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 811-21460
Pioneer Series Trust II
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Christopher J. Kelley, Amundi Asset Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant’s telephone number, including area code: (617) 742-7825
Date of fiscal year end: November 30, 2022
Date of reporting period: December 1, 2021 through November 30, 2022
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.
Item 1. Reports to Stockholders.
A: PGOFX | C: GOFCX | K: PSMKX | R: PGRRX | Y: GROYX |
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
January 2023
Q | How did the Fund perform during the 12-month period ended November 30, 2022? |
A | Pioneer Select Mid Cap Growth Fund’s Class A shares returned -25.94% at net asset value (NAV) during the 12-month period ended November 30, 2022, while the Fund’s benchmark, the Russell Midcap Growth Index, returned -21.77%. During the same period, the average return of the 577 mutual funds in Morningstar’s Mid-Cap Growth Funds category was -21.76%. |
Q | How would you describe the investment environment in the equity market during the 12-month period ended November 30, 2022? |
A | The 12-month period ended November 30, 2022 featured heavy equity-market volatility, persistently high inflation readouts, and rising interest rates, all of which combined to lead to a broad retreat in the performance of domestic equities. |
In response to high levels of inflation not seen in roughly 40 years, the US Federal Reserve (Fed) began raising the target range for the federal funds rate in March 2022, and also ended its pandemic-era quantitative easing (bond purchase) program. The Fed increased the federal funds rate’s target range six times between March and November 2022, including four consecutive increases of 75 basis points (bps) each from June to November 2022, an unprecedented occurrence (a basis point is equal to 1/100th of a percentage point). | |
The decline in the domestic equity market was particularly concentrated within growth stocks, which dramatically underperformed value stocks for the 12-month period. The broad US equity market, as measured by the Standard & Poor’s 500 Index (the S&P 500), registered a total return of -9.21% over the |
12-month period, a significant drop-off from the 27.90% return the S&P 500 generated over the 12-month period ended November 30, 2021. | |
Market participants preferred value stocks over growth stocks during the past year, as shares of growth-oriented companies – which can be susceptible to rising interest rates, given that higher rates have tended to erode the value of those companies’ earnings over the longer term – were shunned by investors in response to the Fed’s attempts to combat inflation by increasing the federal funds target range. | |
During the 12-month period, the yield on the 10-year US Treasury bond rose from 1.45% (as of November 30, 2021) to 3.61% (as of November 30, 2022). That development presented a significant headwind to the performance of growth stocks, and particularly shares of those growth-oriented companies with high valuations based largely on future earnings. Mid-cap growth stocks, as measured by the Fund’s benchmark, the Russell Midcap Growth Index (the Russell Index), underperformed the S&P 500, returning -21.77% for the 12-month period. Meanwhile, mid-cap value stocks, as measured by the Russell Midcap Value Index, significantly outperformed mid-cap growth stocks, returning -1.50% for the period. The large performance spread in favor of value over growth in the mid-cap space over the past 12 months was unprecedented. | |
Within the Fund’s benchmark, the Russell Index, the top-performing sectors over the 12-month period were energy, utilities, and consumer staples, which returned 70.14%, 21.45%, and 6.83%, respectively. Conversely, the communications services, information technology, consumer discretionary, and health care sectors were the Russell Index’s laggards over the 12-month period, with returns of -50.91%, -29.72%, -24.49%, and -20.35%, respectively. | |
Q | Which of your investment decisions had the greatest effects on the Fund’s benchmark-relative performance during the 12-month period ended November 30, 2022? |
A | The Fund underperformed the Russell Index over the 12-month period, with unfavorable stock selection results the biggest drag on benchmark-relative returns. The worst relative performance |
for the Fund over the period came from stock picks in the industrials, information technology, and financials sectors. Positive stock selection results in the consumer discretionary sector and consumer staples sector were not enough to offset the relative underperformance of stock selections in those other sectors. Sector allocation results were slightly positive and benefited the Fund’s relative returns for the 12-month period, driven primarily by the portfolio’s overweight to the outperforming consumer staples sector. | |
With regard to individual securities, detractors from the Fund’s benchmark-relative returns for the 12-month period included positions in Generac Holdings, Clarivate, and Twilio, and lack of portfolio exposure to benchmark component Cheniere Energy. | |
Generac is a leader in the home standby (HSB) generator industry, and the company has been expanding operations into the broader clean energy space via acquisitions, representing a large and growing addressable market. However, the share price declined during the 12-month period, giving back most of the gains Generac’s stock had experienced over the previous 12 months. Order growth for HSB generators decelerated during the period, and investors became increasingly concerned that market-penetration growth for the generators may have been pulled forward during the pandemic – driven by the work-from-home environment and a strong housing market – and that a slowing housing market and recessionary fears could hamper 2023 growth. We substantially trimmed the Fund’s position in Generac over the latter part of the 12-month period, but still held the stock in the portfolio as of period-end. We continue to see a potentially positive risk/reward scenario for Generac over the longer term, as we believe there is a long runway for growth in HSB generators, as consumers’ perception of HSB power has continued to fundamentally shift from viewing it as a nonessential convenience to a security asset, given the persistence of grid-reliance issues. | |
Clarivate provides mission-critical information services for the research, life sciences, and intellectual property end-markets. The shares underperformed during the 12-month period as investors debated the achievable organic growth rate for the company in an economy currently projected to experience a |
slowdown in 2023. We have retained the Fund’s position in Clarivate, and continue to favor the stock as a core portfolio holding, given the company’s dominance in its niche information services markets and what we see as its favorable business model featuring strong levels of recurring subscription revenues and high retention rates. Twilio is a cloud-based communication-platform-as-a-service (or “CpasS”) which offers application programming interfaces, or APIs, and prebuilt solution applications aimed at improving customer engagement. Through its APIs, Twilio’s platform allows developers to integrate messaging, voice, and video functionality into business applications. The company’s shares underperformed during the 12-month period due to: 1) investors’ concerns about organic growth sustainability in the post-COVID-19 era; 2) margin pressures from Twilio’s investments in international growth and new-product development; and 3) the market’s general avoidance of shares of unprofitable companies. We exited the Fund’s Twilio position during the period, after we had determined that our investment thesis for the company to improve its profitability by selling higher-margin software products for consumer engagement was unlikely to happen within the previously forecasted time frame. | |
Finally, the Fund’s lack of exposure to large benchmark member Cheniere Energy detracted from relative returns during the period. Cheniere is an energy company focused on liquefied natural gas (LNG)-related businesses. Cheniere’s share price rose during the period as investors anticipated that the company could benefit from the prospect that the United States may increase LNG supplies to Europe in response to the region’s dependence on Russian natural gas, which has essentially been cut off since the beginning of the war in Ukraine. | |
On the positive side, the portfolio’s positions in Occidental Petroleum, AutoZone, Molina Healthcare, and Celsius Holdings benefited the Fund’s relative returns during the 12-month period. | |
Occidental Petroleum is one of the world’s largest independent oil-and-gas companies, which also has a chemicals segment, OxyChem. The shares outperformed during the 12-month period as the company reported four consecutive quarters of record free cash flows, while OxyChem achieved a 30-year high for earnings. |
The strong free cash flows have been driving rapid balance-sheet improvement for the company, and has supported the commencement of share repurchases. Longer term, we believe the company's differentiated low-carbon strategy could be a source of upside potential. We continue to believe that Occidental’s high-quality assets and integrated business model may ultimately support a return to the company's premium valuation versus its large-cap exploration-and-production peers. AutoZone is a leading retailer of automotive replacement parts and accessories. The company’s shares outperformed over the period as AutoZone delivered solid financial results, and as investors anticipated that the company could continue to benefit from an environment where consumers choose to repair their existing automobiles in lieu of buying new, higher-priced vehicles. Molina Healthcare is a US health insurer primarily serving lower-income Americans enrolled in government programs, including Medicaid, the ACA (Affordable Care Act) marketplace, and Medicare Advantage. Molina’s share price rose during the period as the company delivered solid financial results that came in above most analysts’ expectations. The company has benefited from higher margins and geographical expansion as it has continued to build its position in the market for higher acuity-care management. We continue to believe Molina could possibly see further upside in earnings estimates, based on our assessment of the sustainability of the company’s margins on exchanges, additional cost-savings upside, and the potential for greater membership growth across the Medicaid, Medicare, and ACA marketplace segments. | |
Finally, Celsius Holdings is an energy-drink company that we believe enjoys a favorable position within the “high-growth functional energy” sub-category of the beverage segment. The company’s shares outperformed during the 12-month period as Celsius reported stronger-than-expected revenues while gaining market share in the sub-category, amid growing brand awareness and increased product placement with retailers. We continue to |
believe that Celsius could have a long runway for growth and may potentially increase market share within the energy-drink segment. | |
Q | Did the Fund have any exposure to derivative securities during the 12-month period ended November 30, 2022? |
A | No, the Fund had no exposure to derivatives during the period. |
Q | What is your outlook entering the Fund’s new fiscal year? |
A | We believe economic weakness and persistent, elevated inflation levels are likely to continue to have uneven effects on the economy, thus presenting both challenges and potential opportunities. |
The good news, in our view, is that the Fed may be close to pausing its interest-rate increases early in 2023, which could remove a headwind to a potential recovery in equity prices, and particularly within growth stocks. The bad news is that in order for that pause to happen, we may need to see a combination of more economic weakness, an increase in the unemployment rate, continued market volatility, and a decrease in inflation. We believe all of those factors are likely to cause or coincide with a decline in corporate earnings estimates for 2023. | |
We think the economy is likely to enter a mild recession in 2023, with the labor market contracting and the unemployment rate rising. Upside or downside to equity markets will largely depend, in our view, on the depth and length of the recession and the nature of the Fed’s response. We believe a key uncertainty remains the extent of the economic slowdown. The severity of a potential economic downturn could hinge upon how fast inflation comes down, and the extent of further Fed rate increases aimed at keeping inflation levels on their downward path towards the Fed’s eventual 2% target/objective. | |
A sizeable valuation reset in growth stocks over the past year has substantially improved the risk/reward trade-off for the growth segment of the equity market going forward, in our opinion. Given current concerns about slowing economic growth, we believe investors may eventually come to favor owning stocks of well-positioned, secular growth companies with reasonable |
(As a percentage of total investments)* | ||
1. | MSCI, Inc. | 2.81% |
2. | Synopsys, Inc. | 2.74 |
3. | Agilent Technologies, Inc. | 2.24 |
4. | Amphenol Corp., Class A | 2.18 |
5. | AutoZone, Inc. | 2.14 |
6. | Chipotle Mexican Grill, Inc. | 1.85 |
7. | Palo Alto Networks, Inc. | 1.80 |
8. | Lululemon Athletica, Inc. | 1.78 |
9. | Molina Healthcare, Inc. | 1.77 |
10. | Insulet Corp. | 1.67 |
* | Excludes short-term investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities. |
Class | 11/30/22 | 11/30/21 |
A | $38.27 | $52.58 |
C | $21.79 | $30.56 |
K | $39.87 | $54.55 |
R | $35.25 | $48.68 |
Y | $43.49 | $59.49 |
Class | Net Investment Income | Short-Term Capital Gains | Long-Term Capital Gains |
A | $— | $— | $0.6573 |
C | $— | $— | $0.6573 |
K | $— | $— | $0.6573 |
R | $— | $— | $0.6573 |
Y | $— | $— | $0.6573 |
Performance Update | 11/30/22 | Class A Shares |
Average Annual Total Returns (As of November 30, 2022) | |||
Period | Net Asset Value (NAV) | Public Offering Price (POP) | Russell Midcap Growth Index |
10 Years | 11.30% | 10.64% | 12.30% |
5 Years | 6.90 | 5.64 | 9.10 |
1 Year | -25.94 | -30.20 | -21.77 |
Expense Ratio (Per prospectus dated April 1, 2022) |
Gross |
0.99% |
Performance Update | 11/30/22 | Class C Shares |
Average Annual Total Returns (As of November 30, 2022) | |||
Period | If Held | If Redeemed | Russell Midcap Growth Index |
10 Years | 10.41% | 10.41% | 12.30% |
5 Years | 6.07 | 6.07 | 9.10 |
1 Year | -26.49 | -27.21 | -21.77 |
Expense Ratio (Per prospectus dated April 1, 2022) |
Gross |
1.77% |
Performance Update | 11/30/22 | Class K Shares |
Average Annual Total Returns (As of November 30, 2022) | ||
Period | Net Asset Value (NAV) | Russell Midcap Growth Index |
10 Years | 11.62% | 12.30% |
5 Years | 7.28 | 9.10 |
1 Year | -25.67 | -21.77 |
Expense Ratio (Per prospectus dated April 1, 2022) |
Gross |
0.65% |
Performance Update | 11/30/22 | Class R Shares |
Average Annual Total Returns (As of November 30, 2022) | ||
Period | Net Asset Value (NAV) | Russell Midcap Growth Index |
10 Years | 10.88% | 12.30% |
5 Years | 6.47 | 9.10 |
1 Year | -26.21 | -21.77 |
Expense Ratio (Per prospectus dated April 1, 2022) |
Gross |
1.43% |
Performance Update | 11/30/22 | Class Y Shares |
Average Annual Total Returns (As of November 30, 2022) | ||
Period | Net Asset Value (NAV) | Russell Midcap Growth Index |
10 Years | 11.59% | 12.30% |
5 Years | 7.15 | 9.10 |
1 Year | -25.76 | -21.77 |
Expense Ratio (Per prospectus dated April 1, 2022) |
Gross |
0.77% |
(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. |
(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. |
Share Class | A | C | K | R | Y |
Beginning Account Value on 6/1/22 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value (after expenses) on 11/30/22 | $1,018.10 | $1,014.20 | $1,019.70 | $1,016.50 | $1,019.20 |
Expenses Paid During Period* | $5.06 | $8.94 | $3.34 | $7.13 | $3.95 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.00%, 1.77%, 0.66%, 1.41%, and 0.78% for Class A, Class C, Class K, Class R, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). |
Share Class | A | C | K | R | Y |
Beginning Account Value on 6/1/22 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value (after expenses) on 11/30/22 | $1,020.05 | $1,016.19 | $1,021.76 | $1,018.00 | $1,021.16 |
Expenses Paid During Period* | $5.06 | $8.95 | $3.35 | $7.13 | $3.95 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.00%, 1.77%, 0.66%, 1.41%, and 0.78% for Class A, Class C, Class K, Class R, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). |
Shares | Value | |||||
UNAFFILIATED ISSUERS — 99.8% | ||||||
Common Stocks — 99.8% of Net Assets | ||||||
Aerospace & Defense — 1.8% | ||||||
65,198(a) | Axon Enterprise, Inc. | $ 11,998,388 | ||||
63,920 | Curtiss-Wright Corp. | 11,291,468 | ||||
38,051 | Huntington Ingalls Industries, Inc. | 8,826,310 | ||||
Total Aerospace & Defense | $32,116,166 | |||||
Banks — 0.3% | ||||||
151,356(a) | Bancorp, Inc. | $ 4,536,139 | ||||
Total Banks | $4,536,139 | |||||
Beverages — 0.8% | ||||||
119,887(a) | Celsius Holdings, Inc. | $ 13,348,219 | ||||
Total Beverages | $13,348,219 | |||||
Biotechnology — 2.7% | ||||||
120,034(a) | Alnylam Pharmaceuticals, Inc. | $ 26,478,300 | ||||
346,502(a) | Natera, Inc. | 14,248,162 | ||||
324,694(a) | Replimune Group, Inc. | 6,646,486 | ||||
Total Biotechnology | $47,372,948 | |||||
Building Products — 0.2% | ||||||
63,159(a) | Trex Co., Inc. | $ 2,898,366 | ||||
Total Building Products | $2,898,366 | |||||
Capital Markets — 4.3% | ||||||
39,154 | Cboe Global Markets, Inc. | $ 4,966,293 | ||||
96,774 | MSCI, Inc. | 49,144,741 | ||||
162,448 | State Street Corp. | 12,942,232 | ||||
121,618 | Tradeweb Markets, Inc., Class A | 7,474,642 | ||||
Total Capital Markets | $74,527,908 | |||||
Chemicals — 2.3% | ||||||
171,930 | CF Industries Holdings, Inc. | $ 18,601,107 | ||||
68,512 | Scotts Miracle-Gro Co. | 3,831,876 | ||||
38,970 | Sherwin-Williams Co. | 9,710,544 | ||||
87,623 | Sociedad Quimica y Minera de Chile S.A. (A.D.R.) | 8,688,697 | ||||
Total Chemicals | $40,832,224 | |||||
Communications Equipment — 2.0% | ||||||
108,826(a) | Arista Networks, Inc. | $ 15,159,462 | ||||
75,494 | Motorola Solutions, Inc. | 20,549,467 | ||||
Total Communications Equipment | $35,708,929 | |||||
Construction & Engineering — 1.6% | ||||||
83,604 | Valmont Industries, Inc. | $ 28,313,331 | ||||
Total Construction & Engineering | $28,313,331 |
Shares | Value | |||||
Construction Materials — 0.7% | ||||||
32,667 | Martin Marietta Materials, Inc. | $ 11,971,802 | ||||
Total Construction Materials | $11,971,802 | |||||
Containers & Packaging — 0.4% | ||||||
1,275,488(a) | Ranpak Holdings Corp. | $ 6,900,390 | ||||
Total Containers & Packaging | $6,900,390 | |||||
Distributors — 0.4% | ||||||
22,487 | Pool Corp. | $ 7,407,443 | ||||
Total Distributors | $7,407,443 | |||||
Diversified Consumer Services — 0.7% | ||||||
169,779 | Service Corp. International | $ 12,130,710 | ||||
Total Diversified Consumer Services | $12,130,710 | |||||
Electrical Equipment — 2.8% | ||||||
75,202 | Acuity Brands, Inc. | $ 14,159,785 | ||||
56,768(a) | Generac Holdings, Inc. | 5,990,159 | ||||
38,419 | Rockwell Automation, Inc. | 10,151,068 | ||||
585,943(a) | Sunrun, Inc. | 19,090,023 | ||||
Total Electrical Equipment | $49,391,035 | |||||
Electronic Equipment, Instruments & Components — 5.3% | ||||||
474,767 | Amphenol Corp., Class A | $ 38,185,510 | ||||
99,137 | CDW Corp. | 18,701,203 | ||||
1,126,955(a) | Flex, Ltd. | 24,770,471 | ||||
261,655 | National Instruments Corp. | 10,733,088 | ||||
Total Electronic Equipment, Instruments & Components | $92,390,272 | |||||
Energy Equipment & Services — 0.4% | ||||||
134,014 | Cactus, Inc., Class A | $ 7,289,021 | ||||
Total Energy Equipment & Services | $7,289,021 | |||||
Entertainment — 1.4% | ||||||
65,890(a) | Live Nation Entertainment, Inc. | $ 4,794,156 | ||||
124,546(a) | Spotify Technology S.A. | 9,891,443 | ||||
876,954(a) | Warner Bros Discovery, Inc. | 9,997,276 | ||||
Total Entertainment | $24,682,875 | |||||
Equity Real Estate Investment Trusts (REITs) — 1.2% | ||||||
330,519 | Equity Commonwealth | $ 8,953,760 | ||||
158,070 | Iron Mountain, Inc. | 8,587,943 | ||||
12,176 | SBA Communications Corp. | 3,644,277 | ||||
Total Equity Real Estate Investment Trusts (REITs) | $21,185,980 |
Shares | Value | |||||
Food & Staples Retailing — 0.7% | ||||||
160,567(a) | BJ's Wholesale Club Holdings, Inc. | $ 12,081,061 | ||||
Total Food & Staples Retailing | $12,081,061 | |||||
Food Products — 1.0% | ||||||
71,951 | Hershey Co. | $ 16,920,717 | ||||
Total Food Products | $16,920,717 | |||||
Health Care Equipment & Supplies — 6.4% | ||||||
215,677(a) | Dexcom, Inc. | $ 25,078,921 | ||||
97,383(a) | Insulet Corp. | 29,153,549 | ||||
78,089(a) | Penumbra, Inc. | 16,360,426 | ||||
123,913 | ResMed, Inc. | 28,524,773 | ||||
53,351(a) | Shockwave Medical, Inc. | 13,529,814 | ||||
Total Health Care Equipment & Supplies | $112,647,483 | |||||
Health Care Providers & Services — 2.9% | ||||||
53,748 | AmerisourceBergen Corp. | $ 9,174,246 | ||||
92,187(a) | Molina Healthcare, Inc. | 31,045,816 | ||||
358,644(a) | Option Care Health, Inc. | 10,798,771 | ||||
Total Health Care Providers & Services | $51,018,833 | |||||
Health Care Technology — 1.2% | ||||||
110,061(a) | Veeva Systems, Inc., Class A | $ 20,951,212 | ||||
Total Health Care Technology | $20,951,212 | |||||
Hotels, Restaurants & Leisure — 5.8% | ||||||
192,417(a) | Brinker International, Inc. | $ 6,436,349 | ||||
19,934(a) | Chipotle Mexican Grill, Inc. | 32,431,821 | ||||
96,942(a) | Expedia Group, Inc. | 10,357,283 | ||||
175,362(a) | Las Vegas Sands Corp. | 8,213,956 | ||||
127,126 | Papa John's International, Inc. | 10,584,511 | ||||
181,975(a) | Planet Fitness, Inc., Class A | 14,259,561 | ||||
583,402 | Wendy's Co. | 13,161,549 | ||||
96,411 | Wyndham Hotels & Resorts, Inc. | 7,068,854 | ||||
Total Hotels, Restaurants & Leisure | $102,513,884 | |||||
Household Durables — 0.4% | ||||||
49,220(a) | TopBuild Corp. | $ 7,583,818 | ||||
Total Household Durables | $7,583,818 | |||||
Independent Power and Renewable Electricity Producers — 0.3% | ||||||
234,148(a) | Sunnova Energy International, Inc. | $ 5,345,599 | ||||
Total Independent Power and Renewable Electricity Producers | $5,345,599 | |||||
Insurance — 1.8% | ||||||
42,935 | Arthur J Gallagher & Co. | $ 8,548,788 |
Shares | Value | |||||
Insurance — (continued) | ||||||
28,789 | Everest Re Group, Ltd. | $ 9,728,955 | ||||
72,308 | RenaissanceRe Holdings, Ltd. | 13,659,704 | ||||
Total Insurance | $31,937,447 | |||||
Interactive Media & Services — 0.3% | ||||||
107,148(a) | Match Group, Inc. | $ 5,417,403 | ||||
Total Interactive Media & Services | $5,417,403 | |||||
IT Services — 4.5% | ||||||
81,418(a) | Akamai Technologies, Inc. | $ 7,723,311 | ||||
326,900(a) | Cloudflare, Inc., Class A | 16,063,866 | ||||
31,105(a) | EPAM Systems, Inc. | 11,464,681 | ||||
518,923 | Genpact, Ltd. | 23,927,540 | ||||
33,003(a) | MongoDB, Inc. | 5,039,228 | ||||
279,699 | SS&C Technologies Holdings, Inc. | 15,036,618 | ||||
Total IT Services | $79,255,244 | |||||
Life Sciences Tools & Services — 5.5% | ||||||
253,283 | Agilent Technologies, Inc. | $ 39,253,799 | ||||
226,994 | Bruker Corp. | 15,301,666 | ||||
56,989(a) | Charles River Laboratories International Inc | 13,025,976 | ||||
83,108(a) | IQVIA Holdings, Inc. | 18,119,206 | ||||
60,072(a) | Repligen Corp. | 10,743,276 | ||||
Total Life Sciences Tools & Services | $96,443,923 | |||||
Machinery — 0.3% | ||||||
31,619(a) | Middleby Corp. | $ 4,559,144 | ||||
Total Machinery | $4,559,144 | |||||
Marine — 0.8% | ||||||
120,767(a) | Kirby Corp. | $ 8,428,329 | ||||
266,357 | Star Bulk Carriers Corp. | 5,127,372 | ||||
Total Marine | $13,555,701 | |||||
Media — 0.7% | ||||||
61,273 | Nexstar Media Group, Inc., Class A | $ 11,614,910 | ||||
Total Media | $11,614,910 | |||||
Metals & Mining — 0.5% | ||||||
225,589 | Teck Resources, Ltd., Class B | $ 8,367,096 | ||||
Total Metals & Mining | $8,367,096 | |||||
Multiline Retail — 0.6% | ||||||
43,677 | Dollar General Corp. | $ 11,167,335 | ||||
Total Multiline Retail | $11,167,335 | |||||
Oil, Gas & Consumable Fuels — 4.8% | ||||||
43,871 | Chesapeake Energy Corp. | $ 4,540,649 |
Shares | Value | |||||
Oil, Gas & Consumable Fuels — (continued) | ||||||
1,174,426 | Comstock Resources, Inc. | $ 21,550,717 | ||||
182,387 | EQT Corp. | 7,735,033 | ||||
274,507 | Murphy Oil Corp. | 12,956,730 | ||||
265,577 | Occidental Petroleum Corp. | 18,454,946 | ||||
346,445 | Ovintiv, Inc. | 19,317,773 | ||||
Total Oil, Gas & Consumable Fuels | $84,555,848 | |||||
Professional Services — 4.7% | ||||||
2,954,977(a) | Clarivate Plc | $ 28,929,225 | ||||
30,946 | Equifax, Inc. | 6,107,812 | ||||
197,039 | Thomson Reuters Corp. | 23,195,431 | ||||
136,011 | Verisk Analytics, Inc. | 24,986,581 | ||||
Total Professional Services | $83,219,049 | |||||
Road & Rail — 0.8% | ||||||
128,142 | TFI International, Inc. | $ 13,909,814 | ||||
Total Road & Rail | $13,909,814 | |||||
Semiconductors & Semiconductor Equipment — 5.0% | ||||||
248,234(a) | Advanced Micro Devices, Inc. | $ 19,270,406 | ||||
62,029(a) | Enphase Energy, Inc. | 19,885,877 | ||||
32,691(a) | First Solar, Inc. | 5,640,178 | ||||
183,898 | Marvell Technology, Inc. | 8,554,935 | ||||
280,528 | Micron Technology, Inc. | 16,172,439 | ||||
61,355 | MKS Instruments, Inc. | 5,145,230 | ||||
31,153(a) | SiTime Corp. | 3,285,395 | ||||
34,754(a) | SolarEdge Technologies, Inc. | 10,386,581 | ||||
Total Semiconductors & Semiconductor Equipment | $88,341,041 | |||||
Software — 12.0% | ||||||
39,747(a) | Atlassian Corp., Class A | $ 5,228,718 | ||||
66,547(a) | Bill.com Holdings, Inc. | 8,013,590 | ||||
124,193(a) | Crowdstrike Holdings, Inc., Class A | 14,611,306 | ||||
198,815(a) | Datadog, Inc., Class A | 15,066,201 | ||||
387,080(a) | Fortinet, Inc. | 20,577,173 | ||||
381,376 | Gen Digital, Inc. | 8,756,393 | ||||
33,902(a) | HubSpot, Inc. | 10,273,323 | ||||
185,379(a) | Palo Alto Networks, Inc. | 31,495,892 | ||||
72,431(a) | Paycom Software, Inc. | 24,561,352 | ||||
129,712(a) | Splunk, Inc. | 10,076,028 | ||||
141,288(a) | Synopsys, Inc. | 47,972,927 | ||||
268,849(a) | Trade Desk, Inc., Class A | 14,017,787 | ||||
Total Software | $210,650,690 | |||||
Specialty Retail — 5.3% | ||||||
21,623 | Advance Auto Parts, Inc. | $ 3,264,857 | ||||
14,518(a) | AutoZone, Inc. | 37,441,922 |
Shares | Value | |||||
Specialty Retail — (continued) | ||||||
125,345(a) | Floor & Decor Holdings, Inc., Class A | $ 9,354,497 | ||||
110,905 | Ross Stores, Inc. | 13,050,191 | ||||
62,306 | Tractor Supply Co. | 14,100,471 | ||||
22,781(a) | Ulta Beauty, Inc. | 10,589,520 | ||||
125,341(a) | Victoria's Secret & Co. | 5,765,686 | ||||
Total Specialty Retail | $93,567,144 | |||||
Technology Hardware, Storage & Peripherals — 0.5% | ||||||
284,062(a) | Pure Storage, Inc., Class A | $ 8,291,770 | ||||
Total Technology Hardware, Storage & Peripherals | $8,291,770 | |||||
Textiles, Apparel & Luxury Goods — 2.0% | ||||||
81,785(a) | Lululemon Athletica, Inc. | $ 31,103,653 | ||||
87,177(a) | Skechers USA, Inc., Class A | 3,676,254 | ||||
Total Textiles, Apparel & Luxury Goods | $34,779,907 | |||||
Trading Companies & Distributors — 1.7% | ||||||
48,099 | WW Grainger, Inc. | $ 29,006,583 | ||||
Total Trading Companies & Distributors | $29,006,583 | |||||
Total Common Stocks (Cost $1,368,782,876) | $1,750,706,414 | |||||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 99.8% (Cost $1,368,782,876) | $1,750,706,414 | |||||
OTHER ASSETS AND LIABILITIES — 0.2% | $ 3,624,471 | |||||
net assets — 100.0% | $1,754,330,885 | |||||
(A.D.R.) | American Depositary Receipts. |
(a) | Non-income producing security. |
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $ 467,550,296 |
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (127,527,844) |
Net unrealized appreciation | $ 340,022,452 |
Level 1 | – | unadjusted quoted prices in active markets for identical securities. |
Level 2 | – | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements — Note 1A. |
Level 3 | – | significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A. |
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | $1,750,706,414 | $— | $— | $1,750,706,414 |
Total Investments in Securities | $ 1,750,706,414 | $ — | $ — | $ 1,750,706,414 |
ASSETS: | |
Investments in unaffiliated issuers, at value (cost $1,368,782,876) | $1,750,706,414 |
Cash | 3,775,926 |
Receivables — | |
Investment securities sold | 4,884,342 |
Fund shares sold | 1,891,776 |
Dividends | 1,764,712 |
Interest | 101 |
Other assets | 21,413 |
Total assets | $ 1,763,044,684 |
LIABILITIES: | |
Payables — | |
Investment securities purchased | $ 3,304,852 |
Fund shares repurchased | 4,631,661 |
Trustees' fees | 19,539 |
Transfer agent fees | 279,716 |
Registration fees | 78,169 |
Management fees | 140,897 |
Administrative expenses | 53,865 |
Distribution fees | 40,311 |
Accrued expenses | 164,789 |
Total liabilities | $ 8,713,799 |
NET ASSETS: | |
Paid-in capital | $1,462,442,007 |
Distributable earnings | 291,888,878 |
Net assets | $ 1,754,330,885 |
NET ASSET VALUE PER SHARE: | |
No par value (unlimited number of shares authorized) | |
Class A (based on $1,099,315,918/28,726,208 shares) | $ 38.27 |
Class C (based on $19,736,938/905,866 shares) | $ 21.79 |
Class K (based on $232,004,706/5,818,493 shares) | $ 39.87 |
Class R (based on $9,571,822/271,571 shares) | $ 35.25 |
Class Y (based on $393,701,501/9,053,387 shares) | $ 43.49 |
MAXIMUM OFFERING PRICE PER SHARE: | |
Class A (based on $38.27 net asset value per share/100%-5.75% maximum sales charge) | $ 40.60 |
INVESTMENT INCOME: | ||
Dividends from unaffiliated issuers (net of foreign taxes withheld $303,374) | $ 11,683,467 | |
Interest from unaffiliated issuers | 76,068 | |
Total Investment Income | $ 11,759,535 | |
EXPENSES: | ||
Management fees | $ 11,974,058 | |
Administrative expenses | 614,613 | |
Transfer agent fees | ||
Class A | 1,005,064 | |
Class C | 20,826 | |
Class K | 3,209 | |
Class R | 29,447 | |
Class Y | 606,266 | |
Distribution fees | ||
Class A | 3,056,099 | |
Class C | 240,071 | |
Class R | 58,083 | |
Shareowner communications expense | 263,161 | |
Custodian fees | 17,219 | |
Registration fees | 102,655 | |
Professional fees | 154,717 | |
Printing expense | 66,816 | |
Officers' and Trustees' fees | 115,435 | |
Miscellaneous | 145,058 | |
Total expenses | $ 18,472,797 | |
Net investment loss | $ (6,713,262) | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||
Net realized gain (loss) on: | ||
Investments in unaffiliated issuers | $(77,865,899) | |
Class actions | 62,831 | |
Other assets and liabilities denominated in foreign currencies | (1,396) | $ (77,804,464) |
Change in net unrealized appreciation (depreciation) on: | ||
Investments in unaffiliated issuers | $ (616,021,394) | |
Net realized and unrealized gain (loss) on investments | $(693,825,858) | |
Net decrease in net assets resulting from operations | $ (700,539,120) |
Year Ended 11/30/22 | Year Ended 11/30/21 | |
FROM OPERATIONS: | ||
Net investment income (loss) | $ (6,713,262) | $ (18,340,674) |
Net realized gain (loss) on investments | (77,804,464) | 303,608,097 |
Change in net unrealized appreciation (depreciation) on investments | (616,021,394) | 66,247,634 |
Net increase (decrease) in net assets resulting from operations | $ (700,539,120) | $ 351,515,057 |
DISTRIBUTIONS TO SHAREOWNERS: | ||
Class A ($0.66 and $6.05 per share, respectively) | $ (18,634,016) | $ (169,143,762) |
Class C ($0.66 and $6.05 per share, respectively) | (584,193) | (5,694,560) |
Class K ($0.66 and $6.05 per share, respectively) | (3,791,184) | (36,438,243) |
Class R ($0.66 and $6.05 per share, respectively) | (175,217) | (1,825,158) |
Class Y ($0.66 and $6.05 per share, respectively) | (5,873,874) | (68,603,237) |
Total distributions to shareowners | $ (29,058,484) | $ (281,704,960) |
FROM FUND SHARE TRANSACTIONS: | ||
Net proceeds from sales of shares | $ 213,606,261 | $ 425,047,932 |
Reinvestment of distributions | 27,811,528 | 263,317,308 |
Cost of shares repurchased | (531,210,459) | (535,509,831) |
Net increase (decrease) in net assets resulting from Fund share transactions | $ (289,792,670) | $ 152,855,409 |
Net increase (decrease) in net assets | $(1,019,390,274) | $ 222,665,506 |
NET ASSETS: | ||
Beginning of year | $ 2,773,721,159 | $2,551,055,653 |
End of year | $ 1,754,330,885 | $2,773,721,159 |
Year Ended 11/30/22 Shares | Year Ended 11/30/22 Amount | Year Ended 11/30/21 Shares | Year Ended 11/30/21 Amount | |
Class A | ||||
Shares sold | 882,342 | $ 36,675,905 | 1,538,599 | $ 87,982,859 |
Reinvestment of distributions | 480,855 | 17,968,356 | 3,029,451 | 162,861,771 |
Less shares repurchased | (3,538,821) | (147,728,212) | (3,277,898) | (189,030,850) |
Net increase (decrease) | (2,175,624) | $ (93,083,951) | 1,290,152 | $ 61,813,780 |
Class C | ||||
Shares sold | 67,939 | $ 1,645,908 | 125,226 | $ 4,460,036 |
Reinvestment of distributions | 27,213 | 579,056 | 180,702 | 5,646,986 |
Less shares repurchased | (304,900) | (7,232,678) | (393,342) | (13,888,539) |
Net decrease | (209,748) | $ (5,007,714) | (87,414) | $ (3,781,517) |
Class K | ||||
Shares sold | 1,594,712 | $ 70,710,975 | 2,727,391 | $ 162,978,761 |
Reinvestment of distributions | 90,820 | 3,535,607 | 599,699 | 33,451,212 |
Less shares repurchased | (2,528,657) | (110,970,543) | (1,388,247) | (82,650,095) |
Net increase (decrease) | (843,125) | $ (36,723,961) | 1,938,843 | $ 113,779,878 |
Class R | ||||
Shares sold | 43,241 | $ 1,641,047 | 114,014 | $ 5,975,476 |
Reinvestment of distributions | 5,093 | 175,217 | 36,663 | 1,825,077 |
Less shares repurchased | (126,478) | (4,807,394) | (168,917) | (9,113,838) |
Net decrease | (78,144) | $ (2,991,130) | (18,240) | $ (1,313,285) |
Class Y | ||||
Shares sold | 2,201,931 | $ 102,932,426 | 2,540,755 | $ 163,650,800 |
Reinvestment of distributions | 130,789 | 5,553,292 | 978,666 | 59,532,262 |
Less shares repurchased | (5,626,751) | (260,471,632) | (3,731,127) | (240,826,509) |
Net decrease | (3,294,031) | $(151,985,914) | (211,706) | $ (17,643,447) |
Year Ended 11/30/22 | Year Ended 11/30/21 | Year Ended 11/30/20 | Year Ended 11/30/19 | Year Ended 11/30/18 | |
Class A | |||||
Net asset value, beginning of period | $ 52.58 | $ 51.44 | $ 44.42 | $ 37.99 | $ 41.43 |
Increase (decrease) from investment operations: | |||||
Net investment income (loss) (a) | $ (0.17) | $ (0.43) | $ (0.27) | $ (0.18) | $ (0.20) |
Net realized and unrealized gain (loss) on investments | (13.48) | 7.62 | 14.78 | 7.23 | 2.27 |
Net increase (decrease) from investment operations | $ (13.65) | $ 7.19 | $ 14.51 | $ 7.05 | $ 2.07 |
Distributions to shareowners: | |||||
Net realized gain | $ (0.66) | $ (6.05) | $ (7.49) | $ (0.62) | $ (5.51) |
Total distributions | $ (0.66) | $ (6.05) | $ (7.49) | $ (0.62) | $ (5.51) |
Net increase (decrease) in net asset value | $ (14.31) | $ 1.14 | $ 7.02 | $ 6.43 | $ (3.44) |
Net asset value, end of period | $ 38.27 | $ 52.58 | $ 51.44 | $ 44.42 | $ 37.99 |
Total return (b) | (25.94)%(c) | 13.73%(d) | 33.06% | 18.54% | 5.09%(e) |
Ratio of net expenses to average net assets | 1.00% | 0.99% | 1.01% | 1.03% | 1.02% |
Ratio of net investment income (loss) to average net assets | (0.41)% | (0.74)% | (0.58)% | (0.44)% | (0.45)% |
Portfolio turnover rate | 67% | 43% | 83% | 53% | 82% |
Net assets, end of period (in thousands) | $1,099,316 | $1,624,675 | $1,523,308 | $1,252,845 | $1,124,956 |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. |
(c) | The class action lawsuit did not have an impact on the total return. |
(d) | If the Fund had not recognized gains in settlement of class action lawsuits during the year ended November 30, 2021, the total return would have been 13.70%. |
(e) | If the Fund had not recognized gains in settlement of class action lawsuits during the year ended November 30, 2018, the total return would have been 5.06%. |
Year Ended 11/30/22 | Year Ended 11/30/21 | Year Ended 11/30/20 | Year Ended 11/30/19 | Year Ended 11/30/18 | |
Class C | |||||
Net asset value, beginning of period | $ 30.56 | $ 32.33 | $ 30.29 | $ 26.28 | $ 30.53 |
Increase (decrease) from investment operations: | |||||
Net investment income (loss) (a) | $ (0.29) | $ (0.55) | $ (0.43) | $ (0.36) | $ (0.40) |
Net realized and unrealized gain (loss) on investments | (7.82) | 4.83 | 9.96 | 4.99 | 1.66 |
Net increase (decrease) from investment operations | $ (8.11) | $ 4.28 | $ 9.53 | $ 4.63 | $ 1.26 |
Distributions to shareowners: | |||||
Net realized gain | $ (0.66) | $ (6.05) | $ (7.49) | $ (0.62) | $ (5.51) |
Total distributions | $ (0.66) | $ (6.05) | $ (7.49) | $ (0.62) | $ (5.51) |
Net increase (decrease) in net asset value | $ (8.77) | $ (1.77) | $ 2.04 | $ 4.01 | $ (4.25) |
Net asset value, end of period | $ 21.79 | $ 30.56 | $ 32.33 | $ 30.29 | $ 26.28 |
Total return (b) | (26.49)%(c) | 12.83% | 32.04% | 17.60% | 4.24% |
Ratio of net expenses to average net assets | 1.77% | 1.77% | 1.81% | 1.85% | 1.78% |
Ratio of net investment income (loss) to average net assets | (1.19)% | (1.51)% | (1.37)% | (1.26)% | (1.22)% |
Portfolio turnover rate | 67% | 43% | 83% | 53% | 82% |
Net assets, end of period (in thousands) | $19,737 | $34,094 | $38,895 | $40,051 | $40,956 |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. |
(c) | The class action lawsuit did not have an impact on the total return. |
Year Ended 11/30/22 | Year Ended 11/30/21 | Year Ended 11/30/20 | Year Ended 11/30/19 | Year Ended 11/30/18 | |
Class K | |||||
Net asset value, beginning of period | $ 54.55 | $ 53.00 | $ 45.42 | $ 38.69 | $ 41.95 |
Increase (decrease) from investment operations: | |||||
Net investment income (loss) (a) | $ (0.03) | $ (0.23) | $ (0.11) | $ (0.03) | $ (0.03) |
Net realized and unrealized gain (loss) on investments | (13.99) | 7.83 | 15.18 | 7.38 | 2.28 |
Net increase (decrease) from investment operations | $ (14.02) | $ 7.60 | $ 15.07 | $ 7.35 | $ 2.25 |
Distributions to shareowners: | |||||
Net realized gain | $ (0.66) | $ (6.05) | $ (7.49) | $ (0.62) | $ (5.51) |
Total distributions | $ (0.66) | $ (6.05) | $ (7.49) | $ (0.62) | $ (5.51) |
Net increase (decrease) in net asset value | $ (14.68) | $ 1.55 | $ 7.58 | $ 6.73 | $ (3.26) |
Net asset value, end of period | $ 39.87 | $ 54.55 | $ 53.00 | $ 45.42 | $ 38.69 |
Total return (b) | (25.67)%(c) | 14.09% | 33.57% | 18.98% | 5.45% |
Ratio of net expenses to average net assets | 0.66% | 0.65% | 0.66% | 0.67% | 0.66% |
Ratio of net investment income (loss) to average net assets | (0.07)% | (0.39)% | (0.22)% | (0.07)% | (0.07)% |
Portfolio turnover rate | 67% | 43% | 83% | 53% | 82% |
Net assets, end of period (in thousands) | $232,005 | $363,412 | $250,296 | $160,785 | $52,764 |
(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) | The class action lawsuit did not have an impact on the total return. |
Year Ended 11/30/22 | Year Ended 11/30/21 | Year Ended 11/30/20 | Year Ended 11/30/19 | Year Ended 11/30/18 | |
Class R | |||||
Net asset value, beginning of period | $ 48.68 | $ 48.22 | $ 42.19 | $ 36.24 | $ 39.93 |
Increase (decrease) from investment operations: | |||||
Net investment income (loss) (a) | $ (0.32) | $ (0.64) | $ (0.44) | $ (0.32) | $ (0.37) |
Net realized and unrealized gain (loss) on investments | (12.45) | 7.15 | 13.96 | 6.89 | 2.19 |
Net increase (decrease) from investment operations | $(12.77) | $ 6.51 | $ 13.52 | $ 6.57 | $ 1.82 |
Distributions to shareowners: | |||||
Net realized gain | $ (0.66) | $ (6.05) | $ (7.49) | $ (0.62) | $ (5.51) |
Total distributions | $ (0.66) | $ (6.05) | $ (7.49) | $ (0.62) | $ (5.51) |
Net increase (decrease) in net asset value | $(13.43) | $ 0.46 | $ 6.03 | $ 5.95 | $ (3.69) |
Net asset value, end of period | $ 35.25 | $ 48.68 | $ 48.22 | $ 42.19 | $ 36.24 |
Total return (b) | (26.21)%(c) | 13.23% | 32.46% | 18.12% | 4.65% |
Ratio of net expenses to average net assets | 1.41% | 1.43% | 1.45% | 1.40% | 1.44% |
Ratio of net investment income (loss) to average net assets | (0.84)% | (1.17)% | (1.01)% | (0.82)% | (0.88)% |
Portfolio turnover rate | 67% | 43% | 83% | 53% | 82% |
Net assets, end of period (in thousands) | $ 9,572 | $17,024 | $17,745 | $17,484 | $19,341 |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
(c) | If the Fund had not recognized gains in settlement of class action lawsuits during the year ended November 30, 2022, the total return would have been (26.23)%. |
Year Ended 11/30/22 | Year Ended 11/30/21 | Year Ended 11/30/20 | Year Ended 11/30/19 | Year Ended 11/30/18 | |
Class Y | |||||
Net asset value, beginning of period | $ 59.49 | $ 57.39 | $ 48.78 | $ 41.57 | $ 44.72 |
Increase (decrease) from investment operations: | |||||
Net investment income (loss) (a) | $ (0.10) | $ (0.33) | $ (0.17) | $ (0.09) | $ (0.10) |
Net realized and unrealized gain (loss) on investments | (15.24) | 8.48 | 16.27 | 7.92 | 2.46 |
Net increase (decrease) from investment operations | $ (15.34) | $ 8.15 | $ 16.10 | $ 7.83 | $ 2.36 |
Distributions to shareowners: | |||||
Net realized gain | $ (0.66) | $ (6.05) | $ (7.49) | $ (0.62) | $ (5.51) |
Total distributions | $ (0.66) | $ (6.05) | $ (7.49) | $ (0.62) | $ (5.51) |
Net increase (decrease) in net asset value | $ (16.00) | $ 2.10 | $ 8.61 | $ 7.21 | $ (3.15) |
Net asset value, end of period | $ 43.49 | $ 59.49 | $ 57.39 | $ 48.78 | $ 41.57 |
Total return (b) | (25.76)%(c) | 13.98% | 33.36% | 18.82% | 5.36%(d) |
Ratio of net expenses to average net assets | 0.78% | 0.77% | 0.78% | 0.79% | 0.78% |
Ratio of net investment income (loss) to average net assets | (0.21)% | (0.51)% | (0.34)% | (0.21)% | (0.20)% |
Portfolio turnover rate | 67% | 43% | 83% | 53% | 82% |
Net assets, end of period (in thousands) | $393,702 | $734,517 | $720,812 | $682,344 | $532,690 |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
(c) | If the Fund had not recognized gains in settlement of class action lawsuits during the year ended November 30, 2022, the total return would have been (25.78)%. |
(d) | If the Fund had not recognized gains in settlement of class action lawsuits during the year ended November 30, 2018, the total return would have been 5.34%. |
A. | Security Valuation |
The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (“NYSE”) is open, as of the close of regular trading on the NYSE. | |
Equity securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques and methods. | |
The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially |
completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of such times. The Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities. | |
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. Effective September 8, 2022, the Adviser is designated as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities. | |
Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Adviser may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices, and such differences could be material. | |
B. | Investment Income and Transactions |
Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence. | |
Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities. | |
Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively. | |
Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. |
C. | Foreign Currency Translation |
The books and records of the Fund are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates. | |
Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments. | |
D. | 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 November 30, 2022, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. | |
The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. | |
A portion of the dividend income recorded by the Fund is from distributions by publicly traded real estate investment trusts (“REITs”), and such distributions for tax purposes may also consist of capital gains and return of capital. The actual return of capital and capital gains portions of such distributions will be determined by formal notifications from the REITs subsequent to the calendar year-end. Distributions received from the REITs that are determined to be a return of capital are recorded by the Fund as a reduction of the cost basis of the securities |
held and those determined to be capital gain are reflected as such on the Statement of Operations. | |
At November 30, 2022, the Fund reclassified $8,039,368 to increase distributable earnings and $8,039,368 to decrease paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations. | |
At November 30, 2022, the Fund was permitted to carry forward indefinitely $48,133,574 of short-term losses and $0 of long-term losses.. | |
The tax character of distributions paid during the years ended November 30, 2022 and November 30, 2021, was as follows: |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary income | $ — | $ 27,115,174 |
Long-term capital gains | 29,058,484 | 254,589,786 |
Total | $ 29,058,484 | $281,704,960 |
2022 | |
Distributable earnings/(losses): | |
Capital loss carryforward | $ (48,133,574) |
Net unrealized appreciation | 340,022,452 |
Total | $291,888,878 |
E. | Fund Shares |
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $29,182 in underwriting commissions on the sale of Class A shares during the year ended November 30, 2022. | |
F. | Class Allocations |
Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. | |
Distribution fees are calculated based on the average daily net asset value attributable to Class A, Class C and Class R shares of the Fund, respectively (see Note 5). Class K and Class Y shares do not pay distribution fees. All expenses and fees paid to the Fund's transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4). | |
Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, Class K, Class R and Class Y shares can reflect different transfer agent and distribution expense rates. | |
G. | Risks |
The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. In recent years, interest rates and credit spreads in the U.S. have been at historic lows. The U.S. Federal Reserve has raised certain interest rates, and interest rates may continue to go up. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities. Rates of inflation have recently risen. The value of assets or income from an |
investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s assets can decline as can the value of the Fund’s distributions. | |
The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in 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 sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue to affect adversely the value and liquidity of the Fund's investments. Following Russia’s invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions. | |
Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. | |
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, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law, or currency exchange restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Fund’s return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or |
premium) to the underlying security. A number of countries in the European Union (EU) have experienced, and may continue to experience, severe economic and financial difficulties. In addition, voters in the United Kingdom withdrew from the EU, commonly referred to as “Brexit.” There is significant market uncertainty regarding Brexit’s ramifications. The range and potential implications of possible political, regulatory, economic, and market outcomes cannot be fully known but could be significant, potentially resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on Europe for their business activities and revenues. | |
Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally. | |
The Fund may invest in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws. | |
With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund’s Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as the Fund’s custodian and accounting |
agent, and the Fund’s transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Fund’s service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks. | |
The Fund’s prospectus contains unaudited information regarding the Fund’s principal risks. Please refer to that document when considering the Fund’s principal risks. |
Shareowner Communications: | |
Class A | $204,705 |
Class C | 7,787 |
Class K | 11,660 |
Class R | 652 |
Class Y | 38,357 |
Total | $263,161 |
January 25, 2023
Amundi Asset Management US, Inc.
The Bank of New York Mellon Corporation
Ernst & Young LLP
Amundi Distributor US, Inc.
Morgan, Lewis & Bockius LLP
BNY Mellon Investment Servicing (US) Inc.
Name, Age and Position Held With the Fund | Term of Office and Length of Service | Principal Occupation(s) During At Least The Past Five Years | Other Directorships Held by Trustee During At Least The Past Five Years |
Thomas J. Perna (72) 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. (71)* 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 (65) Trustee | Trustee since 2019. Serves until a successor trustee is elected or earlier retirement or removal. | Managing Director - Head of Product Strategy and Development, BNY Mellon Investment Management (investment management firm) (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): Executive Vice President Head of Product, BNY Mellon Investment Management (2007-2012); Executive Director- Product Strategy, Mellon Asset Management (2005-2007); Executive Vice President Head of Products, Marketing and Client Service, Dreyfus Corporation (investment management firm) (2000-2005); Senior Vice President Strategic Product and Business Development, Dreyfus Corporation (1994-2000) | None |
Name, Age and Position Held With the Fund | Term of Office and Length of Service | Principal Occupation(s) During At Least The Past Five Years | Other Directorships Held by Trustee During At Least The Past Five Years |
Benjamin M. Friedman (78) Trustee | Trustee since 2008. Serves until a successor trustee is elected or earlier retirement or removal. | William Joseph Maier Professor of Political Economy, Harvard University (1972 – present) | Trustee, Mellon Institutional Funds Investment Trust and Mellon Institutional Funds Master Portfolio (oversaw 17 portfolios in fund complex) (1989 - 2008) |
Craig C. MacKay (59) Trustee | Trustee since 2021. Serves until a successor trustee is elected or earlier retirement or removal. | Partner, England & Company, LLC (advisory firm) (2012 – present); Group Head – Leveraged Finance Distribution, Oppenheimer & Company (investment bank) (2006 – 2012); Group Head – Private Finance & High Yield Capital Markets Origination, SunTrust Robinson Humphrey (investment bank) (2003 – 2006); and Founder and Chief Executive Officer, HNY Associates, LLC (investment bank) (1996 – 2003) | Director, Equitable Holdings, Inc. (financial services holding company) (2022 – present); Board Member of Carver Bancorp, Inc. (holding company) and Carver Federal Savings Bank, NA (2017 – present); Advisory Council Member, MasterShares ETF (2016 – 2017); Advisory Council Member, The Deal (financial market information publisher) (2015 – 2016); Board Co-Chairman and Chief Executive Officer, Danis Transportation Company (privately-owned commercial carrier) (2000 – 2003); Board Member and Chief Financial Officer, Customer Access Resources (privately-owned teleservices company) (1998 – 2000); Board Member, Federation of Protestant Welfare Agencies (human services agency) (1993 – present); and Board Treasurer, Harlem Dowling Westside Center (foster care agency) (1999 – 2018) |
Name, Age and Position Held With the Fund | Term of Office and Length of Service | Principal Occupation(s) During At Least The Past Five Years | Other Directorships Held by Trustee During At Least The Past Five Years |
Lorraine H. Monchak (66) Trustee | Trustee since 2017. (Advisory Trustee from 2014 - 2017). Serves until a successor trustee is elected or earlier retirement or removal. | Chief Investment Officer, 1199 SEIU Funds (healthcare workers union pension funds) (2001 – present); Vice President – International Investments Group, American International Group, Inc. (insurance company) (1993 – 2001); Vice President – Corporate Finance and Treasury Group, Citibank, N.A. (1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability Management Group, Federal Farm Funding Corporation (government-sponsored issuer of debt securities) (1988 – 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 – 1988); Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 – 1987) | None |
Marguerite A. Piret (74) Trustee | Trustee since 2004. Serves until a successor trustee is elected or earlier retirement or removal. | Chief Financial Officer, American Ag Energy, Inc. (controlled environment and agriculture company) (2016 – present); President and Chief Executive Officer, Metric Financial Inc. (formerly known as Newbury Piret Company) (investment banking firm) (1981 – 2019) | Director of New America High Income Fund, Inc. (closed-end investment company) (2004 – present); and Member, Board of Governors, Investment Company Institute (2000 – 2006) |
Name, Age and Position Held With the Fund | Term of Office and Length of Service | Principal Occupation(s) During At Least The Past Five Years | Other Directorships Held by Trustee During At Least The Past Five Years |
Fred J. Ricciardi (75) Trustee | Trustee since 2014. Serves until a successor trustee is elected or earlier retirement or removal. | Private investor (2020 – present); Consultant (investment company services) (2012 – 2020); Executive Vice President, BNY Mellon (financial and investment company services) (1969 – 2012); Director, BNY International Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas Investment Corp. (financial services) (2009 – 2012); Director, Financial Models (technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial services) (1999-2006); Chairman, BNY Alternative Investment Services, Inc. (financial services) (2005-2007) | None |
* Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. |
Name, Age and Position Held With the Fund | Term of Office and Length of Service | Principal Occupation(s) During At Least The Past Five Years | Other Directorships Held by Trustee During At Least The Past Five Years |
Lisa M. Jones (60)** Trustee, President and Chief Executive Officer | Trustee since 2017. Serves until a successor trustee is elected or earlier retirement or removal | Director, CEO and President of Amundi US, Inc. (investment management firm) (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Director, CEO and President of Amundi Distributor US, Inc. (since September 2014); Director, CEO and President of Amundi Asset Management US, Inc. (since September 2014); Chair, Amundi US, Inc., Amundi Distributor US, Inc. and Amundi Asset Management US, Inc. (September 2014 – 2018); Managing Director, Morgan Stanley Investment Management (investment management firm) (2010 – 2013); Director of Institutional Business, CEO of International, Eaton Vance Management (investment management firm) (2005 – 2010); Director of Amundi Holdings US, Inc. (since 2017) | Director of Clearwater Analytics (provider of web-based investment accounting software for reporting and reconciliation services) (September 2022 – present) |
Kenneth J. Taubes (64)** Trustee | Trustee since 2014. Serves until a successor trustee is elected or earlier retirement or removal | Director and Executive Vice President (since 2008) and Chief Investment Officer, U.S. (since 2010) of Amundi US, Inc. (investment management firm); Director and Executive Vice President and Chief Investment Officer, U.S. of Amundi US (since 2008); Executive Vice President and Chief Investment Officer, U.S. of Amundi Asset Management US, Inc. (since 2009); Portfolio Manager of Amundi US (since 1999); Director of Amundi Holdings US, Inc. (since 2017) | None |
** Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund’s investment adviser and certain of its affiliates. |
Name, Age and Position Held With the Fund | Term of Office and Length of Service | Principal Occupation(s) During At Least The Past Five Years | Other Directorships Held by Trustee During At Least The Past Five Years |
Christopher J. Kelley (57) Secretary and Chief Legal Officer | Since 2004. Serves at the discretion of the Board | Vice President and Associate General Counsel of Amundi US since January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; Vice President and Senior Counsel of Amundi US from July 2002 to December 2007 | None |
Thomas Reyes (60) Assistant Secretary | Since 2010. Serves at the discretion of the Board | Assistant General Counsel of Amundi US since May 2013 and Assistant Secretary of all the Pioneer Funds since June 2010; Counsel of Amundi US from June 2007 to May 2013 | None |
Heather L. Melito-Dezan (46) Assistant Secretary | Since 2022. Serves at the discretion of the Board | Director - Trustee and Board Relationships of Amundi US since September 2019; Private practice from 2017 – 2019. | None |
Anthony J. Koenig, Jr. (58) Treasurer and Chief Financial and Accounting Officer | Since 2021. Serves at the discretion of the Board | Managing Director, Chief Operations Officer and Fund Treasurer of Amundi US since May 2021; Treasurer of all of the Pioneer Funds since May 2021; Assistant Treasurer of all of the Pioneer Funds from January 2021 to May 2021; and Chief of Staff, US Investment Management of Amundi US from May 2008 to January 2021 | None |
Luis I. Presutti (57) Assistant Treasurer | Since 2004. Serves at the discretion of the Board | Director – Fund Treasury of Amundi US since 1999; and Assistant Treasurer of all of the Pioneer Funds since 1999 | None |
Gary Sullivan (64) Assistant Treasurer | Since 2004. Serves at the discretion of the Board | Senior Manager – Fund Treasury of Amundi US since 2012; and Assistant Treasurer of all of the Pioneer Funds since 2002 | None |
Antonio Furtado (40) Assistant Treasurer | Since 2020. Serves at the discretion of the Board | Fund Oversight Manager – Fund Treasury of Amundi US since 2020; Assistant Treasurer of all of the Pioneer Funds since 2020; and Senior Fund Treasury Analyst from 2012 - 2020 | None |
Name, Age and Position Held With the Fund | Term of Office and Length of Service | Principal Occupation(s) During At Least The Past Five Years | Other Directorships Held by Trustee During At Least The Past Five Years |
Michael Melnick (51) Assistant Treasurer | Since 2021. Serves at the discretion of the Board | Vice President - Deputy Fund Treasurer of Amundi US since May 2021; Assistant Treasurer of all of the Pioneer Funds since July 2021; Director of Regulatory Reporting of Amundi US from 2001 – 2021; and Director of Tax of Amundi US from 2000 - 2001 | None |
John Malone (52) Chief Compliance Officer | Since 2018. Serves at the discretion of the Board | Managing Director, Chief Compliance Officer of Amundi US Asset Management; Amundi Asset Management US, Inc.; and the Pioneer Funds since September 2018; Chief Compliance Officer of Amundi Distributor US, Inc. since January 2014. | None |
Brandon Austin (50) Anti-Money Laundering Officer | Since March 2022. Serves at the discretion of the Board | Director, Financial Security – Amundi Asset Management; Anti-Money Laundering Officer of all the Pioneer Funds since March 2022: Director of Financial Security of Amundi US since July 2021; Vice President, Head of BSA, AML and OFAC, Deputy Compliance Manager, Crédit Agricole Indosuez Wealth Management (investment management firm) (2013 – 2021) | None |
new accounts, prospectuses, applications
and service forms
account information and transactions
Retirement plans information | 1-800-622-0176 |
P.O. Box 9897
Providence, RI 02940-8097
Our toll-free fax | 1-800-225-4240 |
Our internet e-mail address | us.askamundi@amundi.com (for general questions about Amundi only) |
60 State Street
Boston, MA 02109
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 $25,220 payable to Ernst & Young LLP for the year ended November 30, 2022 and $23,460 for the year ended November 30, 2021.
(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 2022 or 2021.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
The Trust paid aggregate non-audit fees to Ernst & Young LLP for tax services of $8,803 and $8,189 during the fiscal years ended November 30, 2022 and 2021, respectively.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
There were no other fees in 2022 or 2021.
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of their outside auditors. Maintaining independence is a shared responsibility involving Amundi Asset Management US, Inc., the audit committee and the independent auditors.
The Funds recognize that a Fund’s independent auditors: 1) possess knowledge of the Funds, 2) are able to incorporate certain services into the scope of the audit, thereby avoiding redundant work, cost and disruption of Fund personnel and processes, and 3) have expertise that has value to the Funds. As a result, there are situations where it is desirable to use the Fund’s independent auditors for services in addition to the annual audit and where the potential for conflicts of interests are minimal. Consequently, this policy, which is intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and procedures to be followed by the Funds when retaining the independent audit firm to perform audit, audit-related tax and other services under those circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also constitute approval for any other Fund whose pre-approval is required pursuant to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services that may be provided consistently with Rule 210.2-01 may be approved by the Audit Committee itself and any pre-approval that may be waived in accordance with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund’s independent auditors and their compensation shall be determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY | ||||
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE | ||
I. AUDIT SERVICES | Services that are directly related to performing the independent audit of the Funds | • Accounting research assistance
• SEC consultation, registration statements, and reporting | ||
• Tax accrual related matters | ||||
• Implementation of new accounting standards | ||||
• Compliance letters (e.g. rating agency letters) | ||||
• Regulatory reviews and assistance regarding financial matters | ||||
• Semi-annual reviews (if requested) | ||||
• Comfort letters for closed end offerings | ||||
II. AUDIT-RELATED SERVICES | Services which are not prohibited under Rule | • AICPA attest and agreed-upon procedures
• Technology control assessments | ||
210.2-01(C)(4) (the “Rule”) and are related extensions of the audit services support the audit, or use the knowledge/expertise gained from the audit procedures as a foundation to complete the project. In most cases, if the Audit-Related Services are not performed by the Audit firm, the scope of the Audit Services would likely increase. The Services are typically well-defined and governed by accounting professional standards (AICPA, SEC, etc.) | • Financial reporting control assessments
• Enterprise security architecture assessment |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY | |
• “One-time” pre-approval for the audit period for all pre-approved specific service subcategories. Approval of the independent auditors as auditors for a Fund shall constitute pre approval for these services. | • A summary of all such services and related fees reported at each regularly scheduled Audit Committee meeting. | |
• “One-time” pre-approval for the fund fiscal year within a specified dollar limit for all pre-approved specific service subcategories | • A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. |
• Specific approval is needed to exceed the pre-approved dollar limit for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) |
| |
• Specific approval is needed to use the Fund’s auditors for Audit-Related Services not denoted as “pre-approved”, or to add a specific service subcategory as “pre-approved” |
SECTION III - POLICY DETAIL, CONTINUED
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED | ||
III. TAX SERVICES | Services which are not prohibited by the Rule, | • Tax planning and support
• Tax controversy assistance | ||
if an officer of the Fund determines that using the Fund’s auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. | • Tax compliance, tax returns, excise tax returns and support
• Tax opinions |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY | |
• “One-time” pre-approval for the fund fiscal year within a specified dollar limit | • A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. | |
• Specific approval is needed to exceed the pre-approved dollar limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) | ||
• Specific approval is needed to use the Fund’s auditors for tax services not denoted as pre-approved, or to add a specific service subcategory as “pre-approved” |
SECTION III - POLICY DETAIL, CONTINUED
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE | ||
IV. OTHER SERVICES
A. SYNERGISTIC, UNIQUE QUALIFICATIONS | Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund’s auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund’s auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. | • Business Risk Management support
• Other control and regulatory compliance projects |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY | |
• “One-time” pre-approval for the fund fiscal year within a specified dollar limit | • A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. | |
• Specific approval is needed to exceed the pre-approved dollar limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) | ||
• Specific approval is needed to use the Fund’s auditors for “Synergistic” or “Unique Qualifications” Other Services not denoted as pre-approved to the left, or to add a specific service subcategory as “pre-approved” |
SECTION III - POLICY DETAIL, CONTINUED
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PROHIBITED | ||
PROHIBITED SERVICES | Services which result in the auditors losing independence status under the Rule. | 1. Bookkeeping or other services related to the accounting records or financial statements of the audit client* | ||
2. Financial information systems design and implementation* | ||||
3. Appraisal or valuation services, fairness* opinions, or contribution-in-kind reports | ||||
4. Actuarial services (i.e., setting actuarial reserves versus actuarial audit work)* | ||||
5. Internal audit outsourcing services* | ||||
6. Management functions or human resources | ||||
7. Broker or dealer, investment advisor, or investment banking services | ||||
8. Legal services and expert services unrelated to the audit | ||||
9. Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY | |
• These services are not to be performed with the exception of the(*) services that may be permitted if they would not be subject to audit procedures at the audit client (as defined in rule 2-01(f)(4)) level the firm providing the service. | • A summary of all services and related fees reported at each regularly scheduled Audit Committee meeting will serve as continual confirmation that has not provided any restricted services. |
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
• | For all projects, the officers of the Funds and the Fund’s auditors will each make an assessment to determine that any proposed projects will not impair independence. |
• | Potential services will be classified into the four non-restricted service categories and the “Approval of Audit, Audit-Related, Tax and Other Services” Policy above will be applied. Any services outside the specific pre-approved service subcategories set forth above must be specifically approved by the Audit Committee. |
• | At least quarterly, the Audit Committee shall review a report summarizing the services by service category, including fees, provided by the Audit firm as set forth in the above policy. |
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered into on or after May 6, 2003, the effective date of the new SEC pre-approval rules, the Trust’s audit committee is required to pre-approve services to affiliates defined by SEC rules to the extent that the services are determined to have a direct impact on the operations or financial reporting of the Trust. For the years ended November 30, 2022 and 2021, there were no services provided to an affiliate that required the Trust’s audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountants engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
The Trust paid aggregate non-audit fees to Ernst & Young LLP for tax services of $8,803and $8,189 during the fiscal years ended November 30, 2022 and 2021, respectively.
(h) Disclose whether the registrants audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
The Fund’s audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Affiliates (as defined) that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in 210.1212 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.
Not applicable to open-end management investment companies.
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.
Not applicable to open-end management investment companies.
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).
Not applicable to open-end management investment companies.
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 occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no significant changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) If the registrant is a closed-end management investment company, provide the following dollar amounts of income and compensation related to the securities lending activities of the registrant during its most recent fiscal year:
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.
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 II
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President and Chief Executive Officer
Date February 3, 2023
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 and Chief Executive Officer
Date February 3, 2023
By (Signature and Title)* /s/ Anthony J. Koenig, Jr.
Anthony J. Koenig, Jr., Managing Director, Chief Operations Officer & Treasurer of the Funds
Date February 3, 2023
* Print the name and title of each signing officer under his or her signature.