Pioneer Series Trust III NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-21664

Pioneer Series Trust III

(Exact name of registrant as specified in charter)

60 State Street, Boston, MA 02109

(Address of principal executive offices) (ZIP code)

Christopher J. Kelley, Amundi Asset Management, Inc.,

60 State Street, Boston, MA 02109

(Name and address of agent for service)

Registrant's telephone number, including area code:

(617) 742-7825

Date of fiscal year end:

August 31

Date of reporting period:

August 31, 2024

Item 1. Report to Stockholders.

(a) The registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

Pioneer Disciplined Value Fund

Class A / CVFCX

ANNUAL SHAREHOLDER REPORT | August 31, 2024

This annual shareholder report contains important information about Pioneer Disciplined Value Fund (“Fund”) for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at https://www.amundi.com/usinvestors/Resources/Shareholder-Reports. You can also request this information by contacting us at 1-800-225-6292. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$86	0.80%

How did the Fund perform last year and what affected the Fund performance?

For the fiscal year ended August 31, 2024, the Fund’s Class A shares at NAV returned 14.09%. For the same period, the Fund’s broad-based benchmark, the Standard & Poor's 500 (S&P 500) Total Return Index, returned 27.14%. The performance benchmark, the Russell 1000 Value Total Return Index, returned 21.15% over the period.
The Fund adopts an investment strategy that emphasizes a valuation-conscious approach when selecting US stocks. The Fund underperformed relative to its performance benchmark due to a combination of weak sector allocation and poor security selection. In particular, security selection in the healthcare and industrials sectors, as well as an overweight position in the energy and materials sectors hurt performance.
Stock selection in the financials and materials sectors made the largest contribution to performance relative to the Fund’s performance benchmark.
An overweight allocation to the utilities sector and slight overweight to the information technology sector also contributed to the Fund’s returns relative to the performance benchmark.

Fund Performance

The line graph below shows the change in value of a $10,000 investment made in Class A shares of the Fund at public offering price during the periods shown, compared to that of the S&P 500 Total Return Index and Russell 1000 Value Total Return Index.

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Years	10 Years
Class A (with sales charge)	7.52%	9.25%	7.58%
Class A (without sales charge)	14.09%	10.56%	8.22%
S&P 500 Total Return Index	27.14%	15.92%	12.98%
Russell 1000 Value Total Return Index	21.15%	11.16%	8.85%

Call 1-800-225-6292 or visit https://www.amundi.com/usinvestors/Resources/Shareholder-Reports 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.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

KEY FUND STATISTICS
(as of August 31, 2024)

Fund net assets	$408,357,632%
Total number of portfolio holdings	51^{^^}
Total advisory fee paid	$1,344,193
Portfolio turnover rate	111%

^{^^}

Excluding short-term investments and all derivative contracts except for options purchased.

SECTOR DISTRIBUTION
(as of August 31, 2024)^*

Financials	18.4%
Health Care	17.2%
Basic Materials	12.0%
Consumer Staples	11.2%
Information Technology	9.7%
Industrials	8.3%
Utilities	7.4%
Energy	6.7%
Communication Services	5.5%
Real Estate	2.4%
Consumer Discretionary	1.2%

^*	As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.

Material Fund Changes

Amundi Asset Management US, Inc. (the “Adviser”), the Fund’s investment adviser, is currently an indirect, wholly-owned subsidiary of Amundi. On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.

The closing of the Transaction would cause the Fund’s current investment advisory agreement with the Adviser to terminate. Under the terms of the Transaction, the Fund’s Board of Trustees will be asked to approve a reorganization of the Fund into a corresponding, newly established Victory Fund advised by Victory Capital Management Inc., an affiliate of Victory Capital. The proposed reorganization of the Fund would be sought in connection with the closing of the Transaction. If approved by the Board, the proposal to reorganize the Fund will be submitted to the shareholders of the Fund for their approval. There is no assurance that the Board or the shareholders of the Fund will approve the proposal to reorganize the Fund.

For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 28, 2024 at https://www.amundi.com/usinvestors/Products/Mutual-Funds or upon request at 1-800-225-6292.

Changes in Accountants

On March 25, 2024, Ernst & Young LLP (the “Prior Auditor”) resigned as the independent registered public accounting firm of the Fund. There were no disagreements with the Prior Auditor during the two most recent fiscal years and the subsequent interim period through March 25, 2024.

On March 25, 2024, the Audit Committee of the Board approved, and on March 25, 2024, the Board approved, Deloitte & Touche LLP as the independent registered accounting firm of the Fund for fiscal periods ending after March 25, 2024.

Availability of Additional Information

You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.amundi.com/usinvestors/Resources/Shareholder-Reports. You can also request this information by contacting us at 1‑800‑225‑6292.

Important notice to shareholders

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-225-6292 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

33954-00-A-1024

Pioneer Disciplined Value Fund

Class C / CVCFX

ANNUAL SHAREHOLDER REPORT | August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$166	1.56%

How did the Fund perform last year and what affected the Fund performance?

For the fiscal year ended August 31, 2024, the Fund’s Class C shares at NAV returned 13.27%. For the same period, the Fund’s broad-based benchmark, the Standard & Poor's 500 (S&P 500) Total Return Index, returned 27.14%. The performance benchmark, the Russell 1000 Value Total Return Index, returned 21.15% over the period.
The Fund adopts an investment strategy that emphasizes a valuation-conscious approach when selecting US stocks. The Fund underperformed relative to its performance benchmark due to a combination of weak sector allocation and poor security selection. In particular, security selection in the healthcare and industrials sectors, as well as an overweight position in the energy and materials sectors hurt performance.
Stock selection in the financials and materials sectors made the largest contribution to performance relative to the Fund’s performance benchmark.
An overweight allocation to the utilities sector and slight overweight to the information technology sector also contributed to the Fund’s returns relative to the performance benchmark.

Fund Performance

The line graph below shows the change in value of a $10,000 investment made in Class C shares of the Fund during the periods shown, compared to that of the S&P 500 Total Return Index and Russell 1000 Value Total Return Index.

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Years	10 Years
Class C (with contingent deferred sales charge)	12.27%	9.72%	7.41%
Class C (without contingent deferred sales charge)	13.27%	9.72%	7.41%
S&P 500 Total Return Index	27.14%	15.92%	12.98%
Russell 1000 Value Total Return Index	21.15%	11.16%	8.85%

The performance data quoted represents past performance, which is no guarantee of future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

KEY FUND STATISTICS
(as of August 31, 2024)

Fund net assets	$408,357,632%
Total number of portfolio holdings	51^{^^}
Total advisory fee paid	$1,344,193
Portfolio turnover rate	111%

^{^^}

Excluding short-term investments and all derivative contracts except for options purchased.

SECTOR DISTRIBUTION
(as of August 31, 2024)^*

Financials	18.4%
Health Care	17.2%
Basic Materials	12.0%
Consumer Staples	11.2%
Information Technology	9.7%
Industrials	8.3%
Utilities	7.4%
Energy	6.7%
Communication Services	5.5%
Real Estate	2.4%
Consumer Discretionary	1.2%

^*	As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.

Material Fund Changes

Changes in Accountants

Availability of Additional Information

Important notice to shareholders

33954-00-C-1024

Pioneer Disciplined Value Fund

Class K / CVKFX

ANNUAL SHAREHOLDER REPORT | August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$48	0.45%

How did the Fund perform last year and what affected the Fund performance?

For the fiscal year ended August 31, 2024, the Fund’s Class K shares at NAV returned 14.48%. For the same period, the Fund’s broad-based benchmark, the Standard & Poor's 500 (S&P 500) Total Return Index, returned 27.14%. The performance benchmark, the Russell 1000 Value Total Return Index, returned 21.15% over the period.
The Fund adopts an investment strategy that emphasizes a valuation-conscious approach when selecting US stocks. The Fund underperformed relative to its performance benchmark due to a combination of weak sector allocation and poor security selection. In particular, security selection in the healthcare and industrials sectors, as well as an overweight position in the energy and materials sectors hurt performance.
Stock selection in the financials and materials sectors made the largest contribution to performance relative to the Fund’s performance benchmark.
An overweight allocation to the utilities sector and slight overweight to the information technology sector also contributed to the Fund’s returns relative to the performance benchmark.

Fund Performance

The line graph below shows the change in value of a $5 million investment made in Class K shares of the Fund during the periods shown, compared to that of the S&P 500 Total Return Index and Russell 1000 Value Total Return Index.

GROWTH OF $5 million

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Years	10 Years
Class K	14.48%	10.77%	8.32%
S&P 500 Total Return Index	27.14%	15.92%	12.98%
Russell 1000 Value Total Return Index	21.15%	11.16%	8.85%

The performance shown for Class K shares for the period prior to the commencement of operations of Class K shares on December 30, 2021, 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 December 30, 2021, would have been higher than the performance shown. For the period beginning December 30, 2021, the actual performance of Class K shares is reflected.

The performance data quoted represents past performance, which is no guarantee of future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

KEY FUND STATISTICS
(as of August 31, 2024)

Fund net assets	$408,357,632%
Total number of portfolio holdings	51^{^^}
Total advisory fee paid	$1,344,193
Portfolio turnover rate	111%

^{^^}

Excluding short-term investments and all derivative contracts except for options purchased.

SECTOR DISTRIBUTION
(as of August 31, 2024)^*

Financials	18.4%
Health Care	17.2%
Basic Materials	12.0%
Consumer Staples	11.2%
Information Technology	9.7%
Industrials	8.3%
Utilities	7.4%
Energy	6.7%
Communication Services	5.5%
Real Estate	2.4%
Consumer Discretionary	1.2%

^*	As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.

Material Fund Changes

Changes in Accountants

Availability of Additional Information

Important notice to shareholders

33956-00-K-1024

Pioneer Disciplined Value Fund

Class R / CVRFX

ANNUAL SHAREHOLDER REPORT | August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R	$126	1.18%

How did the Fund perform last year and what affected the Fund performance?

For the fiscal year ended August 31, 2024, the Fund’s Class R shares at NAV returned 13.67%. For the same period, the Fund’s broad-based benchmark, the Standard & Poor's 500 (S&P 500) Total Return Index, returned 27.14%. The performance benchmark, the Russell 1000 Value Total Return Index, returned 21.15% over the period.
The Fund adopts an investment strategy that emphasizes a valuation-conscious approach when selecting US stocks. The Fund underperformed relative to its performance benchmark due to a combination of weak sector allocation and poor security selection. In particular, security selection in the healthcare and industrials sectors, as well as an overweight position in the energy and materials sectors hurt performance.
Stock selection in the financials and materials sectors made the largest contribution to performance relative to the Fund’s performance benchmark.
An overweight allocation to the utilities sector and slight overweight to the information technology sector also contributed to the Fund’s returns relative to the performance benchmark.

Fund Performance

The line graph below shows the change in value of a $10,000 investment made in Class R shares of the Fund during the periods shown, compared to that of the S&P 500 Total Return Index and Russell 1000 Value Total Return Index.

GROWTH OF $10,000

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Years	10 Years
Class R	13.67%	10.11%	7.86%
S&P 500 Total Return Index	27.14%	15.92%	12.98%
Russell 1000 Value Total Return Index	21.15%	11.16%	8.85%

The performance data quoted represents past performance, which is no guarantee of future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

KEY FUND STATISTICS
(as of August 31, 2024)

Fund net assets	$408,357,632%
Total number of portfolio holdings	51^{^^}
Total advisory fee paid	$1,344,193
Portfolio turnover rate	111%

^{^^}

Excluding short-term investments and all derivative contracts except for options purchased.

SECTOR DISTRIBUTION
(as of August 31, 2024)^*

Financials	18.4%
Health Care	17.2%
Basic Materials	12.0%
Consumer Staples	11.2%
Information Technology	9.7%
Industrials	8.3%
Utilities	7.4%
Energy	6.7%
Communication Services	5.5%
Real Estate	2.4%
Consumer Discretionary	1.2%

^*	As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.

Material Fund Changes

Changes in Accountants

Availability of Additional Information

Important notice to shareholders

33957-00-R-1024

Pioneer Disciplined Value Fund

Class Y / CVFYX

ANNUAL SHAREHOLDER REPORT | August 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$48	0.45%

How did the Fund perform last year and what affected the Fund performance?

For the fiscal year ended August 31, 2024, the Fund’s Class Y shares at NAV returned 14.56%. For the same period, the Fund’s broad-based benchmark, the Standard & Poor's 500 (S&P 500) Total Return Index, returned 27.14%. The performance benchmark, the Russell 1000 Value Total Return Index, returned 21.15% over the period.
The Fund adopts an investment strategy that emphasizes a valuation-conscious approach when selecting US stocks. The Fund underperformed relative to its performance benchmark due to a combination of weak sector allocation and poor security selection. In particular, security selection in the healthcare and industrials sectors, as well as an overweight position in the energy and materials sectors hurt performance.
Stock selection in the financials and materials sectors made the largest contribution to performance relative to the Fund’s performance benchmark.
An overweight allocation to the utilities sector and slight overweight to the information technology sector also contributed to the Fund’s returns relative to the performance benchmark.

Fund Performance

The line graph below shows the change in value of a $5 million investment made in Class Y shares of the Fund during the periods shown, compared to that of the S&P 500 Total Return Index and Russell 1000 Value Total Return Index.

GROWTH OF $5 million

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 Years	10 Years
Class Y	14.56%	10.94%	8.58%
S&P 500 Total Return Index	27.14%	15.92%	12.98%
Russell 1000 Value Total Return Index	21.15%	11.16%	8.85%

The performance data quoted represents past performance, which is no guarantee of future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

KEY FUND STATISTICS
(as of August 31, 2024)

Fund net assets	$408,357,632%
Total number of portfolio holdings	51^{^^}
Total advisory fee paid	$1,344,193
Portfolio turnover rate	111%

^{^^}

Excluding short-term investments and all derivative contracts except for options purchased.

SECTOR DISTRIBUTION
(as of August 31, 2024)^*

Financials	18.4%
Health Care	17.2%
Basic Materials	12.0%
Consumer Staples	11.2%
Information Technology	9.7%
Industrials	8.3%
Utilities	7.4%
Energy	6.7%
Communication Services	5.5%
Real Estate	2.4%
Consumer Discretionary	1.2%

^*	As a percentage of total investments excluding short-term investments and all derivative contracts except for options purchased.

Material Fund Changes

Changes in Accountants

Availability of Additional Information

Important notice to shareholders

33958-00-Y-1024

ITEM 2. CODE OF ETHICS.

(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;

(3) Compliance with applicable governmental laws, rules, and regulations;

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

(5) Accountability for adherence to the code.

(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 19(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.

Not applicable.

(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.

Not applicable.

(f) The registrant must:

(1) File with the Commission, pursuant to Item 19(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 19(2)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(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.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(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 Trust were $26,200 billed by Deloitte & Touche LLP for the year ended August 31, 2024 and $26,228 billed by Ernst & Young LLP for the year ended August 31, 2023.

(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 $0 billed by Deloitte & Touche LLP and $356 billed by Ernst & Young for the year ended August 31, 2024 and $2,369 billed by Ernst & Young LLP for the year ended August 31, 2023.

(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 aggregate non-audit fees for the Trust were billed by Deloitte & Touche LLP for tax services of $9,200 and $9,155 by Ernst & Young LLP for during the fiscal years ended August 31, 2024 and 2023, 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.

There were no other fees in 2024 or 2023.

(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.

PIONEER FUNDS

APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES

PROVIDED BY THE INDEPENDENT AUDITOR

SECTION I - POLICY PURPOSE AND APPLICABILITY

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.


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)

• 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”

SECTION III - POLICY DETAIL, CONTINUED

SERVICE CATEGORY

SERVICE CATEGORY DESCRIPTION

SPECIFIC PRE-APPROVED
SERVICE SUBCATEGORIES

III. TAX SERVICES

• Tax planning and support

• Tax controversy assistance

• Tax compliance, tax returns, excise tax returns and support

• Tax opinions


AUDIT COMMITTEE APPROVAL POLICY		AUDIT COMMITTEE REPORTING POLICY
• “One-time” pre-approval for the fund fiscal year within a specified dollar limit		• 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 limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals)

• Specific approval is needed to use the Fund’s auditors for tax services not denoted as pre-approved, or to add a specific service subcategory as “pre-approved”

SECTION III - POLICY DETAIL, CONTINUED

SERVICE CATEGORY

SERVICE CATEGORY DESCRIPTION

SPECIFIC PRE-APPROVED
SERVICE SUBCATEGORIES

IV. OTHER SERVICES

A. SYNERGISTIC, UNIQUE QUALIFICATIONS

Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund’s auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund’s auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund.

• Business Risk Management support

• Other control and regulatory compliance projects


AUDIT COMMITTEE APPROVAL POLICY		AUDIT COMMITTEE REPORTING POLICY
• “One-time” pre-approval for the fund fiscal year within a specified dollar limit		• 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 limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals)

• Specific approval is needed to use the Fund’s auditors for “Synergistic” or “Unique Qualifications” Other Services not denoted as pre-approved to the left, or to add a specific service subcategory as “pre-approved”

SECTION III - POLICY DETAIL, CONTINUED


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.

GENERAL AUDIT COMMITTEE APPROVAL POLICY:

•

For all projects, the officers of the Funds and the Fund’s auditors will each make an assessment to determine that any proposed projects will not impair independence.

•

Potential services will be classified into the four non-restricted service categories and the “Approval of Audit, Audit-Related, Tax and Other Services” Policy above will be applied. Any services outside the specific pre-approved service subcategories set forth above must be specifically approved by the Audit Committee.

•

At least quarterly, the Audit Committee shall review a report summarizing the services by service category, including fees, provided by the Audit firm as set forth in the above 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.

Non-Audit Services

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 Trust’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 Trust. For the years ended August 31, 2024 and 2023, there were no services provided to an affiliate that required the Trust’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.

N/A

(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.

(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.

N/A

(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;

N/A

(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;

N/A

(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;

N/A

(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.

N/A

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

(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.

N/A

(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.

N/A

ITEM 6. SCHEDULE OF INVESTMENTS.

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.

Included in Item 7

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Pioneer Disciplined Value Fund

Annual Report | August 31, 2024


A: CVFCX	C: CVCFX	K: CVKFX	R: CVRFX	Y: CVFYX

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Table of Contents

Schedule of Investments	2
Financial Statements	7
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	28
Additional Information (unaudited)	30

Pioneer Disciplined Value Fund | Annual Report | 8/31/241

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Schedule of Investments | 8/31/24

Shares		Value
	UNAFFILIATED ISSUERS — 99.8%
	Common Stocks — 99.4% of Net Assets
	Air Freight & Logistics — 0.4%
11,993	United Parcel Service, Inc., Class B	$ 1,541,700
	Total Air Freight & Logistics	$1,541,700


	Banks — 8.0%
216,360	Bank of America Corp.	$ 8,816,670
66,022	JPMorgan Chase & Co.	14,841,746
52,396	M&T Bank Corp.	9,017,875
	Total Banks	$32,676,291


	Beverages — 8.6%
315,068	Coca-Cola Co.	$ 22,832,978
71,473	PepsiCo., Inc.	12,356,252
	Total Beverages	$35,189,230


	Biotechnology — 2.2%
112,026	Gilead Sciences, Inc.	$ 8,850,054
	Total Biotechnology	$8,850,054


	Capital Markets — 2.6%
49,852	Bank of New York Mellon Corp.	$ 3,400,903
79,508	Northern Trust Corp.	7,251,925
	Total Capital Markets	$10,652,828


	Chemicals — 4.4%
42,800	Air Products and Chemicals, Inc.	$ 11,934,780
63,319	LyondellBasell Industries NV, Class A	6,249,585
	Total Chemicals	$18,184,365


	Communications Equipment — 4.9%
398,697	Cisco Systems, Inc.	$ 20,150,146
	Total Communications Equipment	$20,150,146


	Construction Materials — 2.4%
110,271	CRH Plc	$ 10,009,299
	Total Construction Materials	$10,009,299


	Consumer Staples Distribution & Retail — 1.9%
98,494	Sysco Corp.	$ 7,679,577
	Total Consumer Staples Distribution & Retail	$7,679,577


	Containers & Packaging — 2.0%
280,265	Graphic Packaging Holding Co.	$ 8,388,332
	Total Containers & Packaging	$8,388,332

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

2Pioneer Disciplined Value Fund | Annual Report | 8/31/24

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Shares		Value
	Electric Utilities — 4.1%
98,137	American Electric Power Co., Inc.	$ 9,841,179
100,485	Eversource Energy	6,785,752
	Total Electric Utilities	$16,626,931


	Electrical Equipment — 1.6%
24,107	Rockwell Automation, Inc.	$ 6,557,827
	Total Electrical Equipment	$6,557,827


	Electronic Equipment, Instruments & Components — 2.0%
52,109(a)	Keysight Technologies, Inc.	$ 8,031,039
	Total Electronic Equipment, Instruments & Components	$8,031,039


	Energy Equipment & Services — 2.3%
215,461	Schlumberger, NV	$ 9,478,129
	Total Energy Equipment & Services	$9,478,129


	Entertainment — 2.0%
88,730	Walt Disney Co.	$ 8,019,418
	Total Entertainment	$8,019,418


	Financial Services — 2.5%
60,752(a)	PayPal Holdings, Inc.	$ 4,400,267
84,637	Voya Financial, Inc.	5,994,839
	Total Financial Services	$10,395,106


	Health Care Equipment & Supplies — 5.0%
35,995	Becton Dickinson & Co.	$ 8,725,548
173,268	Dentsply Sirona, Inc.	4,381,948
63,947	Zimmer Biomet Holdings, Inc.	7,383,320
	Total Health Care Equipment & Supplies	$20,490,816


	Health Care Providers & Services — 2.4%
13,134	Humana, Inc.	$ 4,655,609
22,252	Labcorp Holdings, Inc.	5,115,512
	Total Health Care Providers & Services	$9,771,121


	Household Products — 0.6%
16,708	Kimberly-Clark Corp.	$ 2,416,979
	Total Household Products	$2,416,979


	Industrial Conglomerates — 1.1%
35,019	3M Co.	$ 4,716,709
	Total Industrial Conglomerates	$4,716,709

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

Pioneer Disciplined Value Fund | Annual Report | 8/31/243

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Schedule of Investments | 8/31/24 (continued)

Shares		Value
	Industrial REITs — 1.5%
46,719	Prologis, Inc.	$ 5,971,623
	Total Industrial REITs	$5,971,623


	Insurance — 5.1%
63,003	American International Group, Inc.	$ 4,854,381
10,521	Everest Group, Ltd.	4,126,757
124,283	Unum Group	6,896,464
16,706	Willis Towers Watson Plc	4,879,990
	Total Insurance	$20,757,592


	IT Services — 2.2%
43,725	International Business Machines Corp.	$ 8,838,134
	Total IT Services	$8,838,134


	Machinery — 3.8%
24,203	Deere & Co.	$ 9,336,065
43,365(a)	Middleby Corp.	6,097,987
	Total Machinery	$15,434,052


	Media — 3.5%
364,069	Comcast Corp., Class A	$ 14,406,210
	Total Media	$14,406,210


	Metals & Mining — 3.0%
369,519	Barrick Gold Corp.	$ 7,460,588
96,180	Teck Resources, Ltd., Class B	4,607,022
	Total Metals & Mining	$12,067,610


	Multi-Utilities — 3.3%
198,479	CMS Energy Corp.	$ 13,468,785
	Total Multi-Utilities	$13,468,785


	Oil, Gas & Consumable Fuels — 4.3%
176,360	EQT Corp.	$ 5,909,823
165,186	Shell Plc (A.D.R.)	11,837,229
	Total Oil, Gas & Consumable Fuels	$17,747,052


	Pharmaceuticals — 7.6%
95,615	Johnson & Johnson	$ 15,858,704
518,000	Pfizer, Inc.	15,027,180
	Total Pharmaceuticals	$30,885,884


	Professional Services — 1.4%
73,745	SS&C Technologies Holdings, Inc.	$ 5,537,512
	Total Professional Services	$5,537,512

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

4Pioneer Disciplined Value Fund | Annual Report | 8/31/24

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Shares		Value
	Semiconductors & Semiconductor Equipment — 0.6%
39,549(a)	Allegro MicroSystems, Inc.	$ 970,137
69,371	Intel Corp.	1,528,937
	Total Semiconductors & Semiconductor Equipment	$2,499,074


	Specialized REITs — 0.9%
17,106	American Tower Corp.	$ 3,832,770
	Total Specialized REITs	$3,832,770


	Specialty Retail — 1.2%
47,016	Best Buy Co., Inc.	$ 4,720,407
	Total Specialty Retail	$4,720,407


	Total Common Stocks (Cost $370,672,754)	$405,992,602


	SHORT TERM INVESTMENTS — 0.4% of Net Assets
	Open-End Fund — 0.4%
1,751,683(b)	Dreyfus Government Cash Management, Institutional Shares, 5.19%	$ 1,751,683
		$1,751,683


	TOTAL SHORT TERM INVESTMENTS (Cost $1,751,683)	$1,751,683


	TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 99.8% (Cost $372,424,437)	$407,744,285
	OTHER ASSETS AND LIABILITIES — 0.2%	$613,347
	net assets — 100.0%	$408,357,632

(A.D.R.)	American Depositary Receipts.
REIT	Real Estate Investment Trust.

(a)	Non-income producing security.
(b)	Rate periodically changes. Rate disclosed is the 7-day yield at August 31, 2024.

Purchases and sales of securities (excluding short-term investments and all derivative contracts except for options purchased) for the year ended August 31, 2024, aggregated $437,201,673 and $482,369,653, respectively.

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

Pioneer Disciplined Value Fund | Annual Report | 8/31/245

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Schedule of Investments | 8/31/24 (continued)

At August 31, 2024, the net unrealized appreciation on investments based on cost for federal tax purposes of $373,098,510 was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$48,358,462
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value	(13,713,799)
Net unrealized appreciation	$34,644,663

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 August 31, 2024 in valuing the Fund’s investments:

	Level 1	Level 2	Level 3	Total
Common Stocks	$405,992,602	$—	$—	$405,992,602
Open-End Fund	1,751,683	—	—	1,751,683
Total Investments in Securities	$407,744,285	$—	$—	$407,744,285

During the year ended August 31, 2024, there were no transfers in or out of Level 3.

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

6Pioneer Disciplined Value Fund | Annual Report | 8/31/24

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Statement of Assets and Liabilities | 8/31/24

ASSETS:
Investments in unaffiliated issuers, at value (cost $372,424,437)	$407,744,285
Receivables —
Fund shares sold	91,031
Dividends	990,801
Due from the Adviser	5,796
Other assets	32,091
Total assets	$408,864,004
LIABILITIES:
Payables —
Fund shares repurchased	$247,217
Trustees’ fees	3,183
Professional fees	51,959
Transfer agent fees	71,936
Registration fees	74,161
Management fees	17,710
Administrative expenses	8,998
Distribution fees	8,482
Accrued expenses	22,726
Total liabilities	$506,372
NET ASSETS:
Paid-in capital	$355,616,950
Distributable earnings	52,740,682
Net assets	$408,357,632
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $259,300,393/16,911,995 shares)	$15.33
Class C (based on $9,217,293/616,854 shares)	$14.94
Class K (based on $2,990,121/192,379 shares)	$15.54
Class R (based on $8,269,291/574,907 shares)	$14.38
Class Y (based on $128,580,534/8,275,952 shares)	$15.54
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $15.33 net asset value per share/100%-5.75% maximum sales charge)	$16.27

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

Pioneer Disciplined Value Fund | Annual Report | 8/31/247

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Statement of Operations FOR THE YEAR ENDED 8/31/24

INVESTMENT INCOME:
Dividends from unaffiliated issuers (net of foreign taxes withheld $33,557)	$10,628,974
Interest from unaffiliated issuers	73,944
Total Investment Income		$10,702,918
EXPENSES:
Management fees	$1,601,129
Administrative expenses	141,783
Transfer agent fees
Class A	208,568
Class C	7,535
Class K	30
Class R	17,508
Class Y	111,995
Distribution fees
Class A	635,064
Class C	93,597
Class R	39,082
Shareholder communications expense	52,879
Custodian fees	3,551
Registration fees	90,727
Professional fees	69,332
Printing expense	35,792
Officers’ and Trustees’ fees	20,122
Insurance expense	8,585
Miscellaneous	85,467
Total expenses		$3,222,746
Less fees waived and expenses reimbursed by the Adviser		(376,563)
Net expenses		$2,846,183
Net investment income		$7,856,735
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers	$11,445,623
Class actions	63,842
Other assets and liabilities denominated in foreign currencies	144	$11,509,609
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers	$33,702,212
Other assets and liabilities denominated in foreign currencies	39	$33,702,251
Net realized and unrealized gain (loss) on investments		$45,211,860
Net increase in net assets resulting from operations		$53,068,595

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

8Pioneer Disciplined Value Fund | Annual Report | 8/31/24

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Statements of Changes in Net Assets

	Year Ended 8/31/24	Year Ended 8/31/23
FROM OPERATIONS:
Net investment income (loss)	$7,856,735	$8,989,270
Net realized gain (loss) on investments	11,509,609	3,237,961
Change in net unrealized appreciation (depreciation) on investments	33,702,251	22,809,940
Net increase in net assets resulting from operations	$53,068,595	$35,037,171
DISTRIBUTIONS TO SHAREHOLDERS:
Class A ($0.30 and $1.56 per share, respectively)	$(5,517,401)	$(30,766,862)
Class C ($0.21 and $1.46 per share, respectively)	(149,004)	(1,240,373)
Class K ($0.33 and $1.61 per share, respectively)	(31,998)	(743,992)
Class R ($0.25 and $1.50 per share, respectively)	(148,446)	(1,105,169)
Class Y ($0.33 and $1.61 per share, respectively)	(3,063,787)	(13,469,770)
Total distributions to shareholders	$(8,910,636)	$(47,326,166)
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares	$40,628,457	$79,794,827
Reinvestment of distributions	8,637,126	44,861,124
Cost of shares repurchased	(106,453,888)	(124,152,365)
Net increase (decrease) in net assets resulting from Fund share transactions	$(57,188,305)	$503,586
Net decrease in net assets	$(13,030,346)	$(11,785,409)
NET ASSETS:
Beginning of year	$421,387,978	$433,173,387
End of year	$408,357,632	$421,387,978

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

Pioneer Disciplined Value Fund | Annual Report | 8/31/249

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Statements of Changes in Net Assets

(continued)

	Year Ended 8/31/24 Shares	Year Ended 8/31/24 Amount	Year Ended 8/31/23 Shares	Year Ended 8/31/23 Amount
Class A
Shares sold	977,192	$13,513,918	1,401,220	$18,941,390
Reinvestment of distributions	395,232	5,323,979	2,215,592	29,299,785
Less shares repurchased	(3,692,147)	(51,553,944)	(4,183,591)	(56,148,624)
Net decrease	(2,319,723)	$(32,716,047)	(566,779)	$(7,907,449)
Class C
Shares sold	38,575	$518,345	135,487	$1,786,215
Reinvestment of distributions	11,376	148,991	95,934	1,240,373
Less shares repurchased	(204,284)	(2,768,537)	(307,139)	(4,073,197)
Net decrease	(154,333)	$(2,101,201)	(75,718)	$(1,046,609)
Class K
Shares sold	112,925	$1,589,140	17	$230
Reinvestment of distributions	2,345	31,998	55,621	743,992
Less shares repurchased	(33,104)	(456,253)	(468,040)	(6,312,485)
Net increase (decrease)	82,166	$1,164,885	(412,402)	$(5,568,263)
Class R
Shares sold	56,499	$733,924	109,962	$1,406,351
Reinvestment of distributions	11,758	148,446	78,352	974,831
Less shares repurchased	(140,959)	(1,813,879)	(291,292)	(3,651,517)
Net decrease	(72,702)	$(931,509)	(102,978)	$(1,270,335)
Class Y
Shares sold	1,726,491	$24,273,130	4,170,889	$57,660,641
Reinvestment of distributions	218,726	2,983,712	942,604	12,602,143
Less shares repurchased	(3,543,254)	(49,861,275)	(3,944,799)	(53,966,542)
Net increase (decrease)	(1,598,037)	$(22,604,433)	1,168,694	$16,296,242

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

10Pioneer Disciplined Value Fund | Annual Report | 8/31/24

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Financial Highlights

	Year Ended 8/31/24	Year Ended 8/31/23	Year Ended 8/31/22	Year Ended 8/31/21	Year Ended 8/31/20
Class A
Net asset value, beginning of period	$13.73	$14.13	$18.76	$13.95	$13.58
Increase (decrease) from investment operations:
Net investment income (loss) (a)	$0.26	$0.27	$0.27	$0.19	$0.18
Net realized and unrealized gain (loss) on investments	1.64	0.89	(1.09)	4.82	0.37
Net increase (decrease) from investment operations	$1.90	$1.16	$(0.82)	$5.01	$0.55
Distributions to shareholders:
Net investment income	$(0.19)	$(0.27)	$(0.17)	$(0.20)	$(0.18)
Net realized gain	(0.11)	(1.29)	(3.64)	—	—
Total distributions	$(0.30)	$(1.56)	$(3.81)	$(0.20)	$(0.18)
Net increase (decrease) in net asset value	$1.60	$(0.40)	$(4.63)	$4.81	$0.37
Net asset value, end of period	$15.33	$13.73	$14.13	$18.76	$13.95
Total return (b)	14.09%(c)	8.78%	(5.99)%	36.17%	3.96%
Ratio of net expenses to average net assets	0.80%	0.80%	0.83%	1.10%	1.16%
Ratio of net investment income (loss) to average net assets	1.88%	2.00%	1.68%	1.14%	1.31%
Portfolio turnover rate	111%	143%	116%	114%	111%
Net assets, end of period (in thousands)	$259,300	$264,007	$279,660	$314,169	$254,679
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets	0.86%	0.89%	0.89%	1.16%	1.16%
Net investment income (loss) to average net assets	1.82%	1.91%	1.62%	1.08%	1.31%

(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)	For the year ended August 31, 2024, the Fund's total return includes gains in settlement of class action lawsuits. The impact on Class A's total return was less than 0.005%.

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

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Financial Highlights (continued)

	Year Ended 8/31/24	Year Ended 8/31/23	Year Ended 8/31/22	Year Ended 8/31/21	Year Ended 8/31/20
Class C
Net asset value, beginning of period	$13.40	$13.84	$18.46	$13.68	$13.29
Increase (decrease) from investment operations:
Net investment income (loss) (a)	$0.15	$0.16	$0.15	$0.06	$0.08
Net realized and unrealized gain (loss) on investments	1.60	0.86	(1.08)	4.74	0.35
Net increase (decrease) from investment operations	$1.75	$1.02	$(0.93)	$4.80	$0.43
Distributions to shareholders:
Net investment income	$(0.10)	$(0.17)	$(0.05)	$(0.02)	$(0.04)
Net realized gain	(0.11)	(1.29)	(3.64)	—	—
Total distributions	$(0.21)	$(1.46)	$(3.69)	$(0.02)	$(0.04)
Net increase (decrease) in net asset value	$1.54	$(0.44)	$(4.62)	$4.78	$0.39
Net asset value, end of period	$14.94	$13.40	$13.84	$18.46	$13.68
Total return (b)	13.27%(c)	7.91%	(6.72)%	35.14%	3.21%
Ratio of net expenses to average net assets	1.56%	1.58%	1.57%	1.89%	1.89%
Ratio of net investment income (loss) to average net assets	1.11%	1.23%	0.95%	0.36%	0.58%
Portfolio turnover rate	111%	143%	116%	114%	111%
Net assets, end of period (in thousands)	$9,217	$10,336	$11,718	$12,533	$15,321
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets	1.63%	1.66%	1.62%	1.94%	1.89%
Net investment income (loss) to average net assets	1.04%	1.15%	0.90%	0.31%	0.58%

(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)	For the year ended August 31, 2024, the Fund's total return includes gains in settlement of class action lawsuits. The impact on Class C's total return was less than 0.005%.

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

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	Year Ended 8/31/24	Year Ended 8/31/23	12/30/21* to 8/31/22
Class K
Net asset value, beginning of period	$13.90	$14.28	$16.16
Increase (decrease) from investment operations:
Net investment income (loss) (a)	$0.31	$0.33	$0.22
Net realized and unrealized gain (loss) on investments	1.66	0.90	(2.10)
Net increase (decrease) from investment operations	$1.97	$1.23	$(1.88)
Net investment income	(0.22)	(0.32)	—
Net realized gain	(0.11)	(1.29)	—
Total distributions	$(0.33)	$(1.61)	$—
Net increase (decrease) in net asset value	$1.64	$(0.38)	$(1.88)
Net asset value, end of period	$15.54	$13.90	$14.28
Total return (b)	14.48%(c)	9.25%	(11.63)%(d)
Ratio of net expenses to average net assets	0.45%	0.45%	0.45%(e)
Ratio of net investment income (loss) to average net assets	2.21%	2.40%	2.15%(e)
Portfolio turnover rate	111%	143%	116%(d)
Net assets, end of period (in thousands)	$2,990	$1,531	$7,463
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets	0.52%	0.53%	0.51%(e)
Net investment income (loss) to average net assets	2.14%	2.32%	2.09%(e)

*	Class K commenced operations on December 30, 2021.
(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)	For the year ended August 31, 2024, the Fund's total return includes gains in settlement of class action lawsuits. The impact on Class K's total return was less than 0.005%.
(d)	Not annualized.
(e)	Annualized.

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

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Financial Highlights (continued)

	Year Ended 8/31/24	Year Ended 8/31/23	Year Ended 8/31/22	Year Ended 8/31/21	Year Ended 8/31/20
Class R
Net asset value, beginning of period	$12.90	$13.36	$17.96	$13.37	$13.02
Increase (decrease) from investment operations:
Net investment income (loss) (a)	$0.19	$0.20	$0.19	$0.12	$0.12
Net realized and unrealized gain (loss) on investments	1.54	0.84	(1.03)	4.62	0.35
Net increase (decrease) from investment operations	$1.73	$1.04	$(0.84)	$4.74	$0.47
Distributions to shareholders:
Net investment income	$(0.14)	$(0.21)	$(0.12)	$(0.15)	$(0.12)
Net realized gain	(0.11)	(1.29)	(3.64)	—	—
Total distributions	$(0.25)	$(1.50)	$(3.76)	$(0.15)	$(0.12)
Net increase (decrease) in net asset value	$1.48	$(0.46)	$(4.60)	$4.59	$0.35
Net asset value, end of period	$14.38	$12.90	$13.36	$17.96	$13.37
Total return (b)	13.67%(c)	8.35%	(6.42)%	35.64%	3.55%
Ratio of net expenses to average net assets	1.18%	1.23%	1.27%	1.48%	1.55%
Ratio of net investment income (loss) to average net assets	1.49%	1.58%	1.26%	0.76%	0.91%
Portfolio turnover rate	111%	143%	116%	114%	111%
Net assets, end of period (in thousands)	$8,269	$8,354	$10,030	$10,994	$9,471
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets	1.24%	1.31%	1.32%	1.53%	1.55%
Net investment income (loss) to average net assets	1.43%	1.50%	1.21%	0.71%	0.91%

(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)	For the year ended August 31, 2024, the Fund's total return includes gains in settlement of class action lawsuits. The impact on Class R's total return was less than 0.005%.

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

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	Year Ended 8/31/24	Year Ended 8/31/23	Year Ended 8/31/22	Year Ended 8/31/21	Year Ended 8/31/20
Class Y
Net asset value, beginning of period	$13.89	$14.28	$18.92	$14.05	$13.68
Increase (decrease) from investment operations:
Net investment income (loss) (a)	$0.31	$0.32	$0.34	$0.24	$0.22
Net realized and unrealized gain (loss) on investments	1.67	0.90	(1.11)	4.86	0.38
Net increase (decrease) from investment operations	$1.98	$1.22	$(0.77)	$5.10	$0.60
Distributions to shareholders:
Net investment income	$(0.22)	$(0.32)	$(0.23)	$(0.23)	$(0.23)
Net realized gain	(0.11)	(1.29)	(3.64)	—	—
Total distributions	$(0.33)	$(1.61)	$(3.87)	$(0.23)	$(0.23)
Net increase (decrease) in net asset value	$1.65	$(0.39)	$(4.64)	$4.87	$0.37
Net asset value, end of period	$15.54	$13.89	$14.28	$18.92	$14.05
Total return (b)	14.56%(c)	9.17%	(5.68)%	36.67%	4.24%
Ratio of net expenses to average net assets	0.45%	0.45%	0.46%	0.76%	0.87%
Ratio of net investment income (loss) to average net assets	2.22%	2.36%	2.10%	1.48%	1.60%
Portfolio turnover rate	111%	143%	116%	114%	111%
Net assets, end of period (in thousands)	$128,581	$137,159	$124,303	$79,867	$76,293
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets	0.61%	0.65%	0.62%	0.89%	0.87%
Net investment income (loss) to average net assets	2.06%	2.16%	1.94%	1.35%	1.60%

(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 August 31, 2024, the total return would have been 14.49%.

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

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Notes to Financial Statements | 8/31/24

1. Organization and Signiﬁcant Accounting Policies

Pioneer Disciplined Value Fund (the “Fund”) is a series of Pioneer Series Trust III (the “Trust”), 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 Fund’s investment objective is to seek long-term capital growth.

The Fund offers five classes of shares designated as Class A, Class C, Class K, Class R and Class Y shares. Class K shares commenced operations on December 30, 2021. 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 Trust gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareholder approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar weighted voting, a shareholder’s voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class K or 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”).

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

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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.
	The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. The Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities.
	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

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	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.
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 shareholders. Therefore, no provision for federal income taxes is required. As of August 31, 2024, 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

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	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 shareholders 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 August 31, 2024, the Fund reclassified $1,374 to increase distributable earnings and $(1,374) to decrease 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 August 31, 2024 and August 31, 2023, was as follows:

	2024	2023
Distributions paid from:
Ordinary income	$8,910,636	$12,510,247
Long-term capital gains	—	34,815,919
Total	$8,910,636	$47,326,166

The following shows the components of distributable earnings (losses) on a federal income tax basis at August 31, 2024:

	2024
Distributable earnings/(losses):
Undistributed ordinary income	$9,961,219
Undistributed long-term capital gains	8,134,800
Net unrealized appreciation	34,644,663
Total	$52,740,682

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The difference between book-basis and tax-basis net unrealized appreciation is attributable to the tax deferral of losses on wash sales.

D.	Fund Shares
	The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $10,057 in underwriting commissions on the sale of Class A shares during the year ended August 31, 2024.
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 shareholders are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, Class K, Class R and Class Y shares can reflect different transfer agent and distribution expense rates.
F.	Risks
	The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, armed conflict such as between Russia and Ukraine or in the Middle East, 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 may increase. These circumstances could

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	adversely affect the value and liquidity of the Fund’s investments and negatively impact the Fund’s performance.
	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.
	At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.
	The Fund may invest in small- and mid-size companies. Compared to large companies, small- and 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

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	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 may invest in fewer than 40 securities, and as a result, the Fund’s performance may be more volatile than the performance of funds holding more securities.
	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 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 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

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	countries affected by the invasion, and are likely to have collateral impacts on market sectors globally.
	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 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 shareholders to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareholder 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 equal to 0.40% of the Fund’s average daily net assets up to $5 billion and 0.35% of the Fund’s

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average daily net assets over $5 billion. For the year ended August 31, 2024, the effective management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.40% of the Fund’s average daily net assets.

The Adviser has contractually agreed to limit ordinary operating expenses (ordinary operating expenses means all fund expenses other than taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation) to the extent required to reduce Fund expenses to 0.45% and 0.45% of the average daily net assets attributable to Class K and Class Y shares, respectively. These expense limitations are in effect through January 1, 2025. There can be no assurance that the Adviser will extend the expense limitation agreement for a class of shares beyond the date referred to above. Fees waived and expenses reimbursed during the year ended August 31, 2024 are reflected on the Statement of Operations.

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 $17,710 in management fees payable to the Adviser at August 31, 2024.

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 August 31, 2024, the Fund paid $20,122 in Officers’ and Trustees’ compensation, which is reflected on the Statement of Operations as Officers’ and Trustees’ fees. At August 31, 2024, on its Statement of Assets and Liabilities, the Fund had a payable for Trustees’ fees $3,183 and a payable for administrative expenses of $8,998, 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.

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In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareholder communications activities such as proxy and statement mailings, and outgoing phone calls. For the year ended August 31, 2024, such out-of-pocket expenses by class of shares were as follows:

Shareholder Communications:
Class A	$41,415
Class C	2,968
Class K	30
Class R	209
Class Y	8,257
Total	$52,879

5. Distribution and Service Plans

The Fund has adopted a distribution plan (the “Plan”) pursuant to Rule 12b-1 under 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 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 $8,482 in distribution fees payable to the Distributor at August 31, 2024.

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

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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 August 31, 2024, CDSCs in the amount of $408 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. Until January 31, 2024, the Fund participated in a credit facility in the amount of $380 million. Under such credit facility, depending on the type of loan, interest on borrowings was payable at the Secured Overnight Financing Rate (“SOFR”) plus a credit spread. The Fund also paid 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 were allocated among participating funds based on an allocation schedule set forth in the credit facility. Effective January 31, 2024, the Fund participates in a credit facility in the amount of $250 million, the upfront fee with respect to the credit facility is 0.05% of the total credit facility, and the commitment fee with respect to the credit facility is 0.20% of the daily unused portion of each lender’s commitment. For the year ended August 31, 2024, the Fund had no borrowings under the credit facility.

7. Definitive Agreement

The Fund’s Adviser is currently an indirect, wholly-owned subsidiary of Amundi. On July 9, 2024, Amundi announced that it had entered into a definitive agreement with Victory Capital Holdings, Inc. (“Victory Capital”) to combine the Adviser with Victory Capital, and for Amundi to become a strategic shareholder of Victory Capital (the “Transaction”). Victory Capital is headquartered in San Antonio, Texas. The closing of the Transaction is subject to certain regulatory approvals and other conditions. There is no assurance that the Transaction will close.

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the proposal to reorganize the Fund will be submitted to the shareholders of the Fund for their approval. There is no assurance that the Board or the shareholders of the Fund will approve the proposal to reorganize the Fund.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Pioneer Series Trust III and the Shareholders of Pioneer Disciplined Value Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Pioneer Disciplined Value Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust III), including the schedule of investments, as of August 31, 2024, the related statements of operations, changes in net assets, and the financial highlights for the year then ended and the related notes. The statements of changes in net assets for the year ended August 31, 2023 and the financial highlights for the years ended August 31, 2023, 2022, 2021, and 2020 were audited by other auditors. Those auditors expressed an unqualified opinion on those financial statements and financial highlights in their report dated October 30, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of August 31, 2024 and the results of its operations, the changes in its net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights 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 and financial highlights 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 its 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.

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Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP
Boston, Massachusetts
October 25, 2024

We have served as the auditor of one or more of the Pioneer investment companies since 2024.

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Additional Information (unaudited)

On March 25, 2024, Ernst & Young LLP (the “Prior Auditor”) resigned as the independent registered public accounting firm of the Fund due to the independence considerations resulting from a change of the independent registered public accounting firm of a related party. The Prior Auditor’s reports on the financial statements of the Fund for the past two fiscal years, the years ended August 31, 2023 and August 31, 2022, did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles.

During the last two fiscal year-ends and the subsequent interim period through March 25, 2024, there were no (1) disagreements with the Prior Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the Prior Auditor’s satisfaction, would have caused it to make reference to that matter in connection with its reports on the Fund’s financial statements for such periods; or (2) “reportable events” related to the Fund, as that term is defined in Item 304 (a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934.

For the year ended August 31, 2024, 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 2024 Form 1099-DIV.

The Fund designated $8,134,800 as long-term capital gains distributions during the year ended August 31, 2024. 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 69.71%.

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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.

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Amundi Asset Management US, Inc.
60 State Street
Boston, MA 02109

www.amundi.com/us

Securities offered through Amundi Distributor US, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2024 Amundi Asset Management US, Inc. 19429-18-1024

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Auditor Transition

On March 25, 2024, Ernst & Young LLP (the “Prior Auditor”) resigned as the independent registered public accounting firm of the Trust due to the independence considerations resulting from a change of the independent registered public accounting firm of a related party. The Prior Auditor’s reports on the financial statements of the Trust for the past two fiscal years, the years ended August 31, 2023 and August 31, 2022, did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles.

During the last two fiscal year-ends and the subsequent interim period through March 25, 2024, there were no (1) disagreements with the Prior Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the Prior Auditor’s satisfaction, would have caused it to make reference to that matter in connection with its reports on the Trust’s financial statements for such periods; or (2) “reportable events” related to the Trust, as that term is defined in Item 304 (a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934.

On March 25, 2024, the Audit Committee of the Board approved, and on March 25, 2024, the Board approved, Deloitte & Touche LLP as the independent registered accounting firm of the Trust for fiscal periods ending after March 25, 2024.

ITEM 9. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. (Unaudited)

Introduction

This Proxy Voting policy and the procedures set forth below are designed to complement Amundi US’ investment policies and procedures regarding its general responsibility to monitor the performance and/or corporate events of companies that are issuers of securities held in accounts managed by Amundi US. This policy sets forth Amundi US’ position on a number of issues for which proxies may be solicited but it does not include all potential voting scenarios or proxy events. Furthermore, because of the special issues associated with proxy solicitations by closed-end Funds, Amundi US will vote shares of closed-end Funds on a case- by-case basis.

Purpose

The purpose of this policy is to ensure that proxies for United States (“US”) and non-US companies that are received in a timely manner will be voted in accordance with the principles stated above. Unless the Proxy Voting Oversight Group (as described below) specifically determines otherwise, all shares in a company held by Amundi US-managed accounts for which Amundi US has proxy-voting authority will be voted alike, unless a client has given specific voting instructions on an issue.

Scope

Amundi US does not delegate the authority to vote proxies relating to securities held by its clients to any of its affiliates. Any questions about this policy should be directed to Amundi US’ Chief of Staff U.S. Investments (the “Proxy Coordinator”).

Oversight and Governance

Administration

The development, implementation, and management, to this Policy is the responsibility of the Policy Contact, in conjunction with the Policy Owner and relevant stakeholders.

Policy Exceptions

Temporary deviation from the requirements of this Policy is deemed an Exception. Exceptions are expected to be infrequent but may be justified to address and/or resolve specific internal business needs. Exceptions are to be raised to the Policy Owner for approval.

Policy Requirements

Roles and Responsibility

The below table outlines the roles and responsibilities applicable to this policy:

Individual Role Responsibility

Policy Owner and Contact Reviews and updates of this Policy as necessary.

Pioneer Funds Board of Trustees and US Compliance Committee Provides final approval of material updates to this Policy, as necessary.

Policy

Each of the Pioneer Funds and certain other clients of Amundi Asset Management US, Inc. (“Amundi US”) have delegated responsibility to vote proxies related to portfolio holdings to Amundi US. Amundi US is a fiduciary that owes each of its clients the duties of care and loyalty with respect to all services undertaken on the client’s behalf, including voting proxies for securities held by the client. When Amundi US has been delegated proxy-voting authority for a client, the duty of care requires Amundi US to monitor corporate events and to vote the proxies. To satisfy its duty of loyalty, Amundi US must place the client’s interests ahead of its own and must cast proxy votes in a manner consistent with the best interest of the client. It is Amundi US’ policy to vote proxies presented to Amundi US in a timely manner in accordance with these principles.

Amundi US’ fundamental concern in voting proxies is the economic effect of the proposal on the value of portfolio holdings, considering both the short- and long-term impact. In many instances, Amundi US believes that supporting the company’s strategy and voting “for” management’s proposals builds portfolio value. In other cases, however, proposals set forth by management may have a negative effect on that value, while some shareholder proposals may hold the best prospects for enhancing it. Amundi US monitors developments in the proxy voting arena and will revise this policy as needed.

Amundi US believes that environmental, social and governance (ESG) factors can affect companies’ long-term prospects for success and the sustainability of their business models. Since ESG factors that may affect corporate performance and economic value are considered by our investment professionals as part of the investment management process, Amundi US also considers these factors when reviewing proxy proposals. This approach is consistent with the stated investment objectives and policies of funds and investment strategies.

It should be noted that the proxy voting guidelines below are guidelines, not rules, and Amundi US reserves the right in all cases to vote contrary to guidelines where doing so is determined to represent the best economic interests of our clients. Further, the Pioneer Funds or other clients of Amundi US may direct Amundi US to vote contrary to guidelines.

Amundi US’ clients may request copies of their proxy voting records and of Amundi US’ proxy voting policies and procedures by either sending a written request to Amundi US’ Proxy Coordinator, or clients may review Amundi US’ proxy voting policies and procedures on-line at amundi.com/usinvestors. Amundi US may describe to clients its proxy voting policies and procedures by delivering a copy of Amundi US’ Form ADV (Part II), by separate notice to the client or by other means.

Procedures

Proxy Voting Service

Amundi US has engaged an independent proxy voting service to assist in the voting of proxies. The proxy voting service works with custodians to ensure that all proxy materials are received by the custodians and are processed in a timely fashion. The proxy voting service votes all proxies in accordance with the proxy voting guidelines established by Amundi US and set forth herein, to the extent applicable. The proxy voting service will refer proxy questions to the Proxy Coordinator (described below) for instructions under circumstances where: (1) the application of the proxy voting guidelines is unclear; (2) a particular proxy question is not covered by the guidelines; or (3) the guidelines call for specific instructions on a case-by-case basis. The proxy voting service is also requested to call to the Proxy Coordinator’s attention specific proxy questions that, while governed by a guideline, appear to involve unusual or controversial issues. Amundi US reserves the right to attend a meeting in person and may do so when it determines that the company or the matters to be voted on at the meeting are strategically important to its clients.

To supplement its own research and analysis in determining how to vote on a particular proxy proposal, Amundi US may utilize research, analysis or recommendations provided by the proxy voting service on a case-by-case basis. Amundi US does not, as a policy, follow the assessments or recommendations provided by the proxy voting service without its own analysis and determination.

Proxy Coordinator

The Proxy Coordinator coordinates the voting, procedures and reporting of proxies on behalf of Amundi US’ clients. The Proxy Coordinator will deal directly with the proxy voting service and, in the case of proxy questions referred by the proxy voting service, will solicit voting recommendations and instructions from the Portfolio Management Group, or, to the extent applicable, investment sub-advisers. The Proxy Coordinator is responsible for ensuring that these questions and referrals are responded to in a timely fashion and for transmitting appropriate voting instructions to the proxy voting service. The Proxy Coordinator is responsible for verifying with the General Counsel or his or her designee whether Amundi US’ voting power is subject to any limitations or guidelines issued by the client (or in the case of an employee benefit plan, the plan’s trustee or other fiduciaries).

Referral Items

The proxy voting service will refer proxy questions to the Proxy Coordinator or his or her designee that are described by Amundi US’ proxy voting guidelines as to be voted on a case- by-case basis, that are not covered by Amundi US’ guidelines or where Amundi US’ guidelines may be unclear with respect to the matter to be voted on. Under such circumstances, the Proxy Coordinator will seek a written voting recommendation from the Chief Investment Officer, U.S or his or her designated equity portfolio-management representative. Any such recommendation will include: (i) the manner in which the proxies should be voted; (ii) the rationale underlying any such decision; and (iii) the disclosure of any contacts or communications made between Amundi US and any outside parties concerning the proxy proposal prior to the time that the voting instructions are provided.

Securities Lending

In accordance with industry standards, proxies are not available to be voted when the shares are out on loan through either Amundi US’ lending program or a client’s managed security lending program. However, Amundi US will reserve the right to recall lent securities so that they may be voted according to Amundi US’ instructions. If a portfolio manager would like to vote a block of previously lent shares, the Proxy Coordinator will work with the portfolio manager and Investment Operations to recall the security, to the extent possible, to facilitate the vote on the entire block of shares. Certain clients participate in securities lending programs. Although such programs allow for the recall of securities for any reason, Amundi US may determine not to vote securities on loan and it may not always be possible for securities on loan to be recalled in time to be voted.

Share-Blocking

“Share-blocking” is a market practice whereby shares are sent to a custodian (which may be different than the account custodian) for record keeping and voting at the general meeting. The shares are unavailable for sale or delivery until the end of the blocking period (typically the day after general meeting date).

Amundi US will vote in those countries with “share-blocking.” In the event a manager would like to sell a security with “share-blocking”, the Proxy Coordinator will work with the Portfolio Manager and Investment Operations Department to recall the shares (as allowable within the market time-frame and practices) and/or communicate with executing brokerage firm. A list of countries with “share-blocking” is available from the Investment Operations Department upon request.

Proxy Voting Oversight Group

The members of the Proxy Voting Oversight Group include Amundi US’ Chief Investment Officer, U.S. or his or her designated equity portfolio management representative, the Chief of Staff, U.S., and the Chief Compliance Officer of the Adviser and Funds. Other members of Amundi US will be invited to attend meetings and otherwise participate as necessary. The Chief of Staff, U.S. will chair the Proxy Voting Oversight Group.

The Proxy Voting Oversight Group is responsible for developing, evaluating, and changing (when necessary) Amundi US’ proxy voting policies and procedures. The Group meets at least annually to evaluate and review this policy and the services of its third-party proxy voting service. In addition, the Proxy Voting Oversight Group will meet as necessary to vote on referral items and address other business as necessary.

Amendments

Amundi US may not amend this policy without the prior approval of the Proxy Voting Oversight Group. Amendments to this policy with respect to votes to be cast on behalf of any of the Pioneer Funds also shall be presented to the Board of Trustees of the Pioneer Funds for its review and advance approval.

Form N-PX

The Proxy Coordinator and the Director of Regulatory Reporting are responsible for ensuring that Form NP-X documents receive the proper review by a member of the Proxy Voting Oversight Group prior to a Fund officer signing the forms.

The Proxy Coordinator will provide the Compliance department with a copy of each Form N-PX filing prepared by the proxy voting service.

Compliance files N-PX. The Compliance department will ensure that a corresponding Form N- PX exists for each Amundi US registered investment company.

Following this review, each Form N-PX is formatted for public dissemination via the EDGAR system.

Prior to submission, each Form N-PX is to be presented to the Fund officer for a final review and signature.

Copies of the Form N-PX filings and their submission receipts are maintained according to Amundi US record keeping policies.

Proxy Voting Guidelines

Administrative

While administrative items appear infrequently in U.S. issuer proxies, they are quite common in non-U.S. proxies.

We will generally support these and similar management proposals:

•

Corporate name change.

•

A change of corporate headquarters.

•

Stock exchange listing.

•

Establishment of time and place of annual meeting.

•

Adjournment or postponement of annual meeting.

•

Acceptance/approval of financial statements.

•

Approval of dividend payments, dividend reinvestment plans and other dividend-related proposals.

•

Approval of minutes and other formalities.

•

Authorization of the transferring of reserves and allocation of income.

•

Amendments to authorized signatories.

•

Approval of accounting method changes or change in fiscal year-end.

•

Acceptance of labor agreements.

•

Appointment of internal auditors.

Amundi US will vote on a case-by-case basis on other routine administrative items; however, Amundi US will oppose any routine proposal if insufficient information is presented in advance to allow Amundi US to judge the merit of the proposal. Amundi US has also instructed its proxy voting service to inform Amundi US of its analysis of any administrative items that may be inconsistent, in its view, with Amundi US’ goal of supporting the value of its clients’ portfolio holdings so that Amundi US may consider and vote on those items on a case-by-case basis in its discretion.

Auditors

We normally vote for proposals to:

•

Ratify the auditors. We will consider a vote against if we are concerned about the auditors’ independence or their past work for the company. Specifically, we will oppose the ratification of auditors and withhold votes for audit committee members if non-audit fees paid by the company to the auditing firm exceed the sum of audit fees plus audit-related fees plus permissible tax fees according to the disclosure categories proposed by the Securities and Exchange Commission.

•

Restore shareholder rights to ratify the auditors.

We will normally oppose proposals that require companies to:

•

Seek bids from other auditors.

•

Rotate auditing firms, except where the rotation is statutorily required or where rotation would demonstrably strengthen financial disclosure.

•

Indemnify auditors.

•

Prohibit auditors from engaging in non-audit services for the company.

Board of Directors

On issues related to the board of directors, Amundi US normally supports management. We will, however, consider a vote against management in instances where corporate performance has been poor or where the board appears to lack independence. We also believe that a well balanced board with diverse perspectives is conducive to sound corporate governance. In our view, diversity of expertise, skill, gender, ethnicity, and race may contribute to the overall quality of decision making and risk management.

General Board Issues

Amundi US will vote for:

•

Audit, compensation and nominating committees composed of independent directors exclusively.

•

Indemnification for directors for actions taken in good faith in accordance with the business judgment rule. We will vote against proposals for broader indemnification.

•

Changes in board size that appear to have a legitimate business purpose and are not primarily for anti-takeover reasons.

•

Election of an honorary director.

We will vote against:

•

Minimum stock ownership by directors.

•

Term limits for directors. Companies benefit from experienced directors, and shareholder control is better achieved through annual votes.

•

Requirements for union or special interest representation on the board.

•

Requirements to provide two candidates for each board seat.

We will vote on a case-by case basis on these issues:

•

Separate chairman and CEO positions. We will consider voting with shareholders on these issues in cases of poor corporate performance.

Elections of Directors

In uncontested elections of directors we will vote against:

•

Individual directors with absenteeism above 25% without valid reason. We support proposals that require disclosure of director attendance.

•

Insider directors and affiliated outsiders who sit on the audit, compensation, stock option or nominating committees. For the purposes of our policy, we use the definition of affiliated directors provided by our proxy voting service.

We will also vote against:

•

Directors who have failed to act on a takeover offer where the majority of shareholders have tendered their shares.

•

Directors who appear to lack independence or are associated with poor corporate or governance performance.

We will vote on a case-by case basis on these issues:

•

Re-election of directors who have implemented or renewed a dead hand or modified dead-hand poison pill (a “dead-hand poison pill” is a shareholder rights plan that may be altered only by incumbent or “dead” directors. These plans prevent a potential acquirer from disabling a poison pill by obtaining control of the board through a proxy vote).

•

Contested election of directors.

•

Election of a greater number of independent directors (in order to move closer to a majority of independent directors) in cases of poor performance.

•

Mandatory retirement policies.

•

Directors who have ignored a shareholder proposal that has been approved by shareholders for two consecutive years.

We will vote for:

•

Precatory and binding resolutions requesting that the board changes the company’s bylaws to stipulate that directors need to be elected with affirmative majority of votes cast, provided that the resolutions allow for plurality voting in cases of contested elections.

Takeover-Related Measures

Amundi US is generally opposed to proposals that may discourage takeover attempts. We believe that the potential for a takeover helps ensure that corporate performance remains high.

Amundi US will vote for:

•

Cumulative voting.

•

Increasing the ability for shareholders to call special meetings.

•

Increasing the ability for shareholders to act by written consent.

•

Restrictions on the ability to make greenmail payments.

•

Submitting rights plans to shareholder vote.

•

Rescinding shareholder rights plans (“poison pills”).

•

Opting out of the following state takeover statutes:

•

Control share acquisition statutes, which deny large holders voting rights on holdings over a specified threshold.

•

Control share cash-out provisions, which require large holders to acquire shares from other holders.

•

Freeze-out provisions, which impose a waiting period on large holders before they can attempt to gain control.

•

Stakeholder laws, which permit directors to consider interests of non-shareholder constituencies.

•

Disgorgement provisions, which require acquirers to disgorge profits on purchases made before gaining control.

•

Fair price provisions.

•

Authorization of shareholder rights plans.

•

Labor protection provisions.

•

Mandatory classified boards.

We will vote on a case-by-case basis on the following issues:

•

Fair price provisions. We will vote against provisions requiring supermajority votes to approve takeovers. We will also consider voting against proposals that require a supermajority vote to repeal or amend the provision. Finally, we will consider the mechanism used to determine the fair price; we are generally opposed to complicated formulas or requirements to pay a premium.

•

Opting out of state takeover statutes regarding fair price provisions. We will use the criteria used for fair price provisions in general to determine our vote on this issue.

•

Proposals that allow shareholders to nominate directors.

We will vote against:

•

Classified boards, except in the case of closed-end funds, where we shall vote on a case-by-case basis.

•

Limiting shareholder ability to remove or appoint directors. We will support proposals to restore shareholder authority in this area. We will review on case-by-case basis proposals that authorize the board to make interim appointments.

•

Classes of shares with unequal voting rights.

•

Supermajority vote requirements.

•

Severance packages (“golden” and “tin” parachutes). We will support proposals to put these packages to shareholder vote.

•

Reimbursement of dissident proxy solicitation expenses. While we ordinarily support measures that encourage takeover bids, we believe that management should have full control over corporate funds.

•

Extension of advance notice requirements for shareholder proposals.

•

Granting board authority normally retained by shareholders, particularly the right to amend the corporate charter.

•

Shareholder rights plans (“poison pills”). These plans generally allow shareholders to buy additional shares at a below-market price in the event of a change in control and may deter some bids.

Capital Structure

Managements need considerable flexibility in determining the company’s financial structure, and Amundi US normally supports managements’ proposals in this area. We will, however, reject proposals that impose high barriers to potential takeovers.

Amundi US will vote for:

•

Changes in par value.

•

Reverse splits, if accompanied by a reduction in number of shares.

•

Shares repurchase programs, if all shareholders may participate on equal terms.

•

Bond issuance.

•

Increases in “ordinary” preferred stock.

•

Proposals to have blank-check common stock placements (other than shares issued in the normal course of business) submitted for shareholder approval.

•

Cancellation of company treasury shares.

We will vote on a case-by-case basis on the following issues:

•

Reverse splits not accompanied by a reduction in number of shares, considering the risk of delisting.

•

Increase in authorized common stock. We will make a determination considering, among other factors:

•

Number of shares currently available for issuance;

•

Size of requested increase (we would normally approve increases of up to 100% of current authorization);

•

Proposed use of the proceeds from the issuance of additional shares; and

•

Potential consequences of a failure to increase the number of shares outstanding (e.g., delisting or bankruptcy).

•

Blank-check preferred. We will normally oppose issuance of a new class of blank-check preferred, but may approve an increase in a class already outstanding if the company has demonstrated that it uses this flexibility appropriately.

•

Proposals to submit private placements to shareholder vote.

•

Other financing plans.

We will vote against preemptive rights that we believe limit a company’s financing flexibility.

Compensation

Amundi US supports compensation plans that link pay to shareholder returns and believes that management has the best understanding of the level of compensation needed to attract and retain qualified people. At the same time, stock-related compensation plans have a significant economic impact and a direct effect on the balance sheet. Therefore, while we do not want to micromanage a company’s compensation programs, we place limits on the potential dilution these plans may impose.

Amundi US will vote for:

•

401(k) benefit plans.

•

Employee stock ownership plans (ESOPs), as long as shares allocated to ESOPs are less than 5% of outstanding shares. Larger blocks of stock in ESOPs can serve as a takeover defense. We will support proposals to submit ESOPs to shareholder vote.

•

Various issues related to the Omnibus Budget and Reconciliation Act of 1993 (OBRA), including:

•

Amendments to performance plans to conform with OBRA;

•

Caps on annual grants or amendments of administrative features;

•

Adding performance goals; and

•

Cash or cash-and-stock bonus plans.

•

Establish a process to link pay, including stock-option grants, to performance, leaving specifics of implementation to the company.

•

Require that option repricing be submitted to shareholders.

•

Require the expensing of stock-option awards.

•

Require reporting of executive retirement benefits (deferred compensation, split dollar life insurance, SERPs, and pension benefits).

•

Employee stock purchase plans where the purchase price is equal to at least 85% of the market price, where the offering period is no greater than 27 months and where potential dilution (as defined below) is no greater than 10%.

We will vote on a case-by-case basis on the following issues:

•

Shareholder proposals seeking additional disclosure of executive and director pay information.

•

Executive and director stock-related compensation plans. We will consider the following factors when reviewing these plans:

•

The program must be of a reasonable size. We will approve plans where the combined employee and director plans together would generate less than 15% dilution. We will reject plans with 15% or more potential dilution.

Dilution = (A + B + C) / (A + B + C + D), where

A = Shares reserved for plan/amendment,

B = Shares available under continuing plans,

C = Shares granted but unexercised and

D = Shares outstanding.

•

The plan must not:

•

Explicitly permit unlimited option repricing authority or have allowed option repricing in the past without shareholder approval.

•

Be a self-replenishing “evergreen” plan or a plan that grants discount options and tax offset payments.

•

We are generally in favor of proposals that increase participation beyond executives.

•

We generally support proposals asking companies to adopt rigorous vesting provisions for stock option plans such as those that vest incrementally over, at least, a three- or four-year period with a pro rata portion of the shares becoming exercisable on an annual basis following grant date.

•

We generally support proposals asking companies to disclose their window period policies for stock transactions. Window period policies ensure that employees do not exercise options based on insider information contemporaneous with quarterly earnings releases and other material corporate announcements.

•

We generally support proposals asking companies to adopt stock holding periods for their executives.

•

All other employee stock purchase plans.

•

All other compensation-related proposals, including deferred compensation plans, employment agreements, loan guarantee programs and retirement plans.

•

All other proposals regarding stock compensation plans, including extending the life of a plan, changing vesting restrictions, repricing options, lengthening exercise periods or accelerating distribution of awards and pyramiding and cashless exercise programs.

We will vote against:

•

Pensions for non-employee directors. We believe these retirement plans reduce director objectivity.

•

Elimination of stock option plans.

We will vote on a case-by case basis on these issues:

•

Limits on executive and director pay.

•

Stock in lieu of cash compensation for directors.

Corporate Governance

Amundi US will vote for:

•

Confidential voting.

•

Equal access provisions, which allow shareholders to contribute their opinions to proxy materials.

•

Proposals requiring directors to disclose their ownership of shares in the company.

We will vote on a case-by-case basis on the following issues:

•

Change in the state of incorporation. We will support reincorporations 16 supported by valid business reasons. We will oppose those that appear to be solely for the purpose of strengthening takeover defenses.

•

Bundled proposals. We will evaluate the overall impact of the proposal.

•

Adopting or amending the charter, bylaws or articles of association.

•

Shareholder appraisal rights, which allow shareholders to demand judicial review of an acquisition price.

We will vote against:

•

Shareholder advisory committees. While management should solicit shareholder input, we prefer to leave the method of doing so to management’s discretion.

•

Limitations on stock ownership or voting rights.

•

Reduction in share ownership disclosure guidelines.

Mergers and Restructurings

Amundi US will vote on the following and similar issues on a case-by-case basis:

•

Mergers and acquisitions.

•

Corporate restructurings, including spin-offs, liquidations, asset sales, joint ventures, conversions to holding company and conversions to self-managed REIT structure.

•

Debt restructurings.

•

Conversion of securities.

•

Issuance of shares to facilitate a merger.

•

Private placements, warrants, convertible debentures.

•

Proposals requiring management to inform shareholders of merger opportunities.

We will normally vote against shareholder proposals requiring that the company be put up for sale.

Investment Companies

Many of our portfolios may invest in shares of closed-end funds or open-end funds (including exchange-traded funds). The non-corporate structure of these investments raises several unique proxy voting issues.

Amundi US will vote for:

•

Establishment of new classes or series of shares.

•

Establishment of a master-feeder structure.

Amundi US will vote on a case-by-case basis on:

•

Changes in investment policy. We will normally support changes that do not affect the investment objective or overall risk level of the fund. We will examine more fundamental changes on a case-by-case basis.

•

Approval of new or amended advisory contracts.

•

Changes from closed-end to open-end format.

•

Election of a greater number of independent directors.

•

Authorization for, or increase in, preferred shares.

•

Disposition of assets, termination, liquidation, or mergers.

•

Classified boards of closed-end funds, but will typically support such proposals.

In general, business development companies (BDCs) are not considered investment companies for these purposes but are treated as corporate issuers.

Environmental and Social Issues

Amundi US believes that environmental and social issues may influence corporate performance and economic return. Indeed, by analyzing all of a company’s risks and opportunities, Amundi US can better assess its intrinsic value and long-term economic prospects.

When evaluating proxy proposals relating to environmental or social issues, decisions are made on a case-by-case basis. We consider each of these proposals based on the impact to the company’s shareholders and economic return, the specific circumstances at each individual company, any potentially adverse economic concerns, and the current policies and practices of the company.

For example, shareholder proposals relating to environmental and social issues, and on which we will vote on a base-by-case basis, may include those seeking that a company:

•

Conduct studies regarding certain environmental or social issues;

•

Study the feasibility of the company taking certain actions with regard to such issues; or

•

Take specific action, including adopting or ceasing certain behavior and adopting company standards and principles, in relation to such issues.

In general, Amundi US believes these issues are important and should receive management attention. Amundi US will support proposals where we believe the proposal, if implemented, would improve the prospects for the long-term success of the business and would provide value to the company and its shareholders. Amundi US may abstain on shareholder proposals with regard to environmental and social issues in cases where we believe the proposal, if implemented, would not be in the economic interests of the company, or where implementing the proposal would constrain management flexibility or would be unduly difficult, burdensome or costly.

When evaluating proxy proposals relating to environmental or social issues, Amundi US may consider the following factors or other factors deemed relevant, given such weight as deemed appropriate:

•

approval of the proposal helps improve the company’s practices;

•

approval of the proposal can improve shareholder value;

•

the company’s current stance on the topic is likely to have negative effects on its business position or reputation in the short, medium, or long term;

•

the company has already put appropriate action in place to respond to the issue contained in the proposal;

•

the company’s reasoning against approving the proposal responds appropriately to the various points mentioned by the shareholder when the proposal was presented;

•

the solutions recommended in the proposal are relevant and appropriate, and if the topic of the proposal would not be better addressed through another means.

In the event of failures in risk management relating to environmental and social issues, Amundi US may vote against the election of directors responsible for overseeing those areas. Issues of special concern to Amundi US include corporate commitments to mitigating climate effects; achieving a diverse board of directors and employee base; And maintaining sound and safe working conditions, equitable compensation practices, and opportunities for career advancement. Amundi US will vote against proposals calling for substantial changes in the company’s business or activities. We will also normally vote against proposals with regard to contributions, believing that management should control the routine disbursement of funds. In each case, fundamental consideration governing votes cast on behalf of any of the Pioneer Funds in these areas is Amundi US’ assessment of the potential impact on shareholder value.

Conflicts of Interest

Amundi US recognizes that in certain circumstances a conflict of interest may arise when Amundi US votes a proxy.

A conflict of interest occurs when Amundi US’ interests interfere, or appear to interfere, with the interests of Amundi US’ clients.

A conflict may be actual or perceived and may exist, for example, when the matter to be voted on concerns:

•

An affiliate of Amundi US, such as another company belonging to the Credit Agricole banking group ( “Credit Agricole Affiliate”);

•

An issuer of a security for which Amundi US acts as a sponsor, advisor, manager, custodian, distributor, underwriter, broker, or other similar capacity (including those securities specifically declared by its parent Amundi to present a conflict of interest for Amundi US);

•

An issuer of a security for which Amundi has informed Amundi US that a Credit Agricole Affiliate acts as a sponsor, advisor, manager, custodian, distributor, underwriter, broker, or other similar capacity; or

•

A person with whom Amundi US (or any of its affiliates) has an existing, material contract or business relationship.

Any member of the Proxy Voting Oversight Group and any other associate involved in the proxy voting process with knowledge of any apparent or actual conflict of interest must disclose such conflict to the Proxy Coordinator and the Chief Compliance Officer of Amundi US and the Funds. If any associate is lobbied or pressured with respect to any voting decision, whether within or outside of Amundi US, he or she should contact a member of the Proxy Voting Oversight Group or Amundi US’ Chief Compliance Officer.

The Proxy Voting Oversight Group will review each item referred to Amundi US by the proxy voting service to determine whether an actual or potential conflict of interest exists in connection with the proposal(s) to be voted upon. The review will be conducted by comparing the apparent parties affected by the proxy proposal being voted upon against the Controller’s and Compliance Department’s internal list of interested persons and, for any matches found, evaluating the anticipated magnitude and possible probability of any conflict of interest being present. The Proxy Voting Oversight Group may cause any of the following actions to be taken when a conflict of interest is present:

•

Vote the proxy in accordance with the vote indicated under “Voting Guidelines,” if a vote is indicated, or

•

Direct the independent proxy voting service to vote the proxy in accordance with its independent assessment or that of another independent adviser appointed by Amundi US or the applicable client for this purpose.

If the Proxy Voting Oversight Group perceives a material conflict of interest, the Group may also choose to disclose the conflict to the affected clients and solicit their consent to proceed with the vote or their direction (including through a client’s fiduciary or other adviser), or may take such other action in good faith (in consultation with counsel) that would protect the interests of clients.

For each referral item, the determination regarding the presence or absence of any actual or potential conflict of interest will be documented in a Conflicts of Interest Report prepared by the Proxy Coordinator.

The Proxy Voting Oversight Group will review periodically the independence of the proxy voting service. This may include a review of the service’s conflict management procedures and other documentation and an evaluation as to whether the service continues to have the competency and capacity to vote proxies.

Decisions Not to Vote Proxies

Although it is Amundi US’ general policy to vote all proxies in accordance with the principles set forth in this policy, there may be situations in which the Proxy Voting Oversight Group does not vote a proxy referred to it. For example, because of the potential conflict of interest inherent in voting shares of a Credit Agricole Affiliate, Amundi US will abstain from voting the shares unless otherwise directed by a client. In such a case, the Proxy Coordinator will inform Amundi Compliance before exercising voting rights.

There exist other situations in which the Proxy Voting Oversight Group may refrain from voting a proxy. For example, if the cost of voting a foreign security outweighs the benefit of voting, the Group may not vote the proxy. The Group may not be given enough time to process a vote, perhaps because its receives a meeting notice too late or it cannot obtain a translation of the agenda in the time available. If Amundi US has outstanding “sell” orders, the proxies for shares subject to the order may not be voted to facilitate the sale. Although Amundi US may hold shares on a company’s record date, if the shares are sold prior to the meeting date the Group may decide not to vote those shares.

Recordkeeping

The Proxy Coordinator shall ensure that Amundi US’ proxy voting service:

•

Retains a copy of each proxy statement received (unless the proxy statement is available from the SEC’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system);

•

Retains a record of the vote cast;

•

Prepares Form N-PX for filing on behalf of each client that is a registered investment company; and

•

Is able to promptly provide Amundi US with a copy of the voting record upon its request.

The Proxy Coordinator shall ensure that for those votes that may require additional documentation (i.e. conflicts of interest, exception votes and case-by-case votes) the following records are maintained:

•

A record memorializing the basis for each referral vote cast;

•

A copy of any document created by Amundi US that was material in making the decision on how to vote the subject proxy;

•

A copy of any recommendation or analysis furnished by the proxy voting service; and

•

A copy of any conflict notice, conflict consent or any other written communication (including emails or other electronic communications) to or from the client (or in the case of an employee benefit plan, the plan’s trustee or other fiduciaries) regarding the subject proxy vote cast by, or the vote recommendation of, Amundi US.

Amundi US shall maintain the above records in the client’s file in accordance with applicable regulations. Copies of this policy, and copies of records related to this policy shall be kept in accordance with Amundi US’ Books and Records Policy. This policy and procedure shall be periodically reviewed and updated consistent with the requirements and standards established by Amundi US.

Escalation and Management Reporting

Escalation

It is each associate’s responsibility to contact his or her business unit head, the Proxy Coordinator, a member of the Proxy Voting Oversight Group or Amundi US’ Chief Compliance Officer if he or she becomes aware of any possible noncompliance with this policy.

Management Reporting

Reporting is done to senior leadership on an as needed basis.

Training

Amundi US will conduct periodic training regarding proxy voting and this policy. It is the responsibility of the business line policy owner and the applicable Compliance Department to coordinate and conduct such training.

Review and Approval

Review

This Policy must be reviewed and validated annually (12-months) by the Policy Contact or designee, in conjunction with the Policy Owner and relevant stakeholders.

Approval

Material Updates to this Policy must be approved by the Pioneer Funds’ Board of Trustees and/or US Compliance Committee, as necessary.

Related regulations

•

Rule 30b1-4, Rule 31a1-3, and Rule 38a-1 under the Investment Company Act of 1940

•

Rule 206(4)-6 and Rule 204-2 under the Investment Advisers Act of 1940

•

Form N-1A

•

Form N-PX

Item 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. (Unaudited)

Each Board Member also serves as a Board Member of other Funds in the Pioneer Family of Funds complex. Annual retainer fees and attendance fees are allocated to each Fund based on net assets. Trustees’ fees paid by the Fund are within Item 7. Statement of Operations as Trustees’ fees and expenses.

Item 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESMENT ADVISORY CONTRACT. (Unaudited)

N/A

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. (Unaudited)

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.

Not applicable to open-end management investment companies.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(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.

Not applicable to open-end management investment companies.

ITEM 14. 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).

Not applicable to open-end management investment companies.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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.

ITEM 16. CONTROLS AND PROCEDURES.

(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 17. 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:

N/A

(1) Gross income from securities lending activities;

N/A

(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;

N/A

(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and

N/A

(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.

N/A

(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.

N/A

Item 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

N/A

ITEM 19. EXHIBITS.

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

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) , exactly as set forth below:

Filed herewith.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(3) Not applicable.

(4) Registrant’s Independent Public Accountant, attached as Exhibit 99.ACCT.

SIGNATURES

[See General Instruction F]

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.

(Registrant) Pioneer Series Trust III

By (Signature and Title)* /s/ Lisa M. Jones

Lisa M. Jones, Principal Executive Officer

Date November 7, 2024

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.

By (Signature and Title)* /s/ Lisa M. Jones

Lisa M. Jones, Principal Executive Officer

Date November 7, 2024

By (Signature and Title)* /s/ Anthony J. Koenig, Jr.

Anthony J. Koenig, Jr., Principal Financial Officer

Date November 7, 2024

*	Print the name and title of each signing officer under his or her signature.

Pioneer Series Trust III N-CSRCertified annual shareholder report (management investment company)