, we still see elevated risk for a possible Fed policy mistake later this year, which could lead to a recession, and so we believe that a strong focus on credit |

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**\*** **Distributions are not guaranteed.** 

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[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

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| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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#### A Word About Risk:
**All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, market disruptions caused by tariffs, trade disputes or other government actions, or adverse investor sentiment. These conditions may continue, recur, worsen or spread.**

*The Portfolio's investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate) or SOFR (Secured Overnight Financing Rate). Plans are underway to phase out the use of LIBOR. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Portfolio, issuers of instruments in which the Portfolio invests, and financial markets generally.*

*The market price of securities may fluctuate when interest rates change. When interest rates rise, the prices of fixed-income securities in the Portfolio will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the Portfolio will generally rise.*

*Investments in the Portfolio are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations.*

*Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Portfolio would experience a decline in income and lose the opportunity for additional price appreciation.*

*Investments in high-yield or lower rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default.*

*The securities issued by U.S. Government-sponsored entities (e.g., FNMA, Freddie Mac) are neither guaranteed nor issued by the U.S. Government.*

*The Portfolio may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to pre-payments.*

---

| |
|:---|
| selection remains critical. As of period-end, we had moved the Portfolio from a relatively neutral-duration stance versus the benchmark to a modest long-duration stance. |
| Within the corporate credit segment, we have continued to favor investments in the financials sector, and banks, in particular, as we feel valuations there are historically dislocated relative to the industrials sector. We have maintained a meaningfully higher credit-quality profile in the Portfolio than we normally have over time (still higher than the benchmark's), due to what we view as poor valuations and the potential for a slowing economy. Finally, we believe conditions are in place for potential outperformance by securitized, credit-sensitive sectors in 2023. |

---

#### Please refer to the Schedule of Investments on pages 8 to 32 for a full listing of Portfolio securities.

#### Past performance is no guarantee of future results.
***Any information in this shareholder report regarding market or economic trends or the factors influencing the Portfolio's historical or future performance are statements of opinion as of the date of this report.***

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 104.4%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Secured Floating Rate Loan Interests — 0.6% of Net Assets\*(a)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals-Diversified — 0.1%** |  |
| 44662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSF11 A5 HoldCo LLC, Term Loan, 7.938% (Term SOFR + 350 bps), 10/15/28 | $43211 |
| 142825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings, Inc., Term B Loan, 8.188% (Term SOFR + 375 bps), 4/20/28 | &nbsp;&nbsp; 135684 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals-Diversified** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $178895 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Composition — 0.0%†** |  |
| 49257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Acquisition LP, First Lien Initial Term Loan, 8.634% (LIBOR + 425 bps), 6/26/25 | $44439 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electronic Composition** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44439 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Enterprise Software & Services — 0.0%†** |  |
| 16685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verint Systems, Inc., Refinancing Term Loan, 6.12% (LIBOR + 200 bps), 6/28/24 | $16612 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Enterprise Software & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16612 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Finance-Leasing Company — 0.0%†** |  |
| 61449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon TLB Borrower 1 (US) LLC, Term B-4 Loan, 5.853% (LIBOR + 150 bps), 2/12/27 | $60754 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Finance-Leasing Company** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $60754 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Wholesale Drug Distribution — 0.1%** |  |
| 69475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens & Minor, Inc., Term B-1 Loan, 8.173% (Term SOFR + 375 bps), 3/29/29 | $69649 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Wholesale Drug Distribution** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $69649 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metal Processors & Fabrication — 0.1%** |  |
| 113563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grinding Media, Inc. (Molycop, Ltd.), First Lien Initial Term Loan, 8.765% (LIBOR + 400 bps), 10/12/28 | $106181 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metal Processors & Fabrication** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $106181 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Physical Practice Management — 0.1%** |  |
| 84199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Team Health Holdings, Inc., Extended Term Loan, 9.573% (Term SOFR + 525 bps), 3/2/27 | $63886 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Physical Practice Management** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $63886 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rental Auto & Equipment — 0.0%†** |  |
| 34650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PECF USS Intermediate Holding III Corp., Initial Term Loan, 8.634% (LIBOR + 425 bps), 12/15/28 | $29016 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rental Auto & Equipment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29016 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail-Restaurants — 0.1%** |  |
| 149418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011778 B.C. Unlimited Liability Co., Term B-4 Loan, 6.165% (LIBOR + 175 bps), 11/19/26 | $147036 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail-Restaurants** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $147036 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schools — 0.1%** |  |
| 105380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KUEHG Corp. (fka KC MergerSub, Inc.), Term B-3 Loan, 8.48% (LIBOR + 375 bps), 2/21/25 | $101478 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Schools** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $101478 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telephone-Integrated — 0.0%†** |  |
| 52283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., Tranche B 2027 Term Loan, 6.134% (LIBOR + 175 bps), 3/1/27 | $50240 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telephone-Integrated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50240 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Floating Rate Loan Interests<br> (Cost $920,734)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $868186 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — 6.5% of Net Assets** |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class D, 7.25%, 5/21/29 (144A) | $296066 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2021-FL3, Class C, 6.168% (1 Month USD LIBOR + 185 bps), 8/15/34 (144A) | &nbsp;&nbsp; 225634 |
| 300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2021-FL4, Class D, 7.218% (1 Month USD LIBOR + 290 bps), 11/15/36 (144A) | &nbsp;&nbsp; 271449 |

---

#### 8
The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 395,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2022-FL1, Class C, 6.107% (SOFR30A + 230 bps), 1/15/37 (144A) | $368096 |
| 350,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2022-FL2, Class C, 7.786% (1 Month Term SOFR + 345 bps), 5/15/37 (144A) | &nbsp;&nbsp; 333296 |
| 212939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackbird Capital Aircraft, Series 2021-1A, Class A, 2.443%, 7/15/46 (144A) | &nbsp;&nbsp; 174685 |
| 170,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BSPRT Issuer, Ltd., Series 2022-FL8, Class C, 6.107% (SOFR30A + 230 bps), 2/15/37 (144A) | &nbsp;&nbsp; 159697 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO, Ltd., Series 2019-4A, Class CR, 7.064% (3 Month Term SOFR + 320 bps), 4/15/35 (144A) | &nbsp;&nbsp; 228496 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Equipment Finance LLC, Series 2021-A, Class C, 3.55%, 12/15/28 (144A) | &nbsp;&nbsp; 186142 |
| 100596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Credit Card ABS LLC, Series 2019-1A, Class A, 3.83%, 8/15/26 (144A) | &nbsp;&nbsp; 99720 |
| 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, Series 2022-A, Class A, 6.19%, 10/15/30 (144A) | &nbsp;&nbsp; 358911 |
| 192650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreVest American Finance Trust, Series 2020-3, Class A, 1.358%, 8/15/53 (144A) | &nbsp;&nbsp; 169899 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DataBank Issuer, Series 2021-1A, Class B, 2.65%, 2/27/51 (144A) | &nbsp;&nbsp; 85574 |
| 291750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.668%, 10/25/49 (144A) | &nbsp;&nbsp; 252025 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drive Auto Receivables Trust, Series 2020-2, Class D, 3.05%, 5/15/28 | &nbsp;&nbsp; 48933 |
| 18,086(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifirst Mortgage Loan Trust, Series 2003-1, Class IF1, 4.01%, 12/25/32 | &nbsp;&nbsp; 16427 |
| 5742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FCI Funding LLC, Series 2019-1A, Class A, 3.63%, 2/18/31 (144A) | &nbsp;&nbsp; 5736 |
| 400,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance of America HECM Buyout, Series 2022-HB1, Class M3, 5.084%, 2/25/32 (144A) | &nbsp;&nbsp; 371977 |
| 343580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance of America Structured Securities Trust, Series 2022-S1, Class A1, 2.00%, 2/25/52 | &nbsp;&nbsp; 312763 |
| 321658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance of America Structured Securities Trust, Series 2022-S1, Class A2, 3.00%, 2/25/52 | &nbsp;&nbsp; 284064 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundation Finance Trust, Series 2019-1A, Class B, 4.22%, 11/15/34 (144A) | &nbsp;&nbsp; 238454 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldentree Loan Management US CLO 6, Ltd., Series 2019-6A, Class DR, 7.063% (3 Month Term SOFR + 310 bps), 4/20/35 (144A) | &nbsp;&nbsp; 218773 |
| 125,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HGI CRE CLO, Ltd., Series 2021-FL2, Class C, 6.126% (1 Month USD LIBOR + 180 bps), 9/17/36 (144A) | &nbsp;&nbsp; 117331 |
| 197500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOA Funding LLC - HOA, Series 2021-1A, Class A2, 4.723%, 8/20/51 (144A) | &nbsp;&nbsp; 147581 |
| 80947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Partners of America Trust, Series 2019-1, Class D, 3.406%, 9/17/39 (144A) | &nbsp;&nbsp; 69609 |
| 18515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Brand Holdings LLC, Series 2013-1A, Class A2, 4.352%, 1/25/43 (144A) | &nbsp;&nbsp; 5555 |
| 195597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JG Wentworth XLIII LLC, Series 2019-1A, Class A, 3.82%, 8/17/71 (144A) | &nbsp;&nbsp; 165040 |
| 10416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JG Wentworth XXII LLC, Series 2010-3A, Class A, 3.82%, 12/15/48 (144A) | &nbsp;&nbsp; 10135 |
| 456090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Libra Solutions LLC, Series 2022-2A, Class B, 8.85%, 10/15/34 (144A) | &nbsp;&nbsp; 450215 |
| 48126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marlette Funding Trust, Series 2019-2A, Class C, 4.11%, 7/16/29 (144A) | &nbsp;&nbsp; 47763 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.54%, 3/20/26 (144A) | &nbsp;&nbsp; 95406 |
| 350,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF1, Ltd., Series 2021-FL7, Class D, 6.889% (1 Month USD LIBOR + 255 bps), 10/16/36 (144A) | &nbsp;&nbsp; 325110 |
| 79546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust, Series 2019-2A, Class A, 2.88%, 9/20/40 (144A) | &nbsp;&nbsp; 68328 |
| 57961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MVW LLC, Series 2020-1A, Class C, 4.21%, 10/20/37 (144A) | &nbsp;&nbsp; 54199 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nelnet Student Loan Trust, Series 2021-A, Class B1, 2.85%, 4/20/62 (144A) | &nbsp;&nbsp; 158943 |
| 32,990(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newtek Small Business Loan Trust, Series 2017-1, Class A, 6.389% (1 Month USD LIBOR + 200 bps), 2/25/43 (144A) | &nbsp;&nbsp; 32872 |
| 83066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2019-A, Class C, 3.30%, 8/17/26 (144A) | &nbsp;&nbsp; 82505 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2021-A, Class C, 2.58%, 12/15/27 (144A) | &nbsp;&nbsp; 94473 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square Loan Funding, Ltd., Series 2022-1A, Class C, 6.464% (3 Month Term SOFR + 260 bps), 4/15/30 (144A) | &nbsp;&nbsp; 238086 |
| 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Finance Issuance Trust, Series 2021-A, Class A, 2.30%, 12/22/31 (144A) | &nbsp;&nbsp; 250850 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Finance Issuance Trust, Series 2021-A, Class C, 3.53%, 12/22/31 (144A) | &nbsp;&nbsp; 86871 |
| 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Tower Trust, 3.869%, 10/15/49 (144A) | &nbsp;&nbsp; 224540 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCF Equipment Leasing LLC, Series 2019-2A, Class C, 3.11%, 6/21/27 (144A) | &nbsp;&nbsp; 188870 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO XXVIII, Ltd., Series 2020-3A, Class D, 8.008% (3 Month USD LIBOR + 365 bps), 1/25/32 (144A) | &nbsp;&nbsp; 227614 |
| 155332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SpringCastle America Funding LLC, Series 2020-AA, Class A, 1.97%, 9/25/37 (144A) | &nbsp;&nbsp; 140075 |
| 350,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STWD, Ltd., Series 2022-FL3, Class B, 5.757% (SOFR30A + 195 bps), 11/15/38 (144A) | &nbsp;&nbsp; 330364 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricolor Auto Securitization Trust, Series 2021-1A, Class D, 1.92%, 5/15/26 (144A) | &nbsp;&nbsp; 97367 |

---

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

#### 9

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — (continued)** |  |
| 308007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricon American Homes Trust, Series 2019-SFR1, Class A, 2.75%, 3/17/38 (144A) | $282182 |
| 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricon American Homes Trust, Series 2020-SFR2, Class E1, 2.73%, 11/17/39 (144A) | &nbsp;&nbsp; 147212 |
| 65757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welk Resorts LLC, Series 2019-AA, Class D, 4.03%, 6/15/38 (144A) | &nbsp;&nbsp; 63257 |
| 375228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2022-1A, Class C, 2.488%, 8/20/36 (144A) | &nbsp;&nbsp; 352216 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities<br> (Cost $10,078,345)** | &nbsp;&nbsp;&nbsp; $9261386 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage Obligations—12.3% of Net Assets** |  |
| 145,374(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ajax Mortgage Loan Trust, Series 2021-A, Class A1, 1.065%, 9/25/65 (144A) | $126730 |
| 421,771(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview MSR Opportunity Master Fund Trust, Series 2021-2, Class A2, 2.50%, 6/25/51 (144A) | &nbsp;&nbsp; 338554 |
| 42,142(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2018-3A, Class M1B, 6.239% (1 Month USD LIBOR + 185 bps), 10/25/28 (144A) | &nbsp;&nbsp; 42108 |
| 180,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2018-3A, Class M2, 7.139% (1 Month USD LIBOR + 275 bps), 10/25/28 (144A) | &nbsp;&nbsp; 178385 |
| 6,270(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2019-1A, Class M1B, 6.139% (1 Month USD LIBOR + 175 bps), 3/25/29 (144A) | &nbsp;&nbsp; 6267 |
| 150,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2019-1A, Class M2, 7.089% (1 Month USD LIBOR + 270 bps), 3/25/29 (144A) | &nbsp;&nbsp; 148862 |
| 181,890(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2020-3A, Class M1C, 8.089% (1 Month USD LIBOR + 370 bps), 10/25/30 (144A) | &nbsp;&nbsp; 182982 |
| 150,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2020-3A, Class M2, 9.239% (1 Month USD LIBOR + 485 bps), 10/25/30 (144A) | &nbsp;&nbsp; 147027 |
| 94,758(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2020-4A, Class M2B, 7.989% (1 Month USD LIBOR + 360 bps), 6/25/30 (144A) | &nbsp;&nbsp; 94664 |
| 170,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellemeade Re, Ltd., Series 2021-3A, Class M2, 7.078% (SOFR30A + 315 bps), 9/25/31 (144A) | &nbsp;&nbsp; 145671 |
| 450,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BINOM Securitization Trust, Series 2022-RPL1, Class M2, 3.00%, 2/25/61 (144A) | &nbsp;&nbsp; 303148 |
| 100,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunker Hill Loan Depositary Trust, Series 2020-1, Class A3, 3.253%, 2/25/55 (144A) | &nbsp;&nbsp; 89763 |
| 200,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cascade Funding Mortgage Trust, Series 2021-HB6, Class M3, 3.735%, 6/25/36 (144A) | &nbsp;&nbsp; 180343 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cascade MH Asset Trust, Series 2021-MH1, Class M1, 2.992%, 2/25/46 (144A) | &nbsp;&nbsp; 143853 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cascade MH Asset Trust, Series 2021-MH1, Class M2, 3.693%, 2/25/46 (144A) | &nbsp;&nbsp; 73645 |
| 300,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2021-HB5, Class M3, 2.91%, 2/25/31 (144A) | &nbsp;&nbsp; 276621 |
| 125,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFMT LLC, Series 2022-HB9, Class M3, 3.25%, 9/25/37 (144A) | &nbsp;&nbsp; 96910 |
| 180,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIM Trust, Series 2020-R2, Class M3, 3.00%, 10/25/59 (144A) | &nbsp;&nbsp; 130293 |
| 238,692(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIM Trust, Series 2021-J1, Class B1, 2.658%, 3/25/51 (144A) | &nbsp;&nbsp; 177171 |
| 400,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Series 2018-RP3, Class M3, 3.25%, 3/25/61 (144A) | &nbsp;&nbsp; 318597 |
| 96,187(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Series 2021-INV1, Class B1W, 2.707%, 5/25/51 (144A) | &nbsp;&nbsp; 71444 |
| 38,843(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2019-R01, Class 2M2, 6.839% (1 Month USD LIBOR + 245 bps), 7/25/31 (144A) | &nbsp;&nbsp; 38745 |
| 6,149(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2019-R03, Class 1M2, 6.539% (1 Month USD LIBOR + 215 bps), 9/25/31 (144A) | &nbsp;&nbsp; 6134 |
| 3,243(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2019-R06, Class 2M2, 6.489% (1 Month USD LIBOR + 210 bps), 9/25/39 (144A) | &nbsp;&nbsp; 3239 |
| 25,312(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2019-R07, Class 1M2, 6.489% (1 Month USD LIBOR + 210 bps), 10/25/39 (144A) | &nbsp;&nbsp; 25249 |
| 34,511(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2020-R02, Class 2M2, 6.389% (1 Month USD LIBOR + 200 bps), 1/25/40 (144A) | &nbsp;&nbsp; 33990 |
| 390,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R02, Class 2M2, 6.928% (SOFR30A + 300 bps), 1/25/42 (144A) | &nbsp;&nbsp; 367470 |
| 200,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSMC Trust, Series 2021-RPL2, Class M1, 2.75%, 1/25/60 (144A) | &nbsp;&nbsp; 141872 |
| 150,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSMC Trust, Series 2021-RPL2, Class M2, 3.25%, 1/25/60 (144A) | &nbsp;&nbsp; 104256 |
| 65,384(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Re, Ltd., Series 2018-1, Class M1, 6.089% (1 Month USD LIBOR + 170 bps), 11/25/28 (144A) | &nbsp;&nbsp; 65170 |
| 228,595(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Re, Ltd., Series 2019-1, Class M1B, 6.189% (1 Month USD LIBOR + 180 bps), 4/25/29 (144A) | &nbsp;&nbsp; 223771 |

---

#### 10

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

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage Obligations—(continued)** |  |
| 13307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 2944, Class OH, 5.50%, 3/15/35 | $13542 |
| 191,805(a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 4091, Class SH, 2.232% (1 Month USD LIBOR + 655 bps), 8/15/42 | &nbsp;&nbsp; 22102 |
| 90,138(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 4999, Class QI, 4.00%, 5/25/50 | &nbsp;&nbsp; 17261 |
| 191,187(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 5018, Class EI, 4.00%, 10/25/50 | &nbsp;&nbsp; 38599 |
| 119,528(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 5067, Class GI, 4.00%, 12/25/50 | &nbsp;&nbsp; 23251 |
| 1158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2009-36, Class HX, 4.50%, 6/25/29 | &nbsp;&nbsp; 1140 |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2013-61, Class BY, 3.00%, 6/25/43 | &nbsp;&nbsp; 454936 |
| 82,659(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2020-83, Class EI, 4.00%, 11/25/50 | &nbsp;&nbsp; 16933 |
| 223,228(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2020-DNA3, Class B1, 9.489% (1 Month USD LIBOR + 510 bps), 6/25/50 (144A) | &nbsp;&nbsp; 232564 |
| 272,615(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2020-DNA4, Class B1, 10.389% (1 Month USD LIBOR + 600 bps), 8/25/50 (144A) | &nbsp;&nbsp; 289847 |
| 86,689(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2020-DNA5, Class M2, 6.728% (SOFR30A + 280 bps), 10/25/50 (144A) | &nbsp;&nbsp; 87371 |
| 315,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2022-DNA2, Class M2, 7.678% (SOFR30A + 375 bps), 2/25/42 (144A) | &nbsp;&nbsp; 296240 |
| 170,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2022-DNA3, Class M1B, 6.828% (SOFR30A + 290 bps), 4/25/42 (144A) | &nbsp;&nbsp; 167983 |
| 55,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2022-HQA1, Class M1B, 7.428% (SOFR30A + 350 bps), 3/25/42 (144A) | &nbsp;&nbsp; 54535 |
| 67,806(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FWD Securitization Trust, Series 2019-INV1, Class A1, 2.81%, 6/25/49 (144A) | &nbsp;&nbsp; 62288 |
| 1407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2005-61, Class UZ, 5.25%, 8/16/35 | &nbsp;&nbsp; 1404 |
| 860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2012-130, Class PA, 3.00%, 4/20/41 | &nbsp;&nbsp; 852 |
| 461,869(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2019-159, Class CI, 3.50%, 12/20/49 | &nbsp;&nbsp; 80815 |
| 418,197(a)(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2020-9, Class SA, 3.35% (1 Month USD LIBOR + 335 bps), 1/20/50 | &nbsp;&nbsp; 7699 |
| 104,734(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Series 2021-PJ1, Class B3, 2.754%, 6/25/51 (144A) | &nbsp;&nbsp; 67071 |
| 165,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ4, Class A33, 3.00%, 9/25/52 (144A) | &nbsp;&nbsp; 116231 |
| 88,687(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class A3, 2.352%, 9/27/60 (144A) | &nbsp;&nbsp; 78050 |
| 391,381(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2021-GR3, Class B2, 3.39%, 4/25/52 (144A) | &nbsp;&nbsp; 280271 |
| 336,621(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2022-PJ1, Class A4, 2.50%, 5/28/52 (144A) | &nbsp;&nbsp; 257160 |
| 68,968(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Re, Ltd., Series 2019-1, Class M1, 6.039% (1 Month USD LIBOR + 165 bps), 5/25/29 (144A) | &nbsp;&nbsp; 67912 |
| 55,990(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Re, Ltd., Series 2020-1, Class M1C, 8.539% (1 Month USD LIBOR + 415 bps), 10/25/30 (144A) | &nbsp;&nbsp; 56009 |
| 150,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Re, Ltd., Series 2020-1, Class M2, 9.639% (1 Month USD LIBOR + 525 bps), 10/25/30 (144A) | &nbsp;&nbsp; 151282 |
| 150,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Re, Ltd., Series 2021-1, Class M2, 7.239% (1 Month USD LIBOR + 285 bps), 7/25/33 (144A) | &nbsp;&nbsp; 139863 |
| 130,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Homeward Opportunities Fund I Trust, Series 2020-2, Class A3, 3.196%, 5/25/65 (144A) | &nbsp;&nbsp; 115790 |
| 100,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Homeward Opportunities Fund I Trust, Series 2020-2, Class M1, 3.897%, 5/25/65 (144A) | &nbsp;&nbsp; 85594 |
| 167,590(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hundred Acre Wood Trust, Series 2021-INV1, Class B1, 3.227%, 7/25/51 (144A) | &nbsp;&nbsp; 123342 |
| 463,007(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hundred Acre Wood Trust, Series 2021-INV3, Class A3, 2.50%, 10/25/51 (144A) | &nbsp;&nbsp; 371653 |
| 100,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Series 2021-NQM2, Class B1, 3.295%, 9/25/56 (144A) | &nbsp;&nbsp; 53280 |
| 100,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Imperial Fund Mortgage Trust, Series 2021-NQM2, Class M1, 2.489%, 9/25/56 (144A) | &nbsp;&nbsp; 53983 |
| 443727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMS Ecuadorian Mortgage Trust, Series 2021-1, Class GA, 3.40%, 8/18/43 (144A) | &nbsp;&nbsp; 410447 |
| 238,084(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2019-HYB1, Class B3, 4.184%, 10/25/49 (144A) | &nbsp;&nbsp; 215737 |
| 146,120(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2021-12, Class B1, 3.167%, 2/25/52 (144A) | &nbsp;&nbsp; 111613 |
| 131,694(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2021-13, Class B1, 3.143%, 4/25/52 (144A) | &nbsp;&nbsp; 101482 |
| 469,093(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2021-7, Class A3, 2.50%, 11/25/51 (144A) | &nbsp;&nbsp; 376844 |
| 105,858(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2021-INV1, Class B1, 2.986%, 10/25/51 (144A) | &nbsp;&nbsp; 78614 |
| 192,469(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2021-INV1, Class B2, 2.986%, 10/25/51 (144A) | &nbsp;&nbsp; 135173 |
| 433,882(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2021-INV2, Class A2, 2.50%, 12/25/51 (144A) | &nbsp;&nbsp; 348292 |
| 236,080(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2022-3, Class B2, 3.116%, 8/25/52 (144A) | &nbsp;&nbsp; 168521 |

---

#### 11

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage Obligations—(continued)** |  |
| 215,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2022-4, Class A5, 3.00%, 10/25/52 (144A) | $151292 |
| 123,130(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2022-6, Class B2, 3.309%, 11/25/52 (144A) | &nbsp;&nbsp; 85955 |
| 196,164(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2022-INV1, Class B2, 3.298%, 3/25/52 (144A) | &nbsp;&nbsp; 140544 |
| 275,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2022-LTV1, Class M1, 3.525%, 7/25/52 (144A) | &nbsp;&nbsp; 169043 |
| 15,372(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La Hipotecaria Panamanian Mortgage Trust, Series 2010-1GA, Class A, 2.75% (Panamanian Mortgage Reference Rate - 300 bps), 9/8/39 (144A) | &nbsp;&nbsp; 14603 |
| 162,694(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSTAR Securities Investment, Ltd., Series 2019-3, Class A1, 7.869% (1 Month USD LIBOR + 350 bps), 4/1/24 (144A) | &nbsp;&nbsp; 161606 |
| 441,142(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mello Mortgage Capital Acceptance, Series 2021-INV2, Class A15, 2.50%, 8/25/51 (144A) | &nbsp;&nbsp; 337008 |
| 288,493(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mello Mortgage Capital Acceptance, Series 2021-MTG2, Class B1, 2.669%, 6/25/51 (144A) | &nbsp;&nbsp; 205641 |
| 196,330(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mello Mortgage Capital Acceptance, Series 2022-INV1, Class B1, 3.324%, 3/25/52 (144A) | &nbsp;&nbsp; 147640 |
| 86,115(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFA Trust, Series 2020-NQM1, Class A3, 2.30%, 8/25/49 (144A) | &nbsp;&nbsp; 79196 |
| 400,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mill City Mortgage Loan Trust, Series 2019-GS2, Class M3, 3.25%, 8/25/59 (144A) | &nbsp;&nbsp; 310629 |
| 344,542(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mortgage Loan Trust, Series 2021-1, Class B2, 2.95%, 3/25/51 (144A) | &nbsp;&nbsp; 251668 |
| 72,556(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Series 2019-NQM4, Class A1, 2.492%, 9/25/59 (144A) | &nbsp;&nbsp; 65367 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NYMT Loan Trust, Series 2022-CP1, Class M1, 3.215%, 7/25/61 (144A) | &nbsp;&nbsp; 164847 |
| 11,608(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktown Re V, Ltd., Series 2020-2A, Class M1B, 7.989% (1 Month USD LIBOR + 360 bps), 10/25/30 (144A) | &nbsp;&nbsp; 11613 |
| 150,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktown Re V, Ltd., Series 2020-2A, Class M2, 9.639% (1 Month USD LIBOR + 525 bps), 10/25/30 (144A) | &nbsp;&nbsp; 149408 |
| 144,395(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onslow Bay Mortgage Loan Trust, Series 2022-INV4, Class A2, 3.00%, 6/25/52 (144A) | &nbsp;&nbsp; 120350 |
| 335,131(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRMI Securitization Trust, Series 2021-1, Class B1, 2.479%, 4/25/51 (144A) | &nbsp;&nbsp; 235345 |
| 192,674(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust, Series 2021-J1, Class B1, 2.638%, 10/25/51 (144A) | &nbsp;&nbsp; 142160 |
| 197,944(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2019-1, Class M1B, 6.339% (1 Month USD LIBOR + 195 bps), 2/25/29 (144A) | &nbsp;&nbsp; 195671 |
| 370,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radnor Re, Ltd., Series 2020-1, Class M1C, 6.139% (1 Month USD LIBOR + 175 bps), 1/25/30 (144A) | &nbsp;&nbsp; 361768 |
| 341,019(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Series 2021-HB1, Class B2, 2.706%, 12/25/51 (144A) | &nbsp;&nbsp; 237978 |
| 145,391(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Series 2021-J3, Class B2, 2.714%, 10/25/51 (144A) | &nbsp;&nbsp; 98220 |
| 385,565(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Series 2021-2, Class B1A, 2.564%, 6/25/51 (144A) | &nbsp;&nbsp; 274832 |
| 329,789(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Series 2021-3, Class A25, 2.50%, 7/25/51 (144A) | &nbsp;&nbsp; 251941 |
| 340,120(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Series 2021-4, Class B1A, 3.008%, 9/25/51 (144A) | &nbsp;&nbsp; 252965 |
| 400,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Series 2022-3, Class A17, 3.00%, 5/25/52 (144A) | &nbsp;&nbsp; 280735 |
| 173,377(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Series 2022-3, Class B1A, 3.19%, 5/25/52 (144A) | &nbsp;&nbsp; 129125 |
| 73,781(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75%, 10/25/63 (144A) | &nbsp;&nbsp; 67745 |
| 208,751(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMF Proprietary Issuance Trust, Series 2021-2, Class A, 2.125%, 9/25/61 (144A) | &nbsp;&nbsp; 166249 |
| 125,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saluda Grade Alternative Mortgage Trust, Series 2022-SEQ2, Class A3, 4.50%, 2/25/52 (144A) | &nbsp;&nbsp; 116577 |
| 5,936(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Series 2018-CH3, Class A1, 4.50%, 8/25/48 (144A) | &nbsp;&nbsp; 5775 |
| 150,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Series 2022-1, Class A7, 2.50%, 2/25/52 (144A) | &nbsp;&nbsp; 99606 |
| 380,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STACR Trust, Series 2018-HRP2, Class B1, 8.589% (1 Month USD LIBOR + 420 bps), 2/25/47 (144A) | &nbsp;&nbsp; 379158 |
| 348,634(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STACR Trust, Series 2018-HRP2, Class M3, 6.789% (1 Month USD LIBOR + 240 bps), 2/25/47 (144A) | &nbsp;&nbsp; 338982 |
| 375,104(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2021-R1, Class A1, 2.918%, 11/30/60 (144A) | &nbsp;&nbsp; 300918 |
| 92,014(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triangle Re, Ltd., Series 2020-1, Class M2, 9.989% (1 Month USD LIBOR + 560 bps), 10/25/30 (144A) | &nbsp;&nbsp; 92192 |
| 64,559(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triangle Re, Ltd., Series 2021-1, Class M1C, 7.789% (1 Month USD LIBOR + 340 bps), 8/25/33 (144A) | &nbsp;&nbsp; 64558 |
| 171,488(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UWM Mortgage Trust, Series 2021-INV5, Class B1, 3.242%, 1/25/52 (144A) | &nbsp;&nbsp; 130682 |
| 146,532(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visio Trust, Series 2019-2, Class A1, 2.722%, 11/25/54 (144A) | &nbsp;&nbsp; 135877 |
| 100,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Series 2022-2, Class A5, 3.00%, 12/25/51 (144A) | &nbsp;&nbsp; 70500 |
| 345,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Series 2022-2, Class A6, 2.50%, 12/25/51 (144A) | &nbsp;&nbsp; 230635 |
| 296,390(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Series 2022-INV1, Class B2, 3.442%, 3/25/52 (144A) | &nbsp;&nbsp; 211763 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations<br> (Cost $21,005,157)** | $17554877 |

---

#### 12

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

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed Securities—6.9% of Net Assets** |  |
| 150,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AREIT Trust, Series 2022-CRE6, Class D, 6.676% (SOFR30A + 285 bps), 1/16/37 (144A) | $137254 |
| 145,500(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview Commercial Asset Trust, Series 2007-2A, Class IO, 0.000%, 7/25/37 (144A) | &nbsp;&nbsp;&nbsp; — |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beast Mortgage Trust, Series 2021-1818, Class A, 5.368% (1 Month USD LIBOR + 105 bps), 3/15/36 (144A) | &nbsp;&nbsp; 235237 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2018-B5, Class A3, 3.944%, 7/15/51 | &nbsp;&nbsp; 117077 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2018-B8, Class A4, 3.963%, 1/15/52 | &nbsp;&nbsp; 236763 |
| 200,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2020-IG3, Class B, 3.29%, 9/15/48 (144A) | &nbsp;&nbsp; 154065 |
| 100,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2022-B34, Class AM, 3.833%, 4/15/55 | &nbsp;&nbsp; 85555 |
| 500,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-VIV5, Class A, 2.843%, 3/9/44 (144A) | &nbsp;&nbsp; 398967 |
| 300,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-VOLT, Class F, 6.718% (1 Month USD LIBOR + 240 bps), 9/15/36 (144A) | &nbsp;&nbsp; 276001 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2019-OC11, Class A, 3.202%, 12/9/41 (144A) | &nbsp;&nbsp; 334630 |
| 800,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-ARIA, Class D, 6.213% (1 Month USD LIBOR + 190 bps), 10/15/36 (144A) | &nbsp;&nbsp; 739813 |
| 80,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCUBS Commercial Mortgage Trust, Series 2017-C1, Class AS, 3.907%, 11/15/50 | &nbsp;&nbsp; 71391 |
| 148,876(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHC Commercial Mortgage Trust, Series 2019-CHC, Class D, 6.368% (1 Month USD LIBOR + 205 bps), 6/15/34 (144A) | &nbsp;&nbsp; 136792 |
| 250,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class B, 4.345%, 10/10/47 | &nbsp;&nbsp; 235290 |
| 125,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class B, 4.573%, 9/10/58 | &nbsp;&nbsp; 115229 |
| 100,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Series 2018-B2, Class AS, 4.179%, 3/10/51 | &nbsp;&nbsp; 90996 |
| 241879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Series 2018-C5, Class A3, 3.963%, 6/10/51 | &nbsp;&nbsp; 225021 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class A5, 2.717%, 2/15/53 | &nbsp;&nbsp; 422055 |
| 1,740,918(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series 2014-CR18, Class XA, 0.985%, 7/15/47 | &nbsp;&nbsp; 19511 |
| 175,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series 2015-DC1, Class B, 4.035%, 2/10/48 | &nbsp;&nbsp; 161590 |
| 178933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series 2016-CR28, Class AHR, 3.651%, 2/10/49 | &nbsp;&nbsp; 168090 |
| 225,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Credit Risk, Series 2021-MN3, Class M2, 7.928% (SOFR30A + 400 bps), 11/25/51 (144A) | &nbsp;&nbsp; 197477 |
| 150,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2017-KW03, Class B, 4.074%, 7/25/27 (144A) | &nbsp;&nbsp; 138098 |
| 136,857(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2018-KSW4, Class B, 6.592% (1 Month USD LIBOR + 245 bps), 10/25/28 | &nbsp;&nbsp; 128746 |
| 100,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2019-K88, Class C, 4.383%, 2/25/52 (144A) | &nbsp;&nbsp; 88692 |
| 134,133(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2019-KF64, Class B, 6.442% (1 Month USD LIBOR + 230 bps), 6/25/26 (144A) | &nbsp;&nbsp; 130450 |
| 254,290(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2019-KF66, Class B, 6.542% (1 Month USD LIBOR + 240 bps), 7/25/29 (144A) | &nbsp;&nbsp; 243272 |
| 122,361(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRESB Mortgage Trust, Series 2018-SB52, Class A7F, 3.39%, 6/25/25 | &nbsp;&nbsp; 117516 |
| 669,806(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2017-21, Class IO, 0.633%, 10/16/58 | &nbsp;&nbsp; 23812 |
| 250,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corportation Trust, Series 2021-IP, Class D, 6.418% (1 Month USD LIBOR + 210 bps), 10/15/36 (144A) | &nbsp;&nbsp; 228248 |
| 323000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ILPT Trust, Series 2019-SURF, Class A, 4.145%, 2/11/41 (144A) | &nbsp;&nbsp; 291227 |
| 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class AS, 3.144%, 8/15/49 | &nbsp;&nbsp; 148085 |
| 200,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-BCON, Class C, 3.756%, 1/5/31 (144A) | &nbsp;&nbsp; 199694 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class AFX, 4.248%, 7/5/33 (144A) | &nbsp;&nbsp; 233526 |
| 150,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class B, 3.99%, 6/15/49 | &nbsp;&nbsp; 124446 |
| 100,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class D, 3.068%, 12/15/49 (144A) | &nbsp;&nbsp; 71171 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMDB Commercial Mortgage Securities Trust, Series 2018-C8, Class A4, 4.211%, 6/15/51 | &nbsp;&nbsp; 236061 |
| 1,600,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMDB Commercial Mortgage Securities Trust, Series 2018-C8, Class XB, 0.147%, 6/15/51 | &nbsp;&nbsp; 8769 |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Commercial Mortgage Securities Trust, Series 2019-S2, Class A3, 3.469%, 6/15/52 (144A) | &nbsp;&nbsp; 201580 |
| 500,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Med Trust, Series 2021-MDLN, Class E, 7.468% (1 Month USD LIBOR + 315 bps), 11/15/38 (144A) | &nbsp;&nbsp; 463642 |
| 185,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Med Trust, Series 2021-MDLN, Class F, 8.318% (1 Month USD LIBOR + 400 bps), 11/15/38 (144A) | &nbsp;&nbsp; 170157 |
| 60,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C21, Class C, 4.129%, 3/15/48 | &nbsp;&nbsp; 50006 |

---

#### 13

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed Securities—(continued)** |  |
| 250,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series 2018-MP, Class A, 4.276%, 7/11/40 (144A) | $217832 |
| 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palisades Center Trust, Series 2016-PLSD, Class A, 2.713%, 4/13/33 (144A) | &nbsp;&nbsp; 55675 |
| 225,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class D, 7.339% (1 Month USD LIBOR + 295 bps), 11/25/36 (144A) | &nbsp;&nbsp; 205956 |
| 210,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Financing LLC, Series 2022-FL8, Class D, 7.644% (SOFR30A + 370 bps), 1/25/37 (144A) | &nbsp;&nbsp; 198083 |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLG Office Trust, Series 2021-OVA, Class E, 2.851%, 7/15/41 (144A) | &nbsp;&nbsp; 383108 |
| 615,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class B, 7.268% (1 Month Term SOFR + 293 bps), 5/15/37 (144A) | &nbsp;&nbsp; 590717 |
| 222043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series 2016-C32, Class A3, 3.294%, 1/15/59 | &nbsp;&nbsp; 208671 |
| 135,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust, Series 2018-C43, Class A4, 4.012%, 3/15/51 | &nbsp;&nbsp; 127063 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities<br> (Cost $11,255,622)** | &nbsp;&nbsp;&nbsp; $9843107 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds — 29.0% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising — 0.3%** |  |
| 407000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc., 4.75%, 3/30/30 | $383963 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $383963 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.7%** |  |
| 774000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co., 3.75%, 2/1/50 | $531397 |
| 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co., 3.90%, 5/1/49 | &nbsp;&nbsp; 337039 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co., 5.805%, 5/1/50 | &nbsp;&nbsp; 115897 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $984333 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.4%** |  |
| 210728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Canada 2017-1 Class AA Pass Through Trust, 3.30%, 1/15/30 (144A) | $179893 |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines 2021-1 Class B Pass Through Trust, 3.95%, 7/11/30 | &nbsp;&nbsp; 35705 |
| 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, 10/20/28 (144A) | &nbsp;&nbsp; 79898 |
| 140272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JetBlue 2019-1 Class AA Pass Through Trust, 2.75%, 5/15/32 | &nbsp;&nbsp; 115070 |
| 53017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JetBlue 2020-1 Class A Pass Through Trust, 4.00%, 11/15/32 | &nbsp;&nbsp; 47135 |
| 73914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines 2020-1 Class B Pass Through Trust, 4.875%, 1/15/26 | &nbsp;&nbsp; 70321 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines, Inc., 4.375%, 4/15/26 (144A) | &nbsp;&nbsp; 46346 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines, Inc., 4.625%, 4/15/29 (144A) | &nbsp;&nbsp; 43535 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $617903 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — 0.3%** |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co., 6.10%, 8/19/32 | $115420 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC, 3.625%, 6/17/31 | &nbsp;&nbsp; 157111 |
| 216000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Co., 6.60%, 4/1/36 | &nbsp;&nbsp; 211550 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Manufacturers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $484081 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 10.0%** |  |
| 600,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABN AMRO Bank NV, 2.47% (1 Year CMT Index + 110 bps), 12/13/29 (144A) | $485177 |
| 200,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABN AMRO Bank NV, 3.324% (5 Year CMT Index + 190 bps), 3/13/37 (144A) | &nbsp;&nbsp; 144587 |
| 535,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIB Group Plc, 4.263% (3 Month USD LIBOR + 187 bps), 4/10/25 (144A) | &nbsp;&nbsp; 516175 |
| 200,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANZ Bank New Zealand, Ltd., 5.548% (5 Year CMT Index + 300 bps), 8/11/32 (144A) | &nbsp;&nbsp; 194172 |
| 318000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander Chile, 2.70%, 1/10/25 (144A) | &nbsp;&nbsp; 301657 |
| 200,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA, 1.722% (1 Year CMT Index + 90 bps), 9/14/27 | &nbsp;&nbsp; 170833 |
| 600,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA, 3.225% (1 Year CMT Index + 160 bps), 11/22/32 | &nbsp;&nbsp; 453064 |
| 375,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 2.572% (SOFR + 121 bps), 10/20/32 | &nbsp;&nbsp; 293701 |
| 663,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 2.884% (3 Month USD LIBOR + 119 bps), 10/22/30 | &nbsp;&nbsp; 554649 |

---

#### 14

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

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — (continued)** |  |
| 150,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp., 5.834% (SOFR + 207 bps), 10/25/33 | $155489 |
| 590,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia, 4.588% (5 Year CMT Index + 205 bps), 5/4/37 | &nbsp;&nbsp; 503479 |
| 440,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 5.746% (5 Year CMT Index + 300 bps), 8/9/33 | &nbsp;&nbsp; 415651 |
| 255,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA, 2.159% (SOFR + 122 bps), 9/15/29 (144A) | &nbsp;&nbsp; 207881 |
| 390,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE SA, 3.116% (SOFR + 173 bps), 10/19/32 (144A) | &nbsp;&nbsp; 284570 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE SA, 4.875%, 4/1/26 (144A) | &nbsp;&nbsp; 190330 |
| 250,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 2.52% (SOFR + 118 bps), 11/3/32 | &nbsp;&nbsp; 194417 |
| 185,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 4.91% (SOFR + 209 bps), 5/24/33 | &nbsp;&nbsp; 173240 |
| 365,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comerica Bank, 5.332% (SOFR + 261 bps), 8/25/33 | &nbsp;&nbsp; 350608 |
| 235,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 2.65% (SOFR + 126 bps), 10/21/32 | &nbsp;&nbsp; 185549 |
| 286,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 3.272% (3 Month USD LIBOR + 120 bps), 9/29/25 | &nbsp;&nbsp; 275598 |
| 215,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc., 4.223% (3 Month USD LIBOR + 130 bps), 5/1/29 | &nbsp;&nbsp; 200298 |
| 355,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings Plc, 2.206% (SOFR + 129 bps), 8/17/29 | &nbsp;&nbsp; 286549 |
| 375,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings Plc, 2.871% (SOFR + 141 bps), 11/22/32 | &nbsp;&nbsp; 286590 |
| 200,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV, 4.252% (SOFR + 207 bps), 3/28/33 | &nbsp;&nbsp; 176083 |
| 635,000(c)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV, 4.25% (5 Year CMT Index + 286 bps) | &nbsp;&nbsp; 435773 |
| 560,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo S.p.A., 4.95% (5 Year CMT Index + 275 bps), 6/1/42 (144A) | &nbsp;&nbsp; 359603 |
| 305,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 2.545% (SOFR + 118 bps), 11/8/32 | &nbsp;&nbsp; 241082 |
| 90,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 4.586% (SOFR + 180 bps), 4/26/33 | &nbsp;&nbsp; 83319 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyBank NA, 4.90%, 8/8/32 | &nbsp;&nbsp; 231365 |
| 200,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 4.976% (5 Year CMT Index + 230 bps), 8/11/33 | &nbsp;&nbsp; 183638 |
| 310,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 7.953% (1 Year CMT Index + 375 bps), 11/15/33 | &nbsp;&nbsp; 328135 |
| 335,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Group, Ltd., 2.691% (SOFR + 144 bps), 6/23/32 (144A) | &nbsp;&nbsp; 257064 |
| 195,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Group, Ltd., 2.871% (SOFR + 153 bps), 1/14/33 (144A) | &nbsp;&nbsp; 149601 |
| 200,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc., 5.669% (5 Year CMT Index + 240 bps), 9/13/33 | &nbsp;&nbsp; 198455 |
| 305,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 5.297% (SOFR + 262 bps), 4/20/37 | &nbsp;&nbsp; 278879 |
| 645,000(c)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank Abp, 3.75% (5 Year CMT Index + 260 bps) (144A) | &nbsp;&nbsp; 497974 |
| 210,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc., 2.49% (SOFR + 125 bps), 1/6/28 | &nbsp;&nbsp; 180176 |
| 200,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale SA, 4.027% (1 Year CMT Index + 190 bps), 1/21/43 (144A) | &nbsp;&nbsp; 135328 |
| 200,000(c)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale SA, 5.375% (5 Year CMT Index + 451 bps) (144A) | &nbsp;&nbsp; 162027 |
| 225,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale SA, 6.221% (1 Year CMT Index + 320 bps), 6/15/33 (144A) | &nbsp;&nbsp; 210439 |
| 575,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Plc, 3.603% (1 Year CMT Index + 190 bps), 1/12/33 (144A) | &nbsp;&nbsp; 432400 |
| 70,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp., 4.421% (SOFR + 161 bps), 5/13/33 | &nbsp;&nbsp; 66237 |
| 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 4.456%, 6/8/32 | &nbsp;&nbsp; 266888 |
| 200,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 8.125% (5 Year CMT Index + 408 bps), 10/31/82 | &nbsp;&nbsp; 208000 |
| 530,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp., 4.916% (SOFR + 224 bps), 7/28/33 | &nbsp;&nbsp; 497136 |
| 415,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG, 2.746% (1 Year CMT Index + 110 bps), 2/11/33 (144A) | &nbsp;&nbsp; 320732 |
| 700,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UniCredit S.p.A., 2.569% (1 Year CMT Index + 230 bps), 9/22/26 (144A) | &nbsp;&nbsp; 619867 |
| 240,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UniCredit S.p.A., 5.459% (5 Year CMT Index + 475 bps), 6/30/35 (144A) | &nbsp;&nbsp; 194988 |
| 200,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UniCredit S.p.A., 7.296% (5 Year USD 1100 Run ICE Swap Rate + 491 bps), 4/2/34 (144A) | &nbsp;&nbsp; 183298 |
| 595,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp, 2.491% (5 Year CMT Index + 95 bps), 11/3/36 | &nbsp;&nbsp; 452778 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | $14175529 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 0.3%** |  |
| 82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., 3.70%, 3/15/32 | $70235 |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSL Finance Plc, 4.25%, 4/27/32 (144A) | &nbsp;&nbsp; 164784 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grifols Escrow Issuer SA, 4.75%, 10/15/28 (144A) | &nbsp;&nbsp; 172694 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Biotechnology** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $407713 |

---

#### 15

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Materials — 0.2%** |  |
| 161000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc., 6.375%, 6/15/32 (144A) | $151219 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc., 4.50%, 3/25/52 | &nbsp;&nbsp; 112613 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Materials** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $263832 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.6%** |  |
| 565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albemarle Corp., 5.65%, 6/1/52 | $514072 |
| 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings LLC, 6.379%, 7/15/32 | &nbsp;&nbsp; 109359 |
| 103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals Corp., 5.25%, 6/1/27 (144A) | &nbsp;&nbsp; 92517 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tronox, Inc., 4.625%, 3/15/29 (144A) | &nbsp;&nbsp; 166250 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $882198 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 0.5%** |  |
| 123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.625%, 7/15/26 (144A) | $112545 |
| 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreLogic, Inc., 4.50%, 5/1/28 (144A) | &nbsp;&nbsp; 88228 |
| 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., 4.625%, 2/15/27 (144A) | &nbsp;&nbsp; 194255 |
| 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28 (144A) | &nbsp;&nbsp; 163829 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sotheby's, 7.375%, 10/15/27 (144A) | &nbsp;&nbsp; 187526 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $746383 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — 2.3%** |  |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32 | $175896 |
| 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp., 2.10%, 9/1/28 | &nbsp;&nbsp; 215842 |
| 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp., 2.875%, 1/15/32 | &nbsp;&nbsp; 131081 |
| 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp., 3.125%, 12/1/30 | &nbsp;&nbsp; 178170 |
| 395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc., 4.75%, 6/9/27 | &nbsp;&nbsp; 370240 |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding, Ltd., 3.95%, 7/1/24 (144A) | &nbsp;&nbsp; 28719 |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao, 4.125%, 9/20/31 (144A) | &nbsp;&nbsp; 189595 |
| 289000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc., 7.00%, 1/15/26 (144A) | &nbsp;&nbsp; 251430 |
| 125,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., 5.247% (SOFR + 260 bps), 7/26/30 | &nbsp;&nbsp; 119043 |
| 310,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., 5.268% (SOFR + 237 bps), 5/10/33 | &nbsp;&nbsp; 287966 |
| 485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Holdings, Inc., 2.999%, 1/22/32 | &nbsp;&nbsp; 380509 |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Holdings, Inc., 5.605%, 7/6/29 | &nbsp;&nbsp; 220962 |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance Corp., 3.50%, 1/15/27 | &nbsp;&nbsp; 115916 |
| 404000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance Corp., 4.00%, 9/15/30 | &nbsp;&nbsp; 301440 |
| 100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OWS Cre Funding I LLC, 9.269% (1 Month USD LIBOR + 490 bps), 9/1/23 (144A) | &nbsp;&nbsp; 95494 |
| 283000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC, 5.50%, 4/15/29 (144A) | &nbsp;&nbsp; 225121 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Financial Services** | &nbsp;&nbsp;&nbsp; $3287424 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric — 1.1%** |  |
| 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Corp., 2.45%, 1/15/31 | $222746 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Corp., 3.95%, 7/15/30 (144A) | &nbsp;&nbsp; 88200 |
| 210,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp., 4.75% (5 Year CMT Index + 325 bps), 1/18/82 | &nbsp;&nbsp; 170100 |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Louisiana LLC, 4.75%, 9/15/52 | &nbsp;&nbsp; 62810 |
| 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp., 5.783%, 9/16/52 (144A) | &nbsp;&nbsp; 129548 |
| 290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc., 2.45%, 12/2/27 (144A) | &nbsp;&nbsp; 240281 |
| 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc., 3.875%, 2/15/32 (144A) | &nbsp;&nbsp; 191518 |
| 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puget Energy, Inc., 2.379%, 6/15/28 | &nbsp;&nbsp; 216973 |
| 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puget Energy, Inc., 4.10%, 6/15/30 | &nbsp;&nbsp; 214310 |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puget Energy, Inc., 4.224%, 3/15/32 | &nbsp;&nbsp; 48809 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric** | &nbsp;&nbsp;&nbsp; $1585295 |

---

#### 16

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

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Components & Equipments — 0.0%†** |  |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., 6.50%, 12/31/27 (144A) | $61860 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Components & Equipments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $61860 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronics — 0.0%†** |  |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atkore, Inc., 4.25%, 6/1/31 (144A) | $60025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electronics** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $60025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy-Alternate Sources — 0.2%** |  |
| 262087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adani Renewable Energy RJ, Ltd./Kodangal Solar Parks Pvt, Ltd./Wardha Solar Maharash, 4.625%, 10/15/39 (144A) | $195255 |
| 36410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Wind Holdings LLC, 7.00%, 6/30/35 (144A) | &nbsp;&nbsp; 35984 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy-Alternate Sources** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $231239 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 0.2%** |  |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.625%, 4/16/29 (144A) | $283692 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $283692 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food — 0.7%** |  |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.00%, 2/2/29 (144A) | $99317 |
| 57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.00%, 5/15/32 (144A) | &nbsp;&nbsp; 43710 |
| 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 4/1/33 (144A) | &nbsp;&nbsp; 243214 |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 12/1/52 (144A) | &nbsp;&nbsp; 85663 |
| 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minerva Luxembourg SA, 4.375%, 3/18/31 (144A) | &nbsp;&nbsp; 192848 |
| 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smithfield Foods, Inc., 2.625%, 9/13/31 (144A) | &nbsp;&nbsp; 157346 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smithfield Foods, Inc., 3.00%, 10/15/30 (144A) | &nbsp;&nbsp; 152279 |
| 21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smithfield Foods, Inc., 5.20%, 4/1/29 (144A) | &nbsp;&nbsp; 19184 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $993561 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gas — 0.2%** |  |
| 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Gas Co., 3.15%, 8/1/27 (144A) | $98854 |
| 169185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nakilat, Inc., 6.267%, 12/31/33 (144A) | &nbsp;&nbsp; 175191 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gas** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $274045 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hand & Machine Tools — 0.1%** |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kennametal, Inc., 2.80%, 3/1/31 | $97630 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hand & Machine Tools** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $97630 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Products — 0.2%** |  |
| 77000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp., 4.30%, 6/15/28 | $73612 |
| 348000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smith & Nephew Plc, 2.032%, 10/14/30 | &nbsp;&nbsp; 272008 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $345620 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Services — 0.4%** |  |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc., 4.55%, 5/15/52 | $121613 |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc., 6.10%, 10/15/52 | &nbsp;&nbsp; 69295 |
| 525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius Medical Care US Finance III, Inc., 2.375%, 2/16/31 (144A) | &nbsp;&nbsp; 385027 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $575935 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 1.6%** |  |
| 57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Corp./Aon Global Holdings Plc, 2.60%, 12/2/31 | $46524 |
| 470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNO Global Funding, 2.65%, 1/6/29 (144A) | &nbsp;&nbsp; 397620 |
| 100,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farmers Exchange Capital III, 5.454% (3 Month USD LIBOR + 345 bps), 10/15/54 (144A) | &nbsp;&nbsp; 91225 |
| 340,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farmers Insurance Exchange, 4.747% (3 Month USD LIBOR + 323 bps), 11/1/57 (144A) | &nbsp;&nbsp; 273321 |
| 645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A) | &nbsp;&nbsp; 696629 |

---

#### 17

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — (continued)** |  |
| 475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nationwide Mutual Insurance Co., 4.35%, 4/30/50 (144A) | $354786 |
| 355,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nippon Life Insurance Co., 2.90% (5 Year CMT Index + 260 bps), 9/16/51 (144A) | &nbsp;&nbsp; 283940 |
| 86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primerica, Inc., 2.80%, 11/19/31 | &nbsp;&nbsp; 70000 |
| 26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teachers Insurance & Annuity Association of America, 6.85%, 12/16/39 (144A) | &nbsp;&nbsp; 28617 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance** | &nbsp;&nbsp;&nbsp; $2242662 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Iron & Steel — 0.1%** |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 4.875%, 3/1/31 (144A) | $66225 |
| 71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Metals Co., 4.375%, 3/15/32 | &nbsp;&nbsp; 61765 |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources, Ltd., 8.00%, 11/1/27 (144A) | &nbsp;&nbsp; 35788 |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources, Ltd., 8.50%, 5/1/30 (144A) | &nbsp;&nbsp; 40541 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Iron & Steel** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $204319 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lodging — 0.4%** |  |
| 520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc., 3.50%, 10/15/32 | $432569 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc., 4.625%, 6/15/30 | &nbsp;&nbsp; 93311 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Lodging** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $525880 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery-Construction & Mining — 0.1%** |  |
| 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weir Group Plc, 2.20%, 5/13/26 (144A) | $181803 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery-Construction & Mining** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $181803 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media — 0.3%** |  |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 6/1/33 (144A) | $30689 |
| 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30 (144A) | &nbsp;&nbsp; 237164 |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital, 4.40%, 4/1/33 | &nbsp;&nbsp; 115514 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings LLC, 4.625%, 12/1/30 (144A) | &nbsp;&nbsp; 110527 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $493894 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining — 0.5%** |  |
| 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American Capital Plc, 2.25%, 3/17/28 (144A) | $185010 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American Capital Plc, 4.75%, 3/16/52 (144A) | &nbsp;&nbsp; 166053 |
| 335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti Holdings Plc, 3.75%, 10/1/30 | &nbsp;&nbsp; 290557 |
| 154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Resources August 2006 Pty, Ltd., 4.375%, 4/1/31 (144A) | &nbsp;&nbsp; 128079 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mining** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $769699 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing — 0.5%** |  |
| 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corp., 4.70%, 8/23/52 | $99523 |
| 242000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Capital Funding LLC, 4.55%, 5/15/32 | &nbsp;&nbsp; 229716 |
| 405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc., 2.25%, 4/1/28 | &nbsp;&nbsp; 348716 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Miscellaneous Manufacturing** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $677955 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multi-National — 0.3%** |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;African Export-Import Bank, 3.994%, 9/21/29 (144A) | $173340 |
| 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banque Ouest Africaine de Developpement, 4.70%, 10/22/31 (144A) | &nbsp;&nbsp; 195408 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Multi-National** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $368748 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas — 0.9%** |  |
| 640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aker BP ASA, 3.10%, 7/15/31 (144A) | $524879 |
| 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 Co., 3.75%, 3/1/28 (144A) | &nbsp;&nbsp; 414175 |
| 312000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp., 6.625%, 6/15/37 | &nbsp;&nbsp; 332011 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas** | &nbsp;&nbsp;&nbsp; $1271065 |

---

#### 18

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

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.1%** |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV, 5.125%, 5/9/29 | $178109 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $178109 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 2.2%** |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boardwalk Pipelines LP, 3.60%, 9/1/32 | $62062 |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 4.15%, 9/15/29 | &nbsp;&nbsp; 36135 |
| 479000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 4.95%, 5/15/28 | &nbsp;&nbsp; 459429 |
| 224000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 5.35%, 5/15/45 | &nbsp;&nbsp; 189960 |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 6.00%, 6/15/48 | &nbsp;&nbsp; 126203 |
| 477,000(c)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 7.125% (5 Year CMT Index + 531 bps) | &nbsp;&nbsp; 398295 |
| 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnLink Midstream Partners LP, 5.45%, 6/1/47 | &nbsp;&nbsp; 224910 |
| 134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnLink Midstream Partners LP, 5.60%, 4/1/44 | &nbsp;&nbsp; 110519 |
| 545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 5.45%, 8/1/52 | &nbsp;&nbsp; 489180 |
| 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX LP, 4.25%, 12/1/27 | &nbsp;&nbsp; 321273 |
| 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX LP, 4.95%, 3/14/52 | &nbsp;&nbsp; 187874 |
| 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGPL PipeCo LLC, 3.25%, 7/15/31 (144A) | &nbsp;&nbsp; 187083 |
| 89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc., 7.75%, 6/15/31 | &nbsp;&nbsp; 98139 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc., 7.50%, 1/15/31 | &nbsp;&nbsp; 273644 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | &nbsp;&nbsp;&nbsp; $3164706 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REITs — 0.8%** |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc., 3.95%, 1/15/27 | $23885 |
| 64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLP Capital LP/GLP Financing II, Inc., 3.25%, 1/15/32 | &nbsp;&nbsp; 51161 |
| 164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HAT Holdings I LLC/HAT Holdings II LLC, 3.375%, 6/15/26 (144A) | &nbsp;&nbsp; 142483 |
| 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthcare Realty Holdings LP, 3.10%, 2/15/30 | &nbsp;&nbsp; 212916 |
| 31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highwoods Realty LP, 2.60%, 2/1/31 | &nbsp;&nbsp; 23202 |
| 41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highwoods Realty LP, 4.125%, 3/15/28 | &nbsp;&nbsp; 37029 |
| 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LXP Industrial Trust, 2.375%, 10/1/31 | &nbsp;&nbsp; 216062 |
| 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LXP Industrial Trust, 2.70%, 9/15/30 | &nbsp;&nbsp; 131431 |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Communities Operating LP, 2.30%, 11/1/28 | &nbsp;&nbsp; 99897 |
| 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UDR, Inc., 4.40%, 1/26/29 | &nbsp;&nbsp; 168236 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total REITs** | &nbsp;&nbsp;&nbsp; $1106302 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 0.7%** |  |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc., 1.95%, 8/1/28 | $43860 |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc., 2.40%, 8/1/31 | &nbsp;&nbsp; 39546 |
| 245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc., 3.85%, 3/1/32 | &nbsp;&nbsp; 195553 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc., 4.75%, 6/1/30 | &nbsp;&nbsp; 111524 |
| 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc., 2.65%, 12/1/31 | &nbsp;&nbsp; 303311 |
| 295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc., 3.75%, 4/1/32 | &nbsp;&nbsp; 262414 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $956208 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors — 0.6%** |  |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc., 3.137%, 11/15/35 (144A) | $25734 |
| 475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc., 3.187%, 11/15/36 (144A) | &nbsp;&nbsp; 341187 |
| 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc., 4.15%, 4/15/32 (144A) | &nbsp;&nbsp; 114121 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc., 4.30%, 11/15/32 | &nbsp;&nbsp; 88134 |
| 313000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc., 3.00%, 6/1/31 | &nbsp;&nbsp; 245496 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $814672 |

---

#### 19

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.3%** |  |
| 485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc., 2.40%, 12/15/31 | $387429 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $387429 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications — 0.7%** |  |
| 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice France SA, 5.50%, 1/15/28 (144A) | $199696 |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., 4.625%, 9/15/27 (144A) | &nbsp;&nbsp; 58275 |
| 315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc., 2.30%, 11/15/30 | &nbsp;&nbsp; 246315 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc., 5.60%, 6/1/32 | &nbsp;&nbsp; 146017 |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 2.70%, 3/15/32 | &nbsp;&nbsp; 141390 |
| 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 5.20%, 1/15/33 | &nbsp;&nbsp; 143693 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $935386 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trucking & Leasing — 0.2%** |  |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp., 4.40%, 7/1/27 (144A) | $213512 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trucking & Leasing** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $213512 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (Cost $48,766,450)** | $41234610 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Convertible Preferred Stocks — 0.9% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 0.9%** |  |
| 93(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 7.25% | $107880 |
| 931(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 7.50% | &nbsp;&nbsp; 1103235 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp;&nbsp;&nbsp; $1211115 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Convertible Preferred Stocks<br> (Cost $1,338,617)** | &nbsp;&nbsp;&nbsp;&nbsp; $1211115 |

---

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Municipal Bonds — 0.9% of Net Assets(f)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arizona — 0.1%** |  |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority, Banner Health, Series 2019F, 3.00%, 1/1/49 | $63737 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Arizona** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$63737** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California — 0.1%** |  |
| 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Cedars-Sinai Health System, Series A, 3.00%, 8/15/51 | $72582 |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of California, Medical Center Pooled Revenue, Series P, 4.00%, 5/15/53 | &nbsp;&nbsp; 42551 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total California** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$115133** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Florida — 0.0%†** |  |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Broward Hospital District, South Broward Hospital District Obligated Group, Series A, 2.50%, 5/1/47 | $45160 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Florida** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$45160** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Georgia — 0.0%†** |  |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainesville & Hall County Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A, 3.00%, 2/15/51 | $28543 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Georgia** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$28543** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Massachusetts — 0.0%†** |  |
| 75,000(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Series B, 3.00%, 4/1/47 | $56490 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Massachusetts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$56490** |

---

#### 20

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

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Missouri — 0.0%†** |  |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri, BJC Health System, Series A, 3.00%, 7/1/38 | $16854 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Missouri** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$16854** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Nebraska — 0.1%** |  |
| 35,000(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancaster County School District 001, Lincoln Public Schools, 2.00%, 1/15/43 | $22212 |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Nebraska Facilities Corp., Green Bond, Series B, 3.00%, 7/15/54 | &nbsp;&nbsp; 97478 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Nebraska** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$119690** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Jersey — 0.1%** |  |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, Atlanticare Health System Obligated Group Issue, 3.00%, 7/1/46 | $31938 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group Issue, 3.00%, 7/1/51 | &nbsp;&nbsp; 71381 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total New Jersey** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$103319** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York — 0.0%†** |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority, Series A-1, 3.00%, 3/15/50 | $56678 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total New York** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$56678** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North Carolina — 0.1%** |  |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Charlotte Airport Revenue, Charlotte Douglas International Airport Revenue, Series A, 4.00%, 7/1/47 | $64914 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North Carolina** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$64914** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oregon — 0.0%†** |  |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oregon Health & Science University, Green Bond, Series A, 3.00%, 7/1/51 | $48208 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oregon** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$48208** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania — 0.1%** |  |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series B, 4.00%, 5/1/56 | $115234 |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series C, 3.00%, 12/1/51 | &nbsp;&nbsp; 21809 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pennsylvania** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$137043** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tennessee — 0.0%†** |  |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Memphis TN Water Revenue, Memphis Light, Gas and Water Division, 3.00%, 12/1/45 | $8012 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Tennessee** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$8012** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Texas — 0.1%** |  |
| 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, 3.00%, 10/1/51 | $91477 |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water Development Board, State Revolving Fund, 3.00%, 8/1/40 | &nbsp;&nbsp; 38954 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Texas** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$130431** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Virginia — 0.2%** |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hampton Roads Transportation Accountability Commission, Series A, 4.00%, 7/1/57 | $27144 |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roanoke Economic Development Authority, Carilion Clinic Obligated Group, 3.00%, 7/1/45 | &nbsp;&nbsp; 41287 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockingham County Economic Development Authority, Sentara RMH Medical Center, Series A, 3.00%, 11/1/46 | &nbsp;&nbsp; 18846 |

---

#### 21

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Virginia — (continued)** |  |
| 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia College Building Authority, Public Higher Education Financing Program, Series C, 3.00%, 9/1/51 | $71372 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board, Transportation Capital Projects, 4.00%, 5/15/32 | &nbsp;&nbsp; 50629 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Virginia** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$209278** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (Cost $1,263,675)** | &nbsp;&nbsp;&nbsp; **$1203490** |

---

---

| | | |
|:---|:---|:---|
| **Face <br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance-Linked Securities — 0.0%† of Net Assets#** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Sidecars — 0.0%†** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 0.0%†** |  |
| 25,723(h)(i) + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lorenz Re 2019, 6/30/23 | $46 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Reinsurance Sidecars** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance-Linked Securities<br> (Cost $5,642)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46 |

---

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations — 47.3% of Net Assets** |  |
| 466742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 1.500%, 12/1/41 | $381791 |
| 94994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 1.500%, 1/1/42 | &nbsp;&nbsp; 76765 |
| 96031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 1.500%, 1/1/42 | &nbsp;&nbsp; 77603 |
| 470755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 1.500%, 1/1/42 | &nbsp;&nbsp; 380411 |
| 188198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 1.500%, 2/1/42 | &nbsp;&nbsp; 152082 |
| 282388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 1.500%, 2/1/42 | &nbsp;&nbsp; 228196 |
| 95664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 1.500%, 3/1/42 | &nbsp;&nbsp; 77305 |
| 191054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.000%, 11/1/51 | &nbsp;&nbsp; 155557 |
| 192749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.000%, 3/1/52 | &nbsp;&nbsp; 157040 |
| 97537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.000%, 3/1/52 | &nbsp;&nbsp; 79475 |
| 958530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.500%, 5/1/51 | &nbsp;&nbsp; 814008 |
| 265385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.500%, 8/1/51 | &nbsp;&nbsp; 225287 |
| 291057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.500%, 4/1/52 | &nbsp;&nbsp; 246483 |
| 481606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.500%, 8/1/52 | &nbsp;&nbsp; 407975 |
| 16525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 10/1/29 | &nbsp;&nbsp; 15908 |
| 9006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 9/1/42 | &nbsp;&nbsp; 8204 |
| 15915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 9/1/42 | &nbsp;&nbsp; 14498 |
| 82275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 11/1/42 | &nbsp;&nbsp; 74950 |
| 19356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 1/1/43 | &nbsp;&nbsp; 17632 |
| 52707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 2/1/43 | &nbsp;&nbsp; 48013 |
| 32325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 2/1/43 | &nbsp;&nbsp; 29447 |
| 28637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 4/1/43 | &nbsp;&nbsp; 26086 |
| 80769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 4/1/43 | &nbsp;&nbsp; 73574 |
| 68349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 6/1/46 | &nbsp;&nbsp; 61350 |
| 22321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 12/1/46 | &nbsp;&nbsp; 20014 |
| 19172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 7/1/29 | &nbsp;&nbsp; 18488 |
| 6123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 10/1/40 | &nbsp;&nbsp; 5738 |
| 20913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 5/1/42 | &nbsp;&nbsp; 19599 |

---

#### 22

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

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations — (continued)** |  |
| 18124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 10/1/42 | $16979 |
| 21749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 10/1/42 | &nbsp;&nbsp; 20382 |
| 89140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 6/1/45 | &nbsp;&nbsp; 83146 |
| 76232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 10/1/45 | &nbsp;&nbsp; 71043 |
| 131074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 11/1/45 | &nbsp;&nbsp; 121974 |
| 89640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 7/1/46 | &nbsp;&nbsp; 84646 |
| 144038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 8/1/46 | &nbsp;&nbsp; 134907 |
| 118769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 8/1/46 | &nbsp;&nbsp; 110490 |
| 159628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 12/1/46 | &nbsp;&nbsp; 148352 |
| 8920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 6/1/47 | &nbsp;&nbsp; 8281 |
| 112279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 4/1/52 | &nbsp;&nbsp; 102664 |
| 84984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 4/1/52 | &nbsp;&nbsp; 77277 |
| 33567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 4/1/52 | &nbsp;&nbsp; 30520 |
| 92886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 11/1/41 | &nbsp;&nbsp; 90825 |
| 61150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 10/1/42 | &nbsp;&nbsp; 58790 |
| 9197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 5/1/46 | &nbsp;&nbsp; 8814 |
| 33840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 6/1/46 | &nbsp;&nbsp; 32415 |
| 39440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 7/1/46 | &nbsp;&nbsp; 37819 |
| 36119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 8/1/46 | &nbsp;&nbsp; 34575 |
| 11814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 3/1/47 | &nbsp;&nbsp; 11293 |
| 46085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 4/1/47 | &nbsp;&nbsp; 44006 |
| 103597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 4/1/47 | &nbsp;&nbsp; 98993 |
| 65522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 4/1/47 | &nbsp;&nbsp; 62708 |
| 29030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 4/1/47 | &nbsp;&nbsp; 27757 |
| 17049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 4/1/47 | &nbsp;&nbsp; 16307 |
| 46640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 5/1/47 | &nbsp;&nbsp; 44594 |
| 8469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 6/1/47 | &nbsp;&nbsp; 8094 |
| 14644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 7/1/47 | &nbsp;&nbsp; 14015 |
| 46169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 10/1/47 | &nbsp;&nbsp; 44036 |
| 23462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 12/1/48 | &nbsp;&nbsp; 22348 |
| 35926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 12/1/48 | &nbsp;&nbsp; 34166 |
| 12777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 6/1/50 | &nbsp;&nbsp; 12070 |
| 12446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 2/1/51 | &nbsp;&nbsp; 11720 |
| 36716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 9/1/51 | &nbsp;&nbsp; 34480 |
| 80881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 10/1/51 | &nbsp;&nbsp; 75901 |
| 12265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 10/1/51 | &nbsp;&nbsp; 11519 |
| 1722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.000%, 9/1/38 | &nbsp;&nbsp; 1758 |
| 1879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.000%, 10/1/38 | &nbsp;&nbsp; 1918 |
| 3837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.000%, 5/1/39 | &nbsp;&nbsp; 3877 |
| 9851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.000%, 12/1/39 | &nbsp;&nbsp; 9933 |
| 4871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 9/1/33 | &nbsp;&nbsp; 5027 |
| 6270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 6/1/41 | &nbsp;&nbsp; 6508 |
| 586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 11/1/32 | &nbsp;&nbsp;&nbsp; 597 |
| 2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 12/1/32 | &nbsp;&nbsp; 2075 |
| 4136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 2/1/33 | &nbsp;&nbsp; 4282 |
| 2526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 1/1/34 | &nbsp;&nbsp; 2576 |
| 499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.000%, 12/1/36 | &nbsp;&nbsp;&nbsp; 511 |
| 1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 1/1/29 | &nbsp;&nbsp; 1254 |
| 580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 4/1/31 | &nbsp;&nbsp;&nbsp; 601 |

---

#### 23

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations — (continued)** |  |
| 2679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 10/1/31 | $2748 |
| 728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 2/1/32 | &nbsp;&nbsp;&nbsp; 752 |
| 4416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 4/1/32 | &nbsp;&nbsp; 4561 |
| 1870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 6.500%, 7/1/32 | &nbsp;&nbsp; 1938 |
| 580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 7.000%, 2/1/31 | &nbsp;&nbsp;&nbsp; 603 |
| 919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 7.000%, 4/1/32 | &nbsp;&nbsp;&nbsp; 951 |
| 899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 7.500%, 8/1/31 | &nbsp;&nbsp;&nbsp; 929 |
| 921363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 1.500%, 11/1/41 | &nbsp;&nbsp; 753740 |
| 563180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 1.500%, 1/1/42 | &nbsp;&nbsp; 460716 |
| 376124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 1.500%, 1/1/42 | &nbsp;&nbsp; 303971 |
| 477865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 1.500%, 2/1/42 | &nbsp;&nbsp; 386193 |
| 191494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 1.500%, 3/1/42 | &nbsp;&nbsp; 153336 |
| 623722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.000%, 12/1/41 | &nbsp;&nbsp; 525761 |
| 469453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.000%, 4/1/42 | &nbsp;&nbsp; 395713 |
| 323687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.000%, 11/1/51 | &nbsp;&nbsp; 267060 |
| 192092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.000%, 2/1/52 | &nbsp;&nbsp; 156505 |
| 95932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.000%, 2/1/52 | &nbsp;&nbsp; 78167 |
| 291751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.000%, 3/1/52 | &nbsp;&nbsp; 237543 |
| 288770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.000%, 3/1/52 | &nbsp;&nbsp; 235319 |
| 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.000%, 1/1/53 (TBA) | &nbsp;&nbsp; 2196343 |
| 10040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 7/1/30 | &nbsp;&nbsp; 9413 |
| 8856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 7/1/30 | &nbsp;&nbsp; 8304 |
| 16107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 7/1/30 | &nbsp;&nbsp; 15103 |
| 33768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 2/1/43 | &nbsp;&nbsp; 29112 |
| 7341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 2/1/43 | &nbsp;&nbsp; 6274 |
| 6030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 3/1/43 | &nbsp;&nbsp; 5199 |
| 6133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 8/1/43 | &nbsp;&nbsp; 5288 |
| 17542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 4/1/45 | &nbsp;&nbsp; 15125 |
| 21853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 4/1/45 | &nbsp;&nbsp; 18841 |
| 8567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 4/1/45 | &nbsp;&nbsp; 7386 |
| 15254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 4/1/45 | &nbsp;&nbsp; 13152 |
| 6732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 4/1/45 | &nbsp;&nbsp; 5804 |
| 9041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 4/1/45 | &nbsp;&nbsp; 7795 |
| 20791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 4/1/45 | &nbsp;&nbsp; 17926 |
| 19250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 8/1/45 | &nbsp;&nbsp; 16555 |
| 72201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 9/1/50 | &nbsp;&nbsp; 62377 |
| 78948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 9/1/50 | &nbsp;&nbsp; 67799 |
| 871697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 5/1/51 | &nbsp;&nbsp; 749859 |
| 623123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 10/1/51 | &nbsp;&nbsp; 529101 |
| 279021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 11/1/51 | &nbsp;&nbsp; 239935 |
| 928797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 12/1/51 | &nbsp;&nbsp; 791767 |
| 935977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 1/1/52 | &nbsp;&nbsp; 797965 |
| 92699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 2/1/52 | &nbsp;&nbsp; 79532 |
| 1924567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 4/1/52 | &nbsp;&nbsp; 1630403 |
| 287979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 4/1/52 | &nbsp;&nbsp; 243861 |
| 1853342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 4/1/52 | &nbsp;&nbsp; 1569517 |
| 89188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 5/1/52 | &nbsp;&nbsp; 75536 |
| 493682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 6/1/52 | &nbsp;&nbsp; 418248 |
| 973283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 7/1/52 | &nbsp;&nbsp; 824593 |

---

#### 24

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

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations — (continued)** |  |
| 394357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 8/1/52 | $334037 |
| 394808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 10/1/52 | &nbsp;&nbsp; 334439 |
| 6451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 3/1/29 | &nbsp;&nbsp; 6177 |
| 33325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 10/1/30 | &nbsp;&nbsp; 31877 |
| 19275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 8/1/42 | &nbsp;&nbsp; 17538 |
| 45385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 9/1/42 | &nbsp;&nbsp; 41300 |
| 80371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 11/1/42 | &nbsp;&nbsp; 73130 |
| 36319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 5/1/43 | &nbsp;&nbsp; 33046 |
| 14171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 3/1/45 | &nbsp;&nbsp; 12828 |
| 15949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 4/1/45 | &nbsp;&nbsp; 14386 |
| 88743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 3/1/47 | &nbsp;&nbsp; 79706 |
| 89423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 4/1/47 | &nbsp;&nbsp; 80091 |
| 455482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 1/1/52 | &nbsp;&nbsp; 404852 |
| 612587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 3/1/52 | &nbsp;&nbsp; 546097 |
| 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 1/1/53 (TBA) | &nbsp;&nbsp; 789632 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 2/15/53 (TBA) | &nbsp;&nbsp; 877994 |
| 233628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 2/1/57 | &nbsp;&nbsp; 205960 |
| 8392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 11/1/40 | &nbsp;&nbsp; 7854 |
| 5600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 10/1/41 | &nbsp;&nbsp; 5242 |
| 59174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 6/1/42 | &nbsp;&nbsp; 55391 |
| 23399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 7/1/42 | &nbsp;&nbsp; 21903 |
| 24618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 8/1/42 | &nbsp;&nbsp; 23045 |
| 22701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 8/1/42 | &nbsp;&nbsp; 21249 |
| 49754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 5/1/44 | &nbsp;&nbsp; 46573 |
| 25206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 12/1/44 | &nbsp;&nbsp; 23496 |
| 116971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 2/1/45 | &nbsp;&nbsp; 109315 |
| 60199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 6/1/45 | &nbsp;&nbsp; 56040 |
| 109553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 8/1/45 | &nbsp;&nbsp; 102611 |
| 124435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 9/1/45 | &nbsp;&nbsp; 115663 |
| 28128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 9/1/45 | &nbsp;&nbsp; 26167 |
| 18180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 9/1/45 | &nbsp;&nbsp; 16991 |
| 142935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 11/1/45 | &nbsp;&nbsp; 133877 |
| 32245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 5/1/46 | &nbsp;&nbsp; 29940 |
| 6672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 10/1/46 | &nbsp;&nbsp; 6190 |
| 124724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 1/1/47 | &nbsp;&nbsp; 115731 |
| 95641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 1/1/47 | &nbsp;&nbsp; 88784 |
| 97973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 12/1/47 | &nbsp;&nbsp; 90807 |
| 26637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 8/1/51 | &nbsp;&nbsp; 24287 |
| 37556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 9/1/51 | &nbsp;&nbsp; 34227 |
| 20746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 2/1/52 | &nbsp;&nbsp; 18868 |
| 93584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 2/1/52 | &nbsp;&nbsp; 86562 |
| 91064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 3/1/52 | &nbsp;&nbsp; 83580 |
| 186931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 3/1/52 | &nbsp;&nbsp; 171886 |
| 470274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 3/1/52 | &nbsp;&nbsp; 427915 |
| 29661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 4/1/52 | &nbsp;&nbsp; 26963 |
| 100947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 4/1/52 | &nbsp;&nbsp; 91762 |
| 264372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 4/1/52 | &nbsp;&nbsp; 240978 |
| 281946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 5/1/52 | &nbsp;&nbsp; 257765 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 1/1/53 (TBA) | &nbsp;&nbsp; 181661 |

---

#### 25

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations — (continued)** |  |
| 133192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 8/1/58 | $122190 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 1/15/38 (TBA) | &nbsp;&nbsp; 389858 |
| 100217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 10/1/40 | &nbsp;&nbsp; 97884 |
| 12233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 12/1/40 | &nbsp;&nbsp; 11948 |
| 1869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 11/1/41 | &nbsp;&nbsp; 1795 |
| 2561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 12/1/41 | &nbsp;&nbsp; 2459 |
| 65958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 1/1/42 | &nbsp;&nbsp; 63342 |
| 20038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 1/1/42 | &nbsp;&nbsp; 19243 |
| 1334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 1/1/42 | &nbsp;&nbsp; 1281 |
| 17510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 2/1/42 | &nbsp;&nbsp; 16816 |
| 21195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 4/1/42 | &nbsp;&nbsp; 20354 |
| 43834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 5/1/42 | &nbsp;&nbsp; 42095 |
| 60069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 7/1/42 | &nbsp;&nbsp; 57687 |
| 137757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 8/1/42 | &nbsp;&nbsp; 132921 |
| 45333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 8/1/43 | &nbsp;&nbsp; 43421 |
| 42037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 11/1/43 | &nbsp;&nbsp; 40505 |
| 4197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 4/1/46 | &nbsp;&nbsp; 4019 |
| 29175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 7/1/46 | &nbsp;&nbsp; 27915 |
| 50333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 7/1/46 | &nbsp;&nbsp; 48211 |
| 30469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 8/1/46 | &nbsp;&nbsp; 29146 |
| 7110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 11/1/46 | &nbsp;&nbsp; 6797 |
| 17194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 11/1/46 | &nbsp;&nbsp; 16465 |
| 38253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 4/1/47 | &nbsp;&nbsp; 36561 |
| 37632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 4/1/47 | &nbsp;&nbsp; 35983 |
| 18611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 6/1/47 | &nbsp;&nbsp; 17777 |
| 9672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 6/1/47 | &nbsp;&nbsp; 9268 |
| 16549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 6/1/47 | &nbsp;&nbsp; 15852 |
| 23093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 6/1/47 | &nbsp;&nbsp; 22063 |
| 11563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 7/1/47 | &nbsp;&nbsp; 11040 |
| 29167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 7/1/47 | &nbsp;&nbsp; 27847 |
| 40665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 12/1/47 | &nbsp;&nbsp; 38805 |
| 11604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 7/1/50 | &nbsp;&nbsp; 10932 |
| 62864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 11/1/50 | &nbsp;&nbsp; 59276 |
| 28869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 12/1/50 | &nbsp;&nbsp; 27173 |
| 13708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 1/1/51 | &nbsp;&nbsp; 12890 |
| 18848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 2/1/51 | &nbsp;&nbsp; 17741 |
| 21864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 4/1/51 | &nbsp;&nbsp; 20580 |
| 49454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 6/1/51 | &nbsp;&nbsp; 46474 |
| 10633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 7/1/51 | &nbsp;&nbsp; 10066 |
| 55330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 7/1/51 | &nbsp;&nbsp; 52039 |
| 128847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 7/1/51 | &nbsp;&nbsp; 121021 |
| 174942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 8/1/51 | &nbsp;&nbsp; 164270 |
| 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 1/1/38 (TBA) | &nbsp;&nbsp; 595905 |
| 12317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 11/1/40 | &nbsp;&nbsp; 12175 |
| 2109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 4/1/41 | &nbsp;&nbsp; 2090 |
| 106621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 5/1/41 | &nbsp;&nbsp; 105390 |
| 98039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 5/1/41 | &nbsp;&nbsp; 97189 |
| 39338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 5/1/41 | &nbsp;&nbsp; 38996 |
| 190548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 9/1/43 | &nbsp;&nbsp; 188823 |

---

#### 26

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

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations — (continued)** |  |
| 107881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 1/1/44 | $106946 |
| 84078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 3/1/44 | &nbsp;&nbsp; 83288 |
| 208979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 6/1/44 | &nbsp;&nbsp; 207167 |
| 903809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 7/1/44 | &nbsp;&nbsp; 893851 |
| 64802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 8/1/47 | &nbsp;&nbsp; 64089 |
| 26659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 5/1/31 | &nbsp;&nbsp; 26797 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 1/1/38 (TBA) | &nbsp;&nbsp; 502184 |
| 2513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 6/1/40 | &nbsp;&nbsp; 2545 |
| 1371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 7/1/40 | &nbsp;&nbsp; 1385 |
| 295652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 8/1/52 | &nbsp;&nbsp; 291564 |
| 815374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 8/1/52 | &nbsp;&nbsp; 804098 |
| 2627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 9/1/33 | &nbsp;&nbsp; 2679 |
| 3238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 12/1/34 | &nbsp;&nbsp; 3277 |
| 10267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 10/1/35 | &nbsp;&nbsp; 10573 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 1/1/53 (TBA) | &nbsp;&nbsp; 200493 |
| 1841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 9/1/29 | &nbsp;&nbsp; 1903 |
| 495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 10/1/32 | &nbsp;&nbsp;&nbsp; 503 |
| 2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 11/1/32 | &nbsp;&nbsp; 2067 |
| 5505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 11/1/32 | &nbsp;&nbsp; 5588 |
| 6744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 4/1/33 | &nbsp;&nbsp; 6870 |
| 2394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 5/1/33 | &nbsp;&nbsp; 2431 |
| 3520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 6/1/33 | &nbsp;&nbsp; 3573 |
| 7891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 7/1/34 | &nbsp;&nbsp; 8032 |
| 1457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 9/1/34 | &nbsp;&nbsp; 1487 |
| 416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 7/1/38 | &nbsp;&nbsp;&nbsp; 422 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 1/15/53 (TBA) | &nbsp;&nbsp; 1522134 |
| 531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 4/1/29 | &nbsp;&nbsp;&nbsp; 545 |
| 1007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 1/1/32 | &nbsp;&nbsp; 1031 |
| 687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 2/1/32 | &nbsp;&nbsp;&nbsp; 722 |
| 1365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 3/1/32 | &nbsp;&nbsp; 1398 |
| 2314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 4/1/32 | &nbsp;&nbsp; 2371 |
| 1349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 8/1/32 | &nbsp;&nbsp; 1390 |
| 830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 8/1/32 | &nbsp;&nbsp;&nbsp; 851 |
| 12636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.500%, 7/1/34 | &nbsp;&nbsp; 12994 |
| 458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 7.000%, 11/1/29 | &nbsp;&nbsp;&nbsp; 456 |
| 213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 7.000%, 9/1/30 | &nbsp;&nbsp;&nbsp; 212 |
| 307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 7.000%, 7/1/31 | &nbsp;&nbsp;&nbsp; 307 |
| 1146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 7.000%, 1/1/32 | &nbsp;&nbsp; 1199 |
| 263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 7.500%, 2/1/31 | &nbsp;&nbsp;&nbsp; 275 |
| 1873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 8.000%, 10/1/30 | &nbsp;&nbsp; 1961 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 2.500%, 1/20/53 (TBA) | &nbsp;&nbsp; 866358 |
| 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 3.000%, 1/15/53 (TBA) | &nbsp;&nbsp; 1691345 |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 3.500%, 1/15/53 (TBA) | &nbsp;&nbsp; 734892 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 4.000%, 1/20/53 (TBA) | &nbsp;&nbsp; 378439 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 4.500%, 1/15/53 (TBA) | &nbsp;&nbsp; 193983 |
| 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 5.000%, 1/20/53 (TBA) | &nbsp;&nbsp; 891656 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 5.500%, 1/20/53 (TBA) | &nbsp;&nbsp; 201118 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 6.000%, 1/20/53 (TBA) | &nbsp;&nbsp; 101589 |
| 92755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 3.500%, 11/15/41 | &nbsp;&nbsp; 87256 |

---

#### 27

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations — (continued)** |  |
| 33335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 3.500%, 8/15/42 | $31350 |
| 11481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 3.500%, 10/15/42 | &nbsp;&nbsp; 10797 |
| 34556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 3.500%, 1/15/45 | &nbsp;&nbsp; 32505 |
| 24981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 3.500%, 8/15/46 | &nbsp;&nbsp; 23312 |
| 29176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.000%, 1/15/25 | &nbsp;&nbsp; 28783 |
| 50227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.000%, 8/15/43 | &nbsp;&nbsp; 48639 |
| 61451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.000%, 3/15/44 | &nbsp;&nbsp; 59087 |
| 11919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.000%, 9/15/44 | &nbsp;&nbsp; 11481 |
| 26708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.000%, 4/15/45 | &nbsp;&nbsp; 25721 |
| 40916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.000%, 6/15/45 | &nbsp;&nbsp; 39629 |
| 4568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.000%, 7/15/45 | &nbsp;&nbsp; 4422 |
| 6646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.000%, 8/15/45 | &nbsp;&nbsp; 6400 |
| 25811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.500%, 5/15/39 | &nbsp;&nbsp; 25622 |
| 848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.500%, 8/15/41 | &nbsp;&nbsp;&nbsp; 834 |
| 3907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 5.500%, 3/15/33 | &nbsp;&nbsp; 3967 |
| 4963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 5.500%, 7/15/33 | &nbsp;&nbsp; 5198 |
| 13117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 5.500%, 8/15/33 | &nbsp;&nbsp; 13812 |
| 7383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 5.500%, 10/15/34 | &nbsp;&nbsp; 7542 |
| 3358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 4/15/28 | &nbsp;&nbsp; 3509 |
| 2949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 2/15/29 | &nbsp;&nbsp; 3025 |
| 4994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 9/15/32 | &nbsp;&nbsp; 5174 |
| 1157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 10/15/32 | &nbsp;&nbsp; 1187 |
| 11680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 11/15/32 | &nbsp;&nbsp; 11997 |
| 4791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 11/15/32 | &nbsp;&nbsp; 4937 |
| 3114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 1/15/33 | &nbsp;&nbsp; 3300 |
| 8412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 12/15/33 | &nbsp;&nbsp; 8690 |
| 4154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 8/15/34 | &nbsp;&nbsp; 4382 |
| 7188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 8/15/34 | &nbsp;&nbsp; 7371 |
| 428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 3/15/26 | &nbsp;&nbsp;&nbsp; 440 |
| 1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 6/15/28 | &nbsp;&nbsp; 1634 |
| 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 2/15/29 | &nbsp;&nbsp;&nbsp; 69 |
| 4674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 5/15/29 | &nbsp;&nbsp; 4804 |
| 1704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 5/15/29 | &nbsp;&nbsp; 1751 |
| 7453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 7/15/31 | &nbsp;&nbsp; 7661 |
| 2501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 9/15/31 | &nbsp;&nbsp; 2572 |
| 4735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 10/15/31 | &nbsp;&nbsp; 4867 |
| 1925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 12/15/31 | &nbsp;&nbsp; 1979 |
| 971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 12/15/31 | &nbsp;&nbsp;&nbsp; 999 |
| 798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 4/15/32 | &nbsp;&nbsp;&nbsp; 822 |
| 282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 4/15/32 | &nbsp;&nbsp;&nbsp; 290 |
| 544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 6/15/32 | &nbsp;&nbsp;&nbsp; 559 |
| 1091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 6/15/32 | &nbsp;&nbsp; 1121 |
| 2734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 7/15/32 | &nbsp;&nbsp; 2810 |
| 8442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 12/15/32 | &nbsp;&nbsp; 8693 |
| 8293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 7.000%, 7/15/26 | &nbsp;&nbsp; 8304 |
| 687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 7.000%, 9/15/27 | &nbsp;&nbsp;&nbsp; 688 |
| 8891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 7.000%, 2/15/28 | &nbsp;&nbsp; 8910 |
| 2008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 7.000%, 11/15/28 | &nbsp;&nbsp; 2015 |
| 1534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 7.000%, 1/15/29 | &nbsp;&nbsp; 1558 |

---

#### 28

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

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations — (continued)** |  |
| 1187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 7.000%, 6/15/29 | $1188 |
| 283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 7.000%, 7/15/29 | &nbsp;&nbsp;&nbsp; 283 |
| 1149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 7.000%, 7/15/29 | &nbsp;&nbsp; 1159 |
| 496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 7.000%, 12/15/30 | &nbsp;&nbsp;&nbsp; 496 |
| 1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 7.000%, 2/15/31 | &nbsp;&nbsp; 1261 |
| 1263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 7.000%, 8/15/31 | &nbsp;&nbsp; 1315 |
| 1908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 7.000%, 5/15/32 | &nbsp;&nbsp; 1907 |
| 1308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 7.500%, 10/15/29 | &nbsp;&nbsp; 1313 |
| 2658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 3.500%, 3/20/45 | &nbsp;&nbsp; 2417 |
| 4085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 3.500%, 4/20/45 | &nbsp;&nbsp; 3811 |
| 13983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 3.500%, 4/20/45 | &nbsp;&nbsp; 13047 |
| 7643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 3.500%, 4/20/45 | &nbsp;&nbsp; 7129 |
| 34923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 3.500%, 1/20/46 | &nbsp;&nbsp; 32625 |
| 17489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 3.500%, 3/20/46 | &nbsp;&nbsp; 16315 |
| 65326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 3.500%, 11/20/46 | &nbsp;&nbsp; 60800 |
| 694932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 3.500%, 9/20/52 | &nbsp;&nbsp; 638539 |
| 8721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.000%, 8/20/39 | &nbsp;&nbsp; 8426 |
| 10589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.000%, 7/20/42 | &nbsp;&nbsp; 10231 |
| 130804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.000%, 7/20/44 | &nbsp;&nbsp; 125844 |
| 12980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.000%, 9/20/44 | &nbsp;&nbsp; 12493 |
| 13878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.000%, 3/20/46 | &nbsp;&nbsp; 13351 |
| 41123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.000%, 10/20/46 | &nbsp;&nbsp; 39548 |
| 31850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.000%, 2/20/48 | &nbsp;&nbsp; 30339 |
| 43694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.000%, 4/20/48 | &nbsp;&nbsp; 41620 |
| 695286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.000%, 9/20/52 | &nbsp;&nbsp; 657979 |
| 3933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.500%, 9/20/41 | &nbsp;&nbsp; 3925 |
| 22087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.500%, 5/20/43 | &nbsp;&nbsp; 22043 |
| 69789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.500%, 1/20/44 | &nbsp;&nbsp; 70470 |
| 48659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.500%, 9/20/44 | &nbsp;&nbsp; 48861 |
| 17859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.500%, 10/20/44 | &nbsp;&nbsp; 17904 |
| 35059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.500%, 11/20/44 | &nbsp;&nbsp; 35163 |
| 91498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.500%, 2/20/48 | &nbsp;&nbsp; 90087 |
| 794362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.500%, 9/20/52 | &nbsp;&nbsp; 770715 |
| 4963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 6.000%, 11/20/33 | &nbsp;&nbsp; 5197 |
| 874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 6.500%, 8/20/28 | &nbsp;&nbsp;&nbsp; 884 |
| 1463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 6.500%, 12/20/28 | &nbsp;&nbsp; 1480 |
| 935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 6.500%, 9/20/31 | &nbsp;&nbsp;&nbsp; 970 |
| 791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 7.000%, 5/20/26 | &nbsp;&nbsp;&nbsp; 796 |
| 2626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 7.000%, 2/20/29 | &nbsp;&nbsp; 2682 |
| 475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 7.000%, 1/20/31 | &nbsp;&nbsp;&nbsp; 496 |
| 201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 7.500%, 8/20/27 | &nbsp;&nbsp;&nbsp; 205 |
| 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 8.000%, 8/20/25 | &nbsp;&nbsp;&nbsp; 57 |
| 4,400,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 1/10/23 | &nbsp;&nbsp; 4396905 |
| 5,000,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 1/24/23 | &nbsp;&nbsp; 4988798 |
| 5,000,000(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 2/2/23 | &nbsp;&nbsp; 4984136 |

---

#### 29

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations — (continued)** |  |
| 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 2.250%, 2/15/52 | $6953906 |
| 3450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 3.000%, 2/15/48 | &nbsp;&nbsp; 2827787 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations<br> (Cost $69,862,149)** | &nbsp;&nbsp; $67198328 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 104.4%<br> (Cost $164,496,391)** | $148375145 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | **Dividend <br> Income** | **Net <br> Realized<br> Gain (Loss)** | **Change <br> in Net<br> Unrealized<br> Appreciation<br> (Depreciation)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Issuer — 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Issuer — 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Issuer — 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Issuer — 1.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Closed-End Fund — 1.9% of Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Closed-End Fund — 1.9% of Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Closed-End Fund — 1.9% of Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Closed-End Fund — 1.9% of Net Assets** |  |
| 336,850(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pioneer ILS Interval Fund | $71188 | $— | $(38007) | $2731854 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Closed-End Fund<br> (Cost $3,388,570)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Closed-End Fund<br> (Cost $3,388,570)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Closed-End Fund<br> (Cost $3,388,570)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Closed-End Fund<br> (Cost $3,388,570)** | &nbsp;&nbsp;&nbsp;&nbsp; **$2731854** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Issuer — 1.9%<br> (Cost $3,388,570)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Issuer — 1.9%<br> (Cost $3,388,570)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Issuer — 1.9%<br> (Cost $3,388,570)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Issuer — 1.9%<br> (Cost $3,388,570)** | &nbsp;&nbsp;&nbsp;&nbsp; $2731854 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (6.3)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (6.3)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (6.3)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (6.3)%** | &nbsp;&nbsp; $(8906047) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$142200952** |

---

---

| | |
|:---|:---|
| (TBA) | &nbsp;&nbsp;"To Be Announced" Securities. |
| bps | &nbsp;&nbsp;Basis Points. |
| CMT | &nbsp;&nbsp;Constant Maturity Treasury Index. |
| FREMF | &nbsp;&nbsp;Freddie Mac Multifamily Fixed-Rate Mortgage Loans. |
| FRESB | &nbsp;&nbsp;Freddie Mac Multifamily Small Balance Certificates. |
| ICE | &nbsp;&nbsp;Intercontinental Exchange. |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate. |
| REIT | &nbsp;&nbsp;Real Estate Investment Trust. |
| REMICs | &nbsp;&nbsp;Real Estate Mortgage Investment Conduits. |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate. |
| SOFR30A | &nbsp;&nbsp;Secured Overnight Financing Rate 30 Day Average. |
| (144A) | &nbsp;&nbsp;Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At December 31, 2022, the value of these securities amounted to $49,515,560, or 34.8% of net assets. |

---

(a) Floating rate note. Coupon
rate, reference index and spread shown at December 31, 2022.

(b) Debt
obligation initially issued at one coupon which converts to a higher coupon at a speciﬁc date. The rate shown is the rate at December 31, 2022.

(c) The
interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at December 31, 2022.

(d) Security
represents the interest-only portion payments on a pool of underlying mortgages or mortgage-backed securities.

(e) Security
is perpetual in nature and has no stated maturity date.

(f) Consists
of Revenue Bonds unless otherwise indicated.

(g) Represents
a General Obligation Bond.

(h) Non-income
producing security.

(i) Issued as
preference shares.

(j) Security
issued with a zero coupon. Income is recognized through accretion of discount.

(k) Pioneer
ILS Interval Fund is an affiliated closed-end fund managed by Amundi Asset Management US, Inc. (the "Adviser").

#### 30

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

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;Senior secured ﬂoating rate loan interests in which the Portfolio invests generally pay interest at rates that are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR or SOFR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certiﬁcate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at December 31, 2022. |
| † | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| + | &nbsp;&nbsp;Security is valued using significant unobservable inputs (Level 3). |
| # | &nbsp;&nbsp;Securities are restricted as to resale. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Lorenz Re 2019 | 7/10/2019 | &nbsp;&nbsp;&nbsp;&nbsp;$5642 | &nbsp;&nbsp;&nbsp;&nbsp;$46 |
| **% of Net assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.0% †** |

---

† Amount rounds to less than
0.1%.

#### FUTURES CONTRACTS<br> FIXED INCOME INDEX FUTURES CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of<br> Contracts<br> Long** | **Description** | &nbsp;&nbsp;**Expiration <br> Date** | **Notional <br> Amount** | **Market<br> Value** | **Unrealized <br> Appreciation<br> (Depreciation)** |
| &nbsp;&nbsp;49 | U.S. 2 Year Note (CBT) | &nbsp;&nbsp;3/31/23 | $10037768 | $10048828 | &nbsp;&nbsp;&nbsp;$11060 |
| 191 | U.S. 5 Year Note (CBT) | &nbsp;&nbsp;3/31/23 | &nbsp;&nbsp;20728530 | &nbsp;&nbsp;20614570 | &nbsp;&nbsp;(113960) |
| &nbsp;&nbsp;30 | U.S. Long Bond (CBT) | &nbsp;&nbsp;3/22/23 | &nbsp;&nbsp;&nbsp;&nbsp;3815672 | &nbsp;&nbsp;&nbsp;&nbsp;3760312 | &nbsp;&nbsp;&nbsp;&nbsp;(55360) |
|  |  |  | **$34581970** | **$34423710** | **$(158260)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of<br> Contracts<br> Short** | **Description** | &nbsp;&nbsp;**Expiration <br> Date** | **Notional <br> Amount** | **Market<br> Value** | **Unrealized <br> Appreciation** |
| 107 | U.S. 10 Year Note (CBT) | &nbsp;&nbsp;3/22/23 | $(12061868) | $(12015766) | &nbsp;&nbsp;$46102 |
| &nbsp;&nbsp;28 | U.S. 10 Year Ultra Bond (CBT) | &nbsp;&nbsp;3/22/23 | &nbsp;&nbsp;&nbsp;&nbsp;(3395737) | &nbsp;&nbsp;&nbsp;&nbsp;(3311875) | &nbsp;&nbsp;&nbsp;&nbsp;83862 |
|  |  |  | $(15457605) | $(15327641) | $129964 |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **$19124365** | &nbsp;&nbsp;**$19096069** | **$(28296)** |

---

#### SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** |
| **Notional <br> Amount ($)<sup>(1)</sup>** | &nbsp;&nbsp;**Reference Obligation/Index** | &nbsp;&nbsp;**Pay/ <br> Receive<sup>(2)</sup>** | &nbsp;&nbsp;**Annual <br> Fixed Rate** | **Expiration <br> Date** | **Premiums <br> Paid** | **Unrealized <br> (Depreciation)** | **Market <br> Value** |
| 14590000 | &nbsp;&nbsp;Markit CDX North America High Yield Series 39 | &nbsp;&nbsp;Pay | &nbsp;&nbsp;5.00% | 12/20/27 | $528516 | $(647710) | $(119194) |
| **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | &nbsp;&nbsp;$528516 | $(647710) | &nbsp;&nbsp;$(119194) |
| **TOTAL SWAP CONTRACTS** | **TOTAL SWAP CONTRACTS** | **TOTAL SWAP CONTRACTS** | **TOTAL SWAP CONTRACTS** |  | **$528516** | &nbsp;&nbsp;**$(647710)** | **$(119194)** |

---

<sup>(1)</sup> The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event.

<sup>(2)</sup> Pays quarterly.

Purchases and sales of securities (excluding short-term investments) for the year ended December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| Long-Term U.S. Government Securities | $10171582 | &nbsp;&nbsp;&nbsp;&nbsp;$6889337 |
| Other Long-Term Securities | $84086662 | &nbsp;&nbsp;&nbsp;&nbsp;$76358311 |

---

At December 31, 2022, the net unrealized depreciation on investments based on cost for federal tax purposes of $168,121,521 was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$945731 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | &nbsp;&nbsp;&nbsp;(18107743) |
| Net unrealized depreciation | $(17162012) |

---

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

#### 31

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – unadjusted quoted prices in active markets for identical securities. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements — Note 1A. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 – significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A. |

---

The following is a summary of the inputs used as of December 31, 2022, in valuing the Portfolio's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Floating Rate Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$868186 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$868186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9261386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9261386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17554877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17554877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9843107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9843107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41234610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41234610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | &nbsp;&nbsp;1211115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance-Linked Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Sidecars |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiperil – Worldwide | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67198328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67198328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Closed-End Fund | &nbsp;&nbsp;2731854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2731854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Securities** | **$3942969** | &nbsp;&nbsp;&nbsp;&nbsp;**$147163984** | &nbsp;&nbsp;&nbsp;&nbsp;**$46** | &nbsp;&nbsp;&nbsp;&nbsp;**$151106999** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;$(28296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(28296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;**$(28296)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(119194)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(147490)** |

---

During the year ended December 31, 2022, there were no significant transfers in or out of Level 3.

#### 32

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

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statement of Assets and Liabilities 12/31/22

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value (cost $164,496,391) | &nbsp;&nbsp;$148375145 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value (cost $3,388,570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2731854 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736557 |
| &nbsp;&nbsp;&nbsp;Futures collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261328 |
| &nbsp;&nbsp;&nbsp;Swaps collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988009 |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3501 |
| &nbsp;&nbsp;&nbsp;Receivables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$157692816** |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;$15176929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91498 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11962 |
| &nbsp;&nbsp;&nbsp;Swap contracts, at value (net premiums paid $528,516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119194 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5726 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3615 |
| &nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3246 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | &nbsp;&nbsp;**$15491864** |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$168989648 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(26788696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;**$142200952** |
| **NET ASSET VALUE PER SHARE:** |  |
| No par value (unlimited number of shares authorized) |  |
| &nbsp;&nbsp;&nbsp;Class l (based on $24,062,838/2,606,928 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.23 |
| &nbsp;&nbsp;&nbsp;Class ll (based on $118,138,114/12,770,712 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.25 |

---

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

#### 33

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statement of Operations

#### FOR THE YEAR ENDED 12/31/22

---

| | | |
|:---|:---|:---|
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers (net of foreign taxes withheld $1,879) | &nbsp;&nbsp;&nbsp;$5053452 |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151988 |  |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**$5276628** |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$630411 |  |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44832 |  |
| &nbsp;&nbsp;&nbsp;Distribution fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ll | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325616 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154 |  |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84847 |  |
| &nbsp;&nbsp;&nbsp;Printing expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30206 |  |
| &nbsp;&nbsp;&nbsp;Pricing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7153 |  |
| &nbsp;&nbsp;&nbsp;Officers' and Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8803 |  |
| &nbsp;&nbsp;&nbsp;Insurance expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;$1141663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived and expenses reimbursed by the Adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;$1093907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;**$4182721** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | &nbsp;&nbsp;$(7398738) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(3699845) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842157 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15081) | &nbsp;&nbsp;&nbsp;&nbsp;$(10271507) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | $(18692245) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38007) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102978) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(628599) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7966 | &nbsp;&nbsp;&nbsp;&nbsp;$(19453863) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(29725370)** |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(25542649)** |

---

#### 34
The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **FROM OPERATIONS:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$4182721 | &nbsp;&nbsp;&nbsp;&nbsp;$3601523 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;(10271507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3457641 |
| Change in net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;(19453863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6697939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $(25542649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$361225 |
| **DISTRIBUTIONS TO SHAREOWNERS:** |  |  |
| &nbsp;&nbsp;&nbsp;Class l ($0.43 and $0.55 per share, respectively) | &nbsp;&nbsp;$(1188248) | &nbsp;&nbsp;&nbsp;&nbsp;$(1918872) |
| &nbsp;&nbsp;&nbsp;Class ll ($0.41 and $0.52 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;(5341714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6563394) |
| Tax return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class l ($0.02 and $— per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ll ($0.02 and $— per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareowners | &nbsp;&nbsp;$(6784183) | &nbsp;&nbsp;&nbsp;&nbsp;$(8482266) |
| **FROM PORTFOLIO SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sales of shares | &nbsp;&nbsp;$13314386 | &nbsp;&nbsp;&nbsp;&nbsp;$38130218 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6784183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8475289 |
| Cost of shares repurchased | &nbsp;&nbsp;&nbsp;(29022200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42720862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from Portfolio share transactions | &nbsp;&nbsp;$(8923631) | &nbsp;&nbsp;&nbsp;&nbsp;$3884645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net decrease in net assets** | **$(41250463)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4236396)** |
| **NET ASSETS:** |  |  |
| Beginning of year | $183451415 | &nbsp;&nbsp;&nbsp;&nbsp;$187687811 |
| End of year | **$142200952** | &nbsp;&nbsp;&nbsp;&nbsp;**$183451415** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year <br> Ended<br> 12/31/22<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/22<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21<br> Amount** |
| **Class l** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;267792 | &nbsp;&nbsp;&nbsp;&nbsp;$2712342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973464 | &nbsp;&nbsp;&nbsp;&nbsp;$11323635 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;127421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918872 |
| Less shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(723738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7343052) | &nbsp;&nbsp;&nbsp;&nbsp;(2205541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25454016) |
| &nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(328525) | &nbsp;&nbsp;&nbsp;&nbsp;$(3394343) | &nbsp;&nbsp;&nbsp;&nbsp;(1063526) | &nbsp;&nbsp;&nbsp;&nbsp;$(12211509) |
| **Class ll** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;1058607 | &nbsp;&nbsp;&nbsp;&nbsp;$10602044 | &nbsp;&nbsp;&nbsp;&nbsp;2327587 | &nbsp;&nbsp;&nbsp;&nbsp;$26806583 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;571430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5547816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6556417 |
| Less shares repurchased | (2169084) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21679148) | &nbsp;&nbsp;&nbsp;&nbsp;(1504575) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17266846) |
| &nbsp;&nbsp;&nbsp;Net increase<br> (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(539047) | &nbsp;&nbsp;&nbsp;&nbsp;$(5529288) | &nbsp;&nbsp;&nbsp;&nbsp;1397796 | &nbsp;&nbsp;&nbsp;&nbsp;$16096154 |

---

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

#### 35

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** | &nbsp;&nbsp;**Year Ended<br> 12/31/20** | &nbsp;&nbsp;**Year Ended<br> 12/31/19** | &nbsp;&nbsp;**Year Ended<br> 12/31/18** |
| **Class l** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$11.27 | &nbsp;&nbsp;$11.78 | &nbsp;&nbsp;$11.17 | &nbsp;&nbsp;$10.56 | &nbsp;&nbsp;$11.04 |
| Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) |
| **Net increase (decrease) from investment operations** | &nbsp;&nbsp;**$(1.59)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.04** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.95** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.97** | &nbsp;&nbsp;**$(0.09)** |
| Distributions to shareowners: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.45)** | &nbsp;&nbsp;**$(0.55)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.39)** |
| **Net increase (decrease) in net asset value** | &nbsp;&nbsp;**$(2.04)** | &nbsp;&nbsp;**$(0.51)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.61** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.61** | &nbsp;&nbsp;**$(0.48)** |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.23 | &nbsp;&nbsp;$11.27 | &nbsp;&nbsp;$11.78 | &nbsp;&nbsp;$11.17 | &nbsp;&nbsp;$10.56 |
| **Total return(b)** | &nbsp;&nbsp;&nbsp;**(14.19)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.38%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.70%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.27%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.84)%** |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% |
| Net assets, end of period (in thousands) | $24063 | &nbsp;&nbsp;$33091 | &nbsp;&nbsp;$47089 | &nbsp;&nbsp;$49115 | &nbsp;&nbsp;$46125 |
| Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: |  |  |  |  |  |
| Total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| Net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04% |

---

(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.

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

#### 36
The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** | &nbsp;&nbsp;**Year Ended<br> 12/31/20** | &nbsp;&nbsp;**Year Ended<br> 12/31/19** | &nbsp;&nbsp;**Year Ended<br> 12/31/18** |
| **Class ll** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.30 | &nbsp;&nbsp;&nbsp;&nbsp;$11.80 | &nbsp;&nbsp;&nbsp;&nbsp;$11.19 | &nbsp;&nbsp;&nbsp;&nbsp;$10.59 | &nbsp;&nbsp;&nbsp;&nbsp;$11.07 |
| Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) |
| **Net increase (decrease) from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.62)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.02** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.93** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.93** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.12)** |
| Distributions to shareowners: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.43)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.52)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.36)** |
| **Net increase (decrease) in net asset value** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.05)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.50)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.61** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.60** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.48)** |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.25 | &nbsp;&nbsp;&nbsp;&nbsp;$11.30 | &nbsp;&nbsp;&nbsp;&nbsp;$11.80 | &nbsp;&nbsp;&nbsp;&nbsp;$11.19 | &nbsp;&nbsp;&nbsp;&nbsp;$10.59 |
| **Total return(b)** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.45)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.22%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.42%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.90%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.08)%** |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% |
| Net assets, end of period (in thousands) | $118138 | &nbsp;&nbsp;$150361 | &nbsp;&nbsp;$140599 | &nbsp;&nbsp;$140895 | &nbsp;&nbsp;$125865 |
| Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: |  |  |  |  |  |
| Total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80% |

---

(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.

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

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

#### 37

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Notes to Financial Statements 12/31/22

1. Organization and Signiﬁcant Accounting Policies

Pioneer Bond VCT Portfolio (the "Portfolio") is one of 8 portfolios comprising Pioneer Variable Contracts Trust (the "Trust"), a Delaware statutory trust. The Portfolio is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a diversified, open-end management investment company. The Portfolio seeks current income and total return.

The Portfolio offers two classes of shares designated as Class I and Class II shares. Each class of shares represents an interest in the same portfolio of investments of the Portfolio and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses, such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Trust gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareowner approval. Under per-share voting, each share of a class of the Portfolio is entitled to one vote. Under dollar-weighted voting, a shareowner's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class I shares.

Portfolio shares may be purchased only by insurance companies for the purpose of funding variable annuity and variable life insurance contracts or by qualified pension and retirement plans.

Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the Portfolio's investment adviser (the "Adviser"). Amundi Distributor US, Inc., an afﬁliate of the Adviser, serves as the Portfolio's distributor (the "Distributor").

In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate ("LIBOR") and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2023. Management is evaluating the impact of ASU 2020-04 on the Portfolio's investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.

Effective August 19, 2022, the Portfolio is required to comply with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. In accordance with Rule 18f-4, the Portfolio has established and maintains a comprehensive derivatives risk management program, has appointed a derivatives risk manager and complies with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR").

The Portfolio is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). U.S. GAAP requires the management of the Portfolio to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the ﬁnancial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.

The following is a summary of signiﬁcant accounting policies followed by the Portfolio in the preparation of its ﬁnancial statements:

---

| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | The net asset value of the Portfolio is computed once daily, on each day the New York Stock Exchange ("NYSE") is open, as of the close of regular trading on the NYSE. |
|  | Fixed-income securities are valued by using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities, historical trading patterns in the market for fixed-income securities and/or other factors. Non-U.S. debt securities that are listed on an exchange will be valued at the bid price obtained from an independent third party pricing |

---

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | |
|:---|:---|
|  | service. When independent third party pricing services are unable to supply prices, or when prices or market quotations are considered to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers. |
|  | Loan interests are valued at the mean between the last available bid and asked prices from one or more brokers or dealers as obtained from Loan Pricing Corporation, an independent third party pricing service. If price information is not available from Loan Pricing Corporation, or if the price information is deemed to be unreliable, price information will be obtained from an alternative loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker quotes will be solicited. |
|  | Event-linked bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities (including reinsurance sidecars, collateralized reinsurance and industry loss warranties) may be valued at the bid price obtained from an independent pricing service, or through a third party using a pricing matrix, insurance valuation models, or other fair value methods or techniques to provide an estimated value of the instrument. |
|  | Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods. |
|  | The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Portfolio's shares are determined as of such times. The Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities. |
|  | Futures contracts are generally valued at the closing settlement price established by the exchange on which they are traded. |
|  | Swap contracts, including interest rate swaps, caps and floors (other than centrally cleared swap contracts), are valued at the dealer quotations obtained from reputable International Swap Dealers Association members. Centrally cleared swaps are valued at the daily settlement price provided by the central clearing counterparty. |
|  | Shares of closed-end interval funds that offer their shares at net asset value are valued at such funds' net asset value. |
|  | Securities or loan interests for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser. Effective September 8, 2022, the Adviser is designated as the valuation designee for the Portfolio pursuant to Rule 2a-5 under the 1940 Act. The Adviser's fair valuation team is responsible for monitoring developments that may impact fair valued securities. |
|  | Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Adviser may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Portfolio's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Portfolio's securities may differ significantly from exchange prices, and such differences could be material. |
| **B.** | **Investment Income and Transactions** |
|  | Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Portfolio becomes aware of the ex-dividend data in the exercise of reasonable diligence. |
|  | Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities. |

---

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Notes to Financial Statements 12/31/22 (continued)

---

| | |
|:---|:---|
|  | Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively. |
|  | Principal amounts of mortgage-backed securities are adjusted for monthly paydowns. Premiums and discounts related to certain mortgage-backed securities are amortized or accreted in proportion to the monthly paydowns. All discounts/premiums on purchase prices of debt securities are accreted/amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income. |
|  | Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. |
| **C.** | **Foreign Currency Translation** |
|  | The books and records of the Portfolio are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates. |
|  | Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments. |
| **D.** | **Federal Income Taxes** |
|  | It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of December 31, 2022, the Portfolio did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. |
|  | The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. |
|  | At December 31, 2022, the Portfolio reclassified $20,567 to increase distributable earnings and $20,567 to decrease paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations. |
|  | At December 31, 2022, the Portfolio was permitted to carry forward indefinitely $4,935,004 of short-term losses and $4,635,325 of long-term losses. |
|  | At December 31, 2022, the Portfolio deferred $56,355 of late year ordinary losses, which will be recognized by the Portfolio as occurring at the start of the next year ending in December 31, 2023. |
|  | The tax character of distributions paid during the years ended December 31, 2022 and December 31, 2021, was as follows: |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3467069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5459488 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3062893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3022778 |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$6784183** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$8482266** |

---

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

The following shows the components of distributable earnings (losses) on a federal income tax basis at December 31, 2022:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** |
| **Distributable earnings/(losses):** |  |
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(9570329) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17162012) |
| Qualified late year loss deferral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(26788696)** |

---

The difference between book basis and tax basis unrealized appreciation is attributable to the tax adjustments relating to wash sales, premium and amortization, and the mark to market of futures contracts and credit default swaps.

---

| | |
|:---|:---|
| **E.** | **Portfolio Shares and Class Allocations** |
|  | The Portfolio records sales and repurchases of its shares as of trade date. Distribution fees for Class II shares are calculated based on the average daily net asset value attributable to Class II shares of the Portfolio (see Note 5). Class I shares do not pay distribution fees. |
|  | Income, common expenses (excluding transfer agent and distribution fees) and realized and unrealized gains and losses are calculated at the Portfolio level and allocated daily to each class of shares based on its respective percentage of the adjusted net assets at the beginning of the day. |
|  | All expenses and fees paid to the Portfolio's transfer agent for its services are allocated between the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4). |
|  | The Portfolio declares as daily dividends substantially all of its net investment income. All dividends are paid on a monthly basis. Short-term capital gain distributions, if any, may be declared with the daily dividends. Distributions paid by the Portfolio with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class I and Class II shares can reflect different transfer agent and distribution expense rates. Dividends and distributions to shareowners are recorded on the ex-dividend date. |
| **F.** | **Risks** |
|  | The value of securities held by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inﬂation, changes in interest rates, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, ﬁnancial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. Recently, inflation and interest rates have increased and may rise further. These circumstances could adversely affect the value and liquidity of the Portfolio's investments, impair the Portfolio's ability to satisfy redemption requests, and negatively impact the Portfolio's performance. Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the ceiling on U.S. government debt could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets. |
|  | The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue to affect adversely the value and liquidity of the Portfolio's investments. Following Russia's invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical or other events or conditions. |
|  | Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. |

---

------

[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

---

| | |
|:---|:---|
| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Notes to Financial Statements 12/31/22 (continued)

---

| |
|:---|
| The U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the U.S. has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Portfolio's assets may go down. |
| At times, the Portfolio's investments may represent industries or industry sectors that are interrelated or have common risks, making the Portfolio more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. |
| The Portfolio's investments in foreign markets and countries with limited developing markets may subject the Portfolio to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, less liquid trading markets, extreme price volatility, currency risks, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law and investment and repatriation restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Portfolio's return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security. |
| Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia's military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Portfolio investments, on Portfolio performance and the value of an investment in the Portfolio, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally. |
| The Portfolio invests in below-investment-grade (high-yield) debt securities and preferred stocks. Some of these high-yield securities may be convertible into equity securities of the issuer. Debt securities rated below-investment-grade are commonly referred to as "junk bonds" and are considered speculative with respect to the issuer's capacity to pay interest and repay principal. These securities involve greater risk of loss, are subject to greater price volatility, and may be less liquid and more difficult to value, especially during periods of economic uncertainty or change, than higher rated debt securities. |
| The Portfolio may invest in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws. |
| The Portfolio's investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate) or SOFR (Secured Overnight Financing Rate). ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Markets are developing in response to these new rates, but questions around liquidity in these rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern. The effect of any changes to - or discontinuation of - LIBOR on the Portfolio will vary depending on, among other things, existing fallback provisions in individual contracts and whether, how, and when |

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[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

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| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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|  | industry participants develop and widely adopt new reference rates and fallbacks for both legacy and new products and instruments. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that rely on LIBOR. The transition may also result in a reduction in the value of certain LIBOR-based investments held by the Portfolio or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses for the Portfolio. Because the usefulness of LIBOR as a benchmark may deteriorate during the transition period, these effects could occur at any time. |
|  | With the increased use of technologies such as the Internet to conduct business, the Portfolio is susceptible to operational, information security and related risks. While the Portfolio's Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identiﬁed. Furthermore, the Portfolio cannot control the cybersecurity plans and systems put in place by service providers to the Portfolio such as the Portfolio's custodian and accounting agent, and the Portfolio's transfer agent. In addition, many beneﬁcial owners of Portfolio shares hold them through accounts at broker-dealers, retirement platforms and other ﬁnancial market participants over which neither the Portfolio nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Portfolio's service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in ﬁnancial losses, interference with the Portfolio's ability to calculate its net asset value, impediments to trading, the inability of Portfolio shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory ﬁnes, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks. |
|  | The Portfolio's prospectus contains unaudited information regarding the Portfolio's principal risks. Please refer to that document when considering the Portfolio's principal risks. |
| **G.** | **Restricted Securities** |
|  | Restricted Securities are subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933. Private placement securities are generally considered to be restricted except for those securities traded between qualiﬁed institutional investors under the provisions of Rule 144A of the Securities Act of 1933. |
|  | Disposal of restricted investments may involve negotiations and expenses, and prompt sale at an acceptable price may be difﬁcult to achieve. Restricted investments held by the Portfolio at December 31, 2022 are listed in the Schedule of Investments. |
| **H.** | **Insurance-Linked Securities ("ILS")** |
|  | The Portfolio invests in ILS. The Portfolio could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as deﬁned within the terms of an insurance-linked security. Trigger events, generally, are hurricanes, earthquakes, or other natural events of a speciﬁc size or magnitude that occur in a designated geographic region during a speciﬁed time period, and/or that involve losses or other metrics that exceed a speciﬁc amount. There is no way to accurately predict whether a trigger event will occur, and accordingly, ILS carry signiﬁcant risk. The Portfolio is entitled to receive principal, and interest and/or dividend payments so long as no trigger event occurs of the description and magnitude speciﬁed by the instrument. In addition to the speciﬁed trigger events, ILS may expose the Portfolio to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences. |
|  | The Portfolio's investments in ILS may include event-linked bonds. ILS also may include special purpose vehicles ("SPVs") or similar instruments structured to comprise a portion of a reinsurer's catastrophe-oriented business, known as quota share instruments (sometimes referred to as reinsurance sidecars), or to provide reinsurance relating to speciﬁc risks to insurance or reinsurance companies through a collateralized instrument, known as collateralized reinsurance. |
|  | Structured reinsurance investments also may include industry loss warranties ("ILWs"). A traditional ILW takes the form of a bilateral reinsurance contract, but there are also products that take the form of derivatives, collateralized structures, or exchange-traded instruments. |

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| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22 (continued)

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|  | Where the ILS are based on the performance of underlying reinsurance contracts, the Portfolio has limited transparency into the individual underlying contracts, and therefore must rely upon the risk assessment and sound underwriting practices of the issuer. Accordingly, it may be more difficult for the Adviser to fully evaluate the underlying risk profile of the Portfolio's structured reinsurance investments, and therefore the Portfolio's assets are placed at greater risk of loss than if the Adviser had more complete information. Structured reinsurance instruments generally will be considered illiquid securities by the Portfolio. These securities may be difficult to purchase, sell or unwind. Illiquid securities also may be difficult to value. If the Portfolio is forced to sell an illiquid asset, the Portfolio may be forced to sell at a loss. |
|  | Additionally, the Portfolio may gain exposure to ILS by investing in a closed-end interval fund, Pioneer ILS Interval Fund, an affiliate of the Adviser. The Portfolio's investment in Pioneer ILS Interval Fund at December 31, 2022 is listed in the Schedule of Investments. |
| **I.** | **Futures Contracts** |
|  | The Portfolio may enter into futures transactions in order to attempt to hedge against changes in interest rates, securities prices and currency exchange rates or to seek to increase total return. Futures contracts are types of derivatives. |
|  | All futures contracts entered into by the Portfolio are traded on a futures exchange. Upon entering into a futures contract, the Portfolio is required to deposit with a broker an amount of cash or securities equal to the minimum "initial margin" requirements of the associated futures exchange. The amount of cash deposited with the broker as collateral at December 31, 2022 is recorded as "Futures collateral" on the Statement of Assets and Liabilities. |
|  | Subsequent payments for futures contracts ("variation margin") are paid or received by the Portfolio, depending on the daily fluctuation in the value of the contracts, and are recorded by the Portfolio as unrealized appreciation or depreciation. Cash received from or paid to the broker related to previous margin movement is held in a segregated account at the broker and is recorded as either "Due from broker for futures" or "Due to broker for futures" on the Statement of Assets and Liabilities. When the contract is closed, the Portfolio realizes a gain or loss equal to the difference between the opening and closing value of the contract as well as any fluctuation in foreign currency exchange rates where applicable. Futures contracts are subject to market risk, interest rate risk and currency exchange rate risk. Changes in value of the contracts may not directly correlate to the changes in value of the underlying securities. With futures, there is reduced counterparty credit risk to the Portfolio since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. |
|  | The average market value of futures contracts open during the year ended December 31, 2022 was $17,838,842. Open futures contracts outstanding at December 31, 2022 are listed in the Schedule of Investments. |
| **J.** | **Credit Default Swap Contracts** |
|  | A credit default swap is a contract between a buyer of protection and a seller of protection against a pre-defined credit event or an underlying reference obligation, which may be a single security or a basket or index of securities. The Portfolio may buy or sell credit default swap contracts to seek to increase the Portfolio's income, or to attempt to hedge the risk of default on portfolio securities. A credit default swap index is used to hedge risk or take a position on a basket of credit entities or indices. |
|  | As a seller of protection, the Portfolio would be required to pay the notional (or other agreed-upon) value of the referenced debt obligation to the counterparty in the event of a default by a U.S. or foreign corporate issuer of a debt obligation, which would likely result in a loss to the Portfolio. In return, the Portfolio would receive from the counterparty a periodic stream of payments during the term of the contract, provided that no event of default occurred. The maximum exposure of loss to the seller would be the notional value of the credit default swaps outstanding. If no default occurs, the Portfolio would keep the stream of payments and would have no payment obligation. The Portfolio may also buy credit default swap contracts in order to hedge against the risk of default of debt securities, in which case the Portfolio would function as the counterparty referenced above. |
|  | As a buyer of protection, the Portfolio makes an upfront or periodic payment to the protection seller in exchange for the right to receive a contingent payment. An upfront payment made by the Portfolio, as the protection buyer, is recorded within the "Swap contracts, at value" line item on the Statement of Assets and Liabilities. Periodic payments received or paid by the Portfolio are recorded as realized gains or losses on the Statement of Operations. |
|  | Credit default swap contracts are marked-to-market daily using valuations supplied by independent sources, and the change in value, if any, is recorded within the "Swap contracts, at value" line item on the Statement of Assets and |

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| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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| Liabilities. Payments received or made as a result of a credit event or upon termination of the contract are recognized, net of the appropriate amount of the upfront payment, as realized gains or losses on the Statement of Operations. |
| Credit default swap contracts involving the sale of protection may involve greater risks than if the Portfolio had invested in the referenced debt instrument directly. Credit default swap contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Portfolio is a protection buyer and no credit event occurs, it will lose its investment. If the Portfolio is a protection seller and a credit event occurs, the value of the referenced debt instrument received by the Portfolio, together with the periodic payments received, may be less than the amount the Portfolio pays to the protection buyer, resulting in a loss to the Portfolio. In addition, obligations under sell protection credit default swaps may be partially offset by net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same reference obligation with the same counterparty. |
| The Portfolio may invest in credit default swap index products ("CDX"). A CDX is a swap on an index of credit default swaps. CDXs allow an investor to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or commercial mortgage-backed securities) in a more efficient manner than transacting in a single-name credit default swap. If a credit event occurs in one of the underlying companies, the protection is paid out via the delivery of the defaulted bond by the buyer of protection in return for a payment of notional value of the defaulted bond by the seller of protection or it may be settled through a cash settlement between the two parties. The underlying company is then removed from the index. If the Portfolio holds a long position in a CDX, the Portfolio would indirectly bear its proportionate share of any expenses paid by a CDX. A fund holding a long position in CDXs typically receives income from principal or interest paid on the underlying securities. By investing in CDXs, the Portfolio could be exposed to liquidity risk, counterparty risk, credit risk of the issuers of the underlying loan obligations and of the CDX markets, and operational risks. If there is a default by the CDX counterparty, the Portfolio will have contractual remedies pursuant to the agreements related to the transaction. CDXs also bear the risk that the Portfolio will not be able to meet its obligation to the counterparty. |
| Certain swap contracts that are cleared through a central clearinghouse are referred to as centrally cleared swaps. All payments made or received by the Portfolio are pursuant to a centrally cleared swap contract with the central clearing party rather than the original counterparty. Upon entering into a centrally cleared swap contract, the Portfolio is required to make an initial margin deposit, either in cash or in securities. The daily change in value on open centrally cleared contracts is recorded as "Variation margin for centrally cleared swap contracts" on the Statement of Assets and Liabilities. Cash received from or paid to the broker related to previous margin movement is held in a segregated account at the broker and is recorded as either "Due from broker for swaps" or "Due to broker for swaps" on the Statement of Assets and Liabilities. The amount of cash deposited with a broker as collateral at December 31, 2022 is recorded as "Swaps collateral" on the Statement of Assets and Liabilities. |
| The average notional value of credit default swap contracts buy protection open during the year ended December 31, 2022 was $16,716,100. Open credit default swap contracts at December 31, 2022 are listed in the Schedule of Investments. |

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2. Management Agreement

The Adviser manages the Portfolio. Management fees payable under the Portfolio's Investment Management Agreement with the Adviser are calculated daily and paid monthly at the annual rate of 0.40% of the Portfolio's average daily net assets. For the year ended December 31, 2022, the effective management fee (excluding waivers and/or assumption of expenses and waiver of acquired fund fees and expenses) was equivalent to 0.40% of the Portfolio's average daily net assets.

The Adviser has agreed to waive its management fee with respect to any portion of the Portfolio's assets invested in Pioneer ILS Interval Fund, an affiliated fund managed by the Adviser. For the year ended December 31, 2022, the Adviser waived $47,756 in management fees with respect to the Portfolio, which is reflected on the Statement of Operations as an expense waiver.

The Adviser has contractually agreed to limit ordinary operating expenses (ordinary operating expenses means all Portfolio expenses other than taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, such as litigation) of the Portfolio to the extent required to reduce Portfolio expenses to 0.62% of the average daily net assets attributable to Class I shares. Class II shares expenses will be reduced only to the extent portfolio-wide expenses are reduced for Class I shares. This expense limitation is in effect through May 1, 2023. There can be no assurance that the Adviser will extend the expense limitation agreement for a class of shares beyond the date referred to above. Fees waived and expenses reimbursed during the year ended December 31, 2022 are reflected on the Statement of Operations.

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| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22 (continued)

In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Portfolio as administrative reimbursements.

3. Compensation of Officers and Trustees

The Portfolio pays an annual fee to its Trustees. The Adviser reimburses the Portfolio for fees paid to the Interested Trustees. Except for the chief compliance officer, the Portfolio does not pay any salary or other compensation to its officers. The Portfolio pays a portion of the chief compliance officer's compensation for his services as the Portfolio's chief compliance officer. Amundi US pays the remaining portion of the chief compliance officer's compensation. For the year ended December 31, 2022, the Portfolio paid $8,803 in Officers' and Trustees' compensation, which is reflected on the Statement of Operations as Officers' and Trustees' fees. At December 31, 2022, on its Statement of Assets and Liabilities, the Portfolio did not have a payable for Trustees' fees and had a payable for administrative expenses of $3,615, which includes the payable for Officers' compensation.

4. Transfer Agent

BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Portfolio at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Portfolio's omnibus relationship contracts.

5. Distribution Plan

The Portfolio has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act with respect to Class II shares. Pursuant to the Plan, the Portfolio pays the Distributor a distribution fee of 0.25% of the average daily net assets attributable to Class II shares to compensate the Distributor for (1) distribution services and (2) personal and account maintenance services performed and expenses incurred by the Distributor in connection with the Portfolio's Class II shares.

6. Unfunded Loan Commitments

The Portfolio may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Portfolio is obliged to provide funding to the borrower upon demand. A fee is earned by the Portfolio on the unfunded loan commitment and is recorded as interest income on the Statement of Operations. Unfunded loan commitments are fair valued in accordance with the valuation policy described in Footnote 1A and unrealized appreciation or depreciation, if any, is recorded on the Statement of Assets and Liabilities.

As of December 31, 2022, the Portfolio had no unfunded loan commitments outstanding.

7. Additional Disclosures about Derivative Instruments and Hedging Activities

The Portfolio's use of derivatives may enhance or mitigate the Portfolio's exposure to the following risks:

Interest rate risk relates to the ﬂuctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

Credit risk relates to the ability of the issuer of a ﬁnancial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

Foreign exchange rate risk relates to ﬂuctuations in the value of an asset or liability due to changes in currency exchange rates.

Equity risk relates to the ﬂuctuations in the value of ﬁnancial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange rate risk), whether caused by factors speciﬁc to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

Commodity risk relates to the risk that the value of a commodity or commodity index will ﬂuctuate based on increases or decreases in the commodities market and factors speciﬁc to a particular industry or commodity.

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[**Table of Contents**](#job_amund_35ab1fd8-dbb0-4201-b111-21e2742ff1dc_toc)

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| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at December 31, 2022, was as follows:

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|:---|:---|:---|:---|:---|:---|
| **Statement of Assets<br> and Liabilities** | **Interest <br> Rate Risk** | **Credit <br> Risk** | **Foreign <br> Exchange<br> Rate Risk** | **Equity <br> Risk** | &nbsp;&nbsp;**Commodity <br> Risk** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized depreciation on futures contracts\* | $28296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— | $— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;119194 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Value** | **$28296** | **$119194** | **$—** | **$—** | &nbsp;&nbsp;**$—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the assets and/or liabilities on the Statement of Assets and Liabilities. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the assets and/or liabilities on the Statement of Assets and Liabilities. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the assets and/or liabilities on the Statement of Assets and Liabilities. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the assets and/or liabilities on the Statement of Assets and Liabilities. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the assets and/or liabilities on the Statement of Assets and Liabilities. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the assets and/or liabilities on the Statement of Assets and Liabilities. |

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The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at December 31, 2022 was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement of Operations** | **Interest <br> Rate Risk** | **Credit <br> Risk** | **Foreign <br> Exchange<br> Rate Risk** | **Equity <br> Risk** | **Commodity <br> Risk** |
| **Net Realized Gain (Loss) on** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | $(3699845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;842157 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Value** | **$(3699845)** | **$842157** | **$—** | **$—** | **$—** |
| **Change in Net Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;$(102978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(628599) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Value** | &nbsp;&nbsp;&nbsp;**$(102978)** | **$(628599)** | **$—** | **$—** | **$—** |

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8. Affiliated Issuers

An affiliated issuer is a company in which the Portfolio has a direct or indirect ownership of, control of, or voting power of 5 percent or more of the outstanding voting shares or any company which is under common ownership or control. At December 31, 2022, the value of the Portfolio's investment in afﬁliated issuers was $2,731,854, which represents 1.9% of the Portfolio's net assets.

Transactions in afﬁliated issuers by the Portfolio for the year ended December 31, 2022 were as follows:

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of the<br> Affiliated Issuer** | **Value at<br> December 31,<br> 2021** | **Purchases <br> Costs** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Net <br> Realized<br> Gain/(Loss)** | **Dividends <br> Received<br> and Reinvested** | **Sales <br> Proceeds** | **Shares <br> held at<br> December 31,<br> 2022** | **Value at<br> December 31,<br> 2022** |
| &nbsp;&nbsp;Pioneer ILS Interval Fund | $2698673 | $— | $(38007) | $— | $71188 | $— | 336850 | $2731854 |

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Annual and semi-annual reports for the underlying Pioneer funds are available on the funds' web page(s) at www.amundi.com/us.

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| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Pioneer Variable Contracts Trust and the Shareholders of<br> Pioneer Bond VCT Portfolio:

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Bond VCT Portfolio (the "Portfolio") (one of the portfolios constituting Pioneer Variable Contracts Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Pioneer Bond VCT Portfolio (one of the portfolios constituting Pioneer Variable Contracts Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five 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 the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g469588img07f8de524.jpg)

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

Boston, Massachusetts<br> March 1, 2023

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| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Additional Information (unaudited)

The Portfolio designated $3,062,893 as long-term capital gains distributions during the year ended December 31, 2022. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.

Qualified interest income is exempt from nonresident alien (NRA) tax withholding. The percentage of the Portfolio's ordinary income distributions derived from qualified interest income was 99.37%.

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| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Approval of Renewal of Investment Management Agreement

Amundi Asset Management US, Inc. ("Amundi US") serves as the investment adviser to Pioneer Bond VCT Portfolio (the "Portfolio") pursuant to an investment management agreement between Amundi US and the Portfolio. In order for Amundi US to remain the investment adviser of the Portfolio, the Trustees of the Portfolio, including a majority of the Portfolio's Independent Trustees, must determine annually whether to renew the investment management agreement for the Portfolio.

The contract review process began in January 2022 as the Trustees of the Portfolio agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2022, July 2022 and September 2022. In addition, the Trustees reviewed and discussed the Portfolio's performance at regularly scheduled meetings throughout the year, and took into account other information related to the Portfolio provided to the Trustees at regularly scheduled meetings, in connection with the review of the Portfolio's investment management agreement.

In March 2022, the Trustees, among other things, discussed the memorandum provided by Portfolio counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Portfolio, as well as the level of investment by the Portfolio's portfolio managers in the Portfolio. In July 2022, the Trustees, among other things, reviewed the Portfolio's management fees and total expense ratios, the financial statements of Amundi US and its parent companies, profitability analyses provided by Amundi US, and analyses from Amundi US as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of Amundi US, as compared to that of Amundi US's fund management business, and considered the differences between the fees and expenses of the Portfolio and the fees and expenses of Amundi US's institutional accounts, as well as the different services provided by Amundi US to the Portfolio and to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees' request, in September 2022.

At a meeting held on September 20, 2022, based on their evaluation of the information provided by Amundi US and third parties, the Trustees of the Portfolio, including the Independent Trustees voting separately advised by independent counsel, unanimously approved the renewal of the investment management agreement for another year. In approving the renewal of the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.

#### Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Portfolio, taking into account the investment objective and strategy of the Portfolio. The Trustees also reviewed Amundi US's investment approach for the Portfolio and its research process. The Trustees considered the resources of Amundi US and the personnel of Amundi US who provide investment management services to the Portfolio. They also reviewed the amount of non-Portfolio assets managed by the portfolio managers of the Portfolio. They considered the non-investment resources and personnel of Amundi US that are involved in Amundi US's services to the Portfolio, including Amundi US's compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by Amundi US's senior management to the Pioneer Fund complex, including with respect to the increasing regulation to which the Pioneer Funds are subject. The Trustees considered the effectiveness of Amundi US's business continuity plan in response to the ongoing COVID-19 pandemic.

The Trustees considered that Amundi US supervises and monitors the performance of the Portfolio's service providers and provides the Portfolio with personnel (including Portfolio officers) and other resources that are necessary for the Portfolio's business management and operations. The Trustees also considered that, as administrator, Amundi US is responsible for the administration of the Portfolio's business and other affairs. The Trustees considered that the Portfolio reimburses Amundi US its pro rata share of Amundi US's costs of providing administration services to the Pioneer Funds.

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

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

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#### Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Portfolio in comparison to the management fees of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are 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 the impact of the Portfolio's transfer agency and Portfolio- and Amundi US-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Portfolio's expense ratio.

The Trustees considered that the Portfolio's management fee for the most recent fiscal year was in the second quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees considered that the expense ratio of the Portfolio's Class II shares for the most recent fiscal year was in the third quintile relative to its Strategic Insight peer group for the comparable period.

The Trustees reviewed management fees charged by Amundi US to institutional and other clients, including publicly offered European funds sponsored by Amundi US's affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered Amundi US's costs in providing services to the Portfolio and Amundi US's costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with Amundi US's client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Portfolio and other client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management fee for the Portfolio and considered that, under the investment management and administration agreements with the Portfolio, Amundi US performs additional services for the Portfolio that it does not provide to those other clients or services that are broader in scope, including oversight of the Portfolio's other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Portfolio is subject. The Trustees also considered the entrepreneurial risks associated with Amundi US's management of the Portfolio.

The Trustees concluded that the management fee payable by the Portfolio to Amundi US was reasonable in relation to the nature and quality of the services provided by Amundi US.

#### Profitability
The Trustees considered information provided by Amundi US regarding the profitability of Amundi US with respect to the advisory services provided by Amundi US to the Portfolio, including the methodology used by Amundi US in allocating certain of its costs to the management of the Portfolio. The Trustees also considered Amundi US's profit margin in connection with the overall operation of the Portfolio. They further reviewed the financial results, including the profit margins, realized by Amundi US from non-fund businesses. The Trustees considered Amundi US's profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Amundi US's profitability with respect to the management of the Portfolio was not unreasonable.

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

#### Other Benefits
The Trustees considered the other benefits that Amundi US enjoys from its relationship with the Portfolio. The Trustees considered the character and amount of fees paid or to be paid by the Portfolio, other than under the investment management agreement, for services provided by Amundi US and its affiliates. The Trustees further considered the revenues and profitability of Amundi US's businesses other than the fund business. To the extent applicable, the Trustees also considered the benefits to the Portfolio and to Amundi US and its affiliates from the use of "soft" commission dollars generated by the Portfolio to pay for research and brokerage services.

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| **Pioneer Bond VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Approval of Renewal of Investment Management Agreement (continued)

The Trustees considered that Amundi US is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi's worldwide asset management business manages over $2.2 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US's relationship with Amundi creates potential opportunities for Amundi US and Amundi that derive from Amundi US's relationships with the Portfolio, including Amundi's ability to market the services of Amundi US globally. The Trustees noted that Amundi US has access to additional research and portfolio management capabilities as a result of its relationship with Amundi and Amundi's enhanced global presence that may contribute to an increase in the resources available to Amundi US. The Trustees considered that Amundi US and the Portfolio receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Portfolio, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Portfolio were reasonable.

#### Conclusion
After 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 and reasonable and voted to approve the proposed renewal of the investment management agreement.

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Trustees, Officers and Service Providers

The Portfolio's Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Portfolios within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Portfolio are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 51 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the "Pioneer Funds"). The address for all Trustees and all officers of the Portfolios is 60 State Street, Boston, Massachusetts 02109.

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Thomas J. Perna (72)<br> Chairman of the Board<br> and Trustee** | &nbsp;&nbsp;Trustee since 2006.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Private investor (2004 – 2008 and 2013 – present); Chairman (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. (technology products for securities lending industry); and Senior Executive Vice President, The Bank of New York (financial and securities services) (1986 – 2004) | &nbsp;&nbsp;Director, Broadridge Financial<br> Solutions, Inc. (investor<br> communications and securities<br> processing provider for financial<br> services industry) (2009 – present); Director, Quadriserv, Inc.<br> (2005 – 2013); and Commissioner,<br> New Jersey State Civil Service<br> Commission (2011 – 2015) |
| **John E. Baumgardner,<br> Jr. (71)\*<br> Trustee** | &nbsp;&nbsp;Trustee since 2019.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell LLP (law firm). | &nbsp;&nbsp;Chairman, The Lakeville Journal<br> Company, LLC, (privately-held<br> community newspaper group)<br> (2015-present) |
| **Diane Durnin (65)<br> Trustee** | &nbsp;&nbsp;Trustee since 2019.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Managing Director - Head of Product Strategy and Development, BNY Mellon Investment Management (investment management firm) (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): Executive Vice President Head of Product, BNY Mellon Investment Management (2007-2012); Executive Director- Product Strategy, Mellon Asset Management (2005-2007); Executive Vice President Head of Products, Marketing and Client Service, Dreyfus Corporation (investment management firm) (2000-2005); Senior Vice President Strategic Product and Business Development, Dreyfus Corporation (1994-2000) |  |
| **Benjamin M. Friedman (78)<br> Trustee** | &nbsp;&nbsp;Trustee since 2008.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;William Joseph Maier Professor of Political Economy, Harvard University (1972 – present) | &nbsp;&nbsp;Trustee, Mellon Institutional Funds<br> Investment Trust and Mellon<br> Institutional Funds Master Portfolio<br> (oversaw 17 portfolios in fund<br> complex) (1989 - 2008) |

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Trustees, Officers and Service Providers (continued)

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** |
| **Craig C. MacKay (59)<br> Trustee** | &nbsp;&nbsp;Trustee since 2021.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Partner, England & Company, LLC (advisory firm) (2012 – present); Group Head – Leveraged Finance Distribution, Oppenheimer & Company (investment bank) (2006 – 2012); Group Head – Private Finance & High Yield Capital Markets Origination, SunTrust Robinson Humphrey (investment bank) (2003 – 2006); and Founder and Chief Executive Officer, HNY Associates, LLC (investment bank) (1996 – 2003) | &nbsp;&nbsp;Director, Equitable Holdings, Inc. (financial services holding company) (2022 – present); Board Member of Carver Bancorp, Inc. (holding company) and Carver Federal Savings Bank, NA (2017 – present); Advisory Council Member, MasterShares ETF (2016 – 2017); Advisory Council Member, The Deal (financial market information publisher) (2015 – 2016); Board Co-Chairman and Chief Executive Officer, Danis Transportation Company (privately-owned commercial carrier) (2000 – 2003); Board Member and Chief Financial Officer, Customer Access Resources (privately-owned teleservices company) (1998 – 2000); Board Member, Federation of Protestant Welfare Agencies (human services agency) (1993 – present); and Board Treasurer, Harlem Dowling Westside Center (foster care agency) (1999 – 2018) |
| **Lorraine H. Monchak (66)<br> Trustee** | &nbsp;&nbsp;Trustee since 2017.<br> (Advisory Trustee from<br> 2014 - 2017). Serves<br> until a successor trustee<br> is elected or earlier<br> retirement or removal. | &nbsp;&nbsp;Chief Investment Officer, 1199 SEIU Funds (healthcare workers union pension funds) (2001 – present); Vice President – International Investments Group, American International Group, Inc. (insurance company) (1993 – 2001); Vice President – Corporate Finance and Treasury Group, Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability Management Group, Federal Farm Funding Corporation (government-sponsored issuer of debt securities) (1988 – 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 – 1988); Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 – 1987) |  |
| **Marguerite A. Piret (74)<br> Trustee** | &nbsp;&nbsp;Trustee since 1995.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Chief Financial Officer, American Ag Energy, Inc. (controlled environment and agriculture company) (2016 – present); President and Chief Executive Officer, Metric Financial Inc. (formerly known as Newbury Piret Company) (investment banking firm) (1981 – 2019) | &nbsp;&nbsp;Director of New America High<br> Income Fund, Inc. (closed-end<br> investment company) (2004 –<br> present); and Member, Board of<br> Governors, Investment Company<br> Institute (2000 – 2006) |

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** |
| **Fred J. Ricciardi (75)<br> Trustee** | &nbsp;&nbsp;Trustee since 2014.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Private investor (2020 – present); Consultant (investment company services) (2012 – 2020); Executive Vice President, BNY Mellon (financial and investment company services) (1969 – 2012); Director, BNY International Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas Investment Corp. (financial services) (2009 – 2012); Director, Financial Models (technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial services) (1999-2006); Chairman, BNY Alternative Investment Services, Inc. (financial services) (2005-2007) |  |
| \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Lisa M. Jones (60)\*\*<br> Trustee, President and Chief<br> Executive Officer** | &nbsp;&nbsp;Trustee since 2017. Serves<br> until a successor trustee is<br> elected or earlier retirement<br> or removal | &nbsp;&nbsp;Director, CEO and President of Amundi US, Inc. (investment management firm) (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Director, CEO and President of Amundi Distributor US, Inc. (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and Amundi Asset Management US, Inc. (September 2014 – 2018); Managing Director, Morgan Stanley Investment Management (investment management firm) (2010 – 2013); Director of Institutional Business, CEO of International, Eaton Vance Management (investment management firm) (2005 – 2010); Director of Amundi Holdings US, Inc. (since 2017) | &nbsp;&nbsp;Director of Clearwater Analytics (provider of web-based investment accounting software for reporting and reconciliation services) (September 2022 – present) |
| **Kenneth J. Taubes (64)\*\*<br> Trustee** | &nbsp;&nbsp;Trustee since 2014. Serves<br> until a successor trustee is<br> elected or earlier retirement<br> or removal | &nbsp;&nbsp;Director and Executive Vice President (since 2008) and Chief Investment Officer, U.S. (since 2010) of Amundi US, Inc. (investment management firm); Director and Executive Vice President and Chief Investment Officer, U.S. of Amundi US (since 2008); Executive Vice President and Chief Investment Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); Portfolio Manager of Amundi US (since 1999); Director of Amundi Holdings US, Inc. (since 2017) |  |
| \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. |

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Trustees, Officers and Service Providers (continued)

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During<br> At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Trust Officers** | **Trust Officers** | **Trust Officers** | **Trust Officers** |
| **Christopher J. Kelley (58)<br> Secretary and Chief<br> Legal Officer** | &nbsp;&nbsp;Since 2003. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Vice President and Associate General Counsel of Amundi US since January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; Vice President and Senior Counsel of Amundi US from July 2002 to December 2007 |  |
| **Thomas Reyes (60)<br> Assistant Secretary** | &nbsp;&nbsp;Since 2010. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Assistant General Counsel of Amundi US since May 2013 and Assistant Secretary of all the Pioneer Funds since June 2010; Counsel of Amundi US from June 2007 to May 2013 |  |
| **Heather L. Melito-Dezan (46)<br> Assistant Secretary** | &nbsp;&nbsp;Since 2022. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director - Trustee and Board Relationships of Amundi US since September 2019; Private practice from 2017 – 2019. |  |
| **Anthony J. Koenig, Jr. (59)<br> Treasurer and<br> Chief Financial and<br> Accounting Officer** | &nbsp;&nbsp;Since 2021. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Managing Director, Chief Operations Officer and Fund Treasurer of Amundi US since May 2021; Treasurer of all of the Pioneer Funds since May 2021; Assistant Treasurer of all of the Pioneer Funds from January 2021 to May 2021; and Chief of Staff, US Investment Management of Amundi US from May 2008 to January 2021 |  |
| **Luis I. Presutti (57)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2000. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer of all of the Pioneer Funds since 1999 |  |
| **Gary Sullivan (64)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2002. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant Treasurer of all of the Pioneer Funds since 2002 |  |
| **Antonio Furtado (40)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2020. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Fund Oversight Manager – Fund Treasury of Amundi US since 2020; Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior Fund Treasury Analyst from 2012 - 2020 |  |
| **Michael Melnick (51)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2021. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Vice President - Deputy Fund Treasurer of Amundi US since May 2021; Assistant Treasurer of all of the Pioneer Funds since July 2021; Director of Regulatory Reporting of Amundi US from 2001 – 2021; and Director of Tax of Amundi US from 2000 - 2001 |  |
| **John Malone (52)<br> Chief Compliance Officer** | &nbsp;&nbsp;Since 2018. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Managing Director, Chief Compliance Officer of Amundi US Asset Management; Amundi Asset Management US, Inc.; and the Pioneer Funds since September 2018; Chief Compliance Officer of Amundi Distributor US, Inc. since January 2014. |  |
| **Brandon Austin (50)<br> Anti-Money<br> Laundering Officer** | &nbsp;&nbsp;Since 2022. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director, Financial Security – Amundi Asset Management; Anti-Money Laundering Officer of all the Pioneer Funds since March 2022: Director of Financial Security of Amundi US since July 2021; Vice President, Head of BSA, AML and OFAC, Deputy Compliance Manager, Crédit Agricole Indosuez Wealth Management (investment management firm) (2013 – 2021) |  |

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Proxy Voting Policies and Procedures of the Portfolio are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Portfolio voted proxies relating to Portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundi.com/us. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov.

![](g469588imgdaafe86a1.gif)

18656-17-0223

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## Pioneer Variable Contracts Trust

## Pioneer Equity Income

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## VCT Portfolio
Class I and II Shares

Annual Report \| December 31, 2022

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

![](g469588imgea02dec71.gif)

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Pioneer Variable Contracts Trust

#### **Table of Contents**

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#### Pioneer Equity Income VCT Portfolio

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| | |
|:---|:---|
| [Portfolio and Performance Update](#xx_35c4cce7-07f5-4ca8-a317-90f1f9ebafcb_1) | 2 |
| [Comparing Ongoing Portfolio Expenses](#xx_d7c06109-d819-4578-a8fb-06f7727965fd_1) | 3 |
| [Portfolio Management Discussion](#xx_95204ec5-6d67-4b6d-943a-0fea1d33f9c3_1) | 4 |
| [Schedule of Investments](#xx_91262335-ec65-42ca-bb48-bfb3d5b68932_1) | 8 |
| [Financial Statements](#xx_643f26c4-fcfc-4c3c-bf7d-f24169883d75_1) | 13 |
| [Notes to Financial Statements](#xx_9ae456b6-2325-4022-9d7d-ec76ce1d4497_1) | 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_6fe12865-0133-4a26-b85c-b652c76410b7_1) | 23 |
| [Additional Information (unaudited)](#xx_34719f6d-61b2-4b13-9b71-9bbd6fecd960_1) | 24 |
| [Approval of Renewal of Investment Management Agreement](#xx_9957a804-947e-4ab8-ba84-14ed9681c5dd_1) | 25 |
| [Trustees, Officers and Service Providers](#xx_da375b17-e037-46bb-8560-f256d27bfbfd_1) | 28 |

---

This report is authorized for distribution only when preceded or accompanied by a prospectus for the Portfolio being offered.

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

------

[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

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| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Portfolio Update 12/31/22

#### Sector Distribution
(As a percentage of total investments)\*

![](g469588imgfde653be2.jpg)

#### 5 Largest Holdings

---

| | | |
|:---|:---|:---|
| (As a percentage of total investments)\* | (As a percentage of total investments)\* | (As a percentage of total investments)\* |
| &nbsp;&nbsp;1. | Sun Life Financial, Inc. | 2.35% |
| &nbsp;&nbsp;2. | Chevron Corp. | 2.08 |
| &nbsp;&nbsp;3. | Exxon Mobil Corp. | 2.07 |
| &nbsp;&nbsp;4. | Novo Nordisk AS | 1.98 |
| &nbsp;&nbsp;5. | Pfizer, Inc. | 1.95 |

---

<br> \* Excludes short-term investments and all derivative contracts except for options purchased. The Portfolio is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.

------

#### Performance Update 12/31/22

#### Prices and Distributions

---

| | | |
|:---|:---|:---|
| **Net Asset Value per Share** | **12/31/22** | **12/31/21** |
| Class l | $15.13 | $19.21 |
| Class ll | $15.45 | $19.55 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Distributions per Share<br> (1/1/22 - 12/31/22)** | **Net <br> Investment<br> Income** | **Short-Term <br> Capital Gains** | **Long-Term <br> Capital Gains** |
| Class l | $0.2989 | $— | $2.0963 |
| Class ll | $0.2593 | $— | $2.0963 |

---

------

#### Performance of a $10,000 Investment
The following chart shows the change in value of an investment made in Class I and Class II shares of **Pioneer Equity Income VCT Portfolio** at net asset value during the periods shown, compared to that of the Russell 1000 Value Index. Portfolio returns are based on net asset value and do not reflect any applicable insurance fees or surrender charges.

---

| | |
|:---|:---|
| ![](g469588img79c05d993.gif) | &nbsp;&nbsp;The Russell 1000 Value Index is an unmanaged index that measures the performance of large-cap U.S. value stocks. Index returns are calculated monthly, assume reinvestment of dividends and do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. |

---

------

#### Average Annual Total Returns
(As of December 31, 2022)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class l** | &nbsp;&nbsp;&nbsp;&nbsp;**Class ll** | &nbsp;&nbsp;&nbsp;&nbsp;**Russell 1000<br> Value Index** |
| 10 Years | &nbsp;&nbsp;10.44% | &nbsp;&nbsp;&nbsp;&nbsp;10.17% | &nbsp;&nbsp;&nbsp;&nbsp;10.29% |
| 5 Years | &nbsp;&nbsp;&nbsp;&nbsp;5.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.67% |
| 1 Year | &nbsp;&nbsp;&nbsp;-7.76% | &nbsp;&nbsp;&nbsp;&nbsp;-7.94% | &nbsp;&nbsp;&nbsp;&nbsp;-7.54% |

---

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 on distributions or the redemption of shares.

#### Call 1-800-688-9915 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
**The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.**

The returns for the Portfolio do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges. These expenses would reduce the overall returns shown.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, performance would be lower. Waivers may not be in effect for all portfolios. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

------

[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

---

| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Comparing Ongoing Portfolio Expenses

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 to compare 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 held throughout the six months.

#### Using the Tables

#### Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this 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
$1,000<br> Example: 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 Equity Income VCT Portfolio
Based on actual returns from July 1, 2022 through December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Share Class** | **l** | **ll** |
| Beginning Account Value on 7/1/22 | $1000.00 | $1000.00 |
| Ending Account Value (after expenses) on 12/31/22 | $1062.00 | $1060.70 |
| Expenses Paid During Period\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Expenses are equal to the Portfolio's annualized net expense ratio of 0.78% and 1.03% for Class I and Class II shares, respectively, multiplied by the average account value 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 the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account 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. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of 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 any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different 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 Equity Income VCT Portfolio
Based on a hypothetical 5% return per year before expenses, reflecting the period from July 1, 2022 through December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Share Class** | **l** | **ll** |
| Beginning Account Value on 7/1/22 | $1000.00 | $1000.00 |
| Ending Account Value (after expenses) on 12/31/22 | $1021.27 | $1020.01 |
| Expenses Paid During Period\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Expenses are equal to the Portfolio's annualized net expense ratio of 0.78% and 1.03% for Class I and Class II shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

------

[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

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| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Portfolio Management Discussion 12/31/22

#### Call 1-800-688-9915 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
**The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.**

The returns for the Portfolio do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges. These expenses would reduce the overall returns shown.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, performance would be lower. Waivers may not be in effect for all portfolios. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

I*n the following interview, Sammi Truong and John A. Carey discusses the market environment for equities and the factors that affected the performance of Pioneer Equity Income VCT Portfolio during the 12-month period ended December 31, 2022. Mr. Carey, Managing Director, Director of Equity Income, US, and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), is responsible for the day-to-day management of the Portfolio, along with Ms. Truong, a vice president and a portfolio manager at Amundi US.*

---

| | |
|:---|:---|
| **Q:** | **How did the Portfolio perform over the 12-month period ended December 31, 2022?** |
| **A:** | Pioneer Equity Income VCT Portfolio's Class I shares returned -7.76% at net asset value during the 12-month period ended December 31, 2022, and Class II shares returned -7.94%, while the Portfolio's benchmark, the Russell 1000 Value Index, returned -7.54%. |
| **Q:** | **How would you describe the market for equities during the 12-month period ended December 31, 2022, particularly for the types of equities deemed appropriate for the Portfolio?** |
| **A:** | During the period, initial investor optimism for a more widespread economic reopening as the intensity of the COVID-19 situation eased began to sour in the face of surging inflation and geopolitical concerns. Continued labor shortages, Russia's invasion of Ukraine ‒ with subsequent economic sanctions placed on Russia ‒ and China's strict "Zero-COVID" policy, wreaked havoc on global supply chains and contributed to the soaring inflation rate. The broad US equity market, as measured by the Standard & Poor's 500 Index (the S&P 500), experienced a sharp decline of -18.11% (on a total return basis) during the 12-month period. |
|  | In order to combat high, persistent inflation, the US Federal Reserve (Fed) raised the target range for the federal funds rate aggressively, and multiple times, as the period progressed. The target federal funds rate range rose to 4.25% ‒ 4.50%, when including the last Fed increase in December 2022, with the potential for additional rate hikes remaining on the table. |
|  | In that environment, growth stocks, which typically have been more susceptible to increases in the Fed's discount (federal funds) rate, given the greater dependence of growth-oriented companies on future earnings growth, declined by 29.14% over the 12-month period, as measured by the Russell 1000 Growth Index. While value stocks fared better, the Portfolio's benchmark, the Russell 1000 Value Index (the Russell Index), also lost ground for the period, returning -7.54%. |
|  | As the 12-month period progressed, soaring energy prices, labor wage growth, and diminished demand combined to reduce the prospects for corporate earnings growth, and increased the market's fears of an imminent recession. In the uncertain economic environment, investors gravitated towards higher-quality names and showed a preference for dividend-paying\* stocks. |

---

\* Dividends are not guaranteed.

------

[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

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| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | |
|:---|:---|
| **Q:** | **Could you please discuss the main factors affecting the Portfolio's benchmark-relative performance during the 12-month period ended December 31, 2022, and any investments or strategies significantly helping or hurting benchmark-relative returns?** |
| **A:** | While sector allocation results aided the Portfolio's benchmark-relative performance in the first half of the 12-month period, they detracted from relative performance in the second half. The Portfolio's overweights to the strong-performing energy and materials sectors benefited relative returns over the first six months of the period, as the war in Ukraine further disrupted supply chains and added to upward pricing pressure on oil and a number of other commodities. Unfortunately, in the second half of the period, the Portfolio's continued overweight to materials and our decision to move to an underweight position in energy, based on valuation concerns, detracted from benchmark-relative performance. While the ongoing war in Ukraine and the decision by the Organization of Petroleum Exporting Countries (OPEC) to cut production to prop-up prices caused share prices in the energy sector to move higher, materials companies lagged the Russell Index, due to emerging recessionary fears. |
|  | Overall, however, sector allocation results were a neutral factor in the Portfolio's benchmark-relative performance for the full 12-month period. In addition to the factors discussed above, underweights to the poor-performing communication services and financials sectors aided relative returns, but an overweight to the poor-performing information technology sector and an underweight to the strong-performing health care sector offset those positives. |
|  | With regard to security selection, individual stocks held in the Portfolio that were positive attributors to relative performance during the period included Marathon Petroleum (energy), Valero Energy (energy), Reliance Steel & Aluminum (materials), Eli Lilly (health care), and Cerner (health care). Marathon Petroleum and Valero Energy, both refining companies, benefited from tight global inventories of refined products and their cost advantages over European refiners, which have faced higher natural gas prices. Reliance Steel & Aluminum has benefited from its strong execution as a metals processor and distributor. Eli Lilly, meanwhile, received US Food & Drug Administration (FDA) approval for a new-generation diabetic drug during the period. The drug is also undergoing clinical trials for use as a potential obesity treatment. Cerner, a provider of information technology solutions and services for the health care industry, saw its share price rise during the 12-month period due to a takeover offer. |
|  | Portfolio positions that were negative attributors to benchmark-relative returns during the period included Gorman-Rupp (industrials), ExxonMobil (energy), Celanese (materials), Alexandria Real Estate (real estate), and Sun Life Financial (financials). Gorman-Rupp, a provider of industrial pumps, saw its profit margins pressured by rising input costs. While the Portfolio held shares of ExxonMobil, which outperformed the Russell Index for the period, the company represented an underweight position versus the benchmark, and so it had a negative effect on relative performance. Celanese, producer of acetic acid, specialty chemicals, and engineered materials, saw demand for its products soften as customers worked to normalize inventory levels. Alexandria Real Estate, a life-science properties developer and manager, saw its share price decline on concerns that increased interest rates could crimp |

---

------

[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

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| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Portfolio Management Discussion 12/31/22 (continued)

---

| | |
|:---|:---|
|  | biotech funding and, in turn, demand for its laboratory spaces. Sun Life Financial experienced better insurance sales during the period, but weaker profits in its asset-management business, driven by a lower equity market and asset outflows, hurt the company's overall performance. |
| **Q:** | **Could you highlight some of the more notable changes you made to the Portfolio during the 12-month period ended December 31, 2022?** |
| **A:** | During the 12-month period, we added 23 positions to the Portfolio and eliminated 33. We discuss some of the key additions and subtractions below. In reducing the Portfolio's weighting to the energy sector (on valuation concerns), we eliminated positions in Marathon Petroleum, Valero Energy, Schlumberger, and Baker Hughes. Marathon Petroleum and Valero Energy, as previously mentioned, are refiners, while Schlumberger and Baker Hughes provide oil equipment and services. |
|  | Facing inflation levels not seen in 40 years, consumers have worked down excess savings and have become more selective in their expenditures, and have begun to shift buying patterns away from goods and towards experiences and services, which has resulted in excess inventories for many retailers. As a result, we decided to sell the Portfolio's positions in Kohl's, VF, and Garmin, which we viewed as relatively unattractive, and initiated positions in TJX and Ralph Lauren. We believe TJX could be a beneficiary of excess market inventories and consumer trade-downs to off-price retailers. Ralph Lauren, meanwhile, has been executing on its strategies to elevate its brand and expand its product categories. We also eliminated a position in auto company Ford, due to input-cost concerns, and a position in Cedar Fair, because of its deferred initiation of a dividend after the company had suspended its dividend during the pandemic in an effort to conserve cash. Instead, we added a position in Darden Restaurants, based on our expectations for recovering foot traffic as consumers begin to gravitate towards affordable dining experiences. |
|  | In the industrials sector, we eliminated Portfolio positions in Leidos Holdings, Honeywell, and Fastenal, where we saw less potential for growth, and established positions in Raytheon Technologies, L3Harris Technologies, Deere, Eaton, and United Parcel Service (UPS). We think Raytheon and L3Harris could benefit from increased defense spending, with Raytheon also possibly benefiting from a recovery in the commercial aerospace segment. We see the potential for long-term growth for Deere, with its precision agriculture offerings, and Eaton, with its strong electrical orders and substantial backlog. Finally, we believe the market could be undervaluing UPS, and underestimating the company's ability to manage through the current slowdown in demand. |
| **Q:** | **Did the Portfolio have any derivatives exposure during the 12-month period ended December 31, 2022?** |
| **A:** | No, the Portfolio held no derivatives during the period. |
| **Q:** | **What is your outlook for equities heading into 2023?** |
| **A:** | Despite many forward-looking indicators showing that the US economy is slowing, two areas have been showing resilience: employment data and manufacturing output. We believe such resilience is likely to result in higher inflation for a longer period of time, which could cause the Fed to delay |

---

------

[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

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| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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------

#### A Word About Risk:
**All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, market disruptions caused by tariffs, trade disputes or other government actions, or adverse investor sentiment. These conditions may continue, recur, worsen or spread.**

Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.

The Portfolio invests in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws.

---

| |
|:---|
| dialing back its interest-rate increases. As mentioned earlier, consumers have continued to draw down from their savings built up during the pandemic, and have increased the use of credit cards, which has been contributing to higher inflation. However, retail inventories are high and supply-chain pressures appear to be easing. Those factors, combined with past and expected Fed increases to the federal funds rate target range, could lead to an eventual decline in inflation. Time will tell, however, whether inflation declines fast enough to prompt the Fed to hold back on further rate increases, and so avoiding a "hard landing" for the economy remains a difficult task, in our view. |
| In the fourth quarter of 2022, a number of companies reported margin pressures, despite strong revenue growth. Generally, revenue growth has been strong, in no small part aided by inflation, but we also have seen more muted earnings growth. Earnings guidance, when provided by companies, has also been more conservative than has often been the case over the past couple of years. We view that as a typical development at this stage of an inflationary cycle. We believe that further Fed rate increases could pressure nominal revenue growth, with costs remaining elevated. |
| In a rising-rate environment, we believe that our focus on investing the Portfolio in shares of what we view as higher-quality value companies may reap rewards. Typically, in the months following the first Fed rate hikes, investors have tended to rotate from low-quality into high-quality stocks, a market trend we generally experienced during calendar 2022. Additionally, as investors have begun to focus on assets offering higher yields in a rising-rate environment, we believe dividend-paying stocks may become more attractive. |
| As of December 31, 2022, the Portfolio had benchmark-relative overweight exposures to the cyclical sectors that we expect to do well during an economic recovery, including consumer discretionary, industrials, information technology, and materials. The Portfolio's largest absolute sector weighting is to financials, though at a slight underweight relative to the Russell Index, primarily due to an underweight to banks. |
| To balance the Portfolio's cyclical positioning, given the uncertain trajectory of the economic recovery, we also have maintained exposures to the more defensive areas of the market, such as the consumer staples, real estate, and health care sectors ― with a slight underweight to health care. |

---

#### Please refer to the Schedule of Investments on pages 8 to 12 for a full listing of Portfolio securities.

#### Past performance is no guarantee of future results.
***Any information in this shareholder report regarding market or economic trends or the factors influencing the Portfolio's historical or future performance are statements of opinion as of the date of this report.***

------

[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

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| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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------

Schedule of Investments 12/31/22

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 99.8%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks — 99.2% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 2.1%** |  |
| 2231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | $464516 |
| 14789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp; 1492506 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp; $1957022 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 1.4%** |  |
| 7217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | $660789 |
| 3936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp; 684234 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Air Freight & Logistics** | &nbsp;&nbsp; $1345023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Components — 1.2%** |  |
| 29080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BorgWarner, Inc. | $1170470 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Components** | &nbsp;&nbsp; $1170470 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobiles — 0.6%** |  |
| 26776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honda Motor Co., Ltd. (A.D.R.) | $612099 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Automobiles** | &nbsp;&nbsp;&nbsp;&nbsp; $612099 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 5.0%** |  |
| 36700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | $1215504 |
| 9410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp; 1261881 |
| 6270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp; 909526 |
| 8894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp; 1404718 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp; $4791629 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 8.3%** |  |
| 20730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | $943630 |
| 18949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp; 1577694 |
| 9199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp; 782099 |
| 12295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp; 1087984 |
| 12783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp; 1365863 |
| 15573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp; 1207998 |
| 8137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T Rowe Price Group, Inc. | &nbsp;&nbsp; 887421 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Markets** | &nbsp;&nbsp; $7852689 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 2.1%** |  |
| 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | $616520 |
| 8426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp; 861474 |
| 9506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp; 558763 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp; $2036757 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.9%** |  |
| 6163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSA Safety, Inc. | $888643 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services & Supplies** | &nbsp;&nbsp;&nbsp;&nbsp; $888643 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment — 0.4%** |  |
| 8673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | $413182 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Communications Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; $413182 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 2.1%** |  |
| 22879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | $421202 |
| 11602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE, Inc. | &nbsp;&nbsp; 509908 |
| 26620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp; 1048828 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Telecommunication Services** | &nbsp;&nbsp; $1979938 |

---

#### 8
The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

---

| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 3.7%** |  |
| 7904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | $750485 |
| 16469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp; 1380761 |
| 16161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp; 1351059 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric Utilities** | &nbsp;&nbsp; $3482305 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 1.6%** |  |
| 2554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corp. Plc | $400850 |
| 11775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp; 1131107 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Equipment** | &nbsp;&nbsp; $1531957 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.2%** |  |
| 4177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corp. | $745929 |
| 9661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Instruments Corp. | &nbsp;&nbsp; 356491 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electronic Equipment, Instruments & Components** | &nbsp;&nbsp; $1102420 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 4.8%** |  |
| 12509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | $1822186 |
| 8574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp; 959259 |
| 3086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp; 418585 |
| 19029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | &nbsp;&nbsp; 366689 |
| 9078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp; 1023363 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Real Estate Investment Trusts (REITs)** | &nbsp;&nbsp; $4590082 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food & Staples Retailing — 0.5%** |  |
| 3376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | $478683 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food & Staples Retailing** | &nbsp;&nbsp;&nbsp;&nbsp; $478683 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 5.9%** |  |
| 15704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campbell Soup Co. | $891202 |
| 2575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp; 596293 |
| 5307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John B Sanfilippo & Son, Inc. | &nbsp;&nbsp; 431565 |
| 15112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co., Inc., Class VTG | &nbsp;&nbsp; 1252634 |
| 21894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp; 1459235 |
| 8272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nestle S.A. (A.D.R.) | &nbsp;&nbsp; 954092 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food Products** | &nbsp;&nbsp; $5585021 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 3.7%** |  |
| 13444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | $1476017 |
| 3894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp; 990244 |
| 4387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp; 1072578 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Equipment & Supplies** | &nbsp;&nbsp; $3538839 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 3.8%** |  |
| 4135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | $685211 |
| 10423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp; 801216 |
| 13493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp; 1257413 |
| 1597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp; 817967 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Providers & Services** | &nbsp;&nbsp; $3561807 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.5%** |  |
| 3511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | $485677 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotels, Restaurants & Leisure** | &nbsp;&nbsp;&nbsp;&nbsp; $485677 |

---

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

#### 9

------

[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

---

| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Products — 1.8%** |  |
| 4090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox Co. | $573949 |
| 14434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp; 1137255 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Household Products** | &nbsp;&nbsp; $1711204 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 4.2%** |  |
| 6058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb, Ltd. | $1336395 |
| 15025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp; 461568 |
| 47592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Life Financial, Inc. | &nbsp;&nbsp; 2209220 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance** | &nbsp;&nbsp; $4007183 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services — 2.9%** |  |
| 3676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | $878049 |
| 6939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp; 977636 |
| 7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp; 866700 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total IT Services** | &nbsp;&nbsp; $2722385 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery — 6.4%** |  |
| 2446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | $585964 |
| 2096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp; 898681 |
| 57839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gorman-Rupp Co. | &nbsp;&nbsp; 1481835 |
| 6629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp; 584612 |
| 15793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp; 1563033 |
| 13097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp; 925565 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery** | &nbsp;&nbsp; $6039690 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media — 3.4%** |  |
| 24384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corp., Class A | $740542 |
| 39842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. | &nbsp;&nbsp; 1327137 |
| 14001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp; 1142062 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media** | &nbsp;&nbsp; $3209741 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 4.4%** |  |
| 15213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materion Corp. | $1331289 |
| 8828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp; 1163619 |
| 8236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance Steel & Aluminum Co. | &nbsp;&nbsp; 1667296 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metals & Mining** | &nbsp;&nbsp; $4162204 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiline Retail — 2.0%** |  |
| 3266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp. | $804252 |
| 7038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp; 1048944 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Multiline Retail** | &nbsp;&nbsp; $1853196 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multi-Utilities — 0.8%** |  |
| 11555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corp. | $731778 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Multi-Utilities** | &nbsp;&nbsp;&nbsp;&nbsp; $731778 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 5.1%** |  |
| 10900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | $1956441 |
| 17691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 1951318 |
| 8566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp; 891549 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil, Gas & Consumable Fuels** | &nbsp;&nbsp; $4799308 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 8.2%** |  |
| 13546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca Plc (A.D.R.) | $918419 |
| 2840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp; 1038985 |
| 8282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp; 1463015 |

---

#### 10

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

------

[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

---

| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — (continued)** |  |
| 13745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk AS (A.D.R.) | $1860248 |
| 22291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co. | &nbsp;&nbsp; 622588 |
| 35803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp; 1834546 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp; $7737801 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Road & Rail — 1.3%** |  |
| 5031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | $1239739 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Road & Rail** | &nbsp;&nbsp; $1239739 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 4.1%** |  |
| 7260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | $1190858 |
| 3213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp; 1211397 |
| 6238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp; 438220 |
| 6134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 1013459 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors & Semiconductor Equipment** | &nbsp;&nbsp; $3853934 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.9%** |  |
| 3389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | $812750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp; $812750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — 1.0%** |  |
| 11598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. | $923201 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Specialty Retail** | &nbsp;&nbsp;&nbsp;&nbsp; $923201 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.0%** |  |
| 7573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carter's, Inc. | $565022 |
| 4115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp; 434832 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Textiles, Apparel & Luxury Goods** | &nbsp;&nbsp;&nbsp;&nbsp; $999854 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 1.2%** |  |
| 9131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferguson Plc | $1159363 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trading Companies & Distributors** | &nbsp;&nbsp; $1159363 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Water Utilities — 0.7%** |  |
| 14362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | $685498 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Water Utilities** | &nbsp;&nbsp;&nbsp;&nbsp; $685498 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (Cost $68,796,624)** | $94053072 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 0.6% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 0.6%** |  |
| 536,564(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.19% | $536564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $536564 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $536,564)** | &nbsp;&nbsp;&nbsp;&nbsp; $536564 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 99.8%<br> (Cost $69,333,188)** | $94589636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; $202228 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$94791864** |

---

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

(a) Rate periodically changes.
Rate disclosed is the 7-day yield at December 31, 2022.

#### 11

------

[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

---

| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

Purchases and sales of securities (excluding short-term investments) for the year ended December 31, 2022, aggregated $36,862,534 and $52,374,765, respectively.

At December 31, 2022, the net unrealized appreciation on investments based on cost for federal tax purposes of $69,563,681 was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $26532324 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | &nbsp;&nbsp;&nbsp;&nbsp;(1506369) |
| Net unrealized appreciation | $25025955 |

---

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – unadjusted quoted prices in active markets for identical securities. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements — Note 1A. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 – significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A. |

---

The following is a summary of the inputs used as of December 31, 2022, in valuing the Portfolio's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $94053072 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$94053072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open-End Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Securities** | **$94589636** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$94589636** |

---

During the year ended December 31, 2022, there were no transfers in or out of Level 3.

#### 12

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

------

[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

---

| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statement of Assets and Liabilities 12/31/22

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value (cost $69,333,188) | &nbsp;&nbsp;$94589636 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21049 |
| &nbsp;&nbsp;&nbsp;Receivables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$94875735** |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9802 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6749 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2423 |
| &nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$83871** |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$63344450 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;31447414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;**$94791864** |
| **NET ASSET VALUE PER SHARE:** |  |
| No par value (unlimited number of shares authorized) |  |
| &nbsp;&nbsp;&nbsp;Class l (based on $67,650,537/4,470,030 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.13 |
| &nbsp;&nbsp;&nbsp;Class ll (based on $27,141,327/1,756,836 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.45 |

---

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

#### 13

------

[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

---

| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statement of Operations

#### FOR THE YEAR ENDED 12/31/22

---

| | | |
|:---|:---|:---|
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers (net of foreign taxes withheld $38,149) | &nbsp;&nbsp;&nbsp;$2572150 |  |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**$2572830** |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$674161 |  |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32450 |  |
| &nbsp;&nbsp;&nbsp;Distribution fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ll | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73684 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417 |  |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64704 |  |
| &nbsp;&nbsp;&nbsp;Printing expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23283 |  |
| &nbsp;&nbsp;&nbsp;Officers' and Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8160 |  |
| &nbsp;&nbsp;&nbsp;Insurance expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$883613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1689217** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | &nbsp;&nbsp;&nbsp;$6518379 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1071) | &nbsp;&nbsp;&nbsp;&nbsp;$6517308 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | $(17733348) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7046) | &nbsp;&nbsp;&nbsp;&nbsp;$(17740394) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(11223086)** |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(9533869)** |

---

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

------

[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

---

| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **FROM OPERATIONS:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$1689217 | &nbsp;&nbsp;&nbsp;&nbsp;$1815401 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6517308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14936293 |
| Change in net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;(17740394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9903174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$(9533869) | &nbsp;&nbsp;&nbsp;&nbsp;$26654868 |
| **DISTRIBUTIONS TO SHAREOWNERS:** |  |  |
| &nbsp;&nbsp;&nbsp;Class l ($2.40 and $0.26 per share, respectively) | $(10026418) | &nbsp;&nbsp;&nbsp;&nbsp;$(1252526) |
| &nbsp;&nbsp;&nbsp;Class ll ($2.36 and $0.22 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;(3821892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(426200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareowners | $(13848310) | &nbsp;&nbsp;&nbsp;&nbsp;$(1678726) |
| **FROM PORTFOLIO SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;$9801229 | &nbsp;&nbsp;&nbsp;&nbsp;$14070208 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;13848310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678726 |
| Cost of shares repurchased | &nbsp;&nbsp;&nbsp;(26780325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29756794) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from Portfolio share transactions | &nbsp;&nbsp;$(3130786) | &nbsp;&nbsp;&nbsp;&nbsp;$(14007860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets** | **$(26512965)** | &nbsp;&nbsp;&nbsp;&nbsp;**$10968282** |
| **NET ASSETS:** |  |  |
| Beginning of year | $121304829 | &nbsp;&nbsp;&nbsp;&nbsp;$110336547 |
| End of year | &nbsp;&nbsp;**$94791864** | &nbsp;&nbsp;&nbsp;&nbsp;**$121304829** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year <br> Ended<br> 12/31/22<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/22<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21<br> Amount** |
| **Class l** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;128852 | &nbsp;&nbsp;&nbsp;&nbsp;$2047759 | &nbsp;&nbsp;&nbsp;&nbsp;390444 | &nbsp;&nbsp;&nbsp;&nbsp;$7032766 |
| Reinvestment of distributions | &nbsp;&nbsp;706472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10026418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252526 |
| Less shares repurchased | (897603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14759856) | &nbsp;&nbsp;&nbsp;&nbsp;(802604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14249916) |
| &nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;(62279) | &nbsp;&nbsp;&nbsp;&nbsp;$(2685679) | &nbsp;&nbsp;&nbsp;&nbsp;(341703) | &nbsp;&nbsp;&nbsp;&nbsp;$(5964624) |
| **Class ll** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;425966 | &nbsp;&nbsp;&nbsp;&nbsp;$7753470 | &nbsp;&nbsp;&nbsp;&nbsp;393381 | &nbsp;&nbsp;&nbsp;&nbsp;$7037442 |
| Reinvestment of distributions | &nbsp;&nbsp;264207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3821892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426200 |
| Less shares repurchased | (685759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12020469) | &nbsp;&nbsp;&nbsp;&nbsp;(863747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15506878) |
| &nbsp;&nbsp;&nbsp;Net increase<br> (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4414 | &nbsp;&nbsp;&nbsp;&nbsp;$(445107) | &nbsp;&nbsp;&nbsp;&nbsp;(446737) | &nbsp;&nbsp;&nbsp;&nbsp;$(8043236) |

---

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

#### 15

------

[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

---

| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** | &nbsp;&nbsp;**Year Ended<br> 12/31/20** | &nbsp;&nbsp;**Year Ended<br> 12/31/19** | &nbsp;&nbsp;**Year Ended<br> 12/31/18** |
| **Class l** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$19.21 | &nbsp;&nbsp;$15.51 | &nbsp;&nbsp;$16.65 | &nbsp;&nbsp;$23.41 | &nbsp;&nbsp;$32.49 |
| Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.99) |
| **Net increase (decrease) from investment operations** | &nbsp;&nbsp;**$(1.68)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.96** | &nbsp;&nbsp;**$(0.18)** | &nbsp;&nbsp;&nbsp;&nbsp;**$4.87** | &nbsp;&nbsp;**$(2.18)** |
| Distributions to shareowners: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(11.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.20) |
| **Total distributions** | &nbsp;&nbsp;**$(2.40)** | &nbsp;&nbsp;**$(0.26)** | &nbsp;&nbsp;**$(0.96)** | &nbsp;&nbsp;**$(11.63)** | &nbsp;&nbsp;**$(6.90)** |
| **Net increase (decrease) in net asset value** | &nbsp;&nbsp;**$(4.08)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.70** | &nbsp;&nbsp;**$(1.14)** | &nbsp;&nbsp;**$(6.76)** | &nbsp;&nbsp;**$(9.08)** |
| Net asset value, end of period | &nbsp;&nbsp;$15.13 | &nbsp;&nbsp;$19.21 | &nbsp;&nbsp;$15.51 | &nbsp;&nbsp;$16.65 | &nbsp;&nbsp;$23.41 |
| **Total return(b)** | &nbsp;&nbsp;&nbsp;&nbsp;**(7.76)%** | &nbsp;&nbsp;&nbsp;&nbsp;**25.70%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.04)%** | &nbsp;&nbsp;&nbsp;&nbsp;**25.56%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.59)%(c)** |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% |
| Net assets, end of period (in thousands) | $67651 | &nbsp;&nbsp;$87047 | &nbsp;&nbsp;$75613 | &nbsp;&nbsp;$89623 | &nbsp;&nbsp;$82212 |

---

(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 (8.63)%.

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

#### 16
The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

---

| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** | &nbsp;&nbsp;**Year Ended<br> 12/31/20** | &nbsp;&nbsp;**Year Ended<br> 12/31/19** | &nbsp;&nbsp;**Year Ended<br> 12/31/18** |
| **Class ll** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$19.55 | &nbsp;&nbsp;$15.79 | &nbsp;&nbsp;$16.92 | &nbsp;&nbsp;$23.62 | &nbsp;&nbsp;$32.70 |
| Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(1.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.75) |
| **Net increase (decrease) from investment operations** | &nbsp;&nbsp;**$(1.74)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.98** | &nbsp;&nbsp;**$(0.21)** | &nbsp;&nbsp;&nbsp;&nbsp;**$4.87** | &nbsp;&nbsp;**$(2.25)** |
| Distributions to shareowners: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(11.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.20) |
| **Total distributions** | &nbsp;&nbsp;**$(2.36)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.92)** | &nbsp;&nbsp;**$(11.57)** | &nbsp;&nbsp;**$(6.83)** |
| **Net increase (decrease) in net asset value** | &nbsp;&nbsp;**$(4.10)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.76** | &nbsp;&nbsp;**$(1.13)** | &nbsp;&nbsp;**$(6.70)** | &nbsp;&nbsp;**$(9.08)** |
| Net asset value, end of period | &nbsp;&nbsp;$15.45 | &nbsp;&nbsp;$19.55 | &nbsp;&nbsp;$15.79 | &nbsp;&nbsp;$16.92 | &nbsp;&nbsp;$23.62 |
| **Total return(b)** | &nbsp;&nbsp;&nbsp;&nbsp;**(7.94)%** | &nbsp;&nbsp;&nbsp;&nbsp;**25.33%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.26)%** | &nbsp;&nbsp;&nbsp;&nbsp;**25.23%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8.77)%(c)** |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% |
| Net assets, end of period (in thousands) | $27141 | &nbsp;&nbsp;$34258 | &nbsp;&nbsp;$34723 | &nbsp;&nbsp;$38908 | &nbsp;&nbsp;$33569 |

---

(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, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales
charges were taken into account.

(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 (8.81)%.

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

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

#### 17

------

[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

---

| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Notes to Financial Statements 12/31/22

1. Organization and Signiﬁcant Accounting Policies

Pioneer Equity Income VCT Portfolio (the "Portfolio") is one of 8 portfolios comprising Pioneer Variable Contracts Trust (the "Trust"), a Delaware statutory trust. The Portfolio is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a diversified, open-end management investment company. The investment objectives of the Portfolio are current income and long-term growth of capital from a portfolio consisting primarily of income producing equity securities of U.S. corporations.

The Portfolio offers two classes of shares designated as Class I and Class II shares. Each class of shares represents an interest in the same schedule of investments of the Portfolio and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Trust gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareholder approval. Under per-share voting, each share of a class of the Portfolio is entitled to one vote. Under dollar-weighted voting, a shareholder's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class I shares.

Portfolio shares may be purchased only by insurance companies for the purpose of funding variable annuity and variable life insurance contracts or by qualified pension and retirement plans.

Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the Portfolio's investment adviser (the "Adviser"). Amundi Distributor US, Inc., an afﬁliate of the Adviser, serves as the Portfolio's distributor (the "Distributor").

Effective August 19, 2022, the Portfolio is required to comply with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Rule 18f-4 requires a fund to establish and maintain a comprehensive derivatives risk management program, appoint a derivatives risk manager and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"), unless the portfolio uses derivatives in only a limited manner (a "limited derivatives user"). The Portfolio is currently a limited derivatives user for purposes of Rule 18f-4.

The Portfolio is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). U.S. GAAP requires the management of the Portfolio to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the ﬁnancial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.

The following is a summary of signiﬁcant accounting policies followed by the Portfolio in the preparation of its ﬁnancial statements:

---

| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | The net asset value of the Portfolio is computed once daily, on each day the New York Stock Exchange ("NYSE") is open, as of the close of regular trading on the NYSE. |
|  | Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods. |
|  | The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Portfolio's shares are determined as of such times. The Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities. |

---

------

[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

---

| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | |
|:---|:---|
|  | Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds' net asset value. |
|  | Securities for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser. Effective September 8, 2022, the Adviser is designated as the valuation designee for the Portfolio pursuant to Rule 2a-5 under the 1940 Act. The Adviser's fair valuation team is responsible for monitoring developments that may impact fair valued securities. |
|  | Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Adviser may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Portfolio's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Portfolio's securities may differ significantly from exchange prices, and such differences could be material. |
| **B.** | **Investment Income and Transactions** |
|  | Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Portfolio becomes aware of the ex-dividend data in the exercise of reasonable diligence. |
|  | Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities. |
|  | Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively. |
|  | Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. |
| **C.** | **Foreign Currency Translation** |
|  | The books and records of the Portfolio are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates. |
|  | Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments. |
| **D.** | **Federal Income Taxes** |
|  | It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of December 31, 2022, the Portfolio did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. |
|  | The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. |
|  | A portion of the dividend income recorded by the Portfolio is from distributions by publicly traded Real Estate Investment Trusts ("REITs"), and such distributions for tax purposes may also consist of capital gains and return of capital. The actual return of capital and capital gains portions of such distributions will be determined by formal notifications from |

---

------

[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

---

| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Notes to Financial Statements 12/31/22 (continued)

---

| |
|:---|
| the REITs subsequent to the calendar year-end. Distributions received from the REITs that are determined to be a return of capital are recorded by the Portfolio as a reduction of the cost basis of the securities held and those determined to be capital gain are reflected as such on the Statement of Operations. |
| At December 31, 2022, the Portfolio reclassified $2,466 to increase distributable earnings and $2,466 to decrease paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations. |
| The tax character of distributions paid during the years ended December 31, 2022 and December 31, 2021, was as follows: |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1769733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1678726 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12078577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13848310** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1678726** |

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The following shows the components of distributable earnings (losses) on a federal income tax basis at December 31, 2022:

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|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** |
| **Distributable earnings/(losses):** |  |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$182524 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6238935 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25025955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$31447414** |

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The difference between book-basis and tax-basis net unrealized appreciation is attributable to the tax deferral of losses on wash sales.

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|:---|:---|
| **E.** | **Portfolio Shares and Class Allocations** |
|  | The Portfolio records sales and repurchases of its shares as of trade date. Distribution fees for Class II shares are calculated based on the average daily net asset value attributable to Class II shares of the Portfolio (see Note 5). Class I shares do not pay distribution fees. |
|  | Income, common expenses (excluding transfer agent and distribution fees) and realized and unrealized gains and losses are calculated at the Portfolio level and allocated daily to each class of shares based on its respective percentage of the adjusted net assets at the beginning of the day. |
|  | All expenses and fees paid to the Portfolio's transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4). |
|  | Dividends and distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Portfolio with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class I and Class II shares can reflect different transfer agent and distribution expense rates. |
| **F.** | **Risks** |
|  | The value of securities held by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inﬂation, changes in interest rates, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, ﬁnancial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. Recently, inflation and interest rates have increased and may rise further. These circumstances could adversely affect the value and liquidity of the Portfolio's investments, impair the Portfolio's ability to satisfy redemption requests, and negatively impact the Portfolio's performance. Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the ceiling on U.S. government debt could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets. |

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| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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| The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue to affect adversely the value and liquidity of the Portfolio's investments. Following Russia's invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical or other events or conditions. |
| Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. |
| The U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the U.S. has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Portfolio's assets may go down. |
| At times, the Portfolio's investments may represent industries or industry sectors that are interrelated or have common risks, making the Portfolio more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. |
| The Portfolio's investments in foreign markets and countries with limited developing markets may subject the Portfolio to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, less liquid trading markets, extreme price volatility, currency risks, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law, and investment and repatriation restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Portfolio's return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non- U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security. |
| Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia's military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Portfolio investments, on Portfolio performance and the value of an investment in the Portfolio, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally. |
| The Portfolio may invest in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws. |
| With the increased use of technologies such as the Internet to conduct business, the Portfolio is susceptible to operational, information security and related risks. While the Portfolio's Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent |

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| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22 (continued)

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| limitations in such plans and systems, including the possibility that certain risks have not been identiﬁed. Furthermore, the Portfolio cannot control the cybersecurity plans and systems put in place by service providers to the Portfolio such as the Portfolio's custodian and accounting agent, and the Portfolio's transfer agent. In addition, many beneﬁcial owners of Portfolio shares hold them through accounts at broker-dealers, retirement platforms and other ﬁnancial market participants over which neither the Portfolio nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Portfolio's service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in ﬁnancial losses, interference with the Portfolio's ability to calculate its net asset value, impediments to trading, the inability of Portfolio shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory ﬁnes, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks. |
| The Portfolio's prospectus contains unaudited information regarding the Portfolio's principal risks. Please refer to that document when considering the Portfolio's principal risks. |

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2. Management Agreement

The Adviser manages the Portfolio. Management fees payable under the Portfolio's Investment Management Agreement with the Adviser are calculated daily and paid monthly at the annual rate of 0.65% of the Portfolio's average daily net assets up to $1 billion and 0.60% of the Portfolio's average daily net assets over $1 billion. For the year ended December 31, 2022, the effective management fee was equivalent to 0.65% of the Portfolio's average daily net assets.

In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Portfolio as administrative reimbursements.

3. Compensation of Officers and Trustees

The Portfolio pays an annual fee to its Trustees. The Adviser reimburses the Portfolio for fees paid to the Interested Trustees. Except for the chief compliance officer, the Portfolio does not pay any salary or other compensation to its officers. The Portfolio pays a portion of the chief compliance officer's compensation for his services as the Portfolio's chief compliance officer. Amundi US pays the remaining portion of the chief compliance officer's compensation. For the year ended December 31, 2022, the Portfolio paid $8,160 in Officers' and Trustees' compensation, which is reflected on the Statement of Operations as Officers' and Trustees' fees. At December 31, 2022, on its Statement of Assets and Liabilities, the Portfolio had a payable for Trustees' fees of $221 and a payable for administrative expenses of $2,423, which includes the payable for Officers' compensation.

4. Transfer Agent

BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Portfolio at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Portfolio's omnibus relationship contracts.

5. Distribution Plan

The Portfolio has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act with respect to Class II shares. Pursuant to the Plan, the Portfolio pays the Distributor a distribution fee of 0.25% of the average daily net assets attributable to Class II shares to compensate the Distributor for (1) distribution services and (2) personal and account maintenance services performed and expenses incurred by the Distributor in connection with the Portfolio's Class II shares.

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| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Pioneer Variable Contracts Trust and the Shareholders of Pioneer Equity Income VCT Portfolio:

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Equity Income VCT Portfolio (the "Portfolio") (one of the portfolios constituting Pioneer Variable Contracts Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Pioneer Equity Income VCT Portfolio (one of the portfolios constituting Pioneer Variable Contracts Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five 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 the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g469588imgde085e164.jpg)

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

Boston, Massachusetts<br> March 1, 2023

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| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Additional Information (unaudited)

For the year ended December 31, 2022, 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 of 20%. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.

The Portfolio designated $12,078,577 as long-term capital gains distributions during the year ended December 31, 2022. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.

The qualifying percentage of the Portfolio's ordinary income dividends for the purpose of the corporate dividends received deduction was 100.00%.

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| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Approval of Renewal of Investment Management Agreement

Amundi Asset Management US, Inc. ("Amundi US") serves as the investment adviser to Pioneer Equity Income VCT Portfolio (the "Portfolio") pursuant to an investment management agreement between Amundi US and the Portfolio. In order for Amundi US to remain the investment adviser of the Portfolio, the Trustees of the Portfolio, including a majority of the Portfolio's Independent Trustees, must determine annually whether to renew the investment management agreement for the Portfolio.

The contract review process began in January 2022 as the Trustees of the Portfolio agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2022, July 2022 and September 2022. In addition, the Trustees reviewed and discussed the Portfolio's performance at regularly scheduled meetings throughout the year, and took into account other information related to the Portfolio provided to the Trustees at regularly scheduled meetings, in connection with the review of the Portfolio's investment management agreement.

In March 2022, the Trustees, among other things, discussed the memorandum provided by Portfolio counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Portfolio, as well as the level of investment by the Portfolio's portfolio managers in the Portfolio. In July 2022, the Trustees, among other things, reviewed the Portfolio's management fees and total expense ratios, the financial statements of Amundi US and its parent companies, profitability analyses provided by Amundi US, and analyses from Amundi US as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of Amundi US as compared to that of Amundi US's fund management business, and considered the differences between the fees and expenses of the Portfolio and the fees and expenses of Amundi US's institutional accounts, as well as the different services provided by Amundi US to the Portfolio and to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees' request, in September 2022.

At a meeting held on September 20, 2022, based on their evaluation of the information provided by Amundi US and third parties, the Trustees of the Portfolio, including the Independent Trustees voting separately advised by independent counsel, unanimously approved the renewal of the investment management agreement for another year. In approving the renewal of the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.

#### Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Portfolio, taking into account the investment objective and strategy of the Portfolio. The Trustees also reviewed Amundi US's investment approach for the Portfolio and its research process. The Trustees considered the resources of Amundi US and the personnel of Amundi US who provide investment management services to the Portfolio. They also reviewed the amount of non-Portfolio assets managed by the portfolio managers of the Portfolio. They considered the non-investment resources and personnel of Amundi US that are involved in Amundi US's services to the Portfolio, including Amundi US's compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by Amundi US's senior management to the Pioneer Fund complex, including with respect to the increasing regulation to which the Pioneer Funds are subject. The Trustees considered the effectiveness of Amundi US's business continuity plan in response to the ongoing COVID-19 pandemic.

The Trustees considered that Amundi US supervises and monitors the performance of the Portfolio's service providers and provides the Portfolio with personnel (including Portfolio officers) and other resources that are necessary for the Portfolio's business management and operations. The Trustees also considered that, as administrator, Amundi US is responsible for the administration of the Portfolio's business and other affairs. The Trustees considered that the Portfolio reimburses Amundi US its pro rata share of Amundi US's costs of providing administration services to the Pioneer Funds.

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

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

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| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Approval of Renewal of Investment Management Agreement (continued)

#### Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Portfolio in comparison to the management fees of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are 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 the impact of the Portfolio's transfer agency and Portfolio- and Amundi US-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Portfolio's expense ratio.

The Trustees considered that the Portfolio's management fee for the most recent fiscal year was in the fourth quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees noted Amundi US's explanation of the reasons that the Portfolio's management fee was in the fourth quintile relative to the management fees paid by other funds in its Morningstar category. The Trustees considered that the expense ratio of the Portfolio's Class I shares for the most recent fiscal year was in the fifth quintile relative to its Strategic Insight peer group for the comparable period. The Trustees noted Amundi US's explanation of the reasons that the expense ratio of the Portfolio's Class I shares was in the fifth quintile relative to its Strategic Insight peer group.

The Trustees reviewed management fees charged by Amundi US to institutional and other clients, including publicly offered European funds sponsored by Amundi US's affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered Amundi US's costs in providing services to the Portfolio and Amundi US's costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with Amundi US's client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Portfolio and other client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management fee for the Portfolio and considered that, under the investment management and administration agreements with the Portfolio, Amundi US performs additional services for the Portfolio that it does not provide to those other clients or services that are broader in scope, including oversight of the Portfolio's other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Portfolio is subject. The Trustees also considered the entrepreneurial risks associated with Amundi US's management of the Portfolio.

The Trustees concluded that the management fee payable by the Portfolio to Amundi US was reasonable in relation to the nature and quality of the services provided by Amundi US.

#### Profitability
The Trustees considered information provided by Amundi US regarding the profitability of Amundi US with respect to the advisory services provided by Amundi US to the Portfolio, including the methodology used by Amundi US in allocating certain of its costs to the management of the Portfolio. The Trustees also considered Amundi US's profit margin in connection with the overall operation of the Portfolio. They further reviewed the financial results, including the profit margins, realized by Amundi US from non-fund businesses. The Trustees considered Amundi US's profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Amundi US's profitability with respect to the management of the Portfolio was not unreasonable.

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

#### Other Benefits
The Trustees considered the other benefits that Amundi US enjoys from its relationship with the Portfolio. The Trustees considered the character and amount of fees paid or to be paid by the Portfolio, other than under the investment management agreement, for services provided by Amundi US and its affiliates. The Trustees further considered the revenues

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| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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and profitability of Amundi US's businesses other than the fund business. To the extent applicable, the Trustees also considered the benefits to the Portfolio and to Amundi US and its affiliates from the use of "soft" commission dollars generated by the Portfolio to pay for research and brokerage services.

The Trustees considered that Amundi US is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi's worldwide asset management business manages over $2.2 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US's relationship with Amundi creates potential opportunities for Amundi US and Amundi that derive from Amundi US's relationships with the Portfolio, including Amundi's ability to market the services of Amundi US globally. The Trustees noted that Amundi US has access to additional research and portfolio management capabilities as a result of its relationship with Amundi and Amundi's enhanced global presence that may contribute to an increase in the resources available to Amundi US. The Trustees considered that Amundi US and the Portfolio receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Portfolio, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Portfolio were reasonable.

#### Conclusion
After 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 and reasonable and voted to approve the proposed renewal of the investment management agreement.

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| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Trustees, Officers and Service Providers

The Portfolio's Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Portfolios within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Portfolio are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 51 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the "Pioneer Funds"). The address for all Trustees and all officers of the Portfolios is 60 State Street, Boston, Massachusetts 02109.

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| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Thomas J. Perna (72)<br> Chairman of the Board<br> and Trustee** | &nbsp;&nbsp;Trustee since 2006.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Private investor (2004 – 2008 and 2013 – present); Chairman (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. (technology products for securities lending industry); and Senior Executive Vice President, The Bank of New York (financial and securities services) (1986 – 2004) | &nbsp;&nbsp;Director, Broadridge Financial<br> Solutions, Inc. (investor<br> communications and securities<br> processing provider for financial<br> services industry) (2009 – present); Director, Quadriserv, Inc.<br> (2005 – 2013); and Commissioner,<br> New Jersey State Civil Service<br> Commission (2011 – 2015) |
| **John E. Baumgardner,<br> Jr. (71)\*<br> Trustee** | &nbsp;&nbsp;Trustee since 2019.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell LLP (law firm). | &nbsp;&nbsp;Chairman, The Lakeville Journal<br> Company, LLC, (privately-held<br> community newspaper group)<br> (2015-present) |
| **Diane Durnin (65)<br> Trustee** | &nbsp;&nbsp;Trustee since 2019.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Managing Director - Head of Product Strategy and Development, BNY Mellon Investment Management (investment management firm) (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): Executive Vice President Head of Product, BNY Mellon Investment Management (2007-2012); Executive Director- Product Strategy, Mellon Asset Management (2005-2007); Executive Vice President Head of Products, Marketing and Client Service, Dreyfus Corporation (investment management firm) (2000-2005); Senior Vice President Strategic Product and Business Development, Dreyfus Corporation (1994-2000) |  |
| **Benjamin M. Friedman (78)<br> Trustee** | &nbsp;&nbsp;Trustee since 2008.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;William Joseph Maier Professor of Political Economy, Harvard University (1972 – present) | &nbsp;&nbsp;Trustee, Mellon Institutional Funds<br> Investment Trust and Mellon<br> Institutional Funds Master Portfolio<br> (oversaw 17 portfolios in fund<br> complex) (1989 - 2008) |

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| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** |
| **Craig C. MacKay (59)<br> Trustee** | &nbsp;&nbsp;Trustee since 2021.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Partner, England & Company, LLC (advisory firm) (2012 – present); Group Head – Leveraged Finance Distribution, Oppenheimer & Company (investment bank) (2006 – 2012); Group Head – Private Finance & High Yield Capital Markets Origination, SunTrust Robinson Humphrey (investment bank) (2003 – 2006); and Founder and Chief Executive Officer, HNY Associates, LLC (investment bank) (1996 – 2003) | &nbsp;&nbsp;Director, Equitable Holdings, Inc. (financial services holding company) (2022 – present); Board Member of Carver Bancorp, Inc. (holding company) and Carver Federal Savings Bank, NA (2017 – present); Advisory Council Member, MasterShares ETF (2016 – 2017); Advisory Council Member, The Deal (financial market information publisher) (2015 – 2016); Board Co-Chairman and Chief Executive Officer, Danis Transportation Company (privately-owned commercial carrier) (2000 – 2003); Board Member and Chief Financial Officer, Customer Access Resources (privately-owned teleservices company) (1998 – 2000); Board Member, Federation of Protestant Welfare Agencies (human services agency) (1993 – present); and Board Treasurer, Harlem Dowling Westside Center (foster care agency) (1999 – 2018) |
| **Lorraine H. Monchak (66)<br> Trustee** | &nbsp;&nbsp;Trustee since 2017.<br> (Advisory Trustee from<br> 2014 - 2017). Serves<br> until a successor trustee<br> is elected or earlier<br> retirement or removal. | &nbsp;&nbsp;Chief Investment Officer, 1199 SEIU Funds (healthcare workers union pension funds) (2001 – present); Vice President – International Investments Group, American International Group, Inc. (insurance company) (1993 – 2001); Vice President – Corporate Finance and Treasury Group, Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability Management Group, Federal Farm Funding Corporation (government-sponsored issuer of debt securities) (1988 – 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 – 1988); Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 – 1987) |  |
| **Marguerite A. Piret (74)<br> Trustee** | &nbsp;&nbsp;Trustee since 1995.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Chief Financial Officer, American Ag Energy, Inc. (controlled environment and agriculture company) (2016 – present); President and Chief Executive Officer, Metric Financial Inc. (formerly known as Newbury Piret Company) (investment banking firm) (1981 – 2019) | &nbsp;&nbsp;Director of New America High<br> Income Fund, Inc. (closed-end<br> investment company) (2004 –<br> present); and Member, Board of<br> Governors, Investment Company<br> Institute (2000 – 2006) |

---

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[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

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| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Trustees, Officers and Service Providers (continued)

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** |
| **Fred J. Ricciardi (75)<br> Trustee** | &nbsp;&nbsp;Trustee since 2014.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Private investor (2020 – present); Consultant (investment company services) (2012 – 2020); Executive Vice President, BNY Mellon (financial and investment company services) (1969 – 2012); Director, BNY International Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas Investment Corp. (financial services) (2009 – 2012); Director, Financial Models (technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial services) (1999-2006); Chairman, BNY Alternative Investment Services, Inc. (financial services) (2005-2007) |  |
| \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Lisa M. Jones (60)\*\*<br> Trustee, President and Chief<br> Executive Officer** | &nbsp;&nbsp;Trustee since 2017. Serves<br> until a successor trustee is<br> elected or earlier retirement<br> or removal | &nbsp;&nbsp;Director, CEO and President of Amundi US, Inc. (investment management firm) (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Director, CEO and President of Amundi Distributor US, Inc. (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and Amundi Asset Management US, Inc. (September 2014 – 2018); Managing Director, Morgan Stanley Investment Management (investment management firm) (2010 – 2013); Director of Institutional Business, CEO of International, Eaton Vance Management (investment management firm) (2005 – 2010); Director of Amundi Holdings US, Inc. (since 2017) | &nbsp;&nbsp;Director of Clearwater Analytics (provider of web-based investment accounting software for reporting and reconciliation services) (September 2022 – present) |
| **Kenneth J. Taubes (64)\*\*<br> Trustee** | &nbsp;&nbsp;Trustee since 2014. Serves<br> until a successor trustee is<br> elected or earlier retirement<br> or removal | &nbsp;&nbsp;Director and Executive Vice President (since 2008) and Chief Investment Officer, U.S. (since 2010) of Amundi US, Inc. (investment management firm); Director and Executive Vice President and Chief Investment Officer, U.S. of Amundi US (since 2008); Executive Vice President and Chief Investment Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); Portfolio Manager of Amundi US (since 1999); Director of Amundi Holdings US, Inc. (since 2017) |  |
| \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. |

---

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[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

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| | |
|:---|:---|
| **Pioneer Equity Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During<br> At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Trust Officers** | **Trust Officers** | **Trust Officers** | **Trust Officers** |
| **Christopher J. Kelley (58)<br> Secretary and Chief<br> Legal Officer** | &nbsp;&nbsp;Since 2003. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Vice President and Associate General Counsel of Amundi US since January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; Vice President and Senior Counsel of Amundi US from July 2002 to December 2007 |  |
| **Thomas Reyes (60)<br> Assistant Secretary** | &nbsp;&nbsp;Since 2010. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Assistant General Counsel of Amundi US since May 2013 and Assistant Secretary of all the Pioneer Funds since June 2010; Counsel of Amundi US from June 2007 to May 2013 |  |
| **Heather L. Melito-Dezan (46)<br> Assistant Secretary** | &nbsp;&nbsp;Since 2022. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director - Trustee and Board Relationships of Amundi US since September 2019; Private practice from 2017 – 2019. |  |
| **Anthony J. Koenig, Jr. (59)<br> Treasurer and<br> Chief Financial and<br> Accounting Officer** | &nbsp;&nbsp;Since 2021. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Managing Director, Chief Operations Officer and Fund Treasurer of Amundi US since May 2021; Treasurer of all of the Pioneer Funds since May 2021; Assistant Treasurer of all of the Pioneer Funds from January 2021 to May 2021; and Chief of Staff, US Investment Management of Amundi US from May 2008 to January 2021 |  |
| **Luis I. Presutti (57)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2000. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer of all of the Pioneer Funds since 1999 |  |
| **Gary Sullivan (64)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2002. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant Treasurer of all of the Pioneer Funds since 2002 |  |
| **Antonio Furtado (40)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2020. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Fund Oversight Manager – Fund Treasury of Amundi US since 2020; Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior Fund Treasury Analyst from 2012 - 2020 |  |
| **Michael Melnick (51)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2021. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Vice President - Deputy Fund Treasurer of Amundi US since May 2021; Assistant Treasurer of all of the Pioneer Funds since July 2021; Director of Regulatory Reporting of Amundi US from 2001 – 2021; and Director of Tax of Amundi US from 2000 - 2001 |  |
| **John Malone (52)<br> Chief Compliance Officer** | &nbsp;&nbsp;Since 2018. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Managing Director, Chief Compliance Officer of Amundi US Asset Management; Amundi Asset Management US, Inc.; and the Pioneer Funds since September 2018; Chief Compliance Officer of Amundi Distributor US, Inc. since January 2014. |  |
| **Brandon Austin (50)<br> Anti-Money<br> Laundering Officer** | &nbsp;&nbsp;Since 2022. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director, Financial Security – Amundi Asset Management; Anti-Money Laundering Officer of all the Pioneer Funds since March 2022: Director of Financial Security of Amundi US since July 2021; Vice President, Head of BSA, AML and OFAC, Deputy Compliance Manager, Crédit Agricole Indosuez Wealth Management (investment management firm) (2013 – 2021) |  |

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[**Table of Contents**](#job_amund_163abb6e-ea48-47c8-956d-3375796c2324_toc)

Proxy Voting Policies and Procedures of the Portfolio are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Portfolio voted proxies relating to Portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundi.com/us. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov.

![](g469588imgea02dec71.gif)

18648-17-0223

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## Pioneer Variable Contracts Trust

## Pioneer Select Mid Cap Growth

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## VCT Portfolio
Class I Shares

Annual Report \| December 31, 2022

![](g469588img1bf4e85d1.gif)

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Pioneer Variable Contracts Trust

#### **Table of Contents**

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#### Pioneer Select Mid Cap Growth VCT Portfolio

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| | |
|:---|:---|
| [Portfolio and Performance Update](#xx_ac5b7f47-6c23-4426-8b3c-ffea459c9b2e_1) | 2 |
| [Comparing Ongoing Portfolio Expenses](#xx_ac8eb906-3d64-4ceb-9900-d6d752371871_1) | 3 |
| [Portfolio Management Discussion](#xx_e46057ae-6792-41c5-96e7-a5ed0c2dc624_1) | 4 |
| [Schedule of Investments](#xx_db65d735-b8c6-4b37-b156-81fb4bd04813_1) | 8 |
| [Financial Statements](#xx_10a22042-3a26-4277-9fe4-f7bb34124f96_1) | 14 |
| [Notes to Financial Statements](#xx_f020443a-dd66-4703-9f62-b2d07e760a50_1) | 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_09489129-a4fc-42a6-aae7-8b7134553b9a_1) | 23 |
| [Additional Information (unaudited)](#xx_0ee1c456-e4fb-4e88-ac2a-002441f835f5_1) | 24 |
| [Approval of Renewal of Investment Management Agreement](#xx_1d3036ad-3cb5-4baa-bc1c-99f77c67af56_1) | 25 |
| [Trustees, Officers and Service Providers](#xx_a9ff267d-7dc7-4e99-bb82-bac52a5541ec_1) | 28 |

---

This report is authorized for distribution only when preceded or accompanied by a prospectus for the Portfolio being offered.

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

------

[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

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| | |
|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Portfolio Update 12/31/22

#### Sector Distribution
(As a percentage of total investments)\*

![](g469588img8eec98f62.jpg)

#### 5 Largest Holdings

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| | | |
|:---|:---|:---|
| (As a percentage of total investments)\* | (As a percentage of total investments)\* | (As a percentage of total investments)\* |
| &nbsp;&nbsp;1. | MSCI, Inc. | 2.74% |
| &nbsp;&nbsp;2. | Synopsys, Inc. | 2.74 |
| &nbsp;&nbsp;3. | AutoZone, Inc. | 2.27 |
| &nbsp;&nbsp;4. | Agilent Technologies, Inc. | 2.26 |
| &nbsp;&nbsp;5. | Amphenol Corp. | 2.22 |

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<br> \* Excludes short-term investments and all derivative contracts except for options purchased. The Portfolio is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.

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#### Performance Update 12/31/22

#### Prices and Distributions

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| | | |
|:---|:---|:---|
| **Net Asset Value per Share** | **12/31/22** | **12/31/21** |
| Class l | $18.54 | $34.90 |

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| | | | |
|:---|:---|:---|:---|
| **Distributions per Share<br> (1/1/22 - 12/31/22)** | **Net <br> Investment<br> Income** | **Short-Term <br> Capital Gains** | **Long-Term <br> Capital Gains** |
| Class l | $— | $0.2502 | $4.9043 |

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#### Performance of a $10,000 Investment
The following chart shows the change in value of an investment made in Class I shares of **Pioneer Select Mid Cap Growth VCT Portfolio** at net asset value during the periods shown, compared to that of the Russell Midcap Growth Index. Portfolio returns are based on net asset value and do not reflect any applicable insurance fees or surrender charges.

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| | |
|:---|:---|
| ![](g469588img54c727453.gif) | &nbsp;&nbsp;The Russell Midcap Growth Index is an unmanaged index that measures the performance of U.S. mid-cap growth stocks. Index returns are calculated monthly, assume reinvestment of dividends and do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. |

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#### Average Annual Total Returns
(As of December 31, 2022)

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Class l** | &nbsp;&nbsp;&nbsp;&nbsp;**Russell Midcap<br> Growth Index** |
| 10 Years | &nbsp;&nbsp;&nbsp;10.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.41% |
| 5 Years | &nbsp;&nbsp;&nbsp;&nbsp;5.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.64% |
| 1 Year | &nbsp;&nbsp;-31.06% | &nbsp;&nbsp;&nbsp;&nbsp;-26.72% |

---

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 on distributions or the redemption of shares.

#### Call 1-800-688-9915 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
**The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.**

The returns for the Portfolio do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges. These expenses would reduce the overall returns shown.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, performance would be lower. Waivers may not be in effect for all portfolios. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

------

[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

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| | |
|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Comparing Ongoing Portfolio Expenses

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 to compare 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 held throughout the six months.

#### Using the Tables

#### Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this 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
$1,000<br> Example: 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 Select Mid Cap Growth VCT Portfolio
Based on actual returns from July 1, 2022 through December 31, 2022.

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| | |
|:---|:---|
| **Share Class** | **l** |
| Beginning Account Value on 7/1/22 | $1000.00 |
| Ending Account Value (after expenses) on 12/31/22 | $1027.70 |
| Expenses Paid During Period\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.45 |

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&nbsp;&nbsp;&nbsp;&nbsp;\* Expenses are equal to the Portfolio's annualized expense ratio of 0.87% for Class I shares multiplied by the average account value 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 the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account 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. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of 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 any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different 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 Select Mid Cap Growth VCT Portfolio
Based on a hypothetical 5% return per year before expenses, reflecting the period from July 1, 2022 through December 31, 2022.

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| | |
|:---|:---|
| **Share Class** | **l** |
| Beginning Account Value on 7/1/22 | $1000.00 |
| Ending Account Value (after expenses) on 12/31/22 | $1020.82 |
| Expenses Paid During Period\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.43 |

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&nbsp;&nbsp;&nbsp;&nbsp;\* Expenses are equal to the Portfolio's annualized expense ratio of 0.87% for Class I shares multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

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|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Portfolio Management Discussion 12/31/22

#### Call 1-800-688-9915 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
**The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.**

The returns for the Portfolio do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges. These expenses would reduce the overall returns shown.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, performance would be lower. Waivers may not be in effect for all portfolios. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

*In the following interview, Ken Winston discusses the market environment and the factors that affected the performance of Pioneer Select Mid Cap Growth VCT Portfolio during the 12-month period ended December 31, 2022. Mr. Winston, a senior vice president at Amundi Asset Management US, Inc. (Amundi US) and lead portfolio manager of the Portfolio, is responsible for the day-to-day management of the Portfolio, along with Shaji John, a senior vice president and a portfolio manager at Amundi US, and David Sobell, a senior vice president and portfolio manager at Amundi US.*

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| | |
|:---|:---|
| **Q:** | **How did the Portfolio perform during the 12-month period ended December 31, 2022?** |
| **A:** | Pioneer Select Mid Cap Growth VCT Portfolio's Class I shares returned -31.06% at net asset value during the 12-month period ended December 31, 2022, while the Portfolio's benchmark, the Russell Midcap Growth Index (the Russell Index), returned -26.72%. |
| **Q:** | **How would you describe the investment environment in the equity market during the 12-month period ended December 31, 2022?** |
| **A:** | The 12-month period ended December 31, 2022 featured heavy equity-market volatility, persistently high inflation readouts, and rising interest rates, all of which combined to lead to a broad retreat in the performance of domestic equities. |
|  | In response to high levels of inflation not seen in roughly 40 years, the US Federal Reserve (Fed) began raising the target range for the federal funds rate in March 2022, and also ended its pandemic-era quantitative easing (bond purchase) program. The Fed increased the federal funds rate's target range seven times between March and December 2022, including four consecutive increases of 75 basis points (bps) each from June to November 2022, an unprecedented occurrence (a basis point is equal to 1/100<sup>th</sup> of a percentage point). |
|  | The decline in the domestic equity market was particularly concentrated within growth stocks, which dramatically underperformed value stocks for the 12-month period. The broad US equity market, as measured by the Standard & Poor's 500 Index (the S&P 500), registered a total return of -18.11% over the 12-month period, a significant drop-off from the 28.71% return the S&P 500 generated over the 12-month period ended December 31, 2021. |
|  | Market participants preferred value stocks over growth stocks during the past year, as shares of growth-oriented companies – which can be susceptible to rising interest rates, given that higher rates have tended to erode the value of those companies' earnings over the longer term – were shunned by investors in response to the Fed's attempts to combat inflation by increasing the federal funds target range. |
|  | During the 12-month period, the yield on the 10-year US Treasury bond rose from 1.51% (as of December 31, 2021) to 3.88% (as of December 31, 2022). That development presented a significant headwind to the performance of growth stocks, and particularly shares of those growth-oriented companies with high valuations based largely on future earnings. |

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[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

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|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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| | |
|:---|:---|
|  | Mid-cap growth stocks, as measured by the Portfolio's benchmark, the Russell Midcap Growth Index (the Russell Index), underperformed the S&P 500, returning -26.72% for the 12-month period. Meanwhile, mid-cap value stocks, as measured by the Russell Midcap Value Index, were also in negative territory for the 12-month period, returning -12.03%, but significantly outperformed mid-cap growth stocks. |
|  | Within the Portfolio's benchmark, the Russell Index, the top-performing sectors over the 12-month period were energy, utilities, and consumer staples. Conversely, the communications services, information technology, consumer discretionary, real estate, and health care sectors were the Russell Index's laggards over the 12-month period. |
| **Q:** | **Which of your investment decisions had the greatest effects on the Portfolio's benchmark-relative performance during the 12-month period ended December 31, 2022?** |
| **A:** | The Portfolio underperformed the Russell Index over the 12-month period, with unfavorable stock selection results the biggest drag on benchmark-relative returns. The worst relative performance for the Portfolio over the period came from stock picks in the industrials, information technology, and financials sectors. Positive stock selection results in the consumer discretionary sector and consumer staples sector were not enough to offset the relative underperformance of stock selections in those other sectors. Sector allocation results were basically a neutral factor in the Portfolio's relative returns for the 12-month period. |
|  | With regard to individual securities, detractors from the Portfolio's benchmark-relative returns for the 12-month period included positions in Generac Holdings, Clarivate, and Twilio. |
|  | Generac is a leader in the home standby (HSB) generator industry, and the company has been expanding operations into the broader clean energy space via acquisitions, representing a large and growing addressable market. However, the share price declined during the 12-month period, giving back most of the gains Generac's stock had experienced over the previous 12 months. Order growth for HSB generators decelerated during the period, and investors became increasingly concerned that market-penetration growth for the generators may have been pulled forward during the pandemic – driven by the work-from-home environment and a strong housing market – and that a slowing housing market and recessionary fears could hamper 2023 growth. We substantially trimmed the Portfolio's position in Generac over the latter part of the 12-month period, but still held the stock as of period-end. We continue to see a potentially positive risk/reward scenario for Generac over the longer term, as we believe there is a long runway for growth in HSB generators, as consumers' perception of HSB power has continued to fundamentally shift from viewing it as a nonessential convenience to a security asset, given the persistence of grid-reliance issues. |
|  | Clarivate provides mission-critical information services for the research, life sciences, and intellectual property end-markets. The shares underperformed during the 12-month period as investors debated the achievable organic growth rate for the company in an economy currently projected to experience a slowdown in 2023. We have retained the Portfolio's position in Clarivate, and continue to favor the stock as a core portfolio holding, given the company's dominance in its niche information services markets and what |

---

------

[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

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| | |
|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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------

Portfolio Management Discussion 12/31/22 (continued)

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| |
|:---|
| we see as its favorable business model featuring strong levels of recurring subscription revenues and high retention rates. Twilio is a cloud-based communication-platform-as-a-service (or "CpasS") which offers application programming interfaces, or APIs, and prebuilt solution applications aimed at improving customer engagement. Through its APIs, Twilio's platform allows developers to integrate messaging, voice, and video functionality into business applications. The company's shares underperformed during the 12-month period due to: 1) investors' concerns about organic growth sustainability in the post-COVID-19 era; 2) margin pressures from Twilio's investments in international growth and new-product development; and 3) the market's general avoidance of shares of unprofitable companies. We exited the Portfolio's Twilio position during the period, after we had determined that our investment thesis for the company to improve its profitability by selling higher-margin software products for consumer engagement was unlikely to happen within the previously forecasted time frame. |
| On the positive side, the Portfolio's positions in Occidental Petroleum, AutoZone, and Molina Healthcare benefited relative returns during the 12-month period. |
| Occidental Petroleum is one of the world's largest independent oil-and-gas companies, and also has a chemicals segment, OxyChem. The shares outperformed during the 12-month period as the company reported four consecutive quarters of record free cash flows, while OxyChem achieved a 30-year high for earnings. The strong free cash flows have been driving rapid balance-sheet improvement for the company, and has supported the commencement of share repurchases. Longer term, we believe the company's differentiated low-carbon strategy could be a source of upside potential. We continue to believe that Occidental's high-quality assets and integrated business model may ultimately support a return to the company's historical premium valuation versus its large-cap exploration-and-production peers. AutoZone is a leading retailer of automotive replacement parts and accessories. The company's shares outperformed over the period as AutoZone delivered solid financial results, and as investors anticipated that the company could continue to benefit from an environment where consumers choose to repair their existing automobiles in lieu of buying new, higher-priced vehicles. Molina Healthcare is a US health insurer primarily serving lower-income Americans enrolled in government programs, including Medicaid, the ACA (Affordable Care Act) marketplace, and Medicare Advantage. Molina's share price rose during the period as the company delivered solid financial results that came in above most analysts' expectations. The company has benefited from higher margins and geographical expansion as it has continued to build its position in the market for higher acuity-care management. We continue to believe Molina could see further upside in earnings estimates, based on our assessment of the sustainability of the company's margins on exchanges, additional cost-savings upside, and the potential for greater membership growth across the Medicaid, Medicare, and ACA marketplace segments. |

---

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[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

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| | |
|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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------

#### A Word About Risk:
**All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, market disruptions caused by tariffs, trade disputes or other government actions, or adverse investor sentiment. These conditions may continue, recur, worsen or spread.**

Investments in mid-sized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than larger, more established companies.

The market price of securities may fluctuate when interest rates change. When interest rates rise, the prices of fixed income securities in the Portfolio will generally fall. Conversely, when interest rates fall, the prices of fixed income securities in the Portfolio will generally rise.

The Portfolio invests in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws.

Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.

---

| | |
|:---|:---|
| **Q:** | **Did the Portfolio have any exposure to derivative securities during the 12-month period ended December 31, 2022?** |
| **A:** | No, the Portfolio had no exposure to derivatives during the period. |
| **Q:** | **What is your outlook entering the Portfolio's new fiscal year?** |
| **A:** | We believe economic weakness and persistent, elevated inflation levels are likely to continue to have uneven effects on the economy, thus presenting both challenges and potential opportunities. The good news, in our view, is that the Fed may be close to pausing its interest-rate increases early in 2023, which could remove a headwind to a potential recovery in equity prices, and particularly within growth stocks. The bad news is that in order for that pause to happen, we may need to see a combination of more economic weakness, an increase in the unemployment rate, continued market volatility, and a decrease in inflation. We believe all of those factors are likely to cause or coincide with a decline in corporate earnings estimates for 2023. |
|  | We think the economy is likely to enter a mild recession in 2023, with the labor market contracting and the unemployment rate rising. Upside or downside to equity markets will largely depend, in our view, on the depth and length of the recession and the nature of the Fed's response. We believe a key uncertainty remains the extent of the economic slowdown. The severity of a potential economic downturn could hinge upon how fast inflation comes down, and the extent of further Fed rate increases aimed at keeping inflation levels on their downward path towards the Fed's eventual 2% target/objective. |
|  | A sizeable valuation reset in growth stocks over the past year has, in our opinion, substantially improved the risk/reward trade-off for the growth segment of the equity market going forward. Given current concerns about slowing economic growth, we believe investors may come to favor owning stocks of well-positioned, secular-growth companies with reasonable valuations that are not highly dependent on positive macroeconomic conditions in order to flourish; that have demonstrated a knack for innovation; and that have exhibited resilient business models and sustainable growth characteristics. Those characteristics typify the types of equities that we seek to hold in the Portfolio. |

---

#### Please refer to the Schedule of Investments on pages 8 to 13 for a full listing of Portfolio securities.

#### Past performance is no guarantee of future results.
***Any information in this shareholder report regarding market or economic trends or the factors influencing the Portfolio's historical or future performance are statements of opinion as of the date of this report.***

------

[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

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| | |
|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Schedule of Investments 12/31/22

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 99.8%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks — 99.7% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 1.7%** |  |
| 3,728(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | $618587 |
| 4969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp; 829773 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp; $1448360 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 0.3%** |  |
| 7,962(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. | $225962 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp;&nbsp;&nbsp; $225962 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 0.8%** |  |
| 6,304(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc. | $655868 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverages** | &nbsp;&nbsp;&nbsp;&nbsp; $655868 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 3.3%** |  |
| 6,589(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. | $1565876 |
| 17,620(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. | &nbsp;&nbsp; 707795 |
| 19,984(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Replimune Group, Inc. | &nbsp;&nbsp; 543565 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Biotechnology** | &nbsp;&nbsp; $2817236 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Products — 0.5%** |  |
| 4816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | $275042 |
| 4,363(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trex Co., Inc. | &nbsp;&nbsp; 184686 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Products** | &nbsp;&nbsp;&nbsp;&nbsp; $459728 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 4.0%** |  |
| 5056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc. | $2351900 |
| 8005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp; 620948 |
| 7182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp; 466327 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Markets** | &nbsp;&nbsp; $3439175 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 2.1%** |  |
| 7618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | $649054 |
| 4917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | &nbsp;&nbsp; 238917 |
| 2401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp; 569829 |
| 4197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile S.A. (A.D.R.) | &nbsp;&nbsp; 335088 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp; $1792888 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment — 2.0%** |  |
| 5,735(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | $695942 |
| 3981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp; 1025944 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Communications Equipment** | &nbsp;&nbsp; $1721886 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction & Engineering — 1.6%** |  |
| 4157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | $1374595 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Construction & Engineering** | &nbsp;&nbsp; $1374595 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction Materials — 0.7%** |  |
| 1718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | $580632 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Construction Materials** | &nbsp;&nbsp;&nbsp;&nbsp; $580632 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers & Packaging — 0.5%** |  |
| 72,628(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ranpak Holdings Corp. | $419064 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Containers & Packaging** | &nbsp;&nbsp;&nbsp;&nbsp; $419064 |

---

#### 8
The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

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| | |
|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Consumer Services — 0.7%** |  |
| 8821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Corp. International | $609884 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Consumer Services** | &nbsp;&nbsp;&nbsp;&nbsp; $609884 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 2.0%** |  |
| 5,169(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. | $520311 |
| 2007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp; 516943 |
| 30,381(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunrun, Inc. | &nbsp;&nbsp; 729752 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Equipment** | &nbsp;&nbsp; $1767006 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 5.3%** |  |
| 25048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | $1907155 |
| 5226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp; 933259 |
| 59,135(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flex, Ltd. | &nbsp;&nbsp; 1269037 |
| 13490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Instruments Corp. | &nbsp;&nbsp; 497781 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electronic Equipment, Instruments & Components** | &nbsp;&nbsp; $4607232 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 0.4%** |  |
| 7048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cactus, Inc., Class A | $354232 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy Equipment & Services** | &nbsp;&nbsp;&nbsp;&nbsp; $354232 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 1.2%** |  |
| 3,475(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. | $242347 |
| 6,551(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | &nbsp;&nbsp; 517201 |
| 26,520(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc. | &nbsp;&nbsp; 251410 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | &nbsp;&nbsp; $1010958 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 1.2%** |  |
| 17392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Commonwealth | $434278 |
| 8315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp; 414503 |
| 647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp; 181361 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Real Estate Investment Trusts (REITs)** | &nbsp;&nbsp; $1030142 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food & Staples Retailing — 0.6%** |  |
| 8,434(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | $557993 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food & Staples Retailing** | &nbsp;&nbsp;&nbsp;&nbsp; $557993 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 1.0%** |  |
| 3790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey Co. | $877650 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food Products** | &nbsp;&nbsp;&nbsp;&nbsp; $877650 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 6.5%** |  |
| 11,206(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom, Inc. | $1268967 |
| 5,058(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insulet Corp. | &nbsp;&nbsp; 1489025 |
| 4,262(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penumbra, Inc. | &nbsp;&nbsp; 948124 |
| 6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp; 1311219 |
| 2,793(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shockwave Medical, Inc. | &nbsp;&nbsp; 574269 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Equipment & Supplies** | &nbsp;&nbsp; $5591604 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 3.0%** |  |
| 2791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | $462497 |
| 4,775(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. | &nbsp;&nbsp; 1576801 |
| 18,761(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Care Health, Inc. | &nbsp;&nbsp; 564518 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Providers & Services** | &nbsp;&nbsp; $2603816 |

---

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

#### 9

------

[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

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| | |
|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Technology — 1.0%** |  |
| 5,628(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A | $908247 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Technology** | &nbsp;&nbsp;&nbsp;&nbsp; $908247 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 5.4%** |  |
| 10,121(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. | $322961 |
| 1,057(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. | &nbsp;&nbsp; 1466577 |
| 10,990(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp; 528289 |
| 6616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Papa John's International, Inc. | &nbsp;&nbsp; 544563 |
| 9,569(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A | &nbsp;&nbsp; 754037 |
| 30270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wendy's Co. | &nbsp;&nbsp; 685010 |
| 5027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp; 358476 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotels, Restaurants & Leisure** | &nbsp;&nbsp; $4659913 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 0.5%** |  |
| 2,730(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corp. | $427218 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Household Durables** | &nbsp;&nbsp;&nbsp;&nbsp; $427218 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers — 0.2%** |  |
| 8,170(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunnova Energy International, Inc. | $147142 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Independent Power and Renewable Electricity Producers** | &nbsp;&nbsp;&nbsp;&nbsp; $147142 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 1.9%** |  |
| 2263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | $426666 |
| 1664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Re Group, Ltd. | &nbsp;&nbsp; 551233 |
| 3814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | &nbsp;&nbsp; 702653 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance** | &nbsp;&nbsp; $1680552 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interactive Media & Services — 0.3%** |  |
| 5,585(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Match Group, Inc. | $231722 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Interactive Media & Services** | &nbsp;&nbsp;&nbsp;&nbsp; $231722 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services — 4.9%** |  |
| 4,247(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. | $358022 |
| 19,386(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | &nbsp;&nbsp; 876441 |
| 1,637(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPAM Systems, Inc. | &nbsp;&nbsp; 536510 |
| 26927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genpact, Ltd. | &nbsp;&nbsp; 1247259 |
| 2,251(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. | &nbsp;&nbsp; 443087 |
| 14523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp; 756067 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total IT Services** | &nbsp;&nbsp; $4217386 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 5.3%** |  |
| 12973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | $1941410 |
| 11547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bruker Corp. | &nbsp;&nbsp; 789237 |
| 2,588(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc | &nbsp;&nbsp; 563925 |
| 3,472(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc. | &nbsp;&nbsp; 711378 |
| 367(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Biosciences of California, Inc. | &nbsp;&nbsp; 3002 |
| 3,188(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen Corp. | &nbsp;&nbsp; 539760 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Life Sciences Tools & Services** | &nbsp;&nbsp; $4548712 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery — 0.6%** |  |
| 1,667(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Middleby Corp. | $223211 |
| 3541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp; 266000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery** | &nbsp;&nbsp;&nbsp;&nbsp; $489211 |

---

#### 10

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

------

[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

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| | |
|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Marine — 0.8%** |  |
| 6,366(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirby Corp. | $409652 |
| 13964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Bulk Carriers Corp. | &nbsp;&nbsp; 268528 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Marine** | &nbsp;&nbsp;&nbsp;&nbsp; $678180 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media — 1.4%** |  |
| 3226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc., Class A | $564647 |
| 14,127(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A | &nbsp;&nbsp; 633313 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media** | &nbsp;&nbsp; $1197960 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 0.5%** |  |
| 11844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teck Resources, Ltd., Class B | $447940 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metals & Mining** | &nbsp;&nbsp;&nbsp;&nbsp; $447940 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiline Retail — 0.7%** |  |
| 2660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp. | $655025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Multiline Retail** | &nbsp;&nbsp;&nbsp;&nbsp; $655025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 4.5%** |  |
| 61684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comstock Resources, Inc. | $845688 |
| 7220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp; 244253 |
| 14429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp; 620591 |
| 13995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp; 881545 |
| 14925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp; 756847 |
| 27,413(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talos Energy, Inc. | &nbsp;&nbsp; 517557 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil, Gas & Consumable Fuels** | &nbsp;&nbsp; $3866481 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 5.0%** |  |
| 155,195(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarivate Plc | $1294326 |
| 2937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp; 570836 |
| 10373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | &nbsp;&nbsp; 1183248 |
| 7162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp; 1263520 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Professional Services** | &nbsp;&nbsp; $4311930 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Road & Rail — 0.8%** |  |
| 6731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TFI International, Inc. | $674715 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Road & Rail** | &nbsp;&nbsp;&nbsp;&nbsp; $674715 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 4.9%** |  |
| 13,047(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | $845054 |
| 3,957(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enphase Energy, Inc. | &nbsp;&nbsp; 1048447 |
| 1,726(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc. | &nbsp;&nbsp; 258537 |
| 9595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp; 355399 |
| 14709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp; 735156 |
| 3230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS Instruments, Inc. | &nbsp;&nbsp; 273678 |
| 1,632(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. | &nbsp;&nbsp; 165844 |
| 1,834(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc. | &nbsp;&nbsp; 519517 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors & Semiconductor Equipment** | &nbsp;&nbsp; $4201632 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 11.6%** |  |
| 2,103(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlassian Corp., Class A | $270614 |
| 3,510(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bill.com Holdings, Inc. | &nbsp;&nbsp; 382450 |
| 6,534(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A | &nbsp;&nbsp; 687965 |
| 10,472(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog, Inc., Class A | &nbsp;&nbsp; 769692 |
| 20,342(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc. | &nbsp;&nbsp; 994520 |
| 20047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp; 429607 |

---

#### 11

------

[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

---

| | |
|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — (continued)** |  |
| 2,667(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gitlab, Inc., Class A | $121189 |
| 1,790(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HubSpot, Inc. | &nbsp;&nbsp; 517543 |
| 9,691(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. | &nbsp;&nbsp; 1352282 |
| 3,782(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp; 1173592 |
| 8,051(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smartsheet, Inc., Class A | &nbsp;&nbsp; 316887 |
| 6,845(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Splunk, Inc. | &nbsp;&nbsp; 589286 |
| 7,362(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. | &nbsp;&nbsp; 2350613 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp; $9956240 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — 6.0%** |  |
| 791(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. | $1950748 |
| 7,803(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A | &nbsp;&nbsp; 543323 |
| 5780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp; 670885 |
| 4307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp; 968946 |
| 1,664(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. | &nbsp;&nbsp; 780532 |
| 6,515(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victoria's Secret & Co. | &nbsp;&nbsp; 233107 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Specialty Retail** | &nbsp;&nbsp; $5147541 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.5%** |  |
| 14,914(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A | $399099 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Technology Hardware, Storage & Peripherals** | &nbsp;&nbsp;&nbsp;&nbsp; $399099 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.9%** |  |
| 4,275(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc. | $1369625 |
| 5,691(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A | &nbsp;&nbsp; 238737 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Textiles, Apparel & Luxury Goods** | &nbsp;&nbsp; $1608362 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 1.6%** |  |
| 2529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WW Grainger, Inc. | $1406756 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trading Companies & Distributors** | &nbsp;&nbsp; $1406756 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (Cost $71,178,638)** | $85807875 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 0.1% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 0.1%** |  |
| 86,576(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.19% | $86576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $86576 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $86,576)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $86576 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 99.8%<br> (Cost $71,265,214)** | $85894451 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; $213758 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$86108209** |

---

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

(a) Non-income producing
security.

(b) Rate
periodically changes. Rate disclosed is the 7-day yield at December 31, 2022.

Purchases and sales of securities (excluding short-term investments) for the year ended December 31, 2022, aggregated $86,038,885 and $98,577,774, respectively.

#### 12

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

------

[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

---

| | |
|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

At December 31, 2022, the net unrealized appreciation on investments based on cost for federal tax purposes of $73,843,571 was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $19714602 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | &nbsp;&nbsp;&nbsp;&nbsp;(7663722) |
| Net unrealized appreciation | $12050880 |

---

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – unadjusted quoted prices in active markets for identical securities. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements — Note 1A. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 – significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A. |

---

The following is a summary of the inputs used as of December 31, 2022, in valuing the Portfolio's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $85807875 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$85807875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open-End Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Securities** | **$85894451** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$85894451** |

---

During the year ended December 31, 2022, there were no transfers in or out of Level 3.

#### 13

------

[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

---

| | |
|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statement of Assets and Liabilities 12/31/22

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value (cost $71,265,214) | &nbsp;&nbsp;$85894451 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 |
| &nbsp;&nbsp;&nbsp;Receivables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$87418158** |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;$1228174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58341 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6966 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | &nbsp;&nbsp;**$1309949** |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$76826534 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9281675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;**$86108209** |
| **NET ASSET VALUE PER SHARE:** |  |
| No par value (unlimited number of shares authorized) |  |
| &nbsp;&nbsp;&nbsp;Class l (based on $86,108,209/4,644,697 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18.54 |

---

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

------

[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

---

| | |
|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statement of Operations

#### FOR THE YEAR ENDED 12/31/22

---

| | | |
|:---|:---|:---|
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers (net of foreign taxes withheld $16,743) | &nbsp;&nbsp;&nbsp;&nbsp;$628471 |  |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$628988** |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;$748723 |  |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31295 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525 |  |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80527 |  |
| &nbsp;&nbsp;&nbsp;Printing expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7068 |  |
| &nbsp;&nbsp;&nbsp;Officers' and Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8482 |  |
| &nbsp;&nbsp;&nbsp;Insurance expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$883441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(254453)** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | $(4516681) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) | &nbsp;&nbsp;&nbsp;&nbsp;$(4516754) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers |  | &nbsp;&nbsp;&nbsp;&nbsp;$(37817695) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(42334449)** |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(42588902)** |

---

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

#### 15

------

[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

---

| | |
|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **FROM OPERATIONS:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$(254453) | &nbsp;&nbsp;&nbsp;&nbsp;$(946893) |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(4516754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20541175 |
| Change in net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;(37817695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7587355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $(42588902) | &nbsp;&nbsp;&nbsp;&nbsp;$12006927 |
| **DISTRIBUTIONS TO SHAREOWNERS:** |  |  |
| &nbsp;&nbsp;&nbsp;Class l ($5.15 and $5.56 per share, respectively) | $(19540646) | &nbsp;&nbsp;&nbsp;&nbsp;$(20921742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareowners | $(19540646) | &nbsp;&nbsp;&nbsp;&nbsp;$(20921742) |
| **FROM PORTFOLIO SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;$2176378 | &nbsp;&nbsp;&nbsp;&nbsp;$3992164 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;19540646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20921742 |
| Cost of shares repurchased | &nbsp;&nbsp;&nbsp;(14372073) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28526223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from Portfolio share transactions | &nbsp;&nbsp;&nbsp;&nbsp;$7344951 | &nbsp;&nbsp;&nbsp;&nbsp;$(3612317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net decrease in net assets** | **$(54784597)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(12527132)** |
| **NET ASSETS:** |  |  |
| Beginning of year | $140892806 | &nbsp;&nbsp;&nbsp;&nbsp;$153419938 |
| End of year | &nbsp;&nbsp;**$86108209** | &nbsp;&nbsp;&nbsp;&nbsp;**$140892806** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year <br> Ended<br> 12/31/22<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/22<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21<br> Amount** |
| **Class l** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;94726 | &nbsp;&nbsp;&nbsp;&nbsp;$2176378 | &nbsp;&nbsp;&nbsp;&nbsp;107390 | &nbsp;&nbsp;&nbsp;&nbsp;$3992164 |
| Reinvestment of distributions | 1128865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19540646 | &nbsp;&nbsp;&nbsp;&nbsp;608898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20921742 |
| Less shares repurchased | &nbsp;&nbsp;(616153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14372073) | &nbsp;&nbsp;&nbsp;&nbsp;(768368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28526223) |
| &nbsp;&nbsp;&nbsp;Net increase<br> (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;607438 | &nbsp;&nbsp;&nbsp;&nbsp;$7344951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52080) | &nbsp;&nbsp;&nbsp;&nbsp;$(3612317) |

---

#### 16
The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

---

| | |
|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** | &nbsp;&nbsp;**Year Ended<br> 12/31/20** | &nbsp;&nbsp;**Year Ended<br> 12/31/19** | &nbsp;&nbsp;**Year Ended<br> 12/31/18** |
| **Class l** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$34.90 | &nbsp;&nbsp;&nbsp;&nbsp;$37.52 | &nbsp;&nbsp;&nbsp;&nbsp;$29.12 | &nbsp;&nbsp;&nbsp;&nbsp;$24.82 | &nbsp;&nbsp;&nbsp;&nbsp;$30.23 |
| Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;(11.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) |
| **Net increase (decrease) from investment operations** | **$(11.21)** | &nbsp;&nbsp;&nbsp;&nbsp;**$2.94** | &nbsp;&nbsp;&nbsp;&nbsp;**$10.61** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.04** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.32)** |
| Distributions to shareowners: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(5.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.09) |
| **Total distributions** | &nbsp;&nbsp;**$(5.15)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5.56)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.21)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3.74)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4.09)** |
| **Net increase (decrease) in net asset value** | **$(16.36)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2.62)** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.40** | &nbsp;&nbsp;&nbsp;&nbsp;**$4.30** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5.41)** |
| Net asset value, end of period | &nbsp;&nbsp;$18.54 | &nbsp;&nbsp;&nbsp;&nbsp;$34.90 | &nbsp;&nbsp;&nbsp;&nbsp;$37.52 | &nbsp;&nbsp;&nbsp;&nbsp;$29.12 | &nbsp;&nbsp;&nbsp;&nbsp;$24.82 |
| **Total return(b)** | &nbsp;&nbsp;&nbsp;**(31.06)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.07%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39.17%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.08%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6.48)%** |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.25)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33)% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83% |
| Net assets, end of period (in thousands) | $86108 | &nbsp;&nbsp;$140893 | &nbsp;&nbsp;$153420 | &nbsp;&nbsp;$125592 | &nbsp;&nbsp;$105450 |

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(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.

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

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

#### 17

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| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22

1. Organization and Signiﬁcant Accounting Policies

Pioneer Select Mid Cap Growth VCT Portfolio (the "Portfolio") is one of 8 portfolios comprising Pioneer Variable Contracts Trust (the "Trust"), a Delaware statutory trust. The Portfolio is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a diversified, open-end management investment company. The investment objective of the Portfolio is to seek growth of capital.

The Portfolio offers one class of shares designated as Class I shares. There is no distribution plan for Class I shares. The Amended and Restated Declaration of Trust of the Trust gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareowner approval. Under per-share voting, each share of a class of the Portfolio is entitled to one vote. Under dollar-weighted voting, a shareowner's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date.

Portfolio shares may be purchased only by insurance companies for the purpose of funding variable annuity and variable life insurance contracts or by qualified pension and retirement plans.

Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the Portfolio's investment adviser (the "Adviser"). Amundi Distributor US, Inc., an afﬁliate of the Adviser, serves as the Portfolio's distributor (the "Distributor").

Effective August 19, 2022, the Portfolio is required to comply with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Rule 18f-4 requires a fund to establish and maintain a comprehensive derivatives risk management program, appoint a derivatives risk manager and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"), unless the portfolio uses derivatives in only a limited manner (a "limited derivatives user"). The Portfolio is currently a limited derivatives user for purposes of Rule 18f-4.

The Portfolio is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). U.S. GAAP requires the management of the Portfolio to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the ﬁnancial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.

The following is a summary of signiﬁcant accounting policies followed by the Portfolio in the preparation of its ﬁnancial statements:

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| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | The net asset value of the Portfolio is computed once daily, on each day the New York Stock Exchange ("NYSE") is open, as of the close of regular trading on the NYSE. |
|  | Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods. |
|  | The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Portfolio's shares are determined as of such times. The Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities. |
|  | Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds' net asset value. |
|  | Securities for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser. Effective September 8, 2022, the Adviser is designated as the valuation |

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|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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| | |
|:---|:---|
|  | designee for the Portfolio pursuant to Rule 2a-5 under the 1940 Act. The Adviser's fair valuation team is responsible for monitoring developments that may impact fair valued securities. |
|  | Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Adviser may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Portfolio's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Portfolio's securities may differ significantly from exchange prices, and such differences could be material. |
| **B.** | **Investment Income and Transactions** |
|  | Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Portfolio becomes aware of the ex-dividend data in the exercise of reasonable diligence. |
|  | Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities. |
|  | Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively. |
|  | Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. |
| **C.** | **Foreign Currency Translation** |
|  | The books and records of the Portfolio are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates. |
|  | Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments. |
| **D.** | **Federal Income Taxes** |
|  | It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of December 31, 2022, the Portfolio did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. |
|  | A portion of the dividend income recorded by the Portfolio is from distributions by publicly traded real estate investment trusts ("REITs"), and such distributions for tax purposes may also consist of capital gains and return of capital. The actual return of capital and capital gains portions of such distributions will be determined by formal notifications from the REITs subsequent to the calendar year-end. Distributions received from the REITs that are determined to be a return of capital are recorded by the Portfolio as a reduction of the cost basis of the securities held and those determined to be capital gain are reflected as such on the Statement of Operations. |
|  | The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. |

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[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

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| | |
|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22 (continued)

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| |
|:---|
| At December 31, 2022, the Portfolio reclassified $255,089 to increase distributable earnings and $255,089 to decrease paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations. |
| At December 31, 2022, the Portfolio was permitted to carry forward indefinitely $2,769,205 of short-term losses and $0 of long-term losses. |
| The tax character of distributions paid during the years ended December 31, 2022 and December 31, 2021, was as follows: |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$948505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1333501 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18592141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19588241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$19540646** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$20921742** |

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The following shows the components of distributable earnings (losses) on a federal income tax basis at December 31, 2022:

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** |
| **Distributable earnings/(losses):** |  |
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2769205) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12050880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$9281675** |

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The difference between book-basis and tax-basis net unrealized appreciation is attributable to the tax deferral of losses on wash sales.

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| | |
|:---|:---|
| **E.** | **Portfolio Shares** |
|  | The Portfolio records sales and repurchases of its shares as of trade date. Dividends and distributions to shareowners are recorded on the ex-dividend date. |
| **F.** | **Risks** |
|  | The value of securities held by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inﬂation, changes in interest rates, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, ﬁnancial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. Recently, inflation and interest rates have increased and may rise further. These circumstances could adversely affect the value and liquidity of the Portfolio's investments, impair the Portfolio's ability to satisfy redemption requests, and negatively impact the Portfolio's performance. Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the ceiling on U.S. government debt could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets. |
|  | The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue to affect adversely the value and liquidity of the Portfolio's investments. Following Russia's invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical or other events or conditions. |
|  | Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. |

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|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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|:---|
| The U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the U.S. has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Portfolio's assets may go down. |
| At times, the Portfolio's investments may represent industries or industry sectors that are interrelated or have common risks, making the Portfolio more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. |
| Investments in mid-sized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than investments in larger, more established companies. |
| The Portfolio's investments in foreign markets and countries with limited developing markets may subject the Portfolio to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, less liquid trading markets, extreme price volatility, currency risks, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law, and investment and repatriation. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Portfolio's return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security. |
| Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia's military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Portfolio investments, on Portfolio performance and the value of an investment in the Portfolio, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally. |
| The Portfolio may invest in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws. |
| With the increased use of technologies such as the Internet to conduct business, the Portfolio is susceptible to operational, information security and related risks. While the Portfolio's Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identiﬁed. Furthermore, the Portfolio cannot control the cybersecurity plans and systems put in place by service providers to the Portfolio such as the Portfolio's custodian and accounting agent, and the Portfolio's transfer agent. In addition, many beneﬁcial owners of Portfolio shares hold them through accounts at broker-dealers, retirement platforms and other ﬁnancial market participants over which neither the Portfolio nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Portfolio's service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in ﬁnancial losses, interference with the Portfolio's ability to calculate its net asset value, impediments to trading, the inability of Portfolio shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory ﬁnes, penalties, reputational damage, or additional compliance costs. Such costs and |

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[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

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|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22 (continued)

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| |
|:---|
| losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks. |
| The Portfolio's prospectus contains unaudited information regarding the Portfolio's principal risks. Please refer to that document when considering the Portfolio's principal risks. |

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2. Management Agreement

The Adviser manages the Portfolio. Management fees payable under the Portfolio's Investment Management Agreement with the Adviser are calculated daily and paid monthly at the annual rate of 0.74% of the Portfolio's average daily net assets. For the year ended December 31, 2022, the effective management fee was equivalent to 0.74% of the Portfolio's average daily net assets.

In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Portfolio as administrative reimbursements.

3. Compensation of Officers and Trustees

The Portfolio pays an annual fee to its Trustees. The Adviser reimburses the Portfolio for fees paid to the Interested Trustees. Except for the chief compliance officer, the Portfolio does not pay any salary or other compensation to its officers. The Portfolio pays a portion of the chief compliance officer's compensation for his services as the Portfolio's chief compliance officer. Amundi US pays the remaining portion of the chief compliance officer's compensation. For the year ended December 31, 2022, the Portfolio paid $8,482 in Officers' and Trustees' compensation, which is reflected on the Statement of Operations as Officers' and Trustees' fees. At December 31, 2022, on its Statement of Assets and Liabilities, the Portfolio had a payable for Trustees' fees of $48 and a payable for administrative expenses of $1,610, which includes the payable for Officers' compensation.

4. Transfer Agent

BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Portfolio at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Portfolio's omnibus relationship contracts.

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| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Pioneer Variable Contracts Trust and the Shareholders of Pioneer Select Mid Cap Growth VCT Portfolio:

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Select Mid Cap Growth VCT Portfolio (the "Portfolio") (one of the portfolios constituting Pioneer Variable Contracts Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Pioneer Select Mid Cap Growth VCT Portfolio (one of the portfolios constituting Pioneer Variable Contracts Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five 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 the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g469588img8a7075ef4.jpg)

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

Boston, Massachusetts<br> March 1, 2023

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|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Additional Information (unaudited)

For the year ended December 31, 2022, 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 of 20%. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.

The Portfolio designated $18,592,141 as long-term capital gains distributions during the year ended December 31, 2022. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.

The qualifying percentage of the Portfolio's ordinary income dividends for the purpose of the corporate dividends received deduction was 32.78%.

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|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Approval of Renewal of Investment Management Agreement

Amundi Asset Management US, Inc. ("Amundi US") serves as the investment adviser to Pioneer Select Mid Cap Growth VCT Portfolio (the "Portfolio") pursuant to an investment management agreement between Amundi US and the Portfolio. In order for Amundi US to remain the investment adviser of the Portfolio, the Trustees of the Portfolio, including a majority of the Portfolio's Independent Trustees, must determine annually whether to renew the investment management agreement for the Portfolio.

The contract review process began in January 2022 as the Trustees of the Portfolio agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2022, July 2022 and September 2022. In addition, the Trustees reviewed and discussed the Portfolio's performance at regularly scheduled meetings throughout the year, and took into account other information related to the Portfolio provided to the Trustees at regularly scheduled meetings, in connection with the review of the Portfolio's investment management agreement.

In March 2022, the Trustees, among other things, discussed the memorandum provided by Portfolio counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Portfolio, as well as the level of investment by the Portfolio's portfolio managers in the Portfolio. In July 2022, the Trustees, among other things, reviewed the Portfolio's management fees and total expense ratios, the financial statements of Amundi US and its parent companies, profitability analyses provided by Amundi US, and analyses from Amundi US as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of Amundi US as compared to that of Amundi US's fund management business, and considered the differences between the fees and expenses of the Portfolio and the fees and expenses of Amundi US's institutional accounts, as well as the different services provided by Amundi US to the Portfolio and to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees' request, in September 2022.

At a meeting held on September 20, 2022, based on their evaluation of the information provided by Amundi US and third parties, the Trustees of the Portfolio, including the Independent Trustees voting separately advised by independent counsel, unanimously approved the renewal of the investment management agreement for another year. In approving the renewal of the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.

#### Nature, Extent and Quality of Services.
The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Portfolio, taking into account the investment objective and strategy of the Portfolio. The Trustees also reviewed Amundi US's investment approach for the Portfolio and its research process. The Trustees considered the resources of Amundi US and the personnel of Amundi US who provide investment management services to the Portfolio. They also reviewed the amount of non-Portfolio assets managed by the portfolio managers of the Portfolio. They considered the non-investment resources and personnel of Amundi US that are involved in Amundi US's services to the Portfolio, including Amundi US's compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by Amundi US's senior management to the Pioneer Fund complex, including with respect to the increasing regulation to which the Pioneer Funds are subject. The Trustees considered the effectiveness of Amundi US's business continuity plan in response to the ongoing COVID-19 pandemic.

The Trustees considered that Amundi US supervises and monitors the performance of the Portfolio's service providers and provides the Portfolio with personnel (including Portfolio officers) and other resources that are necessary for the Portfolio's business management and operations. The Trustees also considered that, as administrator, Amundi US is responsible for the administration of the Portfolio's business and other affairs. The Trustees considered that the Portfolio reimburses Amundi US its pro rata share of Amundi US's costs of providing administration services to the Pioneer Funds.

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

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

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|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Approval of Renewal of Investment Management Agreement (continued)

#### Management Fee and Expenses.
The Trustees considered information showing the fees and expenses of the Portfolio in comparison to the management fees of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are 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 the impact of the Portfolio's transfer agency and Portfolio- and Amundi US-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Portfolio's expense ratio.

The Trustees considered that the Portfolio's management fee for the most recent fiscal year was in the fourth quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees noted Amundi US's explanation of the reasons that the Portfolio's management fee was in the fourth quintile relative to the management fees paid by other funds in its Morningstar category. The Trustees considered that the expense ratio of the Portfolio's Class I shares for the most recent fiscal year was in the third quintile relative to its Strategic Insight peer group for the comparable period.

The Trustees reviewed management fees charged by Amundi US to institutional and other clients, including publicly offered European funds sponsored by Amundi US's affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered Amundi US's costs in providing services to the Portfolio and Amundi US's costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with Amundi US's client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Portfolio and other client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management fee for the Portfolio and considered that, under the investment management and administration agreements with the Portfolio, Amundi US performs additional services for the Portfolio that it does not provide to those other clients or services that are broader in scope, including oversight of the Portfolio's other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Portfolio is subject. The Trustees also considered the entrepreneurial risks associated with Amundi US's management of the Portfolio.

The Trustees concluded that the management fee payable by the Portfolio to Amundi US was reasonable in relation to the nature and quality of the services provided by Amundi US.

#### Profitability.
The Trustees considered information provided by Amundi US regarding the profitability of Amundi US with respect to the advisory services provided by Amundi US to the Portfolio, including the methodology used by Amundi US in allocating certain of its costs to the management of the Portfolio. The Trustees also considered Amundi US's profit margin in connection with the overall operation of the Portfolio. They further reviewed the financial results, including the profit margins, realized by Amundi US from non-fund businesses. The Trustees considered Amundi US's profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Amundi US's profitability with respect to the management of the Portfolio was not unreasonable.

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

#### Other Benefits.
The Trustees considered the other benefits that Amundi US enjoys from its relationship with the Portfolio. The Trustees considered the character and amount of fees paid or to be paid by the Portfolio, other than under the investment management agreement, for services provided by Amundi US and its affiliates. The Trustees further considered the revenues and profitability of Amundi US's businesses other than the fund business. To the extent applicable, the Trustees also

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| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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considered the benefits to the Portfolio and to Amundi US and its affiliates from the use of "soft" commission dollars generated by the Portfolio to pay for research and brokerage services.

The Trustees considered that Amundi US is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi's worldwide asset management business manages over $2.2 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US's relationship with Amundi creates potential opportunities for Amundi US and Amundi that derive from Amundi US's relationships with the Portfolio, including Amundi's ability to market the services of Amundi US globally. The Trustees noted that Amundi US has access to additional research and portfolio management capabilities as a result of its relationship with Amundi and Amundi's enhanced global presence that may contribute to an increase in the resources available to Amundi US. The Trustees considered that Amundi US and the Portfolio receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Portfolio, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Portfolio were reasonable.

#### Conclusion.
After 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 and reasonable and voted to approve the proposed renewal of the investment management agreement.

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|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Trustees, Officers and Service Providers

The Portfolio's Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Portfolios within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Portfolio are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 51 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the "Pioneer Funds"). The address for all Trustees and all officers of the Portfolios is 60 State Street, Boston, Massachusetts 02109.

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Thomas J. Perna (72)<br> Chairman of the Board<br> and Trustee** | &nbsp;&nbsp;Trustee since 2006.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Private investor (2004 – 2008 and 2013 – present); Chairman (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. (technology products for securities lending industry); and Senior Executive Vice President, The Bank of New York (financial and securities services) (1986 – 2004) | &nbsp;&nbsp;Director, Broadridge Financial<br> Solutions, Inc. (investor<br> communications and securities<br> processing provider for financial<br> services industry) (2009 – present); Director, Quadriserv, Inc.<br> (2005 – 2013); and Commissioner,<br> New Jersey State Civil Service<br> Commission (2011 – 2015) |
| **John E. Baumgardner,<br> Jr. (71)\*<br> Trustee** | &nbsp;&nbsp;Trustee since 2019.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell LLP (law firm). | &nbsp;&nbsp;Chairman, The Lakeville Journal<br> Company, LLC, (privately-held<br> community newspaper group)<br> (2015-present) |
| **Diane Durnin (65)<br> Trustee** | &nbsp;&nbsp;Trustee since 2019.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Managing Director - Head of Product Strategy and Development, BNY Mellon Investment Management (investment management firm) (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): Executive Vice President Head of Product, BNY Mellon Investment Management (2007-2012); Executive Director- Product Strategy, Mellon Asset Management (2005-2007); Executive Vice President Head of Products, Marketing and Client Service, Dreyfus Corporation (investment management firm) (2000-2005); Senior Vice President Strategic Product and Business Development, Dreyfus Corporation (1994-2000) |  |
| **Benjamin M. Friedman (78)<br> Trustee** | &nbsp;&nbsp;Trustee since 2008.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;William Joseph Maier Professor of Political Economy, Harvard University (1972 – present) | &nbsp;&nbsp;Trustee, Mellon Institutional Funds<br> Investment Trust and Mellon<br> Institutional Funds Master Portfolio<br> (oversaw 17 portfolios in fund<br> complex) (1989 - 2008) |

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[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

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|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** |
| **Craig C. MacKay (59)<br> Trustee** | &nbsp;&nbsp;Trustee since 2021.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Partner, England & Company, LLC (advisory firm) (2012 – present); Group Head – Leveraged Finance Distribution, Oppenheimer & Company (investment bank) (2006 – 2012); Group Head – Private Finance & High Yield Capital Markets Origination, SunTrust Robinson Humphrey (investment bank) (2003 – 2006); and Founder and Chief Executive Officer, HNY Associates, LLC (investment bank) (1996 – 2003) | &nbsp;&nbsp;Director, Equitable Holdings, Inc. (financial services holding company) (2022 – present); Board Member of Carver Bancorp, Inc. (holding company) and Carver Federal Savings Bank, NA (2017 – present); Advisory Council Member, MasterShares ETF (2016 – 2017); Advisory Council Member, The Deal (financial market information publisher) (2015 – 2016); Board Co-Chairman and Chief Executive Officer, Danis Transportation Company (privately-owned commercial carrier) (2000 – 2003); Board Member and Chief Financial Officer, Customer Access Resources (privately-owned teleservices company) (1998 – 2000); Board Member, Federation of Protestant Welfare Agencies (human services agency) (1993 – present); and Board Treasurer, Harlem Dowling Westside Center (foster care agency) (1999 – 2018) |
| **Lorraine H. Monchak (66)<br> Trustee** | &nbsp;&nbsp;Trustee since 2017.<br> (Advisory Trustee from<br> 2014 - 2017). Serves<br> until a successor trustee<br> is elected or earlier<br> retirement or removal. | &nbsp;&nbsp;Chief Investment Officer, 1199 SEIU Funds (healthcare workers union pension funds) (2001 – present); Vice President – International Investments Group, American International Group, Inc. (insurance company) (1993 – 2001); Vice President – Corporate Finance and Treasury Group, Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability Management Group, Federal Farm Funding Corporation (government-sponsored issuer of debt securities) (1988 – 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 – 1988); Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 – 1987) |  |
| **Marguerite A. Piret (74)<br> Trustee** | &nbsp;&nbsp;Trustee since 1995.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Chief Financial Officer, American Ag Energy, Inc. (controlled environment and agriculture company) (2016 – present); President and Chief Executive Officer, Metric Financial Inc. (formerly known as Newbury Piret Company) (investment banking firm) (1981 – 2019) | &nbsp;&nbsp;Director of New America High<br> Income Fund, Inc. (closed-end<br> investment company) (2004 –<br> present); and Member, Board of<br> Governors, Investment Company<br> Institute (2000 – 2006) |

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[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

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|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Trustees, Officers and Service Providers (continued)

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** |
| **Fred J. Ricciardi (75)<br> Trustee** | &nbsp;&nbsp;Trustee since 2014.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Private investor (2020 – present); Consultant (investment company services) (2012 – 2020); Executive Vice President, BNY Mellon (financial and investment company services) (1969 – 2012); Director, BNY International Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas Investment Corp. (financial services) (2009 – 2012); Director, Financial Models (technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial services) (1999-2006); Chairman, BNY Alternative Investment Services, Inc. (financial services) (2005-2007) |  |
| \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Lisa M. Jones (60)\*\*<br> Trustee, President and Chief<br> Executive Officer** | &nbsp;&nbsp;Trustee since 2017. Serves<br> until a successor trustee is<br> elected or earlier retirement<br> or removal | &nbsp;&nbsp;Director, CEO and President of Amundi US, Inc. (investment management firm) (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Director, CEO and President of Amundi Distributor US, Inc. (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and Amundi Asset Management US, Inc. (September 2014 – 2018); Managing Director, Morgan Stanley Investment Management (investment management firm) (2010 – 2013); Director of Institutional Business, CEO of International, Eaton Vance Management (investment management firm) (2005 – 2010); Director of Amundi Holdings US, Inc. (since 2017) | &nbsp;&nbsp;Director of Clearwater Analytics (provider of web-based investment accounting software for reporting and reconciliation services) (September 2022 – present) |
| **Kenneth J. Taubes (64)\*\*<br> Trustee** | &nbsp;&nbsp;Trustee since 2014. Serves<br> until a successor trustee is<br> elected or earlier retirement<br> or removal | &nbsp;&nbsp;Director and Executive Vice President (since 2008) and Chief Investment Officer, U.S. (since 2010) of Amundi US, Inc. (investment management firm); Director and Executive Vice President and Chief Investment Officer, U.S. of Amundi US (since 2008); Executive Vice President and Chief Investment Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); Portfolio Manager of Amundi US (since 1999); Director of Amundi Holdings US, Inc. (since 2017) |  |
| \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. |

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[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

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|:---|:---|
| **Pioneer Select Mid Cap Growth VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During<br> At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Trust Officers** | **Trust Officers** | **Trust Officers** | **Trust Officers** |
| **Christopher J. Kelley (58)<br> Secretary and Chief<br> Legal Officer** | &nbsp;&nbsp;Since 2003. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Vice President and Associate General Counsel of Amundi US since January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; Vice President and Senior Counsel of Amundi US from July 2002 to December 2007 |  |
| **Thomas Reyes (60)<br> Assistant Secretary** | &nbsp;&nbsp;Since 2010. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Assistant General Counsel of Amundi US since May 2013 and Assistant Secretary of all the Pioneer Funds since June 2010; Counsel of Amundi US from June 2007 to May 2013 |  |
| **Heather L. Melito-Dezan (46)<br> Assistant Secretary** | &nbsp;&nbsp;Since 2022. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director - Trustee and Board Relationships of Amundi US since September 2019; Private practice from 2017 – 2019. |  |
| **Anthony J. Koenig, Jr. (59)<br> Treasurer and<br> Chief Financial and<br> Accounting Officer** | &nbsp;&nbsp;Since 2021. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Managing Director, Chief Operations Officer and Fund Treasurer of Amundi US since May 2021; Treasurer of all of the Pioneer Funds since May 2021; Assistant Treasurer of all of the Pioneer Funds from January 2021 to May 2021; and Chief of Staff, US Investment Management of Amundi US from May 2008 to January 2021 |  |
| **Luis I. Presutti (57)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2000. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer of all of the Pioneer Funds since 1999 |  |
| **Gary Sullivan (64)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2002. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant Treasurer of all of the Pioneer Funds since 2002 |  |
| **Antonio Furtado (40)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2020. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Fund Oversight Manager – Fund Treasury of Amundi US since 2020; Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior Fund Treasury Analyst from 2012 - 2020 |  |
| **Michael Melnick (51)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2021. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Vice President - Deputy Fund Treasurer of Amundi US since May 2021; Assistant Treasurer of all of the Pioneer Funds since July 2021; Director of Regulatory Reporting of Amundi US from 2001 – 2021; and Director of Tax of Amundi US from 2000 - 2001 |  |
| **John Malone (52)<br> Chief Compliance Officer** | &nbsp;&nbsp;Since 2018. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Managing Director, Chief Compliance Officer of Amundi US Asset Management; Amundi Asset Management US, Inc.; and the Pioneer Funds since September 2018; Chief Compliance Officer of Amundi Distributor US, Inc. since January 2014. |  |
| **Brandon Austin (50)<br> Anti-Money<br> Laundering Officer** | &nbsp;&nbsp;Since 2022. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director, Financial Security – Amundi Asset Management; Anti-Money Laundering Officer of all the Pioneer Funds since March 2022: Director of Financial Security of Amundi US since July 2021; Vice President, Head of BSA, AML and OFAC, Deputy Compliance Manager, Crédit Agricole Indosuez Wealth Management (investment management firm) (2013 – 2021) |  |

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[**Table of Contents**](#job_amund_eec5f04c-70be-4308-a3f2-7f3e1133efa3_toc)

Proxy Voting Policies and Procedures of the Portfolio are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Portfolio voted proxies relating to Portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundi.com/us. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov.

![](g469588img1bf4e85d1.gif)

18655-17-0223

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## Pioneer Variable Contracts Trust

## Pioneer High Yield

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## VCT Portfolio
Class I and II Shares

Annual Report \| December 31, 2022

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

![](g469588img0affb4e11.gif)

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Pioneer Variable Contracts Trust

#### **Table of Contents**

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#### Pioneer High Yield VCT Portfolio

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| | |
|:---|:---|
| [Portfolio and Performance Update](#xx_86545c78-1bfc-44ea-8e0c-e0327a1c7e5f_1) | 2 |
| [Comparing Ongoing Portfolio Expenses](#xx_5b02759e-eeda-4fc4-9bbe-bf7d3955da6d_1) | 3 |
| [Portfolio Management Discussion](#xx_9bd3656a-e627-4819-b6d4-c0a3a9a38123_1) | 4 |
| [Schedule of Investments](#xx_90bdd92f-fbda-410b-a1ed-ad6042cfacc1_1) | 8 |
| [Financial Statements](#xx_df59ce65-4943-4e64-b8f5-bd8cb57a0765_1) | 19 |
| [Notes to Financial Statements](#xx_b6336337-12fc-459a-a612-ed7c57844440_1) | 24 |
| [Report of Independent Registered Public Accounting Firm](#xx_daf97376-28bd-4fb4-9759-808375796bfd_1) | 34 |
| [Additional Information (unaudited)](#xx_4f3e11eb-15b3-4fdc-baea-e48a9a988cdd_1) | 35 |
| [Approval of Renewal of Investment Management Agreement](#xx_951889a9-1a2d-49c4-b2a3-28c7781c7c35_1) | 36 |
| [Trustees, Officers and Service Providers](#xx_9123df0d-1f67-4b74-8210-cfd528d57570_1) | 39 |

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This report is authorized for distribution only when preceded or accompanied by a prospectus for the Portfolio being offered.

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

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[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

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| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Portfolio Update 12/31/22

#### Portfolio Diversification
(As a percentage of total investments)\*

![](g469588img7be925022.jpg)

<sup>+</sup>Amount rounds to less than 0.1%.

#### 5 Largest Holdings

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| | | |
|:---|:---|:---|
| (As a percentage of total investments)\* | (As a percentage of total investments)\* | (As a percentage of total investments)\* |
| &nbsp;&nbsp;1. | Pioneer ILS Interval Fund(l) | 2.03% |
| &nbsp;&nbsp;2. | Sotheby's, 7.375%, 10/15/27 (144A) | 1.79 |
| &nbsp;&nbsp;3. | CCO Holdings LLC/CCO Holdings Capital Corp., 4.500%, 6/1/33 (144A) | 1.62 |
| &nbsp;&nbsp;4. | Ford Motor Credit Co. LLC, 4.000%, 11/13/30 | 1.61 |
| &nbsp;&nbsp;5. | Scotts Miracle-Gro Co., 4.000%, 4/1/31 | 1.45 |

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\* Excludes short-term investments and all derivative contracts except for options purchased. The Portfolio is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.

(l) Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Amundi Asset Management US, Inc.

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#### Performance Update 12/31/22

#### Prices and Distributions

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| | | |
|:---|:---|:---|
| **Net Asset Value per Share** | **12/31/22** | **12/31/21** |
| Class l | $7.86 | $9.34 |
| Class ll | $7.75 | $9.21 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Distributions per Share<br> (1/1/22 - 12/31/22)** | **Net <br> Investment<br> Income** | **Short-Term <br> Capital Gains** | **Long-Term <br> Capital Gains** | **Tax Return<br> of Capital** |
| Class l | $0.4153 | $— | $— | $0.0098 |
| Class ll | $0.3886 | $— | $— | $0.0098 |

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#### Performance of a $10,000 Investment
The following chart shows the change in value of an investment made in Class I and Class II shares of **Pioneer High Yield VCT Portfolio** at net asset value during the periods shown, compared to that of the ICE Bank of America (BofA) U.S. High Yield Index and the ICE BofA All-Convertibles Speculative Quality Index. Portfolio returns are based on net asset value and do not reflect any applicable insurance fees or surrender charges.

---

| | |
|:---|:---|
| ![](g469588img172c10a63.gif) | &nbsp;&nbsp;The ICE BofA U.S. High Yield Index is an unmanaged, commonly accepted measure of the performance of high-yield securities. The ICE BofA U.S. All-Convertibles Speculative Quality Index is an unmanaged index of high-yield U.S. convertible securities. Index returns are calculated monthly, assume reinvestment of dividends and do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. |

---

------

#### Average Annual Total Returns
(As of December 31, 2022)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class l** | &nbsp;&nbsp;&nbsp;&nbsp;**Class ll** | &nbsp;&nbsp;&nbsp;&nbsp;**ICE BofA<br> U.S. High ICE<br> Yield Index** | &nbsp;&nbsp;&nbsp;&nbsp;**ICE BofA U.S.<br> All-Convertibles<br> Speculative<br> Quality Index** |
| 10 Years | &nbsp;&nbsp;&nbsp;&nbsp;3.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.60% |
| 5 Years | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.81% |
| 1 Year | &nbsp;&nbsp;-11.43% | &nbsp;&nbsp;&nbsp;&nbsp;-11.66% | &nbsp;&nbsp;&nbsp;&nbsp;-11.22% | &nbsp;&nbsp;&nbsp;&nbsp;-23.23% |

---

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 on distributions or the redemption of shares.

#### Call 1-800-688-9915 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
**The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.**

The returns for the Portfolio do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges. These expenses would reduce the overall returns shown.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, performance would be lower. Waivers may not be in effect for all portfolios. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

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| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

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Comparing Ongoing Portfolio Expenses

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 to compare 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 held throughout the six months.

#### Using the Tables

#### Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this 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
$1,000<br> Example: 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 High Yield VCT Portfolio
Based on actual returns from July 1, 2022 through December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Share Class** | **l** | **ll** |
| Beginning Account Value on 7/1/22 | $1000.00 | $1000.00 |
| Ending Account Value (after expenses) on 12/31/22 | $1020.40 | $1019.10 |
| Expenses Paid During Period\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.85 |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Expenses are equal to the Portfolio's annualized net expense ratio of 0.90% and 1.15% for Class I and Class II shares, respectively, multiplied by the average account value 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 the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account 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. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of 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 any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different 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 High Yield VCT Portfolio
Based on a hypothetical 5% return per year before expenses, reflecting the period from July 1, 2022 through December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Share Class** | **l** | **ll** |
| Beginning Account Value on 7/1/22 | $1000.00 | $1000.00 |
| Ending Account Value (after expenses) on 12/31/22 | $1020.67 | $1019.41 |
| Expenses Paid During Period\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.85 |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Expenses are equal to the Portfolio's annualized net expense ratio of 0.90% and 1.15% for Class I and Class II shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

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| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Portfolio Management Discussion 12/31/22

#### Call 1-800-688-9915 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
**The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.**

The returns for the Portfolio do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges. These expenses would reduce the overall returns shown.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, performance would be lower. Waivers may not be in effect for all portfolios. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

*In the following interview, Andrew Feltus, Ken Monaghan, and Matt Shulkin discuss the factors that influenced the performance of Pioneer High Yield VCT Portfolio during the 12-month period ended December 31, 2022. Mr. Feltus, Managing Director, Co-Director of High Yield, and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), is responsible for the day-to-day management of the Portfolio, along with Mr. Monaghan, Managing Director, Co-Director of High Yield, and a portfolio manager at Amundi US, and Mr. Shulkin, a senior vice president and a portfolio manager at Amundi US.*

---

| | |
|:---|:---|
| **Q:** | **How did the Portfolio perform during the 12-month period ended December 31, 2022?** |
| **A:** | Pioneer High Yield VCT Portfolio's Class I shares returned -11.43% at net asset value during the 12-month period ended December 31, 2022, and Class II shares returned -11.66%. During the same period, the Portfolio's benchmarks, the ICE Bank of America (ICE BofA) US High Yield Index (the US High Yield Index) and the ICE BofA All-Convertibles Speculative Quality Index, returned -11.22% and -23.23%, respectively. |
| **Q:** | **Could you describe the market environment for investing high-yield bonds during the 12-month period ending December 31, 2022?** |
| **A:** | The first quarter of 2022 saw increased geopolitical tensions, rising levels of inflation, and the prospect of higher interest rates due to changing monetary policies of several central banks dominate market sentiment. Those factors combined to drive losses across most asset classes. Russia's invasion of Ukraine in late-February 2022, together with US and European sanctions on Russia led to a spike in energy, metals, and food prices, adding downside risk to real economic growth and adding upside risk to inflation. In addition, another round of lockdowns in China in the wake of increasing COVID-19 infections exacerbated already troublesome supply-chain disruptions and raised concerns about further risks to global economic growth. |
|  | At its mid-March 2022 meeting, the US Federal Reserve (Fed) acted to try to stem inflation by raising the target range for its benchmark overnight lending rate by a quarter-point, to 0.25%‒0.50%, and indicating that further increases in the federal funds rate target range would follow rapidly. The Fed also formally ended its pandemic-era quantitative easing program and signaled it would soon begin reducing its holdings of Treasury securities and agency mortgage-backed securities (MBS) by reinvesting only part of the proceeds from maturing securities. US consumer price inflation rose above 8% in March 2022, and would peak at 9.1% in June. The Fed implemented a series of sharp increases to the federal funds target range of between 50 and 75 basis points (bps) between May and December 2022, bringing the target to a range of 4.25%‒4.50%, its highest level since the fall of 2007. (A basis point is equal to 1/100th of a percentage point.) |
|  | Against that backdrop, the US Treasury yield curve moved higher, with yield increases rising most significantly for issues with shorter maturities as the market priced in the Fed's series of interest-rate increases. For the full 12-month period ended December 31, 2022, the two-year Treasury yield finished 368 bps higher, increasing from 0.73% in December 2021 to 4.41%, while the 10-year Treasury yield rose by a more modest 236 bps, from 1.52% to 3.88%, and the 30-year Treasury yield rose by 207 bps, from 1.90% to 3.97%. As a result, the Treasury yield curve ended 2022 significantly inverted (meaning |

---

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

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| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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---

| | |
|:---|:---|
|  | that short-term yields were higher than long-term yields), a development historically viewed as a predictor of recession. |
|  | Rising Treasury yields and widening credit spreads weighed on fixed-income market returns for the 12-month period. Below-investment-grade, high-yield corporate bonds returned -11.22% for the period, as measured by the ICE BofA US High Yield Index. (Credit spreads are commonly defined as the differences in yield between Treasuries and other types of fixed-income securities with similar maturities.) |
| **Q:** | **Can you review your principal strategies in managing the Portfolio during the 12-month period ended December 31, 2022, and the degree to which they contributed to or detracted from benchmark-relative returns?** |
| **A:** | On a sector basis, allocation results were strongly positive and benefited the Portfolio's relative returns, with off-benchmark exposures to cash, insurance-linked securities (ILS), convertible securities, and term loans all contributing. With regard to ILS – which are issued by insurers seeking to pass on some of the risk of making elevated payouts on natural disaster claims to the financial markets – the Portfolio's positions in the asset class aided relative performance for the period. We believe exposure to ILS issues may provide the Portfolio with an added element of diversification\* in addition to incremental income. |
|  | Portfolio positioning within the energy, capital goods, and health care sectors also proved additive for benchmark-relative performance. Conversely, sector exposures that weighed on the Portfolio's relative results for the 12-month period included media, transportation, and technology & electronics. With regard to credit quality, the Portfolio's allocations in favor of the lower-quality "B" and "CCC" ratings tiers relative to higher-quality "BBs" detracted from relative returns, although good security selection within the ratings tiers compensated for the allocation shortfalls. |
|  | With respect to individual positions, positive contributions to the Portfolio's relative performance for the 12-month period were led by an underweight exposure versus the benchmark to Bausch Health, a manufacturer of eye and gastrointestinal care products. With respect to Bausch, the Portfolio's underweight to the issuer benefited relative returns as the bond sold off during the period. Another positive contributor to the Portfolio's relative results was lack of exposure to Carvana, the online auto dealer. The company struggled during the period as used car prices fell later in the calendar year, thus making the Portfolio's lack of exposure to the issuer a strong positive contributor to relative results. Finally, an overweight position in Surgery Centers benefited the Portfolio's relative returns. |
|  | Detractors from the Portfolio's relative returns at the individual security level during the period included holdings of US Renal, a dialysis provider, LogMeIn, an internet services provider, and Grupo Aeromexico, the Mexican airline. |
|  | The Portfolio's allocations to index-based credit-default-swap contracts (CDX) also detracted from relative performance. We generally utilize CDX to help manage the overall market exposure of the Portfolio. We sought protection for the Portfolio by using CDX as high-yield spreads began |

---

**\*** **Diversification does not assure a profit nor protect against loss.** 

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

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| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Portfolio Management Discussion 12/31/22 (continued)

---

| | |
|:---|:---|
|  | narrowing to near pre-COVID-19 levels. The exposure worked well and helped the Portfolio's performance early in the period as spreads widened and bond prices declined, but those gains were offset by poor performance in the fourth quarter of 2022 as investors speculated that the Fed was poised to pivot to a more "dovish" (less aggressive) stance on monetary policy, leading to a rally in riskier assets (the ICE BofA US High Yield Index returned nearly 4% for the fourth quarter). |
| **Q:** | **Can you discuss the factors that affected the Portfolio's income-generation (or yield), either positively or negatively, during the period?** |
| **A:** | During the 12-month period, more defensive Portfolio positioning offset rising yields. As a result, the Portfolio's monthly distribution\*\* rate declined slightly over the first three months of the period, before stabilizing and remaining relatively flat over the final nine months, while having a negative effect on total return due to a general decline in bond prices. In addition, having positions in convertible securities and bank loans can result in a lower yield compared to a portfolio composed entirely of high-yield bonds. However, we view those allocations as beneficial to the Portfolio's total-return profile. |
| **Q:** | **Did the Portfolio have any exposure to derivatives during the 12-month period ended December 31, 2022? If so, did the derivatives have a material effect on the Portfolio's performance?** |
| **A:** | As noted earlier we utilized CDX contracts in order to maintain the desired level of Portfolio exposure to the high-yield market, while also seeking to maintain sufficient liquidity to make opportunistic purchases and help meet any unanticipated redemptions. During the 12-month period, we used short-risk CDX positions in an effort to reduce market risk relative to benchmark generated holdings of certain securities. (Short-risk positions typically represent the investor's belief that the prices of certain securities are likely to decrease in the near future.) The CDX positions had a modest, negative effect on relative returns during the 12-month period. The Portfolio also had exposure to Treasury Index futures contracts during the period, which had a negligible effect on relative performance. |
| **Q:** | **What is your assessment of the current climate for high-yield investing?** |
| **A:** | The US macroeconomic situation remains highly unusual, in our view, due to the lingering effects of COVID-19-related changes in consumption, production, and supply chains. As consumption has continued to shift away from goods to services and as supply chains have continued to normalize, manufacturing has slowed overall. Supply-chain disruptions have decreased significantly, but backlogs remain for many products. At the same time, the domestic job market has remained overheated, with job openings far in excess of available workers. Inflation has remained well above the Fed's longer-run goal of 2%, and wage growth has been above levels consistent with that inflation target. The Fed has continued to focus on cooling the labor market to bring wage inflation down, and likely hopes that it can do so without tipping the economy into recession. However, we believe the path to such a "soft landing" for the economy remains extremely narrow. |

---

**\*\*** **Distributions are not guaranteed.** 

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

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| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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------

#### A Word About Risk:
**All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, market disruptions caused by tariffs, trade disputes or other government actions, or adverse investor sentiment. These conditions may continue, recur, worsen or spread.**

*The Portfolio's investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate) or SOFR (Secured Overnight Financing Rate). Plans are underway to phase out the use of LIBOR. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Portfolio, issuers of instruments in which the Portfolio invests, and financial markets generally.*

I*nvestments in high-yield or lower rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default.*

*The market price of securities may fluctuate when interest rates change. When interest rates rise, the prices of fixed-income securities in the Portfolio will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the Portfolio will generally rise.*

*Investments in the Portfolio are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations.*

*Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Portfolio would experience a decline in income and lose the opportunity for additional price appreciation.*

*The securities issued by U.S. Government-sponsored entities (e.g., FNMA, Freddie Mac) are neither guaranteed nor issued by the U.S. Government.*

*The Portfolio may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to pre-payments.*

*The Portfolio may use derivatives, such as options, futures, inverse-floating-rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Portfolio performance. Derivatives may have a leveraging effect on the Portfolio.*

*The Portfolio may invest in common stocks or other equity investments, whose market price can fluctuate.*

---

| |
|:---|
| We believe clarity on when the Fed will eventually pause its rate-hiking cycle could boost investor demand for US fixed-income assets in general, and provide a tailwind for fixed-income market returns, based on both spread tightening and declining interest rates over the near term. With that said, we still see elevated risk for a possible Fed policy mistake later this year, which could lead to a recession, and so we believe that a strong focus on credit selection remains critical. |
| On balance, we believe a steep recession with elevated high-yield default rates is unlikely, and have been seeking to maintain the Portfolio's risk profile as close to neutral versus the benchmark, while being prepared to decrease or increase risk as credit spreads narrow or widen. We believe high-yield spreads are currently priced in anticipation of a mild recession. With that said, although our analysts have been uncovering some signs of economic slowing, they also report most issuers appear to be in relatively good condition. |

---

#### Please refer to the Schedule of Investments on pages 8 to 18 for a full listing of Portfolio securities.

#### Past performance is no guarantee of future results.
***Any information in this shareholder report regarding market or economic trends or the factors influencing the Portfolio's historical or future performance are statements of opinion as of the date of this report.***

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

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| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Schedule of Investments 12/31/22

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 96.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Secured Floating Rate Loan Interests — 1.8% of Net Assets\*(a)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Parts & Equipment — 0.6%** |  |
| 158828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Brands Group LLC, First Lien 2021 Term Loan, 8.368% (Term SOFR + 500 bps), 3/30/27 | $151283 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Parts & Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; $151283 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Hospitals — 0.1%** |  |
| 22198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgery Center Holdings, Inc., 2021 New Term Loan, 8.05% (LIBOR + 375 bps), 8/31/26 | $21943 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Hospitals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21943 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metal Processors & Fabrication — 0.4%** |  |
| 128375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grinding Media, Inc. (Molycop, Ltd.), First Lien Initial Term Loan, 8.765% (LIBOR + 400 bps), 10/12/28 | $120031 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metal Processors & Fabrication** | &nbsp;&nbsp;&nbsp;&nbsp; $120031 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Physical Practice Management — 0.4%** |  |
| 134198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Team Health Holdings, Inc., Extended Term Loan, 9.573% (Term SOFR + 525 bps), 3/2/27 | $101823 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Physical Practice Management** | &nbsp;&nbsp;&nbsp;&nbsp; $101823 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunication Equipment — 0.3%** |  |
| 94908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commscope, Inc., Initial Term Loan, 7.634% (LIBOR + 325 bps), 4/6/26 | $89718 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunication Equipment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $89718 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Floating Rate Loan Interests<br> (Cost $521,666)** | &nbsp;&nbsp;&nbsp;&nbsp; $484798 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stock — 0.2% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.2%** |  |
| 6,730(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico SAB de CV | $55891 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $55891 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stock<br> (Cost $110,000)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $55891 |

---

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed Security—0.3% of Net Assets** |  |
| 100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Med Trust, Series 2021-MDLN, Class G, 9.568% (1 Month USD LIBOR + 525 bps), 11/15/38 (144A) | $90255 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Security<br> (Cost $100,000)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $90255 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Convertible Corporate Bonds — 4.0% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 1.0%** |  |
| 92000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Canada, 4.00%, 7/1/25 | $109190 |
| 219000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit Airlines, Inc., 1.00%, 5/15/26 | &nbsp;&nbsp; 176295 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp;&nbsp;&nbsp; $285485 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 0.5%** |  |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc., 0.75%, 6/1/28 | $45375 |
| 81000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc., 1.75%, 1/15/25 | &nbsp;&nbsp; 75532 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Biotechnology** | &nbsp;&nbsp;&nbsp;&nbsp; $120907 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 0.0%†** |  |
| 935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Infrastructure Holdings LLC, 2.00%, 10/1/23 | $925 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $925 |

---

#### 8
The accompanying notes are an integral part of these financial statements.

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[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

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| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy-Alternate Sources — 0.4%** |  |
| 94,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enphase Energy, Inc., 3/1/28 | $109924 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy-Alternate Sources** | &nbsp;&nbsp;&nbsp;&nbsp; $109924 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 0.7%** |  |
| 176,000(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DraftKings Holdings, Inc., 3/15/28 | $108856 |
| 99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX Corp., 0.50%, 4/1/26 | &nbsp;&nbsp; 83498 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | &nbsp;&nbsp;&nbsp;&nbsp; $192354 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet — 0.0%†** |  |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perficient, Inc., 0.125%, 11/15/26 | $7725 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7725 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Time — 0.1%** |  |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd., 6.00%, 8/15/25 (144A) | $25120 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Leisure Time** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25120 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.5%** |  |
| 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revance Therapeutics, Inc., 1.75%, 2/15/27 | $118690 |
| 136,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricida, Inc., 3.50%, 5/15/27 | &nbsp;&nbsp; 12240 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp;&nbsp;&nbsp; $130930 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.8%** |  |
| 82000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems, Inc., 0.375%, 7/1/27 | $66748 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jamf Holding Corp., 0.125%, 9/1/26 | &nbsp;&nbsp; 49380 |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verint Systems, Inc., 0.25%, 4/15/26 | &nbsp;&nbsp; 91350 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp; $207478 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Convertible Corporate Bonds<br> (Cost $1,339,614)** | &nbsp;&nbsp; $1080848 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds — 83.6% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Advertising — 2.6%** |  |
| 238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 7.50%, 6/1/29 (144A) | $174756 |
| 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc., 7.75%, 4/15/28 (144A) | &nbsp;&nbsp; 80301 |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media Capital LLC/Outfront Media Capital Corp., 4.25%, 1/15/29 (144A) | &nbsp;&nbsp; 58081 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 6/15/25 (144A) | &nbsp;&nbsp; 59442 |
| 231000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stagwell Global LLC, 5.625%, 8/15/29 (144A) | &nbsp;&nbsp; 190478 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summer BC Bidco B LLC, 5.50%, 10/31/26 (144A) | &nbsp;&nbsp; 162288 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Advertising** | &nbsp;&nbsp;&nbsp;&nbsp; $725346 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 1.4%** |  |
| 327000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier, Inc., 7.125%, 6/15/26 (144A) | $317260 |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc., 9.375%, 11/30/29 (144A) | &nbsp;&nbsp; 68426 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp; $385686 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.8%** |  |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegiant Travel Co., 7.25%, 8/15/27 (144A) | $33291 |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines 2021-1 Class B Pass Through Trust, 3.95%, 7/11/30 | &nbsp;&nbsp; 27770 |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP, Ltd., 5.50%, 4/20/26 (144A) | &nbsp;&nbsp; 67315 |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP, Ltd., 5.75%, 4/20/29 (144A) | &nbsp;&nbsp; 50268 |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit Loyalty Cayman, Ltd./Spirit IP Cayman, Ltd., 8.00%, 9/20/25 (144A) | &nbsp;&nbsp; 40205 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp;&nbsp;&nbsp; $218849 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — 3.6%** |  |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co., 6.10%, 8/19/32 | $50785 |

---

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

#### 9

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

---

| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — (continued)** |  |
| 495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC, 4.00%, 11/13/30 | $406316 |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC, 4.134%, 8/4/25 | &nbsp;&nbsp; 280797 |
| 254000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JB Poindexter & Co., Inc., 7.125%, 4/15/26 (144A) | &nbsp;&nbsp; 245110 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Manufacturers** | &nbsp;&nbsp;&nbsp;&nbsp; $983008 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Parts & Equipment — 1.1%** |  |
| 331000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealer Tire LLC/DT Issuer LLC, 8.00%, 2/1/28 (144A) | $291238 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Parts & Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; $291238 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 0.7%** |  |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Corp., 6.625%, 1/15/27 (144A) | $11674 |
| 69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Corp., 8.125%, 11/15/24 (144A) | &nbsp;&nbsp; 63480 |
| 118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) | &nbsp;&nbsp; 106138 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp;&nbsp;&nbsp; $181292 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 0.7%** |  |
| 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grifols Escrow Issuer SA, 4.75%, 10/15/28 (144A) | $189963 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Biotechnology** | &nbsp;&nbsp;&nbsp;&nbsp; $189963 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Materials — 2.4%** |  |
| 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc., 4.25%, 2/1/32 (144A) | $133770 |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc., 6.375%, 6/15/32 (144A) | &nbsp;&nbsp; 65747 |
| 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Building Brands, Inc., 6.125%, 1/15/29 (144A) | &nbsp;&nbsp; 179581 |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CP Atlas Buyer, Inc., 7.00%, 12/1/28 (144A) | &nbsp;&nbsp; 129967 |
| 79000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koppers, Inc., 6.00%, 2/15/25 (144A) | &nbsp;&nbsp; 75050 |
| 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oscar AcquisitionCo LLC/Oscar Finance, Inc., 9.50%, 4/15/30 (144A) | &nbsp;&nbsp; 76279 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Materials** | &nbsp;&nbsp;&nbsp;&nbsp; $660394 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 1.8%** |  |
| 304000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings, Inc., 6.875%, 10/1/26 (144A) | $268280 |
| 171000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.125%, 4/1/29 (144A) | &nbsp;&nbsp; 110760 |
| 127000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tronox, Inc., 4.625%, 3/15/29 (144A) | &nbsp;&nbsp; 105569 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp;&nbsp;&nbsp; $484609 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 5.6%** |  |
| 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 7/15/27 (144A) | $187050 |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brink's Co., 5.50%, 7/15/25 (144A) | &nbsp;&nbsp; 137456 |
| 206000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., 9.50%, 11/1/27 (144A) | &nbsp;&nbsp; 198402 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neptune Bidco US, Inc., 9.29%, 4/15/29 (144A) | &nbsp;&nbsp; 117812 |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NESCO Holdings II, Inc., 5.50%, 4/15/29 (144A) | &nbsp;&nbsp; 91875 |
| 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29 (144A) | &nbsp;&nbsp; 100702 |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 4/15/26 (144A) | &nbsp;&nbsp; 115500 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28 (144A) | &nbsp;&nbsp; 136524 |
| 480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sotheby's, 7.375%, 10/15/27 (144A) | &nbsp;&nbsp; 450062 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | &nbsp;&nbsp; $1535383 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computers — 0.9%** |  |
| 195,000(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc., 8.50% (8.50% PIK or 12.50% PIK or 8.50% Cash), 10/15/26 (144A) | $137475 |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCR Corp., 5.00%, 10/1/28 (144A) | &nbsp;&nbsp; 76728 |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCR Corp., 5.25%, 10/1/30 (144A) | &nbsp;&nbsp; 37125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computers** | &nbsp;&nbsp;&nbsp;&nbsp; $251328 |

---

#### 10

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

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

---

| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — 4.4%** |  |
| 167,837(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avation Capital SA, 8.25% (9.00% PIK or 8.25% Cash), 10/31/26 (144A) | $131752 |
| 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc., 4.75%, 12/15/24 (144A) | &nbsp;&nbsp; 128577 |
| 216,982(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Aircraft Leasing Co., Ltd., 6.50% (7.25% PIK or 6.50% Cash), 9/15/24 (144A) | &nbsp;&nbsp; 184435 |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance Corp., 3.50%, 1/15/27 | &nbsp;&nbsp; 144895 |
| 237000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/25 (144A) | &nbsp;&nbsp; 206190 |
| 108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC, 5.50%, 4/15/29 (144A) | &nbsp;&nbsp; 85912 |
| 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC, 5.75%, 6/15/27 (144A) | &nbsp;&nbsp; 146351 |
| 201000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VistaJet Malta Finance Plc/XO Management Holding, Inc., 7.875%, 5/1/27 (144A) | &nbsp;&nbsp; 181331 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Financial Services** | &nbsp;&nbsp; $1209443 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric — 2.8%** |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calpine Corp., 5.125%, 3/15/28 (144A) | $133844 |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy Operating LLC, 3.75%, 2/15/31 (144A) | &nbsp;&nbsp; 87176 |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy Operating LLC, 3.75%, 1/15/32 (144A) | &nbsp;&nbsp; 52249 |
| 179000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leeward Renewable Energy Operations LLC, 4.25%, 7/1/29 (144A) | &nbsp;&nbsp; 152534 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc., 3.375%, 2/15/29 (144A) | &nbsp;&nbsp; 48397 |
| 166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc., 3.625%, 2/15/31 (144A) | &nbsp;&nbsp; 126193 |
| 182000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 4.375%, 5/1/29 (144A) | &nbsp;&nbsp; 156814 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric** | &nbsp;&nbsp;&nbsp;&nbsp; $757207 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Components & Equipments — 1.2%** |  |
| 112000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., 4.75%, 6/15/28 (144A) | $97060 |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings, Inc., 6.50%, 12/31/27 (144A) | &nbsp;&nbsp; 128478 |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO Distribution, Inc., 7.125%, 6/15/25 (144A) | &nbsp;&nbsp; 91126 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Components & Equipments** | &nbsp;&nbsp;&nbsp;&nbsp; $316664 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Engineering & Construction — 1.5%** |  |
| 230275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artera Services LLC, 9.033%, 12/4/25 (144A) | $191840 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promontoria Holding 264 BV, 7.875%, 3/1/27 (144A) | &nbsp;&nbsp; 185255 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corp., 4.125%, 2/15/32 (144A) | &nbsp;&nbsp; 40631 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Engineering & Construction** | &nbsp;&nbsp;&nbsp;&nbsp; $417726 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 2.7%** |  |
| 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lions Gate Capital Holdings LLC, 5.50%, 4/15/29 (144A) | $84071 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority, 8.00%, 2/1/26 (144A) | &nbsp;&nbsp; 187058 |
| 42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penn Entertainment, Inc., 4.125%, 7/1/29 (144A) | &nbsp;&nbsp; 33180 |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.625%, 3/1/30 (144A) | &nbsp;&nbsp; 54905 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games International, Inc., 7.00%, 5/15/28 (144A) | &nbsp;&nbsp; 95391 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games International, Inc., 7.25%, 11/15/29 (144A) | &nbsp;&nbsp; 96000 |
| 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SeaWorld Parks & Entertainment, Inc., 5.25%, 8/15/29 (144A) | &nbsp;&nbsp; 191554 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | &nbsp;&nbsp;&nbsp;&nbsp; $742159 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Environmental Control — 1.1%** |  |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc., 4.00%, 8/1/28 (144A) | $47025 |
| 198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc., 4.375%, 8/15/29 (144A) | &nbsp;&nbsp; 167795 |
| 89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tervita Corp., 11.00%, 12/1/25 (144A) | &nbsp;&nbsp; 95681 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Environmental Control** | &nbsp;&nbsp;&nbsp;&nbsp; $310501 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food — 1.5%** |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAGE International SA/FAGE USA Dairy Industry, Inc., 5.625%, 8/15/26 (144A) | $185528 |

---

#### 11

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

---

| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food — (continued)** |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Foods, Inc., 4.625%, 6/1/30 (144A) | $44031 |
| 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Foods, Inc., 4.75%, 2/15/29 (144A) | &nbsp;&nbsp; 182023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food** | &nbsp;&nbsp;&nbsp;&nbsp; $411582 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Forest Products & Paper — 1.6%** |  |
| 96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Paper Corp., 4.75%, 8/15/28 (144A) | $84353 |
| 173000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercer International, Inc., 5.125%, 2/1/29 | &nbsp;&nbsp; 144630 |
| 218000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sylvamo Corp., 7.00%, 9/1/29 (144A) | &nbsp;&nbsp; 207495 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Forest Products & Paper** | &nbsp;&nbsp;&nbsp;&nbsp; $436478 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Services — 2.3%** |  |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy LifePoint Health LLC, 6.75%, 4/15/25 (144A) | $61171 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LifePoint Health, Inc., 5.375%, 1/15/29 (144A) | &nbsp;&nbsp; 42383 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Healthcare Services, Inc., 7.25%, 11/1/25 (144A) | &nbsp;&nbsp; 126751 |
| 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26 (144A) | &nbsp;&nbsp; 17704 |
| 27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgery Center Holdings, Inc., 6.75%, 7/1/25 (144A) | &nbsp;&nbsp; 26615 |
| 139000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgery Center Holdings, Inc., 10.00%, 4/15/27 (144A) | &nbsp;&nbsp; 141432 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.125%, 6/15/30 (144A) | &nbsp;&nbsp; 57168 |
| 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Acute Care Solutions LLC, 6.375%, 3/1/26 (144A) | &nbsp;&nbsp; 128676 |
| 146000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Renal Care, Inc., 10.625%, 7/15/27 (144A) | &nbsp;&nbsp; 31755 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Services** | &nbsp;&nbsp;&nbsp;&nbsp; $633655 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Home Builders — 1.6%** |  |
| 287000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc., 6.75%, 3/15/25 | $276901 |
| 89000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KB Home, 4.00%, 6/15/31 | &nbsp;&nbsp; 71543 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M/I Homes, Inc., 3.95%, 2/15/30 | &nbsp;&nbsp; 100930 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Home Builders** | &nbsp;&nbsp;&nbsp;&nbsp; $449374 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Products/Wares — 0.0%†** |  |
| 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectrum Brands, Inc., 5.75%, 7/15/25 | $11864 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Household Products/Wares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11864 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Housewares — 1.3%** |  |
| 476000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co., 4.00%, 4/1/31 | $363636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Housewares** | &nbsp;&nbsp;&nbsp;&nbsp; $363636 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet — 0.5%** |  |
| 155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cogent Communications Group, Inc., 7.00%, 6/15/27 (144A) | $151889 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet** | &nbsp;&nbsp;&nbsp;&nbsp; $151889 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Iron & Steel — 2.2%** |  |
| 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp., 7.625%, 3/15/30 | $160382 |
| 134000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc., 6.75%, 3/15/26 (144A) | &nbsp;&nbsp; 134335 |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources, Ltd., 8.00%, 11/1/27 (144A) | &nbsp;&nbsp; 71576 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources, Ltd., 8.50%, 5/1/30 (144A) | &nbsp;&nbsp; 76015 |
| 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMS International Corp., 6.25%, 4/15/29 (144A) | &nbsp;&nbsp; 153781 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Iron & Steel** | &nbsp;&nbsp;&nbsp;&nbsp; $596089 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Time — 2.2%** |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival Holdings Bermuda, Ltd., 10.375%, 5/1/28 (144A) | $30798 |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCL Corp., Ltd., 5.875%, 3/15/26 (144A) | &nbsp;&nbsp; 109966 |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCL Corp., Ltd., 7.75%, 2/15/29 (144A) | &nbsp;&nbsp; 101593 |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd., 5.50%, 4/1/28 (144A) | &nbsp;&nbsp; 63844 |

---

#### 12

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

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

---

| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Time — (continued)** |  |
| 43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd., 11.50%, 6/1/25 (144A) | $46117 |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd., 11.625%, 8/15/27 (144A) | &nbsp;&nbsp; 120508 |
| 69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viking Cruises, Ltd., 6.25%, 5/15/25 (144A) | &nbsp;&nbsp; 62617 |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viking Ocean Cruises Ship VII, Ltd., 5.625%, 2/15/29 (144A) | &nbsp;&nbsp; 64400 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Leisure Time** | &nbsp;&nbsp;&nbsp;&nbsp; $599843 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lodging — 0.8%** |  |
| 142000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29 (144A) | $122120 |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure Co., 6.625%, 7/31/26 (144A) | &nbsp;&nbsp; 88044 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Lodging** | &nbsp;&nbsp;&nbsp;&nbsp; $210164 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media — 3.7%** |  |
| 531000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 6/1/33 (144A) | $407399 |
| 243000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings LLC, 5.00%, 11/15/31 (144A) | &nbsp;&nbsp; 135764 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings LLC, 7.50%, 4/1/28 (144A) | &nbsp;&nbsp; 136000 |
| 106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Television, Inc., 5.875%, 7/15/26 (144A) | &nbsp;&nbsp; 94438 |
| 177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGraw-Hill Education, Inc., 8.00%, 8/1/29 (144A) | &nbsp;&nbsp; 146373 |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;News Corp., 3.875%, 5/15/29 (144A) | &nbsp;&nbsp; 69391 |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;News Corp., 5.125%, 2/15/32 (144A) | &nbsp;&nbsp; 27300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media** | &nbsp;&nbsp; $1016665 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metal Fabricate/Hardware — 0.2%** |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park-Ohio Industries, Inc., 6.625%, 4/15/27 | $50951 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metal Fabricate/Hardware** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50951 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining — 1.3%** |  |
| 109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coeur Mining, Inc., 5.125%, 2/15/29 (144A) | $85067 |
| 171000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eldorado Gold Corp., 6.25%, 9/1/29 (144A) | &nbsp;&nbsp; 149596 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Resources August 2006 Pty, Ltd., 6.125%, 4/15/32 (144A) | &nbsp;&nbsp; 116575 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mining** | &nbsp;&nbsp;&nbsp;&nbsp; $351238 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas — 8.9%** |  |
| 151000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aethon United BR LP/Aethon United Finance Corp., 8.25%, 2/15/26 (144A) | $149784 |
| 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baytex Energy Corp., 8.75%, 4/1/27 (144A) | &nbsp;&nbsp; 132271 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 4/15/30 (144A) | &nbsp;&nbsp; 44464 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 4/15/32 (144A) | &nbsp;&nbsp; 43146 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kosmos Energy, Ltd., 7.75%, 5/1/27 (144A) | &nbsp;&nbsp; 166761 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEG Energy Corp., 7.125%, 2/1/27 (144A) | &nbsp;&nbsp; 25497 |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries, Inc., 7.375%, 5/15/27 (144A) | &nbsp;&nbsp; 29061 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries, Ltd., 7.50%, 1/15/28 (144A) | &nbsp;&nbsp; 91490 |
| 219000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) | &nbsp;&nbsp; 212651 |
| 177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corp., 4.40%, 4/15/46 | &nbsp;&nbsp; 138241 |
| 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parkland Corp., 4.625%, 5/1/30 (144A) | &nbsp;&nbsp; 190325 |
| 34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precision Drilling Corp., 6.875%, 1/15/29 (144A) | &nbsp;&nbsp; 31654 |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shelf Drilling Holdings, Ltd., 8.875%, 11/15/24 (144A) | &nbsp;&nbsp; 102900 |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwestern Energy Co., 4.75%, 2/1/32 | &nbsp;&nbsp; 59821 |
| 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwestern Energy Co., 5.375%, 2/1/29 | &nbsp;&nbsp; 171506 |
| 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strathcona Resources, Ltd., 6.875%, 8/1/26 (144A) | &nbsp;&nbsp; 226258 |
| 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tap Rock Resources LLC, 7.00%, 10/1/26 (144A) | &nbsp;&nbsp; 218573 |
| 179275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean Sentry, Ltd., 5.375%, 5/15/23 (144A) | &nbsp;&nbsp; 177034 |

---

#### 13

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

---

| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas — (continued)** |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tullow Oil Plc, 10.25%, 5/15/26 (144A) | $160400 |
| 69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vermilion Energy, Inc., 6.875%, 5/1/30 (144A) | &nbsp;&nbsp; 62968 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas** | &nbsp;&nbsp; $2434805 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas Services — 0.4%** |  |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enerflex, Ltd., 9.00%, 10/15/27 (144A) | $119669 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas Services** | &nbsp;&nbsp;&nbsp;&nbsp; $119669 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Packaging & Containers — 1.7%** |  |
| 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OI European Group BV, 4.75%, 2/15/30 (144A) | $192654 |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp., 5.00%, 4/15/29 (144A) | &nbsp;&nbsp; 98700 |
| 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TriMas Corp., 4.125%, 4/15/29 (144A) | &nbsp;&nbsp; 183225 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Packaging & Containers** | &nbsp;&nbsp;&nbsp;&nbsp; $474579 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 2.5%** |  |
| 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AdaptHealth LLC, 5.125%, 3/1/30 (144A) | $80873 |
| 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens & Minor, Inc., 6.625%, 4/1/30 (144A) | &nbsp;&nbsp; 167583 |
| 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (144A) | &nbsp;&nbsp; 89100 |
| 102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Pharmaceutical, Inc., 7.50%, 4/1/27 (144A) | &nbsp;&nbsp; 77517 |
| 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV, 5.125%, 5/9/29 | &nbsp;&nbsp; 271617 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp;&nbsp;&nbsp; $686690 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 3.1%** |  |
| 146000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 6/15/31 (144A) | $127533 |
| 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 6.75%, 5/15/25 | &nbsp;&nbsp; 158580 |
| 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.125%, 6/1/28 (144A) | &nbsp;&nbsp; 103730 |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnLink Midstream LLC, 5.375%, 6/1/29 | &nbsp;&nbsp; 4626 |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnLink Midstream LLC, 6.50%, 9/1/30 (144A) | &nbsp;&nbsp; 79176 |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnLink Midstream Partners LP, 5.05%, 4/1/45 | &nbsp;&nbsp; 30313 |
| 116000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnLink Midstream Partners LP, 5.60%, 4/1/44 | &nbsp;&nbsp; 95673 |
| 273000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest Midstream I LP, 7.50%, 9/1/28 (144A) | &nbsp;&nbsp; 260562 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | &nbsp;&nbsp;&nbsp;&nbsp; $860193 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate — 0.6%** |  |
| 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realogy Group LLC/Realogy Co.-Issuer Corp., 5.25%, 4/15/30 (144A) | $160492 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp; $160492 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REITs — 1.5%** |  |
| 290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HAT Holdings I LLC/HAT Holdings II LLC, 3.375%, 6/15/26 (144A) | $251952 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 1/15/30 (144A) | &nbsp;&nbsp; 63278 |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 2/15/29 (144A) | &nbsp;&nbsp; 92750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total REITs** | &nbsp;&nbsp;&nbsp;&nbsp; $407980 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 2.7%** |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAG FH LP/AAG FH Finco, Inc., 9.75%, 7/15/24 (144A) | $144000 |
| 169000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc., 4.625%, 11/15/29 (144A) | &nbsp;&nbsp; 142406 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works, Inc., 6.625%, 10/1/30 (144A) | &nbsp;&nbsp; 56304 |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc., 3.625%, 10/1/29 (144A) | &nbsp;&nbsp; 24689 |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc., 3.875%, 10/1/31 (144A) | &nbsp;&nbsp; 24417 |
| 28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ken Garff Automotive LLC, 4.875%, 9/15/28 (144A) | &nbsp;&nbsp; 23423 |
| 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM Investments Holdings II LLC, 4.875%, 5/1/29 (144A) | &nbsp;&nbsp; 216213 |

---

#### 14

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

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

---

| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — (continued)** |  |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SRS Distribution, Inc., 6.125%, 7/1/29 (144A) | $28298 |
| 91000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staples, Inc., 7.50%, 4/15/26 (144A) | &nbsp;&nbsp; 78322 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | &nbsp;&nbsp;&nbsp;&nbsp; $738072 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 1.0%** |  |
| 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AthenaHealth Group, Inc., 6.50%, 2/15/30 (144A) | $198972 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rackspace Technology Global, Inc., 5.375%, 12/1/28 (144A) | &nbsp;&nbsp; 65379 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp; $264351 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications — 3.4%** |  |
| 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altice France SA, 5.125%, 7/15/29 (144A) | $194933 |
| 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope, Inc., 4.75%, 9/1/29 (144A) | &nbsp;&nbsp; 92713 |
| 63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope, Inc., 8.25%, 3/1/27 (144A) | &nbsp;&nbsp; 48825 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoTo Group, Inc., 5.50%, 9/1/27 (144A) | &nbsp;&nbsp; 107564 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., 3.75%, 7/15/29 (144A) | &nbsp;&nbsp; 143874 |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumen Technologies, Inc., 4.00%, 2/15/27 (144A) | &nbsp;&nbsp; 67796 |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maxar Technologies, Inc., 7.75%, 6/15/27 (144A) | &nbsp;&nbsp; 140162 |
| 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 8/15/28 (144A) | &nbsp;&nbsp; 150743 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** | &nbsp;&nbsp;&nbsp;&nbsp; $946610 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation — 3.0%** |  |
| 295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carriage Purchaser, Inc., 7.875%, 10/15/29 (144A) | $209450 |
| 410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seaspan Corp., 5.50%, 8/1/29 (144A) | &nbsp;&nbsp; 310698 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Global Airlines LLC, 10.375%, 8/15/25 (144A) | &nbsp;&nbsp; 187733 |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO Escrow Sub LLC, 7.50%, 11/15/27 (144A) | &nbsp;&nbsp; 106251 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation** | &nbsp;&nbsp;&nbsp;&nbsp; $814132 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trucking & Leasing — 0.3%** |  |
| 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortress Transportation and Infrastructure Investors LLC, 9.75%, 8/1/27 (144A) | $85212 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trucking & Leasing** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $85212 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (Cost $26,586,230)** | $22937009 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rights/Warrants — 0.0%† of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.0%†** |  |
| GBP 6,300(b)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avation Plc, 1/1/59 | $2285 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2285 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.0%†** |  |
| 80(b)(g) + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Care Health, Inc., 6/30/25 | $276 |
| 80(b)(g) + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Care Health, Inc., 6/30/25 | &nbsp;&nbsp; 223 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Providers & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $499 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rights/Warrants<br> (Cost $—)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2784 |

---

#### 15

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

---

| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Face <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance-Linked Securities — 0.0%† of Net Assets#** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Sidecars — 0.0%†** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 0.0%†** |  |
| 25,723(b)(h) + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lorenz Re 2019, 6/30/23 | $46 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Reinsurance Sidecars** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance-Linked Securities<br> (Cost $5,642)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 6.2% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 6.2%** |  |
| 1,698,916(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.19% | $1698916 |
|  |  | &nbsp;&nbsp; $1698916 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $1,698,916)** | &nbsp;&nbsp; $1698916 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 96.1%<br> (Cost $30,362,068)** | $26350547 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Dividend <br> Income** | **Net <br> Realized<br> Gain (Loss)** | **Change <br> in Net<br> Unrealized<br> Appreciation<br> (Depreciation)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Issuer — 1.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Issuer — 1.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Issuer — 1.8%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Issuer — 1.8%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Closed-End Fund — 1.8% of Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Closed-End Fund — 1.8% of Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Closed-End Fund — 1.8% of Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Closed-End Fund — 1.8% of Net Assets** |  |
| 62,882(j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pioneer ILS Interval Fund | $13289 | $— | $(7095) | $509971 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Closed-End Fund<br> (Cost $659,339)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Closed-End Fund<br> (Cost $659,339)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Closed-End Fund<br> (Cost $659,339)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Closed-End Fund<br> (Cost $659,339)** | &nbsp;&nbsp;&nbsp;&nbsp; **$509971** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Issuer — 1.8%<br> (Cost $659,339)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Issuer — 1.8%<br> (Cost $659,339)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Issuer — 1.8%<br> (Cost $659,339)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Issuer — 1.8%<br> (Cost $659,339)** | &nbsp;&nbsp;&nbsp;&nbsp; $509971 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp; $571193 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$27431711** |

---

---

| | |
|:---|:---|
| bps | &nbsp;&nbsp;Basis Points. |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate. |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate. |
| (144A) | &nbsp;&nbsp;Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At December 31, 2022, the value of these securities amounted to $20,030,607, or 73.0% of net assets. |

---

(a) Floating rate note. Coupon
rate, reference index and spread shown at December 31, 2022.

(b) Non-income
producing security.

(c) Security
issued with a zero coupon. Income is recognized through accretion of discount.

(d) Security
is in default.

(e) Payment-in-kind
 (PIK) security which may pay interest in the form of additional principal amount.

(f) Avation
Plc warrants are exercisable into 6,300 shares.

(g) Option
Care Health, Inc. warrants are exercisable into 160 shares.

(h) Issued as
preference shares.

(i) Rate
periodically changes. Rate disclosed is the 7-day yield at December 31, 2022.

(j) Pioneer
ILS Interval Fund is an affiliated closed-end fund managed by Amundi Asset Management, Inc., (the "Adviser").

#### 16

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

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

---

| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;Senior secured ﬂoating rate loan interests in which the Portfolio invests generally pay interest at rates that are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR or SOFR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certiﬁcate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at December 31, 2022. |
| † | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| + | &nbsp;&nbsp;Security is valued using significant unobservable inputs (Level 3). |
| # | &nbsp;&nbsp;Securities are restricted as to resale. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Lorenz Re 2019 | 7/10/2019 | &nbsp;&nbsp;&nbsp;&nbsp;$5642 | &nbsp;&nbsp;&nbsp;&nbsp;$46 |
| **% of Net assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.0% †** |

---

† Amount rounds to less than
0.1%.

#### FUTURES CONTRACTS<br> FIXED INCOME INDEX FUTURES CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of<br> Contracts<br> Long** | **Description** | &nbsp;&nbsp;**Expiration <br> Date** | **Notional <br> Amount** | **Market<br> Value** | **Unrealized <br> (Depreciation)** |
| 1 | U.S. 5 Year Note (CBT) | &nbsp;&nbsp;3/31/23 | $107995 | $107930 | $(65) |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **$107995** | &nbsp;&nbsp;**$107930** | **$(65)** |

---

#### SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** |
| **Notional <br> Amount ($)<sup>(1)</sup>** | &nbsp;&nbsp;**Reference Obligation/Index** | &nbsp;&nbsp;**Pay/ <br> Receive<sup>(2)</sup>** | &nbsp;&nbsp;**Annual <br> Fixed Rate** | **Expiration <br> Date** | **Premiums <br> Paid** | **Unrealized <br> (Depreciation)** | **Market <br> Value** |
| 3440000 | &nbsp;&nbsp;Markit CDX North America High Yield Index Series 38 | &nbsp;&nbsp;Pay | &nbsp;&nbsp;5.00% | 12/20/27 | $141628 | $(169731) | $(28103) |
| **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | &nbsp;&nbsp;$141628 | $(169731) | &nbsp;&nbsp;$(28103) |
| **TOTAL SWAP CONTRACTS** | **TOTAL SWAP CONTRACTS** | **TOTAL SWAP CONTRACTS** | **TOTAL SWAP CONTRACTS** |  | **$141628** | &nbsp;&nbsp;**$(169731)** | **$(28103)** |

---

<sup>(1)</sup> The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event.

<sup>(2)</sup> Pays quarterly.

Purchases and sales of securities (excluding short-term investments) for the year ended December 31, 2022, aggregated $8,932,947 and $18,159,787, respectively.

At December 31, 2022, the net unrealized depreciation on investments based on cost for federal tax purposes of $30,996,227 was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | &nbsp;&nbsp;&nbsp;&nbsp;$346357 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | &nbsp;&nbsp;&nbsp;(4510234) |
| Net unrealized depreciation | $(4163877) |

---

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

#### 17

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

---

| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – unadjusted quoted prices in active markets for identical securities. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements — Note 1A. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 – significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A. |

---

The following is a summary of the inputs used as of December 31, 2022, in valuing the Portfolio's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Floating Rate Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$484798 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$484798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22937009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22937009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights/Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance-Linked Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Sidecars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open-End Fund | &nbsp;&nbsp;1698916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Closed-End Fund | &nbsp;&nbsp;&nbsp;&nbsp;509971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Securities** | **$2211172** | &nbsp;&nbsp;&nbsp;&nbsp;**$24648801** | &nbsp;&nbsp;&nbsp;&nbsp;**$545** | &nbsp;&nbsp;&nbsp;&nbsp;**$26860518** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(65)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(28103)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(28168)** |

---

During the year ended December 31, 2022, there were no significant transfers in or out of Level 3.

#### 18

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

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

---

| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statement of Assets and Liabilities 12/31/22

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value (cost $30,362,068) | &nbsp;&nbsp;$26350547 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value (cost $659,339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509971 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 |
| &nbsp;&nbsp;&nbsp;Futures collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4444 |
| &nbsp;&nbsp;&nbsp;Swaps collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232951 |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 |
| &nbsp;&nbsp;&nbsp;Receivables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456352 |
| &nbsp;&nbsp;&nbsp;Due from the Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$27565890** |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12063 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;Swap contracts, at value (net premiums paid $141,628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28103 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 |
| &nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**$134179** |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$33029816 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(5598105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;**$27431711** |
| **NET ASSET VALUE PER SHARE:** |  |
| No par value (unlimited number of shares authorized) |  |
| &nbsp;&nbsp;&nbsp;Class l (based on $21,047,837/2,676,548 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.86 |
| &nbsp;&nbsp;&nbsp;Class ll (based on $6,383,874/823,460 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.75 |

---

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

#### 19

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

---

| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statement of Operations

#### FOR THE YEAR ENDED 12/31/22

---

| | | |
|:---|:---|:---|
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | $1852805 |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25749 |  |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1891843** |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;$196582 |  |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14788 |  |
| &nbsp;&nbsp;&nbsp;Distribution fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ll | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16389 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 |  |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80017 |  |
| &nbsp;&nbsp;&nbsp;Printing expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35523 |  |
| &nbsp;&nbsp;&nbsp;Pricing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592 |  |
| &nbsp;&nbsp;&nbsp;Officers' and Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8377 |  |
| &nbsp;&nbsp;&nbsp;Insurance expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;$357936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived and expenses reimbursed by the Adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;$288580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1603263** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | &nbsp;&nbsp;&nbsp;$(945284) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12156) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119218 | &nbsp;&nbsp;&nbsp;&nbsp;$(838222) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | $(4505758) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7095) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(609) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;(158445) | &nbsp;&nbsp;&nbsp;&nbsp;$(4671907) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(5510129)** |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(3906866)** |

---

#### 20
The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

---

| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **FROM OPERATIONS:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;$1603263 | &nbsp;&nbsp;&nbsp;&nbsp;$1998307 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(838222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578134 |
| Change in net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(4671907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1111940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$(3906866) | &nbsp;&nbsp;&nbsp;&nbsp;$2464501 |
| **DISTRIBUTIONS TO SHAREOWNERS:** |  |  |
| &nbsp;&nbsp;&nbsp;Class l ($0.42 and $0.48 per share, respectively) | &nbsp;&nbsp;$(1173513) | &nbsp;&nbsp;&nbsp;&nbsp;$(1727107) |
| &nbsp;&nbsp;&nbsp;Class ll ($0.39 and $0.45 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(504482) |
| Tax return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class l ($0.01 and $— per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ll ($0.01 and $— per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareowners | &nbsp;&nbsp;$(1515126) | &nbsp;&nbsp;&nbsp;&nbsp;$(2231589) |
| **FROM PORTFOLIO SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;$9581426 | &nbsp;&nbsp;&nbsp;&nbsp;$27625348 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231589 |
| Cost of shares repurchased | &nbsp;&nbsp;&nbsp;(21633248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29037853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from Portfolio share transactions | $(10541011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$819084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets** | **$(15963003)** | &nbsp;&nbsp;&nbsp;&nbsp;**$1051996** |
| **NET ASSETS:** |  |  |
| Beginning of year | $43394714 | &nbsp;&nbsp;&nbsp;&nbsp;$42342718 |
| End of year | **$27431711** | &nbsp;&nbsp;&nbsp;&nbsp;**$43394714** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year <br> Ended<br> 12/31/22<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/22<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21<br> Amount** |
| **Class l** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;243339 | &nbsp;&nbsp;&nbsp;&nbsp;$2048796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484759 | &nbsp;&nbsp;&nbsp;&nbsp;$4539716 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;144342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727107 |
| Less shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(735304) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6166306) | &nbsp;&nbsp;&nbsp;&nbsp;(1326776) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12427261) |
| &nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(347623) | &nbsp;&nbsp;&nbsp;&nbsp;$(2918995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(657133) | &nbsp;&nbsp;&nbsp;&nbsp;$(6160438) |
| **Class ll** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;922020 | &nbsp;&nbsp;&nbsp;&nbsp;$7532630 | &nbsp;&nbsp;&nbsp;&nbsp;2501984 | &nbsp;&nbsp;&nbsp;&nbsp;$23085632 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504482 |
| Less shares repurchased | (1783458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15466942) | &nbsp;&nbsp;&nbsp;&nbsp;(1796723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16610592) |
| &nbsp;&nbsp;&nbsp;Net increase<br> (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(823405) | &nbsp;&nbsp;&nbsp;&nbsp;$(7622016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760137 | &nbsp;&nbsp;&nbsp;&nbsp;$6979522 |

---

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

#### 21

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

---

| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** | &nbsp;&nbsp;**Year Ended<br> 12/31/20** | &nbsp;&nbsp;**Year Ended<br> 12/31/19** | &nbsp;&nbsp;**Year Ended<br> 12/31/18** |
| **Class l** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;$9.34 | &nbsp;&nbsp;&nbsp;&nbsp;$9.29 | &nbsp;&nbsp;&nbsp;&nbsp;$9.58 | &nbsp;&nbsp;&nbsp;&nbsp;$8.79 | &nbsp;&nbsp;&nbsp;&nbsp;$9.53 |
| Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) |
| **Net increase (decrease) from investment operations** | &nbsp;&nbsp;**$(1.05)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.53** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.19** | &nbsp;&nbsp;&nbsp;&nbsp;**$1.25** | &nbsp;&nbsp;**$(0.30)** |
| Distributions to shareowners: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.43)** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(0.46)** | &nbsp;&nbsp;**$(0.44)** |
| **Net increase (decrease) in net asset value** | &nbsp;&nbsp;**$(1.48)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.05** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.79** | &nbsp;&nbsp;**$(0.74)** |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;$7.86 | &nbsp;&nbsp;&nbsp;&nbsp;$9.34 | &nbsp;&nbsp;&nbsp;&nbsp;$9.29 | &nbsp;&nbsp;&nbsp;&nbsp;$9.58 | &nbsp;&nbsp;&nbsp;&nbsp;$8.79 |
| **Total return(b)** | &nbsp;&nbsp;&nbsp;**(11.43)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.82%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.37%** | &nbsp;&nbsp;&nbsp;&nbsp;**14.44%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.30)%** |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% |
| Net assets, end of period (in thousands) | $21048 | &nbsp;&nbsp;$28234 | &nbsp;&nbsp;$34218 | &nbsp;&nbsp;$35652 | &nbsp;&nbsp;$33476 |
| Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: |  |  |  |  |  |
| Total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| Net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72% |

---

(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.

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

#### 22
The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

---

| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** | &nbsp;&nbsp;**Year Ended<br> 12/31/20** | &nbsp;&nbsp;**Year Ended<br> 12/31/19** | &nbsp;&nbsp;**Year Ended<br> 12/31/18** |
| **Class ll** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;$9.21 | &nbsp;&nbsp;&nbsp;&nbsp;$9.16 | &nbsp;&nbsp;$9.47 | &nbsp;&nbsp;&nbsp;&nbsp;$8.68 | &nbsp;&nbsp;$9.45 |
| Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(1.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;(0.77) |
| **Net increase (decrease) from investment operations** | &nbsp;&nbsp;**$(1.06)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.50** | &nbsp;&nbsp;**$0.14** | &nbsp;&nbsp;&nbsp;&nbsp;**$1.22** | &nbsp;&nbsp;**$(0.36)** |
| Distributions to shareowners: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.40)** | &nbsp;&nbsp;**$(0.45)** | &nbsp;&nbsp;**$(0.45)** | &nbsp;&nbsp;**$(0.43)** | &nbsp;&nbsp;**$(0.41)** |
| **Net increase (decrease) in net asset value** | &nbsp;&nbsp;**$(1.46)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.05** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.79** | &nbsp;&nbsp;**$(0.77)** |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;$7.75 | &nbsp;&nbsp;&nbsp;&nbsp;$9.21 | &nbsp;&nbsp;$9.16 | &nbsp;&nbsp;&nbsp;&nbsp;$9.47 | &nbsp;&nbsp;$8.68 |
| **Total return(b)** | &nbsp;&nbsp;**(11.66)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.56%** | &nbsp;&nbsp;&nbsp;&nbsp;**1.87%** | &nbsp;&nbsp;&nbsp;&nbsp;**14.28%** | &nbsp;&nbsp;&nbsp;&nbsp;**(3.94)%** |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.28% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29% | &nbsp;&nbsp;&nbsp;&nbsp;4.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79% | &nbsp;&nbsp;&nbsp;&nbsp;4.50% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% |
| Net assets, end of period (in thousands) | $6384 | &nbsp;&nbsp;$15161 | &nbsp;&nbsp;$8125 | &nbsp;&nbsp;$11642 | &nbsp;&nbsp;$8085 |
| Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: |  |  |  |  |  |
| Total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;1.32% |
| Net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07% | &nbsp;&nbsp;&nbsp;&nbsp;4.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74% | &nbsp;&nbsp;&nbsp;&nbsp;4.45% |

---

(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.

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

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

#### 23

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

---

| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Notes to Financial Statements 12/31/22

1. Organization and Signiﬁcant Accounting Policies

Pioneer High Yield VCT Portfolio (the "Portfolio") is one of 8 portfolios comprising Pioneer Variable Contracts Trust (the "Trust"), a Delaware statutory trust. The Portfolio is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a diversified, open-end management investment company. The investment objective of the Portfolio is to maximize total return through a combination of income and capital appreciation.

The Portfolio offers two classes of shares designated as Class I and Class II shares. Each class of shares represents an interest in the same portfolio of investments of the Portfolio and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses, such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Trust gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareowner approval. Under per-share voting, each share of a class of the Portfolio is entitled to one vote. Under dollar-weighted voting, a shareowner's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class I shares.

Portfolio shares may be purchased only by insurance companies for the purpose of funding variable annuity and variable life insurance contracts or by qualified pension and retirement plans.

Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the Portfolio's investment adviser (the "Adviser"). Amundi Distributor US, Inc., an afﬁliate of the Adviser, serves as the Portfolio's distributor (the "Distributor").

In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate ("LIBOR") and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2023. Management is evaluating the impact of ASU 2020-04 on the Portfolio's investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.

Effective August 19, 2022, the Portfolio is required to comply with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Rule 18f-4 requires a fund to establish and maintain a comprehensive derivatives risk management program, appoint a derivatives risk manager and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"), unless the portfolio uses derivatives in only a limited manner (a "limited derivatives user"). The Portfolio is currently a limited derivatives user for purposes of Rule 18f-4.

The Portfolio is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). U.S. GAAP requires the management of the Portfolio to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the ﬁnancial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.

The following is a summary of signiﬁcant accounting policies followed by the Portfolio in the preparation of its ﬁnancial statements:

---

| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | The net asset value of the Portfolio is computed once daily, on each day the New York Stock Exchange ("NYSE") is open, as of the close of regular trading on the NYSE. |
|  | Fixed-income securities are valued by using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt |

---

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

---

| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| |
|:---|
| securities, historical trading patterns in the market for fixed-income securities and/or other factors. Non-U.S. debt securities that are listed on an exchange will be valued at the bid price obtained from an independent third party pricing service. When independent third party pricing services are unable to supply prices, or when prices or market quotations are considered to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers. |
| Loan interests are valued at the mean between the last available bid and asked prices from one or more brokers or dealers as obtained from Loan Pricing Corporation, an independent third party pricing service. If price information is not available from Loan Pricing Corporation, or if the price information is deemed to be unreliable, price information will be obtained from an alternative loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker quotes will be solicited. |
| Event-linked bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities (including reinsurance sidecars, collateralized reinsurance and industry loss warranties) may be valued at the bid price obtained from an independent pricing service, or through a third party using a pricing matrix, insurance valuation models, or other fair value methods or techniques to provide an estimated value of the instrument. |
| Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods. |
| The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Portfolio's shares are determined as of such times. The Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities. |
| Forward foreign currency exchange contracts are valued daily using the foreign exchange rate or, for longer term forward contract positions, the spot currency rate and the forward points on a daily basis, in each case provided by a third party pricing service. Contracts whose forward settlement date falls between two quoted days are valued by interpolation. |
| Futures contracts are generally valued at the closing settlement price established by the exchange on which they are traded. |
| Swap contracts, including interest rate swaps, caps and floors (other than centrally cleared swap contracts), are valued at the dealer quotations obtained from reputable International Swap Dealers Association members. Centrally cleared swaps are valued at the daily settlement price provided by the central clearing counterparty. |
| Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds' net asset value. Shares of closed-end interval funds that offer their shares at net asset value are valued at such funds' net asset value. |
| Securities or loan interests for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser. Effective September 8, 2022, the Adviser is designated as the valuation designee for the Portfolio pursuant to Rule 2a-5 under the 1940 Act. The Adviser's fair valuation team is responsible for monitoring developments that may impact fair valued securities. |
| Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Adviser may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Portfolio's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Portfolio's securities may differ significantly from exchange prices, and such differences could be material. |

---

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

---

| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Notes to Financial Statements 12/31/22 (continued)

---

| | |
|:---|:---|
| **B.** | **Investment Income and Transactions** |
|  | Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Portfolio becomes aware of the ex-dividend data in the exercise of reasonable diligence. |
|  | Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities. |
|  | Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively. |
|  | Principal amounts of mortgage-backed securities are adjusted for monthly paydowns. Premiums and discounts related to certain mortgage-backed securities are amortized or accreted in proportion to the monthly paydowns. All discounts/premiums on purchase prices of debt securities are accreted/amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income. |
|  | Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. |
| **C.** | **Foreign Currency Translation** |
|  | The books and records of the Portfolio are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates. |
|  | Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments. |
| **D.** | **Federal Income Taxes** |
|  | It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of December 31, 2022, the Portfolio did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. |
|  | The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. |
|  | At December 31, 2022, the Portfolio was permitted to carry forward indefinitely $187,758 of short-term losses and $1,198,470 of long-term losses. |
|  | At December 31, 2022, the Portfolio deferred $44,156 of late year ordinary losses, which will be recognized by the Portfolio as occurring at the start of the next year ending in December 31, 2023. |
|  | The tax character of distributions paid during the years ended December 31, 2022 and December 31, 2021, was as follows: |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1479839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2231589 |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1515126** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$2231589** |

---

------

[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

---

| | |
|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

The following shows the components of distributable earnings (losses) on a federal income tax basis at December 31, 2022:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** |
| **Distributable earnings/(losses):** |  |
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1386228) |
| Other book/tax temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3844) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4163877) |
| Qualified late year loss deferral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(5598105)** |

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The difference between book basis and tax basis unrealized appreciation is attributable to the taxable interest on defaulted securities and the mark to market of swaps.

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| | |
|:---|:---|
| **E.** | **Portfolio Shares and Class Allocations** |
|  | The Portfolio records sales and repurchases of its shares as of trade date. Distribution fees for Class II shares are calculated based on the average daily net asset value attributable to Class II shares of the Portfolio (see Note 5). Class I shares do not pay distribution fees. |
|  | Income, common expenses (excluding transfer agent and distribution fees) and realized and unrealized gains and losses are calculated at the Portfolio level and allocated daily to each class of shares based on its respective percentage of the adjusted net assets at the beginning of the day. |
|  | All expenses and fees paid to the Portfolio's transfer agent for its services are allocated between the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4). |
|  | The Portfolio declares as daily dividends substantially all of its net investment income. All dividends are paid on a monthly basis. Short-term capital gain distributions, if any, may be declared with the daily dividends. Distributions paid by the Portfolio with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class I and Class II shares can reflect different transfer agent and distribution expense rates. Dividends and distributions to shareowners are recorded on the ex-dividend date. |
| **F.** | **Risks** |
|  | The value of securities held by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inﬂation, changes in interest rates, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, ﬁnancial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. Recently, inflation and interest rates have increased and may rise further. These circumstances could adversely affect the value and liquidity of the Portfolio's investments, impair the Portfolio's ability to satisfy redemption requests, and negatively impact the Portfolio's performance. Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the ceiling on U.S. government debt could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets. |
|  | The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue to affect adversely the value and liquidity of the Portfolio's investments. Following Russia's invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical or other events or conditions. |
|  | Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. |

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|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22 (continued)

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|:---|
| The U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the U.S. has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Portfolio's assets may go down. |
| At times, the Portfolio's investments may represent industries or industry sectors that are interrelated or have common risks, making the Portfolio more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. |
| The Portfolio's investments in foreign markets and countries with limited developing markets may subject the Portfolio to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, less liquid trading markets, extreme price volatility, currency risks, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law, and investment and repatriation restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Portfolio's return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security. |
| Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia's military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Portfolio investments, on Portfolio performance and the value of an investment in the Portfolio, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally. |
| The Portfolio invests in below-investment-grade (high-yield) debt securities and preferred stocks. Some of these high-yield securities may be convertible into equity securities of the issuer. Debt securities rated below-investment-grade are commonly referred to as "junk bonds" and are considered speculative with respect to the issuer's capacity to pay interest and repay principal. These securities involve greater risk of loss, are subject to greater price volatility, and may be less liquid and more difficult to value, especially during periods of economic uncertainty or change, than higher rated debt securities. |
| The Portfolio may invest in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws. |
| The Portfolio's investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate) or SOFR (Secured Overnight Financing Rate). ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Markets are developing in response to these new rates, but questions around liquidity in these rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern. The effect of any changes to - or discontinuation of - LIBOR on the Portfolio will vary depending on, among other things, existing fallback provisions in individual contracts and whether, how, and when |

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|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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|  | industry participants develop and widely adopt new reference rates and fallbacks for both legacy and new products and instruments. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that rely on LIBOR. The transition may also result in a reduction in the value of certain LIBOR-based investments held by the Portfolio or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses for the Portfolio. Because the usefulness of LIBOR as a benchmark may deteriorate during the transition period, these effects could occur at any time. |
|  | With the increased use of technologies such as the Internet to conduct business, the Portfolio is susceptible to operational, information security and related risks. While the Portfolio's Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identiﬁed. Furthermore, the Portfolio cannot control the cybersecurity plans and systems put in place by service providers to the Portfolio such as the Portfolio's custodian and accounting agent, and the Portfolio's transfer agent. In addition, many beneﬁcial owners of Portfolio shares hold them through accounts at broker-dealers, retirement platforms and other ﬁnancial market participants over which neither the Portfolio nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Portfolio's service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in ﬁnancial losses, interference with the Portfolio's ability to calculate its net asset value, impediments to trading, the inability of Portfolio shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory ﬁnes, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks. |
|  | The Portfolio's prospectus contains unaudited information regarding the Portfolio's principal risks. Please refer to that document when considering the Portfolio's principal risks. |
| **G.** | **Restricted Securities** |
|  | Restricted Securities are subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933. Private placement securities are generally considered to be restricted except for those securities traded between qualiﬁed institutional investors under the provisions of Rule 144A of the Securities Act of 1933. |
|  | Disposal of restricted investments may involve negotiations and expenses, and prompt sale at an acceptable price may be difﬁcult to achieve. Restricted investments held by the Portfolio at December 31, 2022 are listed in the Schedule of Investments. |
| **H.** | **Insurance-Linked Securities ("ILS")** |
|  | The Portfolio invests in ILS. The Portfolio could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as deﬁned within the terms of an insurance-linked security. Trigger events, generally, are hurricanes, earthquakes, or other natural events of a speciﬁc size or magnitude that occur in a designated geographic region during a speciﬁed time period, and/or that involve losses or other metrics that exceed a speciﬁc amount. There is no way to accurately predict whether a trigger event will occur, and accordingly, ILS carry signiﬁcant risk. The Portfolio is entitled to receive principal, and interest and/or dividend payments so long as no trigger event occurs of the description and magnitude speciﬁed by the instrument. In addition to the speciﬁed trigger events, ILS may expose the Portfolio to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences. |
|  | The Portfolio's investments in ILS may include event-linked bonds. ILS also may include special purpose vehicles ("SPVs") or similar instruments structured to comprise a portion of a reinsurer's catastrophe-oriented business, known as quota share instruments (sometimes referred to as reinsurance sidecars), or to provide reinsurance relating to speciﬁc risks to insurance or reinsurance companies through a collateralized instrument, known as collateralized reinsurance. Structured reinsurance investments also may include industry loss warranties ("ILWs"). A traditional ILW takes the form of a bilateral reinsurance contract, but there are also products that take the form of derivatives, collateralized structures, or exchange-traded instruments. |

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[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

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|:---|:---|
| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22 (continued)

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|:---|:---|
|  | Where the ILS are based on the performance of underlying reinsurance contracts, the Portfolio has limited transparency into the individual underlying contracts, and therefore must rely upon the risk assessment and sound underwriting practices of the issuer. Accordingly, it may be more difficult for the Adviser to fully evaluate the underlying risk profile of the Portfolio's structured reinsurance investments, and therefore the Portfolio's assets are placed at greater risk of loss than if the Adviser had more complete information. Structured reinsurance instruments generally will be considered illiquid securities by the Portfolio. These securities may be difficult to purchase, sell or unwind. Illiquid securities also may be difficult to value. If the Portfolio is forced to sell an illiquid asset, the Portfolio may be forced to sell at a loss. |
|  | Additionally, the Portfolio may gain exposure to ILS by investing in a closed-end interval fund, Pioneer ILS Interval Fund, an affiliate of the Adviser. The Portfolio's investment in Pioneer ILS Interval Fund at December 31, 2022 is listed in the Schedule of Investments. |
| **I.** | **Futures Contracts** |
|  | The Portfolio may enter into futures transactions in order to attempt to hedge against changes in interest rates, securities prices and currency exchange rates or to seek to increase total return. Futures contracts are types of derivatives. |
|  | All futures contracts entered into by the Portfolio are traded on a futures exchange. Upon entering into a futures contract, the Portfolio is required to deposit with a broker an amount of cash or securities equal to the minimum "initial margin" requirements of the associated futures exchange. The amount of cash deposited with the broker as collateral at December 31, 2022 is recorded as "Futures collateral" on the Statement of Assets and Liabilities. |
|  | Subsequent payments for futures contracts ("variation margin") are paid or received by the Portfolio, depending on the daily fluctuation in the value of the contracts, and are recorded by the Portfolio as unrealized appreciation or depreciation. Cash received from or paid to the broker related to previous margin movement is held in a segregated account at the broker and is recorded as either "Due from broker for futures" or "Due to broker for futures" on the Statement of Assets and Liabilities. When the contract is closed, the Portfolio realizes a gain or loss equal to the difference between the opening and closing value of the contract as well as any fluctuation in foreign currency exchange rates where applicable. Futures contracts are subject to market risk, interest rate risk and currency exchange rate risk. Changes in value of the contracts may not directly correlate to the changes in value of the underlying securities. With futures, there is reduced counterparty credit risk to the Portfolio since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. |
|  | The average market value of futures contracts open during the year ended December 31, 2022 was $112,670. Open futures contracts outstanding at December 31, 2022 are listed in the Schedule of Investments. |
| **J.** | **Credit Default Swap Contracts** |
|  | A credit default swap is a contract between a buyer of protection and a seller of protection against a pre-defined credit event or an underlying reference obligation, which may be a single security or a basket or index of securities. The Portfolio may buy or sell credit default swap contracts to seek to increase the Portfolio's income, or to attempt to hedge the risk of default on portfolio securities. A credit default swap index is used to hedge risk or take a position on a basket of credit entities or indices. |
|  | As a seller of protection, the Portfolio would be required to pay the notional (or other agreed-upon) value of the referenced debt obligation to the counterparty in the event of a default by a U.S. or foreign corporate issuer of a debt obligation, which would likely result in a loss to the Portfolio. In return, the Portfolio would receive from the counterparty a periodic stream of payments during the term of the contract, provided that no event of default occurred. The maximum exposure of loss to the seller would be the notional value of the credit default swaps outstanding. If no default occurs, the Portfolio would keep the stream of payments and would have no payment obligation. The Portfolio may also buy credit default swap contracts in order to hedge against the risk of default of debt securities, in which case the Portfolio would function as the counterparty referenced above. |
|  | As a buyer of protection, the Portfolio makes an upfront or periodic payment to the protection seller in exchange for the right to receive a contingent payment. An upfront payment made by the Portfolio, as the protection buyer, is recorded within the "Swap contracts, at value" line item on the Statement of Assets and Liabilities. Periodic payments received or paid by the Portfolio are recorded as realized gains or losses on the Statement of Operations. |
|  | Credit default swap contracts are marked-to-market daily using valuations supplied by independent sources, and the change in value, if any, is recorded within the "Swap contracts, at value" line item on the Statement of Assets and |

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| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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| Liabilities. Payments received or made as a result of a credit event or upon termination of the contract are recognized, net of the appropriate amount of the upfront payment, as realized gains or losses on the Statement of Operations. |
| Credit default swap contracts involving the sale of protection may involve greater risks than if the Portfolio had invested in the referenced debt instrument directly. Credit default swap contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Portfolio is a protection buyer and no credit event occurs, it will lose its investment. If the Portfolio is a protection seller and a credit event occurs, the value of the referenced debt instrument received by the Portfolio, together with the periodic payments received, may be less than the amount the Portfolio pays to the protection buyer, resulting in a loss to the Portfolio. In addition, obligations under sell protection credit default swaps may be partially offset by net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same reference obligation with the same counterparty. |
| The Portfolio may invest in credit default swap index products ("CDX"). A CDX is a swap on an index of credit default swaps. CDXs allow an investor to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or commercial mortgage-backed securities) in a more efficient manner than transacting in a single-name credit default swap. If a credit event occurs in one of the underlying companies, the protection is paid out via the delivery of the defaulted bond by the buyer of protection in return for a payment of notional value of the defaulted bond by the seller of protection or it may be settled through a cash settlement between the two parties. The underlying company is then removed from the index. If the Portfolio holds a long position in a CDX, the Portfolio would indirectly bear its proportionate share of any expenses paid by a CDX. A fund holding a long position in CDXs typically receives income from principal or interest paid on the underlying securities. By investing in CDXs, the Portfolio could be exposed to liquidity risk, counterparty risk, credit risk of the issuers of the underlying loan obligations and of the CDX markets, and operational risks. If there is a default by the CDX counterparty, the Portfolio will have contractual remedies pursuant to the agreements related to the transaction. CDXs also bear the risk that the Portfolio will not be able to meet its obligation to the counterparty. |
| Certain swap contracts that are cleared through a central clearinghouse are referred to as centrally cleared swaps. All payments made or received by the Portfolio are pursuant to a centrally cleared swap contract with the central clearing party rather than the original counterparty. Upon entering into a centrally cleared swap contract, the Portfolio is required to make an initial margin deposit, either in cash or in securities. The daily change in value on open centrally cleared contracts is recorded as "Variation margin for centrally cleared swap contracts" on the Statement of Assets and Liabilities. Cash received from or paid to the broker related to previous margin movement is held in a segregated account at the broker and is recorded as either "Due from broker for swaps" or "Due to broker for swaps" on the Statement of Assets and Liabilities. The amount of cash deposited with a broker as collateral at December 31, 2022 is recorded as "Swaps collateral" on the Statement of Assets and Liabilities. |
| The average notional value of credit default swap contracts buy protection open during the year ended December 31, 2022, was $2,722,720. Open credit default swap contracts at December 31, 2022, are listed in the Schedule of Investments. |

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2. Management Agreement

The Adviser manages the Portfolio. Management fees payable under the Portfolio's Investment Management Agreement with the Adviser are calculated daily and paid monthly at the annual rate of 0.65% of the Portfolio's average daily net assets up to $1 billion and 0.60% of the Portfolio's average daily net assets over $1 billion. For the year ended December 31, 2022, the effective management fee (excluding waivers and/or assumption of expenses and waiver of acquired fund fees and expenses) was equivalent to 0.65% of the Portfolio's average daily net assets.

The Adviser has agreed to waive its management fee with respect to any portion of the Portfolio's assets invested in Pioneer ILS Interval Fund, an affiliated fund managed by the Adviser. For the year ended December 31, 2022, the Adviser waived $8,915 in management fees with respect to the Portfolio, which is reflected on the Statement of Operations as an expense waiver.

The Adviser has contractually agreed to limit ordinary operating expenses (ordinary operating expenses means all Portfolio expenses other than taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, such as litigation) of the Portfolio to the extent required to reduce Portfolio expenses to 0.90% and 1.15% of the average daily net assets attributable to Class I shares and Class II shares respectively. These expense limitation are in effect through May 1, 2023. There can be no assurance that the Adviser will extend the expense limitation agreement for a class of shares beyond the date referred to above. Fees waived and expenses reimbursed during the year ended December 31, 2022, are reflected on the Statement of Operations.

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| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22 (continued)

In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Portfolio as administrative reimbursements.

3. Compensation of Officers and Trustees

The Portfolio pays an annual fee to its Trustees. The Adviser reimburses the Portfolio for fees paid to the Interested Trustees. Except for the chief compliance officer, the Portfolio does not pay any salary or other compensation to its officers. The Portfolio pays a portion of the chief compliance officer's compensation for his services as the Portfolio's chief compliance officer. Amundi US pays the remaining portion of the chief compliance officer's compensation. For the year ended December 31, 2022, the Portfolio paid $8,377 in Officers' and Trustees' compensation, which is reflected on the Statement of Operations as Officers' and Trustees' fees. At December 31, 2022, on its Statement of Assets and Liabilities, the Portfolio did not have a payable for Trustees' fees and had a payable for administrative expenses of $309, which includes the payable for Officers' compensation.

4. Transfer Agent

BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Portfolio at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Portfolio's omnibus relationship contracts.

5. Distribution Plan

The Portfolio has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act with respect to Class II shares. Pursuant to the Plan, the Portfolio pays the Distributor a distribution fee of 0.25% of the average daily net assets attributable to Class II shares to compensate the Distributor for (1) distribution services and (2) personal and account maintenance services performed and expenses incurred by the Distributor in connection with the Portfolio's Class II shares.

6. Additional Disclosures about Derivative Instruments and Hedging Activities

The Portfolio's use of derivatives may enhance or mitigate the Portfolio's exposure to the following risks:

Interest rate risk relates to the ﬂuctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

Credit risk relates to the ability of the issuer of a ﬁnancial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

Foreign exchange rate risk relates to ﬂuctuations in the value of an asset or liability due to changes in currency exchange rates.

Equity risk relates to the ﬂuctuations in the value of ﬁnancial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange rate risk), whether caused by factors speciﬁc to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

Commodity risk relates to the risk that the value of a commodity or commodity index will ﬂuctuate based on increases or decreases in the commodities market and factors speciﬁc to a particular industry or commodity.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at December 31, 2022, was as follows:

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| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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|:---|:---|:---|:---|:---|:---|
| **Statement of Assets<br> and Liabilities** | **Interest <br> Rate Risk** | **Credit <br> Risk** | **Foreign <br> Exchange<br> Rate Risk** | **Equity <br> Risk** | &nbsp;&nbsp;**Commodity <br> Risk** |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts at value | $— | $28103 | $— | $— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized deppreciation on futures contracts\* | &nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Value | $65 | $28103 | $— | $— | &nbsp;&nbsp;$— |
| \* Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the assets and/or liabilities on the Statement of Assets and Liabilities. | \* Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the assets and/or liabilities on the Statement of Assets and Liabilities. | \* Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the assets and/or liabilities on the Statement of Assets and Liabilities. | \* Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the assets and/or liabilities on the Statement of Assets and Liabilities. | \* Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the assets and/or liabilities on the Statement of Assets and Liabilities. | \* Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the assets and/or liabilities on the Statement of Assets and Liabilities. |

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The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at December 31, 2022 was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement of Operations** | **Interest <br> Rate Risk** | **Credit <br> Risk** | **Foreign <br> Exchange<br> Rate Risk** | **Equity <br> Risk** | **Commodity <br> Risk** |
| **Net Realized Gain (Loss) on** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | $(12156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;119218 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Value** | **$(12156)** | **$119218** | **$—** | **$—** | **$—** |
| **Change in Net Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;$(609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(158445) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Value** | &nbsp;&nbsp;&nbsp;&nbsp;**$(609)** | **$(158445)** | **$—** | **$—** | **$—** |

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7. Unfunded Loan Commitments

The Portfolio may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Portfolio is obliged to provide funding to the borrower upon demand. A fee is earned by the Portfolio on the unfunded loan commitment and is recorded as interest income on the Statement of Operations. Unfunded loan commitments are fair valued in accordance with the valuation policy described in Footnote 1A and unrealized appreciation or depreciation, if any, is recorded on the Statement of Assets and Liabilities.

As of December 31, 2022, the Portfolio had no unfunded loan commitments outstanding.

8. Affiliated Issuers

An affiliated issuer is a company in which the Portfolio has a direct or indirect ownership of, control of, or voting power of 5 percent or more of the outstanding voting shares or any company which is under common ownership or control. At December 31, 2022, the value of the Portfolio's investment in afﬁliated issuers was $509,971, which represents 1.8% of the Portfolio's net assets.

Transactions in afﬁliated issuers by the Portfolio for the year ended December 31, 2022 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of the<br> Affiliated Issuer** | **Value at<br> December 31,<br> 2021** | **Purchases <br> Costs** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Net <br> Realized<br> Gain/(Loss)** | **Dividends <br> Received<br> and Reinvested** | **Sales <br> Proceeds** | **Shares <br> held at<br> December 31,<br> 2022** | **Value at<br> December 31,<br> 2022** |
| &nbsp;&nbsp;Pioneer ILS Interval Fund | $503777 | $— | $(7095) | $— | $13289 | $— | 62882 | $509971 |

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Annual and semi-annual reports for the underlying Pioneer funds are available on the funds' web page(s) at www.amundi.com/us.

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| **Pioneer High Yield VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Pioneer Variable Contracts Trust and the Shareholders of Pioneer High Yield VCT Portfolio:

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer High Yield VCT Portfolio (the "Portfolio") (one of the portfolios constituting Pioneer Variable Contracts Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Pioneer High Yield VCT Portfolio (one of the portfolios constituting Pioneer Variable Contracts Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five 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 the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g469588img8d2910104.jpg)

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

Boston, Massachusetts<br> March 1, 2023

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Additional Information (unaudited)

Qualified interest income is exempt from nonresident alien (NRA) tax withholding. The percentage of the Portfolio's ordinary income distributions derived from qualified interest income was 75.15%.

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Approval of Renewal of Investment Management Agreement

Amundi Asset Management US, Inc. ("Amundi US") serves as the investment adviser to Pioneer High Yield VCT Portfolio (the "Portfolio") pursuant to an investment management agreement between Amundi US and the Portfolio. In order for Amundi US to remain the investment adviser of the Portfolio, the Trustees of the Portfolio, including a majority of the Portfolio's Independent Trustees, must determine annually whether to renew the investment management agreement for the Portfolio.

The contract review process began in January 2022 as the Trustees of the Portfolio agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2022, July 2022 and September 2022. In addition, the Trustees reviewed and discussed the Portfolio's performance at regularly scheduled meetings throughout the year, and took into account other information related to the Portfolio provided to the Trustees at regularly scheduled meetings, in connection with the review of the Portfolio's investment management agreement.

In March 2022, the Trustees, among other things, discussed the memorandum provided by Portfolio counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Portfolio, as well as the level of investment by the Portfolio's portfolio managers in the Portfolio. In July 2022, the Trustees, among other things, reviewed the Portfolio's management fees and total expense ratios, the financial statements of Amundi US and its parent companies, profitability analyses provided by Amundi US, and analyses from Amundi US as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of Amundi US as compared to that of Amundi US's fund management business, and considered the differences between the fees and expenses of the Portfolio and the fees and expenses of Amundi US's institutional accounts, as well as the different services provided by Amundi US to the Portfolio and to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees' request, in September 2022.

At a meeting held on September 20, 2022, based on their evaluation of the information provided by Amundi US and third parties, the Trustees of the Portfolio, including the Independent Trustees voting separately advised by independent counsel, unanimously approved the renewal of the investment management agreement for another year. In approving the renewal of the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.

#### Nature, Extent and Quality of Services.
The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Portfolio, taking into account the investment objective and strategy of the Portfolio. The Trustees also reviewed Amundi US's investment approach for the Portfolio and its research process. The Trustees considered the resources of Amundi US and the personnel of Amundi US who provide investment management services to the Portfolio. They also reviewed the amount of non-Portfolio assets managed by the portfolio managers of the Portfolio. They considered the non-investment resources and personnel of Amundi US that are involved in Amundi US's services to the Portfolio, including Amundi US's compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by Amundi US's senior management to the Pioneer Fund complex, including with respect to the increasing regulation to which the Pioneer Funds are subject. The Trustees considered the effectiveness of Amundi US's business continuity plan in response to the ongoing COVID-19 pandemic.

The Trustees considered that Amundi US supervises and monitors the performance of the Portfolio's service providers and provides the Portfolio with personnel (including Portfolio officers) and other resources that are necessary for the Portfolio's business management and operations. The Trustees also considered that, as administrator, Amundi US is responsible for the administration of the Portfolio's business and other affairs. The Trustees considered that the Portfolio reimburses Amundi US its pro rata share of Amundi US's costs of providing administration services to the Pioneer Funds.

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

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

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#### Management Fee and Expenses.
The Trustees considered information showing the fees and expenses of the Portfolio in comparison to the management fees of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are 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 the impact of the Portfolio's transfer agency and Portfolio- and Amundi US-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Portfolio's expense ratio.

The Trustees considered that the Portfolio's management fee for the most recent fiscal year was in the fifth quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees noted Amundi US's explanation of the reasons that the Portfolio's management fee was in the fifth quintile relative to the management fees paid by other funds in its Morningstar category. The Trustees considered that the expense ratio of the Portfolio's Class I shares for the most recent fiscal year was in the fifth quintile relative to its Strategic Insight peer group for the comparable period. The Trustees noted Amundi US's explanation of the reasons that the expense ratio of the Portfolio's Class I shares was in the fifth quintile relative to its Strategic Insight peer group. The Trustees noted that Amundi US had agreed to waive fees and/or reimburse expenses in order to limit the ordinary operating expenses of the Portfolio.

The Trustees reviewed management fees charged by Amundi US to institutional and other clients, including publicly offered European funds sponsored by Amundi US's affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered Amundi US's costs in providing services to the Portfolio and Amundi US's costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with Amundi US's client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Portfolio and other client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management fee for the Portfolio and considered that, under the investment management and administration agreements with the Portfolio, Amundi US performs additional services for the Portfolio that it does not provide to those other clients or services that are broader in scope, including oversight of the Portfolio's other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Portfolio is subject. The Trustees also considered the entrepreneurial risks associated with Amundi US's management of the Portfolio.

The Trustees concluded that the management fee payable by the Portfolio to Amundi US was reasonable in relation to the nature and quality of the services provided by Amundi US.

#### Profitability.
The Trustees considered information provided by Amundi US regarding the profitability of Amundi US with respect to the advisory services provided by Amundi US to the Portfolio, including the methodology used by Amundi US in allocating certain of its costs to the management of the Portfolio. The Trustees also considered Amundi US's profit margin in connection with the overall operation of the Portfolio. They further reviewed the financial results, including the profit margins, realized by Amundi US from non-fund businesses. The Trustees considered Amundi US's profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Amundi US's profitability with respect to the management of the Portfolio was not unreasonable.

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

#### Other Benefits.
The Trustees considered the other benefits that Amundi US enjoys from its relationship with the Portfolio. The Trustees considered the character and amount of fees paid or to be paid by the Portfolio, other than under the investment

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Approval of Renewal of Investment Management Agreement (continued)

management agreement, for services provided by Amundi US and its affiliates. The Trustees further considered the revenues and profitability of Amundi US's businesses other than the fund business. To the extent applicable, the Trustees also considered the benefits to the Portfolio and to Amundi US and its affiliates from the use of "soft" commission dollars generated by the Portfolio to pay for research and brokerage services.

The Trustees considered that Amundi US is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi's worldwide asset management business manages over $2.2 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US's relationship with Amundi creates potential opportunities for Amundi US and Amundi that derive from Amundi US's relationships with the Portfolio, including Amundi's ability to market the services of Amundi US globally. The Trustees noted that Amundi US has access to additional research and portfolio management capabilities as a result of its relationship with Amundi and Amundi's enhanced global presence that may contribute to an increase in the resources available to Amundi US. The Trustees considered that Amundi US and the Portfolio receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Portfolio, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Portfolio were reasonable.

#### Conclusion.
After 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 and reasonable and voted to approve the proposed renewal of the investment management agreement.

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Trustees, Officers and Service Providers

The Portfolio's Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Portfolios within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Portfolio are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 51 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the "Pioneer Funds"). The address for all Trustees and all officers of the Portfolios is 60 State Street, Boston, Massachusetts 02109.

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Thomas J. Perna (72)<br> Chairman of the Board<br> and Trustee** | &nbsp;&nbsp;Trustee since 2006.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Private investor (2004 – 2008 and 2013 – present); Chairman (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. (technology products for securities lending industry); and Senior Executive Vice President, The Bank of New York (financial and securities services) (1986 – 2004) | &nbsp;&nbsp;Director, Broadridge Financial<br> Solutions, Inc. (investor<br> communications and securities<br> processing provider for financial<br> services industry) (2009 – present); Director, Quadriserv, Inc.<br> (2005 – 2013); and Commissioner,<br> New Jersey State Civil Service<br> Commission (2011 – 2015) |
| **John E. Baumgardner,<br> Jr. (71)\*<br> Trustee** | &nbsp;&nbsp;Trustee since 2019.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell LLP (law firm). | &nbsp;&nbsp;Chairman, The Lakeville Journal<br> Company, LLC, (privately-held<br> community newspaper group)<br> (2015-present) |
| **Diane Durnin (65)<br> Trustee** | &nbsp;&nbsp;Trustee since 2019.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Managing Director - Head of Product Strategy and Development, BNY Mellon Investment Management (investment management firm) (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): Executive Vice President Head of Product, BNY Mellon Investment Management (2007-2012); Executive Director- Product Strategy, Mellon Asset Management (2005-2007); Executive Vice President Head of Products, Marketing and Client Service, Dreyfus Corporation (investment management firm) (2000-2005); Senior Vice President Strategic Product and Business Development, Dreyfus Corporation (1994-2000) |  |
| **Benjamin M. Friedman (78)<br> Trustee** | &nbsp;&nbsp;Trustee since 2008.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;William Joseph Maier Professor of Political Economy, Harvard University (1972 – present) | &nbsp;&nbsp;Trustee, Mellon Institutional Funds<br> Investment Trust and Mellon<br> Institutional Funds Master Portfolio<br> (oversaw 17 portfolios in fund<br> complex) (1989 - 2008) |

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Trustees, Officers and Service Providers (continued)

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|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** |
| **Craig C. MacKay (59)<br> Trustee** | &nbsp;&nbsp;Trustee since 2021.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Partner, England & Company, LLC (advisory firm) (2012 – present); Group Head – Leveraged Finance Distribution, Oppenheimer & Company (investment bank) (2006 – 2012); Group Head – Private Finance & High Yield Capital Markets Origination, SunTrust Robinson Humphrey (investment bank) (2003 – 2006); and Founder and Chief Executive Officer, HNY Associates, LLC (investment bank) (1996 – 2003) | &nbsp;&nbsp;Director, Equitable Holdings, Inc. (financial services holding company) (2022 – present); Board Member of Carver Bancorp, Inc. (holding company) and Carver Federal Savings Bank, NA (2017 – present); Advisory Council Member, MasterShares ETF (2016 – 2017); Advisory Council Member, The Deal (financial market information publisher) (2015 – 2016); Board Co-Chairman and Chief Executive Officer, Danis Transportation Company (privately-owned commercial carrier) (2000 – 2003); Board Member and Chief Financial Officer, Customer Access Resources (privately-owned teleservices company) (1998 – 2000); Board Member, Federation of Protestant Welfare Agencies (human services agency) (1993 – present); and Board Treasurer, Harlem Dowling Westside Center (foster care agency) (1999 – 2018) |
| **Lorraine H. Monchak (66)<br> Trustee** | &nbsp;&nbsp;Trustee since 2017.<br> (Advisory Trustee from<br> 2014 - 2017). Serves<br> until a successor trustee<br> is elected or earlier<br> retirement or removal. | &nbsp;&nbsp;Chief Investment Officer, 1199 SEIU Funds (healthcare workers union pension funds) (2001 – present); Vice President – International Investments Group, American International Group, Inc. (insurance company) (1993 – 2001); Vice President – Corporate Finance and Treasury Group, Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability Management Group, Federal Farm Funding Corporation (government-sponsored issuer of debt securities) (1988 – 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 – 1988); Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 – 1987) |  |
| **Marguerite A. Piret (74)<br> Trustee** | &nbsp;&nbsp;Trustee since 1995.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Chief Financial Officer, American Ag Energy, Inc. (controlled environment and agriculture company) (2016 – present); President and Chief Executive Officer, Metric Financial Inc. (formerly known as Newbury Piret Company) (investment banking firm) (1981 – 2019) | &nbsp;&nbsp;Director of New America High<br> Income Fund, Inc. (closed-end<br> investment company) (2004 –<br> present); and Member, Board of<br> Governors, Investment Company<br> Institute (2000 – 2006) |

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** |
| **Fred J. Ricciardi (75)<br> Trustee** | &nbsp;&nbsp;Trustee since 2014.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Private investor (2020 – present); Consultant (investment company services) (2012 – 2020); Executive Vice President, BNY Mellon (financial and investment company services) (1969 – 2012); Director, BNY International Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas Investment Corp. (financial services) (2009 – 2012); Director, Financial Models (technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial services) (1999-2006); Chairman, BNY Alternative Investment Services, Inc. (financial services) (2005-2007) |  |
| \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Lisa M. Jones (60)\*\*<br> Trustee, President and Chief<br> Executive Officer** | &nbsp;&nbsp;Trustee since 2017. Serves<br> until a successor trustee is<br> elected or earlier retirement<br> or removal | &nbsp;&nbsp;Director, CEO and President of Amundi US, Inc. (investment management firm) (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Director, CEO and President of Amundi Distributor US, Inc. (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and Amundi Asset Management US, Inc. (September 2014 – 2018); Managing Director, Morgan Stanley Investment Management (investment management firm) (2010 – 2013); Director of Institutional Business, CEO of International, Eaton Vance Management (investment management firm) (2005 – 2010); Director of Amundi Holdings US, Inc. (since 2017) | &nbsp;&nbsp;Director of Clearwater Analytics (provider of web-based investment accounting software for reporting and reconciliation services) (September 2022 – present) |
| **Kenneth J. Taubes (64)\*\*<br> Trustee** | &nbsp;&nbsp;Trustee since 2014. Serves<br> until a successor trustee is<br> elected or earlier retirement<br> or removal | &nbsp;&nbsp;Director and Executive Vice President (since 2008) and Chief Investment Officer, U.S. (since 2010) of Amundi US, Inc. (investment management firm); Director and Executive Vice President and Chief Investment Officer, U.S. of Amundi US (since 2008); Executive Vice President and Chief Investment Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); Portfolio Manager of Amundi US (since 1999); Director of Amundi Holdings US, Inc. (since 2017) |  |
| \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. |

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Trustees, Officers and Service Providers (continued)

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During<br> At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Trust Officers** | **Trust Officers** | **Trust Officers** | **Trust Officers** |
| **Christopher J. Kelley (58)<br> Secretary and Chief<br> Legal Officer** | &nbsp;&nbsp;Since 2003. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Vice President and Associate General Counsel of Amundi US since January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; Vice President and Senior Counsel of Amundi US from July 2002 to December 2007 |  |
| **Thomas Reyes (60)<br> Assistant Secretary** | &nbsp;&nbsp;Since 2010. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Assistant General Counsel of Amundi US since May 2013 and Assistant Secretary of all the Pioneer Funds since June 2010; Counsel of Amundi US from June 2007 to May 2013 |  |
| **Heather L. Melito-Dezan (46)<br> Assistant Secretary** | &nbsp;&nbsp;Since 2022. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director - Trustee and Board Relationships of Amundi US since September 2019; Private practice from 2017 – 2019. |  |
| **Anthony J. Koenig, Jr. (59)<br> Treasurer and<br> Chief Financial and<br> Accounting Officer** | &nbsp;&nbsp;Since 2021. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Managing Director, Chief Operations Officer and Fund Treasurer of Amundi US since May 2021; Treasurer of all of the Pioneer Funds since May 2021; Assistant Treasurer of all of the Pioneer Funds from January 2021 to May 2021; and Chief of Staff, US Investment Management of Amundi US from May 2008 to January 2021 |  |
| **Luis I. Presutti (57)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2000. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer of all of the Pioneer Funds since 1999 |  |
| **Gary Sullivan (64)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2002. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant Treasurer of all of the Pioneer Funds since 2002 |  |
| **Antonio Furtado (40)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2020. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Fund Oversight Manager – Fund Treasury of Amundi US since 2020; Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior Fund Treasury Analyst from 2012 - 2020 |  |
| **Michael Melnick (51)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2021. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Vice President - Deputy Fund Treasurer of Amundi US since May 2021; Assistant Treasurer of all of the Pioneer Funds since July 2021; Director of Regulatory Reporting of Amundi US from 2001 – 2021; and Director of Tax of Amundi US from 2000 - 2001 |  |
| **John Malone (52)<br> Chief Compliance Officer** | &nbsp;&nbsp;Since 2018. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Managing Director, Chief Compliance Officer of Amundi US Asset Management; Amundi Asset Management US, Inc.; and the Pioneer Funds since September 2018; Chief Compliance Officer of Amundi Distributor US, Inc. since January 2014. |  |
| **Brandon Austin (50)<br> Anti-Money<br> Laundering Officer** | &nbsp;&nbsp;Since 2022. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director, Financial Security – Amundi Asset Management; Anti-Money Laundering Officer of all the Pioneer Funds since March 2022: Director of Financial Security of Amundi US since July 2021; Vice President, Head of BSA, AML and OFAC, Deputy Compliance Manager, Crédit Agricole Indosuez Wealth Management (investment management firm) (2013 – 2021) |  |

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[**Table of Contents**](#job_amund_3466a7d7-a56d-43cb-ac69-b334672e39b0_toc)

Proxy Voting Policies and Procedures of the Portfolio are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Portfolio voted proxies relating to Portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundi.com/us. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov.

![](g469588img0affb4e11.gif)

18662-17-0223

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## Pioneer Variable Contracts Trust

## Pioneer Mid Cap Value

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## VCT Portfolio
Class I and II Shares

Annual Report \| December 31, 2022

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

![](g469588imge498cd1f1.gif)

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Pioneer Variable Contracts Trust

#### **Table of Contents**

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#### Pioneer Mid Cap Value VCT Portfolio

---

| | |
|:---|:---|
| [Portfolio and Performance Update](#xx_e19cb8a6-d1dd-4f42-920a-e7aac8ff8018_1) | 2 |
| [Comparing Ongoing Portfolio Expenses](#xx_b7611a99-1d7b-4423-99a1-bb7efac54aaa_1) | 3 |
| [Portfolio Management Discussion](#xx_a8aaf4bc-d57e-4f96-9a2b-397978767faa_1) | 4 |
| [Schedule of Investments](#xx_c10796a0-3ea7-4951-9039-3b1d9a471360_1) | 9 |
| [Financial Statements](#xx_d807d2a3-a581-483f-9e4a-e15987bbb4b3_1) | 13 |
| [Notes to Financial Statements](#xx_d0337c67-4328-48a5-b43a-d74246bf4db6_1) | 18 |
| [Report of Independent Registered Public Accounting Firm](#xx_a7cf207b-8091-4fd5-b75c-88f18035d6a5_1) | 23 |
| [Additional Information (unaudited)](#xx_c40b5958-1e11-4f18-b126-6305c8a7ea15_1) | 24 |
| [Approval of Renewal of Investment Management Agreement](#xx_f63a88ab-d494-421c-a200-1407a043ef36_1) | 25 |
| [Trustees, Officers and Service Providers](#xx_d9e389aa-598e-431b-9a9f-b4df5cfd0fc1_1) | 28 |

---

This report is authorized for distribution only when preceded or accompanied by a prospectus for the Portfolio being offered.

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

------

[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

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| | |
|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Portfolio Update 12/31/22

#### Sector Distribution
(As a percentage of total investments)\*

![](g469588img642e370b2.jpg)

#### 5 Largest Holdings

---

| | | |
|:---|:---|:---|
| (As a percentage of total investments)\* | (As a percentage of total investments)\* | (As a percentage of total investments)\* |
| &nbsp;&nbsp;1. | State Street Corp. | 3.57% |
| &nbsp;&nbsp;2. | Citizens Financial Group, Inc. | 2.82 |
| &nbsp;&nbsp;3. | Zimmer Biomet Holdings, Inc. | 2.80 |
| &nbsp;&nbsp;4. | Ross Stores, Inc. | 2.71 |
| &nbsp;&nbsp;5. | Regions Financial Corp. | 2.70 |

---

<br> \* Excludes short-term investments and all derivative contracts except for options purchased. The Portfolio is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.

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#### Performance Update 12/31/22

#### Prices and Distributions

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| | | |
|:---|:---|:---|
| **Net Asset Value per Share** | **12/31/22** | **12/31/21** |
| Class l | $11.47 | $23.08 |
| Class ll | $11.32 | $22.78 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Distributions per Share<br> (1/1/22 - 12/31/22)** | **Net <br> Investment<br> Income** | **Short-Term <br> Capital Gains** | **Long-Term <br> Capital Gains** |
| Class l | $0.4525 | $3.0465 | $5.7039 |
| Class ll | $0.2961 | $3.0465 | $5.7039 |

---

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#### Performance of a $10,000 Investment
The following chart shows the change in value of an investment made in Class I and Class II shares of **Pioneer Mid Cap Value VCT Portfolio** at net asset value during the periods shown, compared to that of the Russell Midcap Value Index. Portfolio returns are based on net asset value and do not reflect any applicable insurance fees or surrender charges.

---

| | |
|:---|:---|
| ![](g469588imgfd1618f13.gif) | &nbsp;&nbsp;The Russell Midcap Value Index is an unmanaged index that measures the performance of U.S. mid-cap value stocks. Index returns are calculated monthly, assume reinvestment of dividends and do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. |

---

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#### Average Annual Total Returns
(As of December 31, 2022)

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class l** | &nbsp;&nbsp;&nbsp;&nbsp;**Class ll** | &nbsp;&nbsp;&nbsp;&nbsp;**Russell Midcap<br> Value Index** |
| 10 Years | &nbsp;&nbsp;&nbsp;9.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11% |
| 5 Years | &nbsp;&nbsp;&nbsp;5.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72% |
| 1 Year | &nbsp;&nbsp;-5.64% | &nbsp;&nbsp;&nbsp;&nbsp;-5.88% | &nbsp;&nbsp;&nbsp;&nbsp;-12.03% |

---

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 on distributions or the redemption of shares.

#### Call 1-800-688-9915 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
**The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.**

The returns for the Portfolio do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges. These expenses would reduce the overall returns shown.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, performance would be lower. Waivers may not be in effect for all portfolios. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

------

[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

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| | |
|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Comparing Ongoing Portfolio Expenses

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 to compare 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 held throughout the six months.

#### Using the Tables

#### Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this 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
$1,000<br> Example: 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 Mid Cap Value VCT Portfolio
Based on actual returns from July 1, 2022 through December 31, 2022.

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| | | |
|:---|:---|:---|
| **Share Class** | **l** | **ll** |
| Beginning Account Value on 7/1/22 | $1000.00 | $1000.00 |
| Ending Account Value (after expenses) on 12/31/22 | $1102.90 | $1101.20 |
| Expenses Paid During Period\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Expenses are equal to the Portfolio's annualized net expense ratio of 0.78% and 1.03% for Class I and Class II shares, respectively, multiplied by the average account value 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 the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account 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. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of 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 any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different 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 Mid Cap Value VCT Portfolio
Based on a hypothetical 5% return per year before expenses, reflecting the period from July 1, 2022 through December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Share Class** | **l** | **ll** |
| Beginning Account Value on 7/1/22 | $1000.00 | $1000.00 |
| Ending Account Value (after expenses) on 12/31/22 | $1021.27 | $1020.01 |
| Expenses Paid During Period\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Expenses are equal to the Portfolio's annualized net expense ratio of 0.78% and 1.03% for Class I and Class II shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

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|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Portfolio Management Discussion 12/31/22

#### Call 1-800-688-9915 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
**The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.**

The returns for the Portfolio do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges. These expenses would reduce the overall returns shown.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, performance would be lower. Waivers may not be in effect for all portfolios. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

*Domestic mid-cap stocks climbed sharply during the 12-periond ended December 31, 2022. In the following interview, Timothy Stanish and Raymond Haddad discuss the factors that affected the performance of Pioneer Mid Cap Value VCT Portfolio during the 12-month period. Mr. Stanish, a vice president, a portfolio EVA (economic value added) analyst, and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), and Mr. Haddad, a vice president and a portfolio manager at Amundi US, are responsible for the day-to-day management of the Portfolio.*

---

| | |
|:---|:---|
| **Q:** | **How did the Portfolio perform during the 12-month period ended December 31, 2022?** |
| **A:** | Pioneer Mid Cap Value VCT Portfolio's Class I shares returned -5.64% at net asset value during the 12-month period ended December 31, 2022, and Class II shares returned -5.88%, while the Portfolio's benchmark, the Russell Midcap Value Index (the Russell Index), returned -12.03%. |
| **Q:** | **How would you describe the investment environment within the equity markets during the 12-month period ended December 31, 2022?** |
| **A:** | The US equity market suffered a significant decline during the 12-month period, broadly giving back much of the strong gains it had registered in 2021. Responding to strong economic growth and inflation rates not seen since the early 1980s, the US Federal Reserve (Fed) shifted its monetary policy stance early in the period, ending its quantitative easing (bond purchase) program in March 2022 and beginning an aggressive series of interest-rate increases. |
|  | US stocks generally trended lower early in the period as investors digested the Fed's policy shift, Russia's late-February 2022 invasion of Ukraine, ongoing supply-chain disruptions, steep increases in commodity prices, and sustained, higher levels of inflation. Equities regained some of their losses between mid-June and mid-August 2022, driven by investors' hopes that inflation had peaked and that the Fed was prepared to wind down its monetary-tightening cycle after it had raised the target range for its benchmark federal funds rate by 0.25% in March, 0.50% in May, and 0.75% in both June and July. However, with consumer price inflation continuing to post year-over-year increases above 8%, Fed policymakers signaled their intent to remain resolute in aggressively hiking interest rates. That development weighed on investor sentiment and sent stocks sharply lower in September. Despite further Fed rate increases of 0.75% in both September and November, and another 0.50% increase in December, equities once again rebounded late in the fourth quarter, but remained volatile through the end of the 12-month period. |
|  | Within the US stock market, mid-cap stocks outperformed both large-cap stocks and small-cap stocks by slight margins over the 12-month period. Meanwhile, value stocks continued to outperform growth stocks substantially. Rising interest rates had a negative effect on the performance of growth stocks, as the valuations of many growth-oriented companies are based on anticipated earnings far into the future, and rising interest rates have often had the effect of eroding the value of future earnings. |
|  | Within the Portfolio's benchmark, the Russell Index, the energy sector stood out as the strongest performer, by far, during the 12-month period, as companies in the sector benefited from rising commodity prices. Certain defensive sectors, including utilities and consumer staples, also performed |

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[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

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|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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|:---|:---|
|  | relatively well over the period. Conversely, the communication services sector was the weakest performer in the benchmark, and information technology, real estate, and consumer discretionary stocks were also notable detractors from the Russell Index's 12-month performance. |
| **Q:** | **How did you position the Portfolio during the 12-month period ended December 31, 2022, and how did the positioning affect performance relative to the benchmark?** |
| **A:** | Entering the period, the Portfolio's positioning featured increased exposure to cyclical stocks in anticipation of further stimulus measures from the government, the reopening of previously closed sectors of the economy due to COVID-19, and the drawdown of savings accumulated by consumers during the peak of the pandemic when many leisure-related businesses were closed. The positioning at the time reflected our belief that there was still value in the sectors that had been hit hardest by the spread of COVID-19. In particular, the Portfolio was substantially overweight versus the benchmark to the materials, financials, and consumer discretionary sectors, and significantly underweight to the communication services, consumer staples, utilities, information technology, and health care sectors. |
|  | As the period progressed and recession fears increased as the Fed aggressively tightened monetary policy, we maintained the Portfolio's overweight positions versus the benchmark in cyclical stocks. Despite the presence of multiple sources of significant market risk, we believed that the economic reopening trends, post-pandemic, that had progressed throughout the period could strengthen corporate profits for companies in those sectors. We also believed that stocks in those sectors that we felt were intrinsically undervalued could experience better share-price performance. |
|  | Conversely, we maintained the Portfolio's underweight exposures to the consumer staples, information technology, industrials, and communication services sectors. Our view was that rising interest rates could slow business growth in those areas, and inflation could potentially weigh on demand. |
|  | At the sector level, our stock selection decisions in the financials, health care, and industrials sectors were the most significant positive contributors to the Portfolio's benchmark-relative performance during the 12-month period. In addition, the Portfolio's overweight allocation to the energy sector contributed positively to relative returns, as did stock selection results in the information technology and consumer discretionary sectors. |
|  | By contrast, stock selection results in the energy sector detracted the most from the Portfolio's relative performance for the period. An underweight allocation to consumer staples was also a notable detractor from the Portfolio's relative returns, as were stock selection results in the real estate sector. |
| **Q:** | **Which individual investments contributed positively to the Portfolio's benchmark-relative performance during the 12-month period ended December 31, 2022, and which individual investments detracted from relative returns?** |
| **A:** | The largest positive contributors to the Portfolio's relative performance among individual stocks during the period included positions in downstream-energy company Marathon Petroleum, oilfield-services provider Schlumberger, and drug distribution and medical supplier McKesson. |

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[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

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|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Portfolio Management Discussion 12/31/22 (continued)

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| | |
|:---|:---|
|  | Marathon Petroleum benefited from strong pricing for both crude oil and refined energy products over much of the 12-month period. The energy sector's broad recovery helped bolster the company's refinery and retail gasoline operations, and we believe there could be potential for further refining capacity rationalization to support improving margins. Moreover, Marathon Petroleum appears positioned to benefit from ongoing demand recovery, particularly in jet fuel. |
|  | Schlumberger's stock price benefited from the rising energy prices seen throughout much of the period, with Russia's invasion of Ukraine leading to a further spike in crude oil and natural gas prices. In addition to being one of the dominant companies in its segment of the market, Schlumberger also has a reputation as a technology leader, which gives it premium pricing power and a sustainable competitive advantage, in our view. We anticipate oilfield-services spending to remain elevated for the intermediate term as oil/gas exploration-and-production companies invest to boost production in order to meet higher levels of demand. |
|  | McKesson has continued to execute well in its pharmaceutical distribution business, while also taking prudent actions to improve its asset portfolio and streamline operations. Recovering patient-engagement levels helped support the company's business during the period, and settlements of opioid-related lawsuits helped relieve investors' concerns about litigation risk. |
|  | On the negative side, notable Portfolio holdings that underperformed and detracted from relative results for the 12-month period included online travel agency Expedia, life sciences tools-and-services provider Syneos Health, and semiconductor-equipment manufacturer MKS Instruments. |
|  | Expedia faced mounting concerns about a potential pullback in consumer spending, as costs for gasoline, lodging, and air travel spiked at the start of the key summer 2022 travel season. Despite fears of a delay in the rebound for vacation travel, we believe consumer sentiment overall has remained balanced, and that demand for travel and leisure could remain high, especially as pandemic-related restrictions have continued to ease. We have retained the Portfolio's position in Expedia and view the company as attractively valued. |
|  | Syneos Health provides clinical trial services to pharmaceutical and biotechnology companies. The stock underperformed during the period amid rising concerns about the funding environment for early-stage clinical research, particularly due to the impact of rising interest rates on the availability of capital. In addition, the company's business execution has been volatile, with Syneos experiencing recent headwinds in winning new business. |
|  | Lastly, a position in MKS Instruments detracted from the Portfolio's relative performance, as the electronics and industrial-technology provider faced weaker end-market demand in its semiconductor business segment. MKS also projected further weakness heading into 2023, which overshadowed more favorable demand in its photonics and vacuum solutions businesses. |
| **Q:** | **Did the Portfolio have any exposure to derivative securities during the 12-month period ended December 31, 2022?** |
| **A:** | No, the Portfolio had no derivatives exposure during the 12-month period. |

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[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

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| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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|:---|:---|
| **Q:** | **What is your investment outlook and how have you positioned the Portfolio for the coming year?** |
| **A:** | As we look ahead to 2023, the immediate outlook for US equities remains uncertain, in our view. The economy has been slowing, which has started to affect US job openings. The Fed likely hopes that trend will continue, without leading to a substantial increase in the unemployment rate. Consumers have been spending down their savings accumulated during the pandemic, which has contributed to higher-than-expected rates of inflation. However, retail inventories are high, supply-chain factors appear to be easing, and energy prices fell sharply toward the end of 2022, which led to declines in inflation that we think could continue over time. The Fed slowed its pace of monetary tightening towards the end of the period, increasing the federal funds target range by just 0.50% in December, after several consecutive increases of 0.75%. However, whether continued declines in inflation rates come quickly enough to prompt policymakers to pause their tightening efforts altogether remains to be seen, and so we believe avoiding a "hard landing" for the economy will likely be difficult. |
|  | The decline in US equity-market performance over the past year has been substantial, but has been entirely due to contractions in price-to-earnings (P/E) multiples as interest rates have increased. (P/E ratio represents the price of a stock divided by its earnings per share.) A rising number of companies have been reporting profit-margin pressures, despite strong revenue growth. We expect further downgrades to earnings estimates, which could lead to continued downside market volatility until we see clearer signs that the Fed is ready to pause its monetary-policy tightening cycle. |
|  | We have therefore maintained the Portfolio's overweight positions relative to the benchmark to the consumer discretionary, financials, energy, and materials sectors. Although we have grown more cautious due to the current macroeconomic and geopolitical environments, we still see value in those areas of the market. In particular, the Portfolio's energy holdings primarily represent stock-specific investment cases in which the price of oil is not the sole determining factor for future performance. We find the recent capital discipline on display among energy companies to be admirable, and believe it may lead to long-term value creation in the sector. |
|  | By contrast, we have continued to reduce the Portfolio's exposures to the more cyclical, lower-quality areas of the market, such as cruise line operators and airlines. We see ongoing structural headwinds for companies in those industries, and believe they have the potential to become classic "value traps" that are inexpensive, but for good reason. Airline stocks have already discounted a post-pandemic recovery to a significant extent, but we think persistently high fuel costs combined with a sluggish return to pre-pandemic levels of business travel could weigh on the entire industry for some time. Thus, we are inclined to remain "on the sidelines" with respect to airline stocks until we have better visibility about their operating environment. |
|  | Lastly, we have continued to increase the Portfolio's weighting in utilities. The slightly overweight allocation to the sector is based on our view that valuations have remained attractive compared to historical levels. We also believe rising levels of investment in renewables could propel earnings growth for companies in the sector for years to come. |

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[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

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|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Portfolio Management Discussion 12/31/22 (continued)

#### A Word About Risk:
**All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, market disruptions caused by tariffs, trade disputes or other government actions, or adverse investor sentiment. These conditions may continue, recur, worsen or spread.**

*Investments in mid-sized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than larger, more established companies.*

*Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.*

*The Portfolio invests in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws.*

*The market price of securities may fluctuate when interest rates change. When interest rates rise, the prices of fixed-income securities in the Portfolio will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the Portfolio will generally rise.*

Overall, we remain committed to investing the Portfolio in companies that are highly profitable and that have strong balance sheets and what we view as sustainable business models. We seek to hold shares of companies capable of surviving recessions and emerging with the financial firepower to invest and thrive during the subsequent recovery. We continue to believe the Portfolio's investment strategy is well-suited for the economic and market conditions likely to prevail in the coming year, and beyond.

#### Please refer to the Schedule of Investments on pages 9 to 12 for a full listing of Portfolio securities.

#### Past performance is no guarantee of future results.
***Any information in this shareholder report regarding market or economic trends or the factors influencing the Portfolio's historical or future performance are statements of opinion as of the date of this report.***

------

[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

---

| | |
|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 99.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks — 97.8% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Components — 1.9%** |  |
| 15950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lear Corp. | $1978119 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Components** | &nbsp;&nbsp;&nbsp;&nbsp; $1978119 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 10.4%** |  |
| 74392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | $2928813 |
| 10868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp; 1576512 |
| 129810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp; 2798704 |
| 37556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp; 1616035 |
| 43846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorp N.A. | &nbsp;&nbsp; 2155469 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp; $11075533 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverages — 1.9%** |  |
| 38087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | $1962242 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverages** | &nbsp;&nbsp;&nbsp;&nbsp; $1962242 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Products — 1.5%** |  |
| 9411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies Plc | $1581895 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Products** | &nbsp;&nbsp;&nbsp;&nbsp; $1581895 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 3.5%** |  |
| 47781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | $3706372 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Markets** | &nbsp;&nbsp;&nbsp;&nbsp; $3706372 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 2.0%** |  |
| 42314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow, Inc. | $2132202 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp;&nbsp;&nbsp; $2132202 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment — 1.6%** |  |
| 6671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | $1719183 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Communications Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; $1719183 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Finance — 1.4%** |  |
| 15377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discover Financial Services | $1504332 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Finance** | &nbsp;&nbsp;&nbsp;&nbsp; $1504332 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers & Packaging — 2.0%** |  |
| 97364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | $2166349 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Containers & Packaging** | &nbsp;&nbsp;&nbsp;&nbsp; $2166349 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 2.3%** |  |
| 57339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Corp. | $2478765 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric Utilities** | &nbsp;&nbsp;&nbsp;&nbsp; $2478765 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 4.0%** |  |
| 12305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corp. Plc | $1931270 |
| 24518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp; 2355199 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; $4286469 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 2.8%** |  |
| 7318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corp. | $1306849 |
| 45368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Instruments Corp. | &nbsp;&nbsp; 1674079 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electronic Equipment, Instruments & Components** | &nbsp;&nbsp;&nbsp;&nbsp; $2980928 |

---

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

#### 9

------

[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

---

| | |
|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 1.1%** |  |
| 28664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Co. | $1127928 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy Equipment & Services** | &nbsp;&nbsp;&nbsp;&nbsp; $1127928 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 0.7%** |  |
| 73,766(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc. | $699302 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $699302 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 8.5%** |  |
| 8461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust | $946617 |
| 10437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp; 1536118 |
| 39546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | &nbsp;&nbsp; 2059951 |
| 50929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp; 817410 |
| 12702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp; 633195 |
| 96386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp; 2041455 |
| 34160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp; 954772 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Real Estate Investment Trusts (REITs)** | &nbsp;&nbsp;&nbsp;&nbsp; $8989518 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 0.6%** |  |
| 26,122(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hostess Brands, Inc. | $586178 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $586178 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 2.7%** |  |
| 22802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | $2907255 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Equipment & Supplies** | &nbsp;&nbsp;&nbsp;&nbsp; $2907255 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.0%** |  |
| 13396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | $1029751 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Providers & Services** | &nbsp;&nbsp;&nbsp;&nbsp; $1029751 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 5.2%** |  |
| 15440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | $2135815 |
| 22,297(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp; 1953217 |
| 11138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 1407398 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotels, Restaurants & Leisure** | &nbsp;&nbsp;&nbsp;&nbsp; $5496430 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 1.9%** |  |
| 22072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennar Corp., Class A | $1997516 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Household Durables** | &nbsp;&nbsp;&nbsp;&nbsp; $1997516 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 6.3%** |  |
| 23242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aflac, Inc. | $1672029 |
| 21,576(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc. | &nbsp;&nbsp; 1106202 |
| 29907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. | &nbsp;&nbsp; 2267848 |
| 67813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp; 1637684 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance** | &nbsp;&nbsp;&nbsp;&nbsp; $6683763 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail — 0.9%** |  |
| 23820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay, Inc. | $987815 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet & Direct Marketing Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $987815 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery — 6.1%** |  |
| 16623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGCO Corp. | $2305444 |
| 42379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp; 2214303 |
| 19380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp; 1918038 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery** | &nbsp;&nbsp;&nbsp;&nbsp; $6437785 |

---

#### 10

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

------

[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

---

| | |
|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media — 2.8%** |  |
| 51667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. | $1721028 |
| 32,251(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty SiriusXM | &nbsp;&nbsp; 1261981 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media** | &nbsp;&nbsp;&nbsp;&nbsp; $2983009 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 2.3%** |  |
| 12013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance Steel & Aluminum Co. | $2431912 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metals & Mining** | &nbsp;&nbsp;&nbsp;&nbsp; $2431912 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multi-Utilities — 4.1%** |  |
| 69931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | $2097231 |
| 36841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp; 2257248 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Multi-Utilities** | &nbsp;&nbsp;&nbsp;&nbsp; $4354479 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 6.2%** |  |
| 15979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corp. | $2186087 |
| 96455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp; 2369899 |
| 80943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corp. | &nbsp;&nbsp; 2025194 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil, Gas & Consumable Fuels** | &nbsp;&nbsp;&nbsp;&nbsp; $6581180 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 1.2%** |  |
| 44714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co. | $1248862 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp;&nbsp;&nbsp; $1248862 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management & Development — 0.6%** |  |
| 8,866(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A | $682327 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Real Estate Management & Development** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $682327 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Road & Rail — 1.0%** |  |
| 6072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | $1058714 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Road & Rail** | &nbsp;&nbsp;&nbsp;&nbsp; $1058714 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 1.4%** |  |
| 17582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS Instruments, Inc. | $1489723 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors & Semiconductor Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; $1489723 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — 2.7%** |  |
| 24213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | $2810403 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Specialty Retail** | &nbsp;&nbsp;&nbsp;&nbsp; $2810403 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 1.8%** |  |
| 117591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | $1876752 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Technology Hardware, Storage & Peripherals** | &nbsp;&nbsp;&nbsp;&nbsp; $1876752 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.3%** |  |
| 13518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | $1428447 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Textiles, Apparel & Luxury Goods** | &nbsp;&nbsp;&nbsp;&nbsp; $1428447 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 2.1%** |  |
| 38,536(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings NV | $2247420 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trading Companies & Distributors** | &nbsp;&nbsp;&nbsp;&nbsp; $2247420 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (Cost $91,148,222)** | $103708858 |

---

#### 11

------

[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

---

| | |
|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 2.1% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 2.1%** |  |
| 2,183,061(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.19% | $2183061 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $2183061 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $2,183,061)** | &nbsp;&nbsp;&nbsp;&nbsp; $2183061 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 99.9%<br> (Cost $93,331,283)** | $105891919 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $146545 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$106038464** |

---

(a) Non-income producing
security.

(b) Rate
periodically changes. Rate disclosed is the 7-day yield at December 31, 2022.

Purchases and sales of securities (excluding short-term investments) for the year ended December 31, 2022, aggregated $73,672,773 and $85,229,441, respectively.

At December 31, 2022, the net unrealized appreciation on investments based on cost for federal tax purposes of $93,772,224 was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $16323935 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | &nbsp;&nbsp;&nbsp;&nbsp;(4204240) |
| Net unrealized appreciation | $12119695 |

---

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – unadjusted quoted prices in active markets for identical securities. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements — Note 1A. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 – significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A. |

---

The following is a summary of the inputs used as of December 31, 2022, in valuing the Portfolio's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $103708858 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$103708858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open-End Fund | &nbsp;&nbsp;&nbsp;&nbsp;2183061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Securities** | **$105891919** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$105891919** |

---

During the year ended December 31, 2022, there were no transfers in or out of Level 3.

#### 12

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

------

[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

---

| | |
|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statement of Assets and Liabilities 12/31/22

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value (cost $93,331,283) | &nbsp;&nbsp;$105891919 |
| &nbsp;&nbsp;&nbsp;Receivables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$106126538** |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7542 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3722 |
| &nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$88074** |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$79988094 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26050370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;**$106038464** |
| **NET ASSET VALUE PER SHARE:** |  |
| No par value (unlimited number of shares authorized) |  |
| &nbsp;&nbsp;&nbsp;Class l (based on $33,515,871/2,921,830 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.47 |
| &nbsp;&nbsp;&nbsp;Class ll (based on $72,522,593/6,404,912 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.32 |

---

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

#### 13

------

[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

---

| | |
|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statement of Operations

#### FOR THE YEAR ENDED 12/31/22

---

| | | |
|:---|:---|:---|
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers (net of foreign taxes withheld $5,057) | &nbsp;&nbsp;&nbsp;$2950776 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**$2950776** |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$737880 |  |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34864 |  |
| &nbsp;&nbsp;&nbsp;Distribution fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ll | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196881 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 |  |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79232 |  |
| &nbsp;&nbsp;&nbsp;Printing expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20178 |  |
| &nbsp;&nbsp;&nbsp;Officers' and Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8693 |  |
| &nbsp;&nbsp;&nbsp;Insurance expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3759 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;$1083648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1867128** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | $11515058 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class action proceeds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14133 | &nbsp;&nbsp;&nbsp;&nbsp;$11645809 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | $(21067100) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp;$(21067107) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(9421298)** |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(7554170)** |

---

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

------

[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

---

| | |
|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **FROM OPERATIONS:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;$1867128 | &nbsp;&nbsp;&nbsp;&nbsp;$1960312 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;11645809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93986078 |
| Change in net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;(21067107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23799250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$(7554170) | &nbsp;&nbsp;&nbsp;&nbsp;$72147140 |
| **DISTRIBUTIONS TO SHAREOWNERS:** |  |  |
| &nbsp;&nbsp;&nbsp;Class l ($9.20 and $0.20 per share, respectively) | $(14720475) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(351985) |
| &nbsp;&nbsp;&nbsp;Class ll ($9.05 and $0.16 per share, respectively) | &nbsp;&nbsp;&nbsp;(33173156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1889458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareowners | $(47893631) | &nbsp;&nbsp;&nbsp;&nbsp;$(2241443) |
| **FROM PORTFOLIO SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sales of shares | &nbsp;&nbsp;$10673559 | &nbsp;&nbsp;&nbsp;&nbsp;$14596528 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;47893631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241443 |
| Cost of shares repurchased | &nbsp;&nbsp;&nbsp;(26124584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65289704) |
| In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175368797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from Portfolio share transactions | &nbsp;&nbsp;$32442606 | &nbsp;&nbsp;&nbsp;&nbsp;$(223820530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net decrease in net assets** | **$(23005195)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(153914833)** |
| **NET ASSETS:** |  |  |
| Beginning of year | $129043659 | &nbsp;&nbsp;&nbsp;&nbsp;$282958492 |
| End of year | **$106038464** | &nbsp;&nbsp;&nbsp;&nbsp;**$129043659** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year <br> Ended<br> 12/31/22<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/22<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21<br> Amount** |
| **Class l** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80858 | &nbsp;&nbsp;&nbsp;&nbsp;$1253027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80940 | &nbsp;&nbsp;&nbsp;&nbsp;$1696730 |
| Reinvestment of distributions | &nbsp;&nbsp;1437546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14720475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351985 |
| Less shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(258792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3944018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5650499) |
| &nbsp;&nbsp;&nbsp;Net increase<br> (decrease) | &nbsp;&nbsp;1259612 | &nbsp;&nbsp;&nbsp;&nbsp;$12029484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174030) | &nbsp;&nbsp;&nbsp;&nbsp;$(3601784) |
| **Class ll** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;527640 | &nbsp;&nbsp;&nbsp;&nbsp;$9420532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608309 | &nbsp;&nbsp;&nbsp;&nbsp;$12899798 |
| Reinvestment of distributions | &nbsp;&nbsp;3277980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33173156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889458 |
| Less shares repurchased | (1382095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22180566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2864283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59639205) |
| In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7946026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175368797) |
| &nbsp;&nbsp;&nbsp;Net increase<br> (decrease) | &nbsp;&nbsp;2423525 | &nbsp;&nbsp;&nbsp;&nbsp;$20413122 | &nbsp;&nbsp;&nbsp;&nbsp;(10110986) | &nbsp;&nbsp;&nbsp;&nbsp;$(220218746) |

---

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

#### 15

------

[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

---

| | |
|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** | &nbsp;&nbsp;**Year Ended<br> 12/31/20** | &nbsp;&nbsp;**Year Ended<br> 12/31/19** | &nbsp;&nbsp;**Year Ended<br> 12/31/18** |
| **Class l** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$23.08 | &nbsp;&nbsp;$17.97 | &nbsp;&nbsp;$18.46 | &nbsp;&nbsp;$15.53 | &nbsp;&nbsp;$21.11 |
| Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(2.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.01) |
| **Net increase (decrease) from investment operations** | &nbsp;&nbsp;**$(2.41)** | &nbsp;&nbsp;&nbsp;&nbsp;**$5.31** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.24** | &nbsp;&nbsp;&nbsp;&nbsp;**$4.31** | &nbsp;&nbsp;**$(3.78)** |
| Distributions to shareowners: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(8.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.66) |
| **Total distributions** | &nbsp;&nbsp;**$(9.20)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.73)** | &nbsp;&nbsp;**$(1.38)** | &nbsp;&nbsp;**$(1.80)** |
| **Net increase (decrease) in net asset value** | **$(11.61)** | &nbsp;&nbsp;&nbsp;&nbsp;**$5.11** | &nbsp;&nbsp;**$(0.49)** | &nbsp;&nbsp;&nbsp;&nbsp;**$2.93** | &nbsp;&nbsp;**$(5.58)** |
| Net asset value, end of period | &nbsp;&nbsp;$11.47 | &nbsp;&nbsp;$23.08 | &nbsp;&nbsp;$17.97 | &nbsp;&nbsp;$18.46 | &nbsp;&nbsp;$15.53 |
| **Total return(b)** | &nbsp;&nbsp;&nbsp;&nbsp;**(5.64)%(c)** | &nbsp;&nbsp;&nbsp;&nbsp;**29.67%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14%** | &nbsp;&nbsp;&nbsp;&nbsp;**28.44%** | &nbsp;&nbsp;&nbsp;&nbsp;**(19.34)%** |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% |
| Net assets, end of period (in thousands) | $33516 | &nbsp;&nbsp;$38358 | &nbsp;&nbsp;$32989 | &nbsp;&nbsp;$37384 | &nbsp;&nbsp;$33506 |

---

(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 from class action proceeds during the year ended December 31, 2022, the total return would have been (5.72)%.

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

#### 16
The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

---

| | |
|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** | &nbsp;&nbsp;**Year Ended<br> 12/31/20** | &nbsp;&nbsp;**Year Ended<br> 12/31/19** | &nbsp;&nbsp;**Year Ended<br> 12/31/18** |
| **Class ll** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$22.78 | &nbsp;&nbsp;$17.74 | &nbsp;&nbsp;&nbsp;&nbsp;$18.23 | &nbsp;&nbsp;&nbsp;&nbsp;$15.35 | &nbsp;&nbsp;&nbsp;&nbsp;$20.87 |
| Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(2.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.95) |
| **Net increase (decrease) from investment operations** | &nbsp;&nbsp;**$(2.41)** | &nbsp;&nbsp;&nbsp;&nbsp;**$5.20** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.19** | &nbsp;&nbsp;&nbsp;&nbsp;**$4.21** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3.77)** |
| Distributions to shareowners: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(8.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.66) |
| **Total distributions** | &nbsp;&nbsp;**$(9.05)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.68)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.33)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.75)** |
| **Net increase (decrease) in net asset value** | **$(11.46)** | &nbsp;&nbsp;&nbsp;&nbsp;**$5.04** | &nbsp;&nbsp;&nbsp;&nbsp;**$(0.49)** | &nbsp;&nbsp;&nbsp;&nbsp;**$2.88** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5.52)** |
| Net asset value, end of period | &nbsp;&nbsp;$11.32 | &nbsp;&nbsp;$22.78 | &nbsp;&nbsp;&nbsp;&nbsp;$17.74 | &nbsp;&nbsp;&nbsp;&nbsp;$18.23 | &nbsp;&nbsp;&nbsp;&nbsp;$15.35 |
| **Total return(b)** | &nbsp;&nbsp;&nbsp;&nbsp;**(5.88)%(c)** | &nbsp;&nbsp;&nbsp;&nbsp;**29.37%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.87%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.08%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(19.49)%** |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% |
| Net assets, end of period (in thousands) | $72523 | &nbsp;&nbsp;$90686 | &nbsp;&nbsp;$249969 | &nbsp;&nbsp;$247058 | &nbsp;&nbsp;$223863 |

---

(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, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales
charges were taken into account.

(c) If the
Portfolio had not recognized gains from class action proceeds during the year ended December 31, 2022, the total return would have been (5.97)%.

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

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

#### 17

------

[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

---

| | |
|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Notes to Financial Statements 12/31/22

1. Organization and Signiﬁcant Accounting Policies

Pioneer Mid Cap Value VCT Portfolio (the "Portfolio") is one of 8 portfolios comprising Pioneer Variable Contracts Trust (the "Trust"), a Delaware statutory trust. The Portfolio is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a diversified, open-end management investment company. The investment objective of the Portfolio is capital appreciation by investing in a diversified portfolio of securities consisting primarily of common stocks.

The Portfolio offers two classes of shares designated as Class I and Class II shares. Each class of shares represents an interest in the same schedule of investments of the Portfolio and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses, such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Trust gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareowner approval. Under per-share voting, each share of a class of the Portfolio is entitled to one vote. Under dollar-weighted voting, a shareowner's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class I shares.

Portfolio shares may be purchased only by insurance companies for the purpose of funding variable annuity and variable life insurance contracts or by qualified pension and retirement plans.

Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the Portfolio's investment adviser (the "Adviser"). Amundi Distributor US, Inc., an afﬁliate of the Adviser, serves as the Portfolio's distributor (the "Distributor").

Effective August 19, 2022, the Portfolio is required to comply with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Rule 18f-4 requires a fund to establish and maintain a comprehensive derivatives risk management program, appoint a derivatives risk manager and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"), unless the portfolio uses derivatives in only a limited manner (a "limited derivatives user"). The Portfolio is currently a limited derivatives user for purposes of Rule 18f-4.

The Portfolio is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). U.S. GAAP requires the management of the Portfolio to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the ﬁnancial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.

The following is a summary of signiﬁcant accounting policies followed by the Portfolio in the preparation of its ﬁnancial statements:

---

| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | The net asset value of the Portfolio is computed once daily, on each day the New York Stock Exchange ("NYSE") is open, as of the close of regular trading on the NYSE. |
|  | Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods. |
|  | The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Portfolio's shares are determined as of such times. The Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities. |

---

------

[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

---

| | |
|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | |
|:---|:---|
|  | Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds' net asset value. |
|  | Securities for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser. Effective September 8, 2022, the Adviser is designated as the valuation designee for the Portfolio pursuant to Rule 2a-5 under the 1940 Act. The Adviser's fair valuation team is responsible for monitoring developments that may impact fair valued securities. |
|  | Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Adviser may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Portfolio's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Portfolio's securities may differ significantly from exchange prices, and such differences could be material. |
| **B.** | **Investment Income and Transactions** |
|  | Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Portfolio becomes aware of the ex-dividend data in the exercise of reasonable diligence. |
|  | Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities. |
|  | Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively. |
|  | Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. |
| **C.** | **Foreign Currency Translation** |
|  | The books and records of the Portfolio are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates. Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments. |
| **D.** | **Federal Income Taxes** |
|  | It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of December 31, 2022, the Portfolio did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. |
|  | The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. |
|  | A portion of the dividend income recorded by the Portfolio is from distributions by publicly traded Real Estate Investment Trusts ("REITs"), and such distributions for tax purposes may also consist of capital gains and return of capital. The actual return of capital and capital gains portions of such distributions will be determined by formal notifications from the REITs subsequent to the calendar year-end. Distributions received from the REITs that are determined to be a return |

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| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22 (continued)

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|:---|
| of capital are recorded by the Portfolio as a reduction of the cost basis of the securities held and those determined to be capital gain are reflected as such on the Statement of Operations. |
| At December 31, 2022, the Portfolio reclassified $6,298 to increase distributable earnings and $6,298 to decrease paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations. |
| The tax character of distributions paid during the years ended December 31, 2022 and December 31, 2021, was as follows: |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17850764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2241443 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30042867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$47893631** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$2241443** |

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The following shows the components of distributable earnings (losses) on a federal income tax basis at December 31, 2022:

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|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** |
| **Distributable earnings/(losses):** |  |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1877459 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12053216 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12119695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$26050370** |

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The difference between book basis and tax basis unrealized appreciation is attributable to the tax deferral of losses on wash sales.

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|:---|:---|
| **E.** | **Portfolio Shares and Class Allocations** |
|  | The Portfolio records sales and repurchases of its shares as of trade date. Distribution fees for Class II shares are calculated based on the average daily net asset value attributable to Class II shares of the Portfolio (see Note 5). Class I shares do not pay distribution fees. |
|  | Income, common expenses (excluding transfer agent and distribution fees) and realized and unrealized gains and losses are calculated at the Portfolio level and allocated daily to each class of shares based on its respective percentage of the adjusted net assets at the beginning of the day. |
|  | All expenses and fees paid to the Portfolio's transfer agent for its services are allocated between the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4). |
|  | Dividends and distributions to shareowners are recorded on the ex-dividend date. Distributions paid by the Portfolio with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class I and Class II shares can reflect different transfer agent and distribution expense rates. Dividends and distributions to shareowners are recorded on the ex-dividend date. |
| **F.** | **Risks** |
|  | The value of securities held by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inﬂation, changes in interest rates, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, ﬁnancial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. Recently, inflation and interest rates have increased and may rise further. These circumstances could adversely affect the value and liquidity of the Portfolio's investments, impair the Portfolio's ability to satisfy redemption requests, and negatively impact the Portfolio's performance. Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the ceiling on U.S. government debt could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets. |

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| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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| The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue to affect adversely the value and liquidity of the Portfolio's investments. Following Russia's invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical or other events or conditions. |
| Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. |
| The U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the U.S. has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Portfolio's assets may go down. |
| At times, the Portfolio's investments may represent industries or industry sectors that are interrelated or have common risks, making the Portfolio more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. |
| Investments in mid-sized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than investments in larger, more established companies. |
| The Portfolio may invest in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws. |
| The Portfolio's investments in foreign markets and countries with limited developing markets may subject the Portfolio to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, less liquid trading markets, extreme price volatility, currency risks, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law, and investment and repatriation or currency exchange restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Portfolio's return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non- U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security. |
| Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia's military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Portfolio investments, on Portfolio performance and the value of an investment in the Portfolio, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally. |

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| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22 (continued)

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| With the increased use of technologies such as the Internet to conduct business, the Portfolio is susceptible to operational, information security and related risks. While the Portfolio's Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identiﬁed. Furthermore, the Portfolio cannot control the cybersecurity plans and systems put in place by service providers to the Portfolio such as the Portfolio's custodian and accounting agent, and the Portfolio's transfer agent. In addition, many beneﬁcial owners of Portfolio shares hold them through accounts at broker-dealers, retirement platforms and other ﬁnancial market participants over which neither the Portfolio nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Portfolio's service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in ﬁnancial losses, interference with the Portfolio's ability to calculate its net asset value, impediments to trading, the inability of Portfolio shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory ﬁnes, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks. |
| The Portfolio's prospectus contains unaudited information regarding the Portfolio's principal risks. Please refer to that document when considering the Portfolio's principal risks. |

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2. Management Agreement

The Adviser manages the Portfolio. Management fees payable under the Portfolio's Investment Management Agreement with the Adviser are calculated daily and paid monthly at the annual rate of 0.65% of the Portfolio's average daily net assets. For the year ended December 31, 2022, the effective management fee was equivalent to 0.65% of the Portfolio's average daily net assets.

In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Portfolio as administrative reimbursements.

3. Compensation of Officers and Trustees

The Portfolio pays an annual fee to its Trustees. The Adviser reimburses the Portfolio for fees paid to the Interested Trustees. Except for the chief compliance officer, the Portfolio does not pay any salary or other compensation to its officers. The Portfolio pays a portion of the chief compliance officer's compensation for his services as the Portfolio's chief compliance officer. Amundi US pays the remaining portion of the chief compliance officer's compensation. For the year ended December 31, 2022, the Portfolio paid $8,693 in Officers' and Trustees' compensation, which is reflected on the Statement of Operations as Officers' and Trustees' fees. At December 31, 2022, on its Statement of Assets and Liabilities, the Portfolio had a payable for Trustees' fees of $221 and a payable for administrative expenses of $3,722, which includes the payable for Officers' compensation.

4. Transfer Agent

BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Portfolio at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Portfolio's omnibus relationship contracts.

5. Distribution Plan

The Portfolio has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act with respect to Class II shares. Pursuant to the Plan, the Portfolio pays the Distributor a distribution fee of 0.25% of the average daily net assets attributable to Class II shares to compensate the Distributor for (1) distribution services and (2) personal and account maintenance services performed and expenses incurred by the Distributor in connection with the Portfolio's Class II shares.

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|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Pioneer Variable Contracts Trust and the Shareholders of Pioneer Mid Cap Value VCT Portfolio:

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Mid Cap Value VCT Portfolio (the "Portfolio") (one of the portfolios constituting Pioneer Variable Contracts Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Pioneer Mid Cap Value VCT Portfolio (one of the portfolios constituting Pioneer Variable Contracts Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five 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 the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g469588img9c577be44.jpg)

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

Boston, Massachusetts<br> March 1, 2023

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| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Additional Information (unaudited)

For the year ended December 31, 2022, 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 of 20%. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.

The Portfolio designated $30,042,867 as long-term capital gains distributions during the year ended December 31, 2022. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.

The qualifying percentage of the Portfolio's ordinary income dividends for the purpose of the corporate dividends received deduction was 20.68%.

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| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Approval of Renewal of Investment Management Agreement

Amundi Asset Management US, Inc. ("Amundi US") serves as the investment adviser to Pioneer Mid Cap Value VCT Portfolio (the "Portfolio") pursuant to an investment management agreement between Amundi US and the Portfolio. In order for Amundi US to remain the investment adviser of the Portfolio, the Trustees of the Portfolio, including a majority of the Portfolio's Independent Trustees, must determine annually whether to renew the investment management agreement for the Portfolio.

The contract review process began in January 2022 as the Trustees of the Portfolio agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2022, July 2022 and September 2022. In addition, the Trustees reviewed and discussed the Portfolio's performance at regularly scheduled meetings throughout the year, and took into account other information related to the Portfolio provided to the Trustees at regularly scheduled meetings, in connection with the review of the Portfolio's investment management agreement.

In March 2022, the Trustees, among other things, discussed the memorandum provided by Portfolio counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Portfolio, as well as the level of investment by the Portfolio's portfolio managers in the Portfolio. In July 2022, the Trustees, among other things, reviewed the Portfolio's management fees and total expense ratios, the financial statements of Amundi US and its parent companies, profitability analyses provided by Amundi US, and analyses from Amundi US as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of Amundi US as compared to that of Amundi US's fund management business, and considered the differences between the fees and expenses of the Portfolio and the fees and expenses of Amundi US's institutional accounts, as well as the different services provided by Amundi US to the Portfolio and to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees' request, in September 2022.

At a meeting held on September 20, 2022, based on their evaluation of the information provided by Amundi US and third parties, the Trustees of the Portfolio, including the Independent Trustees voting separately advised by independent counsel, unanimously approved the renewal of the investment management agreement for another year. In approving the renewal of the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.

#### Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Portfolio, taking into account the investment objective and strategy of the Portfolio. The Trustees also reviewed Amundi US's investment approach for the Portfolio and its research process. The Trustees considered the resources of Amundi US and the personnel of Amundi US who provide investment management services to the Portfolio. They also reviewed the amount of non-Portfolio assets managed by the portfolio managers of the Portfolio. They considered the non-investment resources and personnel of Amundi US that are involved in Amundi US's services to the Portfolio, including Amundi US's compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by Amundi US's senior management to the Pioneer Fund complex, including with respect to the increasing regulation to which the Pioneer Funds are subject. The Trustees considered the effectiveness of Amundi US's business continuity plan in response to the ongoing COVID-19 pandemic.

The Trustees considered that Amundi US supervises and monitors the performance of the Portfolio's service providers and provides the Portfolio with personnel (including Portfolio officers) and other resources that are necessary for the Portfolio's business management and operations. The Trustees also considered that, as administrator, Amundi US is responsible for the administration of the Portfolio's business and other affairs. The Trustees considered that the Portfolio reimburses Amundi US its pro rata share of Amundi US's costs of providing administration services to the Pioneer Funds.

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

#### Performance of the Portfolio
In considering the Portfolio's performance, the Trustees regularly review and discuss throughout the year data prepared by Amundi US and information comparing the Portfolio's performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and with the performance of the Portfolio's benchmark index. They also discuss the Portfolio's performance with Amundi US on a regular basis. The Trustees discussed the Portfolio's performance with the Adviser on a more frequent basis in light of the Portfolio's unfavorable performance compared to its benchmark index and peers over certain periods. The Trustees noted Amundi US's explanation for the Portfolio's relative performance and the steps taken by Amundi US to address the Portfolio's performance, including enhancing the investment process used for the

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| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Approval of Renewal of Investment Management Agreement (continued)

Portfolio. The Trustees' regular reviews and discussions were factored into the Trustees' deliberations concerning the renewal of the investment management agreement.

#### Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Portfolio in comparison to the management fees of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are 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 the impact of the Portfolio's transfer agency and Portfolio- and Amundi US-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Portfolio's expense ratio.

The Trustees considered that the Portfolio's management fee for the most recent fiscal year was in the first quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees considered that the expense ratio of the Portfolio's Class II shares for the most recent fiscal year was in the second quintile relative to its Strategic Insight peer group for the comparable period.

The Trustees reviewed management fees charged by Amundi US to institutional and other clients, including publicly offered European funds sponsored by Amundi US's affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered Amundi US's costs in providing services to the Portfolio and Amundi US's costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with Amundi US's client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Portfolio and other client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management fee for the Portfolio and considered that, under the investment management and administration agreements with the Portfolio, Amundi US performs additional services for the Portfolio that it does not provide to those other clients or services that are broader in scope, including oversight of the Portfolio's other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Portfolio is subject. The Trustees also considered the entrepreneurial risks associated with Amundi US's management of the Portfolio.

The Trustees concluded that the management fee payable by the Portfolio to Amundi US was reasonable in relation to the nature and quality of the services provided by Amundi US.

#### Profitability
The Trustees considered information provided by Amundi US regarding the profitability of Amundi US with respect to the advisory services provided by Amundi US to the Portfolio, including the methodology used by Amundi US in allocating certain of its costs to the management of the Portfolio. The Trustees also considered Amundi US's profit margin in connection with the overall operation of the Portfolio. They further reviewed the financial results, including the profit margins, realized by Amundi US from non-fund businesses. The Trustees considered Amundi US's profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Amundi US's profitability with respect to the management of the Portfolio was not unreasonable.

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

#### Other Benefits
The Trustees considered the other benefits that Amundi US enjoys from its relationship with the Portfolio. The Trustees considered the character and amount of fees paid or to be paid by the Portfolio, other than under the investment management agreement, for services provided by Amundi US and its affiliates. The Trustees further considered the revenues

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| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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and profitability of Amundi US's businesses other than the fund business. To the extent applicable, the Trustees also considered the benefits to the Portfolio and to Amundi US and its affiliates from the use of "soft" commission dollars generated by the Portfolio to pay for research and brokerage services.

The Trustees considered that Amundi US is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi's worldwide asset management business manages over $2.2 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US's relationship with Amundi creates potential opportunities for Amundi US and Amundi that derive from Amundi US's relationships with the Portfolio, including Amundi's ability to market the services of Amundi US globally. The Trustees noted that Amundi US has access to additional research and portfolio management capabilities as a result of its relationship with Amundi and Amundi's enhanced global presence that may contribute to an increase in the resources available to Amundi US. The Trustees considered that Amundi US and the Portfolio receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Portfolio, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Portfolio were reasonable.

#### Conclusion
After 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 and reasonable and voted to approve the proposed renewal of the investment management agreement.

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| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Trustees, Officers and Service Providers

The Portfolio's Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Portfolios within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Portfolio are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 51 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the "Pioneer Funds"). The address for all Trustees and all officers of the Portfolios is 60 State Street, Boston, Massachusetts 02109.

---

| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Thomas J. Perna (72)<br> Chairman of the Board<br> and Trustee** | &nbsp;&nbsp;Trustee since 2006.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Private investor (2004 – 2008 and 2013 – present); Chairman (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. (technology products for securities lending industry); and Senior Executive Vice President, The Bank of New York (financial and securities services) (1986 – 2004) | &nbsp;&nbsp;Director, Broadridge Financial<br> Solutions, Inc. (investor<br> communications and securities<br> processing provider for financial<br> services industry) (2009 – present); Director, Quadriserv, Inc.<br> (2005 – 2013); and Commissioner,<br> New Jersey State Civil Service<br> Commission (2011 – 2015) |
| **John E. Baumgardner,<br> Jr. (71)\*<br> Trustee** | &nbsp;&nbsp;Trustee since 2019.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell LLP (law firm). | &nbsp;&nbsp;Chairman, The Lakeville Journal<br> Company, LLC, (privately-held<br> community newspaper group)<br> (2015-present) |
| **Diane Durnin (65)<br> Trustee** | &nbsp;&nbsp;Trustee since 2019.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Managing Director - Head of Product Strategy and Development, BNY Mellon Investment Management (investment management firm) (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): Executive Vice President Head of Product, BNY Mellon Investment Management (2007-2012); Executive Director- Product Strategy, Mellon Asset Management (2005-2007); Executive Vice President Head of Products, Marketing and Client Service, Dreyfus Corporation (investment management firm) (2000-2005); Senior Vice President Strategic Product and Business Development, Dreyfus Corporation (1994-2000) |  |
| **Benjamin M. Friedman (78)<br> Trustee** | &nbsp;&nbsp;Trustee since 2008.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;William Joseph Maier Professor of Political Economy, Harvard University (1972 – present) | &nbsp;&nbsp;Trustee, Mellon Institutional Funds<br> Investment Trust and Mellon<br> Institutional Funds Master Portfolio<br> (oversaw 17 portfolios in fund<br> complex) (1989 - 2008) |

---

------

[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

---

| | |
|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** |
| **Craig C. MacKay (59)<br> Trustee** | &nbsp;&nbsp;Trustee since 2021.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Partner, England & Company, LLC (advisory firm) (2012 – present); Group Head – Leveraged Finance Distribution, Oppenheimer & Company (investment bank) (2006 – 2012); Group Head – Private Finance & High Yield Capital Markets Origination, SunTrust Robinson Humphrey (investment bank) (2003 – 2006); and Founder and Chief Executive Officer, HNY Associates, LLC (investment bank) (1996 – 2003) | &nbsp;&nbsp;Director, Equitable Holdings, Inc. (financial services holding company) (2022 – present); Board Member of Carver Bancorp, Inc. (holding company) and Carver Federal Savings Bank, NA (2017 – present); Advisory Council Member, MasterShares ETF (2016 – 2017); Advisory Council Member, The Deal (financial market information publisher) (2015 – 2016); Board Co-Chairman and Chief Executive Officer, Danis Transportation Company (privately-owned commercial carrier) (2000 – 2003); Board Member and Chief Financial Officer, Customer Access Resources (privately-owned teleservices company) (1998 – 2000); Board Member, Federation of Protestant Welfare Agencies (human services agency) (1993 – present); and Board Treasurer, Harlem Dowling Westside Center (foster care agency) (1999 – 2018) |
| **Lorraine H. Monchak (66)<br> Trustee** | &nbsp;&nbsp;Trustee since 2017.<br> (Advisory Trustee from<br> 2014 - 2017). Serves<br> until a successor trustee<br> is elected or earlier<br> retirement or removal. | &nbsp;&nbsp;Chief Investment Officer, 1199 SEIU Funds (healthcare workers union pension funds) (2001 – present); Vice President – International Investments Group, American International Group, Inc. (insurance company) (1993 – 2001); Vice President – Corporate Finance and Treasury Group, Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability Management Group, Federal Farm Funding Corporation (government-sponsored issuer of debt securities) (1988 – 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 – 1988); Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 – 1987) |  |
| **Marguerite A. Piret (74)<br> Trustee** | &nbsp;&nbsp;Trustee since 1995.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Chief Financial Officer, American Ag Energy, Inc. (controlled environment and agriculture company) (2016 – present); President and Chief Executive Officer, Metric Financial Inc. (formerly known as Newbury Piret Company) (investment banking firm) (1981 – 2019) | &nbsp;&nbsp;Director of New America High<br> Income Fund, Inc. (closed-end<br> investment company) (2004 –<br> present); and Member, Board of<br> Governors, Investment Company<br> Institute (2000 – 2006) |

---

------

[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

---

| | |
|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

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Trustees, Officers and Service Providers (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** |
| **Fred J. Ricciardi (75)<br> Trustee** | &nbsp;&nbsp;Trustee since 2014.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Private investor (2020 – present); Consultant (investment company services) (2012 – 2020); Executive Vice President, BNY Mellon (financial and investment company services) (1969 – 2012); Director, BNY International Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas Investment Corp. (financial services) (2009 – 2012); Director, Financial Models (technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial services) (1999-2006); Chairman, BNY Alternative Investment Services, Inc. (financial services) (2005-2007) |  |
| \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Lisa M. Jones (60)\*\*<br> Trustee, President and Chief<br> Executive Officer** | &nbsp;&nbsp;Trustee since 2017. Serves<br> until a successor trustee is<br> elected or earlier retirement<br> or removal | &nbsp;&nbsp;Director, CEO and President of Amundi US, Inc. (investment management firm) (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Director, CEO and President of Amundi Distributor US, Inc. (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and Amundi Asset Management US, Inc. (September 2014 – 2018); Managing Director, Morgan Stanley Investment Management (investment management firm) (2010 – 2013); Director of Institutional Business, CEO of International, Eaton Vance Management (investment management firm) (2005 – 2010); Director of Amundi Holdings US, Inc. (since 2017) | &nbsp;&nbsp;Director of Clearwater Analytics (provider of web-based investment accounting software for reporting and reconciliation services) (September 2022 – present) |
| **Kenneth J. Taubes (64)\*\*<br> Trustee** | &nbsp;&nbsp;Trustee since 2014. Serves<br> until a successor trustee is<br> elected or earlier retirement<br> or removal | &nbsp;&nbsp;Director and Executive Vice President (since 2008) and Chief Investment Officer, U.S. (since 2010) of Amundi US, Inc. (investment management firm); Director and Executive Vice President and Chief Investment Officer, U.S. of Amundi US (since 2008); Executive Vice President and Chief Investment Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); Portfolio Manager of Amundi US (since 1999); Director of Amundi Holdings US, Inc. (since 2017) |  |
| \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. |

---

------

[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

---

| | |
|:---|:---|
| **Pioneer Mid Cap Value VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

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---

| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During<br> At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Trust Officers** | **Trust Officers** | **Trust Officers** | **Trust Officers** |
| **Christopher J. Kelley (58)<br> Secretary and Chief<br> Legal Officer** | &nbsp;&nbsp;Since 2003. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Vice President and Associate General Counsel of Amundi US since January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; Vice President and Senior Counsel of Amundi US from July 2002 to December 2007 |  |
| **Thomas Reyes (60)<br> Assistant Secretary** | &nbsp;&nbsp;Since 2010. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Assistant General Counsel of Amundi US since May 2013 and Assistant Secretary of all the Pioneer Funds since June 2010; Counsel of Amundi US from June 2007 to May 2013 |  |
| **Heather L. Melito-Dezan (46)<br> Assistant Secretary** | &nbsp;&nbsp;Since 2022. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director - Trustee and Board Relationships of Amundi US since September 2019; Private practice from 2017 – 2019. |  |
| **Anthony J. Koenig, Jr. (59)<br> Treasurer and<br> Chief Financial and<br> Accounting Officer** | &nbsp;&nbsp;Since 2021. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Managing Director, Chief Operations Officer and Fund Treasurer of Amundi US since May 2021; Treasurer of all of the Pioneer Funds since May 2021; Assistant Treasurer of all of the Pioneer Funds from January 2021 to May 2021; and Chief of Staff, US Investment Management of Amundi US from May 2008 to January 2021 |  |
| **Luis I. Presutti (57)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2000. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer of all of the Pioneer Funds since 1999 |  |
| **Gary Sullivan (64)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2002. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant Treasurer of all of the Pioneer Funds since 2002 |  |
| **Antonio Furtado (40)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2020. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Fund Oversight Manager – Fund Treasury of Amundi US since 2020; Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior Fund Treasury Analyst from 2012 - 2020 |  |
| **Michael Melnick (51)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2021. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Vice President - Deputy Fund Treasurer of Amundi US since May 2021; Assistant Treasurer of all of the Pioneer Funds since July 2021; Director of Regulatory Reporting of Amundi US from 2001 – 2021; and Director of Tax of Amundi US from 2000 - 2001 |  |
| **John Malone (52)<br> Chief Compliance Officer** | &nbsp;&nbsp;Since 2018. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Managing Director, Chief Compliance Officer of Amundi US Asset Management; Amundi Asset Management US, Inc.; and the Pioneer Funds since September 2018; Chief Compliance Officer of Amundi Distributor US, Inc. since January 2014. |  |
| **Brandon Austin (50)<br> Anti-Money<br> Laundering Officer** | &nbsp;&nbsp;Since 2022. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director, Financial Security – Amundi Asset Management; Anti-Money Laundering Officer of all the Pioneer Funds since March 2022: Director of Financial Security of Amundi US since July 2021; Vice President, Head of BSA, AML and OFAC, Deputy Compliance Manager, Crédit Agricole Indosuez Wealth Management (investment management firm) (2013 – 2021) |  |

---

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[**Table of Contents**](#job_amund_4030c3fd-3837-4fca-91b2-9a0c611dbeb1_toc)

Proxy Voting Policies and Procedures of the Portfolio are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Portfolio voted proxies relating to Portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundi.com/us. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov.

![](g469588imge498cd1f1.gif)

18647-17-0223

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## Pioneer Variable Contracts Trust

## Pioneer Fund

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## VCT Portfolio
Class I and II Shares

Annual Report \| December 31, 2022

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

![](g469588img52bf0a661.gif)

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Pioneer Variable Contracts Trust

#### **Table of Contents**

------

#### Pioneer Fund VCT Portfolio

---

| | |
|:---|:---|
| [Portfolio and Performance Update](#xx_832763c0-c56a-4557-8f0b-93be60e89558_1) | 2 |
| [Comparing Ongoing Portfolio Expenses](#xx_f2fc2c40-1e31-490d-b177-cf26ef13eafc_1) | 3 |
| [Portfolio Management Discussion](#xx_298e7061-3fd6-4af0-b030-72dba0e7db84_1) | 4 |
| [Schedule of Investments](#xx_f53dfd6d-7e92-4755-8cdd-b11c89ef7d45_1) | 8 |
| [Financial Statements](#xx_cd2a3521-3c8a-458e-b8fb-3639a16413ae_1) | 11 |
| [Notes to Financial Statements](#xx_d2fdd499-e1ce-4163-af0f-d035d6bc5904_1) | 16 |
| [Report of Independent Registered Public Accounting Firm](#xx_f16fc68e-cd01-4b3c-a92e-4b2d8110ca1f_1) | 21 |
| [Additional Information (unaudited)](#xx_618a37bd-76bf-498a-92d3-0a3a9c383bdd_1) | 22 |
| [Approval of Renewal of Investment Management Agreement](#xx_e8dec5e0-bba0-437e-88db-cf4f7d49f243_1) | 23 |
| [Trustees, Officers and Service Providers](#xx_c9750791-3bc1-4caf-a54f-1edb915bc7c7_1) | 26 |

---

This report is authorized for distribution only when preceded or accompanied by a prospectus for the Portfolio being offered.

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

------

[**Table of Contents**](#job_amund_a57ac56d-0692-4c8b-9634-784416fbe126_toc)

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| | |
|:---|:---|
| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Portfolio Update 12/31/22

#### Sector Distribution
(As a percentage of total investments)\*

![](g469588img86cb46a52.jpg)

#### 5 Largest Holdings

---

| | | |
|:---|:---|:---|
| (As a percentage of total investments)\* | (As a percentage of total investments)\* | (As a percentage of total investments)\* |
| &nbsp;&nbsp;1. | Alphabet, Inc. | 6.98% |
| &nbsp;&nbsp;2. | Apple, Inc. | 5.05 |
| &nbsp;&nbsp;3. | Microsoft Corp. | 4.72 |
| &nbsp;&nbsp;4. | Analog Devices, Inc. | 4.67 |
| &nbsp;&nbsp;5. | Truist Financial Corp. | 4.38 |

---

<br> \* Excludes short-term investments and all derivative contracts except for options purchased. The Portfolio is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.

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#### Performance Update 12/31/22

#### Prices and Distributions

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| | | |
|:---|:---|:---|
| **Net Asset Value per Share** | **12/31/22** | **12/31/21** |
| Class l | $13.05 | $19.80 |
| Class ll | $13.19 | $19.97 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Distributions per Share<br> (1/1/22 - 12/31/22)** | **Net <br> Investment<br> Income** | **Short-Term <br> Capital Gains** | **Long-Term <br> Capital Gains** |
| Class l | $0.0985 | $1.0505 | $1.6765 |
| Class ll | $0.0600 | $1.0505 | $1.6765 |

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#### Performance of a $10,000 Investment
The following chart shows the change in value of an investment made in Class I and Class II shares of **Pioneer Fund VCT Portfolio** at net asset value during the periods shown, compared to that of the Standard & Poor's 500 Index (the S&P 500). Portfolio returns are based on net asset value and do not reflect any applicable insurance fees or surrender charges.

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| | |
|:---|:---|
| ![](g469588imgb0c90dbd3.gif) | &nbsp;&nbsp;The Standard & Poor's 500 Index (the S&P 500) is an unmanaged, commonly used measure of the broad U.S. stock market. Index returns are calculated monthly,assume reinvestment of dividends and do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. |

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#### Average Annual Total Returns
(As of December 31, 2022)

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class l** | &nbsp;&nbsp;&nbsp;&nbsp;**Class ll** | &nbsp;&nbsp;&nbsp;&nbsp;**S&P 500 Index** |
| 10 Years | &nbsp;&nbsp;&nbsp;12.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.56% |
| 5 Years | &nbsp;&nbsp;&nbsp;10.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.42% |
| 1 Year | &nbsp;&nbsp;-19.50% | &nbsp;&nbsp;&nbsp;&nbsp;-19.68% | &nbsp;&nbsp;&nbsp;&nbsp;-18.11% |

---

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 on distributions or the redemption of shares.

#### Call 1-800-688-9915 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
**The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.**

The returns for the Portfolio do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges. These expenses would reduce the overall returns shown.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, performance would be lower. Waivers may not be in effect for all portfolios. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

------

[**Table of Contents**](#job_amund_a57ac56d-0692-4c8b-9634-784416fbe126_toc)

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| | |
|:---|:---|
| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Comparing Ongoing Portfolio Expenses

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 to compare 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 held throughout the six months.

#### Using the Tables

#### Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this 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
$1,000<br> Example: 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, 2022 through December 31, 2022.

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| | | |
|:---|:---|:---|
| **Share Class** | **l** | **ll** |
| Beginning Account Value on 7/1/22 | $1000.00 | $1000.00 |
| Ending Account Value (after expenses) on 12/31/22 | $1006.00 | $1005.30 |
| Expenses Paid During Period\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Expenses are equal to the Portfolio's annualized net expense ratio of 0.76% and 1.01% for Class I and Class II shares, respectively, multiplied by the average account value 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 the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account 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. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of 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 any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different 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% return per year before expenses, reflecting the period from July 1, 2022 through December 31, 2022.

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| | | |
|:---|:---|:---|
| **Share Class** | **l** | **ll** |
| Beginning Account Value on 7/1/22 | $1000.00 | $1000.00 |
| Ending Account Value (after expenses) on 12/31/22 | $1021.37 | $1020.11 |
| Expenses Paid During Period\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Expenses are equal to the Portfolio's annualized net expense ratio of 0.76% and 1.01% for Class I and Class II shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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[**Table of Contents**](#job_amund_a57ac56d-0692-4c8b-9634-784416fbe126_toc)

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| | |
|:---|:---|
| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Portfolio Management Discussion 12/31/22

#### Call 1-800-688-9915 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
**The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.**

The returns for the Portfolio do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges. These expenses would reduce the overall returns shown.

Performance results reflect any applicable expense waivers in effect during the periods shown.Without such waivers, performance would be lower. Waivers may not be in effect for all portfolios. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

*In the following discussion, Jeff Kripke discusses the market environment during the 12-month period ended December 31, 2022, and Pioneer Fund VCT Portfolio's performance during the period. Mr. Kripke, a senior vice president and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), is responsible for the day-to-day management of the Portfolio, along with James Yu, a vice president and a portfolio manager at Amundi US, Craig Sterling, Managing Director, Director of Core Equity and Head of Equity Research, US, and a portfolio manager at Amundi US, and John Carey, Managing Director, Director of Equity Income, US, and a portfolio manager at Amundi US.*

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| | |
|:---|:---|
| **Q:** | **How did the Portfolio perform over the 12-month period ended December 31, 2022?** |
| **A:** | Pioneer Fund VCT Portfolio's Class I shares returned -19.50% at net asset value during the 12-month period ended December 31, 2022, and Class II shares returned -19.68%, while the Portfolio's benchmark, the Standard & Poor's 500 Index (the S&P 500), returned -18.11%. |
| **Q:** | **How would you describe the market for equities during the 12-month period ended December 31, 2022?** |
| **A:** | The 12-month period ended December 31, 2022 featured heavy equity-market volatility, persistently high inflation readouts, and rising interest rates, all of which combined to lead to a broad retreat in the performance of domestic equities. |
|  | In response to high levels of inflation not seen in roughly 40 years, the US Federal Reserve (Fed) began raising the target range for the federal funds rate in March 2022, and also ended its pandemic-era quantitative easing (bond purchase) program. The Fed increased the federal funds rate's target range seven times between March and December 2022, including four consecutive increases of 75 basis points (bps) each from June to November 2022, an unprecedented occurrence (a basis point is equal to 1/100<sup>th</sup> of a percentage point). The Fed also enacted another 50-bps increase in interest rates in December, just before the end of the period. |
|  | The decline in the domestic equity market was particularly concentrated within growth stocks, which dramatically underperformed value stocks for the 12-month period. The broad US equity market, as measured by the S&P 500, registered a total return of -18.11% over the 12-month period, a significant drop-off from the 28.71% return the S&P 500 generated over the previous 12-month period ended December 31, 2021. |
|  | Market participants preferred value stocks over growth stocks during the past year, as shares of growth-oriented companies – which can be susceptible to rising interest rates, given that higher rates have tended to erode the value of those companies' earnings over the longer term – were shunned by investors in response to the Fed's attempts to combat inflation by increasing the federal funds target range. |
|  | During the 12-month period, the yield on the 10-year US Treasury bond rose from 1.51% (as of December 31, 2021) to 3.88% (as of December 31, 2022). That development presented a significant headwind to the performance of growth stocks, and particularly shares of those growth-oriented companies with high valuations based largely on future earnings. |
|  | Among the worst performers over the past year were the mega-cap technology stocks that had fared well during the COVID-19 pandemic in a |

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|:---|:---|
|  | stay-at-home environment. The four largest stocks in the S&P 500 – Apple, Microsoft, Alphabet, and Amazon.com – all fell by well over 20%. |
|  | Only two sectors in the S&P 500 managed to eke out positive returns for the year: energy and utilities. Meanwhile, consumer discretionary, communication services, and information technology were the worst performers in the S&P 500, each declining by between 28% and 39% for the 12-month period ended December 31, 2022. |
| **Q:** | **Which of your investment decisions either contributed positively to, or detracted from, the Portfolio's benchmark-relative performance during the 12-month period ended December 31, 2022?** |
| **A:** | The Portfolio underperformed the S&P 500 for the 12 months ended December 31, 2022. Style preference was the primary driver of the Portfolio's benchmark-relative underperformance for the full calendar year as ‒ consistent with our investment philosophy – the Portfolio was underweight versus the benchmark to low-price-to-earnings (P/E) stocks in favor of what we saw as higher-quality companies that we believe can sustain profits through a period of high inflation and declining economic growth. For the 12-month period ended December 31, 2022, low-P/E stocks outperformed as interest rates as well as the cost of capital have risen. On the other hand, the Portfolio's relative performance for the calendar year benefited from an underweight to stocks in the highest-P/E quintile within the S&P 500, due to our valuation discipline, which became an even bigger factor in the fourth quarter. However, the underweight to low-P/E stocks still offset that positive contribution and accounted for all of the Portfolio's relative underperformance for the full 2022 calendar year. (P/E Ratio reflects the price of a stock divided by its earnings per share. Cost of capital represents a calculation of the minimum return a company would need to justify a capital-budgeting project, such as building a new factory.) |
|  | At the sector level, stock selection results in the health care and financials sectors were the biggest drags on the Portfolio's relative returns. Meanwhile, stock selections in the communication services and information technology sectors benefited the Portfolio's relative performance. With regard to sector allocation, the Portfolio's overweight to the underperforming communication services sector detracted from relative returns, while an overweight to the strong-performing energy sector contributed positively to relative performance. Given its environmental, social, and governance (ESG) orientation, we have been selective with regard to the Portfolio's energy exposure, favoring companies that have been responsibly helping to meet short-term and longer-term energy demand. We favored the sector this past year, due to what we believe are attractive valuations amidst rising energy prices, though we have reduced the Portfolio's energy positions more recently. With regard to individual positions, Portfolio holdings that were key detractors from benchmark-relative returns for the 12-month period included Alphabet, Elanco Animal Health, and Live Nation Entertainment. Alphabet's share price was caught in the downdraft that affected the four largest mega-cap stocks in the S&P 500 during the period (discussed earlier), as investors sought out value over growth in an environment featuring rising interest rates. Elanco Animal Health was another detractor from the Portfolio's relative results for the period. While we have avoided investing the Portfolio in what we regard as distressed-value companies, as they do not meet our |

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| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Portfolio Management Discussion 12/31/22 (continued)

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|:---|:---|
|  | investment criteria, we will at times hold value stocks in the Portfolio that can require more patience for the investment thesis to play out. Elanco, an animal health provider, is an example. Our investment thesis for Elanco is that new products could lead to higher revenue growth and improved profitability. So far, the company has not delivered, which has caused the stock to underperform the broader market. However, we continue to believe that if Elanco is successful with both its new product-launch cycle and cost-cutting measures, investors' concerns could abate. In communication services, the Portfolio's position in Live Nation Entertainment hindered relative performance over the 12-month period. Despite producing good results in its most recent quarter, driven by a strong summer season, Live Nation's shares underperformed in the wake of scrutiny over the handling of ticket presales for an upcoming Taylor Swift tour. We continue to hold the shares in the Portfolio, and believe the recent issues do not present a long-term challenge to the sustainability of Live Nation's business. |
|  | Holdings of energy stocks contributed positively to the Portfolio's relative results for the 12-month period – including positions in Schlumberger and EOG Resources – as did lack of exposure to Tesla. Schlumberger is a leading oilfield services company. The shares made a significant, positive contribution to the Portfolio's relative performance during the 12-month period, as oil prices remained high due to tight supply and geopolitical tensions. Schlumberger is a dominant firm in the oilfield services space and is widely regarded as the technology leader, allowing the company to attain premium pricing and maintain a competitive edge. We believe Schlumberger emerged from the recent down cycle for energy firms as a leaner, less capital-intensive company, which could lead to a more sustainable business over the long-term. The company also plays a critical role in addressing climate change by helping oil and gas companies improve operational efficiency while reducing or avoiding emissions and lowering water usage. Schlumberger has been making investments in businesses that support clean energy, carbon capture services, and geothermal energy. EOG Resources is a low-cost oil and gas producer, which outperformed for the full 12-month period, mainly due to the sharp increase in energy prices seen earlier in the year. While the elevated prices have subsided, they have remained relatively high. Finally, lack of exposure to S&P 500 component Tesla benefited the Portfolio's relative performance for the period. Even despite its recent underperformance, Tesla has remained one of the highest-valuation stocks in the industry, and remains squarely within the top quintile of the S&P 500. Tesla faced a slew of difficulties in 2022, including missed sales estimates, falling demand amid recession fears and interest-rate hikes, heightened competition, and continued pandemic-induced production challenges. Investors have also grown concerned over CEO Elon Musk's purchase of Twitter, and whether he is dedicating too much of his time to that endeavor. We continue to believe that Tesla remains overvalued. |
|  | **Did the Portfolio have any exposure to derivative securities during the 12-month period ended December 31, 2022?** |
| **A:** | No, the Portfolio had no exposure to derivatives during the period. |
| **Q:** | **Could you discuss the Portfolio's commitment to ESG investing?** |
| **A:** | We consider environmental, social, and corporate governance (ESG) factors in our fundamental research and investment selection processes. We believe |

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| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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#### A Word About Risk:
**All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, market disruptions caused by tariffs, trade disputes or other government actions, or adverse investor sentiment. These conditions may continue, recur, worsen or spread.**

*The Portfolio generally excludes corporate issuers that do not meet or exceed minimum ESG standards. Excluding specific issuers limits the universe of investments available to the Portfolio, which may mean forgoing some investment opportunities available to portfolios without similar ESG standards.*

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| | |
|:---|:---|
|  | this information helps us gain a more complete understanding of a company and its business. We have historically followed ESG criteria in managing the Portfolio. However, ESG investment criteria were formally incorporated into the Portfolio's prospectus on July 1, 2018. The Portfolio generally will not invest in companies significantly involved in certain business activities, including but not limited to, the production of alcohol, tobacco products, and certain controversial military weapons, and the operation of thermal coal mines and gambling casinos and other gaming businesses. We also consider pertinent ESG information, including ESG ratings, in seeking to avoid investing in companies perceived to have the most ESG-related risk. |
| **Q:** | **What is your outlook as the Portfolio enters a new fiscal year?** |
| **A:** | We anticipate continued market volatility as the Fed raises interest rates, inflation concerns persist, and the Russia-Ukraine conflict continues. However, we have grown more optimistic as equity valuations have become much more attractive, and we think a recession, if it occurs, is likely to be a shallow one, given the financial health of consumers. We believe US equities remain the best risk-reward opportunity globally. |
|  | We believe maintaining balanced exposures to stocks that we think may benefit from higher prices and interest rates, such as shares of banks and energy firms; to reasonably priced growth stocks, such as shares of semiconductor companies; and to more defensively oriented stocks, is the ideal approach in the current investment environment. By comparison, we believe equities of hyper-growth, unprofitable companies could be vulnerable to valuation compression if interest rates continue to rise. We also think low-quality, distressed-value stocks may underperform, especially shares of companies with excessive debt loads. |
|  | As of the end of December, the Portfolio's largest overweights relative to the S&P 500 were to the materials, communication services, and information technology sectors, though we have decreased the size of the overweight to information technology, somewhat. Despite its weak performance in 2022, we continue to believe the communication services sector has a favorable risk-reward profile, given potential long-term secular drivers for companies in the sector, such as artificial intelligence. The Portfolio's biggest underweight positions versus the benchmark are in the consumer-related sectors, due to concerns about sluggish unit-volume growth, and valuations. The Portfolio is also slightly underweight to financials, though it is overweight to banks, with a preference for regional banks. The Portfolio also continues to have no exposure to the real estate and utilities sectors, which have tended to be interest-rate sensitive. |

---

#### Please refer to the Schedule of Investments on pages 8 to 10 for a full listing of Portfolio securities.

#### Past performance is no guarantee of future results.
***Any information in this shareholder report regarding market or economic trends or the factors influencing the Portfolio's historical or future performance are statements of opinion as of the date of this report.***

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| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Schedule of Investments 12/31/22

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| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 100.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks — 100.1% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 2.8%** |  |
| 18644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | $3241073 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Air Freight & Logistics** | &nbsp;&nbsp;&nbsp;&nbsp; $3241073 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 9.9%** |  |
| 127423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | $5016643 |
| 8191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp; 1293687 |
| 117380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp; 5050861 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp; $11361191 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 3.0%** |  |
| 2,921(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | $2107472 |
| 4,852(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp; 1401161 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Biotechnology** | &nbsp;&nbsp;&nbsp;&nbsp; $3508633 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 1.5%** |  |
| 10130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. | $1703461 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Markets** | &nbsp;&nbsp;&nbsp;&nbsp; $1703461 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 4.2%** |  |
| 46604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | $4885963 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp;&nbsp;&nbsp; $4885963 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction Materials — 3.3%** |  |
| 11152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | $3769041 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Construction Materials** | &nbsp;&nbsp;&nbsp;&nbsp; $3769041 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 1.3%** |  |
| 5672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | $1460937 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; $1460937 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 1.2%** |  |
| 24817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger, Ltd. | $1326717 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy Equipment & Services** | &nbsp;&nbsp;&nbsp;&nbsp; $1326717 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 4.0%** |  |
| 21061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | $2573233 |
| 28,974(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. | &nbsp;&nbsp; 2020647 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | &nbsp;&nbsp;&nbsp;&nbsp; $4593880 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food & Staples Retailing — 2.7%** |  |
| 6828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | $3116982 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food & Staples Retailing** | &nbsp;&nbsp;&nbsp;&nbsp; $3116982 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 1.0%** |  |
| 14998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic Plc | $1165645 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Equipment & Supplies** | &nbsp;&nbsp;&nbsp;&nbsp; $1165645 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 2.4%** |  |
| 5178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | $2745272 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Providers & Services** | &nbsp;&nbsp;&nbsp;&nbsp; $2745272 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 1.4%** |  |
| 1(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | $2015 |
| 20,391(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A | &nbsp;&nbsp; 1606811 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotels, Restaurants & Leisure** | &nbsp;&nbsp;&nbsp;&nbsp; $1608826 |

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#### 8
The accompanying notes are an integral part of these financial statements.

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| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interactive Media & Services — 7.0%** |  |
| 91,283(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | $8053899 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Interactive Media & Services** | &nbsp;&nbsp;&nbsp;&nbsp; $8053899 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail — 2.1%** |  |
| 29,240(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | $2456160 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Internet & Direct Marketing Retail** | &nbsp;&nbsp;&nbsp;&nbsp; $2456160 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services — 3.7%** |  |
| 27,228(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. | $2295320 |
| 9514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp; 1976629 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total IT Services** | &nbsp;&nbsp;&nbsp;&nbsp; $4271949 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 4.4%** |  |
| 11895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corp. | $3157171 |
| 3569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 1965412 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Life Sciences Tools & Services** | &nbsp;&nbsp;&nbsp;&nbsp; $5122583 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery — 3.6%** |  |
| 17085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | $4092883 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery** | &nbsp;&nbsp;&nbsp;&nbsp; $4092883 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 2.9%** |  |
| 89010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | $3382380 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metals & Mining** | &nbsp;&nbsp;&nbsp;&nbsp; $3382380 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 4.0%** |  |
| 35951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | $4656373 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil, Gas & Consumable Fuels** | &nbsp;&nbsp;&nbsp;&nbsp; $4656373 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal Products — 0.6%** |  |
| 2942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | $729940 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Personal Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $729940 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 4.2%** |  |
| 162,670(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc. | $1987827 |
| 7697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp; 2815871 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp;&nbsp;&nbsp; $4803698 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Road & Rail — 1.5%** |  |
| 8311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp. | $1720959 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Road & Rail** | &nbsp;&nbsp;&nbsp;&nbsp; $1720959 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 11.1%** |  |
| 32854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | $5389041 |
| 10088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp; 3803479 |
| 4410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp; 1853523 |
| 12062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 1762741 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors & Semiconductor Equipment** | &nbsp;&nbsp; $12808784 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 6.7%** |  |
| 6,917(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. | $2327778 |
| 22696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 5442955 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp; $7770733 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — 2.6%** |  |
| 9342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. | $2950764 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Specialty Retail** | &nbsp;&nbsp;&nbsp;&nbsp; $2950764 |

---

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

#### 9

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| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Schedule of Investments 12/31/22 (continued)

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| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 5.1%** |  |
| 44818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | $5823203 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Technology Hardware, Storage & Peripherals** | &nbsp;&nbsp;&nbsp;&nbsp; $5823203 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.9%** |  |
| 18754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | $2194405 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Textiles, Apparel & Luxury Goods** | &nbsp;&nbsp;&nbsp;&nbsp; $2194405 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (Cost $92,529,898)** | $115326334 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 0.0%† of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 0.0%†** |  |
| 70,611(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.19% | $70611 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $70611 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $70,611)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $70611 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 100.1%<br> (Cost $92,600,509)** | $115396945 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (0.1)%** | &nbsp;&nbsp;&nbsp;&nbsp; $(158343) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$115238602** |

---

(a) Non-income producing
security.

(b) Rate
periodically changes. Rate disclosed is the 7-day yield at December 31, 2022.

† Amount
rounds to less than 0.1%.

Purchases and sales of securities (excluding short-term investments) for the year ended December 31, 2022, aggregated $69,535,381 and $80,662,016, respectively.

At December 31, 2022, the net unrealized appreciation on investments based on cost for federal tax purposes of $93,856,609 was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $28843525 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | &nbsp;&nbsp;&nbsp;&nbsp;(7303189) |
| Net unrealized appreciation | $21540336 |

---

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – unadjusted quoted prices in active markets for identical securities. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements — Note 1A. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 – significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A. |

---

The following is a summary of the inputs used as of December 31, 2022, in valuing the Portfolio's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $115326334 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$115326334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open-End Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Securities** | **$115396945** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$115396945** |

---

During the year ended December 31, 2022, there were no transfers in or out of Level 3.

#### 10

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

------

[**Table of Contents**](#job_amund_a57ac56d-0692-4c8b-9634-784416fbe126_toc)

---

| | |
|:---|:---|
| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statement of Assets and Liabilities 12/31/22

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value (cost $92,600,509) | &nbsp;&nbsp;$115396945 |
| &nbsp;&nbsp;&nbsp;Receivables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$115519607** |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44265 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8192 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3584 |
| &nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$281005** |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$88645383 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26593219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;**$115238602** |
| **NET ASSET VALUE PER SHARE:** |  |
| No par value (unlimited number of shares authorized) |  |
| &nbsp;&nbsp;&nbsp;Class l (based on $94,581,206/7,245,574 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.05 |
| &nbsp;&nbsp;&nbsp;Class ll (based on $20,657,396/1,566,104 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.19 |

---

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

#### 11

------

[**Table of Contents**](#job_amund_a57ac56d-0692-4c8b-9634-784416fbe126_toc)

---

| | |
|:---|:---|
| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statement of Operations

#### FOR THE YEAR ENDED 12/31/22

---

| | | |
|:---|:---|:---|
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers | &nbsp;&nbsp;&nbsp;$1863375 |  |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1884458** |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$864511 |  |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39504 |  |
| &nbsp;&nbsp;&nbsp;Distribution fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ll | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57817 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |  |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71170 |  |
| &nbsp;&nbsp;&nbsp;Printing expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23895 |  |
| &nbsp;&nbsp;&nbsp;Officers' and Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9416 |  |
| &nbsp;&nbsp;&nbsp;Insurance expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4322 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;$1072010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$812448** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers |  | &nbsp;&nbsp;&nbsp;&nbsp;$4307131 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | $(35705012) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(528) | &nbsp;&nbsp;&nbsp;&nbsp;$(35705540) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(31398409)** |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(30585961)** |

---

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

------

[**Table of Contents**](#job_amund_a57ac56d-0692-4c8b-9634-784416fbe126_toc)

---

| | |
|:---|:---|
| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **FROM OPERATIONS:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$812448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$359031 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4307131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21275624 |
| Change in net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;(35705540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14626360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $(30585961) | &nbsp;&nbsp;&nbsp;&nbsp;$36261015 |
| **DISTRIBUTIONS TO SHAREOWNERS:** |  |  |
| &nbsp;&nbsp;&nbsp;Class l ($2.83 and $1.57 per share, respectively) | $(18350407) | &nbsp;&nbsp;&nbsp;&nbsp;$(10344714) |
| &nbsp;&nbsp;&nbsp;Class ll ($2.79 and $1.53 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;(3744196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1983925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareowners | $(22094603) | &nbsp;&nbsp;&nbsp;&nbsp;$(12328639) |
| **FROM PORTFOLIO SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;&nbsp;$8528281 | &nbsp;&nbsp;&nbsp;&nbsp;$13694036 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;22094603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12328639 |
| Cost of shares repurchased | &nbsp;&nbsp;&nbsp;(21681473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25539895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from Portfolio share transactions | &nbsp;&nbsp;&nbsp;&nbsp;$8941411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$482780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets** | **$(43739153)** | &nbsp;&nbsp;&nbsp;&nbsp;**$24415156** |
| **NET ASSETS:** |  |  |
| Beginning of year | $158977755 | &nbsp;&nbsp;&nbsp;&nbsp;$134562599 |
| End of year | **$115238602** | &nbsp;&nbsp;&nbsp;&nbsp;**$158977755** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year <br> Ended<br> 12/31/22<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/22<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21<br> Amount** |
| **Class l** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;163563 | &nbsp;&nbsp;&nbsp;&nbsp;$2572203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268243 | &nbsp;&nbsp;&nbsp;&nbsp;$5052659 |
| Reinvestment of distributions | &nbsp;&nbsp;1430043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18350407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10344714 |
| Less shares repurchased | (1072180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15903332) | &nbsp;&nbsp;&nbsp;&nbsp;(1039551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19121469) |
| &nbsp;&nbsp;&nbsp;Net increase<br> (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;521426 | &nbsp;&nbsp;&nbsp;&nbsp;$5019278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192041) | &nbsp;&nbsp;&nbsp;&nbsp;$(3724096) |
| **Class ll** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;355269 | &nbsp;&nbsp;&nbsp;&nbsp;$5956078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460082 | &nbsp;&nbsp;&nbsp;&nbsp;$8641377 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;289223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3744196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983925 |
| Less shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(370904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5778141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(348203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6418426) |
| &nbsp;&nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;273588 | &nbsp;&nbsp;&nbsp;&nbsp;$3922133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222166 | &nbsp;&nbsp;&nbsp;&nbsp;$4206876 |

---

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

#### 13

------

[**Table of Contents**](#job_amund_a57ac56d-0692-4c8b-9634-784416fbe126_toc)

---

| | |
|:---|:---|
| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** | &nbsp;&nbsp;**Year Ended<br> 12/31/20** | &nbsp;&nbsp;**Year Ended<br> 12/31/19** | &nbsp;&nbsp;**Year Ended<br> 12/31/18** |
| **Class l** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$19.80 | &nbsp;&nbsp;&nbsp;&nbsp;$16.83 | &nbsp;&nbsp;&nbsp;&nbsp;$14.95 | &nbsp;&nbsp;$13.52 | &nbsp;&nbsp;$18.29 |
| Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(4.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| **Net increase (decrease) from investment operations** | &nbsp;&nbsp;**$(3.92)** | &nbsp;&nbsp;&nbsp;&nbsp;**$4.54** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.30** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.99** | &nbsp;&nbsp;**$(0.06)** |
| Distributions to shareowners: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(2.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.52) |
| **Total distributions** | &nbsp;&nbsp;**$(2.83)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.57)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1.42)** | &nbsp;&nbsp;**$(2.56)** | &nbsp;&nbsp;**$(4.71)** |
| **Net increase (decrease) in net asset value** | &nbsp;&nbsp;**$(6.75)** | &nbsp;&nbsp;&nbsp;&nbsp;**$2.97** | &nbsp;&nbsp;&nbsp;&nbsp;**$1.88** | &nbsp;&nbsp;&nbsp;&nbsp;**$1.43** | &nbsp;&nbsp;**$(4.77)** |
| Net asset value, end of period | &nbsp;&nbsp;$13.05 | &nbsp;&nbsp;&nbsp;&nbsp;$19.80 | &nbsp;&nbsp;&nbsp;&nbsp;$16.83 | &nbsp;&nbsp;$14.95 | &nbsp;&nbsp;$13.52 |
| **Total return(b)** | &nbsp;&nbsp;&nbsp;**(19.50)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.98%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.28%** | &nbsp;&nbsp;&nbsp;&nbsp;**31.33%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.51)%(c)** |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% |
| Net assets, end of period (in thousands) | $94581 | &nbsp;&nbsp;$133162 | &nbsp;&nbsp;$116401 | &nbsp;&nbsp;$99853 | &nbsp;&nbsp;$84375 |

---

(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)%.

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

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

------

[**Table of Contents**](#job_amund_a57ac56d-0692-4c8b-9634-784416fbe126_toc)

---

| | |
|:---|:---|
| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** | &nbsp;&nbsp;**Year Ended<br> 12/31/20** | &nbsp;&nbsp;**Year Ended<br> 12/31/19** | &nbsp;&nbsp;**Year Ended<br> 12/31/18** |
| **Class ll** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$19.97 | &nbsp;&nbsp;$16.97 | &nbsp;&nbsp;$15.06 | &nbsp;&nbsp;$13.60 | &nbsp;&nbsp;$18.35 |
| Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(4.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| **Net increase (decrease) from investment operations** | &nbsp;&nbsp;**$(3.99)** | &nbsp;&nbsp;&nbsp;&nbsp;**$4.53** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.29** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.98** | &nbsp;&nbsp;**$(0.10)** |
| Distributions to shareowners: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(2.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.52) |
| **Total distributions** | &nbsp;&nbsp;**$(2.79)** | &nbsp;&nbsp;**$(1.53)** | &nbsp;&nbsp;**$(1.38)** | &nbsp;&nbsp;**$(2.52)** | &nbsp;&nbsp;**$(4.65)** |
| **Net increase (decrease) in net asset value** | &nbsp;&nbsp;**$(6.78)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.00** | &nbsp;&nbsp;&nbsp;&nbsp;**$1.91** | &nbsp;&nbsp;&nbsp;&nbsp;**$1.46** | &nbsp;&nbsp;**$(4.75)** |
| Net asset value, end of period | &nbsp;&nbsp;$13.19 | &nbsp;&nbsp;$19.97 | &nbsp;&nbsp;$16.97 | &nbsp;&nbsp;$15.06 | &nbsp;&nbsp;$13.60 |
| **Total return(b)** | &nbsp;&nbsp;&nbsp;**(19.68)%** | &nbsp;&nbsp;&nbsp;&nbsp;**27.65%** | &nbsp;&nbsp;&nbsp;&nbsp;**23.96%** | &nbsp;&nbsp;&nbsp;&nbsp;**31.03%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.74)%(c)** |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% |
| Net assets, end of period (in thousands) | $20657 | &nbsp;&nbsp;$25816 | &nbsp;&nbsp;$18162 | &nbsp;&nbsp;$13638 | &nbsp;&nbsp;$11237 |

---

(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)%.

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

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

#### 15

------

[**Table of Contents**](#job_amund_a57ac56d-0692-4c8b-9634-784416fbe126_toc)

---

| | |
|:---|:---|
| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Notes to Financial Statements 12/31/22

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 is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a diversified, open-end management investment company. The investment objectives of the Portfolio are reasonable income and capital growth.

The Portfolio offers two classes of shares designated as Class I and Class II shares. Each class of shares represents an interest in the same portfolio of investments of the Portfolio and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses, such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Trust gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareowner approval. Under per-share voting, each share of a class of the Portfolio is entitled to one vote. Under dollar-weighted voting, a shareowner's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class I shares.

Portfolio shares may be purchased only by insurance companies for the purpose of funding variable annuity and variable life insurance contracts or by qualified pension and retirement plans.

Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the Portfolio's investment adviser (the "Adviser"). Amundi Distributor US, Inc., an afﬁliate of the Adviser, serves as the Portfolio's distributor (the "Distributor").

Effective August 19, 2022, the Portfolio is required to comply with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Rule 18f-4 requires a fund to establish and maintain a comprehensive derivatives risk management program, appoint a derivatives risk manager and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"), unless the portfolio uses derivatives in only a limited manner (a "limited derivatives user"). The Portfolio is currently a limited derivatives user for purposes of Rule 18f-4.

The Portfolio is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). U.S. GAAP requires the management of the Portfolio to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the ﬁnancial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.

The following is a summary of signiﬁcant accounting policies followed by the Portfolio in the preparation of its ﬁnancial statements:

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| **A.** | **Security Valuation** |
|  | The net asset value of the Portfolio is computed once daily, on each day the New York Stock Exchange ("NYSE") is open, as of the close of regular trading on the NYSE. |
|  | Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods. |
|  | The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Portfolio's shares are determined as of such times. The Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities. |

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| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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|  | Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds' net asset value. |
|  | Securities for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser. Effective September 8, 2022, the Adviser is designated as the valuation designee for the Portfolio pursuant to Rule 2a-5 under the 1940 Act. The Adviser's fair valuation team is responsible for monitoring developments that may impact fair valued securities. |
|  | Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Adviser may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Portfolio's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Portfolio's securities may differ significantly from exchange prices, and such differences could be material. |
| **B.** | **Investment Income and Transactions** |
|  | Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Portfolio becomes aware of the ex-dividend data in the exercise of reasonable diligence. |
|  | Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities. |
|  | Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively. |
|  | Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. |
| **C.** | **Foreign Currency Translation** |
|  | The books and records of the Portfolio are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates. |
|  | Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments. |
| **D.** | **Federal Income Taxes** |
|  | It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of December 31, 2022, the Portfolio did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. |
|  | The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. |
|  | A portion of the dividend income recorded by the Portfolio is from distributions by publicly traded real estate investment trusts ("REITs"), and such distributions for tax purposes may also consist of capital gains and return of capital. The actual return of capital and capital gains portions of such distributions will be determined by formal notifications from |

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| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22 (continued)

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| the REITs subsequent to the calendar year-end. Distributions received from the REITs that are determined to be a return of capital are recorded by the Portfolio as a reduction of the cost basis of the securities held and those determined to be capital gain are reflected as such on the Statement of Operations. |
| The tax character of distributions paid during the years ended December 31, 2022 and December 31, 2021, was as follows: |

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|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9001013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2776642 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13093590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9551997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$22094603** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$12328639** |

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The following shows the components of distributable earnings (losses) on a federal income tax basis at December 31, 2022:

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|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** |
| **Distributable earnings/(losses):** |  |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$78363 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4974519 |
| Other book/tax temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21540336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$26593219** |

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The differences between book-basis and tax-basis net unrealized appreciation are attributable to the tax deferral of losses on wash sales.

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| **E.** | **Portfolio Shares and Class Allocations** |
|  | The Portfolio records sales and repurchases of its shares as of trade date. Distribution fees for Class II shares are calculated based on the average daily net asset value attributable to Class II shares of the Portfolio (see Note 5). Class I shares do not pay distribution fees. |
|  | Income, common expenses (excluding transfer agent and distribution fees) and realized and unrealized gains and losses are calculated at the Portfolio level and allocated daily to each class of shares based on its respective percentage of the adjusted net assets at the beginning of the day. |
|  | All expenses and fees paid to the Portfolio's transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4). |
|  | Dividends and distributions to shareowners are recorded on the ex-dividend date. Distributions paid by the Portfolio with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class I and Class II shares can reflect different transfer agent and distribution expense rates. |
| **F.** | **Risks** |
|  | The value of securities held by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inﬂation, changes in interest rates, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, ﬁnancial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. Recently, inflation and interest rates have increased and may rise further. These circumstances could adversely affect the value and liquidity of the Portfolio's investments, impair the Portfolio's ability to satisfy redemption requests, and negatively impact the Portfolio's performance. Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the ceiling on U.S. government debt could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets. |
|  | The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has |

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| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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| been greatly reduced for periods of time. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue to affect adversely the value and liquidity of the Portfolio's investments. Following Russia's invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical or other events or conditions. |
| Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. |
| The U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the U.S. has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Portfolio's assets may go down. |
| At times, the Portfolio's investments may represent industries or industry sectors that are interrelated or have common risks, making the Portfolio more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. The Portfolio's investments in foreign markets and countries with limited developing markets may subject the Portfolio to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions and the imposition of adverse governmental laws or currency exchange restrictions. |
| The Portfolio's investments in foreign markets and countries with limited developing markets may subject the Portfolio to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, less liquid trading markets, extreme price volatility, currency risks, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law, and investment and repatriation restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Portfolio's return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security. |
| The Portfolio may invest in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws. |
| Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia's military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Portfolio investments, on Portfolio performance and the value of an investment in the Portfolio, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally. |
| With the increased use of technologies such as the Internet to conduct business, the Portfolio is susceptible to operational, information security and related risks. While the Portfolio's Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent |

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| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22 (continued)

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| limitations in such plans and systems, including the possibility that certain risks have not been identiﬁed. Furthermore, the Portfolio cannot control the cybersecurity plans and systems put in place by service providers to the Portfolio such as the Portfolio's custodian and accounting agent, and the Portfolio's transfer agent. In addition, many beneﬁcial owners of Portfolio shares hold them through accounts at broker-dealers, retirement platforms and other ﬁnancial market participants over which neither the Portfolio nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Portfolio's service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in ﬁnancial losses, interference with the Portfolio's ability to calculate its net asset value, impediments to trading, the inability of Portfolio shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory ﬁnes, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks. |
| The Portfolio's prospectus contains unaudited information regarding the Portfolio's principal risks. Please refer to that document when considering the Portfolio's principal risks. |

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2. Management Agreement

The Adviser manages the Portfolio. Management fees payable under the Portfolio's Investment Management Agreement with the Adviser are calculated daily and paid monthly at the annual rate of 0.65% of the Portfolio's average daily net assets. For the year ended December 31, 2022, the effective management fee was equivalent to 0.65% of the Portfolio's average daily net assets.

In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Portfolio as administrative reimbursements.

3. Compensation of Officers and Trustees

The Portfolio pays an annual fee to its Trustees. The Adviser reimburses the Portfolio for fees paid to the Interested Trustees. Except for the chief compliance officer, the Portfolio does not pay any salary or other compensation to its officers. The Portfolio pays a portion of the chief compliance officer's compensation for his services as the Portfolio's chief compliance officer. Amundi US pays the remaining portion of the chief compliance officer's compensation. For the year ended December 31, 2022, the Portfolio paid $9,416 in Officers' and Trustees' compensation, which is reflected on the Statement of Operations as Officers' and Trustees' fees. At December 31, 2022, on its Statement of Assets and Liabilities, the Portfolio had a payable for Trustees' fees of $289 and a payable for administrative expenses of $3,584, which includes the payable for Officers' compensation.

4. Transfer Agent

BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Portfolio at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Portfolio's omnibus relationship contracts.

5. Distribution Plan

The Portfolio has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act with respect to Class II shares. Pursuant to the Plan, the Portfolio pays the Distributor a distribution fee of 0.25% of the average daily net assets attributable to Class II shares to compensate the Distributor for (1) distribution services and (2) personal and account maintenance services performed and expenses incurred by the Distributor in connection with the Portfolio's Class II shares.

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| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Report of Independent Registered Public Accounting Firm

#### 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 of the portfolios constituting Pioneer Variable Contracts Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Pioneer Fund VCT Portfolio (one of the portfolios constituting Pioneer Variable Contracts Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five 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 the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion

![](g469588img504a4d274.jpg)

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

Boston, Massachusetts<br> March 1, 2023

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Additional Information (unaudited)

For the year ended December 31, 2022, 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 of 20%. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.

The Portfolio designated $13,093,590 as long-term capital gains distributions during the year ended December 31, 2022. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.

The qualifying percentage of the Portfolio's ordinary income dividends for the purpose of the corporate dividends received deduction was 25.95%.

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| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Approval of Renewal of Investment Management Agreement

Amundi Asset Management US, Inc. ("Amundi US") serves as the investment adviser to Pioneer Fund VCT Portfolio (the "Portfolio") pursuant to an investment management agreement between Amundi US and the Portfolio. In order for Amundi US to remain the investment adviser of the Portfolio, the Trustees of the Portfolio, including a majority of the Portfolio's Independent Trustees, must determine annually whether to renew the investment management agreement for the Portfolio.

The contract review process began in January 2022 as the Trustees of the Portfolio agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2022, July 2022 and September 2022. In addition, the Trustees reviewed and discussed the Portfolio's performance at regularly scheduled meetings throughout the year, and took into account other information related to the Portfolio provided to the Trustees at regularly scheduled meetings, in connection with the review of the Portfolio's investment management agreement.

In March 2022, the Trustees, among other things, discussed the memorandum provided by Portfolio counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Portfolio, as well as the level of investment by the Portfolio's portfolio managers in the Portfolio. In July 2022, the Trustees, among other things, reviewed the Portfolio's management fees and total expense ratios, the financial statements of Amundi US and its parent companies, profitability analyses provided by Amundi US, and analyses from Amundi US as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of Amundi US as compared to that of Amundi US's fund management business, and considered the differences between the fees and expenses of the Portfolio and the fees and expenses of Amundi US's institutional accounts, as well as the different services provided by Amundi US to the Portfolio and to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees' request, in September 2022.

At a meeting held on September 20, 2022, based on their evaluation of the information provided by Amundi US and third parties, the Trustees of the Portfolio, including the Independent Trustees voting separately advised by independent counsel, unanimously approved the renewal of the investment management agreement for another year. In approving the renewal of the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.

#### Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Portfolio, taking into account the investment objective and strategy of the Portfolio. The Trustees also reviewed Amundi US's investment approach for the Portfolio and its research process. The Trustees considered the resources of Amundi US and the personnel of Amundi US who provide investment management services to the Portfolio. They also reviewed the amount of non-Portfolio assets managed by the portfolio managers of the Portfolio. They considered the non-investment resources and personnel of Amundi US that are involved in Amundi US's services to the Portfolio, including Amundi US's compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by Amundi US's senior management to the Pioneer Fund complex, including with respect to the increasing regulation to which the Pioneer Funds are subject. The Trustees considered the effectiveness of Amundi US's business continuity plan in response to the ongoing COVID-19 pandemic.

The Trustees considered that Amundi US supervises and monitors the performance of the Portfolio's service providers and provides the Portfolio with personnel (including Portfolio officers) and other resources that are necessary for the Portfolio's business management and operations. The Trustees also considered that, as administrator, Amundi US is responsible for the administration of the Portfolio's business and other affairs. The Trustees considered that the Portfolio reimburses Amundi US its pro rata share of Amundi US's costs of providing administration services to the Pioneer Funds.

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

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

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Approval of Renewal of Investment Management Agreement (continued)

#### Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Portfolio in comparison to the management fees of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are 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 the impact of the Portfolio's transfer agency and Portfolio- and Amundi US-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Portfolio's expense ratio.

The Trustees considered that the Portfolio's management fee for the most recent fiscal year was in the fourth quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees noted Amundi US's explanation of the reasons that the Portfolio's management fee was in the fourth quintile relative to the management fees paid by other funds in its Morningstar category. The Trustees considered that the expense ratio of the Portfolio's Class I shares for the most recent fiscal year was in the third quintile relative to its Strategic Insight peer group for the comparable period.

The Trustees reviewed management fees charged by Amundi US to institutional and other clients, including publicly offered European funds sponsored by Amundi US's affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered Amundi US's costs in providing services to the Portfolio and Amundi US's costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with Amundi US's client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Portfolio and other client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management fee for the Portfolio and considered that, under the investment management and administration agreements with the Portfolio, Amundi US performs additional services for the Portfolio that it does not provide to those other clients or services that are broader in scope, including oversight of the Portfolio's other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Portfolio is subject. The Trustees also considered the entrepreneurial risks associated with Amundi US's management of the Portfolio.

The Trustees concluded that the management fee payable by the Portfolio to Amundi US was reasonable in relation to the nature and quality of the services provided by Amundi US.

#### Profitability
The Trustees considered information provided by Amundi US regarding the profitability of Amundi US with respect to the advisory services provided by Amundi US to the Portfolio, including the methodology used by Amundi US in allocating certain of its costs to the management of the Portfolio. The Trustees also considered Amundi US's profit margin in connection with the overall operation of the Portfolio. They further reviewed the financial results, including the profit margins, realized by Amundi US from non-fund businesses. The Trustees considered Amundi US's profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Amundi US's profitability with respect to the management of the Portfolio was not unreasonable.

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

#### Other Benefits
The Trustees considered the other benefits that Amundi US enjoys from its relationship with the Portfolio. The Trustees considered the character and amount of fees paid or to be paid by the Portfolio, other than under the investment management agreement, for services provided by Amundi US and its affiliates. The Trustees further considered the revenues and profitability of Amundi US's businesses other than the fund business. To the extent applicable, the Trustees also

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| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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considered the benefits to the Portfolio and to Amundi US and its affiliates from the use of "soft" commission dollars generated by the Portfolio to pay for research and brokerage services.

The Trustees considered that Amundi US is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi's worldwide asset management business manages over $2.2 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US's relationship with Amundi creates potential opportunities for Amundi US and Amundi that derive from Amundi US's relationships with the Portfolio, including Amundi's ability to market the services of Amundi US globally. The Trustees noted that Amundi US has access to additional research and portfolio management capabilities as a result of its relationship with Amundi and Amundi's enhanced global presence that may contribute to an increase in the resources available to Amundi US. The Trustees considered that Amundi US and the Portfolio receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Portfolio, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Portfolio were reasonable.

#### Conclusion
After 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 and reasonable and voted to approve the proposed renewal of the investment management agreement.

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| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Trustees, Officers and Service Providers

The Portfolio's Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Portfolios within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Portfolio are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 51 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the "Pioneer Funds"). The address for all Trustees and all officers of the Portfolios is 60 State Street, Boston, Massachusetts 02109.

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Thomas J. Perna (72)<br> Chairman of the Board<br> and Trustee** | &nbsp;&nbsp;Trustee since 2006.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Private investor (2004 – 2008 and 2013 – present); Chairman (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. (technology products for securities lending industry); and Senior Executive Vice President, The Bank of New York (financial and securities services) (1986 – 2004) | &nbsp;&nbsp;Director, Broadridge Financial<br> Solutions, Inc. (investor<br> communications and securities<br> processing provider for financial<br> services industry) (2009 – present); Director, Quadriserv, Inc.<br> (2005 – 2013); and Commissioner,<br> New Jersey State Civil Service<br> Commission (2011 – 2015) |
| **John E. Baumgardner,<br> Jr. (71)\*<br> Trustee** | &nbsp;&nbsp;Trustee since 2019.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell LLP (law firm). | &nbsp;&nbsp;Chairman, The Lakeville Journal<br> Company, LLC, (privately-held<br> community newspaper group)<br> (2015-present) |
| **Diane Durnin (65)<br> Trustee** | &nbsp;&nbsp;Trustee since 2019.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Managing Director - Head of Product Strategy and Development, BNY Mellon Investment Management (investment management firm) (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): Executive Vice President Head of Product, BNY Mellon Investment Management (2007-2012); Executive Director- Product Strategy, Mellon Asset Management (2005-2007); Executive Vice President Head of Products, Marketing and Client Service, Dreyfus Corporation (investment management firm) (2000-2005); Senior Vice President Strategic Product and Business Development, Dreyfus Corporation (1994-2000) |  |
| **Benjamin M. Friedman (78)<br> Trustee** | &nbsp;&nbsp;Trustee since 2008.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;William Joseph Maier Professor of Political Economy, Harvard University (1972 – present) | &nbsp;&nbsp;Trustee, Mellon Institutional Funds<br> Investment Trust and Mellon<br> Institutional Funds Master Portfolio<br> (oversaw 17 portfolios in fund<br> complex) (1989 - 2008) |

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| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** |
| **Craig C. MacKay (59)<br> Trustee** | &nbsp;&nbsp;Trustee since 2021.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Partner, England & Company, LLC (advisory firm) (2012 – present); Group Head – Leveraged Finance Distribution, Oppenheimer & Company (investment bank) (2006 – 2012); Group Head – Private Finance & High Yield Capital Markets Origination, SunTrust Robinson Humphrey (investment bank) (2003 – 2006); and Founder and Chief Executive Officer, HNY Associates, LLC (investment bank) (1996 – 2003) | &nbsp;&nbsp;Director, Equitable Holdings, Inc. (financial services holding company) (2022 – present); Board Member of Carver Bancorp, Inc. (holding company) and Carver Federal Savings Bank, NA (2017 – present); Advisory Council Member, MasterShares ETF (2016 – 2017); Advisory Council Member, The Deal (financial market information publisher) (2015 – 2016); Board Co-Chairman and Chief Executive Officer, Danis Transportation Company (privately-owned commercial carrier) (2000 – 2003); Board Member and Chief Financial Officer, Customer Access Resources (privately-owned teleservices company) (1998 – 2000); Board Member, Federation of Protestant Welfare Agencies (human services agency) (1993 – present); and Board Treasurer, Harlem Dowling Westside Center (foster care agency) (1999 – 2018) |
| **Lorraine H. Monchak (66)<br> Trustee** | &nbsp;&nbsp;Trustee since 2017.<br> (Advisory Trustee from<br> 2014 - 2017). Serves<br> until a successor trustee<br> is elected or earlier<br> retirement or removal. | &nbsp;&nbsp;Chief Investment Officer, 1199 SEIU Funds (healthcare workers union pension funds) (2001 – present); Vice President – International Investments Group, American International Group, Inc. (insurance company) (1993 – 2001); Vice President – Corporate Finance and Treasury Group, Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability Management Group, Federal Farm Funding Corporation (government-sponsored issuer of debt securities) (1988 – 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 – 1988); Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 – 1987) |  |
| **Marguerite A. Piret (74)<br> Trustee** | &nbsp;&nbsp;Trustee since 1995.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Chief Financial Officer, American Ag Energy, Inc. (controlled environment and agriculture company) (2016 – present); President and Chief Executive Officer, Metric Financial Inc. (formerly known as Newbury Piret Company) (investment banking firm) (1981 – 2019) | &nbsp;&nbsp;Director of New America High<br> Income Fund, Inc. (closed-end<br> investment company) (2004 –<br> present); and Member, Board of<br> Governors, Investment Company<br> Institute (2000 – 2006) |

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| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Trustees, Officers and Service Providers (continued)

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** |
| **Fred J. Ricciardi (75)<br> Trustee** | &nbsp;&nbsp;Trustee since 2014.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Private investor (2020 – present); Consultant (investment company services) (2012 – 2020); Executive Vice President, BNY Mellon (financial and investment company services) (1969 – 2012); Director, BNY International Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas Investment Corp. (financial services) (2009 – 2012); Director, Financial Models (technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial services) (1999-2006); Chairman, BNY Alternative Investment Services, Inc. (financial services) (2005-2007) |  |
| \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Lisa M. Jones (60)\*\*<br> Trustee, President and Chief<br> Executive Officer** | &nbsp;&nbsp;Trustee since 2017. Serves<br> until a successor trustee is<br> elected or earlier retirement<br> or removal | &nbsp;&nbsp;Director, CEO and President of Amundi US, Inc. (investment management firm) (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Director, CEO and President of Amundi Distributor US, Inc. (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and Amundi Asset Management US, Inc. (September 2014 – 2018); Managing Director, Morgan Stanley Investment Management (investment management firm) (2010 – 2013); Director of Institutional Business, CEO of International, Eaton Vance Management (investment management firm) (2005 – 2010); Director of Amundi Holdings US, Inc. (since 2017) | &nbsp;&nbsp;Director of Clearwater Analytics (provider of web-based investment accounting software for reporting and reconciliation services) (September 2022 – present) |
| **Kenneth J. Taubes (64)\*\*<br> Trustee** | &nbsp;&nbsp;Trustee since 2014. Serves<br> until a successor trustee is<br> elected or earlier retirement<br> or removal | &nbsp;&nbsp;Director and Executive Vice President (since 2008) and Chief Investment Officer, U.S. (since 2010) of Amundi US, Inc. (investment management firm); Director and Executive Vice President and Chief Investment Officer, U.S. of Amundi US (since 2008); Executive Vice President and Chief Investment Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); Portfolio Manager of Amundi US (since 1999); Director of Amundi Holdings US, Inc. (since 2017) |  |
| \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. |

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|:---|:---|
| **Pioneer Fund VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During<br> At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Trust Officers** | **Trust Officers** | **Trust Officers** | **Trust Officers** |
| **Christopher J. Kelley (58)<br> Secretary and Chief<br> Legal Officer** | &nbsp;&nbsp;Since 2003. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Vice President and Associate General Counsel of Amundi US since January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; Vice President and Senior Counsel of Amundi US from July 2002 to December 2007 |  |
| **Thomas Reyes (60)<br> Assistant Secretary** | &nbsp;&nbsp;Since 2010. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Assistant General Counsel of Amundi US since May 2013 and Assistant Secretary of all the Pioneer Funds since June 2010; Counsel of Amundi US from June 2007 to May 2013 |  |
| **Heather L. Melito-Dezan (46)<br> Assistant Secretary** | &nbsp;&nbsp;Since 2022. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director - Trustee and Board Relationships of Amundi US since September 2019; Private practice from 2017 – 2019. |  |
| **Anthony J. Koenig, Jr. (59)<br> Treasurer and<br> Chief Financial and<br> Accounting Officer** | &nbsp;&nbsp;Since 2021. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Managing Director, Chief Operations Officer and Fund Treasurer of Amundi US since May 2021; Treasurer of all of the Pioneer Funds since May 2021; Assistant Treasurer of all of the Pioneer Funds from January 2021 to May 2021; and Chief of Staff, US Investment Management of Amundi US from May 2008 to January 2021 |  |
| **Luis I. Presutti (57)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2000. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer of all of the Pioneer Funds since 1999 |  |
| **Gary Sullivan (64)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2002. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant Treasurer of all of the Pioneer Funds since 2002 |  |
| **Antonio Furtado (40)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2020. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Fund Oversight Manager – Fund Treasury of Amundi US since 2020; Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior Fund Treasury Analyst from 2012 - 2020 |  |
| **Michael Melnick (51)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2021. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Vice President - Deputy Fund Treasurer of Amundi US since May 2021; Assistant Treasurer of all of the Pioneer Funds since July 2021; Director of Regulatory Reporting of Amundi US from 2001 – 2021; and Director of Tax of Amundi US from 2000 - 2001 |  |
| **John Malone (52)<br> Chief Compliance Officer** | &nbsp;&nbsp;Since 2018. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Managing Director, Chief Compliance Officer of Amundi US Asset Management; Amundi Asset Management US, Inc.; and the Pioneer Funds since September 2018; Chief Compliance Officer of Amundi Distributor US, Inc. since January 2014. |  |
| **Brandon Austin (50)<br> Anti-Money<br> Laundering Officer** | &nbsp;&nbsp;Since 2022. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director, Financial Security – Amundi Asset Management; Anti-Money Laundering Officer of all the Pioneer Funds since March 2022: Director of Financial Security of Amundi US since July 2021; Vice President, Head of BSA, AML and OFAC, Deputy Compliance Manager, Crédit Agricole Indosuez Wealth Management (investment management firm) (2013 – 2021) |  |

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Proxy Voting Policies and Procedures of the Portfolio are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Portfolio voted proxies relating to Portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundi.com/us. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov.

![](g469588img52bf0a661.gif)

18649-17-0223

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## Pioneer Variable Contracts Trust

## Pioneer Real Estate Shares

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## VCT Portfolio
Class I and II Shares

Annual Report \| December 31, 2022

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

![](g469588img76e48a451.gif)

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Pioneer Variable Contracts Trust

#### **Table of Contents**

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#### Pioneer Real Estate Shares VCT Portfolio

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| | |
|:---|:---|
| [Portfolio and Performance Update](#xx_8b897f1e-ac26-4453-8a05-6c8f819715cd_1) | 2 |
| [Comparing Ongoing Portfolio Expenses](#xx_998cb689-5e06-4ca1-899d-ecdcdddaac56_1) | 3 |
| [Portfolio Management Discussion](#xx_9d71de71-0e03-42c7-9f29-8af1a7ce8b3d_1) | 4 |
| [Schedule of Investments](#xx_1c01f04c-9c14-490b-96b4-441bee8e46df_1) | 7 |
| [Financial Statements](#xx_d566a7f6-69f0-45e9-8885-43c8803417c7_1) | 9 |
| [Notes to Financial Statements](#xx_a9bd99f4-629a-43e6-8a4e-085da31b5360_1) | 14 |
| [Report of Independent Registered Public Accounting Firm](#xx_fd4bb165-2424-4322-888f-dc320dda39c3_1) | 19 |
| [Additional Information (unaudited)](#xx_63a91025-7ee7-4cbc-8de6-2479046f6164_1) | 20 |
| [Approval of Renewal of Investment Management Agreement](#xx_31a3e31e-d8ab-45c7-a63d-4d2245d0a022_1) | 21 |
| [Trustees, Officers and Service Providers](#xx_3374e375-3c3e-4391-b73f-5112fac77526_1) | 24 |

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This report is authorized for distribution only when preceded or accompanied by a prospectus for the Portfolio being offered.

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

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| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Portfolio Update 12/31/22

#### Sector Distribution
(As a percentage of total investments)\*

![](g469588img8d00f2cd2.jpg)

#### 5 Largest Holdings

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| | | |
|:---|:---|:---|
| (As a percentage of total investments)\* | (As a percentage of total investments)\* | (As a percentage of total investments)\* |
| &nbsp;&nbsp;1. | Prologis, Inc. | 9.14% |
| &nbsp;&nbsp;2. | Gaming and Leisure Properties, Inc. | 5.76 |
| &nbsp;&nbsp;3. | Public Storage | 5.41 |
| &nbsp;&nbsp;4. | Kimco Realty Corp. | 4.99 |
| &nbsp;&nbsp;5. | Realty Income Corp. | 4.95 |

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<br> \* Excludes short-term investments and all derivative contracts except for options purchased. The Portfolio is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.

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#### Performance Update 12/31/22

#### Prices and Distributions

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| | | |
|:---|:---|:---|
| **Net Asset Value per Share** | **12/31/22** | **12/31/21** |
| Class l | $6.69 | $10.65 |
| Class ll | $6.73 | $10.69 |

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| | | | |
|:---|:---|:---|:---|
| **Distributions per Share<br> (1/1/22 - 12/31/22)** | **Net <br> Investment<br> Income** | **Short-Term <br> Capital Gains** | **Long-Term <br> Capital Gains** |
| Class l | $0.1640 | $— | $0.5398 |
| Class ll | $0.1297 | $— | $0.5398 |

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#### Performance of a $10,000 Investment
The following chart shows the change in value of an investment made in Class I and Class II shares of **Pioneer Real Estate Shares VCT Portfolio** at net asset value during the periods shown, compared to that of the Morgan Stanley Capital International (MSCI) U.S. REIT Index. Portfolio returns are based on net asset value and do not reflect any applicable insurance fees or surrender charges.

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| | |
|:---|:---|
| ![](g469588imgb6851f633.gif) | &nbsp;&nbsp;The MSCI U.S. REIT Index is an unmanaged, widely used index comprising a broad representation of the most actively traded real estate trusts, and is designed to be a measure of real estate equity performance. Index returns are calculated monthly, assume reinvestment of dividends and do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. |

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#### Average Annual Total Returns
(As of December 31, 2022)

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**Class II** | &nbsp;&nbsp;&nbsp;&nbsp;**MSCI U.S.<br> REIT Index** |
| 10 Years | &nbsp;&nbsp;&nbsp;&nbsp;5.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48% |
| 5 Years | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69% |
| 1 Year | &nbsp;&nbsp;-30.84% | &nbsp;&nbsp;&nbsp;&nbsp;-31.02% | &nbsp;&nbsp;&nbsp;&nbsp;-24.51% |

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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 on distributions or the redemption of shares.

Effective January 1, 2018, the Adviser became directly responsible for portfolio management of the Portfolio. The performance shown for periods prior to January 1, 2018 reﬂects the investment strategies employed during those periods.

#### Call 1-800-688-9915 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
**The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.**

The returns for the Portfolio do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges. These expenses would reduce the overall returns shown.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, performance would be lower. Waivers may not be in effect for all portfolios. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

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| | |
|:---|:---|
| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Comparing Ongoing Portfolio Expenses

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 to compare 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 held throughout the six months.

#### Using the Tables

#### Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this 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
$1,000<br> Example: 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 Real Estate Shares VCT Portfolio
Based on actual returns from July 1, 2022 through December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Share Class** | **l** | **ll** |
| Beginning Account Value on 7/1/22 | $1000.00 | $1000.00 |
| Ending Account Value (after expenses) on 12/31/22 | &nbsp;&nbsp;&nbsp;$926.40 | &nbsp;&nbsp;&nbsp;$925.00 |
| Expenses Paid During Period\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.67 |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Expenses are equal to the Portfolio's annualized net expense ratio of 1.33% and 1.58% for Class I and Class II shares, respectively, multiplied by the average account value 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 the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account 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. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of 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 any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different 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 Real Estate Shares VCT Portfolio
Based on a hypothetical 5% return per year before expenses, reflecting the period from July 1, 2022 through December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Share Class** | **l** | **ll** |
| Beginning Account Value on 7/1/22 | $1000.00 | $1000.00 |
| Ending Account Value (after expenses) on 12/31/22 | $1018.50 | $1017.24 |
| Expenses Paid During Period\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.03 |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Expenses are equal to the Portfolio's annualized net expense ratio of 1.33% and 1.58% for Class I and Class II shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

------

[**Table of Contents**](#job_amund_629faaef-7cc3-499d-a8d9-4c61857add60_toc)

---

| | |
|:---|:---|
| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Portfolio Management Discussion 12/31/22

#### Call 1-800-688-9915 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
**The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.**

The returns for the Portfolio do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges. These expenses would reduce the overall returns shown.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, performance would be lower. Waivers may not be in effect for all portfolios. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

***Note to Shareholders: The Trustees of Pioneer Variable Contracts Trust have authorized the liquidation of Pioneer Real Estate Shares VCT Portfolio. It is anticipated that the Portfolio will be liquidated on or about April 28, 2023.***

*In the following interview, Raymond Haddad discusses the market environment for real estate investment trusts (REITs) and other real estate-related investments and the factors that influenced the performance of Pioneer Real Estate Shares VCT Portfolio during the 12-month reporting period ended December 31, 2022. Mr. Haddad, a vice president and portfolio manager at Amundi Asset Management US, Inc. (Amundi US), is responsible for the day-to-day management of the Portfolio.*

---

| | |
|:---|:---|
| **Q:** | **How did the Portfolio perform during the 12-month period ended December 31, 2022?** |
| **A:** | Pioneer Real Estate Shares VCT Portfolio's Class I shares returned -30.84% at net asset value during the 12-month period ended December 31, 2022, and Class II shares returned -31.02%, while the Portfolio's benchmark, the Morgan Stanley Capital International (MSCI) US Real Estate Investment Trust (REIT) Index\*, returned -24.51%. |
| **Q:** | **How would you describe the market environment for investing in US REITs during the 12-month period ended December 31, 2022?** |
| **A:** | The Russian-Ukraine war, supply-chain challenges, high inflation, and the Federal Reserve's (Fed's) aggressive tightening of monetary policy weighed on investor sentiment during the 12-month period, leading to significant losses in equity markets, and especially for REITs. |
|  | To tackle the stubbornly high inflation, the Fed increased the target range of its benchmark federal funds rate seven times in 2022, taking the target from near-zero to 4.25%-4.50%. The rate-hiking cycle by the Fed included four unusually large 0.75% interest-rate increases. REITs, along with the broader equity markets, did regain some ground in the fourth quarter, due to signs that inflation was moderating, and to optimism among investors that the Fed's pace of monetary tightening could slow heading into 2023. However, that optimism faded as hawkish rhetoric from the Fed during December heightened investors' fears about a potential recession. |
|  | Amid the bearish market sentiment, most major asset classes posted negative returns for the 12-month period. Calendar 2022 was the worst year on record for US bonds, in fact, with the Bloomberg US Aggregate Bond Index, a broad measure of US fixed-income markets, finishing well into |

---

\* The MSCI information may only be used for your internal use, may not be reproduced or re-disseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.

------

[**Table of Contents**](#job_amund_629faaef-7cc3-499d-a8d9-4c61857add60_toc)

---

| | |
|:---|:---|
| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | |
|:---|:---|
|  | negative territory, at -13.01%. Stocks also struggled, with the Standard & Poor's 500 Index, a broad measure of US equity-market performance, returning -18.11% for the 12-month period. |
|  | Amid the deceleration in fundamentals, the US real estate market experienced a slowdown in merger-and-acquisition activity during the period. REITs faced idiosyncratic challenges as well. Historically, investors have often turned to REITs as a hedge against inflation, due to the ability of most REIT subsectors to pass along higher costs to their tenants. However, recession worries have led to fears of rising unemployment and to questions about the ability of tenants to meet their rent obligations. Additionally, REITs are a capital-intensive business, and so investors have been worried that higher interest rates could weigh on future earnings. |
| **Q:** | **Which of your investments or strategies detracted from the Portfolio's benchmark-relative performance during the 12-month period ended December 31, 2022?** |
| **A:** | The Portfolio's positioning within two REIT subsectors accounted for much of the benchmark-relative underperformance for the 12-month period. An overweight position in the underperforming warehouse (industrial) REIT sector detracted the most from benchmark-relative returns. Despite business fundamentals remaining resilient throughout the period, warehouses have struggled because they have been perceived as higher-risk, long-duration assets. (Long-duration assets, from an equity standpoint, require more time than short-duration assets to produce income, and higher interest rates can erode the value of future earnings for longer-duration equities.) In addition, an overweight position in self-storage REITS detracted from the Portfolio's relative results. Historically, the self-storage sector has proved resilient during economic slowdowns, but the collapse in housing starts has had the effect of curtailing the ability of people to move, thus, in our view, reducing demand for the self-storage space. |
|  | Individual Portfolio positions that were key detractors from benchmark-relative returns during the period included East Group Properties (EGP) and National Storage Affiliates (NSA). As with the industrial REIT sector in general, the Portfolio's investment in EGP underperformed, due to worries about Amazon.com's slowing warehouse leasing needs. NSA, a self-storage REIT focused on secondary and tertiary markets, experienced a slowdown in rental-rate increases in 2022, after a stronger showing in 2021. |
| **Q:** | **Which of your investments or strategies aided the Portfolio's benchmark-relative performance during the 12-month period ended December 31, 2022?** |
| **A:** | The top positive contributor to the Portfolio's benchmark-relative returns during the 12-month period was an overweight position in Gaming & Leisure Properties (GLPI), which outperformed. GLPI owns casino properties leased to gaming companies. Casinos benefited during the period from a solid consumer and from Consumer Price Index escalators in their tenant contracts, which tended to shield them from the effects of rising inflation. Another key positive contributor to the Portfolio's relative returns for the period was an investment in multifamily REIT, Preferred Apartment Communities (APTS). The shares rallied on an announcement that the company was to be acquired at a substantional premium over APTS's closing stock price the day before the deal was announced. |

---

------

[**Table of Contents**](#job_amund_629faaef-7cc3-499d-a8d9-4c61857add60_toc)

---

| | |
|:---|:---|
| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Portfolio Management Discussion 12/31/22 (continued)

#### A Word About Risk:
**All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, market disruptions caused by tariffs, trade disputes or other government actions, or adverse investor sentiment. These conditions may continue, recur, worsen or spread.**

The Portfolio invests in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws.

The Portfolio may invest in fewer than 40 securities and, as a result, its performance may be more volatile than the performance of other portfolios holding more securities.

Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.

The market price of securities may fluctuate when interest rates change. When interest rates rise, the prices of fixed income securities in the Portfolio will generally fall. Conversely, when interest rates fall, the prices of fixed income securities in the Portfolio will generally rise.

---

| | |
|:---|:---|
|  | The Portfolio continues to hold a benchmark-relative underweight exposure to office REITs. We have limited the Portfolio's office REIT exposure due to structural issues facing that segment of the market, including increased capital intensity, labor and property-tax cost increases, and work-from-home trends. Consequently, we have de-emphasized investing the Portfolio in the large-office REIT segment, which underperformed during the 12-month period, and so that positioning benefited relative returns. Finally, the Portfolio's relative performance also benefited from our decision to avoid investing in many of the poorer-performing REITs in the apartment sector, given our preference for non-coastal REITs versus coastal REITs. |
| **Q:** | **Did the Portfolio have exposure to any derivative securities during the 12-month period ended December 31, 2022?** |
| **A:** | No, the Portfolio had no exposure to derivative investments during the 12-month period. |
| **Q:** | **What is your outlook for REITs as 2023 begins?** |
| **A:** | Looking ahead, we believe the US real estate market faces a challenging macroeconomic environment, with high, but slowly moderating inflation. That backdrop may force the Fed to keep interest rates higher for a longer period of time, in our view. With investors concerned about a coming recession, the general health of the consumer, and tenant credit quality across several subsectors of the REIT universe, we think the outlook for the asset class remains cloudy. We feel those are legitimate concerns that could contribute to a further slowdown in earnings. |
|  | Stock selection will continue to be key in this environment, in our view, and we have remained focused on investing the Portfolio in what we believe to be high-quality, higher-growth companies, and in economically resilient sectors within the MSCI US REIT Index, many of which experienced valuation corrections during 2022. |

---

#### Please refer to the Schedule of Investments on pages 7 to 8 for a full listing of Portfolio securities.

#### Past performance is no guarantee of future results.
***Any information in this shareholder report regarding market or economic trends or the factors influencing the Portfolio's historical or future performance are statements of opinion as of the date of this report.***

------

[**Table of Contents**](#job_amund_629faaef-7cc3-499d-a8d9-4c61857add60_toc)

---

| | |
|:---|:---|
| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 100.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks — 97.3% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) — 94.1%** |  |
| 7574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corp. | $537224 |
| 7344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | &nbsp;&nbsp; 137553 |
| 1257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexander's, Inc. | &nbsp;&nbsp; 276615 |
| 6826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp; 205736 |
| 18477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apartment Investment and Management Co., Class A | &nbsp;&nbsp; 131556 |
| 44515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp; 702447 |
| 8996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. | &nbsp;&nbsp; 103454 |
| 24082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp; 545939 |
| 1681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp; 188070 |
| 7469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp; 138774 |
| 11899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chatham Lodging Trust | &nbsp;&nbsp; 146001 |
| 4440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Office Properties Trust | &nbsp;&nbsp; 115174 |
| 3937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | &nbsp;&nbsp; 582912 |
| 13512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Commonwealth | &nbsp;&nbsp; 337395 |
| 7117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp; 459758 |
| 13507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp; 317009 |
| 4836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp; 711762 |
| 18088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | &nbsp;&nbsp; 942204 |
| 5171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Getty Realty Corp. | &nbsp;&nbsp; 175038 |
| 9119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp; 228613 |
| 2922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. | &nbsp;&nbsp; 296145 |
| 12267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp; 611510 |
| 38531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp; 816087 |
| 10642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp; 224014 |
| 4207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp; 660457 |
| 8430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Health Investors, Inc. | &nbsp;&nbsp; 440215 |
| 19247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp; 537954 |
| 7691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | &nbsp;&nbsp; 244881 |
| 13254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp; 1494123 |
| 3156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp; 884280 |
| 2280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rayonier, Inc. | &nbsp;&nbsp; 75149 |
| 12775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp; 810318 |
| 11873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | &nbsp;&nbsp; 648741 |
| 4293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp; 351082 |
| 4340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | &nbsp;&nbsp; 207148 |
| 9218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urstadt Biddle Properties, Inc., Class A | &nbsp;&nbsp; 174681 |
| 4408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP Carey, Inc. | &nbsp;&nbsp; 344485 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Real Estate Investment Trusts (REITs)** | $15804504 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 2.0%** |  |
| 3764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennar Corp., Class A | $340642 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Household Durables** | &nbsp;&nbsp;&nbsp;&nbsp; $340642 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management & Development — 1.2%** |  |
| 1,568(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A | $120673 |
| 1,669(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRP Holdings, Inc. | &nbsp;&nbsp; 89892 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Real Estate Management & Development** | &nbsp;&nbsp;&nbsp;&nbsp; $210565 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (Cost $15,089,736)** | $16355711 |

---

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

#### 7

------

[**Table of Contents**](#job_amund_629faaef-7cc3-499d-a8d9-4c61857add60_toc)

---

| | |
|:---|:---|
| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 2.7% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 2.7%** |  |
| 445,260(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.19% | $445260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $445260 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $445,260)** | &nbsp;&nbsp;&nbsp;&nbsp; $445260 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 100.0%<br> (Cost $15,534,996)** | $16800971 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2517 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$16803488** |

---

(a) Non-income producing
security.

(b) Rate
periodically changes. Rate disclosed is the 7-day yield at December 31, 2022.

Purchases and sales of securities (excluding short-term investments) for the year ended December 31, 2022, aggregated $26,247,791 and $29,176,490, respectively.

At December 31, 2022, the net unrealized appreciation on investments based on cost for federal tax purposes of $15,573,862 was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $2221233 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | &nbsp;&nbsp;&nbsp;&nbsp;(994124) |
| Net unrealized appreciation | $1227109 |

---

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – unadjusted quoted prices in active markets for identical securities. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements — Note 1A. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 – significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A. |

---

The following is a summary of the inputs used as of December 31, 2022, in valuing the Portfolio's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $16355711 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$16355711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open-End Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Securities** | **$16800971** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$16800971** |

---

During the year ended December 31, 2022, there were no transfers in or out of Level 3.

#### 8

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

------

[**Table of Contents**](#job_amund_629faaef-7cc3-499d-a8d9-4c61857add60_toc)

---

| | |
|:---|:---|
| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statement of Assets and Liabilities 12/31/22

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value (cost $15,534,996) | &nbsp;&nbsp;$16800971 |
| &nbsp;&nbsp;&nbsp;Receivables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$16877681** |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareowner fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
| &nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$74193** |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$15594641 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;**$16803488** |
| **NET ASSET VALUE PER SHARE:** |  |
| No par value (unlimited number of shares authorized) |  |
| &nbsp;&nbsp;&nbsp;Class I (based on $4,538,355/678,778 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.69 |
| &nbsp;&nbsp;&nbsp;Class II (based on $12,265,133/1,823,615 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.73 |

---

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

#### 9

------

[**Table of Contents**](#job_amund_629faaef-7cc3-499d-a8d9-4c61857add60_toc)

---

| | |
|:---|:---|
| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statement of Operations

#### FOR THE YEAR ENDED 12/31/22

---

| | | |
|:---|:---|:---|
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers | $571919 |  |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**$572221** |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | $166945 |  |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;12322 |  |
| &nbsp;&nbsp;&nbsp;Distribution fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II | &nbsp;&nbsp;&nbsp;&nbsp;37884 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 |  |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;74557 |  |
| &nbsp;&nbsp;&nbsp;Printing expense | &nbsp;&nbsp;&nbsp;&nbsp;13993 |  |
| &nbsp;&nbsp;&nbsp;Officers' and Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7943 |  |
| &nbsp;&nbsp;&nbsp;Insurance expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;$315421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;**$256800** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$72070 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers |  | &nbsp;&nbsp;&nbsp;&nbsp;$(8552073) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(8480003)** |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(8223203)** |

---

#### 10
The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_amund_629faaef-7cc3-499d-a8d9-4c61857add60_toc)

---

| | |
|:---|:---|
| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **FROM OPERATIONS:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$256800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$71618 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4153400 |
| Change in net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(8552073) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4292421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$(8223203) | &nbsp;&nbsp;&nbsp;&nbsp;$8517439 |
| **DISTRIBUTIONS TO SHAREOWNERS:** |  |  |
| &nbsp;&nbsp;&nbsp;Class I ($0.70 and $0.10 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;$(478419) | &nbsp;&nbsp;&nbsp;&nbsp;$(71428) |
| &nbsp;&nbsp;&nbsp;Class II ($0.67 and $0.09 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;(1193811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareowners | &nbsp;&nbsp;$(1672230) | &nbsp;&nbsp;&nbsp;&nbsp;$(255287) |
| **FROM PORTFOLIO SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;$1608577 | &nbsp;&nbsp;&nbsp;&nbsp;$1865535 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255287 |
| Cost of shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(4650572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4721070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from Portfolio share transactions | &nbsp;&nbsp;$(1369765) | &nbsp;&nbsp;&nbsp;&nbsp;$(2600248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets** | **$(11265198)** | &nbsp;&nbsp;&nbsp;&nbsp;**$5661904** |
| **NET ASSETS:** |  |  |
| Beginning of year | $28068686 | &nbsp;&nbsp;&nbsp;&nbsp;$22406782 |
| End of year | **$16803488** | &nbsp;&nbsp;&nbsp;&nbsp;**$28068686** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year <br> Ended<br> 12/31/22<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/22<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21<br> Amount** |
| **Class I** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;102132 | &nbsp;&nbsp;&nbsp;&nbsp;$739181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46759 | &nbsp;&nbsp;&nbsp;&nbsp;$423803 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;67552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71428 |
| Less shares repurchased | (198092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1493230) | &nbsp;&nbsp;&nbsp;&nbsp;(118656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1054900) |
| &nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;(28408) | &nbsp;&nbsp;&nbsp;&nbsp;$(275630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64285) | &nbsp;&nbsp;&nbsp;&nbsp;$(559669) |
| **Class II** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;108577 | &nbsp;&nbsp;&nbsp;&nbsp;$869396 | &nbsp;&nbsp;&nbsp;&nbsp;154473 | &nbsp;&nbsp;&nbsp;&nbsp;$1441732 |
| Reinvestment of distributions | &nbsp;&nbsp;168247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183859 |
| Less shares repurchased | (375366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3157342) | &nbsp;&nbsp;&nbsp;&nbsp;(406146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3666170) |
| &nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;(98542) | &nbsp;&nbsp;&nbsp;&nbsp;$(1094135) | &nbsp;&nbsp;&nbsp;&nbsp;(232013) | &nbsp;&nbsp;&nbsp;&nbsp;$(2040579) |

---

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

#### 11

------

[**Table of Contents**](#job_amund_629faaef-7cc3-499d-a8d9-4c61857add60_toc)

---

| | |
|:---|:---|
| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** | &nbsp;&nbsp;**Year Ended<br> 12/31/20** | &nbsp;&nbsp;**Year Ended<br> 12/31/19** | &nbsp;&nbsp;**Year Ended<br> 12/31/18** |
| **Class l** |  |  |  |  |  |
| Net asset value, beginning of period | $10.65 | &nbsp;&nbsp;$7.63 | &nbsp;&nbsp;$11.35 | &nbsp;&nbsp;$12.55 | &nbsp;&nbsp;$15.40 |
| Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(3.38) | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;(1.26) |
| **Net increase (decrease) from investment operations** | &nbsp;&nbsp;**$(3.26)** | &nbsp;&nbsp;**$3.12** | &nbsp;&nbsp;**$(1.09)** | &nbsp;&nbsp;**$3.32** | &nbsp;&nbsp;**$(1.01)** |
| Distributions to shareowners: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(2.48) | &nbsp;&nbsp;&nbsp;&nbsp;(4.33) | &nbsp;&nbsp;&nbsp;&nbsp;(1.59) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.70)** | &nbsp;&nbsp;**$(0.10)** | &nbsp;&nbsp;**$(2.63)** | &nbsp;&nbsp;**$(4.52)** | &nbsp;&nbsp;**$(1.84)** |
| **Net increase (decrease) in net asset value** | &nbsp;&nbsp;**$(3.96)** | &nbsp;&nbsp;**$3.02** | &nbsp;&nbsp;**$(3.72)** | &nbsp;&nbsp;**$(1.20)** | &nbsp;&nbsp;**$(2.85)** |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;$6.69 | &nbsp;&nbsp;$10.65 | &nbsp;&nbsp;$7.63 | &nbsp;&nbsp;$11.35 | &nbsp;&nbsp;$12.55 |
| **Total return(b)** | &nbsp;&nbsp;**(30.84)%** | &nbsp;&nbsp;&nbsp;**41.05%** | &nbsp;&nbsp;&nbsp;&nbsp;**(7.34)%** | &nbsp;&nbsp;&nbsp;**28.16%** | &nbsp;&nbsp;&nbsp;&nbsp;**(7.24)%** |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154% |
| Net assets, end of period (in thousands) | $4538 | &nbsp;&nbsp;$7530 | &nbsp;&nbsp;$5885 | &nbsp;&nbsp;$6910 | &nbsp;&nbsp;$6210 |

---

(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.

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

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

------

[**Table of Contents**](#job_amund_629faaef-7cc3-499d-a8d9-4c61857add60_toc)

---

| | |
|:---|:---|
| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** | &nbsp;&nbsp;**Year Ended<br> 12/31/20** | &nbsp;&nbsp;**Year Ended<br> 12/31/19** | &nbsp;&nbsp;**Year Ended<br> 12/31/18** |
| **Class ll** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$10.69 | &nbsp;&nbsp;&nbsp;&nbsp;$7.67 | &nbsp;&nbsp;$11.40 | &nbsp;&nbsp;$12.58 | &nbsp;&nbsp;$15.44 |
| Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(3.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) |
| **Net increase (decrease) from investment operations** | &nbsp;&nbsp;**$(3.29)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.11** | &nbsp;&nbsp;**$(1.12)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.30** | &nbsp;&nbsp;**$(1.06)** |
| Distributions to shareowners: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.59) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$(0.67)** | &nbsp;&nbsp;**$(0.09)** | &nbsp;&nbsp;**$(2.61)** | &nbsp;&nbsp;**$(4.48)** | &nbsp;&nbsp;**$(1.80)** |
| **Net increase (decrease) in net asset value** | &nbsp;&nbsp;**$(3.96)** | &nbsp;&nbsp;&nbsp;&nbsp;**$3.02** | &nbsp;&nbsp;**$(3.73)** | &nbsp;&nbsp;**$(1.18)** | &nbsp;&nbsp;**$(2.86)** |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;$6.73 | &nbsp;&nbsp;$10.69 | &nbsp;&nbsp;&nbsp;&nbsp;$7.67 | &nbsp;&nbsp;$11.40 | &nbsp;&nbsp;$12.58 |
| **Total return(b)** | &nbsp;&nbsp;&nbsp;**(31.02)%** | &nbsp;&nbsp;&nbsp;&nbsp;**40.75%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.62)%** | &nbsp;&nbsp;&nbsp;&nbsp;**27.91%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7.54)%** |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154% |
| Net assets, end of period (in thousands) | $12265 | &nbsp;&nbsp;$20539 | &nbsp;&nbsp;$16522 | &nbsp;&nbsp;$20167 | &nbsp;&nbsp;$18393 |

---

(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, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales
charges were taken into account.

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

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

#### 13

------

[**Table of Contents**](#job_amund_629faaef-7cc3-499d-a8d9-4c61857add60_toc)

---

| | |
|:---|:---|
| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Notes to Financial Statements 12/31/22

1. Organization and Signiﬁcant Accounting Policies

Pioneer Real Estate Shares VCT Portfolio (the "Portfolio") is one of 8 portfolios comprising Pioneer Variable Contracts Trust (the "Trust"), a Delaware statutory trust. The Portfolio is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a diversified, open-end management investment company. The investment objective of the Portfolio is to pursue long-term capital growth, with current income as a secondary objective.

The Portfolio offers two classes of shares designated as Class I and Class II shares. Each class of shares represents an interest in the same portfolio of investments of the Portfolio and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses, such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Trust gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareowner approval. Under per-share voting, each share of a class of the Portfolio is entitled to one vote. Under dollar-weighted voting, a shareowner's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class I shares.

Portfolio shares may be purchased only by insurance companies for the purpose of funding variable annuity and variable life insurance contracts or by qualified pension and retirement plans.

Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the Portfolio's investment adviser (the "Adviser"). Amundi Distributor US, Inc., an afﬁliate of the Adviser, serves as the Portfolio's distributor (the "Distributor").

Effective August 19, 2022, the Portfolio is required to comply with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Rule 18f-4 requires a fund to establish and maintain a comprehensive derivatives risk management program, appoint a derivatives risk manager and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"), unless the portfolio uses derivatives in only a limited manner (a "limited derivatives user"). The Portfolio is currently a limited derivatives user for purposes of Rule 18f-4.

The Portfolio is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). U.S. GAAP requires the management of the Portfolio to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the ﬁnancial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.

The following is a summary of signiﬁcant accounting policies followed by the Portfolio in the preparation of its ﬁnancial statements:

---

| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | The net asset value of the Portfolio is computed once daily, on each day the New York Stock Exchange ("NYSE") is open, as of the close of regular trading on the NYSE. |
|  | Equity securities which may include restricted securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities which may include restricted securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities which may include restricted securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods. |
|  | The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Portfolio's shares are determined as of such times. The Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities. |

---

------

[**Table of Contents**](#job_amund_629faaef-7cc3-499d-a8d9-4c61857add60_toc)

---

| | |
|:---|:---|
| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | |
|:---|:---|
|  | Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds' net asset value. |
|  | Securities for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser. Effective September 8, 2022, the Adviser is designated as the valuation designee for the Portfolio pursuant to Rule 2a-5 under the 1940 Act. The Adviser's fair valuation team is responsible for monitoring developments that may impact fair valued securities. |
|  | Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Portfolio may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Portfolio's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Portfolio's securities may differ significantly from exchange prices, and such differences could be material. |
| **B.** | **Investment Income and Transactions** |
|  | Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Portfolio becomes aware of the ex-dividend data in the exercise of reasonable diligence. |
|  | Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities. |
|  | Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively. |
|  | Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. |
| **C.** | **Foreign Currency Translation** |
|  | The books and records of the Portfolio are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates. |
|  | Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments. |
| **D.** | **Federal Income Taxes** |
|  | It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of December 31, 2022, the Portfolio did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. |
|  | A portion of the dividend income recorded by the Portfolio is from distributions by publicly traded Real Estate Investment Trusts ("REITs"), and such distributions for tax purposes may also consist of capital gains and return of capital. The actual return of capital and capital gains portions of such distributions will be determined by formal notifications from the REITs subsequent to the calendar year-end. Distributions received from the REITs that are determined to be a return of capital are recorded by the Portfolio as a reduction of the cost basis of the securities held and those determined to be capital gain are reflected as such on the Statement of Operations. |
|  | The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the |

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| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22 (continued)

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| recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. |
| At December 31, 2022, the Portfolio deferred $18,262 of long-term Post-October losses, which will be recognized by the Fund as occurring at the start of the next fiscal year ending December 31, 2023. |
| The tax character of distributions paid during the years ended December 31, 2022 and December 31, 2021, was as follows: |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$256800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$68929 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1672230** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$255287** |

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The following shows the components of distributable earnings (losses) on a federal income tax basis at December 31, 2022:

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|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** |
| **Distributable earnings/(losses):** |  |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1227109 |
| Qualified late year loss deferral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1208847** |

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The difference between book basis and tax basis unrealized appreciation is attributable to the tax deferral of losses on wash sales.

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| **E.** | **Portfolio Shares and Class Allocations** |
|  | The Portfolio records sales and repurchases of its shares as of trade date. Distribution fees for Class II shares are calculated based on the average daily net asset value attributable to Class II shares of the Portfolio (see Note 5). Class I shares do not pay distribution fees. |
|  | Income, common expenses (excluding transfer agent and distribution fees) and realized and unrealized gains and losses are calculated at the Portfolio level and allocated daily to each class of shares based on its respective percentage of the adjusted net assets at the beginning of the day. |
|  | All expenses and fees paid to the Portfolio's transfer agent for its services are allocated between the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4). |
|  | Dividends and distributions to shareowners are recorded on the ex-dividend date. Distributions paid by the Portfolio with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class I and Class II shares can reﬂect different transfer agent and distribution expense rates. |
| **F.** | **Risks** |
|  | The value of securities held by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inﬂation, changes in interest rates, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, ﬁnancial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. Recently, inflation and interest rates have increased and may rise further. These circumstances could adversely affect the value and liquidity of the Portfolio's investments, impair the Portfolio's ability to satisfy redemption requests, and negatively impact the Portfolio's performance. Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the ceiling on U.S. government debt could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets. |
|  | The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme |

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| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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| volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue to affect adversely the value and liquidity of the Portfolio's investments. Following Russia's invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical or other events or conditions. |
| Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. |
| The U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the U.S. has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Portfolio's assets may go down. |
| The Portfolio's investments in foreign markets and countries with limited developing markets may subject the Portfolio to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, less liquid trading markets, extreme price volatility, currency risks, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law, and investment and repatriation restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Portfolio's return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security. |
| Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia's military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Portfolio investments, on Portfolio performance and the value of an investment in the Portfolio, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally. |
| Because the Portfolio may invests a substantial portion of its assets in REITs, the Portfolio may be subject to certain risks associated with direct investments in REITs. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants. REITs depend generally on their ability to generate cash ﬂow to make distributions to shareowners, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital return may be made at any time. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code or its failure to maintain exemption from registration under the Investment Company Act of 1940. |
| The Portfolio may invest in fewer than 40 securities and, as a result, its performance may be more volatile than the performance of other portfolios holding more securities. |
| With the increased use of technologies such as the Internet to conduct business, the Portfolio is susceptible to operational, information security and related risks. While the Portfolio's Adviser has established business continuity |

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| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22 (continued)

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| plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identiﬁed. Furthermore, the Portfolio cannot control the cybersecurity plans and systems put in place by service providers to the Portfolio such as the Portfolio's custodian and accounting agent, and the Portfolio's transfer agent. In addition, many beneﬁcial owners of Portfolio shares hold them through accounts at broker-dealers, retirement platforms and other ﬁnancial market participants over which neither the Portfolio nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Portfolio's service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in ﬁnancial losses, interference with the Portfolio's ability to calculate its net asset value, impediments to trading, the inability of Portfolio shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory ﬁnes, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks. |
| The Portfolio's prospectus contains unaudited information regarding the Portfolio's principal risks. Please refer to that document when considering the Portfolio's principal risks. |

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2. Management Agreement

The Adviser manages the Portfolio. Management fees payable under the Portfolio's Investment Management Agreement with the Adviser are calculated daily and paid monthly at the annual rate of 0.80% of the Portfolio's average daily net assets up to $500 million and 0.75% of the Portfolio's average daily net assets over $500 million. For the year ended December 31, 2022, the effective management fee was equivalent to 0.80% of the Portfolio's average daily net assets.

In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Portfolio as administrative reimbursements.

3. Compensation of Officers and Trustees

The Portfolio pays an annual fee to its Trustees. The Adviser reimburses the Portfolio for fees paid to the Interested Trustees. Except for the chief compliance officer, the Portfolio does not pay any salary or other compensation to its officers. The Portfolio pays a portion of the chief compliance officer's compensation for his services as the Portfolio's chief compliance officer. Amundi US pays the remaining portion of the chief compliance officer's compensation. For the year ended December 31, 2022, the Portfolio paid $7,943 in Officers' and Trustees' compensation, which is reflected on the Statement of Operations as Officers' and Trustees' fees. At December 31, 2022, on its Statement of Assets and Liabilities, the Portfolio did not have a payable for Trustees' fees and had a payable for administrative expenses of $96, which includes the payable for Officers' compensation.

4. Transfer Agent

BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Portfolio at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Portfolio's omnibus relationship contracts.

5. Distribution Plan

The Portfolio has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act with respect to Class II shares. Pursuant to the Plan, the Portfolio pays the Distributor a distribution fee of 0.25% of the average daily net assets attributable to Class II shares to compensate the Distributor for (1) distribution services and (2) personal and account maintenance services performed and expenses incurred by the Distributor in connection with the Portfolio's Class II shares.

6. Subsequent Event

On January 27, 2023, the Board of Trustees of the Portfolio approved the liquidation of the Portfolio, which is anticipated to take place on or about April 28, 2023. All shares of the Portfolio that are outstanding on the liquidation date will be redeemed automatically as of the close of business on that date. Written notification of the Portfolio's liquidation, including specific details about the transaction, has been mailed to all shareholders of the Portfolio.

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| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Pioneer Variable Contracts Trust and the Shareholders of Pioneer Real Estate Shares VCT Portfolio:

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Real Estate Shares VCT Portfolio (the "Portfolio") (one of the portfolios constituting Pioneer Variable Contracts Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of two years in the period then ended, the financial highlights for each of five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Pioneer Real Estate Shares VCT Portfolio (one of the portfolios constituting Pioneer Variable Contracts Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five 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 the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g469588img18e503a74.jpg)

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

Boston, Massachusetts<br> March 1, 2023

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Additional Information (unaudited)

The Portfolio designated $1,415,430 as long-term capital gains distributions during the year ended December 31, 2022. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.

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Approval of Renewal of Investment Management Agreement

Amundi Asset Management US, Inc. ("Amundi US") serves as the investment adviser to Pioneer Real Estate Shares VCT Portfolio (the "Portfolio") pursuant to an investment management agreement between Amundi US and the Portfolio. In order for Amundi US to remain the investment adviser of the Portfolio, the Trustees of the Portfolio, including a majority of the Portfolio's Independent Trustees, must determine annually whether to renew the investment management agreement for the Portfolio.

The contract review process began in January 2022 as the Trustees of the Portfolio agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2022, July 2022 and September 2022. In addition, the Trustees reviewed and discussed the Portfolio's performance at regularly scheduled meetings throughout the year, and took into account other information related to the Portfolio provided to the Trustees at regularly scheduled meetings, in connection with the review of the Portfolio's investment management agreement.

In March 2022, the Trustees, among other things, discussed the memorandum provided by Portfolio counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Portfolio, as well as the level of investment by the Portfolio's portfolio managers in the Portfolio. In July 2022, the Trustees, among other things, reviewed the Portfolio's management fees and total expense ratios, the financial statements of Amundi US and its parent companies, profitability analyses provided by Amundi US, and analyses from Amundi US as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of Amundi US as compared to that of Amundi US's fund management business, and considered the differences between the fees and expenses of the Portfolio and the fees and expenses of Amundi US's institutional accounts, as well as the different services provided by Amundi US to the Portfolio and to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees' request, in September 2022.

At a meeting held on September 20, 2022, based on their evaluation of the information provided by Amundi US and third parties, the Trustees of the Portfolio, including the Independent Trustees voting separately advised by independent counsel, unanimously approved the renewal of the investment management agreement for another year. In approving the renewal of the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.

#### Nature, Extent and Quality of Services.
The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Portfolio, taking into account the investment objective and strategy of the Portfolio. The Trustees also reviewed Amundi US's investment approach for the Portfolio and its research process. The Trustees considered the resources of Amundi US and the personnel of Amundi US who provide investment management services to the Portfolio. They also reviewed the amount of non-Portfolio assets managed by the portfolio managers of the Portfolio. They considered the non-investment resources and personnel of Amundi US that are involved in Amundi US's services to the Portfolio, including Amundi US's compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by Amundi US's senior management to the Pioneer Fund complex, including with respect to the increasing regulation to which the Pioneer Funds are subject. The Trustees considered the effectiveness of Amundi US's business continuity plan in response to the ongoing COVID-19 pandemic.

The Trustees considered that Amundi US supervises and monitors the performance of the Portfolio's service providers and provides the Portfolio with personnel (including Portfolio officers) and other resources that are necessary for the Portfolio's business management and operations. The Trustees also considered that, as administrator, Amundi US is responsible for the administration of the Portfolio's business and other affairs. The Trustees considered that the Portfolio reimburses Amundi US its pro rata share of Amundi US's costs of providing administration services to the Pioneer Funds.

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

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

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Approval of Renewal of Investment Management Agreement (continued)

#### Management Fee and Expenses.
The Trustees considered information showing the fees and expenses of the Portfolio in comparison to the management fees of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are 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 the impact of the Portfolio's transfer agency and Portfolio- and Amundi US-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Portfolio's expense ratio.

The Trustees considered that the Portfolio's management fee for the most recent fiscal year was in the fifth quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees noted Amundi US's explanation of the reasons that the Portfolio's management fee was in the fifth quintile relative to the management fees paid by other funds in its Morningstar category. The Trustees considered that the expense ratio of the Portfolio's Class II shares for the most recent fiscal year was in the fifth quintile relative to its Strategic Insight peer group for the comparable period. The Trustees noted Amundi US's explanation of the reasons that the expense ratio of the Portfolio's Class II shares was in the fifth quintile relative to its Strategic Insight peer group.

The Trustees reviewed management fees charged by Amundi US to institutional and other clients, including publicly offered European funds sponsored by Amundi US's affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered Amundi US's costs in providing services to the Portfolio and Amundi US's costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with Amundi US's client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Portfolio and other client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management fee for the Portfolio and considered that, under the investment management and administration agreements with the Portfolio, Amundi US performs additional services for the Portfolio that it does not provide to those other clients or services that are broader in scope, including oversight of the Portfolio's other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Portfolio is subject. The Trustees also considered the entrepreneurial risks associated with Amundi US's management of the Portfolio.

The Trustees concluded that the management fee payable by the Portfolio to Amundi US was reasonable in relation to the nature and quality of the services provided by Amundi US.

#### Profitability.
The Trustees considered information provided by Amundi US regarding the profitability of Amundi US with respect to the advisory services provided by Amundi US to the Portfolio, including the methodology used by Amundi US in allocating certain of its costs to the management of the Portfolio. The Trustees also considered Amundi US's profit margin in connection with the overall operation of the Portfolio. They further reviewed the financial results, including the profit margins, realized by Amundi US from non-fund businesses. The Trustees considered Amundi US's profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Amundi US's profitability with respect to the management of the Portfolio was not unreasonable.

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

#### Other Benefits.
The Trustees considered the other benefits that Amundi US enjoys from its relationship with the Portfolio. The Trustees considered the character and amount of fees paid or to be paid by the Portfolio, other than under the investment management agreement, for services provided by Amundi US and its affiliates. The Trustees further considered the revenues

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and profitability of Amundi US's businesses other than the fund business. To the extent applicable, the Trustees also considered the benefits to the Portfolio and to Amundi US and its affiliates from the use of "soft" commission dollars generated by the Portfolio to pay for research and brokerage services.

The Trustees considered that Amundi US is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi's worldwide asset management business manages over $2.2 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US's relationship with Amundi creates potential opportunities for Amundi US and Amundi that derive from Amundi US's relationships with the Portfolio, including Amundi's ability to market the services of Amundi US globally. The Trustees noted that Amundi US has access to additional research and portfolio management capabilities as a result of its relationship with Amundi and Amundi's enhanced global presence that may contribute to an increase in the resources available to Amundi US. The Trustees considered that Amundi US and the Portfolio receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Portfolio, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Portfolio were reasonable.

#### Conclusion.
After 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 and reasonable and voted to approve the proposed renewal of the investment management agreement.

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Trustees, Officers and Service Providers

The Portfolio's Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Portfolios within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Portfolio are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 51 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the "Pioneer Funds"). The address for all Trustees and all officers of the Portfolios is 60 State Street, Boston, Massachusetts 02109.

---

| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Thomas J. Perna (72)<br> Chairman of the Board<br> and Trustee** | &nbsp;&nbsp;Trustee since 2006.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Private investor (2004 – 2008 and 2013 – present); Chairman (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. (technology products for securities lending industry); and Senior Executive Vice President, The Bank of New York (financial and securities services) (1986 – 2004) | &nbsp;&nbsp;Director, Broadridge Financial<br> Solutions, Inc. (investor<br> communications and securities<br> processing provider for financial<br> services industry) (2009 – present); Director, Quadriserv, Inc.<br> (2005 – 2013); and Commissioner,<br> New Jersey State Civil Service<br> Commission (2011 – 2015) |
| **John E. Baumgardner,<br> Jr. (71)\*<br> Trustee** | &nbsp;&nbsp;Trustee since 2019.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell LLP (law firm). | &nbsp;&nbsp;Chairman, The Lakeville Journal<br> Company, LLC, (privately-held<br> community newspaper group)<br> (2015-present) |
| **Diane Durnin (65)<br> Trustee** | &nbsp;&nbsp;Trustee since 2019.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Managing Director - Head of Product Strategy and Development, BNY Mellon Investment Management (investment management firm) (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): Executive Vice President Head of Product, BNY Mellon Investment Management (2007-2012); Executive Director- Product Strategy, Mellon Asset Management (2005-2007); Executive Vice President Head of Products, Marketing and Client Service, Dreyfus Corporation (investment management firm) (2000-2005); Senior Vice President Strategic Product and Business Development, Dreyfus Corporation (1994-2000) |  |
| **Benjamin M. Friedman (78)<br> Trustee** | &nbsp;&nbsp;Trustee since 2008.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;William Joseph Maier Professor of Political Economy, Harvard University (1972 – present) | &nbsp;&nbsp;Trustee, Mellon Institutional Funds<br> Investment Trust and Mellon<br> Institutional Funds Master Portfolio<br> (oversaw 17 portfolios in fund<br> complex) (1989 - 2008) |

---

------

[**Table of Contents**](#job_amund_629faaef-7cc3-499d-a8d9-4c61857add60_toc)

---

| | |
|:---|:---|
| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** |
| **Craig C. MacKay (59)<br> Trustee** | &nbsp;&nbsp;Trustee since 2021.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Partner, England & Company, LLC (advisory firm) (2012 – present); Group Head – Leveraged Finance Distribution, Oppenheimer & Company (investment bank) (2006 – 2012); Group Head – Private Finance & High Yield Capital Markets Origination, SunTrust Robinson Humphrey (investment bank) (2003 – 2006); and Founder and Chief Executive Officer, HNY Associates, LLC (investment bank) (1996 – 2003) | &nbsp;&nbsp;Director, Equitable Holdings, Inc. (financial services holding company) (2022 – present); Board Member of Carver Bancorp, Inc. (holding company) and Carver Federal Savings Bank, NA (2017 – present); Advisory Council Member, MasterShares ETF (2016 – 2017); Advisory Council Member, The Deal (financial market information publisher) (2015 – 2016); Board Co-Chairman and Chief Executive Officer, Danis Transportation Company (privately-owned commercial carrier) (2000 – 2003); Board Member and Chief Financial Officer, Customer Access Resources (privately-owned teleservices company) (1998 – 2000); Board Member, Federation of Protestant Welfare Agencies (human services agency) (1993 – present); and Board Treasurer, Harlem Dowling Westside Center (foster care agency) (1999 – 2018) |
| **Lorraine H. Monchak (66)<br> Trustee** | &nbsp;&nbsp;Trustee since 2017.<br> (Advisory Trustee from<br> 2014 - 2017). Serves<br> until a successor trustee<br> is elected or earlier<br> retirement or removal. | &nbsp;&nbsp;Chief Investment Officer, 1199 SEIU Funds (healthcare workers union pension funds) (2001 – present); Vice President – International Investments Group, American International Group, Inc. (insurance company) (1993 – 2001); Vice President – Corporate Finance and Treasury Group, Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability Management Group, Federal Farm Funding Corporation (government-sponsored issuer of debt securities) (1988 – 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 – 1988); Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 – 1987) |  |
| **Marguerite A. Piret (74)<br> Trustee** | &nbsp;&nbsp;Trustee since 1995.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Chief Financial Officer, American Ag Energy, Inc. (controlled environment and agriculture company) (2016 – present); President and Chief Executive Officer, Metric Financial Inc. (formerly known as Newbury Piret Company) (investment banking firm) (1981 – 2019) | &nbsp;&nbsp;Director of New America High<br> Income Fund, Inc. (closed-end<br> investment company) (2004 –<br> present); and Member, Board of<br> Governors, Investment Company<br> Institute (2000 – 2006) |

---

------

[**Table of Contents**](#job_amund_629faaef-7cc3-499d-a8d9-4c61857add60_toc)

---

| | |
|:---|:---|
| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Trustees, Officers and Service Providers (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** |
| **Fred J. Ricciardi (75)<br> Trustee** | &nbsp;&nbsp;Trustee since 2014.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Private investor (2020 – present); Consultant (investment company services) (2012 – 2020); Executive Vice President, BNY Mellon (financial and investment company services) (1969 – 2012); Director, BNY International Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas Investment Corp. (financial services) (2009 – 2012); Director, Financial Models (technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial services) (1999-2006); Chairman, BNY Alternative Investment Services, Inc. (financial services) (2005-2007) |  |
| \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Lisa M. Jones (60)\*\*<br> Trustee, President and Chief<br> Executive Officer** | &nbsp;&nbsp;Trustee since 2017. Serves<br> until a successor trustee is<br> elected or earlier retirement<br> or removal | &nbsp;&nbsp;Director, CEO and President of Amundi US, Inc. (investment management firm) (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Director, CEO and President of Amundi Distributor US, Inc. (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and Amundi Asset Management US, Inc. (September 2014 – 2018); Managing Director, Morgan Stanley Investment Management (investment management firm) (2010 – 2013); Director of Institutional Business, CEO of International, Eaton Vance Management (investment management firm) (2005 – 2010); Director of Amundi Holdings US, Inc. (since 2017) | &nbsp;&nbsp;Director of Clearwater Analytics (provider of web-based investment accounting software for reporting and reconciliation services) (September 2022 – present) |
| **Kenneth J. Taubes (64)\*\*<br> Trustee** | &nbsp;&nbsp;Trustee since 2014. Serves<br> until a successor trustee is<br> elected or earlier retirement<br> or removal | &nbsp;&nbsp;Director and Executive Vice President (since 2008) and Chief Investment Officer, U.S. (since 2010) of Amundi US, Inc. (investment management firm); Director and Executive Vice President and Chief Investment Officer, U.S. of Amundi US (since 2008); Executive Vice President and Chief Investment Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); Portfolio Manager of Amundi US (since 1999); Director of Amundi Holdings US, Inc. (since 2017) |  |
| \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. |

---

------

[**Table of Contents**](#job_amund_629faaef-7cc3-499d-a8d9-4c61857add60_toc)

---

| | |
|:---|:---|
| **Pioneer Real Estate Shares VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During<br> At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Trust Officers** | **Trust Officers** | **Trust Officers** | **Trust Officers** |
| **Christopher J. Kelley (58)<br> Secretary and Chief<br> Legal Officer** | &nbsp;&nbsp;Since 2003. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Vice President and Associate General Counsel of Amundi US since January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; Vice President and Senior Counsel of Amundi US from July 2002 to December 2007 |  |
| **Thomas Reyes (60)<br> Assistant Secretary** | &nbsp;&nbsp;Since 2010. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Assistant General Counsel of Amundi US since May 2013 and Assistant Secretary of all the Pioneer Funds since June 2010; Counsel of Amundi US from June 2007 to May 2013 |  |
| **Heather L. Melito-Dezan (46)<br> Assistant Secretary** | &nbsp;&nbsp;Since 2022. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director - Trustee and Board Relationships of Amundi US since September 2019; Private practice from 2017 – 2019. |  |
| **Anthony J. Koenig, Jr. (59)<br> Treasurer and<br> Chief Financial and<br> Accounting Officer** | &nbsp;&nbsp;Since 2021. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Managing Director, Chief Operations Officer and Fund Treasurer of Amundi US since May 2021; Treasurer of all of the Pioneer Funds since May 2021; Assistant Treasurer of all of the Pioneer Funds from January 2021 to May 2021; and Chief of Staff, US Investment Management of Amundi US from May 2008 to January 2021 |  |
| **Luis I. Presutti (57)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2000. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer of all of the Pioneer Funds since 1999 |  |
| **Gary Sullivan (64)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2002. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant Treasurer of all of the Pioneer Funds since 2002 |  |
| **Antonio Furtado (40)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2020. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Fund Oversight Manager – Fund Treasury of Amundi US since 2020; Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior Fund Treasury Analyst from 2012 - 2020 |  |
| **Michael Melnick (51)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2021. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Vice President - Deputy Fund Treasurer of Amundi US since May 2021; Assistant Treasurer of all of the Pioneer Funds since July 2021; Director of Regulatory Reporting of Amundi US from 2001 – 2021; and Director of Tax of Amundi US from 2000 - 2001 |  |
| **John Malone (52)<br> Chief Compliance Officer** | &nbsp;&nbsp;Since 2018. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Managing Director, Chief Compliance Officer of Amundi US Asset Management; Amundi Asset Management US, Inc.; and the Pioneer Funds since September 2018; Chief Compliance Officer of Amundi Distributor US, Inc. since January 2014. |  |
| **Brandon Austin (50)<br> Anti-Money<br> Laundering Officer** | &nbsp;&nbsp;Since 2022. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director, Financial Security – Amundi Asset Management; Anti-Money Laundering Officer of all the Pioneer Funds since March 2022: Director of Financial Security of Amundi US since July 2021; Vice President, Head of BSA, AML and OFAC, Deputy Compliance Manager, Crédit Agricole Indosuez Wealth Management (investment management firm) (2013 – 2021) |  |

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[**Table of Contents**](#job_amund_629faaef-7cc3-499d-a8d9-4c61857add60_toc)

Proxy Voting Policies and Procedures of the Portfolio are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Portfolio voted proxies relating to Portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundi.com/us. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov.

![](g469588img76e48a451.gif)

18653-17-0223

------

## Pioneer Variable Contracts Trust

## Pioneer Strategic Income

------

## VCT Portfolio
Class I and II Shares

Annual Report \| December 31, 2022

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

![](g469588img3ecf7fed1.gif)

------

Pioneer Variable Contracts Trust

#### **Table of Contents**

------

#### Pioneer Strategic Income VCT Portfolio

---

| | |
|:---|:---|
| [Portfolio and Performance Update](#xx_b5a45f96-50c6-49a4-8507-6d642be6372b_1) | 2 |
| [Comparing Ongoing Portfolio Expenses](#xx_ec7ce308-92c8-4353-8f0e-a2fe677ebdbe_1) | 3 |
| [Portfolio Management Discussion](#xx_ad90f878-9756-48e4-803f-0ea46b333336_1) | 4 |
| [Schedule of Investments](#xx_9ecb80f9-d345-4158-9d99-e63f77bad8c8_1) | 9 |
| [Financial Statements](#xx_3c732334-e0a0-4be6-a8f0-2e62bd661100_1) | 30 |
| [Notes to Financial Statements](#xx_e48dbc3c-4bc9-4682-890c-1b0bf412f048_1) | 35 |
| [Report of Independent Registered Public Accounting Firm](#xx_d7f0bd91-4a04-4ed8-b401-6ec9708d5b51_1) | 49 |
| [Additional Information (unaudited)](#xx_3cbc1a32-1950-481c-bbaa-e3c901b5ff3c_1) | 50 |
| [Approval of Renewal of Investment Management Agreement](#xx_dcc7304c-c534-41f3-a158-26307679b38c_1) | 51 |
| [Trustees, Officers and Service Providers](#xx_f9c73252-dab7-4545-bd51-e151c1468ac5_1) | 54 |

---

This report is authorized for distribution only when preceded or accompanied by a prospectus for the Portfolio being offered.

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

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[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

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| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

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Portfolio Update 12/31/22

#### Portfolio Diversification
(As a percentage of total investments)\*

![](g469588img18519d472.jpg)

<sup>+</sup>Amount rounds to less than 0.1%.

#### 5 Largest Holdings

---

| | | |
|:---|:---|:---|
| (As a percentage of total investments)\* | (As a percentage of total investments)\* | (As a percentage of total investments)\* |
| &nbsp;&nbsp;1. | U.S. Treasury Bills, 1/24/23 | 3.56% |
| &nbsp;&nbsp;2. | U.S. Treasury Bills, 1/10/23 | 2.85 |
| &nbsp;&nbsp;3. | U.S. Treasury Bills, 2/2/23 | 2.70 |
| &nbsp;&nbsp;4. | U.S. Treasury Bonds, 2.250%, 2/15/52 | 2.68 |
| &nbsp;&nbsp;5. | U.S. Treasury Bonds, 3.000%, 2/15/48 | 2.66 |

---

\* Excludes short-term investments and all derivative contracts except for options purchased. The Portfolio is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.

(n) Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Amundi Asset Management US, Inc.

------

#### Performance Update 12/31/22

#### Prices and Distributions

---

| | | |
|:---|:---|:---|
| **Net Asset Value per Share** | **12/31/22** | **12/31/21** |
| Class l | $8.50 | $10.44 |
| Class ll | $8.49 | $10.43 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Distributions per Share<br> (1/1/22 - 12/31/22)** | **Net <br> Investment<br> Income** | **Short-Term <br> Capital Gains** | **Long-Term <br> Capital Gains** | **Tax Return<br> of Capital** |
| Class l | $0.1198 | $0.0600 | $0.2911 | $0.1700 |
| Class ll | $0.0960 | $0.0600 | $0.2911 | $0.1700 |

---

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#### Performance of a $10,000 Investment
The following chart shows the change in value of an investment made in Class I and Class II shares of **Pioneer Strategic Income VCT Portfolio** at net asset value during the periods shown, compared to that of the Bloomberg U.S. Universal Index. Portfolio returns are based on net asset value and do not reflect any applicable insurance fees or surrender charges.

---

| | |
|:---|:---|
| ![](g469588img9ba1f0fe3.gif) | &nbsp;&nbsp;The Bloomberg U.S. Universal Index is an unmanaged index that represents the union of the U.S. Aggregate Index, the US High Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, the non-ERISA portion of the CMBS Index, and the CMBS High Yield Index. Municipal debt, private placements and non-dollar-denominated issues are excluded from the Index. Index returns are calculated monthly, assume reinvestment of dividends and do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. |

---

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#### Average Annual Total Returns
(As of December 31, 2022)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class l** | &nbsp;&nbsp;&nbsp;&nbsp;**Class ll** | &nbsp;&nbsp;&nbsp;&nbsp;**Bloomberg U.S.<br> Universal Index** |
| 10 Years | &nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% |
| 5 Years | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% |
| 1 Year | &nbsp;&nbsp;-12.60% | &nbsp;&nbsp;&nbsp;&nbsp;-12.83% | &nbsp;&nbsp;&nbsp;&nbsp;-12.99% |

---

All total returns shown assume reinvestment of distributions at net asset value.

#### Call 1-800-688-9915 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
**The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.**

The returns for the Portfolio do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges. These expenses would reduce the overall returns shown.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, performance would be lower. Waivers may not be in effect for all portfolios. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

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| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Comparing Ongoing Portfolio Expenses

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 to compare 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 held throughout the six months.

#### Using the Tables

#### Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this 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
$1,000<br> Example: 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 Strategic Income VCT Portfolio
Based on actual returns from July 1, 2022 through December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Share Class** | **l** | **ll** |
| Beginning Account Value on 7/1/22 | $1000.00 | $1000.00 |
| Ending Account Value (after expenses) on 12/31/22 | &nbsp;&nbsp;&nbsp;$978.20 | &nbsp;&nbsp;&nbsp;$978.10 |
| Expenses Paid During Period\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.99 |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Expenses are equal to the Portfolio's annualized net expense ratio of 0.75% and 1.00% for Class I and Class II shares, respectively, multiplied by the average account value 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 the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account 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. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of 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 any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different 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 Strategic Income VCT Portfolio
Based on a hypothetical 5% return per year before expenses, reflecting the period from July 1, 2022 through December 31, 2022.

---

| | | |
|:---|:---|:---|
| **Share Class** | **l** | **ll** |
| Beginning Account Value on 7/1/22 | $1000.00 | $1000.00 |
| Ending Account Value (after expenses) on 12/31/22 | $1021.42 | $1020.16 |
| Expenses Paid During Period\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.09 |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Expenses are equal to the Portfolio's annualized net expense ratio of 0.75% and 1.00% for Class I and Class II shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

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| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Portfolio Management Discussion 12/31/22

#### Call 1-800-688-9915 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
**The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.**

The returns for the Portfolio do not reflect the deduction of expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges. These expenses would reduce the overall returns shown.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, performance would be lower. Waivers may not be in effect for all portfolios. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

*In the following interview, Jonathan Scott and Andrew Feltus discuss the factors that affected the performance of Pioneer Strategic Income VCT Portfolio during the 12-month period ended December 31, 2022. Mr. Scott, a senior vice president, Deputy Director of Multi-Sector Fixed Income, and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), Mr. Feltus, Managing Director, Co-Director of High Yield, and a portfolio manager at Amundi US, Brad Komenda, a Managing Director and Director of Investment-Grade Corporates, and a portfolio manager at Amundi US, and Kenneth J. Taubes, Executive Vice President and Chief Investment Officer, US, and a portfolio manager at Amundi US, are responsible for the day-to-day management of the Portfolio.*

---

| | |
|:---|:---|
| **Q:** | **How did the Portfolio perform during the 12-month period ended December 31, 2022?** |
| **A:** | Pioneer Strategic Income VCT Portfolio's Class I shares returned -12.60% at net asset value during the 12-month period ended December 31, 2022, and Class II shares returned -12.83%, while the Portfolio's benchmark, the Bloomberg US Universal Index (the Bloomberg Index), returned -12.99%. |
| **Q:** | **How would you describe the investment environment in the fixed-income markets during the 12-month period ended December 31, 2022?** |
| **A:** | The first quarter of 2022 saw increased geopolitical tensions, rising levels of inflation, and the prospect of higher interest rates due to changing monetary policies of several central banks dominate market sentiment. Those factors combined to drive losses across most asset classes. Russia's invasion of Ukraine in late-February 2022, together with US and European sanctions on Russia led to a spike in energy, metals, and food prices, adding downside risk to real economic growth and adding upside risk to inflation. In addition, another round of lockdowns in China in the wake of increasing COVID-19 infections exacerbated already troublesome supply-chain disruptions and raised concerns about further risks to global economic growth. |
|  | At its mid-March 2022 meeting, the US Federal Reserve (Fed) acted to try to stem inflation by raising the target range for its benchmark overnight lending rate by a quarter-point, to 0.25%‒0.50%, and indicating that further increases in the federal funds rate target range would follow rapidly. The Fed also formally ended its pandemic-era quantitative easing program and signaled it would soon begin reducing its holdings of Treasury securities and agency mortgage-backed securities (MBS) by reinvesting only part of the proceeds from maturing securities. US consumer price inflation rose above 8% in March 2022, and would peak at 9.1% in June. The Fed implemented a series of sharp increases to the federal funds target range of between 50 and 75 basis points (bps) between May and December 2022, bringing the target to a range of 4.25%‒4.50%, its highest level since the fall of 2007. (A basis point is equal to 1/100th of a percentage point.) |
|  | Against that backdrop, the US Treasury yield curve moved higher, with yield increases rising most significantly for issues with shorter maturities as the market priced in the Fed's series of interest-rate increases. For the full 12-month period ended December 31, 2022, the two-year Treasury yield finished 368 bps higher, increasing from 0.73% in December 2021 to 4.41%, while the 10-year Treasury yield rose by a more modest 236 bps, from 1.52% to 3.88%, and the 30-year Treasury yield rose by 207 bps, from 1.90% to 3.97%. As a result, the Treasury yield curve ended 2022 significantly inverted (meaning |

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| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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|  | that short-term yields were higher than long-term yields), a development historically viewed as a predictor of recession. |
|  | Rising Treasury yields and widening credit spreads weighed on fixed-income market returns for the 12-month period. The investment-grade market, as gauged by the Bloomberg US Aggregate Bond Index, posted a return of -13.01% for the full calendar year. (Credit spreads are commonly defined as the differences in yield between Treasuries and other types of fixed-income securities with similar maturities.) Within the investment-grade market, corporate bonds were the biggest laggards, generating a return of -15.76%, while securitized assets and Treasuries also posted-double-digit losses. Below-investment-grade, US high-yield corporate bonds returned -11.22% for the period, as measured by the ICE BofA US High Yield Index. |
| **Q:** | **What factors influenced the Portfolio's performance relative to the Bloomberg Index during the 12-month period ended December 31, 2022?** |
| **A:** | As a multisector fixed-income strategy, we have managed the Portfolio with the aim of delivering competitive returns, while experiencing volatility similar to its benchmark, by investing across a diversified\* range of investment-grade and non-investment-grade global fixed-income asset classes. We seek to add value through both sector allocation and security selection, focusing on sectors that trade at a yield advantage relative to US Treasuries, including corporate bonds, agency mortgage-backed securities (MBS), and securitized assets, which have typically offered higher risk-adjusted returns than Treasuries as well as greater security selection opportunities. We have typically taken a dynamic approach to sector allocation, and may seek to increase the Portfolio's risk profile when we feel the markets have offered significant compensation for taking on risk, while seeking to reduce the risk profile when we feel markets have offered less-attractive value. |
|  | The Portfolio's positioning with respect to duration and corresponding interest-rate sensitivity made a significant, positive contribution to benchmark-relative performance during the 12-month period. Specifically, relative returns benefited from an approximately two-year short-duration stance in the Portfolio versus the benchmark early in the calendar year. (Duration is a measure of the sensitivity of the price, or the value of principal, of a fixed-income investment to a change in interest rates, expressed as a number of years.) As yields rose over the course of the period, we shifted the Portfolio's relative short duration to a modestly longer-duration stance versus the Bloomberg Index. In addition, the Portfolio's yield-curve positioning was a modest, positive contributor to relative returns over the 12-month period. |
|  | Security selection results also proved additive for the Portfolio's benchmark-relative performance during the period, benefiting from a strong showing by holdings of industrials issuers within corporate bonds, and from agency-MBS positions. Within industrials, commodity and, particularly, energy exposures in the Portfolio outperformed over the period. Within agency MBS, an overweight versus the benchmark to higher-coupon pools supported relative performance. Higher-coupon MBS have tended to be less sensitive to prepayment risk, and they outperformed as mortgage rates rose and mortgage durations extended for lower-coupon pools, particularly in the first |

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**\*** **Diversification does not assure a profit nor protect against loss.** 

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| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Portfolio Management Discussion 12/31/22 (continued)

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|:---|:---|
|  | half of the year. (Prepayment risk is the risk involved with the premature return of principal on a fixed-income security. When principal is returned early, future interest payments will not be paid on that part of the principal.) |
|  | On the downside, those contributions were partially offset by losses sustained by the Portfolio's holdings in Ukraine's debt early in the year. The Portfolio's sector allocation results also weighed on relative returns. Most notably, an underweight to nominal US Treasuries and overweight to non-agency MBS versus the Bloomberg Index detracted from the Portfolio's relative performance. Credit concerns and an imbalance between supply-and-demand weighed on the non-agency MBS sector. |
|  | In addition, a modest allocation to convertible securities detracted from the Portfolio's relative performance, largely because of a position in the banking sector, which performed poorly due to the sector's long spread duration (sensitivity to changes in credit spreads), and a challenging supply-demand backdrop. |
|  | Within the Portfolio's corporate bond exposures, the lower-quality of holdings within industrials and financials, as compared with the Bloomberg Index, detracted from relative returns. The Portfolio was overweight to "BBB" rated and high-yield issues within those sectors, during a period that saw credit spreads widen notably. Within industrials, exposure to commodity- and aviation-related issues further constrained the Portfolio's relative results. In financials, the underperformance of holdings of subordinated-debt issues, and the debt of an aircraft-leasing firm, detracted from the Portfolio's relative returns. A tilt toward lower-quality holdings within commercial MBS (CMBS) was another detractor from relative performance as spreads widened during the period. |
|  | With regard to currency positioning, the Portfolio's non-US dollar (USD) exposures had a negative impact on relative performance, as the USD appreciated versus a basket of other major currencies during the 12-month period. In particular, positions in the Egyptian pound, Mexican peso, Korean won, and Australian dollar detracted from relative returns. |
|  | Finally, exposure to index-based, high-yield credit-default-swap contracts (CDX), which we utilized in an attempt to hedge credit risk in the Portfolio, initially contributed positively to relative performance as credit spreads widened early in the period. However, the CDX positions ended up a modest detractor from relative returns overall, due to significant underperformance in the month of October. |
| **Q:** | **Did the Portfolio have any investments in derivative securities during the 12-month period ended December 31, 2022? If so, did the derivatives have any material effect on benchmark-relative performance?** |
| **A:** | Yes, the Portfolio had investments in multiple types of derivatives, including Treasury futures, CDX (mentioned earlier), and forward foreign currency contracts ("currency forwards"). The exposure to Treasury futures was part of our strategy to maintain a shorter-than-benchmark duration earlier in the period, which had a positive effect on the Portfolio's relative results. As noted earlier, we also invested the Portfolio in high-yield CDX as a way to hedge credit risk. The CDX positions aided relative results early in the period, before a significant slump in October caused the positions to underperform |

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| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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|  | and detract from relative results. The Portfolio's exposure to currency forwards and options was a technique used in seeking to manage the risks associated with investing in non-USD currencies. The Portfolio's non-USD currency allocation detracted from relative performance, as the USD appreciated against most currencies, but the forwards helped reduce the size of the loss. |
| **Q:** | **What factors affected the Portfolio's yield, or distributions\*\*to shareholders, during the 12-month period ended December 31, 2022?** |
| **A:** | The Portfolio's monthly distribution rate declined over the first three months of the period as spreads narrowed for credit-oriented areas of the market. The distribution rate then rebounded to nearly the same level it had been at the beginning of the period, and then stabilized over the remainder of the fiscal year as Treasury yields rose and credit spreads widened. |
| **Q:** | **What is your investment outlook and how is the Portfolio positioned?** |
| **A:** | The US macroeconomic situation remains highly unusual, in our view, due to the lingering effects of COVID-19-related changes in consumption, production, and supply chains. As consumption has continued to shift away from goods to services and as supply chains have continued to normalize, manufacturing has slowed overall. Supply-chain disruptions have decreased significantly, but backlogs remain for many products. At the same time, the domestic job market has remained overheated, with job openings far in excess of available workers. Inflation has remained well above the Fed's longer-run goal of 2%, and wage growth has been above levels consistent with that inflation target. The Fed has continued to focus on cooling the labor market to bring wage inflation down, and likely hopes that it can do so without tipping the economy into recession. However, we believe the path to such a "soft landing" for the economy remains extremely narrow. |
|  | We believe clarity on when the Fed will eventually pause its rate-hiking cycle could boost investor demand for US fixed-income assets in general, and provide a tailwind for fixed-income market returns, based on both spread tightening and declining interest rates over the near term. With that said, we still see elevated risk for a possible Fed policy mistake later this year, which could lead to a recession, and so we believe that a strong focus on credit selection remains critical. As of period-end, we had moved the Portfolio from a relatively neutral-duration stance versus the benchmark to a modest long-duration stance, based on our view that the 10-year Treasury yield may have peaked for this cycle. |
|  | Within the corporate credit segment, we have continued to favor investments in the financials sector, and banks, in particular, as we feel valuations there are historically dislocated relative to the industrials sector. We have maintained a meaningfully higher credit-quality profile in the Portfolio than we normally have over time (still higher than the benchmark's), due to what we view as poor valuations and the potential for a slowing economy. Finally, we believe conditions are in place for potential outperformance by more credit-sensitive sectors in 2023. |

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**\*\*** **Distributions are not guaranteed.** 

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| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Portfolio Management Discussion 12/31/22 (continued)

#### A Word About Risk:
**All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, market disruptions caused by tariffs, trade disputes or other government actions, or adverse investor sentiment. These conditions may continue, recur, worsen or spread.**

*The Portfolio's investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate) or SOFR (Secured Overnight Financing Rate). Plans are underway to phase out the use of LIBOR. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Portfolio, issuers of instruments in which the Portfolio invests, and financial markets generally.*

*Investments in high-yield or lower rated securities are subject to greater-than-average price volatility, illiquidity and possibility of default.*

*The market price of securities may fluctuate when interest rates change. When interest rates rise, the prices of fixed income securities in the Portfolio will generally fall. Conversely, when interest rates fall, the prices of fixed income securities in the Portfolio will generally rise.*

*Investments in the Portfolio are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations.*

*Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Portfolio would experience a decline in income and lose the opportunity for additional price appreciation.*

*The securities issued by U.S. Government-sponsored entities (e.g., FNMA, Freddie Mac) are neither guaranteed nor issued by the U.S. Government.*

*The Portfolio may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to pre-payments.*

*Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.*

#### Please refer to the Schedule of Investments on pages 9 to 29 for a full listing of Portfolio securities.

#### Past performance is no guarantee of future results.
***Any information in this shareholder report regarding market or economic trends or the factors influencing the Portfolio's historical or future performance are statements of opinion as of the date of this report.***

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| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Schedule of Investments 12/31/22

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| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 105.6%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Secured Floating Rate Loan Interests — 1.3% of Net Assets\*(a)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals-Diversified — 0.1%** |  |
| 19850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSF11 A5 HoldCo LLC, Term Loan, 7.938% (Term SOFR + 350 bps), 10/15/28 | $19205 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals-Diversified** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19205 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Composition — 0.0%†** |  |
| 12165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Acquisition LP, First Lien Initial Term Loan, 8.634% (LIBOR + 425 bps), 6/26/25 | $10975 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electronic Composition** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10975 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Finance-Special Purpose Banks — 0.2%** |  |
| 48895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Industry, Ltd., Facility, 10.752% (LIBOR + 600 bps), 12/11/23 | $48699 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Finance-Special Purpose Banks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $48699 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Medical-Wholesale Drug Distribution — 0.1%** |  |
| 34738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens & Minor, Inc., Term B-1 Loan, 8.173% (Term SOFR + 375 bps), 3/29/29 | $34824 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Medical-Wholesale Drug Distribution** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34824 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metal Processors & Fabrication — 0.1%** |  |
| 39500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grinding Media, Inc. (Molycop, Ltd.), First Lien Initial Term Loan, 8.765% (LIBOR + 400 bps), 10/12/28 | $36932 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metal Processors & Fabrication** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36932 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil-Field Services — 0.4%** |  |
| 113813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProFrac Holdings II, LLC, Term Loan, 11.105% (Term SOFR + 725 bps), 3/4/25 | $117797 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil-Field Services** | &nbsp;&nbsp;&nbsp;&nbsp; $117797 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Recreational Centers — 0.1%** |  |
| 15560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fitness International LLC, Term B Loan, 7.494% (Term SOFR + 325 bps), 4/18/25 | $14418 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Recreational Centers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14418 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Rental Auto & Equipment — 0.0%†** |  |
| 14850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PECF USS Intermediate Holding III Corp., Initial Term Loan, 8.634% (LIBOR + 425 bps), 12/15/28 | $12435 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rental Auto & Equipment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12435 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 0.0%†** |  |
| 9698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staples, Inc., 2019 Refinancing New Term B-2 Loan, 8.94% (LIBOR + 450 bps), 9/12/24 | $9548 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9548 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail-Restaurants — 0.2%** |  |
| 69070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011778 B.C. Unlimited Liability Co., Term B-4 Loan, 6.165% (LIBOR + 175 bps), 11/19/26 | $67969 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail-Restaurants** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $67969 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Schools — 0.1%** |  |
| 35009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KUEHG Corp. (fka KC MergerSub, Inc.), Term B-3 Loan, 8.48% (LIBOR + 375 bps), 2/21/25 | $33713 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Schools** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33713 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Senior Secured Floating Rate Loan Interests<br> (Cost $407,942)** | &nbsp;&nbsp;&nbsp;&nbsp; $406515 |

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| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks — 0.0%† of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.0%†** |  |
| 1,529(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico SAB de CV | $12698 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12698 |

---

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

#### 9

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| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Schedule of Investments 12/31/22 (continued)

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| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 0.0%†** |  |
| 15,463(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Desarrolladora Homex SAB de CV | $21 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Household Durables** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paper & Forest Products — 0.0%†** |  |
| 1032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerald Plantation Holdings, Ltd. | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Paper & Forest Products** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (Cost $30,517)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12719 |

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| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Backed Securities — 4.4% of Net Assets** |  |
| 100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2021-FL3, Class D, 6.518% (1 Month USD LIBOR + 220 bps), 8/15/34 (144A) | $92894 |
| 100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2021-FL4, Class D, 7.218% (1 Month USD LIBOR + 290 bps), 11/15/36 (144A) | &nbsp;&nbsp; 90483 |
| 100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2021-FL4, Class E, 7.718% (1 Month USD LIBOR + 340 bps), 11/15/36 (144A) | &nbsp;&nbsp; 88821 |
| 100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Commercial Real Estate Notes, Ltd., Series 2022-FL2, Class D, 8.686% (1 Month Term SOFR + 435 bps), 5/15/37 (144A) | &nbsp;&nbsp; 94598 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust, Series 2022-2A, Class C, 9.84%, 3/15/29 (144A) | &nbsp;&nbsp; 101273 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2, 4.94%, 1/25/52 (144A) | &nbsp;&nbsp; 67376 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Finance Credit Card ABS Master Trust, Series 2022-A, Class C, 9.33%, 10/15/30 (144A) | &nbsp;&nbsp; 98377 |
| 18,087(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifirst Mortgage Loan Trust, Series 2003-1, Class IF1, 4.01%, 12/25/32 | &nbsp;&nbsp; 16427 |
| 37030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Brand Holdings LLC, Series 2013-1A, Class A2, 4.352%, 1/25/43 (144A) | &nbsp;&nbsp; 11110 |
| 100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KREF Ltd., Series 2021-FL2, Class C, 6.326% (1 Month USD LIBOR + 200 bps), 2/15/39 (144A) | &nbsp;&nbsp; 92853 |
| 100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KREF Ltd., Series 2021-FL2, Class E, 7.176% (1 Month USD LIBOR + 285 bps), 2/15/39 (144A) | &nbsp;&nbsp; 92037 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMEF Funding LLC, Series 2022-B, Class C, 8.54%, 6/15/29 (144A) | &nbsp;&nbsp; 100519 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEAR LLC, Series 2021-1, Class B, 0.000%, 1/15/34 (144A) | &nbsp;&nbsp; 69092 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Tower Trust, 3.869%, 10/15/49 (144A) | &nbsp;&nbsp; 143324 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VFI ABS LLC, Series 2022-1A, Class D, 6.68%, 11/26/29 (144A) | &nbsp;&nbsp; 94204 |
| 187614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westgate Resorts LLC, Series 2022-1A, Class D, 3.838%, 8/20/36 (144A) | &nbsp;&nbsp; 174048 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities<br> (Cost $1,549,690)** | $1427436 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage Obligations—14.2% of Net Assets** |  |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview MSR Opportunity Master Fund Trust, Series 2021-2, Class A8, 2.50%, 6/25/51 (144A) | $67084 |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BINOM Securitization Trust, Series 2022-RPL1, Class M3, 3.00%, 2/25/61 (144A) | &nbsp;&nbsp; 65435 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cascade MH Asset Trust, Series 2021-MH1, Class B1, 4.573%, 2/25/46 (144A) | &nbsp;&nbsp; 76080 |
| 95,778(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIM Trust, Series 2021-J2, Class B3, 2.673%, 4/25/51 (144A) | &nbsp;&nbsp; 67468 |
| 96,826(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Series 2021-INV2, Class B1W, 2.989%, 5/25/51 (144A) | &nbsp;&nbsp; 73230 |
| 30,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2020-SBT1, Class 1M2, 8.039% (1 Month USD LIBOR + 365 bps), 2/25/40 (144A) | &nbsp;&nbsp; 29629 |
| 50,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2020-SBT1, Class 2M2, 8.039% (1 Month USD LIBOR + 365 bps), 2/25/40 (144A) | &nbsp;&nbsp; 50268 |
| 220,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust, Series 2022-R02, Class 2B1, 8.428% (SOFR30A + 450 bps), 1/25/42 (144A) | &nbsp;&nbsp; 208114 |
| 150,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Re, Ltd., Series 2019-1, Class B1, 8.889% (1 Month USD LIBOR + 450 bps), 4/25/29 (144A) | &nbsp;&nbsp; 138938 |
| 150,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Re, Ltd., Series 2021-2, Class M2, 8.178% (SOFR30A + 425 bps), 4/25/34 (144A) | &nbsp;&nbsp; 139027 |
| 30,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities, Series 2018-C03, Class 1B1, 8.139% (1 Month USD LIBOR + 375 bps), 10/25/30 | &nbsp;&nbsp; 30299 |

---

#### 10

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

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage Obligations—(continued)** |  |
| 89,497(a)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 4087, Class SB, 1.712% (1 Month USD LIBOR + 603 bps), 7/15/42 | $8734 |
| 47,713(a)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 4091, Class SH, 2.232% (1 Month USD LIBOR + 655 bps), 8/15/42 | &nbsp;&nbsp; 5498 |
| 45,069(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 4999, Class QI, 4.00%, 5/25/50 | &nbsp;&nbsp; 8631 |
| 48,265(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 5018, Class EI, 4.00%, 10/25/50 | &nbsp;&nbsp; 9744 |
| 59,764(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICs, Series 5067, Class GI, 4.00%, 12/25/50 | &nbsp;&nbsp; 11626 |
| 1158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2009-36, Class HX, 4.50%, 6/25/29 | &nbsp;&nbsp; 1140 |
| 26,683(a)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2012-14, Class SP, 2.161% (1 Month USD LIBOR + 655 bps), 8/25/41 | &nbsp;&nbsp; 1949 |
| 18,220(a)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2018-43, Class SM, 1.811% (1 Month USD LIBOR + 620 bps), 6/25/48 | &nbsp;&nbsp; 1667 |
| 21,493(a)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2019-33, Class S, 1.661% (1 Month USD LIBOR + 605 bps), 7/25/49 | &nbsp;&nbsp; 1285 |
| 19,683(a)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2019-41, Class PS, 1.661% (1 Month USD LIBOR + 605 bps), 8/25/49 | &nbsp;&nbsp; 2133 |
| 19,726(a)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association REMICs, Series 2019-41, Class SM, 1.661% (1 Month USD LIBOR + 605 bps), 8/25/49 | &nbsp;&nbsp; 2047 |
| 96,854(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flagstar Mortgage Trust, Series 2021-7, Class B3, 2.935%, 8/25/51 (144A) | &nbsp;&nbsp; 63095 |
| 63,779(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2020-DNA3, Class B1, 9.489% (1 Month USD LIBOR + 510 bps), 6/25/50 (144A) | &nbsp;&nbsp; 66447 |
| 68,154(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2020-DNA4, Class B1, 10.389% (1 Month USD LIBOR + 600 bps), 8/25/50 (144A) | &nbsp;&nbsp; 72462 |
| 40,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2020-DNA4, Class B2, 14.389% (1 Month USD LIBOR + 1,000 bps), 8/25/50 (144A) | &nbsp;&nbsp; 43926 |
| 40,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2020-DNA5, Class B2, 15.428% (SOFR30A + 1,150 bps), 10/25/50 (144A) | &nbsp;&nbsp; 44834 |
| 50,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2020-DNA6, Class B1, 6.928% (SOFR30A + 300 bps), 12/25/50 (144A) | &nbsp;&nbsp; 46887 |
| 50,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2020-DNA6, Class B2, 9.578% (SOFR30A + 565 bps), 12/25/50 (144A) | &nbsp;&nbsp; 42307 |
| 20,790(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2020-HQA2, Class M2, 7.489% (1 Month USD LIBOR + 310 bps), 3/25/50 (144A) | &nbsp;&nbsp; 21078 |
| 30,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2020-HQA3, Class B2, 14.389% (1 Month USD LIBOR + 1,000 bps), 7/25/50 (144A) | &nbsp;&nbsp; 32905 |
| 100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2021-DNA1, Class B1, 6.578% (SOFR30A + 265 bps), 1/25/51 (144A) | &nbsp;&nbsp; 89916 |
| 70,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2021-DNA1, Class B2, 8.678% (SOFR30A + 475 bps), 1/25/51 (144A) | &nbsp;&nbsp; 53732 |
| 80,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2021-DNA5, Class B1, 6.978% (SOFR30A + 305 bps), 1/25/34 (144A) | &nbsp;&nbsp; 73061 |
| 70,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2021-HQA1, Class B2, 8.928% (SOFR30A + 500 bps), 8/25/33 (144A) | &nbsp;&nbsp; 53289 |
| 180,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2021-HQA4, Class B1, 7.678% (SOFR30A + 375 bps), 12/25/41 (144A) | &nbsp;&nbsp; 153999 |
| 220,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2022-DNA2, Class B1, 8.678% (SOFR30A + 475 bps), 2/25/42 (144A) | &nbsp;&nbsp; 200856 |
| 25,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR REMIC Trust, Series 2022-HQA1, Class M2, 9.178% (SOFR30A + 525 bps), 3/25/42 (144A) | &nbsp;&nbsp; 24253 |
| 150,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR Trust, Series 2018-HQA2, Class B1, 8.639% (1 Month USD LIBOR + 425 bps), 10/25/48 (144A) | &nbsp;&nbsp; 151041 |
| 60,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac STACR Trust, Series 2019-HRP1, Class B1, 8.439% (1 Month USD LIBOR + 405 bps), 2/25/49 (144A) | &nbsp;&nbsp; 57727 |

---

#### 11

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage Obligations—(continued)** |  |
| 70,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-HQA5, Class B1, 7.928% (SOFR30A + 400 bps), 11/25/50 (144A) | $66850 |
| 80,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-HQA5, Class B2, 11.328% (SOFR30A + 740 bps), 11/25/50 (144A) | &nbsp;&nbsp; 72024 |
| 25,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA2, Class B1, 7.328% (SOFR30A + 340 bps), 8/25/33 (144A) | &nbsp;&nbsp; 23089 |
| 12246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2009-83, Class EB, 4.50%, 9/20/39 | &nbsp;&nbsp; 12140 |
| 860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2012-130, Class PA, 3.00%, 4/20/41 | &nbsp;&nbsp; 852 |
| 98,992(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2019-110, Class PI, 3.50%, 9/20/49 | &nbsp;&nbsp; 12627 |
| 159,922(a)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2019-117, Class SB, 0.000% (1 Month USD LIBOR + 342 bps), 9/20/49 | &nbsp;&nbsp; 3434 |
| 158,670(a)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2019-121, Class SA, 0.000% (1 Month USD LIBOR + 335 bps), 10/20/49 | &nbsp;&nbsp; 3159 |
| 236,900(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2019-128, Class IB, 3.50%, 10/20/49 | &nbsp;&nbsp; 39650 |
| 236,451(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2019-128, Class ID, 3.50%, 10/20/49 | &nbsp;&nbsp; 30708 |
| 115,467(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2019-159, Class CI, 3.50%, 12/20/49 | &nbsp;&nbsp; 20204 |
| 70,052(a)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2019-90, Class SA, 0.000% (1 Month USD LIBOR + 330 bps), 7/20/49 | &nbsp;&nbsp; 1041 |
| 134,330(a)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, Series 2020-9, Class SA, 3.35% (1 Month USD LIBOR + 335 bps), 1/20/50 | &nbsp;&nbsp; 2473 |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ4, Class A33, 3.00%, 9/25/52 (144A) | &nbsp;&nbsp; 70443 |
| 97,845(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2021-GR3, Class B2, 3.39%, 4/25/52 (144A) | &nbsp;&nbsp; 70068 |
| 97,426(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust, Series 2022-PJ1, Class B3, 2.834%, 5/28/52 (144A) | &nbsp;&nbsp; 61431 |
| 95,766(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hundred Acre Wood Trust, Series 2021-INV1, Class B2, 3.227%, 7/25/51 (144A) | &nbsp;&nbsp; 66862 |
| 96,333(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2021-7, Class B3, 2.803%, 11/25/51 (144A) | &nbsp;&nbsp; 59114 |
| 144,780(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2021-8, Class B3, 2.849%, 12/25/51 (144A) | &nbsp;&nbsp; 89024 |
| 96,235(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2021-INV1, Class B3, 2.986%, 10/25/51 (144A) | &nbsp;&nbsp; 63170 |
| 98,366(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2022-3, Class B3, 3.116%, 8/25/52 (144A) | &nbsp;&nbsp; 68548 |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2022-4, Class A5, 3.00%, 10/25/52 (144A) | &nbsp;&nbsp; 70368 |
| 98,504(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2022-6, Class B3, 3.309%, 11/25/52 (144A) | &nbsp;&nbsp; 66590 |
| 98,082(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2022-INV1, Class B3, 3.298%, 3/25/52 (144A) | &nbsp;&nbsp; 65801 |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust, Series 2022-LTV1, Class M1, 3.525%, 7/25/52 (144A) | &nbsp;&nbsp; 61470 |
| 66,332(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A. - JPMWM, Series 2021-CL1, Class M3, 5.728% (SOFR30A + 180 bps), 3/25/51 (144A) | &nbsp;&nbsp; 57649 |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mello Mortgage Capital Acceptance, Series 2021-INV2, Class A5, 2.50%, 8/25/51 (144A) | &nbsp;&nbsp; 66843 |
| 98,567(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mello Mortgage Capital Acceptance, Series 2022-INV2, Class B3, 3.533%, 4/25/52 (144A) | &nbsp;&nbsp; 64410 |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFA Trust, Series 2021-RPL1, Class M2, 2.855%, 7/25/60 (144A) | &nbsp;&nbsp; 75110 |
| 95,451(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oceanview Mortgage Trust, Series 2021-1, Class B2, 2.725%, 5/25/51 (144A) | &nbsp;&nbsp; 65862 |
| 96,337(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provident Funding Mortgage Trust, Series 2021-J1, Class B3, 2.638%, 10/25/51 (144A) | &nbsp;&nbsp; 62151 |
| 97,434(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Series 2021-HB1, Class B2, 2.706%, 12/25/51 (144A) | &nbsp;&nbsp; 67994 |
| 96,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Mortgage Trust, Series 2021-J1, Class B2, 2.706%, 7/25/51 (144A) | &nbsp;&nbsp; 65460 |
| 99,072(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCKT Mortgage Trust, Series 2022-3, Class B3, 3.19%, 5/25/52 (144A) | &nbsp;&nbsp; 66239 |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust, Series 2022-1, Class A7, 2.50%, 2/25/52 (144A) | &nbsp;&nbsp; 66404 |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2017-1, Class B3, 0.000%, 10/25/56 (144A) | &nbsp;&nbsp; 79331 |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2017-3, Class B3, 2.257%, 7/25/57 (144A) | &nbsp;&nbsp; 80500 |
| 93,776(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towd Point Mortgage Trust, Series 2021-R1, Class A1, 2.918%, 11/30/60 (144A) | &nbsp;&nbsp; 75229 |
| 110,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triangle Re, Ltd., Series 2021-1, Class M2, 8.289% (1 Month USD LIBOR + 390 bps), 8/25/33 (144A) | &nbsp;&nbsp; 109668 |
| 94,431(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Series 2020-5, Class B2, 2.913%, 9/25/50 (144A) | &nbsp;&nbsp; 70320 |

---

#### 12

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

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Collateralized Mortgage Obligations—(continued)** |  |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Series 2022-2, Class A6, 2.50%, 12/25/51 (144A) | $66851 |
| 98,797(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Series 2022-INV1, Class B3, 3.442%, 3/25/52 (144A) | &nbsp;&nbsp; 65933 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations<br> (Cost $5,838,572)** | $4598935 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed Securities—7.6% of Net Assets** |  |
| 100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AREIT Trust, Series 2022-CRE6, Class D, 6.676% (SOFR30A + 285 bps), 1/16/37 (144A) | $91503 |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2018-B5, Class A3, 3.944%, 7/15/51 | &nbsp;&nbsp; 37465 |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust, Series 2020-IG3, Class B, 3.29%, 9/15/48 (144A) | &nbsp;&nbsp; 77032 |
| 100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Commercial Mortgage Trust, Series 2021-VOLT, Class F, 6.718% (1 Month USD LIBOR + 240 bps), 9/15/36 (144A) | &nbsp;&nbsp; 92000 |
| 100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BX Trust, Series 2021-ARIA, Class E, 6.563% (1 Month USD LIBOR + 224 bps), 10/15/36 (144A) | &nbsp;&nbsp; 90722 |
| 99,251(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHC Commercial Mortgage Trust, Series 2019-CHC, Class E, 6.668% (1 Month USD LIBOR + 235 bps), 6/15/34 (144A) | &nbsp;&nbsp; 89954 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup Commercial Mortgage Trust, Series 2018-B2, Class A3, 3.744%, 3/10/51 | &nbsp;&nbsp; 139217 |
| 65,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLNY Trust, Series 2019-IKPR, Class E, 7.039% (1 Month USD LIBOR + 272 bps), 11/15/38 (144A) | &nbsp;&nbsp; 59705 |
| 75,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMM Mortgage Trust, Series 2015-DC1, Class B, 4.035%, 2/10/48 | &nbsp;&nbsp; 69253 |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Series 2015-C1, Class C, 4.258%, 4/15/50 | &nbsp;&nbsp; 85701 |
| 25,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSAIL Commercial Mortgage Trust, Series 2015-C4, Class D, 3.558%, 11/15/48 | &nbsp;&nbsp; 20925 |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fontainebleau Miami Beach Trust, Series 2019-FBLU, Class D, 3.963%, 12/10/36 (144A) | &nbsp;&nbsp; 93072 |
| 75,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Credit Risk, Series 2021-MN3, Class M2, 7.928% (SOFR30A + 400 bps), 11/25/51 (144A) | &nbsp;&nbsp; 65825 |
| 49,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2017-KW02, Class B, 3.793%, 12/25/26 (144A) | &nbsp;&nbsp; 44200 |
| 50,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2017-KW03, Class B, 4.074%, 7/25/27 (144A) | &nbsp;&nbsp; 46032 |
| 75,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2018-KHG1, Class B, 3.816%, 12/25/27 (144A) | &nbsp;&nbsp; 67126 |
| 25,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2018-KW07, Class B, 4.084%, 10/25/31 (144A) | &nbsp;&nbsp; 20257 |
| 75,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2019-K88, Class C, 4.383%, 2/25/52 (144A) | &nbsp;&nbsp; 66519 |
| 58,170(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2019-KJ24, Class B, 7.60%, 10/25/27 (144A) | &nbsp;&nbsp; 52877 |
| 50,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust, Series 2020-K106, Class B, 3.585%, 3/25/53 (144A) | &nbsp;&nbsp; 42954 |
| 50,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Trust, Series 2018-KW04, Class B, 3.925%, 9/25/28 (144A) | &nbsp;&nbsp; 41627 |
| 100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class E, 6.818% (1 Month USD LIBOR + 250 bps), 12/15/36 (144A) | &nbsp;&nbsp; 93485 |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-LOOP, Class F, 3.861%, 12/5/38 (144A) | &nbsp;&nbsp; 57674 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Commercial Mortgage Securities Trust, Series 2019-S2, Class A3, 3.469%, 6/15/52 (144A) | &nbsp;&nbsp; 44796 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series 2014-150E, Class AS, 4.012%, 9/9/32 (144A) | &nbsp;&nbsp; 87773 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series 2016-UBS9, Class D, 3.00%, 3/15/49 (144A) | &nbsp;&nbsp; 19258 |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust, Series 2018-MP, Class A, 4.276%, 7/11/40 (144A) | &nbsp;&nbsp; 87133 |
| 94,329(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10, 7.639% (1 Month USD LIBOR + 325 bps), 10/25/49 (144A) | &nbsp;&nbsp; 88564 |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palisades Center Trust, Series 2016-PLSD, Class A, 2.713%, 4/13/33 (144A) | &nbsp;&nbsp; 26200 |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBS Commercial Funding, Inc. Trust, Series 2013-SMV, Class E, 3.584%, 3/11/31 (144A) | &nbsp;&nbsp; 89000 |
| 50,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class D, 7.339% (1 Month USD LIBOR + 295 bps), 11/25/36 (144A) | &nbsp;&nbsp; 45768 |
| 55,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Financing LLC, Series 2022-FL8, Class D, 7.644% (SOFR30A + 370 bps), 1/25/37 (144A) | &nbsp;&nbsp; 51879 |
| 25,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Financing LLC, Series 2022-FL8, Class E, 8.194% (SOFR30A + 425 bps), 1/25/37 (144A) | &nbsp;&nbsp; 23636 |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ready Capital Mortgage Trust, Series 2019-5, Class E, 5.411%, 2/25/52 (144A) | &nbsp;&nbsp; 76706 |

---

#### 13

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Mortgage-Backed Securities—(continued)** |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLG Office Trust, Series 2021-OVA, Class E, 2.851%, 7/15/41 (144A) | $69656 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLG Office Trust, Series 2021-OVA, Class F, 2.851%, 7/15/41 (144A) | &nbsp;&nbsp; 64924 |
| 145,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class B, 7.268% (1 Month Term SOFR + 293 bps), 5/15/37 (144A) | &nbsp;&nbsp; 139275 |
| 1,000,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Commercial Mortgage Trust, Series 2018-C9, Class XB, 0.376%, 3/15/51 | &nbsp;&nbsp; 17028 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities<br> (Cost $2,865,027)** | $2476721 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Convertible Corporate Bonds — 0.7% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.1%** |  |
| 51000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit Airlines, Inc., 1.00%, 5/15/26 | $41055 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $41055 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 0.1%** |  |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc., 1.75%, 1/15/25 | $32638 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Biotechnology** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32638 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 0.3%** |  |
| 122,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DraftKings Holdings, Inc., 3/15/28 | $75457 |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IMAX Corp., 0.50%, 4/1/26 | &nbsp;&nbsp; 12651 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $88108 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.0%†** |  |
| 75,000(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tricida, Inc., 3.50%, 5/15/27 | $6750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.2%** |  |
| 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems, Inc., 0.375%, 7/1/27 | $17908 |
| 47000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verint Systems, Inc., 0.25%, 4/15/26 | &nbsp;&nbsp; 40890 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $58798 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Convertible Corporate Bonds<br> (Cost $349,113)** | &nbsp;&nbsp;&nbsp;&nbsp; $227349 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Corporate Bonds — 27.4% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 1.1%** |  |
| 237000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co., 3.75%, 2/1/50 | $162714 |
| 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co., 5.805%, 5/1/50 | &nbsp;&nbsp; 152984 |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc., 9.375%, 11/30/29 (144A) | &nbsp;&nbsp; 31581 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp; $347279 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Airlines — 0.9%** |  |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines 2021-1 Class B Pass Through Trust, 3.95%, 7/11/30 | $11902 |
| 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gol Finance SA, 8.00%, 6/30/26 (144A) | &nbsp;&nbsp; 65402 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeromexico SAB de CV, 8.50%, 3/17/27 (144A) | &nbsp;&nbsp; 176648 |
| 18252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JetBlue 2020-1 Class A Pass Through Trust, 4.00%, 11/15/32 | &nbsp;&nbsp; 16227 |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit Loyalty Cayman, Ltd./Spirit IP Cayman, Ltd., 8.00%, 9/20/25 (144A) | &nbsp;&nbsp; 15077 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines, Inc., 4.375%, 4/15/26 (144A) | &nbsp;&nbsp; 9269 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines, Inc., 4.625%, 4/15/29 (144A) | &nbsp;&nbsp; 8707 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Airlines** | &nbsp;&nbsp;&nbsp;&nbsp; $303232 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — 1.1%** |  |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co., 4.346%, 12/8/26 | $128026 |
| 42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co., 5.291%, 12/8/46 | &nbsp;&nbsp; 32005 |

---

#### 14

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

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Auto Manufacturers — (continued)** |  |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co., 6.10%, 8/19/32 | $36934 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC, 3.815%, 11/2/27 | &nbsp;&nbsp; 175778 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Auto Manufacturers** | &nbsp;&nbsp;&nbsp;&nbsp; $372743 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 9.1%** |  |
| 200,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABN AMRO Bank NV, 3.324% (5 Year CMT Index + 190 bps), 3/13/37 (144A) | $144587 |
| 200,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA, 3.225% (1 Year CMT Index + 160 bps), 11/22/32 | &nbsp;&nbsp; 151021 |
| 200,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Plc, 7.437% (1 Year CMT Index + 350 bps), 11/2/33 | &nbsp;&nbsp; 209560 |
| 250,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE SA, 3.116% (SOFR + 173 bps), 10/19/32 (144A) | &nbsp;&nbsp; 182416 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Corp., 6.625%, 1/15/27 (144A) | &nbsp;&nbsp; 19456 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) | &nbsp;&nbsp; 22487 |
| 200,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings Plc, 5.402% (SOFR + 287 bps), 8/11/33 | &nbsp;&nbsp; 185205 |
| 220,000(d)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV, 4.25% (5 Year CMT Index + 286 bps) | &nbsp;&nbsp; 150976 |
| 200,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo S.p.A., 4.198% (1 Year CMT Index + 260 bps), 6/1/32 (144A) | &nbsp;&nbsp; 146942 |
| 200,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group Plc, 4.976% (5 Year CMT Index + 230 bps), 8/11/33 | &nbsp;&nbsp; 183638 |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Group, Ltd., 2.871% (SOFR + 153 bps), 1/14/33 (144A) | &nbsp;&nbsp; 76718 |
| 100,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 5.297% (SOFR + 262 bps), 4/20/37 | &nbsp;&nbsp; 91436 |
| 235,000(d)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank Abp, 3.75% (5 Year CMT Index + 260 bps) (144A) | &nbsp;&nbsp; 181433 |
| 200,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale SA, 4.027% (1 Year CMT Index + 190 bps), 1/21/43 (144A) | &nbsp;&nbsp; 135328 |
| 205,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Plc, 3.603% (1 Year CMT Index + 190 bps), 1/12/33 (144A) | &nbsp;&nbsp; 154160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR 283,675(c)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stichting AK Rabobank Certificaten, 6.50% | &nbsp;&nbsp; 291149 |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 4.456%, 6/8/32 | &nbsp;&nbsp; 85785 |
| 200,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG, 4.988% (5 Year CMT Index + 240 bps), 8/5/33 (144A) | &nbsp;&nbsp; 185136 |
| 200,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UniCredit S.p.A., 5.459% (5 Year CMT Index + 475 bps), 6/30/35 (144A) | &nbsp;&nbsp; 162490 |
| 200,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UniCredit S.p.A., 7.296% (5 Year USD 1100 Run ICE Swap Rate + 491 bps), 4/2/34 (144A) | &nbsp;&nbsp; 183299 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | $2943222 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 0.1%** |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., 3.70%, 3/15/32 | $25696 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Biotechnology** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25696 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Materials — 0.3%** |  |
| 63000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc., 6.375%, 6/15/32 (144A) | $59172 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc., 4.50%, 3/25/52 | &nbsp;&nbsp; 37538 |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oscar AcquisitionCo LLC/Oscar Finance, Inc., 9.50%, 4/15/30 (144A) | &nbsp;&nbsp; 13461 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Materials** | &nbsp;&nbsp;&nbsp;&nbsp; $110171 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 0.5%** |  |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings LLC, 6.379%, 7/15/32 | $33283 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.125%, 4/1/29 (144A) | &nbsp;&nbsp; 32386 |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tronox, Inc., 4.625%, 3/15/29 (144A) | &nbsp;&nbsp; 87281 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp;&nbsp;&nbsp; $152950 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services — 0.8%** |  |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.625%, 7/15/26 (144A) | $41175 |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreLogic, Inc., 4.50%, 5/1/28 (144A) | &nbsp;&nbsp; 42196 |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., 4.625%, 2/15/27 (144A) | &nbsp;&nbsp; 30904 |
| 39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., 6.00%, 6/1/29 (144A) | &nbsp;&nbsp; 31689 |
| 24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corp., 9.50%, 11/1/27 (144A) | &nbsp;&nbsp; 23115 |
| 104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28 (144A) | &nbsp;&nbsp; 94657 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services** | &nbsp;&nbsp;&nbsp;&nbsp; $263736 |

---

#### 15

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Computers — 0.1%** |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCR Corp., 5.00%, 10/1/28 (144A) | $21313 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCR Corp., 5.25%, 10/1/30 (144A) | &nbsp;&nbsp; 8250 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Computers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29563 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financial Services — 2.7%** |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 1/30/32 | $117264 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp., 2.875%, 1/15/32 | &nbsp;&nbsp; 119165 |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp., 3.125%, 12/1/30 | &nbsp;&nbsp; 58009 |
| 87000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc., 7.00%, 1/15/26 (144A) | &nbsp;&nbsp; 75690 |
| 161,346(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Aircraft Leasing Co., Ltd., 6.50% (7.25% PIK or 6.50% Cash), 9/15/24 (144A) | &nbsp;&nbsp; 137144 |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance Corp., 3.50%, 1/15/27 | &nbsp;&nbsp; 45538 |
| 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance Corp., 4.00%, 9/15/30 | &nbsp;&nbsp; 96998 |
| 100,000(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OWS Cre Funding I LLC, 9.269% (1 Month USD LIBOR + 490 bps), 9/1/23 (144A) | &nbsp;&nbsp; 95495 |
| 84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC, 5.50%, 4/15/29 (144A) | &nbsp;&nbsp; 66820 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VistaJet Malta Finance Plc/XO Management Holding, Inc., 6.375%, 2/1/30 (144A) | &nbsp;&nbsp; 60137 |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VistaJet Malta Finance Plc/XO Management Holding, Inc., 7.875%, 5/1/27 (144A) | &nbsp;&nbsp; 13532 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Financial Services** | &nbsp;&nbsp;&nbsp;&nbsp; $885792 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric — 0.8%** |  |
| 75,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp., 4.75% (5 Year CMT Index + 325 bps), 1/18/82 | $60750 |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc., 3.625%, 2/15/31 (144A) | &nbsp;&nbsp; 15204 |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc., 3.875%, 2/15/32 (144A) | &nbsp;&nbsp; 67594 |
| 132000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc., 4.45%, 6/15/29 (144A) | &nbsp;&nbsp; 116734 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric** | &nbsp;&nbsp;&nbsp;&nbsp; $260282 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Components & Equipments — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energizer Gamma Acquisition BV, 3.50%, 6/30/29 (144A) | $85003 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Components & Equipments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $85003 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronics — 0.1%** |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atkore, Inc., 4.25%, 6/1/31 (144A) | $21438 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electronics** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21438 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy-Alternate Sources — 0.1%** |  |
| 36409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Wind Holdings LLC, 7.00%, 6/30/35 (144A) | $35983 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy-Alternate Sources** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35983 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Engineering & Construction — 0.1%** |  |
| 57006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Artera Services LLC, 9.033%, 12/4/25 (144A) | $47491 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Engineering & Construction** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $47491 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 0.5%** |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.625%, 4/16/29 (144A) | $141846 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.625%, 3/1/30 (144A) | &nbsp;&nbsp; 21117 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | &nbsp;&nbsp;&nbsp;&nbsp; $162963 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food — 0.5%** |  |
| 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.00%, 5/15/32 (144A) | $9969 |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 4/1/33 (144A) | &nbsp;&nbsp; 100147 |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 12/1/52 (144A) | &nbsp;&nbsp; 42832 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food** | &nbsp;&nbsp;&nbsp;&nbsp; $152948 |

---

#### 16

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

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare-Services — 0.0%†** |  |
| 31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Renal Care, Inc., 10.625%, 7/15/27 (144A) | $6743 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare-Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6743 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 0.6%** |  |
| 19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Corp./Aon Global Holdings Plc, 2.60%, 12/2/31 | $15508 |
| 120,000(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farmers Insurance Exchange, 4.747% (3 Month USD LIBOR + 323 bps), 11/1/57 (144A) | &nbsp;&nbsp; 96466 |
| 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Mutual Group, Inc., 5.50%, 6/15/52 (144A) | &nbsp;&nbsp; 76263 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance** | &nbsp;&nbsp;&nbsp;&nbsp; $188237 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Iron & Steel — 0.3%** |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Metals Co., 4.375%, 3/15/32 | $26098 |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources, Ltd., 8.00%, 11/1/27 (144A) | &nbsp;&nbsp; 15338 |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources, Ltd., 8.50%, 5/1/30 (144A) | &nbsp;&nbsp; 15203 |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TMS International Corp., 6.25%, 4/15/29 (144A) | &nbsp;&nbsp; 28610 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Iron & Steel** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $85249 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Leisure Time — 0.0%†** |  |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NCL Finance, Ltd., 6.125%, 3/15/28 (144A) | $7382 |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viking Ocean Cruises Ship VII, Ltd., 5.625%, 2/15/29 (144A) | &nbsp;&nbsp; 4025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Leisure Time** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11407 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lodging — 0.1%** |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29 (144A) | $25800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Lodging** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25800 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media — 0.4%** |  |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 6/1/33 (144A) | $7672 |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30 (144A) | &nbsp;&nbsp; 107802 |
| 19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamond Sports Group LLC/Diamond Sports Finance Co., 6.625%, 8/15/27 (144A) | &nbsp;&nbsp; 143 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media** | &nbsp;&nbsp;&nbsp;&nbsp; $115617 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metal Fabricate/Hardware — 0.1%** |  |
| 57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park-Ohio Industries, Inc., 6.625%, 4/15/27 | $38722 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metal Fabricate/Hardware** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38722 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mining — 0.7%** |  |
| 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coeur Mining, Inc., 5.125%, 2/15/29 (144A) | $89749 |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Resources August 2006 Pty, Ltd., 4.375%, 4/1/31 (144A) | &nbsp;&nbsp; 54060 |
| 107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp., 5.75%, 10/15/28 (144A) | &nbsp;&nbsp; 83079 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mining** | &nbsp;&nbsp;&nbsp;&nbsp; $226888 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Miscellaneous Manufacturing — 0.0%†** |  |
| 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amsted Industries, Inc., 5.625%, 7/1/27 (144A) | $13281 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Miscellaneous Manufacturing** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13281 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multi-National — 1.0%** |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;African Export-Import Bank, 3.994%, 9/21/29 (144A) | $173340 |
| &nbsp;&nbsp;&nbsp;&nbsp;IDR 980,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inter-American Development Bank, 7.875%, 3/14/23 | &nbsp;&nbsp; 63210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KZT 49,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Finance Corp., 7.50%, 2/3/23 | &nbsp;&nbsp; 105384 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Multi-National** | &nbsp;&nbsp;&nbsp;&nbsp; $341934 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas — 0.6%** |  |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos, 6.70%, 2/16/32 | $31410 |
| 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shelf Drilling Holdings, Ltd., 8.875%, 11/15/24 (144A) | &nbsp;&nbsp; 21560 |

---

#### 17

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas — (continued)** |  |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vermilion Energy, Inc., 6.875%, 5/1/30 (144A) | $41066 |
| 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YPF SA, 6.95%, 7/21/27 (144A) | &nbsp;&nbsp; 92095 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas** | &nbsp;&nbsp;&nbsp;&nbsp; $186131 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas Services — 0.2%** |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enerflex, Ltd., 9.00%, 10/15/27 (144A) | $49862 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil & Gas Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $49862 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.3%** |  |
| 31000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Par Pharmaceutical, Inc., 7.50%, 4/1/27 (144A) | $23559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands II BV, 4.375%, 5/9/30 | &nbsp;&nbsp; 88087 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp;&nbsp;&nbsp; $111646 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pipelines — 1.5%** |  |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 6.00%, 6/15/48 | $31551 |
| 19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 6.10%, 2/15/42 | &nbsp;&nbsp; 17422 |
| 15,000(d)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 6.625% (3 Month USD LIBOR + 416 bps) | &nbsp;&nbsp; 11137 |
| 353,000(d)(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 7.125% (5 Year CMT Index + 531 bps) | &nbsp;&nbsp; 294755 |
| 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnLink Midstream Partners LP, 5.05%, 4/1/45 | &nbsp;&nbsp; 6820 |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnLink Midstream Partners LP, 5.45%, 6/1/47 | &nbsp;&nbsp; 108439 |
| 34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnLink Midstream Partners LP, 5.60%, 4/1/44 | &nbsp;&nbsp; 28042 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pipelines** | &nbsp;&nbsp;&nbsp;&nbsp; $498166 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADLER Real Estate AG, 3.00%, 4/27/26 | $73754 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $73754 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REITs — 0.3%** |  |
| 21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLP Capital LP/GLP Financing II, Inc., 3.25%, 1/15/32 | $16787 |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HAT Holdings I LLC/HAT Holdings II LLC, 3.375%, 6/15/26 (144A) | &nbsp;&nbsp; 56472 |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 2/15/29 (144A) | &nbsp;&nbsp; 19875 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total REITs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $93134 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail — 0.1%** |  |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCM Investments Holdings II LLC, 4.875%, 5/1/29 (144A) | $28028 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28028 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors — 0.2%** |  |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc., 4.15%, 4/15/32 (144A) | $57061 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $57061 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.1%** |  |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AthenaHealth Group, Inc., 6.50%, 2/15/30 (144A) | $44216 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44216 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications — 1.2%** |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope Technologies LLC, 5.00%, 3/15/27 (144A) | $33960 |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoTo Group, Inc., 5.50%, 9/1/27 (144A) | &nbsp;&nbsp; 24202 |
| 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., 3.75%, 7/15/29 (144A) | &nbsp;&nbsp; 118696 |
| 41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., 4.625%, 9/15/27 (144A) | &nbsp;&nbsp; 34132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lorca Telecom Bondco SA, 4.00%, 9/18/27 (144A) | &nbsp;&nbsp; 95538 |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumen Technologies, Inc., 4.50%, 1/15/29 (144A) | &nbsp;&nbsp; 31060 |

---

#### 18

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

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications — (continued)** |  |
| 11700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millicom International Cellular SA, 6.25%, 3/25/29 (144A) | $11185 |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 8/15/28 (144A) | &nbsp;&nbsp; 28519 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** | &nbsp;&nbsp;&nbsp;&nbsp; $377292 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation — 0.4%** |  |
| 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seaspan Corp., 5.50%, 8/1/29 (144A) | $24250 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Global Airlines LLC, 10.375%, 8/15/25 (144A) | &nbsp;&nbsp; 45056 |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO Escrow Sub LLC, 7.50%, 11/15/27 (144A) | &nbsp;&nbsp; 45536 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation** | &nbsp;&nbsp;&nbsp;&nbsp; $114842 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (Cost $10,916,319)** | $8888502 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Convertible Preferred Stocks — 1.2% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 1.2%** |  |
| 24(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 7.25% | $27840 |
| 319(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 7.50% | &nbsp;&nbsp; 378015 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp;&nbsp;&nbsp; $405855 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Convertible Preferred Stocks<br> (Cost $437,178)** | &nbsp;&nbsp;&nbsp;&nbsp; $405855 |

---

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Municipal Bonds — 0.8% of Net Assets(j)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Arizona — 0.1%** |  |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority, Banner Health, Series 2019F, 3.00%, 1/1/49 | $14164 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Arizona** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$14164** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**California — 0.1%** |  |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Cedars-Sinai Health System, Series A, 3.00%, 8/15/51 | $15280 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of California, Medical Center Pooled Revenue, Series P, 4.00%, 5/15/53 | &nbsp;&nbsp; 9456 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total California** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$24736** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Florida — 0.0%†** |  |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Broward Hospital District, South Broward Hospital District Obligated Group, Series A, 2.50%, 5/1/47 | $9677 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Florida** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$9677** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Georgia — 0.0%†** |  |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainesville & Hall County Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A, 3.00%, 2/15/51 | $7136 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Georgia** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$7136** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Massachusetts — 0.0%†** |  |
| 15,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Series B, 3.00%, 4/1/47 | $11298 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Massachusetts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$11298** |

---

#### 19

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Missouri — 0.0%†** |  |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri, BJC Health System, Series A, 3.00%, 7/1/38 | $4214 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Missouri** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$4214** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Nebraska — 0.1%** |  |
| 10,000(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancaster County School District 001, Lincoln Public Schools, 2.00%, 1/15/43 | $6346 |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Nebraska Facilities Corp., Green Bond, Series B, 3.00%, 7/15/54 | &nbsp;&nbsp; 21662 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Nebraska** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$28008** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Jersey — 0.1%** |  |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, Atlanticare Health System Obligated Group Issue, 3.00%, 7/1/46 | $7098 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group Issue, 3.00%, 7/1/51 | &nbsp;&nbsp; 17845 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total New Jersey** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$24943** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New York — 0.1%** |  |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority, Series A-1, 3.00%, 3/15/50 | $15114 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total New York** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$15114** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North Carolina — 0.0%†** |  |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Charlotte Airport Revenue, Charlotte Douglas International Airport Revenue, Series A, 4.00%, 7/1/47 | $13910 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North Carolina** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$13910** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oregon — 0.0%†** |  |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oregon Health & Science University, Green Bond, Series A, 3.00%, 7/1/51 | $11125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oregon** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$11125** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pennsylvania — 0.1%** |  |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series B, 4.00%, 5/1/56 | $28808 |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series C, 3.00%, 12/1/51 | &nbsp;&nbsp; 3635 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pennsylvania** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$32443** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Texas — 0.1%** |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, 3.00%, 10/1/51 | $21110 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water Development Board, State Revolving Fund, 3.00%, 8/1/40 | &nbsp;&nbsp; 8657 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Texas** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$29767** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Virginia — 0.1%** |  |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hampton Roads Transportation Accountability Commission, Series A, 4.00%, 7/1/57 | $4524 |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roanoke Economic Development Authority, Carilion Clinic Obligated Group, 3.00%, 7/1/45 | &nbsp;&nbsp; 11260 |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockingham County Economic Development Authority, Sentara RMH Medical Center, Series A, 3.00%, 11/1/46 | &nbsp;&nbsp; 3769 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia College Building Authority, Public Higher Education Financing Program, Series C, 3.00%, 9/1/51 | &nbsp;&nbsp; 18782 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Virginia** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$38335** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (Cost $278,485)** | &nbsp;&nbsp;&nbsp;&nbsp; **$264870** |

---

#### 20

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

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Face <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance-Linked Securities — 0.0%† of Net Assets#** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Sidecars — 0.0%†** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multiperil – Worldwide — 0.0%†** |  |
| 20,578(b)(l) + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lorenz Re 2019, 6/30/23 | $37 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Reinsurance Sidecars** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance-Linked Securities<br> (Cost $4,513)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37 |

---

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Foreign Government Bonds — 3.3% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Argentina — 0.8%** |  |
| 6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentine Republic Government International Bond, 1.000%, 7/9/29 | $1726 |
| 145,500(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentine Republic Government International Bond, 1.500%, 7/9/35 | &nbsp;&nbsp; 36905 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciudad Autonoma De Buenos Aires, 7.500%, 6/1/27 (144A) | &nbsp;&nbsp; 229024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Argentina** | &nbsp;&nbsp;&nbsp;&nbsp; $267655 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Indonesia — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;IDR 1,784,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond, 6.125%, 5/15/28 | $112066 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Indonesia** | &nbsp;&nbsp;&nbsp;&nbsp; $112066 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ivory Coast — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivory Coast Government International Bond, 4.875%, 1/30/32 (144A) | $84264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivory Coast Government International Bond, 5.875%, 10/17/31 (144A) | &nbsp;&nbsp; 89481 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Ivory Coast** | &nbsp;&nbsp;&nbsp;&nbsp; $173745 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mexico — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MXN 5,490,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican Bonos, 8.500%, 5/31/29 | $273932 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mexico** | &nbsp;&nbsp;&nbsp;&nbsp; $273932 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Serbia — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR 100,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serbia International Bond, 2.050%, 9/23/36 (144A) | $59981 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Serbia** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $59981 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**South Africa — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZAR 3,800,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government Bond, 8.250%, 3/31/32 | $190478 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total South Africa** | &nbsp;&nbsp;&nbsp;&nbsp; $190478 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Foreign Government Bonds<br> (Cost $1,333,184)** | &nbsp;&nbsp; $1077857 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations — 44.4% of Net Assets** |  |
| 93348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 1.500%, 12/1/41 | $76358 |
| 94151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 1.500%, 1/1/42 | &nbsp;&nbsp; 76082 |
| 94129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 1.500%, 2/1/42 | &nbsp;&nbsp; 76065 |
| 285862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.500%, 5/1/51 | &nbsp;&nbsp; 242762 |
| 88462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.500%, 8/1/51 | &nbsp;&nbsp; 75096 |
| 9915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 10/1/29 | &nbsp;&nbsp; 9545 |
| 26115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 2/1/47 | &nbsp;&nbsp; 23763 |
| 1351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.000%, 11/1/47 | &nbsp;&nbsp; 1212 |
| 21695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 11/1/45 | &nbsp;&nbsp; 20189 |
| 26560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 7/1/46 | &nbsp;&nbsp; 25080 |
| 94352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 4/1/52 | &nbsp;&nbsp; 86272 |

---

#### 21

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations — (continued)** |  |
| 59190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 3.500%, 4/1/52 | $54276 |
| 19061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 4/1/47 | &nbsp;&nbsp; 18242 |
| 8602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 4/1/47 | &nbsp;&nbsp; 8224 |
| 5014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 4/1/47 | &nbsp;&nbsp; 4796 |
| 8743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 12/1/48 | &nbsp;&nbsp; 8315 |
| 19503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 10/1/51 | &nbsp;&nbsp; 18302 |
| 293544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.000%, 6/1/52 | &nbsp;&nbsp; 275390 |
| 89858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 4.500%, 9/1/52 | &nbsp;&nbsp; 86496 |
| 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.000%, 5/1/34 | &nbsp;&nbsp;&nbsp; 112 |
| 544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.000%, 6/1/35 | &nbsp;&nbsp;&nbsp; 543 |
| 2278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.000%, 10/1/38 | &nbsp;&nbsp; 2325 |
| 8446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.000%, 11/1/39 | &nbsp;&nbsp; 8543 |
| 4702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.500%, 6/1/41 | &nbsp;&nbsp; 4881 |
| 322477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 1.500%, 11/1/41 | &nbsp;&nbsp; 263809 |
| 93863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 1.500%, 1/1/42 | &nbsp;&nbsp; 76786 |
| 94031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 1.500%, 1/1/42 | &nbsp;&nbsp; 75993 |
| 95573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 1.500%, 2/1/42 | &nbsp;&nbsp; 77239 |
| 124929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.000%, 12/1/41 | &nbsp;&nbsp; 105308 |
| 187781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.000%, 4/1/42 | &nbsp;&nbsp; 158285 |
| 64364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.000%, 11/1/51 | &nbsp;&nbsp; 53104 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.000%, 1/1/53 (TBA) | &nbsp;&nbsp; 406730 |
| 72201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 9/1/50 | &nbsp;&nbsp; 62377 |
| 78948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 9/1/50 | &nbsp;&nbsp; 67799 |
| 261509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 5/1/51 | &nbsp;&nbsp; 224958 |
| 89018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 10/1/51 | &nbsp;&nbsp; 75586 |
| 93007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 11/1/51 | &nbsp;&nbsp; 79978 |
| 92880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 12/1/51 | &nbsp;&nbsp; 79177 |
| 93598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 1/1/52 | &nbsp;&nbsp; 79796 |
| 92699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 2/1/52 | &nbsp;&nbsp; 79532 |
| 1072987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 4/1/52 | &nbsp;&nbsp; 908668 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 2.500%, 1/1/53 (TBA) | &nbsp;&nbsp; 169303 |
| 13633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 10/1/30 | &nbsp;&nbsp; 13041 |
| 813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 5/1/46 | &nbsp;&nbsp;&nbsp; 728 |
| 943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 10/1/46 | &nbsp;&nbsp;&nbsp; 844 |
| 461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 1/1/47 | &nbsp;&nbsp;&nbsp; 413 |
| 136366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 1/1/52 | &nbsp;&nbsp; 121208 |
| 183398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 3/1/52 | &nbsp;&nbsp; 163492 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.000%, 2/15/53 (TBA) | &nbsp;&nbsp; 351198 |
| 19419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 6/1/45 | &nbsp;&nbsp; 18077 |
| 37330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 9/1/45 | &nbsp;&nbsp; 34699 |
| 6672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 10/1/46 | &nbsp;&nbsp; 6190 |
| 39070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 1/1/47 | &nbsp;&nbsp; 36253 |
| 19330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 1/1/47 | &nbsp;&nbsp; 17925 |
| 94055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 3/1/52 | &nbsp;&nbsp; 85583 |
| 93470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 4/1/52 | &nbsp;&nbsp; 84965 |
| 190882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 4/1/52 | &nbsp;&nbsp; 173991 |
| 37701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 4/1/52 | &nbsp;&nbsp; 34571 |
| 93982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 5/1/52 | &nbsp;&nbsp; 85922 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 3.500%, 1/1/53 (TBA) | &nbsp;&nbsp; 90830 |

---

#### 22

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

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations — (continued)** |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 1/15/38 (TBA) | $97465 |
| 29230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 10/1/40 | &nbsp;&nbsp; 28549 |
| 4078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 12/1/40 | &nbsp;&nbsp; 3983 |
| 13011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 11/1/43 | &nbsp;&nbsp; 12537 |
| 18145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 11/1/43 | &nbsp;&nbsp; 17380 |
| 10711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 4/1/47 | &nbsp;&nbsp; 10237 |
| 11290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 4/1/47 | &nbsp;&nbsp; 10795 |
| 6204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 6/1/47 | &nbsp;&nbsp; 5926 |
| 8334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 7/1/47 | &nbsp;&nbsp; 7956 |
| 15317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 11/1/50 | &nbsp;&nbsp; 14443 |
| 12246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 6/1/51 | &nbsp;&nbsp; 11508 |
| 13690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 7/1/51 | &nbsp;&nbsp; 12876 |
| 30923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 7/1/51 | &nbsp;&nbsp; 29045 |
| 42638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.000%, 8/1/51 | &nbsp;&nbsp; 40037 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 1/1/38 (TBA) | &nbsp;&nbsp; 99318 |
| 21585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 11/1/40 | &nbsp;&nbsp; 21336 |
| 12542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 5/1/41 | &nbsp;&nbsp; 12434 |
| 38110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 9/1/43 | &nbsp;&nbsp; 37765 |
| 35960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 1/1/44 | &nbsp;&nbsp; 35649 |
| 28517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 6/1/44 | &nbsp;&nbsp; 28270 |
| 90381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 7/1/44 | &nbsp;&nbsp; 89385 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 4.500%, 1/1/53 (TBA) | &nbsp;&nbsp; 48113 |
| 10982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 4/1/30 | &nbsp;&nbsp; 11039 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 1/1/38 (TBA) | &nbsp;&nbsp; 100437 |
| 10478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 1/1/39 | &nbsp;&nbsp; 10534 |
| 2513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 6/1/40 | &nbsp;&nbsp; 2545 |
| 179742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.000%, 10/1/52 | &nbsp;&nbsp; 177256 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 5.500%, 1/1/53 (TBA) | &nbsp;&nbsp; 100247 |
| 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 3/1/32 | &nbsp;&nbsp;&nbsp; 70 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal National Mortgage Association, 6.000%, 1/15/53 (TBA) | &nbsp;&nbsp; 405902 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 2.500%, 1/20/53 (TBA) | &nbsp;&nbsp; 173272 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 3.000%, 1/15/53 (TBA) | &nbsp;&nbsp; 356073 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 3.500%, 1/15/53 (TBA) | &nbsp;&nbsp; 91861 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 4.000%, 1/20/53 (TBA) | &nbsp;&nbsp; 94610 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 4.500%, 1/15/53 (TBA) | &nbsp;&nbsp; 96991 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, 5.000%, 1/20/53 (TBA) | &nbsp;&nbsp; 198146 |
| 3533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 3.500%, 10/15/42 | &nbsp;&nbsp; 3322 |
| 460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.000%, 12/15/41 | &nbsp;&nbsp;&nbsp; 442 |
| 62393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.000%, 4/15/42 | &nbsp;&nbsp; 60087 |
| 50227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.000%, 8/15/43 | &nbsp;&nbsp; 48639 |
| 4027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.000%, 3/15/44 | &nbsp;&nbsp; 3878 |
| 7946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.000%, 9/15/44 | &nbsp;&nbsp; 7654 |
| 7559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.000%, 4/15/45 | &nbsp;&nbsp; 7280 |
| 13639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.000%, 6/15/45 | &nbsp;&nbsp; 13210 |
| 1873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.500%, 9/15/33 | &nbsp;&nbsp; 1848 |
| 4347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.500%, 4/15/35 | &nbsp;&nbsp; 4259 |
| 9634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.500%, 1/15/40 | &nbsp;&nbsp; 9563 |
| 33290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.500%, 3/15/40 | &nbsp;&nbsp; 32958 |
| 6689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.500%, 9/15/40 | &nbsp;&nbsp; 6646 |

---

#### 23

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | | |
|:---|:---|:---|
| **Principal <br> Amount<br> USD ($)** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations — (continued)** |  |
| 7729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 4.500%, 7/15/41 | $7658 |
| 2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 5.000%, 4/15/35 | &nbsp;&nbsp; 2087 |
| 1866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 5.500%, 1/15/34 | &nbsp;&nbsp; 1954 |
| 2477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 5.500%, 4/15/34 | &nbsp;&nbsp; 2592 |
| 742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 5.500%, 7/15/34 | &nbsp;&nbsp;&nbsp; 777 |
| 3634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 5.500%, 6/15/35 | &nbsp;&nbsp; 3684 |
| 313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 2/15/33 | &nbsp;&nbsp;&nbsp; 331 |
| 507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 3/15/33 | &nbsp;&nbsp;&nbsp; 537 |
| 482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 3/15/33 | &nbsp;&nbsp;&nbsp; 495 |
| 629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 6/15/33 | &nbsp;&nbsp;&nbsp; 656 |
| 740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 7/15/33 | &nbsp;&nbsp;&nbsp; 771 |
| 638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 7/15/33 | &nbsp;&nbsp;&nbsp; 656 |
| 523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 9/15/33 | &nbsp;&nbsp;&nbsp; 537 |
| 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 9/15/33 | &nbsp;&nbsp;&nbsp; 71 |
| 715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.000%, 10/15/33 | &nbsp;&nbsp;&nbsp; 739 |
| 208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 3/15/29 | &nbsp;&nbsp;&nbsp; 214 |
| 795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 1/15/30 | &nbsp;&nbsp;&nbsp; 817 |
| 147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 2/15/32 | &nbsp;&nbsp;&nbsp; 152 |
| 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 3/15/32 | &nbsp;&nbsp;&nbsp; 128 |
| 267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association I, 6.500%, 11/15/32 | &nbsp;&nbsp;&nbsp; 275 |
| 4085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 3.500%, 4/20/45 | &nbsp;&nbsp; 3811 |
| 6991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 3.500%, 4/20/45 | &nbsp;&nbsp; 6524 |
| 8744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 3.500%, 3/20/46 | &nbsp;&nbsp; 8157 |
| 198552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 3.500%, 9/20/52 | &nbsp;&nbsp; 182440 |
| 12980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.000%, 9/20/44 | &nbsp;&nbsp; 12493 |
| 16854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.000%, 10/20/46 | &nbsp;&nbsp; 16208 |
| 15123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.000%, 1/20/47 | &nbsp;&nbsp; 14526 |
| 10617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.000%, 2/20/48 | &nbsp;&nbsp; 10113 |
| 14565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.000%, 4/20/48 | &nbsp;&nbsp; 13873 |
| 4589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.500%, 9/20/41 | &nbsp;&nbsp; 4580 |
| 12448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.500%, 9/20/44 | &nbsp;&nbsp; 12499 |
| 5227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.500%, 10/20/44 | &nbsp;&nbsp; 5240 |
| 10787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.500%, 11/20/44 | &nbsp;&nbsp; 10819 |
| 99295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 4.500%, 9/20/52 | &nbsp;&nbsp; 96339 |
| 1419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 5.500%, 3/20/34 | &nbsp;&nbsp; 1466 |
| 2283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association II, 6.000%, 11/20/33 | &nbsp;&nbsp; 2390 |
| 1,000,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 1/10/23 | &nbsp;&nbsp; 999297 |
| 1,250,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 1/24/23 | &nbsp;&nbsp; 1247199 |
| 950,000(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 2/2/23 | &nbsp;&nbsp; 946986 |
| 1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 2.250%, 2/15/52 | &nbsp;&nbsp; 938777 |
| 1138000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 3.000%, 2/15/48 | &nbsp;&nbsp; 932760 |
| 656400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.875%, 12/31/27 | &nbsp;&nbsp; 652605 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations<br> (Cost $14,892,440)** | $14405236 |

---

#### 24

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

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 0.3% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 0.3%** |  |
| 116,036(m) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.19% | $116036 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; $116036 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $116,036)** | &nbsp;&nbsp;&nbsp;&nbsp; $116036 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Counterparty** | **Amount** | **Strike <br> Price** | **Expiration <br> Date** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Over The Counter (OTC) Currency Put Options Purchased — 0.0%†** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Over The Counter (OTC) Currency Put Options Purchased — 0.0%†** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Over The Counter (OTC) Currency Put Options Purchased — 0.0%†** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Over The Counter (OTC) Currency Put Options Purchased — 0.0%†** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Over The Counter (OTC) Currency Put Options Purchased — 0.0%†** |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Put EUR Call USD | Goldman Sachs | EUR 6,340 | EUR 1.02 | 11/28/23 | $3457 |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Put EUR Call USD | JPMorgan Chase Bank NA | EUR 5,861 | EUR 0.99 | 1/23/23 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Over The Counter (OTC) Currency Put Options Purchased<br> (Premiums paid $12,201)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Over The Counter (OTC) Currency Put Options Purchased<br> (Premiums paid $12,201)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Over The Counter (OTC) Currency Put Options Purchased<br> (Premiums paid $12,201)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Over The Counter (OTC) Currency Put Options Purchased<br> (Premiums paid $12,201)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Over The Counter (OTC) Currency Put Options Purchased<br> (Premiums paid $12,201)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3465 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL OPTIONS PURCHASED<br> (Premiums paid $12,201)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL OPTIONS PURCHASED<br> (Premiums paid $12,201)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL OPTIONS PURCHASED<br> (Premiums paid $12,201)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL OPTIONS PURCHASED<br> (Premiums paid $12,201)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL OPTIONS PURCHASED<br> (Premiums paid $12,201)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3465 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 105.6%<br> (Cost $39,031,217)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 105.6%<br> (Cost $39,031,217)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 105.6%<br> (Cost $39,031,217)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 105.6%<br> (Cost $39,031,217)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 105.6%<br> (Cost $39,031,217)** | $34311533 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shares** | | **Dividend <br> Income** | **Net <br> Realized<br> Gain (Loss)** | **Change <br> in Net<br> Unrealized<br> Appreciation<br> (Depreciation)** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Issuer — 2.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Issuer — 2.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Issuer — 2.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Issuer — 2.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Closed-End Fund — 2.5% of Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Closed-End Fund — 2.5% of Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Closed-End Fund — 2.5% of Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Closed-End Fund — 2.5% of Net Assets** |  |
| 101,753(n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pioneer ILS Interval Fund | $21504 | $— | $(11481) | $825212 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Closed-End Fund<br> (Cost $1,036,154)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Closed-End Fund<br> (Cost $1,036,154)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Closed-End Fund<br> (Cost $1,036,154)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Closed-End Fund<br> (Cost $1,036,154)** | &nbsp;&nbsp;&nbsp;&nbsp; **$825212** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Issuer — 2.5%<br> (Cost $1,036,154)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Issuer — 2.5%<br> (Cost $1,036,154)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Issuer — 2.5%<br> (Cost $1,036,154)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Affiliated Issuer — 2.5%<br> (Cost $1,036,154)** | &nbsp;&nbsp;&nbsp;&nbsp; $825212 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Counterparty** | **Amount** | **Strike <br> Price** | **Expiration <br> Date** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Over The Counter (OTC) Currency Call Option Written — (0.0%)†** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Over The Counter (OTC) Currency Call Option Written — (0.0%)†** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Over The Counter (OTC) Currency Call Option Written — (0.0%)†** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Over The Counter (OTC) Currency Call Option Written — (0.0%)†** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Over The Counter (OTC) Currency Call Option Written — (0.0%)†** |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Call EUR Put USD | Goldman Sachs | EUR 6,340 | EUR 1.10 | 11/28/23 | $(8326) |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Call EUR Put USD | JPMorgan Chase Bank NA | EUR 5,861 | EUR 1.06 | 1/23/23 | &nbsp;&nbsp;&nbsp;&nbsp; (5264) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Over The Counter (OTC) Currency Call Option Written<br> (Premiums received $(12201))** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Over The Counter (OTC) Currency Call Option Written<br> (Premiums received $(12201))** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Over The Counter (OTC) Currency Call Option Written<br> (Premiums received $(12201))** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Over The Counter (OTC) Currency Call Option Written<br> (Premiums received $(12201))** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Over The Counter (OTC) Currency Call Option Written<br> (Premiums received $(12201))** | &nbsp;&nbsp;&nbsp;&nbsp; $(13590) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (8.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (8.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (8.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (8.1)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (8.1)%** | $(2646245) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$32476910** |

---

---

| | |
|:---|:---|
| (TBA) | &nbsp;&nbsp;"To Be Announced" Securities. |
| bps | &nbsp;&nbsp;Basis Points. |
| CMT | &nbsp;&nbsp;Constant Maturity Treasury Index. |
| FREMF | &nbsp;&nbsp;Freddie Mac Multifamily Fixed-Rate Mortgage Loans. |
| ICE | &nbsp;&nbsp;Intercontinental Exchange. |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate. |
| REIT | &nbsp;&nbsp;Real Estate Investment Trust. |
| REMICs | &nbsp;&nbsp;Real Estate Mortgage Investment Conduits. |

---

#### 25

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | |
|:---|:---|
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate. |
| SOFR30A | &nbsp;&nbsp;Secured Overnight Financing Rate 30 Day Average. |
| (144A) | &nbsp;&nbsp;Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At December 31, 2022, the value of these securities amounted to $13,640,580, or 42.0% of net assets. |

---

---

| | |
|:---|:---|
| (a) | &nbsp;&nbsp;Floating rate note. Coupon rate, reference index and spread shown at December 31, 2022. |
| (b) | &nbsp;&nbsp;Non-income producing security. |
| (c) | &nbsp;&nbsp;Debt obligation initially issued at one coupon which converts to a higher coupon at a speciﬁc date. The rate shown is the rate at December 31, 2022. |
| (d) | &nbsp;&nbsp;The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at December 31, 2022. |
| (e) | &nbsp;&nbsp;Security represents the interest-only portion payments on a pool of underlying mortgages or mortgage-backed securities. |
| (f) | &nbsp;&nbsp;Security issued with a zero coupon. Income is recognized through accretion of discount. |
| (g) | &nbsp;&nbsp;Security is in default. |
| (h) | &nbsp;&nbsp;Security is perpetual in nature and has no stated maturity date. |
| (i) | &nbsp;&nbsp;Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount. |
| (j) | &nbsp;&nbsp;Consists of Revenue Bonds unless otherwise indicated. |
| (k) | &nbsp;&nbsp;Represents a General Obligation Bond. |
| (l) | &nbsp;&nbsp;Issued as preference shares. |
| (m) | &nbsp;&nbsp;Rate periodically changes. Rate disclosed is the 7-day yield at December 31, 2022. |
| (n) | &nbsp;&nbsp;Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Amundi Asset Management, Inc., (the "Adviser"). |
| \* | &nbsp;&nbsp;Senior secured ﬂoating rate loan interests in which the Portfolio invests generally pay interest at rates that are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR or SOFR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certiﬁcate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at December 31, 2022. |
| † | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| + | &nbsp;&nbsp;Security is valued using significant unobservable inputs (Level 3). |
| # | &nbsp;&nbsp;Securities are restricted as to resale. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** | **Acquisition date** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Lorenz Re 2019 | 7/10/2019 | &nbsp;&nbsp;&nbsp;&nbsp;$4513 | &nbsp;&nbsp;&nbsp;&nbsp;$37 |
| **% of Net assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.0% †** |

---

† Amount rounds to less than
0.1%.

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency <br> Purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**In <br> Exchange for** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency <br> Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Deliver** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement <br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized <br> Appreciation<br> (Depreciation)** |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338578 | &nbsp;&nbsp;&nbsp;&nbsp;Bank of America NA | 1/26/23 | &nbsp;&nbsp;&nbsp;&nbsp;$93189 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799731 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp;&nbsp;Brown Brothers Harriman & Co. | 3/24/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2406) |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251033 | &nbsp;&nbsp;&nbsp;&nbsp;Citibank NA | 3/29/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 |
| &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;16400000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195203 | &nbsp;&nbsp;&nbsp;&nbsp;Citibank NA | 1/27/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257775 | &nbsp;&nbsp;&nbsp;&nbsp;Citibank NA | 2/16/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74202 | &nbsp;&nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;Citibank NA | 2/10/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178928 | &nbsp;&nbsp;&nbsp;&nbsp;IDR | &nbsp;&nbsp;&nbsp;&nbsp;2794500000 | &nbsp;&nbsp;&nbsp;&nbsp;Citibank NA | 3/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1374) |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156711 | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs & Co. | 1/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262 |
| NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110198 | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp;2/2/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243 |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187124 | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs & Co. | 2/16/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6829 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290195 | &nbsp;&nbsp;&nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5805000 | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs & Co. | 3/29/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2866) |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32125 | &nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank USA NA | 3/24/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614987 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588000 | &nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank USA NA | 2/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16575) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192417 | &nbsp;&nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372000 | &nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank USA NA | 3/29/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4546) |
| NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125952 | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank NA | &nbsp;&nbsp;&nbsp;2/2/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7445 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196177 | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank NA | 2/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8384 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8585 | &nbsp;&nbsp;&nbsp;&nbsp;KZT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank NA | 1/27/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(401) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108602 | &nbsp;&nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank NA | 2/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5042) |
| AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597000 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405010 | &nbsp;&nbsp;&nbsp;&nbsp;State Street Bank & Trust Co. | 2/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276 |
| NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245000 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213082 | &nbsp;&nbsp;&nbsp;&nbsp;State Street Bank & Trust Co. | 1/10/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369576 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;State Street Bank & Trust Co. | 1/26/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32606) |
| **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | &nbsp;&nbsp;&nbsp;&nbsp;**$68107** |

---

#### 26

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

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

#### FUTURES CONTRACTS<br> FIXED INCOME INDEX FUTURES CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of<br> Contracts<br> Long** | **Description** | &nbsp;&nbsp;**Expiration <br> Date** | **Notional <br> Amount** | **Market<br> Value** | **Unrealized <br> Appreciation<br> (Depreciation)** |
| &nbsp;&nbsp;4 | U.S. 2 Year Note (CBT) | &nbsp;&nbsp;3/31/23 | &nbsp;&nbsp;&nbsp;$819410 | &nbsp;&nbsp;&nbsp;$820313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$903 |
| 19 | U.S. 5 Year Note (CBT) | &nbsp;&nbsp;3/31/23 | &nbsp;&nbsp;2078477 | &nbsp;&nbsp;2050664 | &nbsp;&nbsp;(27813) |
| &nbsp;&nbsp;1 | U.S. 10 Year Note (CBT) | &nbsp;&nbsp;3/22/23 | &nbsp;&nbsp;&nbsp;&nbsp;112871 | &nbsp;&nbsp;&nbsp;&nbsp;112297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(574) |
| 12 | U.S. Long Bond (CBT) | &nbsp;&nbsp;3/22/23 | &nbsp;&nbsp;1526787 | &nbsp;&nbsp;1504125 | &nbsp;&nbsp;(22662) |
|  |  |  | **$4537545** | **$4487399** | **$(50146)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Number of<br> Contracts<br> Short** | **Description** | &nbsp;&nbsp;**Expiration <br> Date** | **Notional <br> Amount** | **Market<br> Value** | **Unrealized <br> Appreciation** |
| 6 | Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp;3/8/23 | &nbsp;&nbsp;&nbsp;$(909058) | &nbsp;&nbsp;&nbsp;$(853770) | $55288 |
| 6 | U.S. 10 Year Ultra Bond (CBT) | &nbsp;&nbsp;3/22/23 | &nbsp;&nbsp;&nbsp;&nbsp;(727658) | &nbsp;&nbsp;&nbsp;&nbsp;(709688) | &nbsp;&nbsp;17970 |
|  |  |  | $(1636716) | $(1563458) | $73258 |
| **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **$2900829** | &nbsp;&nbsp;**$2923941** | **$23112** |

---

#### SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** | **CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS – BUY PROTECTION** |
| **Notional <br> Amount ($)<sup>(1)</sup>** | &nbsp;&nbsp;**Reference Obligation/Index** | &nbsp;&nbsp;**Pay/ <br> Receive<sup>(2)</sup>** | &nbsp;&nbsp;**Annual <br> Fixed Rate** | **Expiration <br> Date** | **Premiums <br> Paid/<br> (Received)** | **Unrealized <br> (Depreciation)** | **Market <br> Value** |
| &nbsp;&nbsp;&nbsp;792000 | &nbsp;&nbsp;Markit CDX North America High Yield Series 37 | &nbsp;&nbsp;Pay | &nbsp;&nbsp;5.00% | 12/21/26 | &nbsp;&nbsp;$(3845) | &nbsp;&nbsp;$(20189) | $(24034) |
| 3600000 | &nbsp;&nbsp;Markit CDX North America High Yield Series 39 | &nbsp;&nbsp;Pay | &nbsp;&nbsp;5.00% | 12/20/27 | &nbsp;&nbsp;130409 | &nbsp;&nbsp;(159819) | &nbsp;&nbsp;(29410) |
| **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | **TOTAL CENTRALLY CLEARED CREDIT DEFAULT<br> SWAP CONTRACTS – BUY PROTECTION** | &nbsp;&nbsp;**$126564** | **$(180008)** | &nbsp;&nbsp;**$(53444)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS – SELL PROTECTION** | **OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS – SELL PROTECTION** | **OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS – SELL PROTECTION** | **OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS – SELL PROTECTION** | **OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS – SELL PROTECTION** | **OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS – SELL PROTECTION** | **OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS – SELL PROTECTION** | **OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS – SELL PROTECTION** | **OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS – SELL PROTECTION** |
| **Notional <br> Amount ($)<sup>(1)</sup>** | &nbsp;&nbsp;**Counterparty** | **Reference Obligation/Index** | &nbsp;&nbsp;**Pay/ <br> Receive<sup>(3)</sup>** | **Annual <br> Fixed Rate** | **Expiration <br> Date** | **Premiums <br> Paid/<br> (Received)** | **Unrealized <br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Market <br> Value** |
| 25000 | &nbsp;&nbsp;JPMorgan Chase Bank NA | United Airlines Holdings, Inc. | &nbsp;&nbsp;Receive | 5.00% | 12/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;$(944) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150 | &nbsp;&nbsp;&nbsp;&nbsp;$(794) |
| 70000 | &nbsp;&nbsp;JPMorgan Chase Bank NA | United Airlines Holdings, Inc. | &nbsp;&nbsp;Receive | 5.00% | 12/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;(1895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2223) |
| 15000 | &nbsp;&nbsp;JPMorgan Chase Bank NA | United Airlines Holdings, Inc. | &nbsp;&nbsp;Receive | 5.00% | 12/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(477) |
| 25000 | &nbsp;&nbsp;JPMorgan Chase Bank NA | United Airlines Holdings, Inc. | &nbsp;&nbsp;Receive | 5.00% | 12/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(795) |
| 45000 | &nbsp;&nbsp;JPMorgan Chase Bank NA | United Airlines Holdings, Inc. | &nbsp;&nbsp;Receive | 5.00% | 12/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;(1415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1429) |
| 25000 | &nbsp;&nbsp;JPMorgan Chase Bank NA | Delta Air Lines, Inc. | &nbsp;&nbsp;Receive | 5.00% | 12/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;2109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512 |
| **TOTAL OVER THE COUNTER (OTC) CREDIT<br> DEFAULT SWAP CONTRACTS – SELL PROTECTION** | **TOTAL OVER THE COUNTER (OTC) CREDIT<br> DEFAULT SWAP CONTRACTS – SELL PROTECTION** | **TOTAL OVER THE COUNTER (OTC) CREDIT<br> DEFAULT SWAP CONTRACTS – SELL PROTECTION** | **TOTAL OVER THE COUNTER (OTC) CREDIT<br> DEFAULT SWAP CONTRACTS – SELL PROTECTION** | **TOTAL OVER THE COUNTER (OTC) CREDIT<br> DEFAULT SWAP CONTRACTS – SELL PROTECTION** | **TOTAL OVER THE COUNTER (OTC) CREDIT<br> DEFAULT SWAP CONTRACTS – SELL PROTECTION** | &nbsp;&nbsp;$(3273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(933) | &nbsp;&nbsp;$(4206) |
| **TOTAL SWAP CONTRACTS** | **TOTAL SWAP CONTRACTS** | **TOTAL SWAP CONTRACTS** | **TOTAL SWAP CONTRACTS** | **TOTAL SWAP CONTRACTS** |  | **$123291** | &nbsp;&nbsp;**$(180941)** | **$(57650)** |

---

<sup>(1)</sup> The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event.

<sup>(2)</sup> Pays quarterly.

<sup>(3)</sup> Receives quarterly.

Principal amounts are denominated in U.S. dollars ("USD") unless otherwise noted.

AUD — Australia Dollar <br> BRL — Brazil Real <br> CAD — Canada Dollar

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

#### 27

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Schedule of Investments 12/31/22 (continued)

---

| | |
|:---|:---|
| EUR | &nbsp;&nbsp;— Euro |
| IDR | &nbsp;&nbsp;— Indonesian Rupiah |
| INR | &nbsp;&nbsp;— Indian Rupee |
| KZT | &nbsp;&nbsp;— Kazakhstan Tenge |
| MXN | &nbsp;&nbsp;— Mexican Peso |
| NOK | &nbsp;&nbsp;— Norwegian Krone |
| NZD | &nbsp;&nbsp;— New Zealand Dollar |
| PEN | &nbsp;&nbsp;— Peru Nuevo Sol |
| PLN | &nbsp;&nbsp;— Poland Zloty |
| USD | &nbsp;&nbsp;— United States Dollar |
| ZAR | &nbsp;&nbsp;— South Africa Rand |

---

Purchases and sales of securities (excluding short-term investments) for the year ended December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| Long-Term U.S. Government Securities | &nbsp;&nbsp;$3498639 | &nbsp;&nbsp;&nbsp;&nbsp;$4527922 |
| Other Long-Term Securities | $19645993 | &nbsp;&nbsp;&nbsp;&nbsp;$17377109 |

---

At December 31, 2022, the net unrealized depreciation on investments based on cost for federal tax purposes of $40,087,338 was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | &nbsp;&nbsp;&nbsp;&nbsp;$447555 |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | &nbsp;&nbsp;&nbsp;(5378169) |
| Net unrealized depreciation | $(4930614) |

---

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – unadjusted quoted prices in active markets for identical securities. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements — Note 1A. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 – significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A. |

---

The following is a summary of the inputs used as of December 31, 2022, in valuing the Portfolio's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Secured Floating Rate Loan Interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$406515 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$406515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4598935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4598935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8888502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8888502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;405855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance-Linked Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Sidecars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14405236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14405236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open-End Fund | &nbsp;&nbsp;&nbsp;&nbsp;116036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over The Counter (OTC) Currency Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Closed-End Fund | &nbsp;&nbsp;&nbsp;&nbsp;825212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Securities** | **$1347124** | &nbsp;&nbsp;&nbsp;&nbsp;**$33789584** | &nbsp;&nbsp;&nbsp;&nbsp;**$37** | &nbsp;&nbsp;&nbsp;&nbsp;**$35136745** |

---

#### 28

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

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over The Counter (OTC) Currency Call Option Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(13590) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(13590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;**$23112** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(3133)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$19979** |

---

During the year ended December 31, 2022, there were no significant transfers in or out of Level 3.

#### 29

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statement of Assets and Liabilities 12/31/22

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value (cost $39,031,217) | &nbsp;&nbsp;$34311533 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value (cost $1,036,154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825212 |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49447 |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value (cost $21,731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11957 |
| &nbsp;&nbsp;&nbsp;Futures collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380725 |
| &nbsp;&nbsp;&nbsp;Swaps collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310193 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910 |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133923 |
| &nbsp;&nbsp;&nbsp;Receivables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241356 |
| &nbsp;&nbsp;&nbsp;Due from the Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;**$36290298** |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payables — |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | &nbsp;&nbsp;$3585867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |
| &nbsp;&nbsp;&nbsp;Swap contracts, at value (net premiums paid $123,291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57650 |
| &nbsp;&nbsp;&nbsp;Written options outstanding (net premiums received $12,201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13590 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65816 |
| &nbsp;&nbsp;&nbsp;Reserve for repatriation taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 |
| &nbsp;&nbsp;&nbsp;Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | &nbsp;&nbsp;**$3813388** |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;$38444984 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(5968074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;**$32476910** |
| **NET ASSET VALUE PER SHARE:** |  |
| No par value (unlimited number of shares authorized) |  |
| &nbsp;&nbsp;&nbsp;Class l (based on $4,326,145/508,684 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.50 |
| &nbsp;&nbsp;&nbsp;Class ll (based on $28,150,765/3,315,883 shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.49 |

---

#### 30
The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statement of Operations

#### FOR THE YEAR ENDED 12/31/22

---

| | | |
|:---|:---|:---|
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers (net of foreign taxes withheld $2,536) | $1538902 |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48789 |  |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21504 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1609195** |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;$242151 |  |
| &nbsp;&nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19581 |  |
| &nbsp;&nbsp;&nbsp;Distribution fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ll | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80847 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |  |
| &nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95256 |  |
| &nbsp;&nbsp;&nbsp;Printing expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21347 |  |
| &nbsp;&nbsp;&nbsp;Pricing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6611 |  |
| &nbsp;&nbsp;&nbsp;Officers' and Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8246 |  |
| &nbsp;&nbsp;&nbsp;Insurance expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;$480083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived and expenses reimbursed by the Adviser |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;$360253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;**$1248942** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers (net of foreign capital gains tax of $151) | $(1751036) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;(112566) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83764) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152723 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11956 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68911 | &nbsp;&nbsp;&nbsp;&nbsp;$(1713776) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers (net of foreign capital gains tax of $(3192)) | $(4789385) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11481) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99728 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69405) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;(207061) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10691) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14010 | &nbsp;&nbsp;&nbsp;&nbsp;$(4974285) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(6688061)** |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations |  | &nbsp;&nbsp;&nbsp;&nbsp;**$(5439119)** |

---

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

#### 31

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year <br> Ended<br> 12/31/22** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21** |
| **FROM OPERATIONS:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;$1248942 | &nbsp;&nbsp;&nbsp;&nbsp;$1089453 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(1713776) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517523 |
| Change in net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(4974285) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1832504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;$(5439119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$774472 |
| **DISTRIBUTIONS TO SHAREOWNERS:** |  |  |
| &nbsp;&nbsp;&nbsp;Class l ($0.47 and $0.45 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;$(239786) | &nbsp;&nbsp;&nbsp;&nbsp;$(273606) |
| &nbsp;&nbsp;&nbsp;Class ll ($0.45 and $0.42 per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;(1529549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1525635) |
| Tax return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class l ($0.17 and $— per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ll ($0.17 and $— per share, respectively) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(594426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareowners | &nbsp;&nbsp;$(2461958) | &nbsp;&nbsp;&nbsp;&nbsp;$(1799241) |
| **FROM PORTFOLIO SHARE TRANSACTIONS:** |  |  |
| Net proceeds from sales of shares | &nbsp;&nbsp;&nbsp;$7988236 | &nbsp;&nbsp;&nbsp;&nbsp;$10583986 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796676 |
| Cost of shares repurchased | &nbsp;&nbsp;&nbsp;(14748385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11486467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from Portfolio share transactions | &nbsp;&nbsp;$(4301081) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$894195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net decrease in net assets** | **$(12202158)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(130574)** |
| **NET ASSETS:** |  |  |
| Beginning of year | $44679068 | &nbsp;&nbsp;&nbsp;&nbsp;$44809642 |
| End of year | **$32476910** | &nbsp;&nbsp;&nbsp;&nbsp;**$44679068** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year <br> Ended<br> 12/31/22<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/22<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21<br> Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Year <br> Ended<br> 12/31/21<br> Amount** |
| **Class l** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$259337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$637287 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273126 |
| Less shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(124268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1144953) | &nbsp;&nbsp;&nbsp;&nbsp;(133505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1400037) |
| &nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(57393) | &nbsp;&nbsp;&nbsp;&nbsp;$(548044) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46919) | &nbsp;&nbsp;&nbsp;&nbsp;$(489624) |
| **Class ll** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;790762 | &nbsp;&nbsp;&nbsp;&nbsp;$7728899 | &nbsp;&nbsp;&nbsp;&nbsp;945668 | &nbsp;&nbsp;&nbsp;&nbsp;$9946699 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;237899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121496 | &nbsp;&nbsp;&nbsp;&nbsp;144957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523550 |
| Less shares repurchased | (1431038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13603432) | &nbsp;&nbsp;&nbsp;&nbsp;(957584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10086430) |
| &nbsp;&nbsp;&nbsp;Net increase<br> (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(402377) | &nbsp;&nbsp;&nbsp;&nbsp;$(3753037) | &nbsp;&nbsp;&nbsp;&nbsp;133041 | &nbsp;&nbsp;&nbsp;&nbsp;$1383819 |

---

#### 32
The accompanying notes are an integral part of these financial statements.

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** | &nbsp;&nbsp;**Year Ended<br> 12/31/20** | &nbsp;&nbsp;**Year Ended<br> 12/31/19** | &nbsp;&nbsp;**Year Ended<br> 12/31/18** |
| **Class l** |  |  |  |  |  |
| Net asset value, beginning of period | $10.44 | &nbsp;&nbsp;$10.69 | &nbsp;&nbsp;$10.32 | &nbsp;&nbsp;$9.71 | &nbsp;&nbsp;$10.28 |
| Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) |
| **Net increase (decrease) from investment operations** | &nbsp;&nbsp;**$(1.30)** | &nbsp;&nbsp;**$0.20** | &nbsp;&nbsp;**$0.76** | &nbsp;&nbsp;**$0.95** | &nbsp;&nbsp;**$(0.18)** |
| Distributions to shareowners: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| **Total distributions** | &nbsp;&nbsp;**$(0.64)** | &nbsp;&nbsp;**$(0.45)** | &nbsp;&nbsp;**$(0.39)** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.39)** |
| **Net increase (decrease) in net asset value** | &nbsp;&nbsp;**$(1.94)** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$0.37** | &nbsp;&nbsp;**$0.61** | &nbsp;&nbsp;**$(0.57)** |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;$8.50 | &nbsp;&nbsp;$10.44 | &nbsp;&nbsp;$10.69 | &nbsp;&nbsp;$10.32 | &nbsp;&nbsp;&nbsp;&nbsp;$9.71 |
| **Total return(b)** | &nbsp;&nbsp;**(12.60)%** | &nbsp;&nbsp;&nbsp;&nbsp;**1.89%** | &nbsp;&nbsp;&nbsp;&nbsp;**7.63%** | &nbsp;&nbsp;&nbsp;&nbsp;**9.89%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.78)%** |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58% | &nbsp;&nbsp;&nbsp;&nbsp;2.66% | &nbsp;&nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% |
| Net assets, end of period (in thousands) | $4326 | &nbsp;&nbsp;$5913 | &nbsp;&nbsp;$6552 | &nbsp;&nbsp;$5962 | &nbsp;&nbsp;$10296 |
| Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: |  |  |  |  |  |
| Total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% |
| Net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26% | &nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;&nbsp;2.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84% |

---

(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.

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

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

#### 33

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br> 12/31/22** | &nbsp;&nbsp;**Year Ended<br> 12/31/21** | &nbsp;&nbsp;**Year Ended<br> 12/31/20** | &nbsp;&nbsp;**Year Ended<br> 12/31/19** | &nbsp;&nbsp;**Year Ended<br> 12/31/18** |
| **Class ll** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;$10.43 | &nbsp;&nbsp;$10.67 | &nbsp;&nbsp;$10.30 | &nbsp;&nbsp;&nbsp;&nbsp;$9.70 | &nbsp;&nbsp;$10.26 |
| Increase (decrease) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| **Net increase (decrease) from investment operations** | &nbsp;&nbsp;**$(1.32)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.18** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.73** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.91** | &nbsp;&nbsp;**$(0.19)** |
| Distributions to shareowners: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| **Total distributions** | &nbsp;&nbsp;**$(0.62)** | &nbsp;&nbsp;**$(0.42)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.37)** |
| **Net increase (decrease) in net asset value** | &nbsp;&nbsp;**$(1.94)** | &nbsp;&nbsp;**$(0.24)** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.37** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.60** | &nbsp;&nbsp;**$(0.56)** |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;$8.49 | &nbsp;&nbsp;$10.43 | &nbsp;&nbsp;$10.67 | &nbsp;&nbsp;$10.30 | &nbsp;&nbsp;&nbsp;&nbsp;$9.70 |
| **Total return(b)** | &nbsp;&nbsp;&nbsp;**(12.83)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.73%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.37%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.52%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1.93)%** |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% |
| Net assets, end of period (in thousands) | $28151 | &nbsp;&nbsp;$38767 | &nbsp;&nbsp;$38258 | &nbsp;&nbsp;$36647 | &nbsp;&nbsp;$32664 |
| Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: |  |  |  |  |  |
| Total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% |
| Net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59% |

---

(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.

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

#### 34

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

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Notes to Financial Statements 12/31/22

1. Organization and Signiﬁcant Accounting Policies

Pioneer Strategic Income VCT Portfolio (the "Portfolio") is one of 8 portfolios comprising Pioneer Variable Contracts Trust (the "Trust"), a Delaware statutory trust. The Portfolio is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a diversified, open-end management investment company. The investment objective of the Portfolio is to produce a high level of current income.

The Portfolio offers two classes of shares designated as Class I and Class II shares. Each class of shares represents an interest in the same schedule of investments of the Portfolio and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Trust gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareholder approval. Under per-share voting, each share of a class of the Portfolio is entitled to one vote. Under dollar-weighted voting, a shareholder's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class I shares.

Portfolio shares may be purchased only by insurance companies for the purpose of funding variable annuity and variable life insurance contracts or by qualified pension and retirement plans.

Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the Portfolio's investment adviser (the "Adviser"). Amundi Distributor US, Inc., an afﬁliate of the Adviser, serves as the Portfolio's distributor (the "Distributor").

In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate ("LIBOR") and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2023. Management is evaluating the impact of ASU 2020-04 on the Portfolio's investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.

Effective August 19, 2022, the Portfolio is required to comply with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. In accordance with Rule 18f-4, the Portfolio has established and maintains a comprehensive derivatives risk management program, has appointed a derivatives risk manager and complies with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR").

The Portfolio is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). U.S. GAAP requires the management of the Portfolio to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the ﬁnancial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.

The following is a summary of signiﬁcant accounting policies followed by the Portfolio in the preparation of its ﬁnancial statements:

---

| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | The net asset value of the Portfolio is computed once daily, on each day the New York Stock Exchange ("NYSE") is open, as of the close of regular trading on the NYSE. |
|  | Fixed-income securities are valued by using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities, historical trading patterns in the market for fixed-income securities and/or other factors. Non-U.S. debt |

---

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

Notes to Financial Statements 12/31/22 (continued)

---

| |
|:---|
| securities that are listed on an exchange will be valued at the bid price obtained from an independent third party pricing service. When independent third party pricing services are unable to supply prices, or when prices or market quotations are considered to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers. |
| Loan interests are valued at the mean between the last available bid and asked prices from one or more brokers or dealers as obtained from Loan Pricing Corporation, an independent third party pricing service. If price information is not available from Loan Pricing Corporation, or if the price information is deemed to be unreliable, price information will be obtained from an alternative loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker quotes will be solicited. |
| Event-linked bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities (including reinsurance sidecars, collateralized reinsurance and industry loss warranties) may be valued at the bid price obtained from an independent pricing service, or through a third party using a pricing matrix, insurance valuation models, or other fair value methods or techniques to provide an estimated value of the instrument. |
| Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods. |
| The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Portfolio's shares are determined as of such times. The Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities. |
| Forward foreign currency exchange contracts are valued daily using the foreign exchange rate or, for longer term forward contract positions, the spot currency rate and the forward points on a daily basis, in each case provided by a third party pricing service. Contracts whose forward settlement date falls between two quoted days are valued by interpolation. |
| Futures contracts are generally valued at the closing settlement price established by the exchange on which they are traded. |
| Swap contracts, including interest rate swaps, caps and floors (other than centrally cleared swap contracts), are valued at the dealer quotations obtained from reputable International Swap Dealers Association members. Centrally cleared swaps are valued at the daily settlement price provided by the central clearing counterparty. |
| Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds' net asset value. Shares of closed-end interval funds that offer their shares at net asset value are valued at such funds' net asset value. |
| Securities or loan interests for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser. Effective September 8, 2022, the Adviser is designated as the valuation designee for the Portfolio pursuant to Rule 2a-5 under the 1940 Act. The Adviser's fair valuation team is responsible for monitoring developments that may impact fair valued securities. |
| Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Adviser may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Portfolio's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Portfolio's securities may differ significantly from exchange prices, and such differences could be material. |

---

------

[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

---

------

---

| | |
|:---|:---|
| **B.** | **Investment Income and Transactions** |
|  | Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Portfolio becomes aware of the ex-dividend data in the exercise of reasonable diligence. |
|  | Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities. |
|  | Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively. |
|  | Principal amounts of mortgage-backed securities are adjusted for monthly paydowns. Premiums and discounts related to certain mortgage-backed securities are amortized or accreted in proportion to the monthly paydowns. All discounts/premiums on purchase prices of debt securities are accreted/amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income. |
|  | Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. |
| **C.** | **Foreign Currency Translation** |
|  | The books and records of the Portfolio are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates. |
|  | Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments. |
| **D.** | **Federal Income Taxes** |
|  | It is the Portfolio's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of December 31, 2022, the Portfolio did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. |
|  | In addition to meeting the requirements of the Internal Revenue Code, the Portfolio may be required to pay local taxes on the recognition of capital gains and/or the repatriation of foreign currencies in certain countries. During the year ended December 31, 2022, the Portfolio paid no such taxes. |
|  | The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. |
|  | At December 31, 2022, the Portfolio was permitted to carry forward indefinitely $437,752 of short-term losses and $596,819 of long-term losses. |
|  | The tax character of distributions paid during the years ended December 31, 2022 and December 31, 2021, was as follows: |

---

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[**Table of Contents**](#job_amund_00c34099-00b5-4e67-86ae-beb3d0106924_toc)

---

| | |
|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22 (continued)

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|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$632134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1375479 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423762 |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$2461958** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1799241** |

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The following shows the components of distributable earnings (losses) on a federal income tax basis at December 31, 2022:

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|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** |
| **Distributable earnings/(losses):** |  |
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1034571) |
| Other book/tax temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2889) |
| Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4930614) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(5968074)** |

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The differences between book-basis and tax-basis net unrealized appreciation is attributable to the tax deferral of losses<br> on wash sales.

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| **E.** | **Portfolio Shares and Class Allocations** |
|  | The Portfolio records sales and repurchases of its shares as of trade date. Distribution fees for Class II shares are calculated based on the average daily net asset value attributable to Class II shares of the Portfolio (see Note 5). Class I shares do not pay distribution fees. |
|  | Income, common expenses (excluding transfer agent and distribution fees) and realized and unrealized gains and losses are calculated at the Portfolio level and allocated daily to each class of shares based on its respective percentage of the adjusted net assets at the beginning of the day. |
|  | All expenses and fees paid to the Portfolio's transfer agent for its services are allocated between the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4). |
|  | The Portfolio declares as daily dividends substantially all of its net investment income. All dividends are paid on a monthly basis. Short-term capital gain distributions, if any, may be declared with the daily dividends. Distributions paid by the Portfolio with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class I and Class II shares can reflect different transfer agent and distribution expense rates. Dividends and distributions to shareowners are recorded on the ex-dividend date. |
| **F.** | **Risks** |
|  | The value of securities held by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inﬂation, changes in interest rates, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, ﬁnancial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. Recently, inflation and interest rates have increased and may rise further. These circumstances could adversely affect the value and liquidity of the Portfolio's investments, impair the Portfolio's ability to satisfy redemption requests, and negatively impact the Portfolio's performance. Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the ceiling on U.S. government debt could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets. |
|  | The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue to affect adversely the value and liquidity of the Portfolio's |

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| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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| investments. Following Russia's invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical or other events or conditions. |
| Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. |
| The U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the U.S. has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Portfolio's assets may go down. |
| At times, the Portfolio's investments may represent industries or industry sectors that are interrelated or have common risks, making the Portfolio more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. |
| The Portfolio's investments in foreign markets and countries with limited developing markets may subject the Portfolio to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, less liquid trading markets, extreme price volatility, currency risks, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law and investment and repatriation restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Portfolio's return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security. |
| Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia's military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Portfolio investments, on Portfolio performance and the value of an investment in the Portfolio, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally. |
| The Portfolio invests in below-investment-grade (high-yield) debt securities and preferred stocks. Some of these high-yield securities may be convertible into equity securities of the issuer. Debt securities rated below-investment-grade are commonly referred to as "junk bonds" and are considered speculative with respect to the issuer's capacity to pay interest and repay principal. These securities involve greater risk of loss, are subject to greater price volatility, and may be less liquid and more difficult to value, especially during periods of economic uncertainty or change, than higher rated debt securities. |
| The Portfolio's investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate) or SOFR (Secured Overnight Financing Rate). ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be |

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| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22 (continued)

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|  | entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Markets are developing in response to these new rates, but questions around liquidity in these rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern. The effect of any changes to - or discontinuation of - LIBOR on the Portfolio will vary depending on, among other things, existing fallback provisions in individual contracts and whether, how, and when industry participants develop and widely adopt new reference rates and fallbacks for both legacy and new products and instruments. The transition process from LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that rely on LIBOR. The transition may also result in a reduction in the value of certain LIBOR-based investments held by the Portfolio or reduce the effectiveness of related transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses for the Portfolio. Because the usefulness of LIBOR as a benchmark may deteriorate during the transition period, these effects could occur at any time. |
|  | The Portfolio may invest in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws. |
|  | With the increased use of technologies such as the Internet to conduct business, the Portfolio is susceptible to operational, information security and related risks. While the Portfolio's Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identiﬁed. Furthermore, the Portfolio cannot control the cybersecurity plans and systems put in place by service providers to the Portfolio such as the Portfolio's custodian and accounting agent, and the Portfolio's transfer agent. In addition, many beneﬁcial owners of Portfolio shares hold them through accounts at broker-dealers, retirement platforms and other ﬁnancial market participants over which neither the Portfolio nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Portfolio's service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in ﬁnancial losses, interference with the Portfolio's ability to calculate its net asset value, impediments to trading, the inability of Portfolio shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory ﬁnes, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks. |
|  | The Portfolio's prospectus contains unaudited information regarding the Portfolio's principal risks. Please refer to that document when considering the Portfolio's principal risks. |
| **G.** | **Restricted Securities** |
|  | Restricted Securities are subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933. Private placement securities are generally considered to be restricted except for those securities traded between qualiﬁed institutional investors under the provisions of Rule 144A of the Securities Act of 1933. |
|  | Disposal of restricted investments may involve negotiations and expenses, and prompt sale at an acceptable price may be difﬁcult to achieve. Restricted investments held by the Portfolio at December 31, 2022 are listed in the Schedule of Investments. |
| **H.** | **Insurance-Linked Securities ("ILS")** |
|  | The Portfolio invests in ILS. The Portfolio could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as deﬁned within the terms of an insurance-linked security. Trigger events, generally, are hurricanes, earthquakes, or other natural events of a speciﬁc size or magnitude that occur in a designated geographic region during a speciﬁed time period, and/or that involve losses or other metrics that exceed a speciﬁc amount. There is no way to accurately predict whether a trigger event will occur, and accordingly, ILS carry signiﬁcant risk. The Portfolio is entitled to receive principal, and interest and/or dividend payments so long as no trigger event occurs of the description and magnitude speciﬁed by the instrument. In addition to the speciﬁed trigger events, ILS may expose the Portfolio to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences. |

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| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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|  | The Portfolio's investments in ILS may include event-linked bonds. ILS also may include special purpose vehicles ("SPVs") or similar instruments structured to comprise a portion of a reinsurer's catastrophe-oriented business, known as quota share instruments (sometimes referred to as reinsurance sidecars), or to provide reinsurance relating to speciﬁc risks to insurance or reinsurance companies through a collateralized instrument, known as collateralized reinsurance. Structured reinsurance investments also may include industry loss warranties ("ILWs"). A traditional ILW takes the form of a bilateral reinsurance contract, but there are also products that take the form of derivatives, collateralized structures, or exchange-traded instruments. |
|  | Where the ILS are based on the performance of underlying reinsurance contracts, the Portfolio has limited transparency into the individual underlying contracts, and therefore must rely upon the risk assessment and sound underwriting practices of the issuer. Accordingly, it may be more difficult for the Adviser to fully evaluate the underlying risk profile of the Portfolio's structured reinsurance investments, and therefore the Portfolio's assets are placed at greater risk of loss than if the Adviser had more complete information. Structured reinsurance instruments generally will be considered illiquid securities by the Portfolio. These securities may be difficult to purchase, sell or unwind. Illiquid securities also may be difficult to value. If the Portfolio is forced to sell an illiquid asset, the Portfolio may be forced to sell at a loss. |
|  | Additionally, the Portfolio may gain exposure to ILS by investing in a closed-end interval fund, Pioneer ILS Interval Fund, an affiliate of the Adviser. The Portfolio's investment in Pioneer ILS Interval Fund at December 31, 2022 is listed in the Schedule of Investments. |
| **I.** | **Purchased Options** |
|  | The Portfolio may purchase put and call options to seek to increase total return. Purchased call and put options entitle the Portfolio to buy and sell a specified number of shares or units of a particular security, currency or index at a specified price at a specific date or within a specific period of time. Upon the purchase of a call or put option, the premium paid by the Portfolio is included on the Statement of Assets and Liabilities as an investment. All premiums are marked-to-market daily, and any unrealized appreciation or depreciation is recorded on the Portfolio's Statement of Operations. As the purchaser of an index option, the Portfolio has the right to receive a cash payment equal to any depreciation in the value of the index below the strike price of the option (in the case of a put) or equal to any appreciation in the value of the index over the strike price of the option (in the case of a call) as of the valuation date of the option. Premiums paid for purchased call and put options which have expired are treated as realized losses on investments on the Statement of Operations. Upon the exercise or closing of a purchased put option, the premium is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. Upon the exercise or closing of a purchased call option, the premium is added to the cost of the security or financial instrument. The risk associated with purchasing options is limited to the premium originally paid. |
|  | The average market value of purchased options contracts open during the year ended December 31, 2022 was $27,892. Open purchased options at December 31, 2022 are listed in the Schedule of Investments. |
| **J.** | **Option Writing** |
|  | The Portfolio may write put and covered call options to seek to increase total return. When an option is written, the Portfolio receives a premium and becomes obligated to purchase or sell the underlying security at a fixed price, upon the exercise of the option. When the Portfolio writes an option, an amount equal to the premium received by the Portfolio is recorded as "Written options outstanding" on the Statement of Assets and Liabilities and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Portfolio on the expiration date as realized gains from investments on the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain on the Statement of Operations, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss on the Statement of Operations. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Portfolio has realized a gain or loss. The Portfolio as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option. |
|  | The average market value of written options for the year ended December 31, 2022 was $(3750). Open written options contracts at December 31, 2022, are listed in the Schedule of Investments. |
| **K.** | **Forward Foreign Currency Exchange Contracts** |
|  | The Portfolio may enter into forward foreign currency exchange contracts ("contracts") for the purchase or sale of a specific foreign currency at a fixed price on a future date. All contracts are marked-to-market daily at the applicable |

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| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22 (continued)

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|  | exchange rates, and any resulting unrealized appreciation or depreciation is recorded in the Portfolio's financial statements. The Portfolio records realized gains and losses at the time a contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar (see Note 7). |
|  | During the year ended December 31, 2022, the Portfolio had entered into various forward foreign currency exchange contracts that obligated the Portfolio to deliver or take delivery of currencies at specified future maturity dates. Alternatively, prior to the settlement date of a forward foreign currency exchange contract, the Portfolio may close out such contract by entering into an offsetting contract. |
|  | The average market value of forward foreign currency exchange contracts open during the year ended December 31, 2022, was $4,070,440 and $3,697,449 for buys and sells, respectively. Open forward foreign currency exchange contracts outstanding at December 31, 2022 are listed in the Schedule of Investments. |
| **L.** | **Futures Contracts** |
|  | The Portfolio may enter into futures transactions in order to attempt to hedge against changes in interest rates, securities prices and currency exchange rates or to seek to increase total return. Futures contracts are types of derivatives. |
|  | All futures contracts entered into by the Portfolio are traded on a futures exchange. Upon entering into a futures contract, the Portfolio is required to deposit with a broker an amount of cash or securities equal to the minimum "initial margin" requirements of the associated futures exchange. The amount of cash deposited with the broker as collateral at December 31, 2022 is recorded as "Futures collateral" on the Statement of Assets and Liabilities. |
|  | Subsequent payments for futures contracts ("variation margin") are paid or received by the Portfolio, depending on the daily fluctuation in the value of the contracts, and are recorded by the Portfolio as unrealized appreciation or depreciation. Cash received from or paid to the broker related to previous margin movement is held in a segregated account at the broker and is recorded as either "Due from broker for futures" or "Due to broker for futures" on the Statement of Assets and Liabilities. When the contract is closed, the Portfolio realizes a gain or loss equal to the difference between the opening and closing value of the contract as well as any fluctuation in foreign currency exchange rates where applicable. Futures contracts are subject to market risk, interest rate risk and currency exchange rate risk. Changes in value of the contracts may not directly correlate to the changes in value of the underlying securities. With futures, there is reduced counterparty credit risk to the Portfolio since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. |
|  | The average market value of futures contracts open during the year ended December 31, 2022 was $(36017). Open futures contracts outstanding at December 31, 2022 are listed in the Schedule of Investments. |
| **M.** | **Credit Default Swap Contracts** |
|  | A credit default swap is a contract between a buyer of protection and a seller of protection against a pre-defined credit event or an underlying reference obligation, which may be a single security or a basket or index of securities. The Portfolio may buy or sell credit default swap contracts to seek to increase the Portfolio's income, or to attempt to hedge the risk of default on portfolio securities. A credit default swap index is used to hedge risk or take a position on a basket of credit entities or indices. |
|  | As a seller of protection, the Portfolio would be required to pay the notional (or other agreed-upon) value of the referenced debt obligation to the counterparty in the event of a default by a U.S. or foreign corporate issuer of a debt obligation, which would likely result in a loss to the Portfolio. In return, the Portfolio would receive from the counterparty a periodic stream of payments during the term of the contract, provided that no event of default occurred. The maximum exposure of loss to the seller would be the notional value of the credit default swaps outstanding. If no default occurs, the Portfolio would keep the stream of payments and would have no payment obligation. The Portfolio may also buy credit default swap contracts in order to hedge against the risk of default of debt securities, in which case the Portfolio would function as the counterparty referenced above. |
|  | As a buyer of protection, the Portfolio makes an upfront or periodic payment to the protection seller in exchange for the right to receive a contingent payment. An upfront payment made by the Portfolio, as the protection buyer, is recorded within the "Swap contracts, at value" line item on the Statement of Assets and Liabilities. Periodic payments received or paid by the Portfolio are recorded as realized gains or losses on the Statement of Operations. |

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| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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| Credit default swap contracts are marked-to-market daily using valuations supplied by independent sources, and the change in value, if any, is recorded within the "Swap contracts, at value" line item on the Statement of Assets and Liabilities. Payments received or made as a result of a credit event or upon termination of the contract are recognized, net of the appropriate amount of the upfront payment, as realized gains or losses on the Statement of Operations. |
| Credit default swap contracts involving the sale of protection may involve greater risks than if the Portfolio had invested in the referenced debt instrument directly. Credit default swap contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Portfolio is a protection buyer and no credit event occurs, it will lose its investment. If the Portfolio is a protection seller and a credit event occurs, the value of the referenced debt instrument received by the Portfolio, together with the periodic payments received, may be less than the amount the Portfolio pays to the protection buyer, resulting in a loss to the Portfolio. In addition, obligations under sell protection credit default swaps may be partially offset by net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same reference obligation with the same counterparty. |
| The Portfolio may invest in credit default swap index products ("CDX"). A CDX is a swap on an index of credit default swaps. CDXs allow an investor to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or commercial mortgage-backed securities) in a more efficient manner than transacting in a single-name credit default swap. If a credit event occurs in one of the underlying companies, the protection is paid out via the delivery of the defaulted bond by the buyer of protection in return for a payment of notional value of the defaulted bond by the seller of protection or it may be settled through a cash settlement between the two parties. The underlying company is then removed from the index. If the Portfolio holds a long position in a CDX, the Portfolio would indirectly bear its proportionate share of any expenses paid by a CDX. A fund holding a long position in CDXs typically receives income from principal or interest paid on the underlying securities. By investing in CDXs, the Portfolio could be exposed to liquidity risk, counterparty risk, credit risk of the issuers of the underlying loan obligations and of the CDX markets, and operational risks. If there is a default by the CDX counterparty, the Portfolio will have contractual remedies pursuant to the agreements related to the transaction. CDXs also bear the risk that the Portfolio will not be able to meet its obligation to the counterparty. |
| Certain swap contracts that are cleared through a central clearinghouse are referred to as centrally cleared swaps. All payments made or received by the Portfolio are pursuant to a centrally cleared swap contract with the central clearing party rather than the original counterparty. Upon entering into a centrally cleared swap contract, the Portfolio is required to make an initial margin deposit, either in cash or in securities. The daily change in value on open centrally cleared contracts is recorded as "Variation margin for centrally cleared swap contracts" on the Statement of Assets and Liabilities. Cash received from or paid to the broker related to previous margin movement is held in a segregated account at the broker and is recorded as either "Due from broker for swaps" or "Due to broker for swaps" on the Statement of Assets and Liabilities. The amount of cash deposited with a broker as collateral at December 31, 2022 is recorded as "Swaps collateral" on the Statement of Assets and Liabilities. |
| The average notional value of credit default swap contracts buy protection, credit default swap contracts sell protection and total return swap sell protection open during the year ended December 31, 2022 were $2,434,680, $733,000 and $576,000, respectively. Open credit default swap contracts at December 31, 2022 are listed in the Schedule of Investments. |

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2. Management Agreement

The Adviser manages the Portfolio. Management fees payable under the Portfolio's Investment Management Agreement with the Adviser are calculated daily and paid monthly at the annual rate of 0.65% of the Portfolio's average daily net assets. For the year ended December 31, 2022, the effective management fee (excluding waivers and/or assumption of expenses and waiver of acquired fund fees and expenses) was equivalent to 0.65% of the Portfolio's average daily net assets.

The Adviser has agreed to waive its management fee with respect to any portion of the Portfolio's assets invested in Pioneer ILS Interval Fund, an affiliated fund managed by the Adviser. For the year ended December 31, 2022, the Adviser waived $14,426 in management fees with respect to the Portfolio, which is reflected on the Statement of Operations as a fee waiver.

The Adviser has contractually agreed to limit ordinary operating expenses (ordinary operating expenses means all portfolio expenses other than taxes, brokerage commissions, acquired fund expenses and extraordinary expenses, such as litigation) of the Portfolio to the extent required to reduce Portfolio expenses to 0.75% and 1.00%, of the average daily net assets attributable to Class I and Class II shares, respectively. These expense limitations are in effect through May 1, 2023. There

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Notes to Financial Statements 12/31/22 (continued)

can be no assurance that the Adviser will extend the expense limitation agreement for a class of shares beyond the date referred to above. Fees waived and expenses reimbursed during the year ended December 31, 2022 are reflected on the Statement of Operations.

In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Portfolio as administrative reimbursements.

3. Compensation of Officers and Trustees

The Portfolio pays an annual fee to its Trustees. The Adviser reimburses the Portfolio for fees paid to the Interested Trustees. Except for the chief compliance officer, the Portfolio does not pay any salary or other compensation to its officers. The Portfolio pays a portion of the chief compliance officer's compensation for his services as the Portfolio's chief compliance officer. Amundi US pays the remaining portion of the chief compliance officer's compensation. For the year ended December 31, 2022, the Portfolio paid $8,246 in Officers' and Trustees' compensation, which is reflected on the Statement of Operations as Officers' and Trustees' fees. At December 31, 2022, on its Statement of Assets and Liabilities, the Portfolio had a payable for Trustees' fees of $106 and a payable for administrative expenses of $337, which includes the payable for Officers' compensation.

4. Transfer Agent

BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Portfolio at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Portfolio's omnibus relationship contracts.

5. Distribution Plan

The Portfolio has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act with respect to Class II shares. Pursuant to the Plan, the Portfolio pays the Distributor a distribution fee of 0.25% of the average daily net assets attributable to Class II shares to compensate the Distributor for (1) distribution services and (2) personal and account maintenance services performed and expenses incurred by the Distributor in connection with the Portfolio's Class II shares.

6. Master Netting Agreements

The Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all of its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs the trading of certain Over the Counter ("OTC") derivatives and typically contains, among other things, close-out and set- off provisions which apply upon the occurrence of an event of default and/or a termination event as deﬁned under the relevant ISDA Master Agreement. The ISDA Master Agreement may also give a party the right to terminate all transactions traded under such agreement if, among other things, there is deterioration in the credit quality of the other party.

Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close-out all transactions under such agreement and to net amounts owed under each transaction to determine one net amount payable by one party to the other. The right to close out and net payments across all transactions under the ISDA Master Agreement could result in a reduction of the Portfolio's credit risk to its counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, the Portfolio's right to set-off may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which each speciﬁc ISDA Master Agreement of each counterparty is subject.

The collateral requirements for derivatives transactions under an ISDA Master Agreement are governed by a credit support annex to the ISDA Master Agreement. Collateral requirements are generally determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to threshold (a "minimum transfer amount") before a transfer is required, which may vary by counterparty. Collateral pledged for the beneﬁt of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio's custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. Cash that has been segregated to cover the Portfolio's collateral obligations, if any, will be reported separately on the Statement of Assets and Liabilities as "Swaps collateral". Securities pledged by the Portfolio as collateral, if any, are identiﬁed as such in the Schedule of Investments.

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| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Financial instruments subject to an enforceable master netting agreement, such as an ISDA Master Agreement, have been offset on the Statement of Assets and Liabilities. The following charts show gross assets and liabilities of the Portfolio as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative <br> Assets<br> Subject to<br> Master Netting<br> Agreement** | **Derivatives <br> Available for<br> Offset** | **Non-Cash <br> Collateral<br> Received (a)** | **Cash <br> Collateral<br> Received (a)** | **Net Amount<br> of Derivative<br> Assets (b)** |
| Bank of America NA | &nbsp;&nbsp;$93189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— | $— | &nbsp;&nbsp;$93189 |
| Brown Brothers Harriman & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank NA | &nbsp;&nbsp;&nbsp;&nbsp;9127 | &nbsp;&nbsp;&nbsp;&nbsp;(1374) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7753 |
| Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp;&nbsp;15791 | &nbsp;&nbsp;(11192) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4599 |
| HSBC Bank USA NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank NA | &nbsp;&nbsp;&nbsp;&nbsp;17349 | &nbsp;&nbsp;(16425) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 |
| State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp;&nbsp;3268 | &nbsp;&nbsp;&nbsp;&nbsp;(3268) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total** | **$138900** | **$(32435)** | **$—** | **$—** | **$106465** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative <br> Liabilities<br> Subject to<br> Master Netting<br> Agreement** | **Derivatives <br> Available for<br> Offset** | **Non-Cash <br> Collateral<br> Pledged (a)** | **Cash <br> Collateral<br> Pledged (a)** | **Net Amount<br> of Derivative<br> Liabilities (c)** |
| Bank of America NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Brown Brothers Harriman & Co. | &nbsp;&nbsp;&nbsp;&nbsp;2406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2406 |
| Citibank NA | &nbsp;&nbsp;&nbsp;&nbsp;1374 | &nbsp;&nbsp;&nbsp;&nbsp;(1374) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Goldman Sachs & Co. | &nbsp;&nbsp;11192 | &nbsp;&nbsp;(11192) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| HSBC Bank USA NA | &nbsp;&nbsp;21121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;20945 |
| JPMorgan Chase Bank NA | &nbsp;&nbsp;16425 | &nbsp;&nbsp;(16425) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street Bank & Trust Co. | &nbsp;&nbsp;32606 | &nbsp;&nbsp;&nbsp;&nbsp;(3268) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;29338 |
| **Total** | **$85124** | **$(32435)** | **$—** | **$—** | **$52689** |

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(a) The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities cannot be less than $0.

(b) Represents the net amount due from the counterparty in the event of default.

(c) Represents the net amount payable to the counterparty in the event of default.

7. Additional Disclosures about Derivative Instruments and Hedging Activities

The Portfolio's use of derivatives may enhance or mitigate the Portfolio's exposure to the following risks:

Interest rate risk relates to the ﬂuctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

Credit risk relates to the ability of the issuer of a ﬁnancial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

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| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22 (continued)

Foreign exchange rate risk relates to ﬂuctuations in the value of an asset or liability due to changes in currency exchange rates.

Equity risk relates to the ﬂuctuations in the value of ﬁnancial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange rate risk), whether caused by factors speciﬁc to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

Commodity risk relates to the risk that the value of a commodity or commodity index will ﬂuctuate based on increases or decreases in the commodities market and factors speciﬁc to a particular industry or commodity.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at December 31, 2022, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement of Assets<br> and Liabilities** | **Interest <br> Rate Risk** | **Credit <br> Risk** | **Foreign <br> Exchange<br> Rate Risk** | **Equity <br> Risk** | &nbsp;&nbsp;**Commodity <br> Risk** |
| **Assets** |  |  |  |  |  |
| Net unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $68107 | $— | &nbsp;&nbsp;$— |
| Net unrealized appreciation on futures contracts\* | $23112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— | &nbsp;&nbsp;$— |
| Options purchased\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3465 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Value** | **$23112** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | **$71572** | **$—** | &nbsp;&nbsp;**$—** |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Call options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $13590 | $— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;57650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | **$57650** | **$13590** | **$—** | &nbsp;&nbsp;**$—** |

---

\* Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the assets and/or liabilities on the Statement of Assets and Liabilities.

\*\* Reflects the market value of purchased option contracts (see Note 1I). These amounts are included in investments in unaffiliated issuers, at value, on the Statement of Assets and Liabilities.

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|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at December 31, 2022 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement of Operations** | **Interest <br> Rate Risk** | **Credit <br> Risk** | **Foreign <br> Exchange<br> Rate Risk** | **Equity <br> Risk** | **Commodity <br> Risk** |
| **Net Realized Gain (Loss) on** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | $(83764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(112566) | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(11956) | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11956 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;152723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Value** | **$(83764)** | **$152723** | **$(112566)** | **$—** | **$—** |
| **Change in Net Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | $(69405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;99728 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(12945) | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(10691) | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(207061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Value** | **$(69405)** | **$(207061)** | &nbsp;&nbsp;&nbsp;**$76092** | **$—** | **$—** |

---

\* Reflects the net realized gain (loss) on purchased option contracts (see Note 1I). These amounts are included in net realized gain (loss) on investments in unaffiliated issuers, on the Statements of Operations.

\*\* Reflects the change in net unrealized appreciation (depreciation) on purchased option contracts (see Note 1I). These amounts are included in change in net unrealized appreciation (depreciation) on Investments in unaffiliated issuers, on the Statement of Operations.

8. Unfunded Loan Commitments

The Portfolio may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Portfolio is obliged to provide funding to the borrower upon demand. A fee is earned by the Portfolio on the unfunded loan commitment and is recorded as interest income on the Statement of Operations. Unfunded loan commitments are fair valued in accordance with the valuation policy described in Footnote 1A and unrealized appreciation or depreciation, if any, is recorded on the Statement of Assets and Liabilities.

As of December 31, 2022, the Portfolio had no unfunded loan commitments outstanding.

9. Affiliated Issuers

An affiliated issuer is a company in which the Portfolio has a direct or indirect ownership of, control of, or voting power of 5 percent or more of the outstanding voting shares or any company which is under common ownership or control. At December 31, 2022, the value of the Portfolio's investment in afﬁliated issuers was $825,212, which represents 2.5% of the Portfolio's net assets.

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|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Notes to Financial Statements 12/31/22 (continued)

Transactions in afﬁliated issuers by the Portfolio for the year ended December 31, 2022 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of the<br> Affiliated Issuer** | **Value at<br> December 31,<br> 2021** | **Purchases <br> Costs** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Net <br> Realized<br> Gain/(Loss)** | **Dividends <br> Received<br> and Reinvested** | **Sales <br> Proceeds** | **Shares <br> held at<br> December 31,<br> 2022** | **Value at<br> December 31,<br> 2022** |
| &nbsp;&nbsp;Pioneer ILS Interval Fund | $815189 | $— | $(11481) | $— | $21504 | $— | 101753 | $825212 |

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Annual and semi-annual reports for the underlying Pioneer funds are available on the funds' web page(s) at www.amundi.com/us.

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|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Report of Independent Registered Public Accounting Firm

#### To the Board of Trustees of Pioneer Variable Contracts Trust and the Shareholders of<br> Pioneer Strategic Income VCT Portfolio :

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Strategic Income VCT Portfolio (the "Portfolio") (one of the portfolios constituting Pioneer Variable Contracts Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Pioneer Strategic Income VCT Portfolio (one of the portfolios constituting Pioneer Variable Contracts Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five 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 the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g469588img0fdff78b4.jpg)

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

Boston, Massachusetts<br> March 1, 2023

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|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Additional Information (unaudited)

The Portfolio designated $1,137,201 as long-term capital gains distributions during the year ended December 31, 2022. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.

Qualified interest income is exempt from nonresident alien (NRA) tax withholding. The percentage of the Portfolio's ordinary income distributions derived from qualified interest income was 100.00%.

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|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Approval of Renewal of Investment Management Agreement

Amundi Asset Management US, Inc. ("Amundi US") serves as the investment adviser to Pioneer Strategic Income VCT Portfolio (the "Portfolio") pursuant to an investment management agreement between Amundi US and the Portfolio. In order for Amundi US to remain the investment adviser of the Portfolio, the Trustees of the Portfolio, including a majority of the Portfolio's Independent Trustees, must determine annually whether to renew the investment management agreement for the Portfolio.

The contract review process began in January 2022 as the Trustees of the Portfolio agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2022, July 2022 and September 2022. In addition, the Trustees reviewed and discussed the Portfolio's performance at regularly scheduled meetings throughout the year, and took into account other information related to the Portfolio provided to the Trustees at regularly scheduled meetings, in connection with the review of the Portfolio's investment management agreement.

In March 2022, the Trustees, among other things, discussed the memorandum provided by Portfolio counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Portfolio, as well as the level of investment by the Portfolio's portfolio managers in the Portfolio. In July 2022, the Trustees, among other things, reviewed the Portfolio's management fees and total expense ratios, the financial statements of Amundi US and its parent companies, profitability analyses provided by Amundi US, and analyses from Amundi US as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of Amundi US as compared to that of Amundi US's fund management business, and considered the differences between the fees and expenses of the Portfolio and the fees and expenses of Amundi US's institutional accounts, as well as the different services provided by Amundi US to the Portfolio and to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees' request, in September 2022.

At a meeting held on September 20, 2022, based on their evaluation of the information provided by Amundi US and third parties, the Trustees of the Portfolio, including the Independent Trustees voting separately advised by independent counsel, unanimously approved the renewal of the investment management agreement for another year. In approving the renewal of the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.

#### Nature, Extent and Quality of Services.
The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Portfolio, taking into account the investment objective and strategy of the Portfolio. The Trustees also reviewed Amundi US's investment approach for the Portfolio and its research process. The Trustees considered the resources of Amundi US and the personnel of Amundi US who provide investment management services to the Portfolio. They also reviewed the amount of non-Portfolio assets managed by the portfolio managers of the Portfolio. They considered the non-investment resources and personnel of Amundi US that are involved in Amundi US's services to the Portfolio, including Amundi US's compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by Amundi US's senior management to the Pioneer Fund complex, including with respect to the increasing regulation to which the Pioneer Funds are subject. The Trustees considered the effectiveness of Amundi US's business continuity plan in response to the ongoing COVID-19 pandemic.

The Trustees considered that Amundi US supervises and monitors the performance of the Portfolio's service providers and provides the Portfolio with personnel (including Portfolio officers) and other resources that are necessary for the Portfolio's business management and operations. The Trustees also considered that, as administrator, Amundi US is responsible for the administration of the Portfolio's business and other affairs. The Trustees considered that the Portfolio reimburses Amundi US its pro rata share of Amundi US's costs of providing administration services to the Pioneer Funds.

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

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

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|:---|:---|
| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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Approval of Renewal of Investment Management Agreement (continued)

#### Management Fee and Expenses.
The Trustees considered information showing the fees and expenses of the Portfolio in comparison to the management fees of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are 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 the impact of the Portfolio's transfer agency and Portfolio- and Amundi US-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Portfolio's expense ratio.

The Trustees considered that the Portfolio's management fee for the most recent fiscal year was in the fifth quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees noted Amundi US's explanation of the reasons that the Portfolio's management fee was in the fifth quintile relative to the management fees paid by other funds in its Morningstar category. The Trustees considered that the expense ratio of the Portfolio's Class II shares for the most recent fiscal year was in the fourth quintile relative to its Strategic Insight peer group for the comparable period. The Trustees noted Amundi US's explanation of the reasons that the expense ratio of the Portfolio's Class II shares was in the fourth quintile relative to its Strategic Insight peer group. The Trustees noted that Amundi US had agreed to waive fees and/or reimburse expenses in order to limit the ordinary operating expenses of the Portfolio.

The Trustees reviewed management fees charged by Amundi US to institutional and other clients, including publicly offered European funds sponsored by Amundi US's affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered Amundi US's costs in providing services to the Portfolio and Amundi US's costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with Amundi US's client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Portfolio and other client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management fee for the Portfolio and considered that, under the investment management and administration agreements with the Portfolio, Amundi US performs additional services for the Portfolio that it does not provide to those other clients or services that are broader in scope, including oversight of the Portfolio's other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Portfolio is subject. The Trustees also considered the entrepreneurial risks associated with Amundi US's management of the Portfolio.

The Trustees concluded that the management fee payable by the Portfolio to Amundi US was reasonable in relation to the nature and quality of the services provided by Amundi US.

#### Profitability.
The Trustees considered information provided by Amundi US regarding the profitability of Amundi US with respect to the advisory services provided by Amundi US to the Portfolio, including the methodology used by Amundi US in allocating certain of its costs to the management of the Portfolio. The Trustees also considered Amundi US's profit margin in connection with the overall operation of the Portfolio. They further reviewed the financial results, including the profit margins, realized by Amundi US from non-fund businesses. The Trustees considered Amundi US's profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Amundi US's profitability with respect to the management of the Portfolio was not unreasonable.

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

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#### Other Benefits.
The Trustees considered the other benefits that Amundi US enjoys from its relationship with the Portfolio. The Trustees considered the character and amount of fees paid or to be paid by the Portfolio, other than under the investment management agreement, for services provided by Amundi US and its affiliates. The Trustees further considered the revenues and profitability of Amundi US's businesses other than the fund business. To the extent applicable, the Trustees also considered the benefits to the Portfolio and to Amundi US and its affiliates from the use of "soft" commission dollars generated by the Portfolio to pay for research and brokerage services.

The Trustees considered that Amundi US is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi's worldwide asset management business manages over $2.2 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US's relationship with Amundi creates potential opportunities for Amundi US and Amundi that derive from Amundi US's relationships with the Portfolio, including Amundi's ability to market the services of Amundi US globally. The Trustees noted that Amundi US has access to additional research and portfolio management capabilities as a result of its relationship with Amundi and Amundi's enhanced global presence that may contribute to an increase in the resources available to Amundi US. The Trustees considered that Amundi US and the Portfolio receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Portfolio, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Portfolio were reasonable.

#### Conclusion.
After 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 and reasonable and voted to approve the proposed renewal of the investment management agreement.

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Trustees, Officers and Service Providers

The Portfolio's Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Portfolios within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Portfolio are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 51 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the "Pioneer Funds"). The address for all Trustees and all officers of the Portfolios is 60 State Street, Boston, Massachusetts 02109.

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| **Thomas J. Perna (72)<br> Chairman of the Board<br> and Trustee** | &nbsp;&nbsp;Trustee since 2006.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Private investor (2004 – 2008 and 2013 – present); Chairman (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. (technology products for securities lending industry); and Senior Executive Vice President, The Bank of New York (financial and securities services) (1986 – 2004) | &nbsp;&nbsp;Director, Broadridge Financial<br> Solutions, Inc. (investor<br> communications and securities<br> processing provider for financial<br> services industry) (2009 – present); Director, Quadriserv, Inc.<br> (2005 – 2013); and Commissioner,<br> New Jersey State Civil Service<br> Commission (2011 – 2015) |
| **John E. Baumgardner,<br> Jr. (71)\*<br> Trustee** | &nbsp;&nbsp;Trustee since 2019.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell LLP (law firm). | &nbsp;&nbsp;Chairman, The Lakeville Journal<br> Company, LLC, (privately-held<br> community newspaper group)<br> (2015-present) |
| **Diane Durnin (65)<br> Trustee** | &nbsp;&nbsp;Trustee since 2019.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Managing Director - Head of Product Strategy and Development, BNY Mellon Investment Management (investment management firm) (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): Executive Vice President Head of Product, BNY Mellon Investment Management (2007-2012); Executive Director- Product Strategy, Mellon Asset Management (2005-2007); Executive Vice President Head of Products, Marketing and Client Service, Dreyfus Corporation (investment management firm) (2000-2005); Senior Vice President Strategic Product and Business Development, Dreyfus Corporation (1994-2000) |  |
| **Benjamin M. Friedman (78)<br> Trustee** | &nbsp;&nbsp;Trustee since 2008.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;William Joseph Maier Professor of Political Economy, Harvard University (1972 – present) | &nbsp;&nbsp;Trustee, Mellon Institutional Funds<br> Investment Trust and Mellon<br> Institutional Funds Master Portfolio<br> (oversaw 17 portfolios in fund<br> complex) (1989 - 2008) |

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** |
| **Craig C. MacKay (59)<br> Trustee** | &nbsp;&nbsp;Trustee since 2021.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Partner, England & Company, LLC (advisory firm) (2012 – present); Group Head – Leveraged Finance Distribution, Oppenheimer & Company (investment bank) (2006 – 2012); Group Head – Private Finance & High Yield Capital Markets Origination, SunTrust Robinson Humphrey (investment bank) (2003 – 2006); and Founder and Chief Executive Officer, HNY Associates, LLC (investment bank) (1996 – 2003) | &nbsp;&nbsp;Director, Equitable Holdings, Inc. (financial services holding company) (2022 – present); Board Member of Carver Bancorp, Inc. (holding company) and Carver Federal Savings Bank, NA (2017 – present); Advisory Council Member, MasterShares ETF (2016 – 2017); Advisory Council Member, The Deal (financial market information publisher) (2015 – 2016); Board Co-Chairman and Chief Executive Officer, Danis Transportation Company (privately-owned commercial carrier) (2000 – 2003); Board Member and Chief Financial Officer, Customer Access Resources (privately-owned teleservices company) (1998 – 2000); Board Member, Federation of Protestant Welfare Agencies (human services agency) (1993 – present); and Board Treasurer, Harlem Dowling Westside Center (foster care agency) (1999 – 2018) |
| **Lorraine H. Monchak (66)<br> Trustee** | &nbsp;&nbsp;Trustee since 2017.<br> (Advisory Trustee from<br> 2014 - 2017). Serves<br> until a successor trustee<br> is elected or earlier<br> retirement or removal. | &nbsp;&nbsp;Chief Investment Officer, 1199 SEIU Funds (healthcare workers union pension funds) (2001 – present); Vice President – International Investments Group, American International Group, Inc. (insurance company) (1993 – 2001); Vice President – Corporate Finance and Treasury Group, Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability Management Group, Federal Farm Funding Corporation (government-sponsored issuer of debt securities) (1988 – 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 – 1988); Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 – 1987) |  |
| **Marguerite A. Piret (74)<br> Trustee** | &nbsp;&nbsp;Trustee since 1995.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Chief Financial Officer, American Ag Energy, Inc. (controlled environment and agriculture company) (2016 – present); President and Chief Executive Officer, Metric Financial Inc. (formerly known as Newbury Piret Company) (investment banking firm) (1981 – 2019) | &nbsp;&nbsp;Director of New America High<br> Income Fund, Inc. (closed-end<br> investment company) (2004 –<br> present); and Member, Board of<br> Governors, Investment Company<br> Institute (2000 – 2006) |

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Trustees, Officers and Service Providers (continued)

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position<br> Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** | **Independent Trustees *(continued)*** |
| **Fred J. Ricciardi (75)<br> Trustee** | &nbsp;&nbsp;Trustee since 2014.<br> Serves until a successor<br> trustee is elected or<br> earlier retirement<br> or removal. | &nbsp;&nbsp;Private investor (2020 – present); Consultant (investment company services) (2012 – 2020); Executive Vice President, BNY Mellon (financial and investment company services) (1969 – 2012); Director, BNY International Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas Investment Corp. (financial services) (2009 – 2012); Director, Financial Models (technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial services) (1999-2006); Chairman, BNY Alternative Investment Services, Inc. (financial services) (2005-2007) |  |
| \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. | \* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Lisa M. Jones (60)\*\*<br> Trustee, President and Chief<br> Executive Officer** | &nbsp;&nbsp;Trustee since 2017. Serves<br> until a successor trustee is<br> elected or earlier retirement<br> or removal | &nbsp;&nbsp;Director, CEO and President of Amundi US, Inc. (investment management firm) (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Director, CEO and President of Amundi Distributor US, Inc. (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and Amundi Asset Management US, Inc. (September 2014 – 2018); Managing Director, Morgan Stanley Investment Management (investment management firm) (2010 – 2013); Director of Institutional Business, CEO of International, Eaton Vance Management (investment management firm) (2005 – 2010); Director of Amundi Holdings US, Inc. (since 2017) | &nbsp;&nbsp;Director of Clearwater Analytics (provider of web-based investment accounting software for reporting and reconciliation services) (September 2022 – present) |
| **Kenneth J. Taubes (64)\*\*<br> Trustee** | &nbsp;&nbsp;Trustee since 2014. Serves<br> until a successor trustee is<br> elected or earlier retirement<br> or removal | &nbsp;&nbsp;Director and Executive Vice President (since 2008) and Chief Investment Officer, U.S. (since 2010) of Amundi US, Inc. (investment management firm); Director and Executive Vice President and Chief Investment Officer, U.S. of Amundi US (since 2008); Executive Vice President and Chief Investment Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); Portfolio Manager of Amundi US (since 1999); Director of Amundi Holdings US, Inc. (since 2017) |  |
| \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. | \*\* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Portfolio's investment adviser and certain of its affiliates. |

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| **Pioneer Strategic Income VCT Portfolio** | **Pioneer Variable Contracts Trust** |

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| | | | |
|:---|:---|:---|:---|
| **Name, Age and Position Held With the Trust** | &nbsp;&nbsp;**Term of Office and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) During<br> At Least The Past Five Years** | &nbsp;&nbsp;**Other Directorships Held by Trustee During At Least The Past Five Years** |
| **Trust Officers** | **Trust Officers** | **Trust Officers** | **Trust Officers** |
| **Christopher J. Kelley (58)<br> Secretary and Chief<br> Legal Officer** | &nbsp;&nbsp;Since 2003. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Vice President and Associate General Counsel of Amundi US since January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; Vice President and Senior Counsel of Amundi US from July 2002 to December 2007 |  |
| **Thomas Reyes (60)<br> Assistant Secretary** | &nbsp;&nbsp;Since 2010. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Assistant General Counsel of Amundi US since May 2013 and Assistant Secretary of all the Pioneer Funds since June 2010; Counsel of Amundi US from June 2007 to May 2013 |  |
| **Heather L. Melito-Dezan (46)<br> Assistant Secretary** | &nbsp;&nbsp;Since 2022. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director - Trustee and Board Relationships of Amundi US since September 2019; Private practice from 2017 – 2019. |  |
| **Anthony J. Koenig, Jr. (59)<br> Treasurer and<br> Chief Financial and<br> Accounting Officer** | &nbsp;&nbsp;Since 2021. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Managing Director, Chief Operations Officer and Fund Treasurer of Amundi US since May 2021; Treasurer of all of the Pioneer Funds since May 2021; Assistant Treasurer of all of the Pioneer Funds from January 2021 to May 2021; and Chief of Staff, US Investment Management of Amundi US from May 2008 to January 2021 |  |
| **Luis I. Presutti (57)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2000. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer of all of the Pioneer Funds since 1999 |  |
| **Gary Sullivan (64)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2002. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant Treasurer of all of the Pioneer Funds since 2002 |  |
| **Antonio Furtado (40)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2020. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Fund Oversight Manager – Fund Treasury of Amundi US since 2020; Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior Fund Treasury Analyst from 2012 - 2020 |  |
| **Michael Melnick (51)<br> Assistant Treasurer** | &nbsp;&nbsp;Since 2021. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Vice President - Deputy Fund Treasurer of Amundi US since May 2021; Assistant Treasurer of all of the Pioneer Funds since July 2021; Director of Regulatory Reporting of Amundi US from 2001 – 2021; and Director of Tax of Amundi US from 2000 - 2001 |  |
| **John Malone (52)<br> Chief Compliance Officer** | &nbsp;&nbsp;Since 2018. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Managing Director, Chief Compliance Officer of Amundi US Asset Management; Amundi Asset Management US, Inc.; and the Pioneer Funds since September 2018; Chief Compliance Officer of Amundi Distributor US, Inc. since January 2014. |  |
| **Brandon Austin (50)<br> Anti-Money<br> Laundering Officer** | &nbsp;&nbsp;Since 2022. Serves at<br> the discretion of<br> the Board | &nbsp;&nbsp;Director, Financial Security – Amundi Asset Management; Anti-Money Laundering Officer of all the Pioneer Funds since March 2022: Director of Financial Security of Amundi US since July 2021; Vice President, Head of BSA, AML and OFAC, Deputy Compliance Manager, Crédit Agricole Indosuez Wealth Management (investment management firm) (2013 – 2021) |  |

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Proxy Voting Policies and Procedures of the Portfolio are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Portfolio voted proxies relating to Portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundi.com/us. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov.

![](g469588img3ecf7fed1.gif)

20364-16-0223

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ITEM 2. CODE OF ETHICS.

(a) Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant has adopted, as of the end of the period covered by this report, a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer and controller.

(b) For purposes of this Item, the term "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

The registrant has made no amendments to the code of ethics during the period covered by this report.

(d) If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

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Not applicable.

(e) If the registrant intends to satisfy the disclosure requirement under paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from, a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item by posting such information on its Internet website, disclose the registrant's Internet address and such intention.

Not applicable.

(f) The registrant must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) File with the Commission, pursuant to Item 12(a)(1), a copy of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR (see attachment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this Form N-CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Undertake in its most recent report on this Form N-CSR to provide to any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made. See Item 10(2)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Disclose that the registrant's Board of Trustees has determined that the registrant either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Has at least one audit committee financial expert serving on its audit committee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Does not have an audit committee financial expert serving on its audit committee.

The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is "independent." In order to be considered "independent" for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the Board of Trustees, or any other board committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Be an "interested person" of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

Mr. Fred J. Ricciardi, an independent Trustee, is such an audit committee financial expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If the registrant provides the disclosure required by paragraph (a)(1) (ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

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ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

The audit fees for the Trust were $276,705 payable to Ernst & Young LLP for the year ended December 31, 2022 and $257,400 for the year ended December 31, 2021.

(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

There were no audit-related services in 2022 or 2021.

(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

The Trust paid aggregate non-audit fees to Ernst & Young LLP for tax services of $70,422 and $65,508 during the fiscal years ended December 31, 2022 and 2021, respectively.

(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

There were no other fees in 2022 or 2021.

(e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

PIONEER FUNDS

APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES

PROVIDED BY THE INDEPENDENT AUDITOR

SECTION I - POLICY PURPOSE AND APPLICABILITY

The Pioneer Funds recognize the importance of maintaining the independence of their outside auditors. Maintaining independence is a shared responsibility involving Amundi Asset Management US, Inc., the audit committee and the independent auditors.

The Funds recognize that a Fund's independent auditors: 1) possess knowledge of the Funds, 2) are able to incorporate certain services into the scope of the audit, thereby avoiding redundant work, cost and disruption of Fund personnel and processes, and 3) have expertise that has value to the Funds. As a result, there are situations where it is desirable to use the Fund's independent auditors for services in addition to the annual audit and where the potential for conflicts of interests are minimal. Consequently, this policy, which is intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and procedures to be followed by the Funds when retaining the independent audit firm to perform audit, audit-related tax and other services under those circumstances, while also maintaining independence.

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Approval of a service in accordance with this policy for a Fund shall also constitute approval for any other Fund whose pre-approval is required pursuant to Rule 210.2-01(c)(7)(ii).

In addition to the procedures set forth in this policy, any non-audit services that may be provided consistently with Rule 210.2-01 may be approved by the Audit Committee itself and any pre-approval that may be waived in accordance with Rule 210.2-01(c)(7)(i)(C) is hereby waived.

Selection of a Fund's independent auditors and their compensation shall be determined by the Audit Committee and shall not be subject to this policy.

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| | | |
|:---|:---|:---|
| SECTION II - POLICY | SECTION II - POLICY | SECTION II - POLICY |
| SERVICE<br> CATEGORY | SERVICE CATEGORY DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPECIFIC PRE-APPROVED<br> SERVICE SUBCATEGORIES |
| I. AUDIT SERVICES | Services that are directly related to performing the independent audit of the Funds | • Accounting research assistance<br>• SEC consultation, registration statements, and reporting |
|  |  | • Tax accrual related matters |
|  |  | • Implementation of new accounting standards |
|  |  | • Compliance letters (e.g. rating agency letters) |
|  |  | • Regulatory reviews and assistance regarding financial matters |
|  |  | • Semi-annual reviews (if requested) |
|  |  | • Comfort letters for closed end offerings |
| II. AUDIT-RELATED SERVICES | Services which are not prohibited under Rule | • AICPA attest and agreed-upon procedures<br>• Technology control assessments |
|  | 210.2-01(C)(4) (the "Rule") and are related extensions of the audit services support the audit, or use the knowledge/expertise gained from the audit procedures as a foundation to complete the project. In most cases, if the Audit-Related Services are not performed by the Audit firm, the scope of the Audit Services would likely increase. The Services are typically well-defined and governed by accounting professional standards (AICPA, SEC, etc.) | • Financial reporting control assessments<br>• Enterprise security architecture assessment |

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| | |
|:---|:---|
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |
| • "One-time" pre-approval for the audit period for all pre-approved specific service subcategories. Approval of the independent auditors as auditors for a Fund shall constitute pre approval for these services. | • A summary of all such services and related fees reported at each regularly scheduled Audit Committee meeting. |
| • "One-time" pre-approval for the fund fiscal year within a specified dollar limit for all pre-approved specific service subcategories | • A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. |

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| |
|:---|
| • Specific approval is needed to exceed the pre-approved dollar limit for these services (see general |
|  Audit Committee approval policy below for details on obtaining specific approvals) |
| • Specific approval is needed to use the Fund's auditors for Audit-Related Services not denoted as "pre-approved", or to add a specific service subcategory as "pre-approved" |

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SECTION III - POLICY DETAIL

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| | | |
|:---|:---|:---|
| SERVICE CATEGORY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SERVICE CATEGORY<br> DESCRIPTION | SPECIFIC PRE-APPROVED<br> SERVICE SUBCATEGORIES |
| III. TAX SERVICES | Services which are not prohibited by the Rule, | • Tax planning and support<br>• Tax controversy assistance |
| | if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. | • Tax compliance, tax returns, excise tax returns and support<br>• Tax opinions |
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY | |
| • "One-time" pre-approval for the fund fiscal year within a specified dollar limit | • A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. |  |
| • Specific approval is needed to exceed the pre-approved dollar limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) |  |  |
| • Specific approval is needed to use the Fund's auditors for tax services not denoted as pre-approved, or to add a specific service subcategory as "pre-approved" | | |

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SECTION III - POLICY DETAIL, CONTINUED

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| | | |
|:---|:---|:---|
| SERVICE CATEGORY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SERVICE CATEGORY<br> DESCRIPTION | SPECIFIC PRE-APPROVED<br> SERVICE SUBCATEGORIES |
| IV. OTHER SERVICES | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. | • Business Risk Management support<br>• Other control and regulatory compliance projects |
| A. SYNERGISTIC, UNIQUE QUALIFICATIONS | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. | |
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY | |
| • "One-time" pre-approval for the fund fiscal year within a specified dollar limit | • A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. |  |
| • Specific approval is needed to exceed the pre-approved dollar limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) |  |  |
| • Specific approval is needed to use the Fund's auditors for "Synergistic" or "Unique Qualifications" Other Services not denoted as pre-approved to the left, or to add a specific service subcategory as "pre-approved" | | |

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SECTION III - POLICY DETAIL, CONTINUED

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| | | |
|:---|:---|:---|
| SERVICE CATEGORY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SERVICE CATEGORY<br> DESCRIPTION | SPECIFIC PROHIBITED<br> SERVICE SUBCATEGORIES |
| PROHIBITED SERVICES | Services which result in the auditors losing independence status under the Rule. | 1. Bookkeeping or other services related to the accounting records or financial statements of the audit client\* |
|  |  | 2. Financial information systems design and implementation\* |
|  |  | 3. Appraisal or valuation services, fairness\* opinions, or contribution-in-kind reports |
|  |  | 4. Actuarial services (i.e., setting actuarial reserves versus actuarial audit work)\* |
|  |  | 5. Internal audit outsourcing services\* |
|  |  | 6. Management functions or human resources |
|  |  | 7. Broker or dealer, investment advisor, or investment banking services |
|  |  | 8. Legal services and expert services unrelated to the audit |
|  |  | 9. Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible |
| AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY |  |
| • These services are not to be performed with the exception of the(\*) services that may be permitted if they would not be subject to audit procedures at the audit client (as defined in rule 2-01(f)(4)) level the firm providing the service. | • A summary of all services and related fees reported at each regularly scheduled Audit Committee meeting will serve as continual confirmation that has not provided any restricted services. |  |

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GENERAL AUDIT COMMITTEE APPROVAL POLICY:

• For all projects, the officers of the Funds and the Fund's auditors will each make an assessment to
determine that any proposed projects will not impair independence.

• Potential services will be classified into the four non-restricted service categories and the "Approval of Audit, Audit-Related, Tax and Other Services" Policy above will be applied. Any services outside the specific pre-approved service subcategories set forth
above must be specifically approved by the Audit Committee.

• At least quarterly, the Audit Committee shall review a report summarizing the services by service category,
including fees, provided by the Audit firm as set forth in the above policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

Non-Audit Services

Beginning with non-audit service contracts entered into on or after May 6, 2003, the effective date of the new SEC pre-approval rules, the Trust's audit committee is required to pre-approve services to affiliates defined by SEC rules to the extent that the services are determined to have a direct impact on the operations or financial reporting of the Trust. For the years ended December 31, 2022 and 2021, there were no services provided to an affiliate that required the Trust's audit committee pre-approval.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountants engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

N/A

(g) Disclose the aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The Trust paid aggregate non-audit fees to Ernst & Young LLP for tax services of $70,422 and $65,508 during the fiscal years ended December 31, 2022 and 2021, respectively.

(h) Disclose whether the registrants audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

The Fund's audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Affiliates (as defined) that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

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ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

N/A

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees.

N/A

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in 210.1212 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company's investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company's investment adviser, or any other third party, that the company uses, or that are used on the company's behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable to open-end management investment companies.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a) If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR, provide the following information:

(1) State the name, title, and length of service of the person or persons employed by or associated with the registrant or an investment adviser of the registrant who are primarily responsible for the day-to-day management of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio Manager's business experience during the past 5 years.

Not applicable to open-end management investment companies.

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ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, in the following tabular format, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any affiliated purchaser, as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant's equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable to open-end management investment companies.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors since the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A) in its definitive proxy statement, or this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive and principal financials officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective based on the evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

There were no significant changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) If the registrant is a closed-end management investment company, provide the following dollar amounts of income and compensation related to the securities lending activities of the registrant during its most recent fiscal year:

N/A

(1) Gross income from securities lending activities;

N/A

(2) All fees and/or compensation for each of the following securities lending activities and related services: any share of revenue generated by the securities lending program paid to the securities lending agent(s) (revenue split); fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split; administrative fees that are not included in the revenue split; fees for indemnification that are not included in the revenue split; rebates paid to borrowers; and any other fees relating to the securities lending program that are not included in the revenue split, including a description of those other fees;

N/A

(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and

N/A

(4) Net income from securities lending activities (i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)).

If a fee for a service is included in the revenue split, state that the fee is included in the revenue split.

N/A

(b) If the registrant is a closed-end management investment company, describe the services provided to the registrant by the securities lending agent in the registrants most recent fiscal year.

N/A

ITEM 13. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

[(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.](d469588dex99codeeth.htm)

[(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) , exactly as set forth below: Filed herewith.](d469588dex99cert.htm)

[(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d469588dex99906cert.htm)

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SIGNATURES

[See General Instruction F]

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Pioneer Variable Contracts Trust

By (Signature and Title)\* /s/ Lisa M. Jones

Lisa M. Jones, President and Chief Executive Officer

Date March 8, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)\* /s/ Lisa M. Jones

Lisa M. Jones, President and Chief Executive Officer

Date March 8, 2023

By (Signature and Title)\* /s/ Anthony J. Koenig, Jr.

Anthony J. Koenig, Jr., Managing Director, Chief Operations Officer & Treasurer of the Funds

Date March 8, 2023

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**CODE OF ETHICS** 

**FOR** 

**SENIOR OFFICERS** 

**POLICY** 

This Code of Ethics for Senior Officers (this "Code") sets forth the policies, practices and values expected to be exhibited by Senior Officers of the Pioneer Funds (collectively, the "Funds" and each, a "Fund"). This Code does not apply generally to officers and employees of service providers to the Funds, including Amundi Asset Management US, Inc., and Amundi Distributor US, Inc. (collectively, "Amundi US"), unless such officers and employees are also Senior Officers.

The term "Senior Officers" shall mean the principal executive officer, principal financial officer, principal accounting officer and controller of the Funds, although one person may occupy more than one such office. Each Senior Officer is identified by title in Exhibit A to this Code.

The Chief Compliance Officer ("CCO") of the Pioneer Funds is primarily responsible for implementing and monitoring compliance with this Code, subject to the overall supervision of the Board of Trustees of the Funds (the "Board"). The CCO has the authority to interpret this Code and its applicability to particular situations. Any questions about this Code should be directed to the CCO or his or her designee.

**PURPOSE** 

The purposes of this Code are to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promote compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promote the prompt internal reporting of violations of the Code to an appropriate person or persons identified in
the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establish accountability for adherence to the Code.

Each Senior Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**RESPONSIBILITIES OF SENIOR OFFICERS** 

**Conflicts of Interest** 

A "conflict of interest" occurs when a Senior Officer's private interests interfere in any way – or even appear to interfere – with the interests of or his/her service to a Fund. A conflict can arise when a Senior Officer takes actions or has interests that may make it difficult to perform his or her Fund work objectively and effectively. Conflicts of interest also arise when a Senior Officer or a member of his/her family receives improper personal benefits as a result of the Senior Officer's position with the Fund.

Certain conflicts of interest arise out of the relationships between Senior Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "ICA"), and the Investment Advisers Act of 1940, as amended (the "IAA"). For example, Senior Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Fund's and Amundi US' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace such policies and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise as a result of the contractual relationship between the Fund and Amundi US because the Senior Officers are officers or employees of both. As a result, this Code recognizes that Senior Officers will, in the normal course of their duties (whether formally for a Fund or for Amundi US, or for both), be involved in establishing policies and implementing decisions that will have different effects on Amundi US and the Fund. The participation of Senior Officers in such activities is inherent in the contractual relationship between a Fund and Amundi US and is consistent with the performance by the Senior Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the ICA and the IAA, will be deemed to have been handled ethically. In addition, it is recognized by the Board that Senior Officers may also be officers of investment companies other than the Pioneer Funds.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions of the ICA or the IAA. In reading the following examples of conflicts of interest under this Code, Senior Officers should keep in mind that such a list cannot ever be exhaustive or cover every possible scenario. It follows that the overarching principle is that the personal interest of a Senior Officer should not be placed improperly before the interest of a Fund.

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Each Senior Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund whereby the Senior Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Senior
Officer rather than the benefit of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report at least annually any affiliations or other relationships that give rise to conflicts of interest.

Any material conflict of interest situation should be approved by the CCO, his or her designee or the Board. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt of any gift with a value in excess of an amount established from time to time by Amundi US'
Business Gift and Entertainment Policy from any single non-relative person or entity. Customary business lunches, dinners and entertainment at which both the Senior Officer and the giver are present, and
promotional items of insignificant value are exempt from this prohibition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt of any entertainment from any company with which a Fund has current or prospective business dealings
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any ownership interest in, or any consulting or employment relationship with, any of a Fund's service
providers other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment, such as compensation or equity ownership.

**Corporate Opportunities** 

Senior Officers may not (a) take for themselves personally opportunities that are discovered through the use of a Fund's property, information or position; (b) use a Fund's property, information, or position for personal gain; or (c) compete with a Fund. Senior Officers owe a duty to the Funds to advance their legitimate interests when the opportunity to do so arises.

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**Confidentiality** 

Senior Officers should maintain the confidentiality of information entrusted to them by the Funds, except when disclosure is authorized or legally mandated. Confidential information includes all non-public information that might be of use to competitors, or harmful to the Funds, if disclosed.

**Fair dealing with Fund shareholders, suppliers, and competitors** 

Senior Officers should endeavor to deal fairly with the Funds' shareholders, suppliers, and competitors. Senior Officers should not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice. Senior Officers should not knowingly misrepresent or cause others to misrepresent facts about a Fund to others, whether within or outside the Fund, including to the Board, the Funds' auditors or to governmental regulators and self-regulatory organizations.

**Compliance with Law** 

Each Senior Officer must not knowingly violate any law, rule and regulation applicable to his or her activities as an officer of the Funds. In addition, Senior Officers are responsible for understanding and promoting compliance with the laws, rules and regulations applicable to his or her particular position and by persons under the Senior Officer's supervision. Senior Officers should endeavor to comply not only with the letter of the law, but also with the spirit of the law.

**Disclosure** 

Each Senior Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Funds. Each Senior Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers of the Funds and Amundi US with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents a Fund files with, or submits to, the SEC and in other public communications made by the Funds.

**INITIAL AND ANNUAL CERTIFICATIONS** 

Upon becoming a Senior Officer the Senior Officer is required to certify that he or she has received, read, and understands this Code. On an annual basis, each Senior Officer must certify that he or she has complied with all of the applicable requirements of this Code.

**ADMINISTRATION AND ENFORCEMENT OF THE CODE** 

**Report of Violations** 

Amundi US relies on each Senior Officer to report promptly if he or she knows of any conduct by a Senior Officer in violation of this Code. All violations or suspected violations of this Code must be reported to the CCO or a member of Amundi US' Legal and Compliance Department. Failure to do so is itself a violation of this Code.

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**Investigation of Violations** 

Upon notification of a violation or suspected violation, the CCO or other members of Amundi US' Compliance Department will take all appropriate action to investigate the potential violation reported. If, after such investigation, the CCO believes that no violation has occurred, the CCO and Compliance Department is not required to take no further action. Any matter the CCO believes is a violation will be reported to the Independent Trustees. If the Independent Trustees concur that a violation has occurred, they will inform and make a recommendation to the full Board. The Board shall be responsible for determining appropriate action. The Funds, their officers and employees, will not retaliate against any Senior Officer for reports of potential violations that are made in good faith and without malicious intent.

The CCO or his or her designee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The CCO or his or her designee shall make inquiries regarding any potential conflict of interest.

**Violations and Sanctions** 

Compliance with this Code is expected and violations of its provisions will be taken seriously and could result in disciplinary action. In response to violations of the Code, the Board may impose such sanctions as it deems appropriate within the scope of its authority over Senior Officers, including termination as an officer of the Funds.

**Waivers from the Code** 

The Independent Trustees will consider any approval or waiver sought by any Senior Officer.

The Independent Trustees will be responsible for granting waivers, as appropriate. Any change to or waiver of this Code will, to the extent required, be disclosed as provided by SEC rules.

**OTHER POLICIES AND PROCEDURES** 

This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. The Funds' and Amundi US' Codes of Ethics under Rule 17j-1 under the ICA and Rule 204A-1 of the IAA are separate requirements applying to the Senior Officers and others, and are not a part of this Code. To the extent any other policies and procedures of the Funds or Amundi US overlap or conflict with the provisions of the Code, they are superseded by this Code.

**SCOPE OF RESPONSIBILITIES** 

A Senior Officer's responsibilities under this Code are limited to Fund matters over which the Senior Officer has direct responsibility or control, matters in which the Senior Officer routinely participates, and matters with which the Senior Officer is otherwise involved. In addition, a Senior Officer is responsible for matters of which the Senior Officer has actual knowledge.

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5 Last revised January 2021

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**AMENDMENTS** 

This Code other than Exhibit A may not be amended except in a writing that is specifically approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees.

**CONFIDENTIALITY** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and their counsel, or to Amundi US' Legal and Compliance Department.

**INTERNAL USE** 

This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

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6 Last revised January 2021

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**EXHIBIT A – SENIOR OFFICERS OF THE PIONEER FUNDS (EFFECTIVE AS OF AUGUST 14, 2008)** 

President (Principal Executive Officer)

Treasurer (Principal Financial Officer)

Code of Ethics for Senior Officers

## Ex-99.Cert

CERTIFICATION PURSUANT TO RULE 30a-2(a)

UNDER THE 1940 ACT AND SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Lisa M. Jones, certify that:

1. I have reviewed this report on Form N-CSR of Pioneer Variable Contracts Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5. The registrants other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 8, 2023

/s/ Lisa M. Jones

Lisa M. Jones

President and Chief Executive Officer

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CERTIFICATION PURSUANT TO RULE 30a-2(a)

UNDER THE 1940 ACT AND SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Anthony J. Koenig, Jr., certify that:

1. I have reviewed this report on Form N-CSR of Pioneer Variable Contracts Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5. The registrants other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 8, 2023

/s/ Anthony J. Koenig, Jr.

Anthony J. Koenig, Jr.

Managing Director, Chief Operations Officer & Treasurer of the Funds

## Exhibit 99.906

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY

ACT OF 2002

I, Lisa M. Jones, certify that, to the best of my knowledge:

1. The Form N-CSR (the Report) of Pioneer Variable Contracts Trust fully complies for the period covered by the Report with the requirements of Section 13(a) or 15 (d), as applicable, of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Trust.

Date: March 8, 2023

---

| |
|:---|
| /s/ Lisa M. Jones |
| Lisa M. Jones |
| President and Chief Executive Officer |

---

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. section 1350 and is not being filed as part of the Report with the Securities and Exchange Commission.

A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities Exchange Commission or its staff upon request.

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CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY

ACT OF 2002

I, Anthony J. Koenig, Jr., certify that, to the best of my knowledge:

1. The Form N-CSR (the Report) of Pioneer Variable Contracts Trust fully complies for the period covered by the Report with the requirements of Section 13(a) or 15 (d), as applicable, of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Trust.

Date: March 8, 2023

---

| |
|:---|
| /s/ Anthony J. Koenig, Jr. |
| Anthony J. Koenig, Jr. |
| Managing Director, Chief Operations Officer & Treasurer of the Funds |

---

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. section 1350 and is not being filed as part of the Report with the Securities and Exchange Commission.

A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities Exchange Commission or its staff upon request.