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 811-08547

Pioneer Series Trust XII

(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: August 31, 2020

Date of reporting period: September 1, 2019 through August 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 Disciplined Growth Fund

Annual Report | August 31, 2020


A: PINDX	C: INDCX	Y: INYDX

Beginning in February 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will 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.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications electronically by contacting your financial intermediary or, if you invest directly with the Fund, by calling 1-800-225-6292.

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.amundipioneer.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	15

Schedule of Investments	17

Financial Statements	22

Notes to Financial Statements	29

Report of Independent Registered Public Accounting Firm	37

Additional Information	39

Statement Regarding Liquidity Risk Management Program	40

Trustees, Officers and Service Providers	42

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President’s Letter

Dear Shareholders,

The new decade has arrived delivering a half-year (and more) that will go down in the history books. The beginning of 2020 seemed to extend the positive market environment of 2019. Then, March roared in like a lion and the COVID-19 pandemic became a global crisis impacting lives and life as we know it. The long-term impact on the global economy from the COVID-19 virus pandemic, 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, and then staging a strong rally for most of the second quarter. Our business continuity plan was implemented given the new COVID-19 guidelines, and most of our employees are working remotely. 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.

Since 1928, Amundi Pioneer’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 potential risks during periods of market volatility. As the first several months of 2020 have 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 Pioneer, 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.

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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 advisor 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 U.S.
Amundi Pioneer Asset Management USA, Inc.
August 31, 2020

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 | 8/31/20

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

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

A Pioneer Disciplined Growth Fund’s Class A shares returned 35.17% at net asset value during the 12-month period ended August 31, 2020, while the Fund’s benchmark, the Russell 1000 Growth Index, returned 44.34%. During the same period, the average return of the 1,335 mutual funds in Morningstar’s Large Growth Funds category was 36.21%.

Q How would you describe the market environment for investors over the 12-month period ended August 31, 2020?

A Trade issues, economic prospects, and interest rates drove somewhat unsteady market performance in the opening weeks of the 12-month period. In both August and September 2019, the U.S. Federal Reserve (Fed) reduced the federal funds rate’s target range, while corporate earnings generally came in at above analysts’ forecasts. In response, stocks moved higher over the fourth quarter of 2019, with market sentiment also bolstered by data suggesting improving global economic growth. In the United States, the economy continued to receive support from a strong consumer amid low unemployment numbers. In addition, December 2019 saw the United States and China reach a “phase one” trade agreement, thus easing the market’s longstanding trade concerns. Those factors contributed to provide solid support for market/investor sentiment all the way into February of 2020.

Late February and early March 2020 saw severe disruptions in both fixed-income and equity markets with the emergence of COVID-19, which all but shut down the global economy as governments around the world implemented severe limitations on individual and business activities in an attempt to control the spread of the virus. In the U.S., the Standard &

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Poor’s 500 Index lost more than one-third of its value between February 19 and March 23, as many investors fled stocks and moved into so-called “safe havens,” such as U.S. Treasuries.

In response to the onset of the pandemic, central banks and governments in numerous countries acted swiftly, seeking to keep businesses and consumers afloat. The Fed slashed the federal funds rate’s target range to near zero in March, restarted its 2008-2009 financial crisis-era lending facilities, and created new bond-purchase programs. In addition, the U.S. Congress and the White House agreed on a $2.2 trillion financial aid package, providing significant economic stimulus. In the wake of those efforts, market participants grew increasingly optimistic that steps taken toward reopening the domestic and global economies as the spring and summer of 2020 progressed – albeit with some setbacks driven by an increase in COVID-19 cases – would support a longer-term economic recovery.

Growth stocks continued to outperform value stocks over the 12-month period. The Fund’s benchmark, the Russell 1000 Growth Index, turned in a stellar return of more than 44% for the period, while the Russell 1000 Value Index, up just 0.84%, was much weaker. Large-cap growth stocks with high price-to-earnings (P/E) ratios maintained their strong surge, backed by a record number of companies reporting earnings that exceeded expectations in the latter months of the 12-month period, and with a limited number of “big tech” stocks that drove most of the outperformance. Market participants continued to prefer high growth in the prevailing low-interest-rate environment over the 12-month period, and with an uncertain outlook regarding a full recovery of the economy.

Q Which of your investment decisions benefited or detracted from the Fund’s benchmark-relative performance during the 12-month period ended August 31, 2020?

A While the Fund’s absolute return over the 12-month period was quite positive, it underperformed the Russell 1000 Growth Index, primarily due to stock selection results in the information technology and health care sectors. A portfolio overweight to the financials sector also detracted from benchmark-relative performance.

With regard to financials, we had entered the 12-month period with a positive outlook on the U.S. economy, pre-COVID, and so the Fund was overweight versus the benchmark and had little exposure to “spread” financials, or stocks of companies whose performance depends heavily on interest-rate movements. Instead, we had concentrated the Fund’s

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holdings within the sector on companies with financials-related businesses where we believed we had found good values. When COVID-19 hit and the economy ground to a standstill, the sector began lagging the top-performing sectors within the Russell 1000 Growth Index, and so the Fund’s positioning within financials detracted from relative results. We still have a favorable view of many of the stocks included among the portfolio’s financials holdings.

For most of the 12-month period, the Fund’s performance versus the benchmark was solid, and it fared well during the big February/March market sell-off. When U.S. equities rallied in the second quarter and beyond, relative returns lagged due in part to our valuation discipline, especially during the final two months of the period, as share prices of high-valuation, larger technology and tech-oriented growth stocks, including Apple and Tesla, rallied dramatically. The Fund was underweight versus the Russell 1000 Growth Index in Apple, and had no exposure at all to Tesla, a tech-oriented auto manufacturing company from the consumer discretionary sector.

The Fund’s underweight to Apple, a large component within the Russell 1000 Growth Index, was in fact the largest individual detractor from benchmark-relative performance over the 12-month period. We believe Apple’s stock is less attractively valued relative to other opportunities in the market, which was part of our reasoning behind the Fund’s underweight position. IT services firm Accenture and component-maker Amphenol were two other technology positions that detracted from relative returns during the 12-month period. Both companies have more exposure to the ebbs and flows of the economic cycle, and so the COVID-driven environment over the second half of the period hurt their performance. We still like both names and have retained the Fund’s positions. In health care, the biggest drag on the Fund’s benchmark-relative returns during the 12-month period was Medtronic, a medical-device maker that struggled because of the near-total elimination of elective surgical procedures and the diversion of most hospital resources to deal with COVID-19 cases during the height of the crisis. We sold the Fund’s Medtronic position before period-end. Finally, in real estate, the Fund’s position in Essex Property Trust, a real estate investment trust (REIT), was a big detractor from benchmark-relative returns. Essex Property Trust’s shares have underperformed of late as the economic effects of the COVID-19 situation have weighed on both occupancies and rents in Essex’s core markets on the U.S. west coast.

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On the positive side, stock selection results in the industrials sector aided the Fund’s benchmark-relative performance the most, by far, over the 12-month period. Within industrials, two strong performers for the Fund were Stanley Black & Decker and United Rentals, both of which have businesses tied to non-residential construction. While the COVID-19 lockdown environment initially weighed on both companies, they had recovered nicely by the end of the 12-month period.

Other positive contributors to the Fund’s benchmark-relative performance during the period were holdings of Amazon.com, PayPal, and Adobe. With regard to Amazon, we had overweighted the portfolio to the stock earlier in the period. During the COVID-19 lockdowns when online ordering became the primary shopping method for millions of people, the shares rallied. We pared back the Fund’s position and eliminated the benchmark-relative overweight in Amazon once we felt the valuation had gotten too high. Shares of PayPal contributed positively to the Fund’s benchmark-relative returns during the 12-month period. PayPal’s management has continued to communicate key points about total payment volume (TPV) trends that have shown recent improvement, and has provided positive commentary on the potential long-term structural benefits of offering consumers the ability to make digital payments, thus illustrating the power of PayPal’s business model. Adobe was another top contributor to the Fund’s relative returns during the 12-month period. Company management has provided a bullish long-term outlook that includes increases in Adobe’s total addressable market (TAM) and a constructive earnings guidance. We also believe the stock’s valuation is reasonable.

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

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

Q What is your outlook as the Fund enters a new fiscal year, and how is the portfolio positioned?

A There has been a great deal of uncertainty in the markets due to the ongoing COVID-19 pandemic and the uneven recovery for the global economy. Early signs of economic recovery combined with unreasonably low valuations after the initial sell-off in February and March carried the equity market meaningfully higher a few months ago, and drove it far away from the March trough. A pause in the upward movement of stocks of companies with more sensitivity to the economic cycle was inevitable,

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and we saw some flare-ups of COVID-19 cases in states that had reopened earlier than others had, or that did not experience as many cases back at the beginning of the pandemic. In addition, the U.S. government failed to provide further fiscal stimulus after the second quarter, leading to a decline in unemployment benefits. Thus, investors returned to the work-from-home trade, which resulted in a severe narrowing of the breadth of equity market returns, with technology and tech-oriented growth stocks outperforming other segments by a wide margin. This has created what we believe is an unsustainable dynamic — reminiscent to the peak of the tech bubble in 1999. Moreover, while an economic recovery seems to be underway, the pandemic is still with us and the situation is not without risk, in our opinion.

Given what has transpired in recent months, current valuations appear extreme to us, and so we have minimized the Fund’s exposures to the highest-momentum areas of the market, as highlighted by benchmark-relative underweights to certain technology and social media-related stocks.

In managing the Fund, we seek to identify compelling investment opportunities at what we believe to be reasonable valuations. Right now, we seem to be experiencing a unique dynamic in the market, particularly in the growth universe. Ultimately, we believe investors who have maintained an emphasis on valuation could realize solid returns, particularly if the market eventually goes through tougher times and growth-stock performance unwinds. In such a scenario, we feel that the portfolio’s current positioning could benefit the Fund’s performance.

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Please refer to the Schedule of Investments on pages 17–21 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.

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

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

These risks may increase share price volatility.

Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your advisor or Amundi Pioneer Asset Management, 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 | 8/31/20

Portfolio Diversification

(As a percentage of total investments)*

Sector Distribution

(As a percentage of total investments)*

10 Largest Holdings

(As a percentage of total investments)*


1.	Apple, Inc.	7.49%
2.	Microsoft Corp.	6.62
3.	Amazon.com, Inc.	6.57
4.	Visa, Inc.	4.65
5.	salesforce.com, Inc.	3.25
6.	Adobe, Inc.	3.16
7.	Alphabet, Inc.	3.09
8.	Accenture Plc	3.05
9.	PayPal Holdings, Inc.	2.97
10.	Amphenol Corp.	2.49

* 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 | 8/31/20

Net Asset Value per Share


Class	8/31/20	8/31/19
A	$21.71	$16.92
C	$18.22	$14.42
Y	$22.38	$17.41

Distributions per Share: 9/1/19–8/31/20


	Net Investment	Short-Term	Long-Term
Class	Income	Capital Gains	Capital Gains
A	$0.0292	$0.0493	$0.8428
C	$ —	$0.0493	$0.8428
Y	$0.0698	$0.0493	$0.8428

Index Definitions

The Russell 1000 Growth Index is an unmanaged measure of the performance of large-cap U.S. growth stocks. 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 12–14.

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Performance Update \| 8/31/20	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 Disciplined Growth Fund at public offering price during the periods shown, compared to that of the Russell 1000 Growth Index.


Average Annual Total Returns
(As of August 31, 2020)
	Net	Public	Russell
	Asset	Offering	1000
	Value	Price	Growth
Period	(NAV)	(POP)	Index
10 years	16.49%	15.81%	19.02%
5 years	16.44	15.07	20.66
1 year	35.17	27.40	44.34


Expense Ratio
(Per prospectus dated December 31, 2019)
Gross
1.07%

Call 1-800-225-6292 or visit www.amundipioneer.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 Disciplined Growth 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 \| 8/31/20	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 Disciplined Growth Fund during the periods shown, compared to that of the Russell 1000 Growth Index.


Average Annual Total Returns
(As of August 31, 2020)
			Russell
			1000
	If	If	Growth
Period	Held	Redeemed	Index
10 years	15.52%	15.52%	19.02%
5 years	15.51	15.51	20.66
1 year	34.12	34.12	44.34


Expense Ratio
(Per prospectus dated December 31, 2019)
Gross
1.87%

Call 1-800-225-6292 or visit www.amundipioneer.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 Held” results represent the percent change in net asset value per share. “If Redeemed” 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 Disciplined Growth 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 \| 8/31/20	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 Disciplined Growth Fund during the periods shown, compared to that of the Russell 1000 Growth Index.


Average Annual Total Returns
(As of August 31, 2020)
		Russell
		1000
	Net Asset	Growth
Period	Value (NAV)	Index
10 years	16.83%	19.02%
5 years	16.71	20.66
1 year	35.51	44.34


Expense Ratio
(Per prospectus dated December 31, 2019)
Gross
0.83%

Call 1-800-225-6292 or visit www.amundipioneer.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 Disciplined Growth 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 Disciplined Growth Fund

Based on actual returns from March 1, 2020 through August 31, 2020.


Share Class	A	C	Y
Beginning Account	$1,000.00	$1,000.00	$1,000.00
Value on 3/1/20
Ending Account	$1,283.06	$1,278.67	$1,284.70
Value (after expenses)
on 8/31/20
Expenses Paid	$6.03	$10.48	$4.65
During Period*

* Expenses are equal to the Fund’s annualized expense ratio of 1.05%, 1.83%, and 0.81% for Class A, Class C, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the partial 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), or redemption fees 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 Disciplined Growth Fund

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


Share Class	A	C	Y
Beginning Account	$1,000.00	$1,000.00	$1,000.00
Value on 3/1/20
Ending Account	$1,019.86	$1,015.94	$1,021.06
Value (after expenses)
on 8/31/20
Expenses Paid	$5.33	$9.27	$4.12
During Period*

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Schedule of Investments | 8/31/20


Shares		Value
	UNAFFILIATED ISSUERS — 99.7%
	COMMON STOCKS — 99.7% of Net Assets
	Auto Components — 0.5%
95,079	Aptiv Plc	$ 8,188,203
	Total Auto Components	$ 8,188,203
	Beverages — 3.1%
191,748	Brown-Forman Corp., Class B	$ 14,030,201
275,782	PepsiCo., Inc.	38,626,027
	Total Beverages	$ 52,656,228
	Capital Markets — 1.9%
219,963	Charles Schwab Corp.	$ 7,815,285
98,061	Intercontinental Exchange, Inc.	10,417,020
37,166	S&P Global, Inc.	13,618,366
	Total Capital Markets	$ 31,850,671
	Chemicals — 1.0%
152,124	FMC Corp.	$ 16,255,971
	Total Chemicals	$ 16,255,971
	Commercial Services & Supplies — 1.0%
147,244	Waste Management, Inc.	$ 16,785,816
	Total Commercial Services & Supplies	$ 16,785,816
	Communications Equipment — 0.8%
39,775(a)	Arista Networks, Inc.	$ 8,887,724
28,712	Motorola Solutions, Inc.	4,443,182
	Total Communications Equipment	$ 13,330,906
	Consumer Discretionary — 3.7%
232,970	NIKE, Inc., Class B	$ 26,067,013
419,709	Starbucks Corp.	35,452,819
	Total Consumer Discretionary	$ 61,519,832
	Electric Utilities — 0.7%
42,043	NextEra Energy, Inc.	$ 11,737,144
	Total Electric Utilities	$ 11,737,144
	Electrical Equipment — 1.5%
107,354	Rockwell Automation, Inc.	$ 24,748,318
	Total Electrical Equipment	$ 24,748,318
	Electronic Equipment, Instruments &
	Components — 4.0%
375,944	Amphenol Corp.	$ 41,278,651
221,863	CDW Corp.	25,214,730
	Total Electronic Equipment, Instruments &
	Components	$ 66,493,381

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

Pioneer Disciplined Growth Fund | Annual Report | 8/31/20 17

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Schedule of Investments | 8/31/20 (continued)


Shares		Value
	Entertainment — 2.9%
117,709(a)	Electronic Arts, Inc.	$ 16,416,874
242,580	Walt Disney Co.	31,989,025
	Total Entertainment	$ 48,405,899
	Equity Real Estate Investment Trusts (REIT) — 0.9%
70,226	Essex Property Trust, Inc.	$ 15,204,631
	Total Equity Real Estate Investment Trusts (REIT)	$ 15,204,631
	Food Products — 0.6%
49,743	McCormick & Co., Inc., Class VTG	$ 10,257,007
	Total Food Products	$ 10,257,007
	Health Care — 1.3%
139,904	Johnson & Johnson	$ 21,462,673
	Total Health Care	$ 21,462,673
	Health Care Equipment & Supplies — 5.8%
30,098(a)	ABIOMED, Inc.	$ 9,258,747
26,683	Cooper Cos., Inc.	8,388,602
167,220(a)	Edwards Lifesciences Corp.	14,354,165
135,607(a)	Hologic, Inc.	8,098,450
297,375	Procter & Gamble Co.	41,135,884
76,842	ResMed, Inc.	13,891,497
	Total Health Care Equipment & Supplies	$ 95,127,345
	Health Care Providers & Services — 2.6%
58,574	Anthem, Inc.	$ 16,489,752
84,778	UnitedHealth Group, Inc.	26,497,364
	Total Health Care Providers & Services	$ 42,987,116
	Household Products — 0.5%
28,373(a)	Align Technology, Inc.	$ 8,426,214
	Total Household Products	$ 8,426,214
	Insurance — 1.1%
200,285	Progressive Corp.	$ 19,035,086
	Total Insurance	$ 19,035,086
	Interactive Media & Services — 4.2%
31,511(a)	Alphabet, Inc.	$ 51,348,120
60,603(a)	Facebook, Inc.	17,768,799
	Total Interactive Media & Services	$ 69,116,919
	Internet & Direct Marketing Retail — 7.4%
31,628(a)	Amazon.com, Inc.	$ 109,146,963
7,814(a)	Booking Holdings, Inc.	14,928,256
	Total Internet & Direct Marketing Retail	$ 124,075,219

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

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Shares		Value
	IT Services — 12.7%
210,880	Accenture Plc	$ 50,596,438
131,021	Automatic Data Processing, Inc.	18,223,711
222,045	Paychex, Inc.	16,979,781
241,908(a)	PayPal Holdings, Inc.	49,383,099
364,307	Visa, Inc.	77,229,441
	Total IT Services	$ 212,412,470
	Life Sciences Tools & Services — 0.6%
22,786	Thermo Fisher Scientific, Inc.	$ 9,774,738
	Total Life Sciences Tools & Services	$ 9,774,738
	Machinery — 1.5%
56,278	Illinois Tool Works, Inc.	$ 11,117,719
25,070	Stanley Black & Decker, Inc.	4,043,791
100,998	Xylem, Inc.	8,098,020
	Total Machinery	$ 23,259,530
	Pharmaceuticals — 5.8%
169,257	Eli Lilly & Co.	$ 25,116,046
457,779	Merck & Co., Inc.	39,034,815
270,084	Novo Nordisk AS (A.D.R.)	17,836,347
327,013	Roche Holding AG (A.D.R.)	14,290,468
	Total Pharmaceuticals	$ 96,277,676
	Road & Rail — 1.1%
85,209	Norfolk Southern Corp.	$ 18,109,469
	Total Road & Rail	$ 18,109,469
	Semiconductors & Semiconductor Equipment — 4.1%
139,355	Analog Devices, Inc.	$ 16,287,812
56,376	Lam Research Corp.	18,961,504
287,458	QUALCOMM, Inc.	34,236,248
	Total Semiconductors & Semiconductor Equipment	$ 69,485,564
	Software — 16.9%
102,085(a)	Adobe, Inc.	$ 52,409,418
107,420(a)	Autodesk, Inc.	26,393,094
38,080(a)	Guidewire Software, Inc.	4,276,765
76,331	Intuit, Inc.	26,363,964
487,930	Microsoft Corp.	110,042,853
198,042(a)	salesforce.com, Inc.	53,996,151
95,930(a)	Zendesk, Inc.	9,245,733
	Total Software	$ 282,727,978

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

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Schedule of Investments | 8/31/20 (continued)


Shares		Value
	Specialty Retail — 3.3%
14,108	Home Depot, Inc.	$ 4,021,345
17,295(a)	O’Reilly Automotive, Inc.	8,053,071
636,261	TJX Cos., Inc.	34,860,740
33,573(a)	Ulta Beauty, Inc.	7,794,979
	Total Specialty Retail	$ 54,730,135
	Technology Hardware, Storage & Peripherals — 7.5%
964,464	Apple, Inc.	$ 124,454,435
	Total Technology Hardware, Storage & Peripherals	$ 124,454,435
	Textiles, Apparel & Luxury Goods — 0.5%
124,818	VF Corp.	$ 8,206,784
	Total Textiles, Apparel & Luxury Goods	$ 8,206,784
	Trading Companies & Distributors — 0.2%
22,263(a)	United Rentals, Inc.	$ 3,941,664
	Total Trading Companies & Distributors	$ 3,941,664
	TOTAL COMMON STOCKS
	(Cost $1,219,342,156)	$ 1,661,045,022
	TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 99.7%
	(Cost $1,219,342,156)	$ 1,661,045,022
	OTHER ASSETS AND LIABILITIES — 0.3%	$ 5,792,035
	NET ASSETS — 100.0%	$ 1,666,837,057


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 August 31, 2020, aggregated $1,383,849,881 and $1,429,337,444, respectively.

The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which / Amundi Pioneer Asset Management, 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 August 31, 2020, the Fund did not engage in any cross trade activity.

At August 31, 2020, the net unrealized appreciation on investments based on cost for federal tax purposes of $1,221,616,614 was as follows:


Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost	$	453,879,292
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value		(14,450,884	)
Net unrealized appreciation	$	439,428,408

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

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

Level 1 – 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 August 31, 2020, in valuing the Fund’s investments:


	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,661,045,022	$	—	$	—	$	1,661,045,022
Total Investments in Securities	$	1,661,045,022	$	—	$	—	$	1,661,045,022

During the year ended August 31, 2020, there were no transfer between Levels 1, 2 and 3.

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

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Statement of Assets and Liabilities | 8/31/20


ASSETS:
Investments in unaffiliated issuers, at value (cost $1,219,342,156)	$	1,661,045,022
Cash		33,117,648
Receivables —
Fund shares sold		194,816
Dividends		1,211,823
Other assets		22,087
Total assets	$	1,695,591,396
LIABILITIES:
Payables —
Investment securities purchased	$	27,156,287
Fund shares repurchased		990,911
Trustees’ fees		12,843
Due to affiliates		186,008
Accrued expenses		408,290
Total liabilities	$	28,754,339
NET ASSETS:
Paid-in capital	$	1,024,201,651
Distributable earnings		642,635,406
Net assets	$	1,666,837,057
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $1,596,477,229/73,525,217 shares)	$	21.71
Class C (based on $13,035,893/715,617 shares)	$	18.22
Class Y (based on $57,323,935/2,561,436 shares)	$	22.38
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $21.71 net asset value per share/100%-5.75%
maximum sales charge)	$	23.03

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

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Statement of Operations

FOR THE YEAR ENDED 8/31/20


INVESTMENT INCOME:
Dividends from unaffiliated issuers (net of foreign
taxes withheld $36,756)	$	14,734,130
Interest from unaffiliated issuers		334,438
Total investment income			$	15,068,568
EXPENSES:
Management fees	$	8,835,491
Administrative expense		534,226
Transfer agent fees
Class A		905,798
Class C		10,880
Class Y		47,941
Distribution fees
Class A		3,324,199
Class C		120,448
Shareowner communications expense		399,379
Custodian fees		25,060
Registration fees		72,820
Professional fees		92,164
Printing expense		53,476
Pricing fees		16
Trustees’ fees		72,010
Insurance expense		23,661
Miscellaneous		74,465
Total expenses			$	14,592,034
Net investment income			$	476,534
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers			$	218,618,013
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers			$	220,884,895
Net realized and unrealized gain (loss) on investments			$	439,502,908
Net increase in net assets resulting from operations			$	439,979,442

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
	8/31/20			8/31/19
FROM OPERATIONS:
Net investment income (loss)	$	476,534		$	1,879,444
Net realized gain (loss) on investments		218,618,013			65,527,882
Change in net unrealized appreciation (depreciation)
on investments		220,884,895			16,271,217
Net increase in net assets resulting from operations	$	439,979,442		$	83,678,543
DISTRIBUTIONS TO SHAREOWNERS:
Class A ($0.92 and $3.69 per share, respectively)	$	(66,884,688	)	$	(228,988,197	)
Class C ($0.89 and $3.69 per share, respectively)		(716,445	)		(2,874,832	)
Class Y ($0.96 and $3.72 per share, respectively)		(2,466,326	)		(9,057,630	)
Total distributions to shareowners	$	(70,067,459	)	$	(240,920,659	)
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares	$	58,441,183		$	65,637,243
Reinvestment of distributions		69,328,736			238,430,013
Cost of shares repurchased		(143,290,148	)		(141,492,116	)
Net increase (decrease) in net assets resulting
from Fund share transactions	$	(15,520,229	)	$	162,575,140
Net increase in net assets	$	354,391,754		$	5,333,024
NET ASSETS:
Beginning of year	$	1,312,445,303		$	1,307,112,279
End of year	$	1,666,837,057		$	1,312,445,303

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

24 Pioneer Disciplined Growth Fund | Annual Report | 8/31/20

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	Year Ended			Year Ended			Year Ended			Year Ended
	8/31/20			8/31/20			8/31/19			8/31/19
	Shares			Amount			Shares			Amount
Class A
Shares sold		2,648,736		$	46,757,463			3,408,233		$	57,305,472
Reinvestment of distributions		3,843,595			66,295,536			15,145,897			227,025,180
Less shares repurchased		(7,138,146	)		(126,098,347	)		(6,863,535	)		(113,391,117	)
Net increase/(decrease)		(645,815	)	$	(13,045,348	)		11,690,595		$	170,939,535
Class C
Shares sold		152,245		$	2,236,248			143,845		$	2,039,764
Reinvestment of distributions		48,943			710,659			220,063			2,825,613
Less shares repurchased		(306,147	)		(4,561,992	)		(899,933	)		(14,580,428	)
Net decrease		(104,959	)	$	(1,615,085	)		(536,025	)	$	(9,715,051	)
Class Y
Shares sold		513,696		$	9,447,472			388,485		$	6,292,007
Reinvestment of distributions		130,405			2,322,541			556,866			8,579,220
Less shares repurchased		(690,851	)		(12,629,809	)		(818,290	)		(13,520,571	)
Net increase/(decrease)		(46,750	)	$	(859,796	)		127,061		$	1,350,656

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

Pioneer Disciplined Growth Fund | Annual Report | 8/31/20 25

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Financial Highlights


	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	8/31/20			8/31/19			8/31/18			8/31/17			8/31/16*
Class A
Net asset value, beginning of period	$	16.92		$	19.74		$	18.99		$	17.53		$	17.34
Increase (decrease) from investment operations:
Net investment income (loss) (a)	$	0.01		$	0.02		$	0.00(b	)	$	0.05		$	0.06
Net realized and unrealized gain (loss) on investments		5.70			0.85			3.09			2.80			1.18
Net increase (decrease) from investment operations	$	5.71		$	0.87		$	3.09		$	2.85		$	1.24
Distributions to shareowners:
Net investment income	$	(0.03	)	$	(0.00)	(b)	$	(0.03	)	$	(0.04	)	$	(0.05	)
Net realized gain		(0.89	)		(3.69	)		(2.31	)		(1.35	)		(1.00	)
Total distributions	$	(0.92	)	$	(3.69	)	$	(2.34	)	$	(1.39	)	$	(1.05	)
Net increase (decrease) in net asset value	$	4.79		$	(2.82	)	$	0.75		$	1.46		$	0.19
Net asset value, end of period	$	21.71		$	16.92		$	19.74		$	18.99		$	17.53
Total return (c)		35.17	%		6.84	%		17.54	%		17.64	%		7.18	%
Ratio of net expenses to average net assets		1.05	%		1.07	%		1.05	%		1.10	%		1.13	%
Ratio of net investment income (loss) to average net assets		0.03	%		0.15	%		0.02	%		0.26	%		0.38	%
Portfolio turnover rate		101	%		111	%		98	%		76	%		118	%
Net assets, end of period (in thousands)	$	1,596,477		$	1,255,198		$	1,233,268		$	1,108,910		$	993,736

* 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) Amount rounds to less than $0.01 or $(0.01) per share.

(c) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account.

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

26 Pioneer Disciplined Growth Fund | Annual Report | 8/31/20

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	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	8/31/20			8/31/19			8/31/18			8/31/17			8/31/16*
Class C
Net asset value, beginning of period	$	14.42		$	17.51		$	17.19		$	16.08		$	16.07
Increase (decrease) from investment operations: (a)
Net investment income (loss) (b)	$	(0.11	)	$	(0.09	)	$	(0.13	)	$	(0.09	)	$	(0.08	)
Net realized and unrealized gain (loss) on investments		4.80			0.69			2.76			2.55			1.09
Net increase (decrease) from investment operations	$	4.69		$	0.60		$	2.63		$	2.46		$	1.01
Distributions to shareowners:
Net realized gain		(0.89	)		(3.69	)		(2.31	)		(1.35	)		(1.00	)
Total distributions	$	(0.89	)	$	(3.69	)	$	(2.31	)	$	(1.35	)	$	(1.00	)
Net increase (decrease) in net asset value	$	3.80		$	(3.09	)	$	0.32		$	1.11		$	0.01
Net asset value, end of period	$	18.22		$	14.42		$	17.51		$	17.19		$	16.08
Total return (c)		34.12	%		6.04	%(d)		16.61	%		16.68	%		6.26	%
Ratio of net expenses to average net assets		1.83	%		1.87	%		1.87	%		1.94	%		1.98	%
Ratio of net investment income (loss) to average net assets		(0.75	)%		(0.65	)%		(0.79	)%		(0.58	)%		(0.48	)%
Portfolio turnover rate		101	%		111	%		98	%		76	%		118	%
Net assets, end of period (in thousands)	$	13,036		$	11,832		$	23,754		$	22,201		$	20,776

* The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP.

(a) The amount shown for a share outstanding does not correspond with net investment income on the Statement of Operations for the period due to timing of the sales and repurchase of shares.

(b) The per-share data presented above is based on the average shares outstanding for the period presented.

(d) If the Fund had not recognized gains in settlement of class lawsuits during the year ended August 31, 2019, the total return would have been 5.97%.

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

Pioneer Disciplined Growth Fund | Annual Report | 8/31/20 27

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Financial Highlights (continued)


	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	8/31/20			8/31/19			8/31/18			8/31/17			8/31/16*
Class Y
Net asset value, beginning of period	$	17.41		$	20.19		$	19.38		$	17.86		$	17.66
Increase (decrease) from investment operations:
Net investment income (loss) (a)	$	0.05		$	0.07		$	0.04		$	0.09		$	0.11
Net realized and unrealized gain (loss) on investments		5.88			0.87			3.15			2.87			1.20
Net increase (decrease) from investment operations	$	5.93		$	0.94		$	3.19		$	2.96		$	1.31
Distributions to shareowners:
Net investment income	$	(0.07	)	$	(0.03	)	$	(0.07	)	$	(0.09	)	$	(0.11	)
Net realized gain		(0.89	)		(3.69	)		(2.31	)		(1.35	)		(1.00	)
Total distributions	$	(0.96	)	$	(3.72	)	$	(2.38	)	$	(1.44	)	$	(1.11	)
Net increase (decrease) in net asset value	$	4.97		$	(2.78	)	$	0.81		$	1.52		$	0.20
Net asset value, end of period	$	22.38		$	17.41		$	20.19		$	19.38		$	17.86
Total return (b)		35.51	%		7.09	%(c)		17.72	%		17.94	%		7.46	%(d)
Ratio of net expenses to average net assets		0.81	%		0.83	%		0.87	%		0.85	%		0.86	%
Ratio of net investment income (loss) to average net assets		0.28	%		0.39	%		0.20	%		0.50	%		0.65	%
Portfolio turnover rate		101	%		111	%		98	%		76	%		118	%
Net assets, end of period (in thousands)	$	57,324		$	45,416		$	50,090		$	45,553		$	42,721

* 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 lawsuits during the year ended August 31, 2019, the total return would have been 7.03%.

(d) If the Fund had not recognized gains in settlement of class lawsuits during the year ended August 31, 2016, the total return would have been 7.40%.

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

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Notes to Financial Statements | 8/31/20

1. Organization and Significant Accounting Policies

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

The Fund offers five classes of shares designated as Class A, Class C, Class K, Class R and Class Y shares. Class K and Class R shares had not commenced operations as of August 31, 2020. 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 shareholder approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareholder’s voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class Y shares.

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

The Fund is an investment company and follows investment company accounting and reporting guidance under 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.

Pioneer Disciplined Growth Fund | Annual Report | 8/31/20 29

Table of Contents

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

A. Security Valuation

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

Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods.

Fixed-income securities are valued by using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities, historical trading patterns in the market for fixed-income securities and/or other factors. Non-U.S. debt securities that are listed on an exchange will be valued at the bid price obtained from an independent third party pricing service. When independent third party pricing services are unable to supply prices, or when prices or market quotations are considered to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers.

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

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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 August 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.

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 August 31, 2020, the Fund did not accrue any interest or

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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 August 31, 2020 and August 31, 2019, were as follows:


	2020		2019
Distributions paid from:
Ordinary income	$	6,140,658	$	203,618
Long-term capital gain		63,926,801		240,717,041
Total	$	70,067,459	$	240,920,659

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


	2020
Distributable earnings:
Undistributed ordinary income	$	30,845,321
Undistributed long term capital gain		172,361,677
Net unrealized appreciation		439,428,408
Total	$	642,635,406

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

D. Fund Shares

The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $36,832 in underwriting commissions on the sale of Class A shares during the year ended August 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.

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Distribution fees are calculated based on the average daily net asset value attributable to Class A and Class C shares of the Fund, respectively (see Note 4). 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 3).

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, and Class Y shares can reflect different transfer agent and distribution expense rates.

F. Risks

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

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

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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 Pioneer 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 Pioneer 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 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.

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2. Management Agreement

The Adviser manages the Fund’s portfolio. Management fees are calculated daily and paid monthly at the annual rate equal to 0.65% of the Fund’s average daily net assets up to $1 billion, 0.60% of the next $4 billion of the Fund’s average daily net assets and 0.55% of the Fund’s average daily net assets over $5 billion. For the year ended August 31, 2020, the effective management fee was equal to 0.64% 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 $129,684 in management fees, administrative costs and certain other reimbursements payable to the Adviser at August 31, 2020.

3. 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.

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 August 31, 2020, such out-of-pocket expenses by class of shares were as follows:


Shareowner Communications:
Class A	$	393,930
Class C		4,578
Class Y		871
Total	$	399,379

4. Distribution Plan

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 and Class C 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

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account maintenance services or distribution services with regard to Class C shares. Included in “Due to affiliates” reflected on the Statement of Assets and Liabilities is $56,324 in distribution fees payable to the Distributor at August 31, 2020.

In addition, Class A and Class C shares may be subject to a contingent deferred sales charge (“CDSC”). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within 6 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to the Distributor. For the year ended August 31, 2020, CDSCs in the amount of $2,126 were paid to the Distributor.

5. 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 facility (“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 a credit facility. The commitment fee is allocated among participating Funds based on an allocation schedule set forth in the credit agreement. For the year ended August 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 and the Shareholders of
Pioneer Series Trust XII:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Pioneer Disciplined Growth Fund (the “Fund”) (one of the funds constituting Pioneer Series Trust XII (the “Trust”)), including the schedule of investments, as of August 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 August 31, 2016 were audited by another independent registered public accounting firm whose report, dated October 24, 2016, 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 Pioneer Disciplined Growth Fund (one of the funds constituting Pioneer Series Trust XII) at August 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 August 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
October 30, 2020

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Additional Information (unaudited)

For the year ended August 31, 2020, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate up to the maximum amount of such dividends allowable under the Act, as taxed at a maximum rate of 20%. Complete information will be computed and reported in conjunction with your 2020 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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Statement Regarding Liquidity Risk Management Program

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

The Committee provided the Board of Trustees with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through March 31, 2020 (the “Reporting Period”).

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

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

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

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

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

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

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

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Trustees, Officers and Service Providers

Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.

Custodian and Sub-Administrator
Brown Brothers Harriman & Co.

Independent Registered Public Accounting Firm
Ernst & Young LLP

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

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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
Benjamin M. Friedman (76) Trustee	Trustee since 2008. Serves until a successor trustee is elected or earlier retirement or removal.	William Joseph Maier Professor of Political Economy, Harvard University (1972 – present)	Trustee, Mellon Institutional Funds Investment Trust and Mellon Institutional Funds Master Portfolio (oversaw 17 portfolios in fund complex) (1989 - 2008)
Lorraine H. Monchak (64) Trustee	Trustee since 2017. (Advisory Trustee from 2014 - 2017). Serves until a successor trustee is elected or earlier retirement or removal.	Chief Investment Officer, 1199 SEIU Funds (healthcare workers union pension funds) (2001 – present); Vice President – International Investments Group, American International Group, Inc. (insurance company) (1993 – 2001); Vice President – Corporate Finance and Treasury Group, Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability Management Group, Federal Farm Funding Corporation (government- sponsored issuer of debt securities) (1988 – 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 – 1988); and Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 – 1987)	None
Marguerite A. Piret (72) Trustee	Trustee since 1997. Serves until a successor trustee is elected or earlier retirement or removal.	Chief Financial Officer, American Ag Energy, Inc. (controlled environment and agriculture company) (2016 – present); and President and Chief Executive Officer, Metric Financial Inc. (formerly known as Newbury Piret Company) (investment banking firm) (1981 – 2019)	Director of New America High Income Fund, Inc. (closed-end investment company) (2004 – present); and Member, Board of Governors, Investment Company Institute (2000 – 2006)

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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	Trustee since 2014. Serves until a successor trustee is elected or earlier retirement or removal.	Private investor (2020 – present); Consultant (investment company services) (2012 – 2020); Executive Vice President, BNY Mellon (financial and investment company services) (1969 – 2012); Director, BNY International Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas Investment Corp. (financial services) (2009 – 2012); Director, Financial Models (technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial services) (1999-2006); and Chairman, BNY Alternative Investment Services, Inc. (financial services) (2005-2007)	None

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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, President and Chief Executive Officer	Trustee since 2017. Serves until a successor trustee is elected or earlier retirement or removal	Director, CEO and President of Amundi Pioneer Asset Management USA, Inc. (investment management firm) (since September 2014); Director, CEO and President of Amundi Pioneer Asset Management, Inc. (since September 2014); Director, CEO and President of Amundi Pioneer Distributor, Inc. (since September 2014); Director, CEO and President of Amundi Pioneer Institutional Asset Management, Inc. (since September 2014); Chair, Amundi Pioneer Asset Management USA, Inc., Amundi Pioneer Distributor, Inc. and Amundi Pioneer Institutional Asset Management, 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 USA, Inc. (since 2017)	None
Kenneth J. Taubes (62)* Trustee	Trustee since 2014. Serves until a successor trustee is elected or earlier retirement or removal	Director and Executive Vice President (since 2008) and Chief Investment Officer, U.S. (since 2010) of Amundi Pioneer Asset Management USA, Inc. (investment management firm); Director and Executive Vice President and Chief Investment Officer, U.S. of Amundi Pioneer (since 2008); Executive Vice President and Chief Investment Officer, U.S. of Amundi Pioneer Institutional Asset Management, Inc. (since 2009); Portfolio Manager of Amundi Pioneer (since 1999); and Director of Amundi USA, Inc. (since 2017)	None

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

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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 (55) Secretary and Chief Legal Officer	Since 2003. Serves at the discretion of the Board	Vice President and Associate General Counsel of Amundi Pioneer since January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; and Vice President and Senior Counsel of Amundi Pioneer from July 2002 to December 2007	None
Carol B. Hannigan (59) Assistant Secretary	Since 2010. Serves at the discretion of the Board	Fund Governance Director of Amundi Pioneer since December 2006 and Assistant Secretary of all the Pioneer Funds since June 2010; Manager – Fund Governance of Amundi Pioneer from December 2003 to November 2006; and Senior Paralegal of Amundi Pioneer from January 2000 to November 2003	None
Thomas Reyes (57) Assistant Secretary	Since 2010. Serves at the discretion of the Board	Assistant General Counsel of Amundi Pioneer since May 2013 and Assistant Secretary of all the Pioneer Funds since June 2010; and Counsel of Amundi Pioneer from June 2007 to May 2013	None
Mark E. Bradley (60) Treasurer and Chief Financial and Accounting Officer	Since 2008. Serves at the discretion of the Board	Vice President – Fund Treasury of Amundi Pioneer; Treasurer of all of the Pioneer Funds since March 2008; Deputy Treasurer of Amundi Pioneer from March 2004 to February 2008; and Assistant Treasurer of all of the Pioneer Funds from March 2004 to February 2008	None
Luis I. Presutti (55) Assistant Treasurer	Since 2000. Serves at the discretion of the Board	Director – Fund Treasury of Amundi Pioneer; and Assistant Treasurer of all of the Pioneer Funds	None
Gary Sullivan (62) Assistant Treasurer	Since 2002. Serves at the discretion of the Board	Senior Manager – Fund Treasury of Amundi Pioneer; and Assistant Treasurer of all of the Pioneer Funds	None

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Fund Officers (continued)


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) Assistant Treasurer	Since 2020. Serves at the discretion of the Board	Fund Oversight Manager – Fund Treasury of Amundi Pioneer; and Assistant Treasurer of all of the Pioneer Funds	None
John Malone (48) Chief Compliance Officer	Since 2018. Serves at the discretion of the Board	Managing Director, Chief Compliance Officer of Amundi Pioneer Asset Management; Amundi Pioneer Institutional Asset Management, Inc.; and the Pioneer Funds since September 2018; and Chief Compliance Officer of Amundi Pioneer Distributor, Inc. since January 2014.	None
Kelly O’Donnell (49) Anti-Money Laundering Officer	Since 2006. Serves at the discretion of the Board	Vice President – Amundi Pioneer Asset Management; and Anti-Money Laundering Officer of all the Pioneer Funds since 2006	None

48 Pioneer Disciplined Growth Fund | Annual Report | 8/31/20

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52 Pioneer Disciplined Growth Fund | Annual Report | 8/31/20

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How to Contact Amundi Pioneer

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 Pioneer
P.O. Box 219427
Kansas City, MO 64121-9427

Our toll-free fax		1-800-225-4240

Our internet e-mail address	us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)

Visit our web site: www.amundipioneer.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.

Table of Contents

Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com/us

Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
^© 2020 Amundi Pioneer Asset Management 19430-14-1020

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 $23,460 payable to Ernst & Young LLP for the year ended August 31, 2020 and $23,000 for the year ended August 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 tax fees for the Trust were $8,189 payable to Ernst & Young LLP for the year ended August 31, 2020 and $8,028 for the year ended August 31, 2019.

(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 August 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 aggregate non-audit fees for the Trust were $8,189 payable to Ernst & Young LLP for the year ended August 31, 2020 and $8,028 for the year ended August 31, 2019.

(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 XII

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

Lisa M. Jones, President & Chief Executive Officer

Date November 9, 2020

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 November 9, 2020

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

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

Date November 9, 2020

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