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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)
Terrence J. Cullen, Pioneer Investment 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
Date of reporting period: December 1, 2014 through November 30, 2015
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.
Pioneer Select
Mid Cap Growth Fund
--------------------------------------------------------------------------------
Annual Report | November 30, 2015
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Ticker Symbols:
Class A PGOFX
Class C GOFCX
Class K PSMKX
Class R PGRRX
Class Y GROYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 26
Notes to Financial Statements 35
Report of Independent Registered Public Accounting Firm 42
Approval of Investment Advisory Agreement 44
Trustees, Officers and Service Providers 49
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 1
President's Letter
Dear Shareholder,
Over the past several years, many investors experienced positive returns across
most major asset classes. However, 2015 was a tale of two markets, with
favorable market conditions in the first half of the year, followed by an abrupt
slowdown and increased volatility beginning in August. The global markets were
challenged by significant economic cross-currents in different geographic
regions and industrial sectors. While the U.S. economy gradually improved,
growth slowed in China. Emerging markets struggled following a decline in
commodity prices, especially oil. While lower energy prices are good for the
consumer, there were ripple effects throughout the global economy.
Against this backdrop, the Standard & Poor's 500 Index rose by just 1.4% in
2015, international equity markets were essentially flat, and emerging market
equities fell sharply. Across U.S. fixed-income sectors, U.S. government and
investment-grade corporate bonds were fairly flat for the year, while high-yield
bonds, as measured by the Bank of America Merrill Lynch Master II High Yield
Index, posted a -4.9% total return.
Entering 2016, we see the possibility of a cyclical upswing, against an overall
economic backdrop that remains fragile and points towards structurally lower
growth. As always in a Presidential election year, political rhetoric has the
potential to impact U.S. sectors such as health care in 2016. Economies around
the world in both developed and emerging markets are experiencing deep
structural change. Geopolitical instability on many fronts, the rising risk of
policy mistakes, and market liquidity issues all increase the possibility of
sharp swings in asset values. In this environment, financial markets remain
vulnerable to unusual levels of volatility. While divergences among regions and
industries is an important theme, we are generally optimistic about the outlook
for the U.S. economy, which we expect will see modest growth.
Throughout Pioneer's history, we have believed in the importance of active
management. In periods of market volatility, we believe that the value of active
management is even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using proprietary research,
careful risk management, and a long-term perspective. Our ongoing goal is to
produce compelling returns consistent with the stated objectives of our
investment products, and with our shareowners' expectations. We believe our
shareowners can benefit from the experience and tenure of our investment teams
as well as the insights generated from our extensive research process.
2 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
December 31, 2015
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 3
Portfolio Management Discussion | 11/30/15
During the 12-month period ended November 30, 2015, returns for Pioneer Select
Mid Cap Growth Fund exceeded those of the Fund's benchmark, the Russell Midcap
Growth Index, and the Fund's Lipper and Morningstar peers. In the following
interview, Ken Winston reviews the investment background and details some of the
factors and decisions that drove the Fund's performance during the 12-month
period. Mr. Winston, a vice president and a portfolio manager at Pioneer, is
responsible for the day-to-day management of the Fund, along with Shaji John, a
vice president and a portfolio manager at Pioneer, and Jon Stephenson, a vice
president and a portfolio manager at Pioneer.
Q How did the Fund perform during the 12-month period ended November 30,
2015?
A Pioneer Select Mid Cap Growth Fund's Class A shares returned 3.13% at net
asset value during the 12-month period ended November 30, 2015, while the
Fund's benchmark, the Russell Midcap Growth Index (the Russell Index),
returned 1.82%. During the same 12-month period, the average return of the
396 mutual funds in Lipper's Mid Cap Growth Funds category was 1.82%, and
the average return of the 738 mutual funds in Morningstar's Mid Cap Growth
Funds category was 1.92%.
Q How would you describe the investment environment for equities during the
12-month period ended November 30, 2015?
A After peaking in June 2015, U.S. equity markets became very volatile over
the balance of the reporting period, despite generally favorable economic
conditions. Economic growth, overall, was steady, but fell short of the
accelerated pace hoped for by market participants. Employment trends
featured healthy job creation late in the period, after months of sluggish
gains. Oil prices remained low, wreaking severe damage on the energy
sector, with spillover effects into several industrial businesses.
With regard to energy, we think the negatives attributable to slumping oil
and other commodity prices outweighed the benefits, as low energy prices
appeared not to have stimulated consumer spending, with rising costs for
health care, rents, and other day-to-day expenses offsetting any savings
consumers derived from reduced energy outlays. Robust car and truck sales -
direct beneficiaries of low prices at the gas pump - were a notable bright
spot in the consumer discretionary sector. Moreover, unusually warm weather
during the fall hurt sales of winter goods.
Included among several issues that caused anxiety in the markets during the
period were the growing likelihood of higher U.S. interest rates and the
impact of a strong U.S. dollar on exporters. In addition, China's economic
4 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
growth slackened, eroding global demand for commodities and industrial
goods. Other emerging markets economies also slowed markedly, with Brazil,
in particular, suffering recession-like conditions.
Q What were the main reasons for the Fund's outperformance of its benchmark,
the Russell Index, during the 12-month period ended November 30, 2015?
A The Fund's outperformance of the Russell Index stemmed entirely from
successful stock selection, whereas asset allocation decisions hurt
relative returns.
Within the Russell Index, health care, consumer staples and information
technology were the strongest-performing sectors, while energy, utilities
and telecommunication services delivered the weakest performance during the
period. The Fund's strongest selection results relative to the benchmark
were in consumer discretionary, information technology and health care.
Meanwhile, the portfolio's overweight stance in the slumping energy sector
detracted from the Fund's benchmark-relative performance, while an
overweight of the strong-performing health care sector only partially
offset the damage done by the energy overweight.
Q Which stock selections had the greatest positive impact on the Fund's
benchmark-relative performance during the 12-month period ended November
30, 2015?
A In the information technology sector, the Fund's shares of Skyworks
Solutions made the largest overall contribution to benchmark-relative
returns during the 12-month period. Skyworks, which designs and
manufactures semiconductors for mobile devices, continued to gain market
share over the period. The company has shown particular strength in
integrating multiple functions (amplification, filtering, switching) onto
individual chips. Skyworks also has made good progress in broad markets,
such as automobiles, connected homes and industrial applications. Skyworks'
chips have met the challenge of being compatible with phones that operate
on various global standards, thus reducing the need for separate phones in
different regions. Finally, the so-called "Internet of Things," which is
the rapid proliferation of connected devices, has the potential to expand
the company's earnings in coming years.
In health care, a position in Neurocrine Biosciences was a solid
contributor to the Fund's relative performance. Neurocrine is a
biopharmaceutical company that develops treatments for neurological and
endocrine diseases. One of Neurocrine's lead products, Elagolix, an oral
drug for endometriosis and uterine fibroids, is expected to launch in 2017,
based on continued positive trial data. Favorable trial results, too, are
boosting prospects for
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 5
Neurocrine's second-leading product, Valbenazine. The drug, also expected
to reach the market in 2017, targets Tardive dyskinesia and Tourette's
syndrome; treatments for those conditions hold big market potential.
A position in another biopharmaceutical firm, Alkermes, also aided the
Fund's relative returns during the period. Alkermes has several drugs on
the market and in its pipeline that target schizophrenia, addiction and
depression. The company's shares rose in price as investors came to
appreciate the potential of the drug ALKS 3831 in treating schizophrenia.
Alkermes' broad pipeline also includes a promising drug for the treatment
of multiple sclerosis (M.S.). Both ALKS 3831 and the M.S. drug have
demonstrated solid clinical data. Also in health care, NPS Pharmaceuticals,
a long-time portfolio holding, was acquired by Shire during the period at a
significant premium to its market price, thus contributing to the Fund's
relative performance. The medications produced by NPS target rare
gastrointestinal disorders.
In financial services, the Fund's shares of Nasdaq, an operator of global
market exchanges and a purveyor of varied information products, contributed
to benchmark-relative performance during the period. Nasdaq's share price
rose in response to expanding earnings estimates and a more attractive
business model. While market volatility over the period boosted trading
volumes, the vast bulk of the company's revenues are recurring, and not
reliant on transaction fees. Nasdaq's recurring revenues derive from data
products and subscription services sold to investment firms. Thanks to its
excellent cash flow, Nasdaq has been enhancing shareholder value by way of
dividends* and share repurchases.
Finally, Lithia Motors, an automobile retailer from the consumer
discretionary sector, was another Fund holding that contributed to relative
performance. Lithia has grown through well-integrated acquisitions and the
resulting efficiencies in managing administrative costs. Once overly
dependent on Chrysler sales, Lithia now sells Audi, Honda and Toyota
vehicles among 30 total brands offered at more than 120 retail locations in
the western and northwestern United States. The company has also done well
in its used car business, a segment that produces higher margins than new
car sales.
Q Which stock selections detracted from the Fund's benchmark-relative
performance during the 12-month period ended November 30, 2015?
A Keurig Green Mountain, from the consumer staples sector, was the biggest
disappointment in the Fund's portfolio during the 12-month period. Poor
consumer reaction to Keurig's newest line of coffee brewers had the related
effect of eating into sales of the company's coffee pods. In addition, by
* Dividends are not guaranteed.
6 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
opening its brewing system to other brands, Keurig lost market share for
its own Green Mountain coffee pods, which have been more profitable. Keurig
also introduced its KOLD system for delivering cold drinks during the
period, and investors were disappointed by the high initial sales prices of
both the KOLD machines and the pods, which signaled a smaller market
opportunity for the products than had been anticipated. Due to the many
issues outlined here, we eliminated the bulk of the portfolio's Keurig
holding, retaining only a small position that matches the company's
weighting in the Russell Index.
The Fund's shares of Cabot Oil & Gas, an exploration-and-production (E&P)
company, suffered along with the rest of the energy sector during the
period, and detracted from relative performance. Cabot produces natural
gas, primarily from its holdings in the Marcellus Shale formation in
Appalachia, and Cabot is moving aggressively to develop the properties.
Nevertheless, the company's results fell victim to the sharp decline (more
than 50%) in the price of natural gas over the 12-month period. We trimmed
the Fund's position in Cabot, maintaining a small allocation at period end.
Also in energy, the portfolio's position in Memorial Resource Development
(MRD), another E&P company, detracted from the Fund's relative returns as
MRD saw its results severely undercut by falling natural gas prices. We
continue to hold the MRD position, based on the potential value of the
company's attractive holdings in Louisiana's Terryville Field.
In industrials, American Airlines Group, a leading global air carrier, was
a subpar performer in the Fund's portfolio. American's revenues-per-
available-passenger-mile, a key metric for the airline industry,
disappointed investors during the 12-month period. In addition, the market
has become concerned that fast-growing industry capacity may harm
American's business. We have retained the Fund's position, however, in the
belief that the stock's current valuation does not adequately reflect
American's potential long-term earnings power.
Q Did the Fund have any exposure to derivatives during the 12-month period
ended November 30, 2015? If so, did the use of derivatives have any effect
on the Fund's performance?
A No. The Fund had no exposure to derivatives during the 12-month period.
Q What is your outlook as we head into a new calendar year?
A We are cautiously optimistic on the medium-term outlook for equities,
although we think volatility is likely to persist into 2016. Earnings for
U.S. companies seem poised to grow as chaotic commodity markets settle down
and the U.S. dollar stabilizes relative to other currencies.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 7
Consumer confidence could get a boost from cheap energy and favorable
employment trends. Meanwhile, the sluggish pace of global economic growth
combined with low commodity prices seem likely to contain inflation, thus
reducing the need for extremely higher interest rates, though the Federal
Reserve (the Fed) is likely to embark on a course of gradual rate increases
here in the U.S. over the coming months. Even so, we believe rates will
remain in a low range for an extended period, given current, relatively
tame levels of inflation.
Under these conditions, we believe investors will be willing to pay a
premium for shares of companies with strong business models that can
exhibit sustainable growth rates and levels of innovation. We look for all
of those positive traits when selecting the mid-cap equities we favor
holding in the Fund's portfolio.
Please refer to the Schedule of Investments on pages 18-25 for a full listing of
Fund securities.
Investments in mid-sized companies may offer the potential for higher returns,
but are also subject to greater short-term price fluctuations than larger, more
established companies.
When interest rates rise, the prices of fixed income securities in the fund will
generally fall. Conversely, when interest rates fall, the prices of fixed income
securities in the fund will generally rise.
The portfolio invests 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.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
8 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
Portfolio Summary | 11/30/15
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 92.6%
International Common Stocks 7.4%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Information Technology 20.9%
Consumer Discretionary 20.1%
Industrials 17.7%
Health Care 17.1%
Financials 8.3%
Consumer Staples 7.6%
Materials 5.0%
Energy 2.3%
Telecommunication Services 1.0%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Nasdaq, Inc. 1.7%
--------------------------------------------------------------------------------
2. Boston Scientific Corp. 1.7
--------------------------------------------------------------------------------
3. CoStar Group, Inc. 1.7
--------------------------------------------------------------------------------
4. Align Technology, Inc. 1.7
--------------------------------------------------------------------------------
5. Charles River Laboratories International, Inc. 1.6
--------------------------------------------------------------------------------
6. Edwards Lifesciences Corp. 1.6
--------------------------------------------------------------------------------
7. American Airlines Group, Inc. 1.5
--------------------------------------------------------------------------------
8. Signet Jewelers, Ltd. 1.5
--------------------------------------------------------------------------------
9. Intercontinental Exchange, Inc. 1.5
--------------------------------------------------------------------------------
10. Alkermes Plc 1.4
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
securities listed.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 9
Prices and Distributions | 11/30/15
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 11/30/15 11/30/14
--------------------------------------------------------------------------------
A $35.00 $36.92
--------------------------------------------------------------------------------
C $27.07 $29.47
--------------------------------------------------------------------------------
R $34.11 $36.19
--------------------------------------------------------------------------------
Y $37.34 $39.08
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 11/30/15 12/31/14*
--------------------------------------------------------------------------------
K $35.13 $37.00
--------------------------------------------------------------------------------
Distributions per Share: 12/1/14-11/30/15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ -- $ -- $3.0685
--------------------------------------------------------------------------------
C $ -- $ -- $3.0685
--------------------------------------------------------------------------------
K $ -- $ -- $3.0685
--------------------------------------------------------------------------------
R $ -- $ -- $3.0685
--------------------------------------------------------------------------------
Y $ -- $ -- $3.0685
--------------------------------------------------------------------------------
Index Definition
--------------------------------------------------------------------------------
The Russell Midcap Growth Index is an unmanaged index that measures the
performance of U.S. mid-cap growth stocks. Index returns are calculated monthly,
assume reinvestment of dividends and, unlike Fund returns, do not reflect any
fees, expenses or sales charges. It is not possible to invest directly in an
index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-15.
* Class K Shares commenced operations on December 31, 2014.
10 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
Performance Update | 11/30/15 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Select Mid Cap Growth Fund at
public offering price during the periods shown, compared to that of the Russell
Midcap Growth Index.
Average Annual Total Returns
(As of November 30, 2015)
--------------------------------------------------------------------------------
Net Public Russell
Asset Offering Midcap
Value Price Growth
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 Years 8.82% 8.17% 8.53%
5 Years 12.64 11.31 13.42
1 Year 3.13 -2.79 1.82
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.09%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Select Russell Mid Cap
Mid Cap Growth Fund Growth TR Index
11/05 $ 9,425 $10,000
11/06 $10,393 $11,288
11/07 $11,820 $12,431
11/08 $ 6,880 $ 6,694
11/09 $10,008 $ 9,561
11/10 $12,101 $12,078
11/11 $12,802 $12,811
11/12 $13,712 $14,357
11/13 $18,779 $19,225
11/14 $21,275 $22,262
11/15 $21,941 $22,667
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The Fund acquired the assets and liabilities of Pioneer Select Mid Cap Growth
Fund ("the predecessor fund") on June 7, 2013 ("the reorganization"). As a
result of the reorganization, the predecessor fund's performance and financial
history became the performance and financial history of the Fund. The
performance of Class A shares of the Fund is the performance of Class A shares
of the predecessor fund for periods prior to the reorganization, and has not
been restated to reflect any differences in expenses.
The predecessor fund was established in connection with the reorganization of
Regions Morgan Keegan Select Mid Cap Growth Fund into the predecessor fund on
May 15, 2009. The performance of Class A shares of the predecessor fund for
periods prior to May 15, 2009, includes the performance of Regions Morgan Keegan
Select Mid Cap Growth Fund's Class A shares, which has been restated to reflect
differences in any applicable sales charges (but not differences in expenses).
This adjustment has the effect of reducing the previously reported performance
of Regions Morgan Keegan Select Mid Cap Growth Fund. A different investment
adviser served as the adviser of Regions Morgan Keegan Select Mid Cap Growth
Fund.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 11
Performance Update | 11/30/15 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Select Mid Cap Growth Fund during
the periods shown, compared to that of the Russell Midcap Growth Index.
Average Annual Total Returns
(As of November 30, 2015)
--------------------------------------------------------------------------------
Russell
Midcap
If If Growth
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 7.97% 7.97% 8.53%
5 Years 11.64 11.64 13.42
1 Year 2.29 2.29 1.82
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.91%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Select Russell Mid Cap
Mid Cap Growth Fund Growth TR Index
11/05 $10,000 $10,000
11/06 $10,976 $11,288
11/07 $12,455 $12,431
11/08 $ 7,178 $ 6,694
11/09 $10,367 $ 9,561
11/10 $12,418 $12,078
11/11 $13,014 $12,811
11/12 $13,801 $14,357
11/13 $18,736 $19,225
11/14 $21,053 $22,262
11/15 $21,535 $22,667
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The Fund acquired the assets and liabilities of Pioneer Select Mid Cap Growth
Fund ("the predecessor fund") on June 7, 2013 ("the reorganization"). As a
result of the reorganization, the predecessor fund's performance and financial
history became the performance and financial history of the Fund. The
performance of Class C shares of the Fund is the performance of Class C shares
of the predecessor fund for periods prior to the reorganization, and has not
been restated to reflect any differences in expenses.
The predecessor fund was established in connection with the reorganization of
Regions Morgan Keegan Select Mid Cap Growth Fund into the predecessor fund on
May 15, 2009. The performance of Class C shares of the predecessor fund for
periods prior to May 15, 2009, includes the performance of Regions Morgan Keegan
Select Mid Cap Growth Fund's Class C shares, which has been restated to reflect
differences in any applicable sales charges (but not differences in expenses).
This adjustment has the effect of reducing the previously reported performance
of Regions Morgan Keegan Select Mid Cap Growth Fund. A different investment
adviser served as the adviser of Regions Morgan Keegan Select Mid Cap Growth
Fund.
12 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
Performance Update | 11/30/15 Class K Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class K shares of Pioneer Select Mid Cap Growth Fund during
the periods shown, compared to that of the Russell Midcap Growth Index.
Average Annual Total Returns
(As of November 30, 2015)
--------------------------------------------------------------------------------
Net Russell
Asset Midcap
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 8.85% 8.53%
5 Years 12.71 13.42
1 Year 3.48 1.82
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.67%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Select Russell Mid Cap
Mid Cap Growth Fund Growth TR Index
11/05 $10,000 $10,000
11/06 $11,027 $11,288
11/07 $12,540 $12,431
11/08 $ 7,299 $ 6,694
11/09 $10,617 $ 9,561
11/10 $12,839 $12,078
11/11 $13,582 $12,811
11/12 $14,547 $14,357
11/13 $19,922 $19,225
11/14 $22,571 $22,262
11/15 $23,356 $22,667
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class K shares for the period prior to the
commencement of operations of Class K shares on December 31, 2014, is the net
asset value performance of the Fund's Class A shares, which has not been
restated to reflect any differences in expenses, including Rule 12b-1 fees
applicable to Class A shares. Since fees for Class A shares generally are higher
than those of Class K shares, the performance of Class K shares prior to their
inception would have been higher than the performance shown. For the period
beginning December 31, 2014, the actual performance of Class K shares is
reflected. Class K shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors. All
results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The Fund acquired the assets and liabilities of Pioneer Select Mid Cap Growth
Fund ("the predecessor fund") on June 7, 2013 ("the reorganization"). As a
result of the reorganization, the predecessor fund's performance and financial
history became the performance and financial history of the Fund. The
performance of Class A shares of the Fund is the performance of Class A shares
of the predecessor fund for periods prior to the reorganization, and has not
been restated to reflect any differences in expenses.
The predecessor fund was established in connection with the reorganization of
Regions Morgan Keegan Select Mid Cap Growth Fund into the predecessor fund on
May 15, 2009. The performance of Class A shares of the predecessor fund for
periods prior to May 15, 2009, includes the performance of Regions Morgan Keegan
Select Mid Cap Growth Fund's Class A shares, which has been restated to reflect
differences in any applicable sales charges (but not differences in expenses).
This adjustment has the effect of reducing the previously reported performance
of Regions Morgan Keegan Select Mid Cap Growth Fund. A different investment
adviser served as the adviser of Regions Morgan Keegan Select Mid Cap Growth
Fund.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 13
Performance Update | 11/30/15 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Select Mid Cap Growth Fund during
the periods shown, compared to that of the Russell Midcap Growth Index.
Average Annual Total Returns
(As of November 30, 2015)
--------------------------------------------------------------------------------
Net Russell
Asset Midcap
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 8.71% 8.53%
5 Years 12.42 13.42
1 Year 2.75 1.82
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.49%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Select Russell Mid Cap
Mid Cap Growth Fund Growth TR Index
11/05 $10,000 $10,000
11/06 $11,027 $11,288
11/07 $12,540 $12,431
11/08 $ 7,299 $ 6,694
11/09 $10,617 $ 9,561
11/10 $12,839 $12,078
11/11 $13,582 $12,811
11/12 $14,547 $14,357
11/13 $19,884 $19,225
11/14 $22,440 $22,262
11/15 $23,056 $22,667
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class R shares are not subject to sales charges and are available for limited
groups of eligible investors. All results are historical and assume the
reinvestment of dividends and capital gains. Other share classes are available
for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The Fund acquired the assets and liabilities of Pioneer Select Mid Cap Growth
Fund ("the predecessor fund") on June 7, 2013 ("the reorganization"). As a
result of the reorganization, the predecessor fund's performance and financial
history became the performance and financial history of the Fund. The
predecessor fund did not offer Class R shares. Accordingly, the performance of
Class R shares of the Fund is the performance of Class A shares of the
predecessor fund for periods prior to the reorganization, restated to reflect
the higher distribution and service fees of Class R shares, but not other
differences in expenses.
The predecessor fund was established in connection with the reorganization of
Regions Morgan Keegan Select Mid Cap Growth Fund into the predecessor fund on
May 15, 2009. The performance shown for Class R shares of the Fund for periods
prior to May 15, 2009, is based on the performance of Regions Morgan Keegan
Select Mid Cap Growth Fund's Class A shares, which has been restated to reflect
differences in any applicable sales charges and the higher distribution and
service fees of Class R shares of the Fund (but not differences in expenses).
This adjustment has the effect of reducing the previously reported performance
of Regions Morgan Keegan Select Mid Cap Growth Fund. A different investment
adviser served as the adviser of Regions Morgan Keegan Select Mid Cap Growth
Fund.
14 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
Performance Update | 11/30/15 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Select Mid Cap Growth Fund during
the periods shown, compared to that of the Russell Midcap Growth Index.
Average Annual Total Returns
(As of November 30, 2015)
--------------------------------------------------------------------------------
Net Russell
Asset Midcap
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 9.18% 8.53%
5 Years 13.04 13.42
1 Year 3.42 1.82
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.76%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Select Russell Mid Cap
Mid Cap Growth Fund Growth TR Index
11/05 $ 5,000,000 $ 5,000,000
11/06 $ 5,526,198 $ 5,644,063
11/07 $ 6,292,765 $ 6,215,591
11/08 $ 3,673,490 $ 3,346,943
11/09 $ 5,366,184 $ 4,780,505
11/10 $ 6,517,169 $ 6,039,118
11/11 $ 6,921,157 $ 6,405,629
11/12 $ 7,447,104 $ 7,178,360
11/13 $10,231,773 $ 9,612,441
11/14 $11,632,823 $11,130,983
11/15 $12,029,989 $11,333,397
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
The Fund acquired the assets and liabilities of Pioneer Select Mid Cap Growth
Fund ("the predecessor fund") on June 7, 2013 ("the reorganization"). As a
result of the reorganization, the predecessor fund's performance and financial
history became the performance and financial history of the Fund. The
performance of Class Y shares of the Fund is the performance of Class Y shares
of the predecessor fund for periods prior to the reorganization, and has not
been restated to reflect any differences in expenses.
The predecessor fund was established in connection with the reorganization of
Regions Morgan Keegan Select Mid Cap Growth Fund into the predecessor fund on
May 15, 2009. The performance of Class Y shares of the predecessor fund for
periods prior to May 15, 2009, includes the performance of Regions Morgan Keegan
Select Mid Cap Growth Fund's Class I shares, which has been restated to reflect
differences in any applicable sales charges (but not differences in expenses).
This adjustment has the effect of reducing the previously reported performance
of Regions Morgan Keegan Select Mid Cap Growth Fund. A different investment
adviser served as the adviser of Regions Morgan Keegan Select Mid Cap Growth
Fund.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Select Mid Cap Growth Fund
Based on actual returns from June 1, 2015, through November 30, 2015.
--------------------------------------------------------------------------------
Share Class A C K R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 6/1/15
--------------------------------------------------------------------------------
Ending Account $ 967.63 $ 963.73 $ 969.39 $ 965.88 $ 969.17
Value (after expenses)
on 11/30/15
--------------------------------------------------------------------------------
Expenses Paid $ 5.23 $ 9.21 $ 3.31 $ 7.15 $ 3.80
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.06%,
1.87%, 0.67%, 1.45% and 0.77% for class A, C, K, R and Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (to reflect the one-half year period).
16 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Select Mid Cap Growth Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from June 1, 2015, through November 30, 2015.
--------------------------------------------------------------------------------
Share Class A C K R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 6/1/15
--------------------------------------------------------------------------------
Ending Account $1,019.75 $1,015.69 $1,021.71 $1,017.80 $1,021.21
Value (after expenses)
on 11/30/15
--------------------------------------------------------------------------------
Expenses Paid $ 5.37 $ 9.45 $ 3.40 $ 7.33 $ 3.90
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.06%,
1.87%, 0.67%, 1.45% and 0.77% for class A, C, K, R and Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (to reflect the one-half year period).
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 17
Schedule of Investments | 11/30/15
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
COMMON STOCKS -- 97.9%
ENERGY -- 2.3%
Oil & Gas Exploration & Production -- 2.3%
344,900 Cabot Oil & Gas Corp. $ 6,494,467
59,846 Cimarex Energy Co. 7,122,871
146,342 Continental Resources, Inc. 5,312,215
741,417 Memorial Resource Development Corp.* 12,077,683
--------------
$ 31,007,236
--------------
Total Energy $ 31,007,236
-------------------------------------------------------------------------------------------
MATERIALS -- 4.9%
Commodity Chemicals -- 0.3%
79,500 Westlake Chemical Corp. $ 4,773,975
-------------------------------------------------------------------------------------------
Specialty Chemicals -- 2.5%
52,752 Cytec Industries, Inc. 3,949,542
254,753 Flotek Industries, Inc.* 2,909,279
48,742 The Sherwin-Williams Co. 13,456,204
126,619 WR Grace & Co.* 12,436,518
--------------
$ 32,751,543
-------------------------------------------------------------------------------------------
Construction Materials -- 0.7%
85,658 Vulcan Materials Co. $ 8,794,507
-------------------------------------------------------------------------------------------
Metal & Glass Containers -- 1.0%
128,921 Ball Corp. $ 8,949,696
117,790 Berry Plastics Group, Inc.* 4,282,844
--------------
$ 13,232,540
-------------------------------------------------------------------------------------------
Paper Packaging -- 0.4%
84,671 Packaging Corp. of America $ 5,756,781
--------------
Total Materials $ 65,309,346
-------------------------------------------------------------------------------------------
CAPITAL GOODS -- 8.4%
Aerospace & Defense -- 1.1%
62,041 Raytheon Co. $ 7,694,945
71,392 Rockwell Collins, Inc. 6,616,611
--------------
$ 14,311,556
-------------------------------------------------------------------------------------------
Building Products -- 2.1%
81,591 Allegion Plc $ 5,483,731
363,715 Builders FirstSource, Inc. 4,895,604
171,749 Fortune Brands Home & Security, Inc. 9,441,043
57,427 Lennox International, Inc. 7,805,478
--------------
$ 27,625,856
-------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.7%
41,384 Acuity Brands, Inc. $ 9,554,738
-------------------------------------------------------------------------------------------
Industrial Conglomerates -- 0.6%
41,293 Roper Technologies, Inc. $ 7,989,783
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 1.0%
123,849 WABCO Holdings, Inc.* $ 13,311,291
-------------------------------------------------------------------------------------------
Industrial Machinery -- 1.9%
179,186 Albany International Corp. $ 6,981,087
125,155 Dover Corp. 8,247,714
28,767 Snap-on, Inc. 4,952,527
42,747 Stanley Black & Decker, Inc. 4,666,263
--------------
$ 24,847,591
-------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 1.0%
259,417 HD Supply Holdings, Inc.* $ 8,205,360
69,744 United Rentals, Inc.* 5,486,760
--------------
$ 13,692,120
--------------
Total Capital Goods $ 111,332,935
-------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 4.5%
Office Services & Supplies -- 0.6%
365,919 Pitney Bowes, Inc. $ 7,903,850
-------------------------------------------------------------------------------------------
Diversified Support Services -- 0.9%
67,535 Cintas Corp. $ 6,185,531
236,090 TransUnion 6,036,821
--------------
$ 12,222,352
-------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 1.6%
135,186 ManpowerGroup, Inc. $ 12,204,592
60,338 Towers Watson & Co. 8,116,064
--------------
$ 20,320,656
-------------------------------------------------------------------------------------------
Research & Consulting Services -- 1.4%
67,308 Equifax, Inc. $ 7,504,842
146,225 Verisk Analytics, Inc.* 10,959,564
--------------
$ 18,464,406
--------------
Total Commercial Services & Supplies $ 58,911,264
-------------------------------------------------------------------------------------------
TRANSPORTATION -- 4.5%
Airlines -- 3.7%
97,547 Alaska Air Group, Inc. $ 7,777,422
467,039 American Airlines Group, Inc. 19,270,029
354,516 Southwest Airlines Co. 16,265,194
97,651 United Continental Holdings, Inc.* 5,442,090
--------------
$ 48,754,735
-------------------------------------------------------------------------------------------
Trucking -- 0.5%
17,766 AMERCO $ 7,202,336
-------------------------------------------------------------------------------------------
Airport Services -- 0.3%
44,419 Macquarie Infrastructure Corp. $ 3,332,758
--------------
Total Transportation $ 59,289,829
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 19
Schedule of Investments | 11/30/15 (continued)
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 1.7%
Auto Parts & Equipment -- 1.7%
115,483 Delphi Automotive Plc $ 10,148,646
99,143 Lear Corp. 12,482,104
--------------
$ 22,630,750
--------------
Total Automobiles & Components $ 22,630,750
-------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.6%
Home Furnishings -- 0.7%
50,334 Mohawk Industries, Inc.* $ 9,599,700
-------------------------------------------------------------------------------------------
Homebuilding -- 0.4%
144,331 DR Horton, Inc. $ 4,663,335
-------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 0.5%
74,770 Under Armour, Inc.* $ 6,446,669
--------------
Total Consumer Durables & Apparel $ 20,709,704
-------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 4.8%
Hotels, Resorts & Cruise Lines -- 0.7%
157,624 Norwegian Cruise Line Holdings, Ltd.* $ 9,053,923
-------------------------------------------------------------------------------------------
Restaurants -- 3.3%
43,163 Buffalo Wild Wings, Inc.* $ 6,916,439
17,234 Chipotle Mexican Grill, Inc.* 9,987,965
244,486 Dave & Buster's Entertainment, Inc. 9,373,593
63,318 Panera Bread Co.* 11,511,212
189,412 Texas Roadhouse, Inc. 6,629,420
--------------
$ 44,418,629
-------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.8%
277,962 H&R Block, Inc. $ 10,198,426
--------------
Total Consumer Services $ 63,670,978
-------------------------------------------------------------------------------------------
RETAILING -- 11.7%
General Merchandise Stores -- 1.8%
164,814 Dollar General Corp.* $ 10,780,484
180,971 Dollar Tree, Inc.* 13,656,072
--------------
$ 24,436,556
-------------------------------------------------------------------------------------------
Apparel Retail -- 1.4%
116,123 L Brands, Inc. $ 11,079,295
142,572 Ross Stores, Inc. 7,415,170
--------------
$ 18,494,465
-------------------------------------------------------------------------------------------
Home Improvement Retail -- 1.4%
236,079 Lowe's Companies, Inc. $ 18,083,651
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
Specialty Stores -- 3.4%
145,601 Signet Jewelers, Ltd. $ 19,130,515
135,399 Tractor Supply Co.* 12,097,901
82,408 Ulta Salon Cosmetics & Fragrance, Inc.* 13,762,136
--------------
$ 44,990,552
-------------------------------------------------------------------------------------------
Automotive Retail -- 3.0%
106,869 Advance Auto Parts, Inc. $ 17,390,792
94,081 Lithia Motors, Inc. 11,688,623
39,830 O'Reilly Automotive, Inc.* 10,509,942
--------------
$ 39,589,357
-------------------------------------------------------------------------------------------
Homefurnishing Retail -- 0.7%
34,588 Restoration Hardware Holdings, Inc.* $ 3,108,424
92,861 Williams-Sonoma, Inc. 5,880,887
--------------
$ 8,989,311
--------------
Total Retailing $ 154,583,892
-------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 1.7%
Drug Retail -- 0.5%
844,755 Rite Aid Corp.* $ 6,656,669
-------------------------------------------------------------------------------------------
Food Retail -- 1.2%
434,280 The Kroger Co. $ 16,354,985
--------------
Total Food & Staples Retailing $ 23,011,654
-------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 5.8%
Brewers -- 1.1%
151,869 Molson Coors Brewing Co. (Class B) $ 13,976,504
-------------------------------------------------------------------------------------------
Distillers & Vintners -- 1.2%
111,043 Constellation Brands, Inc.* $ 15,574,891
-------------------------------------------------------------------------------------------
Soft Drinks -- 0.6%
51,620 Monster Beverage Corp. $ 7,980,968
-------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 2.9%
124,052 Campbell Soup Co. $ 6,480,476
154,341 ConAgra Foods, Inc. 6,317,177
109,511 Hormel Foods Corp. 8,204,564
61,864 Keurig Green Mountain, Inc. 3,241,674
96,868 The WhiteWave Foods Co.* 3,935,747
207,632 Tyson Foods, Inc. 10,381,600
--------------
$ 38,561,238
--------------
Total Food, Beverage & Tobacco $ 76,093,601
-------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 9.6%
Health Care Equipment -- 3.9%
1,206,158 Boston Scientific Corp.* $ 22,048,568
124,050 Edwards Lifesciences Corp.* 20,220,150
242,649 Insulet Corp.* 8,878,527
--------------
$ 51,147,245
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 21
Schedule of Investments | 11/30/15 (continued)
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
Health Care Supplies -- 2.7%
322,005 Align Technology, Inc.* $ 21,490,614
731,646 Endologix, Inc.* 7,448,156
266,092 LDR Holding Corp.* 7,189,806
--------------
$ 36,128,576
-------------------------------------------------------------------------------------------
Health Care Distributors -- 0.9%
130,198 Cardinal Health, Inc. $ 11,307,696
-------------------------------------------------------------------------------------------
Health Care Services -- 1.1%
212,512 MEDNAX, Inc.* $ 15,166,981
-------------------------------------------------------------------------------------------
Managed Health Care -- 1.0%
164,581 WellCare Health Plans, Inc.* $ 13,574,641
--------------
Total Health Care Equipment & Services $ 127,325,139
-------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 7.2%
Biotechnology -- 3.4%
123,505 Alder Biopharmaceuticals, Inc. $ 4,601,796
252,244 Alkermes Plc* 18,504,620
167,641 Neurocrine Biosciences, Inc.* 9,114,641
109,044 Ophthotech Corp. 6,931,927
113,825 TESARO, Inc.* 5,809,628
--------------
$ 44,962,612
-------------------------------------------------------------------------------------------
Pharmaceuticals -- 2.2%
190,593 Endo International Plc $ 11,717,658
119,898 Jazz Pharmaceuticals Plc* 17,575,848
--------------
$ 29,293,506
-------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 1.6%
267,807 Charles River Laboratories International, Inc.* $ 20,505,982
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 94,762,100
-------------------------------------------------------------------------------------------
BANKS -- 1.2%
Regional Banks -- 1.2%
199,482 BankUnited, Inc.* $ 7,540,420
50,097 Signature Bank* 7,922,841
--------------
$ 15,463,261
--------------
Total Banks $ 15,463,261
-------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 6.8%
Specialized Finance -- 3.2%
72,678 Intercontinental Exchange, Inc. $ 18,884,652
385,913 Nasdaq, Inc. 22,622,219
--------------
$ 41,506,871
-------------------------------------------------------------------------------------------
Consumer Finance -- 0.4%
94,169 Discover Financial Services, Inc. $ 5,345,032
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 3.2%
77,970 Affiliated Managers Group, Inc.* $ 13,818,623
226,366 Oaktree Capital Group LLC 11,053,452
329,464 SEI Investments Co. 17,919,547
--------------
$ 42,791,622
--------------
Total Diversified Financials $ 89,643,525
-------------------------------------------------------------------------------------------
REAL ESTATE -- 0.3%
Health Care REIT -- 0.3%
66,897 Ventas, Inc. $ 3,568,286
--------------
Total Real Estate $ 3,568,286
-------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 13.8%
Internet Software & Services -- 5.5%
66,747 Akamai Technologies, Inc.* $ 3,845,295
104,863 CoStar Group, Inc.* 21,941,534
121,450 Demandware, Inc.* 6,212,168
439,597 HomeAway, Inc.* 15,544,150
64,871 LinkedIn Corp.* 15,770,789
359,356 Twitter, Inc.* 9,127,642
--------------
$ 72,441,578
-------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.9%
98,014 Cognizant Technology Solutions Corp.* $ 6,329,744
67,963 Gartner, Inc.* 6,340,948
--------------
$ 12,670,692
-------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 2.2%
85,639 MasterCard, Inc. $ 8,385,771
496,456 Sabre Corp. 14,526,303
112,698 Vantiv, Inc.* 5,940,312
--------------
$ 28,852,386
-------------------------------------------------------------------------------------------
Application Software -- 3.8%
131,224 Blackbaud, Inc. $ 8,107,019
99,526 Intuit, Inc. 9,972,505
107,213 Mobileye NV 4,674,487
254,428 Qlik Technologies, Inc.* 8,093,355
73,467 Splunk, Inc.* 4,371,286
114,668 SS&C Technologies Holdings, Inc.* 8,244,629
37,615 The Ultimate Software Group, Inc.* 7,428,962
--------------
$ 50,892,243
-------------------------------------------------------------------------------------------
Systems Software -- 1.4%
146,300 Fleetmatics Group Plc* $ 8,734,110
65,131 ServiceNow, Inc.* 5,667,048
38,379 Tableau Software, Inc.* 3,723,914
--------------
$ 18,125,072
--------------
Total Software & Services $ 182,981,971
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 23
Schedule of Investments | 11/30/15 (continued)
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.0%
Communications Equipment -- 1.0%
61,163 Harris Corp. $ 5,084,480
46,167 Palo Alto Networks, Inc.* 8,648,926
--------------
$ 13,733,406
--------------
Total Technology Hardware & Equipment $ 13,733,406
-------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 5.6%
Semiconductor Equipment -- 0.8%
143,384 Lam Research Corp.* $ 11,212,629
-------------------------------------------------------------------------------------------
Semiconductors -- 4.8%
148,203 Analog Devices, Inc. $ 9,133,751
64,259 Avago Technologies, Ltd. 8,382,587
173,799 Broadcom Corp. 9,494,639
320,519 Integrated Device Technology, Inc.* 8,987,353
126,814 Microsemi Corp.* 4,566,572
111,598 Qorvo, Inc. 6,480,496
132,634 Skyworks Solutions, Inc.* 11,011,275
110,248 Xilinx, Inc. 5,478,223
--------------
$ 63,534,896
--------------
Total Semiconductors & Semiconductor Equipment $ 74,747,525
-------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 0.5%
Wireless Telecommunication Services -- 0.5%
68,073 SBA Communications Corp.* $ 7,158,557
--------------
Total Telecommunication Services $ 7,158,557
-------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $1,090,209,814) $1,295,934,959
-------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 97.9%
(Cost $1,090,209,814) (a) $1,295,934,959
-------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 2.1% $ 27,981,506
-------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,323,916,465
===========================================================================================
* Non-income producing security.
REIT Real Estate Investment Trust.
(a) At November 30, 2015, the net unrealized appreciation on
investments based on cost for federal income tax purposes of
$1,097,456,156 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $223,420,219
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (24,941,416)
------------
Net unrealized appreciation $198,478,803
============
Purchases and sales of securities (excluding temporary cash investments) for the
year ended November 30, 2015, aggregated to $1,235,231,865 and $1,170,595,495,
respectively.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (Including quoted prices
for similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (Including the Fund's own
assumptions in determining fair value of investments) See Notes to
Financial Statements -- Note 1A.
The following is a summary of the inputs used as of November 30, 2015, in
valuing the Fund's investments:
----------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------
Common Stocks $1,295,934,959 $-- $-- $1,295,934,959
----------------------------------------------------------------------------------
Total $1,295,934,959 $-- $-- $1,295,934,959
==================================================================================
During the year ended November 30, 2015, there were no transfers between Levels
1, 2 and 3.
The following is a summary of the fair valuation of certain Fund's assets and
liabilities as of November 30, 2015:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Assets:
Foreign currencies, at value $-- $6,013 $-- $6,013
--------------------------------------------------------------------------------
Total $-- $6,013 $-- $6,013
================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 25
Statement of Assets and Liabilities | 11/30/15
ASSETS:
Investment in securities (cost $1,090,209,814) $1,295,934,959
Cash 18,420,854
Foreign currencies, at value (cost $7,102) 6,013
Receivables --
Investment securities sold 26,032,555
Fund shares sold 1,674,849
Dividends 901,213
Other assets 51,697
--------------------------------------------------------------------------------------------
Total assets $1,343,022,140
============================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 17,278,561
Fund shares repurchased 1,346,553
Trustee fees 9,468
Due to affiliates 340,781
Accrued expenses 130,312
--------------------------------------------------------------------------------------------
Total liabilities $ 19,105,675
============================================================================================
NET ASSETS:
Paid-in capital $1,105,604,913
Undistributed net investment income 86,512
Accumulated net realized gain on investments 12,500,984
Net unrealized appreciation on investments 205,725,145
Net unrealized depreciation on assets and liabilities denominated
in foreign currencies (1,089)
--------------------------------------------------------------------------------------------
Total net assets $1,323,916,465
============================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,009,963,649/28,856,049 shares) $ 35.00
Class C (based on $69,527,648/2,568,172 shares) $ 27.07
Class K (based on $11,972,917/340,769 shares) $ 35.13
Class R (based on $25,973,192/761,398 shares) $ 34.11
Class Y (based on $206,479,059/5,529,449 shares) $ 37.34
MAXIMUM OFFERING PRICE:
Class A ($35.00 (divided by) 94.25%) $ 37.14
============================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
Statement of Operations
For the Year Ended 11/30/15
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $20,211) $ 8,703,899
Interest 23,540
----------------------------------------------------------------------------------------------------
Total investment income $ 8,727,439
====================================================================================================
EXPENSES:
Management fees $ 7,887,726
Transfer agent fees
Class A 832,309
Class C 50,821
Class R 4,901
Class Y 5,268
Distribution fees
Class A 2,602,928
Class C 734,289
Class R 85,669
Shareholder communication expense 1,024,488
Administrative expense 402,999
Custodian fees 20,307
Registration fees 108,279
Professional fees 100,145
Printing expense 47,065
Fees and expenses of nonaffiliated Trustees 57,247
Miscellaneous 69,552
----------------------------------------------------------------------------------------------------
Total expenses $ 14,033,993
----------------------------------------------------------------------------------------------------
Net investment loss $ (5,306,554)
----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND OTHER
ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES:
Net realized gain on investments $119,183,442
----------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $(77,792,553)
Other assets and liabilities denominated in
foreign currencies (1,015) $(77,793,568)
----------------------------------------------------------------------------------------------------
Net realized and unrealized gain on investments and other assets and
liabilities denominated in foreign currencies $ 41,389,874
----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 36,083,320
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 27
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------
Year Ended Year Ended
11/30/15 11/30/14
--------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment loss $ (5,306,554) $ (6,047,637)
Net realized gain on investments 119,183,442 160,829,572
Change in net unrealized appreciation (depreciation)
on investments and other assets and liabilities
denominated in foreign currencies (77,793,568) (9,488,426)
--------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 36,083,320 $ 145,293,509
--------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net realized gain:
Class A ($3.07 and $5.62 per share, respectively) $ (81,626,928) $ (135,168,410)
Class C ($3.07 and $5.62 per share, respectively) (7,091,958) (11,593,069)
Class K ($3.07 and $0.00 per share, respectively)* (1,045,650) --
Class R ($3.07 and $5.62 per share, respectively) (2,148,998) (1,952,969)
Class Y ($3.07 and $5.62 per share, respectively) (15,795,373) (13,812,737)
--------------------------------------------------------------------------------------------
Total distributions to shareowners $ (107,708,907) $ (162,527,185)
--------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 308,134,769 $ 168,322,433
Reinvestment of distributions 100,174,867 150,996,556
Cost of shares repurchased (218,086,820) (247,104,323)
--------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 190,222,816 $ 72,214,666
--------------------------------------------------------------------------------------------
Net increase in net assets $ 118,597,229 $ 54,980,990
NET ASSETS:
Beginning of year 1,205,319,236 1,150,338,246
--------------------------------------------------------------------------------------------
End of year $1,323,916,465 $1,205,319,236
--------------------------------------------------------------------------------------------
Undistributed net investment income $ 86,512 $ 346,827
============================================================================================
* Class K shares commenced operations on December 31, 2014.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
Statements of Changes in Net Assets (continued)
-----------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
11/30/15 11/30/15 11/30/14 11/30/14
Shares Amount Shares Amount
-----------------------------------------------------------------------------------------------------------
Class A
Shares sold 2,717,054 $ 104,158,345 2,229,262 $ 89,479,683
Reinvestment of distributions 2,247,111 78,491,691 3,530,633 130,351,122
Less shares repurchased (3,625,779) (138,649,309) (3,455,417) (138,129,816)
-----------------------------------------------------------------------------------------------------------
Net increase 1,338,386 $ 44,000,727 2,304,478 $ 81,700,989
===========================================================================================================
Class B*
Shares sold -- $ -- 11,361 $ 362,679
Reinvestment of distributions -- -- -- 17
Less shares repurchased -- -- (312,865) (10,241,488)
-----------------------------------------------------------------------------------------------------------
Net decrease -- $ -- (301,504) $ (9,878,792)
===========================================================================================================
Class C
Shares sold 618,699 $ 18,642,407 497,849 $ 16,124,952
Reinvestment of distributions 199,093 5,379,535 270,220 7,963,412
Less shares repurchased (690,602) (21,004,606) (442,801) (14,648,244)
-----------------------------------------------------------------------------------------------------------
Net increase 127,190 $ 3,017,336 325,268 $ 9,440,120
===========================================================================================================
Class K**
Shares sold 355,837 $ 13,432,643 -- $ --
Reinvestment of distributions -- -- -- --
Less shares repurchased (15,068) (595,906) -- --
-----------------------------------------------------------------------------------------------------------
Net increase 340,769 $ 12,836,737 -- $ --
===========================================================================================================
Class R
Shares sold 484,689 $ 17,926,712 219,092 $ 8,695,467
Reinvestment of distributions 31,407 1,069,416 49,213 1,781,003
Less shares repurchased (157,835) (5,837,388) (128,202) (5,031,312)
-----------------------------------------------------------------------------------------------------------
Net increase 358,261 $ 13,158,740 140,103 $ 5,445,158
===========================================================================================================
Class Y
Shares sold 3,786,728 $ 153,974,662 1,259,841 $ 53,659,652
Reinvestment of distributions 408,753 15,234,225 279,012 10,901,002
Less shares repurchased (1,294,740) (51,999,611) (1,927,719) (79,053,463)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) 2,900,741 $ 117,209,276 (388,866) $ (14,492,809)
===========================================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
** Class K shares commenced operations on December 31, 2014.
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 29
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/15 11/30/14 11/30/13 (a) 11/30/12 (a) 11/30/11 (a)
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 36.92 $ 37.55 $ 31.75 $ 29.64 $ 28.02
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.15)(b) $ (0.17) $ (0.14) $ (0.18) $ (0.15)
Net realized and unrealized gain (loss) on investments 1.30 5.16 11.11 2.29 1.77
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.15 $ 4.99 $ 10.97 $ 2.11 $ 1.62
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net realized gain $ (3.07) $ (5.62) $ (5.17) $ -- $ --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.07) $ (5.62) $ (5.17) $ -- $ --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.92) $ (0.63) $ 5.80 $ 2.11 $ 1.62
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 35.00 $ 36.92 $ 37.55 $ 31.75 $ 29.64
====================================================================================================================================
Total return* 3.13%(c) 13.30% 36.96% 7.11%(d) 5.79%(e)
Ratio of net expenses to average net assets 1.06% 1.09% 1.12% 1.16% 1.15%
Ratio of net investment income (loss) to average net assets (0.40)% (0.48)% (0.56)% (0.54)% (0.44)%
Portfolio turnover rate 91% 105% 100% 86% 81%
Net assets, end of period (in thousands) $1,009,964 $1,016,065 $946,725 $ 335,702 $ 362,504
====================================================================================================================================
* 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.
(a) The Fund acquired the assets and liabilities of Pioneer Select Mid Cap
Growth Fund (the "predecessor fund") on June 7, 2013 (the
"reorganization"). As a result of the reorganization, the predecessor
fund's performance and financial history became the performance and
financial history of the Fund. Historical per-share amounts prior to June
7, 2013, have been adjusted to reflect the conversion ratio used to align
the net asset values of the predecessor fund with those of the Fund. See
Notes to Financial Statements -- Note 1.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
(c) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended November 30, 2015, the total return would have been
3.10%.
(d) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended November 30, 2012, the total return would have been
7.02%.
(e) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended November 30, 2011, the total return would have been
5.61%.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
------------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/15 11/30/14 11/30/13 (a) 11/30/12 (a) 11/30/11 (a)
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 29.47 $ 31.23 $ 27.15 $ 25.60 $ 24.43
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.37)(b) $ (0.34) $ (0.24) $ (0.44) $ (0.38)
Net realized and unrealized gain (loss) on investments 1.04 4.20 9.27 1.99 1.55
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.67 $ 3.86 $ 9.03 $ 1.55 $ 1.17
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net realized gain $ (3.07) $ (5.62) $ (4.95) $ -- $ --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.07) $ (5.62) $ (4.95) $ -- $ --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.40) $ (1.76) $ 4.08 $ 1.55 $ 1.17
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 27.07 $ 29.47 $ 31.23 $ 27.15 $ 25.60
====================================================================================================================================
Total return* 2.29%(c) 12.37% 35.76% 6.05%(d) 4.80%(e)
Ratio of net expenses to average net assets 1.87% 1.91% 1.97% 2.16% 2.07%
Ratio of net investment income (loss) to average net assets (1.20)% (1.30)% (1.43)% (1.54)% (1.37)%
Portfolio turnover rate 91% 105% 100% 86% 81%
Net assets, end of period (in thousands) $69,528 $71,942 $66,069 $ 12,761 $ 13,090
====================================================================================================================================
* 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.
(a) The Fund acquired the assets and liabilities of Pioneer Select Mid Cap
Growth Fund (the "predecessor fund") on June 7, 2013 (the
"reorganization"). As a result of the reorganization, the predecessor
fund's performance and financial history became the performance and
financial history of the Fund. Historical per-share amounts prior to June
7, 2013, have been adjusted to reflect the conversion ratio used to align
the net asset values of the predecessor fund with those of the Fund. See
Notes to Financial Statements -- Note 1.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
(c) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended November 30, 2015, the total return would have been
2.25%.
(d) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended November 30, 2012, the total return would have been
5.97%.
(e) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended November 30, 2011, the total return would have been
4.67%.
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 31
Financial Highlights (continued)
-----------------------------------------------------------------------------------
12/31/14
to 11/30/15
-----------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 37.00
-----------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.01(a)
Net realized and unrealized gain (loss) on investments 1.19
-----------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.20
-----------------------------------------------------------------------------------
Distribution to shareowners:
Net realized gain $ (3.07)
-----------------------------------------------------------------------------------
Total distributions $ (3.07)
-----------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.87)
-----------------------------------------------------------------------------------
Net asset value, end of period $ 35.13
===================================================================================
Total return* 3.25%***(b)
Ratio of net expenses to average net assets 0.67%**
Ratio of net investment income (loss) to average net assets 0.03%**
Portfolio turnover rate 91%
Net assets, end of period (in thousands) $11,973
===================================================================================
* 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.
** Annualized.
*** Not annualized.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended November 30, 2015, the total return would have been
3.23%.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
-----------------------------------------------------------------------------------
Year Year
Ended Ended 6/7/2013 (a)
11/30/15 11/30/14 to 11/30/13
-----------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 36.19 $ 37.05 $ 33.86
-----------------------------------------------------------------------------------
Increase (decrease) from
investment operations:
Net investment income (loss) $ (0.29)(b) $ (0.23) $ (0.17)
Net realized and unrealized gain
(loss) on investments 1.28 4.99 5.12
-----------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ 0.99 $ 4.76 $ 4.95
-----------------------------------------------------------------------------------
Distribution to shareowners:
Net realized gain $ (3.07) $ (5.62) $ (1.76)
-----------------------------------------------------------------------------------
Total distributions $ (3.07) $ (5.62) $ (1.76)
-----------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (2.08) $ (0.86) $ 3.19
-----------------------------------------------------------------------------------
Net asset value, end of period $ 34.11 $ 36.19 $ 37.05
===================================================================================
Total return* 2.75%(c) 12.85% 14.62%***
Ratio of net expenses to average net assets 1.45% 1.49% 1.52%**
Ratio of net investment income (loss)
to average net assets (0.77)% (0.87)% (1.00)%**
Portfolio turnover rate 91% 105% 100%
Net assets, end of period (in thousands) $25,973 $14,591 $ 9,746
===================================================================================
* 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.
** Annualized.
*** Not annualized.
(a) Financial reporting for Class R shares commenced on June 7, 2013. See Notes
to Financial Statements -- Note 1.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
(c) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended November 30, 2015, the total return would have been
2.72%.
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 33
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/15 11/30/14 11/30/13 (a) 11/30/12 (a) 11/30/11 (a)
----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 39.08 $ 39.32 $ 32.95 $ 30.63 $ 28.84
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.04)(b) $ (0.03) $ (0.06) $ (0.04) $ (0.00)(c)
Net realized and unrealized gain (loss) on investments 1.37 5.41 11.63 2.36 1.79
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.33 $ 5.38 $ 11.57 $ 2.32 $ 1.79
----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net realized gain $ (3.07) $ (5.62) $ (5.20) $ -- $ --
----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (3.07) $ (5.62) $ (5.20) $ -- $ --
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.74) $ (0.24) $ 6.37 $ 2.32 $ 1.79
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 37.34 $ 39.08 $ 39.32 $ 32.95 $ 30.63
==================================================================================================================================
Total return* 3.42%(d) 13.69% 37.40% 7.60%(e) 6.20%(f)
Ratio of net expenses to average net assets 0.77% 0.76% 0.76% 0.73% 0.71%
Ratio of net investment income (loss) to average net assets (0.09)% (0.16)% (0.18)% (0.11)% (0.00)%(g)
Portfolio turnover rate 91% 105% 100% 86% 81%
Net assets, end of period (in thousands) $206,479 $102,721 $118,651 $ 102,042 $ 83,460
==================================================================================================================================
* 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.
(a) The Fund acquired the assets and liabilities of Pioneer Select Mid Cap
Growth Fund (the "predecessor fund") on June 7, 2013 (the
"reorganization"). As a result of the reorganization, the predecessor
fund's performance and financial history became the performance and
financial history of the Fund. Historical per-share amounts prior to June
7, 2013 have been adjusted to reflect the conversion ratio used to align
the net asset values of the predecessor fund with those of the Fund. See
Notes to Financial Statements -- Note 1.
(b) The per-share data presented above is based on the average shares
outstanding for the period presented.
(c) Rounds to less than $0.01 or $(0.01) per share.
(d) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended November 30, 2015, the total return would have been
3.39%.
(e) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended November 30, 2012, the total return would have been
7.52%.
(f) If the Fund had not recognized gains in settlement of class action lawsuits
during the year ended November 30, 2011, the total return would have been
6.08%.
(g) Amount rounds to less than 0.01% or (0.01)%.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
Notes to Financial Statements | 11/30/15
1. Organization and Significant Accounting Policies
Pioneer Select Mid Cap Growth Fund (the Fund) is one of two portfolios
comprising Pioneer Series Trust II (the Trust), a Delaware statutory trust. The
Fund is registered under the Investment Company Act of 1940 as a diversified,
open-end management investment company. The investment objective of the Fund is
long-term capital growth.
The Fund offered five classes of shares designated as Class A, Class C, Class K,
Class R and Class Y shares. Class B shares were converted to Class A shares as
of the close of business on November 10, 2014. Class K shares commenced
operations on December 31, 2014. Each class of shares represents an interest in
the same portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes can
bear different rates of class-specific fees and expenses such as transfer agent
and distribution fees. Differences in class-specific fees and expenses will
result in differences in net investment income and, therefore, the payment of
different dividends from net investment income earned by each class. The Amended
and Restated Declaration of Trust of the Fund gives the Board of Trustees the
flexibility to specify either per share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the New
York Stock Exchange (NYSE) is open, as of the close of regular trading on
the NYSE.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 35
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.
Foreign securities are valued in U.S. dollars based on foreign currency
exchange rate quotations supplied by a third party pricing service. 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 Fund 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 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 Pioneer Investment Management, Inc.
(PIM), the Fund's investment adviser, pursuant to procedures adopted by the
Fund's Board of Trustees. PIM's fair valuation team uses fair value methods
approved by the Valuation Committee of the Board of Trustees. PIM's fair
valuation team is responsible for monitoring developments that may impact
fair valued securities and for discussing and assessing fair values on an
ongoing basis, and at least quarterly, with the Valuation Committee of the
Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of the Fund's securities may differ significantly from exchange prices and
such differences could be material.
At November 30, 2015, there were no securities that were valued using fair
value methods (other than securities valued using prices supplied by
independent pricing services or broker dealers).
36 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
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 is recorded
on the accrual basis. Dividend and interest income are reported net of
unrecoverable foreign taxes withheld at the applicable country rates.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no provision for federal income taxes is
required. As of November 30, 2015, 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 in the Statement of Operations.
Tax returns filed within the prior three years are 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. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions 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. At
November 30, 2015, the Fund reclassified $6,020,146 to decrease paid in
capital, $5,046,239 to increase undistributed net investment income, and
$973,907 to increase accumulated net realized gain on investments to
reflect permanent book/tax differences. These adjustments have no impact on
net assets or the results of operations.
The tax character of distributions during the year ended November 30, 2015,
and November 30, 2014, was as follows:
---------------------------------------------------------------------------
2015 2014
---------------------------------------------------------------------------
Distributions paid from:
Ordinary Income $ -- $ 3,202,734
Long-term capital gain 107,708,907 159,324,451
---------------------------------------------------------------------------
Total $107,708,907 $162,527,185
===========================================================================
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 37
The following shows the components of distributable earnings on a federal
income tax basis at November 30, 2015:
---------------------------------------------------------------------------
2015
---------------------------------------------------------------------------
Distributable earnings:
Undistributed long-term gain $ 19,833,838
Net unrealized appreciation 198,477,714
---------------------------------------------------------------------------
Total $218,311,552
===========================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales and the tax
basis adjustments on partnerships and other holdings.
D. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $75,813 in underwriting commissions on the sale of
Class A shares during the year ended November 30, 2015.
E. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class C and Class R shares of the Fund,
respectively (see Note 4). 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 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class K, Class R and Class
Y shares can reflect different transfer agent and distribution expense
rates.
F. Risks
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
38 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
risks affecting these industries or sectors. The Fund's prospectus contains
unaudited information regarding the Fund's principal risks. Please refer to
that document when considering the Fund's principal risks.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at an annual rate equal to
0.625% of the Fund's average daily net assets up to $500 million, 0.60% of the
next $500 million and 0.575% on assets over $1 billion. For the year ended
November 30, 2015, the effective management fee was equivalent to 0.60% of the
Fund's average daily net assets.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$114,217 in management fees, administrative costs and certain other
reimbursements payable to PIM at November 30, 2015.
3. Transfer Agent
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc. (PIMSS), a wholly owned indirect subsidiary of UniCredit, provided
substantially all transfer agent and shareowner services to the Fund at
negotiated rates.
Effective November 2, 2015, Boston Financial Data Services serves as the
transfer agent to the Fund at negotiated rates.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings, outgoing phone calls and omnibus
relationship contracts. For the year ended November 30, 2015, such out-of-
pocket expenses by class of shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 712,767
Class C 99,285
Class R 42,835
Class Y 169,601
--------------------------------------------------------------------------------
Total $1,024,488
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $178,192 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at November 30, 2015.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 39
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A and Class C shares.
Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net assets
attributable to Class A shares as compensation for personal services and/or
account maintenance services or distribution services with regard to Class A
shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the average daily
net assets attributable to Class C shares. The fee for Class C shares consists
of a 0.25% service fee and a 0.75% distribution fee paid as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class C shares. Pursuant to the Plan, the Fund further pays PFD
0.50% of the average daily net assets attributable to Class R shares for
distribution services. Included in "Due to affiliates" reflected on the
Statement of Assets and Liabilities is $48,372 in distribution fees payable to
PFD at November 30, 2015.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class K, Class R and
Class Y shares) may be subject to a contingent deferred sales charge (CDSC). A
CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases
of Class A shares within 12 months of purchase. Redemptions of Class C shares
within one year of purchase are subject to a CDSC of 1.00%, based on the lower
of cost or market value of shares being redeemed. Shares purchased as part of an
exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class K, Class R and Class Y shares. Proceeds
from the CDSCs are paid to PFD. For the year ended November 30, 2015, CDSCs in
the amount of $5,569 were paid to PFD.
5. Expense Offset Arrangements
The Fund entered into certain expense offset arrangements with PIMSS. For the
year ended November 30, 2015, the Fund's expenses were not reduced under such
arrangements.
6. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit
40 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
facility in effect until June 9, 2015, was in the amount of $215 million. As of
June 9, 2015, the facility is in the amount of $240 million. Under such
facility, depending on the type of loan, interest on borrowings is payable at
the London Interbank Offered Rate (LIBOR) plus 0.85% on an annualized basis, or
the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Eurodollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the year ended November 30, 2015, the Fund had no borrowings
under the credit facility.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 41
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust II and Shareowners of Pioneer
Select Mid Cap Growth Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer Select Mid Cap Growth Fund (one of the
funds constituting Pioneer Series Trust II), as of November 30, 2015, and the
related statement of operations for the year then ended and the statements of
changes in net assets and the financial highlights for each of the two years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits. The financial highlights for the years ended November 30, 2013, 2012,
and 2011 were audited by other auditors. Those auditors expressed an unqualified
opinion on those financial statements and financial highlights in their report
dated January 24, 2014.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Fund
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Fund's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of November 30, 2015, by correspondence with the
custodian and brokers; where replies were not received from brokers, we
performed other auditing procedures. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Select Mid Cap Growth Fund as of November 30, 2015, and the results of
its operations for the year then ended and the changes in its net assets and the
financial highlights for each of the two years in the period then ended, in
conformity with accounting principles generally accepted in the United States of
America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
January 21, 2016
42 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
Additional Information (unaudited)
PIM, the Fund's investment adviser, is currently an indirect, wholly owned
subsidiary of UniCredit. On November 11, 2015, UniCredit announced that it
signed a binding master agreement with Banco Santander and affiliates of Warburg
Pincus and General Atlantic (the "Private Equity Firms") with respect to Pioneer
Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction, as previously announced by UniCredit, will establish a holding
company, with the name Pioneer Investments, to be owned by UniCredit (50%) and
the Private Equity Firms (50% between them). The holding company will control
Pioneer's U.S. operations, including the Adviser. The holding company also will
own 66.7% of Pioneer's and SAM's combined operations outside the U.S., while
Banco Santander will own directly the remaining 33.3% stake. The closing of the
Transaction is expected to happen in 2016, subject to certain regulatory and
other approvals.
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Fund's current investment advisory agreement with PIM to terminate.
Accordingly, the Fund's Board of Trustees will be asked to approve a new
investment advisory agreement. If approved by the Board, the Fund's new
investment advisory agreement will be submitted to the shareholders of the Fund
for their approval.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 43
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Select Mid Cap Growth Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in January 2015 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
Contract review materials were provided to the Trustees in March 2015 and July
2015. Supplemental contract review materials were provided to the Trustees in
September 2015. In addition, the Trustees reviewed and discussed the Fund's
performance at regularly scheduled meetings throughout the year and took into
account other information related to the Fund provided to the Trustees at
regularly scheduled meetings in connection with the review of the Fund's
investment advisory agreement.
In March 2015, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment advisory agreement, and reviewed and
discussed the qualifications of the investment management teams, as well as the
level of investment by the Fund's portfolio managers in the Fund. In July 2015,
the Trustees, among other things, reviewed the Fund's management fee and total
expense ratios, the financial statements of PIM and its parent companies, the
profitability analyses provided by PIM, and possible economies of scale. The
Trustees also reviewed the profitability of the institutional business of PIM
and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with
PIM, "Pioneer"), as compared to that of PIM's fund management business, and
considered the differences between the fees and expenses of the Fund and the
fees and expenses of Pioneer's institutional accounts, as well as the different
services provided by PIM to the Fund and by Pioneer to the institutional
accounts. The Trustees further considered contract review materials in September
2015.
At a meeting held on September 15, 2015, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In approving the
renewal of the investment advisory agreement, the Trustees considered various
factors that they determined were relevant, including the factors described
below. The Trustees did not identify any single factor as the controlling factor
in determining to approve the renewal of the agreement.
44 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees also reviewed PIM's investment approach
for the Fund and its research process. The Trustees considered the resources of
PIM and the personnel of PIM who provide investment management services to the
Fund. They also reviewed the amount of non-Fund assets managed by the portfolio
managers of the Fund. The Trustees considered the non-investment resources and
personnel of PIM involved in PIM's services to the Fund, including PIM's
compliance and legal resources and personnel. The Trustees noted the substantial
attention and high priority given by PIM's senior management to the Pioneer fund
complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly review and discuss
throughout the year data prepared by PIM and information comparing the Fund's
performance with the performance of its peer group of funds as classified by
each of Morningstar, Inc. (Morningstar) and Lipper, and with the performance of
the Fund's benchmark index. They also discuss the Fund's performance with PIM on
a regular basis. The Trustees' regular reviews and discussions were factored
into the Trustees' deliberations concerning the renewal of the advisory
agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 45
Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent
third party. In all quintile rankings referred to below, first quintile is most
favorable to the Fund's shareowners.
The Trustees considered that the Fund's management fee for the most recent
fiscal year was in the first quintile relative to the management fees paid by
other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoints in the management fee schedule and the
reduced fee rates above certain asset levels. The Trustees considered that the
expense ratio of the Fund's Class A shares for the most recent fiscal year was
in the second quintile relative to its Morningstar peer group and in the first
quintile relative its Strategic Insight peer group, in each case for the
comparable period. The Trustees considered the impact of transfer agency,
sub-transfer agency, and other non-management fee expenses on the expense ratios
of the Fund. The Trustees noted that they separately review the Fund's transfer
agency, sub-transfer agency and intermediary arrangements.
The Trustees reviewed management fees charged by Pioneer to institutional and
other clients, including publicly offered European funds sponsored by affiliates
of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate accounts. The Trustees
also considered PIM's costs in providing services to the Fund and Pioneer's
costs in providing services to the other clients and considered the differences
in management fees and profit margins for Fund and non-Fund services. In
evaluating the fees associated with Pioneer's client accounts, the Trustees took
into account the respective demands, resources and complexity associated with
the Fund and client accounts. The Trustees noted that, in some instances, the
fee rates for those clients were lower than the management fee for the Fund and
considered that, under the investment advisory agreement with the Fund, PIM
performs additional services for the Fund that it does not provide to those
other clients or services that are broader in scope, including oversight of the
Fund's other service providers and activities related to compliance and the
extensive regulatory and tax regimes to which the Fund is subject. The Trustees
also considered the different entrepreneurial risks associated with PIM's
management of the Fund and Pioneer's management of the other client accounts.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services provided by PIM
to the Fund.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its
46 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
costs to the management of the Fund. The Trustees also considered PIM's profit
margin in connection with the overall operation of the Fund. They further
reviewed the financial results realized by PIM and its affiliates from non-fund
businesses. The Trustees considered PIM's profit margins with respect to the
Fund in comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoints in the management fee schedule. The Trustees recognize
that economies of scale are difficult to identify and quantify, and that, among
other factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Fund. The Trustees noted that
profitability also may be an indicator of the availability of any economies of
scale, although profitability may vary for other reasons including reductions in
expenses. The Trustees concluded that economies of scale, if any, were being
appropriately shared with the Funds.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. Pioneer is the
principal U.S. asset management business of Pioneer Global Asset Management, the
worldwide asset management business of UniCredit Group, which manages over $150
billion in assets (including the Funds). Pioneer and the Funds receive
reciprocal intangible benefits from the relationship, including mutual brand
recognition and, for the Funds, direct and indirect access to the resources of a
large global asset manager. The Trustees concluded that any such benefits
received by Pioneer as a result of its relationship with the Funds were
reasonable and their consideration of the advisory agreement between the Fund
and PIM and the fees thereunder were unaffected by Pioneer's possible receipt of
any such intangible benefits.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 47
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
48 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal
occupations during at least the past five years. Trustees who are interested
persons of the Fund within the meaning of the 1940 Act are referred to as
Interested Trustees. Trustees who are not interested persons of the Fund are
referred to as Independent Trustees. Each of the Trustees serves as a trustee of
each of the 50 U.S. registered investment portfolios for which Pioneer serves as
investment adviser (the "Pioneer Funds"). The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 49
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (65) Trustee since 2006. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board Serves until a present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
and Trustee successor trustee Executive Officer (2008 - 2012), Quadriserv, communications and securities
is elected or Inc. (technology products for securities lending processing provider for
earlier retirement industry); and Senior Executive Vice President, financial services industry)
or removal. The Bank of New York (financial and securities (2009 - present); Director,
services) (1986 - 2004) Quadriserv, Inc. (2005 -
2013); and Commissioner, New
Jersey State Civil Service
Commission (2011 - present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (71) Trustee since 2005. Managing Partner, Federal City Capital Advisors Director of New York Mortgage
Trustee Serves until a (corporate advisory services company) (1997 - Trust (publicly-traded
successor trustee 2004 and 2008 - present); Interim Chief mortgage REIT) (2004 - 2009,
is elected or Executive Officer, Oxford Analytica, Inc. 2012 - present); Director of
earlier retirement (privately-held research and consulting company) The Swiss Helvetia Fund, Inc.
or removal. (2010); Executive Vice President and Chief (closed-end fund) (2010 -
Financial Officer, I-trax, Inc. (publicly traded present); Director of Oxford
health care services company) (2004 - 2007); and Analytica, Inc. (2008 -
Executive Vice President and Chief Financial present); and Director of
Officer, Pedestal Inc. (internet-based mortgage Enterprise Community
trading company) (2000 - 2002); Private Investment, Inc.
consultant (1995-1997), Managing Director, (privately-held affordable
Lehman Brothers (investment banking firm) housing finance company) (1985
(1992-1995); and Executive, The World Bank - 2010)
(1979-1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (71) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - present) Funds Investment Trust and
successor trustee Mellon Institutional Funds
is elected or Master Portfolio (oversaw 17
earlier retirement portfolios in fund complex)
or removal. (1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
50 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (68) Trustee since 2004. Founding Director, Vice President and Corporate None
Trustee Serves until a Secretary, The Winthrop Group, Inc. (consulting
successor trustee firm) (1982 - present); Desautels Faculty of
is elected or Management, McGill University (1999 - present);
earlier retirement and Manager of Research Operations and
or removal. Organizational Learning, Xerox PARC, Xerox's
advance research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (67) Trustee since 2004. President and Chief Executive Officer, Newbury, Director of New America High
Trustee Serves until a Piret & Company, Inc. (investment banking firm) Income Fund, Inc.
successor trustee (1981 - present) (closed-end investment
is elected or company) (2004 - present);
earlier retirement and Member, Board of
or removal. Governors, Investment
Company Institute (2000 -
2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (68) Trustee since 2014. Consultant (investment company services) (2012 - None
Trustee Serves until a present); Executive Vice President, BNY Mellon
successor trustee (financial and investment company services)
is elected or (1969 - 2012); Director, BNY International
earlier retirement Financing Corp. (financial services) (2002 -
or removal. 2012); and Director, Mellon Overseas Investment
Corp. (financial services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 51
Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (57)* Trustee since 2014. Director and Executive Vice President (since None
Trustee Serves until a 2008) and Chief Investment Officer, U.S. (since
successor trustee is 2010) of PIM-USA; Executive Vice President of
elected or earlier Pioneer (since 2008); Executive Vice President
retirement or of Pioneer Institutional Asset Management, Inc.
removal. (since 2009); and Portfolio Manager of Pioneer
(since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's
investment adviser and certain of its affiliates.
52 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lorraine Monchak (59)** Advisory Trustee Chief Investment Officer, 1199 SEIU Funds Trustee of Pioneer
Advisory Trustee since 2014. (healthcare workers union pension funds) (2001 - closed-end investment
present); Vice President - International companies (5 portfolios)
Investments Group, American International Group, (Sept. 2015 - present)
Inc. (insurance company) (1993 - 2001); Vice
President Corporate Finance and Treasury Group,
Citibank, N.A.(1980 - 1986 and 1990 - 1993);
Vice President - Asset/Liability Management
Group, Federal Farm Funding Corporation
(government-sponsored issuer of debt securities)
(1988 - 1990); Mortgage Strategies Group,
Shearson Lehman Hutton, Inc. (investment bank)
(1987 - 1988); and Mortgage Strategies Group,
Drexel Burnham Lambert, Ltd. (investment bank)
(1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 53
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (53) Since 2014. Serves Chair, Director, CEO and President of Pioneer Trustee of Pioneer closed-end
President and Chief at the discretion of Investment Management-USA (since September investment companies (5
Executive Officer the Board. 2014); Chair, Director, CEO and President of portfolios) (Sept. 2015 -
Pioneer Investment Management, Inc. (since present)
September 2014); Chair, Director, CEO and
President of Pioneer Funds Distributor, Inc.
(since September 2014); Chair, Director, CEO
and President of Pioneer Institutional Asset
Management, Inc. (since September 2014); and
Chair, Director, and CEO of Pioneer Investment
Management Shareholder Services, Inc. (since
September 2014); Managing Director, Morgan
Stanley Investment Management (2010 - 2013);
and Director of Institutional Business, CEO of
International, Eaton Vance Management (2005 -
2010)
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (50) Since 2004. Serves Vice President and Associate General Counsel of None
Secretary and Chief at the discretion of Pioneer since January 2008; Secretary and Chief
Legal Officer the Board. Legal Officer of all of the Pioneer Funds since
June 2010; Assistant Secretary of all of the
Pioneer Funds from September 2003 to May 2010;
and Vice President and Senior Counsel of
Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (54) Since 2010. Serves Fund Governance Director of Pioneer since None
Assistant Secretary at the discretion of December 2006 and Assistant Secretary of all
the Board. the Pioneer Funds since June 2010; Manager -
Fund Governance of Pioneer from December 2003
to November 2006; and Senior Paralegal of
Pioneer from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (53) Since 2010. Serves Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary at the discretion of Assistant Secretary of all the Pioneer Funds
the Board. since June 2010; and Counsel of Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
54 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (56) Since 2008. Serves Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief at the discretion of Treasurer of all of the Pioneer Funds since
Financial the Board. March 2008; Deputy Treasurer of Pioneer from
and Accounting Officer March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (50) Since 2004. Serves Director - Fund Treasury of Pioneer; and None
Assistant Treasurer at the discretion of Assistant Treasurer of all of the Pioneer Funds
the Board.
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (57) Since 2004. Serves Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer at the discretion of Pioneer; and Assistant Treasurer of all of the
the Board. Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (36) Since 2009. Serves Fund Administration Manager - Fund Treasury of None
Assistant Treasurer at the discretion of Pioneer since November 2008; Assistant
the Board. Treasurer of all of the Pioneer Funds since
January 2009; and Client Service Manager -
Institutional Investor Services at State Street
Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (63) Since 2010. Serves Chief Compliance Officer of Pioneer and of all None
Chief Compliance Officer at the discretion of the Pioneer Funds since March 2010; Chief
the Board. Compliance Officer of Pioneer Institutional
Asset Management, Inc. since January 2012;
Chief Compliance Officer of Vanderbilt Capital
Advisors, LLC since July 2012: Director of
Adviser and Portfolio Compliance at Pioneer
since October 2005; and Senior Compliance
Officer for Columbia Management Advisers, Inc.
from October 2003 to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (44) Since 2006. Serves Director - Transfer Agency Compliance of None
Anti-Money Laundering at the discretion of Pioneer and Anti-Money Laundering Officer of
Officer the Board. all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 55
This page for your notes.
56 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
This page for your notes.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 57
This page for your notes.
58 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
This page for your notes.
Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15 59
This page for your notes.
60 Pioneer Select Mid Cap Growth Fund | Annual Report | 11/30/15
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Pioneer Funds
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investment(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2016 Pioneer Investments 23474-06-0116
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)).
Ms. Marguerite A. Piret, 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.
Pioneer Series Trust II
The audit fees for the Fund were $24,077
payable to Deloitte & Touche LLP for the year ended
November 30, 2015 and $23,818 for the year ended November 30, 2014.
(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 2015 or 2014.
(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.
Pioneer Series Trust II
The tax fees for the Fund were $7,100
payable to Deloitte & Touche LLP for the year ended
November 30, 2015 and $7,100 for the year ended November 30, 2014.
(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 2015 or 2014.
(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 Pioneer Investment Management, Inc ("PIM"), 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 SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Fund'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 Fund. For the
years ended November 30 2015 and 2014, there were no
services provided to an affiliate that required the
Fund's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund were $7,100
payable to Deloitte & Touche LLP for the year ended
November 30, 2015 and $7,100 for the year ended November 30, 2014.
(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
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust II
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date January 29, 2016
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date January 29, 2016
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date January 29, 2016
* Print the name and title of each signing officer under his or her signature.