PIONEER VARIABLE CONTRACTS TRUST

Pioneer Mid Cap Value VCT Portfolio — Class I and II Shares

Schedule of Investments

September 30, 2021

Schedule of Investments | 9/30/21 (unaudited)

Shares				Value
			UNAFFILIATED ISSUERS - 97.0%
			COMMON STOCKS - 97.0% of Net Assets
			Aerospace & Defense - 1.0%
	65,866		Spirit AeroSystems Holdings, Inc.	$	2,910,619
			Total Aerospace & Defense	$	2,910,619
			Auto Component - 1.0%
	67,071		BorgWarner, Inc.	$	2,898,138
			Total Auto Component	$	2,898,138
			Banks - 11.4%
	105,184		Citizens Financial Group, Inc.	$	4,941,544
	57,079		East West Bancorp, Inc.		4,425,906
	165,803		First Hawaiian, Inc.		4,866,318
	28,288		First Republic Bank		5,456,189
	44,356		M&T Bank Corp.		6,624,125
	98,723		Zions Bancorp N.A.		6,109,967
			Total Banks	$	32,424,049
			Building Product - 1.5%
	24,005		Trane Technologies Plc	$	4,144,463
			Total Building Product	$	4,144,463
			Capital Markets - 2.6%
	24,344		Artisan Partners Asset Management, Inc.	$	1,190,908
	125,704		Brightsphere Investment Group, Inc.		3,284,646
	15,210		Nasdaq, Inc.		2,935,834
			Total Capital Markets	$	7,411,388
			Chemicals - 4.6%
	31,497		Celanese Corp.	$	4,744,708
	157,823		Element Solutions, Inc.		3,421,603
	33,898		PPG Industries, Inc.		4,847,753
			Total Chemicals	$	13,014,064
			Communication Equipment - 1.4%
	17,015		Motorola Solutions, Inc.	$	3,952,925
			Total Communication Equipment	$	3,952,925
			Consumer Durable & Apparel - 0.9%
	115,839		Newell Brands, Inc.	$	2,564,675
			Total Consumer Durable & Apparel	$	2,564,675
			Container & Packaging - 1.7%
	248,375		Graphic Packaging Holding Co.	$	4,729,060
			Total Container & Packaging	$	4,729,060
			Electric Utility - 0.6%
	36,059		Exelon Corp.	$	1,743,092
			Total Electric Utility	$	1,743,092
			Electrical Equipment - 1.6%
	31,388		Eaton Corp. Plc	$	4,686,542
			Total Electrical Equipment	$	4,686,542
			Electronic Equipment, Instruments & Components - 3.9%
	18,664		CDW Corp.	$	3,397,221
	31,375		Dolby Laboratories, Inc.		2,761,000
	14,608	(a)	Keysight Technologies, Inc.		2,399,949
	65,236		National Instruments Corp.		2,559,208
			Total Electronic Equipment, Instruments & Components	$	11,117,378
			Energy Equipment & Service - 2.2%
	211,552		Schlumberger, Ltd.	$	6,270,401
			Total Energy Equipment & Service	$	6,270,401
			Equity Real Estate Investment Trusts (REITs) - 11.1%
	10,426		Alexandria Real Estate Equities, Inc.	$	1,992,096
	7,358		AvalonBay Communities, Inc.		1,630,827
	13,374		Camden Property Trust		1,972,264
	38,725		Duke Realty Corp.		1,853,766
	13,600		Extra Space Storage, Inc.		2,284,664
	33,252		First Industrial Realty Trust, Inc.		1,731,764
	38,869		Healthcare Trust of America, Inc., Class A		1,152,854
	33,614		Iron Mountain, Inc.		1,460,528
	154,947		Kimco Realty Corp.		3,215,150
	110,364		Outfront Media, Inc.		2,781,173
	4,080		Safehold, Inc.		293,311
	21,852		SL Green Realty Corp.		1,547,996
	25,040		Sun Communities, Inc.		4,634,904
	55,766		UDR, Inc., Class REIT		2,954,483
	26,964		Welltower, Inc.		2,221,834
			Total Equity Real Estate Investment Trusts (REITs)	$	31,727,614
			Food Product - 1.5%
	249,277	(a)	Hostess Brands, Inc.	$	4,329,942
			Total Food Product	$	4,329,942
			Health Care Equipment & Supplies - 1.8%
	13,345		STERIS Plc	$	2,726,117
	5,700		West Pharmaceutical Services, Inc.		2,419,878
			Total Health Care Equipment & Supplies	$	5,145,995

Schedule of Investments | 9/30/21 (unaudited) (continued)

Shares				Value
			Health Care Provider & Service - 2.3%
	33,267		McKesson Corp.	$	6,632,774
			Total Health Care Provider & Service	$	6,632,774
			Hotels, Restaurants & Leisure - 3.1%
	25,736		Darden Restaurants, Inc.	$	3,898,232
	36,625		Hilton Worldwide Holdings, Inc.		4,838,529
			Total Hotels, Restaurants & Leisure	$	8,736,761
			Household Durable - 0.9%
	28,487		Lennar Corp.	$	2,668,662
			Total Household Durable	$	2,668,662
			Information Technology - 1.3%
	24,062		MKS Instruments, Inc.	$	3,631,196
			Total Information Technology	$	3,631,196
			Insurance - 6.5%
	78,499		Aflac, Inc.	$	4,092,153
	11,001		Assurant, Inc.		1,735,408
	86,065		Hartford Financial Services Group, Inc.		6,046,066
	37,827		Lincoln National Corp.		2,600,606
	172,993	(a)	Old Republic International Corp.		4,001,328
			Total Insurance	$	18,475,561
			Internet & Direct Marketing Retail - 1.7%
	29,727	(a)	Expedia, Inc.	$	4,872,255
			Total Internet & Direct Marketing Retail	$	4,872,255
			Life Science Tool & Service - 1.1%
	35,440	(a)	Syneos Health, Inc.	$	3,100,291
			Total Life Science Tool & Service	$	3,100,291
			Machinery - 7.5%
	36,146		AGCO Corp.	$	4,428,969
	40,470		Donaldson Co., Inc.		2,323,383
	74,048		Flowserve Corp.		2,567,244
	108,106	(a)	Ingersoll Rand, Inc.		5,449,624
	49,437		PACCAR, Inc.		3,901,568
	15,474		Stanley Black & Decker, Inc.		2,712,747
			Total Machinery	$	21,383,535
			Materials - 1.7%
	14,427		Crown Holdings, Inc.	$	1,453,953
	63,361		Sealed Air Corp.		3,471,549
			Total Materials	$	4,925,502
			Media - 1.2%
	70,406	(a)	Liberty Media Corp.-Liberty SiriusXM	$	3,342,173
			Total Media	$	3,342,173
			Metals & Mining - 3.7%
	46,299	(a)	Alcoa Corp.	$	2,265,873
	70,553	(a)	Arconic Corp.		2,225,242
	38,625		Freeport-McMoRan, Inc.		1,256,471
	33,721		Reliance Steel & Aluminum Co.		4,802,545
			Total Metals & Mining	$	10,550,131
			Multi-Utilities - 4.1%
	235,035		CenterPoint Energy, Inc.	$	5,781,861
	98,989		Public Service Enterprise Group, Inc.		6,028,430
			Total Multi-Utilities	$	11,810,291
			Oil, Gas & Consumable Fuels - 3.8%
	117,069		Marathon Petroleum Corp.	$	7,236,035
	22,242		Pioneer Natural Resources Co.		3,703,515
			Total Oil, Gas & Consumable Fuels	$	10,939,550
			Personal Product - 0.3%
	22,464		Edgewell Personal Care Co.	$	815,443
			Total Personal Product	$	815,443
			Pharmaceutical - 0.9%
	77,386		Organon & Co.	$	2,537,487
			Total Pharmaceutical	$	2,537,487
			Professional Service - 1.0%
	25,078		ManpowerGroup, Inc.	$	2,715,446
			Total Professional Service	$	2,715,446
			Real Estate Management & Development - 1.1%
	33,593	(a)	CBRE Group, Inc.	$	3,270,615
			Total Real Estate Management & Development	$	3,270,615
			Road & Rail - 1.3%
	21,276		JB Hunt Transport Services, Inc.	$	3,557,773
			Total Road & Rail	$	3,557,773
			Software - 1.6%
	29,881	(a)	Manhattan Associates, Inc.	$	4,572,689
			Total Software	$	4,572,689
			Specialty Retail - 2.4%
	37,858		Foot Locker, Inc.	$	1,728,597
	8,520	(a)	O'Reilly Automotive, Inc.		5,206,231
			Total Specialty Retail	$	6,934,828

Schedule of Investments | 9/30/21 (unaudited) (continued)

Shares			Value
		Textile, Apparel & Luxury Good - 0.7%
	18,877	Ralph Lauren Corp.	$	2,096,102
		Total Textile, Apparel & Luxury Good	$	2,096,102
		TOTAL COMMON STOCKS
		(Cost $215,794,693)	$	276,639,410
		TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS - 97.0%
		(Cost $215,794,693)	$	276,639,410
		OTHER ASSETS AND LIABILITIES - 3.0%	$	8,664,489
		NET ASSETS - 100.0%	$	285,303,899

REIT Real Estate Investment Trust.

(a) Non-income producing security.

Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels below.
Level 1 - unadjusted quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 - significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments).
The following is a summary of the inputs used as of September 30, 2021, in valuing the Portfolio's investments:
	Level 1	Level 2	Level 3	Total
Common Stocks	$ 276,639,410	$ –	$ –	$ 276,639,410
Total Investments in Securities	$ 276,639,410	$ –	$ –	$ 276,639,410

For the nine months ended September 30, 2021, there were no transfers in or out of Level 3.

Pioneer Mid Cap Value VCT Portfolio | 9/30/21