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Pioneer High Income Municipal Fund

(Pioneer Series Trust V)

60 State Street
Boston, Massachusetts 02109

Statement of Additional Information | December 28, 2023

Class A Shares Class C Shares Class K Shares Class Y Shares
PIMAX HICMX ——- HIMYX

This statement of additional information is not a prospectus. It should be read in conjunction with the fund’s
Class A, Class C, Class K and Class Y shares prospectus dated December 28, 2023, as supplemented or revised
from time to time. A copy of the prospectus can be obtained free of charge by calling the fund at 1-800-225-6292
or by written request to the fund at 60 State Street, Boston, Massachusetts 02109. You can also obtain a copy
of the prospectus from our website at: amundi.com/us. The fund’s financial statements for the fiscal year
ended August 31, 2023, including the independent registered public accounting firm’s report thereon, are
incorporated into this statement of additional information by reference.

Contents
1. Fund history . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2. Master/feeder structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
3. Investment policies, risks and restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
4. Trustees and officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
5. Investment adviser . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
6. Principal underwriter and distribution plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
7. Shareholder servicing/transfer agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
8. Custodian and sub-administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
9. Independent registered public accounting firm. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
10. Portfolio management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
11. Portfolio transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
12. Description of shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
13. Sales charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
14. Redeeming shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
15. Telephone and online transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
16. Pricing of shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
17. Tax status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
18. Financial statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
19. Annual fee, expense and other information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
20. Appendix A — Description of Ratings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
21. Appendix B — Proxy voting policies and procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
1. Fund history
The fund is a diversified series of Pioneer Series Trust V (the “Trust”), an open-end management investment company
organized as a Delaware statutory trust on October 12, 2005. Amundi Asset Management US, Inc. (“Amundi US”) is
the fund's investment adviser.

2. Master/feeder structure
Effective December 21, 2020, the fund utilizes a master-feeder structure by investing all of its investable assets in
Pioneer High Income Municipal Portfolio (the “master fund”). The master fund is a diversified, open-end management
investment company. The master fund has the same investment objective and substantially the same policies and
strategies as the fund.
The Board of Trustees of the Trust (the “Board”) believes that the aggregate per share expenses of the fund and the
master fund will be less than or approximately equal to the expenses that the fund would incur if the assets of the
fund were invested directly in the types of securities held by the master fund. The fund may withdraw its investment
in the master fund at any time, and will do so if the fund’s Trustees believe it to be in the best interest of the fund’s
shareholders. If the fund were to withdraw its investment in the master fund, the fund could either invest directly in
securities in accordance with the investment policies described below or invest in one or more other mutual funds or
pooled investment vehicles having similar investment objectives and policies. If the fund were to withdraw, the fund
could receive securities from the master fund instead of cash, causing the fund to incur brokerage, tax and other
charges or leaving it with securities that may or may not be readily marketable or widely diversified.
The master fund may change its investment objective, investment strategies and certain of its investment policies
and restrictions without approval by its investors, but it will notify the fund and its other investors before implementing
any change in its investment objective. A change in the master fund’s investment objective, investment strategies,
policies or restrictions may cause the fund to withdraw its investment in the master fund.
The master fund, as a series of a Delaware statutory trust, is not required to hold and has no intention of holding
annual meetings of investors. However, when the master fund is required to do so by law, or in the judgment of its
Trustees it is necessary or desirable to do so, the master fund will submit matters to its investors for a vote. When the
fund is asked to vote on matters concerning the master fund (other than a vote to continue the master fund following
the withdrawal of an investor), the fund will either hold a shareholder meeting and vote in accordance with shareholder
instructions, or otherwise act in accordance with applicable law. Of course, the fund could be outvoted, or otherwise
adversely affected, by other investors in the master fund.
The master fund sells interests to another investor in addition to the fund and may sell interests to other investors in
the future. Other future investors in the master fund may offer shares to their shareholders with different costs and
expenses than the fund. Therefore, the investment returns for all investors in funds investing in the master fund will
likely not be the same. These differences in returns are also present in other mutual fund structures.
The master fund is open for business on each day that the fund is open for business as set forth in the prospectus.
The portfolio determines its net asset value at the same time on each business day as the fund (typically 4:00 p.m.
(Eastern time)), but subject to certain exceptions as set forth in the prospectus. The fund may add to or reduce its
investment in the master fund on each business day. For more information, see the prospectus.
Information about other holders of interests in the master fund is available from Amundi Distributor US, Inc.
References to the “fund” in this SAI include the master fund unless the context requires otherwise.

3. Investment policies, risks and restrictions

The prospectus presents the investment objective and the principal investment strategies and risks of the fund. This
section supplements the disclosure in the fund’s prospectus and provides additional information on the fund’s investment
policies or restrictions. Restrictions or policies stated as a maximum percentage of the fund’s assets are only applied
immediately after a portfolio investment to which the policy or restriction is applicable (other than the limitations on

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borrowing and illiquid securities). Accordingly, any later increase or decrease in a percentage resulting from a change
in values, net assets or other circumstances will not be considered in determining whether the investment complies
with the fund’s restrictions and policies.

Debt securities and related investments

Debt securities rating information
Investment grade debt securities are those rated “BBB” or higher by Standard & Poor’s Ratings Group (“Standard &
Poor’s”) or the equivalent rating of other nationally recognized statistical rating organizations. Debt securities rated
BBB are considered medium grade obligations with speculative characteristics, and adverse economic conditions or
changing circumstances may weaken the issuer’s ability to pay interest and repay principal.
Below investment grade debt securities are those rated “BB” and below by Standard & Poor’s or the equivalent rating
of other nationally recognized statistical rating organizations. See “Appendix A” for a description of rating categories.
The fund may invest in debt securities rated “D” or better, or comparable unrated securities as determined by Amundi US.
Below investment grade debt securities or comparable unrated securities are commonly referred to as high yield
bonds or “junk bonds” and are considered predominantly speculative and may be questionable as to principal and
interest payments. Changes in economic conditions are more likely to lead to a weakened capacity to make principal
payments and interest payments. The issuers of high yield securities also may be more adversely affected than issuers
of higher rated securities by specific corporate or governmental developments. Such securities may also be impacted
by the issuers’ inability to meet specific projected business forecasts. The amount of high yield securities outstanding
has proliferated as an increasing number of issuers have used high yield securities for corporate financing. Factors
having an adverse impact on the market value of lower quality securities will have an adverse effect on the fund's net
asset value to the extent that it invests in such securities. In addition, the fund may incur additional expenses to the
extent it is required to seek recovery upon a default in payment of principal or interest on its portfolio holdings or to
take other steps to protect its investment in an issuer.
The secondary market for high yield securities is not usually as liquid as the secondary market for more highly rated
securities, a factor which may have an adverse effect on the fund's ability to dispose of a particular security when
necessary to meet its liquidity needs. Under adverse market or economic conditions, such as those recently prevailing,
the secondary market for high yield securities could contract further, independent of any specific adverse changes in
the condition of a particular issuer. As a result, the fund could find it more difficult to sell these securities or may be
able to sell the securities only at prices lower than if such securities were widely traded. Prices realized upon the sale
of such lower rated or unrated securities, under these and other circumstances, may be less than the prices used in
calculating the fund's net asset value.
Since investors generally perceive that there are greater risks associated with high yield debt securities of the type in
which the fund may invest, the yields and prices of such securities may tend to fluctuate more than those for higher
rated securities. In the lower quality segments of the debt securities market, changes in perceptions of issuers’ creditworthiness
tend to occur more frequently and in a more pronounced manner than do changes in higher quality segments of the
debt securities market, resulting in greater yield and price volatility.
High yield and comparable unrated debt securities tend to offer higher yields than higher rated securities with the
same maturities because the historical financial condition of the issuers of such securities may not have been as strong
as that of other issuers. However, high yield securities generally involve greater risks of loss of income and principal
than higher rated securities.
For purposes of the fund's credit quality policies, if a security receives different ratings from nationally recognized
statistical rating organizations, the fund will use the rating chosen by the portfolio manager as most representative of
the security's credit quality. The ratings of nationally recognized statistical rating organizations represent their opinions
as to the quality of the securities that they undertake to rate and may not accurately describe the risk of the security.
If a rating organization changes the quality rating assigned to one or more of the fund’s portfolio securities, Amundi
US will consider if any action is appropriate in light of the fund's investment objective and policies. These ratings are
used as criteria for the selection of portfolio securities, in addition to Amundi US’s own assessment of the credit
quality of potential investments.

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U.S. government securities
U.S. government securities in which the fund invests include debt obligations of varying maturities issued by the U.S.
Treasury or issued or guaranteed by an agency, authority or instrumentality of the U.S. government, including the
Federal Housing Administration, Federal Financing Bank, Farm Service Agency, Export-Import Bank of the U.S.,
Small Business Administration, Government National Mortgage Association (“GNMA”), General Services Administration,
National Bank for Cooperatives, Federal Farm Credit Banks, Federal Home Loan Banks (“FHLBs”), Federal Home
Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”), Maritime Administration,
Tennessee Valley Authority and various institutions that previously were or currently are part of the Farm Credit
System (which has been undergoing reorganization since 1987). Some U.S. government securities, such as U.S. Treasury
bills, Treasury notes and Treasury bonds, which differ only in their interest rates, maturities and times of issuance,
are supported by the full faith and credit of the United States. Others are supported by: (i) the right of the issuer to
borrow from the U.S. Treasury, such as securities of the FHLBs; (ii) the discretionary authority of the U.S. government
to purchase the agency’s obligations, such as securities of FNMA; or (iii) only the credit of the issuer. Such debt
securities are subject to the risk of default on the payment of interest and/or principal, similar to debt of private
issuers. The maximum potential liability of some U.S. government securities may greatly exceed their current resources,
including any legal right to support from the U.S. government. Although the U.S. government provided financial
support to FNMA and FHLMC in the past, no assurance can be given that the U.S. government will provide financial
support in the future to these or other U.S. government agencies, authorities or instrumentalities that are not supported
by the full faith and credit of the United States. Securities guaranteed as to principal and interest by the U.S. government,
its agencies, authorities or instrumentalities include: (i) securities for which the payment of principal and interest is
backed by an irrevocable letter of credit issued by the U.S. government or any of its agencies, authorities or instrumentalities;
and (ii) participations in loans made to non-U.S. governments or other entities that are so guaranteed. The secondary
market for certain loan participations described above is limited and, therefore, the participations may be regarded
as illiquid.
U.S. government securities may include zero coupon securities that may be purchased when yields are attractive
and/or to enhance portfolio liquidity. Zero coupon U.S. government securities are debt obligations that are issued or
purchased at a significant discount from face value. The discount approximates the total amount of interest the
security will accrue and compound over the period until maturity or the particular interest payment date at a rate of
interest reflecting the market rate of the security at the time of issuance. Zero coupon U.S. government securities do
not require the periodic payment of interest. These investments may experience greater volatility in market value
than U.S. government securities that make regular payments of interest. The fund accrues income on these investments
for tax and accounting purposes, which is distributable to shareholders and which, because no cash is received at the
time of accrual, may require the liquidation of other portfolio securities to satisfy the fund's distribution obligations,
in which case the fund will forgo the purchase of additional income producing assets with these funds. Zero coupon
U.S. government securities include STRIPS and CUBES, which are issued by the U.S. Treasury as component parts of
U.S. Treasury bonds and represent scheduled interest and principal payments on the bonds.
Convertible debt securities
The fund may invest in convertible debt securities which are debt obligations convertible at a stated exchange rate or
formula into common stock or other equity securities. Convertible securities rank senior to common stocks in an
issuer’s capital structure and consequently may be of higher quality and entail less risk than the issuer’s common
stock. As with all debt securities, the market values of convertible securities tend to increase when interest rates decline
and, conversely, tend to decline when interest rates increase. Depending on the relationship of the conversion price
to the market value of the underlying securities, convertible securities may trade more like equity securities than
debt securities.
A convertible security entitles the holder to receive interest that is generally paid or accrued until the convertible
security matures, or is redeemed, converted, or exchanged. Convertible securities have unique investment characteristics,
in that they generally (i) have higher yields than common stocks, but lower yields than comparable non-convertible
securities, (ii) are less subject to fluctuation in value than the underlying common stock due to their fixed-income
characteristics and (iii) provide the potential for capital appreciation if the market price of the underlying common
stock increases. A convertible security may be subject to redemption at the option of the issuer at a price established

3
in the convertible security’s governing instruments. If a convertible security held by the fund is called for redemption,
the fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or
sell it to a third party. Any of these actions could result in losses to the fund.
Municipal obligations
The fund may purchase municipal obligations. The term “municipal obligations” generally is understood to include
debt obligations issued by municipalities to obtain funds for various public purposes, the income from which is, in
the opinion of bond counsel to the issuer, excluded from gross income for U.S. federal income tax purposes. In
addition, if the proceeds from private activity bonds are used for the construction, repair or improvement of privately
operated industrial or commercial facilities, the interest paid on such bonds may be excluded from gross income for
U.S. federal income tax purposes, although current federal tax laws place substantial limitations on the size of these issues.
The two principal classifications of municipal obligations are “general obligation” and “revenue” bonds. General
obligation bonds are secured by the issuer’s pledge of its faith, credit, and taxing power for the payment of principal
and interest. Revenue bonds are payable from the revenues derived from a particular facility or class of facilities or, in
some cases, from the proceeds of a special excise or other specific revenue source, but not from the general taxing
power. Sizable investments in these obligations could involve an increased risk to the fund should any of the related
facilities experience financial difficulties. Private activity bonds are in most cases revenue bonds and do not generally
carry the pledge of the credit of the issuing municipality. There are, of course, variations in the security of municipal
obligations, both within a particular classification and between classifications. Rule 18f-4 under the Investment
Company Act permits the fund to enter into tender option bond trust transactions, reverse repurchase agreements
and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on the issuance of senior
securities in Section 18 of the Investment Company Act, provided that the fund either (i) complies with the 300%
asset coverage ratio with respect to such transactions and any other borrowings in the aggregate, or (ii) treats such
transactions as Derivatives Transactions under Rule 18f-4. See “Derivatives.”
Investments in Puerto Rico municipal securities
The fund may invest in municipal securities issued in Puerto Rico, subject to market, economic and political conditions.
Municipal securities of issuers located in the Commonwealth of Puerto Rico may be affected by political, social and
economic conditions in Puerto Rico. Puerto Rico’s economy has been in a recession since late 2006, which has contributed
to a steep increase in unemployment rates, funding shortfalls of state employees’ retirement systems, a budget deficit
resulting from a structural imbalance, and reduced government revenues. In May 2017, Puerto Rico made a filing in
the U.S. District Court in Puerto Rico to commence a debt restructuring process similar to that of a traditional
municipal bankruptcy. Puerto Rico had previously defaulted on certain agency debt payments and the Governor had
warned of its inability to meet additional pending obligations, including under general obligation bonds. The debt
restructuring process commenced by Puerto Rico is under a new federal law for insolvent U.S. territories, called
Promesa. Puerto Rico’s case will be the first ever heard under Promesa for which there is no existing body of court
precedent. Accordingly, Puerto Rico’s debt restructuring process could take significantly longer than recent municipal
bankruptcy proceedings adjudicated pursuant to Chapter 9 of the U.S. Bankruptcy Code. It is not clear whether a
debt restructuring process will ultimately be approved or, if so, the extent to which it will apply to Puerto Rico municipal
securities sold by an issuer other than the Commonwealth. A debt restructuring could reduce the principal amount
due, the interest rate, the maturity and other terms of Puerto Rico municipal securities. These changes, as well as the
delay imposed by the debt restructuring process itself, could adversely affect the value of Puerto Rico municipal
securities. The court filing made by Puerto Rico could also have a negative impact on the value of Puerto Rico municipal
securities that are not subject to the debt restructuring process. In addition, Puerto Rico municipal securities remain
subject to all of the other risks applicable to fixed income securities, including the risk of non-payment. To the extent
that the fund holds any Puerto Rico municipal securities, the fund may lose some or all of the value of those investments.
These challenges and uncertainties have been exacerbated by Hurricane Maria, which directly hit Puerto Rico on
September 20, 2017, causing significant damage to the island’s infrastructure (including water, power and
telecommunications) and to governmental, personal and business property. Moody’s Analytics has estimated that
the island suffered tens of billions of dollars in hurricane-related damages. It is unknown what impact this disaster
will have on the ongoing efforts to restructure Puerto Rico’s debt.

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Municipal lease obligations
Municipal lease obligations or installment purchase contract obligations (collectively, “lease obligations”) have special
risks not ordinarily associated with other tax-exempt bonds. Although lease obligations do not constitute general
obligations of the municipality for which the municipality's taxing power is pledged, a lease obligation ordinarily is
backed by the municipality's covenant to budget for, appropriate and make the payments due under the lease obligations.
However, certain lease obligations contain “non-appropriation” clauses which provide that the municipality has no
obligation to make lease or installment purchase payments in future years unless money is appropriated for such
purpose on a yearly basis. In addition to the non-appropriation risk, these securities represent a relatively new type
of financing that has not yet developed the depth of marketability associated with more conventional bonds. Although
non-appropriation lease obligations are secured by the leased property, disposition of the property in the event of
foreclosure might prove difficult. The fund will seek to minimize these risks.
In determining the liquidity of municipal lease obligations, Amundi US, under guidelines established by the fund's
Board of Trustees, will consider: (1) the essential nature of the leased property; and (2) the likelihood that the municipality
will discontinue appropriating funding for the leased property because the property is no longer deemed essential to
the operation of the municipality.
If leased property is determined not to be essential in nature or if there is a likelihood that the municipality will
discontinue appropriating funding, then the following factors will also be considered in determining liquidity:
(1) any relevant factors related to the general credit quality of the municipality, which may include: (a) whether the
lease can be canceled; (b) what assurance there is that the assets represented by the lease can be sold; (c) the
strength of the lessee's general credit (e.g., its debt, administrative, economic and financial characteristics); and
(d) the legal recourse in the event of failure to appropriate.
(2) any relevant factors related to the marketability of the municipal lease obligation which may include: (a) the
frequency of trades and quotes for the obligation; (b) the number of dealers willing to purchase or sell the
obligation and the number of other potential purchasers; (c) the willingness of dealers to undertake to make a
market in the obligation; and (d) the nature of the marketplace trades, including the time needed to dispose of
the obligation, the method of soliciting offers, and the mechanics of transfer.
Mortgage-backed securities
The fund may invest in mortgage pass-through certificates and multiple-class pass-through securities, such as real
estate mortgage investment conduits (“REMIC”) pass-through certificates, collateralized mortgage obligations (“CMOs”)
and stripped mortgage-backed securities (“SMBS”), and other types of mortgage-backed securities (“MBS”) that may
be available in the future. A mortgage-backed security is an obligation of the issuer backed by a mortgage or pool of
mortgages or a direct interest in an underlying pool of mortgages. Some mortgage-backed securities, such as CMOs,
make payments of both principal and interest at a variety of intervals; others make semiannual interest payments at a
predetermined rate and repay principal at maturity (like a typical bond). Mortgage-backed securities are based on
different types of mortgages including those on commercial real estate or residential properties. Mortgage-backed
securities often have stated maturities of up to thirty years when they are issued, depending upon the length of the
mortgages underlying the securities. In practice, however, unscheduled or early payments of principal and interest
on the underlying mortgages may make the securities’ effective maturity shorter than this, and the prevailing interest
rates may be higher or lower than the current yield of the portfolio at the time the fund receives the payments for
reinvestment. Mortgage-backed securities may have less potential for capital appreciation than comparable fixed
income securities, due to the likelihood of increased prepayments of mortgages as interest rates decline. If the fund
buys mortgage-backed securities at a premium, mortgage foreclosures and prepayments of principal by mortgagors
(which may be made at any time without penalty) may result in some loss of the fund's principal investment to the
extent of the premium paid.
The value of mortgage-backed securities may also change due to shifts in the market’s perception of issuers. In addition,
regulatory or tax changes may adversely affect the mortgage securities markets as a whole. Non-governmental
mortgage-backed securities may offer higher yields than those issued by government entities, but also may be subject
to greater price changes than governmental issues.

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Through its investments in mortgage-backed securities, including those that are issued by private issuers, the fund
may have exposure to subprime loans as well as to the mortgage and credit markets generally. Private issuers include
commercial banks, savings associations, mortgage companies, investment banking firms, finance companies and
special purpose finance entities (called special purpose vehicles or “SPVs”) and other entities that acquire and package
mortgage loans for resale as MBS.
Unlike mortgage-backed securities issued or guaranteed by the U.S. government or one of its sponsored entities,
mortgage-backed securities issued by private issuers do not have a government or government-sponsored entity
guarantee, but may have credit enhancement provided by external entities such as banks or financial institutions or
achieved through the structuring of the transaction itself. Examples of such credit support arising out of the structure
of the transaction include the issue of senior and subordinated securities (e.g., the issuance of securities by an SPV in
multiple classes or “tranches,” with one or more classes being senior to other subordinated classes as to the payment
of principal and interest, with the result that defaults on the underlying mortgage loans are borne first by the holders
of the subordinated class); creation of “reserve funds” (in which case cash or investments, sometimes funded from a
portion of the payments on the underlying mortgage loans, are held in reserve against future losses); and
“overcollateralization” (in which case the scheduled payments on, or the principal amount of, the underlying mortgage
loans exceeds that required to make payment of the securities and pay any servicing or other fees). However, there
can be no guarantee that credit enhancements, if any, will be sufficient to prevent losses in the event of defaults on the
underlying mortgage loans.
In addition, mortgage-backed securities that are issued by private issuers are not subject to the underwriting requirements
for the underlying mortgages that are applicable to those mortgage-backed securities that have a government or
government-sponsored entity guarantee. As a result, the mortgage loans underlying private mortgage-backed securities
may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government
or government-sponsored mortgage-backed securities and have wider variances in a number of terms including
interest rate, term, size, purpose and borrower characteristics. Privately issued pools more frequently include second
mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon rates and maturities of the
underlying mortgage loans in a private mortgage-backed securities pool may vary to a greater extent than those
included in a government guaranteed pool, and the pool may include subprime mortgage loans. Subprime loans
refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments
on their loans. For these reasons, the loans underlying these securities have had in many cases higher default rates
than those loans that meet government underwriting requirements.
The risk of non-payment is greater for mortgage-backed securities that are backed by mortgage pools that contain
subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan repayments
may include a general economic turndown, high unemployment, a general slowdown in the real estate market, a drop
in the market prices of real estate, or an increase in interest rates resulting in higher mortgage payments by holders
of adjustable rate mortgages.
If the fund purchases subordinated mortgage-backed securities, the subordinated mortgage-backed securities may
serve as a credit support for the senior securities purchased by other investors. In addition, the payments of principal
and interest on these subordinated securities generally will be made only after payments are made to the holders of
securities senior to the fund's securities. Therefore, if there are defaults on the underlying mortgage loans, the fund
will be less likely to receive payments of principal and interest, and will be more likely to suffer a loss.
Privately issued mortgage-backed securities are not traded on an exchange and there may be a limited market for the
securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an
active trading market, mortgage-backed securities held in the portfolio may be particularly difficult to value because
of the complexities involved in assessing the value of the underlying mortgage loans.
In the case of private issue mortgage-related securities whose underlying assets are neither U.S. government securities
nor U.S. government-insured mortgages, to the extent that real properties securing such assets may be located in the
same geographical region, the security may be subject to a greater risk of default than other comparable securities in
the event of adverse economic, political or business developments that may affect such region and, ultimately, the
ability of residential homeowners to make payments of principal and interest on the underlying mortgages.

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Guaranteed mortgage pass-through securities. Guaranteed mortgage pass-through securities represent participation
interests in pools of residential mortgage loans and are issued by U.S. governmental or private lenders and guaranteed
by the U.S. government or one of its agencies or instrumentalities, including but not limited to GNMA, FNMA and
FHLMC. GNMA certificates are guaranteed by the full faith and credit of the U.S. government for timely payment of
principal and interest on the certificates. FNMA certificates are guaranteed by FNMA, a federally chartered and
privately owned corporation, for full and timely payment of principal and interest on the certificates. FHLMC certificates
are guaranteed by FHLMC, a corporate instrumentality of the U.S. government, for timely payment of interest and
the ultimate collection of all principal of the related mortgage loans.
Commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and
other secondary market issuers also create pass-through pools of conventional residential mortgage loans. Such
issuers may, in addition, be the originators and/or servicers of the underlying mortgage loans as well as the guarantors
of the mortgage-related securities. Because there are no direct or indirect government or agency guarantees of payments
in pools created by such non-governmental issuers, they generally offer a higher rate of interest than government
and government-related pools. Timely payment of interest and principal of these pools may be supported by insurance
or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The insurance and
guarantees are issued by governmental entities, private insurers and the mortgage poolers. There can be no assurance
that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements.
Mortgage-related securities without insurance or guarantees may be purchased if Amundi US determines that the
securities meet the fund’s quality standards. Mortgage-related securities issued by certain private organizations may
not be readily marketable.
Multiple-class pass-through securities and collateralized mortgage obligations (“CMOs”). CMOs and
REMIC pass-through or participation certificates may be issued by, among others, U.S. government agencies and
instrumentalities as well as private issuers. REMICs are CMO vehicles that qualify for special tax treatment under the
Internal Revenue Code of 1986, as amended (the “Code”) and invest in mortgages principally secured by interests in
real property and other investments permitted by the Code. CMOs and REMIC certificates are issued in multiple
classes and the principal of and interest on the mortgage assets may be allocated among the several classes of CMOs
or REMIC certificates in various ways. Each class of CMO or REMIC certificate, often referred to as a “tranche,” is
issued at a specific adjustable or fixed interest rate and must be fully retired no later than its final distribution date.
Generally, interest is paid or accrues on all classes of CMOs or REMIC certificates on a monthly basis.
Typically, CMOs are collateralized by GNMA, FNMA or FHLMC certificates but also may be collateralized by other
mortgage assets such as whole loans or private mortgage pass-through securities. Debt service on CMOs is provided
from payments of principal and interest on collateral of mortgaged assets and any reinvestment income thereon.
Stripped mortgage-backed securities (“SMBS”). SMBS are multiple-class mortgage-backed securities that are
created when a U.S. government agency or a financial institution separates the interest and principal components of
a mortgage-backed security and sells them as individual securities. The fund may invest in SMBS that are usually
structured with two classes that receive different proportions of interest and principal distributions on a pool of
mortgage assets. A typical SMBS will have one class receiving some of the interest and most of the principal, while
the other class will receive most of the interest and the remaining principal. The holder of the “principal-only” security
(“PO”) receives the principal payments made by the underlying mortgage-backed security, while the holder of the
“interest-only” security (“IO”) receives interest payments from the same underlying security. The prices of stripped
mortgage-backed securities may be particularly affected by changes in interest rates. As interest rates fall, prepayment
rates tend to increase, which tends to reduce prices of IOs and increase prices of POs. Rising interest rates can have
the opposite effect. Amundi US may determine that certain stripped mortgage-backed securities issued by the U.S.
government, its agencies or instrumentalities are not readily marketable. If so, these securities, together with privately-issued
stripped mortgage-backed securities, will be considered illiquid for purposes of the fund’s limitation on investments
in illiquid securities. The yields and market risk of interest-only and principal-only SMBS, respectively, may be more
volatile than those of other fixed income securities.

7
The fund also may invest in planned amortization class (“PAC”) and target amortization class (“TAC”) CMO bonds
which involve less exposure to prepayment, extension and interest rate risks than other mortgage-backed securities,
provided that prepayment rates remain within expected prepayment ranges or “collars.” To the extent that the prepayment
rates remain within these prepayment ranges, the residual or support tranches of PAC and TAC CMOs assume the
extra prepayment, extension and interest rate risks associated with the underlying mortgage assets.
Other risk factors associated with mortgage-backed securities. Investing in mortgage-backed securities
involves certain risks, including the failure of a counterparty to meet its commitments, adverse interest rate changes
and the effects of prepayments on mortgage cash flows. In addition, investing in the lowest tranche of CMOs and
REMIC certificates involves risks similar to those associated with investing in equity securities. However, due to
adverse tax consequences under current tax laws, the fund does not intend to acquire “residual” interests in REMICs.
Further, the yield characteristics of mortgage-backed securities differ from those of traditional fixed income securities.
The major differences typically include more frequent interest and principal payments (usually monthly), the adjustability
of interest rates of the underlying instrument, and the possibility that prepayments of principal may be made substantially
earlier than their final distribution dates.
Prepayment rates are influenced by changes in current interest rates and a variety of economic, geographic, social
and other factors and cannot be predicted with certainty. Both adjustable rate mortgage loans and fixed rate mortgage
loans may be subject to a greater rate of principal prepayments in a declining interest rate environment and to a
lesser rate of principal prepayments in an increasing interest rate environment. Under certain interest rate and
prepayment rate scenarios, the fund may fail to recoup fully its investment in mortgage-backed securities notwithstanding
any direct or indirect governmental, agency or other guarantee. When the fund reinvests amounts representing
payments and unscheduled prepayments of principal, it may obtain a rate of interest that is lower than the rate on
existing adjustable rate mortgage pass-through securities. Thus, mortgage-backed securities, and adjustable rate
mortgage pass-through securities in particular, may be less effective than other types of U.S. government securities as
a means of “locking in” interest rates.
Asset-backed securities
The fund may invest in asset-backed securities, which are securities that represent a participation in, or are secured
by and payable from, a stream of payments generated by particular assets, most often a pool or pools of similar assets
(e.g., trade receivables). The credit quality of these securities depends primarily upon the quality of the underlying
assets and the level of credit support and/or enhancement provided.
The underlying assets (e.g., loans) are subject to prepayments which shorten the securities’ weighted average maturity
and may lower their return. If the credit support or enhancement is exhausted, losses or delays in payment may result
if the required payments of principal and interest are not made. The value of these securities also may change because
of changes in the market’s perception of the creditworthiness of the servicing agent for the pool, the originator of the
pool, or the financial institution or trust providing the credit support or enhancement. There may be no perfected
security interest in the collateral that relates to the financial assets that support asset-backed securities. Asset backed
securities have many of the same characteristics and risks as mortgage-backed securities.
The fund may purchase commercial paper, including asset-backed commercial paper (“ABCP”) that is issued by
structured investment vehicles or other conduits. These conduits may be sponsored by mortgage companies, investment
banking firms, finance companies, hedge funds, private equity firms and special purpose finance entities. ABCP
typically refers to a debt security with an original term to maturity of up to 270 days, the payment of which is supported
by cash flows from underlying assets, or one or more liquidity or credit support providers, or both. Assets backing
ABCP include credit card, car loan and other consumer receivables and home or commercial mortgages, including
subprime mortgages. The repayment of ABCP issued by a conduit depends primarily on the cash collections received
from the conduit’s underlying asset portfolio and the conduit’s ability to issue new ABCP. Therefore, there could be
losses to a fund investing in ABCP in the event of credit or market value deterioration in the conduit’s underlying
portfolio, mismatches in the timing of the cash flows of the underlying asset interests and the repayment obligations
of maturing ABCP, or the conduit’s inability to issue new ABCP. To protect investors from these risks, ABCP programs
may be structured with various protections, such as credit enhancement, liquidity support, and commercial paper
stop-issuance and wind-down triggers. However there can be no guarantee that these protections will be sufficient to
prevent losses to investors in ABCP.

8
Some ABCP programs provide for an extension of the maturity date of the ABCP if, on the related maturity date, the
conduit is unable to access sufficient liquidity through the issue of additional ABCP. This may delay the sale of the
underlying collateral and a fund may incur a loss if the value of the collateral deteriorates during the extension period.
Alternatively, if collateral for ABCP deteriorates in value, the collateral may be required to be sold at inopportune
times or at prices insufficient to repay the principal and interest on the ABCP. ABCP programs may provide for the
issuance of subordinated notes as an additional form of credit enhancement. The subordinated notes are typically of
a lower credit quality and have a higher risk of default. A fund purchasing these subordinated notes will therefore
have a higher likelihood of loss than investors in the senior notes.
Asset-backed securities include collateralized debt obligations (“CDOs”), such as collateralized bond obligations
(“CBOs”), collateralized loan obligations (“CLOs”) and other similarly structured securities. A CBO is a trust backed
by a pool of fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include,
among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans,
including loans that may be rated below investment grade or equivalent unrated loans. CDOs may charge management
fees and administrative expenses. Certain CDOs may use derivatives, such as credit default swaps, to create synthetic
exposure to assets rather than holding such assets directly.
The trust is typically split into two or more portions, called tranches, varying in credit quality and yield. The riskiest
portion is the “equity” tranche which bears the bulk of defaults from the bonds or loans in the trust and helps protect
the other, more senior tranches from default. Since it is partially protected from defaults, a senior tranche from a
CBO trust or CLO trust typically has higher ratings and lower yields than its underlying securities, and can be rated
investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial
losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of protecting
tranches, market anticipation of defaults, as well as aversion to CBO or CLO securities as a class.
The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO
in which the fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not
registered under the securities laws. As a result, investments in CDOs may be characterized by the fund as illiquid
securities. However, an active dealer market may exist under some market conditions for some CDOs. In addition to
the normal risks associated with fixed income securities (e.g., interest rate risk and default risk), CDOs carry additional
risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate
to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the fund may
invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully
understood at the time of investment and may produce disputes with the issuer or unexpected investment results.
Subordinated securities
The fund may also invest in other types of fixed income securities which are subordinated or “junior” to more senior
securities of the issuer, or which represent interests in pools of such subordinated or junior securities. Such securities
may include so-called “high yield” or “junk” bonds (i.e., bonds that are rated below investment grade by a rating
agency or that are of equivalent quality) and preferred stock. Under the terms of subordinated securities, payments
that would otherwise be made to their holders may be required to be made to the holders of more senior securities,
and/or the subordinated or junior securities may have junior liens, if they have any rights at all, in any collateral
(meaning proceeds of the collateral are required to be paid first to the holders of more senior securities). As a result,
subordinated or junior securities will be disproportionately adversely affected by a default or even a perceived decline
in creditworthiness of the issuer.
Structured securities
The fund may invest in structured securities. The value of the principal and/or interest on such securities is determined
by reference to changes in the value of specific currencies, interest rates, commodities, indices or other financial
indicators (the “Reference”) or the relative change in two or more References. The interest rate or the principal
amount payable upon maturity or redemption may be increased or decreased depending upon changes in the Reference.
The terms of the structured securities may provide in certain circumstances that no principal is due at maturity and
therefore may result in a loss of the fund’s investment. Changes in the interest rate or principal payable at maturity

9
may be a multiple of the changes in the value of the Reference. Structured securities are a type of derivative instrument
and the payment and credit qualities from these securities derive from the assets embedded in the structure from
which they are issued. Structured securities may entail a greater degree of risk than other types of fixed income securities.
Floating rate loans
A floating rate loan is typically originated, negotiated and structured by a U.S. or foreign commercial bank, insurance
company, finance company or other financial institution for a group of investors. The financial institution typically
acts as an agent for the investors, administering and enforcing the loan on their behalf. In addition, an institution,
typically but not always the agent, holds any collateral on behalf of the investors.
The interest rates are adjusted based on a base rate plus a premium or spread or minus a discount. The base rate
usually is the London Interbank Offered Rate (“LIBOR”), the Federal Reserve federal funds rate, the prime rate or
other base lending rates used by commercial lenders. LIBOR usually is an average of the interest rates quoted by
several designated banks as the rates at which they pay interest to major depositors in the London interbank market
on U.S. dollar-denominated deposits.
Floating rate loans include loans to corporations and institutionally traded floating rate debt obligations issued by an
asset-backed pool, and interests therein. The fund may invest in loans in different ways. The fund may: (i) make a
direct investment in a loan by participating as one of the lenders; (ii) purchase an assignment of a loan; or (iii) purchase
a participation interest in a loan.
Other information about floating rate loans. Loans typically have a senior position in a borrower’s capital
structure. The capital structure of a borrower may include loans, senior unsecured loans, senior and junior subordinated
debt, preferred stock and common stock, typically in descending order of seniority with respect to claims on the
borrower’s assets. Although loans typically have the most senior position in a borrower’s capital structure, they remain
subject to the risk of non-payment of scheduled interest or principal. Such non-payment would result in a reduction
of income to the fund, a reduction in the value of the investment and a potential decrease in the net asset value of the
fund. There can be no assurance that the liquidation of any collateral securing a loan would satisfy a borrower’s
obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be
readily liquidated. In the event of bankruptcy of a borrower, the fund could experience delays or limitations with
respect to its ability to realize the benefits of the collateral securing a loan.
A borrower must comply with various restrictive covenants contained in a loan agreement or note purchase agreement
between the borrower and the holders of the loan. Such covenants, in addition to requiring the scheduled payment
of interest and principal, may include restrictions on dividend payments and other distributions to stockholders,
provisions requiring the borrower to maintain specific minimum financial ratios, and limits on total debt.
In a typical loan, the agent administers the terms of the loan agreement. In such cases, the agent is normally responsible
for the collection of principal and interest payments from the borrower and the apportionment of these payments to
the credit of all institutions that are parties to the loan agreement. The fund will generally rely upon the agent or an
intermediate participant to receive and forward to the fund its portion of the principal and interest payments on the
loan. Furthermore, unless the fund has direct recourse against the borrower, the fund will rely on the agent and the
other investors to use appropriate credit remedies against the borrower.
From time to time, Amundi US and its affiliates may borrow money from various banks in connection with their
business activities. Such banks may also sell interests in loans to or acquire them from the fund or may be intermediate
participants with respect to loans in which the fund owns interests. Such banks may also act as agents for loans held
by the fund.
Participation interests. Participation interests are interests issued by a lender or other financial institution, which
represent a fractional interest in a corporate loan. The fund may acquire participation interests from the financial
institution or from another investor. The fund typically will have a contractual relationship only with the financial
institution that issued the participation interest. As a result, the fund may have the right to receive payments of
principal, interest and any fees to which it is entitled only from the financial institution and only upon receipt by
such entity of such payments from the borrower. In connection with purchasing a participation interest, the fund
generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any
rights with respect to any funds acquired by other investors through set-off against the borrower and the fund may

10
not directly benefit from the collateral supporting the loan in which it has purchased the participation interest. As a
result, the fund may assume the credit risk of both the borrower and the financial institution issuing the participation
interest. In the event of the insolvency of the financial institution issuing a participation interest, the fund may be
treated as a general creditor of such entity.
Inverse floating rate securities
The fund may invest in inverse floating rate obligations. The interest on an inverse floater resets in the opposite
direction from the market rate of interest to which the inverse floater is indexed. An inverse floater may be considered
to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in
the index rate of interest. The higher degree of leverage inherent in inverse floaters is associated with greater volatility
in their market values.
Zero coupon, pay-in-kind, deferred and contingent payment securities
The fund may invest in zero coupon securities, which are securities that are sold at a discount to par value and on
which interest payments are not made during the life of the security. Upon maturity, the holder is entitled to receive
the par value of the security. Pay-in-kind securities are securities that have interest payable by delivery of additional
securities. Upon maturity, the holder is entitled to receive the aggregate par value of the securities. A fund accrues
income with respect to zero coupon and pay-in-kind securities prior to the receipt of cash payments. Deferred payment
securities are securities that remain zero coupon securities until a predetermined date, at which time the stated coupon
rate becomes effective and interest becomes payable at regular intervals. The interest rate on contingent payment
securities is determined by the outcome of an event, such as the performance of a financial index. If the financial
index does not increase by a prescribed amount, the fund may receive no interest.
Residual interests in municipal securities
Certain municipal securities are divided into short-term and long-term components. The short-term component has
a long-term maturity, but pays interest at a short-term rate that is reset by means of a “dutch auction” or similar
method at specified intervals (typically 35 days). The long-term component or “residual interest” pays interest at a
rate that is determined by subtracting the interest paid on the short-term component from the coupon rate on the
municipal securities themselves. Consequently, the interest rate paid on residual interests will increase when short-term
interest rates are declining and will decrease when short-term interest rates are increasing. This interest rate adjustment
formula results in the market value of residual interests being significantly more volatile than that of ordinary municipal
securities. In a declining interest rate environment, residual interests can provide the fund with a means of increasing
or maintaining the level of tax-exempt interest allocable to shareholders.
Natural disasters
Certain areas of the world, including areas within the United States, historically have been prone to natural disasters,
such as hurricanes, earthquakes, typhoons, flooding, tidal waves, tsunamis, erupting volcanoes, wildfires or droughts.
Such disasters, and the resulting damage, could have a significant adverse impact on the economies of those areas
and on the ability of issuers in which the fund invests to conduct their businesses, and thus on the investments made
by the fund in such geographic areas and/or issuers. Adverse weather conditions could have a significant adverse
impact on issuers in the agricultural sector and on insurance companies that insure against the impact of natural disasters.
Cybersecurity issues
With the increased use of technologies such as the Internet to conduct business, the fund is susceptible to operational,
information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional
events. Cyber attacks include, but are not limited to, attempts to gain unauthorized access to digital systems (e.g.,
through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information,
corrupting data, denying access, or causing other operational disruption. Cyber attacks may also be carried out in a
manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e.,
efforts to make network services unavailable to intended users). The fund’s service providers regularly experience
such attempts, and expect they will continue to do so. The fund is unable to predict how any such attempt, if successful,
may affect the fund and its shareholders. While the fund’s adviser has established business continuity plans in the
event of, and risk management systems to prevent, limit or mitigate, such cyber attacks, there are inherent limitations
in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the fund
cannot control the cybersecurity plans and systems put in place by service providers to the fund such as The Bank of

11
New York Mellon (“BNY Mellon”), the fund’s custodian and accounting agent, and BNY Mellon Investment Servicing
(US) Inc., the fund’s transfer agent. In addition, many beneficial owners of fund shares hold them through accounts
at broker-dealers, retirement platforms and other financial market participants over which neither the fund nor
Amundi US exercises control. Each of these may in turn rely on service providers to them, which are also subject to
the risk of cyber attacks. Cybersecurity failures or breaches at Amundi US or the fund’s service providers or intermediaries
have the ability to cause disruptions and impact business operations potentially resulting in financial losses, interference
with the fund’s ability to calculate its NAV, impediments to trading, the inability of fund shareholders to effect share
purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareholder
information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or
additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining
vigilance against cyber attacks may involve substantial costs over time, and system enhancements may themselves be
subject to cyber attacks.

Investment company securities

Other investment companies
The fund may invest in the securities of other investment companies to the extent that such investments are consistent
with the fund's investment objective and policies and permissible under the Investment Company Act of 1940, as
amended (the “1940 Act”) and the rules thereunder. Investing in other investment companies subjects the fund to
the risks of investing in the underlying securities held by those investment companies. The fund, as a holder of the
securities of other investment companies, will bear its pro rata portion of the other investment companies’ expenses,
including advisory fees. These expenses are in addition to the direct expenses of the fund's own operations.
Exchange traded funds
The fund may invest in exchange traded funds (“ETFs”). ETFs, such as SPDRs, iShares and various country index
funds, are funds whose shares are traded on a national exchange or the National Association of Securities Dealers’
Automated Quotation System (“NASDAQ”). ETFs may be based on underlying equity or fixed income securities.
SPDRs, for example, seek to provide investment results that generally correspond to the performance of the component
common stocks of the Standard & Poor’s 500 Index (the “S&P 500”). ETFs do not sell individual shares directly to
investors and only issue their shares in large blocks known as “creation units.” The investor purchasing a creation
unit then sells the individual shares on a secondary market. Therefore, the liquidity of ETFs depends on the adequacy
of the secondary market. There can be no assurance that an ETF’s investment objective will be achieved. ETFs based
on an index may not replicate and maintain exactly the composition and relative weightings of securities in the index.
ETFs are subject to the risks of investing in the underlying securities. The fund, as a holder of the securities of the
ETF, will bear its pro rata portion of the ETF’s expenses, including advisory fees. These expenses are in addition to
the direct expenses of the fund's own operations. Many ETFs have received exemptive orders issued by the SEC that
would permit the fund to invest in those ETFs beyond the limitations applicable to other investment companies,
subject to certain terms and conditions. Some ETFs are not structured as investment companies and thus are not
regulated under the 1940 Act.
Certain ETFs, including leveraged ETFs and inverse ETFs, may have embedded leverage. Leveraged ETFs seek to
multiply the return of the tracked index (e.g., twice the return) by using various forms of derivative transactions.
Inverse ETFs seek to negatively correlate with the performance of a particular index by using various forms of derivative
transactions, including by short-selling the underlying index. An investment in an inverse ETF will decrease in value
when the value of the underlying index rises. By investing in leveraged ETFs or inverse ETFs, the fund can commit
fewer assets to the investment in the securities represented on the index than would otherwise be required.
Leveraged ETFs and inverse ETFs present all of the risks that regular ETFs present. In addition, leveraged ETFs and
inverse ETFs determine their return over a specific, pre-set time period, typically daily, and, as a result, there is no
guarantee that the ETF’s actual long term returns will be equal to the daily return that the fund seeks to achieve. For
example, on a long-term basis (e.g., a period of 6 months or a year), the return of a leveraged ETF may in fact be
considerably less than two times the long-term return of the tracked index. Furthermore, because leveraged ETFs
and inverse ETFs achieve their results by using derivative instruments, they are subject to the risks associated with
derivative transactions, including the risk that the value of the derivatives may rise or fall more rapidly than other
investments, thereby causing the ETF to lose money and, consequently, the value of the fund’s investment to decrease.

12
Investing in derivative instruments also involves the risk that other parties to the derivative contract may fail to meet
their obligations, which could cause losses to the ETF. Short sales in particular are subject to the risk that, if the price
of the security sold short increases, the inverse ETF may have to cover its short position at a higher price than the
short sale price, resulting in a loss to the inverse ETF and, indirectly, to the fund. An ETF’s use of these techniques
will make the fund’s investment in the ETF more volatile than if the fund were to invest directly in the securities
underlying the tracked index, or in an ETF that does not use leverage or derivative instruments. However, by investing
in a leveraged ETF or an inverse ETF rather than directly purchasing and/or selling derivative instruments, the fund
will limit its potential loss solely to the amount actually invested in the ETF (that is, the fund will not lose more than
the principal amount invested in the ETF).

Derivative instruments
Derivatives
The fund may, but is not required to, use futures and options on securities, indices and currencies, forward foreign
currency exchange contracts and other derivatives. A derivative is a security or instrument whose value is determined
by reference to the value or the change in value of one or more securities, currencies, indices or other financial
instruments. The fund may use derivatives for a variety of purposes, including: in an attempt to hedge against adverse
changes in the market prices of securities, interest rates or currency exchange rates; as a substitute for purchasing or
selling securities; to attempt to increase the fund’s return as a non-hedging strategy that may be considered speculative;
to manage portfolio characteristics (for example, for funds investing in securities denominated in non-U.S. currencies,
a portfolio’s currency exposure, or, for funds investing in fixed income securities, a portfolio’s duration or credit
quality); and as a cash flow management technique. The fund may choose not to make use of derivatives for a variety
of reasons, and any use may be limited by applicable law and regulations.
Using derivatives exposes the fund to additional risks and may increase the volatility of the fund’s net asset value and
may not provide the expected result. Derivatives may have a leveraging effect on the portfolio. Leverage generally
magnifies the effect of a change in the value of an asset and creates a risk of loss of value in a larger pool of assets than
the fund would otherwise have had. Therefore, using derivatives can disproportionately increase losses and reduce
opportunities for gain. If changes in a derivative’s value do not correspond to changes in the value of the fund’s other
investments or do not correlate well with the underlying assets, rate or index, the fund may not fully benefit from, or
could lose money on, or could experience unusually high expenses as a result of, the derivative position. Derivatives
involve the risk of loss if the counterparty defaults on its obligation. Certain derivatives may be less liquid, which may
reduce the returns of the fund if it cannot sell or terminate the derivative at an advantageous time or price. The fund
also may have to sell assets at inopportune times to satisfy its obligations. The fund may not be able to purchase or
sell a portfolio security at a time that would otherwise be favorable for it to do so, or may have to sell a portfolio
security at a disadvantageous time or price. Some derivatives may involve the risk of improper valuation. Suitable
derivatives may not be available in all circumstances or at reasonable prices and may not be used by the fund for a
variety of reasons.
Certain derivatives transactions, including certain options, swaps, forward contracts, and certain options on foreign
currencies, are entered into directly by the counterparties or through financial institutions acting as market makers
(OTC derivatives), rather than being traded on exchanges or in markets registered with the Commodity Futures
Trading Commission (the “CFTC”) or the SEC. Many of the protections afforded to exchange participants will not
be available to participants in OTC derivatives transactions. For example, OTC derivatives transactions are not subject
to the guarantee of an exchange, and only OTC derivatives that are either required to be cleared or submitted voluntarily
for clearing to a clearinghouse will enjoy all of the protections that central clearing provides against default by the
original counterparty to the trade. In an OTC derivatives transaction that is not cleared, the fund bears the risk of
default by its counterparty. In a cleared derivatives transaction, the fund is instead exposed to the risk of default of
the clearinghouse and, to the extent the fund has posted any margin, the risk of default of the broker through which
it has entered into the transaction. Information available on counterparty creditworthiness may be incomplete or
outdated, thus reducing the ability to anticipate counterparty defaults.

13
Derivatives involve operational risk. There may be incomplete or erroneous documentation or inadequate collateral
or margin, or transactions may fail to settle. For derivatives not guaranteed by an exchange or clearinghouse, the fund
may have only contractual remedies in the event of a counterparty default, and there may be delays, costs, or disagreements
as to the meaning of contractual terms and litigation in enforcing those remedies.
Swap contracts that are required to be cleared must be traded on a regulated execution facility or contract market
that makes them available for trading. The establishment of a centralized exchange or market for swap transactions
may disrupt or limit the swap market and may not result in swaps being easier to trade or value. Market-traded swaps
may become more standardized, and the fund may not be able to enter into swaps that meet its investment needs.
The fund also may not be able to find a clearinghouse willing to accept the swaps for clearing. The new regulations
may make using swaps more costly, may limit their availability, or may otherwise adversely affect their value or
performance. Risks associated with the use of derivatives are magnified to the extent that a large portion of the fund’s
assets are committed to derivatives in general or are invested in just one or a few types of derivatives.
Rule 18f-4 under the 1940 Act permits a fund to enter into Derivatives Transactions (as defined below) and certain
other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the 1940
Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the fund, from issuing or
selling any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset coverage”).
Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including a
contract for differences), futures contract, forward contract, option (excluding purchased options), any combination
of the foregoing, or any similar instrument, under which a fund is or may be required to make any payment or delivery
of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or
settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing
transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if the fund elects to treat
these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities
(e.g., firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls) and
non-standard settlement cycle securities, unless the fund intends to physically settle the transaction and the transaction
will settle within 35 days of its trade date.
Unless a fund is relying on the Limited Derivatives User Exception (as defined below), the fund must comply with
Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a fund to adopt and
implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or
absolute limit on fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a
“derivatives risk manager,” who is appointed by the fund's Board, including a majority of Independent Trustees, and
periodically reviews the DRMP and reports to the Board.
Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if a fund's “derivatives
exposure” (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4)
and the fund adopts and implements written policies and procedures reasonably designed to manage its derivatives
risks (the “Limited Derivatives User Exception”). The fund currently is relying on the Limited Derivatives User Exception.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) has caused broad changes
to the OTC derivatives market and granted significant authority to the SEC and the CFTC to regulate OTC derivatives
and market participants. Pursuant to such authority, rules have been enacted that currently require clearing of many
OTC derivatives transactions and may require clearing of additional OTC derivatives transactions in the future and
that impose minimum margin and capital requirements for uncleared OTC derivatives transactions. Similar regulations
are being adopted in other jurisdictions around the world. The implementation of the clearing requirement has
increased the costs of derivatives transactions since investors have to pay fees to clearing members and are typically
required to post more margin for cleared derivatives than had historically been the case. The costs of derivatives
transactions are expected to increase further as clearing members raise their fees to cover the costs of additional
capital requirements and other regulatory changes. While the new rules and regulations and central clearing of some
derivatives transactions are designed to reduce systemic risk (i.e., the risk that the interdependence of large derivatives
dealers could cause them to suffer liquidity, solvency or other challenges simultaneously), there is no assurance that
they will achieve that result, and in the meantime, mandatory clearing of derivatives may expose the fund to new
kinds of costs and risks.

14
Additionally, new regulations may result in increased uncertainty about credit/counterparty risk and may limit the
flexibility of the fund to protect its interests in the event of an insolvency of a derivatives counterparty. In the event
of a counterparty’s (or its affiliate’s) insolvency, the fund’s ability to exercise remedies, such as the termination of
transactions, netting of obligations and realization on collateral, could be stayed or eliminated under the rules of the
applicable exchange or clearing corporation or under new special resolution regimes adopted in the United States,
the European Union and various other jurisdictions. Such regimes provide government authorities with broad authority
to intervene when a financial institution is experiencing financial difficulty. In particular, with respect to counterparties
who are subject to such proceedings in the European Union, the liabilities of such counterparties to the fund could
be reduced, eliminated, or converted to equity in such counterparties (sometimes referred to as a “bail in”).
The fund’s use of derivatives may be affected by other applicable laws and regulations and may be subject to review
by the SEC, the CFTC, exchange and market authorities and other regulators in the United States and abroad. The
fund’s ability to use derivatives may be limited by tax considerations.
Options on securities and securities indices
The fund may purchase and write put and call options on any security in which it may invest or options on any
securities index based on securities in which it may invest. The fund may also be able to enter into closing sale
transactions in order to realize gains or minimize losses on options it has purchased.
Writing call and put options on securities. A call option written by the fund obligates the fund to sell specified
securities to the holder of the option at a specified price if the option is exercised at any time before the expiration
date. The exercise price may differ from the market price of an underlying security. The fund has the risk of loss that
the price of an underlying security may decline during the call period. The risk may be offset to some extent by the
premium the fund receives. If the value of the investment does not rise above the call price, it’s likely that the call will
lapse without being exercised. In that case, the fund would keep the cash premium and the investment. All call options
written by the fund are covered, which means that the fund will own the securities subject to the options as long as
the options are outstanding, or the fund will use the other methods described below. The fund's purpose in writing
covered call options is to realize greater income than would be realized on portfolio securities transactions alone.
However, the fund may forgo the opportunity to profit from an increase in the market price of the underlying security.
A put option written by the fund would obligate the fund to purchase specified securities from the option holder at a
specified price if the option is exercised at any time before the expiration date. The fund has no control over when it
may be required to purchase the underlying securities. All put options written by the fund would be covered, which
means that the fund would have segregated assets with a value at least equal to the exercise price of the put option.
The purpose of writing such options is to generate additional income for the fund. However, in return for the option
premium, the fund accepts the risk that it may be required to purchase the underlying security at a price in excess of
its market value at the time of purchase.
Call and put options written by the fund will also be considered to be covered to the extent that the fund's liabilities
under such options are wholly or partially offset by its rights under call and put options purchased by the fund. In
addition, a written call option or put may be covered by entering into an offsetting forward contract and/or by
purchasing an offsetting option or any other option which, by virtue of its exercise price or otherwise, reduces the
fund's net exposure on its written option position.
Writing call and put options on securities indices. The fund may also write (sell) covered call and put options
on any securities index composed of securities in which it may invest. Options on securities indices are similar to
options on securities, except that the exercise of securities index options requires cash payments and does not involve
the actual purchase or sale of securities. In addition, securities index options are designed to reflect price fluctuations
in a group of securities or segments of the securities market rather than price fluctuations in a single security.
The fund may cover call options on a securities index by owning securities whose price changes are expected to be
similar to those of the underlying index, or by having an absolute and immediate right to acquire such securities
without additional cash consideration (or for additional consideration if cash in such amount is segregated) upon
conversion or exchange of other securities in its portfolio. The fund may cover call and put options on a securities
index by segregating assets with a value equal to the exercise price.

15
Index options are subject to the timing risk inherent in writing index options. When an index option is exercised, the
amount of cash that the holder is entitled to receive is determined by the difference between the exercise price and
the closing index level on the date when the option is exercised. If a fund has purchased an index option and exercises
it before the closing index value for that day is available, it runs the risk that the level of the underlying index may
subsequently change. If such a change causes the exercised option to fall “out-of-the-money,” the fund will be required
to pay cash in an amount of the difference between the closing index value and the exercise price of the option.
Purchasing call and put options. The fund would normally purchase call options in anticipation of an increase in
the market value of securities of the type in which it may invest. The purchase of a call option would entitle the fund,
in return for the premium paid, to purchase specified securities at a specified price during the option period. The
fund would ordinarily realize a gain if, during the option period, the value of such securities exceeded the sum of the
exercise price, the premium paid and transaction costs; otherwise the fund would realize either no gain or a loss on
the purchase of the call option.
The fund would normally purchase put options in anticipation of a decline in the market value of securities in its
portfolio (“protective puts”) or in securities in which it may invest. The purchase of a put option would entitle the
fund, in exchange for the premium paid, to sell specified securities at a specified price during the option period. The
purchase of protective puts is designed to offset or hedge against a decline in the market value of the fund's securities.
Put options may also be purchased by the fund for the purpose of affirmatively benefiting from a decline in the price
of securities which it does not own. The fund would ordinarily realize a gain if, during the option period, the value of
the underlying securities decreased below the exercise price sufficiently to more than cover the premium and transaction
costs; otherwise the fund would realize either no gain or a loss on the purchase of the put option. Gains and losses on
the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying
portfolio securities.
The fund may terminate its obligations under an exchange-traded call or put option by purchasing an option identical
to the one it has written. Obligations under over-the-counter options may be terminated only by entering into an
offsetting transaction with the counterparty to such option. Such purchases are referred to as “closing purchase
transactions.”
Options spreads and straddles. Option spread and straddle transactions require a fund to purchase and/or write
more than one option simultaneously. A fund may engage in option spread transactions in which it purchases and
writes put or call options on the same underlying instrument, with the options having different exercise prices and/or
expiration dates.
A fund also may engage in option straddles, in which it purchases or sells combinations of put and call options on
the same instrument. A long straddle is a combination of a call and a put option purchased on the same security
where the exercise price of the put is less than or equal to the exercise price of the call. A short straddle is a combination
of a call and a put written on the same security where the exercise price of the put is less than or equal to the exercise
price of the call and where the same issue of security or currency is considered cover for both the put and the call.
Risks of trading options. There is no assurance that a liquid secondary market on an options exchange will exist
for any particular exchange-traded option, or at any particular time. If the fund is unable to effect a closing purchase
transaction with respect to covered options it has written, the fund will not be able to sell the underlying securities
until the options expire or are exercised. Similarly, if the fund is unable to effect a closing sale transaction with respect
to options it has purchased, it will have to exercise the options in order to realize any profit and will incur transaction
costs upon the purchase or sale of underlying securities.
Reasons for the absence of a liquid secondary market on an exchange include the following: (i) there may be insufficient
trading interest in certain options; (ii) restrictions may be imposed by an exchange on opening or closing transactions
or both; (iii) trading halts, suspensions or other restrictions may be imposed with respect to particular classes or
series of options; (iv) unusual or unforeseen circumstances may interrupt normal operations on an exchange; (v) the
facilities of an exchange or the Options Clearing Corporation (the “OCC”) may not at all times be adequate to handle
current trading volume; or (vi) one or more exchanges could, for economic or other reasons, decide or be compelled
at some future date to discontinue the trading of options (or a particular class or series of options), in which event the

16
secondary market on that exchange (or in that class or series of options) would cease to exist, although it is expected
that outstanding options on that exchange, if any, that had been issued by the OCC as a result of trades on that
exchange would continue to be exercisable in accordance with their terms.
The fund may purchase and sell both options that are traded on U.S. and non-U.S. exchanges and options traded
over-the-counter with broker-dealers who make markets in these options. The ability to terminate over-the-counter
options is more limited than with exchange-traded options and may involve the risk that broker-dealers participating
in such transactions will not fulfill their obligations. Until such time as the staff of the SEC changes its position, the
fund will treat purchased over-the-counter options and all assets used to cover written over-the-counter options as
illiquid securities, except that with respect to options written with primary dealers in U.S. government securities
pursuant to an agreement requiring a closing purchase transaction at a formula price, the amount of illiquid securities
may be calculated with reference to the formula.
Transactions by the fund in options on securities and indices will be subject to limitations established by each of the
exchanges, boards of trade or other trading facilities governing the maximum number of options in each class which
may be written or purchased by a single investor or group of investors acting in concert. Thus, the number of options
which the fund may write or purchase may be affected by options written or purchased by other investment advisory
clients of Amundi US. An exchange, board of trade or other trading facility may order the liquidations of positions
found to be in excess of these limits, and it may impose certain other sanctions.
The writing and purchase of options is a highly specialized activity which involves investment techniques and risks
different from those associated with ordinary portfolio securities transactions. The successful use of protective puts
for hedging purposes depends in part on the ability of Amundi US to predict future price fluctuations and the degree
of correlation between the options and securities markets.
The hours of trading for options may not conform to the hours during which the underlying securities are traded.
To the extent that the options markets close before the markets for the underlying securities, significant price movements
can take place in the underlying markets that cannot be reflected in the options markets.
In addition to the risks of imperfect correlation between the portfolio and the index underlying the option, the
purchase of securities index options involves the risk that the premium and transaction costs paid by the fund in
purchasing an option will be lost. This could occur as a result of unanticipated movements in the price of the securities
comprising the securities index on which the option is based.
Futures contracts and options on futures contracts
The fund may purchase and sell various kinds of futures contracts, and purchase and write (sell) call and put options
on any of such futures contracts. The fund may enter into closing purchase and sale transactions with respect to any
futures contracts and options on futures contracts. The futures contracts may be based on various securities (such as
U.S. government securities), securities indices, foreign currencies and other financial instruments and indices. The
fund may invest in futures contracts based on the Chicago Board of Exchange Volatility Index (“VIX Futures”). The
VIX is an index of market sentiment derived from the S&P 500 option prices, and is designed to reflect investors’
consensus view of expected stock market volatility over future periods. The fund may invest in futures and options
based on credit derivative contracts on baskets or indices of securities, such as CDX. An interest rate futures contract
provides for the future sale by one party and the purchase by the other party of a specified amount of a particular
financial instrument (debt security) at a specified price, date, time and place. The fund will engage in futures and
related options transactions for bona fide hedging and non-hedging purposes as described below. Futures contracts
are traded in the U.S. on exchanges or boards of trade that are licensed and regulated by the CFTC.
Futures contracts. A futures contract may generally be described as an agreement between two parties to buy and
sell particular financial instruments for an agreed price during a designated month (or to deliver the final cash settlement
price, in the case of a contract relating to an index or otherwise not calling for physical delivery at the end of trading
in the contract).
When interest rates are rising or securities prices are falling, the fund can seek to offset a decline in the value of its
current portfolio securities through the sale of futures contracts. When interest rates are falling or securities prices
are rising, the fund, through the purchase of futures contracts, can attempt to secure better rates or prices than might
later be available in the market when it effects anticipated purchases. Similarly, the fund can sell futures contracts on

17
a specified currency to protect against a decline in the value of such currency and a decline in the value of its portfolio
securities which are denominated in such currency. The fund can purchase futures contracts on a foreign currency
to establish the price in U.S. dollars of a security denominated in such currency that the fund has acquired or expects
to acquire.
Positions taken in the futures markets are not normally held to maturity but are instead liquidated through offsetting
transactions which may result in a profit or a loss. While futures contracts on securities or currency will usually be
liquidated in this manner, the fund may instead make, or take, delivery of the underlying securities or currency
whenever it appears economically advantageous to do so. A clearing corporation associated with the exchange on
which futures on securities or currency are traded guarantees that, if still open, the sale or purchase will be performed
on the settlement date.
Hedging strategies. Hedging, by use of futures contracts, seeks to establish with more certainty the effective price,
rate of return and currency exchange rate on portfolio securities and securities that the fund owns or proposes to
acquire. The fund may, for example, take a “short” position in the futures market by selling futures contracts in order
to hedge against an anticipated rise in interest rates or a decline in market prices or foreign currency rates that would
adversely affect the value of the fund's securities. Such futures contracts may include contracts for the future delivery
of securities held by the fund or securities with characteristics similar to those of the fund's securities. Similarly, the
fund may sell futures contracts in a foreign currency in which its portfolio securities are denominated or in one
currency to hedge against fluctuations in the value of securities denominated in a different currency if there is an
established historical pattern of correlation between the two currencies. If, in the opinion of Amundi US, there is a
sufficient degree of correlation between price trends for the fund's securities and futures contracts based on other
financial instruments, securities indices or other indices, the fund may also enter into such futures contracts as part
of its hedging strategies. Although under some circumstances prices of securities in the portfolio may be more or less
volatile than prices of such futures contracts, Amundi US will attempt to estimate the extent of this volatility difference
based on historical patterns and compensate for any such differential by having the fund enter into a greater or lesser
number of futures contracts or by attempting to achieve only a partial hedge against price changes affecting the fund's
securities. When hedging of this character is successful, any depreciation in the value of portfolio securities will be
substantially offset by appreciation in the value of the futures position. On the other hand, any unanticipated appreciation
in the value of the portfolio securities would be substantially offset by a decline in the value of the futures position.
On other occasions, the fund may take a “long” position by purchasing futures contracts. This may be done, for
example, when the fund anticipates the subsequent purchase of particular securities when it has the necessary cash,
but expects the prices or currency exchange rates then available in the applicable market to be less favorable than
prices or rates that are currently available.
Options on futures contracts. The acquisition of put and call options on futures contracts will give the fund the
right (but not the obligation) for a specified price to sell or to purchase, respectively, the underlying futures contract
at any time during the option period. As the purchaser of an option on a futures contract, the fund obtains the benefit
of the futures position if prices move in a favorable direction, but limits its risk of loss in the event of an unfavorable
price movement to the loss of the premium and transaction costs.
The writing of a call option on a futures contract generates a premium which may partially offset a decline in the
value of the fund's assets. By writing a call option, the fund becomes obligated, in exchange for the premium, to sell a
futures contract (if the option is exercised), which may have a value higher than the exercise price. Conversely, the
writing of a put option on a futures contract generates a premium which may partially offset an increase in the price
of securities that the fund intends to purchase. However, the fund becomes obligated to purchase a futures contract
(if the option is exercised) which may have a value lower than the exercise price. Thus, the loss incurred by the fund
in writing options on futures is potentially unlimited and may exceed the amount of the premium received. The fund
will incur transaction costs in connection with the writing of options on futures.
The holder or writer of an option on a futures contract may terminate its position by selling or purchasing an offsetting
option on the same series. There is no guarantee that such closing transactions can be effected. The fund's ability to
establish and close out positions on such options will be subject to the development and maintenance of a liquid market.

18
Other considerations regarding futures contracts
The fund will engage in transactions in futures contracts and related options only to the extent such transactions are
consistent with the requirements of the Code for maintaining qualification as a regulated investment company for
U.S. federal income tax purposes.
Futures contracts and related options involve brokerage costs and require margin deposits.
While transactions in futures contracts and options on futures may reduce certain risks, such transactions themselves
entail certain other risks. Thus, while the fund may benefit from the use of futures and options on futures, unanticipated
changes in interest rates, securities prices or currency exchange rates may result in a poorer overall performance for
the fund than if it had not entered into any futures contracts or options transactions. When futures contracts and
options are used for hedging purposes, perfect correlation between the fund's futures positions and portfolio positions
may be impossible to achieve, particularly where futures contracts based on individual securities are currently not
available. In the event of an imperfect correlation between a futures position and a portfolio position which is intended
to be protected, the desired protection may not be obtained and the fund may be exposed to risk of loss. It is not
possible to hedge fully or perfectly against the effect of currency fluctuations on the value of non-U.S. securities
because currency movements impact the value of different securities in differing degrees.
If the fund were unable to liquidate a futures contract or an option on a futures position due to the absence of a liquid
secondary market, the imposition of price limits or otherwise, it could incur substantial losses. The fund would
continue to be subject to market risk with respect to the position. In addition, except in the case of purchased options,
the fund would continue to be required to make daily variation margin payments and might be required to maintain
the position being hedged by the future or option.
Financial futures and options transactions
Amundi US has claimed an exclusion from registration as a “commodity pool operator” with respect to the fund
under the Commodity Exchange Act (the “CEA”), and, therefore, Amundi US will not, with respect to its management
of the fund, be subject to registration or regulation as a commodity pool operator.
Under this exemption, the fund will remain limited in its ability to trade instruments subject to the jurisdiction of
the CFTC, including commodity futures (which include futures on broad-based securities indexes and interest rate
futures), options on commodity futures and swaps. This limitation also applies with respect to any indirect exposure
that the fund may have to these instruments through investments in other funds. Amundi US may have to rely on
representations from the underlying fund’s manager about the amount (or maximum permitted amount) of investment
exposure that the underlying fund has to instruments such as commodity futures, options on commodity futures
and swaps.
Under this exemption, the fund must satisfy one of the following two trading limitations at all times: (1) the aggregate
initial margin and premiums required to establish the fund’s positions in commodity futures, options on commodity
futures, swaps and other CFTC-regulated instruments may not exceed 5% of the liquidation value of the fund’s portfolio
(after accounting for unrealized profits and unrealized losses on any such investments); or (2) the aggregate net
notional value of such instruments, determined at the time the most recent position was established, may not exceed
100% of the liquidation value of the fund’s portfolio (after accounting for unrealized profits and unrealized losses on
any such positions). The fund would not be required to consider its exposure to such instruments if they were held
for “bona fide hedging” purposes, as such term is defined in the rules of the CFTC. In addition to meeting one of the
foregoing trading limitations, the fund may not market itself as a commodity pool or otherwise as a vehicle for trading
in the markets for CFTC-regulated instruments.
Credit default swap agreements
The fund may enter into credit default swap agreements. The “buyer” in a credit default contract is obligated to pay
the “seller” a periodic stream of payments over the term of the contract provided that no specified events of default,
or “credit events,” on an underlying reference obligation have occurred. If such a credit event occurs, the seller must
pay the buyer the “par value” (full notional value) of the reference obligation in exchange for the reference obligation,
or must make a cash settlement payment. The fund may be either the buyer or seller in the transaction. If the fund is
a buyer and no credit event occurs, the fund will receive no return on the stream of payments made to the seller.
However, if a credit event occurs, the fund, as the buyer, receives the full notional value for a reference obligation

19
that may have little or no value. As a seller, the fund receives a fixed rate of income throughout the term of the
contract, which typically is between six months and three years, provided that there is no credit event. If a credit
event occurs, the fund, as the seller, must pay the buyer the full notional value of the reference obligation. The fund,
as the seller, would be entitled to receive the reference obligation. Alternatively, the fund may be required to make a
cash settlement payment, where the reference obligation is received by the fund as seller. The value of the reference
obligation, coupled with the periodic payments previously received, would likely be less than the full notional value
the fund pays to the buyer, resulting in a loss of value to the fund as seller. When the fund acts as a seller of a credit
default swap agreement it is exposed to the risks of a leveraged transaction. Credit default swaps may involve greater
risks than if the fund had invested in the reference obligation directly. In addition to general market risks, credit
default swaps are subject to illiquidity risk, counterparty risk and credit risk. The fund will enter into swap agreements
only with counterparties who are rated investment grade quality by at least one nationally recognized statistical rating
organization at the time of entering into such transaction or whose creditworthiness is believed to be equivalent to
such rating.
Regulations require most swaps to be executed through a centralized exchange or regulated facility and cleared
through a regulated clearinghouse. The swap market could be disrupted or limited as a result of these requirements,
which could adversely affect the fund. Moreover, the establishment of a centralized exchange or market for swap
transactions may not result in swaps being easier to trade or value.
The fund may also invest in credit derivative contracts on baskets or indices of securities, such as CDX. A CDX can
be used to hedge credit risk or to take a position on a basket of credit entities or indices. The individual credits
underlying credit default swap indices may be rated investment grade or non-investment grade. These instruments
are designed to track representative segments of the credit default swap market such as investment grade, below
investment grade and emerging markets. A CDX index tranche provides access to customized risk, exposing each
investor to losses at different levels of subordination. The lowest part of the capital structure is called the “equity
tranche” as it has exposure to the first losses experienced in the basket. The mezzanine and senior tranches are higher
in the capital structure but can also be exposed to loss in value.If the fund holds a long position in a CDX, the fund
would indirectly bear its proportionate share of any expenses paid by a CDX. A fund holding a long position in CDXs
typically receives income from principal or interest paid on the underlying securities. By investing in CDXs, the fund
could be exposed to liquidity risk, counterparty risk, credit risk of the issuers of the underlying loan obligations and
of the CDX markets, and operational risks. If there is a default by the CDX counterparty, the fund will have contractual
remedies pursuant to the agreements related to the transaction. CDXs also bear the risk that the fund will not be able
to meet its obligation to the counterparty.
Credit-linked notes
The fund may invest in credit-linked notes (“CLNs”), which are derivative instruments. A CLN is a synthetic obligation
between two or more parties where the payment of principal and/or interest is based on the performance of some
obligation (a reference obligation). In addition to credit risk of the reference obligations and interest rate risk, the
buyer/seller of the CLN is subject to counterparty risk.
Exchange traded notes
The fund may invest in exchange traded notes (“ETNs”). An ETN is a type of senior, unsecured, unsubordinated
debt security issued by financial institutions that combines both aspects of bonds and ETFs. An ETN’s returns are
based on the performance of a market index or other reference asset minus fees and expenses. Similar to ETFs, ETNs
are listed on an exchange and traded in the secondary market. However, unlike an ETF, an ETN can be held until the
ETN’s maturity, at which time the issuer will pay a return linked to the performance of the market index or other
reference asset to which the ETN is linked minus certain fees. Unlike regular bonds, ETNs do not make periodic
interest payments and principal is not protected.
An ETN that is tied to a specific index may not be able to replicate and maintain exactly the composition and relative
weighting of securities, commodities or other components in the applicable index. ETNs also incur certain expenses
not incurred by their applicable index. Additionally, certain components comprising the index tracked by an ETN
may, at times, be temporarily unavailable, which may impede an ETN’s ability to track its index. Some ETNs that use
leverage can, at times, be relatively illiquid and, thus, they may be difficult to purchase or sell at a fair price. Leveraged

20
ETNs are subject to the same risk as other instruments that use leverage in any form. While leverage allows for greater
potential return, the potential for loss is also greater. However, the fund’s potential loss is limited to the amount
actually invested in the ETN.
The market value of an ETN is influenced by supply and demand for the ETN, the current performance of the index
or other reference asset, the credit rating of the ETN issuer, volatility and lack of liquidity in the reference asset,
changes in the applicable interest rates, and economic, legal, political or geographic events that affect the reference
asset. The market value of ETN shares may differ from their net asset value. This difference in price may be due to the
fact that the supply and demand in the market for ETN shares at any point in time is not always identical to the
supply and demand in the market for the securities underlying the index (or other reference asset) that the ETN seeks
to track. The value of an ETN may also change due to a change in the issuer’s credit rating. As a result, there may be
times when an ETN share trades at a premium or discount to its net asset value. The fund will bear its pro rata portion
of any fees and expenses borne by the ETN. These fees and expenses generally reduce the return realized at maturity
or upon redemption from an investment in an ETN.

Equity securities and related investments

Investments in equity securities
Equity securities, such as common stock, generally represent an ownership interest in a company. While equity
securities have historically generated higher average returns than fixed income securities, equity securities have also
experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report,
may depress the value of a particular equity security held by the fund. Also, the prices of equity securities, particularly
common stocks, are sensitive to general movements in the stock market. A drop in the stock market may depress the
price of equity securities held by the fund.
Warrants and stock purchase rights
The fund may invest in warrants, which are securities permitting, but not obligating, their holder to subscribe for
other securities. Warrants do not carry with them the right to dividends or voting rights with respect to the securities
that they entitle their holders to purchase, and they do not represent any rights in the assets of the issuer.
The fund may also invest in stock purchase rights. Stock purchase rights are instruments, frequently distributed to
an issuer’s shareholders as a dividend, that entitle the holder to purchase a specific number of shares of common
stock on a specific date or during a specific period of time. The exercise price on the rights is normally at a discount
from market value of the common stock at the time of distribution. The rights do not carry with them the right to
dividends or to vote and may or may not be transferable. Stock purchase rights are frequently used outside of the
United States as a means of raising additional capital from an issuer’s current shareholders.
As a result, an investment in warrants or stock purchase rights may be considered more speculative than certain
other types of investments. In addition, the value of a warrant or a stock purchase right does not necessarily change
with the value of the underlying securities, and warrants and stock purchase rights expire worthless if they are not
exercised on or prior to their expiration date.
Preferred shares
The fund may invest in preferred shares. Preferred shares are equity securities, but they have many characteristics of
fixed income securities, such as a fixed dividend payment rate and/or a liquidity preference over the issuer’s common
shares. However, because preferred shares are equity securities, they may be more susceptible to risks traditionally
associated with equity investments than the fund's fixed income securities.
Preferred stocks may differ in many of their provisions. Among the features that differentiate preferred stocks from
one another are the dividend rights, which may be cumulative or noncumulative and participating or non-participating,
redemption provisions, and voting rights. Such features will establish the income return and may affect the prospects
for capital appreciation or risks of capital loss.
The market prices of preferred stocks are subject to changes in interest rates and are more sensitive to changes in an
issuer's creditworthiness than are the prices of debt securities. Shareholders of preferred stock may suffer a loss of
value if dividends are not paid. Under ordinary circumstances, preferred stock does not carry voting rights.

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Other investments and investment techniques
Short-term investments
For temporary defensive or cash management purposes, the fund may invest in all types of short-term investments
including, but not limited to, (a) commercial paper and other short-term commercial obligations; (b) obligations
(including certificates of deposit and bankers’ acceptances) of banks; (c) obligations issued or guaranteed by a governmental
issuer, including governmental agencies or instrumentalities; (d) fixed income securities of non-governmental issuers;
(e) money market funds; and (f) other cash equivalents or cash. Subject to the fund's restrictions regarding investment
in non-U.S. securities, these securities may be denominated in any currency. Although these investments generally
are rated investment grade or are determined by Amundi US to be of equivalent credit quality, the fund may also
invest in these instruments if they are rated below investment grade in accordance with its investment objective,
policies and restrictions.
Illiquid securities
The fund may invest up to 15% of its net assets in illiquid and other securities that are not readily marketable. If due
to subsequent fluctuations in value or any other reasons, the value of the fund's illiquid securities exceeds this percentage
limitation, the fund will consider what actions, if any, are necessary to maintain adequate liquidity. Repurchase
agreements maturing in more than seven days will be included for purposes of the foregoing limit. Securities subject
to restrictions on resale under the Securities Act of 1933, as amended (the “1933 Act”), are considered illiquid unless
they are eligible for resale pursuant to Rule 144A or another exemption from the registration requirements of the
1933 Act and are determined to be liquid pursuant to the fund's liquidity risk management program. The inability of
the fund to dispose of illiquid investments readily or at reasonable prices could impair the fund's ability to raise cash
to satisfy redemption requests or for other purposes. If the fund sold restricted securities other than pursuant to an
exception from registration under the 1933 Act such as Rule 144A, it may be deemed to be acting as an underwriter
and subject to liability under the 1933 Act.
Repurchase agreements
The fund may enter into repurchase agreements with broker-dealers, member banks of the Federal Reserve System
and other financial institutions. Repurchase agreements are arrangements under which the fund purchases securities
and the seller agrees to repurchase the securities within a specific time and at a specific price. The repurchase price is
generally higher than the fund's purchase price, with the difference being income to the fund. A repurchase agreement
may be considered a loan by the fund collateralized by securities. Under the direction of the Board of Trustees,
Amundi US reviews and monitors the creditworthiness of any institution which enters into a repurchase agreement
with the fund. The counterparty’s obligations under the repurchase agreement are collateralized with U.S. Treasury
and/or agency obligations with a market value of not less than 100% of the obligations, valued daily. Collateral is held
by the fund's custodian in a segregated, safekeeping account for the benefit of the fund. Repurchase agreements afford
the fund an opportunity to earn income on temporarily available cash. In the event of commencement of bankruptcy
or insolvency proceedings with respect to the seller of the security before repurchase of the security under a repurchase
agreement, the fund may encounter delay and incur costs before being able to sell the security. Such a delay may
involve loss of interest or a decline in price of the security. If the court characterizes the transaction as a loan and the
fund has not perfected a security interest in the security, the fund may be required to return the security to the seller’s
estate and be treated as an unsecured creditor of the seller. As an unsecured creditor, the fund would be at risk of
losing some or all of the principal and interest involved in the transaction. There is no specific limit on the fund's
ability to enter into repurchase agreements. The SEC frequently treats repurchase agreements as loans for purposes
of the 1940 Act.
Reverse repurchase agreements
Reverse repurchase agreements involve the sale of securities to a bank or other institution with an agreement that the
fund will buy back the securities at a fixed future date at a fixed price plus an agreed amount of “interest” which may
be reflected in the repurchase price. Reverse repurchase agreements involve the risk that the market value of securities
purchased by the fund with proceeds of the transaction may decline below the repurchase price of the securities sold
by the fund that it is obligated to repurchase. The fund will also continue to be subject to the risk of a decline in the
market value of the securities sold under the agreements because it will reacquire those securities upon effecting their
repurchase. Reverse repurchase agreements may be considered to be a type of borrowing. A fund may enter into

22
reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option
bonds, borrowed bonds) notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940
Act, provided that the fund complies with the asset coverage requirements of Section 18 and combines the aggregate
amount of indebtedness associated with all reverse repurchase agreements or similar financing transactions with the
aggregate amount of any other senior securities representing indebtedness when calculating the asset coverage ratio,
or treats all reverse repurchase agreements or similar financing transactions as derivatives transactions for all purposes
under Rule 18f-4 under the 1940 Act. The DRMP currently provides that reverse repurchase agreements will not be
treated as derivatives for purposes of the DRMP and will be subject to the asset coverage requirements of Section 18.
See “Derivatives.”
Short sales against the box
The fund may sell securities “short against the box.” A short sale involves the fund borrowing securities from a broker
and selling the borrowed securities. The fund has an obligation to return securities identical to the borrowed securities
to the broker. In a short sale against the box, the fund at all times owns an equal amount of the security sold short or
securities convertible into or exchangeable for, with or without payment of additional consideration, an equal amount
of the security sold short. The fund intends to use short sales against the box to hedge. For example when the fund
believes that the price of a current portfolio security may decline, the fund may use a short sale against the box to lock
in a sale price for a security rather than selling the security immediately. In such a case, any future losses in the fund's
long position should be offset by a gain in the short position and, conversely, any gain in the long position should be
reduced by a loss in the short position. The fund may engage in short sales of securities only against the box.
If the fund effects a short sale against the box at a time when it has an unrealized gain on the security, it may be
required to recognize that gain as if it had actually sold the security (a “constructive sale”) on the date it effects the
short sale. However, such constructive sale treatment may not apply if the fund closes out the short sale with securities
other than the appreciated securities held at the time of the short sale provided that certain other conditions are
satisfied. Uncertainty regarding the tax consequences of effecting short sales may limit the extent to which the fund
may make short sales against the box.
A fund must comply with Rule 18f-4 under the 1940 Act with respect to its short positions “against the box.” See “Derivatives.”
Dollar rolls
The fund may enter into mortgage “dollar rolls” in which the fund sells securities for delivery in the current month
and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity),
but not identical securities on a specified future date. During the roll period, the fund loses the right to receive principal
and interest paid on the securities sold. However, the fund would benefit to the extent of any difference between the
price received for the securities sold and the lower forward price for the future purchase (often referred to as the
“drop”) or fee income plus the interest earned on the cash proceeds of the securities sold until the settlement date of
the forward purchase. Unless such benefits exceed the income, capital appreciation and gain or loss due to mortgage
prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this
technique will diminish the investment performance of the fund compared with what such performance would have
been without the use of mortgage dollar rolls. All cash proceeds will be invested in instruments that are permissible
investments for the fund.
For financial reporting and tax purposes, the fund treats mortgage dollar rolls as two separate transactions; one
involving the purchase of a security and a separate transaction involving a sale.
Dollar rolls involve certain risks including the following: if the broker-dealer to whom the fund sells the security
becomes insolvent, the fund’s right to purchase or repurchase the securities subject to the dollar roll may be restricted
and the instrument which the fund is required to repurchase may be worth less than an instrument which the fund
originally held. Successful use of dollar rolls will depend upon Amundi US’s ability to manage its interest rate and
prepayment exposure. There is no assurance that dollar rolls can be successfully employed.
A fund may enter into when-issued or forward-settling securities (e.g., dollar rolls and firm and standby commitments,
including TBA commitments) and non-standard settlement cycle securities notwithstanding the limitation on the
issuance of senior securities in Section 18 of the 1940 Act, provided that the fund complies with Rule 18f-4 under the
1940 Act. See “Derivatives.”

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Portfolio turnover
It is the policy of the fund not to engage in trading for short-term profits, although portfolio turnover rate is not
considered a limiting factor in the execution of investment decisions for the fund. A high rate of portfolio turnover
(100% or more) involves correspondingly greater transaction costs which must be borne by the fund and its shareholders.
See “Annual Fee, Expense and Other Information” for the fund's annual portfolio turnover rate.
Lending of portfolio securities
The fund may lend portfolio securities to registered broker-dealers or other institutional investors deemed by Amundi
US to be of good standing under agreements which require that the loans be secured continuously by collateral in
the form of cash, cash equivalents, U.S. Government securities or irrevocable letters of credit issued by banks approved
by the fund. The value of the collateral is monitored on a daily basis and the borrower is required to maintain the
collateral at an amount at least equal to the market value of the securities loaned. The fund continues to receive the
equivalent of the interest or dividends paid by the issuer on the securities loaned and continues to have all of the
other risks associated with owning the securities. Where the collateral received is cash, the cash will be invested and
the fund will be entitled to a share of the income earned on the investment, but will also be subject to investment risk
on the collateral and will bear the entire amount of any loss in connection with investment of such collateral. The
fund may pay administrative and custodial fees in connection with loans of securities and, where the collateral received
is cash, the fund may pay a portion of the income earned on the investment of collateral to the borrower, lending
agent or other intermediary. Fees and expenses paid by the fund in connection with loans of securities are not reflected
in the fee table or expense example in the fund’s prospectus. If the income earned on the investment of the cash
collateral is insufficient to pay these amounts or if the value of the securities purchased with such cash collateral
declines, the fund may take a loss on the loan. Where the fund receives securities as collateral, the fund will earn no
income on the collateral, but will earn a fee from the borrower. The fund reserves the right to recall loaned securities
so that it may exercise voting rights on loaned securities according to the fund’s Proxy Voting Policies and Procedures.
The risk in lending portfolio securities, as with other extensions of credit, consists of the possibility of loss to the fund
due to (i) the inability of the borrower to return the securities, (ii) a delay in receiving additional collateral to adequately
cover any fluctuations in the value of securities on loan, (iii) a delay in recovery of the securities, or (iv) the loss of
rights in the collateral should the borrower fail financially. In addition, as noted above, the fund continues to have
market risk and other risks associated with owning the securities on loan. Where the collateral delivered by the
borrower is cash, the fund will also have the risk of loss of principal and interest in connection with its investment of
collateral. If a borrower defaults, the value of the collateral may decline before the fund can dispose of it. The fund
will lend portfolio securities only to firms that have been approved in advance by Amundi US, which will monitor
the creditworthiness of any such firms. However, this monitoring may not protect the fund from loss. At no time
would the value of the securities loaned exceed 331∕3% of the value of the fund's total assets. The fund did not engage
in securities lending activity during its most recent fiscal year.
Interfund lending
To satisfy redemption requests or to cover unanticipated cash shortfalls, a fund may enter into lending agreements
(“Interfund Lending Agreements”) under which the fund would lend money and borrow money for temporary
purposes directly to and from another Pioneer fund through a credit facility (“Interfund Loan”), subject to meeting
the conditions of an SEC exemptive order granted to the funds permitting such interfund lending. All Interfund
Loans will consist only of uninvested cash reserves that the fund otherwise would invest in short-term repurchase
agreements or other short-term instruments.
If a fund has outstanding borrowings, any Interfund Loans to the fund (a) will be at an interest rate equal to or lower
than any outstanding bank loan, (b) will be secured at least on an equal priority basis with at least an equivalent
percentage of collateral to loan value as any outstanding bank loan that requires collateral, (c) will have a maturity no
longer than any outstanding bank loan (and in any event not over seven days) and (d) will provide that, if an event of
default occurs under any agreement evidencing an outstanding bank loan to the fund, the event of default will
automatically (without need for action or notice by the lending fund) constitute an immediate event of default under
the Interfund Lending Agreement entitling the lending fund to call the Interfund Loan (and exercise all rights with
respect to any collateral) and that such call will be made if the lending bank exercises its right to call its loan under its
agreement with the borrowing fund.

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A fund may make an unsecured borrowing through the credit facility if its outstanding borrowings from all sources
immediately after the interfund borrowing total 10% or less of its total assets; provided, that if the fund has a secured
loan outstanding from any other lender, including but not limited to another Pioneer fund, the fund's interfund
borrowing will be secured on at least an equal priority basis with at least an equivalent percentage of collateral to
loan value as any outstanding loan that requires collateral. If a fund's total outstanding borrowings immediately after
an interfund borrowing would be greater than 10% of its total assets, the fund may borrow through the credit facility
on a secured basis only. A fund may not borrow through the credit facility nor from any other source if its total
outstanding borrowings immediately after the interfund borrowing would be more than 331∕3% of its total assets.
No fund may lend to another fund through the interfund lending credit facility if the loan would cause its aggregate
outstanding loans through the credit facility to exceed 15% of the lending fund's net assets at the time of the loan. A
fund's Interfund Loans to any one fund shall not exceed 5% of the lending fund's net assets. The duration of Interfund
Loans is limited to the time required to receive payment for securities sold, but in no event more than seven days.
Loans effected within seven days of each other will be treated as separate loan transactions for purposes of this condition.
Each Interfund Loan may be called on one business day’s notice by a lending fund and may be repaid on any day by
a borrowing fund.
The limitations detailed above and the other conditions of the SEC exemptive order permitting interfund lending are
designed to minimize the risks associated with interfund lending for both the lending fund and the borrowing fund.
However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is
a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow
from a bank at higher rates if an Interfund Loan were not available from another fund. A delay in repayment to a
lending fund could result in a lost opportunity or additional lending costs.
When-issued and delayed delivery securities
The fund may purchase securities, including U.S. government securities, on a when-issued basis or may purchase or
sell securities for delayed delivery. In such transactions, delivery of the securities occurs beyond the normal settlement
period, but no payment or delivery is made by the fund prior to the actual delivery or payment by the other party to
the transaction. The fund will not earn income on these securities until delivered. The purchase of securities on a
when-issued or delayed delivery basis involves the risk that the value of the securities purchased will decline prior to
the settlement date. The sale of securities for delayed delivery involves the risk that the prices available in the market
on the delivery date may be greater than those obtained in the sale transaction.
The fund may enter into when-issued or delayed delivery transactions notwithstanding the limitation on the issuance
of senior securities in Section 18 of the 1940 Act, provided that the fund complies with Rule 18f-4 under the 1940
Act. See “Derivatives.”
Disclosure of portfolio holdings
The Board of Trustees has adopted policies and procedures relating to disclosure of the Pioneer funds’ portfolio
securities. These policies and procedures are designed to provide a framework for disclosing information regarding
portfolio holdings, portfolio composition or other portfolio characteristics consistent with applicable federal securities
laws and regulations and general principles of fiduciary duty relating to fund shareholders. While Amundi US may
manage other separate accounts and unregistered products that have substantially similar investment strategies to
those of another Pioneer fund, and therefore portfolio holdings that may be substantially similar, and in some cases
nearly identical, to such fund, these policies and procedures only relate to the disclosure of portfolio information of
the Pioneer funds that are registered management companies. Separate account and unregistered product clients are
not subject to these policies and procedures. Separate account and unregistered product clients of Amundi US have
access to their portfolio holdings, and prospective clients have access to representative holdings.
Generally, Amundi US will make a fund’s full portfolio information available to the public on a monthly basis with
an appropriate delay based upon the nature of the information disclosed. Amundi US normally will publish a fund’s
full portfolio holdings no sooner than thirty (30) days after the end of each calendar month (this time period may be
different for certain funds). Such information shall be made available on the funds’ website (amundi.com/us) and

25
may be sent to rating agencies, reporting/news services and financial intermediaries, upon request. In addition,
Amundi US generally makes publicly available information regarding a fund’s top twenty-five holdings (including
the percentage of a fund’s assets represented by each security) within five (5) business days after the end of each
calendar month.
Amundi US may provide a fund’s full portfolio holdings or other information to certain entities prior to the date
such information is made public, provided that certain conditions are met. The entities to which such disclosure may
be made as of the date of this statement of additional information are rating agencies, plan sponsors, prospective
separate account clients, institutional investors and financial intermediaries (i.e., organizations evaluating a fund for
purposes of investment by their clients, such as broker-dealers, investment advisers, banks, insurance companies,
financial planning firms, plan sponsors, plan administrators, shareholder servicing organizations and pension consultants).
The third party must agree to a limited use of that information which does not conflict with the interests of the fund’s
shareholders, to use the information only for that authorized purpose, to keep such information confidential, and
not to trade on such information. The Board of Trustees considered the disclosure of portfolio holdings information
to these categories of entities to be consistent with the best interests of shareholders in light of the agreement to
maintain the confidentiality of such information and only to use such information for the limited and approved
purposes. Amundi US’s compliance department, the local head of investment management and the global chief
investment officer may, but only acting jointly, grant exemptions to this policy. Exemptions may be granted only if
these persons determine that providing such information is consistent with the interests of shareholders and the third
party agrees to limit the use of such information only for the authorized purpose, to keep such information confidential,
and not to trade on such information. Although the Board of Trustees will periodically be informed of exemptions
granted, granting exemptions entails the risk that portfolio holdings information may be provided to entities that use
the information in a manner inconsistent with their obligations and the best interests of a fund.
Currently, Amundi US, on behalf of the Pioneer funds, has ongoing arrangements whereby the following entities
may receive a fund’s full portfolio holdings or other information prior to the date such information is made public:
Metropolitan Life Insurance Company (within 30 days after month end for board materials and advance preparation
of marketing materials, as needed to evaluate Pioneer funds); Roszel Advisors (within 30 days after month end for
due diligence and review of certain Pioneer funds included in fund programs); Oppenheimer & Co. (within 30 days
after month end for due diligence and review of certain Pioneer funds included in fund programs); UBS (within 15
days after month end for due diligence and review of certain Pioneer funds included in fund programs); Beacon
Pointe Advisors (as needed for quarterly review of certain Pioneer funds); Commonwealth Financial Network (within
30 days after month end for risk analysis on funds on behalf of their clients); Hartford Retirement Services, LLC (as
needed for risk analysis on funds on behalf of their clients); Transamerica Life Insurance Company (as needed for
performance and risk analysis on funds on behalf of their clients); TIBCO Software Inc./Spotfire Division (as needed
to evaluate and develop portfolio reporting software); Curcio Webb, LLC (as needed for evaluation and research
purposes); Fidelity Investments (as needed to evaluate Pioneer funds); Egan Jones Ratings Company (as needed in
order to evaluate and select Nationally Recognized Statistical Rating Organizations (NRSROs)); DBRS Limited (as
needed in order to evaluate and select NRSROs); Wells Fargo Advisors (as needed for risk analysis on funds on behalf
of their clients and product review); and Capital Market Consultants (as needed to complete quarterly due diligence research).
Compliance with the funds’ portfolio holdings disclosure policy is subject to periodic review by the Board of Trustees,
including a review of any potential conflicts of interest in the disclosures made by Amundi US in accordance with the
policy or the exceptions permitted under the policy. Any change to the policy to expand the categories of entities to
which portfolio holdings may be disclosed or an increase in the purposes for which such disclosure may be made
would be subject to approval by the Board of Trustees and, reflected, if material, in a supplement to the fund’s statement
of additional information.
The funds’ full portfolio holdings disclosure policy is not intended to prevent the disclosure of any and all portfolio
information to the funds’ service providers who generally need access to such information in the performance of
their contractual duties and responsibilities, such as Amundi US, the funds’ custodian, fund accounting agent, principal
underwriter, investment sub-adviser, if any, independent registered public accounting firm or counsel. In approving
the policy, the Board of Trustees considered that the service providers are subject to duties of confidentiality and

26
duties not to trade on non-public information arising under law or contract that provide an adequate safeguard for
such information. None of Amundi US, the funds, or any other party receive any compensation or other consideration
from any arrangement pertaining to the release of a fund’s full portfolio holdings information.
In addition, the funds make their portfolio holdings available semi-annually in shareholder reports filed on Form
N-CSR and after the first and third fiscal quarters in regulatory filings on Form N-PORT. These shareholder reports
and regulatory filings are filed with the SEC, as required by the federal securities laws. Portfolio holdings information
on Form N-PORT is filed with the SEC within sixty (60) days after the end of a fund’s first and third fiscal quarters.
Form N-CSR is filed with the SEC within ten (10) days after the transmission to shareholders of a fund’s annual or
semi-annual report, as applicable.

Investment restrictions
Fundamental investment policies
Each of the fund and the master fund has adopted certain fundamental investment policies. References to the fund in
this section include the master fund unless the context requires otherwise. Fundamental policies may not be changed
without the affirmative vote of the holders of a “majority of the outstanding voting securities” (as defined in the 1940
Act) of the fund. For this purpose, a majority of the outstanding shares of the fund means the vote of the lesser of:
(1) 67% or more of the shares represented at a meeting, if the holders of more than 50% of the outstanding shares
are present in person or by proxy; or
(2) more than 50% of the outstanding shares of the fund.
Whenever the fund is requested to vote on a change in the fundamental investment policies of the master fund, the
fund will either call a meeting of its shareholders and will vote its shares in the master fund in accordance with
instructions it receives from its shareholders, or vote its shares in the master fund in the same proportion as the vote
of all other investors in the master fund.
The fund’s fundamental policies are as follows:
(1) The fund may not borrow money except as permitted by (i) the 1940 Act, or interpretations or modifications by
the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission
from the SEC, SEC staff or other authority of competent jurisdiction.
(2) The fund may not engage in the business of underwriting the securities of other issuers except as permitted by
(i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent
jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of
competent jurisdiction.
(3) The fund may lend money or other assets to the extent permitted by (i) the 1940 Act, or interpretations or
modifications by the SEC, SEC staff or other authority of competent jurisdiction or (ii) exemptive or other relief
or permission from the SEC, SEC staff or other authority of competent jurisdiction.
(4) The fund may not issue senior securities except as permitted by (i) the 1940 Act, or interpretations or modifications
by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission
from the SEC, SEC staff or other authority of competent jurisdiction.
(5) The fund may not purchase or sell real estate except as permitted by (i) the 1940 Act, or interpretations or
modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief
or permission from the SEC, SEC staff or other authority of competent jurisdiction.
(6) The fund may purchase or sell commodities or contracts related to commodities to the extent permitted by
(i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent
jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of
competent jurisdiction.
(7) Except as permitted by exemptive or other relief or permission from the SEC, SEC staff or other authority of
competent jurisdiction, the fund may not make any investment if, as a result, the fund's investments will be

27
 concentrated in any one industry.
(8) Normally, the fund will invest at least 80% of its net assets in investments the income from which will be exempt
from regular federal income tax.
With respect to the fundamental policy relating to borrowing money set forth in (1) above, the 1940 Act permits a
fund to borrow money in amounts of up to one-third of the fund’s total assets from banks for any purpose, and to
borrow up to 5% of the fund’s total assets from banks or other lenders for temporary purposes (the fund’s total assets
include the amounts being borrowed). To limit the risks attendant to borrowing, the 1940 Act requires the fund to
maintain at all times an “asset coverage” of at least 300% of the amount of its borrowings. Asset coverage means the
ratio that the value of the fund’s total assets (including amounts borrowed), minus liabilities other than borrowings,
bears to the aggregate amount of all borrowings. Borrowing money to increase a fund’s investment portfolio is known
as “leveraging.” Borrowing, especially when used for leverage, may cause the value of a fund’s shares to be more
volatile than if the fund did not borrow. This is because borrowing tends to magnify the effect of any increase or
decrease in the value of the fund’s portfolio holdings. Borrowed money thus creates an opportunity for greater gains,
but also greater losses. To repay borrowings, the fund may have to sell securities at a time and at a price that is
unfavorable to the fund. There also are costs associated with borrowing money, and these costs would offset and
could eliminate a fund’s net investment income in any given period. Currently, the fund does not contemplate
borrowing for leverage, but if the fund does so, it will not likely do so to a substantial degree. The policy in (1) above
will be interpreted to permit the fund to engage in trading practices and investments that may be considered to be
borrowing to the extent permitted by the 1940 Act. Reverse repurchase agreements may be considered to be a type of
borrowing. The fund may enter into reverse repurchase agreements and similar financing transactions provided that
the fund maintains asset coverage of at least 300% with respect to such transactions and any other borrowings in the
aggregate in accordance with Section 18 of the 1940 Act. Short-term credits necessary for the settlement of securities
transactions and arrangements with respect to securities lending will not be considered to be borrowings under the
policy. Practices and investments that may involve leverage but are not considered to be borrowings are not subject
to the policy. Such trading practices may include futures, options on futures, forward contracts and other
derivative investments.
A fund may pledge its assets and guarantee the securities of another company without limitation, subject to the fund’s
investment policies (including the fund’s fundamental policy regarding borrowing) and applicable laws and interpretations.
Pledges of assets and guarantees of obligations of others are subject to many of the same risks associated with borrowings
and, in addition, are subject to the credit risk of the obligor for the underlying obligations. To the extent that pledging
or guaranteeing assets may be considered the issuance of senior securities, the issuance of senior securities is governed
by the fund’s policies on senior securities. If the fund were to pledge its assets, the fund would take into account any
then-applicable legal guidance, including any applicable SEC staff position, would be guided by the judgment of the
fund’s Board and Pioneer regarding the terms of any credit facility or arrangement, including any collateral required,
and would not pledge more collateral than, in their judgment, is necessary for the fund to obtain the credit sought.
Shareholders should note that in 1973, the SEC staff took the position in a no-action letter that a mutual fund could
not pledge 100% of its assets without a compelling business reason. In more recent no-action letters, including letters
that address the same statutory provision of the 1940 Act (Section 17) addressed in the 1973 letter, the SEC staff has
not mentioned any limitation on the amount of collateral that may be pledged to support credit obtained. This does
not mean that the staff’s position on this issue has changed.
With respect to the fundamental policy relating to underwriting set forth in (2) above, the 1940 Act does not prohibit
a fund from engaging in the underwriting business or from underwriting the securities of other issuers; in fact, the
1940 Act permits a fund to have underwriting commitments of up to 25% of its assets under certain circumstances.
Those circumstances currently are that the amount of the fund’s underwriting commitments, when added to the
value of the fund’s investments in issuers where the fund owns more than 10% of the outstanding voting securities of
those issuers, cannot exceed the 25% cap. A fund engaging in transactions involving the acquisition or disposition of
portfolio securities may be considered to be an underwriter under the 1933 Act. Under the 1933 Act, an underwriter
may be liable for material omissions or misstatements in an issuer’s registration statement or prospectus. Securities
purchased from an issuer and not registered for sale under the 1933 Act are considered restricted securities. There
may be a limited market for these securities. If these securities are registered under the 1933 Act, they may then be
eligible for sale but participating in the sale may subject the seller to underwriter liability. These risks could apply to

28
a fund investing in restricted securities. Although it is not believed that the application of the 1933 Act provisions
described above would cause a fund to be engaged in the business of underwriting, the policy in (2) above will be
interpreted not to prevent the fund from engaging in transactions involving the acquisition or disposition of portfolio
securities, regardless of whether the fund may be considered to be an underwriter under the 1933 Act.
With respect to the fundamental policy relating to lending set forth in (3) above, the 1940 Act does not prohibit a
fund from making loans; however, SEC staff interpretations currently prohibit funds from lending more than one-third
of their total assets, except through the purchase of debt obligations or the use of repurchase agreements. (A repurchase
agreement is an agreement to purchase a security, coupled with an agreement to sell that security back to the original
seller on an agreed-upon date at a price that reflects current interest rates. The SEC frequently treats repurchase
agreements as loans.) While lending securities may be a source of income to a fund, as with other extensions of credit,
there are risks of delay in recovery or even loss of rights in the underlying securities should the borrower fail financially.
However, loans would be made only when the fund’s manager or a subadviser believes the income justifies the attendant
risks. The fund also will be permitted by this policy to make loans of money, including to other funds. The fund has
obtained exemptive relief from the SEC to make short-term loans to other Pioneer funds through a credit facility in
order to satisfy redemption requests or to cover unanticipated cash shortfalls; as discussed in this Statement of Additional
Information under “Interfund Lending.” The conditions of the SEC exemptive order permitting interfund lending
are designed to minimize the risks associated with interfund lending, however no lending activity is without risk. A
delay in repayment to a lending fund could result in a lost opportunity or additional lending costs. The policy in
(3) above will be interpreted not to prevent the fund from purchasing or investing in debt obligations and loans. In
addition, collateral arrangements with respect to options, forward currency and futures transactions and other derivative
instruments, as well as delays in the settlement of securities transactions, will not be considered loans.
With respect to the fundamental policy relating to issuing senior securities set forth in (4) above, “senior securities”
are defined as fund obligations that have a priority over the fund’s shares with respect to the payment of dividends or
the distribution of fund assets. The 1940 Act prohibits a fund from issuing senior securities except that the fund may
borrow money in amounts of up to one-third of the fund’s total assets from banks for any purpose. A fund also may
borrow up to 5% of the fund’s total assets from banks or other lenders for temporary purposes, and these borrowings
are not considered senior securities. The issuance of senior securities by a fund can increase the speculative character
of the fund’s outstanding shares through leveraging. Leveraging of a fund’s portfolio through the issuance of senior
securities magnifies the potential for gain or loss on monies, because even though the fund’s net assets remain the
same, the total risk to investors is increased. The fund may enter into swaps, security-based swaps, futures contracts,
forward contracts, options and similar instruments, under which the fund is or may be required to make any payment
or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as
margin or settlement payment or otherwise notwithstanding the limitation on the issuance of senior securities in
Section 18 of the 1940 Act, provided that the fund complies with Rule 18f-4 under the 1940 Act. See “Derivatives”
above. The policy in (4) above will be interpreted not to prevent collateral arrangements with respect to swaps, options,
forward or futures contracts or other derivatives, or the posting of initial or variation margin.
With respect to the fundamental policy relating to real estate set forth in (5) above, the 1940 Act does not prohibit a
fund from owning real estate; however, a fund is limited in the amount of illiquid assets it may purchase. Investing in
real estate may involve risks, including that real estate is generally considered illiquid and may be difficult to value
and sell. Owners of real estate may be subject to various liabilities, including environmental liabilities. To the extent
that investments in real estate are considered illiquid, rules under the 1940 Act generally limit a fund’s purchases of
illiquid securities to 15% of net assets. The policy in (5) above will be interpreted not to prevent the fund from investing
in real estate-related companies, companies whose businesses consist in whole or in part of investing in real estate,
instruments (like mortgages) that are secured by real estate or interests therein, or real estate investment trust securities.
With respect to the fundamental policy relating to commodities set forth in (6) above, the 1940 Act does not prohibit
a fund from owning commodities, whether physical commodities and contracts related to physical commodities
(such as oil or grains and related futures contracts), or financial commodities and contracts related to financial
commodities (such as currencies and, possibly, currency futures). However, a fund is limited in the amount of illiquid
assets it may purchase. To the extent that investments in commodities are considered illiquid, rules under the 1940
Act generally limit a fund’s purchases of illiquid securities to 15% of net assets. If a fund were to invest in a physical
commodity or a physical commodity-related instrument, the fund would be subject to the additional risks of the

29
particular physical commodity and its related market. The value of commodities and commodity-related instruments
may be extremely volatile and may be affected either directly or indirectly by a variety of factors. There also may be
storage charges and risks of loss associated with physical commodities. The policy in (6) above will be interpreted to
permit investments in exchange traded funds that invest in physical and/or financial commodities.
With respect to the fundamental policy relating to concentration set forth in (7) above, the 1940 Act does not define
what constitutes “concentration” in an industry. The SEC staff has taken the position that investment of 25% or more
of a fund's total assets in one or more issuers conducting their principal activities in the same industry or group of
industries constitutes concentration. It is possible that interpretations of concentration could change in the future. A
fund that invests a significant percentage of its total assets in a single industry may be particularly susceptible to
adverse events affecting that industry and may be more risky than a fund that does not concentrate in an industry.
The policy in (7) above will be interpreted to refer to concentration as that term may be interpreted from time to
time. The policy also will be interpreted to permit investment without limit in the following: securities of the U.S.
government and its agencies or instrumentalities; with respect to tax-exempt funds that invest 80% of their assets in
tax-exempt securities, securities of state, territory, possession or municipal governments and their authorities, agencies,
instrumentalities or political subdivisions; and repurchase agreements collateralized by any such obligations. Accordingly,
issuers of the foregoing securities will not be considered to be members of any industry. Tax-exempt funds that invest
80% of their assets in tax-exempt securities characterize investments in securities the interest upon which is paid
from revenues of similar type projects by the type or types of projects. The policy also will be interpreted to give
broad authority to the fund as to how to classify issuers within or among industries. When identifying industries for
purposes of its concentration policy, the fund may rely upon available industry classifications. As of the date of the
SAI, the fund relies primarily on the Bloomberg Municipal Industry Code, and, with respect to securities for which
no industry classification under the Bloomberg Municipal Industry Code is available or for which the Bloomberg
Municipal Industry Code classification is determined not to be appropriate, the fund may use industry classifications
published by another source, which, as of the date of the SAI, is the MSCI Global Industry Classification Standard. As
of the date of the SAI, the fund’s adviser may assign an industry classification for an exchange-traded fund in which
the fund invests based on the constituents of the index on which the exchange-traded fund is based. The fund may
change any source used for determining industry classifications without shareholder approval.
The fund’s fundamental policies are written and will be interpreted broadly. For example, the policies will be interpreted
to refer to the 1940 Act and the related rules as they are in effect from time to time, and to interpretations and
modifications of or relating to the 1940 Act by the SEC, SEC staff or other authority of competent jurisdiction and
others as they are given from time to time. When a policy provides that an investment practice may be conducted as
permitted by the 1940 Act, the policy will be interpreted to mean either that the 1940 Act expressly permits the practice
or that the 1940 Act does not prohibit the practice.
Non-fundamental investment policy
The following policy is non-fundamental and may be changed by a vote of the Board of Trustees without approval
of shareholders.
The fund may not invest in any investment company in reliance on Section 12(d)(1)(F) of the 1940 Act, which would
allow the fund to invest in other investment companies, or in reliance on Section 12(d)(1)(G) of the 1940 Act, which
would allow the fund to invest in other Pioneer funds, in each case without being subject to the limitations discussed
above under “Other Investment Companies” so long as another investment company invests in the fund in reliance
on Section 12(d)(1)(G). The fund has adopted this non-fundamental policy in order that the fund may be a permitted
investment of the series of Pioneer Asset Allocation Trust. If the series of Pioneer Asset Allocation Trust do not
invest in the fund, then this non-fundamental restriction will not apply.
In addition, the fund’s investment objective is non-fundamental and it and the fund’s non-fundamental investment
policies may be changed by a vote of the Board of Trustees without approval of shareholders at any time.
Diversification
The fund is currently classified as a diversified fund under the 1940 Act. A diversified fund may not purchase securities
of an issuer (other than obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities
and securities of other investment companies) if, with respect to 75% of the fund’s total assets, (a) more than 5% of

30
the fund’s total assets would be invested in securities of that issuer, or (b) the fund would hold more than 10% of the
outstanding voting securities of that issuer. Under the 1940 Act, the fund cannot change its classification from diversified
to non-diversified without shareholder approval.
Other restrictions
The adviser generally will not invest fund assets in companies engaged in the production, sale, storage of, or providing
services for, certain controversial weapons, including chemical, biological and depleted uranium weapons and certain
antipersonnel mines and cluster bombs.

4. Trustees and officers

The fund's Trustees and officers are listed below, together with their principal occupations and other directorships
they have held during at least the past five years. Trustees who are interested persons of the fund within the meaning
of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the fund are referred
to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 47 U.S. registered investment
portfolios for which Amundi US serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and
all officers of the fund is 60 State Street, Boston, Massachusetts 02109.
Other Directorships
Held by Trustee During
Name, Age and Term of Office and Principal Occupation(s) During At Least At Least The Past Five
Position Held With the Fund Length of Service The Past Five Years Years

Independent Trustees:

Thomas J. Perna (73) Trustee since 2006. Serves Private investor (2004 – 2008 and 2013 Director, Broadridge
Chairman of the Board and until a successor trustee is – present); Chairman (2008 – 2013) Financial Solutions,
Trustee elected or earlier and Chief Executive Officer (2008 – Inc. (investor
retirement or removal. 2012), Quadriserv, Inc. (technology communications and
products for securities lending securities processing
industry); and Senior Executive Vice provider for financial
President, The Bank of New York services industry)
(financial and securities services) (1986 (2009 – present);
– 2004) Director, Quadriserv,
Inc. (2005 – 2013); and
Commissioner, New
Jersey State Civil
Service Commission
(2011 – 2015)
John E. Baumgardner, Jr. Trustee since 2019. Serves Of Counsel (2019 – present), Partner Chairman, The
(72)* until a successor trustee is (1983-2018), Sullivan & Cromwell LLP Lakeville Journal
Trustee elected or earlier (law firm). Company, LLC,
retirement or removal. (privately-held
community newspaper
group) (2015-present)

31
 Other Directorships
Held by Trustee During
Name, Age and Term of Office and Principal Occupation(s) During At Least At Least The Past Five
Position Held With the Fund Length of Service The Past Five Years Years

Diane Durnin (66) Trustee since 2019. Serves Managing Director - Head of Product None
Trustee until a successor trustee is Strategy and Development, BNY
elected or earlier Mellon Investment Management
retirement or removal. (investment management firm)
(2012-2018); Vice Chairman – The
Dreyfus Corporation (2005 – 2018):
Executive Vice President Head of
Product, BNY Mellon Investment
Management (2007-2012); Executive
Director- Product Strategy, Mellon
Asset Management (2005-2007);
Executive Vice President Head of
Products, Marketing and Client Service,
Dreyfus Corporation (investment
management firm) (2000-2005); Senior
Vice President Strategic Product and
Business Development, Dreyfus
Corporation (1994-2000)
Benjamin M. Friedman (79) Trustee since 2008. Serves William Joseph Maier Professor of Trustee, Mellon
Trustee until a successor trustee is Political Economy, Harvard University Institutional Funds
elected or earlier (1972 – present) Investment Trust and
retirement or removal. Mellon Institutional
Funds Master Portfolio
(oversaw 17 portfolios
in fund complex)
(1989 - 2008)

32
 Other Directorships
Held by Trustee During
Name, Age and Term of Office and Principal Occupation(s) During At Least At Least The Past Five
Position Held With the Fund Length of Service The Past Five Years Years

Craig C. MacKay (60) Trustee since 2021. Serves Partner, England & Company, LLC Director, Equitable
Trustee until a successor trustee is (advisory firm) (2012 – present); Group Holdings, Inc.
elected or earlier Head – Leveraged Finance (financial services
retirement or removal. Distribution, Oppenheimer & holding company)
Company (investment bank) (2006 – (2022 – present);
2012); Group Head – Private Finance & Board Member of
High Yield Capital Markets Carver Bancorp, Inc.
Origination, SunTrust Robinson (holding company)
Humphrey (investment bank) (2003 – and Carver Federal
2006); and Founder and Chief Savings Bank, NA
Executive Officer, HNY Associates, (2017 – present);
LLC (investment bank) (1996 – 2003) Advisory Council
Member, MasterShares
ETF (2016 – 2017);
Advisory Council
Member, The Deal
(financial market
information publisher)
(2015 – 2016); Board
Co-Chairman and
Chief Executive
Officer, Danis
Transportation
Company
(privately-owned
commercial carrier)
(2000 – 2003); Board
Member and Chief
Financial Officer,
Customer Access
Resources
(privately-owned
teleservices company)
(1998 – 2000); Board
Member, Federation of
Protestant Welfare
Agencies (human
services agency) (1993
– present); and Board
Treasurer, Harlem
Dowling Westside
Center (foster care
agency) (1999 – 2018)

33
 Other Directorships
Held by Trustee During
Name, Age and Term of Office and Principal Occupation(s) During At Least At Least The Past Five
Position Held With the Fund Length of Service The Past Five Years Years

Lorraine H. Monchak (67) Trustee since 2017. Chief Investment Officer, 1199 SEIU None
Trustee (Advisory Trustee from Funds (healthcare workers union
2014 - 2017). Serves until a pension funds) (2001 – present); Vice
successor trustee is elected President – International Investments
or earlier retirement or Group, American International Group,
removal. Inc. (insurance company) (1993 –
2001); Vice President Corporate
Finance and Treasury Group, Citibank,
N.A.(1980 – 1986 and 1990 – 1993);
Vice President – Asset/Liability
Management Group, Federal Farm
Funding Corporation
(government-sponsored issuer of debt
securities) (1988 – 1990); Mortgage
Strategies Group, Shearson Lehman
Hutton, Inc. (investment bank) (1987 –
1988); Mortgage Strategies Group,
Drexel Burnham Lambert, Ltd.
(investment bank) (1986 – 1987)
Marguerite A. Piret (75) Trustee since 2006. Serves Chief Financial Officer, American Ag Director of New
Trustee until a successor trustee is Energy, Inc. (technology for the America High Income
elected or earlier environment, energy and agriculture) Fund, Inc. (closed-end
retirement or removal. (2019 – present); Chief Operating investment company)
Officer, North Country Growers LLC (2004 – present); and
(controlled environment agriculture Member, Board of
company) (2020 – present); Chief Governors, Investment
Executive Officer, Green Heat LLC Company Institute
(biofuels company) (2022 – present); (2000 – 2006)
President and Chief Executive Officer,
Newbury Piret Company (investment
banking firm) (1981 – 2019)
Fred J. Ricciardi (76) Trustee since 2014. Serves Private investor (2020 – present); None
Trustee until a successor trustee is Consultant (investment company
elected or earlier services) (2012 – 2020); Executive Vice
retirement or removal. President, BNY Mellon (financial and
investment company services) (1969 –
2012); Director, BNY International
Financing Corp. (financial services)
(2002 – 2012); Director, Mellon
Overseas Investment Corp. (financial
services) (2009 – 2012); Director,
Financial Models (technology)
(2005-2007); Director, BNY Hamilton
Funds, Ireland (offshore investment
companies) (2004-2007);
Chairman/Director, AIB/BNY
Securities Services, Ltd., Ireland
(financial services) (1999-2006);
Chairman, BNY Alternative Investment
Services, Inc. (financial services)
(2005-2007)

34
 Other Directorships
Held by Trustee During
Name, Age and Term of Office and Principal Occupation(s) During At Least At Least The Past Five
Position Held With the Fund Length of Service The Past Five Years Years

Interested Trustees:

Lisa M. Jones (61)** Trustee since 2017. Serves Director, CEO and President of Director of Clearwater
Trustee, President and Chief until a successor trustee is Amundi US, Inc. (investment Analytics (provider of
Executive Officer elected or earlier management firm) (since September web-based investment
retirement or removal 2014); Director, CEO and President of accounting software
Amundi Asset Management US, Inc. for reporting and
(since September 2014); Director, CEO reconciliation services)
and President of Amundi Distributor (September 2022 –
US, Inc. (since September 2014); present)
Director, CEO and President of
Amundi Asset Management US, Inc.
(since September 2014); Chair, Amundi
US, Inc., Amundi Distributor US, Inc.
and Amundi Asset Management US,
Inc. (September 2014 – 2018);
Managing Director, Morgan Stanley
Investment Management (investment
management firm) (2010 – 2013);
Director of Institutional Business, CEO
of International, Eaton Vance
Management (investment management
firm) (2005 – 2010); Director of
Amundi Holdings US, Inc. (since 2017)
Kenneth J. Taubes Trustee since 2014. Serves Director and Executive Vice President None
(65)**,*** until a successor trustee is (since 2008) and Chief Investment
Trustee elected or earlier Officer, U.S. (since 2010) of Amundi
retirement or removal US, Inc. (investment management
firm); Director and Executive Vice
President and Chief Investment Officer,
U.S. of Amundi US (since 2008);
Executive Vice President and Chief
Investment Officer, U.S. of Amundi
Asset Management US, Inc. (since
2009); Portfolio Manager of Amundi
US (since 1999); Director of Amundi
Holdings US, Inc. (since 2017)

Other Directorships
Held by Officer During
Name, Age and Term of Office and Principal Occupation(s) During At Least At Least The Past Five
Position Held With the Fund Length of Service The Past Five Years Years

Trust Officers:****

Christopher J. Kelley (59) Since 2006. Serves at the Vice President and Associate General None
Secretary and Chief Legal discretion of the Board Counsel of Amundi US since January
Officer 2008; Secretary and Chief Legal Officer
of all of the Pioneer Funds since June
2010; Assistant Secretary of all of the
Pioneer Funds from September 2003 to
May 2010; Vice President and Senior
Counsel of Amundi US from July 2002
to December 2007

35
 Other Directorships
Held by Officer During
Name, Age and Term of Office and Principal Occupation(s) During At Least At Least The Past Five
Position Held With the Fund Length of Service The Past Five Years Years

Thomas Reyes (61) Since 2010. Serves at the Assistant General Counsel of Amundi None
Assistant Secretary discretion of the Board US since May 2013 and Assistant
Secretary of all the Pioneer Funds since
June 2010; Counsel of Amundi US
from June 2007 to May 2013
Heather L. Melito-Dezan Since 2022. Serves at the Director - Trustee and Board None
(47) discretion of the Board Relationships of Amundi US since
Assistant Secretary September 2019; Assistant Secretary of
Amundi US, Inc. since July 2020:
Assistant Secretary of Amundi Asset
Management US, Inc. since July 2020:
Assistant Secretary of Amundi
Distributor US, Inc. since July 2020;
Assistant Secretary of all the Pioneer
Funds since September 2022; Private
practice from 2017 – 2019.
Anthony J. Koenig, Jr. (60) Since 2021. Serves at the Managing Director, Chief Operations None
Treasurer and Chief Financial discretion of the Board Officer and Fund Treasurer of Amundi
and Accounting Officer US since May 2021; Treasurer of all of
the Pioneer Funds since May 2021;
Assistant Treasurer of all of the Pioneer
Funds from January 2021 to May 2021;
and Chief of Staff, US Investment
Management of Amundi US from May
2008 to January 2021
Luis I. Presutti (58) Since 2006. Serves at the Director – Fund Treasury of Amundi None
Assistant Treasurer discretion of the Board US since 1999; and Assistant Treasurer
of all of the Pioneer Funds since 1999
Gary Sullivan (65) Since 2006. Serves at the Senior Manager – Fund Treasury of None
Assistant Treasurer discretion of the Board Amundi US since 2012; and Assistant
Treasurer of all of the Pioneer Funds
since 2002
Antonio Furtado (41) Since 2020. Serves at the Fund Oversight Manager – Fund None
Assistant Treasurer discretion of the Board Treasury of Amundi US since 2020;
Assistant Treasurer of all of the Pioneer
Funds since 2020; and Senior Fund
Treasury Analyst from 2012 - 2020
Michael Melnick (52) Since 2021. Serves at the Vice President - Deputy Fund None
Assistant Treasurer discretion of the Board Treasurer of Amundi US since May
2021; Assistant Treasurer of all of the
Pioneer Funds since July 2021; Director
of Regulatory Reporting of Amundi US
from 2001 – 2021; and Director of Tax
of Amundi US from 2000 - 2001
John Malone (53) Since 2018. Serves at the Managing Director, Chief Compliance None
Chief Compliance Officer discretion of the Board Officer of Amundi US Asset
Management; Amundi Asset
Management US, Inc.; and the Pioneer
Funds since September 2018; Chief
Compliance Officer of Amundi
Distributor US, Inc. since January 2014.

36
 Other Directorships
Held by Officer During
Name, Age and Term of Office and Principal Occupation(s) During At Least At Least The Past Five
Position Held With the Fund Length of Service The Past Five Years Years

Brandon Austin (51) Since 2022. Serves at the Director, Financial Security – Amundi None
Anti-Money Laundering discretion of the Board Asset Management; Anti-Money
Officer Laundering Officer of all the Pioneer
Funds since March 2022: Director of
Financial Security of Amundi US since
July 2021; Vice President, Head of BSA,
AML and OFAC, Deputy Compliance
Manager, Crédit Agricole Indosuez
Wealth Management (investment
management firm) (2013 – 2021)

* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of
each Pioneer Fund.
** Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the fund’s investment
adviser and certain of its affiliates.
*** Mr. Taubes is retiring as a Trustee, effective January 1, 2024.
**** Marco Pirondini has been appointed to serve as an Executive Vice President of the Fund, effective January 1, 2024.

Board committees
The Board of Trustees is responsible for overseeing the fund’s management and operations. The Chairman of the
Board is an Independent Trustee. Independent Trustees constitute more than 75% of the Board. During the most
recent fiscal year, the Board of Trustees held 6 meetings. Each Trustee attended at least 75% of such meetings.
The Trustees were selected to join the Board based upon the following as to each Board member: such person’s
character and integrity; such person’s judgment, analytical ability, intelligence, and common sense; such person’s
experience and previous profit and not-for-profit board membership; such person’s demonstrated willingness to take
an independent and questioning stance toward management; such person’s willingness and ability to commit the
time necessary to perform the duties of a Trustee; as to each Independent Trustee, his or her status as not being an
“interested person” as defined under the 1940 Act; and, as to Ms. Jones and Mr. Taubes, their association with Amundi
US. Each Trustee also serves on the Boards of Trustees of other exchange-listed closed-end funds, closed-end interval
funds, and open-end funds, all part of the Pioneer Funds complex, and has substantial experience protecting fund
shareholders’ interests. Each of the Independent Trustees also was selected to join the Board based on the criteria and
principles set forth in the Charter of the Fund’s Governance and Nominating Committee. In evaluating a Trustee’s
prospective service on the Board, the Trustee’s experience in, and ongoing contributions toward, overseeing the
fund’s business as a Trustee also are considered.
In addition, the following specific experience, qualifications, attributes and/or skills apply as to each Trustee: Mr.
Baumgardner, legal, investment management, business and public company experience as an attorney practicing
investment management, corporate and securities law and experience as a board member of other organizations; Ms.
Durnin, investment management and investment company experience as an executive officer of an investment adviser;
Mr. Friedman, academic leadership, economic and finance experience and investment company board experience;
Mr. MacKay, investment, financial and business experience as a partner in an investment banking firm and experience
as a board member of other organizations; Ms. Monchak, investment, financial and business experience, including as
the chief investment officer of a pension fund; Mr. Perna, accounting, financial, and business experience as an executive
officer and experience as a board member of other organizations; Ms. Piret, accounting, financial and entrepreneurial
experience as an executive, valuation experience and investment company board experience; Mr. Ricciardi, financial,
business and investment company experience as an executive officer of a financial and investment company services
organization, and experience as a board member of offshore investment companies and other organizations; Ms.
Jones, investment management experience as an executive and leadership roles with Amundi US and its affiliates;
and Mr. Taubes, portfolio management experience and leadership roles with Amundi US. However, in its periodic

37
assessment of the effectiveness of the Board, the Board considers the complementary skills and experience of individual
Trustees primarily in the broader context of the Board’s overall composition so that the Board, as a body, possesses
the appropriate (and appropriately diverse) skills and experience to oversee the business of the fund.
The Trust’s Amended and Restated Agreement and Declaration of Trust provides that the appointment, designation
(including in any proxy or registration statement or other document) of a Trustee as an expert on any topic or in any
area, or as having experience, attributes or skills in any area, or any other appointment, designation or identification,
shall not impose on that person any standard of care or liability that is greater than that imposed on that person as a
Trustee in the absence of the appointment, designation or identification, and no Trustee who has special attributes,
skills, experience or expertise, or is appointed, designated, or identified as aforesaid, shall be held to a higher standard
of care by virtue thereof.
The Board of Trustees has five standing committees: the Independent Trustees Committee, the Audit Committee,
the Governance and Nominating Committee, the Policy Administration Committee and the Valuation Committee.
Each committee is chaired by an Independent Trustee and all members of each committee are Independent Trustees.
The Chairs of the committees work with the Chairman of the Board and fund management in setting the agendas for
Board meetings. The Chairs of the committees set the agendas for committee meetings with input from fund management.
As noted below, through the committees, the Independent Trustees consider and address important matters involving
the fund, including those presenting conflicts or potential conflicts of interest for management. The Independent
Trustees also regularly meet without the presence of management and are advised by independent legal counsel. The
Board believes that the committee structure, and delegation to the committees of specified oversight responsibilities,
help the Board more effectively to provide governance and oversight of the fund’s affairs. Mr. Perna, Chairman of
the Board, is a member of each committee except the Audit Committee and the Valuation Committee, of each of
which he is a non-voting, ex-officio member.
During the most recent fiscal year, the Independent Trustees, Audit, Governance and Nominating, Policy Administration,
and Valuation Committees held 6, 6, 4, 4 and 4 meetings, respectively.
Independent Trustees Committee
John E. Baumgardner, Jr., Diane Durnin, Benjamin M. Friedman, Craig C. MacKay, Lorraine H. Monchak, Thomas
J. Perna (Chair), Marguerite A. Piret and Fred J. Ricciardi.
The Independent Trustees Committee is comprised of all of the Independent Trustees. The Independent Trustees
Committee serves as the forum for consideration of a number of issues required to be considered separately by the
Independent Trustees under the 1940 Act, including the assessment and review of the fund’s advisory agreement and
other related party contracts. The Independent Trustees Committee also considers issues that the Independent Trustees
believe it is advisable for them to consider separately from the Interested Trustees.
Audit Committee
Benjamin M. Friedman, Craig C. MacKay, Lorraine H. Monchak and Fred J. Ricciardi (Chair).
The Audit Committee, among other things, oversees the accounting and financial reporting policies and practices of
the fund, oversees the quality and integrity of the fund’s financial statements, approves, and recommends to the
Independent Trustees for their ratification, the engagement of the fund’s independent registered public accounting
firm, reviews and evaluates the accounting firm’s qualifications, independence and performance, and approves the
compensation of the accounting firm. The Audit Committee also approves all audit and permissible non-audit services
provided to the fund by the fund’s accounting firm and all permissible non-audit services provided by the fund’s
accounting firm to Amundi US and any affiliated service providers of the fund if the engagement relates directly to
the fund’s operations and financial reporting.
Governance and Nominating Committee
John E. Baumgardner, Jr. (Chair), Diane Durnin, and Thomas J. Perna.
The Governance and Nominating Committee considers governance matters affecting the Board and the fund. Among
other responsibilities, the Governance and Nominating Committee reviews the performance of the Independent
Trustees as a whole, and reviews and recommends to the Independent Trustees Committee any appropriate changes

38
concerning, among other things, the size and composition of the Board, the Board’s committee structure and the
Independent Trustees’ compensation. The Governance and Nominating Committee also makes recommendations to
the Independent Trustees Committee or the Board on matters delegated to it.
In addition, the Governance and Nominating Committee screens potential candidates for Independent Trustees.
Among other responsibilities, the Governance and Nominating Committee reviews periodically the criteria for
Independent Trustees and the spectrum of desirable experience, expertise and characteristics for Independent Trustees
as a whole, and reviews periodically the qualifications and requisite skills of persons currently serving as Independent
Trustees and being considered for re-nomination. The Governance and Nominating Committee also reviews the
qualifications of any person nominated to serve on the Board by a shareholder or recommended by any Trustee,
management or another person and makes a recommendation as to the qualifications of such nominated or recommended
person to the Independent Trustees and the Board, and reviews periodically the Committee’s procedure, if any,
regarding candidates submitted by shareholders. The Governance and Nominating Committee also strives to achieve
diversity of the Board of Trustees with respect to attributes such as race, ethnicity, gender, cultural background, and
professional experience when reviewing candidates for any Board vacancies. The Governance and Nominating
Committee does not have specific, minimum qualifications for nominees, nor has it established specific qualities or
skills that it regards as necessary for one or more of the Independent Trustees to possess (other than qualities or skills
that may be required by applicable law or regulation). However, in evaluating a person as a potential nominee to
serve as an Independent Trustee, the Governance and Nominating Committee will consider the following general
criteria and principles, among any others that it may deem relevant:
• whether the person has a reputation for integrity, honesty and adherence to high ethical standards;
• whether the person has demonstrated business acumen and ability to exercise sound judgments in matters that
relate to the current and long-term objectives of the fund and whether the person is willing and able to contribute
positively to the decision-making process of the fund;
• whether the person has a commitment and ability to devote the necessary time and energy to be an effective
Independent Trustee, to understand the fund and the responsibilities of a trustee of an investment company;
• whether the person has the ability to understand the sometimes conflicting interests of the fund and the management
company, and to act in the interests of the fund;
• whether the person has, or appears to have a conflict of interest that would impair his or her ability to represent
the interests of all shareholders and to fulfill the responsibilities of a trustee;
• that nominees shall not be discriminated against on the basis of race, religion, national origin, sex, sexual orientation,
disability or any other basis proscribed by law;
• that nominees should have, or be willing to acquire, an appreciation and understanding for the oversight of publicly
offered investment companies and the management, administration and distribution services provided by service
providers to the companies and their shareholders, and the regulatory context within which these activities are
carried out;
• that nominees should have a collegial, collaborative approach: people who will work efficiently, effectively and in
the spirit of candor and respect for fellow board members and the staffs of the service providers;
• that nominees should have the willingness and ability to serve on appropriate committees, and contribute to and
engage meaningfully in the deliberations thereof; and
• that nominees should be committed to diversity and inclusion among Board members.
The Governance and Nominating Committee also will consider whether the nominee has the experience or skills
that the Governance and Nominating Committee believes would maintain or enhance the effectiveness of the Independent
Trustees’ oversight of the fund’s affairs, based on the then current composition and skills of the Independent Trustees
and experience or skills that may be appropriate in light of changing business conditions and regulatory or other
developments. The Governance and Nominating Committee does not necessarily place the same emphasis on each criterion.

39
The Governance and Nominating Committee does not have a formal policy for considering trustee nominees submitted
by the fund’s shareholders. Nonetheless, the Nominating Committee may, on an informal basis, consider any shareholder
recommendations of nominees that it receives. Shareholders who wish to recommend a nominee should send
recommendations to the Fund’s Secretary that include all information relating to such persons that is required to be
included in solicitations of proxies for the election of trustees.
Policy Administration Committee
Thomas J. Perna (Chair), John E. Baumgardner, Jr., Diane Durnin, and Marguerite A. Piret.
The Policy Administration Committee, among other things, oversees and monitors the fund’s compliance with legal
and regulatory requirements that are not directly related to financial reporting, internal financial controls, independent
audits or the performance of the fund’s internal audit function. The Policy Administration Committee also oversees
the adoption and implementation of certain of the fund’s policies and procedures.
Valuation Committee
Benjamin M. Friedman, Craig C. MacKay, Lorraine H. Monchak, Marguerite A. Piret (Chair), and Fred J. Ricciardi.
The Valuation Committee, among other things, reviews the reports and other information provided to the Committee
by Amundi US, as the valuation designee of the fund, and assists the Board in the oversight of Amundi US as the
valuation designee of the fund.

Oversight of risk management

Consistent with its responsibility for oversight of the fund in the interests of shareholders, the Board of Trustees has
established a framework for the oversight of various risks relating to the fund, including the oversight of the identification
of risks and the management of certain identified risks. The Board has delegated certain aspects of its risk oversight
responsibilities to the committees, but relies primarily on Amundi US and its affiliates for the identification and
management or mitigation of risks relating to their management activities on behalf of the fund, as well as to oversee
and advise the Board on the risks that may arise relating to the activities of other fund service providers.
The fund faces a number of risks, such as investment risk, counterparty risk, valuation risk, enterprise risk, reputational
risk, cybersecurity risk, risk of operational failure or lack of business continuity, and legal, compliance and regulatory
risk. The goal of risk management is to identify and address risks, i.e., events or circumstances that could have material
adverse effects on the business, operations, shareholder services, investment performance or reputation of the fund.
Most of the fund’s investment management and business operations are carried out by or through Amundi US, its
affiliates, and other service providers (such as the custodian and fund accounting agent and the transfer agent), each
of which has an independent interest in risk management but whose policies and the methods by which one or more
risk management functions are carried out may differ from the fund’s and each other’s in the setting of priorities, the
resources available or the effectiveness of relevant controls. Operational or other failures, including cybersecurity
failures, at any one or more of the fund’s service providers could have a material adverse effect on the fund and
its shareholders.
Under the overall supervision of the Board or the applicable committee of the Board, Amundi US and the affiliates
of Amundi US, or other service providers to the fund, employ a variety of processes, procedures and controls in an
effort to identify, address and mitigate risks. Different processes, procedures and controls are employed with respect
to different types of risks. Various personnel, including the fund’s and Amundi US’s chief compliance officer and
Amundi US’s chief risk officer and director of internal audit, as well as various personnel of Amundi US and of other
service providers, make periodic reports to the applicable committee or to the Board with respect to various aspects
of risk management. The reports received by the Trustees related to risks typically are summaries of relevant information.
The Trustees recognize that not all risks that may affect the fund can be identified, that it may not be practical or
cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related
risks) to achieve the fund’s goals, that the processes, procedures and controls employed to address certain risks may
be limited in their effectiveness, and that some risks are simply beyond the control of the fund or Amundi US and its
affiliates or other service providers. Because most of the fund’s operations are carried out by various service providers,

40
the Board’s oversight of the risk management processes of those service providers, including processes to address
cybersecurity and other operational failures, is inherently limited. (See “Cybersecurity issues” above.) As a result of
the foregoing and other factors, the fund’s ability to manage risk is subject to substantial limitations.
It is important to note that the fund is designed for investors that are prepared to accept investment risk, including
the possibility that as yet unforeseen risks may emerge in the future.

Compensation of officers and trustees

The Pioneer Funds, including the fund, compensate their Trustees. The Independent Trustees review and set their
compensation annually, taking into consideration the committee and other responsibilities assigned to specific Trustees.
The table under “Annual Fees, Expense and Other Information - Compensation of Officers and Trustees” sets forth
the compensation paid to each of the Trustees. The compensation paid to the Trustees is then allocated among the
funds as follows:
• each fund with assets less than $250 million pays each Independent Trustee an annual fee of $1,000.
• the remaining compensation of the Independent Trustees is allocated to each fund with assets greater than $250
million based on the fund’s net assets.
• the Interested Trustees receive an annual fee of $500 from each fund, except in the case of funds with net assets of
$50 million or less, which pay each Interested Trustee an annual fee of $200. Amundi US reimburses these funds
for the fees paid to the Interested Trustees.
Except for the chief compliance officer, the fund does not pay any salary or other compensation to its officers. The
fund pays a portion of the chief compliance officer's compensation for their services as the fund's chief compliance
officer. Amundi US pays the remaining portion of the chief compliance officer's compensation.
See “Compensation of Officers and Trustees” in “Annual Fee, Expense and Other Information.”
Sales loads
The fund offers its shares to Trustees and officers of the fund and employees of Amundi US and its affiliates without
a sales charge in order to encourage investment in the fund by individuals who are responsible for its management
and because the sales to such persons do not entail any sales effort by the fund, brokers or other intermediaries.

Other information
The Amended and Restated Agreement and Declaration of Trust provides that no Trustee, officer or employee of the
fund shall be liable to the fund or any shareholder for any action, failure to act, error or mistake except in cases of bad
faith, willful misfeasance, gross negligence or reckless disregard of duty. The Amended and Restated Agreement and
Declaration of Trust requires the fund to indemnify each Trustee, director, officer, employee and authorized agent to
the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him in
connection with any claim, action, suit or proceeding in which he becomes involved as a party or otherwise by virtue
of his being or having been such a Trustee, director, officer, employee, or agent and against amounts paid or incurred
by him in settlement thereof. The 1940 Act currently provides that no officer or director shall be protected from
liability to the fund or shareholders for willful misfeasance, bad faith, gross negligence, or reckless disregard of the
duties of office. The Amended and Restated Agreement and Declaration of Trust extends to Trustees, officers and
employees of the fund the full protection from liability that the law allows.
Material Relationships of the Independent Trustees
Mr. Baumgardner, an Independent Trustee, is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the
Independent Trustees of all of the Pioneer Funds. The aggregate compensation paid to Sullivan & Cromwell LLP by
the Pioneer Funds was approximately $626,073 and $404,966 in each of 2021 and 2022.
Share ownership
See “Annual Fee, Expense and Other Information” for information on the ownership of fund shares by the Trustees,
the fund’s officers and owners in excess of 5% of any class of shares of the fund and a table indicating the value of
shares that each Trustee beneficially owns in the fund and in all the Pioneer Funds.

41
Proxy voting policies
Information regarding how the fund voted proxies relating to portfolio securities during the most recent 12-month
period ended June 30 is available to shareowners without charge at https://amundi.com/us and on the SEC’s website
at https://www.sec.gov. The fund’s proxy voting policies and procedures are attached as “Appendix B.”

5. Investment adviser
The fund has entered into a management agreement (hereinafter, the “management contract”) with Amundi US
pursuant to which Amundi US acts as the fund’s investment adviser. Amundi US is an indirect, wholly owned subsidiary
of Amundi and Amundi’s wholly owned subsidiary, Amundi Holdings US, Inc. Prior to January 1, 2021, Amundi US
was known as Amundi Pioneer Asset Management, Inc.
Amundi is controlled by Credit Agricole S.A., a French credit institution. Credit Agricole S.A. holds approximately
68% of Amundi’s share capital. The remaining shares of Amundi are held by institutional and retail investors.
Certain Trustees or officers of the fund are also directors and/or officers of certain of Amundi’s subsidiaries (see
management biographies above). Amundi US has entered into participating affiliate agreements with certain of its
affiliates, including Amundi and certain subsidiaries of Amundi, pursuant to which these affiliates provide services,
including investment management and trading services, to Amundi US.
As the fund’s investment adviser, Amundi US provides the fund with investment research, advice and supervision
and furnishes an investment program for the fund consistent with the fund’s investment objective and policies, subject
to the supervision of the fund’s Trustees. Amundi US determines what portfolio securities will be purchased or sold,
arranges for the placing of orders for the purchase or sale of portfolio securities, selects brokers or dealers to place
those orders, maintains books and records with respect to the fund’s securities transactions, and reports to the Trustees
on the fund’s investments and performance.
The management contract will continue in effect from year to year provided such continuance is specifically approved
at least annually (i) by the Trustees of the fund or by a majority of the outstanding voting securities of the fund (as
defined in the 1940 Act), and (ii) in either event, by a majority of the Independent Trustees of the fund, with such
Independent Trustees casting votes in person at a meeting called for such purpose.
The management contract may be terminated without penalty by the Trustees of the fund or by vote of a majority of
the outstanding voting securities of the fund on not more than 60 days’ nor less than 30 days’ written notice to Amundi
US, or by Amundi US on not less than 90 days’ written notice to the fund, and will automatically terminate in the
event of its assignment (as defined in the 1940 Act) by Amundi US. The management contract is not assignable by
the fund except with the consent of Amundi US.
The Trustees’ approval of and the terms, continuance and termination of the management contract are governed by
the 1940 Act. Pursuant to the management contract, Amundi US assumes no responsibility other than to render the
services called for under the management contract, in good faith, and Amundi US will not be liable for any error of
judgment or mistake of law or for any loss arising out of any investment or for any act or omission in the execution
of securities or other transactions for the fund. Amundi US, however, is not protected against liability by reason of
willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard
of its obligations and duties under the management contract. The management contract requires Amundi US to
furnish all necessary services, facilities and personnel in connection with the performance of its services under the
management contract, and except as specifically stated therein, Amundi US is not responsible for any of the fund’s
ordinary and extraordinary expenses.

Advisory fee
As compensation for its management services and expenses incurred, the fund pays Amundi US a fee at the annual
rate of 0.50% of the fund's average daily net assets up to $500 million, 0.475% of the next $500 million of the fund’s
average daily net assets and 0.45% of the fund’s average daily net assets over $1 billion. This fee is accrued daily and
paid monthly.
See the table in “Annual Fee, Expense and Other Information” for management fees paid to Amundi US during
recently completed fiscal years.

42
Amundi US also serves as investment adviser to the underlying investment company through which the fund invests.
The terms of the management agreement relating to the underlying investment company are substantially similar to
those described above, except that no management fee is paid to Amundi US thereunder.

Expense limit
Amundi US has contractually agreed to limit ordinary operating expenses (ordinary operating expenses means all
fund expenses other than taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses,
such as litigation) to the extent required to reduce fund expenses to 0.82%, 1,59%, 0.55% and 0.55% of the average
daily net assets attributable to Class A, Class C, Class K and Class Y shares, respectively. These expense limitations
are in effect through January 1, 2025. There can be no assurance that Amundi US will extend the contractual expense
limitations beyond the aforementioned date. While in effect, the arrangement may be terminated for a class only by
agreement of Amundi US and the Board of Trustees.

Administration agreement
The fund has entered into an amended and restated administration agreement with Amundi US pursuant to which
Amundi US acts as the fund’s administrator, performing certain accounting, administration and legal services for the
fund. Amundi US is reimbursed for its cost of providing such services. The cost of providing these services is based
on direct costs and costs of overhead, subject to review by the Board of Trustees. See “Annual Fee, Expense and Other
Information” for fees the fund paid to Amundi US for administration and related services. In addition, The Bank of
New York Mellon (“BNY Mellon”) performs certain sub-administration services to the fund pursuant to an agreement
with Amundi US and the fund.
Under the terms of the amended and restated administration agreement with the fund, Amundi US pays or reimburses
the fund for expenses relating to its services for the fund, with the exception of the following, which are to be paid by
the fund: (a) charges and expenses for fund accounting, pricing and appraisal services and related overhead, including,
to the extent such services are performed by personnel of Amundi US, or its affiliates, office space and facilities and
personnel compensation, training and benefits; (b) the charges and expenses of auditors; (c) the charges and expenses
of any custodian, transfer agent, plan agent, dividend disbursing agent and registrar appointed by the fund; (d) issue
and transfer taxes, chargeable to the fund in connection with securities transactions to which the fund is a party;
(e) insurance premiums, interest charges, dues and fees for membership in trade associations and all taxes and corporate
fees payable by the fund to federal, state or other governmental agencies; (f) fees and expenses involved in registering
and maintaining registrations of the fund and/or its shares with federal regulatory agencies, state or blue sky securities
agencies and foreign jurisdictions, including the preparation of prospectuses and statements of additional information
for filing with such regulatory authorities; (g) all expenses of shareholders’ and Trustees’ meetings and of preparing,
printing and distributing prospectuses, notices, proxy statements and all reports to shareholders and to governmental
agencies; (h) charges and expenses of legal counsel to the fund and the Trustees; (i) any distribution fees paid by the
fund in accordance with Rule 12b-1 promulgated by the SEC pursuant to the 1940 Act; (j) compensation of those
Trustees of the fund who are not affiliated with or interested persons of Amundi US, the fund (other than as Trustees),
Amundi US, Inc. or the distributor; (k) the cost of preparing and printing share certificates; (l) interest on borrowed
money, if any; (m) fees payable by the fund under management agreements and the administration agreement; and
(n) extraordinary expenses. The fund shall also assume and pay any other expense that the fund, Amundi US or any
other agent of the fund may incur not listed above that is approved by the Board of Trustees (including a majority of
the Independent Trustees) as being an appropriate expense of the fund. The fund shall pay all fees and expenses to be
paid by the fund under the sub-administration agreement with BNY Mellon. In addition, the fund shall pay all brokers'
and underwriting commissions chargeable to the fund in connection with securities transactions to which the fund
is a party.

Potential conflicts of interest

The fund is managed by Amundi US, which also serves as investment adviser to other Pioneer mutual funds and
other accounts (including separate accounts and unregistered products) with investment objectives identical or similar
to those of the fund. Securities frequently meet the investment objectives of the fund, the other Pioneer mutual funds
and such other accounts. In such cases, the decision to recommend a purchase to one fund or account rather than
another is based on a number of factors. The determining factors in most cases are the amount of securities of the

43
issuer then outstanding, the value of those securities and the market for them. Other factors considered in the investment
recommendations include other investments which each fund or account presently has in a particular industry and
the availability of investment funds in each fund or account.
It is possible that at times identical securities will be held by more than one fund and/or account. However, positions
in the same issue may vary and the length of time that any fund or account may choose to hold its investment in the
same issue may likewise vary. To the extent that more than one of the Pioneer mutual funds or a private account
managed by Amundi US seeks to acquire the same security at about the same time, the fund may not be able to
acquire as large a position in such security as it desires or it may have to pay a higher price for the security. Similarly,
the fund may not be able to obtain as large an execution of an order to sell or as high a price for any particular portfolio
security if Amundi US decides to sell on behalf of another account the same portfolio security at the same time. On
the other hand, if the same securities are bought or sold at the same time by more than one fund or account, the
resulting participation in volume transactions could produce better executions for the fund. In the event more than
one account purchases or sells the same security on a given date, the purchases and sales will normally be made as
nearly as practicable on a pro rata basis in proportion to the amounts desired to be purchased or sold by each account.
Although the other Pioneer mutual funds may have the same or similar investment objectives and policies as the
fund, their portfolios do not generally consist of the same investments as the fund or each other, and their performance
results are likely to differ from those of the fund.
Amundi US has adopted compliance policies and procedures designed to address these potential conflicts of interest,
including policies that govern, among other practices, the aggregation and allocation of trades among clients, brokerage
allocations, cross trades and best execution.

Personal securities transactions

The fund, Amundi US, and Amundi Distributor US, Inc. have adopted a code of ethics under Rule 17j-1 under the
1940 Act which is applicable to officers, trustees/directors and designated employees of Amundi US and certain of
Amundi US’s affiliates. The code permits such persons to engage in personal securities transactions for their own
accounts, including securities that may be purchased or held by the fund, and is designed to prescribe means reasonably
necessary to prevent conflicts of interest from arising in connection with personal securities transactions. The code is
on public file with and available from the SEC.

6. Principal underwriter and distribution plan

Principal underwriter
Amundi Distributor US, Inc., 60 State Street, Boston, Massachusetts 02109, is the principal underwriter for the fund
in connection with the continuous offering of its shares. Amundi Distributor US, Inc. is an indirect wholly owned
subsidiary of Amundi and a wholly owned subsidiary of Amundi Asset Management US, Inc.
The fund entered into an underwriting agreement with Amundi Distributor US, Inc. which provides that Amundi
Distributor US, Inc. will bear expenses for the distribution of the fund’s shares, except for expenses incurred by
Amundi Distributor US, Inc. for which it is reimbursed or compensated by the fund under the distribution plan
(discussed below). Amundi Distributor US, Inc. bears all expenses it incurs in providing services under the underwriting
agreement. Such expenses include compensation to its employees and representatives and to securities dealers for
distribution-related services performed for the fund. Amundi Distributor US, Inc. also pays certain expenses in
connection with the distribution of the fund’s shares, including the cost of preparing, printing and distributing
advertising or promotional materials, and the cost of printing and distributing prospectuses and supplements to
prospective shareholders. The fund bears the cost of registering its shares under federal and state securities law and
the laws of certain non-U.S. countries. Under the underwriting agreement, Amundi Distributor US, Inc. will use its
best efforts in rendering services to the fund.
See “Sales Charges” for the schedule of initial sales charge reallowed to dealers as a percentage of the offering price of
the fund’s Class A shares.

44
See the tables under “Annual Fee, Expense and Other Information” for commissions retained by Amundi Distributor
US, Inc. and reallowed to dealers in connection with Amundi Distributor US, Inc.’s offering of the fund’s Class A and
Class C shares during recently completed fiscal years.
The fund will not generally issue fund shares for consideration other than cash. At the fund’s sole discretion, however,
it may issue fund shares for consideration other than cash in connection with a bona fide reorganization, statutory
merger or other acquisition of portfolio securities.
It is the fund's general practice to repurchase its shares of beneficial interest for cash consideration in any amount;
however, the redemption price of shares of the fund may, at Amundi US’s discretion, be paid in portfolio securities.
The fund has elected to be governed by Rule 18f-1 under the 1940 Act pursuant to which the fund is obligated to
redeem shares solely in cash up to the lesser of $250,000 or 1% of the fund’s net asset value during any 90-day period
for any one shareholder. Should the amount of redemptions by any shareholder exceed such limitation, the fund will
have the option of redeeming the excess in cash or portfolio securities. In the latter case, the securities are taken at
their value employed in determining the fund’s net asset value. You may incur additional costs, such as brokerage fees
and taxes, and risks, including a decline in the value of the securities you receive, if the fund makes an in-kind distribution.

Distribution plan
The fund has adopted a distribution plan (the “Distribution Plan”) pursuant to Rule 12b-1 under the 1940 Act with
respect to its Class A and Class C shares. The fund has not adopted a distribution plan with respect to its Class K or
Class Y shares.
For each Class that has adopted a Distribution Plan, fees under the Distribution Plan may be used to make payments
to one or more principal underwriters, broker-dealers, financial intermediaries (which may include banks) and other
parties that enter into a distribution, selling or service agreement with respect to the shares of such Class (each of the
foregoing, a “Service Party”). The fund, its principal underwriter or other parties also may incur expenses in connection
with the distribution or marketing and sales of the fund’s shares that may be paid or reimbursed by the fund. The
aggregate amount in respect of such fees and expenses with respect to each Class shall be the amount calculated at a
percentage per annum of the average daily net assets attributable to such Class as set forth below:
Applicable Percentage
Class Per Annum
Class A 0.25%
Class C 1.00%

Payments are made under the Distribution Plan for distribution services and other activities in respect of the sale of
shares of the fund and to make payments for advertising, marketing or other promotional activity, and for
preparation, printing, and distribution of prospectuses, statements of additional information and reports for
recipients other than regulators and existing shareholders. The fund also may make payments to Service Parties
under the Distribution Plan for providing personal service or the maintenance of shareholder accounts. The
amounts paid to each recipient may vary based upon certain factors, including, among other things, the levels of
sales of fund shares and/or shareholder services provided; provided, however, that the fees paid to a recipient with
respect to a particular Class that may be used to cover expenses primarily intended to result in the sale of shares of
that Class, or that may be used to cover expenses primarily intended for personal service and/or maintenance of
shareholder accounts, may not exceed the maximum amounts, if any, as may from time to time be permitted for
such services under the Financial Industry Regulatory Authority (“FINRA”) Conduct Rule 2341 or any successor
rule, in each case as amended or interpreted by FINRA.
The Distribution Plan also provides that the Service Parties may receive all or a portion of any sales charges paid
by investors.
The Distribution Plan permits the fund to pay fees to the Service Parties as compensation for their services, not as
reimbursement for specific expenses incurred. Thus, even if their expenses exceed the fees provided for by the
Distribution Plan, the fund will not be obligated to pay more than those fees and, if their expenses are less than the
fees paid to them, they will realize a profit. The fund may pay the fees to the Service Parties until the Distribution
Plan or any related distribution agreement is terminated or not renewed. In that event, a Service Party’s expenses in

45
excess of fees received or accrued through the termination date will be such Service Party’s sole responsibility and
not obligations of the fund. In their annual consideration of the continuation of the Distribution Plan for the fund,
the Trustees will review the Distribution Plan and the expenses for each Class within the fund separately. The fund
may participate in joint distribution activities with other Pioneer funds. The costs associated with such joint
distribution activities are allocated to a fund based on the number of shares sold.
The Distribution Plan also recognizes that Amundi US, Amundi Distributor US, Inc. or any other Service Party may
make payments for distribution-related expenses out of its own resources, including past profits, or payments
received from the fund for other purposes, such as management fees, and that the Service Parties may from time to
time use their own resources for distribution-related services, in addition to the fees paid under the Distribution
Plan. The Distribution Plan specifically provides that, to the extent that such payments might be deemed to be
indirect financing of any activity primarily intended to result in the sale of shares of the fund within the context of
Rule 12b-1, then the payments are deemed to be authorized by the Distribution Plan but not subject to the
maximum amounts set forth above.
Under its terms, the Distribution Plan continues in effect for one year and thereafter for successive annual periods,
provided such continuance is specifically approved at least annually by vote of the Board, including a majority of the
Independent Trustees who have no direct or indirect financial interest in the operation of the Distribution Plan. The
Distribution Plan may not be amended to increase materially the amount of the service and distribution fees without
shareholder approval, and all material amendments of the Distribution Plan also must be approved by the Trustees,
including all of the Independent Trustees, in the manner described above. The Distribution Plan may be terminated
with respect to a Class of the fund at any time, without penalty, by vote of a majority of the Independent Trustees or
by vote of a majority of the outstanding voting securities of such Class of the fund (as defined in the 1940 Act).
See “Annual Fee, Expense and Other Information” for fund expenses under the Distribution Plan paid to Amundi
Distributor US, Inc. for the most recently completed fiscal year.
Class C shares
Amundi Distributor US, Inc. will advance to dealers the first-year service fee at a rate equal to 0.25% of the amount
invested. As compensation therefor, Amundi Distributor US, Inc. may retain the service fee paid by the fund with
respect to such shares for the first year after purchase. Commencing in the 13th month following the purchase of
Class C shares, dealers will become eligible for additional annual distribution fees and service fees of up to 0.75% and
0.25%, respectively, of the net asset value of such shares. Dealers may from time to time be required to meet certain
other criteria in order to receive service fees.

7. Shareholder servicing/transfer agent

The fund has contracted with BNY Mellon Investment Servicing (US) Inc., Attention: 534427, 500 Ross Street
154-0520, Pittsburgh, PA 15262, to act as shareholder servicing and transfer agent for the fund.
Under the terms of its contract with the fund, BNY Mellon Investment Servicing (US) Inc. services shareholder
accounts, and its duties include: (i) processing sales, redemptions and exchanges of shares of the fund;
(ii) distributing dividends and capital gains associated with the fund’s portfolio; and (iii) maintaining account
records and responding to shareholder inquiries.

8. Custodian and sub-administrator

The Bank of New York Mellon (“BNY Mellon”), 225 Liberty Street, New York, New York 10286, is the custodian of
the fund’s assets. The custodian’s responsibilities include safekeeping and controlling the fund’s cash and securities,
handling the receipt and delivery of securities, and collecting interest and dividends on the fund’s investments.
BNY Mellon also performs certain fund accounting and fund administration services for the Pioneer Fund complex,
including the fund. For performing such services, BNY Mellon receives fees based on complex-wide assets.

46
9. Independent registered public accounting firm
Ernst & Young LLP, 200 Clarendon Street, Boston, Massachusetts 02116-5072, independent registered public
accounting firm, provided audit services, tax return review services, and assistance and consultation with respect to
filings with the SEC for the fiscal year ended August 31, 2023.

10. Portfolio management

Additional information about the portfolio managers
Other accounts managed by the portfolio managers
The table below indicates, for the portfolio managers of the fund, information about the accounts other than the
fund over which the portfolio manager has day-to-day investment responsibility. All information on the number of
accounts and total assets in the table is as of August 31, 2023. For purposes of the table, “Other Pooled Investment
Vehicles” may include investment partnerships, undertakings for collective investments in transferable securities
(“UCITS”) and other non-U.S. investment funds and group trusts, and “Other Accounts” may include separate
accounts for institutions or individuals, insurance company general or separate accounts, pension funds and other
similar institutional accounts but generally do not include the portfolio manager’s personal investment accounts or
those which the manager may be deemed to own beneficially under the code of ethics. Certain funds and other
accounts managed by the portfolio manager may have substantially similar investment strategies.
Number of Assets
Accounts Managed
Managed for for which
which Advisory Advisory
Number of Fee is Fee is
Name of Accounts Total Assets Performance- Performance-
Portfolio Manager Type of Account Managed Managed (000’s) Based Based (000’s)
David Eurkus Other Registered Investment
Companies 6 $1,816,810 N/A N/A
Other Pooled Investment Vehicles 0 $0 N/A N/A
Other Accounts 0 $0 N/A N/A
Jonathan Chirunga Other Registered
Investment Companies 6 $1,816,810 N/A N/A
Other Pooled Investment Vehicles 0 $0 N/A N/A
Other Accounts 0 $0 N/A N/A

Potential conflicts of interest

When a portfolio manager is responsible for the management of more than one account, the potential arises for the
portfolio manager to favor one account over another. The principal types of potential conflicts of interest that may
arise are discussed below. For the reasons outlined below, Amundi US does not believe that any material conflicts are
likely to arise out of a portfolio manager’s responsibility for the management of the fund as well as one or more other
accounts. Although Amundi US has adopted procedures that it believes are reasonably designed to detect and
prevent violations of the federal securities laws and to mitigate the potential for conflicts of interest to affect its
portfolio management decisions, there can be no assurance that all conflicts will be identified or that all procedures
will be effective in mitigating the potential for such risks. Generally, the risks of such conflicts of interest are
increased to the extent that a portfolio manager has a financial incentive to favor one account over another. Amundi
US has structured its compensation arrangements in a manner that is intended to limit such potential for conflicts of
interest. See “Compensation of Portfolio Managers” below.
• A portfolio manager could favor one account over another in allocating new investment opportunities that have
limited supply, such as initial public offerings and private placements. If, for example, an initial public offering
that was expected to appreciate in value significantly shortly after the offering was allocated to a single account,
that account may be expected to have better investment performance than other accounts that did not receive an
allocation of the initial public offering. Generally, investments for which there is limited availability are allocated

47
 based upon a range of factors including available cash and consistency with the accounts’ investment objectives
and policies. This allocation methodology necessarily involves some subjective elements but is intended over time
to treat each client in an equitable and fair manner. Generally, the investment opportunity is allocated among
participating accounts on a pro rata basis. Although Amundi US believes that its practices are reasonably designed
to treat each client in an equitable and fair manner, there may be instances where a fund may not participate, or
may participate to a lesser degree than other clients, in the allocation of an investment opportunity.
• A portfolio manager could favor one account over another in the order in which trades for the accounts are
placed. If a portfolio manager determines to purchase a security for more than one account in an aggregate
amount that may influence the market price of the security, accounts that purchased or sold the security first may
receive a more favorable price than accounts that made subsequent transactions. The less liquid the market for the
security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily
trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a less
favorable price. When a portfolio manager intends to trade the same security on the same day for more than one
account, the trades typically are “bunched,” which means that the trades for the individual accounts are aggregated
and each account receives the same price. There are some types of accounts as to which bunching may not be
possible for contractual reasons (such as directed brokerage arrangements). Circumstances may also arise where
the trader believes that bunching the orders may not result in the best possible price. Where those accounts or
circumstances are involved, Amundi US will place the order in a manner intended to result in as favorable a price
as possible for such client.
• A portfolio manager could favor an account if the portfolio manager’s compensation is tied to the performance of
that account to a greater degree than other accounts managed by the portfolio manager. If, for example, the
portfolio manager receives a bonus based upon the performance of certain accounts relative to a benchmark while
other accounts are disregarded for this purpose, the portfolio manager will have a financial incentive to seek to
have the accounts that determine the portfolio manager’s bonus achieve the best possible performance to the
possible detriment of other accounts. Similarly, if Amundi US receives a performance-based advisory fee, the
portfolio manager may favor that account, whether or not the performance of that account directly determines the
portfolio manager’s compensation.
• A portfolio manager could favor an account if the portfolio manager has a beneficial interest in the account, in
order to benefit a large client or to compensate a client that had poor returns. For example, if the portfolio
manager held an interest in an investment partnership that was one of the accounts managed by the portfolio
manager, the portfolio manager would have an economic incentive to favor the account in which the portfolio
manager held an interest.
• If the different accounts have materially and potentially conflicting investment objectives or strategies, a conflict of
interest could arise. For example, if a portfolio manager purchases a security for one account and sells the same
security for another account, such trading pattern may disadvantage either the account that is long or short. In
making portfolio manager assignments, Amundi US seeks to avoid such potentially conflicting situations.
However, where a portfolio manager is responsible for accounts with differing investment objectives and policies,
it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio
security while another account continues to hold or increase the holding in such security.
Compensation of portfolio managers
Amundi US has adopted a system of compensation for portfolio managers that seeks to align the financial interests
of the portfolio managers with those of shareholders of the accounts (including Pioneer funds) the portfolio
managers manage, as well as with the financial performance of Amundi US. The compensation program for all
Amundi US portfolio managers includes a base salary (determined by the rank and tenure of the employee) and an
annual bonus program, as well as customary benefits that are offered generally to all full-time employees. Base
compensation is fixed and normally reevaluated on an annual basis. Amundi US seeks to set base compensation at
market rates, taking into account the experience and responsibilities of the portfolio manager. The bonus plan is
intended to provide a competitive level of annual bonus compensation that is tied to the portfolio manager achieving

48
superior investment performance and align the interests of the investment professional with those of shareholders,
as well as with the financial performance of Amundi US. Any bonus under the plan is completely discretionary, with
a maximum annual bonus that may be in excess of base salary. The annual bonus is based upon a combination of the
following factors:
• Quantitative investment performance. The quantitative investment performance calculation is based on
pre-tax investment performance of all of the accounts managed by the portfolio manager (which includes the fund
and any other accounts managed by the portfolio manager) over a one-year period (20% weighting) and four-year
period (80% weighting), measured for periods ending on December 31. The accounts, which include the fund, are
ranked against a group of mutual funds with similar investment objectives and investment focus (60%) and a
broad-based securities market index measuring the performance of the same type of securities in which the
accounts invest (40%), which, in the case of the fund, is the Bloomberg U.S. Municipal High Yield Bond Index. As
a result of these two benchmarks, the performance of the portfolio manager for compensation purposes is
measured against the criteria that are relevant to the portfolio manager’s competitive universe.
• Qualitative performance. The qualitative performance component with respect to all of the accounts managed
by the portfolio manager includes objectives, such as effectiveness in the areas of teamwork, leadership, communi-
cations and marketing, that are mutually established and evaluated by each portfolio manager and management.
• Amundi US results and business line results. Amundi US’s financial performance, as well as the investment
performance of its investment management group, affect a portfolio manager’s actual bonus by a leverage factor of
plus or minus (+/–) a predetermined percentage.
The quantitative and qualitative performance components comprise 80% and 20%, respectively, of the overall bonus
calculation (on a pre-adjustment basis). A portion of the annual bonus is deferred for a specified period and may be
invested in one or more Pioneer funds.
Certain portfolio managers participate in other programs designed to reward and retain key contributors. Portfolio
managers also may participate in a deferred compensation program, whereby deferred amounts are invested in one
or more Pioneer funds or collective investment trusts or other unregistered funds with similar investment objectives,
strategies and policies.

Share ownership by portfolio managers

The following table indicates as of August 31, 2023 the value, within the indicated range, of shares beneficially owned
by the portfolio managers of the fund.
Beneficial Ownership
Name of Portfolio Manager of the Fund*
David Eurkus A
Jonathan Chirunga F
* Key to Dollar Ranges
A. None
B. $1 – $10,000
C. $10,001 – $50,000
D. $50,001 – $100,000
E. $100,001 – $500,000
F. $500,001 – $1,000,000
G. Over $1,000,000

11. Portfolio transactions

All orders for the purchase or sale of portfolio securities are placed on behalf of the fund by Amundi US pursuant to
authority contained in the fund’s management contract. Securities purchased and sold on behalf of the fund
normally will be traded in the over-the-counter market on a net basis (i.e., without commission) through dealers
acting for their own account and not as brokers or otherwise through transactions directly with the issuer of the
instrument. The cost of securities purchased from underwriters includes an underwriter’s commission or concession,

49
and the prices at which securities are purchased and sold from and to dealers include a dealer’s markup or
markdown. Amundi US normally seeks to deal directly with the primary market makers unless, in its opinion, better
prices are available elsewhere. Amundi US seeks to obtain overall best execution on portfolio trades. The price of
securities and any commission rate paid are always factors, but frequently not the only factors, in judging best
execution. In selecting brokers or dealers, Amundi US considers various relevant factors, including, but not limited
to, the size and type of the transaction; the nature and character of the markets for the security to be purchased or
sold; the execution efficiency, settlement capability and financial condition of the dealer; the dealer’s execution
services rendered on a continuing basis; and the reasonableness of any dealer spreads. Transactions in non-U.S.
equity securities are executed by broker-dealers in non-U.S. countries in which commission rates may not be
negotiable (as such rates are in the U.S.).
Amundi US may select broker-dealers that provide brokerage and/or research services to the fund and/or other
investment companies or other accounts managed by Amundi US over which it or its affiliates exercise investment
discretion. In addition, consistent with Section 28(e) of the Securities Exchange Act of 1934, as amended, if Amundi
US determines in good faith that the amount of commissions charged by a broker-dealer is reasonable in relation to
the value of the brokerage and research services provided by such broker, the fund may pay commissions to such
broker-dealer in an amount greater than the amount another firm may charge. Such services may include advice
concerning the value of securities; the advisability of investing in, purchasing or selling securities; the availability of
securities or the purchasers or sellers of securities; providing stock quotation services, credit rating service
information and comparative fund statistics; furnishing analyses, electronic information services, manuals and
reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and performance of
accounts and particular investment decisions; and effecting securities transactions and performing functions
incidental thereto (such as clearance and settlement). Amundi US maintains a listing of broker-dealers who provide
such services on a regular basis. However, because many transactions on behalf of the fund and other investment
companies or accounts managed by Amundi US are placed with broker-dealers (including broker-dealers on the
listing) without regard to the furnishing of such services, it is not possible to estimate the proportion of such
transactions directed to such dealers solely because such services were provided. Amundi US believes that no exact
dollar value can be calculated for such services.
The research received from broker-dealers may be useful to Amundi US in rendering investment management
services to the fund as well as other investment companies or other accounts managed by Amundi US, although not
all such research may be useful to the fund. Conversely, such information provided by brokers or dealers who have
executed transaction orders on behalf of such other accounts may be useful to Amundi US in carrying out its
obligations to the fund. The receipt of such research enables Amundi US to avoid the additional expenses that might
otherwise be incurred if it were to attempt to develop comparable information through its own staff.
The fund may participate in third-party brokerage and/or expense offset arrangements to reduce the fund’s total
operating expenses. Pursuant to third-party brokerage arrangements, the fund may incur lower expenses by
directing brokerage to third-party broker-dealers which have agreed to use part of their commission to pay the
fund’s fees to service providers unaffiliated with Amundi US or other expenses. Since the commissions paid to the
third party brokers reflect a commission cost that the fund would generally expect to incur on its brokerage
transactions but not necessarily the lowest possible commission, this arrangement is intended to reduce the fund’s
operating expenses without increasing the cost of its brokerage commissions. Since use of such directed brokerage is
subject to the requirement to achieve best execution in connection with the fund’s brokerage transactions, there can
be no assurance that such arrangements will be utilized. Pursuant to expense offset arrangements, the fund may
incur lower transfer agency expenses due to interest earned on cash held with the transfer agent. See “Financial
highlights” in the prospectus.
See the table in “Annual Fee, Expense and Other Information” for aggregate brokerage and underwriting
commissions paid by the fund in connection with its portfolio transactions during recently completed fiscal years.
The Board of Trustees periodically reviews Amundi US’s performance of its responsibilities in connection with the
placement of portfolio transactions on behalf of the fund.

50
12. Description of shares
As an open-end management investment company, the fund continuously offers its shares to the public and under
normal conditions must redeem its shares upon the demand of any shareholder at the next determined net asset
value per share less any applicable contingent deferred sales charge (“CDSC”). See “Sales Charges.” When issued and
paid for in accordance with the terms of the prospectus and statement of additional information, shares of the fund
are fully paid and non-assessable. Shares will remain on deposit with the fund’s transfer agent and certificates will
not normally be issued.
The fund is a series of Pioneer Series Trust V, a Delaware statutory trust. The Trustees have authorized the issuance
of the following classes of shares of the fund, designated as Class A, Class C, Class K, Class R and Class Y shares.
Class R shares have not been issued as of the date of this statement of additional information. Each share of a class of
the fund represents an equal proportionate interest in the assets of the fund allocable to that class. Upon liquidation
of the fund, shareholders of each class of the fund are entitled to share pro rata in the fund’s net assets allocable to
such class available for distribution to shareholders. The Trust reserves the right to create and issue additional series
or classes of shares, in which case the shares of each class of a series would participate equally in the earnings,
dividends and assets allocable to that class of the particular series.
The shares of each class represent an interest in the same portfolio of investments of the fund. Each class has
identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different
class-specific fees and expenses such as transfer agent and distribution fees. Differences in class-specific fees and
expenses will result in differences in net investment income and, therefore, the payment of different dividends by
each class. Share classes have exclusive voting rights with respect to matters affecting only that class, including with
respect to the distribution plan for that class.

The Trust
The Trust’s operations are governed by the Amended and Restated Agreement and Declaration of Trust, dated as of
January 12, 2016 (referred to in this section as the declaration). A copy of the Trust’s Certificate of Trust dated as of
October 12, 2005, is on file with the office of the Secretary of State of Delaware.
Delaware law provides a statutory framework for the powers, duties, rights and obligations of the board (referred to
in this section as the trustees) and shareholders of the Delaware statutory trust, while the more specific powers,
duties, rights and obligations of the trustees and the shareholders are determined by the trustees as set forth in the
declaration. Some of the more significant provisions of the declaration are described below.

Shareholder voting
The declaration provides for shareholder voting as required by the 1940 Act or other applicable laws but otherwise
permits, consistent with Delaware law, actions by the trustees without seeking the consent of shareholders. The
trustees may, without shareholder approval, where approval of shareholders is not otherwise required under the
1940 Act, merge or consolidate the Trust into other entities, reorganize the Trust or any series or class into another
trust or entity or a series or class of another entity, sell the assets of the Trust or any series or class to another entity,
or a series or class of another entity, or terminate the Trust or any series or class.
The fund is not required to hold an annual meeting of shareholders, but the fund will call special meetings of
shareholders whenever required by the 1940 Act or by the terms of the declaration. The declaration gives the board
the flexibility to specify either per share voting or dollar-weighted voting. Under per share voting, each share of the
fund is entitled to one vote. Under dollar-weighted voting, a shareholder’s voting power is determined, not by the
number of shares the shareholder owns, but by the dollar value of those shares determined on the record date. All
shareholders of all series and classes of the Trust vote together, except where required by the 1940 Act to vote
separately by series or by class, or when the trustees have determined that a matter affects only the interests of one or
more series or classes of shares.

51
Election and removal of trustees
The declaration provides that the trustees may establish the number of trustees and that vacancies on the board may
be filled by the remaining trustees, except when election of trustees by the shareholders is required under the 1940
Act. Trustees are then elected by a plurality of votes cast by shareholders at a meeting at which a quorum is present.
The declaration also provides that a mandatory retirement age may be set by action of two-thirds of the trustees and
that trustees may be removed at any time or for any reason by a majority of the board or by a majority of the
outstanding shareholders of the Trust.

Amendments to the declaration

The trustees are authorized to amend the declaration without the vote of shareholders, but no amendment may be
made that impairs the exemption from personal liability granted in the declaration to persons who are or have been
shareholders, trustees, officers or, employees of the trust or that limit the rights to indemnification or insurance
provided in the declaration with respect to actions or omissions of persons entitled to indemnification under the
declaration prior to the amendment.

Issuance and redemption of shares

The fund may issue an unlimited number of shares for such consideration and on such terms as the trustees may
determine. Shareholders are not entitled to any appraisal, preemptive, conversion, exchange or similar rights, except
as the trustees may determine. The fund may involuntarily redeem a shareholder’s shares upon certain conditions as
may be determined by the trustees, including, for example, if the shareholder fails to provide the fund with
identification required by law, or if the fund is unable to verify the information received from the shareholder.
Additionally, as discussed below, shares may be redeemed in connection with the closing of small accounts.

Disclosure of shareholder holdings

The declaration specifically requires shareholders, upon demand, to disclose to the fund information with respect to
the direct and indirect ownership of shares in order to comply with various laws or regulations, and the fund may
disclose such ownership if required by law or regulation.

Small accounts
The declaration provides that the fund may close out a shareholder’s account by redeeming all of the shares in the
account if the account falls below a minimum account size (which may vary by class) that may be set by the trustees
from time to time. Alternately, the declaration permits the fund to assess a fee for small accounts (which may vary by
class) and redeem shares in the account to cover such fees, or convert the shares into another share class that is
geared to smaller accounts.

Series and classes

The declaration provides that the trustees may establish series and classes in addition to those currently established
and to determine the rights and preferences, limitations and restrictions, including qualifications for ownership,
conversion and exchange features, minimum purchase and account size, expenses and charges, and other features of
the series and classes. The trustees may change any of those features, terminate any series or class, combine series
with other series in the trust, combine one or more classes of a series with another class in that series or convert the
shares of one class into another class.
Each share of the fund, as a series of the Trust, represents an interest in the fund only and not in the assets of any
other series of the Trust.

Shareholder, trustee and officer liability

The declaration provides that shareholders are not personally liable for the obligations of the fund and requires a
fund to indemnify a shareholder against liability arising solely from the shareholder’s ownership of shares in the
fund. In addition, the fund will assume the defense of any claim against a shareholder for personal liability at the
request of the shareholder. The declaration also provides that no Trustee, officer or employee of the Trust owes any
duty to any person (including without limitation any shareholder), other than the Trust or any series. The
declaration further provides that no trustee, officer or employee of the fund shall be liable to the fund or any

52
shareholder for any action, failure to act, error or mistake except in cases of bad faith, willful misfeasance, gross
negligence or reckless disregard of duty. The declaration requires the fund to indemnify each trustee, director,
officer, employee and authorized agent to the fullest extent permitted by law against liability and against all expenses
reasonably incurred or paid by him in connection with any claim, action, suit or proceeding in which he becomes
involved as a party or otherwise by virtue of his being or having been such a trustee, director, officer, employee, or
agent and against amounts paid or incurred by him in settlement thereof. The 1940 Act currently provides that no
officer or director shall be protected from liability to the fund or shareholders for willful misfeasance, bad faith, gross
negligence, or reckless disregard of the duties of office. The declaration extends to trustees, officers and employees of
the fund the full protection from liability that the law allows.
The declaration provides that the appointment, designation or identification of a trustee as chairperson, a member of
a committee, an expert, lead independent trustee, or any other special appointment, designation or identification
shall not impose any heightened standard of care or liability on such trustee.

Derivative and direct actions

The declaration provides a detailed process for the bringing of derivative or direct actions by shareholders in order
to permit legitimate inquiries and claims while avoiding the time, expense, distraction, and other harm that can be
caused to the fund or its shareholders as a result of spurious shareholder demands and derivative actions. Prior to
bringing a derivative action, a demand by three unrelated shareholders must first be made on the fund’s trustees. The
declaration details various information, certifications, undertakings and acknowledgements that must be included in
the demand. Following receipt of the demand, the trustees have a period of 90 days, which may be extended by an
additional 60 days, to consider the demand. If a majority of the trustees who are considered independent for the
purposes of considering the demand determine that maintaining the suit would not be in the best interests of the
fund, the trustees are required to reject the demand and the complaining shareholders may not proceed with the
derivative action unless the shareholders are able to sustain the burden of proof to a court that the decision of the
trustees not to pursue the requested action was not a good faith exercise of their business judgment on behalf of the
fund. The declaration further provides that shareholders owning shares representing at least 10% of the voting power
of the affected fund must join in bringing the derivative action. If a demand is rejected, the complaining
shareholders will be responsible for the costs and expenses (including attorneys’ fees) incurred by the fund in
connection with the consideration of the demand, if a court determines that the demand was made without
reasonable cause or for an improper purpose. If a derivative action is brought in violation of the declaration, the
shareholders bringing the action may be responsible for the fund’s costs, including attorneys’ fees, if a court
determines that the action was brought without reasonable cause or for an improper purpose.
The declaration provides that no shareholder may bring a direct action claiming injury as a shareholder of the Trust,
or any series or class thereof, where the matters alleged (if true) would give rise to a claim by the Trust or by the
Trust on behalf of a series or class, unless the shareholder has suffered an injury distinct from that suffered by the
shareholders of the Trust, or the series or class, generally. Under the declaration, a shareholder bringing a direct
claim must be a shareholder of the series or class with respect to which the direct action is brought at the time of the
injury complained of, or have acquired the shares afterwards by operation of law from a person who was a
shareholder at that time.
The declaration further provides that the fund shall be responsible for payment of attorneys’ fees and legal expenses
incurred by a complaining shareholder only if required by law, and any attorneys’ fees that the fund is obligated to
pay shall be calculated using reasonable hourly rates. The declaration also requires that actions by shareholders
against the fund be brought only in federal court in Boston, Massachusetts, or if not permitted to be brought in
federal court, then in state court in Boston, Massachusetts, and that shareholders have no right to jury trial for
such actions.
The declaration also provides that shareholders have no rights, privileges, claims or remedies under any contract or
agreement entered into by the Trust with any service provider or other agent or contract with the Trust, including,
without limitation, any third party beneficiary rights, except as may be expressly provided in any service contract
or agreement.

53
The master fund in which the fund invests is a series of Pioneer Core Trust I, a Delaware statutory trust, and is also
governed by a declaration of trust similar to the declaration. Whenever a vote is submitted to the master fund’s
investors, the fund will generally call a meeting of its own shareholders. To the extent it does not receive instructions
from its shareholders, the fund will vote its shares in the master fund in the same proportion as the vote of
shareholders who do give voting instructions. Alternatively, without seeking instructions from its shareholders, the
fund could vote its shares in the master fund in proportion to the vote of all the other investors in the master fund.

13. Sales charges

The fund continuously offers the following classes of shares: Class A, Class C, Class K and Class Y shares, as
described in the prospectus. The fund offers its shares at a reduced sales charge to investors who meet certain criteria
that permit the fund's shares to be sold with low distribution costs. These criteria are described below or in the
prospectus. The availability of certain sales charge waivers and discounts may depend on whether you purchase your
shares directly from the fund or through a financial intermediary. Please see the prospectus to determine any sales
charge discounts and waivers that may be available to you through your financial intermediary.

Class A share sales charges

You may buy Class A shares at the public offering price, including a sales charge, as follows:
Sales Charge as a % of
Offering Net Amount Dealer
Amount of Purchase Price Invested Reallowance
Less than $100,000 4.50 4.71 4.00
$100,000 but less than $250,000 3.50 3.63 3.00
$250,000 or more 0.00 0.00 see below

The schedule of sales charges above is applicable to purchases of Class A shares of the fund by (i) an individual,
(ii) an individual and his or her spouse and children under the age of 21 and (iii) a trustee or other fiduciary of a
trust estate or fiduciary account or related trusts or accounts including pension, profit-sharing and other employee
benefit trusts qualified under Sections 401 or 408 of the Code although more than one beneficiary is involved. The
sales charges applicable to a current purchase of Class A shares of the fund by a person listed above is determined by
adding the value of shares to be purchased to the aggregate value (at the then current offering price) of shares of any
of the other Pioneer mutual funds previously purchased and then owned, provided Amundi Distributor US, Inc. is
notified by such person or his or her broker-dealer each time a purchase is made which would qualify. Pioneer
mutual funds include all mutual funds for which Amundi Distributor US, Inc. serves as principal underwriter. At the
sole discretion of Amundi Distributor US, Inc., holdings of funds domiciled outside the U.S., but which are managed
by affiliates of Amundi US, may be included for this purpose.
No sales charge is payable at the time of purchase on investments of $500,000 or more, or for purchases by
participants in employer-sponsored retirement plans described below subject to a CDSC of 1% which may be
imposed in the event of a redemption of Class A shares within 12 months of purchase. Amundi Distributor US, Inc.
may, in its discretion, pay a commission to broker-dealers who initiate and are responsible for such purchases
as follows:
1.00% Up to $4 million
Greater than $4 million and less
0.50% than or equal to $50 million
0.25% Over $50 million

Commissions are based on cumulative investments in Class A shares of the Pioneer funds. These commissions shall
not be payable if the purchaser is affiliated with the broker-dealer or if the purchase represents the reinvestment of a
redemption made during the previous 12 calendar months. Broker-dealers who receive a commission in connection
with Class A share purchases at net asset value by employer-sponsored retirement plans with at least $500,000 in
total plan assets (or that has 1,000 or more eligible participants for employer-sponsored retirement plans with
accounts established with Amundi US on or before March 31, 2004) will be required to return any commissions paid
or a pro rata portion thereof if the retirement plan redeems its shares within 12 months of purchase.

54
Letter of intent (“LOI”)
Reduced sales charges are available for purchases of $50,000 or more of Class A shares (excluding any reinvestments
of dividends and capital gain distributions) made within a 13-month period pursuant to an LOI which may be
established by completing the Letter of Intent section of the Account Application. The reduced sales charge will be
the charge that would be applicable to the purchase of the specified amount of Class A shares as if the shares had all
been purchased at the same time. A purchase not made pursuant to an LOI may be counted toward fulfillment of the
LOI (but not considered as eligible for the reduced sales charge) if the LOI is submitted to the fund’s transfer agent
within 90 days of such purchase. You may also obtain the reduced sales charge by including the value (at current
offering price) of all your Class A shares in the fund and Class A shares of all other Pioneer mutual funds held of
record as of the date of your LOI in the amount used to determine the applicable sales charge for the Class A shares
to be purchased under the LOI. Five percent of your total intended purchase amount will be held in escrow by the
fund’s transfer agent, registered in your name, until the terms of the LOI are fulfilled. When you sign the Account
Application, you agree to irrevocably appoint the fund’s transfer agent your attorney-in-fact to surrender for
redemption any or all shares held in escrow with full power of substitution. An LOI is not a binding obligation upon
the investor to purchase, or the fund to sell, the amount specified in the LOI. Any share class for which no sales
charge is paid cannot be included under the LOI.
If the total purchases exceed the amount specified under the LOI and are in an amount that would qualify for a
further quantity discount, all transactions will be recomputed on the expiration date of the LOI to effect the lower
sales charge. Any difference in the sales charge resulting from such recomputation will be either delivered to you in
cash or invested in additional shares at the lower sales charge. The dealer, by signing the Account Application, agrees
to return to Amundi Distributor US, Inc., as part of such retroactive adjustment, the excess of the commission
previously reallowed or paid to the dealer over that which is applicable to the actual amount of the total purchases
under the LOI.
If the total purchases are less than the amount specified under the LOI, Amundi Distributor US, Inc. will recalculate
your sales charge and the fund’s transfer agent will redeem the appropriate number of shares held in escrow to
realize the difference and release any excess.
If sufficient shares are not purchased to complete the LOI because all registered account owners died within the
13-month period, Amundi Distributor US, Inc. will consider the LOI complete and will not adjust past transactions
for purposes of the sales charges paid. Commissions to dealers will not be adjusted or paid on the difference between
the LOI amount and the amount actually invested before the shareholders’ deaths.

Class C shares
You may buy Class C shares at the net asset value per share next computed after receipt of a purchase order without
the imposition of an initial sales charge; however, Class C shares redeemed within one year of purchase will be
subject to a CDSC of 1%. The charge will be assessed on the amount equal to the lesser of the current market value
or the original purchase cost of the shares being redeemed. No CDSC will be imposed on increases in account value
above the initial purchase price, including shares derived from the reinvestment of dividends or capital
gain distributions.
Class C shares automatically convert to Class A shares after 8 years. Conversions of Class C shares to Class A shares
will occur during the month of or following the 8th anniversary of the share purchase date.
The automatic conversion will be based on the relative net asset values of the two share classes without the
imposition of a sales charge or fee. Generally, in order for your Class C shares to be eligible for automatic conversion
to Class A shares, the fund or the financial intermediary through which you purchased your shares must have
records which confirm that your Class C shares have been held for 8 years. Class C shares held through group
retirement plan recordkeeping platforms of certain financial intermediaries that hold such shares in an omnibus
account and do not track participant level share lot aging to facilitate such a conversion are eligible for automatic
conversion to Class A shares. Specific intermediaries may have different policies and procedures regarding the
conversion of Class C shares to Class A shares.

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In processing redemptions of Class C shares, the fund will first redeem shares not subject to any CDSC and then
shares held for the longest period of time during the one-year period. As a result, you will pay the lowest
possible CDSC.
Proceeds from the CDSC are paid to Amundi Distributor US, Inc. and are used in whole or in part to defray Amundi
Distributor US, Inc.’s expenses related to providing distribution-related services to the fund in connection with the
sale of Class C shares, including the payment of compensation to broker-dealers.

Class K shares
No front-end, deferred or asset-based sales charges are applicable to Class K shares.

Class Y shares
No front-end, deferred or asset-based sales charges are applicable to Class Y shares. However, if you invest in Class Y
shares through an investment professional or financial intermediary, that investment professional or financial
intermediary may charge you a commission in an amount determined and separately disclosed to you by that
investment professional or financial intermediary. The fund waives the investment minimum for Class Y shares for
direct share purchases by Amundi US employees and Trustees of the fund through its transfer agent.

Additional payments to financial intermediaries

The financial intermediaries through which shares are purchased may receive all or a portion of the sales charges
and Rule 12b-1 fees, if any, discussed above. In addition to those payments, Amundi US or one or more of its
affiliates (collectively, “Amundi US Affiliates”) may make additional payments to financial intermediaries in
connection with the promotion and sale of shares of Pioneer funds. Amundi US Affiliates make these payments from
their own resources, which include resources that derive from compensation for providing services to the Pioneer
funds. These additional payments are described below. The categories described below are not mutually exclusive.
The same financial intermediary may receive payments under more than one or all categories. Many financial
intermediaries that sell shares of Pioneer funds receive one or more types of these payments. The financial
intermediary typically initiates requests for additional compensation. Amundi US negotiates these arrangements
individually with financial intermediaries and the amount of payments and the specific arrangements may differ
significantly. A financial intermediary also may receive different levels of compensation with respect to sales or
assets attributable to different types of clients of the same intermediary or different Pioneer funds. Where services
are provided, the costs of providing the services and the overall array of services provided may vary from one
financial intermediary to another. Amundi US Affiliates do not make an independent assessment of the cost of
providing such services. While the financial intermediaries may request additional compensation from Amundi US
to offset costs incurred by the financial intermediary in servicing its clients, the financial intermediary may earn a
profit on these payments, since the amount of the payment may exceed the financial intermediary’s costs. In this
context, “financial intermediary” includes any broker, dealer, bank (including bank trust departments), insurance
company, transfer agent, registered investment adviser, financial planner, retirement plan administrator and any
other financial intermediary having a selling, administrative and shareholder servicing or similar agreement with an
Amundi US Affiliate.
A financial intermediary’s receipt of additional compensation may create conflicts of interest between the financial
intermediary and its clients. Each type of payment discussed below may provide your financial intermediary with an
economic incentive to actively promote the Pioneer funds over other mutual funds or cooperate with the
distributor’s promotional efforts. The receipt of additional compensation for Amundi US Affiliates may be an
important consideration in a financial intermediary’s willingness to support the sale of the Pioneer funds through the
financial intermediary’s distribution system. Amundi US Affiliates are motivated to make the payments described
above since they promote the sale of Pioneer fund shares and the retention of those investments by clients of
financial intermediaries. In certain cases these payments could be significant to the financial intermediary. The
financial intermediary may charge additional fees or commissions other than those disclosed in the prospectus and
statement of additional information. Financial intermediaries may categorize and disclose these arrangements
differently than Amundi US Affiliates do. To the extent financial intermediaries sell more shares of the funds or
retain shares of the funds in their clients’ accounts, Amundi US Affiliates benefit from the incremental management
and other fees paid to Amundi US Affiliates by the funds with respect to those assets.

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Revenue sharing payments
Amundi US Affiliates make revenue sharing payments as incentives to certain financial intermediaries to promote
and sell shares of Pioneer funds, except with respect to the funds’ Class K shares. The benefits Amundi US Affiliates
receive when they make these payments include, among other things, entry into or increased visibility in the
financial intermediary’s sales system, participation by the intermediary in the distributor’s marketing efforts (such as
helping facilitate or providing financial assistance for conferences, seminars or other programs at which Amundi US
personnel may make presentations on the funds to the intermediary’s sales force), placement on the financial
intermediary’s preferred fund list, and access (in some cases, on a preferential basis over other competitors) to
individual members of the financial intermediary’s sales force or management. Revenue sharing payments are
sometimes referred to as “shelf space” payments because the payments compensate the financial intermediary for
including Pioneer funds in its fund sales system (on its “shelf space”). Amundi US Affiliates also may pay financial
intermediaries “finders’” or “referral” fees for directing investors to the Pioneer funds. Amundi US Affiliates
compensate financial intermediaries differently depending typically on the level and/or type of considerations
provided by the financial intermediary.
The revenue sharing payments Amundi US Affiliates make may be calculated on sales of shares of Pioneer funds
(“Sales-Based Payments”); although there is no policy limiting the amount of Sales-Based Payments any one
financial intermediary may receive, the total amount of such payments normally does not exceed 0.25% per annum
of those assets. Such payments also may be calculated on the average daily net assets of the applicable Pioneer funds
attributable to that particular financial intermediary (“Asset-Based Payments”); although there is no policy limiting
the amount of Asset-Based Payments any one financial intermediary may receive, the total amount of such payments
normally does not exceed 0.16% per annum of those assets. Sales-Based Payments primarily create incentives to
make new sales of shares of Pioneer funds and Asset-Based Payments primarily create incentives to retain previously
sold shares of Pioneer funds in investor accounts. Amundi US Affiliates may pay a financial intermediary either or
both Sales-Based Payments and Asset-Based Payments.
Administrative and processing support payments
Except with respect to Class K shares, Amundi US Affiliates also may make payments to certain financial interme-
diaries that sell Pioneer fund shares for certain administrative services, including record keeping and sub-accounting
shareholder accounts, to the extent that the funds do not pay for these costs directly. Except with respect to Class K
shares, Amundi US Affiliates also may make payments to certain financial intermediaries that sell Pioneer fund
shares in connection with client account maintenance support, statement preparation and transaction processing.
The types of payments that Amundi US Affiliates may make under this category include, among others, payment of
ticket charges per purchase or exchange order placed by a financial intermediary, payment of networking fees in
connection with certain mutual fund trading systems, or one-time payments for ancillary services such as setting up
funds on a financial intermediary’s mutual fund trading system.
Other payments
From time to time, Amundi US Affiliates, at their expense, may provide additional compensation to financial
intermediaries which sell or arrange for the sale of shares of the Pioneer funds. Such compensation provided by
Amundi US Affiliates may include financial assistance to financial intermediaries that enable Amundi US Affiliates
to participate in and/or present at conferences or seminars, sales or training programs for invited registered
representatives and other employees, client entertainment, client and investor events, and other financial
intermediary-sponsored events, and travel expenses, including lodging incurred by registered representatives and
other employees in connection with client prospecting, retention and due diligence trips. Other compensation may
be offered to the extent not prohibited by federal or state laws or any self-regulatory agency, such as FINRA. Amundi
US Affiliates make payments for entertainment events they deem appropriate, subject to Amundi US Affiliates’
guidelines and applicable law. These payments may vary depending upon the nature of the event or the relationship.
Amundi US Affiliates also may make payments to financial intermediaries for detailed information about the
intermediaries’ activities relating to the Pioneer funds.
As of January 1, 2023, Amundi US anticipates that the following broker-dealers or their affiliates will receive
additional payments as described in the prospectus and statement of additional information:

57
Advisor Group
ADP Retirement Services
AIG
Alight Financial Solutions, LLC
Ameriprise Financial Services, Inc.
Ascensus Broker Dealer Services, Inc
BNY Mellon
Cetera Advisors Networks LLC
Charles Schwab & Co., Inc.
Citigroup Global Markets Inc.
Commonwealth Financial Network
Conduent Securities, LLC
Edward Jones
Fidelity Brokerage Services LLC
First Command Financial Planning, Inc.
GWFS Equities, Inc.
Hartford Securities Distribution Company, Inc.
J.P. Morgan Securities LLC
Ladenburg Thalmann & Co. Inc.
Lincoln Financial
LPL Financial Corp.
Merrill Lynch & Co., Inc.
Mid Atlantic Capital Corporation
MML Investors Services
Morgan Stanley & Co., Inc.
MSCS Financial Services, LLC
Mutual of Omaha Investor Services, Inc.
N.I.S. Financial Services, Inc.
National Financial Services LLC
Nationwide Securities, Inc.
Northwestern Investment Services, LLC
NYLife Securities, LLC
OneAmerica Securities, Inc.
Pershing LLC
PFS Investments Inc.
Principal Securities, Inc.
Prudential Financial
Raymond James Financial Services, Inc.
RBC Dain Rauscher Inc.
Sammons Financial Network LLC
Security Distributors
Standard Life Investments Securities LLC
Symetra Investment Services, Inc.
TD Ameritrade, Inc.
TIAA-CREF Individual & Institutional Services, LLC
T. Rowe Price Investment Services, Inc.
Transamerica Financial Advisors, Inc.
UBS Financial Services Inc.
USI Securities, Inc.
Vanguard Marketing Corporation
Voya Financial Partners, LLC
Wells Fargo Investments, LLC

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Please contact your financial intermediary for details about any payments it receives from Amundi US Affiliates or
the funds, as well as about fees and/or commissions it charges.

14. Redeeming shares

Redemptions may be suspended or payment postponed during any period in which any of the following conditions
exist: the New York Stock Exchange (the “Exchange”) is closed or trading on the Exchange is restricted; an
emergency exists as a result of which disposal by the fund of securities owned by it is not reasonably practicable or it
is not reasonably practicable for the fund to fairly determine the value of the net assets of its portfolio; or otherwise
as permitted by the rules of or by the order of the SEC.
The fund may effect redemptions in kind in an effort to manage cash positions and/or for liquidity management,
portfolio management and other purposes. This practice may reduce the need for the fund to sell portfolio holdings
to meet redemption requests and thus may enable such funds to reduce cash drag, transaction costs and recognized
capital gains. Amundi US believes that this practice may benefit the fund and its shareholders, including the
possibility of reducing the amount of capital gain distributions to their shareholders. In some cases, the fund will
distribute a large amount of securities in proportion to their representation in the fund’s portfolio whereas in other
cases Amundi US may select, or give greater weight to, specific securities as a means of their disposition.
Redemptions and repurchases are taxable transactions for shareholders that are subject to U.S. federal income tax.
The net asset value per share received upon redemption or repurchase may be more or less than the cost of shares to
an investor, depending on the market value of the portfolio at the time of redemption or repurchase.

Systematic withdrawal plan(s) (“SWP”) (Class A and Class C shares)

A SWP is designed to provide a convenient method of receiving fixed payments at regular intervals from fund share
accounts having a total value of not less than $10,000. You must also be reinvesting all dividends and capital gain
distributions to use the SWP option.
Periodic payments will be deposited monthly, quarterly, semiannually or annually directly into a bank account
designated by the applicant or will be sent by check to the applicant, or any person designated by the applicant.
Payments can be made either by check or electronic funds transfer to a bank account designated by you.
Withdrawals from Class C share accounts are limited to 10% of the value of the account at the time the SWP is
established. See “Qualifying for a reduced sales charge” in the prospectus. If you direct that withdrawal payments be
paid to another person, want to change the bank where payments are sent or designate an address that is different
from the account’s address of record after you have opened your account, a medallion signature guarantee must
accompany your instructions. Withdrawals under the SWP are redemptions that may have tax consequences
for you.
While you are making systematic withdrawals from your account, you may pay unnecessary initial sales charges on
additional purchases of Class A shares or contingent deferred sales charges. SWP redemptions reduce and may
ultimately exhaust the number of shares in your account. In addition, the amounts received by a shareholder cannot
be considered as yield or income on his or her investment because part of such payments may be a return of his or
her investment.
A SWP may be terminated at any time (1) by written notice to the fund or from the fund to the shareholder;
(2) upon receipt by the fund of appropriate evidence of the shareholder’s death; or (3) when all shares in the
shareholder’s account have been redeemed.
You may obtain additional information by calling the fund at 1-800-225-6292.

Reinstatement privilege (Class A shares)

Subject to the provisions outlined in the prospectus, you may reinvest all or part of your sale proceeds from Class A
shares without a sales charge into Class A shares of a Pioneer mutual fund. However, the distributor will not pay
your investment firm a commission on any reinvested amount.

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15. Telephone and online transactions
You may purchase, exchange or sell shares by telephone or online. See the prospectus for more information. For
personal assistance, call 1-800-225-6292 between 8:00 a.m. and 7:00 p.m. Eastern time on weekdays. Computer-
assisted telephone transactions may be available to shareholders who have prerecorded certain bank information
(see “FactFoneSM”). You are strongly urged to consult with your investment professional prior to
requesting any telephone or online transaction.

Telephone transaction privileges

To confirm that each transaction instruction received by telephone is genuine, the fund will record each telephone
transaction, require the caller to provide validating information for the account and send you a written confirmation
of each telephone transaction. Different procedures may apply to accounts that are registered to non-U.S. citizens or
that are held in the name of an institution or in the name of an investment broker-dealer or other third party. If
reasonable procedures, such as those described above, are not followed, the fund may be liable for any loss due to
unauthorized or fraudulent instructions. The fund may implement other procedures from time to time. In all other
cases, neither the fund, the fund’s transfer agent nor Amundi Distributor US, Inc. will be responsible for the
authenticity of instructions received by telephone; therefore, you bear the risk of loss for unauthorized or fraudulent
telephone transactions.

Online transaction privileges

If your account is registered in your name, you may be able buy, exchange or sell fund shares online. Your
investment firm may also be able to buy, exchange or sell your fund shares online.
To establish online transaction privileges:
• For new accounts, complete the online section of the account application
• For existing accounts, complete an account options form, write to the fund or complete the online authorization
screen on amundi.com/us
To use online transactions, you must read and agree to the terms of an online transaction agreement available on the
Amundi US website. When you or your investment firm requests an online transaction the transfer agent
electronically records the transaction, requires an authorizing password and sends a written confirmation. The fund
may implement other procedures from time to time. Different procedures may apply if you have a non-U.S. account
or if your account is registered in the name of an institution, broker-dealer or other third party. You may not be able
to use the online transaction privilege for certain types of accounts, including most retirement accounts.

Telephone and website online access

You may have difficulty contacting the fund by telephone or accessing amundi.com/us during times of market
volatility or disruption in telephone or Internet services. On Exchange holidays or on days when the Exchange closes
early, Amundi US will adjust the hours for the telephone center and for online transaction processing accordingly. If
you are unable to access amundi.com/us or to reach the fund by telephone, you should communicate with the fund
in writing.

FactFoneSM
FactFoneSM is an automated inquiry and telephone transaction system available to Pioneer mutual fund shareholders
by dialing 1-800-225-4321. FactFoneSM allows shareholder access to current information on Pioneer mutual fund
accounts and to the prices of all publicly available Pioneer mutual funds. In addition, you may use FactFoneSM to
make computer-assisted telephone purchases, exchanges or redemptions from your Pioneer mutual fund accounts,
access your account balances and last three transactions and order a duplicate statement if you have activated your
PIN. Telephone purchases or redemptions require the establishment of a bank account of record. You are strongly
urged to consult with your investment professional prior to requesting any telephone transaction.
Shareholders whose accounts are registered in the name of a broker-dealer or other third party may not be able to
use FactFoneSM. Call the fund at 1-800-225-6292 for assistance.
FactFoneSM allows shareholders to hear the following recorded fund information:

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• net asset value prices for all Pioneer mutual funds;
• dividends and capital gain distributions on all Pioneer mutual funds.
The value of each class of shares (except for Pioneer U.S. Government Money Market Fund, which seeks to maintain
a stable $1.00 share price) will also vary, and such shares may be worth more or less at redemption than their
original cost.

16. Pricing of shares

The net asset value per share of each class of the fund is determined as of the close of regular trading on the
Exchange (normally 4:00 p.m. Eastern time) on each day on which the Exchange is open for trading. As of the date
of this statement of additional information, the Exchange is open for trading every weekday except for the days the
following holidays are observed: New Year’s Day, Martin Luther King, Jr. Day, Presidents’ Day, Good Friday,
Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and
Christmas Day. The fund is not required to determine its net asset value per share on any day on which no purchase
orders in good order for fund shares are received and no shares are tendered and accepted for redemption.
Ordinarily, investments in debt securities are valued on the basis of information furnished by a pricing service which
utilizes primarily a matrix system (which reflects such factors as security prices, yields, maturities and ratings),
supplemented by dealer and exchange quotations. Other securities are valued at the last sale price on the principal
exchange or market where they are traded. Securities which have not traded on the date of valuation or securities for
which sales prices are not generally reported are valued at the mean between the current bid and asked prices.
Securities quoted in foreign currencies are converted to U.S. dollars utilizing foreign exchange rates employed by the
fund’s independent pricing services. Generally, trading in non U.S. securities is substantially completed each day at
various times prior to the close of regular trading on the Exchange. The values of such securities used in computing
the net asset value of the fund’s shares are determined as of such times. Foreign currency exchange rates are also
generally determined prior to the close of regular trading on the Exchange. Occasionally, events which affect the
values of such securities and such exchange rates may occur between the times at which they are determined and the
close of regular trading on the Exchange and will therefore not be reflected in the computation of the fund’s net asset
value. International securities markets may be open on days when the U.S. markets are closed. For this reason, the
value of any international securities owned by the fund could change on a day you cannot buy or sell shares of
the fund.
Amundi US has been designated as the fund's valuation designee, with responsibility for fair valuation subject to
oversight by the fund's Board of Trustees. When prices determined using the foregoing methods are not available or
are considered by Amundi US to be unreliable, Amundi US uses fair value methods to value the fund’s securities.
Amundi US also may use fair value pricing methods to value the fund’s securities, including a non-U.S. security,
when Amundi US determines that prices determined using the foregoing methods no longer accurately reflect the
value of the security due to factors affecting one or more relevant securities markets or the specific issuer. Valuing
securities using fair value methods may cause the net asset value of the fund’s shares to differ from the net asset value
that would be calculated using closing market prices. In connection with making fair value determinations of the
value of fixed income securities, Amundi US may use a pricing matrix. The prices used for these securities may differ
from the amounts received by the fund upon sale of the securities, and these differences may be substantial.
The net asset value per share of each class of the fund is computed by taking the value of all of the fund’s assets
attributable to a class, less the fund’s liabilities attributable to that class, and dividing the result by the number of
outstanding shares of that class. For purposes of determining net asset value, expenses of the classes of the fund are
accrued daily and taken into account. The fund’s maximum offering price per Class A share is determined by adding
the maximum sales charge to the net asset value per Class A share. Class C, Class K and Class Y are offered at net
asset value without the imposition of an initial sales charge (Class C may be subject to a CDSC).`

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17. Tax status
The fund is treated as a separate entity for U.S. federal income tax purposes. The fund has elected to be treated, and
has qualified and intends to continue to qualify each year, as a “regulated investment company” under Subchapter M
of the Code, so that it will not pay U.S. federal income tax on income and capital gains distributed to shareholders.
In order to qualify as a regulated investment company under Subchapter M of the Code, the fund must, among other
things, (i) derive at least 90% of its gross income for each taxable year from dividends, interest, payments with
respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies,
or other income (including gains from options, futures and forward contracts) derived with respect to its business of
investing in such stock, securities or currencies, and net income derived from an interest in a qualified publicly
traded partnership (as defined in Section 851(h) of the Code) (the “90% income test”) and (ii) diversify its holdings
so that, at the end of each quarter of each taxable year: (a) at least 50% of the value of the fund’s total assets is
represented by (1) cash and cash items, U.S. government securities, securities of other regulated investment
companies, and (2) other securities, with such other securities limited, in respect of any one issuer, to an amount not
greater than 5% of the value of the fund’s total assets and to not more than 10% of the outstanding voting securities
of such issuer and (b) not more than 25% of the value of the fund’s total assets is invested in (1) the securities (other
than U.S. government securities and securities of other regulated investment companies) of any one issuer, (2) the
securities (other than securities of other regulated investment companies) of two or more issuers that the fund
controls and that are engaged in the same, similar, or related trades or businesses, or (3) the securities of one or more
qualified publicly traded partnerships.
For purposes of the 90% income test, the character of income earned by certain entities in which the fund invests
that are not treated as corporations for U.S. federal income tax purposes (e.g., the underlying fund, or other
partnerships other than certain publicly traded partnerships or trusts that have not elected to be classified as
corporations under the “check-the-box” regulations) will generally pass through to the fund. Consequently, in order
to qualify as a regulated investment company, the fund may be required to limit its equity investments in such
entities that earn fee income, rental income or other nonqualifying income. If the fund qualifies as a regulated
investment company and properly distributes to its shareholders each taxable year an amount equal to or exceeding
the sum of (i) 90% of its “investment company taxable income” as that term is defined in the Code (which includes,
among other things, dividends, taxable interest, and the excess of any net short-term capital gains over net long-term
capital losses, as reduced by certain deductible expenses) without regard to the deduction for dividends paid and
(ii) 90% of the excess of its gross tax-exempt interest income, if any, over certain disallowed deductions, the fund
generally will not be subject to U.S. federal income tax on any income of the fund, including “net capital gain” (the
excess of net long-term capital gain over net short-term capital loss), distributed to shareholders. However, if the
fund meets such distribution requirements, but chooses to retain some portion of its taxable income or gains, it
generally will be subject to U.S. federal income tax at the applicable corporate rate on the amount retained. The fund
may designate certain amounts retained as undistributed net capital gain in a notice to its shareholders, who (i) will
be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their proportionate
shares of the undistributed amount so designated, (ii) will be entitled to credit their proportionate shares of the
income tax paid by the fund on that undistributed amount against their federal income tax liabilities and to claim
refunds to the extent such credits exceed their liabilities and (iii) will be entitled to increase their tax basis, for federal
income tax purposes, in their shares by an amount equal to the excess of the amount of undistributed net capital gain
included in their respective income over their respective income tax credits. The fund intends to distribute at least
annually all or substantially all of its investment company taxable income (computed without regard to the
dividends-paid deduction), net tax-exempt interest income, and net capital gain.
If, for any taxable year, the fund does not qualify as a regulated investment company or does not satisfy the 90%
distribution requirement, it will be treated as a U.S. corporation subject to U.S. federal income tax, thereby
subjecting any income earned by the fund to tax at the corporate level and to a further tax at the shareholder level
when such income is distributed. Under certain circumstances, the fund may be able to cure a failure to qualify as a
regulated investment company, but in order to do so, the fund may incur significant fund-level taxes and may be
forced to dispose of certain assets.

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Under the Code, the fund will be subject to a nondeductible 4% U.S. federal excise tax on a portion of its
undistributed taxable ordinary income and capital gain net income if it fails to meet certain distribution
requirements with respect to each calendar year and year ending October 31, respectively. The fund intends to make
distributions in a timely manner and accordingly does not expect to be subject to the excise tax.
The fund declares a dividend from any net investment income (other than capital gains) each business day. The fund
generally pays dividends from any net investment income (other than capital gains) on the last business day of the
month or shortly thereafter. The fund distributes any net short-term and long-term capital gains in November.
Dividends from income and/or capital gains may also be paid at such other times as may be necessary for the fund to
avoid U.S. federal income or excise tax.
The fund may from time to time invest a portion of its portfolio in taxable obligations and may engage in
transactions generating gain or income that is not tax-exempt, e.g., the fund may purchase and sell non-municipal
securities, sell or lend portfolio securities, enter into repurchase agreements, dispose of rights to when-issued
securities prior to issuance, acquire debt obligations at a market discount, acquire certain stripped tax-exempt
obligations or their coupons or enter into options and futures transactions. The fund's distributions of such gain or
income from such investments will not be “exempt-interest dividends,” as described below, and accordingly will
be taxable.
The Code permits tax-exempt interest received by the fund to flow through as tax-exempt “exempt-interest
dividends” to the fund's shareholders, provided that the fund qualifies as a regulated investment company and at
least 50% of the value of the fund's total assets at the close of each quarter of its taxable year consists of tax-exempt
obligations, i.e., obligations that pay interest excluded from gross income under Section 103(a) of the Code. That
part of the fund's net investment income which is attributable to interest from tax-exempt obligations and which is
distributed to shareholders will be reported by the fund as an “exempt-interest dividend” under the Code.
Exempt-interest dividends are excluded from a shareholder's gross income under the Code but are nevertheless
required to be reported on the shareholder's U.S. federal income tax return. The percentage of income reported as
exempt-interest dividends for a month may differ from the percentage of distributions consisting of tax-exempt
interest during that month. That portion of the fund's dividends and distributions not reported as exempt-interest
dividends will be taxable as described below.
Exempt-interest dividends derived from interest on certain “private activity bonds” will be items of tax preference,
which increase alternative minimum taxable income for individual shareholders that are subject to the U.S. federal
alternative minimum tax.
Interest on indebtedness incurred or continued by a shareholder to purchase or carry shares of the fund will not be
deductible for U.S. federal income tax purposes to the extent it is deemed under the Code and applicable regulations
to relate to exempt-interest dividends received from the fund. The fund may not be an appropriate investment for
persons who are “substantial users” of facilities financed by industrial revenue or private activity bonds or persons
related to substantial users. Shareholders receiving social security or certain railroad retirement benefits may be
subject to U.S. federal income tax on a portion of such benefits as a result of receiving exempt-interest dividends
paid by the fund.
Unless a shareholder specifies otherwise, all distributions from the fund to that shareholder will be automatically
reinvested in additional full and fractional shares of the fund. For U.S. federal income tax purposes, all dividends
from the fund, other than exempt-interest dividends, generally are taxable whether a shareholder takes them in cash
or reinvests them in additional shares of the fund. In general, assuming that the fund has sufficient earnings and
profits, dividends from net investment income that is not tax exempt and from net short-term capital gains are
taxable as ordinary income. Since the fund’s income is derived from sources that do not pay dividends, it is not
expected that any dividends paid by the fund will qualify for either the dividends-received deduction for
corporations or any favorable U.S. federal income tax rate available to individual and certain other noncorporate
shareholders on “qualified dividend income.”
Distributions by the fund in excess of the fund’s current and accumulated earnings and profits will be treated as a
return of capital to the extent of (and in reduction of) the shareholder’s tax basis in its shares and any such amount
in excess of that basis will be treated as gain from the sale of shares, as discussed below.

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Distributions from net capital gains, if any, that are reported as capital gain dividends by the fund are taxable as
long-term capital gains for U.S. federal income tax purposes without regard to the length of time the shareholder has
held shares of the fund. Capital gain dividends distributed by the fund to individual and certain other noncorporate
shareholders will be taxable as long-term capital gains, which are generally taxable to noncorporate taxpayers at
reduced U.S. federal income tax rates. A shareholder should also be aware that the benefits of the favorable tax rates
applicable to long-term capital gains may be affected by the application of the alternative minimum tax.
The U.S. federal income tax status of all distributions will be reported to shareholders annually.
A 3.8% Medicare contribution tax generally applies to all or a portion of the net investment income of a shareholder
who is an individual and not a nonresident alien for federal income tax purposes and who has adjusted gross income
(subject to certain adjustments) that exceeds a threshold amount ($250,000 if married filing jointly or if considered a
“surviving spouse” for federal income tax purposes, $125,000 if married filing separately, and $200,000 in other
cases). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain
shareholders that are estates and trusts. For these purposes, interest, dividends and certain capital gains (among
other categories of income) are generally taken into account in computing a shareholder’s net investment income,
but exempt-interest dividends are not taken into account.
Certain tax-exempt educational institutions will be subject to a 1.4% tax on net investment income. For these
purposes, certain dividends and capital gain distributions (other than exempt-interest dividends), and certain gains
from the disposition of fund shares (among other categories of income), are generally taken into account in
computing a shareholder’s net investment income.
Although dividends generally will be treated as distributed when paid, any dividend declared by the fund in October,
November or December and payable to shareholders of record in such a month that is paid during the following
January will be treated for U.S. federal income tax purposes as received by shareholders on December 31 of the
calendar year in which it was declared. In addition, certain distributions made after the close of a taxable year of the
fund may be “spilled back” and treated for certain purposes as paid by the fund during such taxable year. In such
case, shareholders generally will be treated as having received such dividends in the taxable year in which the
distributions were actually made. For purposes of calculating the amount of a regulated investment company’s
undistributed income and gain subject to the 4% excise tax described above, such “spilled back” dividends are treated
as paid by the regulated investment company when they are actually paid.
For U.S. federal income tax purposes, the fund is permitted to carry forward indefinitely a net capital loss from any
taxable year to offset its capital gains, if any, in years following the year of the loss. To the extent subsequent capital
gains are offset by such losses, they will not result in U.S. federal income tax liability to the fund and may not be
distributed as capital gains to shareholders. See “Annual Fee, Expense and Other Information” for the fund's
available capital loss carryforwards. Generally, the fund may not carry forward any losses other than net capital
losses. Under certain circumstances, the fund may elect to treat certain losses as though they were incurred on the
first day of the taxable year immediately following the taxable year in which they were actually incurred.
Under Section 163(j) of the Code, a taxpayer’s business interest expense is generally deductible to the extent of its
business interest income plus certain other amounts. If the fund earns business interest income, it may report a
portion of its dividends as “Section 163(j) interest dividends,” which its shareholders may be able to treat as business
interest income for purposes of Section 163(j) of the Code. The fund’s “Section 163(j) interest dividend” for a tax
year will be limited to the excess of its business interest income over the sum of its business interest expense and
other deductions properly allocable to its business interest income. In general, the fund’s shareholders may treat a
distribution reported as a Section 163(j) interest dividend as interest income only to the extent the distribution
exceeds the sum of the portions of the distribution reported as other types of tax-favored income (which would
generally include exempt-interest income). To be eligible to treat a Section 163(j) interest dividend as interest
income, a shareholder may need to meet certain holding period requirements in respect of the shares and must not
have hedged its position in the shares in certain ways.

64
At the time of an investor’s purchase of fund shares, a portion of the purchase price may be attributable to realized or
unrealized appreciation in the fund’s portfolio or to undistributed capital gains of the fund. Consequently,
subsequent distributions by the fund with respect to these shares from such appreciation or gains may be taxable to
such investor even if the net asset value of the investor's shares is, as a result of the distributions, reduced below the
investor's cost for such shares and the distributions economically represent a return of a portion of the investment.
Redemptions and exchanges generally are taxable events for shareholders that are subject to tax. Shareholders should
consult their own tax advisers with reference to their individual circumstances to determine whether any particular
transaction in fund shares is properly treated as a sale for tax purposes, as the following discussion assumes, and to
ascertain the tax treatment of any gains or losses recognized in such transactions. In general, if fund shares are sold,
the shareholder will recognize gain or loss equal to the difference between the amount realized on the sale and the
shareholder’s adjusted basis in the shares. Such gain or loss generally will be treated as long-term capital gain or loss
if the shares were held for more than one year and otherwise generally will be treated as short-term capital gain or
loss. Any loss recognized by a shareholder upon the redemption, exchange or other disposition of shares with a tax
holding period of six months or less will be treated as a long-term capital loss to the extent of any amounts treated as
distributions to the shareholder of long-term capital gain with respect to such shares (including any amounts
credited to the shareholder as undistributed capital gains).
The fund will report to the Internal Revenue Service (the “IRS”) the amount of sale proceeds that a shareholder
receives from a sale or exchange of fund shares. For sales or exchanges of shares acquired on or after January 1, 2012,
the fund will also report the shareholder’s basis in those shares and whether any gain or loss that the shareholder
realizes on the sale or exchange is short-term or long-term gain or loss. For purposes of calculating and reporting
basis, shares acquired prior to January 1, 2012 and shares acquired on or after January 1, 2012 will generally be
treated as held in separate accounts. If a shareholder has a different basis for different shares of the fund, acquired on
or after January 1, 2012, in the same account (e.g., if a shareholder purchased fund shares in the same account at
different times for different prices), the fund will calculate the basis of the shares sold using its default method unless
the shareholder has properly elected to use a different method. The fund’s default method for calculating basis will be
the average basis method, under which the basis per share is reported as the average of the bases of all of the
shareholder’s fund shares in the account. A shareholder may elect, on an account-by-account basis, to use a method
other than average basis by following procedures established by the fund. If such an election is made on or prior to
the date of the first exchange or redemption of shares in the account and on or prior to the date that is one year after
the shareholder receives notice of the fund’s default method, the new election will generally apply as if the average
basis method had never been in effect for such account. If such an election is not made on or prior to such dates, the
shares in the account at the time of the election will retain their averaged bases. Shareholders should consult their tax
advisers concerning the tax consequences of applying the average basis method or electing another method of
basis calculation.
Losses on redemptions or other dispositions of shares may be disallowed under “wash sale” rules in the event of
other investments in the fund (including those made pursuant to reinvestment of dividends and/or capital gain
distributions) within a period of 61 days beginning 30 days before and ending 30 days after a redemption or other
disposition of shares. In such a case, the disallowed portion of any loss generally would be included in the U.S.
federal tax basis of the shares acquired in the other investments.
Gain may be increased (or loss reduced) upon a redemption of Class A shares of the fund within 90 days after their
purchase followed by any purchase (including purchases by exchange or by reinvestment), without payment of an
additional sales charge, of Class A shares of the fund or of another Pioneer fund (or any other shares of a Pioneer
fund generally sold subject to a sales charge) before February 1 of the calendar year following the calendar year in
which the original Class A shares were redeemed.
Under Treasury regulations, if a shareholder recognizes a loss with respect to fund shares of $2 million or more for
an individual shareholder, or $10 million or more for a corporate shareholder, in any single taxable year (or certain
greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS
Form 8886. Shareholders who own portfolio securities directly are in many cases excepted from this reporting
requirement but, under current guidance, shareholders of regulated investment companies are not excepted. A
shareholder who fails to make the required disclosure to the IRS may be subject to substantial penalties. The fact that

65
a loss is reportable under these regulations does not affect the legal determination of whether or not the taxpayer’s
treatment of the loss is proper. Shareholders should consult with their tax advisers to determine the applicability of
these regulations in light of their individual circumstances.
Shareholders that are exempt from U.S. federal income tax, such as retirement plans that are qualified under Section
401 of the Code, generally are not subject to U.S. federal income tax on otherwise-taxable fund dividends or
distributions, or on sales or exchanges of fund shares unless the fund shares are “debt-financed property” within the
meaning of the Code. However, in the case of fund shares held through a non-qualified deferred compensation plan,
fund dividends and distributions other than exempt-interest dividends received by the plan and gains from sales and
exchanges of fund shares by the plan generally are taxable to the employer sponsoring such plan in accordance with
the U.S. federal income tax laws that are generally applicable to shareholders receiving such dividends or
distributions from regulated investment companies such as the fund.
A plan participant whose retirement plan invests in the fund, whether such plan is qualified or not, generally is not
taxed on fund dividends or distributions received by the plan or on gains from sales or exchanges of fund shares by
the plan for U.S. federal income tax purposes. However, distributions to plan participants from a retirement plan
account generally are taxable as ordinary income, and different tax treatment, including penalties on certain excess
contributions and deferrals, certain pre-retirement and post-retirement distributions and certain prohibited
transactions, is accorded to accounts maintained as qualified retirement plans. Shareholders should consult their tax
advisers for more information.
If the fund invests in certain pay-in-kind securities, zero coupon securities, deferred interest securities or, in general,
any other securities with original issue discount (or with market discount if the fund elects to include market
discount in income currently), the fund generally must accrue income on such investments for each taxable year,
which generally will be prior to the receipt of the corresponding cash payments. However, the fund must distribute
to its shareholders, at least annually, all or substantially all of its investment company taxable income (determined
without regard to the deduction for dividends paid) and net tax-exempt income, including such accrued income, to
qualify to be treated as a regulated investment company under the Code and avoid U.S. federal income and excise
taxes. Therefore, the fund may have to dispose of its portfolio securities, potentially under disadvantageous
circumstances, to generate cash, or may have to borrow the cash, to satisfy distribution requirements. Such a
disposition of securities may potentially result in additional taxable gain or loss to the fund.
The fund may invest in, or hold, debt obligations that are in the lowest rating categories or that are unrated,
including debt obligations of issuers not currently paying interest or that are in default. Investments in debt
obligations that are at risk of or are in default present special tax issues for the fund. Federal income tax rules are not
entirely clear about issues such as when the fund may cease to accrue interest, original issue discount or market
discount, when and to what extent deductions may be taken for bad debts or worthless securities, how payments
received on obligations in default should be allocated between principal and interest and whether certain exchanges
of debt obligations in a workout context are taxable. These and other issues will be addressed by the fund, in the
event it invests in or holds such securities, in order to seek to ensure that it distributes sufficient income to preserve
its status as a regulated investment company and does not become subject to U.S. federal income or excise tax.
Options written or purchased and futures contracts entered into by the fund on certain securities, indices and
foreign currencies, as well as certain forward foreign currency contracts, may cause the fund to recognize gains or
losses from marking-to-market even though such options may not have lapsed or been closed out or exercised, or
such futures or forward contracts may not have been performed or closed out. The tax rules applicable to these
contracts may affect the characterization of some capital gains and losses realized by the fund as long-term or
short-term. Certain options, futures and forward contracts relating to foreign currency may be subject to Section 988
of the Code, and accordingly may produce ordinary income or loss. Additionally, the fund may be required to
recognize gain if an option, futures contract, forward contract, short sale or other transaction that is not subject to
the mark-to-market rules is treated as a “constructive sale” of an “appreciated financial position” held by the fund
under Section 1259 of the Code. Any net mark-to-market gains and/or gains from constructive sales may also have
to be distributed to satisfy the distribution requirements referred to above even though the fund may receive no
corresponding cash amounts, possibly requiring the disposition of portfolio securities or borrowing to obtain the
necessary cash. Such a disposition of securities may potentially result in additional taxable gain or loss to the fund.

66
Losses on certain options, futures or forward contracts and/or offsetting positions (portfolio securities or other
positions with respect to which the fund’s risk of loss is substantially diminished by one or more options, futures or
forward contracts) may also be deferred under the tax straddle rules of the Code, which may also affect the
characterization of capital gains or losses from straddle positions and certain successor positions as long-term or
short-term. Certain tax elections may be available that would enable the fund to ameliorate some adverse effects of
the tax rules described in this paragraph. The tax rules applicable to options, futures, forward contracts and straddles
may affect the amount, timing and character of the fund's income and gains or losses and hence of its distributions
to shareholders.
The fund is required to withhold (as “backup withholding”) a portion of reportable payments, including
exempt-interest dividends, ordinary dividends, capital gain distributions and the proceeds of redemptions and
exchanges or repurchases of fund shares, paid to shareholders who have not complied with certain IRS regulations.
The backup withholding rate is currently 24%. In order to avoid this withholding requirement, shareholders, other
than certain exempt entities, must generally certify that the Social Security Number or other Taxpayer Identification
Number they provide is their correct number and that they are not currently subject to backup withholding, or that
they are exempt from backup withholding. The fund may nevertheless be required to backup withhold if it receives
notice from the IRS or a broker that the number provided is incorrect or backup withholding is applicable as a result
of previous underreporting of interest or dividend income.
The description of certain federal tax provisions above relates only to U.S. federal income tax consequences for
shareholders who are U.S. persons, i.e., generally, U.S. citizens or residents or U.S. corporations, partnerships, trusts
or estates, and who are subject to U.S. federal income tax and hold their shares as capital assets. Except as otherwise
provided, this description does not address the special tax rules that may be applicable to particular types of
investors, such as financial institutions, insurance companies, securities dealers, other regulated investment
companies, or tax-exempt or tax-deferred plans, accounts or entities. Investors other than U.S. persons may be
subject to different U.S. federal income tax treatment, including a non-resident alien U.S. withholding tax at the rate
of 30% or any lower applicable treaty rate on amounts treated as ordinary dividends from the fund (other than
certain dividends reported by the fund as (i) interest-related dividends, to the extent such dividends are derived from
the fund’s “qualified net interest income,” or (ii) short-term capital gain dividends, to the extent such dividends are
derived from the fund’s “qualified short-term gain”) or, in certain circumstances, unless an effective IRS Form
W-8BEN or other authorized withholding certificate is on file, to backup withholding on certain other payments
from the fund. “Qualified net interest income” is the fund’s net income derived from U.S.-source interest and
original issue discount, subject to certain exceptions and limitations. “Qualified short-term gain” generally means
the excess of the net short-term capital gain of the fund for the taxable year over its net long-term capital loss, if any.
Backup withholding will not be applied to payments that have been subject to the 30% (or lower applicable treaty
rate) withholding tax on shareholders who are neither citizens nor residents of the United States.
Unless certain non-U.S. entities that hold fund shares comply with IRS requirements that will generally require them
to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% withholding
tax may apply to fund distributions other than exempt-interest dividends payable to such entities. A non-U.S.
shareholder may be exempt from the withholding described in this paragraph under an applicable intergov-
ernmental agreement between the U.S. and a foreign government, provided that the shareholder and the applicable
foreign government comply with the terms of such agreement.
Shareholders should consult their own tax advisers on these matters and on state, local, foreign and other applicable
tax laws.
If, as anticipated, the fund qualifies as a regulated investment company under the Code, it will not be required to pay
any Massachusetts income, corporate excise or franchise taxes or any Delaware corporation income tax.
The exemption of exempt-interest dividends for U.S. federal income tax purposes does not necessarily result in
exemption under the tax laws of any state or local taxing authority, since those laws vary with respect to the taxation
of such income. Many states exempt from tax that portion of an exempt-interest dividend which represents interest
received by the fund on that state's securities, subject in some cases to compliance with concentration and/or
reporting requirements, which the fund makes no commitment to seek to satisfy. However, the fund will report
annually to its shareholders the percentage of interest income received by the fund during the preceding year on

67
federally tax-exempt obligations indicating, on a state-by-state basis only, the source of such income. Each
shareholder is advised to consult his own tax adviser regarding the exemption, if any, of exempt-interest dividends
under the state and local tax laws applicable to the shareholder.
A state income (and possibly local income and/or intangible property) tax exemption is generally available to the
extent the fund’s distributions are derived from interest on (or, in the case of intangible property taxes, to the extent
the value of its assets is attributable to) certain U.S. government obligations, provided, in some states, that certain
thresholds for holdings of such obligations and/or reporting requirements are satisfied. The fund will not seek to
satisfy any threshold or reporting requirements that may apply in particular taxing jurisdictions, although the fund
may in its sole discretion provide relevant information to shareholders.

18. Financial statements

The fund's financial statements and financial highlights for the fiscal year ended August 31, 2023 appearing in the
fund's annual report, filed with the SEC on November 7, 2023 (Accession No. 0001193125-23-272331), are
incorporated by reference into this statement of additional information. Those financial statements and financial
highlights have been audited by Ernst & Young LLP, independent registered public accounting firm, as indicated in
their report thereon, and are incorporated herein by reference in reliance upon such report, given on the authority of
Ernst & Young LLP as experts in accounting and auditing.
The fund’s annual report includes the financial statements referenced above and is available without charge upon
request by calling the fund at 1-800-225-6292.

19. Annual fee, expense and other information

Portfolio turnover
The fund’s annual portfolio turnover rate for the fiscal years ended August 31
2023 2022
37% 38%

Share ownership
As of December 1, 2023, the Trustees and officers of the fund owned beneficially in the aggregate less than 1% of the
outstanding shares of the fund. The following is a list of the holders of 5% or more of any class of the fund’s
outstanding shares as of December 1, 2023:
Record Holder Share Class Number of Shares % of Class
Pershing LLC Class A 4,587,367.215 6.43
1 Pershing Plaza Class C 715,004.240 5.02
Jersey City, NJ 07399-0001 Class Y 7,261,798.809 6.26
Wells Fargo Clearing Services LLC Class A 16,224,944.540 22.75
Special Custody Acct for the exclusive benefit of customer Class C 5,183,417.438 36.40
2801 Market Street Class Y 13,312,509.348 11.48
Saint Louis, MO 63103-2523
MLPF&S for the sole benefit of its customers Class A 5,373,838.940 7.53
Mutual Fund Administration Class Y 17,649,422.450 15.22
4800 Deer Lake Drive East, Floor 2
Jacksonville, FL 32246-6484
Charles Schwab & Co Inc Class A 7,035,669.847 9.86
Special Custody A/C FBO Customers Class C 1,308,911.965 9.19
Attn: Mutual Funds Class Y 19,635,941.473 16.93
211 Main Street
San Francisco, CA 94105-1905

68
Record Holder Share Class Number of Shares % of Class
UBS Wealth Management USA Class Y 7,360,564.204 6.35
Omni Account M/F
Special Custody Account
1000 Harbor Blvd.
Weehawken, NJ 07086
Morgan Stanley Smith Barney Class A 12,054,992.238 16.90
Harborside Financial Center Class C 1,362,558.160 9.57
Plaza 2, 3rd Floor Class Y 12,393,987.775 10.69
Jersey City, NJ 07311
National Financial Services LLC Class A 4,829,564.329 6.77
For the exclusive benefit Class C 777,333.472 5.46
of our customers Class Y 12,900,361.868 11.12
499 Washington Blvd
Attn: Mutual Funds Dept 4th Floor
Jersey City, NJ 07310-2010
Raymond James Class C 1,277,941.187 8.97
Omnibus For Mutual Funds Class Y 6,175,698.850 5.33
House Acct Firm
Attn: Courtney Waller
880 Carillon Pkwy
St. Petersburg, FL 3716
LPL Financial Class Y 7,061,531.484 6.09
Omnibus Customer Account
Attn: Mutual Fund Trading
4707 Executive Dr.
San Diego, CA 92121-3091
American Enterprise Investment SVC Class C 1,141,915.297 8.02
For the exclusive benefit
of our clients
707 2nd Ave S
Minneapolis, MN 55402-2405

Shareholders who beneficially own 25% or more of the outstanding shares of the fund or who are otherwise deemed
to “control” the fund may be able to determine or significantly influence the outcome of matters submitted to a vote
of the fund’s shareholders.

Trustee ownership of shares of the Fund and other Pioneer funds

The following table indicates the value of shares that each Trustee beneficially owned in the fund and Pioneer Funds
in the aggregate as of December 31, 2022. Beneficial ownership is determined in accordance with SEC rules. The
share value of any closed-end fund is based on its closing market price on December 31, 2022. The share value of any
open-end Pioneer Fund is based on the net asset value of the class of shares on December 31, 2022. The dollar ranges
in this table are in accordance with SEC requirements.

69
 Aggregate Dollar Range of Equity
Dollar Range of Securities in All Registered
Equity Securities Investment Companies Overseen by
Name of Trustee in the Fund Trustee in the Pioneer Family of Funds
Interested Trustees:
Lisa M. Jones Over $100,000 Over $100,000
Kenneth J. Taubes None Over $100,000
Independent Trustees:
John E. Baumgardner, Jr. None Over $100,000
Diane Durnin None Over $100,000
Benjamin M. Friedman None Over $100,000
Craig C. MacKay None Over $100,000
Lorraine H. Monchak None Over $100,000
Thomas J. Perna None Over $100,000
Marguerite A. Piret None Over $100,000
Fred J. Ricciardi None Over $100,000

Compensation of officers and trustees

The following table sets forth certain information with respect to the compensation of each Trustee of the fund.
Pension or
Retirement
Aggregate Benefits Accrued Total Compensation
Compensation as Part of Fund from the Fund and
Name of Trustee from Fund** Expenses Other Pioneer Funds**
Interested Trustees:
Lisa M. Jones $0.00 $0.00 $0.00
Kenneth J. Taubes* $0.00 $0.00 $0.00
Independent Trustees:
John E. Baumgardner, Jr. $9,830.29 $0.00 $306,100.00
Diane Durnin $9,408.28 $0.00 $293,763.00
Benjamin M. Friedman $10,602.91 $0.00 $328,275.00
Craig C. MacKay $9,336.85 $0.00 $291,263.00
Lorraine H. Monchak $10,779.52 $0.00 $333,439.00
Thomas J. Perna $12,923.95 $0.00 $396,100.00
Marguerite A. Piret $9,925.31 $0.00 $308,439.00
Fred J. Ricciardi $10,573.32 $0.00 $327,939.00
TOTAL $83,380.43 $0.00 $2,585,318.00

* Under the management contract, Amundi US reimburses the fund for any Interested Trustee fees paid by
the fund.
** For the fiscal year ended August 31, 2023. As of August 31, 2023, there were 49 U.S. registered investment
portfolios in the Pioneer Family of Funds.

Approximate management fees the fund paid or owed Amundi US

The following table shows the dollar amount of gross investment management fees incurred by the fund, along with
the net amount of fees that were paid after applicable fee waivers or expense reimbursements, if any. The data is for
the past three fiscal years.
For the Fiscal Years Ended August 31 2023 2022 2021
Gross Fee Incurred $6,850,714 $8,852,619 $8,873,644
Net Fee Paid $5,600,675 $8,301,479 $8,873,644

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Fees the fund paid to Amundi US under the administration agreement
For the Fiscal Years Ended August 31
2023 2022 2021
$421,238 $403,065 $406,749

Underwriting expenses and commissions

For the Fiscal Years Ended August 31 2023 2022 2021
Approximate Net Underwriting Expenses Retained by Amundi Distributor US, Inc. $14,907 $26,360 $60,546
Approximate Commissions Reallowed to Dealers (Class A shares) $104,470 $164,277 $318,004
Approximate Commissions Reallowed to Dealers (Class C shares) $0 $0 $0
Approximate Brokerage and Underwriting Commissions (Portfolio Transactions) $0 $0 $0

Fund expenses under the distribution plan

For the Fiscal Year Ended August 31, 2023
Combined Plan Class A Plan Class C Plan
$2,250,283 $1,208,817 $1,041,466

Allocation of fund expenses under the distribution plan

An estimate by category of the allocation of fees paid by each class of shares of the fund during the period ended
August 31, 2023 is set forth in the following table:
Payments
to Servicing Sales Printing
Parties1 Advertising Meetings and Mailing Total
Class A $990,051 $30,496 $147,705 $40,565 $1,208,817
Class C $915,131 $17,929 $85,115 $23,291 $1,041,466
1 Payments to Servicing Parties include Amundi Distributor US, Inc., broker-dealers, financial intermediaries and other
parties that enter into a distribution, selling or service agreement with respect to one or more classes of the fund
(annualized for the period ended August 31, 2023).

Securities of regular broker-dealers

As of August 31, 2023, the fund held the following securities of its regular broker-dealers (or affiliates of such broker-
dealers):

None

CDSCs
During the fiscal year ended August 31, 2023, the following CDSCs were paid to Amundi Distributor US, Inc.:
$35,489

Capital loss carryforwards as of August 31, 2023

At August 31, 2023, the fund had the following net capital loss carryforward:
$132,033,479 of short-term losses and $102,442,756 of long-term losses to be carried forward indefinitely.

71
20. Appendix A — Description of Ratings
The ratings of Moody’s Investors Service, Inc., S&P’s Global Ratings and Fitch Ratings represent their opinions as to
the quality of various debt obligations. It should be emphasized, however, that ratings are not absolute standards of
quality. Consequently, debt obligations with the same maturity, coupon and rating may have different yields while
debt obligations of the same maturity and coupon with different ratings may have the same yield. As described by
the rating agencies, ratings are generally given to securities at the time of issuances. While the rating agencies may
from time to time revise such ratings, they undertake no obligation to do so.

Moody’s Investors Service, Inc. Global Rating Scales

Ratings assigned on Moody’s global long-term and short-term rating scales are forward-looking opinions of the
relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured
finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the risk that an
entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the
event of default or impairment. The contractual financial obligations1 addressed by Moody’s ratings are those that
call for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon
standard sources of variation (e.g., floating interest rates), by an ascertainable date. Moody’s rating addresses the
issuer’s ability to obtain cash sufficient to service the obligation, and its willingness to pay.2 Moody’s ratings do not
address non-standard sources of variation in the amount of the principal obligation (e.g., equity indexed), absent an
express statement to the contrary in a press release accompanying an initial rating.3 Long-term ratings are assigned
to issuers or obligations with an original maturity of one year or more and reflect both on the likelihood of a default
or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or
impairment. Short-term ratings are assigned for obligations with an original maturity of thirteen months or less and
reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected
financial loss suffered in the event of default or impairment.4,5
Moody’s issues ratings at the issuer level and instrument level on both the long-term scale and the short-term scale.
Typically, ratings are made publicly available although private and unpublished ratings may also be assigned.6

1
In the case of impairments, there can be a financial loss even when contractual obligations are met.
2
In some cases the relevant credit risk relates to a third party, in addition to, or instead of the issuer. Examples
include credit-linked notes and guaranteed obligations.
3
Because the number of possible features or structures is limited only by the creativity of issuers, Moody’s cannot
comprehensively catalogue all the types of non-standard variation affecting financial obligations, but examples
include indexed values, equity values and cash flows, prepayment penalties, and an obligation to pay an amount
that is not ascertainable at the inception of the transaction.
4
For certain structured finance, preferred stock and hybrid securities in which payment default events are either not
defined or do not match investors’ expectations for timely payment, long-term and short-term ratings reflect the
likelihood of impairment and financial loss in the event of impairment.
5
Debts held on the balance sheets of official sector institutions – which include supranational institutions, central
banks and certain government-owned or controlled banks – may not always be treated the same as debts held by
private investors and lenders. When it is known that an obligation is held by official sector institutions as well as
other investors, a rating (short-term or long-term) assigned to that obligation reflects only the credit risks faced by
non-official sector investors.
6
For information on how to obtain a Moody’s credit rating, including private and unpublished credit ratings, please
see Moody’s Investors Service Products.

72
Moody’s differentiates structured finance ratings from fundamental ratings (i.e., ratings on nonfinancial corporate,
financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured finance
ratings7. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings and
fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance
security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have
different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad
expected equivalence in structured finance and fundamental rating performance when measured over a long period
of time.

Description of Moody’s Investors Service, Inc.’s Global Long-Term Ratings:

Aaa-Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.
Aa-Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.
A-Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.
Baa-Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may
possess certain speculative characteristics.
Ba-Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.
B-Obligations rated B are considered speculative and are subject to high credit risk.
Caa-Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.
Ca-Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of
recovery of principal and interest.
C-Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal
or interest.
Note: Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The
modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a
mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.
Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance
companies, and securities firms.
By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which
can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually
allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term
obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

Description of Moody’s Investors Service, Inc.’s Global Short-Term Ratings:

P-1-Ratings of Prime-1 reflect a superior ability to repay short-term debt obligations.
P-2-Ratings of Prime-2 reflect a strong ability to repay short-term debt obligations.
P-3-Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.
NP-Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

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Like other global scale ratings, (sf) ratings reflect both the likelihood of a default and the expected loss suffered in
the event of default. Ratings are assigned based on a rating committee’s assessment of a security’s expected loss
rate (default probability multiplied by expected loss severity), and may be subject to the constraint that the final
expected loss rating assigned would not be more than a certain number of notches, typically three to five notches,
above the rating that would be assigned based on an assessment of default probability alone. The magnitude of this
constraint may vary with the level of the rating, the seasoning of the transaction, and the uncertainty around the
assessments of expected loss and probability of default.

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Description of Moody’s Investors Service, Inc.’s US Municipal Ratings:
U.S. Municipal Short-Term Obligation Ratings:
Moody’s uses the global short-term Prime rating scale for commercial paper issued by US municipalities and
nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by
an issuer’s self-liquidity. For other short-term municipal obligations, Moody’s uses one of two other short-term
rating scales, the Municipal Investment Grade (MIG) and Variable Municipal Investment Grade (VMIG) scales
discussed below.
Moody’s uses the MIG scale for US municipal cash flow notes, bond anticipation notes and certain other short-term
obligations, which typically mature in three years or less. Under certain circumstances, Moody’s uses the MIG scale
for bond anticipation notes with maturities of up to five years.
MIG 1-This designation denotes superior credit quality. Excellent protection is afforded by established cash flows,
highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.
MIG 2-This designation denotes strong credit quality. Margins of protection are ample, although not as large as in
the preceding group.
MIG 3-This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and
market access for refinancing is likely to be less well-established.
SG-This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient
margins of protection.
Demand Obligation Ratings:
In the case of variable rate demand obligations (VRDOs), a two-component rating is assigned. The components are a
long-term debt rating and a short-term demand obligation rating. The long-term rating addresses the issuer’s ability
to meet scheduled principal and interest payments. The short-term demand obligation rating addresses the ability of
the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature
(“demand feature”) of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings
with l liquidity support use an input the short-term Counterparty Risk Assessment of the support provider, or the
long-term rating of the underlying obligor in the absence of third party liquidity support. Transitions of VMIG
ratings of demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect
the risk that external liquidity support will terminate if the issuer’s long-term rating drops below investment grade.
Moody’s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand feature is
less than every three years. If the frequency of the demand feature is less than three years but the purchase price is
payable only with remarketing proceeds, the short-term demand obligation rating is “NR”.
VMIG 1-This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term
credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of
purchase price upon demand.
VMIG 2-This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit
strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase
price upon demand.
VMIG 3-This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory
short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely
payment of purchase price upon demand.
SG-This designation denotes speculative-grade credit quality. Demand features rated in this category may be
supported by a liquidity provider that does not have an investment grade short-term rating or may lack the
structural and/or legal protections necessary to ensure the timely payment of purchase price upon demand.

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Description of Moody’s Investors Service, Inc.’s National Scale Long-Term Ratings:
Moody’s long-term National Scale Ratings (NSRs) are opinions of the relative creditworthiness of issuers and
financial obligations within a particular country. NSRs are not designed to be compared among countries; rather,
they address relative credit risk within a given country. Moody’s assigns national scale ratings in certain local capital
markets in which investors have found the global rating scale provides inadequate differentiation among credits or is
inconsistent with a rating scale already in common use in the country.
In each specific country, the last two characters of the rating indicate the country in which the issuer is located or the
financial obligation was issued (e.g., Aaa.ke for Kenya).

Long-Term NSR Scale

Aaa.n Issuers or issues rated Aaa.n demonstrate the strongest creditworthiness relative to other domestic issuers
and issuances.
Aa.n Issuers or issues rated Aa.n demonstrate very strong creditworthiness relative to other domestic issuers
and issuances.
A.n Issuers or issues rated A.n present above-average creditworthiness relative to other domestic issuers
and issuances.
Baa.n Issuers or issues rated Baa.n represent average creditworthiness relative to other domestic issuers
and issuances.
Ba.n Issuers or issues rated Ba.n demonstrate below-average creditworthiness relative to other domestic issuers
and issuances.
B.n Issuers or issues rated B.n demonstrate weak creditworthiness relative to other domestic issuers and issuances.
Caa.n Issuers or issues rated Caa.n demonstrate very weak creditworthiness relative to other domestic issuers
and issuances.
Ca.n Issuers or issues rated Ca.n demonstrate extremely weak creditworthiness relative to other domestic issuers
and issuances.
C.n Issuers or issues rated C.n demonstrate the weakest creditworthiness relative to other domestic issuers
and issuances.
Note: Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The
modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a
mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

Description of S&P Global Ratings’ Long-Term Issue Credit Ratings:

Long-Term Issue Credit Ratings are based, in varying degrees, on S&P Global Ratings’ analysis of the following
considerations: (1) the likelihood of payment—the capacity and willingness of the obligor to meet its financial
commitment on a financial obligation in accordance with the terms of the obligation; (2) the nature and provisions
of the financial obligation, and the promise S&P Global Ratings imputes; and (3) the protection afforded by, and
relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under
the laws of bankruptcy and other laws affecting creditors' rights.
An issue rating is an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate
recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower
priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and
subordinated obligations, secured and unsecured obligations, or operating company and holding
company obligations.)
AAA-An obligation rated “AAA” has the highest rating assigned by S&P Global Ratings. The obligor's capacity to
meet its financial commitments on the obligation is extremely strong.

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AA-An obligation rated “AA” differs from the highest-rated obligations only to a small degree. The obligor's capacity
to meet its financial commitments on the obligation is very strong.
A-An obligation rated “A” is somewhat more susceptible to the adverse effects of changes in circumstances and
economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial
commitments on the obligation is still strong.
BBB-An obligation rated “BBB” exhibits adequate protection parameters. However, adverse economic conditions or
changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial
commitments on the obligation.
BB, B, CCC, CC, and C-Obligations rated “BB”, “B”, “CCC”, “CC”, and “C” are regarded as having significant
speculative characteristics. “BB” indicates the least degree of speculation and “C” the highest. While such obligations
will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major
exposure to adverse conditions.
BB-An obligation rated “BB” is less vulnerable to nonpayment than other speculative issues. However, it faces major
ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the
obligor's inadequate capacity to meet its financial commitments on the obligation.
B-An obligation rated “B” is more vulnerable to nonpayment than obligations rated “BB”, but the obligor currently
has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic
conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on
the obligation.
CCC-An obligation rated “CCC” is currently vulnerable to nonpayment, and is dependent upon favorable business,
financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event
of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its
financial commitments on the obligation.
CC-An obligation rated “CC” is currently highly vulnerable to nonpayment. The “CC” rating is used when a default
has not yet occurred, but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated
time to default.
C-An obligation rated “C” is currently highly vulnerable to nonpayment, and the obligation is expected to have
lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.
D-An obligation rated “D” is in default or in breach of an imputed promise. For non-hybrid capital instruments, the
“D” rating category is used when payments on an obligation are not made on the date due, unless S&P Global
Ratings believes that such payments will be made within five business days in the absence of a stated grace period or
within the earlier of the stated grace period or 30 calendar days. The “D” rating also will be used upon the filing of a
bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for
example due to automatic stay provisions. A rating on an obligation is is lowered to “D” if it is subject to a distressed
exchange offer.
Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative
standing within the rating categories.

Description of S&P Global Ratings’ Short-Term Issue Credit Ratings:

A-1-A short-term obligation rated “A-1” is rated in the highest category by S&P Global Ratings. The obligor's
capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are
designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these
obligations is extremely strong.
A-2-A short-term obligation rated “A-2” is somewhat more susceptible to the adverse effects of changes in
circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity
to meet its financial commitments on the obligation is satisfactory.

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A-3-A short-term obligation rated “A-3” exhibits adequate protection parameters. However, adverse economic
conditions or changing circumstances are more likely to weaken an obligor’s capacity to meet its financial
commitments on the obligation.
B-A short-term obligation rated “B” is regarded as vulnerable and has significant speculative characteristics. The
obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties
that could lead to the obligor's inadequate capacity to meet its financial commitments.
C-A short-term obligation rated “C” is currently vulnerable to nonpayment and is dependent upon favorable
business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.
D-A short-term obligation rated “D” is in default or in breach of an imputed promise. For non-hybrid capital
instruments, the “D” rating category is used when payments on an obligation are not made on the date due, unless
S&P Global Ratings’ believes that such payments will be made within any stated grace period. However, any stated
grace period longer than five business days will be treated as five business days. The “D” rating also will be used upon
the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual
certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to “D” if it is subject to
a distressed debt restructuring.

Description of S&P Global Ratings’ Municipal Short-Term Note Ratings Definitions:

An S&P Global Ratings U.S. municipal note rating reflects S&P Global Ratings opinion about the liquidity factors
and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes
with an original maturity of more than three years will most likely receive a long-term debt rating. In determining
which type of rating, if any, to assign, S&P Global Ratings’ analysis will review the following considerations:
(1) amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated
as a note; and (2) source of payment—the more dependent the issue is on the market for its refinancing, the more
likely it will be treated as a note.
SP-1-Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt
service is given a plus (+) designation.
SP-2-Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic
changes over the term of the notes.
SP-3-Speculative capacity to pay principal and interest.

D—“D” is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing
of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for
example due to automatic stay provisions.

Long-Term Issuer Credit Ratings

AAA An obligor rated “AAA” has extremely strong capacity to meet its financial commitments. “AAA” is the highest
issuer credit rating assigned by S&P Global Ratings.
AA An obligor rated “AA” has very strong capacity to meet its financial commitments. It differs from the
highest-rated obligors only to a small degree.
A An obligor rated “A” has strong capacity to meet its financial commitments but is somewhat more susceptible to
the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories.
BBB An obligor rated “BBB” has adequate capacity to meet its financial commitments. However, adverse economic
conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its
financial commitments.
BB, B, CCC, and CC Obligors rated “BB”, “B”, “CCC”, and “CC” are regarded as having significant speculative
characteristics. “BB” indicates the least degree of speculation and “CC” the highest. While such obligors will likely
have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure
to adverse conditions.

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BB An obligor rated “BB” is less vulnerable in the near term than other lower-rated obligors. However, it faces major
ongoing uncertainties and exposure to adverse business, financial, or economic conditions that could lead to the
obligor’s inadequate capacity to meet its financial commitments.
B An obligor rated “B” is more vulnerable than the obligors rated “BB”, but the obligor currently has the capacity to
meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the obligor’s
capacity or willingness to meet its financial commitments.
CCC An obligor rated “CCC” is currently vulnerable and is dependent upon favorable business, financial, and
economic conditions to meet its financial commitments.
CC An obligor rated “CC” is currently highly vulnerable. The “CC” rating is used when a default has not yet
occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time
to default.
SD and D An obligor is rated “SD” (selective default) or “D” if S&P Global Ratings considers there to be a default on
one or more of its financial obligations, whether long- or short-term, including rated and unrated obligations but
excluding hybrid instruments classified as regulatory capital or in nonpayment according to terms. A “D” rating is
assigned when S&P Global Ratings believes that the default will be a general default and that the obligor will fail to
pay all or substantially all of its obligations as they come due. An “SD” rating is assigned when S&P Global Ratings
believes that the obligor has selectively defaulted on a specific issue or class of obligations but it will continue to meet
its payment obligations on other issues or classes of obligations in a timely manner. A rating on an obligor is lowered
to “D” or “SD” if it is conducting a distressed debt restructuring. Ratings from “AA” to “CCC” may be modified by
the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

Description of S&P Global Ratings’ Dual Ratings:

Dual ratings may be assigned to debt issues that have a put option or demand feature. The first component of the
rating addresses the likelihood of repayment of principal and interest as due, and the second component of the
rating addresses only the demand feature. The first component of the rating can relate to either a short-term or
long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of
the rating relates to the put option and is assigned a short-term rating symbol (for example, “AAA/A-1+” or
“A-1+/A-1”). With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are
used for the first component of the rating (for example, “SP-1+/A-1+”).

Description of S&P Global Ratings’ Active Qualifiers

S&P Global Ratings uses the following qualifiers that limit the scope of a rating. The structure of the transaction can
require the use of a qualifier such as a “p” qualifier, which indicates the rating addresses the principal portion of the
obligation only. A qualifier appears as a suffix and is part of the rating.
Federal deposit insurance limit: “L” qualifier. Ratings qualified with “L” apply only to amounts invested up to
federal deposit insurance limits.
Principal: “p” qualifier. This suffix is used for issues in which the credit factors, the terms, or both, that determine
the likelihood of receipt of payment of principal are different from the credit factors, terms or both that determine
the likelihood of receipt of interest on the obligation. The “p” suffix indicates that the rating addresses the principal
portion of the obligation only and that the interest is not rated.
Preliminary ratings: “prelim” qualifier. Preliminary ratings, with the “prelim” suffix, may be assigned to obligors
or obligations, including financial programs, in the circumstances described below. Assignment of a final rating is
conditional on the receipt by S&P Global Ratings of appropriate documentation. S&P Global Ratings reserves the
right not to issue a final rating. Moreover, if a final rating is issued, it may differ from the preliminary rating.
• Preliminary ratings may be assigned to obligations, most commonly structured and project finance issues, pending
receipt of final documentation and legal opinions.
• Preliminary ratings may be assigned to obligations that will likely be issued upon the obligor's emergence from
bankruptcy or similar reorganization, based on late-stage reorganization plans, documentation and discussions
with the obligor.

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• Preliminary ratings may also be assigned to the obligors. These ratings consider the anticipated general credit
quality of the reorganized or post-bankruptcy issuer as well as attributes of the anticipated obligation(s).
• Preliminary ratings may be assigned to entities that are being formed or that are in the process of being
independently established when, in S&P Global Ratings’ opinion, documentation is close to final. Preliminary
ratings may also be assigned to the obligations of these entities.
• Preliminary ratings may be assigned when a previously unrated entity is undergoing a well-formulated
restructuring, recapitalization, significant financing or other transformative event, generally at the point that
investor or lender commitments are invited. The preliminary rating may be assigned to the entity and to its
proposed obligation(s). These preliminary ratings consider the anticipated general credit quality of the obligor, as
well as attributes of the anticipated obligation(s), assuming successful completion of the transformative event.
Should the transformative event not occur, S&P Global Ratings would likely withdraw these preliminary ratings.
• A preliminary recovery rating may be assigned to an obligation that has a preliminary issue credit rating.
Termination structures: “t” qualifier. This symbol indicates termination structures that are designed to honor
their contracts to full maturity or, should certain events occur, to terminate and cash settle all their contracts before
their final maturity date.
Counterparty instrument rating: “cir” qualifier. This symbol indicates a Counterparty Instrument Rating (CIR),
which is a forward-looking opinion about the creditworthiness of an issuer in a securitization structure with respect
to a specific financial obligation to a counterparty (including interest rate swaps, currency swaps, and liquidity
facilities). The CIR is determined on an ultimate payment basis; these opinions do not take into account timeliness
of payment.

Description of Fitch Ratings’ Corporate Finance Obligation Ratings:

Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to default
on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given default on
that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which
incorporate both an indication of the probability of default and of the recovery given a default of this debt
instrument. On the contrary, ratings of debtor-in-possession (DIP) obligations incorporate the expectation of
full repayment.
The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.
Individual obligations can be assigned ratings, higher, lower, or the same as that entity’s issuer rating or Issuer
Default Rating (IDR), based on their relative ranking, relative vulnerability to default or based on explicit
Recovery Ratings.
As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the same as
that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an IDR. At the lower end of the
ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and obligation ratings.
AAA: Highest credit quality. “AAA” ratings denote the lowest expectation of credit risk. They are assigned only in
cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be
adversely affected by foreseeable events.
AA: Very high credit quality. “AA” ratings denote expectations of very low credit risk. They indicate very strong
capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.
A: High credit quality. “A” ratings denote expectations of low credit risk. The capacity for payment of financial
commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or
economic conditions than is the case for higher ratings.
BBB: Good credit quality. “BBB” ratings indicate that expectations of credit risk are currently low. The capacity for
payment of financial commitments is considered adequate but adverse business or economic conditions are more
likely to impair this capacity.

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BB: Speculative. “BB” ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse
changes in business or economic conditions over time; however, business or financial alternatives may be available
to allow financial commitments to be met.
B: Highly speculative. “B” ratings indicate that material credit risk is present.

CCC: Substantial credit risk. “CCC” ratings indicate that substantial credit risk is present.
CC: Very high levels of credit risk. “CC” ratings indicate very high levels of credit risk.
C: Exceptionally high levels of credit risk. “C” indicates exceptionally high levels of credit risk.

The ratings of corporate finance obligations are linked to Issuer Default Ratings (or sometimes Viability Ratings for
banks) by i) recovery expectations, including as often indicated by Recovery Ratings assigned in the case of low
speculative grade issuers and ii) for banks an assessment of non-performance risk relative to the risk captured in the
Issuer Default Rating or Viability Rating (e.g. in respect of certain hybrid securities).
For performing obligations, the obligation rating represents the risk of default and takes into account the effect of
expected recoveries on the credit risk should a default occur.
If the obligation rating is higher than the rating of the issuer, this indicates above average recovery expectations in
the event of default. If the obligations rating is lower than the rating of the issuer, this indicates low expected
recoveries should default occur.
Ratings in the categories of “CCC”, “CC” and “C” can also relate to obligations or issuers that are in default. In this
case, the rating does not opine on default risk but reflects the recovery expectation only.

Description of Fitch Ratings’ Issuer Default Ratings:

Rated entities in a number of sectors, including financial and non-financial corporations, sovereigns, insurance
companies and certain sectors within public finance, are generally assigned Issuer Default Ratings (IDRs). IDRs are
also assigned to certain entities or enterprises in global infrastructure, project finance and public finance. IDRs opine
on an entity’s relative vulnerability to default (including by way of a distressed debt exchange) on financial
obligations. The threshold default risk addressed by the IDR is generally that of the financial obligations whose
non-payment would best reflect the uncured failure of that entity. As such, IDRs also address relative vulnerability to
bankruptcy, administrative receivership or similar concepts.
In aggregate, IDRs provide an ordinal ranking of issuers based on the agency’s view of their relative vulnerability to
default, rather than a prediction of a specific percentage likelihood of default.
AAA: Highest credit quality. “AAA” ratings denote the lowest expectation of default risk. They are assigned only in
cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be
adversely affected by foreseeable events.
AA: Very high credit quality. “AA” ratings denote expectations of very low default risk. They indicate very strong
capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.
A: High credit quality. “A” ratings denote expectations of low default risk. The capacity for payment of financial
commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or
economic conditions than is the case for higher ratings.
BBB: Good credit quality. “BBB” ratings indicate that expectations of default risk are currently low. The capacity for
payment of financial commitments is considered adequate but adverse business or economic conditions are more
likely to impair this capacity.
BB: Speculative. “BB” ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse
changes in business or economic conditions over time; however, business or financial flexibility exists that supports
the servicing of financial commitments.

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B: Highly speculative. “B” ratings indicate that material default risk is present, but a limited margin of safety
remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to
deterioration in the business and economic environment.
CCC: Substantial credit risk. Default is a real possibility.

CC: Very high levels of credit risk. Default of some kind appears probable.
C: Near default. A default or default-like process has begun, or the issuer is in standstill, or for a closed funding
vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a “C” category rating for an
issuer include:
• the issuer has entered into a grace or cure period following non-payment of a material financial obligation;
• the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a
material financial obligation;
• the formal announcement by the issuer or their agent of a distressed debt exchange;
• a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay
interest and/or principal in full during the life of the transaction, but where no payment default is imminent
RD: Restricted default. “RD” ratings indicate an issuer that in Fitch’s opinion has experienced:
• an uncured payment default or distressed debt exchange on a bond, loan or other material financial obligation, but
• has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up
procedure, and has not otherwise ceased operating. This would include:
• the selective payment default on a specific class or currency of debt;
• the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment
default on a bank loan, capital markets security or other material financial obligation;
• the extension of multiple waivers or forbearance periods upon a payment default on one or more material
financial obligations, either in series or in parallel; ordinary execution of a distressed debt exchange on one or
more material financial obligations.
D: Default. “D” ratings indicate an issuer that in Fitch’s opinion has entered into bankruptcy filings, administration,
receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business.
Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an
instrument that contains a deferral feature or grace period will generally not be considered a default until after the
expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar
circumstance, or by a distressed debt exchange.
In all cases, the assignment of a default rating reflects the agency’s opinion as to the most appropriate rating category
consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an
issuer’s financial obligations or local commercial practice.

Description of Fitch Ratings’ Structured Finance Long-Term Obligation Ratings:

Ratings of structured finance obligations on the long-term scale consider the obligations’ relative vulnerability to
default. These ratings are typically assigned to an individual security or tranche in a transaction and not to an issuer.
AAA: Highest credit quality.
“AAA” ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong
capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by
foreseeable events.
AA: Very high credit quality.
“AA” ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial
commitments. This capacity is not significantly vulnerable to foreseeable events.

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A: High credit quality.
“A” ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered
strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the
case for higher ratings.
BBB: Good credit quality.
“BBB” ratings indicate that expectations of default risk are currently low. The capacity for payment of financial
commitments is considered adequate, but adverse business or economic conditions are more likely to impair
this capacity.
BB: Speculative.
“BB” ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business
or economic conditions over time.
B: Highly speculative.
“B” ratings indicate that material default risk is present, but a limited margin of safety remains. Financial
commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the
business and economic environment.
CCC: Substantial credit risk.
Default is a real possibility.
CC: Very high levels of credit risk.
Default of some kind appears probable.
C: Exceptionally high levels of credit risk.
Default appears imminent or inevitable.
D: Default.
Indicates a default. Default generally is defined as one of the following:
• Failure to make payment of principal and/or interest under the contractual terms of the rated obligation;
• bankruptcy filings, administration, receivership, liquidation or other winding-up or cessation of the business of an
issuer/obligor; or
• distressed exchange of an obligation, where creditors were offered securities with diminished structural or
economic terms compared with the existing obligation to avoid a probable payment default.

Description of Fitch Ratings’ Country Ceilings Ratings:

Country Ceilings are expressed using the symbols of the long-term issuer primary credit rating scale and relate to
sovereign jurisdictions also rated by Fitch on the Issuer Default Rating (IDR) scale. They reflect the agency’s
judgment regarding the risk of capital and exchange controls being imposed by the sovereign authorities that would
prevent or materially impede the private sector’s ability to convert local currency into foreign currency and transfer
to non-resident creditors — transfer and convertibility (T&C) risk. They are not ratings but expressions of a cap for
the foreign currency issuer ratings of most, but not all, issuers in a given country. Given the close correlation
between sovereign credit and T&C risks, the Country Ceiling may exhibit a greater degree of volatility than would
normally be expected when it lies above the sovereign Foreign Currency Rating.

Description of Fitch Ratings’ Public Finance and Global Infrastructure

Obligation Ratings:
Ratings of public finance obligations and ratings of infrastructure and project finance obligations on the long-term
scale, including the financial obligations of sovereigns, consider the obligations’ relative vulnerability to default.
These ratings are assigned to an individual security, instrument or tranche in a transaction. In some cases,
considerations of recoveries canhave an influence on obligation ratings in infrastructure and project finance. In
limited cases in U.S. public finance, where Chapter 9 of the Bankruptcy Code provides reliably superior prospects for
ultimate recovery to local government obligations that benefit from a statutory lien on revenues, Fitch reflects this in

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a security rating with limited notching above the IDR. Recovery expectations can also be reflected in a security rating
in the U.S. during the pendency of a bankruptcy proceeding under the Code if there is sufficient visibility on
potential recovery prospects.
AAA: Highest credit quality. “AAA” ratings denote the lowest expectation of default risk. They are assigned only in
cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be
adversely affected by foreseeable events.
AA: Very high credit quality. “AA” ratings denote expectations of very low default risk. They indicate very strong
capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.
A: High credit quality. “A” ratings denote expectations of low default risk. The capacity for payment of financial
commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or
economic conditions than is the case for higher ratings.
BBB: Good credit quality. “BBB” ratings indicate that expectations of default risk are currently low. The capacity for
payment of financial commitments is considered adequate but adverse business or economic conditions are more
likely to impair this capacity.
BB: Speculative. “BB” ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse
changes in business or economic conditions over time..
B: Highly speculative. “B” ratings indicate that material default risk is present, but a limited margin of safety
remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to
deterioration in the business and economic environment.
CCC: Substantial credit risk. Default is a real possibility.
CC: Very high levels of credit risk. Default of some kind appears probable.
C: Exceptionally high levels of credit risk. Default appears imminent or inevitable.
D: Default. Indicates a default. Default generally is defined as one of the following:
• Failure to make payment of principal and/or interest under the contractual terms of the rated obligation;
• bankruptcy filings, administration, receivership, liquidation or other winding-up or cessation of the business of an
issuer/obligor where payment default on an obligation is a virtual certainty; or
• distressed exchange of an obligation, where creditors were offered securities with diminished structural or
economic terms compared with the existing obligation to avoid a probable payment default.
Notes: In U.S. public finance, obligations may be pre-refunded, where funds sufficient to meet the requirements of the
respective obligations are placed in an escrow account. When obligation ratings are maintained based on the escrowed
funds and their structural elements, the ratings carry the suffix “pre” (e.g. “AAApre”, “AA+pre”).
Structured Finance Defaults
“Imminent” default, categorized under “C”, typically refers to the occasion where a payment default has been
intimated by the issuer, and is all but inevitable. This may, for example, be where an issuer has missed a scheduled
payment, but (as is typical) has a grace period during which it may cure the payment default. Another alternative
would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still lies
several days or weeks in the immediate future.
Additionally, in structured finance transactions, where analysis indicates that an instrument is irrevocably impaired
such that it is not expected to pay interest and/or principal in full in accordance with the terms of the obligation’s
documentation during the life of the transaction, but where no payment default in accordance with the terms of the
documentation is imminent, the obligation will typically be rated in the “C” category.
Structured Finance Write-downs
Where an instrument has experienced an involuntary and, in the agency’s opinion, irreversible “write-down” of
principal (i.e. other than through amortization, and resulting in a loss to the investor), a credit rating of “D” will be
assigned to the instrument. Where the agency believes the “write-down” may prove to be temporary (and the loss

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may be “written up” again in future if and when performance improves), then a credit rating of “C” will typically be
assigned. Should the “write-down” then later be reversed, the credit rating will be raised to an appropriate level for
that instrument. Should the “write-down” later be deemed as irreversible, the credit rating will be lowered to “D”.
Notes: In the case of structured and project finance, while the ratings do not address the loss severity given default of the
rated liability, loss severity assumptions on the underlying assets are nonetheless typically included as part of the
analysis. Loss severity assumptions are used to derive pool cash flows available to service the rated liability.
The suffix “sf” denotes an issue that is a structured finance transaction.
Enhanced Equipment Trust Certificates (EETCs) are corporate-structured hybrid debt securities that airlines typically
use to finance aircraft equipment. Due to the hybrid characteristics of these bonds, Fitch's rating approach incorporates
elements of both the structured finance and corporate rating methodologies. Although rated as asset-backed securities,
unlike other structured finance ratings, EETC ratings involve a measure of recovery given default akin to ratings of
financial obligations in corporate finance, as described above.

Description of Fitch Ratings’ Short-Term Ratings Assigned to Issuers

and Obligations:
A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated
entity or security stream and relates to the capacity to meet financial obligations in accordance with the
documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity.
Short-Term Ratings are assigned to obligations whose initial maturity is viewed as “short term” based on market
convention.8 Typically, this means up to 13 months for corporate, sovereign, and structured obligations, and up to
36 months for obligations in U.S. public finance markets.
F1: Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial
commitments; may have an added “+” to denote any exceptionally strong credit feature.
F2: Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.
F3: Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.
B: Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus
heightened vulnerability to near term adverse changes in financial and economic conditions.
C: High short-term default risk. Default is a real possibility.
RD: Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although
it continues to meet other financial obligations. Typically applicable to entity ratings only.
D: Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

8
A long-term rating can also be used to rate an issuer with short maturity.

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21. Appendix B — Proxy voting policies and procedures
Policy
Each of the Pioneer Funds and certain other clients of Amundi Asset Management US, Inc. (“Amundi US”) have
delegated responsibility to vote proxies related to portfolio holdings to Amundi US. Amundi US is a fiduciary that
owes each of its clients the duties of care and loyalty with respect to all services undertaken on the client’s behalf,
including voting proxies for securities held by the client. When Amundi US has been delegated proxy-voting
authority for a client, the duty of care requires Amundi US to monitor corporate events and to vote the proxies. To
satisfy its duty of loyalty, Amundi US must place the client’s interests ahead of its own and must cast proxy votes in a
manner consistent with the best interest of the client. It is Amundi US’s policy to vote proxies presented to Amundi
US in a timely manner in accordance with these principles.
Amundi US’s fundamental concern in voting proxies is the economic effect of the proposal on the value of portfolio
holdings, considering both the short- and long-term impact. In many instances, Amundi US believes that supporting
the company’s strategy and voting “for” management’s proposals builds portfolio value. In other cases, however,
proposals set forth by management may have a negative effect on that value, while some shareholder proposals may
hold the best prospects for enhancing it. Amundi US monitors developments in the proxy voting arena and will
revise this policy as needed.
Amundi US believes that environmental, social and governance (ESG) factors can affect companies’ long-term
prospects for success and the sustainability of their business models. Since ESG factors that may affect corporate
performance and economic value are considered by our investment professionals as part of the investment
management process, Amundi US also considers these factors when reviewing proxy proposals. This approach is
consistent with the stated investment objectives and policies of funds and investment strategies.
It should be noted that the proxy voting guidelines below are guidelines, not rules, and Amundi US reserves the right
in all cases to vote contrary to guidelines where doing so is determined to represent the best economic interests of
our clients. Further, the Pioneer Funds or other clients of Amundi US may direct Amundi US to vote contrary
to guidelines.
Amundi US’s clients may request copies of their proxy voting records and of Amundi US’s proxy voting policies and
procedures by either sending a written request to Amundi US’s Proxy Coordinator, or clients may review Amundi
US’s proxy voting policies and procedures on-line at amundi.com/usinvestors. Amundi US may describe to clients
its proxy voting policies and procedures by delivering a copy of Amundi US’s Form ADV (Part II), by separate notice
to the client or by other means.

Applicability
This Proxy Voting policy and the procedures set forth below are designed to complement Amundi US’s investment
policies and procedures regarding its general responsibility to monitor the performance and/or corporate events of
companies that are issuers of securities held in accounts managed by Amundi US. This policy sets forth Amundi
US’s position on a number of issues for which proxies may be solicited but it does not include all potential voting
scenarios or proxy events. Furthermore, because of the special issues associated with proxy solicitations by
closed-end Funds, Amundi US will vote shares of closed-end Funds on a case-by-case basis.

Purpose
The purpose of this policy is to ensure that proxies for United States (“US”) and non-US companies that are received
in a timely manner will be voted in accordance with the principles stated above. Unless the Proxy Voting Oversight
Group (as described below) specifically determines otherwise, all shares in a company held by Amundi US-managed
accounts for which Amundi US has proxy-voting authority will be voted alike, unless a client has given specific
voting instructions on an issue.
Amundi US does not delegate the authority to vote proxies relating to securities held by its clients to any of its
affiliates. Any questions about this policy should be directed to Amundi US’s Chief of Staff, US Investment
Management (the “Proxy Coordinator”).

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Procedures
Proxy Voting Service
Amundi US has engaged an independent proxy voting service to assist in the voting of proxies. The proxy voting
service works with custodians to ensure that all proxy materials are received by the custodians and are processed in a
timely fashion. The proxy voting service votes all proxies in accordance with the proxy voting guidelines established
by Amundi US and set forth herein, to the extent applicable. The proxy voting service will refer proxy questions to
the Proxy Coordinator (described below) for instructions under circumstances where: (1) the application of the
proxy voting guidelines is unclear; (2) a particular proxy question is not covered by the guidelines; or (3) the
guidelines call for specific instructions on a case-by-case basis. The proxy voting service is also requested to call to
the Proxy Coordinator's attention specific proxy questions that, while governed by a guideline, appear to involve
unusual or controversial issues. Amundi US reserves the right to attend a meeting in person and may do so when it
determines that the company or the matters to be voted on at the meeting are strategically important to its clients.
To supplement its own research and analysis in determining how to vote on a particular proxy proposal, Amundi US
may utilize research, analysis or recommendations provided by the proxy voting service on a case-by-case basis.
Amundi US does not, as a policy, follow the assessments or recommendations provided by the proxy voting service
without its own analysis and determination.
Proxy Coordinator
The Proxy Coordinator coordinates the voting, procedures and reporting of proxies on behalf of Amundi US’s
clients. The Proxy Coordinator will deal directly with the proxy voting service and, in the case of proxy questions
referred by the proxy voting service, will solicit voting recommendations and instructions from the Portfolio
Management Group, or, to the extent applicable, investment sub-advisers. The Proxy Coordinator is responsible for
ensuring that these questions and referrals are responded to in a timely fashion and for transmitting appropriate
voting instructions to the proxy voting service. The Proxy Coordinator is responsible for verifying with the General
Counsel or his or her designee whether Amundi US’s voting power is subject to any limitations or guidelines issued
by the client (or in the case of an employee benefit plan, the plan's trustee or other fiduciaries).
Referral Items
The proxy voting service will refer proxy questions to the Proxy Coordinator or his or her designee that are
described by Amundi US’s proxy voting guidelines as to be voted on a case-by-case basis, that are not covered by
Amundi US’s guidelines or where Amundi US’s guidelines may be unclear with respect to the matter to be voted on.
Under such circumstances, the Proxy Coordinator will seek a written voting recommendation from the Chief
Investment Officer, U.S. or his or her designated equity portfolio-management representative. Any such
recommendation will include: (i) the manner in which the proxies should be voted; (ii) the rationale underlying any
such decision; and (iii) the disclosure of any contacts or communications made between Amundi US and any
outside parties concerning the proxy proposal prior to the time that the voting instructions are provided.
Securities Lending
In accordance with industry standards, proxies are not available to be voted when the shares are out on loan through
either Amundi US’s lending program or a client’s managed security lending program. However, Amundi US will
reserve the right to recall lent securities so that they may be voted according to Amundi US’s instructions. If a
portfolio manager would like to vote a block of previously lent shares, the Proxy Coordinator will work with the
portfolio manager and Investment Operations to recall the security, to the extent possible, to facilitate the vote on
the entire block of shares. Certain clients participate in securities lending programs. Although such programs allow
for the recall of securities for any reason, Amundi US may determine not to vote securities on loan and it may not
always be possible for securities on loan to be recalled in time to be voted.
Share-Blocking
“Share-blocking” is a market practice whereby shares are sent to a custodian (which may be different than the
account custodian) for record keeping and voting at the general meeting. The shares are unavailable for sale or
delivery until the end of the blocking period (typically the day after general meeting date).

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Amundi US will vote in those countries with “share-blocking.” In the event a manager would like to sell a security
with “share-blocking”, the Proxy Coordinator will work with the Portfolio Manager and Investment Operations
Department to recall the shares (as allowable within the market time-frame and practices) and/or communicate with
executing brokerage firm. A list of countries with “share-blocking” is available from the Investment Operations
Department upon request.
Proxy Voting Oversight Group
The members of the Proxy Voting Oversight Group include Amundi US’s Chief Investment Officer, U.S. or his or
her designated equity portfolio management representative, the Chief of Staff, U.S., and the Chief Compliance
Officer of the Adviser and Funds. Other members of Amundi US will be invited to attend meetings and otherwise
participate as necessary. The Chief of Staff, U.S. will chair the Proxy Voting Oversight Group.
The Proxy Voting Oversight Group is responsible for developing, evaluating, and changing (when necessary)
Amundi US’s proxy voting policies and procedures. The Group meets at least annually to evaluate and review this
policy and the services of its third-party proxy voting service. In addition, the Proxy Voting Oversight Group will
meet as necessary to vote on referral items and address other business as necessary.
Amendments
Amundi US may not amend this policy without the prior approval of the Proxy Voting Oversight Group.
Amendments to this policy with respect to votes to be cast on behalf of any of the Pioneer Funds also shall be
presented to the Board of the Pioneer Funds for its review and advance approval.
Form N-PX
The Proxy Coordinator and the Director of Regulatory Reporting are responsible for ensuring that Form N-PX
documents receive the proper review by a member of the Proxy Voting Oversight Group prior to a Fund officer
signing the forms.
The Proxy Coordinator will provide the Compliance department with a copy of each Form N-PX filing prepared by
the proxy voting service.
Compliance files N-PX. The Compliance department will ensure that a corresponding Form N-PX exists for each
Amundi US registered investment company.
Following this review, each Form N-PX is formatted for public dissemination via the EDGAR system.
Prior to submission, each Form N-PX is to be presented to the Fund officer for a final review and signature.
Copies of the Form N-PX filings and their submission receipts are maintained according to Amundi US record
keeping policies.

Proxy Voting Guidelines

Administrative
While administrative items appear infrequently in U.S. issuer proxies, they are quite common in non-U.S. proxies.
We will generally support these and similar management proposals:
• Corporate name change.
• A change of corporate headquarters.
• Stock exchange listing.
• Establishment of time and place of annual meeting.
• Adjournment or postponement of annual meeting.
• Acceptance/approval of financial statements.
• Approval of dividend payments, dividend reinvestment plans and other dividend-related proposals.
• Approval of minutes and other formalities.
• Authorization of the transferring of reserves and allocation of income.

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• Amendments to authorized signatories.
• Approval of accounting method changes or change in fiscal year-end.
• Acceptance of labor agreements.
• Appointment of internal auditors.
Amundi US will vote on a case-by-case basis on other routine administrative items; however, Amundi US will
oppose any routine proposal if insufficient information is presented in advance to allow Amundi US to judge the
merit of the proposal. Amundi US has also instructed its proxy voting service to inform Amundi US of its analysis of
any administrative items that may be inconsistent, in its view, with Amundi US’s goal of supporting the value of its
clients’ portfolio holdings so that Amundi US may consider and vote on those items on a case-by-case basis in
its discretion.
Auditors
We normally vote for proposals to:
Ratify the auditors. We will consider a vote against if we are concerned about the auditors’ independence or their
past work for the company. Specifically, we will oppose the ratification of auditors and withhold votes for audit
committee members if non-audit fees paid by the company to the auditing firm exceed the sum of audit fees plus
audit-related fees plus permissible tax fees according to the disclosure categories proposed by the Securities and
Exchange Commission.
• Restore shareholder rights to ratify the auditors.
We will normally oppose proposals that require companies to:
• Seek bids from other auditors.
• Rotate auditing firms, except where the rotation is statutorily required or where rotation would demonstrably
strengthen financial disclosure.
• Indemnify auditors.
• Prohibit auditors from engaging in non-audit services for the company.
Board of Directors
On issues related to the board of directors, Amundi US normally supports management. We will, however, consider
a vote against management in instances where corporate performance has been poor or where the board appears to
lack independence. We also believe that a well-balanced board with diverse perspectives is conducive to sound
corporate governance. In our view, diversity of expertise, skills, gender, ethnicity and race may contribute to the
overall quality of decision-making and risk management.
General Board Issues
Amundi US will vote for:
• Audit, compensation and nominating committees composed of independent directors exclusively.
• Indemnification for directors for actions taken in good faith in accordance with the business judgment rule. We
will vote against proposals for broader indemnification.
• Changes in board size that appear to have a legitimate business purpose and are not primarily for
anti-takeover reasons.
• Election of an honorary director.
We will vote against:
• Minimum stock ownership by directors.
• Term limits for directors. Companies benefit from experienced directors, and shareholder control is better
achieved through annual votes.
• Requirements for union or special interest representation on the board.
• Requirements to provide two candidates for each board seat.

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We will vote on a case-by case basis on these issues:
• Separate chairman and CEO positions. We will consider voting with shareholders on these issues in cases of poor
corporate performance.
Elections of Directors
In uncontested elections of directors we will vote against:
• Individual directors with absenteeism above 25% without valid reason. We support proposals that require
disclosure of director attendance.
• Insider directors and affiliated outsiders who sit on the audit, compensation, stock option or nominating
committees. For the purposes of our policy, we use the definition of affiliated directors provided by our proxy
voting service.
We will also vote against:
• Directors who have failed to act on a takeover offer where the majority of shareholders have tendered their shares.
• Directors who appear to lack independence or are associated with poor corporate or governance performance.
We will vote on a case-by case basis on these issues:
Re-election of directors who have implemented or renewed a dead hand or modified dead-hand poison pill (a
“dead-hand poison pill” is a shareholder rights plan that may be altered only by incumbent or “dead” directors.
These plans prevent a potential acquirer from disabling a poison pill by obtaining control of the board through a
proxy vote).
• Contested election of directors.
• Election of a greater number of independent directors (in order to move closer to a majority of independent
directors) in cases of poor performance.
• Mandatory retirement policies.
• Directors who have ignored a shareholder proposal that has been approved by shareholders for two
consecutive years.
We will vote for:
• Precatory and binding resolutions requesting that the board changes the company’s bylaws to stipulate that
directors need to be elected with affirmative majority of votes cast, provided that the resolutions allow for plurality
voting in cases of contested elections.
Takeover-Related Measures
Amundi US is generally opposed to proposals that may discourage takeover attempts. We believe that the potential
for a takeover helps ensure that corporate performance remains high.
Amundi US will vote for:
• Cumulative voting.
• Increasing the ability for shareholders to call special meetings.
• Increasing the ability for shareholders to act by written consent.
• Restrictions on the ability to make greenmail payments.
• Submitting rights plans to shareholder vote.
• Rescinding shareholder rights plans (“poison pills”).
• Opting out of the following state takeover statutes:
− Control share acquisition statutes, which deny large holders voting rights on holdings over a specified threshold.
− Control share cash-out provisions, which require large holders to acquire shares from other holders.
− Freeze-out provisions, which impose a waiting period on large holders before they can attempt to gain control.
− Stakeholder laws, which permit directors to consider interests of non-shareholder constituencies.
− Disgorgement provisions, which require acquirers to disgorge profits on purchases made before gaining control.

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 − Fair price provisions.
− Authorization of shareholder rights plans.
− Labor protection provisions.
− Mandatory classified boards.
We will vote on a case-by-case basis on the following issues:
• Fair price provisions. We will vote against provisions requiring supermajority votes to approve takeovers. We will
also consider voting against proposals that require a supermajority vote to repeal or amend the provision. Finally,
we will consider the mechanism used to determine the fair price; we are generally opposed to complicated
formulas or requirements to pay a premium.
• Opting out of state takeover statutes regarding fair price provisions. We will use the criteria used for fair price
provisions in general to determine our vote on this issue.
• Proposals that allow shareholders to nominate directors.
We will vote against:
• Classified boards, except in the case of closed-end funds, where we shall vote on a case-by-case basis.
• Limiting shareholder ability to remove or appoint directors. We will support proposals to restore shareholder
authority in this area. We will review on case-by-case basis proposals that authorize the board to make
interim appointments.
• Classes of shares with unequal voting rights.
• Supermajority vote requirements.
• Severance packages (“golden” and “tin” parachutes). We will support proposals to put these packages to
shareholder vote.
• Reimbursement of dissident proxy solicitation expenses. While we ordinarily support measures that encourage
takeover bids, we believe that management should have full control over corporate funds.
• Extension of advance notice requirements for shareholder proposals.
• Granting board authority normally retained by shareholders, particularly the right to amend the corporate charter.
• Shareholder rights plans (“poison pills”). These plans generally allow shareholders to buy additional shares at a
below-market price in the event of a change in control and may deter some bids.
Capital Structure
Managements need considerable flexibility in determining the company’s financial structure, and Amundi US
normally supports managements’ proposals in this area. We will, however, reject proposals that impose high barriers
to potential takeovers.
Amundi US will vote for:
• Changes in par value.
• Reverse splits, if accompanied by a reduction in number of shares.
• Shares repurchase programs, if all shareholders may participate on equal terms.
• Bond issuance.
• Increases in “ordinary” preferred stock.
• Proposals to have blank-check common stock placements (other than shares issued in the normal course of
business) submitted for shareholder approval.
• Cancellation of company treasury shares.
We will vote on a case-by-case basis on the following issues:
• Reverse splits not accompanied by a reduction in number of shares, considering the risk of delisting.
• Increase in authorized common stock. We will make a determination considering, among other factors:
− Number of shares currently available for issuance;

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 − Size of requested increase (we would normally approve increases of up to 100% of current authorization);
− Proposed use of the proceeds from the issuance of additional shares; and
− Potential consequences of a failure to increase the number of shares outstanding (e.g., delisting or bankruptcy).
• Blank-check preferred. We will normally oppose issuance of a new class of blank-check preferred, but may
approve an increase in a class already outstanding if the company has demonstrated that it uses this
flexibility appropriately.
• Proposals to submit private placements to shareholder vote.
• Other financing plans.
We will vote against preemptive rights that we believe limit a company’s financing flexibility.
Compensation
Amundi US supports compensation plans that link pay to shareholder returns and believes that management has the
best understanding of the level of compensation needed to attract and retain qualified people. At the same time,
stock-related compensation plans have a significant economic impact and a direct effect on the balance sheet.
Therefore, while we do not want to micromanage a company’s compensation programs, we place limits on the
potential dilution these plans may impose.
Amundi US will vote for:
• 401(k) benefit plans.
• Employee stock ownership plans (ESOPs), as long as shares allocated to ESOPs are less than 5% of outstanding
shares. Larger blocks of stock in ESOPs can serve as a takeover defense. We will support proposals to submit
ESOPs to shareholder vote.
• Various issues related to the Omnibus Budget and Reconciliation Act of 1993 (OBRA), including:
− Amendments to performance plans to conform with OBRA;
− Caps on annual grants or amendments of administrative features;
− Adding performance goals; and
− Cash or cash-and-stock bonus plans.
• Establish a process to link pay, including stock-option grants, to performance, leaving specifics of implementation
to the company.
• Require that option repricing be submitted to shareholders.
• Require the expensing of stock-option awards.
• Require reporting of executive retirement benefits (deferred compensation, split-dollar life insurance, SERPs, and
pension benefits).
• Employee stock purchase plans where the purchase price is equal to at least 85% of the market price, where the
offering period is no greater than 27 months and where potential dilution (as defined below) is no greater
than 10%.
We will vote on a case-by-case basis on the following issues:
• Shareholder proposals seeking additional disclosure of executive and director pay information.
• Executive and director stock-related compensation plans. We will consider the following factors when reviewing
these plans:
− The program must be of a reasonable size. We will approve plans where the combined employee and director
plans together would generate less than 15% dilution. We will reject plans with 15% or more potential dilution.
− Dilution = (A + B + C) / (A + B + C + D), where
− A = Shares reserved for plan/amendment,
− B = Shares available under continuing plans,
− C = Shares granted but unexercised and
− D = Shares outstanding.

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 − The plan must not:
− Explicitly permit unlimited option repricing authority or have allowed option repricing in the past without
shareholder approval.
− Be a self-replenishing “evergreen” plan or a plan that grants discount options and tax offset payments.
− We are generally in favor of proposals that increase participation beyond executives.
− We generally support proposals asking companies to adopt rigorous vesting provisions for stock option plans
such as those that vest incrementally over, at least, a three- or four-year period with a pro rata portion of the
shares becoming exercisable on an annual basis following grant date.
− We generally support proposals asking companies to disclose their window period policies for stock
transactions. Window period policies ensure that employees do not exercise options based on insider
information contemporaneous with quarterly earnings releases and other material corporate announcements.
− We generally support proposals asking companies to adopt stock holding periods for their executives.
• All other employee stock purchase plans.
• All other compensation-related proposals, including deferred compensation plans, employment agreements, loan
guarantee programs and retirement plans.
• All other proposals regarding stock compensation plans, including extending the life of a plan, changing vesting
restrictions, repricing options, lengthening exercise periods or accelerating distribution of awards and pyramiding
and cashless exercise programs.
We will vote against:
• Pensions for non-employee directors. We believe these retirement plans reduce director objectivity.
• Elimination of stock option plans.
We will vote on a case-by case basis on these issues:
• Limits on executive and director pay.
• Stock in lieu of cash compensation for directors.
Corporate Governance
Amundi US will vote for:
• Confidential voting.
• Equal access provisions, which allow shareholders to contribute their opinions to proxy materials.
• Proposals requiring directors to disclose their ownership of shares in the company.
We will vote on a case-by-case basis on the following issues:
• Change in the state of incorporation. We will support reincorporations supported by valid business reasons. We
will oppose those that appear to be solely for the purpose of strengthening takeover defenses.
• Bundled proposals. We will evaluate the overall impact of the proposal.
• Adopting or amending the charter, bylaws or articles of association.
• Shareholder appraisal rights, which allow shareholders to demand judicial review of an acquisition price.
We will vote against:
• Shareholder advisory committees. While management should solicit shareholder input, we prefer to leave the
method of doing so to management’s discretion.
• Limitations on stock ownership or voting rights.
• Reduction in share ownership disclosure guidelines.
Mergers and Restructurings
Amundi US will vote on the following and similar issues on a case-by-case basis:
• Mergers and acquisitions.

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• Corporate restructurings, including spin-offs, liquidations, asset sales, joint ventures, conversions to holding
company and conversions to self-managed REIT structure.
• Debt restructurings.
• Conversion of securities.
• Issuance of shares to facilitate a merger.
• Private placements, warrants, convertible debentures.
• Proposals requiring management to inform shareholders of merger opportunities.
We will normally vote against shareholder proposals requiring that the company be put up for sale.
Investment Companies
Many of our portfolios may invest in shares of closed-end funds or open-end funds (including exchange-traded
funds). The non-corporate structure of these investments raises several unique proxy voting issues.
Amundi US will vote for:
• Establishment of new classes or series of shares.
• Establishment of a master-feeder structure.
Amundi US will vote on a case-by-case basis on:
• Changes in investment policy. We will normally support changes that do not affect the investment objective or
overall risk level of the fund. We will examine more fundamental changes on a case-by-case basis.
• Approval of new or amended advisory contracts.
• Changes from closed-end to open-end format.
• Election of a greater number of independent directors.
• Authorization for, or increase in, preferred shares.
• Disposition of assets, termination, liquidation, or mergers.
• Classified boards of closed-end funds, but will typically support such proposals.
In general, business development companies (BDCs) are not considered investment companies for these purposes
but are treated as corporate issuers.
Environmental and Social Issues
Amundi US believes that environmental and social issues may influence corporate performance and economic
return. Indeed, by analyzing all of a company’s risks and opportunities, Amundi US can better assess its intrinsic
value and long-term economic prospects.
When evaluating proxy proposals relating to environmental or social issues, decisions are made on a case-by-case
basis. We consider each of these proposals based on the impact to the company’s shareholders and economic return,
the specific circumstances at each individual company, any potentially adverse economic concerns, and the current
policies and practices of the company.
For example, shareholder proposals relating to environmental and social issues, and on which we will vote on a
base-by-case basis, may include those seeking that a company:
• Conduct studies regarding certain environmental or social issues;
• Study the feasibility of the company taking certain actions with regard to such issues; or
• Take specific action, including adopting or ceasing certain behavior and adopting company standards and
principles, in relation to such issues.
In general, Amundi US believes these issues are important and should receive management attention.

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Amundi US will support proposals where we believe the proposal, if implemented, would improve the prospects for
the long-term success of the business and would provide value to the company and its shareholders. Amundi US
may abstain on shareholder proposals with regard to environmental and social issues in cases where we believe the
proposal, if implemented, would not be in the economic interests of the company, or where implementing the
proposal would constrain management flexibility or would be unduly difficult, burdensome or costly.
When evaluating proxy proposals relating to environmental or social issues, Amundi US may consider the following
factors or other factors deemed relevant, given such weight as deemed appropriate:
• approval of the proposal helps improve the company’s practices;
• approval of the proposal can improve shareholder value;
• the company’s current stance on the topic is likely to have negative effects on its business position or reputation in
the short, medium, or long term;
• the company has already put appropriate action in place to respond to the issue contained in the proposal;
• the company’s reasoning against approving the proposal responds appropriately to the various points mentioned
by the shareholder when the proposal was presented;
• the solutions recommended in the proposal are relevant and appropriate, and if the topic of the proposal would
not be better addressed through another means.
In the event of failures in risk management relating to environmental and social issues, Amundi US may vote against
the election of directors responsible for overseeing those areas. Issues of special concern to Amundi US include
corporate commitments to mitigating climate effects; achieving a diverse board of directors and employee base; and
maintaining safe and sound working conditions, equitable compensation practices, and opportunities for career
advancement. Amundi US will vote against proposals calling for substantial changes in the company’s business or
activities. We will also normally vote against proposals with regard to contributions, believing that management
should control the routine disbursement of funds. In each case, the fundamental consideration governing votes cast
on behalf of any of the Pioneer Funds in these areas is Amundi US’s assessment of the potential impact on
shareholder value.

Conflicts of interest
Amundi US recognizes that in certain circumstances a conflict of interest may arise when Amundi US votes a proxy.
A conflict of interest occurs when Amundi US’s interests interfere, or appear to interfere, with the interests of
Amundi US’s clients.
A conflict may be actual or perceived and may exist, for example, when the matter to be voted on concerns:
• An affiliate of Amundi US, such as another company belonging to the Credit Agricole banking group ( “Credit
Agricole Affiliate”);
• An issuer of a security for which Amundi US acts as a sponsor, advisor, manager, custodian, distributor,
underwriter, broker, or other similar capacity (including those securities specifically declared by its parent
Amundi to present a conflict of interest for Amundi US);
• An issuer of a security for which Amundi has informed Amundi US that a Credit Agricole Affiliate acts as a
sponsor, advisor, manager, custodian, distributor, underwriter, broker, or other similar capacity; or
• A person with whom Amundi US (or any of its affiliates) has an existing, material contract or
business relationship.
Any member of the Proxy Voting Oversight Group and any other associate involved in the proxy voting process
with knowledge of any apparent or actual conflict of interest must disclose such conflict to the Proxy Coordinator
and the Chief Compliance Officer of Amundi US and the Funds. If any associate is lobbied or pressured with respect
to any voting decision, whether within or outside of Amundi US, he or she should contact a member of the Proxy
Voting Oversight Group or Amundi US’s Chief Compliance Officer.

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The Proxy Voting Oversight Group will review each item referred to Amundi US by the proxy voting service to
determine whether an actual or potential conflict of interest exists in connection with the proposal(s) to be voted
upon. The review will be conducted by comparing the apparent parties affected by the proxy proposal being voted
upon against the Controller’s and Compliance Department’s internal list of interested persons and, for any matches
found, evaluating the anticipated magnitude and possible probability of any conflict of interest being present. The
Proxy Voting Oversight Group may cause any of the following actions to be taken when a conflict of interest
is present:
• Vote the proxy in accordance with the vote indicated under “Voting Guidelines,” if a vote is indicated, or
• Direct the independent proxy voting service to vote the proxy in accordance with its independent assessment or
that of another independent adviser appointed by Amundi US or the applicable client for this purpose.
If the Proxy Voting Oversight Group perceives a material conflict of interest, the Group may also choose to disclose
the conflict to the affected clients and solicit their consent to proceed with the vote or their direction (including
through a client’s fiduciary or other adviser), or may take such other action in good faith (in consultation with
counsel) that would protect the interests of clients.
For each referral item, the determination regarding the presence or absence of any actual or potential conflict of
interest will be documented in a Conflicts of Interest Report prepared by the Proxy Coordinator.
The Proxy Voting Oversight Group will review periodically the independence of the proxy voting service. This may
include a review of the service’s conflict management procedures and other documentation and an evaluation as to
whether the service continues to have the competency and capacity to vote proxies.
Decisions Not to Vote Proxies
Although it is Amundi US’s general policy to vote all proxies in accordance with the principles set forth in this
policy, there may be situations in which the Proxy Voting Oversight Group does not vote a proxy referred to it. For
example, because of the potential conflict of interest inherent in voting shares of a Credit Agricole Affiliate, Amundi
US will abstain from voting the shares unless otherwise directed by a client. In such a case, the Proxy Coordinator
will inform Amundi Compliance before exercising voting rights.
There exist other situations in which the Proxy Voting Oversight Group may refrain from voting a proxy. For
example, if the cost of voting a foreign security outweighs the benefit of voting, the Group may not vote the proxy.
The Group may not be given enough time to process a vote, perhaps because it receives a meeting notice too late or
it cannot obtain a translation of the agenda in the time available. If Amundi US has outstanding “sell” orders, the
proxies for shares subject to the order may not be voted to facilitate the sale. Although Amundi US may hold shares
on a company’s record date, if the shares are sold prior to the meeting date the Group may decide not to vote
those shares.

Supervision
Escalation
It is each associate’s responsibility to contact his or her business unit head, the Proxy Coordinator, a member of the
Proxy Voting Oversight Group or Amundi US’s Chief Compliance Officer if he or she becomes aware of any possible
noncompliance with this policy.
Training
Amundi US will conduct periodic training regarding proxy voting and this policy. It is the responsibility of the
business line policy owner and the applicable Compliance Department to coordinate and conduct such training.
Related policies and procedures
Amundi US’s Books and Records Policy and the Books and Records of the Pioneer Funds’ Policy.
Record Keeping
The Proxy Coordinator shall ensure that Amundi US’s proxy voting service:
• Retains a copy of each proxy statement received (unless the proxy statement is available from the SEC’s Electronic
Data Gathering, Analysis, and Retrieval (EDGAR) system);

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• Retains a record of the vote cast;
• Prepares Form N-PX for filing on behalf of each client that is a registered investment company; and
• Is able to promptly provide Amundi US with a copy of the voting record upon its request.
The Proxy Coordinator shall ensure that for those votes that may require additional documentation (i.e. conflicts of
interest, exception votes and case-by-case votes) the following records are maintained:
• A record memorializing the basis for each referral vote cast;
• A copy of any document created by Amundi US that was material in making the decision on how to vote the
subject proxy;
• A copy of any recommendation or analysis furnished by the proxy voting service; and
• A copy of any conflict notice, conflict consent or any other written communication (including emails or other
electronic communications) to or from the client (or in the case of an employee benefit plan, the plan's trustee or
other fiduciaries) regarding the subject proxy vote cast by, or the vote recommendation of, Amundi US.
Amundi US shall maintain the above records in the client’s file in accordance with applicable regulations.
Related regulations
Form N-1A, Form N-PX, ICA Rule 30b1-4, Rule 31a1-3, Rule 38a-1 and IAA 206(4) -6, Rule 204 -2
Adopted by the Pioneer Funds’ Boards of Trustees
October 5, 2004
Effective Date:
October 5, 2004
Revision Dates:
September 2009, December 2015, August 2017, February 2019, January 2021, November 2022, and January 2023

22107-16-1223

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