Victory Pioneer Mid Cap Value VCT II

Objective And Strategy

Objective
Capital appreciation.

Strategy
Invests in mid-cap value companies with similar market capitalizations to the Russell Midcap & reg; Value Index (e.g. companies with market values in the range of $225M to $10B, with a primary focus on companies with market capitalizations of $1B-10B). Portfolio is diversified with approximately 80-110 holdings. Top 10 holdings typically represent 15-20% of the portfolio. Fund uses bottom-up fundamental analysis to evaluate a security's potential value and the attractiveness of its market valuation. Aims to seek securities selling at substantial discounts to their underlying values and holds these securities until the market values reflect their intrinsic values.

Principal Risks

* This portfolio invests (or may invest) in securities of companies with micro-, small-, or mid-capitalization. Any investment in micro-, small-, or mid-capitalization companies involves greater risk than that customarily associated with investments in larger, more established companies because of the greater business risks of smaller size, limited markets and financial resources, narrower product lines, and frequent lack of management depth. As such, micro- or small-cap companies may be more subject to erratic and abrupt market movements than securities of larger, more established companies.