Form N-CSR PIONEER SERIES TRUST XI For: Dec 31

March 4, 2021 12:06 PM EST

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811- 01835
Pioneer Series Trust XI
(Exact name of registrant as specified in charter)

60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)

Terrence J. Cullen, Amundi Pioneer Asset Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)


Registrant’s telephone number, including area code:  (617) 742-7825

Date of fiscal year end:  December 31, 2020

Date of reporting period:  January 1, 2020 through December 31, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.




Pioneer Core
Equity Fund
Annual Report | December 31, 2020
A: PIOTX 
C: PCOTX 
K: PCEKX 
R: CERPX 
Y: PVFYX 
 
Paper copies of the Fund’s shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.


 
visit us: www.amundi.com/us


 

   
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Pioneer Core Equity Fund | Annual Report | 12/31/20 1

President’s Letter


Dear Shareholders,
With a very turbulent 2020 calendar year finally behind us, the U.S. and global economies still face numerous challenges as the new calendar year dawns. The COVID-19 pandemic has continued to spread, with high numbers of new cases reported in many U.S. states and in other countries. In response, some governments have retightened restrictions on both business and personal activities. However, as 2021 arrived, deployment of the first approved COVID-19 vaccines had already begun, and expectations are for widespread vaccine distribution by the middle of the year.
While there may finally be a light visible at the end of the pandemic tunnel, the long-term impact on the global economy from COVID-19, while currently unknown, is likely to be considerable. It is clear that several industries have already felt greater effects than others, and the markets, which do not thrive on uncertainty, have been volatile, delivering significantly negative performance in the first quarter of 2020, and then recovering most of those losses throughout the following quarters. In fact, the U.S. stock market, as measured by the Standard & Poor’s 500 Index, returned more than 18% for the full 2020 calendar year, an impressive performance given all of the obstacles market participants faced during those 12 months.
However, despite the market rebound since its March 2020 low point, volatility has remained elevated, with momentum rising and falling on seemingly every bit of positive or negative news about the virus, from vaccines to spikes in the number of cases as well as rising hospitalization rates in some areas. In addition, the recent U.S. Presidential and Congressional elections have resulted in a power shift in Washington, D.C., and that most likely portends some changes in fiscal policy. That, too, could lead to increased market volatility as investors analyze the various tax and spending plans, and wait to see what proposed policy alterations actually become law.
With the advent of COVID-19 last winter, we implemented our business continuity plan according to the new COVID-19 guidelines, and most of our employees have been working remotely since March. To date, our operating environment has faced no interruption. I am proud of the careful planning that has taken place and confident we can maintain this environment for as long as is prudent. History in the making for a company that first opened its doors way back in 1928.

2 Pioneer Core Equity Fund | Annual Report | 12/31/20
 
Since 1928, Amundi US’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the risks during periods of market volatility. As 2020 has reminded us, investment risk can arise from a number of factors in today’s global economy, including slower or stagnating growth, changing U.S. Federal Reserve policy, oil price shocks, political and geopolitical factors and, unfortunately, major public health concerns such as a viral pandemic.
At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and all risk factors.
Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress.
As you consider your long-term investment goals, we encourage you to work with your financial professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.
We remain confident that the current crisis, like others in human history, will pass, and we greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas, President and CEO of US.
Amundi Asset Management US, Inc.
February 2021
Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.
Pioneer Core Equity Fund | Annual Report | 12/31/20 3
Portfolio Management Discussion | 12/31/20
In the following interview, Craig D. Sterling discusses the market environment and the factors that influenced the performance of Pioneer Core Equity Fund during the 12-month period ended December 31, 2020. Mr. Sterling, Managing Director, Director of Core Equity and Head of Equity Research, US, and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), is responsible for the day-to-day management of the Fund’s investment portfolio, along with Ashesh “Ace” Savla, Team Leader of US Equity Quantitative Research, a vice president, and a portfolio manager at Amundi US.
Q How did the Fund perform during the 12-month period ended December 31, 2020?
A Pioneer Core Equity Fund’s Class A shares returned 20.83% at net asset value during the 12-month period ended December 31, 2020, while the Fund’s benchmark, the Standard & Poor’s 500 Index (the S&P 500), returned 18.40%. During the same period, the average return of the 1,363 mutual funds in Morningstar’s Large Blend Funds category was 15.83%.
Q How would you describe the investment backdrop in the equity markets during the 12-month period ended December 31, 2020?
A The Fund’s benchmark, the S&P 500, posted a strong gain in 2020 and closed at an all-time high on the final trading day of the calendar year. On the face of it, this seemed like a highly improbable outcome, in our view, given the huge market sell-off in February and March, driven by the emergence of the COVID-19 pandemic and the related lockdown measures aimed at slowing the spread of the virus.
There were a number of catalysts for the market’s impressive recovery between the end of March and the end of December. First, governments and central banks, including the US Federal Reserve (Fed), provided unprecedented fiscal and monetary stimulus to support the economy and keep interest rates low. Those aggressive actions led to a sharp decline in US unemployment from its first-quarter peak, and a larger-than-expected rebound in consumer spending. Perhaps more importantly, consumers began adjusting their purchase patterns to adapt to the stay-at-home environment driven by the lockdowns through increased expenditures on
4 Pioneer Core Equity Fund | Annual Report | 12/31/20
 
online gaming, video usage, and internet retailing. In combination, those trends contributed to outsized 12-month returns for the five largest stocks in the S&P 500. The strength of those consumer-technology giants led to a decoupling of the stock market from the larger economy, and fueled substantial outperformance of the growth segment versus the value segment within the equity market.
Q What were the most important factors behind the Fund’s benchmark-relative performance during the 12-month period ended December 31, 2020?
A The Fund outperformed the S&P 500 through potentially challenging conditions during the 12-month period, as our emphasis on investing in stocks of what we view as higher-quality companies with sustainable business models and reasonable valuations worked out well, in both up and down market conditions. In addition, our valuation discipline enabled the Fund to capitalize on the dramatic market rotation from growth stocks into value once investors’ appetite for risk increased late in the calendar year.
Consistent with our bottom-up approach, stock selection was the primary driver of the Fund’s benchmark-relative outperformance during the 12-month period, with the best results coming from the consumer discretionary sector, thanks in large part to a position in Amazon.com. Amazon’s shares were up significantly for the full 2020 calendar year. The ongoing pandemic and associated government directives for citizens to reduce social contact has created sustained demand in e-commerce sales, where Amazon has been a leader. Over the year, Amazon won market share by successfully navigating through the strains on its inventory procurement and shipping times to provide Amazon Prime members with consistent and superior customer service. Over the long term, we have continued to view Amazon as a core Fund holding, given the company’s leading positions in retail, cloud computing, and related businesses.
Pioneer Core Equity Fund | Annual Report | 12/31/20 5

Other top positive contributors to the Fund’s relative performance during the 12-month period were positions in Digital Realty Trust and Walt Disney. We initiated the Fund’s position in Walt Disney during the summer of 2020, when the stock was underperforming due to weakness in the company’s theme parks division. Our view was that the longer-term outlook for Walt Disney’s streaming businesses could outweigh the (possibly temporary) lull in park attendance. The stock subsequently rallied as investors afforded it a higher valuation based on accelerating growth in the company’s streaming segment as well as optimism surrounding the broad range of new content Disney has planned to add to the platform in the coming years. Digital Realty Trust has a portfolio of properties focused on the needs of technology-driven clients, such as online retailers and operators of “cloud based” data centers. The nature of the company’s business has allowed it to benefit from a pandemic-induced surge in data-storage leasing demand, which has been fueled by the transition to a work-from-home environment for many individuals, and the increase in online commerce brought about by virus-related shopping restrictions at traditional retailers.
On the negative side, a portfolio underweight to Apple versus the S&P 500 was the top individual detractor from the Fund’s benchmark-relative returns during the 12-month period. Apple was one of the mega-cap technology stocks that benefited from the stay-at-home environment created by COVID-19. The shares outperformed the S&P 500 over the 12-month period, and so the Fund’s underweight was a drag on relative results. However, we do not believe the company’s current growth can persist and, we feel that in the future, Apple could experience a period of slower or negative operating income growth. We also have contended that Apple’s valuation has become excessive relative to its long-term growth prospects and to other potential investment alternatives for the Fund. Therefore, we have continued to maintain a portfolio underweight to the stock.
An overweight in Bank of America was an additional detractor from the Fund’s relative returns during the 12-month period. The stock came under pressure due to credit concerns in the wake of the COVID-19 pandemic, as well as from the narrowing gap between the interest rates at which the company borrows and lends money. While most of the market’s worries
6 Pioneer Core Equity Fund | Annual Report | 12/31/20
 
about Bank of America’s potential credit issues faded as 2020 progressed, the interest-rate backdrop has continued to represent a headwind. We have, however, maintained the Fund’s overweight position, based on our belief that Bank of America remains well positioned versus its peers, given its size and scale. Finally, shares of oil-and-gas producer EOG Resources declined during the 12-month period and had a negative effect on the Fund’s benchmark-relative performance. EOG’s struggles were largely the result of oil-price weakness over the first nine months of the calendar year. The company has focused on shale production, which can struggle when oil prices are low.
Q Did the Fund have any exposure to derivative securities during the 12-month period ended December 31, 2020?
A No, the Fund had no exposure to derivatives during the 12-month period.
Q How would you characterize the Fund’s current positioning and your broader view on the markets as of December 31, 2020?
A We have centered our security selection process on areas where we believe we have identified the most attractive relative values within the Fund’s investment universe. In that vein, we have continued to rely on the combination of our experienced analyst team and a proprietary corporate performance and valuation framework grounded in business-model economics, or economic value added (“EVA”). Along with a meaningful risk overlay, we believe those two elements of our investment process may be critical to the success of the Fund, especially in light of the secular and cyclical shifts taking place in nearly every industry, as well as ever-evolving political and economic conditions.
We believe our investment process has identified relative value in both reasonably priced growth companies and high-quality value stocks. In particular, there are, in our view, high-quality consumer cyclical companies that have felt the negative effects of the COVID-19 situation, but that could bounce back from those (hopefully) temporary setbacks once the economy returns to near-normal conditions as the pandemic becomes less of a threat. We have viewed the current market environment as an opportunity for us to add shares of some of those impressive consumer franchises to the portfolio, at very compelling valuations. Walt Disney, which we discussed earlier, is one such example.
Pioneer Core Equity Fund | Annual Report | 12/31/20 7
 
Industrials is a sector where we believe we have identified high-quality value, as we have sought to find companies with strong and generally improving business models, secular growth prospects, and with shares trading at attractive valuations during this time of uncertain, though slowly recovering economic conditions. Moreover, we have preferred stocks of companies in the industrials sector to those in other non-consumer cyclical sectors, such as financials and energy, as we believe industrials firms have the potential to generate strong economic returns throughout the business cycle.
Conversely, we think the valuations for many high-momentum stocks had reached excessive levels at the close of 2020. We therefore have minimized the Fund’s exposure to that area of the market, highlighted by meaningful benchmark-relative underweights to certain tech giants, and in many other high-growth, fast-moving stocks in the market.
8 Pioneer Core Equity Fund | Annual Report | 12/31/20

Please refer to the Schedule of Investments on pages 19–23 for a full listing of Fund securities.
All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. 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. These conditions may continue, recur, worsen or spread.
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.
Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
These risks may increase share price volatility.
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your financial professional or Amundi Asset Management US, Inc., for a prospectus or summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.
Pioneer Core Equity Fund | Annual Report | 12/31/20 9

Portfolio Summary | 12/31/20
Sector Distribution
(As a percentage of total investments)*
10 Largest Holdings 
 
(As a percentage of total investments)* 
 

1. 
Alphabet, Inc. 
5.58% 
2. 
Microsoft Corp. 
3.40 
3. 
PepsiCo., Inc. 
3.11 
4. 
Walt Disney Co. 
2.90 
5. 
QUALCOMM, Inc. 
2.67 
6. 
Adobe, Inc. 
2.66 
7. 
Honeywell International, Inc. 
2.40 
8. 
Amphenol Corp. 
2.29 
9. 
Visa, Inc. 
2.26 
10. 
Starbucks Corp. 
2.23 
 
*     
Excludes temporary cash investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.
10 Pioneer Core Equity Fund | Annual Report | 12/31/20
Prices and Distributions | 12/31/20
Net Asset Value per Share
Class 
12/31/20 
12/31/19 
$22.55 
$20.30 
$19.15 
$17.51 
$22.54 
$20.28 
$22.37 
$20.20 
$22.90 
$20.59 
 
Distributions per Share: 1/1/20–12/31/20 
 
 
 
Net Investment 
Short-Term 
Long-Term 
Class 
Income 
Capital Gains 
Capital Gains 
$0.1470 
$ — 
$1.7843 
$      — 
$ — 
$1.7843 
$0.2140 
$ — 
$1.7843 
$0.1321 
$ — 
$1.7843 
$0.1914 
$ — 
$1.7843 
 
Index Definition
The Standard & Poor’s 500 Index is an unmanaged, commonly used measure of the broad U.S. stock market. Index returns are calculated monthly, assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index.
The index defined here pertains to the “Value of $10,000 Investment” and “Value of $5 Million Investment” charts on pages 12–16.
Pioneer Core Equity Fund | Annual Report | 12/31/20 11
 

Performance Update | 12/31/20 
Class A Shares 
 
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Core Equity Fund at public offering price during the periods shown, compared to that of the Standard & Poor’s 500 Index.
       
Average Annual Total Returns 
 
(As of December 31, 2020) 
 
 
Net 
Public 
 
 
Asset 
Offering 
S&P 
 
Value 
Price 
500 
Period 
(NAV) 
(POP)  
Index 
10 years 
12.44% 
11.78% 
13.88% 
5 years 
14.41 
13.07 
15.22 
1 year 
20.83 
13.88 
18.40 

Expense Ratio 
 
 
(Per prospectus dated May 1, 2020) 
Gross 
 
 
 
0.90%
 
 
 

Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted 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.
NAV results represent the percent change in net asset value per share. NAV returns would have been lower had sales charges been reflected. POP returns reflect deduction of maximum 5.75% sales charge. 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.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
The Fund acquired the assets and liabilities of Pioneer Research Fund (“the predecessor fund”) on June 7, 2013. As a result of the reorganization, the predecessor fund’s performance and financial history became the performance and financial history of the Fund. The performance of Class A shares of the Fund is the performance of Class A shares of the predecessor fund for periods prior to the reorganization, and has not been restated to reflect any differences in expenses.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer Core Equity Fund | Annual Report | 12/31/20
 

   
Performance Update | 12/31/20 
Class C Shares 
 
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Core Equity Fund for the periods shown, compared to that of the Standard & Poor’s 500 Index.
Average Annual Total Returns 
 
(As of December 31, 2020) 
 
 
 
 
S&P 
 
If 
If 
500 
Period 
Held 
Redeemed 
Index 
10 years 
11.49% 
11.49% 
13.88% 
5 years 
13.50 
13.50 
15.22 
1 year 
19.80 
19.80 
18.40 

Expense Ratio 
 
 
(Per prospectus dated May 1, 2020) 
Gross 
 
 
 
1.69% 
 
 
 
 
Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted 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 C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). If you paid a 1% sales charge, your returns would be lower than those shown above. “If Held” results represent the percent change in net asset value per share. NAV returns would have been lower had sales charges been reflected. 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.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
The Fund acquired the assets and liabilities of Pioneer Research Fund (“the predecessor fund”) on June 7, 2013. As a result of the reorganization, the predecessor fund’s performance and financial history became the performance and financial history of the Fund. The performance of Class C shares of the Fund is the performance of Class C shares of the predecessor fund for periods prior to the reorganization, and has not been restated to reflect any differences in expenses.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Core Equity Fund | Annual Report | 12/31/20 13
 

Performance Update | 12/31/20 
Class K Shares 
 
Investment Returns
The mountain chart on the right shows the change in value of a $5 million investment made in Class K shares of Pioneer Core Equity Fund during the periods shown, compared to that of the Standard & Poor’s 500 Index.
Average Annual Total Returns 
(As of December 31, 2020) 
 
Net 
 
 
Asset 
S&P 
 
Value 
500 
Period 
(NAV) 
Index 
10 years 
12.55% 
13.88% 
5 years 
14.62 
15.22 
1 year 
21.23 
18.40 

Expense Ratio 
 
(Per prospectus dated May 1, 2020) 
Gross 
 
 
0.56% 
 
 
 
Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted 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.
The performance shown for Class K shares for the period prior to the commencement of operations of Class K shares on May 4, 2018, is the net asset value performance of the Fund’s Class A shares, which has not been restated to reflect any differences in expenses, including Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares generally are higher than those of Class K shares, the performance of Class K shares prior to their inception would have been higher than the performance shown. For the period beginning May 4, 2018, the actual performance of Class K shares is reflected. Class K shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. 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.
The Fund acquired the assets and liabilities of Pioneer Research Fund (“the predecessor fund”) on June 7, 2013. As a result of the reorganization, the predecessor fund’s performance and financial history became the performance and financial history of the Fund. The performance of Class A shares of the Fund is the performance of Class A shares of the predecessor fund for periods prior to the reorganization, and has not been restated to reflect any differences in expenses.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for a more current expense ratio.
14 Pioneer Core Equity Fund | Annual Report | 12/31/20
 

Performance Update | 12/31/20 
Class R Shares 
 
Investment Returns
The mountain chart on the right shows the change in value of a $10,000 investment made in Class R shares of Pioneer Core Equity Fund for the periods shown, compared to that of the Standard & Poor’s 500 Index.
Average Annual Total Returns 
(As of December 31, 2020) 
 
Net 
 
 
Asset 
S&P 
 
Value 
500 
Period 
(NAV) 
Index 
10 years 
12.36% 
13.88% 
5 years 
14.24 
15.22 
1 year 
20.45 
18.40 

Expense Ratio 
 
(Per prospectus dated May 1, 2020) 
Gross 
 
 
1.25% 
 
 
 
Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted 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.
The performance shown for Class R shares for the period prior to the commencement of operations of Class R shares on June 29, 2018, is the net asset value performance of the Fund’s Class A shares, reduced to reflect the higher distribution and service fees of Class R shares. For the period beginning June 29, 2018, the actual performance of Class R shares is reflected. Class R shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. 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.
The Fund acquired the assets and liabilities of Pioneer Research Fund (“the predecessor fund”) on June 7, 2013. As a result of the reorganization, the predecessor fund’s performance and financial history became the performance and financial history of the Fund. The performance of Class A shares of the Fund is the performance of Class A shares of the predecessor fund for periods prior to the reorganization, and has not been restated to reflect any differences in expenses.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer Core Equity Fund | Annual Report | 12/31/20 15

   
Performance Update | 12/31/20 
Class Y Shares 
 
Investment Returns
The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Core Equity Fund during the periods shown, compared to that of the Standard & Poor’s 500 Index.
     
Average Annual Total Returns 
(As of December 31, 2020) 
 
Net 
 
 
Asset 
S&P 
 
Value 
500 
Period 
(NAV) 
Index 
10 years 
12.74% 
13.88% 
5 years 
14.70 
15.22 
1 year 
21.04 
18.40 

Expense Ratio 
 
(Per prospectus dated May 1, 2020) 
Gross 
 
 
0.66% 
 
 
 
Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.
The performance data quoted 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.
The Fund acquired the assets and liabilities of Pioneer Research Fund (“the predecessor fund”) on June 7, 2013. As a result of the reorganization, the predecessor fund’s performance and financial history became the performance and financial history of the Fund. The performance of Class Y shares of the Fund is the performance of Class Y shares of the predecessor fund for periods prior to the reorganization, and has not been restated to reflect any differences in expenses.
Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. 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.
The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.
Please refer to the financial highlights for a more current expense ratio.
16 Pioneer Core Equity Fund | Annual Report | 12/31/20
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1)     
ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and

(2)     
transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund’s latest six-month period and held throughout the six months.
Using the Tables
Actual Expenses
The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows:
(1)     
Divide your account value by $1,000
 
Example: an $8,600 account value ÷ $1,000 = 8.6

(2)     
Multiply the result in (1) above by the corresponding share class’s number in the third row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Core Equity Fund
Based on actual returns from July 1, 2020 through December 31, 2020.
Share Class 
A 
C 
K 
R 
Y 
Beginning Account 
$1,000.00 
$1,000.00 
$1,000.00 
$1,000.00 
$1,000.00 
Value on 7/1/20 
 
 
 
 
 
Ending Account 
$1,238.77 
$1,233.91 
$1,241.09 
$1,236.91 
$1,239.91 
Value on 12/31/20 
 
 
 
 
 
Expenses Paid 
       $5.06 
      $9.55 
       $3.15 
      $6.97 
      $3.77 
During Period* 
 
 
 
 
 
 
*     
Expenses are equal to the Fund’s annualized expense ratio of 0.90%, 1.70%, 0.56%, 1.24%, and 0.67%, for Class A, Class C, Class K, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
Pioneer Core Equity Fund | Annual Report | 12/31/20 17
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Core Equity Fund
Based on a hypothetical 5% per year return before expenses, reflecting the period from July 1, 2020 through December 31, 2020.
Share Class 
A 
C 
K 
R 
Y 
Beginning Account 
$1,000.00 
$1,000.00 
$1,000.00 
$1,000.00 
$1,000.00 
Value on 7/1/20 
 
 
 
 
 
Ending Account 
$1,020.61 
$1,016.64 
$1,022.32 
$1,018.90 
$1,021.77 
Value on 12/31/20 
 
 
 
 
 
Expenses Paid 
      $4.57 
      $8.62 
     $2.85 
      $6.29 
     $3.40 
During Period* 
 
 
 
 
 
 
*     
Expenses are equal to the Fund’s annualized expense ratio of 0.90%, 1.70%, 0.56%, 1.24%, and 0.67%, for Class A, Class C, Class K, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
18 Pioneer Core Equity Fund | Annual Report | 12/31/20
Schedule of Investments | 12/31/20
       
Shares 
 
 
Value 
 
 
UNAFFILIATED ISSUERS — 98.1% 
 
   
COMMON STOCKS — 98.1% of Net Assets
 
 
 
Aerospace & Defense — 0.5% 
 
245,470 
 
Spirit AeroSystems Holdings, Inc. 
$ 9,595,422 
 
 
Total Aerospace & Defense 
$ 9,595,422 
 
 
Auto Components — 1.3% 
 
187,105 
 
Aptiv Plc 
$ 24,377,910 
 
 
Total Auto Components 
$ 24,377,910 
 
 
Banks — 2.4% 
 
1,162,068 
 
Bank of America Corp. 
$ 35,222,281 
71,085 
 
Signature Bank/New York NY 
9,617,090 
 
 
Total Banks 
$ 44,839,371 
 
 
Beverages — 4.2% 
 
96,614 
 
Constellation Brands, Inc. 
$ 21,163,297 
391,355 
 
PepsiCo., Inc. 
58,037,946 
 
 
Total Beverages 
$ 79,201,243 
 
 
Capital Markets — 3.2% 
 
309,944 
 
Charles Schwab Corp. 
$ 16,439,430 
171,719 
 
CME Group, Inc. 
31,261,444 
41,826 
 
S&P Global, Inc. 
13,749,461 
 
 
Total Capital Markets 
$ 61,450,335 
 
 
Chemicals — 1.4% 
 
224,622 
 
FMC Corp. 
$ 25,815,806 
 
 
Total Chemicals 
$ 25,815,806 
 
 
Communications Equipment — 1.4% 
 
159,642 
 
Motorola Solutions, Inc. 
$ 27,148,719 
 
 
Total Communications Equipment 
$ 27,148,719 
 
 
Consumer Discretionary — 3.2% 
 
41,269(a) 
 
O’Reilly Automotive, Inc. 
$ 18,677,111 
389,179 
 
Starbucks Corp. 
41,634,370 
 
 
Total Consumer Discretionary 
$ 60,311,481 
 
 
Containers & Packaging — 1.1% 
 
212,162(a) 
 
Crown Holdings, Inc. 
$ 21,258,632 
 
 
Total Containers & Packaging 
$ 21,258,632 
 
 
Diversified Telecommunication Services — 1.9% 
 
613,579 
 
CenturyLink, Inc. 
$ 5,982,396 
503,051 
 
Verizon Communications, Inc. 
29,554,246 
 
 
Total Diversified Telecommunication Services 
$ 35,536,642 
 
The accompanying notes are an integral part of these financial statements.
Pioneer Core Equity Fund | Annual Report | 12/31/20 19
Schedule of Investments | 12/31/20 (continued)
Shares
    Value
 
 
Electric Utilities — 4.3% 
 
302,808 
 
American Electric Power Co., Inc. 
$ 25,214,822 
431,458 
 
NextEra Energy, Inc. 
33,286,985 
798,857 
 
PPL Corp. 
22,527,767 
 
 
Total Electric Utilities 
$ 81,029,574 
 
 
Electrical Equipment — 2.8% 
 
253,757 
 
Eaton Corp. Plc 
$ 30,486,366 
94,045 
 
Rockwell Automation, Inc. 
23,587,426 
 
 
Total Electrical Equipment 
$ 54,073,792 
 
 
Electronic Equipment, Instruments & 
 
 
 
Components — 3.7% 
 
326,764 
 
Amphenol Corp. 
$ 42,730,928 
213,440 
 
CDW Corp. 
28,129,258 
   
Total Electronic Equipment, Instruments &
 
 
 
Components 
$ 70,860,186 
 
 
Entertainment — 2.8% 
 
298,898(a) 
 
Walt Disney Co. 
$ 54,154,340 
 
 
Total Entertainment 
$ 54,154,340 
 
 
Equity Real Estate Investment Trusts (REITs) — 2.1% 
 
130,779 
 
Crown Castle International Corp. 
$ 20,818,709 
78,770 
 
Essex Property Trust, Inc. 
18,701,573 
 
 
Total Equity Real Estate Investment Trusts (REITs) 
$ 39,520,282 
 
 
Health Care — 3.4% 
 
569,225(a) 
 
Centene Corp. 
$ 34,170,577 
822,790 
 
Pfizer, Inc. 
30,286,900 
 
 
Total Health Care 
$ 64,457,477 
   
Health Care Equipment & Supplies — 4.0%
 
41,942(a) 
 
ABIOMED, Inc. 
$ 13,597,596 
207,524(a) 
 
Hologic, Inc. 
15,113,973 
178,372 
 
Medtronic Plc 
20,894,496 
167,516 
 
Zimmer Biomet Holdings, Inc. 
25,812,541 
 
 
Total Health Care Equipment & Supplies 
$ 75,418,606 
 
 
Health Care Providers & Services — 1.3% 
 
74,531 
 
Anthem, Inc. 
$ 23,931,159 
 
 
Total Health Care Providers & Services 
$ 23,931,159 
 
 
Household Products — 1.9% 
 
254,410 
 
Procter & Gamble Co. 
$ 35,398,607 
 
 
Total Household Products 
$ 35,398,607 
 
 
Industrial Conglomerates — 2.3% 
 
210,356 
 
Honeywell International, Inc. 
$ 44,742,721 
 
 
Total Industrial Conglomerates 
$ 44,742,721 
 
The accompanying notes are an integral part of these financial statements.
20 Pioneer Core Equity Fund | Annual Report | 12/31/20

Shares
    Value
 
 
Insurance — 2.9% 
 
154,063 
 
Chubb, Ltd. 
$ 23,713,377 
327,445 
 
Progressive Corp. 
32,377,762 
 
 
Total Insurance 
$ 56,091,139 
 
 
Interactive Media & Services — 5.5% 
 
59,455(a) 
 
Alphabet, Inc. 
$ 104,203,211 
 
 
Total Interactive Media & Services 
$ 104,203,211 
   
Internet & Direct Marketing Retail — 2.5%
 
8,537(a) 
 
Amazon.com, Inc. 
$ 27,804,411 
9,115(a) 
 
Booking Holdings, Inc. 
20,301,566 
 
 
Total Internet & Direct Marketing Retail 
$ 48,105,977 
 
 
IT Services — 5.4% 
 
116,137 
 
Accenture Plc 
$ 30,336,146 
377,229 
 
Cognizant Technology Solutions Corp. 
30,913,917 
193,306 
 
Visa, Inc. 
42,281,821 
 
 
Total IT Services 
$ 103,531,884 
 
 
Machinery — 4.0% 
 
147,566 
 
Caterpillar, Inc. 
$ 26,859,963 
106,757 
 
Illinois Tool Works, Inc. 
21,765,617 
159,040 
 
Stanley Black & Decker, Inc. 
28,398,183 
 
 
Total Machinery 
$ 77,023,763 
 
 
Media — 0.8% 
 
274,989 
 
Comcast Corp. 
$ 14,409,424 
 
 
Total Media 
$ 14,409,424 
 
 
Oil, Gas & Consumable Fuels — 0.6% 
 
223,992 
 
Hess Corp. 
$ 11,824,538 
 
 
Total Oil, Gas & Consumable Fuels 
$ 11,824,538 
 
 
Pharmaceuticals — 3.8% 
 
113,624 
 
Eli Lilly & Co. 
$ 19,184,276 
457,691 
 
Merck & Co., Inc. 
37,439,124 
237,313 
 
Novo Nordisk AS (A.D.R.) 
16,576,313 
 
 
Total Pharmaceuticals 
$ 73,199,713 
 
 
Road & Rail — 1.8% 
 
145,415 
 
Norfolk Southern Corp. 
$ 34,552,058 
 
 
Total Road & Rail 
$ 34,552,058 
 
 
Semiconductors & Semiconductor Equipment — 5.1% 
 
51,809 
 
Lam Research Corp. 
$ 24,467,837 
307,569(a) 
 
Micron Technology, Inc. 
23,123,037 
327,077 
 
QUALCOMM, Inc. 
49,826,910 
 
 
Total Semiconductors & Semiconductor Equipment 
$ 97,417,784 
 
The accompanying notes are an integral part of these financial statements.
Pioneer Core Equity Fund | Annual Report | 12/31/20 21
 
Schedule of Investments | 12/31/20 (continued)
Shares
 
 
Value 
 
 
Software — 9.9% 
 
99,370(a) 
 
Adobe, Inc. 
$ 49,696,924 
68,246(a) 
 
Autodesk, Inc. 
20,838,234 
34,552(a) 
 
Guidewire Software, Inc. 
4,447,879 
285,581 
 
Microsoft Corp. 
63,518,926 
161,262(a) 
 
salesforce.com, Inc. 
35,885,633 
100,344(a) 
 
Zendesk, Inc. 
14,361,233 
 
 
Total Software 
$ 188,748,829 
 
 
Specialty Retail — 2.9% 
 
66,172 
 
Home Depot, Inc. 
$ 17,576,607 
397,239 
 
TJX Cos., Inc. 
27,127,451 
36,983(a) 
 
Ulta Beauty, Inc. 
10,620,038 
 
 
Total Specialty Retail 
$ 55,324,096 
 
 
Technology Hardware, Storage & Peripherals — 2.6% 
 
270,579 
 
Apple, Inc. 
$ 35,903,127 
191,682 
 
NetApp, Inc. 
12,697,016 
 
 
Total Technology Hardware, Storage & Peripherals 
$ 48,600,143 
   
Textiles, Apparel & Luxury Goods — 1.1%
 
244,912 
 
VF Corp. 
$ 20,917,934 
 
 
Total Textiles, Apparel & Luxury Goods 
$ 20,917,934 
 
 
TOTAL COMMON STOCKS 
 
 
 
(Cost $1,353,902,353) 
$ 1,867,072,798 
 
 
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 98.1% 
 
 
 
(Cost $1,353,902,353) 
$ 1,867,072,798 
 
 
OTHER ASSETS AND LIABILITIES — 1.9% 
$ 37,011,443 
 
 
NET ASSETS — 100.0% 
$ 1,904,084,241 

REIT 
Real Estate Investment Trust. 
 
(A.D.R.) 
American Depositary Receipts. 
 
(a) 
Non-income producing security. 
 
Purchases and sales of securities (excluding temporary cash investments) for the year ended December 31, 2020 were as follows:
 
Purchases 
Sales 
Long-Term U.S. Government Securities 
$      5,005,331 
$      5,008,528 
Other Long-Term Securities 
$1,239,960,545 
$1,359,582,325 
The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Asset Management US, Inc. (the “Adviser”) serves as the Fund’s investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the year ended December 31, 2020, the Fund did not engage in any cross trade activity.
The accompanying notes are an integral part of these financial statements.
22 Pioneer Core Equity Fund | Annual Report | 12/31/20

At December 31, 2020, the net unrealized appreciation on investments based on cost for federal tax purposes of $1,355,669,505 was as follows:
Aggregate gross unrealized appreciation for all investments in which 
 
there is an excess of value over tax cost 
$528,969,741 
Aggregate gross unrealized depreciation for all investments in which 
 
there is an excess of tax cost over value 
(17,566,448) 
Net unrealized appreciation 
$511,403,293 
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels below.
Level 1 – unadjusted quoted prices in active markets for identical securities.
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements — Note 1A.
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A.
The following is a summary of the inputs used as of December 31, 2020, in valuing the Fund’s investments:
 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks 
 
$
1,867,072,798
   
$
   
$
   
$
1,867,072,798
 
Total Investments 
                               
in Securities 
 
$
1,867,072,798
   
$
   
$
   
$
1,867,072,798
 
During the year ended December 31, 2020, there were no transfers in or out of Level 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Core Equity Fund | Annual Report | 12/31/20 23

Statement of Assets and Liabilities | 12/31/20
ASSETS: 
     
Investments in unaffiliated issuers, at value (cost $1,353,902,353) 
 
$
1,867,072,798
 
Cash 
   
47,269,545
 
Receivables — 
       
Fund shares sold 
   
177,759
 
Dividends 
   
2,435,553
 
Other assets 
   
24,601
 
Total assets 
 
$
1,916,980,256
 
LIABILITIES: 
       
Payables — 
       
Investment securities purchased 
 
$
11,504,659
 
Fund shares repurchased 
   
724,570
 
Trustees’ fees 
   
5,643
 
Due to affiliates 
   
106,449
 
Accrued expenses 
   
554,694
 
Total liabilities 
 
$
12,896,015
 
NET ASSETS: 
       
Paid-in capital 
 
$
1,373,467,466
 
Distributable earnings 
   
530,616,775
 
Net assets 
 
$
1,904,084,241
 
NET ASSET VALUE PER SHARE: 
       
No par value (unlimited number of shares authorized) 
       
Class A (based on $1,829,527,735/81,143,396 shares) 
 
$
22.55
 
Class C (based on $9,484,142/495,304 shares) 
 
$
19.15
 
Class K (based on $38,159,763/1,693,120 shares) 
 
$
22.54
 
Class R (based on $566,948/25,348 shares) 
 
$
22.37
 
Class Y (based on $26,345,653/1,150,564 shares) 
 
$
22.90
 
MAXIMUM OFFERING PRICE PER SHARE: 
       
Class A (based on $22.55 net asset value per share/100%-5.75% 
       
maximum sales charge) 
 
$
23.93
 
 
The accompanying notes are an integral part of these financial statements.
24 Pioneer Core Equity Fund | Annual Report | 12/31/20
Statement of Operations
FOR THE YEAR ENDED 12/31/20
INVESTMENT INCOME: 
           
Dividends from unaffiliated issuers (net of 
           
foreign taxes withheld $297,837) 
 
$
27,947,191
       
Interest from unaffiliated issuers 
   
152,353
       
Total investment income 
         
$
28,099,544
 
EXPENSES: 
               
Management fees 
 
$
8,344,764
         
Administrative expense 
   
566,087
         
Transfer agent fees 
               
Class A 
   
1,081,581
         
Class C 
   
9,422
         
Class K 
   
56
         
Class R 
   
347
         
Class Y 
   
24,530
         
Distribution fees 
               
Class A 
   
4,003,191
         
Class C 
   
100,125
         
Class R 
   
1,515
         
Shareowner communications expense 
   
337,669
         
Custodian fees 
   
26,650
         
Registration fees 
   
94,384
         
Professional fees 
   
101,504
         
Printing expense 
   
57,254
         
Pricing fees 
   
90
         
Trustees’ fees 
   
92,326
         
Miscellaneous 
   
76,499
         
Total expenses 
         
$
14,917,994
 
Net investment income 
         
$
13,181,550
 
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
         
Net realized gain (loss) on: 
               
Investments in unaffiliated issuers 
 
$
110,069,296
   
$
110,069,296
 
Change in net unrealized appreciation (depreciation) on: 
               
Investments in unaffiliated issuers 
 
$
207,299,673
   
$
207,299,673
 
Net realized and unrealized gain (loss) on investments 
         
$
317,368,969
 
Net increase in net assets resulting from operations 
         
$
330,550,519
 
The accompanying notes are an integral part of these financial statements.
Pioneer Core Equity Fund | Annual Report | 12/31/20 25
 
Statements of Changes in Net Assets
 
 
Year
   
Year
 
 
 
Ended
   
Ended
 
 
 
12/31/20
   
12/31/19
 
FROM OPERATIONS: 
           
Net investment income (loss) 
 
$
13,181,550
   
$
12,909,135
 
Net realized gain (loss) on investments 
   
110,069,296
     
119,060,708
 
Change in net unrealized appreciation (depreciation) 
               
on investments 
   
207,299,673
     
301,272,613
 
Net increase in net assets resulting from operations 
 
$
330,550,519
   
$
433,242,456
 
DISTRIBUTIONS TO SHAREOWNERS: 
               
Class A ($1.93 and $0.62 per share, respectively) 
 
$
(146,743,774
)
 
$
(49,515,192
)
Class C ($1.78 and $0.50 per share, respectively) 
   
(933,541
)
   
(312,029
)
Class K ($1.99 and $0.68 per share, respectively) 
   
(3,213,418
)
   
(1,262,342
)
Class R ($1.91 and $0.60 per share, respectively) 
   
(38,225
)
   
(3,107
)
Class Y ($1.97 and $0.67 per share, respectively) 
   
(2,161,533
)
   
(821,419
)
Total distributions to shareowners 
 
$
(153,090,491
)
 
$
(51,914,089
)
FROM FUND SHARE TRANSACTIONS: 
               
Net proceeds from sales of shares 
 
$
41,852,912
   
$
32,472,258
 
Reinvestment of distributions 
   
145,028,125
     
49,118,209
 
Cost of shares repurchased 
   
(181,203,986
)
   
(174,228,583
)
Net increase (decrease) in net assets resulting from 
               
Fund share transactions 
 
$
5,677,051
   
$
(92,638,116
)
Net increase in net assets 
 
$
183,137,079
   
$
288,690,251
 
NET ASSETS: 
               
Beginning of year 
 
$
1,720,947,162
   
$
1,432,256,911
 
End of year 
 
$
1,904,084,241
   
$
1,720,947,162
 
 
The accompanying notes are an integral part of these financial statements.
26 Pioneer Core Equity Fund | Annual Report | 12/31/20
 

 
 
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
 
 
12/31/20
   
12/31/20
   
12/31/19
   
12/31/19
 
 
 
Shares
   
Amount
   
Shares
   
Amount
 
Class A 
                       
Shares sold 
   
1,004,153
   
$
20,196,314
     
834,735
   
$
15,565,764
 
Reinvestment of distributions 
   
6,350,573
     
140,702,936
     
2,375,773
     
47,483,048
 
Less shares repurchased 
   
(7,343,516
)
   
(150,506,534
)
   
(7,686,195
)
   
(144,032,558
)
Net increase (decrease) 
   
11,210
   
$
10,392,716
     
(4,475,687
)
 
$
(80,983,746
)
Class C 
                               
Shares sold 
   
97,450
   
$
1,628,916
     
84,055
   
$
1,360,402
 
Reinvestment of distributions 
   
49,714
     
929,655
     
17,672
     
301,852
 
Less shares repurchased 
   
(292,077
)
   
(5,120,189
)
   
(142,905
)
   
(2,291,000
)
Net decrease 
   
(144,913
)
 
$
(2,561,618
)
   
(41,178
)
 
$
(628,746
)
Class K 
                               
Shares sold 
   
425,326
   
$
8,351,205
     
348,095
   
$
6,733,606
 
Reinvestment of distributions 
   
63,849
     
1,417,771
     
32,395
     
648,818
 
Less shares repurchased 
   
(581,121
)
   
(11,427,737
)
   
(1,218,952
)
   
(22,255,809
)
Net decrease 
   
(91,946
)
 
$
(1,658,761
)
   
(838,462
)
 
$
(14,873,385
)
Class R 
                               
Shares sold 
   
19,362
   
$
386,606
     
6,472
   
$
119,876
 
Reinvestment of distributions 
   
1,739
     
38,225
     
155
     
3,075
 
Less shares repurchased 
   
(2,751
)
   
(56,818
)
   
(2,430
)
   
(45,340
)
Net increase 
   
18,350
   
$
368,013
     
4,197
   
$
77,611
 
Class Y 
                               
Shares sold 
   
531,062
   
$
11,289,871
     
447,310
   
$
8,692,610
 
Reinvestment of distributions 
   
86,025
     
1,939,538
     
33,520
     
681,416
 
Less shares repurchased 
   
(742,702
)
   
(14,092,708
)
   
(295,253
)
   
(5,603,876
)
Net increase (decrease) 
   
(125,615
)
 
$
(863,299
)
   
185,577
   
$
3,770,150
 
The accompanying notes are an integral part of these financial statements.
Pioneer Core Equity Fund | Annual Report | 12/31/20 27
 

Financial Highlights
 
 
Year
   
Year
   
Year
   
Year
   
Year
 
 
 
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
 
 
12/31/20
   
12/31/19
   
12/31/18
   
12/31/17
   
12/31/16*
 
Class A 
                         
 
Net asset value, beginning of period 
 
$
20.30
   
$
15.93
   
$
20.58
   
$
18.01
   
$
16.80
 
Increase (decrease) from investment operations: 
                                       
Net investment income (loss) (a) 
 
$
0.16
   
$
0.15
   
$
0.17
   
$
0.17
   
$
0.19
 
Net realized and unrealized gain (loss) on investments 
   
4.02
     
4.84
     
(1.68
)
   
4.26
     
1.22
 
Net increase (decrease) from investment operations 
 
$
4.18
   
$
4.99
   
$
(1.51
)
 
$
4.43
   
$
1.41
 
Distributions to shareowners: 
                                       
Net investment income 
 
$
(0.15
)
 
$
(0.15
)
 
$
(0.14
)
 
$
(0.16
)
 
$
(0.20
)
Net realized gain 
   
(1.78
)
   
(0.47
)
   
(3.00
)
   
(1.70
)
   
 
Total distributions 
 
$
(1.93
)
 
$
(0.62
)
 
$
(3.14
)
 
$
(1.86
)
 
$
(0.20
)
Net increase (decrease) in net asset value 
 
$
2.25
   
$
4.37
   
$
(4.65
)
 
$
2.57
   
$
1.21
 
Net asset value, end of period 
 
$
22.55
   
$
20.30
   
$
15.93
   
$
20.58
   
$
18.01
 
Total return (b) 
   
20.83
%
   
31.41
%
   
(8.70
)%(c)
   
24.77
%
   
8.39
%
Ratio of net expenses to average net assets 
   
0.90
%
   
0.90
%
   
0.90
%
   
0.89
%
   
0.94
%
Ratio of net investment income (loss) to average net assets 
   
0.78
%
   
0.80
%
   
0.82
%
   
0.85
%
   
1.15
%
Portfolio turnover rate 
   
76
%
   
93
%
   
114
%
   
81
%
   
80
%
Net assets, end of period (in thousands) 
 
$
1,829,528
   
$
1,647,120
   
$
1,363,460
   
$
1,629,908
   
$
1,436,208
 
 
*     
The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP.
(a)     
The per-share data presented above is based on the average shares outstanding for the period presented.
(b)     
Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account.
(c)     
If the Fund had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2018, the total return would have been (8.74)%.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Core Equity Fund | Annual Report | 12/31/20

 
 
Year
   
Year
   
Year
   
Year
   
Year
 
 
 
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
 
 
12/31/20
   
12/31/19
   
12/31/18
   
12/31/17
   
12/31/16*
 
Class C 
                             
Net asset value, beginning of period 
 
$
17.51
   
$
13.82
   
$
18.26
   
$
16.17
   
$
15.11
 
Increase (decrease) from investment operations: 
                                       
Net investment income (loss) (a) 
 
$
(0.00
)†
 
$
0.00
 
$
0.00
 
$
0.01
   
$
0.05
 
Net realized and unrealized gain (loss) on investments 
   
3.42
     
4.19
     
(1.44
)
   
3.80
     
1.10
 
Net increase (decrease) from investment operations 
 
$
3.42
   
$
4.19
   
$
(1.44
)
 
$
3.81
   
$
1.15
 
Distributions to shareowners: 
                                       
Net investment income 
 
$
   
$
(0.03
)
 
$
   
$
(0.02
)
 
$
(0.09
)
Net realized gain 
   
(1.78
)
   
(0.47
)
   
(3.00
)
   
(1.70
)
   
 
Total distributions 
 
$
(1.78
)
 
$
(0.50
)
 
$
(3.00
)
 
$
(1.72
)
 
$
(0.09
)
Net increase (decrease) in net asset value 
 
$
1.64
   
$
3.69
   
$
(4.44
)
 
$
2.09
   
$
1.06
 
Net asset value, end of period 
 
$
19.15
   
$
17.51
   
$
13.82
   
$
18.26
   
$
16.17
 
Total return (b) 
   
19.80
%
   
30.42
%(c)
   
(9.45
)%(d)
   
23.74
%
   
7.58
%
Ratio of net expenses to average net assets 
   
1.70
%
   
1.69
%
   
1.69
%
   
1.71
%
   
1.76
%
Ratio of net investment income (loss) to average net assets 
   
0.00
%†
   
0.01
%
   
0.02
%
   
0.04
%
   
0.33
%
Portfolio turnover rate 
   
76
%
   
93
%
   
114
%
   
81
%
   
80
%
Net assets, end of period (in thousands) 
 
$
9,484
   
$
11,208
   
$
9,416
   
$
13,961
   
$
13,016
 
 
*     
The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP.
(a)     
The per-share data presented above is based on the average shares outstanding for the period presented.
(b)     
Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account.
(c)     
If the Fund had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2019, the total return would have been 30.35%.
(d)     
If the Fund had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2018, the total return would have been (9.50)%.
†     
Amount rounds to less than 0.01%.
The accompanying notes are an integral part of these financial statements.
Pioneer Core Equity Fund | Annual Report | 12/31/20 29
 

Financial Highlights (continued) 
 
 

 
 
Year
   
Year
       
 
 
Ended
   
Ended
   
5/4/18* to
 
 
 
12/31/20
   
12/31/19
   
12/31/18
 
Class K 
                 
Net asset value, beginning of period 
 
$
20.28
   
$
15.91
   
$
20.82
 
Increase (decrease) from investment operations: 
                       
Net investment income (loss) (a) 
 
$
0.23
   
$
0.21
   
$
0.16
 
Net realized and unrealized gain (loss) 
                       
on investments 
   
4.02
     
4.84
     
(1.86
)
Net increase (decrease) from investment operations 
 
$
4.25
   
$
5.05
   
$
(1.70
)
Distributions to shareowners: 
                       
Net investment income 
 
$
(0.21
)
 
$
(0.21
)
 
$
(0.21
)
Net realized gain 
   
(1.78
)
   
(0.47
)
   
(3.00
)
Total distributions 
 
$
(1.99
)
 
$
(0.68
)
 
$
(3.21
)
Net increase (decrease) in net asset value 
 
$
2.26
   
$
4.37
   
$
(4.91
)
Net asset value, end of period 
 
$
22.54
   
$
20.28
   
$
15.91
 
Total return (b) 
   
21.23
%
   
31.85
%
   
(8.47
)%(c)(d)
Ratio of net expenses to average net assets 
   
0.56
%
   
0.56
%
   
0.57
%(e)
Ratio of net investment income (loss) to 
                       
average net assets 
   
1.12
%
   
1.15
%
   
1.17
%(e)
Portfolio turnover rate 
   
76
%
   
93
%
   
114
%(c)
Net assets, end of period (in thousands) 
 
$
38,160
   
$
36,206
   
$
41,733
 
 
*     
Class K shares commenced operations on May 4, 2018.
(a)     
The per-share data presented above is based on the average shares outstanding for the period presented.
(b)     
Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(c)     
Not annualized.
(d)     
If the Fund had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2018, the total return would have been (8.51)%.
(e)     
Annualized.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Core Equity Fund | Annual Report | 12/31/20
 

 
 
Year
   
Year
       
 
 
Ended
   
Ended
   
6/29/18* to
 
 
 
12/31/20
   
12/31/19
   
12/31/18
 
Class R 
                 
Net asset value, beginning of period 
 
$
20.20
   
$
15.90
   
$
21.08
 
Increase (decrease) from investment operations: 
                       
Net investment income (loss) (a) 
 
$
0.08
   
$
0.08
   
$
0.06
 
Net realized and unrealized gain (loss) 
                       
on investments 
   
4.00
     
4.82
     
(2.08
)
Net increase (decrease) from investment operations 
 
$
4.08
   
$
4.90
   
$
(2.02
)
Distributions to shareowners: 
                       
Net investment income 
 
$
(0.13
)
 
$
(0.13
)
 
$
(0.16
)
Net realized gain 
   
(1.78
)
   
(0.47
)
   
(3.00
)
Total distributions 
 
$
(1.91
)
 
$
(0.60
)
 
$
(3.16
)
Net increase (decrease) in net asset value 
 
$
2.17
   
$
4.30
   
$
(5.18
)
Net asset value, end of period 
 
$
22.37
   
$
20.20
   
$
15.90
 
Total return (b) 
   
20.45
%
   
30.90
%
   
(8.76
)%(c)(d)
Ratio of net expenses to average net assets 
   
1.24
%
   
1.25
%
   
1.06
%(e)
Ratio of net investment income (loss) to 
                       
average net assets 
   
0.40
%
   
0.43
%
   
0.62
%(e)
Portfolio turnover rate 
   
76
%
   
93
%
   
114
%(c)
Net assets, end of period (in thousands) 
 
$
567
   
$
141
   
$
45
 
 
*     
Class R shares commenced operations on June 29, 2018.
(a)     
The per-share data presented above is based on the average shares outstanding for the period presented.
(b)     
Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(c)     
Not annualized.
(d)     
If the Fund had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2018, the total return would have been (8.80)%.
(e)     
Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Core Equity Fund | Annual Report | 12/31/20 31
Financial Highlights (continued)
 
 
Year
   
Year
   
Year
   
Year
   
Year
 
 
 
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
 
 
12/31/20
   
12/31/19
   
12/31/18
   
12/31/17
   
12/31/16*
 
Class Y 
                             
Net asset value, beginning of period 
 
$
20.59
   
$
16.14
   
$
20.80
   
$
18.18
   
$
16.95
 
Increase (decrease) from investment operations: 
                                       
Net investment income (loss) (a) 
 
$
0.21
   
$
0.20
   
$
0.22
   
$
0.22
   
$
0.25
 
Net realized and unrealized gain (loss) on investments 
   
4.07
     
4.92
     
(1.71
)
   
4.32
     
1.23
 
Net increase (decrease) from investment operations 
 
$
4.28
   
$
5.12
   
$
(1.49
)
 
$
4.54
   
$
1.48
 
Distributions to shareowners: 
                                       
Net investment income 
 
$
(0.19
)
 
$
(0.20
)
 
$
(0.17
)
 
$
(0.22
)
 
$
(0.25
)
Net realized gain 
   
(1.78
)
   
(0.47
)
   
(3.00
)
   
(1.70
)
   
 
Total distributions 
 
$
(1.97
)
 
$
(0.67
)
 
$
(3.17
)
 
$
(1.92
)
 
$
(0.25
)
Net increase (decrease) in net asset value 
 
$
2.31
   
$
4.45
   
$
(4.66
)
 
$
2.62
   
$
1.23
 
Net asset value, end of period 
 
$
22.90
   
$
20.59
   
$
16.14
   
$
20.80
   
$
18.18
 
Total return (b) 
   
21.04
%
   
31.80
%(c)
   
(8.53
)%(d)
   
25.10
%
   
8.73
%
Ratio of net expenses to average net assets 
   
0.67
%
   
0.66
%
   
0.64
%
   
0.63
%
   
0.63
%
Ratio of net investment income (loss) to average net assets 
   
1.03
%
   
1.03
%
   
1.05
%
   
1.11
%
   
1.47
%
Portfolio turnover rate 
   
76
%
   
93
%
   
114
%
   
81
%
   
80
%
Net assets, end of period (in thousands) 
 
$
26,346
   
$
26,272
   
$
17,603
   
$
58,788
   
$
44,915
 
 
*     
The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP.
(a)     
The per-share data presented above is based on the average shares outstanding for the period presented.
(b)     
Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(c)     
If the Fund had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2019, the total return would have been 31.74%.
(d)     
If the Fund had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2018, the total return would have been (8.60)%.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Core Equity Fund | Annual Report | 12/31/20
Notes to Financial Statements | 12/31/20
1. Organization and Significant Accounting Policies
Pioneer Core Equity Fund (the “Fund”) is a series of Pioneer Series Trust XI (the “Trust”), a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The investment objective of the Fund is to seek long-term capital growth.
The Fund offers five classes of shares designated as Class A, Class C, Class K, Class R and Class Y shares. Each class of shares represents an interest in the same portfolio of investments of the Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses, such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Fund gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareowner approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareowner’s voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class K and Class Y shares.
Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Prior to January 1, 2021, the Adviser was named Amundi Pioneer Asset Management, Inc. Amundi Distributor US, Inc., an affiliate of Amundi Asset Management US, Inc., serves as the Fund’s distributor (the “Distributor”).
In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2018-13 “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”) which modifies disclosure requirements for fair value measurements, principally for Level 3 securities and transfers between levels of the fair value hierarchy. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The Fund has adopted ASU 2018-13 for the year ended December 31, 2020. The
Pioneer Core Equity Fund | Annual Report | 12/31/20 33
impact to the Fund’s adoption was limited to changes in the Fund’s disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value investments, when applicable.
In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform.
The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). U.S. GAAP requires the management of the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:
A.  Security Valuation
The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (“NYSE”) is open, as of the close of regular trading on the NYSE.
Equity securities which may include restricted securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities which may include restricted securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and
34 Pioneer Core Equity Fund | Annual Report | 12/31/20
 
asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities which may include restricted securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods.
Repurchase agreements are valued at par. Cash may include overnight time deposits at approved financial institutions.
Securities for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser pursuant to procedures adopted by the Fund’s Board of Trustees. The Adviser’s fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund’s net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund’s securities may differ significantly from exchange prices, and such differences could be material.
At December 31, 2020, no securities were valued using fair value methods (other than securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance industry pricing model).
B.   Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence.
Pioneer Core Equity Fund | Annual Report | 12/31/20 35
 
Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively.
Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes.
C.   Federal Income Taxes
It is the Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of December 31, 2020, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences.
The tax character of distributions paid during the years ended December 31, 2020 and December 31, 2019, were as follows:
 
 
2020
   
2019
 
Distributions paid from: 
           
Ordinary income 
 
$
12,456,697
   
$
12,723,309
 
Long-term capital gain 
   
140,633,794
     
39,190,780
 
Total 
 
$
153,090,491
   
$
51,914,089
 
 
36 Pioneer Core Equity Fund | Annual Report | 12/31/20
      The following shows the components of distributable earnings (losses) on a federal income tax basis at December 31, 2020:
       
 
 
2020
 
Distributable earnings: 
     
Undistributed ordinary income 
 
$
2,324,569
 
Undistributed long-term capital gain 
   
16,888,913
 
Net unrealized appreciation 
   
511,403,293
 
Total 
 
$
530,616,775
 
The difference between book basis and tax basis unrealized appreciation is attributable to the tax deferral of losses on wash sales, and tax basis adjustments on Real Estate Investment Trust (REIT) holdings.
D.   Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $36,032 in underwriting commissions on the sale of Class A shares during the year ended December 31, 2020.
E.   Class Allocations
Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day.
Distribution fees are calculated based on the average daily net asset value attributable to Class A, Class C and Class R shares of the Fund, respectively (see Note 5). Class K and Class Y shares do not pay distribution fees. All expenses and fees paid to the Fund’s transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4).
Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, Class K, Class R and Class Y shares can reflect different transfer agent and distribution expense rates.
F.   Risks
The value of securities held by the Fund 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, the spread of infectious illness or other public health issues, inflation,
Pioneer Core Equity Fund | Annual Report | 12/31/20 37

changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the Fund.
At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. The Fund’s investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions and the imposition of adverse governmental laws or currency exchange restrictions.
The Fund may invest in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws.
With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund’s Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as Brown Brothers Harriman & Co., the Fund’s custodian and accounting agent, and DST Asset Manager Solutions, Inc., the Fund’s transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor Amundi US exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at Amundi US or the Fund’s service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner
38 Pioneer Core Equity Fund | Annual Report | 12/31/20
 
information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.
COVID-19
The respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.
The Fund’s prospectus contains unaudited information regarding the Fund’s principal risks. Please refer to that document when considering the Fund’s principal risks.
G.   Repurchase Agreements
Repurchase agreements are arrangements under which the Fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the Fund at a later date, and at a specific price, which is typically higher than the purchase price paid by the Fund. The securities purchased serve as the Fund’s collateral for the obligation of the counterparty to repurchase the securities. The value of the collateral, including accrued interest, is required to be equal to or in excess of the repurchase price. The collateral for all
Pioneer Core Equity Fund | Annual Report | 12/31/20 39
 
repurchase agreements is held in safekeeping in the customer-only account of the Fund’s custodian or a sub-custodian of the Fund. The Adviser is responsible for determining that the value of the collateral remains at least equal to the repurchase price. In the event of a default by the counterparty, the Fund is entitled to sell the securities, but the Fund may not be able to sell them for the price at which they were purchased, thus causing a loss to the Fund. Additionally, if the counterparty becomes insolvent, there is some risk that the Fund will not have a right to the securities, or the immediate right to sell the securities.
As of and for the year ended December 31, 2020, the Fund had no open repurchase agreements.
2. Management Agreement
The Adviser manages the Fund’s portfolio. Management fees are calculated daily and paid monthly at the annual rate of 0.50% of the Fund’s average daily net assets up to $5 billion and 0.45% of the Fund’s average daily net assets over $5 billion. For the year ended December 31, 2020, the effective management fee was equivalent to 0.50% of the Fund’s average daily net assets.
In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Fund as administrative reimbursements. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $68,525 in management fees, administrative costs and certain other reimbursements payable to the Adviser at December 31, 2020.
3. Compensation of Trustees and Officers
The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the year ended December 31, 2020, the Fund paid $92,326 in Trustees’ compensation, which is reflected on Statement of Operations as Trustees’ fees. At December 31, 2020, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $5,643.
4. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund’s omnibus relationship contracts.
40 Pioneer Core Equity Fund | Annual Report | 12/31/20
 
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the year ended December 31, 2020, such out-of-pocket expenses by class of shares were as follows:
Shareowner Communications: 
     
Class A 
 
$
331,708
 
Class C 
   
4,108
 
Class K 
   
126
 
Class R 
   
183
 
Class Y 
   
1,544
 
Total 
 
$
337,669
 
 
5. Distribution and Service Plans
The Fund has adopted a distribution plan (the “Plan”) pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A, Class C and Class R shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays the Distributor 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Pursuant to the Plan, the Fund also pays the Distributor 0.50% of the average daily net assets attributable to Class R shares for distribution services. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $37,924 in distribution fees payable to the Distributor at December 31, 2020.
The Fund also has adopted a separate service plan for Class R shares (the “Service Plan”). The Service Plan authorizes the Fund to pay securities dealers, plan administrators or other service organizations that agree to provide certain services to retirement plans or plan participants holding shares of the Fund a service fee of up to 0.25% of the Fund’s average daily net assets attributable to Class R shares held by such plans.
In addition, redemptions of Class A, Class C and Class R shares may be subject to a contingent deferred sales charge (“CDSC”). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost or market value of shares being redeemed. Shares purchased
Pioneer Core Equity Fund | Annual Report | 12/31/20 41


as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There are no CDSCs for Class K, Class R and Class Y shares. Proceeds from the CDSCs are paid to the Distributor. For the year ended December 31, 2020, CDSCs in the amount of $1,274 were paid to the Distributor.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the “Funds”), participates in a committed, unsecured revolving line of credit (“credit facility”). Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the credit facility or the limits set for borrowing by the Fund’s prospectus and the 1940 Act. Effective March 11, 2020, the Fund participates in a facility in the amount of $300 million. Prior to March 11, 2020, the Fund participated in a facility in the amount of $250 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (“LIBOR”) plus a credit spread. The Fund also pays an annual commitment fee to participate in the credit facility. The commitment fee in the amount of 0.30% of the daily unused portion of each credit facility is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the year ended December 31, 2020, the Fund had no borrowings under the credit facility.
42 Pioneer Core Equity Fund | Annual Report | 12/31/20

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust XI and the Shareholders of Pioneer Core Equity Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer Core Equity Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust XI (the “Trust”)), including the schedule of investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the “financial statements”). The financial highlights for the period ended December 31, 2016 were audited by another independent registered public accounting firm whose report, dated February 22, 2017, expressed an unqualified opinion on those financial highlights. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Pioneer Series Trust XI) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the four years in the period then ended in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial
Pioneer Core Equity Fund | Annual Report | 12/31/20 43
 
reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Amundi Pioneer investment companies since 2017.
Boston, Massachusetts
February 25, 2021
44 Pioneer Core Equity Fund | Annual Report | 12/31/20
 
Additional Information (unaudited)
For the year ended December 31, 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%. The Fund intends to designate up to the maximum amount of such dividends allowable, as taxed at a maximum rate of 20%. Complete information will be computed and reported in conjunction with your 2019 Form 1099-DIV.
The qualifying percentage of the Fund’s ordinary income dividends for the purpose of the corporate dividends received deduction was 100%.
Pioneer Core Equity Fund | Annual Report | 12/31/20 45

Approval of Investment Management Agreement
Amundi Pioneer Asset Management, Inc.1 (“APAM”) serves as the investment adviser to Pioneer Core Equity Fund (the “Fund”) pursuant to an investment management agreement between APAM and the Fund. In order for APAM to remain the investment adviser of the Fund, the Trustees of the Fund must determine annually whether to renew the investment management agreement for the Fund.
The contract review process began in January 2020 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2020, July 2020 and September 2020. In addition, the Trustees reviewed and discussed the Fund’s performance at regularly scheduled meetings throughout the year, and took into account other information related to the Fund provided to the Trustees at regularly scheduled meetings, in connection with the review of the Fund’s investment management agreement.
In March 2020, the Trustees, among other things, discussed the memorandum provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Fund, as well as the level of investment by the Fund’s portfolio managers in the Fund. In July 2020, the Trustees, among other things, reviewed the Fund’s management fees and total expense ratios, the financial statements of APAM and its parent companies, profitability analyses provided by APAM, and analyses from APAM as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of APAM and APAM’s affiliate, Amundi Pioneer Institutional Asset Management, Inc.2 (“APIAM” and, together with APAM, “Amundi Pioneer”), as compared to that of APAM’s fund management business, and considered the differences between the fees and expenses of the Fund and the fees and expenses of APAM’s and APIAM’s institutional accounts, as well as the different services provided by APAM to the Fund and by APAM and APIAM to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees’ request, in September 2020.
1     
Effective January 1, 2021, Amundi Pioneer Asset Management, Inc. changed its name to Amundi Asset Management US, Inc. (“Amundi US”).

2     
Effective January 1, 2021, Amundi Pioneer Institutional Asset Management, Inc. (“APIAM”) merged with and into Amundi US. After the Merger, the investment advisory services previously provided by APIAM are now provided through Amundi US.
46 Pioneer Core Equity Fund | Annual Report | 12/31/20
 
At a meeting held on September 15, 2020, based on their evaluation of the information provided by APAM and third parties, the Trustees of the Fund, including the Independent Trustees voting separately, unanimously approved the renewal of the investment management agreement for another year. In approving the renewal of the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had been provided by APAM to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees also reviewed APAM’s investment approach for the Fund and its research process. The Trustees considered the resources of APAM and the personnel of APAM who provide investment management services to the Fund. They also reviewed the amount of non-Fund assets managed by the portfolio managers of the Fund. They considered the non-investment resources and personnel of APAM that are involved in APAM’s services to the Fund, including APAM’s compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by APAM’s senior management to the Pioneer Fund complex. The Trustees considered the implementation and effectiveness of APAM’s business continuity plan in response to the COVID-19 pandemic.
The Trustees considered that APAM supervises and monitors the performance of the Fund’s service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund’s business management and operations. The Trustees also considered that, as administrator, APAM is responsible for the administration of the Fund’s business and other affairs. The Trustees considered the fees paid to APAM for the provision of administration services.
Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by APAM to the Fund were satisfactory and consistent with the terms of the investment management agreement.
Pioneer Core Equity Fund | Annual Report | 12/31/20 47

Performance of the Fund
In considering the Fund’s performance, the Trustees regularly review and discuss throughout the year data prepared by APAM and information comparing the Fund’s performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and with the performance of the Fund’s benchmark index. They also discuss the Fund’s performance with APAM on a regular basis. The Trustees’ regular reviews and discussions were factored into the Trustees’ deliberations concerning the renewal of the investment management agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in comparison to the management fees of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are organized in quintiles. Each quintile represents one-fifth of the peer group. In all peer group comparisons referred to below, first quintile is most favorable to the Fund’s shareowners. The Trustees noted that they separately review and consider the impact of the Fund’s transfer agency and Fund- and APAM-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Fund’s expense ratio.
The Trustees considered that the Fund’s management fee for the most recent fiscal year was in the second quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees considered that the expense ratio of the Fund’s Class A shares for the most recent fiscal year was in the first quintile relative to its Strategic Insight peer group for the comparable period.
The Trustees reviewed management fees charged by APAM and APIAM to institutional and other clients, including publicly offered European funds sponsored by APAM’s affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered APAM’s costs in providing services to the Fund and APAM’s and APIAM’s costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with APAM’s and APIAM’s client accounts, the Trustees
48 Pioneer Core Equity Fund | Annual Report | 12/31/20

 

took into account the respective demands, resources and complexity associated with the Fund and other client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management fee for the Fund and considered that, under the investment management agreement with the Fund, APAM performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Fund’s other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the entrepreneurial risks associated with APAM’s management of the Fund.
The Trustees concluded that the management fee payable by the Fund to APAM was reasonable in relation to the nature and quality of the services provided by APAM.
Profitability
The Trustees considered information provided by APAM regarding the profitability of APAM with respect to the advisory services provided by APAM to the Fund, including the methodology used by APAM in allocating certain of its costs to the management of the Fund. The Trustees also considered APAM’s profit margin in connection with the overall operation of the Fund. They further reviewed the financial results, including the profit margins, realized by APAM and APIAM from non-fund businesses. The Trustees considered APAM’s profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that APAM’s profitability with respect to the management of the Fund was not unreasonable.
Economies of Scale
The Trustees considered APAM’s views relating to economies of scale in connection with the Pioneer Funds as fund assets grow and the extent to which any such economies of scale are shared with the Fund and Fund shareholders. The Trustees recognize that economies of scale are difficult to identify and quantify, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by APAM in research and analytical capabilities and APAM’s commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons including due to reductions in expenses. The Trustees concluded that economies of scale, if any, were being appropriately shared with the Fund.
Pioneer Core Equity Fund | Annual Report | 12/31/20 49
 

Other Benefits
The Trustees considered the other benefits that APAM enjoys from its relationship with the Fund. The Trustees considered the character and amount of fees paid or to be paid by the Fund, other than under the investment management agreement, for services provided by APAM and its affiliates. The Trustees further considered the revenues and profitability of APAM’s businesses other than the Fund business. To the extent applicable, the Trustees also considered the benefits to the Fund and to APAM and its affiliates from the use of “soft” commission dollars generated by the Fund to pay for research and brokerage services.
The Trustees considered that Amundi Pioneer is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi’s worldwide asset management business manages over $1.7 trillion in assets (including the Pioneer Funds). The Trustees considered that APAM’s relationship with Amundi creates potential opportunities for APAM, APIAM and Amundi that derive from APAM’s relationships with the Fund, including Amundi’s ability to market the services of APAM globally. The Trustees noted that APAM has access to additional research and portfolio management capabilities as a result of its relationship with Amundi and Amundi’s enhanced global presence that may contribute to an increase in the resources available to APAM. The Trustees considered that APAM and the Fund receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Fund, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by APAM as a result of its relationship with the Fund were reasonable.
Conclusion
After consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees, concluded that the investment management agreement for the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of the investment management agreement.
50 Pioneer Core Equity Fund | Annual Report | 12/31/20
 
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Distributor US, Inc.

Legal Counsel
Morgan, Lewis & Bockius LLP

Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
Trustees and Officers
The Fund’s Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 45 US registered investment portfolios for which Amundi US serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292.
Pioneer Core Equity Fund | Annual Report | 12/31/20 51
 
Independent Trustees
       
Name, Age and Position 
Term of Office and 
 
Other Directorships 
Held With the Fund 
Length of Service 
Principal Occupation 
Held by Trustee 
Thomas J. Perna (70) 
Trustee since 2006. 
Private investor (2004 – 2008 and 2013 – present); Chairman (2008 – 2013) 
Director, Broadridge Financial 
Chairman of the Board 
Serves until a successor 
and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. (technology 
Solutions, Inc. (investor 
and Trustee 
trustee is elected or 
products for securities lending industry); and Senior Executive Vice 
communications and securities 
 
earlier retirement 
President, The Bank of New York (financial and securities services) 
processing provider for financial 
 
or removal. 
(1986 – 2004) 
services industry) (2009 – present); 
 
 
 
Director, Quadriserv, Inc. (2005 – 
 
 
 
2013); and Commissioner, New 
 
 
 
Jersey State Civil Service 
 
 
 
Commission (2011 – 2015) 
John E. Baumgardner, Jr. (69) 
Trustee since 2019. 
Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell 
Chairman, The Lakeville Journal 
Trustee 
Serves until a successor 
LLP (law firm). 
Company, LLC, (privately-held 
 
trustee is elected or 
 
community newspaper group) 
 
earlier retirement 
 
(2015-present) 
 
or removal. 
 
 
Diane Durnin (63) 
Trustee since 2019. 
Managing Director – Head of Product Strategy and Development, BNY 
None 
Trustee 
Serves until a successor 
Mellon Investment Management (investment management firm) 
 
 
trustee is elected or 
(2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): 
 
 
earlier retirement 
Executive Vice President Head of Product, BNY Mellon Investment 
 
 
or removal. 
Management (2007-2012); Executive Director- Product Strategy, Mellon 
 
 
 
Asset Management (2005-2007); Executive Vice President Head of Products, 
 
 
 
Marketing and Client Service, Dreyfus Corporation (investment management 
 
 
 
firm) (2000-2005); and Senior Vice President Strategic Product and Business 
 
 
 
Development, Dreyfus Corporation (1994-2000) 
 
52 Pioneer Core Equity Fund | Annual Report | 12/31/20
 

       
Name, Age and Position 
Term of Office and 
 
Other Directorships 
Held With the Fund 
Length of Service 
Principal Occupation 
Held by Trustee 
Benjamin M. Friedman (76) 
Trustee since 2008. 
William Joseph Maier Professor of Political Economy, Harvard University 
Trustee, Mellon Institutional Funds 
Trustee 
Serves until a successor 
(1972 – present) 
Investment Trust and Mellon 
 
trustee is elected or 
 
Institutional Funds Master Portfolio 
 
earlier retirement 
 
(oversaw 17 portfolios in fund 
 
or removal. 
 
complex) (1989 - 2008) 
Lorraine H. Monchak (64) 
Trustee since 2017. 
Chief Investment Officer, 1199 SEIU Funds (healthcare workers union 
None 
Trustee 
(Advisory Trustee from 
pension funds) (2001 – present); Vice President – International Investments 
 
 
2014 – 2017). Serves 
Group, American International Group, Inc. (insurance company) 
 
 
until a successor trustee 
(1993 – 2001); Vice President – Corporate Finance and Treasury Group, 
 
 
is elected or earlier 
Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – 
 
 
retirement or removal. 
Asset/Liability Management Group, Federal Farm Funding Corporation 
 
 
 
(government-sponsored issuer of debt securities) (1988 – 1990); Mortgage 
 
 
 
Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) 
 
 
 
(1987 – 1988); and Mortgage Strategies Group, Drexel Burnham Lambert, 
 
 
 
Ltd. (investment bank) (1986 – 1987) 
 
Marguerite A. Piret (72) 
Trustee since 1982. 
Chief Financial Officer, American Ag Energy, Inc. (controlled environment 
Director of New America High 
Trustee 
Serves until a successor 
and agriculture company) (2016 – present); and President and Chief 
Income Fund, Inc. (closed-end 
 
trustee is elected or 
Executive Officer, Metric Financial Inc. (formerly known as Newbury Piret 
investment company) (2004 – 
 
earlier retirement 
Company) (investment banking firm) (1981 – 2019) 
present); and Member, Board of 
 
or removal. 
 
Governors, Investment Company 
 
 
 
Institute (2000 – 2006) 
Pioneer Core Equity Fund | Annual Report | 12/31/20 53

Independent Trustees (continued)
       
Name, Age and Position 
Term of Office and 
 
Other Directorships 
Held With the Fund 
Length of Service 
Principal Occupation 
Held by Trustee 
Fred J. Ricciardi (73) 
Trustee since 2014. 
Private investor (2020 – present); Consultant (investment company services) 
None 
Trustee 
Serves until a successor 
(2012 – 2020); Executive Vice President, BNY Mellon (financial and 
 
 
trustee is elected or 
investment company services) (1969 – 2012); Director, BNY International 
 
 
earlier retirement 
Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas 
 
 
or removal. 
Investment Corp. (financial services) (2009 – 2012); Director, Financial 
 
 
 
Models (technology) (2005-2007); Director, BNY Hamilton Funds, Ireland 
 
 
 
(offshore investment companies) (2004-2007); Chairman/Director, AIB/BNY 
 
 
 
Securities Services, Ltd., Ireland (financial services) (1999-2006); and 
 
 
 
Chairman, BNY Alternative Investment Services, Inc. (financial services) 
 
 
 
(2005-2007) 
 
 
54 Pioneer Core Equity Fund | Annual Report | 12/31/20

Interested Trustees
       
Name, Age and Position 
Term of Office and 
 
Other Directorships 
Held With the Fund 
Length of Service 
Principal Occupation 
Held by Trustee 
Lisa M. Jones (58)* 
Trustee since 2017. 
Director, CEO and President of Amundi US, Inc. (investment management 
None 
Trustee, President and 
Serves until a successor 
firm) (since September 2014); Director, CEO and President of Amundi 
 
Chief Executive Officer 
trustee is elected or 
Asset Management US, Inc. (since September 2014); Director, CEO and 
 
 
earlier retirement 
President of Amundi Distributor US, Inc. (since September 2014); Director, 
 
 
or removal 
CEO and President of Amundi Asset Management US, Inc. (since September 
 
 
 
2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and Amundi Asset 
 
 
 
Management US, Inc. (September 2014 – 2018); Managing Director, Morgan 
 
 
 
Stanley Investment Management (investment management firm) (2010 – 2013); 
 
 
 
Director of Institutional Business, CEO of International, Eaton Vance 
 
 
 
Management (investment management firm) (2005 – 2010); and Director of 
 

 
Amundi Holdings US, Inc. (since 2017)
 
Kenneth J. Taubes (62)* 
Trustee since 2014. 
Director and Executive Vice President (since 2008) and Chief Investment 
None 
Trustee 
Serves until a successor 
Officer, U.S. (since 2010) of Amundi US, Inc. (investment management firm); 
 
 
trustee is elected or 
Director and Executive Vice President and Chief Investment Officer, U.S. of 
 
 
earlier retirement 
Amundi US (since 2008); Executive Vice President and Chief Investment 
 
 
or removal 
Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); Portfolio 
 
 
 
Manager of Amundi US (since 1999); and Director of Amundi Holdings US, Inc. 
 
 
 
(since 2017) 
 
 
*     
Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates.

Pioneer Core Equity Fund | Annual Report | 12/31/20 55

Fund Officers
       
Name, Age and Position 
Term of Office and 
 
Other Directorships 
Held With the Fund 
Length of Service 
Principal Occupation 
Held by Officer 
Christopher J. Kelley (56) 
Since 2003. Serves 
Vice President and Associate General Counsel of Amundi US since 
None 
Secretary and 
at the discretion of 
January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds 
 
Chief Legal Officer 
the Board 
since June 2010; Assistant Secretary of all of the Pioneer Funds from 
 
 
 
September 2003 to May 2010; and Vice President and Senior Counsel of 
 
 
 
Amundi US from July 2002 to December 2007 
 
Carol B. Hannigan (59) 
Since 2010. Serves 
Fund Governance Director of Amundi US since December 2006 and 
None 
Assistant Secretary 
at the discretion of 
Assistant Secretary of all the Pioneer Funds since June 2010; Manager – 
 
 
the Board 
Fund Governance of Amundi US from December 2003 to November 2006; 
 
 
 
and Senior Paralegal of Amundi US from January 2000 to November 2003 
 
Thomas Reyes (58) 
Since 2010. Serves 
Assistant General Counsel of Amundi US since May 2013 and Assistant 
None 
Assistant Secretary 
at the discretion of 
Secretary of all the Pioneer Funds since June 2010; and Counsel of Amundi 
 
 
the Board 
US from June 2007 to May 2013 
 
Mark E. Bradley (61) 
Since 2008. Serves 
Vice President – Fund Treasury of Amundi US; Treasurer of all of the 
None 
Treasurer and Chief 
at the discretion of 
Pioneer Funds since March 2008; Deputy Treasurer of Amundi US from 
 
Financial and 
the Board 
March 2004 to February 2008; and Assistant Treasurer of all of the Pioneer 
 
Accounting Officer 
 
Funds from March 2004 to February 2008 
 
Anthony J. Koenig, Jr. (57) 
Since 2021. Serves 
Senior Vice President – Fund Treasury of Amundi US; Assistant Treasurer 
None 
Assistant Treasurer 
at the discretion of 
of all of the Pioneer Funds since January 2021; and Chief of Staff, US 
 
 
the Board 
Investment Management of Amundi US from May 2008 to January 2021 
 
Luis I. Presutti (55) 
Since 2000. Serves 
Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer 
None 
Assistant Treasurer 
at the discretion of 
of all of the Pioneer Funds since 1999 
 
 
the Board 
 
 
Gary Sullivan (62) 
Since 2002. Serves 
Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant 
 
Assistant Treasurer 
at the discretion of 
Treasurer of all of the Pioneer Funds since 2002 
 
 
the Board 
 
 
 
56 Pioneer Core Equity Fund | Annual Report | 12/31/20
 

       
Name, Age and Position 
Term of Office and 
 
Other Directorships 
Held With the Fund 
Length of Service 
Principal Occupation 
Held by Officer 
Antonio Furtado (38) 
Since 2020. Serves 
Fund Oversight Manager – Fund Treasury of Amundi US since 2020; 
None 
Assistant Treasurer 
at the discretion of 
Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior Fund 
 
 
the Board 
Treasury Analyst from 2012 – 2020 
 
John Malone (50) 
Since 2018. Serves 
Managing Director, Chief Compliance Officer of Amundi US Asset