As filed with the Securities and Exchange Commission on January 24, 2025

File No.: 333-283754

U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-14

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

 Pre-Effective Amendment No. 1

 Post-Effective Amendment No.

(Check appropriate box or boxes)

VICTORY VARIABLE INSURANCE FUNDS II

(Exact Name of Registrant as Specified in Charter)

15935 La Cantera Parkway

San Antonio, TX 78256

(Address of Principal Executive Office)

(877) 660-4400

(Area Code and Telephone Number)

Copy to:

Thomas Dusenberry	Jay G. Baris
Victory Variable Insurance Funds II	Matthew Kutner
15935 La Cantera Parkway	Sidley Austin LLP
San Antonio, TX 78256	787 Seventh Avenue
	New York, NY 10019

Approximate Date of Proposed Public Offering: As soon as practicable after this Registration Statement becomes effective.

The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission acting pursuant to said section 8(a), may determine.

Title of Securities Being Registered: Shares of beneficial interest, $0.001 par value, each of the following series portfolios of Pioneer

Variable Contracts Trust: Pioneer Bond VCT Portfolio; Pioneer Equity Income VCT Portfolio; Pioneer Fund VCT Portfolio; Pioneer High Yield VCT Portfolio; Pioneer Mid Cap Value VCT Portfolio; Pioneer Select Mid Cap Growth VCT Portfolio; and Pioneer Strategic Income VCT Portfolio.

No filing fee is due because an indefinite number of shares has been registered in reliance on Section 24(f) under the Investment Company Act of 1940, as amended.

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Pioneer Variable Contracts Trust

Pioneer Bond VCT Portfolio

Pioneer Equity Income VCT Portfolio

Pioneer Fund VCT Portfolio

Pioneer High Yield VCT Portfolio

Pioneer Mid Cap Value VCT Portfolio

Pioneer Select Mid Cap Growth VCT Portfolio

Pioneer Strategic Income VCT Portfolio

January 24, 2025

Dear Shareholder:

A joint special meeting of shareholders (with any adjournment or postponement, the “Meeting”) of each of the funds listed above (each, a “Pioneer Fund” and together, the “Pioneer Funds”) has been scheduled for March 27, 2025, at the offices of Morgan, Lewis & Bockius LLP, One Federal Street, Boston, Massachusetts 02110, at 10:00 a.m. Eastern Time. The purpose of the Meeting is to seek shareholder approval of an Agreement and Plan of Reorganization (the “Plan of Reorganization”) under which each Pioneer Fund will reorganize (each such reorganization, a “Reorganization”) into a newly created corresponding series of Victory Variable Insurance Funds II (each a “Victory Pioneer Fund”), a registered investment company advised by Victory Capital Management Inc. (“Victory Capital”). Victory Capital will be the investment adviser to each Victory Pioneer Fund. Each Victory Pioneer Fund will have the same investment objective(s) and investment strategies and policies as the corresponding Pioneer Fund, except as noted below. Please refer to the enclosed joint proxy statement/prospectus (“Proxy Statement/Prospectus”) for a detailed explanation of the Reorganizations.

On July 8, 2024, Victory Capital Holdings, Inc. ( “Victory Holdings”), Amundi Asset Management S.A.S. (“Seller”) and, solely for certain purposes, Amundi S.A. (“Amundi Parent,” and together with Seller, the “Amundi Parties”) entered into an agreement (the “Contribution Agreement”) pursuant to which, upon the terms and subject to the conditions set forth therein, Seller will contribute to Victory Holdings all of the shares of its subsidiary, Amundi Holdings US, Inc. (“Amundi Holdings”) (the “Transaction”). Amundi Holdings owns Amundi Asset Management US, Inc. (“Amundi US”), the investment adviser to the Pioneer Funds, and Amundi Distributor US, Inc., distributor of the Pioneer Funds.

The proposed Reorganizations of the Pioneer Funds are part of the larger plans to integrate the advisory businesses of Amundi US and Victory Capital in connection with the Transaction. The Reorganizations are proposed to close at approximately the same time as the Transaction.

For each Pioneer Fund, if shareholders of the Pioneer Fund approve the Plan of Reorganization described in the accompanying materials, they will become shareholders of the corresponding Victory Pioneer Fund. As noted above, the investment objective(s) of each Victory Pioneer Fund will be the same as that of the corresponding Pioneer Fund. The principal investment strategies and principal risks of each Victory Pioneer Fund will be the same as those of the corresponding Pioneer Fund. Victory Capital intends to employ the Pioneer Funds’ current portfolio management teams to manage the Victory Pioneer Funds after the Reorganizations. No material change in the day-to-day portfolio management of the Pioneer Funds is expected as a result of the Reorganizations.

Victory Capital has entered into an expense limitation agreement with respect to each Victory Pioneer Fund. As a result of the expense limitation agreement, the net expenses associated with investing in a Victory Pioneer Fund will be no higher than, either (i) net expenses associated with investing in the corresponding Pioneer Fund after application of expense limitation arrangements currently in effect for the Pioneer Fund, if any, or (ii) net expenses of the Pioneer Fund as of the end of the most recent fiscal year at the time of the closing date of the Reorganizations, whichever is lower, for at least three years following the Reorganizations, as described in detail in the Proxy Statement/Prospectus. If an expense limitation agreement is not continued, a Victory Pioneer Fund may experience higher net operating expenses after that date.

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Each Reorganization is expected to be a “reorganization” for U.S. federal income tax purposes. Accordingly, it is expected that each Pioneer Fund and its shareholders will not recognize any gain or loss as a direct result of a Reorganization, as described in more detail in the Proxy Statement/Prospectus.

No sales charges or other transaction fees will be imposed on Pioneer Fund shareholders solely as a result of the Reorganizations.

The Board of Trustees (the “Board” and each Board member, a “Trustee”) of the Pioneer Funds believes that, with respect to each Pioneer Fund, approval of that Pioneer Fund’s Reorganization is in the best interests of such Pioneer Fund. Accordingly, the Board unanimously recommends that you vote in favor of the Plan of Reorganization related to the proposed Reorganization of your Pioneer Fund.

If you were a shareholder of a Pioneer Fund as of the close of business on February 7, 2025, you may vote at the Meeting. You are welcome to attend the Meeting in person. Photographic identification and proof of ownership of a Pioneer Fund as of the record date will be required for admission to the Meeting. If you cannot attend in person, please vote by mail, telephone, or Internet. Just follow the instructions on the enclosed proxy card and/or voting instruction form. If you have questions, please call the Pioneer Funds’ proxy solicitor toll free at 1-800-628-8532.

Detailed information about the proposed Reorganizations and the reasons for the Board’s approval of the Plan of Reorganization are contained in the enclosed Proxy Statement/Prospectus.

Please exercise your right to vote by completing, dating and signing the enclosed proxy card and/or voting instruction form. A self-addressed, postage-paid envelope has been enclosed for your convenience. In addition to voting by mail, you may also vote either by telephone or via the Internet, as follows:

It is very important that you vote and that your voting instructions be received no later than the close of business on the date immediately before the Meeting, whether or not you plan to attend the shareholder meeting in person. Whichever method you choose, please read the enclosed Proxy Statement/Prospectus carefully before you vote.

NOTE: You may receive more than one proxy package if you hold shares of a Pioneer Fund in more than one account or if you hold shares of more than one Pioneer Fund. You must return separate proxy cards and/or voting instruction forms or record separate votes via telephone or the Internet for each of your accounts. We have provided return envelopes for each proxy card and/or voting instruction form, which require no postage if mailed in the United States.

Thank you for taking the time to consider this important Reorganization proposal and for your continuing investment in the Pioneer Funds. If you have any questions regarding the proposed Reorganization of your Pioneer Fund, please do not hesitate to call our proxy information line at 1-800-628-8532. Representatives are available to answer your call Monday through Friday 9:00 a.m. to 10:00 p.m. Eastern Time.

Sincerely,

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Lisa M. Jones

President and Chief Executive Officer of the Pioneer Funds

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NOTICE OF JOINT SPECIAL MEETING OF SHAREHOLDERS

Pioneer Variable Contracts Trust

Pioneer Bond VCT Portfolio

Pioneer Equity Income VCT Portfolio

Pioneer Fund VCT Portfolio

Pioneer High Yield VCT Portfolio

Pioneer Mid Cap Value VCT Portfolio

Pioneer Select Mid Cap Growth VCT Portfolio

Pioneer Strategic Income VCT Portfolio

To be held March 27, 2025

A joint special meeting of shareholders (with any adjournment or postponement, the “Meeting”) of each series of Pioneer Variable Contracts Trust (the “Acquired Trust”) listed above (each, a “Pioneer Fund” or an “Acquired Fund” and together, the “Pioneer Funds” or the “Acquired Funds”) has been scheduled for March 27, 2025, at the offices of Morgan, Lewis & Bockius LLP, One Federal Street, Boston, Massachusetts 02110, at 10:00 a.m. Eastern Time. At the Meeting, shareholders of each Acquired Fund will consider and vote on the following proposal with respect to their Acquired Fund(s):

•To approve the Agreement and Plan of Reorganization (the “Plan of Reorganization”) by and among each Pioneer Fund, on behalf of each applicable Acquired Fund, Victory Variable Insurance Funds II, on behalf of the corresponding funds indicated below (each, an “Acquiring Fund” and together, the “Acquiring Funds”), Amundi US, and Victory Capital Management Inc. (“Victory Capital”).

Shareholders of each Acquired Fund will vote separately on the proposal to reorganize each Acquired Fund into the corresponding Acquiring Fund (each such reorganization, a “Reorganization”) as shown below:

	Acquired Fund, each a series of Pioneer		Acquiring Fund, each a series of Victory Variable
	Variable Contracts Trust		Insurance Funds II
1.	Pioneer Bond VCT Portfolio		Victory Pioneer Bond VCT Portfolio
2.	Pioneer Equity Income VCT Portfolio		Victory Pioneer Equity Income VCT Portfolio
3.	Pioneer Fund VCT Portfolio		Victory Pioneer Fund VCT Portfolio
4.	Pioneer High Yield VCT Portfolio		Victory Pioneer High Yield VCT Portfolio
5.	Pioneer Mid Cap Value VCT Portfolio		Victory Pioneer Mid Cap Value VCT Portfolio
6.	Pioneer Select Mid Cap Growth VCT		Victory Pioneer Select Mid Cap Growth VCT
	Portfolio		Portfolio
7.	Pioneer Strategic Income VCT Portfolio		Victory Pioneer Strategic Income VCT Portfolio

Please carefully read the enclosed Proxy Statement/Prospectus. It discusses these proposals in more detail. Shares of each Acquired Fund are held by life insurance company separate accounts that fund the benefits under variable annuity and variable life insurance contracts (“Variable Contracts”) issued by their companies and by certain qualified pension and retirement plans (“Qualified Plans”).

If you were a shareholder of an Acquired Fund as of the close of business on February 7, 2025, you may vote at the Meeting. You are welcome to attend the Meeting in person. Photographic identification and proof of ownership of a Pioneer Fund as of the record date will be required for admission to the Meeting. If you cannot attend in person, please vote by mail, telephone, or Internet. Just follow the instructions on the enclosed proxy card and/or voting instruction form. If you have questions, please call the Acquired Funds’ proxy solicitor toll free at 1-800-628-8532.

It is important that you vote regardless of the number of shares that you own.

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The Board of Trustees of each Pioneer Fund unanimously recommends that you vote FOR the proposed Reorganization of your Acquired Fund.

By order of the Board of Trustees

Christopher J. Kelley, Secretary and Chief Legal Officer

January 24, 2025

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Pioneer Variable Contracts Trust

Pioneer Bond VCT Portfolio

Pioneer Equity Income VCT Portfolio

Pioneer Fund VCT Portfolio

Pioneer High Yield VCT Portfolio

Pioneer Mid Cap Value VCT Portfolio

Pioneer Select Mid Cap Growth VCT Portfolio

Pioneer Strategic Income VCT Portfolio

(Each of the above series of Pioneer Variable Contracts Trust (the “Acquired Trust”), an “Acquired Fund”

and together, the “Acquired Funds”)

Victory Variable Insurance Funds II

Victory Pioneer Bond VCT Portfolio

Victory Pioneer Equity Income VCT Portfolio

Victory Pioneer Fund VCT Portfolio

Victory Pioneer High Yield VCT Portfolio

Victory Pioneer Mid Cap Value VCT Portfolio

Victory Pioneer Select Mid Cap Growth VCT Portfolio

Victory Pioneer Strategic Income VCT Portfolio

(Each of the above series of Victory Variable Insurance Funds II (the “Acquiring Trust”), an “Acquiring

Fund” and together, the “Acquiring Funds”)

JOINT PROXY STATEMENT/PROSPECTUS

January 24, 2025

This document is a proxy statement for each Acquired Fund and a prospectus for each Acquiring Fund. The address and telephone number of each Acquired Fund is c/o Amundi Asset Management US, Inc. (“Amundi US”) at 60 State Street, Boston, Massachusetts 02109, and 1-800-625-6292. The address and telephone number of each Acquiring Fund is c/o Victory Capital Management Inc. (“Victory Capital”) at 15935 La Cantera Parkway, San Antonio, Texas 78256, and 1-800-539-3863. This Proxy Statement/Prospectus and the enclosed proxy card and/or voting instruction form were first mailed to shareholders of each Acquired Fund beginning on or about February 18, 2025. This Proxy Statement/Prospectus contains information you should know before voting on the following proposal with respect to your Acquired Fund. You should read this document carefully and retain it for future reference.

At the Meeting (as defined below), shareholders will consider whether, with respect to their Acquired Fund:

•To approve the Agreement and Plan of Reorganization (the “Plan of Reorganization”) by and among Amundi US, Victory Capital, the Pioneer Funds, on behalf of each Acquired Fund, and Victory Variable Insurance Funds II, on behalf of each corresponding Acquiring Fund.

Shareholders of each Acquired Fund will vote separately on the proposal to reorganize the Acquired Fund into the corresponding Acquiring Fund pursuant to the Plan of Reorganization (each, a “Reorganization”) as follows:

	Acquiring Fund, each a series of Victory
Acquired Fund	Variable Insurance Funds II
Pioneer Bond VCT Portfolio	Victory Pioneer Bond VCT Portfolio
Pioneer Equity Income VCT Portfolio	Victory Pioneer Equity Income VCT Portfolio
Pioneer Fund VCT Portfolio	Victory Pioneer Fund VCT Portfolio
Pioneer High Yield VCT Portfolio	Victory Pioneer High Yield VCT Portfolio

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QUESTIONS AND ANSWERS

YOUR VOTE IS VERY IMPORTANT!

This is a brief overview of the reorganization proposed for your fund. We encourage you to read the full text of the enclosed Proxy Statement/Prospectus.

Q: Why am I being asked to vote?

On July 8, 2024, Victory Capital Holdings, Inc. (“Victory Holdings”), Amundi Asset Management S.A.S. (“Seller”) and, solely for certain purposes, Amundi S.A. (“Amundi Parent,” and together with Seller, the “Amundi Parties”) entered into an agreement (the “Contribution Agreement”) pursuant to which and upon the terms and subject to the conditions set forth therein, Seller will contribute to Victory Holdings, all of the shares of its subsidiary, Amundi Holdings US, Inc. (“Amundi Holdings”) (the “Transaction”). Amundi Holdings owns Amundi Asset Management US, Inc. (“Amundi US”), the investment adviser to the Pioneer Funds, and Amundi Distributor US, Inc., distributor of the Pioneer Funds. The closing of the Transaction is expected to occur on or about April 1, 2025, subject to customary closing conditions, including regulatory approvals and client consents. Upon the closing of the Transaction, all of the portfolio managers of Amundi US are expected to become employees of Victory Capital Management Inc. (“Victory Capital”), a subsidiary of Victory Holdings and the investment adviser for the Victory Pioneer Funds, and the respective portfolio managers of the Pioneer Funds are expected to be portfolio managers of the corresponding Victory Pioneer Funds immediately following the closing of the Transaction. The fund reorganizations detailed in the enclosed materials are being proposed as part of the plans to integrate the investment advisory businesses of Amundi US and Victory Capital in connection with the Transaction.

Mutual funds are required to seek shareholder approval for certain kinds of transactions, including the proposed Reorganizations described in the enclosed Proxy Statement/Prospectus. The Acquired Funds are offered to insurance companies to fund the benefits under variable annuity and variable life insurance contracts issued by such companies (“Variable Contracts”) and are additionally offered to certain qualified pension and retirement plans (“Qualified Plans”). If you are an owner of one or more Variable Contracts (“contract holder”), you are being asked by your insurance company for instructions as to how to vote the shares of your Acquired Fund that are attributable to your Variable Contract. Although shares of the Acquired Funds are sold only to insurance companies and Qualified Plans, which entities are considered to be the “shareholders of record” entitled to be present and vote at the meeting, contract holders have the right to instruct the insurance companies how to vote Acquired Fund shares attributable to their Variable Contracts with respect to the applicable proposal(s) set forth in this Proxy Statement/Prospectus. Therefore, for convenience, contract owners are referred to herein as “shareholders” and providing “votes” unless otherwise indicated.

If a contract holder does not provide instructions, the insurance company will vote your shares in the same proportion as the shares for which contract holders have provided voting instructions to the insurance company. As a result of such proportional voting by the insurance company, it is possible that a small number of contract holders could determine whether the proposal is approved.

Q: What is a fund reorganization?

A fund reorganization involves one fund (referred to in this Proxy Statement/Prospectus as the “Acquired Fund”) transferring all of its assets to another fund (referred to in this Proxy Statement/Prospectus as the “Acquiring Fund”) in exchange for shares of the Acquiring Fund and the Acquiring Fund’s assumption of the Acquired Fund’s liabilities, followed by the distribution by the Acquired Fund of such Acquiring Fund shares to the Acquired Fund shareholders, and ultimately the termination, dissolution and complete liquidation of the Acquired Fund. Following the fund reorganization, shareholders of an Acquired Fund will be shareholders of the corresponding Acquiring Fund and will hold the same aggregate value of shares of the Acquiring Fund as they held in the Acquired Fund prior to the reorganization.

Q: Is my vote important?

Yes, absolutely! While the Board of Trustees of Pioneer Variable Contracts Trust (the “Board” and each Board member, a “Trustee”) has carefully reviewed the proposed reorganization for your Acquired Fund and unanimously

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recommends that you approve it, the proposal cannot go forward for your Acquired Fund without the approval of shareholders of your Acquired Fund. The Acquired Funds will continue to contact shareholders asking them to vote until it is sure that a quorum will be reached in order for a vote on the proposal to be taken/the proposal has been approved.

Q: Who manages the Acquiring Funds?

Victory Capital manages the Acquiring Funds. Victory Capital is a diversified global asset management firm with total client assets of $181.1 billion, assets under management of $176.1 billion and other assets of $5.0 billion as of September 30, 2024. Victory Capital operates a next-generation business model combining boutique investment qualities with the benefits of an integrated, centralized operating and distribution platform.

Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors with 11 autonomous Investment Franchises and a Solutions Platform. Victory Capital offers a wide array of investment products, including actively and passively managed mutual funds, rules-based and active exchange traded funds (“ETFs”), institutional separate accounts, variable insurance products (“VIPs”), alternative investments, private closed end funds, and a 529 Education Savings Plan. Victory Capital’s strategies are also offered through third-party investment products, including mutual funds, third-party ETF model strategies, retail separately managed accounts (“SMAs”) and unified managed accounts (“UMAs”) through wrap account programs, Collective Investment Trusts (“CITs”), and undertakings for the collective investment in transferable securities (“UCITs”). As of September 30, 2024, Victory Capital’s Franchises and Solutions Platform collectively managed a diversified set of 126 investment strategies for a wide range of institutional and retail clients and direct investors.

Q: What is the proposed reorganization of my Pioneer Fund?

You are being asked to vote on the reorganization of each Acquired Fund of which you are a shareholder into the corresponding Acquiring Fund, as noted in the table below:

	Acquired Fund, each a series of Pioneer		Acquiring Fund, each a series of Victory Variable
	Variable Contracts Trust		Insurance Funds II
	Pioneer Bond VCT Portfolio		Victory Pioneer Bond VCT Portfolio
	Pioneer Equity Income VCT Portfolio		Victory Pioneer Equity Income VCT Portfolio
	Pioneer Fund VCT Portfolio		Victory Pioneer Fund VCT Portfolio
	Pioneer High Yield VCT Portfolio		Victory Pioneer High Yield VCT Portfolio
	Pioneer Mid Cap Value VCT Portfolio		Victory Pioneer Mid Cap Value VCT Portfolio
	Pioneer Select Mid Cap Growth VCT		Victory Pioneer Select Mid Cap Growth VCT
	Portfolio		Portfolio
	Pioneer Strategic Income VCT Portfolio		Victory Pioneer Strategic Income VCT Portfolio

The companies that fund the benefits under Variable Contracts and Qualified Plans are the legal owners of your Acquired Fund’s shares and will vote those shares at a meeting of shareholders of the Acquired Fund. However, you are entitled to instruct these companies how to vote the shares attributable to your Variable Contract or Qualified Plan.

When the Reorganization occurs, each Acquired Fund shareholder will become a shareholder of the corresponding Acquiring Fund. Each Acquired Fund will transfer all of its assets to its corresponding Acquiring Fund in exchange solely for shares of beneficial interest of the corresponding Acquiring Fund and the assumption by the Acquiring Fund of the corresponding Acquired Fund’s liabilities in complete liquidation of the Acquired Fund. The shares of the Acquiring Fund that you receive immediately following the Reorganization will have a total net asset value equal to the total net asset value of the shares you held in the corresponding Acquired Fund as of the closing date of the Reorganization, as determined pursuant to the Acquiring Funds’ valuation procedures. The valuation procedures of the Acquired Funds and the Acquiring Funds are substantially the same.

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We encourage you to read the full text of the enclosed Proxy Statement/Prospectus to obtain a more detailed understanding of the matters relating to each proposed Reorganization.

Q: How will the Reorganizations benefit the Acquired Funds and their shareholders?

Victory Capital and Amundi US believe the Reorganizations will benefit the Acquired Funds and their shareholders. Victory Capital and Amundi US expect that the Reorganizations will offer each Acquired Fund and its shareholders, among other things:

•the continued ability to benefit from the expertise of the same portfolio managers currently managing the Acquired Fund;

•opportunities for increased asset growth and economies of scale that, over the long-term, could result from the combined distribution capabilities of the new organization expected to result from the Transaction;

•anticipated total operating expenses for all classes of shares that, on a net basis under a contractual expense limitation agreement with Victory Capital (the “Victory Expense Limitation Agreement”), are expected to be no higher than, either (i) net expenses associated with investing in the Acquired Fund after application of expense limitation arrangements currently in effect for the Acquired Fund, if any, or (ii) net expenses of the Acquired Fund as of the end of the most recent fiscal year at the time of the closing date of the Reorganizations, whichever is lower, for at least three years following the Reorganizations; and

•the potential to spread certain fixed costs over a larger combined asset base of the Victory Funds Complex, which has the potential to result in a reduction in the per share expenses paid by shareholders of the Acquiring Funds over the longer term.

Q:Will there be any changes to an Acquired Fund’s investment program or portfolio management team as a result of the Reorganizations?

Except as noted below, no.

Immediately after the Reorganizations, Victory Capital expects to employ the Acquired Funds’ current portfolio management team to manage the Acquiring Funds in accordance with the same investment objective(s) and principal investment strategies. Victory Capital expects that each Acquiring Fund will be subject to substantially similar principal risks as the corresponding Acquired Fund.

No material change in the investment program or change in the day-to-day portfolio management of the Acquired Funds is expected as a result of the Reorganizations.

With respect to Victory Pioneer Fund VCT Portfolio, Victory Capital will not be required to adhere to Amundi US’ current explicit ESG-related restrictions to which Amundi US and Pioneer Fund VCT Portfolio are subject. Removal of these explicit restrictions is not expected to result in any change to the fund’s investment strategy.

Q:Are there any other significant differences in the management of the Acquired Funds and the Acquiring Funds?

The investment advisory services to be provided by Victory Capital to the Acquiring Funds under the Acquiring Funds’ investment advisory agreement are similar to the investment advisory services provided by Amundi US to the Acquired Funds under the Acquired Funds’ investment advisory agreement.

The distribution services to be provided by Victory Capital Services, Inc. to the Acquiring Funds under the Acquiring Funds’ distribution agreement are similar to the distribution services provided by Amundi Distributor US, Inc. to the Acquired Funds under the Acquired Funds’ distribution agreement.

The accounting, administration and legal services to be provided by Victory Capital to the Acquiring Funds under the Acquiring Funds’ administration agreement are similar to the accounting, administration and legal services provided by Amundi US to the Acquired Funds under the Acquired Funds’ administration agreement.

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Q: How will the Reorganizations work?

As a result of the Reorganizations, shareholders of each Acquired Fund will become owners of shares of the Acquiring Fund with the same value as the shares of the Acquired Fund that they held prior to the Reorganizations. More specifically, the Reorganizations provide that each class of shares of an Acquired Fund will transfer all its assets to the corresponding Acquiring Fund in exchange for shares of the class of that Acquiring Fund designated as follows:

	Acquired Fund Class		Acquiring Fund Class
	Pioneer Bond VCT Portfolio		Victory Pioneer Bond VCT Portfolio
	Class I, Class II		Class I, Class II
	Pioneer Equity Income VCT Portfolio		Victory Pioneer Equity Income VCT
			Portfolio
	Class I, Class II		Class I, Class II
	Pioneer Fund VCT Portfolio		Victory Pioneer Fund VCT Portfolio
	Class I, Class II		Class I, Class II
	Pioneer High Yield VCT Portfolio		Victory Pioneer High Yield VCT
			Portfolio
	Class I, Class II		Class I, Class II
	Pioneer Mid Cap Value VCT		Victory Pioneer Mid Cap Value VCT
	Portfolio		Portfolio
	Class I, Class II		Class I, Class II
	Pioneer Select Mid Cap Growth VCT		Victory Pioneer Select Mid Cap
	Portfolio		Growth VCT Portfolio
	Class I		Class I
	Pioneer Strategic Income VCT		Victory Pioneer Strategic Income
	Portfolio		VCT Portfolio
	Class I, Class II		Class I, Class II

Each Acquiring Fund will assume all of the liabilities of the Acquired Fund. Under the Reorganizations, each Acquired Fund will distribute the Acquiring Fund shares pro rata to its shareholders in cancellation of such shareholders’ proportional interests in the Acquired Fund. Each Acquired Fund will then terminate, dissolve and completely liquidate.

Following the Reorganizations, Class I shareholders of an Acquired Fund will become Class I shareholders of the corresponding Acquiring Fund. Class I shares of the Acquired Funds and Class I shares of the Acquiring Funds have similar characteristics as follows:

	Acquired Fund Class I		Acquiring Fund Class I
Sales Charges	None		None
Distribution and service (12b-	None		None
1) fees
Eligibility Requirements	Shares only may be purchased		Shares only may be purchased
	directly by separate accounts		directly by separate accounts
	established and maintained by		established and maintained by
	insurance companies for the		insurance companies for the purpose

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purpose of funding Variable	of funding Variable Contracts and to
Contracts and to Qualified Plans	Qualified Plans

See Exhibit D for more information about Acquired Fund and Acquiring Fund Class I shares.

Class II shareholders of an Acquired Fund will become Class II shareholders of the corresponding Acquiring Fund. Class II shares of the Acquired Funds and Class II shares of the Acquiring Funds have similar characteristics and differ as follows:

See Exhibit D for more information about Acquired Fund and Acquiring Fund Class II shares.

Expense Limitation Arrangements

For at least three years following the Reorganizations, Victory Capital has agreed to cap the operating expenses associated with investing in Classes I and II shares, respectively, of the Acquiring Fund at a level that is no higher than, either (i) net expenses associated with investing in the corresponding Acquired Fund after application of expense limitation arrangements currently in effect for the Acquired Fund, if any, or (ii) net expenses of the Acquired Fund as of the end of the most recent fiscal year at the time of the closing date of the Reorganizations, whichever is lower, for at least three years following the Reorganizations. An Acquiring Fund may experience higher net operating expenses if the Victory Expense Limitation Agreement is not continued after that three year period.

Q: Are there direct costs or tax consequences associated with the Reorganizations?

No. All of the costs and expenses associated with the Reorganizations will be borne by Victory Capital and an affiliate of Amundi US and not by the shareholders of the Acquired Funds and the Acquiring Funds. For the avoidance of doubt, none of the Acquired Funds nor their shareholders will bear any costs or expenses in connection with the Reorganizations, without regard to whether the Reorganization is approved by shareholders or completed. Each Reorganization is expected to be a “reorganization” for U.S. federal income tax purposes. Accordingly, it is generally expected that each Acquired Fund and its shareholders will not recognize gain or loss as a direct result of a Reorganization, as described in more detail in the section entitled “Material U.S. Federal Income Tax Consequences of the Reorganizations.” You are urged to consult with your tax advisor concerning the tax consequences of the Reorganizations.

Each Reorganization is subject to a condition that the Acquired Fund will receive an opinion of counsel that the Reorganization will not result in federal income tax liability to the Acquired Fund or its shareholders, and neither the Acquiring Fund nor the Acquired Fund can waive this condition.

Q:Will there be any changes to the rights or benefits provided by my Variable Contract or Qualified Plan as a result of the Reorganizations?

No. The Reorganizations will not affect any of the rights or benefits provided by your Variable Contract or Qualified Plan. The Acquiring Fund that corresponds to the Acquired Fund that is currently offered as an investment option

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under your Variable Contract or Qualified Plan will continue to be offered as an investment option following the Reorganizations.

Q: If approved, when will the Reorganizations happen?

The Reorganizations will take place as soon as practicable following shareholder approval of each Reorganization, subject to satisfaction of customary closing conditions, including that the Transaction involving Victory Capital and Amundi US proceeds to close. The closing of the Transaction is also subject to customary closing conditions, including regulatory approvals and the consent of clients (including the Acquired Funds). The Transaction is expected to be completed on or about April 1, 2025, and the Reorganizations are proposed to close generally concurrently with the close of the Transaction.

Q: What will happen if a Reorganization is not approved?

Approval and closing of one Reorganization is not conditioned upon the approval and closing of any other Reorganization, but the closing of each Reorganization is conditioned upon closing of the Transaction by Victory Capital and Amundi US. Since the Transaction is conditioned upon, among other things, obtaining the consent of clients (including the Acquired Funds), even if an Acquired Fund’s shareholders approve a Reorganization, the Transaction may not close if other clients do not consent or other conditions are not met. While Victory Holdings has received sufficient approval of the Transaction from Victory Holdings shareholders, if the Transaction does not close, none of the Reorganizations will take place and the Acquired Funds will continue to operate with Amundi US as their investment adviser.

If the shareholders of an Acquired Fund have not approved the Reorganization and the parties to the Transaction proceed to close the Transaction, then the Acquired Fund’s existing investment advisory agreement with Amundi US will terminate by its terms and in accordance with the Investment Company Act of 1940, as amended (the “1940 Act”). At that point, the Board may take any further action it deems to be in the best interest of the Acquired Fund and its shareholders The Contribution Agreement provides for an interim advisory agreement with Victory Capital to permit additional time to solicit shareholder approval of the Reorganization.

Q: How does my Board recommend that I vote?

After careful consideration, the Board unanimously recommends that you vote FOR the Reorganization of your Acquired Fund.

For a summary of the Board’s considerations in evaluating the Reorganizations, please see the accompanying Proxy Statement/Prospectus.

Q: How can I vote?

You can vote in one of four ways:

•By telephone (call the toll free number listed on your proxy card and/or voting instruction form)

•By Internet (log on to the Internet site listed on your proxy card and/or voting instruction form)

•By mail (using the enclosed postage prepaid envelope)

•In person at the shareholder meeting scheduled to occur at the offices of Morgan, Lewis & Bockius LLP, One Federal Street, Boston, Massachusetts 02110 on March 27, 2025

Photographic identification and proof of ownership of a Pioneer Fund as of the record date will be required for admission to the Meeting. The deadline for voting by telephone or Internet is close of business on the date immediately before the Meeting. We encourage you to vote as soon as possible to avoid the cost of additional solicitation efforts. Please refer to the enclosed proxy card and/or voting instruction form card for instructions for voting by telephone, Internet or mail.

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Q: Whom should I call if I have questions?

If you have questions about any of the proposals described in the Proxy Statement/Prospectus or about voting procedures, please call the Acquired Funds’ proxy solicitor, EQ Fund Solutions LLC (“EQ”) toll free at 1-800-628- 8532. You may obtain a copy of each Acquired Fund’s annual report for its most recent fiscal year end, without charge. Please direct any such requests US.AskAmundiUS@amundi.com, by telephone to 1-800-225-6292, by writing to Amundi US at 60 State Street, Boston, Massachusetts 02109 or by visiting https://www.amundi.com/usinvestors/Products/Variable-Contract-Trusts.

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SUMMARY OF REORGANIZATION PROPOSAL

This Proxy Statement/Prospectus is being used by each Acquired Fund to solicit proxies to vote at the Meeting. Shareholders of each Acquired Fund will consider a proposal to approve the Plan of Reorganization providing for the Reorganization, pursuant to which their Acquired Fund will be reorganized into the corresponding Acquiring Fund. A form of the Plan of Reorganization is included at Exhibit A.

The following is a summary. More complete information appears later in this Proxy Statement/Prospectus. You should carefully read the entire Proxy Statement/Prospectus and the exhibits because they contain details that are not included in this summary.

How Each Reorganization Will Work

With respect to each Acquired Fund, if the Reorganization is approved by the Acquired Fund’s shareholders and all other closing conditions have been satisfied:

•The Acquired Fund will transfer all of its assets to the corresponding Acquiring Fund in exchange for shares of the corresponding Acquiring Fund (the “Reorganization Shares”) and the assumption by the corresponding Acquiring Fund of all of the Acquired Fund’s liabilities.

•The Acquiring Fund will issue Reorganization Shares with an aggregate net asset value equal to the aggregate value of the assets that it receives from the corresponding Acquired Fund, less the liabilities it assumes from the corresponding Acquired Fund. The shares of the Acquiring Fund that you receive immediately following the Reorganization will have a total net asset value equal to the total net asset value of the shares you held in the corresponding Acquired Fund as of the closing date of the Reorganization, as determined pursuant to the Acquiring Funds’ valuation procedures. The valuation procedures of the Acquired Funds and the Acquiring Funds are substantially the same. Each Acquired Fund will then terminate, dissolve and completely liquidate. Assets held by each Acquired Fund for which no market quotation is readily available will be fair valued in good faith in a manner consistent with the Acquiring Fund’s valuation procedures at the time of the Reorganization.

•No sales charges (including CDSC) will be imposed on the shares of the Acquiring Funds issued in connection with the Reorganizations.

•All of the costs and expenses associated with the Reorganizations will be borne by Victory Capital and an affiliate of Amundi US and not by the shareholders of the Funds. For the avoidance of doubt, none of the Acquired Funds nor their shareholders will bear any costs or expenses in connection with the Reorganizations.

•The Reorganization is expected to be a “reorganization” for U.S. federal income tax purposes. Accordingly, it is expected that the Acquired Fund and its shareholders will not recognize gain or loss as a direct result of the Reorganization, as described in more detail in the section entitled “Material U.S. Federal Income Tax Consequences of the Reorganizations.” You are urged to consult with your tax advisor concerning the tax consequences of the Reorganizations.

•After the Reorganization is completed, the Acquired Fund’s shareholders will be shareholders of the corresponding Acquiring Fund, and the Acquired Fund will be dissolved.

Comparison of Acquired Funds and Acquiring Funds

•Each Acquired Fund and its corresponding Acquiring Fund share the same investment objective(s) and principal investment strategies and principal risks, except that with respect to Victory Pioneer Fund VCT Portfolio Victory Capital will not be required to adhere to Amundi US’ current explicit ESG-related restrictions to which Amundi US and Pioneer Fund VCT Portfolio are subject. Removal of these explicit restrictions is not expected to result in any change to the fund’s investment strategy.

•The Reorganizations contemplate that the Class I and Class II classes of each Acquired Fund will be reorganized into the corresponding Class I and Class II classes of the Acquiring Funds.

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•The Acquired Funds and the Acquiring Funds have similar policies for buying and selling shares and similar exchange rights.

•The Acquired Funds and the Acquiring Funds have similar policies with respect to dividends and distributions.

•With respect to each Acquiring Fund, the advisory fee will be identical to the advisory fee applicable to the corresponding Acquired Fund.

•Contractual fees and expenses relating to the operations of the Acquiring Funds, such as custody and administration costs, are expected to be substantially similar as those applicable to the operations of the Acquired Funds, although certain expenses such as cost related to fund administration and accounting are initially expected to be higher. Other categories of fees and expenses, such as blue-sky registration costs, brokerage commissions and audit expenses, are not expected to differ materially between the Acquiring Funds and Acquired Funds. Victory Capital has informed the Board that it will look for opportunities to achieve economies of scale through consolidation of the service providers to the Acquiring Funds and the other mutual funds managed by Victory Capital.

•Victory Capital has contractually agreed to limit expenses and/or waive fees for each Acquiring Fund so that, for at least a three-year period following the Reorganization, such Fund’s net expenses will not exceed, either (i) net expenses associated with investing in the corresponding Acquired Fund after application of expense limitation arrangements currently in effect for the Acquired Fund, if any, or (ii) net expenses of the Acquired Fund as of the end of the most recent fiscal year at the time of the closing date of the Reorganization, whichever is lower. Following that three-year period, an Acquiring Fund’s total net expenses may increase if the Victory Capital expense limitation agreement is not renewed or if the Board of Trustees of Victory Variable Insurance Funds II approves different arrangements with service providers. Under the terms of its expense limitation agreement, Victory Capital may recoup waived advisory fees and reimbursed expenses with respect to the Acquiring Funds for up to two years after the waiver or reimbursement took place, subject to certain restrictions.

U.S. Federal Income Tax Consequences

Each Reorganization is expected to be a “reorganization” for U.S. federal income tax purposes and will not take place unless the Acquired Fund and the corresponding Acquiring Fund receive an opinion from Sidley Austin LLP substantially to that effect, as described in more detail in the section entitled “Material U.S. Federal Income Tax Consequences of the Reorganizations.” Accordingly, no gain or loss is expected to be recognized by the Acquired Fund or its shareholders as a direct result of its Reorganization. An opinion of counsel is not binding on the Internal Revenue Service (the “IRS”) or any court and thus does not preclude the IRS from asserting, or a court from rendering, a contrary position.

At any time prior to a Reorganization, a shareholder may redeem shares of an Acquired Fund. Any such redemption is expected to be a taxable transaction to shareholders (other than shareholders in tax-deferred arrangements), with such a shareholder recognizing taxable gain or loss equal to the difference between the tax basis in its Acquired Fund shares and the amount of cash or the value of other property received.

Each Reorganization is subject to a condition that the Acquired Fund will receive an opinion of counsel that the Reorganization will not result in federal income tax liability to the Acquired Fund or its shareholders, and neither the Acquiring Fund nor the Acquired Fund can waive this condition.

For more information about the U.S. federal income tax consequences of the Reorganizations, see the section entitled “Material U.S. Federal Income Tax Consequences of the Reorganizations.”

COMPARISON OF ACQUIRED FUNDS AND ACQUIRING FUNDS — ALL REORGANIZATIONS

Fees and Expenses. Set forth below is a comparison of each Acquired Fund’s and each Acquiring Fund’s fees and expenses. The tables below describe the fees and expenses that you may pay if you buy and hold shares of an Acquired Fund or the corresponding Acquiring Fund. The tables do not reflect the fees, expenses or withdrawal charges imposed by a Variable Contract. If Variable Contract expenses were reflected, the fees in the tables would be higher. The information shown is based on the financial statements and financial highlights for the six-month period ended June

15

30, 2024 in the Acquired Fund’s Form N-CSRS filing (or, in the case of the Acquiring Funds, on a pro forma basis, as if each Reorganization had been consummated the prior year). For each Acquiring Fund, only pro forma information is provided since each Acquiring Fund will not commence operations until its Reorganization is completed. Pro forma information reflects estimated expenses that the Acquiring Fund would expect to bear in the current fiscal year had the Reorganization occurred, which may differ from the “Other Expenses” of the Acquired Fund. Actual expenses for an Acquiring Fund may differ from those shown.

The fees and expenses shown below reflect the application of any contractual expense limitation agreement in place for a Fund. As previously noted, pursuant to the Victory Expense Limitation Agreement, Victory Capital has contractually agreed to limit expenses and/or waive fees for each Acquiring Fund so that, for at least a three-year period following the Reorganization, such Acquiring Fund’s total net expenses will not exceed either (i) net expenses associated with investing in the corresponding Acquired Fund after application of expense limitation arrangements currently in effect for the Acquired Fund, if any, or (ii) net expenses of the Acquired Fund as of the end of the most recent fiscal year at the time of the closing date of the Reorganization, whichever is lower. If a Victory Expense Limitation Agreement is not renewed after that three-year period on the same terms, the applicable Acquiring Fund may experience higher net operating expenses.

Under the terms of the Victory Expense Limitation Agreement, Victory Capital may recoup waived advisory fees and reimbursed expenses with respect to the Acquiring Funds for up to two years after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. Any recoupment will not cause an Acquiring Fund to exceed any operating expense limit in effect at the time of the recoupment.

All of the costs and expenses associated with the Reorganizations will be borne by Victory Capital and an affiliate of Amundi US and not by the shareholders of the Funds. For the avoidance of doubt, none of the Acquired Funds nor their shareholders will bear any costs or expenses in connection with the Reorganizations.

Investment Objective(s), Principal Investment Strategies, Principal Risks, Management Team, and Performance. Also set forth below, for each Reorganization, is a comparison of the Acquired Fund’s and the corresponding Acquiring Fund’s investment objective(s), principal investment strategies, and principal risks, as well as information about the Fund’s portfolio management team. The following information is applicable to each of the Reorganizations:

•Amundi US is the investment adviser to the Acquired Funds; Victory Capital is the investment adviser to the Acquiring Funds.

•The investment objective(s) of each Acquiring Fund is the same as that of its corresponding Acquired Fund. Similarly, the principal investment strategies and principal risks of each Acquiring Fund are the same as those of the corresponding Acquired Fund, except that Victory Pioneer Fund VCT Portfolio will not be subject to certain ESG-related restrictions to which Pioneer Fund VCT Portfolio is subject. Please see below and Exhibit D for additional information about each Acquiring Fund’s investment strategies.

•The Acquiring Funds are subject to fundamental investment policies that are the same as those that apply to the Acquired Funds. A “fundamental” investment policy is one that may not be changed without a shareholder vote. The Acquiring Funds’ investment restrictions are stated under the caption “Fundamental Investment Restrictions” in the SAI relating to this Proxy Statement/Prospectus.

•For a discussion of each Acquired Fund’s performance, see the most recent shareholder reports of the Pioneer Funds. Past performance is no guarantee of future results. Because the Acquiring Funds have not commenced operations prior to the date of this Proxy Statement/Prospectus, no performance information is available. Since the Acquired Funds will be considered the accounting survivors of the Reorganizations, each Acquiring Fund is expected to assume the performance history of its corresponding Acquired Fund at the closing of its respective Reorganization.

As used herein, “Fund” refers to both Acquired Funds and corresponding Acquiring Funds.

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Reorganization of Pioneer Bond VCT Portfolio into Victory Pioneer Bond VCT Portfolio

Comparison of Current and Pro Forma Expenses

The tables below describe the fees and expenses that you may pay if you buy and hold shares of an Acquired Fund or the corresponding Acquiring Fund. The tables do not reflect the fees, expenses or withdrawal charges imposed by a Variable Contract. If Variable Contract expenses were reflected, the fees in the tables would be higher.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Pioneer Bond VCT Portfolio (Current)

(Acquired Fund)(1)

Management Fees		Class I				Class II
		0.40%				0.40%
Distribution and Service (12b-1) Fees.........................................		0.00%		0.25%
Other Expenses............................................................................		0.13%		0.13%
Acquired Fund Fees and Expenses(2) ...........................................		0.05%		0.05%
Total Annual Fund Operating Expenses Plus Acquired
Fund Fees and Expenses(2) ........................................................		0.58%		0.83%
Victory Pioneer Bond VCT Portfolio (Current and Pro Forma)
(Acquiring Fund)
Management Fees		Class I				Class II
		0.40%			0.40%
Distribution (12b-1) Fees .........................................................		0.00%		0.25%
Other Expenses(3) ......................................................................		0.15%		0.15%
Acquired Fund Fees and Expenses(4) .......................................		0.05%		0.05%
Total Annual Fund Operating Expenses(5) ...........................		0.60%		0.85%
Fee Waiver/Expense Reimbursement(5)....................................		(0.00)%		(0.00)%
Total Annual Fund Operating Expenses After Fee
Waiver/Expense Reimbursement(5) ...................................		0.60%		0.85%

(1)The Acquired Fund’s Total Annual Fund Operating Expenses Plus Acquired Fund Fees and Expenses in the table above have been restated and differ from the total annual fund operating expenses plus acquired fund fees and expenses reflected in the Acquired Fund’s currently effective prospectus dated May 1, 2024, other than with respect to the Acquired Fund Fees and Expenses. The Acquired Fund’s Total Annual Fund Operating Expenses Plus Acquired Fund Fees and Expenses have been restated to reflect more current publicly available information as contained in the Form N-CSRS filing of the Acquired Fund for the six-month period ended June 30, 2024. The Acquired Fund Fees and Expenses have been estimated at the same levels as reflected in the Acquired Fund’s currently effective prospectus dated May 1, 2024. The information derived from the financial statements and financial highlights for the six-month period ended June 30, 2024 in the Acquired Fund’s Form N-CSRS filing has not been audited.

(2)Total annual fund operating expenses in the table, before and after fee waivers and expense reimbursements, are higher than the corresponding ratios of expenses to average net assets shown in the “Financial Highlights” section, which do not include acquired fund fees and expenses.

(3)Estimated for the current fiscal year, as the Acquiring Fund has not yet commenced investment operations.

(4)Acquired Fund Fees and Expenses are fees and expenses of investment companies in which the Fund invests that are indirectly incurred by the Fund. Total annual operating expenses may not correlate to the ratio of expenses to the average daily net assets shown in the financial highlights, which reflect the operating expenses and do not include Acquired Fund Fees and Expenses.

(5)Victory Capital, the Acquiring Fund’s investment adviser, has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, acquired fund fees and expenses, and brokerage commissions) do not exceed the lower of (i) net expenses associated with investing in the Acquired Fund after application of expense limitation arrangements currently in effect for the Acquired Fund, if any, or (ii) net expenses of the Acquired Fund as of the end of the most recent fiscal year at the time of the closing date of the Reorganization, whichever is lower, for at least three years following the closing of the Reorganization. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to two years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees.

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Expense examples: The following example is designed to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. This example does not reflect any fees or sales charges imposed by a Variable Contract for which the Fund is an investment option. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	Number of years you own shares (with
			or without redemption)
Pioneer Bond VCT Portfolio (Current)	1		3	5	10
(Acquired Fund)
Class I.................................................................................		$59	$186	$324	$726
Class II................................................................................		85	265	460	1,025
Victory Pioneer Bond VCT Portfolio (Pro Forma)
(Acquiring Fund)
Class I.................................................................................		$61	$192	$335	$750
Class II................................................................................		87	271	471	1,049

Portfolio Turnover: Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual Fund operating expenses or in the expense example, affect the Fund’s performance. During the Fund’s fiscal year ended December 31, 2023, the Acquired Fund’s portfolio turnover rate was 56% of the average value of the Fund’s portfolio. No portfolio turnover information is included here for the Acquiring Fund because the Acquiring Fund has not yet commenced investment operations.

Comparison of Investment Objective(s), Principal Investment Strategies and Principal Risks

Investment Objective and Principal Investment Strategies

The Acquired Fund and its corresponding Acquiring Fund have the same investment objectives and principal investment strategies. Each Fund’s investment objective is “non-fundamental,” which means that it may be changed by the applicable Fund’s Board of Trustees without the approval of Fund shareholders. There can be no assurance that a Fund will achieve its investment objective.

		Pioneer Bond VCT Portfolio			Victory Pioneer Bond VCT
		(Acquired Fund)			Portfolio (Acquiring Fund)
Investment Objective		The fund seeks current income and			Same
		total return.
Principal Investment Strategy		Normally, the fund invests at least			Same, except that the fund’s 80%
		80% of its net assets (plus the			investment policy will be revised to
		amount of borrowings, if any, for			state that normally, the fund invests
		investment purposes) in debt			at least 80% of its net assets (plus
		securities issued or guaranteed by			the amount of borrowings, if any,
		the U.S. government, its agencies			for investment purposes) in bonds.
		and instrumentalities, investment			For purposes of this policy, bonds
		grade debt securities (including			include all fixed income investments
		convertible debt) of corporate or			other than preferred stock (e.g., debt
		other issuers and cash, cash			securities issued or guaranteed by
		equivalents and other short-term			the U.S. government, its agencies
		holdings. Derivative instruments			and instrumentalities and debt
		that provide exposure to such			securities (including convertible
		securities or have similar economic			debt) of corporate or other issuers).
					Derivative instruments that provide

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Pioneer Bond VCT Portfolio	Victory Pioneer Bond VCT
(Acquired Fund)	Portfolio (Acquiring Fund)

19

Pioneer Bond VCT Portfolio	Victory Pioneer Bond VCT
(Acquired Fund)	Portfolio (Acquiring Fund)

total assets in securities of non-U.S. issuers, including up to 5% of its total assets in securities of emerging market issuers.

The fund may invest in securities of any maturity, and maintains an average fund maturity which varies based upon the judgment of the fund’s adviser. The maturity of a fixed income security is a measure of the time remaining until final payment on the security is due. The fund’s investments may have fixed or variable principal payments and all types of interest rate payment and reset terms, including fixed rate, floating rate, inverse floating rate, zero coupon, when-issued, delayed delivery, to be announced and forward commitment, contingent, deferred and payment in kind and auction rate features.

The fund may, but is not required to, use derivatives, such as credit default swaps and credit default swap index products (CDX) (swaps based on a fund of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds). The fund may use derivatives for a variety of purposes, including: in an attempt to hedge against adverse changes in the market price of securities, interest rates or currency exchange rates; as a substitute for purchasing or selling securities; to attempt to increase the fund’s return as a non- hedging strategy that may be considered speculative; to manage fund characteristics; and as a cash flow management technique. The fund may choose not to make use of derivatives for a variety of reasons, and any use may be limited by applicable law and regulations. The fund may hold cash or other short-term investments.

The adviser considers both broad economic and issuer specific

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Pioneer Bond VCT Portfolio	Victory Pioneer Bond VCT
(Acquired Fund)	Portfolio (Acquiring Fund)

factors in selecting investments. In assessing the appropriate maturity, credit quality and sector weighting of the fund’s fund, the adviser considers a variety of factors that are expected to influence economic activity and interest rates. The adviser selects individual securities to buy and sell based upon such factors as a security’s yield, liquidity and rating, an assessment of credit quality, and sector and issuer diversification.

The adviser integrates environmental, social and corporate governance (ESG) considerations into its investment research process by evaluating the business models and practices of issuers and their ESG-related risks. The adviser believes ESG analysis is a meaningful facet of fundamental research, the process of evaluating an issuer based on its financial position, business operations, competitive standing and management. This process considers ESG information, where available, in assessing an investment’s performance potential. The adviser generally considers ESG information in the context of an issuer’s respective sector or industry. The adviser may consider ESG ratings provided by third parties or internal sources, as well as issuer disclosures and public information, in evaluating issuers. ESG considerations are not a primary focus of the fund, and the weight given by the adviser to ESG considerations in making investment decisions will vary and, for any specific decision, they may be given little or no weight. Notwithstanding the foregoing, the adviser generally will not invest fund assets in companies engaged in the production, sale, storage of, or providing services for, certain controversial weapons, including chemical, biological and depleted uranium weapons and certain

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Pioneer Bond VCT Portfolio	Victory Pioneer Bond VCT
(Acquired Fund)	Portfolio (Acquiring Fund)

antipersonnel mines and cluster bombs.

Principal Risks

An investment in each Fund is subject to certain risks. The principal risks associated with an investment in the Acquired Fund are substantially similar to the principal risks associated with an investment in its corresponding Acquiring Fund because the Funds have the same investment objectives and principal investment strategies. The principal risks are substantially similar, although each Fund may use different terminology to describe the principal risks applicable to such Fund’s principal investment strategy. The following table provides a comparison of the types of principal investment risks associated with an investment in the Acquiring Fund as compared to the corresponding Acquired Fund. Additional information regarding the risks of each Fund can be found in its prospectus, incorporated by reference herein. Additional information regarding the risks can be found in Exhibit C.

It is possible to lose money on an investment in a Fund. The Funds will be affected by the investment decisions, techniques and risk analyses of the adviser and there is no guarantee that a Fund will achieve its investment objective. Any of the following risks, among others, could affect Fund performance or cause a Fund to lose money or to underperform market averages of other funds. An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

	Pioneer Bond VCT Portfolio		Victory Pioneer Bond VCT
Principal Investment Risk	(Acquired Fund)		Portfolio (Acquiring Fund)
Market risk	X		X
Interest rate risk	X		X
Credit risk	X		X
Prepayment or call risk	X		X
Extension risk	X		X
Liquidity risk	X		X
Portfolio selection risk	X		X
ESG risk	X		X
U.S. Treasury obligations	X		X
risk
U.S. government agency	X		X
obligations risk
Mortgage-related and asset-	X		X
backed securities risk
Risks of instruments that	X		X
allow for balloon payments
or negative amortization
payments
High yield or “junk” bond	X		X
risk
Risks of investing in loans	X		X
Risks of investing in	X		X
insurance-linked securities

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	Pioneer Bond VCT Portfolio		Victory Pioneer Bond VCT
Principal Investment Risk	(Acquired Fund)		Portfolio (Acquiring Fund)
Inflation-linked securities	X		X
risk
Risks of subordinated	X		X
securities
Municipal securities risk	X		X
Risks of zero coupon bonds,	X		X
payment in kind, deferred
and contingent payment
securities
Risks of investing in when-	X		X
issued, delayed delivery, to
be announced and forward
commitment transactions
Risks of non-U.S.	X		X
investments
Risks of convertible	X		X
securities
Preferred stocks risk	X		X
Mortgage dollar roll	X		X
transactions risk
Risks of investment in other	X		X
funds
Derivatives risk	X		X
Credit default swap risk	X		X
Credit default swap index	X		X
risk
Risks of investing in inverse	X		X
floating rate obligations
Leveraging risk	X		X
Market segment risk	X		X
Valuation risk	X		X
Redemption risk	X		X
Cybersecurity risk	X		X
Expense risk	X		X

See Exhibit C for a detailed description of each of these risks.

Fund Performance

The Acquiring Fund will not commence operations until after the closing of the Reorganization. At that time, the Acquiring Fund will adopt the performance history of the Acquired Fund.

The bar chart and table indicate the risks and volatility of an investment in the Acquired Fund by showing how the Acquired Fund has performed in the past. The bar chart shows changes in the performance of the Acquired Fund ‘s Class I shares from calendar year to calendar year. The table shows the average annual total returns for Class I and

23

Class II shares of the Acquired Fund over time and compares these returns to the returns of one or more broad measures of market performance.

You can obtain updated performance information by visiting https://www.amundi.com/usinvestors/Products/Variable-Contract-Trusts.

The Acquired Fund’s past performance does not necessarily indicate how it will perform in the future.

The bar chart and table do not reflect any fees or expenses payable with respect to a Variable Contract. Such fees and expenses will reduce your return.

Annual return Class I Shares (%) (Year ended December 31)

For the period covered by the bar chart:

	Returns	Period Beginning	Period Ending
Highest Calendar Quarter	8.77%	04/01/2020 to	06/30/2020
Lowest Calendar Quarter	-5.90%	01/01/2022 to	03/31/2022

Average annual total return (%)

(for periods ended December 31, 2024)

	1 Year	5 Years	10 Years
Class I	3.15	0.64	1.97
Class II	3.01	0.43	1.73
Bloomberg U.S. Aggregate Bond Index (reflects no	1.25%	-2.41%	1.35%
deduction for fees, expenses or taxes)

Comparison of Portfolio Management Team

The Victory Pioneer Bond VCT Portfolio is expected to have the same portfolio managers that manage the Pioneer Bond VCT Portfolio. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the Acquired Fund (and their current respective title(s) with Amundi US) are:

•Kenneth J. Taubes, Executive Vice President of Amundi US (portfolio manager of the fund since 2004)

•Brad Komenda, Managing Director and Director of Investment Grade Corporates of Amundi US (portfolio manager of the fund since 2018)

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•Timothy Rowe, Managing Director and Director of Multi-Sector Fixed Income of Amundi US (portfolio manager of the fund since 2018)

•Jonathan Scott, Senior Vice President and Deputy Director of Multi-Sector Fixed Income of Amundi US (portfolio manager of the fund since 2021)

See Exhibit D for information about the members of the Victory Pioneer Bond VCT Portfolio’s portfolio management team.

Reorganization of Pioneer Equity Income VCT Portfolio into Victory Pioneer Equity Income VCT Portfolio

Comparison of Current and Pro Forma Expenses

The tables below describe the fees and expenses that you may pay if you buy and hold shares of an Acquired Fund or the corresponding Acquiring Fund. The tables do not reflect the fees, expenses or withdrawal charges imposed by a Variable Contract. If Variable Contract expenses were reflected, the fees in the tables would be higher.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Pioneer Equity Income VCT Portfolio (Current)

(Acquired Fund)(1)

Management Fees		Class I				Class II
		0.65%				0.65%
Distribution and Service (12b-1) Fees.........................................		0.00%		0.25%
Other Expenses............................................................................		0.16%		0.16%
Total Annual Fund Operating Expenses .................................		0.81%		1.06%
Victory Pioneer Equity Income VCT Portfolio (Pro Forma)
(Acquiring Fund)
Management Fees		Class I				Class II
		0.65%			0.65%
Distribution (12b-1) Fees .........................................................		0.00%		0.25%
Other Expenses(2) ......................................................................		0.18%		0.18%
Total Annual Fund Operating Expenses(3) ...........................		0.83%		1.08%
Fee Waiver/Expense Reimbursement(3)....................................		(0.00)%		(0.00)%
Total Annual Fund Operating Expenses After Fee
Waiver/Expense Reimbursement(3) ...................................		0.83%		1.08%

(1)The Acquired Fund’s Total Annual Fund Operating Expenses in the table above have been restated and differ from the total annual fund operating expenses in the Acquired Fund’s currently effective prospectus dated May 1, 2024. The Acquired Fund’s Total Annual Fund Operating Expenses have been restated to reflect more current publicly available information as contained in the Form N-CSRS filing of the Acquired Fund for the six- month period ended June 30, 2024. The information derived from the financial statement and financial highlights for the six-month period ended June 30, 2024 in the Acquired Fund’s Form N-CSRS filing has not been audited.

(2)Estimated for the current fiscal year, as the Acquiring Fund has not yet commenced investment operations.

(3)Victory Capital, the Acquiring Fund’s investment adviser, has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes and brokerage commissions) do not exceed the lower of (i) net expenses associated with investing in the Acquired Fund after application of expense limitation arrangements currently in effect for the Acquired Fund, if any, or (ii) net expenses of the Acquired Fund as of the end of the most recent fiscal year at the time of the closing date of the Reorganization, whichever is lower, for at least three years following the closing of the Reorganization. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to two years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees.

Expense examples: The following example is designed to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time

25

periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. This example does not reflect any fees or sales charges imposed by a Variable Contract for which the Fund is an investment option. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	Number of years you own shares (with
			or without redemption)
Pioneer Equity Income VCT Portfolio (Current)	1		3	5	10
(Acquired Fund)
Class I.................................................................................		$83	$259	$450	$1,002
Class II................................................................................		108	337	585	1,294
Victory Pioneer Equity Income VCT Portfolio
(Current
and Pro Forma) (Acquiring Fund)
Class I.................................................................................		$85	$265	$460	$1,025
Class II................................................................................		110	343	595	1,317

Portfolio Turnover: Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual Fund operating expenses or in the expense example, affect the Fund’s performance. During the Fund’s fiscal year ended December 31, 2023, the Acquired Fund’s portfolio turnover rate was 81% of the average value of the Fund’s portfolio. No portfolio turnover information is included here for the Acquiring Fund because the Acquiring Fund has not yet commenced investment operations.

Comparison of Investment Objective(s), Principal Investment Strategies and Principal Risks

Investment Objective and Principal Investment Strategies

The Acquired Fund and its corresponding Acquiring Fund have the same investment objectives and principal investment strategies. Each Fund’s investment objective is “non-fundamental,” which means that it may be changed by the applicable Fund’s Board of Trustees without the approval of Fund shareholders. There can be no assurance that a Fund will achieve its investment objective.

		Pioneer Equity Income VCT			Victory Pioneer Equity Income
		Portfolio (Acquired Fund)			VCT Portfolio (Acquiring Fund)
Investment Objective		Current income and long-term			Same
		growth of capital from a portfolio
		consisting primarily of income
		producing equity securities of U.S.
		corporations.
Principal Investment Strategy		Normally, the fund invests at least			Same
		80% of its total assets in income
		producing equity securities of U.S.
		issuers. The income producing
		equity securities in which the fund
		may invest include common stocks,
		preferred stocks, securities of other
		investment companies (including
		mutual funds, exchange-traded
		funds and closed-end funds) that
		invest primarily in equity
		securities, and equity interests in
		real estate investment trusts

26

Pioneer Equity Income VCT	Victory Pioneer Equity Income
Portfolio (Acquired Fund)	VCT Portfolio (Acquiring Fund)

(REITs). The remainder of the fund may be invested in debt securities, most of which are expected to be convertible into common stocks. The fund may invest in initial public offerings of equity securities.

The fund may invest up to 20% of its total assets in securities of non- U.S. issuers, including depositary receipts. The fund will not invest more than 5% of its total assets in the securities of emerging markets issuers.

The fund may invest up to 20% of its net assets in REITs.

The fund also may invest in investment grade and below investment grade debt securities (known as junk bonds). The fund may invest up to 10% of its net assets in junk bonds, including below investment grade convertible debt securities.

The fund may, but is not required to, use derivatives, such as stock index futures and options. The fund may use derivatives for a variety of purposes, including: in an attempt to hedge against adverse changes in the market price of securities, interest rates or currency exchange rates; as a substitute for purchasing or selling securities; to attempt to increase the fund’s return as a non- hedging strategy that may be considered speculative; to manage fund characteristics; and as a cash flow management technique. The fund may choose not to make use of derivatives for a variety of reasons, and any use may be limited by applicable law and regulations. The fund may also hold cash or other short-term investments.

The fund’s investment adviser uses a value approach to select the fund’s investments to buy and sell.

27

Pioneer Equity Income VCT	Victory Pioneer Equity Income
Portfolio (Acquired Fund)	VCT Portfolio (Acquiring Fund)

The adviser seeks securities that are selling at substantial discounts to their underlying values and then holds these securities until the market values reflect their intrinsic values. The adviser evaluates a security’s potential value, including the attractiveness of its market valuation, based on the company’s assets and prospects for earnings growth. The adviser also considers a security’s potential to provide a reasonable amount of income. In making these assessments, the adviser employs fundamental research and an evaluation of the issuer based on its financial statements and operations, employing a bottom-up analytic style, which focuses on specific securities rather than on industries. The adviser generally sells a portfolio security when it believes that the security’s market value reflects its underlying value.

The adviser integrates environmental, social and corporate governance (ESG) considerations into its investment research process by evaluating the business models and practices of issuers and their ESG-related risks. The adviser believes ESG analysis is a meaningful facet of fundamental research, the process of evaluating an issuer based on its financial position, business operations, competitive standing and management. This process considers ESG information, where available, in assessing an investment’s performance potential. The adviser generally considers ESG information in the context of an issuer’s respective sector or industry. The adviser may consider ESG ratings provided by third parties or internal sources, as well as issuer disclosures and public information, in evaluating issuers. ESG considerations are not a primary focus of the fund, and the weight given by the adviser to ESG

28

Pioneer Equity Income VCT	Victory Pioneer Equity Income
Portfolio (Acquired Fund)	VCT Portfolio (Acquiring Fund)

considerations in making investment decisions will vary and, for any specific decision, they may be given little or no weight. Notwithstanding the foregoing, the adviser generally will not invest fund assets in companies engaged in the production, sale, storage of, or providing services for, certain controversial weapons, including chemical, biological and depleted uranium weapons and certain antipersonnel mines and cluster bombs.

Principal Risks

An investment in each Fund is subject to certain risks. The principal risks associated with an investment in the Acquired Fund are substantially similar to the principal risks associated with an investment in its corresponding Acquiring Fund because the Funds have the same investment objectives and principal investment strategies. The principal risks are substantially similar, although each Fund may use different terminology to describe the principal risks applicable to such Fund’s principal investment strategy. The following table provides a comparison of the types of principal investment risks associated with an investment in the Acquiring Fund as compared to the corresponding Acquired Fund. Additional information regarding the risks of each Fund can be found in its prospectus, incorporated by reference herein. Additional information regarding the risks can be found in Exhibit C.

It is possible to lose money on an investment in a Fund. The Funds will be affected by the investment decisions, techniques and risk analyses of the adviser and there is no guarantee that a Fund will achieve its investment objective. Any of the following risks, among others, could affect Fund performance or cause a Fund to lose money or to underperform market averages of other funds. An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

	Pioneer Equity Income VCT		Victory Pioneer Equity Income
Principal Investment Risk	Portfolio (Acquired Fund)		VCT Portfolio (Acquiring Fund)
Market risk	X		X
Value style risk	X		X
Income producing securities	X		X
risk
Large capitalization	X		X
companies risk
Portfolio selection risk	X		X
ESG risk	X		X
Risks of non-U.S.	X		X
investments
Risks of investments in real	X		X
estate related securities
Risks of initial public	X		X
offerings
Risks of investment in other	X		X
funds

29

	Pioneer Equity Income VCT		Victory Pioneer Equity Income
Principal Investment Risk	Portfolio (Acquired Fund)		VCT Portfolio (Acquiring Fund)
Risks of convertible	X		X
securities
Preferred stocks risk	X		X
Debt securities risk	X		X
High yield or “junk” bond	X		X
risk
Market segment risk	X		X
Derivatives risk	X		X
Leveraging risk	X		X
Valuation risk	X		X
Liquidity risk	X		X
Redemption risk	X		X
Cybersecurity risk	X		X
Expense risk	X		X

See Exhibit C for a detailed description of each of these risks.

Fund Performance

The Acquiring Fund will not commence operations until after the closing of the Reorganization. At that time, the Acquiring Fund will adopt the performance history of the Acquired Fund.

The bar chart and table indicate the risks and volatility of an investment in the Acquired Fund by showing how the Acquired Fund has performed in the past. The bar chart shows changes in the performance of the Acquired Fund ‘s Class I shares from calendar year to calendar year. The table shows the average annual total returns for Class I and Class II shares of the Acquired Fund over time and compares these returns to the returns of one or more broad measures of market performance.

You can obtain updated performance information by visiting https://www.amundi.com/usinvestors/Products/Variable-Contract-Trusts.

The Acquired Fund’s past performance does not necessarily indicate how it will perform in the future.

The bar chart and table do not reflect any fees or expenses payable with respect to a Variable Contract. Such fees and expenses will reduce your return.

Annual return Class I Shares (%)

(Year ended December 31)

30

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Pioneer Fund VCT Portfolio (Current)

(Acquired Fund)(1)

Management Fees		Class I				Class II
		0.65%				0.65%
Distribution and Service (12b-1) Fees.........................................		0.00%		0.25%
Other Expenses............................................................................		0.10%		0.10%
Total Annual Fund Operating Expenses .................................		0.75%		1.00%
Victory Pioneer Fund VCT Portfolio (Pro Forma)
(Acquiring Fund)
Management Fees		Class I				Class II
		0.65%			0.65%
Distribution (12b-1) Fees .........................................................		0.00%		0.25%
Other Expenses(2) ......................................................................		0.12%		0.12%
Total Annual Fund Operating Expenses(3) ...........................		0.77%		1.02%
Fee Waiver/Expense Reimbursement(3)....................................		(0.00)%		(0.00)%
Total Annual Fund Operating Expenses After Fee
Waiver/Expense Reimbursement(3) ...................................		0.77%		1.02%

(1)The Acquired Fund’s Total Annual Fund Operating Expenses in the table above have been restated and differ from the total annual fund operating expenses in the Acquired Fund’s currently effective prospectus dated May 1, 2024. The Acquired Fund’s Total Annual Fund Operating Expenses have been restated to reflect more current publicly available information as contained in the Form N-CSRS filing of the Acquired Fund for the six- month period ended June 30, 2024. The information derived from the financial statements and financial highlights for the six-month period ended June 30, 2024 in the Acquired Fund’s Form N-CSRS filing has not been audited.

(2)Estimated for the current fiscal year, as the Acquiring Fund has not yet commenced investment operations.

(3)Victory Capital, the Acquiring Fund’s investment adviser, has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes and brokerage commissions) do not exceed the lower of (i) net expenses associated with investing in the Acquired Fund after application of expense limitation arrangements currently in effect for the Acquired Fund, if any, or (ii) net expenses of the Acquired Fund as of the end of the most recent fiscal year at the time of the closing date of the Reorganization, whichever is lower, for at least three years following the closing of the Reorganization. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to two years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees.

Expense examples: The following example is designed to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. This example does not reflect any fees or sales charges imposed by a Variable Contract for which the Fund is an investment option. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	Number of years you own shares (with
			or without redemption)
Pioneer Fund VCT Portfolio (Current)	1		3	5	10
(Acquired Fund)
Class I.................................................................................		$77	$240	$417	$930
Class II................................................................................		102	318	552	1,225
Victory Pioneer Fund VCT Portfolio (Current
and Pro Forma) (Acquiring Fund)
Class I.................................................................................		$79	$246	$428	$954

32

Class II................................................................................

104

325

563

1,248

Portfolio Turnover: Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual Fund operating expenses or in the expense example, affect the Fund’s performance. During the Fund’s fiscal year ended December 31, 2023, the Acquired Fund’s portfolio turnover rate was 64% of the average value of the Fund’s portfolio. No portfolio turnover information is included here for the Acquiring Fund because the Acquiring Fund has not yet commenced investment operations.

Comparison of Investment Objective(s), Principal Investment Strategies and Principal Risks

Investment Objective and Principal Investment Strategies

The Acquired Fund and its corresponding Acquiring Fund have the same investment objectives and substantially similar principal investment strategies. Each Fund’s investment objective is “non-fundamental,” which means that it may be changed by the applicable Fund’s Board of Trustees without the approval of Fund shareholders. There can be no assurance that a Fund will achieve its investment objective.

			Pioneer Fund VCT Portfolio			Victory Pioneer Fund VCT
			(Acquired Fund)			Portfolio (Acquiring Fund)
Investment Objective			Reasonable income and capital			Same
			growth.
Principal Investment Strategy			The fund invests in a broad group			Same, except that the adviser will
			of carefully selected securities that			not be required to adhere to the
			the fund’s adviser believes are			predecessor adviser’s explicit
		reasonably priced, rather than in				restrictions from investing fund
		securities whose prices reflect a				assets in (i) companies that the
		premium resulting from their				adviser determines have significant
		current market popularity. The fund				involvement in the manufacturing of
		invests predominantly in equity				complete tobacco products, (ii)
		securities. For purposes of the				companies engaged in the
		fund’s investment policies, equity				production, sale, storage of, or
		securities include common stocks				providing services for, certain
		and other equity instruments, such				controversial weapons, including
		as securities of other investment				chemical, biological and depleted
		companies (including mutual				uranium weapons and certain
		funds, exchange-traded funds and				antipersonnel mines and cluster
		closed-end funds) that invest				bombs, (iii) companies developing
		primarily in equity securities,				or planning to develop new thermal
		equity interests in real estate				coal capacities, companies
		investment trusts (REITs),				generating more than 20% of their
		depositary receipts, warrants, rights				revenue from thermal coal mining
		and preferred stocks.				extraction, companies with annual
			The fund primarily invests in			thermal coal extraction of 70MT or
						more without intention to reduce, or
		securities of U.S. issuers. The fund				companies with revenue in thermal
		may invest up to 15% of its total				coal mining extraction and thermal
		assets in securities of non-U.S.				coal power generation that exceeds
		issuers. The fund will not invest				50% of their revenue, or (iv) issuers
		more than 5% of its total assets in				that violate, repeatedly and
		the securities of emerging markets				seriously, one or more of the ten
		issuers.				principles of the UN Global
			The fund may invest up to 15% of			Compact, without credible
						corrective action.
			its net assets in REITs.

33

Pioneer Fund VCT Portfolio	Victory Pioneer Fund VCT
(Acquired Fund)	Portfolio (Acquiring Fund)

34

Pioneer Fund VCT Portfolio	Victory Pioneer Fund VCT
(Acquired Fund)	Portfolio (Acquiring Fund)

provide a reasonable amount of income. The adviser focuses on the quality and price of individual issuers.

The adviser integrates ESG analysis into its investment process by focusing on companies with sustainable business models and evaluating ESG-related risks as part of its research recommendations. When evaluating an issuer as an investment opportunity, the adviser considers ESG information in the context of the issuer’s respective sector or industry. In addition to making its own ESG evaluations, the adviser considers ESG ratings (where available) provided by third parties or internal sources. The adviser considers these ratings as part of the investment decision making process, including in seeking to avoid investing in companies that present the most ESG risk, as indicated by the ratings, which may impact the issuer’s ability to generate long- term value for its shareholders. When selecting investments, the adviser generally does not consider as eligible investments those companies that, in the judgment of the adviser, have lower ESG ratings, relative to other companies both within the relevant industry and within the applicable universe of companies, subject to exception where one or more ratings, in the judgment of the adviser, do not reflect a company’s ESG attributes. The fund generally will not invest in companies significantly involved in certain business activities, including but not limited to, the production of alcohol, tobacco products and certain controversial military weapons, and the operation of thermal coal mines and gambling casinos and other gaming businesses.

35

Pioneer Fund VCT Portfolio	Victory Pioneer Fund VCT
(Acquired Fund)	Portfolio (Acquiring Fund)

The adviser generally will not invest fund assets in (i) companies that the adviser determines have significant involvement in the manufacturing of complete tobacco products, (ii) companies engaged in the production, sale, storage of, or providing services for, certain controversial weapons, including chemical, biological and depleted uranium weapons and certain antipersonnel mines and cluster bombs, (iii) companies developing or planning to develop new thermal coal capacities, companies generating more than 20% of their revenue from thermal coal mining extraction, companies with annual thermal coal extraction of 70MT or more without intention to reduce, or companies with revenue in thermal coal mining extraction and thermal coal power generation that exceeds 50% of their revenue, or

(iv)issuers that violate, repeatedly and seriously, one or more of the ten principles of the UN Global Compact, without credible corrective action.

Principal Risks

An investment in each Fund is subject to certain risks. The principal risks associated with an investment in the Acquired Fund are substantially similar to the principal risks associated with an investment in its corresponding Acquiring Fund because the Funds have the same investment objectives and principal investment strategies. The principal risks are substantially similar, although each Fund may use different terminology to describe the principal risks applicable to such Fund’s principal investment strategy. The following table provides a comparison of the types of principal investment risks associated with an investment in the Acquiring Fund as compared to the corresponding Acquired Fund. Additional information regarding the risks of each Fund can be found in its prospectus, incorporated by reference herein. Additional information regarding the risks can be found in Exhibit C.

It is possible to lose money on an investment in a Fund. The Funds will be affected by the investment decisions, techniques and risk analyses of the adviser and there is no guarantee that a Fund will achieve its investment objective. Any of the following risks, among others, could affect Fund performance or cause a Fund to lose money or to underperform market averages of other funds. An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

	Pioneer Fund VCT Portfolio		Victory Pioneer Fund VCT
Principal Investment Risk	(Acquired Fund)		Portfolio (Acquiring Fund)
Market risk	X		X
Value style risk	X		X

36

	Pioneer Fund VCT Portfolio		Victory Pioneer Fund VCT
Principal Investment Risk	(Acquired Fund)		Portfolio (Acquiring Fund)
Portfolio selection risk	X		X
ESG risk	X		X
Risks of investments in real	X		X
estate related securities
Risks of warrants and rights	X		X
Preferred stocks risk	X		X
Risks of initial public	X		X
offerings
Risks of investment in other	X		X
funds
Debt securities risk	X		X
Risks of non-U.S.	X		X
investments
Market segment risk	X		X
Derivatives risk	X		X
Leveraging risk	X		X
Valuation risk	X		X
Liquidity risk	X		X
Redemption risk	X		X
Cybersecurity risk	X		X
Expense risk	X		X

See Exhibit C for a detailed description of each of these risks.

Fund Performance

The Acquiring Fund will not commence operations until after the closing of the Reorganization. At that time, the Acquiring Fund will adopt the performance history of the Acquired Fund.

The bar chart and table indicate the risks and volatility of an investment in the Acquired Fund by showing how the Acquired Fund has performed in the past. The bar chart shows changes in the performance of the Acquired Fund ‘s Class I shares from calendar year to calendar year. The table shows the average annual total returns for Class I and Class II shares of the Acquired Fund over time and compares these returns to the returns of one or more broad measures of market performance.

You can obtain updated performance information by visiting https://www.amundi.com/usinvestors/Products/Variable-Contract-Trusts.

The Acquired Fund’s past performance does not necessarily indicate how it will perform in the future.

The bar chart and table do not reflect any fees or expenses payable with respect to a Variable Contract. Such fees and expenses will reduce your return.

37

Annual return Class I Shares (%) (Year ended December 31)

For the period covered by the bar chart:

	Returns	Period Beginning	Period Ending
Highest Calendar Quarter	20.04%	04/01/2020 to	06/30/2020
Lowest Calendar Quarter	-17.31%	04/01/2022 to	06/30/2022

Average annual total return (%)

(for periods ended December 31, 2024)

	1 Year	5 Years	10 Years
Class I	22.65	15.16	13.34
Class II	22.31	14.86	13.05
S&P 500 Index (reflects no deduction for fees,	25.02	14.53	13.10
expenses or taxes)

Comparison of Portfolio Management Team

The Victory Pioneer Fund VCT Portfolio is expected to have the same portfolio managers that manage the Pioneer Fund VCT Portfolio. The portfolio managers who are jointly and primarily responsible for the day-to-day management of the Acquired Fund (and their current respective title(s) with Amundi US) are:

•Jeff Kripke, Senior Vice President of Amundi US (lead portfolio manager) (portfolio manager of the fund since 2015);

•Craig Sterling, Managing Director, Director of Core Equity and Head of Equity Research, US of Amundi US (portfolio manager of the fund since 2019)

•James Yu, Senior Vice President and Portfolio Manager of Amundi US (portfolio manager of the fund since 2019).

See Exhibit D for information about the members of the Victory Pioneer Fund VCT Portfolio’s portfolio management team.

38

Reorganization of Pioneer High Yield VCT Portfolio into Victory Pioneer High Yield VCT Portfolio

Comparison of Current and Pro Forma Expenses

The tables below describe the fees and expenses that you may pay if you buy and hold shares of an Acquired Fund or the corresponding Acquiring Fund. The tables do not reflect the fees, expenses or withdrawal charges imposed by a Variable Contract. If Variable Contract expenses were reflected, the fees in the tables would be higher.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Pioneer High Yield VCT Portfolio (Current)

(Acquired Fund)(1)

Management Fees	Class I		Class II
	0.65%		0.65%
Distribution and Service (12b-1) Fees.........................................	0.00%	0.25%
Other Expenses............................................................................	0.46%	0.46%
Acquired Fund Fees and Expenses(2) ...........................................	0.05%	0.05%
Total Annual Fund Operating Expenses Plus Acquired
Fund Fees and Expenses(2) ........................................................	1.16%	1.41%
Less: Fee Waiver/Expense Reimbursement(3) .............................	-0.21%	-0.21%
Net Expenses Plus Acquired Fund Fees and Expenses(3)........	0.95%	1.20%

Victory Pioneer High Yield VCT Portfolio (Pro Forma)

(Acquiring Fund)

Management Fees	Class I		Class II
	0.65%		0.65%
Distribution (12b-1) Fees .........................................................	0.00%	0.25%
Other Expenses(4) ......................................................................	0.48%	0.48%
Acquired Fund Fees and Expenses(5)	0.05%	0.05%
Total Annual Fund Operating Expenses(6) ...........................	1.18%	1.43%
Fee Waiver/Expense Reimbursement(6)....................................	(0.23)%	(0.23)%
Total Annual Fund Operating Expenses After Fee
Waiver/Expense Reimbursement(6) ...................................	0.95%	1.20%

(1)The Acquired Fund’s Total Annual Fund Operating Expenses Plus Acquired Fund Fees and Expenses in the table above have been restated and differ from the total annual fund operating expenses plus acquired fund fees and expenses reflected in the Acquired Fund’s currently effective prospectus dated May 1, 2024, other than with respect to the Acquired Fund Fees and Expenses. The Acquired Fund’s Total Annual Fund Operating Expenses Plus Acquired Fund Fees and Expenses have been restated to reflect more current publicly available information as contained in the Form N-CSRS filing of the Acquired Fund for the six-month period ended June 30, 2024. The Acquired Fund Fees and Expenses have been estimated at the same levels as reflected in the Acquired Fund’s currently effective prospectus dated May 1, 2024. The information derived from the financial statements and financial highlights for the six-month period ended June 30, 2024 in the Acquired Fund’s Form N-CSRS filing has not been audited.

(2)Total annual operating expenses in the table, before and after fee waivers and expense reimbursements, are higher than the corresponding ratios of expenses to average net assets shown in the “Financial Highlights” section, which do not include acquired fund fees and expenses.

(3)The Acquired Fund’s investment adviser has contractually agreed to limit ordinary operating expenses (ordinary operating expenses means all portfolio expenses other than taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation) to the extent required to reduce expenses to 0.90% and 1.15% of the average daily net assets attributable to Class I and Class II shares, respectively. These expense limitations are in effect through May 1, 2025. There can be no assurance that the adviser will extend the expense limitations beyond such time. Net expenses for a class may exceed the applicable expense limitation to the extent that the Acquired Fund incurs excluded expenses. While in effect, the arrangement may be terminated only by agreement of the adviser and the Board of Trustees.

(4)Estimated for the current fiscal year, as the Acquiring Fund has not yet commenced investment operations.

(5)Acquired Fund Fees and Expenses are fees and expenses of investment companies in which the Fund invests that are indirectly incurred by the Fund. Total annual operating expenses may not correlate to the ratio of expenses to the average daily net assets shown in the financial highlights, which reflect the operating expenses and do not include Acquired Fund Fees and Expenses.

39

(6)Victory Capital, the Acquiring Fund’s investment adviser, has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, acquired fund fees and expenses, and brokerage commissions) do not exceed the lower of (i) net expenses associated with investing in the Acquired Fund after application of expense limitation arrangements currently in effect for the Acquired Fund, if any, (0.90% and 1.15% of the Fund’s Class I and Class II shares, respectively) or (ii) net expenses of the Acquired Fund as of the end of the most recent fiscal year at the time of the closing date of the Reorganization, whichever is lower, for at least three years following the closing of the Reorganization. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to two years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees.

Expense examples: The following example is designed to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. This example does not reflect any fees or sales charges imposed by a Variable Contract for which the Fund is an investment option. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	Number of years you own shares (with
			or without redemption)
Pioneer High Yield VCT Portfolio (Current)	1		3	5	10
(Acquired Fund)
Class I.................................................................................		$97	$303	$574	$1,350
Class II................................................................................		122	381	708	1,633
Victory Pioneer High Yield VCT Portfolio (Current
and Pro Forma) (Acquiring Fund)
Class I.................................................................................		$97	$303	$579	$1,367
Class II................................................................................		122	381	712	1,650

Portfolio Turnover: Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual Fund operating expenses or in the expense example, affect the Fund’s performance. During the Fund’s fiscal year ended December 31, 2023, the Acquired Fund’s portfolio turnover rate was 40% of the average value of the Fund’s portfolio. No portfolio turnover information is included here for the Acquiring Fund because the Acquiring Fund has not yet commenced investment operations.

Comparison of Investment Objective(s), Principal Investment Strategies and Principal Risks

Investment Objective and Principal Investment Strategies

The Acquired Fund and its corresponding Acquiring Fund have the same investment objectives and principal investment strategies. Each Fund’s investment objective is “non-fundamental,” which means that it may be changed by the applicable Fund’s Board of Trustees without the approval of Fund shareholders. There can be no assurance that a Fund will achieve its investment objective.

		Pioneer High Yield VCT			Victory High Yield VCT Portfolio
		Portfolio (Acquired Fund)			(Acquiring Fund)
Investment Objective		Maximize total return through a			Same
		combination of income and capital
		appreciation.
Principal Investment Strategy		Normally, the fund invests at least			Same
		80% of its total assets in below
		investment grade (high yield) debt
		securities and preferred stocks.
		Derivative instruments that provide
		exposure to such high yield debt

40

Pioneer High Yield VCT	Victory High Yield VCT Portfolio
Portfolio (Acquired Fund)	(Acquiring Fund)

securities and preferred stock or have similar economic characteristics may be used to satisfy the fund’s 80% policy. Debt securities rated below investment grade are commonly referred to as “junk bonds” and are considered speculative. The fund may invest in high yield securities of any rating, including securities where the issuer is in default or bankruptcy at the time of purchase.

The fund invests in securities of any maturity. The maturity of a fixed income security is a measure of the time remaining until final payment on the security is due. The fund’s investments may have fixed or variable principal payments and all types of interest rate and dividend payment and reset terms, including fixed rate, adjustable rate, floating rate, zero coupon, contingent, deferred, payment in kind and auction rate features.

The fund may invest in investment grade and below investment grade convertible bonds and preferred stocks that are convertible into the equity securities of the issuer.

The fund may invest up to 20% of its net assets in inverse floating rate obligations (a type of derivative instrument).

The fund may invest up to 20% of its net assets in common stock and other equity investments, such as securities of other investment companies (including mutual funds, exchange-traded funds and closed-end funds) that invest primarily in equity securities, depositary receipts, warrants, rights and equity interests in real estate investment trusts (REITs).

The fund may invest up to 15% of its total assets in securities of non- U.S. issuers.

41

Pioneer High Yield VCT	Victory High Yield VCT Portfolio
Portfolio (Acquired Fund)	(Acquiring Fund)

The fund may invest a portion of its assets in mortgage-related securities, including commercial mortgage-backed securities, collateralized mortgage obligations, credit risk transfer securities and “sub-prime” mortgages, and asset- backed securities. The fund’s investments in mortgage-related securities may include instruments, the underlying assets of which allow for balloon payments (where a substantial portion of a mortgage loan balance is paid at maturity, which can shorten the average life of the mortgage-backed instrument) or negative amortization payments (where as a result of a payment cap, payments on a mortgage loan are less than the amount of principal and interest owed, with excess amounts added to the outstanding principal balance, which can extend the average life of the mortgage-backed instrument).

The fund also may invest a portion of its assets in floating rate loans, subordinated debt securities, municipal securities and insurance- linked securities. The fund may invest in debt securities and other obligations of U.S. and non-U.S. governmental entities.

The fund may, but is not required to, use derivatives such as credit default swaps, credit default swap index products (“CDX”) (swaps based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds), forward foreign currency exchange contracts, and bond and interest rate futures. The fund may use derivatives for a variety of purposes, including: in an attempt to hedge against adverse changes in the market price of securities, interest rates or currency exchange rates; as a substitute for purchasing or selling securities; to attempt to

42

Pioneer High Yield VCT	Victory High Yield VCT Portfolio
Portfolio (Acquired Fund)	(Acquiring Fund)

increase the fund’s return as a non- hedging strategy that may be considered speculative; to manage portfolio characteristics; and as a cash flow management technique. The fund may choose not to make use of derivatives for a variety of reasons, and any use may be limited by applicable law and regulations. The fund may hold cash or other short-term investments.

The fund’s investment adviser uses a value approach to select investments to buy and sell. The adviser seeks to identify securities that are selling at reasonable prices or substantial discounts to their underlying values and then holds these securities for their incremental yields or until the market values reflect their intrinsic values. The adviser evaluates a security’s potential value, including the attractiveness of its market valuation, based on the company’s assets and prospects for earnings growth. In making that assessment, the adviser employs fundamental research and an evaluation of the issuer based on its financial statements and operations. The adviser also considers a security’s potential to provide income.

The adviser integrates environmental, social and corporate governance (ESG) considerations into its investment research process by evaluating the business models and practices of issuers and their ESG-related risks. The adviser believes ESG analysis is a meaningful facet of fundamental research, the process of evaluating an issuer based on its financial position, business operations, competitive standing and management. This process considers ESG information, where available, in assessing an investment’s performance potential. The adviser generally

43

Pioneer High Yield VCT	Victory High Yield VCT Portfolio
Portfolio (Acquired Fund)	(Acquiring Fund)

considers ESG information in the context of an issuer’s respective sector or industry. The adviser may consider ESG ratings provided by third parties or internal sources, as well as issuer disclosures and public information, in evaluating issuers. ESG considerations are not a primary focus of the fund, and the weight given by the adviser to ESG considerations in making investment decisions will vary and, for any specific decision, they may be given little or no weight. Notwithstanding the foregoing, the adviser generally will not invest fund assets in companies engaged in the production, sale, storage of, or providing services for, certain controversial weapons, including chemical, biological and depleted uranium weapons and certain antipersonnel mines and cluster bombs.

Principal Risks

An investment in each Fund is subject to certain risks. The principal risks associated with an investment in the Acquired Fund are substantially similar to the principal risks associated with an investment in its corresponding Acquiring Fund because the Funds have the same investment objectives and principal investment strategies. The principal risks are substantially similar, although each Fund may use different terminology to describe the principal risks applicable to such Fund’s principal investment strategy. The following table provides a comparison of the types of principal investment risks associated with an investment in the Acquiring Fund as compared to the corresponding Acquired Fund. Additional information regarding the risks of each Fund can be found in its prospectus, incorporated by reference herein. Additional information regarding the risks can be found in Exhibit C.

It is possible to lose money on an investment in a Fund. The Funds will be affected by the investment decisions, techniques and risk analyses of the adviser and there is no guarantee that a Fund will achieve its investment objective. Any of the following risks, among others, could affect Fund performance or cause a Fund to lose money or to underperform market averages of other funds. An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

	Pioneer High Yield VCT Portfolio		Victory Pioneer High Yield VCT
Principal Investment Risk	(Acquired Fund)		Portfolio (Acquiring Fund)
Market risk	X		X
High yield or “junk” bond	X		X
risk
Interest rate risk	X		X
Credit risk	X		X
Prepayment or call risk	X		X

44

	Pioneer High Yield VCT Portfolio		Victory Pioneer High Yield VCT
Principal Investment Risk	(Acquired Fund)		Portfolio (Acquiring Fund)
Extension risk	X		X
Liquidity risk	X		X
Portfolio selection risk	X		X
ESG risk	X		X
U.S. Treasury obligations	X		X
risk
U.S. government agency	X		X
obligations risk
Mortgage-related and asset-	X		X
backed securities risk
Risks of instruments that	X		X
allow for balloon payments
or negative amortization
payments
Risks of investing in loans	X		X
Risks of investing in	X		X
insurance-linked securities
Risks of subordinated	X		X
securities
Municipal securities risk	X		X
Risks of zero coupon bonds,	X		X
payment in kind, deferred
and contingent payment
securities
Risks of non-U.S.	X		X
investments
Equity securities risk	X		X
Risks of convertible	X		X
securities
Preferred stocks risk	X		X
Risks of warrants and rights	X		X
Risks of investment in other	X		X
funds
Derivatives risk	X		X
Credit default swap risk	X		X
Credit default swap index	X		X
risk
Risks of investing in inverse	X		X
floating rate obligations
Forward foreign currency	X		X
transactions risk
Leveraging risk	X		X