Amundi Pioneer Institutional Asset Management, Inc. June 30, 2020

Form CRS (Customer Relationship Summary), Amundi Pioneer Institutional Asset Management, Inc. June 30, 2020

Amundi Pioneer Institutional Asset Management, Inc. (“APIAM,” “we,” “us,” or “our”) is registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment adviser. Brokerage and investment advisory services and fees differ and it is important for you to understand these differences. Free and simple tools are available to research firms and financial professionals at www.Investor.gov/CRS, which also provides educational materials about broker-dealers, investment advisers, and investing. Throughout this document, you will find “Conversation Starters.” These are questions you may want to ask your financial professional in connection with the services you are seeking.1

What investment services APIAM primarily offers its investment advisory services to institutional investors. On occasion, we also offer our and advice can you advisory services to retail investors2 who are high net worth individuals. provide me? Our advisory services for high net worth individuals include separately managed accounts offered through a Request for Proposal (“RFP”) process. An RFP is a formal detailed written request from an institutional investor or consultant working with the retail investor, asking for specific information on an investment strategy or style. APIAM also offers its investment advisory services to retail investors through managed account programs (“programs”, “wrap fee” or “dual contract” programs) sponsored by third-party broker-dealers and other financial intermediaries (“sponsor” or “sponsors”). In these situations, our investment advisory services are based on the strategy you select in your sponsor’s program, subject to any account restrictions and guidelines we agree to follow for you. Your sponsor limits the strategies available through their programs. You and your sponsors determine if the strategy and programs you select are appropriate for your financial situation and investment objectives, and also provide us with information about you so we can manage your account. You should review the brochures for your sponsors’ programs. We manage advisory accounts for retail investors on a discretionary basis, meaning that we decide which securities to buy and sell. Depending on the nature of our relationship with you, we may direct trading for your account and we may monitor each program account on a regular basis to review its holdings and for compliance with your account’s guidelines. When implementing the strategy you choose with your consultant or other adviser, we do not limit our advice to particular proprietary investment products, or to investment products that pay us third-party compensation. Account minimums and other requirements vary depending on the strategy and the program you select, and both are disclosed in the applicable program brochure. For additional information, please see Items 4, 7 and 13 of APIAM’s Form ADV Brochure, Part 2A.

Conversation Starter. Ask your financial professional

• Given my financial situation, should I choose an investment advisory service? Why or why not? • How will you choose investments to recommend to me? • What is your relevant experience, including your licenses, education and other qualifications? What do these qualifications mean?

What fees will I pay? For Separately Managed Accounts: The primary fees you pay are APIAM’s advisory fees, which are based on a percentage of your assets under our management (“asset-based fees”), and are assessed generally monthly or quarterly in arrears. Additionally, you will incur and pay other fees and costs, such as charges and expenses for accounting, pricing and appraisal services, recordkeeping, charges and expenses of any custodian appointed by you, transfer fees, and other reasonable expenses. For Wrap Fee Programs: For “wrap fee” programs, you typically pay a bundled fee to the program’s sponsor for its and its affiliates’ advisory and other services as sponsor. A portion of the wrap fee is paid to us for our investment advisory services as strategy manager. Please see the sponsor’s Form CRS and Form ADV Part 2A for more information about the particular program’s fee structure, other fees and costs you may incur, and related conflicts.

1 This disclosure is provided to comply with the SEC’s Form CRS disclosure requirements and those under the Investment Advisers Act of 1940. It does not create or modify any agreement, relationship, or obligation between Amundi Pioneer Institutional Asset Management, Inc. and you (or your financial professional). Please consult your Amundi Pioneer Institutional Asset Management, Inc. agreements for all terms and conditions controlling your account and relationship with us. 2 For purposes of Form CRS, “retail investor” is defined as “a natural person or legal representative of such natural person, who seeks to receive or receives services primarily for personal, family, or household purposes.” What fees will I pay? For Dual Contract Programs: (cont.) For dual contract programs where you sign separate agreements with a sponsor and APIAM, you will typically pay APIAM and the sponsor separate fees. If you have a dual contract, you will typically pay trading costs and fees directly. Please see the sponsor’s Form CRS and Form ADV Part 2A for more information about the particular program’s fee structure, other fees and costs you may incur, and related conflicts. Regardless of the type of program you choose, we are paid based on the assets you invest in our accounts or strategies. Thus, the more assets there are in your account, the more you will pay us in fees, and therefore we have an incentive to encourage you to increase the assets in your account or in our strategy. You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying. For additional information, please see Item 5 APIAM’s Form ADV Brochure.

Conversation Starter. Ask your financial professional

• Help me understand how these fees and costs might affect my investments. If I give you $10,000 to invest, how much will go to fees and costs, and how much will be invested for me?

What are your legal When we act as your investment adviser, we have to act in your best interest and not put our interest ahead of obligations to me when yours. At the same time, the way we make money creates some conflicts with your interests. You should under- acting as my investment stand and ask us about these conflicts because they can affect the investment advice we provide you. Here are some examples to help you understand what this means. adviser? How else does your firm make money • In some strategies, we have the ability to invest your money in mutual funds that we or our affiliates manage. We and what conflicts of have an incentive to recommend or invest in affiliated funds because of the additional fees we earn in connection with the management of those affiliated funds. interest do you have? • We only offer APIAM and our affiliates’ strategies. The fees and compensation APIAM receives when you invest in our strategies varies depending on which strategy you select. This creates an incentive for us to offer and promote our strategies generally, and to offer and promote strategies that generate greater fees and compensation for APIAM over those that generate less.

Conversation Starter. Ask your financial professional

• How might your conflicts of interest affect me, and how will you address them? For additional information, please see Items 4, 10 and 11 of APIAM’s Form ADV Brochure, Part 2A

How do your financial APIAM pays its investment teams, who manage your account, and its sales teams, who sell our services to professionals make sponsors or through consultants, a base salary and a bonus. Bonuses are discretionary and are based on the money? financial professional’s personal performance. We consider factors like investment performance, gathering new assets and maintaining or expanding existing relationships for APIAM and its affiliates, so your financial professional has incentives to recommend that you invest assets with us and purchase certain investments over others. We also consider factors, such as compliance with our rules and the overall performance of APIAM and its affiliates. Please consult with your program sponsor or its representatives to find out how the financial professionals who advise you about our products and services make money.

Do you or your financial Yes. Visit www.Investor.gov/CRS for a free and simple search tool to research us and our financial professionals. professionals have legal or disciplinary history?

Conversation Starter. Ask your financial professional

• As a financial professional, do you have any disciplinary history? For what type of conduct?

Additional Information For additional information about our investment advisory services, please visit our website at https://www.amundipioneer.com/us or the SEC’s website at www.adviserinfo.sec.gov. If you would like additional, up-to-date information or a copy of this relationship summary, contact us at 1-800-225-6292.

Conversation Starter. Ask your financial professional

• Who is my primary contact person? Is he or she a representative of an investment adviser or a broker-dealer? Who can I talk to if I have concerns about how this person is treating me?

Amundi Pioneer Distributor, Inc. (“APD,” “we,” “us,” or “our”) is a broker-dealer registered with the U.S. Securities and Exchange Commission (“SEC”) and member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Brokerage and investment advisory services and fees differ, and it is important for you to understand these differences. Free and simple tools are available for you to research firms and financial professionals atInvestor.gov/CRS , which provides educational materials about broker-dealers, investment advisers, and investing.1

What investment services and APD primarily provides various services to the family of investment funds managed by our parent company, advice can you provide me? Amundi Pioneer Asset Management, Inc., and its affiliate investment adviser, Amundi Pioneer Institutional Asset Management, Inc., (collectively “Amundi Pioneer”). Amundi Pioneer’s funds include mutual funds, exchange-traded funds, funds offered to non-US investors, closed-end funds, and private funds (collectively the “Pioneer Funds”). From time to time, APD also works directly with retail investors, including high net worth individuals in selling shares and interests in the Pioneer Funds. Each Pioneer Fund has its own investment minimums, fees and costs as disclosed in the fund’s prospectus or other offering documents. APD is the principal underwriter of the Pioneer Family of Mutual Funds and occasionally acts as placement agent to Amundi Pioneer’s private funds. When APD engages in direct sales of shares and interests in the Pioneer Funds, we do so through a Request for Proposal (“RFP”) process. An RFP is a formal detailed written request from an institutional investor or consultant working with the retail investor, asking for specific information on an investment strategy or style. APD also engages in direct sales of the Pioneer Funds to its employees and employees of its affiliates through the employee investing program where sales are unsolicited. • APD does not make recommendations to any retail investors.2 • APD does not offer or agree to provide monitoring of brokerage relationships toany retail investors. • APD does not maintain accounts, custody or safe-keep shareholder funds or securities. • APD only offers the Pioneer Funds, which are affiliated products. For additional information on our services, please visit https://www.amundipioneer.com/us.

Conversation Starter. Ask your financial professional

• Given my financial situation, should I choose a brokerage service? Why or why not? • How will you choose investments to recommend to me? • What is your relevant experience, including your licenses, education and other qualifications? What do these qualifications mean?

What fees will I pay? When you invest in a Pioneer Fund, you will pay a proportionate share of the fund’s expenses. Expenses differ depending on the fund purchased and are disclosed in the fund’s prospectus or other offering documents. Certain fees are paid to Amundi Pioneer. APD receives a mutual fund underwriting fee for its services as underwriter of the Pioneer Family of Mutual Funds and retains any 12b-1 fee that is not paid to a third-party intermediary for selling a Pioneer Fund share to you. These fees are calculated as a percentage of the assets you invest in our mutual funds and create incentives for us to offer and promote our mutual funds. You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying. For additional information on our fees vs. services, please visit https://www.amundipioneer.com/us.

• Help me understand how these fees and costs might affect my investments. If I give you $10,000 to invest, how much will go to fees and costs, and how much will be invested for me?

What are your legal obliga- We do not provide recommendations. The way we make money creates some conflicts with your tions to me when providing interests. You should understand and ask us about these conflicts because they can affect the services recommendations? we provide you. Here are some examples to help you understand what this means. How else does your firm make • APD only offers products sponsored or managed by Amundi Pioneer. The fees and compensation money and what conflicts of Amundi Pioneer and APD receive when you invest in a Pioneer Fund varies depending on which fund interest do you have? you select. This creates an incentive for us to offer and promote Pioneer Funds generally, and to offer and promote Pioneer Funds that generate greater fees and compensation for Amundi Pioneer over ones that generate less.

Conversation Starter. Ask your financial professional

• How might your conflicts of interest affect me, and how will you address them? For additional information on our services, please visit https://www.amundipioneer.com/us.

How do your financial APD and its affiliates pay the sales teams, who promote our affiliated products, a base salary and a professionals make money? bonus. Bonuses are discretionary and are based on the financial professional’s personal performance. We consider factors like gathering new assets and maintaining or expanding existing relationships for APD and its affiliates, so your financial professional has incentives to recommend that you invest assets with us and purchase certain investments over others. We also consider factors, such as compliance with our rules and the overall performance of APD and its affiliates.

Do you or your financial Yes. Visit www.Investor.gov/CRS for a free and simple search tool to research us and our financial professionals have legal or professionals. disciplinary history?

Conversation Starter. Ask your financial professional

• As a financial professional, do you have any disciplinary history? For what type of conduct?

Additional For additional information about our brokerage services, please visit Information https://www.amundipioneer.com/us. If you would like additional, up-to-date information or to request a copy of this relationship summary, please call us at 1-800-225-6292.

Conversation Starter. Ask your financial professional

• Who is my primary contact person? Is he or she a representative of an investment adviser or a broker-dealer? Who can I talk to if I have concerns about how this person is treating me?