Pioneer Series Trust Xi 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- 01835

Pioneer Series Trust XI

(Exact name of registrant as specified in charter)

60 State Street, Boston, MA 02109

(Address of principal executive offices) (ZIP code)

Terrence J. Cullen, Amundi Pioneer Asset Management, Inc.,

60 State Street, Boston, MA 02109

(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2020

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

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

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

Pioneer Core
Equity Fund

Annual Report | December 31, 2020

A: PIOTX

C: PCOTX

K: PCEKX

R: CERPX

Y: PVFYX

Paper copies of the Fund’s shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.

visit us: www.amundi.com/us


Table of Contents

President’s Letter	2

Portfolio Management Discussion	4

Portfolio Summary	10

Prices and Distributions	11

Performance Update	12

Comparing Ongoing Fund Expenses	17

Schedule of Investments	19

Financial Statements	24

Notes to Financial Statements	33

Report of Independent Registered Public Accounting Firm	43

Additional Information	45

Approval of Investment Management Agreement	46

Trustees, Officers and Service Providers	51

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President’s Letter

Dear Shareholders,

With a very turbulent 2020 calendar year finally behind us, the U.S. and global economies still face numerous challenges as the new calendar year dawns. The COVID-19 pandemic has continued to spread, with high numbers of new cases reported in many U.S. states and in other countries. In response, some governments have retightened restrictions on both business and personal activities. However, as 2021 arrived, deployment of the first approved COVID-19 vaccines had already begun, and expectations are for widespread vaccine distribution by the middle of the year.

While there may finally be a light visible at the end of the pandemic tunnel, the long-term impact on the global economy from COVID-19, while currently unknown, is likely to be considerable. It is clear that several industries have already felt greater effects than others, and the markets, which do not thrive on uncertainty, have been volatile, delivering significantly negative performance in the first quarter of 2020, and then recovering most of those losses throughout the following quarters. In fact, the U.S. stock market, as measured by the Standard & Poor’s 500 Index, returned more than 18% for the full 2020 calendar year, an impressive performance given all of the obstacles market participants faced during those 12 months.

However, despite the market rebound since its March 2020 low point, volatility has remained elevated, with momentum rising and falling on seemingly every bit of positive or negative news about the virus, from vaccines to spikes in the number of cases as well as rising hospitalization rates in some areas. In addition, the recent U.S. Presidential and Congressional elections have resulted in a power shift in Washington, D.C., and that most likely portends some changes in fiscal policy. That, too, could lead to increased market volatility as investors analyze the various tax and spending plans, and wait to see what proposed policy alterations actually become law.

With the advent of COVID-19 last winter, we implemented our business continuity plan according to the new COVID-19 guidelines, and most of our employees have been working remotely since March. To date, our operating environment has faced no interruption. I am proud of the careful planning that has taken place and confident we can maintain this environment for as long as is prudent. History in the making for a company that first opened its doors way back in 1928.

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Since 1928, Amundi US’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the risks during periods of market volatility. As 2020 has reminded us, investment risk can arise from a number of factors in today’s global economy, including slower or stagnating growth, changing U.S. Federal Reserve policy, oil price shocks, political and geopolitical factors and, unfortunately, major public health concerns such as a viral pandemic.

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

Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress.

As you consider your long-term investment goals, we encourage you to work with your financial professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.

We remain confident that the current crisis, like others in human history, will pass, and we greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.

Sincerely,

Lisa M. Jones
Head of the Americas, President and CEO of US.
Amundi Asset Management US, Inc.
February 2021

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

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Portfolio Management Discussion | 12/31/20

In the following interview, Craig D. Sterling discusses the market environment and the factors that influenced the performance of Pioneer Core Equity Fund during the 12-month period ended December 31, 2020. Mr. Sterling, Managing Director, Director of Core Equity and Head of Equity Research, US, and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), is responsible for the day-to-day management of the Fund’s investment portfolio, along with Ashesh “Ace” Savla, Team Leader of US Equity Quantitative Research, a vice president, and a portfolio manager at Amundi US.

Q How did the Fund perform during the 12-month period ended December 31, 2020?

A Pioneer Core Equity Fund’s Class A shares returned 20.83% at net asset value during the 12-month period ended December 31, 2020, while the Fund’s benchmark, the Standard & Poor’s 500 Index (the S&P 500), returned 18.40%. During the same period, the average return of the 1,363 mutual funds in Morningstar’s Large Blend Funds category was 15.83%.

Q How would you describe the investment backdrop in the equity markets during the 12-month period ended December 31, 2020?

A The Fund’s benchmark, the S&P 500, posted a strong gain in 2020 and closed at an all-time high on the final trading day of the calendar year. On the face of it, this seemed like a highly improbable outcome, in our view, given the huge market sell-off in February and March, driven by the emergence of the COVID-19 pandemic and the related lockdown measures aimed at slowing the spread of the virus.

There were a number of catalysts for the market’s impressive recovery between the end of March and the end of December. First, governments and central banks, including the US Federal Reserve (Fed), provided unprecedented fiscal and monetary stimulus to support the economy and keep interest rates low. Those aggressive actions led to a sharp decline in US unemployment from its first-quarter peak, and a larger-than-expected rebound in consumer spending. Perhaps more importantly, consumers began adjusting their purchase patterns to adapt to the stay-at-home environment driven by the lockdowns through increased expenditures on

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online gaming, video usage, and internet retailing. In combination, those trends contributed to outsized 12-month returns for the five largest stocks in the S&P 500. The strength of those consumer-technology giants led to a decoupling of the stock market from the larger economy, and fueled substantial outperformance of the growth segment versus the value segment within the equity market.

Q What were the most important factors behind the Fund’s benchmark-relative performance during the 12-month period ended December 31, 2020?

A The Fund outperformed the S&P 500 through potentially challenging conditions during the 12-month period, as our emphasis on investing in stocks of what we view as higher-quality companies with sustainable business models and reasonable valuations worked out well, in both up and down market conditions. In addition, our valuation discipline enabled the Fund to capitalize on the dramatic market rotation from growth stocks into value once investors’ appetite for risk increased late in the calendar year.

Consistent with our bottom-up approach, stock selection was the primary driver of the Fund’s benchmark-relative outperformance during the 12-month period, with the best results coming from the consumer discretionary sector, thanks in large part to a position in Amazon.com. Amazon’s shares were up significantly for the full 2020 calendar year. The ongoing pandemic and associated government directives for citizens to reduce social contact has created sustained demand in e-commerce sales, where Amazon has been a leader. Over the year, Amazon won market share by successfully navigating through the strains on its inventory procurement and shipping times to provide Amazon Prime members with consistent and superior customer service. Over the long term, we have continued to view Amazon as a core Fund holding, given the company’s leading positions in retail, cloud computing, and related businesses.

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Other top positive contributors to the Fund’s relative performance during the 12-month period were positions in Digital Realty Trust and Walt Disney. We initiated the Fund’s position in Walt Disney during the summer of 2020, when the stock was underperforming due to weakness in the company’s theme parks division. Our view was that the longer-term outlook for Walt Disney’s streaming businesses could outweigh the (possibly temporary) lull in park attendance. The stock subsequently rallied as investors afforded it a higher valuation based on accelerating growth in the company’s streaming segment as well as optimism surrounding the broad range of new content Disney has planned to add to the platform in the coming years. Digital Realty Trust has a portfolio of properties focused on the needs of technology-driven clients, such as online retailers and operators of “cloud based” data centers. The nature of the company’s business has allowed it to benefit from a pandemic-induced surge in data-storage leasing demand, which has been fueled by the transition to a work-from-home environment for many individuals, and the increase in online commerce brought about by virus-related shopping restrictions at traditional retailers.

On the negative side, a portfolio underweight to Apple versus the S&P 500 was the top individual detractor from the Fund’s benchmark-relative returns during the 12-month period. Apple was one of the mega-cap technology stocks that benefited from the stay-at-home environment created by COVID-19. The shares outperformed the S&P 500 over the 12-month period, and so the Fund’s underweight was a drag on relative results. However, we do not believe the company’s current growth can persist and, we feel that in the future, Apple could experience a period of slower or negative operating income growth. We also have contended that Apple’s valuation has become excessive relative to its long-term growth prospects and to other potential investment alternatives for the Fund. Therefore, we have continued to maintain a portfolio underweight to the stock.

An overweight in Bank of America was an additional detractor from the Fund’s relative returns during the 12-month period. The stock came under pressure due to credit concerns in the wake of the COVID-19 pandemic, as well as from the narrowing gap between the interest rates at which the company borrows and lends money. While most of the market’s worries

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about Bank of America’s potential credit issues faded as 2020 progressed, the interest-rate backdrop has continued to represent a headwind. We have, however, maintained the Fund’s overweight position, based on our belief that Bank of America remains well positioned versus its peers, given its size and scale. Finally, shares of oil-and-gas producer EOG Resources declined during the 12-month period and had a negative effect on the Fund’s benchmark-relative performance. EOG’s struggles were largely the result of oil-price weakness over the first nine months of the calendar year. The company has focused on shale production, which can struggle when oil prices are low.

Q Did the Fund have any exposure to derivative securities during the 12-month period ended December 31, 2020?

A No, the Fund had no exposure to derivatives during the 12-month period.

Q How would you characterize the Fund’s current positioning and your broader view on the markets as of December 31, 2020?

A We have centered our security selection process on areas where we believe we have identified the most attractive relative values within the Fund’s investment universe. In that vein, we have continued to rely on the combination of our experienced analyst team and a proprietary corporate performance and valuation framework grounded in business-model economics, or economic value added (“EVA”). Along with a meaningful risk overlay, we believe those two elements of our investment process may be critical to the success of the Fund, especially in light of the secular and cyclical shifts taking place in nearly every industry, as well as ever-evolving political and economic conditions.

We believe our investment process has identified relative value in both reasonably priced growth companies and high-quality value stocks. In particular, there are, in our view, high-quality consumer cyclical companies that have felt the negative effects of the COVID-19 situation, but that could bounce back from those (hopefully) temporary setbacks once the economy returns to near-normal conditions as the pandemic becomes less of a threat. We have viewed the current market environment as an opportunity for us to add shares of some of those impressive consumer franchises to the portfolio, at very compelling valuations. Walt Disney, which we discussed earlier, is one such example.

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Industrials is a sector where we believe we have identified high-quality value, as we have sought to find companies with strong and generally improving business models, secular growth prospects, and with shares trading at attractive valuations during this time of uncertain, though slowly recovering economic conditions. Moreover, we have preferred stocks of companies in the industrials sector to those in other non-consumer cyclical sectors, such as financials and energy, as we believe industrials firms have the potential to generate strong economic returns throughout the business cycle.

Conversely, we think the valuations for many high-momentum stocks had reached excessive levels at the close of 2020. We therefore have minimized the Fund’s exposure to that area of the market, highlighted by meaningful benchmark-relative underweights to certain tech giants, and in many other high-growth, fast-moving stocks in the market.

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Please refer to the Schedule of Investments on pages 19–23 for a full listing of Fund securities.

All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. These conditions may continue, recur, worsen or spread.

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

These risks may increase share price volatility.

Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your financial professional or Amundi Asset Management US, Inc., for a prospectus or summary prospectus containing this information. Read it carefully.

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

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Portfolio Summary | 12/31/20

Sector Distribution

(As a percentage of total investments)*

10 Largest Holdings
(As a percentage of total investments)*

1.	Alphabet, Inc.	5.58%
2.	Microsoft Corp.	3.40
3.	PepsiCo., Inc.	3.11
4.	Walt Disney Co.	2.90
5.	QUALCOMM, Inc.	2.67
6.	Adobe, Inc.	2.66
7.	Honeywell International, Inc.	2.40
8.	Amphenol Corp.	2.29
9.	Visa, Inc.	2.26
10.	Starbucks Corp.	2.23

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

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Prices and Distributions | 12/31/20

Net Asset Value per Share

Class	12/31/20	12/31/19
A	$22.55	$20.30
C	$19.15	$17.51
K	$22.54	$20.28
R	$22.37	$20.20
Y	$22.90	$20.59

Distributions per Share: 1/1/20–12/31/20

	Net Investment	Short-Term	Long-Term
Class	Income	Capital Gains	Capital Gains
A	$0.1470	$ —	$1.7843
C	$ —	$ —	$1.7843
K	$0.2140	$ —	$1.7843
R	$0.1321	$ —	$1.7843
Y	$0.1914	$ —	$1.7843

Index Definition

The Standard & Poor’s 500 Index is an unmanaged, commonly used measure of the broad U.S. stock market. Index returns are calculated monthly, assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index.

The index defined here pertains to the “Value of $10,000 Investment” and “Value of $5 Million Investment” charts on pages 12–16.

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Performance Update | 12/31/20

Class A Shares

Investment Returns

The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Core Equity Fund at public offering price during the periods shown, compared to that of the Standard & Poor’s 500 Index.


Average Annual Total Returns
(As of December 31, 2020)
	Net	Public
	Asset	Offering	S&P
	Value	Price	500
Period	(NAV)	(POP)	Index
10 years	12.44%	11.78%	13.88%
5 years	14.41	13.07	15.22
1 year	20.83	13.88	18.40

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

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

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

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

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

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

The Fund acquired the assets and liabilities of Pioneer Research Fund (“the predecessor fund”) on June 7, 2013. As a result of the reorganization, the predecessor fund’s performance and financial history became the performance and financial history of the Fund. The performance of Class A shares of the Fund is the performance of Class A shares of the predecessor fund for periods prior to the reorganization, and has not been restated to reflect any differences in expenses.

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

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Performance Update \| 12/31/20	Class C Shares

Investment Returns

The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Core Equity Fund for the periods shown, compared to that of the Standard & Poor’s 500 Index.

Average Annual Total Returns
(As of December 31, 2020)
			S&P
	If	If	500
Period	Held	Redeemed	Index
10 years	11.49%	11.49%	13.88%
5 years	13.50	13.50	15.22
1 year	19.80	19.80	18.40

Expense Ratio
(Per prospectus dated May 1, 2020)
Gross
1.69%

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

Class C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). If you paid a 1% sales charge, your returns would be lower than those shown above. “If Held” results represent the percent change in net asset value per share. NAV returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.

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

The Fund acquired the assets and liabilities of Pioneer Research Fund (“the predecessor fund”) on June 7, 2013. As a result of the reorganization, the predecessor fund’s performance and financial history became the performance and financial history of the Fund. The performance of Class C shares of the Fund is the performance of Class C shares of the predecessor fund for periods prior to the reorganization, and has not been restated to reflect any differences in expenses.

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

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Performance Update | 12/31/20

Class K Shares

Investment Returns

The mountain chart on the right shows the change in value of a $5 million investment made in Class K shares of Pioneer Core Equity Fund during the periods shown, compared to that of the Standard & Poor’s 500 Index.

Average Annual Total Returns
(As of December 31, 2020)
	Net
	Asset	S&P
	Value	500
Period	(NAV)	Index
10 years	12.55%	13.88%
5 years	14.62	15.22
1 year	21.23	18.40

Expense Ratio
(Per prospectus dated May 1, 2020)
Gross
0.56%

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

The performance shown for Class K shares for the period prior to the commencement of operations of Class K shares on May 4, 2018, is the net asset value performance of the Fund’s Class A shares, which has not been restated to reflect any differences in expenses, including Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares generally are higher than those of Class K shares, the performance of Class K shares prior to their inception would have been higher than the performance shown. For the period beginning May 4, 2018, the actual performance of Class K shares is reflected. Class K shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.

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

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

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Performance Update | 12/31/20

Class R Shares

Investment Returns

The mountain chart on the right shows the change in value of a $10,000 investment made in Class R shares of Pioneer Core Equity Fund for the periods shown, compared to that of the Standard & Poor’s 500 Index.

Average Annual Total Returns
(As of December 31, 2020)
	Net
	Asset	S&P
	Value	500
Period	(NAV)	Index
10 years	12.36%	13.88%
5 years	14.24	15.22
1 year	20.45	18.40

Expense Ratio
(Per prospectus dated May 1, 2020)
Gross
1.25%

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

The performance shown for Class R shares for the period prior to the commencement of operations of Class R shares on June 29, 2018, is the net asset value performance of the Fund’s Class A shares, reduced to reflect the higher distribution and service fees of Class R shares. For the period beginning June 29, 2018, the actual performance of Class R shares is reflected. Class R shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ.

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

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

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Performance Update \| 12/31/20	Class Y Shares

Investment Returns

The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Core Equity Fund during the periods shown, compared to that of the Standard & Poor’s 500 Index.


Average Annual Total Returns
(As of December 31, 2020)
	Net
	Asset	S&P
	Value	500
Period	(NAV)	Index
10 years	12.74%	13.88%
5 years	14.70	15.22
1 year	21.04	18.40

Expense Ratio
(Per prospectus dated May 1, 2020)
Gross
0.66%

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

The Fund acquired the assets and liabilities of Pioneer Research Fund (“the predecessor fund”) on June 7, 2013. As a result of the reorganization, the predecessor fund’s performance and financial history became the performance and financial history of the Fund. The performance of Class Y shares of the Fund is the performance of Class Y shares of the predecessor fund for periods prior to the reorganization, and has not been restated to reflect any differences in expenses.

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

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

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

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Comparing Ongoing Fund Expenses

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

(1)	ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and

(2)	transaction costs, including sales charges (loads) on purchase payments.

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

Using the Tables

Actual Expenses

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

(1)	Divide your account value by $1,000
	Example: an $8,600 account value ÷ $1,000 = 8.6

(2)	Multiply the result in (1) above by the corresponding share class’s number in the third row under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Expenses Paid on a $1,000 Investment in Pioneer Core Equity Fund

Based on actual returns from July 1, 2020 through December 31, 2020.

Share Class	A	C	K	R	Y
Beginning Account	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Value on 7/1/20
Ending Account	$1,238.77	$1,233.91	$1,241.09	$1,236.91	$1,239.91
Value on 12/31/20
Expenses Paid	$5.06	$9.55	$3.15	$6.97	$3.77
During Period*

*	Expenses are equal to the Fund’s annualized expense ratio of 0.90%, 1.70%, 0.56%, 1.24%, and 0.67%, for Class A, Class C, Class K, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

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Hypothetical Example for Comparison Purposes

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

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

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

Expenses Paid on a $1,000 Investment in Pioneer Core Equity Fund

Based on a hypothetical 5% per year return before expenses, reflecting the period from July 1, 2020 through December 31, 2020.

Share Class	A	C	K	R	Y
Beginning Account	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Value on 7/1/20
Ending Account	$1,020.61	$1,016.64	$1,022.32	$1,018.90	$1,021.77
Value on 12/31/20
Expenses Paid	$4.57	$8.62	$2.85	$6.29	$3.40
During Period*

*	Expenses are equal to the Fund’s annualized expense ratio of 0.90%, 1.70%, 0.56%, 1.24%, and 0.67%, for Class A, Class C, Class K, Class R, and Class Y, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

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

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Schedule of Investments | 12/31/20


Shares		Value
	UNAFFILIATED ISSUERS — 98.1%
	COMMON STOCKS — 98.1% of Net Assets
	Aerospace & Defense — 0.5%
245,470	Spirit AeroSystems Holdings, Inc.	$ 9,595,422
	Total Aerospace & Defense	$ 9,595,422
	Auto Components — 1.3%
187,105	Aptiv Plc	$ 24,377,910
	Total Auto Components	$ 24,377,910
	Banks — 2.4%
1,162,068	Bank of America Corp.	$ 35,222,281
71,085	Signature Bank/New York NY	9,617,090
	Total Banks	$ 44,839,371
	Beverages — 4.2%
96,614	Constellation Brands, Inc.	$ 21,163,297
391,355	PepsiCo., Inc.	58,037,946
	Total Beverages	$ 79,201,243
	Capital Markets — 3.2%
309,944	Charles Schwab Corp.	$ 16,439,430
171,719	CME Group, Inc.	31,261,444
41,826	S&P Global, Inc.	13,749,461
	Total Capital Markets	$ 61,450,335
	Chemicals — 1.4%
224,622	FMC Corp.	$ 25,815,806
	Total Chemicals	$ 25,815,806
	Communications Equipment — 1.4%
159,642	Motorola Solutions, Inc.	$ 27,148,719
	Total Communications Equipment	$ 27,148,719
	Consumer Discretionary — 3.2%
41,269(a)	O’Reilly Automotive, Inc.	$ 18,677,111
389,179	Starbucks Corp.	41,634,370
	Total Consumer Discretionary	$ 60,311,481
	Containers & Packaging — 1.1%
212,162(a)	Crown Holdings, Inc.	$ 21,258,632
	Total Containers & Packaging	$ 21,258,632
	Diversified Telecommunication Services — 1.9%
613,579	CenturyLink, Inc.	$ 5,982,396
503,051	Verizon Communications, Inc.	29,554,246
	Total Diversified Telecommunication Services	$ 35,536,642

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

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Schedule of Investments | 12/31/20 (continued)

Shares		Value
	Electric Utilities — 4.3%
302,808	American Electric Power Co., Inc.	$ 25,214,822
431,458	NextEra Energy, Inc.	33,286,985
798,857	PPL Corp.	22,527,767
	Total Electric Utilities	$ 81,029,574
	Electrical Equipment — 2.8%
253,757	Eaton Corp. Plc	$ 30,486,366
94,045	Rockwell Automation, Inc.	23,587,426
	Total Electrical Equipment	$ 54,073,792
	Electronic Equipment, Instruments &
	Components — 3.7%
326,764	Amphenol Corp.	$ 42,730,928
213,440	CDW Corp.	28,129,258
	Total Electronic Equipment, Instruments &
	Components	$ 70,860,186
	Entertainment — 2.8%
298,898(a)	Walt Disney Co.	$ 54,154,340
	Total Entertainment	$ 54,154,340
	Equity Real Estate Investment Trusts (REITs) — 2.1%
130,779	Crown Castle International Corp.	$ 20,818,709
78,770	Essex Property Trust, Inc.	18,701,573
	Total Equity Real Estate Investment Trusts (REITs)	$ 39,520,282
	Health Care — 3.4%
569,225(a)	Centene Corp.	$ 34,170,577
822,790	Pfizer, Inc.	30,286,900
	Total Health Care	$ 64,457,477
	Health Care Equipment & Supplies — 4.0%
41,942(a)	ABIOMED, Inc.	$ 13,597,596
207,524(a)	Hologic, Inc.	15,113,973
178,372	Medtronic Plc	20,894,496
167,516	Zimmer Biomet Holdings, Inc.	25,812,541
	Total Health Care Equipment & Supplies	$ 75,418,606
	Health Care Providers & Services — 1.3%
74,531	Anthem, Inc.	$ 23,931,159
	Total Health Care Providers & Services	$ 23,931,159
	Household Products — 1.9%
254,410	Procter & Gamble Co.	$ 35,398,607
	Total Household Products	$ 35,398,607
	Industrial Conglomerates — 2.3%
210,356	Honeywell International, Inc.	$ 44,742,721
	Total Industrial Conglomerates	$ 44,742,721

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

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Shares		Value
	Insurance — 2.9%
154,063	Chubb, Ltd.	$ 23,713,377
327,445	Progressive Corp.	32,377,762
	Total Insurance	$ 56,091,139
	Interactive Media & Services — 5.5%
59,455(a)	Alphabet, Inc.	$ 104,203,211
	Total Interactive Media & Services	$ 104,203,211
	Internet & Direct Marketing Retail — 2.5%
8,537(a)	Amazon.com, Inc.	$ 27,804,411
9,115(a)	Booking Holdings, Inc.	20,301,566
	Total Internet & Direct Marketing Retail	$ 48,105,977
	IT Services — 5.4%
116,137	Accenture Plc	$ 30,336,146
377,229	Cognizant Technology Solutions Corp.	30,913,917
193,306	Visa, Inc.	42,281,821
	Total IT Services	$ 103,531,884
	Machinery — 4.0%
147,566	Caterpillar, Inc.	$ 26,859,963
106,757	Illinois Tool Works, Inc.	21,765,617
159,040	Stanley Black & Decker, Inc.	28,398,183
	Total Machinery	$ 77,023,763
	Media — 0.8%
274,989	Comcast Corp.	$ 14,409,424
	Total Media	$ 14,409,424
	Oil, Gas & Consumable Fuels — 0.6%
223,992	Hess Corp.	$ 11,824,538
	Total Oil, Gas & Consumable Fuels	$ 11,824,538
	Pharmaceuticals — 3.8%
113,624	Eli Lilly & Co.	$ 19,184,276
457,691	Merck & Co., Inc.	37,439,124
237,313	Novo Nordisk AS (A.D.R.)	16,576,313
	Total Pharmaceuticals	$ 73,199,713
	Road & Rail — 1.8%
145,415	Norfolk Southern Corp.	$ 34,552,058
	Total Road & Rail	$ 34,552,058
	Semiconductors & Semiconductor Equipment — 5.1%
51,809	Lam Research Corp.	$ 24,467,837
307,569(a)	Micron Technology, Inc.	23,123,037
327,077	QUALCOMM, Inc.	49,826,910
	Total Semiconductors & Semiconductor Equipment	$ 97,417,784

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

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Schedule of Investments | 12/31/20 (continued)

Shares		Value
	Software — 9.9%
99,370(a)	Adobe, Inc.	$ 49,696,924
68,246(a)	Autodesk, Inc.	20,838,234
34,552(a)	Guidewire Software, Inc.	4,447,879
285,581	Microsoft Corp.	63,518,926
161,262(a)	salesforce.com, Inc.	35,885,633
100,344(a)	Zendesk, Inc.	14,361,233
	Total Software	$ 188,748,829
	Specialty Retail — 2.9%
66,172	Home Depot, Inc.	$ 17,576,607
397,239	TJX Cos., Inc.	27,127,451
36,983(a)	Ulta Beauty, Inc.	10,620,038
	Total Specialty Retail	$ 55,324,096
	Technology Hardware, Storage & Peripherals — 2.6%
270,579	Apple, Inc.	$ 35,903,127
191,682	NetApp, Inc.	12,697,016
	Total Technology Hardware, Storage & Peripherals	$ 48,600,143
	Textiles, Apparel & Luxury Goods — 1.1%
244,912	VF Corp.	$ 20,917,934
	Total Textiles, Apparel & Luxury Goods	$ 20,917,934
	TOTAL COMMON STOCKS
	(Cost $1,353,902,353)	$ 1,867,072,798
	TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 98.1%
	(Cost $1,353,902,353)	$ 1,867,072,798
	OTHER ASSETS AND LIABILITIES — 1.9%	$ 37,011,443
	NET ASSETS — 100.0%	$ 1,904,084,241

REIT	Real Estate Investment Trust.
(A.D.R.)	American Depositary Receipts.
(a)	Non-income producing security.

Purchases and sales of securities (excluding temporary cash investments) for the year ended December 31, 2020 were as follows:

	Purchases	Sales
Long-Term U.S. Government Securities	$ 5,005,331	$ 5,008,528
Other Long-Term Securities	$1,239,960,545	$1,359,582,325

The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Asset Management US, Inc. (the “Adviser”) serves as the Fund’s investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the year ended December 31, 2020, the Fund did not engage in any cross trade activity.

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

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At December 31, 2020, the net unrealized appreciation on investments based on cost for federal tax purposes of $1,355,669,505 was as follows:

Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost	$528,969,741
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value	(17,566,448)
Net unrealized appreciation	$511,403,293

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

Level 1 – unadjusted quoted prices in active markets for identical securities.

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements — Note 1A.

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A.

The following is a summary of the inputs used as of December 31, 2020, in valuing the Fund’s investments:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,867,072,798	$	—	$	—	$	1,867,072,798
Total Investments
in Securities	$	1,867,072,798	$	—	$	—	$	1,867,072,798

During the year ended December 31, 2020, there were no transfers in or out of Level 3.

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

Pioneer Core Equity Fund | Annual Report | 12/31/20 23

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Statement of Assets and Liabilities | 12/31/20

ASSETS:
Investments in unaffiliated issuers, at value (cost $1,353,902,353)	$	1,867,072,798
Cash		47,269,545
Receivables —
Fund shares sold		177,759
Dividends		2,435,553
Other assets		24,601
Total assets	$	1,916,980,256
LIABILITIES:
Payables —
Investment securities purchased	$	11,504,659
Fund shares repurchased		724,570
Trustees’ fees		5,643
Due to affiliates		106,449
Accrued expenses		554,694
Total liabilities	$	12,896,015
NET ASSETS:
Paid-in capital	$	1,373,467,466
Distributable earnings		530,616,775
Net assets	$	1,904,084,241
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $1,829,527,735/81,143,396 shares)	$	22.55
Class C (based on $9,484,142/495,304 shares)	$	19.15
Class K (based on $38,159,763/1,693,120 shares)	$	22.54
Class R (based on $566,948/25,348 shares)	$	22.37
Class Y (based on $26,345,653/1,150,564 shares)	$	22.90
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $22.55 net asset value per share/100%-5.75%
maximum sales charge)	$	23.93

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

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Statement of Operations

FOR THE YEAR ENDED 12/31/20

INVESTMENT INCOME:
Dividends from unaffiliated issuers (net of
foreign taxes withheld $297,837)	$	27,947,191
Interest from unaffiliated issuers		152,353
Total investment income			$	28,099,544
EXPENSES:
Management fees	$	8,344,764
Administrative expense		566,087
Transfer agent fees
Class A		1,081,581
Class C		9,422
Class K		56
Class R		347
Class Y		24,530
Distribution fees
Class A		4,003,191
Class C		100,125
Class R		1,515
Shareowner communications expense		337,669
Custodian fees		26,650
Registration fees		94,384
Professional fees		101,504
Printing expense		57,254
Pricing fees		90
Trustees’ fees		92,326
Miscellaneous		76,499
Total expenses			$	14,917,994
Net investment income			$	13,181,550
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	110,069,296	$	110,069,296
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers	$	207,299,673	$	207,299,673
Net realized and unrealized gain (loss) on investments			$	317,368,969
Net increase in net assets resulting from operations			$	330,550,519

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

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Statements of Changes in Net Assets

	Year			Year
	Ended			Ended
	12/31/20			12/31/19
FROM OPERATIONS:
Net investment income (loss)	$	13,181,550		$	12,909,135
Net realized gain (loss) on investments		110,069,296			119,060,708
Change in net unrealized appreciation (depreciation)
on investments		207,299,673			301,272,613
Net increase in net assets resulting from operations	$	330,550,519		$	433,242,456
DISTRIBUTIONS TO SHAREOWNERS:
Class A ($1.93 and $0.62 per share, respectively)	$	(146,743,774	)	$	(49,515,192	)
Class C ($1.78 and $0.50 per share, respectively)		(933,541	)		(312,029	)
Class K ($1.99 and $0.68 per share, respectively)		(3,213,418	)		(1,262,342	)
Class R ($1.91 and $0.60 per share, respectively)		(38,225	)		(3,107	)
Class Y ($1.97 and $0.67 per share, respectively)		(2,161,533	)		(821,419	)
Total distributions to shareowners	$	(153,090,491	)	$	(51,914,089	)
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares	$	41,852,912		$	32,472,258
Reinvestment of distributions		145,028,125			49,118,209
Cost of shares repurchased		(181,203,986	)		(174,228,583	)
Net increase (decrease) in net assets resulting from
Fund share transactions	$	5,677,051		$	(92,638,116	)
Net increase in net assets	$	183,137,079		$	288,690,251
NET ASSETS:
Beginning of year	$	1,720,947,162		$	1,432,256,911
End of year	$	1,904,084,241		$	1,720,947,162

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

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

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

Pioneer Core Equity Fund | Annual Report | 12/31/20 27

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Financial Highlights

	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16*
Class A
Net asset value, beginning of period	$	20.30		$	15.93		$	20.58		$	18.01		$	16.80
Increase (decrease) from investment operations:															��
Net investment income (loss) (a)	$	0.16		$	0.15		$	0.17		$	0.17		$	0.19
Net realized and unrealized gain (loss) on investments		4.02			4.84			(1.68	)		4.26			1.22
Net increase (decrease) from investment operations	$	4.18		$	4.99		$	(1.51	)	$	4.43		$	1.41
Distributions to shareowners:
Net investment income	$	(0.15	)	$	(0.15	)	$	(0.14	)	$	(0.16	)	$	(0.20	)
Net realized gain		(1.78	)		(0.47	)		(3.00	)		(1.70	)		—
Total distributions	$	(1.93	)	$	(0.62	)	$	(3.14	)	$	(1.86	)	$	(0.20	)
Net increase (decrease) in net asset value	$	2.25		$	4.37		$	(4.65	)	$	2.57		$	1.21
Net asset value, end of period	$	22.55		$	20.30		$	15.93		$	20.58		$	18.01
Total return (b)		20.83	%		31.41	%		(8.70	)%(c)		24.77	%		8.39	%
Ratio of net expenses to average net assets		0.90	%		0.90	%		0.90	%		0.89	%		0.94	%
Ratio of net investment income (loss) to average net assets		0.78	%		0.80	%		0.82	%		0.85	%		1.15	%
Portfolio turnover rate		76	%		93	%		114	%		81	%		80	%
Net assets, end of period (in thousands)	$	1,829,528		$	1,647,120		$	1,363,460		$	1,629,908		$	1,436,208

*	The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP.
(a)	The per-share data presented above is based on the average shares outstanding for the period presented.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account.
(c)	If the Fund had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2018, the total return would have been (8.74)%.

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

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

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	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16*
Class C
Net asset value, beginning of period	$	17.51		$	13.82		$	18.26		$	16.17		$	15.11
Increase (decrease) from investment operations:
Net investment income (loss) (a)	$	(0.00	)†	$	0.00	†	$	0.00	†	$	0.01		$	0.05
Net realized and unrealized gain (loss) on investments		3.42			4.19			(1.44	)		3.80			1.10
Net increase (decrease) from investment operations	$	3.42		$	4.19		$	(1.44	)	$	3.81		$	1.15
Distributions to shareowners:
Net investment income	$	—		$	(0.03	)	$	—		$	(0.02	)	$	(0.09	)
Net realized gain		(1.78	)		(0.47	)		(3.00	)		(1.70	)		—
Total distributions	$	(1.78	)	$	(0.50	)	$	(3.00	)	$	(1.72	)	$	(0.09	)
Net increase (decrease) in net asset value	$	1.64		$	3.69		$	(4.44	)	$	2.09		$	1.06
Net asset value, end of period	$	19.15		$	17.51		$	13.82		$	18.26		$	16.17
Total return (b)		19.80	%		30.42	%(c)		(9.45	)%(d)		23.74	%		7.58	%
Ratio of net expenses to average net assets		1.70	%		1.69	%		1.69	%		1.71	%		1.76	%
Ratio of net investment income (loss) to average net assets		0.00	%†		0.01	%		0.02	%		0.04	%		0.33	%
Portfolio turnover rate		76	%		93	%		114	%		81	%		80	%
Net assets, end of period (in thousands)	$	9,484		$	11,208		$	9,416		$	13,961		$	13,016

*	The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP.
(a)	The per-share data presented above is based on the average shares outstanding for the period presented.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account.
(c)	If the Fund had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2019, the total return would have been 30.35%.
(d)	If the Fund had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2018, the total return would have been (9.50)%.
†	Amount rounds to less than 0.01%.

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

Pioneer Core Equity Fund | Annual Report | 12/31/20 29

Table of Contents

Financial Highlights (continued)

	Year			Year
	Ended			Ended			5/4/18* to
	12/31/20			12/31/19			12/31/18
Class K
Net asset value, beginning of period	$	20.28		$	15.91		$	20.82
Increase (decrease) from investment operations:
Net investment income (loss) (a)	$	0.23		$	0.21		$	0.16
Net realized and unrealized gain (loss)
on investments		4.02			4.84			(1.86	)
Net increase (decrease) from investment operations	$	4.25		$	5.05		$	(1.70	)
Distributions to shareowners:
Net investment income	$	(0.21	)	$	(0.21	)	$	(0.21	)
Net realized gain		(1.78	)		(0.47	)		(3.00	)
Total distributions	$	(1.99	)	$	(0.68	)	$	(3.21	)
Net increase (decrease) in net asset value	$	2.26		$	4.37		$	(4.91	)
Net asset value, end of period	$	22.54		$	20.28		$	15.91
Total return (b)		21.23	%		31.85	%		(8.47	)%(c)(d)
Ratio of net expenses to average net assets		0.56	%		0.56	%		0.57	%(e)
Ratio of net investment income (loss) to
average net assets		1.12	%		1.15	%		1.17	%(e)
Portfolio turnover rate		76	%		93	%		114	%(c)
Net assets, end of period (in thousands)	$	38,160		$	36,206		$	41,733

*	Class K shares commenced operations on May 4, 2018.
(a)	The per-share data presented above is based on the average shares outstanding for the period presented.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(c)	Not annualized.
(d)	If the Fund had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2018, the total return would have been (8.51)%.
(e)	Annualized.

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

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	Year			Year
	Ended			Ended			6/29/18* to
	12/31/20			12/31/19			12/31/18
Class R
Net asset value, beginning of period	$	20.20		$	15.90		$	21.08
Increase (decrease) from investment operations:
Net investment income (loss) (a)	$	0.08		$	0.08		$	0.06
Net realized and unrealized gain (loss)
on investments		4.00			4.82			(2.08	)
Net increase (decrease) from investment operations	$	4.08		$	4.90		$	(2.02	)
Distributions to shareowners:
Net investment income	$	(0.13	)	$	(0.13	)	$	(0.16	)
Net realized gain		(1.78	)		(0.47	)		(3.00	)
Total distributions	$	(1.91	)	$	(0.60	)	$	(3.16	)
Net increase (decrease) in net asset value	$	2.17		$	4.30		$	(5.18	)
Net asset value, end of period	$	22.37		$	20.20		$	15.90
Total return (b)		20.45	%		30.90	%		(8.76	)%(c)(d)
Ratio of net expenses to average net assets		1.24	%		1.25	%		1.06	%(e)
Ratio of net investment income (loss) to
average net assets		0.40	%		0.43	%		0.62	%(e)
Portfolio turnover rate		76	%		93	%		114	%(c)
Net assets, end of period (in thousands)	$	567		$	141		$	45

*	Class R shares commenced operations on June 29, 2018.
(a)	The per-share data presented above is based on the average shares outstanding for the period presented.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(c)	Not annualized.
(d)	If the Fund had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2018, the total return would have been (8.80)%.
(e)	Annualized.

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

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Financial Highlights (continued)

	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16*
Class Y
Net asset value, beginning of period	$	20.59		$	16.14		$	20.80		$	18.18		$	16.95
Increase (decrease) from investment operations:
Net investment income (loss) (a)	$	0.21		$	0.20		$	0.22		$	0.22		$	0.25
Net realized and unrealized gain (loss) on investments		4.07			4.92			(1.71	)		4.32			1.23
Net increase (decrease) from investment operations	$	4.28		$	5.12		$	(1.49	)	$	4.54		$	1.48
Distributions to shareowners:
Net investment income	$	(0.19	)	$	(0.20	)	$	(0.17	)	$	(0.22	)	$	(0.25	)
Net realized gain		(1.78	)		(0.47	)		(3.00	)		(1.70	)		—
Total distributions	$	(1.97	)	$	(0.67	)	$	(3.17	)	$	(1.92	)	$	(0.25	)
Net increase (decrease) in net asset value	$	2.31		$	4.45		$	(4.66	)	$	2.62		$	1.23
Net asset value, end of period	$	22.90		$	20.59		$	16.14		$	20.80		$	18.18
Total return (b)		21.04	%		31.80	%(c)		(8.53	)%(d)		25.10	%		8.73	%
Ratio of net expenses to average net assets		0.67	%		0.66	%		0.64	%		0.63	%		0.63	%
Ratio of net investment income (loss) to average net assets		1.03	%		1.03	%		1.05	%		1.11	%		1.47	%
Portfolio turnover rate		76	%		93	%		114	%		81	%		80	%
Net assets, end of period (in thousands)	$	26,346		$	26,272		$	17,603		$	58,788		$	44,915

*	The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP.
(a)	The per-share data presented above is based on the average shares outstanding for the period presented.
(b)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(c)	If the Fund had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2019, the total return would have been 31.74%.
(d)	If the Fund had not recognized gains in settlement of class action lawsuits during the year ended December 31, 2018, the total return would have been (8.60)%.

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

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Notes to Financial Statements | 12/31/20

1. Organization and Significant Accounting Policies

Pioneer Core Equity Fund (the “Fund”) is a series of Pioneer Series Trust XI (the “Trust”), a Delaware statutory trust. The Fund is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The investment objective of the Fund is to seek long-term capital growth.

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

Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Prior to January 1, 2021, the Adviser was named Amundi Pioneer Asset Management, Inc. Amundi Distributor US, Inc., an affiliate of Amundi Asset Management US, Inc., serves as the Fund’s distributor (the “Distributor”).

In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2018-13 “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”) which modifies disclosure requirements for fair value measurements, principally for Level 3 securities and transfers between levels of the fair value hierarchy. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The Fund has adopted ASU 2018-13 for the year ended December 31, 2020. The

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impact to the Fund’s adoption was limited to changes in the Fund’s disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value investments, when applicable.

In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform.

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

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

A. Security Valuation

The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (“NYSE”) is open, as of the close of regular trading on the NYSE.

Equity securities which may include restricted securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities which may include restricted securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and

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asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities which may include restricted securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods.

Repurchase agreements are valued at par. Cash may include overnight time deposits at approved financial institutions.

Securities for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser pursuant to procedures adopted by the Fund’s Board of Trustees. The Adviser’s fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees.

Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund’s net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund’s securities may differ significantly from exchange prices, and such differences could be material.

At December 31, 2020, no securities were valued using fair value methods (other than securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance industry pricing model).

B. Investment Income and Transactions

Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence.

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Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities.

Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively.

Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes.

C. Federal Income Taxes

It is the Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of December 31, 2020, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities.

The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences.

The tax character of distributions paid during the years ended December 31, 2020 and December 31, 2019, were as follows:

	2020		2019
Distributions paid from:
Ordinary income	$	12,456,697	$	12,723,309
Long-term capital gain		140,633,794		39,190,780
Total	$	153,090,491	$	51,914,089

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The following shows the components of distributable earnings (losses) on a federal income tax basis at December 31, 2020:


	2020
Distributable earnings:
Undistributed ordinary income	$	2,324,569
Undistributed long-term capital gain		16,888,913
Net unrealized appreciation		511,403,293
Total	$	530,616,775

The difference between book basis and tax basis unrealized appreciation is attributable to the tax deferral of losses on wash sales, and tax basis adjustments on Real Estate Investment Trust (REIT) holdings.

D. Fund Shares

The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $36,032 in underwriting commissions on the sale of Class A shares during the year ended December 31, 2020.

E. Class Allocations

Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day.

Distribution fees are calculated based on the average daily net asset value attributable to Class A, Class C and Class R shares of the Fund, respectively (see Note 5). Class K and Class Y shares do not pay distribution fees. All expenses and fees paid to the Fund’s transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4).

Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, Class K, Class R and Class Y shares can reflect different transfer agent and distribution expense rates.

F. Risks

The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation,

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changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the Fund.

At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. The Fund’s investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions and the imposition of adverse governmental laws or currency exchange restrictions.

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

With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund’s Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as Brown Brothers Harriman & Co., the Fund’s custodian and accounting agent, and DST Asset Manager Solutions, Inc., the Fund’s transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor Amundi US exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at Amundi US or the Fund’s service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner

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information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.

COVID-19

The respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.

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

G. Repurchase Agreements

Repurchase agreements are arrangements under which the Fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the Fund at a later date, and at a specific price, which is typically higher than the purchase price paid by the Fund. The securities purchased serve as the Fund’s collateral for the obligation of the counterparty to repurchase the securities. The value of the collateral, including accrued interest, is required to be equal to or in excess of the repurchase price. The collateral for all

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repurchase agreements is held in safekeeping in the customer-only account of the Fund’s custodian or a sub-custodian of the Fund. The Adviser is responsible for determining that the value of the collateral remains at least equal to the repurchase price. In the event of a default by the counterparty, the Fund is entitled to sell the securities, but the Fund may not be able to sell them for the price at which they were purchased, thus causing a loss to the Fund. Additionally, if the counterparty becomes insolvent, there is some risk that the Fund will not have a right to the securities, or the immediate right to sell the securities.

As of and for the year ended December 31, 2020, the Fund had no open repurchase agreements.

2. Management Agreement

The Adviser manages the Fund’s portfolio. Management fees are calculated daily and paid monthly at the annual rate of 0.50% of the Fund’s average daily net assets up to $5 billion and 0.45% of the Fund’s average daily net assets over $5 billion. For the year ended December 31, 2020, the effective management fee was equivalent to 0.50% of the Fund’s average daily net assets.

In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Fund as administrative reimbursements. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $68,525 in management fees, administrative costs and certain other reimbursements payable to the Adviser at December 31, 2020.

3. Compensation of Trustees and Officers

The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the year ended December 31, 2020, the Fund paid $92,326 in Trustees’ compensation, which is reflected on Statement of Operations as Trustees’ fees. At December 31, 2020, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $5,643.

4. Transfer Agent

DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund’s omnibus relationship contracts.

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In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the year ended December 31, 2020, such out-of-pocket expenses by class of shares were as follows:

Shareowner Communications:
Class A	$	331,708
Class C		4,108
Class K		126
Class R		183
Class Y		1,544
Total	$	337,669

5. Distribution and Service Plans

The Fund has adopted a distribution plan (the “Plan”) pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A, Class C and Class R shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays the Distributor 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Pursuant to the Plan, the Fund also pays the Distributor 0.50% of the average daily net assets attributable to Class R shares for distribution services. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $37,924 in distribution fees payable to the Distributor at December 31, 2020.

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

In addition, redemptions of Class A, Class C and Class R shares may be subject to a contingent deferred sales charge (“CDSC”). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 12 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost or market value of shares being redeemed. Shares purchased

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as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There are no CDSCs for Class K, Class R and Class Y shares. Proceeds from the CDSCs are paid to the Distributor. For the year ended December 31, 2020, CDSCs in the amount of $1,274 were paid to the Distributor.

6. Line of Credit Facility

The Fund, along with certain other funds in the Pioneer Family of Funds (the “Funds”), participates in a committed, unsecured revolving line of credit (“credit facility”). Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the credit facility or the limits set for borrowing by the Fund’s prospectus and the 1940 Act. Effective March 11, 2020, the Fund participates in a facility in the amount of $300 million. Prior to March 11, 2020, the Fund participated in a facility in the amount of $250 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (“LIBOR”) plus a credit spread. The Fund also pays an annual commitment fee to participate in the credit facility. The commitment fee in the amount of 0.30% of the daily unused portion of each credit facility is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the year ended December 31, 2020, the Fund had no borrowings under the credit facility.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Pioneer Series Trust XI and the Shareholders of Pioneer Core Equity Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Pioneer Core Equity Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust XI (the “Trust”)), including the schedule of investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the “financial statements”). The financial highlights for the period ended December 31, 2016 were audited by another independent registered public accounting firm whose report, dated February 22, 2017, expressed an unqualified opinion on those financial highlights. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Pioneer Series Trust XI) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the four years in the period then ended in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial

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reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

Boston, Massachusetts
February 25, 2021

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Additional Information (unaudited)

For the year ended December 31, 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%. The Fund intends to designate up to the maximum amount of such dividends allowable, as taxed at a maximum rate of 20%. Complete information will be computed and reported in conjunction with your 2019 Form 1099-DIV.

The qualifying percentage of the Fund’s ordinary income dividends for the purpose of the corporate dividends received deduction was 100%.

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Approval of Investment Management Agreement

Amundi Pioneer Asset Management, Inc.¹(“APAM”) serves as the investment adviser to Pioneer Core Equity Fund (the “Fund”) pursuant to an investment management agreement between APAM and the Fund. In order for APAM to remain the investment adviser of the Fund, the Trustees of the Fund must determine annually whether to renew the investment management agreement for the Fund.

The contract review process began in January 2020 as the Trustees of the Fund agreed on, among other things, an overall approach and timeline for the process. Contract review materials were provided to the Trustees in March 2020, July 2020 and September 2020. In addition, the Trustees reviewed and discussed the Fund’s performance at regularly scheduled meetings throughout the year, and took into account other information related to the Fund provided to the Trustees at regularly scheduled meetings, in connection with the review of the Fund’s investment management agreement.

In March 2020, the Trustees, among other things, discussed the memorandum provided by Fund counsel that summarized the legal standards and other considerations that are relevant to the Trustees in their deliberations regarding the renewal of the investment management agreement, and reviewed and discussed the qualifications of the investment management teams for the Fund, as well as the level of investment by the Fund’s portfolio managers in the Fund. In July 2020, the Trustees, among other things, reviewed the Fund’s management fees and total expense ratios, the financial statements of APAM and its parent companies, profitability analyses provided by APAM, and analyses from APAM as to possible economies of scale. The Trustees also reviewed the profitability of the institutional business of APAM and APAM’s affiliate, Amundi Pioneer Institutional Asset Management, Inc.²(“APIAM” and, together with APAM, “Amundi Pioneer”), as compared to that of APAM’s fund management business, and considered the differences between the fees and expenses of the Fund and the fees and expenses of APAM’s and APIAM’s institutional accounts, as well as the different services provided by APAM to the Fund and by APAM and APIAM to the institutional accounts. The Trustees further considered contract review materials, including additional materials received in response to the Trustees’ request, in September 2020.

¹	Effective January 1, 2021, Amundi Pioneer Asset Management, Inc. changed its name to Amundi Asset Management US, Inc. (“Amundi US”).

²	Effective January 1, 2021, Amundi Pioneer Institutional Asset Management, Inc. (“APIAM”) merged with and into Amundi US. After the Merger, the investment advisory services previously provided by APIAM are now provided through Amundi US.

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At a meeting held on September 15, 2020, based on their evaluation of the information provided by APAM and third parties, the Trustees of the Fund, including the Independent Trustees voting separately, unanimously approved the renewal of the investment management agreement for another year. In approving the renewal of the investment management agreement, the Trustees considered various factors that they determined were relevant, including the factors described below. The Trustees did not identify any single factor as the controlling factor in determining to approve the renewal of the agreement.

Nature, Extent and Quality of Services

The Trustees considered the nature, extent and quality of the services that had been provided by APAM to the Fund, taking into account the investment objective and strategy of the Fund. The Trustees also reviewed APAM’s investment approach for the Fund and its research process. The Trustees considered the resources of APAM and the personnel of APAM who provide investment management services to the Fund. They also reviewed the amount of non-Fund assets managed by the portfolio managers of the Fund. They considered the non-investment resources and personnel of APAM that are involved in APAM’s services to the Fund, including APAM’s compliance, risk management, and legal resources and personnel. The Trustees noted the substantial attention and high priority given by APAM’s senior management to the Pioneer Fund complex. The Trustees considered the implementation and effectiveness of APAM’s business continuity plan in response to the COVID-19 pandemic.

The Trustees considered that APAM supervises and monitors the performance of the Fund’s service providers and provides the Fund with personnel (including Fund officers) and other resources that are necessary for the Fund’s business management and operations. The Trustees also considered that, as administrator, APAM is responsible for the administration of the Fund’s business and other affairs. The Trustees considered the fees paid to APAM for the provision of administration services.

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

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Performance of the Fund

In considering the Fund’s performance, the Trustees regularly review and discuss throughout the year data prepared by APAM and information comparing the Fund’s performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar), and with the performance of the Fund’s benchmark index. They also discuss the Fund’s performance with APAM on a regular basis. The Trustees’ regular reviews and discussions were factored into the Trustees’ deliberations concerning the renewal of the investment management agreement.

Management Fee and Expenses

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

The Trustees considered that the Fund’s management fee for the most recent fiscal year was in the second quintile relative to the management fees paid by other funds in its Morningstar category for the comparable period. The Trustees considered that the expense ratio of the Fund’s Class A shares for the most recent fiscal year was in the first quintile relative to its Strategic Insight peer group for the comparable period.

The Trustees reviewed management fees charged by APAM and APIAM to institutional and other clients, including publicly offered European funds sponsored by APAM’s affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign and domestic separate accounts. The Trustees also considered APAM’s costs in providing services to the Fund and APAM’s and APIAM’s costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund services. In evaluating the fees associated with APAM’s and APIAM’s client accounts, the Trustees

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took into account the respective demands, resources and complexity associated with the Fund and other client accounts. The Trustees noted that, in some instances, the fee rates for those clients were lower than the management fee for the Fund and considered that, under the investment management agreement with the Fund, APAM performs additional services for the Fund that it does not provide to those other clients or services that are broader in scope, including oversight of the Fund’s other service providers and activities related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Trustees also considered the entrepreneurial risks associated with APAM’s management of the Fund.

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

Profitability

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

Economies of Scale

The Trustees considered APAM’s views relating to economies of scale in connection with the Pioneer Funds as fund assets grow and the extent to which any such economies of scale are shared with the Fund and Fund shareholders. The Trustees recognize that economies of scale are difficult to identify and quantify, and that, among other factors that may be relevant, are the following: fee levels, expense subsidization, investment by APAM in research and analytical capabilities and APAM’s commitment and resource allocation to the Fund. The Trustees noted that profitability also may be an indicator of the availability of any economies of scale, although profitability may vary for other reasons including due to reductions in expenses. The Trustees concluded that economies of scale, if any, were being appropriately shared with the Fund.

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Other Benefits

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

The Trustees considered that Amundi Pioneer is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally. Amundi’s worldwide asset management business manages over $1.7 trillion in assets (including the Pioneer Funds). The Trustees considered that APAM’s relationship with Amundi creates potential opportunities for APAM, APIAM and Amundi that derive from APAM’s relationships with the Fund, including Amundi’s ability to market the services of APAM globally. The Trustees noted that APAM has access to additional research and portfolio management capabilities as a result of its relationship with Amundi and Amundi’s enhanced global presence that may contribute to an increase in the resources available to APAM. The Trustees considered that APAM and the Fund receive reciprocal intangible benefits from the relationship, including mutual brand recognition and, for the Fund, direct and indirect access to the resources of a large global asset manager. The Trustees concluded that any such benefits received by APAM as a result of its relationship with the Fund were reasonable.

Conclusion

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

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Trustees, Officers and Service Providers

Investment Adviser and Administrator

Amundi Asset Management US, Inc.

Custodian and Sub-Administrator
Brown Brothers Harriman & Co.

Independent Registered Public Accounting Firm

Ernst & Young LLP

Principal Underwriter
Amundi Distributor US, Inc.

Legal Counsel
Morgan, Lewis & Bockius LLP

Transfer Agent
DST Asset Manager Solutions, Inc.

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

Trustees and Officers

The Fund’s Trustees and officers are listed below, together with their principal occupations and other directorships they have held during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 45 US registered investment portfolios for which Amundi US serves as investment adviser (the “Pioneer Funds”). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109.

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

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Independent Trustees


Name, Age and Position	Term of Office and		Other Directorships
Held With the Fund	Length of Service	Principal Occupation	Held by Trustee
Thomas J. Perna (70)	Trustee since 2006.	Private investor (2004 – 2008 and 2013 – present); Chairman (2008 – 2013)	Director, Broadridge Financial
Chairman of the Board	Serves until a successor	and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. (technology	Solutions, Inc. (investor
and Trustee	trustee is elected or	products for securities lending industry); and Senior Executive Vice	communications and securities
	earlier retirement	President, The Bank of New York (financial and securities services)	processing provider for financial
	or removal.	(1986 – 2004)	services industry) (2009 – present);
			Director, Quadriserv, Inc. (2005 –
			2013); and Commissioner, New
			Jersey State Civil Service
			Commission (2011 – 2015)
John E. Baumgardner, Jr. (69)	Trustee since 2019.	Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell	Chairman, The Lakeville Journal
Trustee	Serves until a successor	LLP (law firm).	Company, LLC, (privately-held
	trustee is elected or		community newspaper group)
	earlier retirement		(2015-present)
	or removal.
Diane Durnin (63)	Trustee since 2019.	Managing Director – Head of Product Strategy and Development, BNY	None
Trustee	Serves until a successor	Mellon Investment Management (investment management firm)
	trustee is elected or	(2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018):
	earlier retirement	Executive Vice President Head of Product, BNY Mellon Investment
	or removal.	Management (2007-2012); Executive Director- Product Strategy, Mellon
		Asset Management (2005-2007); Executive Vice President Head of Products,
		Marketing and Client Service, Dreyfus Corporation (investment management
		firm) (2000-2005); and Senior Vice President Strategic Product and Business
		Development, Dreyfus Corporation (1994-2000)

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

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Independent Trustees (continued)


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

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Interested Trustees


Name, Age and Position	Term of Office and		Other Directorships
Held With the Fund	Length of Service	Principal Occupation	Held by Trustee
Lisa M. Jones (58)*	Trustee since 2017.	Director, CEO and President of Amundi US, Inc. (investment management	None
Trustee, President and	Serves until a successor	firm) (since September 2014); Director, CEO and President of Amundi
Chief Executive Officer	trustee is elected or	Asset Management US, Inc. (since September 2014); Director, CEO and
	earlier retirement	President of Amundi Distributor US, Inc. (since September 2014); Director,
	or removal	CEO and President of Amundi Asset Management US, Inc. (since September
		2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and Amundi Asset
		Management US, Inc. (September 2014 – 2018); Managing Director, Morgan
		Stanley Investment Management (investment management firm) (2010 – 2013);
		Director of Institutional Business, CEO of International, Eaton Vance
		Management (investment management firm) (2005 – 2010); and Director of
		Amundi Holdings US, Inc. (since 2017)
Kenneth J. Taubes (62)*	Trustee since 2014.	Director and Executive Vice President (since 2008) and Chief Investment	None
Trustee	Serves until a successor	Officer, U.S. (since 2010) of Amundi US, Inc. (investment management firm);
	trustee is elected or	Director and Executive Vice President and Chief Investment Officer, U.S. of
	earlier retirement	Amundi US (since 2008); Executive Vice President and Chief Investment
	or removal	Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); Portfolio
		Manager of Amundi US (since 1999); and Director of Amundi Holdings US, Inc.
		(since 2017)

*	Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates.

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Fund Officers


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

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Name, Age and Position	Term of Office and		Other Directorships
Held With the Fund	Length of Service	Principal Occupation	Held by Officer
Antonio Furtado (38)	Since 2020. Serves	Fund Oversight Manager – Fund Treasury of Amundi US since 2020;	None
Assistant Treasurer	at the discretion of	Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior Fund
	the Board	Treasury Analyst from 2012 – 2020
John Malone (50)	Since 2018. Serves	Managing Director, Chief Compliance Officer of Amundi US Asset	None
Chief Compliance Officer	at the discretion of	Management; Amundi Asset Management US, Inc.; and the Pioneer Funds
	the Board	since September 2018; and Chief Compliance Officer of Amundi Distributor
		US, Inc. since January 2014.
Kelly O’Donnell (49)	Since 2006. Serves	Vice President – Amundi Asset Management; and Anti-Money Laundering	None
Anti-Money	at the discretion of	Officer of all the Pioneer Funds since 2006
Laundering Officer	the Board

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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 219427
Kansas City, MO 64121-9427

Our toll-free fax	1-800-225-4240
Our internet e-mail address	us.askamundi@amundi.com/us
(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
© 2021 Amundi Asset Management US, Inc. 18630-15-0221

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 10(a), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

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

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

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

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

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

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 $26,010 payable to Ernst & Young LLP for the year ended December 31, 2020 and $25,500 for the year ended December 31, 2019.

(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.

There were no audit-related services in 2020 or 2019.

(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 Trust paid aggregate non-audit fees to Ernst & Young LLP for tax services of $8,189 and $8,028 during the fiscal years ended December 31, 2020 and 2019, 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 2020 or 2019.

(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 Pioneer Asset Management, 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		o Accounting research assistance
	related to performing the		o SEC consultation, registration
	independent audit of the Funds		statements, and reporting
			o Tax accrual related matters
			o Implementation of new accounting standards
			o Compliance letters (e.g. rating agency letters)
			o Regulatory reviews and assistance
			regarding financial matters
			o Semi-annual reviews (if requested)
			o Comfort letters for closed end offerings
II. AUDIT-RELATED	Services which are not		o AICPA attest and agreed-upon procedures
SERVICES	prohibited under Rule		o Technology control assessments
	210.2-01(C)(4) (the “Rule”)		o Financial reporting control assessments
	and are related extensions of		o Enterprise security architecture
	the audit services support the		assessment
	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.)

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

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

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

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

SECTION III - POLICY DETAIL, CONTINUED


SERVICE CATEGORY	SERVICE CATEGORY DESCRIPTION	SPECIFIC PRE-APPROVED SERVICE
		SUBCATEGORIES
III. TAX SERVICES	Services which are not	o Tax planning and support
	prohibited by the Rule,	o Tax controversy assistance
	if an officer of the Fund	o Tax compliance, tax returns, excise
	determines that using the	tax returns and support
	Fund’s auditor to provide	o Tax opinions
	these services creates
	significant synergy in
	the form of efficiency,
	minimized disruption, or
	the ability to maintain a
	desired level of
	confidentiality.


AUDIT COMMITTEE APPROVAL POLICY	AUDIT COMMITTEE REPORTING POLICY
o “One-time” pre-approval	o A summary of
for the fund fiscal year	all such services and
within a specified dollar limit	related fees
	(including comparison��
	to specified dollar
	limits) reported
	quarterly.

o 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)

o 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	Services which are not	o Business Risk Management support
	prohibited by the Rule,	o Other control and regulatory
A. SYNERGISTIC,	if an officer of the Fund	compliance projects
UNIQUE QUALIFICATIONS	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.


AUDIT COMMITTEE APPROVAL POLICY	AUDIT COMMITTEE REPORTING POLICY
o “One-time” pre-approval	o A summary of
for the fund fiscal year within	all such services and
a specified dollar limit	related fees
	(including comparison
	to specified dollar
	limits) reported
	quarterly.
o 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)

o 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	1. Bookkeeping or other services
	in the auditors losing	related to the accounting records or
	independence status	financial statements of the audit
	under the Rule.	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
o These services are not to be	o A summary of all
performed with the exception of the(*)	services and related
services that may be permitted	fees reported at each
if they would not be subject to audit	regularly scheduled
procedures at the audit client (as	Audit Committee meeting
defined in rule 2-01(f)(4)) level	will serve as continual
the firm providing the service.	confirmation that has
	not provided any
	restricted services.

GENERAL AUDIT COMMITTEE APPROVAL POLICY:

o 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.

o 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.

o 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 December 31, 2020 and 2019, 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.

The Trust paid aggregate non-audit fees to Ernst & Young LLP for tax services of $8,189 and $8,028 during the fiscal years ended December 31, 2020 and 2019, respectively.

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

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

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 1

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

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

N/A

ITEM 8. 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.

N/A

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

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

N/A

ITEM 10. 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 11. 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 occured during the second fiscal quarter of 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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

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

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 13. 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.

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 XI

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

Lisa M. Jones, President & Chief Executive Officer

Date March 4, 2021

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, President & Chief Executive Officer

Date March 4, 2021

By (Signature and Title)* /s/ Mark E. Bradley

Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer

Date March 4, 2021

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

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