A Tax-Exempt Municipal Bond Strategy for a Time of Transition

An Experienced Approach to Seeking Tax-Free Income

Markets, the economy, and potentially tax policy, are all in transition - a backdrop that requires a nimble portfolio run by some of the industry's most experienced managers.

Diversified* in Essential Sectors The Fund invests in a nationally diverse group of investment grade municipal bonds focused on sectors essential to functioning of America, including health care, power, energy and public/private education.	Experienced Management Portfolio managers David Eurkus and Jonathan Chirunga have over 70 years of combined experience - crucial for this period of transition.	Active and Nimble approach The Fund is uniquely positioned from a resource and investment flexibility perspective. The municipal team benefits from the significant resources and views of our sizeable US Fixed Income Division. Compared to many of our larger peers, managing a relatively smaller, more flexible pool of municipal assets across multiple strategies allows us to be more nimble.

 * Diversification does not assure a profit or protect against loss.

Our Value-Oriented Investment Strategy

Strong Performance Over the Long Term

Net Expense Ratio Y 0.49% | Gross Expense Ratio Y 0.59%

The Net Expense Ratio reflects contractual expense limitations currently in effect through 5/1/2025 for Class Y Shares. There can be no assurance that Amundi US will extend the expense limitations beyond such time. Please see the prospectus and financial statements for more information.

Call 1-800-225-6292 or visit our performance page for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. Data represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors. Initial investments are subject to a $5 million investment minimum, which may be waived in some circumstances. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

Pioneer AMT-Free Municipal Fund was created on 12/13/2004 through the reorganization of SafeCo Municipal Bond Fund, the predecessor fund. The performance of the Fund’s Class A shares is the NAV performance of the predecessor fund’s Class A (inception 12/31/1996) prior to the reorganization, and has been restated to reflect differences in any applicable sales charges (but not differences in expenses). Performance for periods prior to the inception of Class Y Shares on 11/10/06 reflects the NAV performance of the Fund’s Class A Shares. The performance of Class Y Shares does not reflect differences in expenses, including the 12b-1 fees applicable to Class A Shares. Since fees for Class A Shares are generally higher than those of Class Y, the performance shown for the Class Y Shares prior to their inception would have been higher.

The BBG US Municipal Bond Index (benchmark) is a broad measure of the municipal bond market. The Morningstar Municipal National Long Category Average represents the average annual returns for municipal national long bond funds within the Morningstar universe. Indices are unmanaged and their returns assume reinvestment of dividends, and unlike Fund returns, do not reflect any fees or expenses. You cannot invest directly in an index.

The 30-day SEC Yield is based on the hypothetical annualized earnings power (investment income only) of the Fund's portfolio during the period indicated.

Fund Facts

A Word About Risk: Pioneer AMT-Free Municipal Fund

The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. The market price of securities may fluctuate when interest rates change. When interest rates rise, the prices of fixed income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed income securities in the Fund will generally rise.Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations.The value of municipal securities can be adversely affected by changes in financial condition of municipal issuers, lower revenues, and regulatory and political developments. A portion of income may be subject to local, state, federal, and/or alternative minimum tax. Capital gains, if any, are subject to a capital gains tax. At times, the Fund's investments may represent industries or sectors that are interrelated or have common risks, making them more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.

Individuals are encouraged to seek advice from their financial, legal, tax and other appropriate professionals before making any investment or financial decisions or purchasing any financial, securities or investment-related product or service, including any product or service described in these materials. Amundi US does not provide investment advice or investment recommendations.

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your financial professional or Amundi US for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus or summary prospectus and for information on any Pioneer fund, please download it from our  literature section.

Securities offered through Amundi Distributor US, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer mutual funds, Member   SIPC.   

Not FDIC insured | May lose value | No bank guarantee Amundi Asset Management US, Inc.  Form CRS         Amundi Distributor US, Inc.  Form CRS 

EXP-2023-6-2-ADID-2205544-1Y-T