Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Pioneer Real Estate Shares VCT II 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 231 Real Estate Funds Morningstar® Style Box™ What is this? As of 2022-04-30 Total Fund Assets ($ Mil) 20.94 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks long-term growth of capital; current income is a secondary objective. Normally, the portfolio invests at least 80% of its total assets in equity securities of real estate investment trusts (REITs) and other real estate industry issuers. It may at times emphasize particular sub-sectors of the real estate industry. The portfolio may invest up to 20% of its total assets in debt securities of real estate industry issuers, mortgage-backed securities and short-term investments. 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: Real Estate Real estate portfolios invest primarily in real estate investment trusts of various types. REITs are companies that develop and manage real estate properties. There are several different types of REITs, including apartment, factory-outlet, health-care, hotel, industrial, mortgage, office, and shopping center REITs. Some portfolios in this category also invest in real estate operating companies.

Investment Risks Sector Funds: Funds that invest exclusively in one sector or industry involve risks due to the lack of industry diversification and expose the investor to increased industry-specific risks.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 97.5 Non-U.S. Stocks 0.0 Bonds 0.0 Cash 2.5 Other 0.0 Data through 2022-04-30 Morningstar Equity Sectors % of Stocks Cyclical 100.00 Basic Materials 0.00 Consumer Cyclical 1.35 Financial Services 0.00 Real Estate 98.65 Sensitive 0.00 Communication Services 0.00 Energy 0.00 Industrials 0.00 Technology 0.00 Defensive 0.00 Consumer Defensive 0.00 Healthcare 0.00 Utilities 0.00 Data through 2022-04-30 Holding Status Total Number of Stock Holdings 38 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 48.57 Turnover % (as of 2021-12-31) 106.00 30 Day SEC Yield % --- Top Holdings Sector P/E % of Net Assets Prologis Inc --- 10.15 Rexford Industrial Realty Inc --- 4.90 Public Storage --- 4.72 EastGroup Properties Inc --- 4.71 Welltower OP LLC --- 4.59 Extra Space Storage Inc --- 4.39 Mid-America Apartment Communities Inc --- 4.07 National Storage Affiliates Trust --- 3.75 Kimco Realty Corp --- 3.68 UDR Inc --- 3.61 Data through 2022-04-30

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

Other Information Inception Date: 2000-08-01 Portfolio Manager(s) Raymond Haddad   (2018-01-01) Mr. Haddad joined Amundi Pioneer in 2014. Prior to joining Amundi Pioneer, he was a General Partner at Cedrus Capital Management from 2011 to 2014. Investment Advisor(s) Amundi Asset Management US, Inc. Issuer Amundi US Subadvisor(s) ---

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