Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Victory Pioneer Equity Income VCT - Cl I Release date as of 2025-05-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2025-05-31 Out of 1089 Large Value Funds Morningstar® Style Box™ What is this? As of 2025-04-30 Total Fund Assets ($ Mil) 74.09 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 96.0 Non-U.S. Stocks 2.2 Bonds 0.0 Cash 1.8 Other 0.0 Data through 2025-04-30 Morningstar Equity Sectors % of Stocks Cyclical 42.02 Basic Materials 3.29 Consumer Cyclical 8.18 Financial Services 28.57 Real Estate 1.98 Sensitive 35.63 Communication Services 6.90 Energy 9.25 Industrials 13.07 Technology 6.41 Defensive 22.34 Consumer Defensive 8.89 Healthcare 10.67 Utilities 2.78 Data through 2025-04-30 Holding Status Total Number of Stock Holdings 61 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 33.18 Turnover % (as of 2024-12-31) 68.00 30 Day SEC Yield % --- Top Holdings Sector P/E % of Net Assets Wells Fargo & Co 13.45 4.70 Exxon Mobil Corp 13.57 4.52 Johnson & Johnson 17.26 3.75 JPMorgan Chase & Co 12.95 3.58 Cisco Systems Inc 25.73 2.92 3M Co 18.47 2.90 Bank of America Corp 13.17 2.87 State Street Corp 10.84 2.76 American International Group Inc 20.64 2.63 United Parcel Service Inc Class B 14.24 2.55 Data through 2025-04-30

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 Arege   (2023-05-01) John Arege is a Managing Director, Director of Large Cap Value, US, and Portfolio Manager. As leader of the Large Cap Value Team, John is responsible for overseeing the management our Equity Income and Intrinsic Value strategies. He is also a portfolio manager on our Mid-Cap Value strategy. John joined Amundi US from Genter Capital Management where he was Portfolio Manager of Core and Value Equities and was a member of the Investment Policy Committee. He also served as an Adjunct Professor of Corporate Finance at New York University. Prior to Genter Capital, John worked for 12 years at Goldman Sachs Asset Management as Managing Director, Co-Head of Value & Core equities and was a portfolio manager. Prior to Goldman, he was a Senior Equity Analyst at Merrill Lynch Investment Managers, where he focused on large-cap value and mid-cap value equity funds. Earlier in his career, he was a Research Analyst for Standard & Poor’s, an Associate Attorney in New York and as a Judicial Lawyer for the Superior Court of the State of New Jersey. John has an M.S. in Banking and Financial Services from Boston University, a J.D. from the Jacob D. Fuchsberg Law Center in New York, and a B.A. in Accounting and Financial Management from Catholic University in Washington, D.C. He is a CFA® charterholder, a licensed attorney in New York, New Jersey and Washington, D.C. 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. Investment Advisor(s) Victory Capital Management Inc. Issuer Victory Subadvisor(s) ---

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