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You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Pioneer MAP ‑ High Income Municipal Fund<sup style="white-space: nowrap;">+</sup></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>0</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.00<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; color: #000000; text-align: left; width: 3.5%; font-size: 9pt; padding: 0 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">​⁺</div> </td> <td style="break-inside: avoid-page; vertical-align: top; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: #000000; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The Fund invests as a feeder fund in Pioneer High Income Municipal Portfolio (“the Portfolio”). The expense table reflects the expenses of both the Fund and the Portfolio.</div> </td> </tr> </table> 0 0.0000 <div style="break-inside: avoid;"> <div style="font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">How did the Fund perform last year and what affected the Fund performance?</div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">For the fiscal year ended August 31, 2024, the Fund’s shares at NAV returned 9.68%. For the same period, the Fund’s broad-based benchmark, the Bloomberg Municipal Bond Total Return Index, returned 6.09%. The performance benchmark, the Bloomberg High Yield Municipal Total Return Index, returned 12.38% over the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Top relative sector performances included underweights to the underperforming state &amp; local general obligation and transportation sectors, while taxable bonds also performed well. The top sector detractors included overweights to higher education and charter schools.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Shorter duration positioning within the tobacco master settle agreement (Tobacco MSA) sector detracted from relative performance as rates fell during the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Security selection was positive in many sectors, including electric utilities, housing, and state general obligation bonds.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">From a ratings perspective, almost all rating cohorts in the portfolio were accretive to performance, with the exception of high quality, long duration AA rated bonds that were sold after the rate rising period in the fall of 2023. The below-investment grade and unrated (high yield) sections of the credit spectrum in the portfolio generated positive net returns but detracted from Fund performance relative to the performance benchmark primarily due to security selection within the charter school and special tax sectors.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Select taxable bonds, which offer yields comparable to their tax-exempt counterparts, were additive to Fund performance. These included Tobacco MSA bonds and revenue bonds issued for the benefit of environmental improvement.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">The top performing state &amp; territory exposures in the Fund included: Indiana, Puerto Rico, California, Michigan and Pennsylvania. The bottom five states based on total return were New York, Texas, Wisconsin, Ohio and Arizona.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">In the second half of the period, the Fund increased exposure modestly to municipal bonds originated in Puerto Rico. This has been beneficial to returns relative to the performance benchmark.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The line graph below shows the change in value of a $10,000 investment made in the Fund compared to that of the Bloomberg Municipal Bond Total Return Index and the Bloomberg High Yield Municipal Total Return Index.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;"><b>GROWTH OF $10,000</b></div> <div style="margin-bottom: 20pt; page-break-before: avoid;"> <img alt="Fund Performance - Growth of 10K" src="g891086chartimages_8513715.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Since Inception^*</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Pioneer MAP - High Income Municipal Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.68<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.73<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">0.02<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Bloomberg High Yield Municipal Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">2.36<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; font-family: 'arial'; font-style: italic; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 7.5pt; vertical-align: top; text-align: left; padding: 0 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 7.5pt; vertical-align: top; text-align: left; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Performance of the Fund's shares shown in the graph and table above is from the inception of the Fund on 12/21/20 through 8/31/24. Index information shown in the graph and table above is from 12/31/20 through 8/31/24.</div> </td> </tr> </table> Pioneer MAP - High Income Municipal Fund 0.0968 0.0073 Bloomberg Municipal Bond Total Return Index 0.0609 0.0002 Bloomberg High Yield Municipal Total Return Index 0.1238 0.0236 2020-12-21 Call 1-800-225-6292 or visit <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;">KEY FUND STATISTICS<br/>(as of August 31, 2024)^</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>10,270<span style="visibility: hidden; display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">261^{^^}</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">30<span>%</span>^{^^^}</td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; font-family: 'arial'; font-style: italic; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; vertical-align: top; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt; padding: 4pt 3pt 0 10pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">^{^}</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 7.5pt; vertical-align: top; text-align: left; padding: 4pt 10pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The Fund invests as a feeder fund in the Portfolio and owns a pro rata interest in the Portfolio’s net assets. State Diversification at August 31, 2024 is based on the holdings of the Portfolio.</div> </td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; font-family: 'arial'; font-style: italic; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; vertical-align: top; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt; padding: 0 3pt 0 10pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">^{^^}</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 7.5pt; vertical-align: top; text-align: left; padding: 0 10pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div> </td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; font-family: 'arial'; font-style: italic; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; vertical-align: top; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt; padding: 0 3pt 0 10pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">^{^^^}</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 7.5pt; vertical-align: top; text-align: left; padding: 0 10pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Represents the portfolio turnover rate of the Portfolio.</div> </td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; font-family: 'arial'; font-style: italic; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; vertical-align: top; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt; padding: 0 3pt 0 10pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 7.5pt; vertical-align: top; text-align: left; padding: 0 10pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.</div> </td> </tr> </table> 10270 261 0 0.30 <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; font-family: 'arial'; font-style: italic; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; vertical-align: top; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt; padding: 4pt 3pt 0 10pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">^{^}</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 7.5pt; vertical-align: top; text-align: left; padding: 4pt 10pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The Fund invests as a feeder fund in the Portfolio and owns a pro rata interest in the Portfolio’s net assets. State Diversification at August 31, 2024 is based on the holdings of the Portfolio.</div> </td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; font-family: 'arial'; font-style: italic; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; vertical-align: top; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt; padding: 0 3pt 0 10pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">^{^^}</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 7.5pt; vertical-align: top; text-align: left; padding: 0 10pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div> </td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; font-family: 'arial'; font-style: italic; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; vertical-align: top; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt; padding: 0 3pt 0 10pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">^{^^^}</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 7.5pt; vertical-align: top; text-align: left; padding: 0 10pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Represents the portfolio turnover rate of the Portfolio.</div> </td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; font-family: 'arial'; font-style: italic; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; vertical-align: top; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt; padding: 0 3pt 0 10pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">^*</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 7.5pt; vertical-align: top; text-align: left; padding: 0 10pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.</div> </td> </tr> </table><div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;"><b>STATE DIVERSIFICATION<br/>(as of August 31, 2024)^{^ *}</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">New York</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">California</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Indiana</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Pennsylvania</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Texas</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">6.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Colorado</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Illinois</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Puerto Rico</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Virginia</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Florida</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Other States</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">24.4<span>%</span></td> </tr> </table> 0.154 0.122 0.103 0.065 0.061 0.059 0.055 0.052 0.043 0.042 0.244 <div style="font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;" title="oef:MaterialFundChngTextBlock">Material Fund Changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Fund’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi.<span style="white-space: nowrap;"> </span> On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”).<span style="white-space: nowrap;"> </span> Victory Capital is headquartered in San Antonio, Texas.<span style="white-space: nowrap;"> </span> The closing of the Transaction is subject to certain regulatory approvals and other conditions.<span style="white-space: nowrap;"> </span> There is no assurance that the Transaction will close.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The closing of the Transaction would cause the Fund’s current investment advisory agreement with the Adviser to terminate.<span style="white-space: nowrap;"> </span> Under the terms of the Transaction, the Fund’s Board of Trustees will be asked to approve a reorganization of the Fund into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital.<span style="white-space: nowrap;"> </span> The proposed reorganization of the Fund would be sought in connection with the closing of the Transaction.<span style="white-space: nowrap;"> </span> If approved by the Board, the proposal to reorganize the Fund will be submitted to the shareholders of the Fund for their approval.<span style="white-space: nowrap;"> </span> There is no assurance that the Board or the shareholders of the Fund will approve the proposal to reorganize the Fund.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 28, 2024 at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Changes in<span style="white-space: nowrap;"> </span>Accountants</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">On March 25, 2024, Ernst &amp; Young LLP (the “Prior Auditor”) resigned as the independent registered public accounting firm of the Fund. There were no disagreements with the Prior Auditor during the two most recent fiscal years and the subsequent interim period through March 25, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">On March 25, 2024, the Audit Committee of the Board approved, and on March 25, 2024, the Board approved, Deloitte &amp; Touche LLP as the independent registered accounting firm of the Fund for fiscal periods ending after March 25, 2024.</div> Pioneer Disciplined Growth Fund Class A PINDX This annual shareholder report contains important information about Pioneer Disciplined Growth Fund (“Fund”) for<span style="white-space: nowrap;"> </span>the period of September 1, 2023 to August 31, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Class A</span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>108</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.98<span>%</span></td> </tr> </table> 108 0.0098 <div style="margin-bottom: 14pt;"> <div style="break-inside: avoid;"> <div style="font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">How did the Fund perform last year and what affected the Fund performance?</div> </div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">For the fiscal year ended August 31, 2024, the Fund’s Class A shares at NAV returned 20.57%. For the same period, the Fund’s broad-based benchmark, the S&amp;P 500 Total Return Index, returned 27.14%. The performance benchmark, the Russell 1000 Growth Total Return Index, returned 30.75% over the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund adopts an investment strategy that emphasizes a valuation-conscious approach when selecting US stocks. The Fund underperformed relative to its performance benchmark primarily due to a combination of weaker sector allocation and security selection results. Specifically, weaker stock picks in the information technology sectors, and industrials alongside our decision to underweight the information technology sector and overweight the energy sector, contributed to the Fund’s benchmark-relative underperformance.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund’s underweight allocation to the consumer discretionary sector and overweight allocations to the healthcare and industrials sectors contributed to returns relative to the performance benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Security selection in the healthcare, consumer staples and financials sectors contributed to performance relative to the Fund’s performance benchmark.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The line graph below shows the change in value of a $10,000 investment made in Class A shares of the Fund at public offering price during the periods shown, compared to that of the S&amp;P 500 Total Return Index and the Russell 1000 Growth Total Return Index.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;"><b>GROWTH OF $10,000</b></div> <div style="margin-bottom: 20pt; page-break-before: avoid;"> <img alt="Fund Performance - Growth of 10K" src="g891086chartimages_8513607.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Class A (with sales charge)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">14.99<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Class A (without sales charge)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.23<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Growth Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.03<span>%</span></td> </tr> </table> Class A (with sales charge) 0.1364 0.1499 0.1256 Class A (without sales charge) 0.2057 0.1635 0.1323 S&P 500 Total Return Index 0.2714 0.1592 0.1298 Russell 1000 Growth Total Return Index 0.3075 0.1908 0.1603 Call 1-800-225-6292 or visit <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;">KEY FUND STATISTICS<br/>(as of August 31, 2024)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,051,916,886<span style="visibility: hidden; display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">58^{^^}</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>12,420,480</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">84<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; font-family: 'arial'; font-style: italic; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; vertical-align: top; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt; padding: 4pt 3pt 0 10pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">^{^^}</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 7.5pt; vertical-align: top; text-align: left; padding: 4pt 10pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div> </td> </tr> </table> 2051916886 58 12420480 0.84 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;"><b>PORTFOLIO DIVERSIFICATION<br/>(as of August 31, 2024)^*</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 4pt 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;">​^*</div> </td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 4pt 0 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;"><i>As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.</i></div> </td> </tr> </table> 1.000 <div style="font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;" title="oef:MaterialFundChngTextBlock">Material Fund Changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Fund’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi.<span style="white-space: nowrap;"> </span> On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”).<span style="white-space: nowrap;"> </span> Victory Capital is headquartered in San Antonio, Texas.<span style="white-space: nowrap;"> </span> The closing of the Transaction is subject to certain regulatory approvals and other conditions.<span style="white-space: nowrap;"> </span> There is no assurance that the Transaction will close.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The closing of the Transaction would cause the Fund’s current investment advisory agreement with the Adviser to terminate.<span style="white-space: nowrap;"> </span> Under the terms of the Transaction, the Fund’s Board of Trustees will be asked to approve a reorganization of the Fund into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital.<span style="white-space: nowrap;"> </span> The proposed reorganization of the Fund would be sought in connection with the closing of the Transaction.<span style="white-space: nowrap;"> </span> If approved by the Board, the proposal to reorganize the Fund will be submitted to the shareholders of the Fund for their approval.<span style="white-space: nowrap;"> </span> There is no assurance that the Board or the shareholders of the Fund will approve the proposal to reorganize the Fund.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 28, 2024 at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Changes in<span style="white-space: nowrap;"> </span>Accountants</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">On March 25, 2024, Ernst &amp; Young LLP (the “Prior Auditor”) resigned as the independent registered public accounting firm of the Fund. There were no disagreements with the Prior Auditor during the two most recent fiscal years and the subsequent interim period through March 25, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">On March 25, 2024, the Audit Committee of the Board approved, and on March 25, 2024, the Board approved, Deloitte &amp; Touche LLP as the independent registered accounting firm of the Fund for fiscal periods ending after March 25, 2024.</div> Pioneer Disciplined Growth Fund Class C INDCX This annual shareholder report contains important information about Pioneer Disciplined Growth Fund (“Fund”) for<span style="white-space: nowrap;"> </span>the period of September 1, 2023 to August 31, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Class C</span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>198</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.80<span>%</span></td> </tr> </table> 198 0.0180 <div style="margin-bottom: 14pt;"> <div style="break-inside: avoid;"> <div style="font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">How did the Fund perform last year and what affected the Fund performance?</div> </div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">For the fiscal year ended August 31, 2024, the Fund’s Class C shares at NAV returned 19.55%. For the same period, the Fund’s broad-based benchmark, the S&amp;P 500 Total Return Index, returned 27.14%. The performance benchmark, the Russell 1000 Growth Total Return Index, returned 30.75% over the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund adopts an investment strategy that emphasizes a valuation-conscious approach when selecting US stocks. The Fund underperformed relative to its performance benchmark primarily due to a combination of weaker sector allocation and security selection results. Specifically, weaker stock picks in the information technology sectors, and industrials alongside our decision to underweight the information technology sector and overweight the energy sector, contributed to the Fund’s benchmark-relative underperformance.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund’s underweight allocation to the consumer discretionary sector and overweight allocations to the healthcare and industrials sectors contributed to returns relative to the performance benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Security selection in the healthcare, consumer staples and financials sectors contributed to performance relative to the Fund’s performance benchmark.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The line graph below shows the change in value of a $10,000 investment made in Class C shares of the Fund during the periods shown, compared to that of the S&amp;P 500 Total Return Index and the Russell 1000 Growth Total Return Index.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;"><b>GROWTH OF $10,000</b></div> <div style="margin-bottom: 20pt; page-break-before: avoid;"> <img alt="Fund Performance - Growth of 10K" src="g891086chartimages_8513634.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Class C (with contingent deferred sales charge)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">18.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.31<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Class C (without contingent deferred sales charge)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.31<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Growth Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.03<span>%</span></td> </tr> </table> Class C (with contingent deferred sales charge) 0.1855 0.1541 0.1231 Class C (without contingent deferred sales charge) 0.1955 0.1541 0.1231 S&P 500 Total Return Index 0.2714 0.1592 0.1298 Russell 1000 Growth Total Return Index 0.3075 0.1908 0.1603 Call 1-800-225-6292 or visit <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;">KEY FUND STATISTICS<br/>(as of August 31, 2024)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt; white-space: nowrap;"><span style="float: none;">$</span>2,051,916,886<span style="visibility: hidden; display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">58^{^^}</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>12,420,480</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">84<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; font-family: 'arial'; font-style: italic; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; vertical-align: top; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt; padding: 4pt 3pt 0 10pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">^{^^}</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 7.5pt; vertical-align: top; text-align: left; padding: 4pt 10pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div> </td> </tr> </table> 2051916886 58 12420480 0.84 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;"><b>PORTFOLIO DIVERSIFICATION<br/>(as of August 31, 2024)^*</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 4pt 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;">​^*</div> </td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 4pt 0 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;"><i>As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.</i></div> </td> </tr> </table> 1.000 <div style="font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;" title="oef:MaterialFundChngTextBlock">Material Fund Changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Fund’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi.<span style="white-space: nowrap;"> </span> On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”).<span style="white-space: nowrap;"> </span> Victory Capital is headquartered in San Antonio, Texas.<span style="white-space: nowrap;"> </span> The closing of the Transaction is subject to certain regulatory approvals and other conditions.<span style="white-space: nowrap;"> </span> There is no assurance that the Transaction will close.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The closing of the Transaction would cause the Fund’s current investment advisory agreement with the Adviser to terminate.<span style="white-space: nowrap;"> </span> Under the terms of the Transaction, the Fund’s Board of Trustees will be asked to approve a reorganization of the Fund into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital.<span style="white-space: nowrap;"> </span> The proposed reorganization of the Fund would be sought in connection with the closing of the Transaction.<span style="white-space: nowrap;"> </span> If approved by the Board, the proposal to reorganize the Fund will be submitted to the shareholders of the Fund for their approval.<span style="white-space: nowrap;"> </span> There is no assurance that the Board or the shareholders of the Fund will approve the proposal to reorganize the Fund.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 28, 2024 at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Changes in<span style="white-space: nowrap;"> </span>Accountants</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">On March 25, 2024, Ernst &amp; Young LLP (the “Prior Auditor”) resigned as the independent registered public accounting firm of the Fund. There were no disagreements with the Prior Auditor during the two most recent fiscal years and the subsequent interim period through March 25, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">On March 25, 2024, the Audit Committee of the Board approved, and on March 25, 2024, the Board approved, Deloitte &amp; Touche LLP as the independent registered accounting firm of the Fund for fiscal periods ending after March 25, 2024.</div> Pioneer Disciplined Growth Fund Class K INKDX This annual shareholder report contains important information about Pioneer Disciplined Growth Fund (“Fund”) for<span style="white-space: nowrap;"> </span>the period of September 1, 2023 to August 31, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Class K</span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>100</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.91<span>%</span></td> </tr> </table> 100 0.0091 <div style="margin-bottom: 14pt;"> <div style="break-inside: avoid;"> <div style="font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">How did the Fund perform last year and what affected the Fund performance?</div> </div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">For the fiscal year ended August 31, 2024, the Fund’s Class K shares at NAV returned 20.69%. For the same period, the Fund’s broad-based benchmark, the S&amp;P 500 Total Return Index, returned 27.14%. The performance benchmark, the Russell 1000 Growth Total Return Index, returned 30.75% over the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund adopts an investment strategy that emphasizes a valuation-conscious approach when selecting US stocks. The Fund underperformed relative to its performance benchmark primarily due to a combination of weaker sector allocation and security selection results. Specifically, weaker stock picks in the information technology sectors, and industrials alongside our decision to underweight the information technology sector and overweight the energy sector, contributed to the Fund’s benchmark-relative underperformance.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund’s underweight allocation to the consumer discretionary sector and overweight allocations to the healthcare and industrials sectors contributed to returns relative to the performance benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Security selection in the healthcare, consumer staples and financials sectors contributed to performance relative to the Fund’s performance benchmark.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The line graph below shows the change in value of a $5 million investment made in Class K shares of the Fund during the periods shown, compared to that of the S&amp;P 500 Total Return Index and the Russell 1000 Growth Total Return Index.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;"><b>GROWTH OF $5 million</b></div> <div style="margin-bottom: 20pt; page-break-before: avoid;"> <img alt="Fund Performance - Growth of 10K" src="g891086chartimages_8513688.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 539pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Class K</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.25<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Growth Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.03<span>%</span></td> </tr> </table> Class K 0.2069 0.1640 0.1325 S&P 500 Total Return Index 0.2714 0.1592 0.1298 Russell 1000 Growth Total Return Index 0.3075 0.1908 0.1603 Call 1-800-225-6292 or visit <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. 2023-05-31 The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;">KEY FUND STATISTICS<br/>(as of August 31, 2024)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt; white-space: nowrap;"><span style="float: none;">$</span>2,051,916,886<span style="visibility: hidden; display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">58^{^^}</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>12,420,480</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">84<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; font-family: 'arial'; font-style: italic; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; vertical-align: top; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt; padding: 4pt 3pt 0 10pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">^{^^}</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 7.5pt; vertical-align: top; text-align: left; padding: 4pt 10pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div> </td> </tr> </table> 2051916886 58 12420480 0.84 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;"><b>PORTFOLIO DIVERSIFICATION<br/>(as of August 31, 2024)^*</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 4pt 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;">​^*</div> </td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 4pt 0 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;"><i>As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.</i></div> </td> </tr> </table> 1.000 <div style="font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;" title="oef:MaterialFundChngTextBlock">Material Fund Changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Fund’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi.<span style="white-space: nowrap;"> </span> On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”).<span style="white-space: nowrap;"> </span> Victory Capital is headquartered in San Antonio, Texas.<span style="white-space: nowrap;"> </span> The closing of the Transaction is subject to certain regulatory approvals and other conditions.<span style="white-space: nowrap;"> </span> There is no assurance that the Transaction will close.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The closing of the Transaction would cause the Fund’s current investment advisory agreement with the Adviser to terminate.<span style="white-space: nowrap;"> </span> Under the terms of the Transaction, the Fund’s Board of Trustees will be asked to approve a reorganization of the Fund into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital.<span style="white-space: nowrap;"> </span> The proposed reorganization of the Fund would be sought in connection with the closing of the Transaction.<span style="white-space: nowrap;"> </span> If approved by the Board, the proposal to reorganize the Fund will be submitted to the shareholders of the Fund for their approval.<span style="white-space: nowrap;"> </span> There is no assurance that the Board or the shareholders of the Fund will approve the proposal to reorganize the Fund.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 28, 2024 at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Changes in<span style="white-space: nowrap;"> </span>Accountants</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">On March 25, 2024, Ernst &amp; Young LLP (the “Prior Auditor”) resigned as the independent registered public accounting firm of the Fund. There were no disagreements with the Prior Auditor during the two most recent fiscal years and the subsequent interim period through March 25, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">On March 25, 2024, the Audit Committee of the Board approved, and on March 25, 2024, the Board approved, Deloitte &amp; Touche LLP as the independent registered accounting firm of the Fund for fiscal periods ending after March 25, 2024.</div> Pioneer Disciplined Growth Fund Class Y INYDX This annual shareholder report contains important information about Pioneer Disciplined Growth Fund (“Fund”) for<span style="white-space: nowrap;"> </span>the period of September 1, 2023 to August 31, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span>. You can also request this information by contacting us at 1-800-225-6292. https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 1-800-225-6292 This report describes changes to the Fund that occurred during the reporting period. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;" title="oef:ExpensesTextBlock">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="white-space: nowrap;">Class Y</span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>92</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: #000000; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.83<span>%</span></td> </tr> </table> 92 0.0083 <div style="margin-bottom: 14pt;"> <div style="break-inside: avoid;"> <div style="font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">How did the Fund perform last year and what affected the Fund performance?</div> </div> <ul style="break-inside: avoid; padding: 0; margin: 0;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">For the fiscal year ended August 31, 2024, the Fund’s Class Y shares at NAV returned 20.69%. For the same period, the Fund’s broad-based benchmark, the S&amp;P 500 Total Return Index, returned 27.14%. The performance benchmark, the Russell 1000 Growth Total Return Index, returned 30.75% over the period.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund adopts an investment strategy that emphasizes a valuation-conscious approach when selecting US stocks. The Fund underperformed relative to its performance benchmark primarily due to a combination of weaker sector allocation and security selection results. Specifically, weaker stock picks in the information technology sectors, and industrials alongside our decision to underweight the information technology sector and overweight the energy sector, contributed to the Fund’s benchmark-relative underperformance.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">The Fund’s underweight allocation to the consumer discretionary sector and overweight allocations to the healthcare and industrials sectors contributed to returns relative to the performance benchmark.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: #000000; font-size: 9pt; list-style-type: disc;"> <div style="margin-top: 0px; margin-bottom: 0px;">Security selection in the healthcare, consumer staples and financials sectors contributed to performance relative to the Fund’s performance benchmark.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund Performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The line graph below shows the change in value of a $5 million investment made in Class Y shares of the Fund during the periods shown, compared to that of the S&amp;P 500 Total Return Index and the Russell 1000 Growth Total Return Index.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;"><b>GROWTH OF $5 million</b></div> <div style="margin-bottom: 20pt; page-break-before: avoid;"> <img alt="Fund Performance - Growth of 10K" src="g891086chartimages_8513661.jpg" style="display: block; margin-left: auto; margin-right: auto; margin-bottom: 20pt; page-break-before: avoid; width: 539pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; text-align: left; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Class Y</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">20.69<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.55<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.46<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">S&amp;P 500 Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">27.14<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.98<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">Russell 1000 Growth Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">30.75<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.08<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">16.03<span>%</span></td> </tr> </table> Class Y 0.2069 0.1655 0.1346 S&P 500 Total Return Index 0.2714 0.1592 0.1298 Russell 1000 Growth Total Return Index 0.3075 0.1908 0.1603 Call 1-800-225-6292 or visit <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 7.5pt;">The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;">KEY FUND STATISTICS<br/>(as of August 31, 2024)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt; white-space: nowrap;"><span style="float: none;">$</span>2,051,916,886<span style="visibility: hidden; display: inline;">%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">58^{^^}</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: 0.5pt; border-bottom-style: solid; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>12,420,480</td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial'; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">84<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; padding-right: 10pt;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; font-family: 'arial'; font-style: italic; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; vertical-align: top; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt; padding: 4pt 3pt 0 10pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">^{^^}</div> </td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 7.5pt; vertical-align: top; text-align: left; padding: 4pt 10pt 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div> </td> </tr> </table> 2051916886 58 12420480 0.84 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt; text-transform: none;"><b>PORTFOLIO DIVERSIFICATION<br/>(as of August 31, 2024)^*</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Common Stocks</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">100.0<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-style: none; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 4pt 3pt 0 3pt;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;">​^*</div> </td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; font-family: 'Arial'; color: #000000; font-size: 9pt; padding: 4pt 0 0 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 0px;"><i>As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.</i></div> </td> </tr> </table> 1.000 <div style="font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;" title="oef:MaterialFundChngTextBlock">Material Fund Changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">Amundi Asset Management US, Inc. (the “Adviser”), the Fund’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi.<span style="white-space: nowrap;"> </span> On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”).<span style="white-space: nowrap;"> </span> Victory Capital is headquartered in San Antonio, Texas.<span style="white-space: nowrap;"> </span> The closing of the Transaction is subject to certain regulatory approvals and other conditions.<span style="white-space: nowrap;"> </span> There is no assurance that the Transaction will close.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">The closing of the Transaction would cause the Fund’s current investment advisory agreement with the Adviser to terminate.<span style="white-space: nowrap;"> </span> Under the terms of the Transaction, the Fund’s Board of Trustees will be asked to approve a reorganization of the Fund into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital.<span style="white-space: nowrap;"> </span> The proposed reorganization of the Fund would be sought in connection with the closing of the Transaction.<span style="white-space: nowrap;"> </span> If approved by the Board, the proposal to reorganize the Fund will be submitted to the shareholders of the Fund for their approval.<span style="white-space: nowrap;"> </span> There is no assurance that the Board or the shareholders of the Fund will approve the proposal to reorganize the Fund.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 28, 2024 at <span style="text-decoration-line: underline; color: #000000; font-family: 'arial'; font-size: 9pt;">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> https://www.amundi.com/usinvestors/Products/Mutual-Funds 1-800-225-6292 <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Changes in<span style="white-space: nowrap;"> </span>Accountants</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">On March 25, 2024, Ernst &amp; Young LLP (the “Prior Auditor”) resigned as the independent registered public accounting firm of the Fund. There were no disagreements with the Prior Auditor during the two most recent fiscal years and the subsequent interim period through March 25, 2024.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 9pt; margin-bottom: 10pt;">On March 25, 2024, the Audit Committee of the Board approved, and on March 25, 2024, the Board approved, Deloitte &amp; Touche LLP as the independent registered accounting firm of the Fund for fiscal periods ending after March 25, 2024.</div> The Fund invests as a feeder fund in Pioneer High Income Municipal Portfolio (“the Portfolio”). The expense table reflects the expenses of both the Fund and the Portfolio. The Fund invests as a feeder fund in the Portfolio and owns a pro rata interest in the Portfolio’s net assets. State Diversification at August 31, 2024 is based on the holdings of the Portfolio. Excluding short-term investments and all derivative contracts except for options purchased. Represents the portfolio turnover rate of the Portfolio. As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased. Excluding short-term investments and all derivative contracts except for options purchased. Performance of the Fund's shares shown in the graph and table above is from the inception of the Fund on 12/21/20 through 8/31/24. Index information shown in the graph and table above is from 12/31/20 through 8/31/24. As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased. Excluding short-term investments and all derivative contracts except for options purchased. As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased. Excluding short-term investments and all derivative contracts except for options purchased. As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased. Excluding short-term investments and all derivative contracts except for options purchased. As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.