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11620.98 10781.08 16028.81 12058.67 11765.35 13465.07 11359.28 12789.31 17386.05 12299.22 10007.64 16986.83 23475.04 11766.54 12599.73 10000 21797.89 17313.7 20584.87 11350.93 11769 10441.54 11015.11 11203.37 12154.33 13372.49 10961.32 10834.88 11841.58 12598.12 11875.25 11637.99 12738.63 10862.56 10435.68 10042.96 0000930709 false true true true true true true true true true true true true true N-1A PIONEER VARIABLE CONTRACTS TRUST /MA/ N-CSR 2024-12-31 Pioneer Bond VCT Portfolio Class I This annual shareholder report contains important information about Pioneer Bond VCT Portfolio (“Portfolio”) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the Portfolio at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Portfolio that occurred during the reporting period. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Portfolio costs for the last year?⁺</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="white-space:nowrap">Class I</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>49</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.48<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; width: 3.5%; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">​⁺</div></td> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher.</div></td> </tr> </table> 49 0.0048 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">How did the Portfolio perform last year and what affected the Portfolio performance?</div> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">For the fiscal year ended December 31, 2024, the Portfolio’s<span style="white-space:nowrap"> </span>Class I shares at NAV returned 3.15%. For the same period, the Portfolio’s broad-based benchmark, the Bloomberg U.S. Aggregate Bond Total Return Index, returned 1.25%.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s benchmark relative performance benefited from allocations to non-agency mortgage-backed securities and to the financial and industrials sectors.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Security selection in the financials and industrials sectors and in agency mortgage-backed securities contributed to the Portfolio’s benchmark relative performance.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s longer average U.S. duration position relative to the benchmark index of 0.49 years underperformed as yields moved higher during the fourth quarter of 2024. Yield curve positioning was a modest contributor to benchmark relative performance.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s out of benchmark index exposure to insurance-linked securities and TIPS (Treasury Inflation Protected Securities) contributed to benchmark relative performance.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">Portfolio<span style="white-space:nowrap"> </span>Performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The line graph below shows the change in value of a $10,000 investment made in Class I shares of the Portfolio at net asset value during the periods shown, compared to that of the Bloomberg U.S. Aggregate Bond Total Return Index. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>GROWTH OF $10,000</b> </div><div style="margin-bottom:20pt;page-break-before:avoid;"> <img alt="Fund Performance - Growth of 10K" src="g869300chartimages_9447663.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">10 Years</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net Asset Value Class I</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.15<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.97<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Bloomberg U.S. Aggregate Bond Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">-0.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.35<span>%</span></td> </tr> </table> Net Asset Value Class I 0.0315 0.0065 0.0197 Bloomberg U.S. Aggregate Bond Total Return Index 0.0125 -0.0033 0.0135 Call 1-800-225-6292 or visit <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;">KEY PORTFOLIO STATISTICS<br/> (as of December 31, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>129,371,517<span style="visibility:hidden;display:inline">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">774^{^^}</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>465,005</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">53<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;font-family:'arial';font-style:italic;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 10pt; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">^{^^}</div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 4pt; padding-right: 10pt; padding-bottom: 0; padding-left: 0; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Excluding short-term investments, TBA sale commitments and all derivative contracts except for options purchased.</div></td> </tr> </table> 129371517 774 465005 0.53 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;"> <b>PORTFOLIO DIVERSIFICATION</b> <br/> <b>(as of </b> <b>December 31, 2024</b> <b>)</b> <b> ^* </b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">U.S. Government and Agency Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">38.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">37.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Asset Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Collateralized Mortgage Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Affiliated Closed-End Fund<sup style="margin-right:-4pt">∞</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Foreign Government Bond</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Senior Secured Floating Rate Loan Interests</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.3<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Insurance-Linked Securities<sup style="margin-right:-4pt">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.0<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>As a percentage of total investments excluding short-term investments, TBA sale commitments and all derivative contracts except for options purchased.</i></div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^∞</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Amundi Asset Management US, Inc.</i></div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^†</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>Amount rounds to less than 0.1%.</i></div></td> </tr> </table> 0.380 0.370 0.096 0.075 0.044 0.028 0.004 0.003 0.000 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">Material Portfolio Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Portfolio’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi. On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Under the terms of the Transaction, subject to Portfolio shareholder approval, the Portfolio is expected to be reorganized into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital (the “Reorganization”). The Portfolio’s Board of Trustees has approved the Reorganization. The Reorganization is contingent upon the completion of certain conditions, including approval by the shareholders of the Portfolio. There is no assurance that the shareholders of the Portfolio will approve the proposal to reorganize the Portfolio.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 Pioneer Bond VCT Portfolio Class II This annual shareholder report contains important information about Pioneer Bond VCT Portfolio (“Portfolio”) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the Portfolio at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Portfolio that occurred during the reporting period. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Portfolio costs for the last year?⁺</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="white-space:nowrap">Class II</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>74</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.73<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; width: 3.5%; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">​⁺</div></td> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher.</div></td> </tr> </table> 74 0.0073 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">How did the Portfolio perform last year and what affected the Portfolio performance?</div> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">For the fiscal year ended December 31, 2024, the Portfolio’s<span style="white-space:nowrap"> </span>Class II shares at NAV returned 3.01%. For the same period, the Portfolio’s broad-based benchmark, the Bloomberg U.S. Aggregate Bond Total Return Index, returned 1.25%.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s benchmark relative performance benefited from allocations to non-agency mortgage-backed securities and to the financial and industrials sectors.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Security selection in the financials and industrials sectors and in agency mortgage-backed securities contributed to the Portfolio’s benchmark relative performance.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s longer average U.S. duration position relative to the benchmark index of 0.49 years underperformed as yields moved higher during the fourth quarter of 2024. Yield curve positioning was a modest contributor to benchmark relative performance.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s out of benchmark index exposure to insurance-linked securities and TIPS (Treasury Inflation Protected Securities) contributed to benchmark relative performance.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">Portfolio<span style="white-space:nowrap"> </span>Performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The line graph below shows the change in value of a $10,000 investment made in Class II shares of the Portfolio at net asset value during the periods shown, compared to that of the Bloomberg U.S. Aggregate Bond Total Return Index. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>GROWTH OF $10,000</b> </div><div style="margin-bottom:20pt;page-break-before:avoid;"> <img alt="Fund Performance - Growth of 10K" src="g869300chartimages_9447664.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">10 Years</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net Asset Value Class II</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.73<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Bloomberg U.S. Aggregate Bond Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">-0.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.35<span>%</span></td> </tr> </table> Net Asset Value Class II 0.0301 0.0043 0.0173 Bloomberg U.S. Aggregate Bond Total Return Index 0.0125 -0.0033 0.0135 Call 1-800-225-6292 or visit <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;">KEY PORTFOLIO STATISTICS<br/> (as of December 31, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>129,371,517<span style="visibility:hidden;display:inline">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">774^{^^}</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>465,005</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">53<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;font-family:'arial';font-style:italic;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 10pt; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">^{^^}</div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 4pt; padding-right: 10pt; padding-bottom: 0; padding-left: 0; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Excluding short-term investments, TBA sale commitments and all derivative contracts except for options purchased.</div></td> </tr> </table> 129371517 774 465005 0.53 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;"> <b>PORTFOLIO DIVERSIFICATION</b> <br/> <b>(as of </b> <b>December 31, 2024</b> <b>)</b> <b> ^* </b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">U.S. Government and Agency Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">38.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">37.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Asset Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Collateralized Mortgage Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Affiliated Closed-End Fund<sup style="margin-right:-4pt">∞</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Foreign Government Bond</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Senior Secured Floating Rate Loan Interests</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.3<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Insurance-Linked Securities<sup style="margin-right:-4pt">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.0<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>As a percentage of total investments excluding short-term investments, TBA sale commitments and all derivative contracts except for options purchased.</i></div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^∞</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Amundi Asset Management US, Inc.</i></div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^†</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>Amount rounds to less than 0.1%.</i></div></td> </tr> </table> 0.380 0.370 0.096 0.075 0.044 0.028 0.004 0.003 0.000 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">Material Portfolio Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Portfolio’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi. On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Under the terms of the Transaction, subject to Portfolio shareholder approval, the Portfolio is expected to be reorganized into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital (the “Reorganization”). The Portfolio’s Board of Trustees has approved the Reorganization. The Reorganization is contingent upon the completion of certain conditions, including approval by the shareholders of the Portfolio. There is no assurance that the shareholders of the Portfolio will approve the proposal to reorganize the Portfolio.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 Pioneer Select Mid Cap Growth VCT Portfolio Class I This annual shareholder report contains important information about Pioneer Select Mid Cap Growth VCT Portfolio (“Portfolio”) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the Portfolio at https://www.amundi.com/usinvestors/Resources/Shareholder-Reports. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Portfolio that occurred during the reporting period. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Portfolio costs for the last year?⁺</div><div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Class I</span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>96</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.86<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; color: #000000; text-align: left; width: 3.5%; font-size: 9pt; padding: 0 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">​⁺</div> </td> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: #000000; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher.</div> </td> </tr> </table> 96 0.0086 <div style="margin-bottom: 14pt;"> <div style="break-inside: avoid;"> <div style="font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">How did the Portfolio perform last year and what affected the Portfolio performance?</div> </div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">For the fiscal year ended December 31, 2024, the Portfolio’s<span style="white-space: nowrap;"> </span>Class I shares at NAV returned 23.93%. For the same period, the Portfolio’s broad-based benchmark, the S&amp;P 500 Total Return Index, returned 25.02%. The performance benchmark, the Russell Midcap Growth Total Return Index, returned 22.10% over the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Portfolio’s security selection in both the health care and materials sectors were the largest contributors to relative results versus the performance benchmark during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Security selection in the information technology and consumer discretionary sectors detracted from benchmark relative results during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">With respect to sector allocation, the Portfolio’s underweight exposure to the poorly performing consumer staples sector contributed to relative results versus the performance benchmark during the period, but was countered by its underweight to the outperforming financials sector.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Portfolio<span style="white-space: nowrap;"> </span>Performance</div><div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The line graph below shows the change in value of a $10,000 investment made in Class I shares of the Portfolio at net asset value during the periods shown, compared to that of the Russell Midcap Growth Total Return Index.</div><div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;"><b>GROWTH OF $10,000</b></div><div style="margin-bottom: 20pt; page-break-before: avoid;"> <img alt="Fund Performance - Growth of 10K" src="g869300chartimages_9447673.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Net Asset Value Class I</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">23.93<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">8.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.04<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.10<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Russell Midcap Growth Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.47<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">11.54<span>%</span></td> </tr> </table> Net Asset Value Class I 0.2393 0.0882 0.1004 S&P 500 Total Return Index 0.2502 0.1453 0.1310 Russell Midcap Growth Total Return Index 0.2210 0.1147 0.1154 Call 1-800-225-6292 or visit <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;">KEY PORTFOLIO STATISTICS<br/>(as of December 31, 2024)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>95,253,558<span style="visibility: hidden; display: inline;">%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">79^{^^}</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>698,991</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">53<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; font-family: 'arial'; font-style: italic; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; vertical-align: top; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt; padding: 4pt 3pt 0 10pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">^{^^}</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 7.5pt; vertical-align: top; text-align: left; padding: 4pt 10pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div> </td> </tr> </table> 95253558 79 698991 0.53 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;"><b>SECTOR DISTRIBUTION</b> <br/><b>(as of </b> <b>December 31, 2024</b> <b>)^*</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">31.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">17.4<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.8<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Basic Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.2<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1.0<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 4pt 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;">​^*</div> </td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 4pt 0 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;"><i>As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.</i></div> </td> </tr> </table> 0.317 0.174 0.147 0.128 0.103 0.050 0.037 0.022 0.012 0.010 <div style="font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Material Portfolio Changes</div><div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Portfolio’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi. On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.</div><div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Under the terms of the Transaction, subject to Portfolio shareholder approval, the Portfolio is expected to be reorganized into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital (the “Reorganization”). The Portfolio’s Board of Trustees has approved the Reorganization. The Reorganization is contingent upon the completion of certain conditions, including approval by the shareholders of the Portfolio. There is no assurance that the shareholders of the Portfolio will approve the proposal to reorganize the Portfolio.</div><div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 Pioneer Mid Cap Value VCT Portfolio Class I This annual shareholder report contains important information about Pioneer Mid Cap Value VCT Portfolio (“Portfolio”) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the Portfolio at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Portfolio that occurred during the reporting period. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Portfolio costs for the last year?⁺</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="white-space:nowrap">Class I</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>80</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.76<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; width: 3.5%; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">​⁺</div></td> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher.</div></td> </tr> </table> 80 0.0076 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">How did the Portfolio perform last year and what affected the Portfolio performance?</div> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">For the fiscal year ended December 31, 2024, the Portfolio’s<span style="white-space:nowrap"> </span>Class I shares at NAV returned 10.94%. For the same period, the Portfolio’s broad-based benchmark, the Standard &amp; Poor’s 500 Total Return Index, returned 25.02%. The performance benchmark, the Russell Midcap Value Total Return Index, returned 13.07% over the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Security selection in the energy and materials sectors detracted from benchmark relative results during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">With respect to sector allocation, the Portfolio’s overweight exposure to the financials sector contributed to relative results versus the performance benchmark during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s security selection in both the consumer discretionary and communication services sectors were the largest contributors to relative results versus the performance benchmark during the period.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">Portfolio<span style="white-space:nowrap"> </span>Performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The line graph below shows the change in value of a $10,000 investment made in Class I shares of the Portfolio at net asset value during the periods shown, compared to that of the Standard &amp; Poor’s 500 Total Return Index and the Russell Midcap Value Total Return Index. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>GROWTH OF $10,000</b> </div><div style="margin-bottom:20pt;page-break-before:avoid;"> <img alt="Fund Performance - Growth of 10K" src="g869300chartimages_9447671.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">10 Years</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net Asset Value Class I</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.29<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.18<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Standard &amp; Poor’s 500 Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.10<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Russell Midcap Value Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.10<span>%</span></td> </tr> </table> Net Asset Value Class I 0.1094 0.0929 0.0718 Standard & Poor’s 500 Total Return Index 0.2502 0.1453 0.1310 Russell Midcap Value Total Return Index 0.1307 0.0859 0.0810 Call 1-800-225-6292 or visit <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;">KEY PORTFOLIO STATISTICS<br/> (as of December 31, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>107,081,980<span style="visibility:hidden;display:inline">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">66^{^^}</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>711,629</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">32<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;font-family:'arial';font-style:italic;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 10pt; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">^{^^}</div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 4pt; padding-right: 10pt; padding-bottom: 0; padding-left: 0; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div></td> </tr> </table> 107081980 66 711629 0.32 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;"> <b>SECTOR DISTRIBUTION</b> <br/> <b>(as of </b> <b>December 31, 2024</b> <b>)^*</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">25.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">12.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Basic Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.3<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.3<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.</i></div></td> </tr> </table> 0.250 0.128 0.094 0.085 0.077 0.076 0.071 0.071 0.062 0.053 0.033 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">Material Portfolio Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Portfolio’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi. On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Under the terms of the Transaction, subject to Portfolio shareholder approval, the Portfolio is expected to be reorganized into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital (the “Reorganization”). The Portfolio’s Board of Trustees has approved the Reorganization. The Reorganization is contingent upon the completion of certain conditions, including approval by the shareholders of the Portfolio. There is no assurance that the shareholders of the Portfolio will approve the proposal to reorganize the Portfolio.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 Pioneer Mid Cap Value VCT Portfolio Class II This annual shareholder report contains important information about Pioneer Mid Cap Value VCT Portfolio (“Portfolio”) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the Portfolio at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Portfolio that occurred during the reporting period. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Portfolio costs for the last year?⁺</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="white-space:nowrap">Class II</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>106</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">1.01<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; width: 3.5%; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">​⁺</div></td> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher.</div></td> </tr> </table> 106 0.0101 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">How did the Portfolio perform last year and what affected the Portfolio performance?</div> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">For the fiscal year ended December 31, 2024, the Portfolio’s<span style="white-space:nowrap"> </span>Class II shares at NAV returned 10.64%. For the same period, the Portfolio’s broad-based benchmark, the Standard &amp; Poor’s 500 Total Return Index, returned 25.02%. The performance benchmark, the Russell Midcap Value Total Return Index, returned 13.07% over the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Security selection in the energy and materials sectors detracted from benchmark relative results during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">With respect to sector allocation, the Portfolio’s overweight exposure to the financials sector contributed to relative results versus the performance benchmark during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s security selection in both the consumer discretionary and communication services sectors were the largest contributors to relative results versus the performance benchmark during the period.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">Portfolio<span style="white-space:nowrap"> </span>Performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The line graph below shows the change in value of a $10,000 investment made in Class II shares of the Portfolio at net asset value during the periods shown, compared to that of the Standard &amp; Poor’s 500 Total Return Index and the Russell Midcap Value Total Return Index. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>GROWTH OF $10,000</b> </div><div style="margin-bottom:20pt;page-break-before:avoid;"> <img alt="Fund Performance - Growth of 10K" src="g869300chartimages_9447672.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">10 Years</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net Asset Value Class II</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.91<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Standard &amp; Poor’s 500 Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.10<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Russell Midcap Value Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.07<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.59<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.10<span>%</span></td> </tr> </table> Net Asset Value Class II 0.1064 0.0902 0.0691 Standard & Poor’s 500 Total Return Index 0.2502 0.1453 0.1310 Russell Midcap Value Total Return Index 0.1307 0.0859 0.0810 Call 1-800-225-6292 or visit <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;">KEY PORTFOLIO STATISTICS<br/> (as of December 31, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>107,081,980<span style="visibility:hidden;display:inline">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">66^{^^}</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>711,629</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">32<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;font-family:'arial';font-style:italic;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 10pt; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">^{^^}</div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 4pt; padding-right: 10pt; padding-bottom: 0; padding-left: 0; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div></td> </tr> </table> 107081980 66 711629 0.32 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;"> <b>SECTOR DISTRIBUTION</b> <br/> <b>(as of </b> <b>December 31, 2024</b> <b>)^*</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">25.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">12.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Basic Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.3<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.3<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.</i></div></td> </tr> </table> 0.250 0.128 0.094 0.085 0.077 0.076 0.071 0.071 0.062 0.053 0.033 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">Material Portfolio Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Portfolio’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi. On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Under the terms of the Transaction, subject to Portfolio shareholder approval, the Portfolio is expected to be reorganized into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital (the “Reorganization”). The Portfolio’s Board of Trustees has approved the Reorganization. The Reorganization is contingent upon the completion of certain conditions, including approval by the shareholders of the Portfolio. There is no assurance that the shareholders of the Portfolio will approve the proposal to reorganize the Portfolio.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 Pioneer Equity Income VCT Portfolio Class I This annual shareholder report contains important information about Pioneer Equity Income VCT Portfolio (“Portfolio”) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the Portfolio at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Portfolio that occurred during the reporting period. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Portfolio costs for the last year?⁺</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="white-space:nowrap">Class I</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>83</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.79<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; width: 3.5%; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">​⁺</div></td> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher.</div></td> </tr> </table> 83 0.0079 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">How did the Portfolio perform last year and what affected the Portfolio performance?</div> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">For the fiscal year ended December 31, 2024, the Portfolio’s<span style="white-space:nowrap"> </span>Class I shares at NAV returned 11.26%. For the same period, the Portfolio’s broad-based benchmark, the Standard &amp; Poor’s 500 Total Return Index, returned 25.02%. The performance benchmark, the Russell 1000 Value Total Return Index, returned 14.37% over the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Security selection in the consumer staples and industrials sectors detracted from benchmark relative results during the period ended.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s overweight exposure to the energy sector also detracted from relative results versus the performance benchmark during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s security selection in both the health care and consumer discretionary sectors were the largest contributors to relative results versus the performance benchmark during the period.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">Portfolio<span style="white-space:nowrap"> </span>Performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The line graph below shows the change in value of a $10,000 investment made in Class I shares of the Portfolio at net asset value during the periods shown, compared to that of the Standard &amp; Poor’s 500 Total Return Index and the Russell 1000 Value Total Return Index. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>GROWTH OF $10,000</b> </div><div style="margin-bottom:20pt;page-break-before:avoid;"> <img alt="Fund Performance - Growth of 10K" src="g869300chartimages_9447665.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">10 Years</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net Asset Value Class I</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">11.26<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.26<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Standard &amp; Poor’s 500 Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.10<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Russell 1000 Value Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.49<span>%</span></td> </tr> </table> Net Asset Value Class I 0.1126 0.0674 0.0826 Standard & Poor’s 500 Total Return Index 0.2502 0.1453 0.1310 Russell 1000 Value Total Return Index 0.1437 0.0868 0.0849 Call 1-800-225-6292 or visit <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;">KEY PORTFOLIO STATISTICS<br/> (as of December 31, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>77,858,125<span style="visibility:hidden;display:inline">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">54^{^^}</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>518,641</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">68<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;font-family:'arial';font-style:italic;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 10pt; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">^{^^}</div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 4pt; padding-right: 10pt; padding-bottom: 0; padding-left: 0; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div></td> </tr> </table> 77858125 54 518641 0.68 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;"> <b>SECTOR DISTRIBUTION</b> <br/> <b>(as of </b> <b>December 31, 2024</b> <b>)^*</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">28.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">12.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.3<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Basic Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.1<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.</i></div></td> </tr> </table> 0.285 0.127 0.108 0.100 0.088 0.077 0.070 0.061 0.040 0.023 0.021 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">Material Portfolio Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Portfolio’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi. On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Under the terms of the Transaction, subject to Portfolio shareholder approval, the Portfolio is expected to be reorganized into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital (the “Reorganization”). The Portfolio’s Board of Trustees has approved the Reorganization. The Reorganization is contingent upon the completion of certain conditions, including approval by the shareholders of the Portfolio. There is no assurance that the shareholders of the Portfolio will approve the proposal to reorganize the Portfolio.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 Pioneer Equity Income VCT Portfolio Class II This annual shareholder report contains important information about Pioneer Equity Income VCT Portfolio (“Portfolio”) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the Portfolio at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Portfolio that occurred during the reporting period. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Portfolio costs for the last year?⁺</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="white-space:nowrap">Class II</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>110</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">1.04<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; width: 3.5%; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">​⁺</div></td> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher.</div></td> </tr> </table> 110 0.0104 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">How did the Portfolio perform last year and what affected the Portfolio performance?</div> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">For the fiscal year ended December 31, 2024, the Portfolio’s<span style="white-space:nowrap"> </span>Class II shares at NAV returned 10.97%. For the same period, the Portfolio’s broad-based benchmark, the Standard &amp; Poor’s 500 Total Return Index, returned 25.02%. The performance benchmark, the Russell 1000 Value Total Return Index, returned 14.37% over the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Security selection in the consumer staples and industrials sectors detracted from benchmark relative results during the period ended.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s overweight exposure to the energy sector also detracted from relative results versus the performance benchmark during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s security selection in both the health care and consumer discretionary sectors were the largest contributors to relative results versus the performance benchmark during the period.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">Portfolio<span style="white-space:nowrap"> </span>Performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The line graph below shows the change in value of a $10,000 investment made in Class II shares of the Portfolio at net asset value during the periods shown, compared to that of the Standard &amp; Poor’s 500 Total Return Index and the Russell 1000 Value Total Return Index. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>GROWTH OF $10,000</b> </div><div style="margin-bottom:20pt;page-break-before:avoid;"> <img alt="Fund Performance - Growth of 10K" src="g869300chartimages_9447666.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">10 Years</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net Asset Value Class II</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.97<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.99<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Standard &amp; Poor’s 500 Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.10<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Russell 1000 Value Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.37<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.49<span>%</span></td> </tr> </table> Net Asset Value Class II 0.1097 0.0648 0.0799 Standard & Poor’s 500 Total Return Index 0.2502 0.1453 0.1310 Russell 1000 Value Total Return Index 0.1437 0.0868 0.0849 Call 1-800-225-6292 or visit <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;">KEY PORTFOLIO STATISTICS<br/> (as of December 31, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>77,858,125<span style="visibility:hidden;display:inline">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">54^{^^}</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>518,641</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">68<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;font-family:'arial';font-style:italic;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 10pt; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">^{^^}</div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 4pt; padding-right: 10pt; padding-bottom: 0; padding-left: 0; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div></td> </tr> </table> 77858125 54 518641 0.68 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;"> <b>SECTOR DISTRIBUTION</b> <br/> <b>(as of </b> <b>December 31, 2024</b> <b>)^*</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">28.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">12.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.3<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Basic Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.1<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.</i></div></td> </tr> </table> 0.285 0.127 0.108 0.100 0.088 0.077 0.070 0.061 0.040 0.023 0.021 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">Material Portfolio Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Portfolio’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi. On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Under the terms of the Transaction, subject to Portfolio shareholder approval, the Portfolio is expected to be reorganized into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital (the “Reorganization”). The Portfolio’s Board of Trustees has approved the Reorganization. The Reorganization is contingent upon the completion of certain conditions, including approval by the shareholders of the Portfolio. There is no assurance that the shareholders of the Portfolio will approve the proposal to reorganize the Portfolio.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 Pioneer Fund VCT Portfolio Class I This annual shareholder report contains important information about Pioneer Fund VCT Portfolio (“Portfolio”) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the Portfolio at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Portfolio that occurred during the reporting period. <div style="break-inside:avoid;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Portfolio costs for the last year?⁺</div> <div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="white-space:nowrap">Class I</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>83</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.75<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; width: 3.5%; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">​⁺</div></td> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher.</div></td> </tr> </table> 83 0.0075 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">How did the Portfolio perform last year and what affected the Portfolio performance?</div> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">For the fiscal year ended December 31, 2024, the Portfolio’s<span style="white-space:nowrap"> </span>Class I shares at NAV returned 22.65%. For the same period, the Portfolio’s broad-based benchmark, the S&amp;P 500 Total Return Index, returned 25.02%.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Sector allocation decisions accounted for the Portfolio’s benchmark relative underperformance; specifically, an overweight to the materials sector, accounted for the majority of the underperformance. In addition, the Portfolio’s stock selection in the health care sector hurt benchmark relative returns.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Security selection decisions in the information technology and consumer staples sectors added the most to benchmark relative returns.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">Portfolio<span style="white-space:nowrap"> </span>Performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The line graph below shows the change in value of a $10,000 investment made in Class I shares of the Portfolio at net asset value during the periods shown, compared to that of the Standard &amp; Poor’s 500 Total Return Index (the S&amp;P 500). </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>GROWTH OF $10,000</b> </div><div style="margin-bottom:20pt;page-break-before:avoid;"> <img alt="Fund Performance - Growth of 10K" src="g869300chartimages_9447667.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">10 Years</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net Asset Value Class I</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">22.65<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">15.16<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.34<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">S&amp;P 500 Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.10<span>%</span></td> </tr> </table> Net Asset Value Class I 0.2265 0.1516 0.1334 S&P 500 Total Return Index 0.2502 0.1453 0.1310 Call 1-800-225-6292 or visit <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;">KEY PORTFOLIO STATISTICS<br/> (as of December 31, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>155,584,689<span style="visibility:hidden;display:inline">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">44^{^^}</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>965,221</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">65<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;font-family:'arial';font-style:italic;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 10pt; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">^{^^}</div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 4pt; padding-right: 10pt; padding-bottom: 0; padding-left: 0; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div></td> </tr> </table> 155584689 44 965221 0.65 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;"> <b>SECTOR DISTRIBUTION</b> <br/> <b>(as of </b> <b>December 31, 2024</b> <b>)^*</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">32.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">17.9<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">11.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Basic Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.5<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.1<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.</i></div></td> </tr> </table> 0.322 0.179 0.111 0.106 0.092 0.090 0.054 0.025 0.021 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">Material Portfolio Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Portfolio’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi. On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Under the terms of the Transaction, subject to Portfolio shareholder approval, the Portfolio is expected to be reorganized into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital (the “Reorganization”). The Portfolio’s Board of Trustees has approved the Reorganization. The Reorganization is contingent upon the completion of certain conditions, including approval by the shareholders of the Portfolio. There is no assurance that the shareholders of the Portfolio will approve the proposal to reorganize the Portfolio.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 Pioneer Fund VCT Portfolio Class II This annual shareholder report contains important information about Pioneer Fund VCT Portfolio (“Portfolio”) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the Portfolio at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Portfolio that occurred during the reporting period. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Portfolio costs for the last year?⁺</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="white-space:nowrap">Class II</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>111</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">1.00<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; width: 3.5%; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">​⁺</div></td> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher.</div></td> </tr> </table> 111 0.0100 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">How did the Portfolio perform last year and what affected the Portfolio performance?</div> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">For the fiscal year ended December 31, 2024, the Portfolio’s<span style="white-space:nowrap"> </span>Class II shares at NAV returned 22.31%. For the same period, the Portfolio’s broad-based benchmark, the S&amp;P 500 Total Return Index, returned 25.02%.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Sector allocation decisions accounted for the Portfolio’s benchmark relative underperformance; specifically, an overweight to the materials sector, accounted for the majority of the underperformance. In addition, the Portfolio’s stock selection in the health care sector hurt benchmark relative returns.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Security selection decisions in the information technology and consumer staples sectors added the most to benchmark relative returns.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">Portfolio<span style="white-space:nowrap"> </span>Performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The line graph below shows the change in value of a $10,000 investment made in Class II shares of the Portfolio at net asset value during the periods shown, compared to that of the Standard &amp; Poor’s 500 Total Return Index (the S&amp;P 500). </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>GROWTH OF $10,000</b> </div><div style="margin-bottom:20pt;page-break-before:avoid;"> <img alt="Fund Performance - Growth of 10K" src="g869300chartimages_9447668.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">10 Years</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net Asset Value Class II</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">22.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.05<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">S&amp;P 500 Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.10<span>%</span></td> </tr> </table> Net Asset Value Class II 0.2231 0.1486 0.1305 S&P 500 Total Return Index 0.2502 0.1453 0.1310 Call 1-800-225-6292 or visit <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;">KEY PORTFOLIO STATISTICS<br/> (as of December 31, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>155,584,689<span style="visibility:hidden;display:inline">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">44^{^^}</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>965,221</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">65<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;font-family:'arial';font-style:italic;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 10pt; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">^{^^}</div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 4pt; padding-right: 10pt; padding-bottom: 0; padding-left: 0; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div></td> </tr> </table> 155584689 44 965221 0.65 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;"> <b>SECTOR DISTRIBUTION</b> <br/> <b>(as of </b> <b>December 31, 2024</b> <b>)^*</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">32.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">17.9<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">11.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Basic Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.5<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.1<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.</i></div></td> </tr> </table> 0.322 0.179 0.111 0.106 0.092 0.090 0.054 0.025 0.021 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">Material Portfolio Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Portfolio’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi. On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Under the terms of the Transaction, subject to Portfolio shareholder approval, the Portfolio is expected to be reorganized into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital (the “Reorganization”). The Portfolio’s Board of Trustees has approved the Reorganization. The Reorganization is contingent upon the completion of certain conditions, including approval by the shareholders of the Portfolio. There is no assurance that the shareholders of the Portfolio will approve the proposal to reorganize the Portfolio.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 Pioneer High Yield VCT Portfolio Class I This annual shareholder report contains important information about Pioneer High Yield VCT Portfolio (“Portfolio”) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the Portfolio at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Portfolio that occurred during the reporting period. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Portfolio costs for the last year?⁺</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="white-space:nowrap">Class I</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>94</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.90<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; width: 3.5%; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">​⁺</div></td> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher.</div></td> </tr> </table> 94 0.0090 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">How did the Portfolio perform last year and what affected the Portfolio performance?</div> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">For the fiscal year ended December 31, 2024, the Portfolio’s<span style="white-space:nowrap"> </span>Class I shares at NAV returned 8.71%. For the same period, the Portfolio’s broad-based benchmark, the Bloomberg U.S. Aggregate Bond Total Return Index, returned 1.25%. The performance benchmark, the ICE Bank of America (BofA) U.S. High Yield Total Return Index, returned 8.20% over the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Individual security selection was the primary contributor to the Portfolio’s return relative to the performance benchmark. Sector allocation was a secondary contributor to the Portfolio’s return relative to the performance benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Individual security selection was most positive within basic industry, transportation and real estate. Exposures within basic industry, specifically within metals &amp; mining and steel producers &amp; products were positive contributors during the period. Within transportation, select securities within transportation infrastructure &amp; services and trucking &amp; delivery were beneficial to performance.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Individual security selection was a detractor within the retail, automotive and healthcare sectors. Within retail, the Portfolio’s exposure to specialty retail was a detractor to performance relative to the performance benchmark. Within automotive, exposures within the auto manufacturer subsector detracted from relative performance, while health services and pharmaceuticals were detractors within healthcare.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s returns relative to the performance benchmark benefited from allocations to telecommunications (underweight), retail (underweight) and transportation (overweight) during the one-year period. Out-of-benchmark allocations to catastrophe bonds and bank loans were also contributors to relative returns during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Allocations to energy (overweight), basic industry (overweight), cash and out-of-benchmark positioning to CDX were detractors to relative performance during the one-year period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Security selection within the single B (B) and double B (BB) rated tiers contributed positively. The Portfolio is generally positioned to be underweight the more interest rate sensitive BB rated tier in favor of B rated bonds.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">Portfolio<span style="white-space:nowrap"> </span>Performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The line graph below shows the change in value of a $10,000 investment made in Class I shares of the Portfolio at net asset value during the periods shown, compared to that of the Bloomberg U.S. Aggregate Bond Total Return Index, ICE BofA U.S. High Yield Total Return Index and the ICE BofA U.S. All-Convertibles Speculative Quality Total Return Index. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>GROWTH OF $10,000</b> </div><div style="margin-bottom:20pt;page-break-before:avoid;"> <img alt="Fund Performance - Growth of 10K" src="g869300chartimages_9447669.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">10 Years</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net Asset Value Class I</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.71<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.25<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Bloomberg U.S. Aggregate Bond Total Return Index^≈</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">-0.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.35<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">ICE BofA U.S. High Yield Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.08<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">ICE BofA U.S. All-Convertibles Speculative Quality Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">17.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">12.44<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;font-family:'arial';font-style:italic;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">^≈</div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The Portfolio has designated the Bloomberg U.S. Aggregate Bond Total Return Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index.</div></td> </tr> </table> Net Asset Value Class I 0.0871 0.0309 0.0425 Bloomberg U.S. Aggregate Bond Total Return Index 0.0125 -0.0033 0.0135 ICE BofA U.S. High Yield Total Return Index 0.0820 0.0404 0.0508 ICE BofA U.S. All-Convertibles Speculative Quality Total Return Index 0.1010 0.1723 0.1244 Call 1-800-225-6292 or visit <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;">KEY PORTFOLIO STATISTICS<br/> (as of December 31, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>29,027,793<span style="visibility:hidden;display:inline">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">218^{^^}</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>137,786</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">53<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;font-family:'arial';font-style:italic;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 10pt; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">^{^^}</div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 4pt; padding-right: 10pt; padding-bottom: 0; padding-left: 0; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div></td> </tr> </table> 29027793 218 137786 0.53 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;"> <b>PORTFOLIO DIVERSIFICATION</b> <br/> <b>(as of </b> <b>December 31, 2024</b> <b>)</b> <b> ^* </b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">93.9<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Affiliated Closed-End Fund<sup style="margin-right:-4pt">∞</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Convertible Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Senior Secured Floating Rate Loan Interests</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Rights/Warrants<sup style="margin-right:-4pt">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.0<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Insurance-Linked Securities<sup style="margin-right:-4pt">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.0<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.</i></div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^∞</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Amundi Asset Management US, Inc.</i></div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^†</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>Amount rounds to less than 0.1%.</i></div></td> </tr> </table> 0.939 0.027 0.016 0.013 0.005 0.000 0.000 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">Material Portfolio Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Portfolio’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi. On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Under the terms of the Transaction, subject to Portfolio shareholder approval, the Portfolio is expected to be reorganized into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital (the “Reorganization”). The Portfolio’s Board of Trustees has approved the Reorganization. The Reorganization is contingent upon the completion of certain conditions, including approval by the shareholders of the Portfolio. There is no assurance that the shareholders of the Portfolio will approve the proposal to reorganize the Portfolio.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 Pioneer High Yield VCT Portfolio Class II This annual shareholder report contains important information about Pioneer High Yield VCT Portfolio (“Portfolio”) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the Portfolio at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Portfolio that occurred during the reporting period. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Portfolio costs for the last year?⁺</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="white-space:nowrap">Class II</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>120</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">1.15<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; width: 3.5%; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">​⁺</div></td> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher.</div></td> </tr> </table> 120 0.0115 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">How did the Portfolio perform last year and what affected the Portfolio performance?</div> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">For the fiscal year ended December 31, 2024, the Portfolio’s<span style="white-space:nowrap"> </span>Class II shares at NAV returned 8.48%. For the same period, the Portfolio’s broad-based benchmark, the Bloomberg U.S. Aggregate Bond Total Return Index, returned 1.25%. The performance benchmark, the ICE Bank of America (BofA) U.S. High Yield Total Return Index, returned 8.20% over the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Individual security selection was the primary contributor to the Portfolio’s return relative to the performance benchmark. Sector allocation was a secondary contributor to the Portfolio’s return relative to the performance benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Individual security selection was most positive within basic industry, transportation and real estate. Exposures within basic industry, specifically within metals &amp; mining and steel producers &amp; products were positive contributors during the period. Within transportation, select securities within transportation infrastructure &amp; services and trucking &amp; delivery were beneficial to performance.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Individual security selection was a detractor within the retail, automotive and healthcare sectors. Within retail, the Portfolio’s exposure to specialty retail was a detractor to performance relative to the performance benchmark. Within automotive, exposures within the auto manufacturer subsector detracted from relative performance, while health services and pharmaceuticals were detractors within healthcare.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s returns relative to the performance benchmark benefited from allocations to telecommunications (underweight), retail (underweight) and transportation (overweight) during the one-year period. Out-of-benchmark allocations to catastrophe bonds and bank loans were also contributors to relative returns during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Allocations to energy (overweight), basic industry (overweight), cash and out-of-benchmark positioning to CDX were detractors to relative performance during the one-year period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Security selection within the single B (B) and double B (BB) rated tiers contributed positively. The Portfolio is generally positioned to be underweight the more interest rate sensitive BB rated tier in favor of B rated bonds.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">Portfolio<span style="white-space:nowrap"> </span>Performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The line graph below shows the change in value of a $10,000 investment made in Class II shares of the Portfolio at net asset value during the periods shown, compared to that of the Bloomberg U.S. Aggregate Bond Total Return Index, ICE BofA U.S. High Yield Total Return Index and the ICE BofA U.S. All-Convertibles Speculative Quality Total Return Index. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>GROWTH OF $10,000</b> </div><div style="margin-bottom:20pt;page-break-before:avoid;"> <img alt="Fund Performance - Growth of 10K" src="g869300chartimages_9447670.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">10 Years</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net Asset Value Class II</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.78<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.91<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Bloomberg U.S. Aggregate Bond Total Return Index^≈</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">-0.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.35<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">ICE BofA U.S. High Yield Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.20<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.08<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">ICE BofA U.S. All-Convertibles Speculative Quality Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.10<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">17.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">12.44<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;font-family:'arial';font-style:italic;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">^≈</div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The Portfolio has designated the Bloomberg U.S. Aggregate Bond Total Return Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index.</div></td> </tr> </table> Net Asset Value Class II 0.0848 0.0278 0.0391 Bloomberg U.S. Aggregate Bond Total Return Index 0.0125 -0.0033 0.0135 ICE BofA U.S. High Yield Total Return Index 0.0820 0.0404 0.0508 ICE BofA U.S. All-Convertibles Speculative Quality Total Return Index 0.1010 0.1723 0.1244 Call 1-800-225-6292 or visit <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;">KEY PORTFOLIO STATISTICS<br/> (as of December 31, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>29,027,793<span style="visibility:hidden;display:inline">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">218^{^^}</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>137,786</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">53<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;font-family:'arial';font-style:italic;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 10pt; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">^{^^}</div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 4pt; padding-right: 10pt; padding-bottom: 0; padding-left: 0; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div></td> </tr> </table> 29027793 218 137786 0.53 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;"> <b>PORTFOLIO DIVERSIFICATION</b> <br/> <b>(as of </b> <b>December 31, 2024</b> <b>)</b> <b> ^* </b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">93.9<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Affiliated Closed-End Fund<sup style="margin-right:-4pt">∞</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Convertible Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Senior Secured Floating Rate Loan Interests</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Rights/Warrants<sup style="margin-right:-4pt">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.0<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Insurance-Linked Securities<sup style="margin-right:-4pt">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.0<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.</i></div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^∞</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Amundi Asset Management US, Inc.</i></div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^†</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>Amount rounds to less than 0.1%.</i></div></td> </tr> </table> 0.939 0.027 0.016 0.013 0.005 0.000 0.000 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">Material Portfolio Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Portfolio’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi. On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Under the terms of the Transaction, subject to Portfolio shareholder approval, the Portfolio is expected to be reorganized into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital (the “Reorganization”). The Portfolio’s Board of Trustees has approved the Reorganization. The Reorganization is contingent upon the completion of certain conditions, including approval by the shareholders of the Portfolio. There is no assurance that the shareholders of the Portfolio will approve the proposal to reorganize the Portfolio.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 Pioneer Strategic Income VCT Portfolio Class I This annual shareholder report contains important information about Pioneer Strategic Income VCT Portfolio (“Portfolio”) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the Portfolio at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Portfolio that occurred during the reporting period. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Portfolio costs for the last year?⁺</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="white-space:nowrap">Class I</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>77</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.75<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; width: 3.5%; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">​⁺</div></td> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher.</div></td> </tr> </table> 77 0.0075 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">How did the Portfolio perform last year and what affected the Portfolio performance?</div> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">For the fiscal year ended December 31, 2024, the Portfolio’s<span style="white-space:nowrap"> </span>Class I shares at NAV returned 4.13%. For the same period, the Portfolio’s broad-based benchmark, the Bloomberg U.S. Universal Total Return Index, returned 2.04%.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s benchmark relative performance benefited from allocations to non-agency mortgage-backed securities and to the financial and industrials sectors.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Security selection in the financials and industrials sectors and in agency mortgage-backed securities contributed to the Portfolio’s benchmark relative performance.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s longer average U.S. duration position relative to the benchmark index of 0.44 years underperformed as yields moved higher during the fourth quarter of 2024. Yield curve positioning was a modest contributor to benchmark relative performance.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s out of benchmark index exposure to insurance-linked securities contributed to benchmark relative performance, while the allocation to non-US dollar securities detracted from benchmark relative performance.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">Portfolio<span style="white-space:nowrap"> </span>Performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The line graph below shows the change in value of a $10,000 investment made in Class I shares of the Portfolio at net asset value during the periods shown, compared to that of the Bloomberg U.S. Universal Total Return Index. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>GROWTH OF $10,000</b> </div><div style="margin-bottom:20pt;page-break-before:avoid;"> <img alt="Fund Performance - Growth of 10K" src="g869300chartimages_9447674.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">10 Years</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net Asset Value Class I</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">4.13<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.68<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Bloomberg U.S. Universal Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.73<span>%</span></td> </tr> </table> Net Asset Value Class I 0.0413 0.0158 0.0268 Bloomberg U.S. Universal Total Return Index 0.0204 0.0006 0.0173 Call 1-800-225-6292 or visit <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;">KEY PORTFOLIO STATISTICS<br/> (as of December 31, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>29,981,230<span style="visibility:hidden;display:inline">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">445^{^^}</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>99,449</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">57<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;font-family:'arial';font-style:italic;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 10pt; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">^{^^}</div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 4pt; padding-right: 10pt; padding-bottom: 0; padding-left: 0; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Excluding short-term investments, TBA sale commitments and all derivative contracts except for options purchased.</div></td> </tr> </table> 29981230 445 99449 0.57 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;"> <b>PORTFOLIO DIVERSIFICATION</b> <br/> <b>(as of </b> <b>December 31, 2024</b> <b>)</b> <b> ^* </b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">43.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">U.S. Government and Agency Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">29.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Collateralized Mortgage Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Affiliated Closed-End Fund<sup style="margin-right:-4pt">∞</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Asset Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Foreign Government Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Senior Secured Floating Rate Loan Interests</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Convertible Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Insurance-Linked Securities<sup style="margin-right:-4pt">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.0<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Over The Counter (OTC) Currency Put Option Purchased<sup style="margin-right:-4pt">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.0<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>As a percentage of total investments excluding short-term investments, TBA sale commitments and all derivative contracts except for options purchased.</i></div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^∞</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Amundi Asset Management US, Inc.</i></div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^†</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>Amount rounds to less than 0.1%.</i></div></td> </tr> </table> 0.438 0.297 0.103 0.051 0.037 0.033 0.028 0.008 0.004 0.001 0.000 0.000 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">Material Portfolio Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Portfolio’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi. On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Under the terms of the Transaction, subject to Portfolio shareholder approval, the Portfolio is expected to be reorganized into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital (the “Reorganization”). The Portfolio’s Board of Trustees has approved the Reorganization. The Reorganization is contingent upon the completion of certain conditions, including approval by the shareholders of the Portfolio. There is no assurance that the shareholders of the Portfolio will approve the proposal to reorganize the Portfolio.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 Pioneer Strategic Income VCT Portfolio Class II This annual shareholder report contains important information about Pioneer Strategic Income VCT Portfolio (“Portfolio”) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the Portfolio at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Portfolio that occurred during the reporting period. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Portfolio costs for the last year?⁺</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="white-space:nowrap">Class II</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>102</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">1.00<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; width: 3.5%; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">​⁺</div></td> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher.</div></td> </tr> </table> 102 0.0100 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">How did the Portfolio perform last year and what affected the Portfolio performance?</div> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">For the fiscal year ended December 31, 2024, the Portfolio’s<span style="white-space:nowrap"> </span>Class II shares at NAV returned 3.87%. For the same period, the Portfolio’s broad-based benchmark, the Bloomberg U.S. Universal Total Return Index, returned 2.04%.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s benchmark relative performance benefited from allocations to non-agency mortgage-backed securities and to the financial and industrials sectors.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Security selection in the financials and industrials sectors and in agency mortgage-backed securities contributed to the Portfolio’s benchmark relative performance.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s longer average U.S. duration position relative to the benchmark index of 0.44 years underperformed as yields moved higher during the fourth quarter of 2024. Yield curve positioning was a modest contributor to benchmark relative performance.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">The Portfolio’s out of benchmark index exposure to insurance-linked securities contributed to benchmark relative performance, while the allocation to non-US dollar securities detracted from benchmark relative performance.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">Portfolio<span style="white-space:nowrap"> </span>Performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The line graph below shows the change in value of a $10,000 investment made in Class II shares of the Portfolio at net asset value during the periods shown, compared to that of the Bloomberg U.S. Universal Total Return Index. </div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"> <b>GROWTH OF $10,000</b> </div><div style="margin-bottom:20pt;page-break-before:avoid;"> <img alt="Fund Performance - Growth of 10K" src="g869300chartimages_9447675.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">10 Years</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Net Asset Value Class II</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.87<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.34<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.42<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Bloomberg U.S. Universal Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.04<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.73<span>%</span></td> </tr> </table> Net Asset Value Class II 0.0387 0.0134 0.0242 Bloomberg U.S. Universal Total Return Index 0.0204 0.0006 0.0173 Call 1-800-225-6292 or visit <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;">KEY PORTFOLIO STATISTICS<br/> (as of December 31, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>29,981,230<span style="visibility:hidden;display:inline">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">445^{^^}</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>99,449</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">57<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;font-family:'arial';font-style:italic;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 10pt; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">^{^^}</div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 4pt; padding-right: 10pt; padding-bottom: 0; padding-left: 0; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Excluding short-term investments, TBA sale commitments and all derivative contracts except for options purchased.</div></td> </tr> </table> 29981230 445 99449 0.57 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;"> <b>PORTFOLIO DIVERSIFICATION</b> <br/> <b>(as of </b> <b>December 31, 2024</b> <b>)</b> <b> ^* </b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">43.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">U.S. Government and Agency Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">29.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Collateralized Mortgage Obligations</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Commercial Mortgage-Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Affiliated Closed-End Fund<sup style="margin-right:-4pt">∞</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.7<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Asset Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Foreign Government Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Senior Secured Floating Rate Loan Interests</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Convertible Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.1<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Insurance-Linked Securities<sup style="margin-right:-4pt">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.0<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Over The Counter (OTC) Currency Put Option Purchased<sup style="margin-right:-4pt">†</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">0.0<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>As a percentage of total investments excluding short-term investments, TBA sale commitments and all derivative contracts except for options purchased.</i></div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^∞</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Amundi Asset Management US, Inc.</i></div></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​^†</div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;"><i>Amount rounds to less than 0.1%.</i></div></td> </tr> </table> 0.438 0.297 0.103 0.051 0.037 0.033 0.028 0.008 0.004 0.001 0.000 0.000 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:14pt;">Material Portfolio Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Portfolio’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi. On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Under the terms of the Transaction, subject to Portfolio shareholder approval, the Portfolio is expected to be reorganized into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital (the “Reorganization”). The Portfolio’s Board of Trustees has approved the Reorganization. The Reorganization is contingent upon the completion of certain conditions, including approval by the shareholders of the Portfolio. There is no assurance that the shareholders of the Portfolio will approve the proposal to reorganize the Portfolio.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. Excluding short-term investments, TBA sale commitments and all derivative contracts except for options purchased. Excluding short-term investments and all derivative contracts except for options purchased. As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased. This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. As a percentage of total investments excluding short-term investments, TBA sale commitments and all derivative contracts except for options purchased. Excluding short-term investments and all derivative contracts except for options purchased. As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased. This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. Excluding short-term investments and all derivative contracts except for options purchased. As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased. This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Amundi Asset Management US, Inc. Excluding short-term investments and all derivative contracts except for options purchased. As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased. This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. Excluding short-term investments and all derivative contracts except for options purchased. As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased. Amount rounds to less than 0.1%. This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. The Portfolio has designated the Bloomberg U.S. Aggregate Bond Total Return Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. Excluding short-term investments and all derivative contracts except for options purchased. As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased. Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Amundi Asset Management US, Inc. Amount rounds to less than 0.1%. This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. The Portfolio has designated the Bloomberg U.S. Aggregate Bond Total Return Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. Excluding short-term investments and all derivative contracts except for options purchased. As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased. Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Amundi Asset Management US, Inc. Amount rounds to less than 0.1%. This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. Excluding short-term investments, TBA sale commitments and all derivative contracts except for options purchased. As a percentage of total investments excluding short-term investments, TBA sale commitments and all derivative contracts except for options purchased. Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Amundi Asset Management US, Inc. Amount rounds to less than 0.1%. This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. Excluding short-term investments, TBA sale commitments and all derivative contracts except for options purchased. As a percentage of total investments excluding short-term investments, TBA sale commitments and all derivative contracts except for options purchased. Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Amundi Asset Management US, Inc. Excluding short-term investments, TBA sale commitments and all derivative contracts except for options purchased. Amount rounds to less than 0.1%. As a percentage of total investments excluding short-term investments, TBA sale commitments and all derivative contracts except for options purchased. Pioneer ILS Interval Fund is an affiliated closed-end fund managed by Amundi Asset Management US, Inc. Amount rounds to less than 0.1%. This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. Excluding short-term investments and all derivative contracts except for options purchased. As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased. This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher. Excluding short-term investments and all derivative contracts except for options purchased. As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased. This table does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, expenses would be higher.