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10138.38248 10000 10740.16 13774198.37 10741352.84 31732.50 27398.83422 13100.81 11350.92519 26985.93 20432.66 9425 32371.32 11123085.98 25574.31 12823.45 10284.59 5485038.02 10828.36 14188385.51 20643.76 19934.83 5456385.89 6683608.75 20170.36 10000 25478.03 16728.1 4992873.74 13222.69692 9923.4 5000000.01 34253.94547 16089.18 12281.65 26275.12 5000000 21695.57807 12623.59 14360644.28 13609283.53 9877.25 16400.53 9999.99 17650361.02 21057.17 10993466.83 12499.54 12949.81 8639544.91 6631501.33 32932.07 8536286.62 26086.23 0000078713 false N-1A PIONEER FUND /MA/ N-CSR 2024-12-31 Pioneer Fund Class A PIODX This annual shareholder report contains important information about Pioneer Fund (“Fund”) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);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:rgb(0, 0, 0);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:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="white-space:nowrap">Class A</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>102</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.92<span>%</span></td> </tr> </table> 102 0.0092 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">For the fiscal year ended December 31, 2024, the Fund’s<span style="white-space:nowrap"> </span>Class A shares at NAV returned 22.58%. For the same period, the Fund’s broad-based benchmark the S&amp;P 500 Total Return Index (the “Index”) returned 25.02%.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Sector allocation decisions accounted for the Fund’s benchmark relative underperformance; specifically, an overweight to materials, accounted for the majority of the underperformance. In addition, the Portfolio’s stock selection in health care hurt relative benchmark returns.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Security selection decisions in information technology and consumer staples added the most to relative benchmark returns.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund<span style="white-space:nowrap"> </span>Performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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="g908634chartimages_9447139.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="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">10 Years</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Class A (with sales charge)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">15.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.66<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">12.46<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Class A (without sales charge)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">22.58<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">15.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.13<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">S&amp;P 500 Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.10<span>%</span></td> </tr> </table> Class A (with sales charge) 0.1553 0.1366 0.1246 Class A (without sales charge) 0.2258 0.1501 0.1313 S&P 500 Total Return Index 0.2502 0.1453 0.1310 Call 1-800-225-6292 or visit <span style="text-decoration-line:underline;color:rgb(0, 0, 0);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:rgb(0, 0, 0);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:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;">KEY FUND STATISTICS<br/> (as of December 31, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>8,969,098,320<span style="visibility:hidden;display:inline">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">44<sup>^^</sup></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>49,705,321</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">64<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;font-family:'arial';font-style:italic;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 10pt; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"><sup>^^</sup></div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 4pt; padding-right: 10pt; padding-bottom: 0; padding-left: 0; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div></td> </tr> </table> 8969098320 44 49705321 0.64 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;"> <b>SECTOR DISTRIBUTION</b> <br/> <b>(as of </b> <b>December 31, 2024</b> <b>)<sup>*</sup></b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">32.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">18.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">11.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Basic Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.5<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.1<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​<sup>*</sup></div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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> 0.320 0.180 0.112 0.105 0.093 0.090 0.054 0.025 0.021 <div style="font-family:'arial';color:rgb(0, 0, 0);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:rgb(0, 0, 0);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. 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”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Under the terms of the Transaction, subject to Fund shareholder approval, the Fund is expected to be reorganized into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital (the “Reorganization”). The Fund’s Board of Trustees has approved the Reorganization. The Reorganization is contingent upon the completion of certain conditions, including approval by the shareholders of the Fund. There is no assurance that the shareholders of the Fund will approve the proposal to reorganize the Fund.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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 May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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 May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);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 Pioneer Fund Class C PCODX This annual shareholder report contains important information about Pioneer Fund (“Fund”) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);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:rgb(0, 0, 0);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:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="white-space:nowrap">Class C</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>191</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">1.72<span>%</span></td> </tr> </table> 191 0.0172 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">For the fiscal year ended December 31, 2024, the Fund’s<span style="white-space:nowrap"> </span>Class C shares at NAV returned 21.64%. For the same period, the Fund’s broad-based benchmark the S&amp;P 500 Total Return Index (the “Index”) returned 25.02%.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Sector allocation decisions accounted for the Fund’s benchmark relative underperformance; specifically, an overweight to materials, accounted for the majority of the underperformance. In addition, the Portfolio’s stock selection in health care hurt relative benchmark returns.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Security selection decisions in information technology and consumer staples added the most to relative benchmark returns.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund<span style="white-space:nowrap"> </span>Performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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="g908634chartimages_9447140.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="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">10 Years</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Class C (with contingent deferred sales charge)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">20.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.11<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">12.24<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Class C (without contingent deferred sales charge)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">21.64<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.11<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">12.24<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">S&amp;P 500 Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.10<span>%</span></td> </tr> </table> Class C (with contingent deferred sales charge) 0.2064 0.1411 0.1224 Class C (without contingent deferred sales charge) 0.2164 0.1411 0.1224 S&P 500 Total Return Index 0.2502 0.1453 0.1310 Call 1-800-225-6292 or visit <span style="text-decoration-line:underline;color:rgb(0, 0, 0);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:rgb(0, 0, 0);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:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;">KEY FUND STATISTICS<br/> (as of December 31, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>8,969,098,320<span style="visibility:hidden;display:inline">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">44<sup>^^</sup></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>49,705,321</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">64<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;font-family:'arial';font-style:italic;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 10pt; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"><sup>^^</sup></div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 4pt; padding-right: 10pt; padding-bottom: 0; padding-left: 0; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div></td> </tr> </table> 8969098320 44 49705321 0.64 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;"> <b>SECTOR DISTRIBUTION</b> <br/> <b>(as of </b> <b>December 31, 2024</b> <b>)<sup>*</sup></b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">32.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">18.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">11.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Basic Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.5<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.1<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​<sup>*</sup></div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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> 0.320 0.180 0.112 0.105 0.093 0.090 0.054 0.025 0.021 <div style="font-family:'arial';color:rgb(0, 0, 0);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:rgb(0, 0, 0);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. 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”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Under the terms of the Transaction, subject to Fund shareholder approval, the Fund is expected to be reorganized into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital (the “Reorganization”). The Fund’s Board of Trustees has approved the Reorganization. The Reorganization is contingent upon the completion of certain conditions, including approval by the shareholders of the Fund. There is no assurance that the shareholders of the Fund will approve the proposal to reorganize the Fund.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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 May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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 May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);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 Pioneer Fund Class K PIOKX This annual shareholder report contains important information about Pioneer Fund (“Fund”) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);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:rgb(0, 0, 0);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:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="white-space:nowrap">Class K</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>71</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.64<span>%</span></td> </tr> </table> 71 0.0064 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">For the fiscal year ended December 31, 2024, the Fund’s<span style="white-space:nowrap"> </span>Class K shares at NAV returned 22.94%. For the same period, the Fund’s broad-based benchmark the S&amp;P 500 Total Return Index (the “Index”) returned 25.02%.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Sector allocation decisions accounted for the Fund’s benchmark relative underperformance; specifically, an overweight to materials, accounted for the majority of the underperformance. In addition, the Portfolio’s stock selection in health care hurt relative benchmark returns.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Security selection decisions in information technology and consumer staples added the most to relative benchmark returns.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund<span style="white-space:nowrap"> </span>Performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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="g908634chartimages_9447141.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="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">10 Years</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Class K</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">22.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">15.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.31<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">S&amp;P 500 Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.10<span>%</span></td> </tr> </table> Class K 0.2294 0.1536 0.1331 S&P 500 Total Return Index 0.2502 0.1453 0.1310 Call 1-800-225-6292 or visit <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Resources/Shareholder-Reports</span> for the most recent month-end performance results. 2019-12-30 The performance data quoted represents past performance, which is no guarantee of future results. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;">KEY FUND STATISTICS<br/> (as of December 31, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>8,969,098,320<span style="visibility:hidden;display:inline">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">44<sup>^^</sup></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>49,705,321</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">64<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;font-family:'arial';font-style:italic;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 10pt; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"><sup>^^</sup></div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 4pt; padding-right: 10pt; padding-bottom: 0; padding-left: 0; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div></td> </tr> </table> 8969098320 44 49705321 0.64 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;"> <b>SECTOR DISTRIBUTION</b> <br/> <b>(as of </b> <b>December 31, 2024</b> <b>)<sup>*</sup></b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">32.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">18.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">11.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Basic Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.5<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.1<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​<sup>*</sup></div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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> 0.320 0.180 0.112 0.105 0.093 0.090 0.054 0.025 0.021 <div style="font-family:'arial';color:rgb(0, 0, 0);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:rgb(0, 0, 0);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. 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”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Under the terms of the Transaction, subject to Fund shareholder approval, the Fund is expected to be reorganized into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital (the “Reorganization”). The Fund’s Board of Trustees has approved the Reorganization. The Reorganization is contingent upon the completion of certain conditions, including approval by the shareholders of the Fund. There is no assurance that the shareholders of the Fund will approve the proposal to reorganize the Fund.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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 May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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 May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);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 Pioneer Fund Class R PIORX This annual shareholder report contains important information about Pioneer Fund (“Fund”) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);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:rgb(0, 0, 0);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:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="white-space:nowrap">Class R</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>152</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">1.37<span>%</span></td> </tr> </table> 152 0.0137 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">For the fiscal year ended December 31, 2024, the Fund’s<span style="white-space:nowrap"> </span>Class R shares at NAV returned 22.03%. For the same period, the Fund’s broad-based benchmark the S&amp;P 500 Total Return Index (the “Index”) returned 25.02%.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Sector allocation decisions accounted for the Fund’s benchmark relative underperformance; specifically, an overweight to materials, accounted for the majority of the underperformance. In addition, the Portfolio’s stock selection in health care hurt relative benchmark returns.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Security selection decisions in information technology and consumer staples added the most to relative benchmark returns.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund<span style="white-space:nowrap"> </span>Performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The line graph below shows the change in value of a $10,000 investment made in Class R shares of the Fund during the periods shown, compared to that of the S&amp;P 500 Total Return Index.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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="g908634chartimages_9447142.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="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">10 Years</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Class R</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">22.03<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.51<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">12.66<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">S&amp;P 500 Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.10<span>%</span></td> </tr> </table> Class R 0.2203 0.1451 0.1266 S&P 500 Total Return Index 0.2502 0.1453 0.1310 Call 1-800-225-6292 or visit <span style="text-decoration-line:underline;color:rgb(0, 0, 0);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:rgb(0, 0, 0);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:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;">KEY FUND STATISTICS<br/> (as of December 31, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>8,969,098,320<span style="visibility:hidden;display:inline">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">44<sup>^^</sup></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>49,705,321</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">64<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;font-family:'arial';font-style:italic;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 10pt; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"><sup>^^</sup></div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 4pt; padding-right: 10pt; padding-bottom: 0; padding-left: 0; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div></td> </tr> </table> 8969098320 44 49705321 0.64 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;"> <b>SECTOR DISTRIBUTION</b> <br/> <b>(as of </b> <b>December 31, 2024</b> <b>)<sup>*</sup></b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">32.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">18.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">11.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Basic Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.5<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.1<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​<sup>*</sup></div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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> 0.320 0.180 0.112 0.105 0.093 0.090 0.054 0.025 0.021 <div style="font-family:'arial';color:rgb(0, 0, 0);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:rgb(0, 0, 0);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. 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”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Under the terms of the Transaction, subject to Fund shareholder approval, the Fund is expected to be reorganized into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital (the “Reorganization”). The Fund’s Board of Trustees has approved the Reorganization. The Reorganization is contingent upon the completion of certain conditions, including approval by the shareholders of the Fund. There is no assurance that the shareholders of the Fund will approve the proposal to reorganize the Fund.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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 May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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 May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);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 Pioneer Fund Class Y PYODX This annual shareholder report contains important information about Pioneer Fund (“Fund”) for the period of January 1, 2024 to December 31, 2024. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);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:rgb(0, 0, 0);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:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom;">Class Name</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs of a $10,000 investment</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom;"><span style="white-space:nowrap">Costs paid as a percentage of a $10,000 investment</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="white-space:nowrap">Class Y</span></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>71</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;">0.64<span>%</span></td> </tr> </table> 71 0.0064 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);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="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 0; margin-right: 0; margin-bottom: 0; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">For the fiscal year ended December 31, 2024, the Fund’s<span style="white-space:nowrap"> </span>Class Y shares at NAV returned 22.92%. For the same period, the Fund’s broad-based benchmark the S&amp;P 500 Total Return Index (the “Index”) returned 25.02%.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Sector allocation decisions accounted for the Fund’s benchmark relative underperformance; specifically, an overweight to materials, accounted for the majority of the underperformance. In addition, the Portfolio’s stock selection in health care hurt relative benchmark returns.</div> </li> <li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc;"> <div style="margin-top:0px;margin-bottom:0px;">Security selection decisions in information technology and consumer staples added the most to relative benchmark returns.</div> </li> </ul> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;" title="oef:FactorsAffectingPerfTextBlock">Fund<span style="white-space:nowrap"> </span>Performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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="g908634chartimages_9447143.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="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left;">AVERAGE ANNUAL TOTAL RETURN</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">1 Year</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">5 Years</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold;">10 Years</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Class Y</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">22.92<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">15.36<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.44<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">S&amp;P 500 Total Return Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">25.02<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">14.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">13.10<span>%</span></td> </tr> </table> Class Y 0.2292 0.1536 0.1344 S&P 500 Total Return Index 0.2502 0.1453 0.1310 Call 1-800-225-6292 or visit <span style="text-decoration-line:underline;color:rgb(0, 0, 0);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:rgb(0, 0, 0);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:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;">KEY FUND STATISTICS<br/> (as of December 31, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>8,969,098,320<span style="visibility:hidden;display:inline">%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">44<sup>^^</sup></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>49,705,321</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Arial';">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">64<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page;padding-right:10pt"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;font-family:'arial';font-style:italic;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 10pt; text-align: left; font-weight: normal; width: 14pt; font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;"><sup>^^</sup></div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 7.5pt; vertical-align: top; padding-top: 4pt; padding-right: 10pt; padding-bottom: 0; padding-left: 0; text-align: left;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Excluding short-term investments and all derivative contracts except for options purchased.</div></td> </tr> </table> 8969098320 44 49705321 0.64 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);letter-spacing:1.25px;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;text-transform:none;"> <b>SECTOR DISTRIBUTION</b> <br/> <b>(as of </b> <b>December 31, 2024</b> <b>)<sup>*</sup></b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">32.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">18.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">11.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">10.5<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Basic Materials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.3<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">9.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">5.4<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.5<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.1<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 3pt; padding-bottom: 0; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">​<sup>*</sup></div></td> <td style="break-inside: avoid-page; text-align: left; vertical-align: top; padding-top: 4pt; padding-right: 0; padding-bottom: 0; padding-left: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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> 0.320 0.180 0.112 0.105 0.093 0.090 0.054 0.025 0.021 <div style="font-family:'arial';color:rgb(0, 0, 0);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:rgb(0, 0, 0);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. 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”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">Under the terms of the Transaction, subject to Fund shareholder approval, the Fund is expected to be reorganized into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital (the “Reorganization”). The Fund’s Board of Trustees has approved the Reorganization. The Reorganization is contingent upon the completion of certain conditions, including approval by the shareholders of the Fund. There is no assurance that the shareholders of the Fund will approve the proposal to reorganize the Fund.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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 May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);font-family:'arial';font-size:9pt">https://www.amundi.com/usinvestors/Products/Mutual-Funds</span> or upon request at 1-800-225-6292.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);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 May 1, 2025 at <span style="text-decoration-line:underline;color:rgb(0, 0, 0);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 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. 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.