M&A - PIONEER SERIES TRUST XI

Form Type: N-CSR

Filing Date: 2025-02-28

Corporate Action: Merger

Type: Update

Accession Number: 000119312525040555

Filing Summary: Pioneer Series Trust XI has undergone significant changes due to a definitive agreement with Victory Capital Holdings, Inc. to combine its investment adviser, Amundi Asset Management US, Inc., with Victory Capital. This merger is subject to regulatory approval and may lead to the reorganization of the Pioneer Core Equity Fund into a newly established Victory Fund, contingent upon shareholder approval. The Fund's Board has approved the reorganization proposal, emphasizing the associated conditions. The expected completion date for related shareholder communications is set for May 1, 2025. Additionally, the Fund's performance for the year 2024 showed a Class A share return of 14.34% against a benchmark of 25.02%. This underperformance is attributed to sector allocation and selection, particularly in technology and healthcare.

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