CODE OF ETHICS

FOR

SENIOR OFFICERS

Policy

This Code of Ethics for Senior Officers (this “Code”) sets forth the policies, practices and values expected to be exhibited by Senior Officers of the Pioneer Funds (collectively, the “Funds” and each, a “Fund”). This Code does not apply generally to officers and employees of service providers to the Funds, including Amundi Asset Management US, Inc., and Amundi Distributor US, Inc. (collectively, “Amundi US”), unless such officers and employees are also Senior Officers.

The term “Senior Officers” shall mean the principal executive officer, principal financial officer, principal accounting officer and controller of the Funds, although one person may occupy more than one such office. Each Senior Officer is identified by title in Exhibit A to this Code.

The Chief Compliance Officer (“CCO”) of the Pioneer Funds is primarily responsible for implementing and monitoring compliance with this Code, subject to the overall supervision of the Board of Trustees of the Funds (the “Board”). The CCO has the authority to interpret this Code and its applicability to particular situations. Any questions about this Code should be directed to the CCO or his or her designee.

Purpose

The purposes of this Code are to:

Promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

Promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Fund;


	1	Last revised January 2021

Promote compliance with applicable laws and governmental rules and regulations;

Promote the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

Establish accountability for adherence to the Code.

Each Senior Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

Responsibilities of Senior Officers

Conflicts of Interest

A “conflict of interest” occurs when a Senior Officer’s private interests interfere in any way – or even appear to interfere – with the interests of or his/her service to a Fund. A conflict can arise when a Senior Officer takes actions or has interests that may make it difficult to perform his or her Fund work objectively and effectively. Conflicts of interest also arise when a Senior Officer or a member of his/her family receives improper personal benefits as a result of the Senior Officer’s position with the Fund.

Certain conflicts of interest arise out of the relationships between Senior Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the “ICA”), and the Investment Advisers Act of 1940, as amended (the “IAA”). For example, Senior Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. The Fund's and Amundi US’ compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace such policies and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise as a result of the contractual relationship between the Fund and Amundi US because the Senior Officers are officers or employees of both. As a result, this Code recognizes that Senior Officers will, in the normal course of their duties (whether formally for a Fund or for Amundi US, or for both), be involved in establishing policies and implementing decisions that will have different effects on Amundi US and the Fund. The participation of Senior Officers in such activities is inherent in the contractual relationship between a Fund and Amundi US and is consistent with the performance by the Senior Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the ICA and the IAA, will be deemed to have been handled ethically. In addition, it is recognized by the Board that Senior Officers may also be officers of investment companies other than the Pioneer Funds.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions of the ICA or the IAA. In reading the following examples of conflicts of interest under this Code, Senior Officers should keep in mind that such a list cannot ever be exhaustive or cover every possible scenario. It follows that the overarching principle is that the personal interest of a Senior Officer should not be placed improperly before the interest of a Fund.


	2	Last revised January 2021

Each Senior Officer must:

Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Senior Officer would benefit personally to the detriment of the Fund;

Not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Senior Officer rather than the benefit of the Fund; and

Report at least annually any affiliations or other relationships that give rise to conflicts of interest.

Any material conflict of interest situation should be approved by the CCO, his or her designee or the Board. Examples of these include:

Service as a director on the board of any public or private company;

The receipt of any gift with a value in excess of an amount established from time to time by Amundi US’ Business Gift and Entertainment Policy from any single non-relative person or entity. Customary business lunches, dinners and entertainment at which both the Senior Officer and the giver are present, and promotional items of insignificant value are exempt from this prohibition;

The receipt of any entertainment from any company with which a Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

Any ownership interest in, or any consulting or employment relationship with, any of a Fund’s service providers other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

A direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer’s employment, such as compensation or equity ownership.

Corporate Opportunities

Senior Officers may not (a) take for themselves personally opportunities that are discovered through the use of a Fund’s property, information or position; (b) use a Fund’s property, information, or position for personal gain; or (c) compete with a Fund. Senior Officers owe a duty to the Funds to advance their legitimate interests when the opportunity to do so arises.


	3	Last revised January 2021

Confidentiality

Senior Officers should maintain the confidentiality of information entrusted to them by the Funds, except when disclosure is authorized or legally mandated. Confidential information includes all non-public information that might be of use to competitors, or harmful to the Funds, if disclosed.

Fair dealing with Fund shareholders, suppliers, and competitors

Senior Officers should endeavor to deal fairly with the Funds’ shareholders, suppliers, and competitors. Senior Officers should not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice. Senior Officers should not knowingly misrepresent or cause others to misrepresent facts about a Fund to others, whether within or outside the Fund, including to the Board, the Funds’ auditors or to governmental regulators and self-regulatory organizations.

Compliance with Law

Each Senior Officer must not knowingly violate any law, rule and regulation applicable to his or her activities as an officer of the Funds. In addition, Senior Officers are responsible for understanding and promoting compliance with the laws, rules and regulations applicable to his or her particular position and by persons under the Senior Officer’s supervision. Senior Officers should endeavor to comply not only with the letter of the law, but also with the spirit of the law.

Disclosure

Each Senior Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Funds. Each Senior Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers of the Funds and Amundi US with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents a Fund files with, or submits to, the SEC and in other public communications made by the Funds.

Initial and Annual Certifications

Upon becoming a Senior Officer the Senior Officer is required to certify that he or she has received, read, and understands this Code. On an annual basis, each Senior Officer must certify that he or she has complied with all of the applicable requirements of this Code.

Administration and Enforcement of the Code

Report of Violations

Amundi US relies on each Senior Officer to report promptly if he or she knows of any conduct by a Senior Officer in violation of this Code. All violations or suspected violations of this Code must be reported to the CCO or a member of Amundi US’ Legal and Compliance Department. Failure to do so is itself a violation of this Code.


	4	Last revised January 2021

Investigation of Violations

Upon notification of a violation or suspected violation, the CCO or other members of Amundi US’ Compliance Department will take all appropriate action to investigate the potential violation reported. If, after such investigation, the CCO believes that no violation has occurred, the CCO and Compliance Department is not required to take no further action. Any matter the CCO believes is a violation will be reported to the Independent Trustees. If the Independent Trustees concur that a violation has occurred, they will inform and make a recommendation to the full Board. The Board shall be responsible for determining appropriate action. The Funds, their officers and employees, will not retaliate against any Senior Officer for reports of potential violations that are made in good faith and without malicious intent.

The CCO or his or her designee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The CCO or his or her designee shall make inquiries regarding any potential conflict of interest.

Violations and Sanctions

Compliance with this Code is expected and violations of its provisions will be taken seriously and could result in disciplinary action. In response to violations of the Code, the Board may impose such sanctions as it deems appropriate within the scope of its authority over Senior Officers, including termination as an officer of the Funds.

Waivers from the Code

The Independent Trustees will consider any approval or waiver sought by any Senior Officer.

The Independent Trustees will be responsible for granting waivers, as appropriate. Any change to or waiver of this Code will, to the extent required, be disclosed as provided by SEC rules.

Other Policies and Procedures

This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. The Funds’ and Amundi US’ Codes of Ethics under Rule 17j-1 under the ICA and Rule 204A-1 of the IAA are separate requirements applying to the Senior Officers and others, and are not a part of this Code. To the extent any other policies and procedures of the Funds or Amundi US overlap or conflict with the provisions of the Code, they are superseded by this Code.

Scope of Responsibilities

A Senior Officer’s responsibilities under this Code are limited to Fund matters over which the Senior Officer has direct responsibility or control, matters in which the Senior Officer routinely participates, and matters with which the Senior Officer is otherwise involved. In addition, a Senior Officer is responsible for matters of which the Senior Officer has actual knowledge.


	5	Last revised January 2021

Amendments

This Code other than Exhibit A may not be amended except in a writing that is specifically approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees.

Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and their counsel, or to Amundi US’ Legal and Compliance Department.

Internal Use

This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.


	6	Last revised January 2021

Exhibit A – Senior Officers of the Pioneer Funds (Effective as of August 14, 2008)

President (Principal Executive Officer)

Treasurer (Principal Financial Officer)

Code of Ethics for Senior Officers

Table of Contents
President’s Letter	2
Portfolio Management Discussion	4
Portfolio Summary	10
Prices and Distributions	11
Performance Update	12
Comparing Ongoing Fund Expenses	15
Schedule of Investments	17
Financial Statements	30
Notes to Financial Statements	37
Report of Independent Registered Public Accounting Firm	56
Additional Information	58
Statement Regarding Liquidity Risk Management Program	59
Trustees, Officers and Service Providers	61

10 Largest Holdings
(As a percentage of total investments)*
1.	Western Global Airlines LLC, 10.375%, 8/15/25 (144A)	1.66%
2.	FAGE International SA/FAGE USA Dairy Industry, Inc., 5.625%, 8/15/26 (144A)	1.35
3.	Garda World Security Corp., 4.625%, 2/15/27 (144A)	1.29
4.	Baytex Energy Corp., 8.75%, 4/1/27 (144A)	1.28
5.	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.875%,
	2/15/25 (144A)	1.28
6.	Mativ Holdings, Inc., 6.875%, 10/1/26 (144A)	1.25
7.	Altice France Holding SA, 6.00%, 2/15/28 (144A)	1.22
8.	Koppers, Inc., 6.00%, 2/15/25 (144A)	1.22
9.	CSC Holdings LLC, 4.625%, 12/1/30 (144A)	1.21
10.	Ford Motor Credit Co. LLC, 3.815%, 11/2/27	1.14

Class	8/31/22	8/31/21
A	$7.97	$9.22
C	$7.92	$9.17
Y	$8.01	$9.27

	Net Investment	Short-Term	Long-Term
Class	Income	Capital Gains	Capital Gains
A	$0.3900	$ —	$ —
C	$0.3222	$ —	$ —
Y	$0.4183	$ —	$ —


Average Annual Total Returns
(As of August 31, 2022)

	Net	Public	ICE
	Asset	Offering	BofA US
	Value	Price	High Yield
Period	(NAV)	(POP)	Index
Life of Class
(1/3/17)	2.95%	2.12%	3.17%
5 years	2.34	1.41	2.43
1 year	-9.54	-13.57	-10.43

Expense Ratio
(Per prospectus dated December 29, 2021)
Gross	Net
1.40%	0.90%

Share Class	A	C	Y
Beginning Account	$1,000.00	$1,000.00	$1,000.00
Value on 3/1/22
Ending Account Value	$925.60	$921.60	$926.50
(after expenses) 8/31/22
Expenses Paid	$4.37	$7.99	$2.91
During Period*


Principal
Amount
USD ($)		Value
	UNAFFILIATED ISSUERS — 97.4%
	CORPORATE BONDS — 94.5% of Net Assets
	Advertising — 2.9%
275,000	Clear Channel Outdoor Holdings, Inc.,
	7.50%, 6/1/29 (144A)	$ 221,093
170,000	Clear Channel Outdoor Holdings, Inc.,
	7.75%, 4/15/28 (144A)	138,262
100,000	Outfront Media Capital LLC/Outfront Media Capital Corp.,
	4.25%, 1/15/29 (144A)	83,479
380,000	Outfront Media Capital LLC/Outfront Media Capital Corp.,
	6.25%, 6/15/25 (144A)	376,775
429,000	Stagwell Global LLC, 5.625%, 8/15/29 (144A)	363,814
301,000	Summer BC Bidco B LLC, 5.50%, 10/31/26 (144A)	261,677
	Total Advertising	$ 1,445,100
	Aerospace & Defense — 1.1%
180,000	Bombardier, Inc., 7.125%, 6/15/26 (144A)	$ 171,518
370,000	Bombardier, Inc., 7.875%, 4/15/27 (144A)	354,294
	Total Aerospace & Defense	$ 525,812
	Airlines — 0.5%
65,000	Allegiant Travel Co., 7.25%, 8/15/27 (144A)	$ 64,560
70,000	American Airlines Group, Inc. Pass-Through Trust
	Series B, 3.95%, 7/11/30	58,254
125,000	American Airlines, Inc./AAdvantage Loyalty IP, Ltd.,
	5.50%, 4/20/26 (144A)	118,910
	Total Airlines	$ 241,724
	Auto Manufacturers — 3.1%
100,000	Ford Motor Co., 6.10%, 8/19/32	$ 97,375
200,000	Ford Motor Credit Co. LLC, 3.625%, 6/17/31	161,946
612,000	Ford Motor Credit Co. LLC, 3.815%, 11/2/27	538,683
540,000	Ford Motor Credit Co. LLC, 4.125%, 8/17/27	486,394
256,000	JB Poindexter & Co., Inc., 7.125%, 4/15/26 (144A)	248,000
	Total Auto Manufacturers	$ 1,532,398
	Auto Parts & Equipment — 0.9%
475,000	Dealer Tire LLC/DT Issuer LLC, 8.00%, 2/1/28 (144A)	$ 431,349
	Total Auto Parts & Equipment	$ 431,349
	Banks — 0.5%
317,000	Freedom Mortgage Corp., 8.25%, 4/15/25 (144A)	$ 274,245
	Total Banks	$ 274,245
	Biotechnology — 0.6%
335,000	Grifols Escrow Issuer SA, 4.75%, 10/15/28 (144A)	$ 279,240
	Total Biotechnology	$ 279,240


Shares		Value
	RIGHT/WARRANT — 0.0%† of Net Assets
	Aerospace & Defense — 0.0%†
7,525(d)	Avation Plc, 1/1/59	$ —
	Total Aerospace & Defense	$ —
	TOTAL RIGHT/WARRANT
	(Cost $ —)	$ —

Face
Amount
USD ($)
	INSURANCE-LINKED SECURITIES — 0.0%†
	of Net Assets#
	Collateralized Reinsurance — 0.0%†
	Multiperil – Worldwide — 0.0%†
250,000(e)+	Cypress Re 2017, 1/31/23	$ 25
250,000(e)(f)+	Resilience Re, 5/1/23		—
		$ 25
	Total Collateralized Reinsurance	$ 25
	Reinsurance Sidecars — 0.0%†
	Multiperil – U.S. — 0.0%†
1,500,000(d)(g)+	Harambee Re 2018, 12/31/22	$	—
	Multiperil – Worldwide — 0.0%†
41,791(e)+	Berwick Re 2018-1, 12/31/22	$ 3,230
29,857(e)+	Berwick Re 2019-1, 12/31/22		3,568
1,500,000(e)+	Versutus Re 2018, 12/31/22		—
250,000(d)(g)+	Viribus Re 2018, 12/31/22		—
106,153(g)+	Viribus Re 2019, 12/31/22		754
			7,552
	Total Reinsurance Sidecars	$ 7,552
	TOTAL INSURANCE-LINKED SECURITIES
	(Cost $52,230)	$ 7,577

Shares
	SHORT TERM INVESTMENTS — 2.9% of Net Assets
	Open-End Fund — 2.9%
1,455,820(h)	Dreyfus Government Cash Management, Institutional
	Shares, 2.11%	$ 1,455,820
		$ 1,455,820
	TOTAL SHORT TERM INVESTMENTS
	(Cost $1,455,820)	$ 1,455,820


Shares		Value
	TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 97.4%
	(Cost $55,137,879)	$48,686,576
	OTHER ASSETS AND LIABILITIES — 2.6%	$ 1,283,138
	NET ASSETS — 100.0%	$49,969,714


	Acquisition
Restricted Securities	date	Cost	Value
Berwick Re 2018-1	1/29/2018	$ 6,105	$3,230
Berwick Re 2019-1	12/31/2018	3,568	3,568
Cypress Re 2017	1/24/2017	840	25
Harambee Re 2018	12/19/2017	31,843	—
Resilience Re	2/8/2017	124	—
Versutus Re 2018	12/20/2017	—	—
Viribus Re 2018	12/22/2017	9,750	—
Viribus Re 2019	3/25/2019	—	754
Total Restricted Securities			$7,577
% of Net assets			0.0%†

			Annual
Notional	Reference	Pay/	Fixed	Expiration	Premiums	Unrealized	Market
Amount ($)⁽¹⁾	Obligation/Index	Receive⁽²⁾	Rate	Date	(Received)	Appreciation	Value
8,712,000	Markit CDX North	Pay	5.00%	6/20/27	$(26,921)	$53,060	$26,139
	America High Yield
	Index Series 38
TOTAL CENTRALLY CLEARED CREDIT DEFAULT
SWAP CONTRACTS – BUY PROTECTION					$(26,921)	$53,060	$26,139
TOTAL SWAP CONTRACTS					$(26,921)	$53,060	$26,139


Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost	$ 367,281
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value	(6,968,211)
Net unrealized depreciation	$(6,600,930)

	Level 1	Level 2	Level 3	Total
Corporate Bonds	$ —	$47,223,179	$ —	$47,223,179
Right/Warrant	—*	—	—	—*
Insurance-Linked Securities
Collateralized Reinsurance
Multiperil – Worldwide	—	—	25	25
Reinsurance Sidecars
Multiperil – U.S.	—	—	—*	—*
Multiperil – Worldwide	—	—	7,552	7,552
Open-End Fund	1,455,820	—	—	1,455,820
Total Investments in Securities	$1,455,820	$47,223,179	$7,577	$48,686,576
Other Financial Instruments
Swap contracts, at value	$ —	$ 26,139	$ —	$ 26,139
Total Other Financial Instruments	$ —	$ 26,139	$ —	$ 26,139


		Insurance-
	Common	Linked
	Stocks	Securities	Total
Balance as of 8/31/21	$ 31,806	$ 113,722	$ 145,528
Realized gain (loss)⁽¹⁾	10,544	(148,443)	(137,899)
Changed in unrealized appreciation (depreciation)⁽²⁾	(6,696)	101,700	95,004
Return of capital	—	(53,741)	(53,741)
Purchases	—	—	—
Sales	(35,654)	(5,661)	(41,315)
Transfers in to Level 3*	—	—	—
Transfers out of Level 3*	—	—	—
Balance as of 8/31/22	$ —	$ 7,577	$ 7,577

ASSETS:
Investments in unaffiliated issuers, at value (cost $55,137,879)	$ 48,686,576
Foreign currencies, at value (cost $102,753)	97,949
Swaps collateral	516,887
Variation margin for centrally cleared swap contracts	15,630
Swap contracts, at value (net premiums received $26,921)	26,139
Receivables —
Investment securities sold	43,362
Fund shares sold	49,559
Interest	838,132
Due from the Adviser	5,669
Other assets	27,237
Total assets	$ 50,307,140
LIABILITIES:
Overdraft due to custodian	$ 15,567
Payables —
Fund shares repurchased	199,024
Distributions	9,736
Trustees' fees	1,425
Professional fees	67,114
Transfer agent fees	15,374
Printing fees	8,936
Due to affiliates	9,871
Accrued expenses	10,379
Total liabilities	$ 337,426
NET ASSETS:
Paid-in capital	$120,969,732
Distributable earnings (loss)	(71,000,018)
Net assets	$ 49,969,714
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $18,769,031/2,354,135 shares)	$ 7.97
Class C (based on $3,061,336/386,705 shares)	$ 7.92
Class Y (based on $28,139,347/3,511,330 shares)	$ 8.01
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $7.97 net asset value per share/100%-4.50% maximum
sales charge)	$ 8.35

INVESTMENT INCOME:
Interest from unaffiliated issuers	$ 3,622,048
Dividends from unaffiliated issuers	24,370
Total Investment Income		$ 3,646,418
EXPENSES:
Management fees	$ 300,587
Administrative expenses	30,648
Transfer agent fees
Class A	15,412
Class C	3,923
Class Y	43,965
Distribution fees
Class A	52,543
Class C	50,114
Shareowner communications expense	7,739
Custodian fees	2,979
Registration fees	64,934
Professional fees	83,943
Printing expense	68,733
Pricing fees	4,166
Trustees' fees	8,443
Miscellaneous	16,807
Total expenses		$ 754,936
Less fees waived and expenses reimbursed by the Adviser		(278,560)
Net expenses		$ 476,376
Net investment income		$ 3,170,042
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers	$ (513,168)
Swap contracts	(419,256)
Other assets and liabilities denominated in foreign
currencies	(21,778)	$ (954,202)
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers	$(8,636,375)
Swap contracts	697,199
Other assets and liabilities denominated in foreign
currencies	3,722	$(7,935,454)
Net realized and unrealized gain (loss) on investments		$(8,889,656)
Net decrease in net assets resulting from operations		$(5,719,614)

	Year	Year
	Ended	Ended
	8/31/22	8/31/21
FROM OPERATIONS:
Net investment income (loss)	$ 3,170,042	$ 4,124,528
Net realized gain (loss) on investments	(954,202)	3,504,636
Change in net unrealized appreciation (depreciation)
on investments	(7,935,454)	2,480,774
Net increase (decrease) in net assets resulting
from operations	$ (5,719,614)	$ 10,109,938
DISTRIBUTIONS TO SHAREOWNERS:
Class A* ($0.39 and $0.30 per share, respectively)	$ (943,019)	$ (611,286)
Class C* ($0.32 and $0.24 per share, respectively)	(181,668)	(225,965)
Class Y* ($0.42 and $0.33 per share, respectively)	(1,626,083)	(1,827,295)
Tax return of capital
Class A* ($— and $0.16 per share, respectively)	—	(406,019)
Class C* ($— and $0.15 per share, respectively)	—	(139,490)
Class Y* ($— and $0.16 per share, respectively)	—	(831,070)
Total distributions to shareowners	$ (2,750,770)	$ (4,041,125)
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares	$ 6,870,247	$ 8,774,554
Shares issued in Reorganization	—	97,124,435
Reinvestment of distributions	2,631,093	3,894,010
Cost of shares repurchased	(21,481,429)	(68,280,716)
Net increase (decrease) in net assets resulting
from Fund share transactions	$(11,980,089)	$ 41,512,283
Net increase (decrease) in net assets	$(20,450,473)	$ 47,581,096
NET ASSETS:
Beginning of year	$ 70,420,187	$ 22,839,091
End of year	$ 49,969,714	$ 70,420,187

		4/1/21 to	4/1/20 to
	2022	8/31/21	3/31/21
Distributions paid from:
Ordinary income	$2,750,770	$ 302,426	$4,567,102
Tax return of capital	—	1,150,162	226,417
Total	$2,750,770	$1,452,588	$4,793,519

	2022
Distributable earnings/(losses):
Undistributed ordinary income	$ 416,711
Capital loss carryforward	(64,806,063)
Other book/tax temporary differences	(9,736)
Net unrealized depreciation	(6,600,930)
Total	$(71,000,018)

Shareowner Communications:
Class A	$3,183
Class C	822
Class Y	3,734
Total	$7,739

			Foreign
Statement of Assets	Interest	Credit	Exchange	Equity	Commodity
and Liabilities	Rate Risk	Risk	Rate Risk	Risk	Risk
Assets
Swap contracts
at value	$ —	$26,139	$ —	$ —	$ —
Total Value	$ —	$26,139	$ —	$ —	$ —


	Fund (formerly,	Predecessor Fund	Fund (renamed
	Pioneer Dynamic	(Pioneer Corporate	Pioneer Corporate
	Credit Fund)	High Yield Fund)	High Yield Fund)
	(Pre-Reorganization)	(Pre-Reorganization)	(Post-Reorganization)
Net Assets
Class A	$18,835,176	$ 8,589,931	$ 27,425,107
Class C	11,054,272	836,239	11,890,511
Class Y	67,234,987	12,684,049	79,919,036
Total Net Assets	$97,124,435	$22,110,219	$119,234,654
Shares Outstanding
Class A	2,188,422	997,664*	3,186,086
Class C	1,291,533	97,692*	1,389,225
Class Y	7,770,271	1,466,357*	9,236,628

	Pre-conversion	Exchange	Post-conversion
	Shares	Ratios*	Shares*
Class A	890,984	1.1197	997,664
Class C	86,169	1.1337	97,692
Class Y	1,316,312	1.1140	1,466,357


	Exchange	Shares Issued in
	Ratio	Reorganization**
Class A	1.0000	2,188,422
Class C	1.0000	1,291,533
Class Y	1.0000	7,770,271


	Unrealized
	Appreciation/	Accumulated
	(Depreciation)	Gain/(Loss) on
	on Reorganization Date	Reorganization Date
	September 25, 2020	September 25, 2020
Fund	$ (1,009,354)	$(67,104,414)
Predecessor Fund	(337,123)	(1,181,865)

Net Investment Income (Loss)	$4,429,183
Net Realized and Unrealized Gains	3,567,729
Net increase in net assets resulting from operations	$7,996,912

Name, Age and Position	Term of Office and	Principal Occupation(s) During At Least	Other Directorships Held by Trustee
Held With the Fund	Length of Service	The Past Five Years	During At Least The Past Five Years
Thomas J. Perna (71)	Trustee since 2016.	Private investor (2004 – 2008 and 2013 – present); Chairman (2008 – 2013)	Director, Broadridge Financial
Chairman of the Board	Serves until a successor	and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. (technology	Solutions, Inc. (investor
and Trustee	trustee is elected or	products for securities lending industry); and Senior Executive Vice President,	communications and securities
	earlier retirement	The Bank of New York (financial and securities services) (1986 – 2004)	processing provider for financial
	or removal.		services industry) (2009 – present);
			Director, Quadriserv, Inc. (2005 –
			2013); and Commissioner, New
			Jersey State Civil Service
			Commission (2011 – 2015)
John E. Baumgardner,	Trustee since 2019.	Of Counsel (2019 – present), Partner (1983-2018), Sullivan &	Chairman, The Lakeville Journal
Jr. (71)*	Serves until a successor	Cromwell LLP (law firm).	Company, LLC, (privately-held
Trustee	trustee is elected or		community newspaper group)
	earlier retirement		(2015-present)
	or removal.
Diane Durnin (65)	Trustee since 2019.	Managing Director - Head of Product Strategy and Development, BNY	None
Trustee	Serves until a successor	Mellon Investment Management (investment management firm) (2012-2018);
	trustee is elected or	Vice Chairman – The Dreyfus Corporation (2005 – 2018): Executive Vice
	earlier retirement	President Head of Product, BNY Mellon Investment Management
	or removal.	(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)

Call us for:
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms	1-800-225-6292
FactFone^SMfor automated fund yields, prices,
account information and transactions	1-800-225-4321
Retirement plans information	1-800-622-0176


Our toll-free fax	1-800-225-4240
Our internet e-mail address	us.askamundi@amundi.com/us
(for general questions about Amundi only)

Visit our web site: www.amundi.com/us.


SECTION II - POLICY

SERVICE CATEGORY	SERVICE CATEGORY DESCRIPTION		SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES

I. AUDIT SERVICES	Services that are directly		o Accounting research assistance
	related to performing the		o SEC consultation, registration
	independent audit of the Funds		statements, and reporting
			o Tax accrual related matters
			o Implementation of new accounting standards
			o Compliance letters (e.g. rating agency letters)
			o Regulatory reviews and assistance
			regarding financial matters
			o Semi-annual reviews (if requested)
			o Comfort letters for closed end offerings
II. AUDIT-RELATED	Services which are not		o AICPA attest and agreed-upon procedures
SERVICES	prohibited under Rule		o Technology control assessments
	210.2-01(C)(4) (the “Rule”)		o Financial reporting control assessments
	and are related extensions of		o Enterprise security architecture
	the audit services support the		assessment
	audit, or use the knowledge/expertise
	gained from the audit procedures as a
	foundation to complete the project.
	In most cases, if the Audit-Related
	Services are not performed by the
	Audit firm, the scope of the Audit
	Services would likely increase.
	The Services are typically well-defined
	and governed by accounting
	professional standards (AICPA,
	SEC, etc.)

AUDIT COMMITTEE APPROVAL POLICY		AUDIT COMMITTEE REPORTING POLICY
o “One-time” pre-approval		o A summary of all such
for the audit period for all		services and related fees
pre-approved specific service		reported at each regularly
subcategories. Approval of the		scheduled Audit Committee
independent auditors as		meeting.
auditors for a Fund shall
constitute pre approval for
these services.

o “One-time” pre-approval		o A summary of all such
for the fund fiscal year within		services and related fees
a specified dollar limit		(including comparison to
for all pre-approved		specified dollar limits)
specific service subcategories		reported quarterly.

o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)

o Specific approval is
needed to use the Fund’s
auditors for Audit-Related
Services not denoted as
“pre-approved”, or
to add a specific service
subcategory as “pre-approved”


SERVICE CATEGORY	SERVICE CATEGORY DESCRIPTION	SPECIFIC PRE-APPROVED SERVICE
		SUBCATEGORIES
III. TAX SERVICES	Services which are not	o Tax planning and support
	prohibited by the Rule,	o Tax controversy assistance
	if an officer of the Fund	o Tax compliance, tax returns, excise
	determines that using the	tax returns and support
	Fund’s auditor to provide	o Tax opinions
	these services creates
	significant synergy in
	the form of efficiency,
	minimized disruption, or
	the ability to maintain a
	desired level of
	confidentiality.


SERVICE CATEGORY	SERVICE CATEGORY DESCRIPTION	SPECIFIC PROHIBITED SERVICE
		SUBCATEGORIES
PROHIBITED SERVICES	Services which result	1. Bookkeeping or other services
	in the auditors losing	related to the accounting records or
	independence status	financial statements of the audit
	under the Rule.	client*
		2. Financial information systems design
		and implementation*
		3. Appraisal or valuation services,
		fairness* opinions, or
		contribution-in-kind reports
		4. Actuarial services (i.e., setting
		actuarial reserves versus actuarial
		audit work)*
		5. Internal audit outsourcing services*
		6. Management functions or human
		resources
		7. Broker or dealer, investment
		advisor, or investment banking services
		8. Legal services and expert services
		unrelated to the audit
		9. Any other service that the Public
		Company Accounting Oversight Board
		determines, by regulation, is
		impermissible


AUDIT COMMITTEE APPROVAL POLICY	AUDIT COMMITTEE REPORTING POLICY
o These services are not to be	o A summary of all
performed with the exception of the(*)	services and related
services that may be permitted	fees reported at each
if they would not be subject to audit	regularly scheduled
procedures at the audit client (as	Audit Committee meeting
defined in rule 2-01(f)(4)) level	will serve as continual
the firm providing the service.	confirmation that has
	not provided any
	restricted services.