Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Pioneer Equity Income VCT II Release date as of 2023-04-30. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2023-04-30 Out of 1135 Large Value Funds Morningstar® Style Box™ What is this? As of 2023-03-31 Total Fund Assets ($ Mil) 90.67 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 90.8 Non-U.S. Stocks 8.9 Bonds 0.0 Cash 0.4 Other 0.0 Data through 2023-03-31 Morningstar Equity Sectors % of Stocks Cyclical 33.88 Basic Materials 6.90 Consumer Cyclical 6.56 Financial Services 15.05 Real Estate 5.37 Sensitive 36.41 Communication Services 5.31 Energy 6.95 Industrials 15.55 Technology 8.60 Defensive 29.71 Consumer Defensive 9.40 Healthcare 15.23 Utilities 5.08 Data through 2023-03-31 Holding Status Total Number of Stock Holdings 98 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 19.21 Turnover % (as of 2022-12-31) 36.00 30 Day SEC Yield % --- Top Holdings Sector P/E % of Net Assets Sun Life Financial Inc --- 2.45 Reliance Steel & Aluminum Co 8.84 2.31 Exxon Mobil Corp 8.01 2.12 Chevron Corp 9.10 1.94 Materion Corp 26.16 1.93 PACCAR Inc 12.45 1.85 Alexandria Real Estate Equities Inc --- 1.74 Mondelez International Inc Class A 26.73 1.67 The Interpublic Group of Companies Inc 15.53 1.62 Raytheon Technologies Corp 26.71 1.58 Data through 2023-03-31

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: 1999-09-14 Portfolio Manager(s) John A. Carey   (1995-03-01) John Carey is Managing Director, Portfolio Manager, and Director of Equity Income, US. He leads a team that manages US dividend equity strategies and is a member of a team managing a US large-cap core strategy for retail and institutional clients, which includes an ESG mandate. John is a member of the US Investment Committee and US Operating Committee at Amundi US. He is a frequent media commentator on US equity markets and meets often with investors to discuss the economy and markets. John began his investment career in 1979 when he joined Amundi US. During his career with the company, he has analyzed many industries, including publishing, media, and autos. His previous experience includes consulting and venture capital as well as teaching. John holds a B.A. from Columbia University and an A.M. and Ph.D. from Harvard University. He is a CFA® charterholder. 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) Amundi Asset Management US, Inc. Issuer Amundi US Subadvisor(s) ---

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