Victory Pioneer Strategic Income VCT II

Objective And Strategy

Objective
A high level of current income.

Strategy
Normally, the portfolio invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in debt securities. The portfolio has the flexibility to invest in a broad range of issuers and segments of the debt securities markets. Pioneer Investment Management, Inc., the Portfolio's investment adviser, allocates the Portfolio's investments among the following three segments of the debt markets:* Below investment grade (high yield) securities of U.S. and non-U.S. issuers* Investment grade securities of U.S. issuers, including convertible debt* Investment grade securities of non-U.S. issuers. Pioneer's allocations among these segments of the debt markets depend upon its outlook for economic, interest rate and political trends.
Tax Inefficient Fund

Principal Risks

* This portfolio is subject to the risks of investing in low-grade corporate bonds that have a higher default risk, less liquidity and greater sensitivity to changes in the economy than investment-grade bonds. High-yield bonds are rated lower because there is a greater risk associated with the issuer's ability to pay principal and interest.

* This portfolio invests in securities of foreign issuers which involves risks not typically associated with domestic issuers, including currency fluctuations and the possibility of political and economic instability. Emerging markets involve risks in addition to those generally associated with foreign securities, because political and economic structures in many emerging markets may be undergoing significant evolution and rapid development.

* At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.