PIONEER MID CAP VALUE FUND

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President’s Letter

Dear Shareholders,

On February 13, 2023, Amundi US celebrated the 95^th anniversary of Pioneer Fund, the second-oldest mutual fund in the United States. We recognized the anniversary with ringing of the closing bell at the New York Stock Exchange, which seemed fitting for this special milestone.

Pioneer Fund was launched on February 13, 1928 by Phil Carret, one of the earliest proponents of value investing and a leading innovator in the asset management industry. Mr. Carret began investing in the 1920s and founded Pioneer Investments (now Amundi US) in 1928, and was one of the first investors to realize he could uncover value through rigorous, innovative, fundamental research techniques.

Consistent with Mr. Carret’s investment approach and employing many of the same techniques utilized in the 1920s, Amundi US's portfolio managers have adapted Mr. Carret’s philosophy to a new age of “active” investing.

The last few years have seen investors face some unprecedented challenges, from a global pandemic that shuttered much of the world’s economy for months, to geopolitical strife, to rising inflation that has reached levels not seen in decades. Now, more than ever, Amundi US believes active management – that is, making active investment decisions across all of our portfolios – can help mitigate risk during periods of market volatility.

At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating frequently with the management teams of the companies and other entities issuing the securities, and working together to identify those securities that we believe best meet our investment criteria for our family of funds. Our risk management approach begins with each security under consideration, as we strive to develop a deep understanding of the potential opportunity, while considering any potential risk factors.

Today, as shareholders, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress. As you consider your long-term investment goals, we encourage you to work with your financial professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.

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Portfolio Management Discussion | 10/31/23

In the following interview, Timothy Stanish discusses the factors that affected the performance of Pioneer Mid Cap Value Fund during the 12-month period ended October 31, 2023. Mr. Stanish, a vice president, a portfolio EVA (economic value added) analyst, and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), is responsible for the day-to-day management of the Fund, along with John Arege, a vice president and portfolio manager at Amundi US.

Q	How did the Fund perform during the 12-month period ended October 31, 2023?
A	Pioneer Mid Cap Value Fund’s Class A shares returned -1.62% at net asset value during the 12-month period ended October 31, 2023, while the Fund’s benchmark, the Russell Midcap Value Index (the Russell Index), returned -3.56%. During the same period, the average return of the 397 mutual funds in Morningstar’s Mid-Cap Value Funds category was -1.15%.
Q	How did the US equity market perform during the 12-month period ended October 31, 2023?
A	While 12-month returns for the most widely followed large-cap equity indices were strongly positive, mid-cap value stocks, as measured by the Fund’s benchmark, the Russell Index, finished the period in negative territory. Generally speaking, broader equity-market returns featured outsized gains for a handful of mega-cap technology companies, particularly stocks of companies investors anticipated could benefit from the growth of artificial intelligence (AI). Performance outside that narrow group of stocks was mixed, however, with weaker returns lower down on the market-capitalization spectrum. During the 12-month period, stocks of mid- and smaller-sized companies were more adversely affected by slower economic growth and the effect that rising interest rates had on funding costs. Notably, only two of the 11 sectors in the Russell Index – industrials and energy – logged positive returns. All other sectors finished the 12-month period with negative performance, with consumer staples and health care stocks generating the worst returns (each sector posted double-digit losses).

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Q	Could you discuss some of the investment decisions that influenced the Fund’s benchmark-relative performance during the 12-month period ended October 31, 2023?
A	Stock selection and sector allocation results both contributed positively to the Fund’s benchmark-relative returns for the 12-month period. With respect to the former, stock selection results outpaced the benchmark’s components in nine of the 11 sectors. The best benchmark-relative returns for the Fund came from the industrials, information technology, and utilities sectors. On the other hand, the Fund’s holdings in the financials and real estate sectors lagged the Russell Index. With regard to sector allocation, the largest contributions to the Fund’s relative performance came from overweight positions in the energy and consumer discretionary sectors. As always, bottom-up considerations were our primary focus when determining the Fund’s positioning.
	At the individual stock level, a position in power-management company Eaton was the leading positive contributor to the Fund’s benchmark-relative performance in both the industrials sector, and overall, during the 12-month period. We had added the stock to the portfolio based on our belief that Eaton’s management team’s plan to sell the company’s lower-return businesses would help unlock value, and that the potential benefits of the strategy were not being recognized by the market. The stock, which was trading at a discounted valuation when we added it to the Fund's portfolio, subsequently rallied as investors came to appreciate the story. Positions in Ingersoll Rand and AerCap also contributed positively to the Fund’s benchmark-relative performance in the industrials sector.
	Another top performer for the Fund versus the benchmark during the 12-month period was brewer Molson Coors. The company was able to offset the effects of inflation through price increases, and its sales growth rose as consumers gradually switched from Bud Light to Coors Light. A number of energy stocks also contributed positively to the Fund’s relative returns, including Range Resources, a natural gas exploration company, which outperformed during the period due to better-than-expected production, robust cash flows, and an attractive valuation versus its industry peers. Finally, a position in homebuilder Lennar was a notable positive contributor to the Fund’s benchmark-relative results, as the company benefited from the strong demand for

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	new housing during a time in which high mortgage rates led to a reduced supply of existing homes for sale.
	On the negative side, positions in regional banks Citizens Financial, Truist Financial, Regions Financial, and Zions Bancorp were notable detractors from the Fund’s benchmark-relative performance during the 12-month period. Shares of regional banks fell sharply following the failure of multiple financial institutions in the spring of 2023. In addition, investors grew concerned that depositors would move cash from low-yielding bank products into money market funds, possibly creating a liquidity crisis, given that rising interest rates were creating losses in banks’ bond portfolios. While we sold Zions, the other regional bank positions remained in the portfolio as of period-end, based on our belief that the quality of their deposit franchises was solid and their stock prices were undervalued.
	Outside of the financials sector, a position in aluminum producer Alcoa was a key detractor from the Fund’s relative returns for the period. Although the stock offered an attractive valuation, its shares lost ground due to delays in the company’s plans to open a new mine in Australia, and on concerns about the effect China’s weaker-than-expected economic growth would have on metals producers. We retained the Fund’s position on the belief that the issue with Alcoa’s Australian mine could be resolved, and that the supply-and-demand picture for aluminum could become more positive. Finally, a position in shoe retailer Foot Locker detracted from the Fund’s performance versus the Russell Index during the period. Negative factors driving Foot Locker’s stock price lower included the company’s reducing earnings guidance and the headwinds facing the retail sector in general. Believing the shares were likely to remain under pressure, we sold the Fund’s position.
Q	Did the Fund have any exposure to derivative securities during the 12-month period ended October 31, 2023?
A	No, the Fund had no exposure to derivatives during the period.

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Q	How would you characterize your broader thinking as of October 31, 2023, and how was the Fund positioned as of period-end?
A	The uneven performance of mid-cap value stocks during the 12-month period provided us with an opportunity to shift the portfolio’s positioning over the course of the year. Most notably, we reduced the Fund’s allocation to the industrials sector. We had built up the position in the sector during the second half of 2022, when we had identified a number of stocks we viewed as undervalued. Several of those holdings eventually reached what we considered to be their full valuations, prompting us to sell or reduce a number of the Fund's positions. We also moved the Fund to an underweight allocation (versus the Russell Index) in the consumer discretionary sector, while maintaining an underweight to the information technology sector, due to elevated valuations.
	On the other hand, we increased the Fund’s weightings in the health care and consumer staples sectors. In the former sector, companies the market expects to lose business due to the advent of GLP-1 (drug) treatments for both diabetes and weight loss have underperformed significantly. We believe the market’s reaction regarding many of those companies has been exaggerated, causing their share prices to dip to attractive valuation levels. Similarly, a broad range of consumer staples stocks have fallen to what we regard as compelling valuations due to weak returns in the sector for the year to date (through October 31). In our view, the stable earnings generated by many companies in the consumer staples sector are now being ignored by the market, which has led to undervaluation of their stock prices.
	Overall, the shifts in the Fund’s positioning reflect our belief that, while value was most prevalent in the so-called cyclical sectors a year ago, interesting opportunities have since begun to emerge in the more defensive areas of the market. The financials and energy sectors also remain notable benchmark-relative overweights in the portfolio, as we have continued to find what we view as favorable valuations in both segments.

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Please refer to the Schedule of Investments on pages 18 - 23 for a full listing of Fund securities.

All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, market disruptions caused by tariffs, trade disputes or other government actions, or adverse investor sentiment. These conditions may continue, recur, worsen or spread.

Investments in mid-sized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than larger, more established companies.

Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.

The Fund invests in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws.

The market price of securities may fluctuate when interest rates change. When interest rates rise, the prices of fixed income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed income securities in the Fund will generally rise.

For more information on this or any Pioneer fund, please visit amundi.com/usinvestors or call 1-800-622-9876. This material must be preceded or accompanied by the Fund's current prospectus or summary prospectus.

Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.

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Portfolio Summary | 10/31/23

Sector Distribution

(As a percentage of total investments)*

10 Largest Holdings

(As a percentage of total investments)*
1.	State Street Corp.	3.39%
2.	Coterra Energy, Inc.	3.10
3.	Zimmer Biomet Holdings, Inc.	2.85
4.	Ingersoll Rand, Inc.	2.73
5.	Public Service Enterprise Group, Inc.	2.62
6.	AerCap Holdings NV	2.56
7.	Chord Energy Corp.	2.51
8.	Range Resources Corp.	2.37
9.	Emerson Electric Co.	2.37
10.	Exelon Corp.	2.35

* Excludes short-term investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.

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Prices and Distributions | 10/31/23

Net Asset Value per Share

Class	10/31/23	10/31/22
A	$21.46	$24.45
C	$11.80	$14.64
K	$21.51	$24.50
R	$20.75	$23.70
Y	$23.94	$26.96

Distributions per Share: 11/1/22 - 10/31/23

Class	Net Investment Income	Short-Term Capital Gains	Long-Term Capital Gains
A	$0.3401	$—	$2.4006
C	$0.2528	$—	$2.4006
K	$0.4111	$—	$2.4006
R	$0.2356	$—	$2.4006
Y	$0.3851	$—	$2.4006

Index Definition

The Russell Midcap Value Index is an unmanaged index that measures the performance of U.S. mid-cap value stocks. Indices are unmanaged and their returns assume reinvestment of dividends and do not reflect any fees or expenses. It is not possible to invest directly in an index.

The index defined here pertains to the “Value of $10,000 Investment” and “Value of $5 Million Investment” charts on pages 11- 15.

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Performance Update | 10/31/23

Class A Shares

Investment Returns

The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Mid Cap Value Fund at public offering price during the periods shown, compared to that of the Russell Midcap Value Index.

Average Annual Total Returns (As of October 31, 2023)
Period	Net Asset Value (NAV)	Public Offering Price (POP)	Russell Midcap Value Index
10 Years	6.22%	5.60%	6.89%
5 Years	6.86	5.60	5.69
1 Year	-1.62	-7.27	-3.56

Expense Ratio
(Per prospectus dated March 1, 2023)

Gross

1.10%

Value of $10,000 Investment

Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

NAV results represent the percent change in net asset value per share. POP returns reflect deduction of the maximum 5.75% sales charge. NAV returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.

Please refer to the financial highlights for a more current expense ratio.

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Performance Update | 10/31/23

Class C Shares

Investment Returns

The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Mid Cap Value Fund during the periods shown, compared to that of the Russell Midcap Value Index.

Average Annual Total Returns (As of October 31, 2023)
Period	If Held	If Redeemed	Russell Midcap Value Index
10 Years	5.34%	5.34%	6.89%
5 Years	5.94	5.94	5.69
1 Year	-2.39	-3.20	-3.56

Expense Ratio
(Per prospectus dated March 1, 2023)

Gross

1.92%

Value of $10,000 Investment

Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

Class C shares held for less than one year are subject to a 1% contingent deferred sales charge (CDSC). “If Held” results represent the percent change in net asset value per share. “If Redeemed” returns reflect deduction of the CDSC for the one-year period, assuming a complete redemption of shares at the last price calculated on the last business day of the period, and no CDSC for the five- and 10-year periods. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.

The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.

Please refer to the financial highlights for a more current expense ratio.

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Performance Update | 10/31/23

Class K Shares

Investment Returns

The mountain chart on the right shows the change in value of a $5 million investment made in Class K shares of Pioneer Mid Cap Value Fund during the periods shown, compared to that of the Russell Midcap Value Index.

Average Annual Total Returns (As of October 31, 2023)
Period	Net Asset Value (NAV)	Russell Midcap Value Index
10 Years	6.54%	6.89%
5 Years	7.20	5.69
1 Year	-1.30	-3.56

Expense Ratio
(Per prospectus dated March 1, 2023)

Gross

0.81%

Value of $5 Million Investment

Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

The performance shown for Class K shares for the period prior to the commencement of operations of Class K shares on March 2, 2015, is the net asset value performance of the Fund’s Class A shares, which has not been restated to reflect any differences in expenses, including Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares generally are higher than those of Class K shares, the performance of Class K shares prior to their inception on March 2, 2015, would have been higher than the performance shown. For the period beginning March 2, 2015, the actual performance of Class K shares is reflected. Class K shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.

The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.

Please refer the financial highlights for a more current expense ratio.

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Performance Update | 10/31/23

Class R Shares

Investment Returns

The mountain chart on the right shows the change in value of a $10,000 investment made in Class R shares of Pioneer Mid Cap Value Fund during the periods shown, compared to that of the Russell Midcap Value Index.

Average Annual Total Returns (As of October 31, 2023)
Period	Net Asset Value (NAV)	Russell Midcap Value Index
10 Years	5.80%	6.89%
5 Years	6.43	5.69
1 Year	-1.97	-3.56

Expense Ratio
(Per prospectus dated March 1, 2023)

Gross

1.53%

Value of $10,000 Investment

Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

Class R shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.

Please refer to the financial highlights for a more current expense ratio.

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Performance Update | 10/31/23

Class Y Shares

Investment Returns

The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Mid Cap Value Fund during the periods shown, compared to that of the Russell Midcap Value Index.

Average Annual Total Returns (As of October 31, 2023)
Period	Net Asset Value (NAV)	Russell Midcap Value Index
10 Years	6.50%	6.89%
5 Years	7.11	5.69
1 Year	-1.40	-3.56

Expense Ratio
(Per prospectus dated March 1, 2023)

Gross

0.89%

Value of $5 Million Investment

Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.

The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares.

Please refer to the financial highlights for a more current expense ratio.

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Comparing Ongoing Fund Expenses

As a shareowner in the Fund, you incur two types of costs:

(1)	ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and
(2)	transaction costs, including sales charges (loads) on purchase payments.

This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund’s latest six-month period and held throughout the six months.

Using the Tables

Actual Expenses

The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows:

(1)	Divide your account value by $1,000 Example: an $8,600 account value ÷ $1,000 = 8.6
(2)	Multiply the result in (1) above by the corresponding share class’s number in the third row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Expenses Paid on a $1,000 Investment in Pioneer Mid Cap Value Fund

Based on actual returns from May 1, 2023 through October 31, 2023.

Share Class	A	C	K	R	Y
Beginning Account Value on 5/1/23	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (after expenses) on 10/31/23	$956.70	$953.10	$958.10	$954.90	$958.00
Expenses Paid During Period*	$5.87	$9.99	$4.44	$7.88	$4.84


*	Expenses are equal to the Fund’s annualized expense ratio of 1.19%, 2.03%, 0.90%, 1.60%, and 0.98% for Class A, Class C, Class K, Class R, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reﬂect the one-half year period).

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Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Expenses Paid on a $1,000 Investment in Pioneer Mid Cap Value Fund

Based on a hypothetical 5% return per year before expenses, reflecting the period from May 1, 2023 through October 31, 2023.

Share Class	A	C	K	R	Y
Beginning Account Value on 5/1/23	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (after expenses) on 10/31/23	$1,019.21	$1,014.97	$1,020.67	$1,017.14	$1,020.27
Expenses Paid During Period*	$6.06	$10.31	$4.58	$8.13	$4.99


*	Expenses are equal to the Fund’s annualized expense ratio of 1.19%, 2.03%, 0.90%, 1.60%, and 0.98% for Class A, Class C, Class K, Class R, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reﬂect the one-half year period).

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Schedule of Investments | 10/31/23

Shares		Value
	UNAFFILIATED ISSUERS — 99.7%
	Common Stocks — 99.1% of Net Assets
	Automobile Components — 1.0%
48,730	Lear Corp.	$ 6,323,205
	Total Automobile Components	$6,323,205


	Banks — 6.3%
256,064	Citizens Financial Group, Inc.	$ 5,999,580
127,190	M&T Bank Corp.	14,340,672
880,981	Regions Financial Corp.	12,800,654
266,557	Truist Financial Corp.	7,559,556
	Total Banks	$40,700,462


	Beverages — 1.4%
155,806	Molson Coors Beverage Co., Class B	$ 9,000,913
	Total Beverages	$9,000,913


	Broadline Retail — 2.1%
350,185	eBay, Inc.	$ 13,737,757
	Total Broadline Retail	$13,737,757


	Building Products — 1.9%
64,645	Trane Technologies Plc	$ 12,302,590
	Total Building Products	$12,302,590


	Capital Markets — 6.5%
119,706	Northern Trust Corp.	$ 7,889,822
129,722	Raymond James Financial, Inc.	12,380,668
334,098	State Street Corp.	21,592,754
	Total Capital Markets	$41,863,244


	Chemicals — 3.6%
287,791	Dow, Inc.	$ 13,911,817
101,233	LyondellBasell Industries NV, Class A	9,135,266
	Total Chemicals	$23,047,083


	Commercial Services & Supplies — 1.6%
150,869	Brink's Co.	$ 10,087,101
	Total Commercial Services & Supplies	$10,087,101


	Communications Equipment — 1.9%
43,994	Motorola Solutions, Inc.	$ 12,250,569
	Total Communications Equipment	$12,250,569


	Consumer Finance — 1.3%
98,404	Discover Financial Services	$ 8,077,000
	Total Consumer Finance	$8,077,000

The accompanying notes are an integral part of these financial statements.

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Shares		Value
	Containers & Packaging — 0.5%
161,434	Graphic Packaging Holding Co.	$ 3,472,445
	Total Containers & Packaging	$3,472,445


	Electric Utilities — 2.3%
384,086	Exelon Corp.	$ 14,956,309
	Total Electric Utilities	$14,956,309


	Electrical Equipment — 3.6%
39,282	Eaton Corp. Plc	$ 8,167,121
169,390	Emerson Electric Co.	15,070,628
	Total Electrical Equipment	$23,237,749


	Electronic Equipment, Instruments & Components — 1.6%
50,029	CDW Corp.	$ 10,025,812
	Total Electronic Equipment, Instruments & Components	$10,025,812


	Entertainment — 1.1%
697,733(a)	Warner Bros Discovery, Inc.	$ 6,935,466
	Total Entertainment	$6,935,466


	Financial Services — 0.7%
91,544(a)	PayPal Holdings, Inc.	$ 4,741,979
	Total Financial Services	$4,741,979


	Food Products — 3.1%
276,269	Kellanova	$ 13,943,297
121,301	Tyson Foods, Inc., Class A	5,622,301
	Total Food Products	$19,565,598


	Ground Transportation — 1.4%
51,260	JB Hunt Transport Services, Inc.	$ 8,810,056
	Total Ground Transportation	$8,810,056


	Health Care Equipment & Supplies — 5.6%
283,254	Dentsply Sirona, Inc.	$ 8,613,754
141,625	GE HealthCare Technologies, Inc.	9,427,976
173,356	Zimmer Biomet Holdings, Inc.	18,100,100
	Total Health Care Equipment & Supplies	$36,141,830


	Health Care Providers & Services — 1.3%
89,222	Cardinal Health, Inc.	$ 8,119,202
	Total Health Care Providers & Services	$8,119,202


	Health Care REITs — 0.5%
211,431	Healthpeak Properties, Inc.	$ 3,287,752
	Total Health Care REITs	$3,287,752

The accompanying notes are an integral part of these financial statements.

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Schedule of Investments | 10/31/23 (continued)

Shares		Value
	Hotel & Resort REITs — 0.8%
343,689	Host Hotels & Resorts, Inc.	$ 5,320,306
	Total Hotel & Resort REITs	$5,320,306


	Hotels, Restaurants & Leisure — 1.6%
107,707(a)	Expedia Group, Inc.	$ 10,263,400
	Total Hotels, Restaurants & Leisure	$10,263,400


	Household Durables — 1.0%
59,495	Lennar Corp., Class A	$ 6,346,927
	Total Household Durables	$6,346,927


	Industrial REITs — 0.8%
125,982	First Industrial Realty Trust, Inc.	$ 5,329,039
	Total Industrial REITs	$5,329,039


	Insurance — 5.4%
109,379	Aflac, Inc.	$ 8,543,594
181,665	American International Group, Inc.	11,137,881
156,382(a)	Brighthouse Financial, Inc.	7,084,104
283,092	Old Republic International Corp.	7,751,059
	Total Insurance	$34,516,638


	Machinery — 7.4%
81,892	AGCO Corp.	$ 9,389,737
285,732	Ingersoll Rand, Inc.	17,338,218
158,571	PACCAR, Inc.	13,086,865
86,392	Stanley Black & Decker, Inc.	7,347,639
	Total Machinery	$47,162,459


	Media — 2.0%
427,128	Fox Corp., Class A	$ 12,980,420
	Total Media	$12,980,420


	Metals & Mining — 2.0%
228,857	Alcoa Corp.	$ 5,867,894
27,348	Reliance Steel & Aluminum Co.	6,956,784
	Total Metals & Mining	$12,824,678


	Multi-Utilities — 4.5%
453,168	CenterPoint Energy, Inc.	$ 12,181,156
270,148	Public Service Enterprise Group, Inc.	16,654,624
	Total Multi-Utilities	$28,835,780


	Oil, Gas & Consumable Fuels — 9.9%
326,108	APA Corp.	$ 12,953,010
96,477	Chord Energy Corp.	15,949,578

The accompanying notes are an integral part of these financial statements.

20Pioneer Mid Cap Value Fund | Annual Report | 10/31/23

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Shares		Value
	Oil, Gas & Consumable Fuels — (continued)
717,139	Coterra Energy, Inc.	$ 19,721,322
421,042	Range Resources Corp.	15,090,145
	Total Oil, Gas & Consumable Fuels	$63,714,055


	Personal Care Products — 1.2%
401,710	Kenvue, Inc.	$ 7,471,806
	Total Personal Care Products	$7,471,806


	Residential REITs — 1.5%
57,089	AvalonBay Communities, Inc.	$ 9,461,931
	Total Residential REITs	$9,461,931


	Retail REITs — 1.0%
372,930	Kimco Realty Corp.	$ 6,690,364
	Total Retail REITs	$6,690,364


	Semiconductors & Semiconductor Equipment — 1.2%
117,143	MKS Instruments, Inc.	$ 7,691,609
	Total Semiconductors & Semiconductor Equipment	$7,691,609


	Specialized REITs — 2.3%
57,623	Extra Space Storage, Inc.	$ 5,969,167
199,049	Gaming and Leisure Properties, Inc.	9,034,834
	Total Specialized REITs	$15,004,001


	Specialty Retail — 1.3%
69,044	Ross Stores, Inc.	$ 8,007,033
	Total Specialty Retail	$8,007,033


	Technology Hardware, Storage & Peripherals — 2.2%
906,609	Hewlett Packard Enterprise Co.	$ 13,943,646
	Total Technology Hardware, Storage & Peripherals	$13,943,646


	Textiles, Apparel & Luxury Goods — 1.2%
66,594	Ralph Lauren Corp.	$ 7,493,823
	Total Textiles, Apparel & Luxury Goods	$7,493,823


	Trading Companies & Distributors — 2.5%
261,860(a)	AerCap Holdings NV	$ 16,266,743
	Total Trading Companies & Distributors	$16,266,743


	Total Common Stocks (Cost $603,802,581)	$ 636,008,780

The accompanying notes are an integral part of these financial statements.

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Schedule of Investments | 10/31/23 (continued)

Shares		Value

	SHORT TERM INVESTMENTS — 0.6% of Net Assets
	Open-End Fund — 0.6%
3,840,220(b)	Dreyfus Government Cash Management, Institutional Shares, 5.23%	$ 3,840,220
		$ 3,840,220


	TOTAL SHORT TERM INVESTMENTS (Cost $3,840,220)	$3,840,220


	TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 99.7% (Cost $607,642,801)	$ 639,849,000
	OTHER ASSETS AND LIABILITIES — 0.3%	$ 1,844,393
	net assets — 100.0%	$641,693,393

REIT	Real Estate Investment Trust.

(a)	Non-income producing security.
(b)	Rate periodically changes. Rate disclosed is the 7-day yield at October 31, 2023.

Purchases and sales of securities (excluding short-term investments) for the year ended October 31, 2023, aggregated $315,389,158 and $345,800,700, respectively.

At October 31, 2023, the net unrealized appreciation on investments based on cost for federal tax purposes of $609,285,549 was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$ 86,914,907
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value	(56,351,456)
Net unrealized appreciation	$ 30,563,451

The accompanying notes are an integral part of these financial statements.

22Pioneer Mid Cap Value Fund | Annual Report | 10/31/23

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Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels below.

Level 1	–	unadjusted quoted prices in active markets for identical securities.
Level 2	–	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements — Note 1A.
Level 3	–	significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A.

The following is a summary of the inputs used as of October 31, 2023 in valuing the Fund's investments:

	Level 1	Level 2	Level 3	Total
Common Stocks	$636,008,780	$—	$—	$636,008,780
Open-End Fund	3,840,220	—	—	3,840,220
Total Investments in Securities	$ 639,849,000	$ —	$ —	$ 639,849,000

During the year ended October 31, 2023, there were no transfers in or out of Level 3.

The accompanying notes are an integral part of these financial statements.

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Statement of Assets and Liabilities | 10/31/23

ASSETS:
Investments in unaffiliated issuers, at value (cost $607,642,801)	$639,849,000
Foreign currencies, at value (cost $4,074,482)	3,805,901
Receivables —
Investment securities sold	795,924
Fund shares sold	64,268
Dividends	217,274
Interest	31,112
Other assets	39,253
Total assets	$644,802,732
LIABILITIES:
Payables —
Investment securities purchased	$ 1,590,687
Fund shares repurchased	1,162,376
Trustees' fees	3,092
Transfer agent fees	97,320
Management fees	75,305
Administrative expenses	21,883
Distribution fees	21,920
Accrued expenses	136,756
Total liabilities	$ 3,109,339
NET ASSETS:
Paid-in capital	$566,489,291
Distributable earnings	75,204,102
Net assets	$641,693,393
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $604,898,762/28,183,113 shares)	$ 21.46
Class C (based on $6,252,851/529,969 shares)	$ 11.80
Class K (based on $1,239,260/57,609 shares)	$ 21.51
Class R (based on $5,385,984/259,588 shares)	$ 20.75
Class Y (based on $23,916,536/998,878 shares)	$ 23.94
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $21.46 net asset value per share/100%-5.75% maximum sales charge)	$ 22.77

The accompanying notes are an integral part of these financial statements.

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Statement of Operations FOR THE YEAR ENDED 10/31/23

INVESTMENT INCOME:
Dividends from unaffiliated issuers	$ 19,741,928
Interest from unaffiliated issuers	82,961
Total Investment Income		$ 19,824,889
EXPENSES:
Management fees
Basic fees	$ 4,887,054
Performance adjustment	435,679
Administrative expenses	313,657
Transfer agent fees
Class A	344,187
Class C	8,495
Class K	15
Class R	12,029
Class Y	25,423
Distribution fees
Class A	1,682,870
Class C	74,936
Class R	29,350
Shareowner communications expense	145,676
Custodian fees	6,693
Registration fees	107,317
Professional fees	105,779
Printing expense	43,816
Officers' and Trustees' fees	40,899
Insurance expense	9,318
Miscellaneous	254,729
Total expenses		$ 8,527,922
Net investment income		$ 11,296,967
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers		$ 36,957,800
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers	$(57,072,630)
Other assets and liabilities denominated in foreign currencies	(68,183)	$(57,140,813)
Net realized and unrealized gain (loss) on investments		$ (20,183,013)
Net decrease in net assets resulting from operations		$ (8,886,046)

The accompanying notes are an integral part of these financial statements.

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Statements of Changes in Net Assets

	Year Ended 10/31/23	Year Ended 10/31/22
FROM OPERATIONS:
Net investment income (loss)	$ 11,296,967	$ 9,429,242
Net realized gain (loss) on investments	36,957,800	68,443,567
Change in net unrealized appreciation (depreciation) on investments	(57,140,813)	(99,643,217)
Net decrease in net assets resulting from operations	$ (8,886,046)	$ (21,770,408)
DISTRIBUTIONS TO SHAREOWNERS:
Class A ($2.74 and $3.75 per share, respectively)	$ (75,535,836)	$ (96,012,757)
Class C ($2.65 and $3.65 per share, respectively)	(1,563,607)	(2,044,668)
Class K ($2.81 and $3.84 per share, respectively)	(160,206)	(122,373)
Class R ($2.64 and $3.62 per share, respectively)	(627,870)	(1,017,858)
Class Y ($2.79 and $3.82 per share, respectively)	(2,566,752)	(3,002,257)
Total distributions to shareowners	$ (80,454,271)	$(102,199,913)
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares	$ 39,228,846	$ 30,459,993
Reinvestment of distributions	77,683,671	98,539,498
Cost of shares repurchased	(95,191,261)	(84,214,247)
Net increase in net assets resulting from Fund share transactions	$ 21,721,256	$ 44,785,244
Net decrease in net assets	$ (67,619,061)	$ (79,185,077)
NET ASSETS:
Beginning of year	$709,312,454	$ 788,497,531
End of year	$641,693,393	$ 709,312,454

The accompanying notes are an integral part of these financial statements.

26Pioneer Mid Cap Value Fund | Annual Report | 10/31/23

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	Year Ended 10/31/23 Shares	Year Ended 10/31/23 Amount	Year Ended 10/31/22 Shares	Year Ended 10/31/22 Amount
Class A
Shares sold	1,206,014	$ 27,297,163	536,117	$ 13,476,178
Reinvestment of distributions	3,174,053	72,889,732	3,728,954	92,539,020
Less shares repurchased	(3,588,313)	(81,171,080)	(2,539,135)	(64,297,853)
Net increase	791,754	$ 19,015,815	1,725,936	$ 41,717,345
Class C
Shares sold	40,744	$ 522,297	61,316	$ 938,436
Reinvestment of distributions	122,126	1,563,566	137,075	2,044,595
Less shares repurchased	(219,359)	(2,770,583)	(181,775)	(2,770,255)
Net increase (decrease)	(56,489)	$ (684,720)	16,616	$ 212,776
Class K
Shares sold	28,515	$ 667,687	44,193	$ 1,103,221
Reinvestment of distributions	6,695	153,894	4,603	114,703
Less shares repurchased	(26,596)	(603,428)	(28,452)	(714,776)
Net increase	8,614	$ 218,153	20,344	$ 503,148
Class R
Shares sold	48,200	$ 1,065,506	38,512	$ 951,705
Reinvestment of distributions	28,232	627,615	42,171	1,011,416
Less shares repurchased	(50,887)	(1,122,971)	(138,981)	(3,441,875)
Net increase (decrease)	25,545	$ 570,150	(58,298)	$ (1,478,754)
Class Y
Shares sold	381,564	$ 9,676,193	491,413	$ 13,990,453
Reinvestment of distributions	95,812	2,448,864	103,321	2,829,764
Less shares repurchased	(380,746)	(9,523,199)	(468,876)	(12,989,488)
Net increase	96,630	$ 2,601,858	125,858	$ 3,830,729

The accompanying notes are an integral part of these financial statements.

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Financial Highlights

	Year Ended 10/31/23	Year Ended 10/31/22	Year Ended 10/31/21	Year Ended 10/31/20	Year Ended 10/31/19
Class A
Net asset value, beginning of period	$ 24.45	$ 28.99	$ 20.39	$ 22.77	$ 22.50
Increase (decrease) from investment operations:
Net investment income (loss) (a)	$ 0.36	$ 0.32	$ 0.17	$ 0.19	$ 0.18
Net realized and unrealized gain (loss) on investments	(0.61)	(1.11)	8.60	(2.32)	2.36
Net increase (decrease) from investment operations	$ (0.25)	$ (0.79)	$ 8.77	$ (2.13)	$ 2.54
Distributions to shareowners:
Net investment income	$ (0.34)	$ (0.16)	$ (0.17)	$ (0.17)	$ (0.18)
Net realized gain	(2.40)	(3.59)	—	(0.08)	(2.09)
Total distributions	$ (2.74)	$ (3.75)	$ (0.17)	$ (0.25)	$ (2.27)
Net increase (decrease) in net asset value	$ (2.99)	$ (4.54)	$ 8.60	$ (2.38)	$ 0.27
Net asset value, end of period	$ 21.46	$ 24.45	$ 28.99	$ 20.39	$ 22.77
Total return (b)	(1.62)%	(2.84)%	43.21%	(9.48)%	12.44%(c)
Ratio of net expenses to average net assets	1.19%	1.10%	1.05%	1.08%	1.06%
Ratio of net investment income (loss) to average net assets	1.59%	1.27%	0.64%	0.94%	0.85%
Portfolio turnover rate	45%	67%	68%	65%	94%
Net assets, end of period (in thousands)	$604,899	$669,653	$744,113	$571,772	$710,565

(a)	The per-share data presented above is based on the average shares outstanding for the period presented.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account.
(c)	If the Fund had not recognized gains in settlement of class action lawsuits during the year ended October 31, 2019, the total return would have been 12.34%.

The accompanying notes are an integral part of these financial statements.

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	Year Ended 10/31/23	Year Ended 10/31/22	Year Ended 10/31/21	Year Ended 10/31/20	Year Ended 10/31/19
Class C
Net asset value, beginning of period	$14.64	$18.93	$ 13.36	$ 15.01	$ 15.53
Increase (decrease) from investment operations:
Net investment income (loss) (a)	$ 0.10	$ 0.07	$ (0.04)	$ 0.01	$ (0.00)(b)
Net realized and unrealized gain (loss) on investments	(0.29)	(0.71)	5.64	(1.53)	1.57
Net increase (decrease) from investment operations	$ (0.19)	$ (0.64)	$ 5.60	$ (1.52)	$ 1.57
Distributions to shareowners:
Net investment income	$ (0.25)	$ (0.06)	$ (0.03)	$ (0.05)	$ —
Net realized gain	(2.40)	(3.59)	—	(0.08)	(2.09)
Total distributions	$ (2.65)	$ (3.65)	$ (0.03)	$ (0.13)	$ (2.09)
Net increase (decrease) in net asset value	$ (2.84)	$ (4.29)	$ 5.57	$ (1.65)	$ (0.52)
Net asset value, end of period	$11.80	$14.64	$ 18.93	$ 13.36	$ 15.01
Total return (c)	(2.39)%	(3.69)%	41.99%	(10.25)%	11.40%(d)
Ratio of net expenses to average net assets	2.03%	1.92%	1.94%	1.96%	1.94%
Ratio of net investment income (loss) to average net assets	0.78%	0.44%	(0.24)%	0.07%	(0.01)%
Portfolio turnover rate	45%	67%	68%	65%	94%
Net assets, end of period (in thousands)	$6,253	$8,587	$10,785	$ 9,380	$13,845
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly:

(a)	The per-share data presented above is based on the average shares outstanding for the period presented.
(b)	Amount rounds to less than $0.01 per share.
(c)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account.
(d)	If the Fund had not recognized gains in settlement of class action lawsuits during the year ended October 31, 2019, the total return would have been 11.31%.

The accompanying notes are an integral part of these financial statements.

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Financial Highlights (continued)

	Year Ended 10/31/23	Year Ended 10/31/22	Year Ended 10/31/21	Year Ended 10/31/20	Year Ended 10/31/19
Class K
Net asset value, beginning of period	$24.50	$29.06	$20.43	$22.82	$22.56
Increase (decrease) from investment operations:
Net investment income (loss) (a)	$ 0.43	$ 0.39	$ 0.26	$ 0.26	$ 0.26
Net realized and unrealized gain (loss) on investments	(0.61)	(1.11)	8.61	(2.31)	2.34
Net increase (decrease) from investment operations	$ (0.18)	$ (0.72)	$ 8.87	$ (2.05)	$ 2.60
Distributions to shareowners:
Net investment income	$ (0.41)	$ (0.25)	$ (0.24)	$ (0.26)	$ (0.25)
Net realized gain	(2.40)	(3.59)	—	(0.08)	(2.09)
Total distributions	$ (2.81)	$ (3.84)	$ (0.24)	$ (0.34)	$ (2.34)
Net increase (decrease) in net asset value	$ (2.99)	$ (4.56)	$ 8.63	$ (2.39)	$ 0.26
Net asset value, end of period	$21.51	$24.50	$29.06	$20.43	$22.82
Total return (b)	(1.30)%	(2.58)%	43.72%	(9.17)%	12.83%(c)
Ratio of net expenses to average net assets	0.90%	0.81%	0.71%	0.72%	0.69%
Ratio of net investment income (loss) to average net assets	1.87%	1.55%	0.98%	1.29%	1.23%
Portfolio turnover rate	45%	67%	68%	65%	94%
Net assets, end of period (in thousands)	$1,239	$1,200	$ 832	$ 468	$1,554

(a)	The per-share data presented above is based on the average shares outstanding for the period presented.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(c)	If the Fund had not recognized gains in settlement of class action lawsuits during the year ended October 31, 2019, the total return would have been 12.76%.

The accompanying notes are an integral part of these financial statements.

30Pioneer Mid Cap Value Fund | Annual Report | 10/31/23

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	Year Ended 10/31/23	Year Ended 10/31/22	Year Ended 10/31/21	Year Ended 10/31/20	Year Ended 10/31/19
Class R
Net asset value, beginning of period	$23.70	$28.20	$19.87	$22.18	$21.94
Increase (decrease) from investment operations:
Net investment income (loss) (a)	$ 0.26	$ 0.20	$ 0.05	$ 0.12	$ 0.09
Net realized and unrealized gain (loss) on investments	(0.57)	(1.08)	8.38	(2.27)	2.31
Net increase (decrease) from investment operations	$ (0.31)	$ (0.88)	$ 8.43	$ (2.15)	$ 2.40
Distributions to shareowners:
Net investment income	$ (0.24)	$ (0.03)	$ (0.10)	$ (0.08)	$ (0.07)
Net realized gain	(2.40)	(3.59)	—	(0.08)	(2.09)
Total distributions	$ (2.64)	$ (3.62)	$ (0.10)	$ (0.16)	$ (2.16)
Net increase (decrease) in net asset value	$ (2.95)	$ (4.50)	$ 8.33	$ (2.31)	$ 0.24
Net asset value, end of period	$20.75	$23.70	$28.20	$19.87	$22.18
Total return (b)	(1.97)%	(3.25)%	42.54%	(9.79)%	11.97%(c)
Ratio of net expenses to average net assets	1.60%	1.53%	1.51%	1.42%	1.47%
Ratio of net investment income (loss) to average net assets	1.17%	0.80%	0.18%	0.61%	0.45%
Portfolio turnover rate	45%	67%	68%	65%	94%
Net assets, end of period (in thousands)	$5,386	$5,548	$8,245	$6,893	$9,814

(a)	The per-share data presented above is based on the average shares outstanding for the period presented.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(c)	If the Fund had not recognized gains in settlement of class action lawsuits during the year ended October 31, 2019, the total return would have been 11.87%.

The accompanying notes are an integral part of these financial statements.

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Financial Highlights (continued)

	Year Ended 10/31/23	Year Ended 10/31/22	Year Ended 10/31/21	Year Ended 10/31/20	Year Ended 10/31/19
Class Y
Net asset value, beginning of period	$ 26.96	$ 31.58	$ 22.19	$ 24.74	$ 24.26
Increase (decrease) from investment operations:
Net investment income (loss) (a)	$ 0.46	$ 0.40	$ 0.26	$ 0.28	$ 0.25
Net realized and unrealized gain (loss) on investments	(0.69)	(1.20)	9.35	(2.52)	2.55
Net increase (decrease) from investment operations	$ (0.23)	$ (0.80)	$ 9.61	$ (2.24)	$ 2.80
Distributions to shareowners:
Net investment income	$ (0.39)	$ (0.23)	$ (0.22)	$ (0.23)	$ (0.23)
Net realized gain	(2.40)	(3.59)	—	(0.08)	(2.09)
Total distributions	$ (2.79)	$ (3.82)	$ (0.22)	$ (0.31)	$ (2.32)
Net increase (decrease) in net asset value	$ (3.02)	$ (4.62)	$ 9.39	$ (2.55)	$ 0.48
Net asset value, end of period	$ 23.94	$ 26.96	$ 31.58	$ 22.19	$ 24.74
Total return (b)	(1.40)%	(2.64)%	43.58%	(9.23)%	12.70%(c)
Ratio of net expenses to average net assets	0.98%	0.89%	0.79%	0.81%	0.82%
Ratio of net investment income (loss) to average net assets	1.79%	1.43%	0.89%	1.25%	1.08%
Portfolio turnover rate	45%	67%	68%	65%	94%
Net assets, end of period (in thousands)	$23,917	$24,324	$24,521	$15,409	$27,724

(a)	The per-share data presented above is based on the average shares outstanding for the period presented.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(c)	If the Fund had not recognized gains in settlement of class action lawsuits during the year ended October 31, 2019, the total return would have been 12.60%.

The accompanying notes are an integral part of these financial statements.

32Pioneer Mid Cap Value Fund | Annual Report | 10/31/23

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Notes to Financial Statements | 10/31/23

1. Organization and Signiﬁcant Accounting Policies

Pioneer Mid Cap Value Fund (the “Fund”) is a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company. The investment objective of the Fund is to seek capital appreciation by investing in a diversified portfolio of securities consisting primarily of common stocks.

The Fund offers five classes of shares designated as Class A, Class C, Class K, Class R and Class Y shares. Each class of shares represents an interest in the same portfolio of investments of the Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses, such as transfer agent and distribution fees. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of the Fund gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareowner approval. Under per share voting, each share of a class of the Fund is entitled to one vote. Under dollarweighted voting, a shareowner’s voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class Y shares.

Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Amundi Distributor US, Inc., an afﬁliate of the Adviser, serves as the Fund’s distributor (the “Distributor”).

In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020

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through December 31, 2023. Management is evaluating the impact of ASU 2020-04 on the Fund's investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.

The Fund is required to comply with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the 1940 Act. Rule 18f-4 requires a fund to establish and maintain a comprehensive derivatives risk management program, appoint a derivatives risk manager and comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk (“VaR”), unless the fund uses derivatives in only a limited manner (a "limited derivatives user"). The Fund is currently a limited derivatives user for purposes of Rule 18f-4.

The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). U.S. GAAP requires the management of the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the ﬁnancial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:

A.	Security Valuation
	The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (“NYSE”) is open, as of the close of regular trading on the NYSE.
	Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods.

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	Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds’ net asset value.
	Securities for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser. The Adviser is designated as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities.
	Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Adviser may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices, and such differences could be material.
B.	Investment Income and Transactions
	Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence.
	Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities.
	Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively.
	Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes.

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C.	Federal Income Taxes
	It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of October 31, 2023, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities.
	The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences.
	A portion of the dividend income recorded by the Fund is from distributions by publicly traded real estate investment trusts (“REITs”), and such distributions for tax purposes may also consist of capital gains and return of capital. The actual return of capital and capital gains portions of such distributions will be determined by formal notifications from the REITs subsequent to the calendar year-end. Distributions received from the REITs that are determined to be a return of capital are recorded by the Fund as a reduction of the cost basis of the securities held and those determined to be capital gain are reflected as such on the Statement of Operations.
	At October 31, 2023, the Fund reclassified $197,487 to decrease distributable earnings and $197,487 to increase paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations.
	The tax character of distributions paid during the years ended October 31, 2023 and October 31, 2022, was as follows:

	2023	2022
Distributions paid from:
Ordinary income	$10,765,814	$ 4,854,928
Long-term capital gains	69,688,457	97,344,985
Total	$ 80,454,271	$102,199,913

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The following shows the components of distributable earnings (losses) on a federal income tax basis at October 31, 2023:

	2023
Distributable earnings/(losses):
Undistributed ordinary income	$ 7,904,418
Undistributed long-term capital gains	36,736,233
Net unrealized appreciation	30,563,451
Total	$75,204,102

The difference between book-basis and tax-basis net unrealized appreciation is attributable to the tax deferral of losses on wash sales and tax basis adjustments on real estate investment trust (REIT) holdings.

D.	Fund Shares
	The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $16,118 in underwriting commissions on the sale of Class A shares during the year ended October 31, 2023.
E.	Class Allocations
	Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day.
	Distribution fees are calculated based on the average daily net asset value attributable to Class A, Class C and Class R shares of the Fund, respectively (see Note 5). Class K and Class Y shares do not pay distribution fees. All expenses and fees paid to the Fund's transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4).
	Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, Class K, Class R and Class Y shares can reflect different transfer agent and distribution expense rates.
F.	Risks
	The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions,

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	recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. Inflation and interest rates have increased and may rise further. These circumstances could adversely affect the value and liquidity of the Fund's investments and negatively impact the Fund's performance.
	The long-term impact of the COVID-19 pandemic and its subsequent variants on economies, markets, industries and individual issuers, are not known. Some sectors of the economy and individual issuers have experienced or may experience particularly large losses. Periods of extreme volatility in the financial markets, reduced liquidity of many instruments, increased government debt, inflation, and disruptions to supply chains, consumer demand and employee availability, may continue for some time. Following Russia's invasion of Ukraine, Russian securities lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical or other events or conditions.
	Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time.
	The U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the U.S. has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund's assets may go down.

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	At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.
	Normally, the Fund invests at least 80% of its total assets in equity securities of mid-size companies. Compared to large companies, mid-size companies, and the market for their equity securities, may be more sensitive to changes in earnings results and investor expectations, or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, have limited liquidity, be harder to value or to sell at the times and prices the adviser thinks appropriate, and offer greater potential for gain and loss.
	The Fund’s investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, less liquid trading markets, extreme price volatility, currency risks, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law and investment and repatriation restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Fund’s return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security.
	Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and

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	impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally.
	As of the date of this report, a significant portion of the Fund’s net asset value is attributable to net unrealized capital gains on portfolio securities. If the Fund realizes capital gains in excess of realized capital losses and any available capital loss carryforwards in any fiscal year, it generally will be required to distribute that excess to shareholders. You may receive distributions that are attributable to appreciation that was present in the Fund’s portfolio securities at the time you made your investment but had not been realized at that time, or that are attributable to capital gains or other income that, although realized by the Fund, had not yet been distributed at the time you made your investment. Unless you purchase shares through a tax-advantaged account (such as an IRA or 401(k) plan), these distributions will be taxable to you. You should consult your tax adviser about the tax consequences of your investment in the Fund.
	The Fund may invest in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws.
	With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund’s Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as the Fund's custodian and accounting agent, and the Fund’s transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the

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Fund’s service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.

The Fund’s prospectus contains unaudited information regarding the Fund’s principal risks. Please refer to that document when considering the Fund’s principal risks.

2. Management Agreement

The Adviser manages the Fund’s portfolio. Management fees payable under the Fund’s Investment Management Agreement with the Adviser are calculated daily and paid monthly at the annual rate of 0.70% of the Fund’s average daily net assets up to $500 million, 0.65% on the next $500 million, 0.625% on the next $3 billion and 0.60% on the excess over $4 billion. The basic fee (fee before performance adjustment) can increase or decrease by a maximum of 0.10% based on the investment performance of the Fund’s Class A shares as compared to the Russell Midcap Value Index. The performance comparison is made for a rolling 36-month period. In addition, the Adviser contractually limits any positive adjustment of the Fund’s management fee to 0.10% of the Fund’s average daily net assets on an annual basis (i.e., to a maximum management fee of 0.80% of average daily net assets after the performance adjustment). For the year ended October 31, 2023, the aggregate performance adjustment resulted in a increase of $435,679 to the basic fee. For the year ended October 31, 2023, the effective management fee was equivalent to 0.75% of the Fund’s average daily net assets.

In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Fund as administrative reimbursements. Reflected on the Statement of Assets and Liabilities is $75,305 in management fees payable to the Adviser at October 31, 2023.

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3. Compensation of Officers and Trustees

The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. Except for the chief compliance officer, the Fund does not pay any salary or other compensation to its officers. The Fund pays a portion of the chief compliance officer's compensation for his services as the Fund's chief compliance officer. Amundi US pays the remaining portion of the chief compliance officer's compensation. For the year ended October 31, 2023, the Fund paid $40,899 in Officers' and Trustees' compensation, which is reflected on the Statement of Operations as Officers' and Trustees' fees. At October 31, 2023, on its Statement of Assets and Liabilities, the Fund had a payable for Trustees' fees of $3,092 and a payable for administrative expenses of $21,883, which includes the payable for Officers' compensation.

4. Transfer Agent

BNY Mellon Investment Servicing (US) Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund’s omnibus relationship contracts.

In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the year ended October 31, 2023, such out-of-pocket expenses by class of shares were as follows:

Shareowner Communications:
Class A	$137,151
Class C	3,779
Class K	332
Class R	1,395
Class Y	3,019
Total	$145,676

5. Distribution and Service Plans

The Fund has adopted a distribution plan (the “Plan”) pursuant to Rule 12b-1 of the 1940 Act with respect to its Class A, Class C and Class R shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of the Fund's average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays the Distributor 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a

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0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Pursuant to the Plan, the Fund further pays the Distributor 0.50% of the average daily net assets attributable to Class R shares for distribution services. Reflected on the Statement of Assets and Liabilities is $21,920 in distribution fees payable to the Distributor at October 31, 2023.

The Fund also has adopted a separate service plan for Class R shares (the “Service Plan”). The Service Plan authorizes the Fund to pay securities dealers, plan administrators or other service organizations that agree to provide certain services to retirement plans or plan participants holding shares of the Fund a service fee of up to 0.25% of the Fund’s average daily net assets attributable to Class R shares held by such plans.

In addition, redemptions of Class A and Class C shares may be subject to a contingent deferred sales charge (“CDSC”). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00% based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class K, Class R or Class Y shares. Proceeds from the CDSCs are paid to the Distributor. For the year ended October 31, 2023, CDSCs in the amount of $768 were paid to the Distributor.

6. Line of Credit Facility

The Fund, along with certain other funds in the Pioneer Family of Funds, participates in a committed, unsecured revolving line of credit (“credit facility”). Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the credit facility or the limits set for borrowing by the Fund’s prospectus and the 1940 Act. The Fund participates in a credit facility in the amount of $380 million. Under such credit facility, depending on the type of loan, interest on borrowings is payable at the Secured Overnight Financing Rate ("SOFR") plus a credit spread. The Fund also pays both an upfront fee and an annual commitment fee to participate in the credit facility. The upfront fee in the amount of 0.15% of the total credit facility and the commitment fee in the amount of 0.30% of the daily unused portion of each lender's commitment are allocated among participating funds based on an allocation schedule set forth in the credit facility. For the year ended October 31, 2023, the Fund had no borrowings under the credit facility.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees and the Shareholders of Pioneer Mid Cap Value Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Pioneer Mid Cap Value Fund (the “Fund”), including the schedule of investments, as of October 31, 2023, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,

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and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the Pioneer family of funds since 2017.

Boston, Massachusetts
December 22, 2023

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Additional Information (unaudited)

For the year ended October 31, 2023, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to the maximum amount of such dividends allowable under the Act, as taxed at a maximum rate of 20%. Complete information will be computed and reported in conjunction with your 2023 Form 1099-DIV.

The Fund designated $69,938,440 as long-term capital gains distributions during the year ended October 31, 2023. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.

The qualifying percentage of the Fund’s ordinary income dividends for the purpose of the corporate dividends received deduction was 100.00%.

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Approval of Renewal of Investment Management Agreement

Amundi Asset Management US, Inc. (“Amundi US”) serves as the investment adviser to Pioneer Mid Cap Value Fund (the “Fund”) pursuant to an investment management agreement between Amundi US and the Fund. In order for Amundi US to remain the investment adviser of the Fund, the Trustees of the Fund, including a majority of the Fund’s Independent Trustees, must determine annually whether to renew the investment management agreement for the Fund.

The contract review process began in January 2023 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2023, July 2023 and September 2023. In addition, the Trustees reviewed and discussed the Fund’s performance at regularly scheduled meetings throughout the year, and took into account other information related to the Fund provided to the Trustees at regularly scheduled meetings, in connection with the review of the Fund’s investment management agreement.

In March 2023, the Trustees, among other things, discussed the memorandum provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Fund, as well as the level of investment by the Fund’s portfolio managers in the Fund. In July 2023, the Trustees, among other things, reviewed the Fund’s management fees and total expense ratios, the financial statements of Amundi US and its parent companies, profitability analyses provided by Amundi US, and analyses from Amundi US as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of Amundi US as compared to that of Amundi US’s fund management business, and considered the differences between the fees and expenses of the Fund and the fees and expenses of Amundi US’s institutional accounts, as well as the different services provided by Amundi US to the Fund and to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees’ request, in September 2023.

At a meeting held on September 19, 2023, based on their evaluation of the information provided by Amundi US and third parties, the Trustees of the Fund, including the Independent Trustees voting separately advised by independent counsel, unanimously approved the renewal of the investment

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management agreement for another year. In approving the renewal of the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.

Nature, Extent and Quality of Services

The Trustees considered the nature, extent and quality of the services that had been provided by Amundi US to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees also reviewed Amundi US’s investment approach for the Fund and its research process. The Trustees considered Amundi US’ integration of environmental, social and governance (ESG) considerations into its investment research process. The Trustees considered the resources of Amundi US and the personnel of Amundi US who provide investment management services to the Fund. They also reviewed the amount of non-Fund assets managed by the portfolio managers of the Fund. They considered the non-investment resources and personnel of Amundi US that are involved in Amundi US’s services to the Fund, including Amundi US’s compliance, risk management, and legal resources and personnel. The Trustees considered the compliance services being provided to the Fund by Amundi US and how Amundi US has addressed any compliance issues during the past year. The Trustees noted the substantial attention and high priority given by Amundi US’s senior management to the Pioneer Fund complex, including with respect to the increasing regulation to which the Pioneer Funds are subject.

The Trustees considered that Amundi US supervises and monitors the performance of the Fund’s service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund’s business management and operations. The Trustees also considered that, as administrator, Amundi US is responsible for the administration of the Fund’s business and other affairs. The Trustees considered that the Fund reimburses Amundi US its pro rata share of Amundi US’s costs of providing administration services to the Pioneer Funds.

Based on these considerations, the Trustees concluded that the nature, extent and quality of services that had been provided by Amundi US to the Fund were satisfactory and consistent with the terms of the investment management agreement.

Performance of the Fund

In considering the Fund’s performance, the Trustees regularly review and discuss throughout the year data prepared by Amundi US and information

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comparing the Fund’s performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and with the performance of the Fund’s benchmark index. They also discuss the Fund’s performance with Amundi US on a regular basis. The Trustees discussed the Fund’s performance with the Adviser on a more frequent basis in light of the Fund’s unfavorable performance compared to its benchmark index and peers over certain periods. The Trustees noted Amundi US’s explanation for the Fund’s relative performance and the steps taken by Amundi US to address the Fund’s performance, including enhancing the investment process used for the Fund. The Trustees’ regular reviews and discussions were factored into the Trustees’ deliberations concerning the renewal of the investment management agreement.

Management Fee and Expenses

The Trustees considered information showing the fees and expenses of the Fund in comparison to the management fees of its peer group of funds as classified by Morningstar and also to the expense ratios of a peer group of funds selected on the basis of criteria determined by the Independent Trustees for this purpose using data provided by Strategic Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred to below are organized in quintiles. Each quintile represents one-fifth of the peer group. In all peer group comparisons referred to below, first quintile is most favorable to the Fund’s shareowners. The Trustees noted that they separately review and consider the impact of the Fund’s transfer agency and Fund- and Amundi US-paid expenses for sub-transfer agency and intermediary arrangements, and that the results of the most recent such review were considered in the consideration of the Fund’s expense ratio.

The Trustees considered that the Fund’s management fee for the most recent fiscal year was in the third quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees considered the breakpoints in the management fee schedule and the reduced fee rates above certain asset levels. The Trustees also noted the impact of the Fund’s performance on the management fee paid by the Fund. The Trustees considered that the expense ratio of the Fund’s Class Y shares for the most recent fiscal year was in the third quintile relative to its Strategic Insight peer group for the comparable period. The Trustees considered that the expense ratio of the Fund’s Class A shares for the most recent fiscal year was in the second quintile relative to its Strategic Insight peer group for the comparable period.

The Trustees reviewed management fees charged by Amundi US to institutional and other clients, including publicly offered European funds

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sponsored by Amundi US’s affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered Amundi US’s costs in providing services to the Fund and Amundi US’s costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with Amundi US’s client accounts, the Trustees took into account the respective demands, resources and complexity associated with the Fund and other client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management fee for the Fund and considered that, under the investment management and administration agreements with the Fund, Amundi US performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Fund’s other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the entrepreneurial risks associated with Amundi US’s management of the Fund.

The Trustees concluded that the management fee payable by the Fund to Amundi US was reasonable in relation to the nature and quality of the services provided by Amundi US.

Profitability

The Trustees considered information provided by Amundi US regarding the profitability of Amundi US with respect to the advisory services provided by Amundi US to the Fund, including the methodology used by Amundi US in allocating certain of its costs to the management of the Fund. The Trustees also considered Amundi US’s profit margin in connection with the overall operation of the Fund. They further reviewed the financial results, including the profit margins, realized by Amundi US from non-fund businesses. The Trustees considered Amundi US’s profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected by numerous factors, including its organizational structure and method for allocating expenses. The Trustees concluded that Amundi US’s profitability with respect to the management of the Fund was not unreasonable.

Economies of Scale

The Trustees considered Amundi US’s views relating to economies of scale in connection with the Pioneer Funds as fund assets grow and the extent to which any such economies of scale are shared with the Fund and Fund shareholders. The Trustees noted the breakpoints in the management fee schedule. The Trustees recognize that economies of scale are difficult to

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identify and quantify, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by Amundi US in research and analytical capabilities and Amundi US’s commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons including due to reductions in expenses. The Trustees concluded that economies of scale, if any, were being appropriately shared with the Fund.

Other Benefits

The Trustees considered the other benefits that Amundi US enjoys from its relationship with the Fund. The Trustees considered the character and amount of fees paid or to be paid by the Fund, other than under the investment management agreement, for services provided by Amundi US and its affiliates. The Trustees further considered the revenues and profitability of Amundi US’s businesses other than the Fund business. To the extent applicable, the Trustees also considered the benefits to the Fund and to Amundi US and its affiliates from the use of “soft” commission dollars generated by the Fund to pay for research and brokerage services.

The Trustees considered that Amundi US is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi’s worldwide asset management business manages over $2.1 trillion in assets (including the Pioneer Funds). The Trustees considered that Amundi US’s relationship with Amundi creates potential opportunities for Amundi US and Amundi that derive from Amundi US’s relationships with the Fund, including Amundi’s ability to market the services of Amundi US globally. The Trustees noted that Amundi US has access to additional research and portfolio management capabilities as a result of its relationship with Amundi and Amundi’s enhanced global presence that may contribute to an increase in the resources available to Amundi US. The Trustees considered that Amundi US and the Fund receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Fund, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by Amundi US as a result of its relationship with the Fund were reasonable.

Conclusion

After consideration of the factors described above as well as other factors, the Trustees, including the Independent Trustees, concluded that the investment management agreement for the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve the proposed renewal of the investment management agreement.

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Statement Regarding Liquidity Risk Management Program

As required by law, the Fund has adopted and implemented a liquidity risk management program (the “Program”) that is designed to assess and manage liquidity risk. Liquidity risk is the risk that the Fund could not meet requests to redeem its shares without significant dilution of remaining investors’ interests in the Fund. The Fund’s Board of Trustees designated a liquidity risk management committee (the “Committee”) consisting of employees of Amundi Asset Management US, Inc. (the “Adviser”) to administer the Program.

The Committee provided the Board of Trustees with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Reporting Period”).

The Report confirmed that, throughout the Reporting Period, the Committee had monitored the Fund’s portfolio liquidity and liquidity risk on an ongoing basis, as described in the Program and in Board reporting throughout the Reporting Period.

The Report discussed the Committee’s annual review of the Program, which addressed, among other things, the following elements of the Program:

The Committee reviewed the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. The Committee noted that the Fund’s investment strategy continues to be appropriate for an open-end fund, taking into account, among other things, whether and to what extent the Fund held less liquid and illiquid assets and the extent to which any such investments affected the Fund’s ability to meet redemption requests. In managing and reviewing the Fund’s liquidity risk, the Committee also considered the extent to which the Fund’s investment strategy involves a relatively concentrated portfolio or large positions in particular issuers, the extent to which the Fund uses borrowing for investment purposes, and the extent to which the Fund uses derivatives (including for hedging purposes). The Committee also reviewed the Fund’s short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. In assessing the Fund’s cash flow projections, the Committee considered, among other factors, historical net redemption activity, redemption policies, ownership concentration, distribution channels, and the degree of certainty associated with the Fund’s short-term and long-term cash flow projections. The Committee also considered the Fund’s holdings of cash and cash equivalents, as well as borrowing arrangements

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and other funding sources, including, if applicable, the Fund’s participation in a credit facility, as components of the Fund’s ability to meet redemption requests. The Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests.

The Committee reviewed the Program’s liquidity classification methodology for categorizing the Fund’s investments into one of four liquidity buckets. In reviewing the Fund’s investments, the Committee considered, among other factors, whether trading varying portions of a position in a particular portfolio investment or asset class in sizes the Fund would reasonably anticipate trading, would be reasonably expected to significantly affect liquidity.

The Committee performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum, and determined that no such minimum is required because the Fund primarily holds highly liquid investments.

The Report stated that the Committee concluded the Program operates adequately and effectively, in all material respects, to assess and manage the Fund’s liquidity risk throughout the Reporting Period.

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Trustees, Officers and Service Providers

Investment Adviser and Administrator
Amundi Asset Management US, Inc.

Custodian and Sub-Administrator
The Bank of New York Mellon Corporation

Independent Registered Public Accounting Firm
Ernst & Young LLP

Principal Underwriter
Amundi Distributor US, Inc.

Legal Counsel
Morgan, Lewis & Bockius LLP

Transfer Agent
BNY Mellon Investment Servicing (US) Inc.

Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.

Trustees and Officers

The Fund's Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 49 U.S. registered investment portfolios for which Amundi US serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.

The Statement of Additional Information of the Fund includes additional information about the Directors and is available, without charge, upon request, by calling 1-800-225-6292.

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Independent Trustees

Name, Age and Position Held With the Fund	Term of Office and Length of Service	Principal Occupation(s) During At Least The Past Five Years	Other Directorships Held by Trustee During At Least The Past Five Years
Thomas J. Perna (73) Chairman of the Board and Trustee	Trustee since 2006. Serves until a successor trustee is elected or earlier retirement or removal.	Private investor (2004 – 2008 and 2013 – present); Chairman (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. (technology products for securities lending industry); and Senior Executive Vice President, The Bank of New York (financial and securities services) (1986 – 2004)	Director, Broadridge Financial Solutions, Inc. (investor communications and securities processing provider for financial services industry) (2009 – present); Director, Quadriserv, Inc. (2005 – 2013); and Commissioner, New Jersey State Civil Service Commission (2011 – 2015)
John E. Baumgardner, Jr. (72)* Trustee	Trustee since 2019. Serves until a successor trustee is elected or earlier retirement or removal.	Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell LLP (law firm).	Chairman, The Lakeville Journal Company, LLC, (privately-held community newspaper group) (2015-present)
Diane Durnin (66) Trustee	Trustee since 2019. Serves until a successor trustee is elected or earlier retirement or removal.	Managing Director - Head of Product Strategy and Development, BNY Mellon Investment Management (investment management firm) (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): Executive Vice President Head of Product, BNY Mellon Investment Management (2007-2012); Executive Director- Product Strategy, Mellon Asset Management (2005-2007); Executive Vice President Head of Products, Marketing and Client Service, Dreyfus Corporation (investment management firm) (2000-2005); Senior Vice President Strategic Product and Business Development, Dreyfus Corporation (1994-2000)	None

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Independent Trustees (continued)

Name, Age and Position Held With the Fund	Term of Office and Length of Service	Principal Occupation(s) During At Least The Past Five Years	Other Directorships Held by Trustee During At Least The Past Five Years
Benjamin M. Friedman (79) Trustee	Trustee since 2008. Serves until a successor trustee is elected or earlier retirement or removal.	William Joseph Maier Professor of Political Economy, Harvard University (1972 – present)	Trustee, Mellon Institutional Funds Investment Trust and Mellon Institutional Funds Master Portfolio (oversaw 17 portfolios in fund complex) (1989 - 2008)
Craig C. MacKay (60) Trustee	Trustee since 2021. Serves until a successor trustee is elected or earlier retirement or removal.	Partner, England & Company, LLC (advisory firm) (2012 – present); Group Head – Leveraged Finance Distribution, Oppenheimer & Company (investment bank) (2006 – 2012); Group Head – Private Finance & High Yield Capital Markets Origination, SunTrust Robinson Humphrey (investment bank) (2003 – 2006); and Founder and Chief Executive Officer, HNY Associates, LLC (investment bank) (1996 – 2003)	Director, Equitable Holdings, Inc. (financial services holding company) (2022 – present); Board Member of Carver Bancorp, Inc. (holding company) and Carver Federal Savings Bank, NA (2017 – present); Advisory Council Member, MasterShares ETF (2016 – 2017); Advisory Council Member, The Deal (financial market information publisher) (2015 – 2016); Board Co-Chairman and Chief Executive Officer, Danis Transportation Company (privately-owned commercial carrier) (2000 – 2003); Board Member and Chief Financial Officer, Customer Access Resources (privately-owned teleservices company) (1998 – 2000); Board Member, Federation of Protestant Welfare Agencies (human services agency) (1993 – present); and Board Treasurer, Harlem Dowling Westside Center (foster care agency) (1999 – 2018)

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Name, Age and Position Held With the Fund	Term of Office and Length of Service	Principal Occupation(s) During At Least The Past Five Years	Other Directorships Held by Trustee During At Least The Past Five Years
Lorraine H. Monchak (67) Trustee	Trustee since 2017. (Advisory Trustee from 2014 - 2017). Serves until a successor trustee is elected or earlier retirement or removal.	Chief Investment Officer, 1199 SEIU Funds (healthcare workers union pension funds) (2001 – present); Vice President – International Investments Group, American International Group, Inc. (insurance company) (1993 – 2001); Vice President – Corporate Finance and Treasury Group, Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability Management Group, Federal Farm Funding Corporation (government-sponsored issuer of debt securities) (1988 – 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 – 1988); Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 – 1987)	None
Marguerite A. Piret (75) Trustee	Trustee since 1990. Serves until a successor trustee is elected or earlier retirement or removal.	Chief Financial Officer, American Ag Energy, Inc. (controlled environment and agriculture company) (2016 – present); President and Chief Executive Officer, Metric Financial Inc. (formerly known as Newbury Piret Company) (investment banking firm) (1981 – 2019)	Director of New America High Income Fund, Inc. (closed-end investment company) (2004 – present); and Member, Board of Governors, Investment Company Institute (2000 – 2006)

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Independent Trustees (continued)

Name, Age and Position Held With the Fund	Term of Office and Length of Service	Principal Occupation(s) During At Least The Past Five Years	Other Directorships Held by Trustee During At Least The Past Five Years
Fred J. Ricciardi (76) Trustee	Trustee since 2014. Serves until a successor trustee is elected or earlier retirement or removal.	Private investor (2020 – present); Consultant (investment company services) (2012 – 2020); Executive Vice President, BNY Mellon (financial and investment company services) (1969 – 2012); Director, BNY International Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas Investment Corp. (financial services) (2009 – 2012); Director, Financial Models (technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial services) (1999-2006); Chairman, BNY Alternative Investment Services, Inc. (financial services) (2005-2007)	None
* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund.

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Interested Trustees

Name, Age and Position Held With the Fund	Term of Office and Length of Service	Principal Occupation(s) During At Least The Past Five Years	Other Directorships Held by Trustee During At Least The Past Five Years
Lisa M. Jones (61)** Trustee, President and Chief Executive Officer	Trustee since 2017. Serves until a successor trustee is elected or earlier retirement or removal	Director, CEO and President of Amundi US, Inc. (investment management firm) (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Director, CEO and President of Amundi Distributor US, Inc. (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and Amundi Asset Management US, Inc. (September 2014 – 2018); Managing Director, Morgan Stanley Investment Management (investment management firm) (2010 – 2013); Director of Institutional Business, CEO of International, Eaton Vance Management (investment management firm) (2005 – 2010); Director of Amundi Holdings US, Inc. (since 2017)	Director of Clearwater Analytics (provider of web-based investment accounting software for reporting and reconciliation services) (September 2022 – present)
Kenneth J. Taubes (65),* Trustee	Trustee since 2014. Serves until a successor trustee is elected or earlier retirement or removal	Director and Executive Vice President (since 2008) and Chief Investment Officer, U.S. (since 2010) of Amundi US, Inc. (investment management firm); Director and Executive Vice President and Chief Investment Officer, U.S. of Amundi US (since 2008); Executive Vice President and Chief Investment Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); Portfolio Manager of Amundi US (since 1999); Director of Amundi Holdings US, Inc. (since 2017)	None
Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates. * Mr. Taubes is retiring as a Trustee, effective February 1, 2024.

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Fund Officers

Name, Age and Position Held With the Fund****	Term of Office and Length of Service	Principal Occupation(s) During At Least The Past Five Years	Other Directorships Held by Officer During At Least The Past Five Years
Christopher J. Kelley (58) Secretary and Chief Legal Officer	Since 2003. Serves at the discretion of the Board	Vice President and Associate General Counsel of Amundi US since January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; Vice President and Senior Counsel of Amundi US from July 2002 to December 2007	None
Thomas Reyes (61) Assistant Secretary	Since 2010. Serves at the discretion of the Board	Assistant General Counsel of Amundi US since May 2013 and Assistant Secretary of all the Pioneer Funds since June 2010; Counsel of Amundi US from June 2007 to May 2013	None
Heather L. Melito-Dezan (47) Assistant Secretary	Since 2022. Serves at the discretion of the Board	Director - Trustee and Board Relationships of Amundi US since September 2019; Private practice from 2017 – 2019.	None
Anthony J. Koenig, Jr. (59) Treasurer and Chief Financial and Accounting Officer	Since 2021. Serves at the discretion of the Board	Managing Director, Chief Operations Officer and Fund Treasurer of Amundi US since May 2021; Treasurer of all of the Pioneer Funds since May 2021; Assistant Treasurer of all of the Pioneer Funds from January 2021 to May 2021; and Chief of Staff, US Investment Management of Amundi US from May 2008 to January 2021	None
Luis I. Presutti (58) Assistant Treasurer	Since 2000. Serves at the discretion of the Board	Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer of all of the Pioneer Funds since 1999	None
Gary Sullivan (65) Assistant Treasurer	Since 2002. Serves at the discretion of the Board	Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant Treasurer of all of the Pioneer Funds since 2002	None
Antonio Furtado (41) Assistant Treasurer	Since 2020. Serves at the discretion of the Board	Fund Oversight Manager – Fund Treasury of Amundi US since 2020; Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior Fund Treasury Analyst from 2012 - 2020	None

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Name, Age and Position Held With the Fund****	Term of Office and Length of Service	Principal Occupation(s) During At Least The Past Five Years	Other Directorships Held by Officer During At Least The Past Five Years
Michael Melnick (52) Assistant Treasurer	Since 2021. Serves at the discretion of the Board	Vice President - Deputy Fund Treasurer of Amundi US since May 2021; Assistant Treasurer of all of the Pioneer Funds since July 2021; Director of Regulatory Reporting of Amundi US from 2001 – 2021; and Director of Tax of Amundi US from 2000 - 2001	None
John Malone (53) Chief Compliance Officer	Since 2018. Serves at the discretion of the Board	Managing Director, Chief Compliance Officer of Amundi US Asset Management; Amundi Asset Management US, Inc.; and the Pioneer Funds since September 2018; Chief Compliance Officer of Amundi Distributor US, Inc. since January 2014.	None
Brandon Austin (51) Anti-Money Laundering Officer	Since 2022. Serves at the discretion of the Board	Director, Financial Security – Amundi Asset Management; Anti-Money Laundering Officer of all the Pioneer Funds since March 2022: Director of Financial Security of Amundi US since July 2021; Vice President, Head of BSA, AML and OFAC, Deputy Compliance Manager, Crédit Agricole Indosuez Wealth Management (investment management firm) (2013 – 2021)	None
**** Marco Pirondini has been appointed to serve as an Executive Vice President of the Fund, effective February 1, 2024.

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How to Contact Amundi

We are pleased to offer a variety of convenient ways for you to contact us for assistance or information.

Call us for:

Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms

1-800-225-6292

FactFone^SMfor automated fund yields, prices,
account information and transactions

1-800-225-4321

Retirement plans information

1-800-622-0176

Write to us:

Amundi
P.O. Box 534427
Pittsburgh, PA 15253-4427

Our toll-free fax	1-800-225-4240
Our internet e-mail address	us.askamundi@amundi.com (for general questions about Amundi only)

Visit our web site: www.amundi.com/us

This report must be preceded or accompanied by a prospectus.

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.

(a) Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant has adopted, as of the end of the period covered by this report, a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer and controller.

(b) For purposes of this Item, the term “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:

(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

(c) The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

The registrant has made no amendments to the code of ethics during the period covered by this report.

(d) If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

(e) If the registrant intends to satisfy the disclosure requirement under paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from, a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item by posting such information on its Internet website, disclose the registrant’s Internet address and such intention.

(1) File with the Commission, pursuant to Item 12(a)(1), a copy of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR (see attachment);

(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this Form N-CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or

(3) Undertake in its most recent report on this Form N-CSR to provide to any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made. See Item 10(2)

(a) (1) Disclose that the registrant’s Board of Trustees has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The registrant’s Board of Trustees has determined that the registrant has at least one audit committee financial expert.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the Board of Trustees, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

Mr. Fred J. Ricciardi, an independent Trustee, is such an audit committee financial expert.

(3) If the registrant provides the disclosure required by paragraph (a)(1) (ii) of this Item, it must explain why it does not have an audit committee financial expert.

(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

The audit fees for the Fund were $26,228 payable to Ernst & Young LLP for the year ended October 31, 2023 and $25,220 for the year ended October 31, 2022.

(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

The audit-related services fees for the Trust were $3,814 payable to Ernst & Young LLP for the year ended October 31, 2023 and $1,226 for the year ended October 31, 2022.

(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

The Fund paid aggregate non-audit fees to Ernst & Young LLP for tax services of $9,454 and $8,803 during the fiscal years ended October 31, 2023 and 2022, respectively.

(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Pioneer Funds recognize the importance of maintaining the independence of their outside auditors. Maintaining independence is a shared responsibility involving Amundi Asset Management US, Inc., the audit committee and the independent auditors.

The Funds recognize that a Fund’s independent auditors: 1) possess knowledge of the Funds, 2) are able to incorporate certain services into the scope of the audit, thereby avoiding redundant work, cost and disruption of Fund personnel and processes, and 3) have expertise that has value to the Funds. As a result, there are situations where it is desirable to use the Fund’s independent auditors for services in addition to the annual audit and where the potential for conflicts of interests are minimal. Consequently, this policy, which is intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and procedures to be followed by the Funds when retaining the independent audit firm to perform audit, audit-related tax and other services under those circumstances, while also maintaining independence.

Approval of a service in accordance with this policy for a Fund shall also constitute approval for any other Fund whose pre-approval is required pursuant to Rule 210.2-01(c)(7)(ii).

In addition to the procedures set forth in this policy, any non-audit services that may be provided consistently with Rule 210.2-01 may be approved by the Audit Committee itself and any pre-approval that may be waived in accordance with Rule 210.2-01(c)(7)(i)(C) is hereby waived.

Selection of a Fund’s independent auditors and their compensation shall be determined by the Audit Committee and shall not be subject to this policy.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

Beginning with non-audit service contracts entered into on or after May 6, 2003, the effective date of the

new SEC pre-approval rules, the Fund’s audit committee is required to pre-approve services to

affiliates defined by SEC rules to the extent that the services are determined to have a direct impact on the operations or financial reporting of the Fund. For the years ended October 31, 2023 and 2022, there were no services provided to an affiliate that required the Fund’s audit committee pre-approval.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountants engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The Fund paid aggregate non-audit fees to Ernst & Young LLP for tax services of $9,454 and $8,803 during the fiscal years ended October 31, 2023 and 2022, respectively.

(h) Disclose whether the registrants audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Fund’s audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Affiliates (as defined) that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form NCSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.

(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose:

(1) That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant;

(2) The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized;

(3) Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant; N/A

(4) The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant;

(5) Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees.

File Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in 210.1212 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

(a) If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR, provide the following information:

(1) State the name, title, and length of service of the person or persons employed by or associated with the registrant or an investment adviser of the registrant who are primarily responsible for the day-to-day management of the registrant’s portfolio (“Portfolio Manager”). Also state each Portfolio Manager’s business experience during the past 5 years.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, in the following tabular format, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any affiliated purchaser, as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors since the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A) in its definitive proxy statement, or this item.

(a) Disclose the conclusions of the registrant’s principal executive and principal financials officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are effective based on the evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) If the registrant is a closed-end management investment company, provide the following dollar amounts of income and compensation related to the securities lending activities of the registrant during its most recent fiscal year:

(2) All fees and/or compensation for each of the following securities lending activities and related services: any share of revenue generated by the securities lending program paid to the securities lending agent(s) (revenue split); fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split; administrative fees that are not included in the revenue split; fees for indemnification that are not included in the revenue split; rebates paid to borrowers; and any other fees relating to the securities lending program that are not included in the revenue split, including a description of those other fees;

(4) Net income from securities lending activities (i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)).

If a fee for a service is included in the revenue split, state that the fee is included in the revenue split.

(b) If the registrant is a closed-end management investment company, describe the services provided to the registrant by the securities lending agent in the registrants most recent fiscal year.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Anthony J. Koenig, Jr., Managing Director, Chief Operations Officer & Treasurer of the Funds


A: PCGRX	C: PCCGX	K: PMCKX	R: PCMRX	Y: PYCGX

President’s Letter	2
Portfolio Management Discussion	4
Portfolio Summary	9
Prices and Distributions	10
Performance Update	11
Comparing Ongoing Fund Expenses	16
Schedule of Investments	18
Financial Statements	24
Notes to Financial Statements	33
Report of Independent Registered Public Accounting Firm	44
Additional Information (unaudited)	46
Approval of Renewal of Investment Management Agreement	47
Statement Regarding Liquidity Risk Management Program	52
Trustees, Officers and Service Providers	54


SECTION II - POLICY
SERVICE CATEGORY	SERVICE CATEGORY DESCRIPTION	SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES

I. AUDIT SERVICES	Services that are directly related to performing the independent audit of the Funds	• Accounting research assistance • SEC consultation, registration statements, and reporting • Tax accrual related matters • Implementation of new accounting standards • Compliance letters (e.g. rating agency letters) • Regulatory reviews and assistance regarding financial matters • Semi-annual reviews (if requested) • Comfort letters for closed end offerings

II. AUDIT-RELATED SERVICES	Services which are not prohibited under Rule 210.2-01(C)(4) (the “Rule”) and are related extensions of the audit services support the audit, or use the knowledge/expertise gained from the audit procedures as a foundation to complete the project. In most cases, if the Audit-Related Services are not performed by the Audit firm, the scope of the Audit Services would likely increase. The Services are typically well-defined and governed by accounting professional standards (AICPA, SEC, etc.)	• AICPA attest and agreed-upon procedures • Technology control assessments • Financial reporting control assessments • Enterprise security architecture assessment


AUDIT COMMITTEE APPROVAL POLICY		AUDIT COMMITTEE REPORTING POLICY

• “One-time” pre-approval for the audit period for all pre-approved specific service subcategories. Approval of the independent auditors as auditors for a Fund shall constitute pre approval for these services.		• A summary of all such services and related fees reported at each regularly scheduled Audit Committee meeting.

• “One-time” pre-approval for the fund fiscal year within a specified dollar limit for all pre-approved specific service subcategories		• A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly.


• Specific approval is needed to exceed the pre-approved dollar limit for these services (see general Audit Committee approval policy below for details on obtaining

• specific approvals) o Specific approval is needed to use the Fund’s auditors for Audit-Related Services not denoted as “pre-approved”, or to add a specific service subcategory as “pre-approved”


SERVICE CATEGORY	SERVICE CATEGORY DESCRIPTION	SPECIFIC PROHIBITED SERVICE SUBCATEGORIES

PROHIBITED SERVICES	Services which result in the auditors losing independence status under the Rule.	1. Bookkeeping or other services related to the accounting records or financial statements of the audit client*

		2. Financial information systems design and implementation*

		3. Appraisal or valuation services, fairness* opinions, or contribution-in-kind reports

		4. Actuarial services (i.e., setting actuarial reserves versus actuarial audit work)*

		5. Internal audit outsourcing services*

		6. Management functions or human resources

		7. Broker or dealer, investment advisor, or investment banking services

		8. Legal services and expert services unrelated to the audit

		9. Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible


AUDIT COMMITTEE APPROVAL POLICY		AUDIT COMMITTEE REPORTING POLICY

• These services are not to be performed with the exception of the(*) services that may be permitted if they would not be subject to audit procedures at the audit client (as defined in rule 2-01(f)(4)) level the firm providing the service.		• A summary of all services and related fees reported at each regularly scheduled Audit Committee meeting will serve as continual confirmation that has not provided any restricted services.