Victory Pioneer High Yield VCT II

Objective And Strategy

Objective
Maximize total return (income plus capital appreciation).

Strategy
A total return fund with high current income potential derived from high yield and deeply discounted convertible bonds (providing more choices of industries and companies). Uses a relative value approach to high-yield investing with an industry focus--seeking industries with the best valuations and growth prospects. Research-intensive credit and issue selection process by a superior fixed-income management team. Portfolio philosophy: a fundamental, research-driven approach -- selecting securities selling at substantial discounts to underlying values and holding these issues until their intrinsic value is reflected in the marketplace -- can produce superior returns over time.
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.