Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Pioneer Equity Income VCT I Release date as of 2022-05-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2022-05-31 Out of 1145 Large Value Funds Morningstar® Style Box™ What is this? As of 2022-04-30 Total Fund Assets ($ Mil) 108.57 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks current income and long-term growth of capital from a portfolio consisting primarily of income producing equity securities of U.S. corporations. Normally, the portfolio invests at least 80% of its total assets in income producing equity securities of U.S. issuers. The remainder of the portfolio may be invested in debt securities, most of which are expected to be convertible into common stocks. The portfolio may invest up to 20% of its total assets in securities of non-U.S. issuers, including depositary receipts. It will not invest more than 5% of its total assets in the securities of emerging markets issuers.

Morningstar Category: Large Value Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

Investment Risks There are no additional fund specific investment risks (e.g. liquidity risk, currency risk, foreign investment risk, etc.) associated with this fund beyond the normal risks generally associated with investing in a mutual fund.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 90.9 Non-U.S. Stocks 8.5 Bonds 0.0 Cash 0.6 Other 0.0 Data through 2022-04-30 Morningstar Equity Sectors % of Stocks Cyclical 35.25 Basic Materials 9.55 Consumer Cyclical 4.75 Financial Services 15.90 Real Estate 5.05 Sensitive 38.37 Communication Services 6.00 Energy 9.32 Industrials 12.10 Technology 10.95 Defensive 26.39 Consumer Defensive 8.27 Healthcare 14.68 Utilities 3.44 Data through 2022-04-30 Holding Status Total Number of Stock Holdings 111 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 18.28 Turnover % (as of 2021-12-31) 28.00 30 Day SEC Yield % --- Top Holdings Sector P/E % of Net Assets Sun Life Financial Inc --- 2.07 Reliance Steel & Aluminum Co 7.43 1.91 Marathon Petroleum Corp 24.01 1.89 JPMorgan Chase & Co 9.80 1.85 Alexandria Real Estate Equities Inc --- 1.84 Chubb Ltd --- 1.81 Verizon Communications Inc 9.98 1.76 Nucor Corp 4.78 1.74 Chevron Corp 16.42 1.71 Pfizer Inc 11.95 1.70 Data through 2022-04-30

Principal Risks    Foreign Securities, Loss of Money, Not FDIC Insured, Value Investing, Market/Market Volatility, Convertible Securities, High-Yield Securities, Industry and Sector Investing, IPO, Other, Preferred Stocks, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, Derivatives, Leverage, Pricing, Fixed-Income Securities, Socially Conscious, Increase in Expenses, Shareholder Activity, Management, Large Cap, Real Estate/REIT Sector Show Risk Definitions

Other Information Inception Date: 1995-03-01 Portfolio Manager(s) John A. Carey   (1995-03-01) John Carey is Executive Vice President of Pioneer Investment Management Inc. He is also a member of the U.S. Investment Committee and several other committees. Since joining the company in 1979, John has analyzed many industries including publishing, media and autos. John's previous experience includes consulting and venture capital as well as teaching. John holds a B.A. degree from Columbia University (1971), and A.M. and Ph.D. degrees from Harvard University, which he attained in 1972 and 1979 respectively. Sammi Truong   (2018-05-01) Ms. Truong, a Vice President of Amundi Pioneer, joined Amundi Pioneer in 2001 and has been an investment professional since 2001. Walter Hunnewell   (2001-12-31) Mr. Hunnewell, Vice President of Amundi Pioneer, joined Amundi Pioneer in August 2001 and has been a portfolio manager of the fund since 2005. Investment Advisor(s) Amundi Asset Management US, Inc. Issuer Amundi US Subadvisor(s) ---

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