As filed with the Securities and Exchange Commission on December 12, 2024

File No.: 333-[ ]

U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-14

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

(Check appropriate box or boxes)

VICTORY PORTFOLIOS IV

(Exact Name of Registrant as Specified in Charter)

15935 La Cantera Parkway

San Antonio, TX 78256

(Address of Principal Executive Office)

(800) 539-3863

(Area Code and Telephone Number)

Copy to:

Approximate Date of Proposed Public Offering: As soon as practicable after this Registration Statement becomes effective.

The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission acting pursuant to said section 8(a), may determine.

Title of Securities Being Registered: Shares of beneficial interest, $0.001 par value, each of the following series portfolios of Victory

Portfolios IV: Victory Pioneer AMT-Free Municipal Fund; Victory Pioneer Balanced Fund; Victory Pioneer Bond Fund; Victory Pioneer CAT Bond Fund; Victory Pioneer Core Equity Fund; Victory Pioneer Active Credit Fund; Victory Pioneer Disciplined Growth Fund; Victory Pioneer Disciplined Value Fund; Victory Pioneer Equity Income Fund; Victory Pioneer Equity Premium Income Fund; Victory Pioneer Floating Rate Fund; Victory Pioneer Fund; Victory Pioneer Fundamental Growth Fund; Victory Pioneer Global Equity Fund; Victory Pioneer Global Growth Fund; Victory Pioneer Global Value Fund; Victory Pioneer High Income Municipal Fund; Victory Pioneer High Yield Fund; Victory Pioneer International Equity Fund; Victory Pioneer Intrinsic Value Fund; Victory Pioneer Mid Cap Value Fund; Victory Pioneer Multi-Asset Income Fund; Victory Pioneer Multi-Asset Ultrashort Income Fund; Victory Pioneer Securitized Income Fund; Victory Pioneer Select Mid Cap Growth Fund; Victory Pioneer Short Term Income Fund; Victory Pioneer Solutions - Balanced Fund; Victory Pioneer Strategic Income Fund; and Victory Pioneer U.S. Government Money Market Fund.

No filing fee is due because an indefinite number of shares has been registered in reliance on Section 24(f) under the Investment Company Act of 1940, as amended.

The proposed Reorganizations of the Pioneer Funds are part of the larger plans to integrate the advisory businesses of Amundi US and Victory Capital in connection with the Transaction. The Reorganizations are proposed to close at approximately the same time as the Transaction.

For each Pioneer Fund, if shareholders of the Pioneer Fund approve the Plan of Reorganization described in the accompanying materials, they will become shareholders of the corresponding Victory Pioneer Fund. As noted above, the investment objective(s) of each Victory Pioneer Fund will be the same as that of the corresponding Pioneer Fund, except that, for Pioneer AMT-Free Municipal Fund, Pioneer Bond Fund and Pioneer High Yield Fund, the Acquiring Fund’s investment objective will not be fundamental and can be changed without shareholder approval. The principal investment strategies and principal risks of each Victory Pioneer Fund will be the same as those of the corresponding Pioneer Fund, except that, for Pioneer Balanced ESG Fund, Pioneer Global Sustainable Equity Fund, Pioneer Global Sustainable Growth Fund and Pioneer Global Sustainable Value Fund, the Acquiring Fund will not be required to invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities that the adviser believes adhere to “ESG criteria.” For Pioneer Balanced ESG Fund, the Acquiring Fund’s minimum allocations to equity and debt securities are lower and its maximum equity allocation is higher. Victory Capital intends to employ the Pioneer Funds’ current portfolio management teams to manage the Victory Pioneer Funds after the Reorganizations. No material change in the day-to-day portfolio management of the Pioneer Funds is expected as a result of the Reorganizations.

Victory Capital has [entered] into an expense limitation agreement with respect to each Victory Pioneer Fund. As a result of the expense limitation agreement, the net expenses associated with investing in a Victory Pioneer Fund will be no higher than, either (i) net expenses associated with investing in the corresponding Pioneer Fund after application of expense limitation arrangements currently in effect for the Pioneer Fund, if any, or (ii) net expenses of the Pioneer Fund as of the end of the most recent fiscal year end, whichever is lower, for at least three years following the Reorganizations, as described in detail in the Proxy Statement/Prospectus. If an expense limitation agreement is not continued, a Victory Pioneer Fund may experience higher net operating expenses after that date.

Each Reorganization is expected to be a “reorganization” for U.S. federal income tax purposes. Accordingly, it is generally expected that each Pioneer Fund and its shareholders will not recognize any gain or loss as a direct result of a Reorganization, as described in more detail in the Proxy Statement/Prospectus.

No sales charges or other transaction fees will be imposed on Pioneer Fund shareholders solely as a result of the Reorganizations.

[The Boards of Trustees (each a “Board” and each Board member, a “Trustee”) of the Pioneer Funds believe that, with respect to each Pioneer Fund, approval of that Pioneer Fund’s Reorganization is in the best interests of such Pioneer Fund. Accordingly, your Board recommends that you vote in favor of the Plan of Reorganization related to the proposed Reorganization of your Pioneer Fund.]

If you were a shareholder of a Pioneer Fund as of the close of business on [●], 2025, you may vote at the Meeting. You are welcome to attend the Meeting in person. Photographic identification and proof of ownership of a Pioneer Fund as of the record date will be required for admission to the Meeting. If you cannot attend in person, please vote by mail, telephone, or Internet. Just follow the instructions on the enclosed proxy card. If you have questions, please call the Pioneer Funds’ proxy solicitor toll free at [●].

Detailed information about the proposed Reorganizations and the reasons for your Board’s approval of the Plan of Reorganization are contained in the enclosed Proxy Statement/Prospectus.

Please carefully read the enclosed Proxy Statement/Prospectus. It discusses these proposals in more detail.

If you were a shareholder of an Acquired Fund as of the close of business on [●], 2025, you may vote at the Meeting. You are welcome to attend the Meeting in person. Photographic identification and proof of ownership of a Pioneer Fund as of the record date will be required for admission to the Meeting. If you cannot attend in person, please vote by mail, telephone, or Internet. Just follow the instructions on the enclosed proxy card. If you have questions, please call the Acquired Funds’ proxy solicitor toll free at [●].

It is important that you vote regardless of the number of shares that you own.

[The Board of Trustees of each Pioneer Fund recommends that you vote FOR the proposed Reorganization of your Acquired Fund.]

By order of each Board of Trustees

[____________, _________]

[●], 2025

QUESTIONS AND ANSWERS

YOUR VOTE IS VERY IMPORTANT!

[●], 2025

This is a brief overview of the reorganization proposed for your fund. We encourage you to read the full text of the enclosed Proxy Statement/Prospectus.

Q: Why am I being asked to vote?

On July 8, 2024, Victory Capital Holdings, Inc. (“Victory Holdings”), Amundi Asset Management S.A.S. (“Seller”) and, solely for certain purposes, Amundi S.A. (“Amundi Parent,” and together with Seller, the “Amundi Parties”) entered into an agreement (the “Contribution Agreement”) pursuant to which and upon the terms and subject to the conditions set forth therein, Seller will contribute to Victory Holdings all of the shares of its subsidiary, Amundi Holdings US, Inc. (“Amundi Holdings”) (the “Transaction”). Amundi Holdings owns Amundi Asset Management US, Inc. (“Amundi US”), the investment adviser to the Pioneer Funds, and Amundi Distributor US, Inc., distributor of the Pioneer Funds. The closing of the Transaction is expected to occur [●], subject to customary closing conditions, including regulatory approvals and client consents. Upon the closing of the Transaction, all of the portfolio managers of Amundi US are expected to become employees of Victory Capital Management Inc. (“Victory Capital”), a subsidiary of Victory Holdings and the investment adviser for the Victory Pioneer Funds, and the respective portfolio managers of the Pioneer Funds are expected to be portfolio managers of the corresponding Victory Pioneer Funds immediately following the closing of the Transaction. The fund reorganizations detailed in the enclosed materials are being proposed as part of the plans to integrate the investment advisory businesses of Amundi US and Victory Capital in connection with the Transaction.

Mutual funds are required to seek shareholder approval for certain kinds of transactions, including the proposed Reorganizations described in the enclosed Proxy Statement/Prospectus. As a shareholder of one or more of the Acquired Funds, you are being asked to vote on a reorganization involving your Acquired Fund.

Q: What is a fund reorganization?

A fund reorganization involves one fund (referred to in this Proxy Statement/Prospectus as the “Acquired Fund”) transferring all of its assets to another fund (referred to in this Proxy Statement/Prospectus as the “Acquiring Fund”) in exchange for shares of the Acquiring Fund and the Acquiring Fund’s assumption of the Acquired Fund’s liabilities, followed by the distribution by the Acquired Fund of such Acquiring Fund shares to the Acquired Fund shareholders, and ultimately the termination, dissolution and complete liquidation of the Acquired Fund. Following the fund reorganization, shareholders of an Acquired Fund will be shareholders of the corresponding Acquiring Fund and will hold the same aggregate value of shares of the Acquiring Fund as they held in the Acquired Fund prior to the reorganization.

Q: Is my vote important?

Yes, absolutely! [While the Boards of Trustees (each, a “Board” and each Board member, a “Trustee”) of each of the Pioneer Funds has carefully reviewed the proposed reorganization for your Acquired Fund and recommend that you approve it, the proposal cannot go forward for your Acquired Fund without the approval of shareholders of your Acquired Fund.] The Acquired Funds will continue to contact shareholders asking them to vote until it is sure that a quorum will be reached in order for a vote on the proposal to be taken/the proposal has been approved.

Q: Who manages the Acquiring Funds?

[Victory Capital manages the Acquiring Funds.] Victory Capital is a diversified global asset management firm with total client assets of $181.1 billion, assets under management of $176.1 billion and other assets of $5.0 billion as of September 30, 2024. Victory Capital operates a next-generation business model combining boutique investment qualities with the benefits of an integrated, centralized operating and distribution platform.

Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors with 11 autonomous Investment Franchises and a Solutions Platform. Victory Capital offers a

FAQ-1

When the Reorganization occurs, each Acquired Fund shareholder will become a shareholder of the corresponding Acquiring Fund. Each Acquired Fund will transfer all of its assets to its corresponding Acquiring Fund in exchange solely for shares of beneficial interest of the corresponding Acquiring Fund and the assumption by the Acquiring Fund of the corresponding Acquired Fund’s liabilities in complete liquidation of the Acquired Fund. The shares of the Acquiring Fund that you receive immediately following the Reorganization will have a total net asset value equal to the total net asset value of the shares you held in the corresponding Acquired Fund as of the closing date of the Reorganization, as determined pursuant to the Acquiring Funds’ valuation procedures. The valuation procedures of the Acquired Funds and the Acquiring Funds are substantially the same.

We encourage you to read the full text of the enclosed Proxy Statement/Prospectus to obtain a more detailed understanding of the matters relating to each proposed Reorganization.

Q: How will the Reorganizations benefit the Acquired Funds and their shareholders?

Victory Capital and Amundi US believe the Reorganizations will benefit the Acquired Funds and their shareholders. Victory Capital and Amundi US expect that the Reorganizations will offer each Acquired Fund and its shareholders, among other things:

•the continued ability to benefit from the expertise of the same portfolio managers currently managing the Acquired Fund;

•opportunities for increased asset growth and economies of scale that, over the long-term, could result from the combined distribution capabilities of the new organization expected to result from the Transaction;

•anticipated total operating expenses for all classes of shares that, on a net basis under a contractual expense limitation agreement with Victory Capital (the “Victory Expense Limitation Agreement”), are expected to be no higher than, either (i) net expenses associated with investing in the Acquired Fund after application of expense limitation arrangements currently in effect for the Acquired Fund, if any, or (ii) net expense for the Acquired Fund as of the end of the most recent fiscal year end, whichever is lower, for at least three years following the Reorganizations; and

•the potential to spread certain fixed costs over a larger combined asset base of the Victory Funds Complex, which has the potential to result in a reduction in the per share expenses paid by shareholders of the Acquiring Funds over the longer term.

Q:Will there be any changes to an Acquired Fund’s investment program or portfolio management team as a result of the Reorganizations?

Except as noted below, no.

FAQ-3

Immediately after the Reorganizations, Victory Capital expects to employ the Acquired Funds’ current portfolio management team to manage the Acquiring Funds in accordance with the same investment objective(s) and principal investment strategies. Victory Capital expects that each Acquiring Fund will be subject to substantially similar principal risks as the corresponding Acquired Fund.

No material change in the investment program or change in the day-to-day portfolio management of the Acquired Funds is expected as a result of the Reorganizations.

For each of the Victory Pioneer Balanced Fund, Victory Pioneer Global Equity Fund, Victory Pioneer Global Growth Fund and Victory Pioneer Global Value Fund, Acquiring Funds of, respectively, the Pioneer Balanced ESG Fund, Pioneer Global Sustainable Equity Fund, Pioneer Global Sustainable Growth Fund and Pioneer Global Sustainable Value Fund, each Fund (unlike its corresponding Acquired Fund) will not be required to invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities that the adviser believes adhere to “ESG criteria,” as defined in the Acquired Fund’s prospectus. Also, for Victory Pioneer Balanced ESG Fund, the Fund’s minimum allocations to equity and debt securities are lower and its maximum equity allocation is higher, and there are differences in the applicable ESG criteria. Victory Pioneer Fund will also not be subject to certain ESG-related restrictions to which Pioneer Fund is subject.

For each of the Victory Pioneer AMT-Free Municipal Fund, Victory Pioneer Bond Fund and Victory Pioneer High Yield Fund, Acquiring Funds of, respectively, the Pioneer AMT-Free Municipal Fund, Pioneer Bond Fund and Pioneer High Yield Fund, each Fund (unlike its corresponding Acquired Fund) will not have a so-called “fundamental” investment objective. An investment objective is “fundamental” if it cannot be changed without shareholder approval. Shareholders of each Acquiring Fund will, however, be provided with at least 30 days’ written notice prior to implementing any changes to these investment objectives.

Q:Will there be any changes to the options or services associated with my shareholder account as a result of the Reorganizations?

Yes. Most account-level features and options, such as dividend distributions, dividend diversification, automatic investment plans and systematic withdrawals will automatically carry over from accounts in each Acquired Fund to accounts in the corresponding Acquiring Fund. However, there are some differences, including that the exchange privilege will be limited to exchanges among the Acquiring Funds and will not be available for exchanges among the broader family of Victory funds immediately following the Reorganizations and for so long as the Acquiring Funds and the other Victory funds maintain different transfer agents.

Q:Are there any other significant differences in the management of the Acquired Funds and the Acquiring Funds?

The investment advisory services to be provided by Victory Capital to the Acquiring Funds under the Acquiring Funds’ investment advisory agreement are similar to the investment advisory services provided by Amundi US to the Acquired Funds under the Acquired Funds’ investment advisory agreement.

The distribution services to be provided by Victory Capital Services, Inc. to the Acquiring Funds under the Acquiring Funds’ distribution agreement are similar to the distribution services provided by Amundi Distributor US, Inc. to the Acquired Funds under the Acquired Funds’ distribution agreement.

The accounting, administration and legal services to be provided by Victory Capital to the Acquiring Funds under the Acquiring Funds’ administration agreement are similar to the accounting, administration and legal services provided by Amundi US to the Acquired Funds under the Acquired Funds’ administration agreement.

Q: How will the Reorganizations work?

The Reorganizations provide that each Acquired Fund will transfer all its assets to the corresponding Acquiring Fund in exchange for shares of the corresponding Acquiring Fund as follows:

FAQ-4

Each Acquiring Fund will assume all of the liabilities of the Acquired Fund. Under the Reorganizations, each Acquired Fund will distribute the Acquiring Fund shares pro rata to its shareholders in cancellation of such shareholders’ proportional interests in the Acquired Fund. Each Acquired Fund will then terminate, dissolve and completely liquidate.

Class A Shares

Class A shareholders of an Acquired Fund that pursues an equity investment strategy will become Class A shareholders of the corresponding Acquiring Fund that pursues an equity investment strategy. Class A shares of the Acquired Funds that pursue an equity investment strategy and Class A shares of the Acquiring Funds that pursue an equity investment strategy have similar characteristics and differ as described below:

Class A shareholders of an Acquired Fund that pursues a fixed income investment strategy will become Class A shareholders of the corresponding Acquiring Fund that pursues a fixed income investment strategy. Class A shares of the Acquired Funds that pursue a fixed income investment strategy and Class A shares of the Acquiring Funds that pursue a fixed income investment strategy have similar characteristics and differ as described below, excluding Class A shares of Pioneer Short Term Income Fund, Pioneer Multi-Asset Ultrashort Income Fund and Pioneer U.S. Government Money Market Fund and their corresponding Acquiring Funds, which do not have a sales charge or CDSC. The 12b-1 fee for the Pioneer Short Term Income Fund and Pioneer Multi-Asset Ultrashort Income Fund and their corresponding Acquiring Funds is up to 0.20% of average daily net assets and up to 0.15% of average daily net assets for Pioneer U.S. Government Money Market Fund and its corresponding Acquiring Fund.

See Exhibit D for more information about Acquired Fund and Acquiring Fund Class A shares.

FAQ-6

Class C Shares

Class C shares of the Acquired Funds and Class C shares of the Acquiring Funds have similar characteristics and differ as described below, excluding Class C shares of Pioneer Multi-Asset Ultrashort Income Fund and Pioneer Short Term Income Fund and their corresponding Acquiring Funds, which do not have a CDSC. The 12b-1 fee for Pioneer Multi-Asset Ultrashort Income Fund and Pioneer Short Term Income Fund and their corresponding Acquiring Funds is up to 0.50% of average daily net assets.

See Exhibit D for more information about Acquired Fund and Acquiring Fund Class C shares.

Class C2 Shares

Class C2 shares of Pioneer Multi-Asset Ultrashort Income Fund and Pioneer Short Term Income Fund and Class C shares of the corresponding Acquiring Funds have similar characteristics and differ as described below:

Victory Capital; or investment advisors, consultants, broker-dealers and other financial intermediaries investing for their own accounts or for the accounts of their immediate family members.

See Exhibit D for more information about Acquired Fund and Acquiring Fund Class Y shares.

Expense Limitation Arrangements

For at least three years following the Reorganizations, Victory Capital has agreed to limit the operating expenses associated with investing in Classes A, C, R6, R and Y shares of the Acquiring Fund to a level that is no higher than, either (i) net expenses associated with investing in the corresponding Acquired Fund after application of expense limitation arrangements currently in effect for the Acquired Fund, if any, associated with investing in Class A, Class C2, Class K, Class R or Class Y shares, respectively, of the corresponding Acquired Fund or (ii) net expenses associated with investing in Class A, Class C2, Class K, Class R or Class Y shares, respectively, of the corresponding Acquired Fund as of the end of the most recent fiscal year end, whichever is lower. An Acquiring Fund may experience higher net operating expenses if the Victory Expense Limitation Agreement is not continued after that three year period.

Q: Are there direct costs or tax consequences associated with the Reorganizations?

No. All of the costs and expenses associated with the Reorganizations will be borne by Victory Capital and an affiliate of Amundi US and not by the shareholders of the Funds. For the avoidance of doubt, none of the Acquired Funds nor their shareholders will bear any costs or expenses in connection with the Reorganizations, without regard to whether the Reorganization is approved by shareholders or completed. Each Reorganization is expected to be a “reorganization” for U.S. federal income tax purposes. Accordingly, it is generally expected that each Acquired Fund and its shareholders will not recognize gain or loss as a direct result of a Reorganization, as described in more detail in the section entitled “Material U.S. Federal Income Tax Consequences of the Reorganizations.” Each of Pioneer Equity Premium Income Fund, Pioneer Global Sustainable Equity Fund, Pioneer Global Sustainable Value Fund, Pioneer High Yield Fund, Pioneer International Equity Fund, Pioneer Multi-Asset Income Fund and Pioneer Strategic Income Fund owns certain securities that may be restricted as to transfer due to sanctions imposed by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) (the “Residual Restricted Securities”). Each of Pioneer Equity Premium Income Fund, Pioneer Global Sustainable Equity Fund, Pioneer Global Sustainable Value Fund, Pioneer High Yield Fund, Pioneer International Equity Fund, Pioneer Multi-Asset Income Fund and Pioneer Strategic Income Fund is expected to engage in alternative transaction steps that are intended to allow for the Reorganization of such Acquired Fund to be completed in compliance with the sanctions. Each such Reorganization effected under these alternative transaction steps is nevertheless expected to be a “reorganization” for U.S. federal income tax purposes. You are urged to consult with your tax advisor concerning the tax consequences of the Reorganizations.

Q: If approved, when will the Reorganizations happen?

The Reorganizations will take place as soon as practicable following shareholder approval of each Reorganization, subject to satisfaction of customary closing conditions, including that the Transaction involving Victory Capital and Amundi US proceeds to close. The closing of the Transaction is also subject to customary closing conditions, including regulatory approvals and the consent of clients (including the Acquired Funds). The Transaction is expected to be completed on or about [●], and the Reorganizations are proposed to close generally concurrently with the close of the Transaction.

Q: What will happen if a Reorganization is not approved?

Approval and closing of one Reorganization is not conditioned upon the approval and closing of any other Reorganization, but the closing of each Reorganization is conditioned upon closing of the Transaction by Victory Capital and Amundi US. Since the Transaction is conditioned upon, among other things, obtaining the consent of clients (including the Acquired Funds), even if an Acquired Fund’s shareholders approve a Reorganization, the

FAQ-10

Transaction may not close if other clients do not consent or other conditions are not met. While Victory Holdings has received sufficient approval of the Transaction from Victory Holdings shareholders, if the Transaction does not close, none of the Reorganizations will take place and the Acquired Funds will continue to operate with Amundi US as their investment adviser.

If the shareholders of an Acquired Fund have not approved the Reorganization and the parties to the Transaction proceed to close the Transaction, then the Acquired Fund’s existing investment advisory agreement with Amundi US will terminate by its terms and in accordance with the Investment Company Act of 1940, as amended (the “1940 Act”). At that point, the Board of such Acquired Fund may take any further action it deems to be in the best interest of the Acquired Fund and its shareholders. The Contribution Agreement provides for an interim advisory agreement with Victory Capital to permit additional time to solicit shareholder approval of the Reorganization.

Q: How does my Board recommend that I vote?

[After careful consideration, your Board recommends that you vote FOR the Reorganization of your Acquired Fund.

For a summary of your Board’s considerations in evaluating the Reorganizations, please see the accompanying Proxy Statement/Prospectus.]

Q: How can I vote?

You can vote in one of four ways:

•By telephone (call the toll free number listed on your proxy card)

•By Internet (log on to the Internet site listed on your proxy card)

•By mail (using the enclosed postage prepaid envelope)

•In person at the shareholder meeting scheduled to occur at the offices of Morgan, Lewis & Bockius LLP, One Federal Street, Boston, Massachusetts 02110 on [●]

Photographic identification and proof of ownership of a Pioneer Fund as of the record date will be required for admission to the Meeting. The deadline for voting by telephone or Internet is close of business on [●]. We encourage you to vote as soon as possible to avoid the cost of additional solicitation efforts. Please refer to the enclosed proxy card for instructions for voting by telephone, Internet or mail.

Q: Whom should I call if I have questions?

If you have questions about any of the proposals described in the Proxy Statement/Prospectus or about voting procedures, please call the Acquired Funds’ proxy solicitor, [●] (“[●]”) toll free at [●]. You may obtain a copy of each Acquired Fund’s annual report for its most recent fiscal year end, without charge. Please direct any such requests by e-mail to [●], by telephone to [●], by writing to Amundi US at 60 State Street, Boston, Massachusetts 02109 or by visiting https://www.amundi.com/usinvestors/Products/Mutual-Fund.

FAQ-11

The proposals will be considered by shareholders who owned shares of the Acquired Funds on [●], 2025 at a meeting of shareholders (with any adjournment or postponement, the “Meeting”) that will be held at [10:00] a.m. EST on [●], 2025, at the offices of Morgan, Lewis & Bockius LLP, One Federal Street, Boston, Massachusetts 02110. Each of the Acquired Funds and the Acquiring Funds (each a “Fund” and collectively, the “Funds”) is a registered open-end management investment company.

[The Boards of Trustees (each, a “Board” and each Board member, a “Trustee”) of each of the Pioneer Funds, after careful consideration, voted to approve the proposed reorganizations of the Acquired Funds and the submission of the Plan of Reorganization to shareholders of each Acquired Fund at the Meeting. Although your Board recommends that the shareholders of each Acquired Fund approve the Reorganization of such Acquired Fund into the corresponding Acquiring Fund pursuant to the Plan of Reorganization, the final decision whether to approve the

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Reorganization is up to you.] The Reorganization of an Acquired Fund is not conditioned upon the Reorganization of any other Acquired Fund. Accordingly, if shareholders of your Acquired Fund approve its Reorganization, but shareholders of another Acquired Fund do not approve such other Acquired Fund’s Reorganization, assuming all other conditions to closing of its Reorganization have been satisfied, it is expected that the Reorganization of your Acquired Fund will take place as described in this Proxy Statement/Prospectus. [If shareholders of any Acquired Fund fail to approve its Reorganization, the Board of that Acquired Fund will consider what other actions may be appropriate.]

Where to Get More Information

Exhibit H includes a list of documents that have been filed with the Securities and Exchange Commission (the “SEC”), each of which is incorporated into this Proxy Statement/Prospectus by reference.

For a free copy of any of the documents and/or to ask questions about this Proxy Statement/Prospectus, please call your Acquired Fund’s proxy solicitor toll free at [●].

Additional information contained in a Statement of Additional Information (“SAI”) relating to this Proxy Statement/Prospectus, as required by the SEC, is on file with the SEC. The SAI is also available without charge, upon request by calling the toll-free number set forth above for the Pioneer Funds or by writing to Amundi US at the address set forth above. The SAI, dated [●], is incorporated by reference into this Proxy Statement/Prospectus.

Each of the Funds is subject to the information requirements of the Securities Exchange Act of 1934, as amended, and the 1940 Act, and files or will file reports, proxy statement/prospectus materials and other information with the SEC. These reports, proxy statement/prospectus materials and other information are or will be available on the EDGAR Database on the SEC’s website at http://www.sec.gov. Copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

Please note that investments in the Funds are not bank deposits, are not federally insured, are not guaranteed by any bank or government agency and may lose value. There is no assurance that any Fund will achieve its investment objective.

As with all mutual funds, the SEC has not approved or disapproved these securities or passed on the adequacy of this Proxy Statement/Prospectus. Any representation to the contrary is a criminal offense.

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Reorganization of Pioneer Active Credit Fund (formerly Pioneer Corporate High Yield Fund) into Victory Pioneer

Reorganization of Pioneer Multi-Asset Ultrashort Income Fund into Victory Pioneer Multi-Asset Ultrashort Income

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SUMMARY OF REORGANIZATION PROPOSAL

This Proxy Statement/Prospectus is being used by each Acquired Fund to solicit proxies to vote at the Meeting. Shareholders of each Acquired Fund will consider a proposal to approve the Plan of Reorganization providing for the Reorganization, pursuant to which their Acquired Fund will be reorganized into the corresponding Acquiring Fund. A form of the Plan of Reorganization is included at Exhibit A.

The following is a summary. More complete information appears later in this Proxy Statement/Prospectus. You should carefully read the entire Proxy Statement/Prospectus and the exhibits because they contain details that are not included in this summary.

How Each Reorganization Will Work

With respect to each Acquired Fund, if the Reorganization is approved by the Acquired Fund’s shareholders and all other closing conditions have been satisfied:

•The Acquired Fund will transfer all of its assets to the corresponding Acquiring Fund in exchange for shares of the corresponding Acquiring Fund (the “Reorganization Shares”) and the assumption by the corresponding Acquiring Fund of all of the Acquired Fund’s liabilities.

•The Acquiring Fund will issue Reorganization Shares with an aggregate net asset value equal to the aggregate value of the assets that it receives from the corresponding Acquired Fund, less the liabilities it assumes from the corresponding Acquired Fund. The shares of the Acquiring Fund that you receive immediately following the Reorganization will have a total net asset value equal to the total net asset value of the shares you held in the corresponding Acquired Fund as of the closing date of the Reorganization, as determined pursuant to the Acquiring Funds’ valuation procedures. The valuation procedures of the Acquired Funds and the Acquiring Funds are substantially the same. Each Acquired Fund will then terminate, dissolve and completely liquidate. Assets held by each Acquired Fund for which no market quotation is readily available will be fair valued in good faith in a manner consistent with the Acquiring Fund’s valuation procedures at the time of the Reorganization.

•No sales charges (including CDSC) will be imposed on the shares of the Acquiring Funds issued in connection with the Reorganizations.

•All of the costs and expenses associated with the Reorganizations will be borne by Victory Capital and an affiliate of Amundi US and not by the shareholders of the Funds. For the avoidance of doubt, none of the Acquired Funds nor their shareholders will bear any costs or expenses in connection with the Reorganizations.

•The Reorganization is expected to be a “reorganization” for U.S. federal income tax purposes. Accordingly, it is generally expected that the Acquired Fund and its shareholders will not recognize gain or loss as a direct result of the Reorganization, as described in more detail in the section entitled “Material U.S. Federal Income Tax Consequences of the Reorganizations.” You are urged to consult with your tax advisor concerning the tax consequences of the Reorganizations.

•After the Reorganization is completed, the Acquired Fund’s shareholders will be shareholders of the corresponding Acquiring Fund, and the Acquired Fund will be dissolved or, in the case of each of Pioneer Equity Premium Income Fund, Pioneer Global Sustainable Equity Fund, Pioneer Global Sustainable Value Fund, Pioneer High Yield Fund, Pioneer International Equity Fund, Pioneer Multi-Asset Income Fund and Pioneer Strategic Income Fund, will become a wholly owned subsidiary of the corresponding Acquiring Fund.

Comparison of Acquired Funds and Acquiring Funds

•Each Acquired Fund and its corresponding Acquiring Fund share the same objective(s), except that, for Pioneer AMT-Free Municipal Fund, Pioneer Bond Fund and Pioneer High Yield Fund, the Acquiring Fund’s investment objective will not be fundamental and can be changed without shareholder approval. Each Acquired Fund and its corresponding Acquiring Fund share the same principal investment strategies and principal risks, except that, for Pioneer Balanced ESG Fund, Pioneer Global Sustainable Equity Fund, Pioneer Global Sustainable Growth

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Fund and Pioneer Global Sustainable Value Fund, the Acquiring Fund will not be required to invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities that the adviser believes adhere to “ESG criteria.” For Pioneer Balanced ESG Fund, the Acquiring Fund’s minimum allocations to equity and debt securities are lower and its maximum equity allocation is higher, and there are differences in ESG criteria. Victory Pioneer Fund will also not be subject to certain ESG-related restrictions to which Pioneer Fund is subject.

•The Reorganizations contemplate that, except for, with respect to certain Acquired Funds, Class C2, Class K and Class R shares of such Acquired Funds, the share classes of each Acquired Fund will be reorganized into the corresponding share classes of the Acquiring Funds with the same designation. For Acquired Funds that offer Class K shares, such Class K shares will be reorganized into Class R6 shares of the corresponding Acquiring Fund. For Acquired Funds that offer Class C2 shares, such Class C2 shares will be reorganized into Class C shares of the corresponding Acquiring Fund. For Acquired Funds that offer Class R shares, such Class R shares will be reorganized into Class A shares of the corresponding Acquiring Fund, except that Class R shares of each of the Pioneer Fund, Pioneer Fundamental Growth Fund, Pioneer Bond Fund, Pioneer Equity Income Fund and Pioneer Strategic Income Fund will be reorganized into Class R shares of the corresponding Acquiring Fund. Each Acquiring Fund share class offers similar distribution and/or shareholder servicing (Rule 12b-1) fees, investor eligibility requirements and other features as the corresponding class of Acquired Funds.

•The Acquired Funds and the Acquiring Funds have similar policies for buying and selling shares and similar exchange rights.

•The Acquired Funds and the Acquiring Funds have similar policies with respect to dividends and distributions.

•[With respect to each Acquiring Fund, the advisory fee will be identical to the advisory fee applicable to the corresponding Acquired Fund.]

Class A, C, C2 and R shares – Rule 12b-1 Fees

•[Except for Pioneer Multi-Asset Ultrashort Income Fund, Pioneer Short Term Income Fund and Pioneer U.S. Government Money Market Fund and their corresponding Acquiring Funds, where offered: Class A shares of both the Acquired Funds and Acquiring Funds are subject to distribution and service (Rule 12b-1) fees equal to an annual rate of up to 0.25% of a Fund’s average daily net assets of its Class A shares; Class C shares of both the Acquired Funds and Acquiring Funds are subject to distribution and service (Rule 12b-1) fees equal to an annual rate of up to 1.00% of a Fund’s average daily net assets of its Class C shares; and Class R shares of both the Acquired Funds and Acquiring Funds are subject to distribution and service (Rule 12b-1) fees equal to an annual rate of up to 0.50% of a Fund’s average daily net assets of its Class R shares. For Pioneer Multi-Asset Ultrashort Income Fund and Pioneer Short Term Income and their corresponding Acquiring Funds: Class A shares of both the Acquired Funds and Acquiring Funds are subject to distribution and service (Rule 12b-1) fees equal to an annual rate of up to 0.20% of a Fund’s average daily net assets of its Class A shares; Class C shares of both the Acquired Funds and Acquiring Funds and Class C2 shares of the Acquired Funds are subject to distribution and service (Rule 12b-1) fees equal to an annual rate of up to 0.50% of a Fund’s average daily net assets of its Class C and C2 shares; and Class R shares of both the Acquired Funds and Acquiring Funds do not pay any distribution or shareholder servicing (Rule 12b-1) fees. For Pioneer U.S. Government Money Market Fund and its corresponding Acquiring Fund: Class A shares are subject to distribution and service (Rule 12b-1) fees equal to an annual rate of up to 0.15% of a Fund’s average daily net assets of its Class A shares and Class R shares are subject to distribution and service (Rule 12b-1) fees equal to an annual rate of up to 0.50% of a Fund’s average daily net assets of its Class R shares.]

Because distribution and/or shareholder servicing (Rule 12b-1) fees are paid out of the applicable share class’s assets on an on-going basis, over time these fees will increase the cost of an investment and may cost a holder of such shares more than paying other types of sales charges.

Class R shares – Service Plan

•[Class R shares of both the Acquired Funds and Acquiring Funds are subject to a service fee equal to an annual rate of up to 0.25% of a Fund’s average daily net assets of its Class R shares.]

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Class K and R6 shares – Rule 12b-1 Fees

•[Class K shares of the Acquired Funds do not pay any distribution or shareholder servicing (Rule 12b-1) fees. Similarly, Class R6 shares of the Acquiring Funds do not pay any distribution or shareholder servicing (Rule 12b-1) fees.]

Class Y shares – Rule 12b-1 Fees

•Class Y shares of both the Acquired Funds and Acquiring Funds do not pay any distribution or shareholder servicing (Rule 12b-1) fees.

Expense Limitations for Acquiring Fund Classes

•[Contractual fees and expenses relating to the operations of the Acquiring Funds, such as custody and administration costs, are expected to be substantially similar as those applicable to the operations of the Acquired Funds, although [certain expenses such as cost related to fund administration and accounting are initially expected to be higher]. Other categories of fees and expenses, such as blue-sky registration costs, brokerage commissions and audit expenses, are not expected to differ materially between the Acquiring Funds and Acquired Funds. Victory Capital has informed the Board of each of the Acquired Funds that it will look for opportunities to achieve economies of scale through consolidation of the service providers to the Acquiring Funds and the other mutual funds managed by Victory Capital.]

•For at least three years following the Reorganizations, Victory Capital has agreed to cap the expenses associated with investing in Class A, Class C, Class R6, Class R and Class Y shares of each Acquiring Fund at a level that is no higher than, either (i) net expenses associated with investing in the Acquired Fund after application of expense limitation arrangements currently in effect for the Acquired Fund, if any, associated with investing in Class A, Class C2, Class K, Class R or Class Y shares, respectively, of the corresponding Acquired Fund or (ii) net expenses associated with investing in Class A, Class C2, Class K, Class R or Class Y shares, respectively, of the corresponding Acquired Fund as of the end of the most recent fiscal year end, whichever is lower. Following that three-year period, the expenses associated with investing in an Acquiring Fund may increase if the Victory Expense Limitation Agreement is not renewed. [For each Acquiring Fund, under the terms of the Victory Expense Limitation Agreement, Victory Capital may recoup waived advisory fees and reimbursed expenses with respect to the Acquiring Fund for up to three years after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount.]

U.S. Federal Income Tax Consequences

Each Reorganization is expected to be a “reorganization” for U.S. federal income tax purposes and will not take place unless the Acquired Fund and the corresponding Acquiring Fund receive an opinion from Sidley Austin LLP substantially to that effect, as described in more detail in the section entitled “Material U.S. Federal Income Tax Consequences of the Reorganizations.” Accordingly, no gain or loss is generally expected to be recognized by the Acquired Fund or its shareholders as a direct result of its Reorganization. Each of Pioneer Equity Premium Income Fund, Pioneer Global Sustainable Equity Fund, Pioneer Global Sustainable Value Fund, Pioneer High Yield Fund, Pioneer International Equity Fund, Pioneer Multi-Asset Income Fund and Pioneer Strategic Income Fund owns Residual Restricted Securities. Each of those Acquired Funds is expected to engage in alternative transaction steps that are intended to allow for the Reorganization of such Acquired Fund to be completed in compliance with the sanctions. Each Reorganization effectuated under these alternative transaction steps is nevertheless expected to be a “reorganization” for U.S. federal income tax purposes. An opinion of counsel is not binding on the Internal Revenue Service (the “IRS”) or any court and thus does not preclude the IRS from asserting, or a court from rendering, a contrary position.

At any time prior to a Reorganization, a shareholder may redeem shares of an Acquired Fund. Any such redemption is expected to be a taxable transaction to shareholders (other than shareholders in tax-deferred arrangements), with such a shareholder recognizing taxable gain or loss equal to the difference between the tax basis in its Acquired Fund shares and the amount of cash or the value of other property received.

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For more information about the U.S. federal income tax consequences of the Reorganizations, see the section entitled “Material U.S. Federal Income Tax Consequences of the Reorganizations.”

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COMPARISON OF ACQUIRED FUNDS AND ACQUIRING FUNDS — ALL REORGANIZATIONS

Fees and Expenses. Set forth below is a comparison of each Acquired Fund’s and each Acquiring Fund’s fees and expenses. The tables below describe the fees and expenses that you may pay if you buy and hold shares of an Acquired Fund or the corresponding Acquiring Fund. The information shown is based on the most recent fiscal year end of each Acquired Fund (or, in the case of the Acquiring Funds, on a pro forma basis), as if each Reorganization had been consummated the prior year. For each Acquiring Fund, only pro forma information is provided since each Acquiring Fund will not commence operations until its Reorganization is completed. Pro forma information reflects estimated expenses that the Acquiring Fund would expect to bear in the current fiscal year had the Reorganization occurred, which may differ from the “Other Expenses” of the Acquired Fund. Actual expenses for an Acquiring Fund may differ from those shown.

The fees and expenses shown below reflect the application of any contractual expense limitation agreement in place for a Fund. As previously noted, pursuant to the Victory Expense Limitation Agreement, Victory Capital has contractually agreed to limit expenses and/or waive fees for each Acquiring Fund so that, for at least a three-year period following the Reorganization, such that the Acquiring Fund’s total net expenses will not exceed either (i) net expenses associated with investing in the corresponding Acquired Fund after application of expense limitation arrangements currently in effect for the Acquired Fund, if any, or (ii) net expenses of the Acquired Fund as of the end of the most recent fiscal year end, whichever is lower. If a Victory Expense Limitation Agreement is not renewed after that three-year period on the same terms, the applicable Acquiring Fund may experience higher net operating expenses.

[Under the terms of the Victory Expense Limitation Agreement, Victory Capital may recoup waived advisory fees and reimbursed expenses with respect to the Acquiring Funds for up to three years after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. Any recoupment will not cause an Acquiring Fund to exceed any operating expense limit in effect at the time of the recoupment.]

All of the costs and expenses associated with the Reorganizations will be borne by Victory Capital and an affiliate of Amundi US and not by the shareholders of the Funds. For the avoidance of doubt, none of the Acquired Funds nor their shareholders will bear any costs or expenses in connection with the Reorganizations.

Investment Objective(s), Principal Investment Strategies, Principal Risks, Management Team, and Performance. Also set forth below, for each Reorganization, is a comparison of the Acquired Fund’s and the corresponding Acquiring Fund’s investment objective(s), principal investment strategies, and principal risks, as well as information about the Fund’s portfolio management team. The following information is applicable to each of the Reorganizations:

•Amundi US is the investment adviser to the Acquired Funds; [Victory Capital is the investment adviser to the Acquiring Funds.]

•The investment objective(s) of each Acquiring Fund is the same as that of its corresponding Acquired Fund. Similarly, the principal investment strategies and principal risks of each Acquiring Fund are the same as those of the corresponding Acquired Fund, except that, for Pioneer Balanced ESG Fund, Pioneer Global Sustainable Equity Fund, Pioneer Global Sustainable Growth Fund and Pioneer Global Sustainable Value Fund, the Acquiring Fund will not be required to invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities that the adviser believes adhere to “ESG criteria.” Also, for Pioneer Balanced ESG Fund, the Acquiring Fund’s minimum allocations to equity and debt securities are lower and its maximum equity allocation is higher, and there are differences in ESG criteria. Victory Pioneer Fund will also not be subject to certain ESG-related restrictions to which Pioneer Fund is subject. Please see below and Exhibit D for additional information about each Acquiring Fund’s investment strategies.

•Except with respect to the investment objectives of Pioneer AMT-Free Municipal Fund, Pioneer Bond Fund and Pioneer High Yield Fund, the Acquiring Funds are subject to fundamental investment policies that are substantially the same as those that apply to the Acquired Funds. A “fundamental” investment

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policy is one that may not be changed without a shareholder vote. The Acquiring Funds’ investment restrictions are stated under the caption “Fundamental Investment Restrictions” in the SAI relating to this Proxy Statement/Prospectus. The investment objectives of Pioneer AMT-Free Municipal Fund, Pioneer Bond Fund and Pioneer High Yield Fund are currently fundamental, whereas the investment objectives of the corresponding Acquiring Funds will not be fundamental and can be changed without shareholder approval.

•For a discussion of each Acquired Fund’s performance, see the most recent shareholder reports of the Pioneer Funds. Past performance is no guarantee of future results. Because the Acquiring Funds have not commenced operations prior to the date of this Proxy Statement/Prospectus, no performance information is available. Since the Acquired Funds will be considered the accounting survivors of the Reorganizations, each Acquiring Fund is expected to assume the performance history of its corresponding Acquired Fund at the closing of its respective Reorganization.

Reorganization of Pioneer AMT-Free Municipal Fund into Victory Pioneer AMT-Free Municipal Fund Comparison of Current and Pro Forma Expenses

Shareholder Fees (fees paid directly from your investment)

Pioneer AMT-Free Municipal Fund (Current)

(Acquired Fund)

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Pioneer AMT-Free Municipal Fund (Current)

(Acquired Fund)

Victory Pioneer AMT-Free Municipal Fund (Pro Forma)

(Acquiring Fund)

(1)Class A purchases of $250,000 or more that are not subject to an initial sales charge may be subject to a contingent deferred sales charge of 1.00%.

(2)A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $250,000 or more that are redeemed within 18 months of purchase.

(3)Applies to shares sold within 12 months of purchase.

(4)The Acquired Fund’s investment adviser has contractually agreed to limit ordinary operating expenses (i.e., all fund expenses other than taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation expenses) to the extent required to reduce fund expenses to 0.49% of the average daily net assets attributable to Class Y shares. This expense limitation is in effect through May 1, 2025. There can be no assurance that the adviser will extend the expense limitations beyond such time. Net expenses for a class may exceed the applicable expense limitation to the extent that the fund incurs excluded expenses. While in effect, the arrangement may be terminated for a class only by agreement of the adviser and the Board of Trustees.

(5)Estimated for the current fiscal year, as the Acquiring Fund has not yet commenced investment operations.

(6)Victory Capital, the Acquiring Fund’s investment adviser, has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed the

lower of (i) [ ]%, [ ]% and [ ]% of the Fund’s Class A, Class C and Class Y shares, respectively, or (ii) net expenses of the Acquired Fund as of the end of the most recent fiscal year end, whichever is lower, for at least three years following the closing of the Reorganization. [Victory Capital is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount.] This agreement may only be terminated by the Acquiring Fund’s Board of Trustees.

Expense examples: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then, except as indicated, redeem all of your shares at the end of those periods. It also assumes that (a) your investment has a 5% return each year and (b) the Fund’s total annual operating expenses remain the same except for year one (which considers the effect of the expense limitation). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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Portfolio Turnover: Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the expense example, affect the Fund’s performance. During the most recent fiscal year, the Acquired Fund’s portfolio turnover rate was 16% of the average value of the Fund’s portfolio. No portfolio turnover information is included here for the Acquiring Fund because the Acquiring Fund has not yet commenced investment operations.

Comparison of Investment Objective(s), Principal Investment Strategies and Principal Risks

Investment Objective and Principal Investment Strategies

The Acquired Fund and its corresponding Acquiring Fund have the same investment objectives and principal investment strategies. The Acquired Fund’s investment objective is “fundamental,” which means that it may not be changed by the Acquired Fund’s Board of Trustees without the approval of Acquired Fund shareholders. The Acquiring Fund’s investment objective is “non-fundamental,” which means that it may be changed by the Acquiring Fund’s Board of Trustees without the approval of Acquiring Fund shareholders.

There can be no assurance that a Fund will achieve its investment objective.

as business, manufacturing, housing, sports and pollution control, as well as public facilities such as airports, mass transit systems, ports and parking.

The fund’s investments include bonds, notes and other debt instruments issued by or on behalf of states, counties, municipalities, territories and possessions of the United States and the District of Columbia and their authorities, political subdivisions, agencies or instrumentalities.

The fund may invest up to 10% of its net assets in debt securities rated below investment grade (known as junk bonds) or, if unrated, of equivalent quality as determined by the adviser. The fund’s investments in debt securities rated below investment grade may include debt securities rated “D” or better, or comparable unrated securities.

The fund may invest in municipal securities of any maturity, although under normal circumstances it is anticipated that the fund will generally invest in longer-term investments. Municipal securities with longer maturities are generally more volatile than other fixed income securities with shorter maturities. The maturity of a fixed income security is a measure of the time remaining until final payment on the security is due.

The fund normally will limit its investment in municipal securities whose issuers are located in the same state to less than 25% of the fund’s total assets.

The fund may invest 25% or more of its assets in securities the payments on which are derived from gas, electric, telephone, sewer, water, healthcare, education, tobacco and transportation segments of the municipal bond market.

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The fund’s investments may have fixed or variable principal payments and all types of interest rate payment and reset terms, including fixed rate, inverse floating rate, floating rate, zero coupon, contingent, deferred and payment in kind and auction rate features.

The fund may, but is not required to, use derivatives. The fund may use derivatives, such as synthetic municipal securities and inverse floating rate obligations, for a variety of purposes, including: in an attempt to hedge against adverse changes in the market price 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; and as a cash flow management technique. The fund may invest up to 10% of its net assets in inverse floating rate obligations. 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.

The fund also may invest in subordinated securities, asset- backed securities of any rating, including collateralized debt obligations, and may hold cash or other short-term investments. The fund’s investments may include mortgage-backed instruments, the underlying assets of which allow for balloon payments (where a substantial portion of a mortgage loan balance is paid at maturity, which can shorten the average life of the mortgage-backed instrument) or negative amortization payments (where as a result of a payment cap, payments on a mortgage loan are less than the amount of principal and interest owed, with excess amounts added to the outstanding

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principal balance, which can extend the average life of the mortgage- backed instrument).

The fund may invest up to 20% of its net assets in taxable investments, including securities of other investment companies (including mutual funds, exchange-traded funds and closed-end funds), commercial paper, U.S. government securities, U.S. or foreign bank instruments and repurchase agreements.

The fund’s investment adviser considers both broad economic factors and issuer specific factors in selecting investments to buy and sell. In assessing the appropriate maturity and rating weighting of the fund’s portfolio, the adviser considers a variety of factors that are expected to influence economic activity and interest rates. The adviser selects individual securities based upon such factors as a security’s yield, liquidity and rating, an assessment of credit quality and issuer diversification.

Principal Risks

An investment in each Fund is subject to certain risks. The principal risks associated with an investment in the Acquired Fund are substantially similar to the principal risks associated with an investment in its corresponding Acquiring Fund because the Funds have the same investment objectives and principal investment strategies. The principal risks are substantially similar, although each Fund may use different terminology to describe the principal risks applicable to such Fund’s principal investment strategy. The following table provides a comparison of the types of principal investment risks associated with an investment in the Acquiring Fund as compared to the corresponding Acquired Fund. Additional information regarding the risks of each Fund can be found in its prospectus, incorporated by reference herein. Additional information regarding the risks can be found in Exhibit C.

It is possible to lose money on an investment in a Fund. The Funds will be affected by the investment decisions, techniques and risk analyses of the adviser and there is no guarantee that a Fund will achieve its investment objective. Any of the following risks, among others, could affect Fund performance or cause a Fund to lose money or to underperform market averages of other funds. An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

See Exhibit C for a detailed description of each of these risks.

Fund Performance

The Acquiring Fund will not commence operations until after the closing of the Reorganization. At that time, the Acquiring Fund expects to adopt the performance history of the Acquired Fund.

The bar chart and table indicate the risks and volatility of an investment in the Acquired Fund by showing how the Acquired Fund has performed in the past. The bar chart shows changes in the performance of the Acquired Fund’s Class A shares from calendar year to calendar year. The table shows the average annual total returns for each class of the Acquired Fund over time and compares these returns to the returns of one or more broad measures of market performance.

You can obtain updated performance information by visiting https://www.amundi.com/usinvestors/Products/Mutual- Funds or by calling 1-800-225-6292.

The Acquired Fund acquired the assets and liabilities of Safeco Municipal Bond Fund on December 10, 2004.

The performance of Class A and Class C shares of the Acquired Fund includes the net asset value performance of the Safeco Municipal Bond Fund’s Class A and Class C shares, which has been restated to reflect differences in any applicable sales charges (but not differences in expenses). If all the expenses of the Acquired Fund were reflected, the performance would be lower. Prior to August 2, 2004, Safeco Asset Management, Inc. served as the Safeco Municipal Bond Fund’s investment adviser.

The Acquired Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.

The bar chart does not reflect any sales charge you may pay when you buy Acquired Fund shares. If this amount was reflected, returns would be less than those shown.

Annual return Class A shares (%)

(Year ended December 31)

For the period covered by the bar chart:

Returns Period Beginning Period Ending

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Average annual total return (%)

(for periods ended December 31, 2023)

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold Acquired Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

After-tax returns are shown only for Class A shares. After-tax returns for Class C and Class Y shares will vary.

Comparison of Portfolio Management Team

The Victory Pioneer AMT-Free Municipal Fund is expected to have the same portfolio managers that manage the Pioneer AMT-Free Municipal Fund. The portfolio managers who are jointly and primarily responsible for the day- to-day management of the Acquired Fund (and their current respective title(s) with Amundi US) are:

•John (Jake) Crosby van Roden III, Managing Director and Director of Municipals, US of Amundi US and Portfolio Manager (lead portfolio manager of the fund since February 2024)

•Prakash Vadlamani, Senior Vice President, Associate Portfolio Manager and Senior Credit Analyst at Amundi US (portfolio manager of the fund since February 2024)

See Exhibit D for information about the members of the Victory Pioneer AMT-Free Municipal Fund’s portfolio management team.

Reorganization of Pioneer Balanced ESG Fund into Victory Pioneer Balanced Fund Comparison of Current and Pro Forma Expenses

Shareholder Fees (fees paid directly from your investment)

Pioneer Balanced ESG Fund (Current)

(Acquired Fund)

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Pioneer Balanced ESG Fund (Current)

(Acquired Fund)

(1)Class A purchases of $500,000 or more that are not subject to an initial sales charge may be subject to a contingent deferred sales charge of 1.00%.

(2)A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $250,000 or more that are redeemed within 18 months of purchase.

(3)Applies to shares sold within 12 months of purchase.

(4)Total annual fund operating expenses in the table, before and after fee waivers and expense reimbursements, are higher than the corresponding ratios of expenses to average net assets shown in the “Financial Highlights” section of Exhibit G, which do not include Acquired Fund Fees and Expenses. “Acquired Fund Fees and Expenses” are fees and expenses of investment companies in which the Fund invests that are indirectly incurred by the Fund.

(5)Estimated for the current fiscal year, as the Acquiring Fund has not yet commenced investment operations.

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(6)“Acquired Fund Fees and Expenses” are fees and expenses of investment companies in which the Fund invests that are indirectly incurred by the Fund. Total annual operating expenses may not correlate to the ratio of expenses to the average daily net assets shown in the financial highlights, which reflect the operating expenses and do not include “Acquired Fund Fees and Expenses.”

(7)Victory Capital, the Acquiring Fund’s investment adviser, has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, brokerage commissions, and acquired fund fees and

expenses) do not exceed the lower of (i) [ ]%, [ ]%, [ ]% and [ ]% of the Fund’s Class A, Class C, Class R6 and Class Y shares, respectively, or (ii) net expenses of the Acquired Fund as of the end of the most recent fiscal year end, whichever is lower, for at least three years following the closing of the Reorganization. [Victory Capital is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount.] This agreement may only be terminated by the Acquiring Fund’s Board of Trustees.

Expense examples: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then, except as indicated, redeem all of your shares at the end of those periods. It also assumes that (a) your investment has a 5% return each year and (b) the Fund’s total annual operating expenses remain the same except for year one (which considers the effect of the expense limitation). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Portfolio Turnover: Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the expense example, affect the Fund’s performance. During the most recent fiscal year, the Acquired Fund’s portfolio turnover rate was 33% of the average value of the Fund’s portfolio. No portfolio turnover information is included here for the Acquiring Fund because the Acquiring Fund has not yet commenced investment operations.

Comparison of Investment Objective(s), Principal Investment Strategies and Principal Risks

Investment Objective and Principal Investment Strategies

The Acquired Fund and its corresponding Acquiring Fund have the same investment objectives and have similar principal investment strategies. Each Fund’s investment objective is “non-fundamental,” which means that it may be changed by the applicable Fund’s Board of Trustees without the approval of Fund shareholders. There can be no assurance that a Fund will achieve its investment objective.

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