Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Pioneer Mid Cap Value VCT I Release date as of 2024-03-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-03-31 Out of 380 Mid-Cap Value Funds Morningstar® Style Box™ What is this? As of 2024-02-29 Total Fund Assets ($ Mil) 114.57 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks capital appreciation. Normally, the portfolio invests at least 80% of its total assets in equity securities of mid-size companies. It may invest up to 25% of its total assets in securities of non-U.S. issuers. The portfolio will not invest more than 5% of its total assets in the securities of emerging markets issuers. It may invest up to 20% of its net assets in REITs. The portfolio may invest up to 20% of its total assets in debt securities. It may invest up to 5% of its net assets in below investment grade debt securities (known as "junk bonds"), including below investment grade convertible debt securities.

Morningstar Category: Mid-Cap Value Some mid-cap value portfolios focus on medium-size companies while others land here because they own a mix of small-, mid-, and large-cap stocks. All look for U.S. stocks that are less expensive or growing more slowly than the market. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-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 Mid Cap Funds: The securities of companies with market capitalizations below $10 billion may be more volatile and less liquid than the securities of larger companies.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 98.2 Non-U.S. Stocks 0.0 Bonds 0.0 Cash 1.8 Other 0.0 Data through 2024-02-29 Morningstar Equity Sectors % of Stocks Cyclical 45.03 Basic Materials 5.62 Consumer Cyclical 10.65 Financial Services 21.39 Real Estate 7.37 Sensitive 35.47 Communication Services 2.83 Energy 8.08 Industrials 16.70 Technology 7.86 Defensive 19.49 Consumer Defensive 4.22 Healthcare 9.36 Utilities 5.91 Data through 2024-02-29 Holding Status Total Number of Stock Holdings 62 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 27.49 Turnover % (as of 2023-12-31) 48.00 30 Day SEC Yield % --- Top Holdings Sector P/E % of Net Assets State Street Corporation 13.86 3.39 Coterra Energy Inc Ordinary Shares 13.09 3.15 Zimmer Biomet Holdings Inc 27.05 3.09 eBay Inc 10.13 2.84 AerCap Holdings NV 6.31 2.77 M&T Bank Corp 9.21 2.52 Emerson Electric Co 33.26 2.47 Chord Energy Corp Ordinary Shares - New 7.58 2.44 American International Group Inc 15.70 2.42 Truist Financial Corp --- 2.40 Data through 2024-02-29

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

Other Information Inception Date: 1995-03-01 Portfolio Manager(s) Timothy P. Stanish   (2018-09-28) Mr. Stanish joined Amundi Pioneer in 2018. Prior to joining Amundi Pioneer, he was at EVA Dimensions LLC, where he served as Managing Director and Global Head of Fundamental Research from 2015 to 2018 and as a Senior Equity Analyst from 2012 to 2015. John Arege   (2022-02-28) John Arege is Vice President, Portfolio Manager, and a member of the Value team. He has a specific focus on mid-cap value strategies. He joined Amundi US from RNC Genter Capital Management in Los Angeles, 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’s School of Professional Studies. Prior to RNC Genter, John worked for 12 years at Goldman Sachs Asset Management as Managing Director, Co-Head of Value & Core equities and was a portfolio manager. John also founded the Core investment team at Goldman Sachs and worked with a team of sector analysts that employed a fundamental research process investing in well managed and competitively advantaged businesses. Prior to Goldman, he was Vice President, 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. He also served as an Associate Attorney for Wilson, Elser, Moskowitz, Edelman & Decker 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 two states and Washington, D.C. Investment Advisor(s) Amundi Asset Management US, Inc. Issuer Amundi US Subadvisor(s) ---

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