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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 May 31, 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
--------------------------------------------------------------------------------
Semiannual Report | May 31, 2015
--------------------------------------------------------------------------------
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 27
Notes to Financial Statements 36
Trustees, Officers and Service Providers 44
Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15 1
President's Letter
Dear Shareowner,
At mid-year, economic conditions and government policies around the world are
far from homogeneous, and we expect them to continue to diverge. In the United
States, an ongoing economic expansion has brought the unemployment rate down to
levels where wage growth is likely to accelerate. Economic growth and fiscal
austerity have dramatically reduced the Federal budget deficit, while very
accommodative Federal Reserve System policies have kept interest rates
exceptionally low. In Europe and Japan, cyclical economic recoveries/ expansions
appear to be gaining traction, buttressed by aggressive quantitative easing
policies of central banks as well as cheaper currencies. China's ongoing
transition from an infrastructure investment-driven to a consumer-driven economy
and the dramatic decline in the price of oil -- largely a result of U.S.
"fracking" -- have benefited some countries while burdening others. On balance,
though, the global economic outlook has continued to improve, although economic
and geopolitical "storm clouds" remain.
Today's market environment presents numerous opportunities as well as challenges
for investors. While we believe that the capital markets may already have priced
in some recent trends, such as the U.S. dollar's appreciation against a basket
of global currencies, it is worth noting that investment risks and opportunities
are not always aligned with the economic outlook.
Since 1928, Pioneer's investment professionals have focused on identifying and
capitalizing on the investment opportunities that present themselves in a
variety of ever-changing economic and market conditions, including those we face
today, while seeking to limit the risk of the permanent impairment of our
clients' capital. Our ongoing goal is to deliver competitive returns consistent
with our strategies' stated style and objectives and consistent with our
shareholders' expectations over a range of market conditions. We believe our
shareowners benefit from the experience and tenure of our investment teams, the
insights generated from extensive research resources, and our commitment to
prudent risk management.
2 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15
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, as we do when managing the assets
our clients have entrusted to us.
We greatly appreciate your trust in us in the past 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.
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 | Semiannual Report | 5/31/15 3
Portfolio Management Discussion | 5/31/15
Over the six-month period ended May 31, 2015, returns for Pioneer Select Mid Cap
Growth Fund exceeded those of the Fund's benchmark, the Russell Midcap Growth
Index, and the average return of the peer funds in Morningstar's Mid Cap Growth
Funds category, while lagging the average return of the peer funds in Lipper's
Mid Cap Growth Fund's category. 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 six-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 would you describe the investment environment for equities during the
six-month period ended May 31, 2015?
A U.S. economic growth began to falter, somewhat, during the period, with
gross domestic product (GDP) decelerating over the final three months of
2014 before turning negative in the first quarter of 2015. Severe winter
weather, especially in the Northeastern U.S., likely inhibited activity,
while labor unrest in key Pacific coast ports disrupted shipping. Lower oil
prices, normally a spur to consumer outlays, failed to stimulate growth
because consumers, instead of spending, opted to save a
greater-than-expected amount of the surpluses created by lower fuel and gas
prices. Throughout the period, investors remained on edge, trying to
anticipate the timing of a long-anticipated interest-rate hike by the
Federal Reserve System (the Fed), which still failed to materialize by
period end.
Meanwhile, the strengthening U.S. dollar raised market concerns about
earnings for large-cap companies with significant overseas exposure. Stocks
of mid- and small-cap companies, which are more domestically oriented,
fared better. Overall, growth stocks outpaced value stocks during the
period.
Q How did the Fund perform in that environment during the six-month period
ended May 31, 2015?
A Pioneer Select Mid Cap Growth Fund's Class A shares returned 6.58% at net
asset value during the six-month period ended May 31, 2015, while the
Fund's benchmark, the Russell Midcap Growth Index (the Russell Index),
returned 5.58%. During the same six-month period, the average return of
4 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15
the 443 mutual funds in Lipper's Mid Cap Growth Funds category was 6.77%,
and the average return of the 779 mutual funds in Morningstar's Mid Cap
Growth Funds category was 6.37%.
Q Which factors had the greatest positive or negative effects on the Fund's
benchmark-relative performance during the six-month period ended May 31,
2015?
A Successful stock selection results, notably among the portfolio's consumer
discretionary, information technology and health care holdings, was the
primary driver of the Fund's outperformance of the Russell Index during the
period. However, stock selection results in the consumer staples and
industrials sectors as well as the energy and materials sectors detracted
from relative performance.
With regard to sector allocation, where the Fund also outperformed the
Russell Index overall, benchmark-relative returns during the period were
aided by the portfolio's overweight stance in the top-performing health
care sector. Strong fundamentals and continued mergers-and-acquisitions
activity buoyed the sector during the six-month period, a period in which
health care was, by far, the strongest sector across all equity market
indices. The Fund's underweight in consumer discretionary, which lagged
other market sectors, also made a small positive contribution to
benchmark-relative performance during the period.
Q Which individual stock selections had the greatest positive effect on the
Fund's benchmark-relative performance during the six-month period ended May
31, 2015?
A Although the Fund was underweight in the sluggish consumer discretionary
sector, the portfolio's stocks in the sector appreciated far more than
those in the Russell Index during the period. Within consumer
discretionary, the holdings which contributed the most to the Fund's
relative performance were Lear and G-III Apparel. In addition, avoiding
underperformers Wynn Resorts, Limited and Harley Davidson aided the Fund's
benchmark-relative returns in the sector.
Lear is the world's largest supplier of auto seats and second-largest
producer of electronic power management systems. Expanding use of
electronics in cars represents a secular growth market, and Lear has
captured market share and grown margins in its core businesses. Vigorous
cash flows have enabled stock buybacks for the investor-friendly company,
and a series of small, strategic acquisitions also boosted its results over
the period. G-III Apparel manufactures and distributes a wide range of
clothing and accessories under its own brands as well as under license to
others, including Calvin Klein. Operating at both wholesale and retail
levels, G-III has executed very well,
Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15 5
offering attractive brands at attractive prices. The company is also adept
at turning around underperforming brands; for example, the brand of shoe
merchant G.H. Bass has been broadly revitalized.
Information technology was the second-best sector for the Fund in terms of
stock selection results over the six-month period, as the performance of
the portfolio's holdings in the sector comfortably outdistanced those in
the Russell Index. The strongest results in the sector came from the Fund's
position in Skyworks Solutions, makers of wireless semiconductors that
focus on radio frequencies for mobile handsets and web-connected devices.
Skyworks' market share continues to grow, as proliferating mobile devices
require integrated solutions and greater signal integrity in order to
operate across global networks. Skyworks is also expanding into the broader
world of connected devices across industrial, automotive and consumer
settings -- sometimes called the "Internet of Things." Another solid
performer for the Fund during the period was Avago Technologies, which also
provides radio frequency solutions for handsets. Avago is a diverse
company, however, as it also offers products for enterprise data networking
as well as optical and storage needs. Avago's recent and pending
acquisitions are positioned to further diversify its product lines.
In health care, the Fund's performance benefited both from being overweight
compared to the Russell Index and from successful stock selection results.
In health care, the holding that contributed the most to the Fund's
relative returns during the period was Neurocrine Biosciences, a
biopharmaceutical company. Neurocrine researches and develops drugs for
neurological and endocrine conditions. The company's lead product, Elagolix
(an oral formulation), and one other drug candidate each showed favorable
results in clinical trials. Finally, the Fund's position in NPS
Pharmaceuticals aided benchmark-relative performance as the company agreed
to be acquired by Shire, which is also a portfolio holding. The
announcement boosted NPS's stock price.
Q Which individual stock selections detracted the most from the Fund's
benchmark-relative performance during the six-month period ended May 31,
2015?
A The chief performance detractor in the portfolio during the period was
Keurig Green Mountain, which is known for its industry-dominating Keurig
brand coffee brewers and K-Cups. Sales of newer Keurig models have
disappointed -- while the new model offers more features, unlike its
predecessor, it accepts only licensed coffee pods. In addition, Keurig is
working with Coca-Cola, owners of 17% of the company, to develop its KOLD
system for single-serve cold drinks. Initial reaction to the venture
6 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15
from investment professionals was unenthusiastic amid concerns that pricing
for the machines and pods would deter consumers. We believe that all of the
issues will be resolved, and we've maintained the Fund's Keurig position.
Shares of American Airlines, the portfolio's largest position in the
industrials sector, also performed poorly during the six-month period.
Investors have become concerned that other airlines may add capacity beyond
what was previously anticipated. In addition, American is seen to be at
risk if oil prices increase because management has not hedged against
rising energy costs. Nevertheless, we continue to believe American's shares
are undervalued on a long-term basis. In our view, American should benefit
for several years from the scale and synergies that have resulted from its
merger with US Airways.
In the energy sector, the Fund's shares of Memorial Resource Development,
an exploration-and-development company, were the biggest underperformers
during the period. The shares declined as oil prices continued to slide.
Memorial, one of the Fund's largest energy holdings, owns promising
low-cost acreage in Northern Louisiana, and we believe the shares offer a
rare combination of growth and free cash flow that will play out favorably
over the next several years. We also believe the company's recent drilling
results to be satisfactory, despite a contrary view by some observers.
Q Did the Fund have any exposure to derivatives during the six-month period
ended May 31, 2015? If so, did the positions have a material impact on the
Fund's performance?
A No. The Fund had no positions in derivative investments during the period.
Q What is your outlook for the second half of the year?
A For a number of reasons, we continue to believe that U.S. equities are the
most attractive investment alternative going forward. Lower oil prices, the
strong dollar and recovering domestic employment trends seem likely to
boost consumer confidence, while sluggish global economic growth and low
commodity prices can potentially combine to contain inflation. Equity
valuations are not low, but neither do they appear excessive in light of
the current low-interest-rate environment and the very modest returns
available in the fixed-income markets. However, a possible interest-rate
hike by the Fed in the second half of the year may shake-up the markets for
a time.
U.S. companies have demonstrated an ability to meet earnings targets better
than overseas firms. Also, the fastest-growing market segments - health
care and information technology - weight more heavily in the U.S. than
elsewhere. We believe investors should be willing to pay a premium for
shares of companies that can exhibit sustainable growth rates and levels of
Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15 7
innovation, and that have exposure primarily to domestic markets. We look
for all of those positive traits when selecting the mid-cap equities we
favor for the Fund's portfolio.
Please refer to the Schedule of Investments on pages 18-26 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 | Semiannual Report | 5/31/15
Portfolio Summary | 5/31/15
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 89.5%
International Common Stocks 8.9%
Depositary Receipts for International Stocks 1.6%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Information Technology 21.4%
Consumer Discretionary 18.5%
Health Care 17.0%
Industrials 15.1%
Consumer Staples 8.1%
Financials 7.5%
Energy 5.4%
Materials 4.5%
Telecommunication Services 1.8%
Utilities 0.7%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. Skyworks Solutions, Inc. 2.2%
--------------------------------------------------------------------------------
2. Lear Corp. 1.9
--------------------------------------------------------------------------------
3. Keurig Green Mountain, Inc. 1.8
--------------------------------------------------------------------------------
4. Boston Scientific Corp. 1.7
--------------------------------------------------------------------------------
5. Avago Technologies, Ltd. 1.7
--------------------------------------------------------------------------------
6. American Airlines Group, Inc. 1.6
--------------------------------------------------------------------------------
7. Akamai Technologies, Inc. 1.6
--------------------------------------------------------------------------------
8. Dollar Tree, Inc. 1.5
--------------------------------------------------------------------------------
9. Cardinal Health, Inc. 1.4
--------------------------------------------------------------------------------
10. Jazz Pharmaceuticals 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 security listed.
Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15 9
Prices and Distributions | 5/31/15
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 5/31/15 11/30/14
--------------------------------------------------------------------------------
A $39.35 $36.92
--------------------------------------------------------------------------------
C $31.28 $29.47
--------------------------------------------------------------------------------
R $38.50 $36.19
--------------------------------------------------------------------------------
Y $41.70 $39.08
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 5/31/15 12/31/14*
--------------------------------------------------------------------------------
K $39.41 $37.00
--------------------------------------------------------------------------------
Distributions per Share: 12/1/14-5/31/15
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ -- $ -- $ --
--------------------------------------------------------------------------------
C $ -- $ -- $ --
--------------------------------------------------------------------------------
K $ -- $ -- $ --
--------------------------------------------------------------------------------
R $ -- $ -- $ --
--------------------------------------------------------------------------------
Y $ -- $ -- $ --
--------------------------------------------------------------------------------
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 | Semiannual Report | 5/31/15
Performance Update | 5/31/15 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 May 31, 2015)
--------------------------------------------------------------------------------
Net Public Russell
Asset Offering Midcap
Value Price Growth
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 Years 10.72% 10.07% 10.07%
5 Years 16.40 15.02 17.52
1 Year 13.25 6.74 14.72
--------------------------------------------------------------------------------
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 Midcap
Mid Cap Growth Fund Growth Index
5/31/2005 $ 9,425 $10,000
5/31/2006 $11,573 $11,561
5/31/2007 $13,156 $14,029
5/31/2008 $14,208 $13,918
5/31/2009 $10,037 $ 8,946
5/31/2010 $12,214 $11,642
5/31/2011 $16,261 $15,869
5/31/2012 $15,330 $14,867
5/31/2013 $18,823 $18,846
5/31/2014 $23,043 $22,752
5/31/2015 $26,094 $26,102
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 | Semiannual Report | 5/31/15 11
Performance Update | 5/31/15 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 May 31, 2015)
--------------------------------------------------------------------------------
Russell
Midcap
If If Growth
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 9.90% 9.90% 10.07%
5 Years 15.34 15.34 17.52
1 Year 12.30 12.30 14.72
--------------------------------------------------------------------------------
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 Midcap
Mid Cap Growth Fund Growth Index
5/31/2005 $10,000 $10,000
5/31/2006 $12,244 $11,561
5/31/2007 $13,887 $14,029
5/31/2008 $14,877 $13,918
5/31/2009 $10,433 $8,946
5/31/2010 $12,591 $11,642
5/31/2011 $16,606 $15,869
5/31/2012 $15,499 $14,867
5/31/2013 $18,856 $18,846
5/31/2014 $22,889 $22,752
5/31/2015 $25,703 $26,102
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 | Semiannual Report | 5/31/15
Performance Update | 5/31/15 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 May 31, 2015)
--------------------------------------------------------------------------------
Net Russell
Asset Midcap
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 10.74% 10.07%
5 Years 16.43 17.52
1 Year 13.42 14.72
--------------------------------------------------------------------------------
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 FundRussell Midcap
Mid Cap Growth Growth Index
5/31/2005 $10,000 $10,000
5/31/2006 $12,281 $11,561
5/31/2007 $13,961 $14,029
5/31/2008 $15,078 $13,918
5/31/2009 $10,651 $8,946
5/31/2010 $12,962 $11,642
5/31/2011 $17,256 $15,869
5/31/2012 $16,268 $14,867
5/31/2013 $19,975 $18,846
5/31/2014 $24,452 $22,752
5/31/2015 $27,733 $26,102
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 | Semiannual Report | 5/31/15 13
Performance Update | 5/31/15 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 May 31, 2015)
--------------------------------------------------------------------------------
Net Russell
Asset Midcap
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 10.20% 10.07%
5 Years 15.87 17.52
1 Year 12.78 14.72
--------------------------------------------------------------------------------
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 Midcap
Mid Cap Growth Fund Growth Index
5/31/2005 $10,000 $10,000
5/31/2006 $12,220 $11,561
5/31/2007 $13,824 $14,029
5/31/2008 $14,855 $13,918
5/31/2009 $10,442 $8,946
5/31/2010 $12,643 $11,642
5/31/2011 $16,748 $15,869
5/31/2012 $15,711 $14,867
5/31/2013 $19,195 $18,846
5/31/2014 $23,410 $22,752
5/31/2015 $26,403 $26,102
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 | Semiannual Report | 5/31/15
Performance Update | 5/31/15 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 May 31, 2015)
--------------------------------------------------------------------------------
Net Russell
Asset Midcap
Value Growth
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 11.07% 10.07%
5 Years 16.83 17.52
1 Year 13.58 14.72
--------------------------------------------------------------------------------
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 Midcap
Mid Cap Growth Fund Growth Index
5/31/2005 $ 5,000,000 $ 5,000,000
5/31/2006 $ 6,150,476 $ 5,780,718
5/31/2007 $ 6,997,852 $ 7,014,518
5/31/2008 $ 7,582,221 $ 6,959,070
5/31/2009 $ 5,366,351 $ 4,472,969
5/31/2010 $ 6,564,236 $ 5,820,967
5/31/2011 $ 8,780,104 $ 7,934,693
5/31/2012 $ 8,310,604 $ 7,433,735
5/31/2013 $10,247,898 $ 9,423,112
5/31/2014 $12,582,774 $11,376,004
5/31/2015 $14,290,793 $13,051,055
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 | Semiannual Report | 5/31/15 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 December 1, 2014 through May 31, 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 12/1/14*
------------------------------------------------------------------------------------
Ending Account $1,065.80 $1,061.40 $1,065.10 $1,063.80 $1,067.10
Value (after expenses)
on 5/31/15
------------------------------------------------------------------------------------
Expenses Paid $ 5.41 $ 9.51 $ 2.86 $ 7.36 $ 3.97
During Period**
------------------------------------------------------------------------------------
* Period begins on December 31, 2014 (commencement of operations) For Class K
shares.
** Expenses are equal to the Fund's annualized expense ratio of 1.05%, 1.85%
0.67%, 1.43% and 0.77% multiplied by the average account value over the
period, multiplied by 182/365 (151/365 for Class K shares) (to reflect the
one-half year period).
16 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15
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 December 1, 2014 through May 31, 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 12/1/14*
------------------------------------------------------------------------------------
Ending Account $1,019.70 $1,015.71 $1,017.91 $1,017.80 $1,021.09
Value (after expenses)
on 5/31/15
------------------------------------------------------------------------------------
Expenses Paid $ 5.29 $ 9.30 $ 2.80 $ 7.19 $ 3.88
During Period**
------------------------------------------------------------------------------------
* Period begins on December 31, 2014 (commencement of operations) For Class K
shares.
** Expenses are equal to the Fund's annualized expense ratio of 1.05%, 1.85%
0.67%, 1.43% and 0.77% multiplied by the average account value over the
period, multiplied by 182/365 (151/365 for Class K shares) (to reflect the
one-half year period).
Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15 17
Schedule of Investments | 5/31/15 (unaudited)
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
COMMON STOCKS -- 98.8%
ENERGY -- 5.4%
Oil & Gas Equipment & Services -- 0.8%
211,544 C&J Energy Services, Ltd. $ 3,179,506
61,393 Core Laboratories NV 7,212,450
--------------
$ 10,391,956
-------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 3.7%
391,685 Cabot Oil & Gas Corp. $ 13,301,623
85,065 Cimarex Energy Co. 9,825,858
652,826 Memorial Resource Development Corp.* 12,344,940
294,279 Oasis Petroleum, Inc.* 4,996,857
305,398 Whiting Petroleum Corp.* 10,075,080
--------------
$ 50,544,358
-------------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.1%
20,904 Tesoro Corp. $ 1,850,004
-------------------------------------------------------------------------------------------
Oil & Gas Storage & Transportation -- 0.8%
89,937 Golar LNG, Ltd. $ 4,272,907
78,991 SemGroup Corp. 6,216,592
--------------
$ 10,489,499
--------------
Total Energy $ 73,275,817
-------------------------------------------------------------------------------------------
MATERIALS -- 4.5%
Commodity Chemicals -- 1.2%
144,644 Methanex Corp. $ 8,026,296
120,833 Westlake Chemical Corp. 8,519,935
--------------
$ 16,546,231
-------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.2%
23,547 Agrium, Inc. $ 2,447,946
-------------------------------------------------------------------------------------------
Specialty Chemicals -- 1.7%
72,103 Cytec Industries, Inc. $ 4,361,510
200,985 Flotek Industries, Inc.* 2,309,318
60,607 RPM International, Inc. 3,032,168
26,771 The Sherwin-Williams Co. 7,714,867
62,685 WR Grace & Co.* 6,138,742
--------------
$ 23,556,605
-------------------------------------------------------------------------------------------
Construction Materials -- 0.7%
61,893 Eagle Materials, Inc. $ 5,166,828
33,285 Martin Marietta Materials, Inc. 4,959,798
--------------
$ 10,126,626
-------------------------------------------------------------------------------------------
Metal & Glass Containers -- 0.5%
183,158 Berry Plastics Group, Inc.* $ 6,130,298
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
Paper Packaging -- 0.2%
43,580 Packaging Corp of America $ 3,014,864
--------------
Total Materials $ 61,822,570
-------------------------------------------------------------------------------------------
CAPITAL GOODS -- 7.0%
Aerospace & Defense -- 1.2%
117,491 B/E Aerospace, Inc.* $ 6,736,934
94,506 Rockwell Collins, Inc. 8,996,026
--------------
$ 15,732,960
-------------------------------------------------------------------------------------------
Building Products -- 0.4%
83,865 Masonite International Corp. $ 5,721,270
-------------------------------------------------------------------------------------------
Construction & Engineering -- 0.5%
355,754 KBR, Inc. $ 6,812,689
-------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.9%
38,026 Acuity Brands, Inc. $ 6,711,209
73,953 Regal Beloit Corp. 5,782,385
--------------
$ 12,493,594
-------------------------------------------------------------------------------------------
Industrial Conglomerates -- 1.4%
108,613 Carlisle Companies, Inc. $ 10,768,979
48,221 Roper Technologies, Inc. 8,436,746
--------------
$ 19,205,725
-------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 1.6%
125,118 WABCO Holdings, Inc.* $ 15,817,418
58,839 Wabtec Corp./DE 5,901,552
--------------
$ 21,718,970
-------------------------------------------------------------------------------------------
Industrial Machinery -- 0.7%
129,005 Chart Industries, Inc.* $ 4,187,502
73,252 Dover Corp. 5,523,201
--------------
$ 9,710,703
-------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 0.3%
45,173 United Rentals, Inc.* $ 4,016,331
--------------
Total Capital Goods $ 95,412,242
-------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES -- 3.0%
Diversified Support Services -- 0.4%
62,865 Cintas Corp. $ 5,412,048
-------------------------------------------------------------------------------------------
Human Resource & Employment Services -- 2.6%
127,989 ManpowerGroup, Inc. $ 10,834,269
115,123 On Assignment, Inc.* 4,315,961
115,250 Towers Watson & Co. 15,898,738
95,278 WageWorks, Inc.* 4,085,521
--------------
$ 35,134,489
--------------
Total Commercial Services & Supplies $ 40,546,537
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15 19
Schedule of Investments | 5/31/15 (unaudited) (continued)
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
TRANSPORTATION -- 5.0%
Air Freight & Logistics -- 0.4%
129,160 Hub Group, Inc.* $ 5,478,967
-------------------------------------------------------------------------------------------
Airlines -- 2.5%
512,679 American Airlines Group, Inc. $ 21,722,209
234,136 United Continental Holdings, Inc.* 12,781,484
--------------
$ 34,503,693
-------------------------------------------------------------------------------------------
Marine -- 0.5%
89,161 Kirby Corp.* $ 6,839,540
-------------------------------------------------------------------------------------------
Railroads -- 0.3%
43,948 Kansas City Southern $ 3,977,294
-------------------------------------------------------------------------------------------
Trucking -- 0.7%
105,639 Ryder System, Inc. $ 9,681,814
-------------------------------------------------------------------------------------------
Airport Services -- 0.6%
88,357 Macquarie Infrastructure Corp. $ 7,478,536
--------------
Total Transportation $ 67,959,844
-------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 2.3%
Auto Parts & Equipment -- 2.3%
110,344 BorgWarner, Inc. $ 6,637,192
218,104 Lear Corp. 25,304,426
--------------
$ 31,941,618
--------------
Total Automobiles & Components $ 31,941,618
-------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 2.4%
Home Furnishings -- 0.4%
30,403 Mohawk Industries, Inc.* $ 5,674,416
-------------------------------------------------------------------------------------------
Household Appliances -- 0.5%
37,479 Whirlpool Corp. $ 6,905,506
-------------------------------------------------------------------------------------------
Leisure Products -- 0.3%
200,474 Performance Sports Group, Ltd. $ 3,945,328
-------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 1.2%
176,352 G-III Apparel Group, Ltd.* $ 10,027,375
215,027 Hanesbrands, Inc. 6,850,760
--------------
$ 16,878,135
--------------
Total Consumer Durables & Apparel $ 33,403,385
-------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 4.1%
Hotels, Resorts & Cruise Lines -- 0.9%
230,905 Hilton Worldwide Holdings, Inc. $ 6,687,009
111,447 Norwegian Cruise Line Holdings, Ltd.* 6,080,548
--------------
$ 12,767,557
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
Restaurants -- 2.6%
17,491 Chipotle Mexican Grill, Inc.* $ 10,766,060
244,486 Dave & Buster's Entertainment, Inc. 7,733,092
67,115 Jack in the Box, Inc.* 5,826,253
17,723 Panera Bread Co.* 3,225,586
242,016 Sonic Corp.* 7,294,362
--------------
$ 34,845,353
-------------------------------------------------------------------------------------------
Specialized Consumer Services -- 0.6%
277,962 H&R Block, Inc. $ 8,819,734
--------------
Total Consumer Services $ 56,432,644
-------------------------------------------------------------------------------------------
MEDIA -- 0.9%
Cable & Satellite -- 0.9%
95,000 Liberty Global Plc (Class A)* $ 5,465,350
118,966 Liberty Global Plc (Class C)* 6,394,422
--------------
$ 11,859,772
--------------
Total Media $ 11,859,772
-------------------------------------------------------------------------------------------
RETAILING -- 8.6%
Internet Retail -- 1.0%
21,961 Netflix, Inc.* $ 13,704,982
-------------------------------------------------------------------------------------------
General Merchandise Stores -- 1.4%
261,229 Dollar Tree, Inc.* $ 19,589,563
-------------------------------------------------------------------------------------------
Apparel Retail -- 1.5%
70,934 Ross Stores, Inc. $ 6,857,190
105,472 The Men's Wearhouse, Inc. 6,118,431
108,909 The TJX Companies, Inc. 7,011,561
--------------
$ 19,987,182
-------------------------------------------------------------------------------------------
Home Improvement Retail -- 0.8%
150,376 Lowe's Companies, Inc. $ 10,523,312
-------------------------------------------------------------------------------------------
Specialty Stores -- 2.1%
59,431 Signet Jewelers, Ltd. $ 7,686,211
135,399 Tractor Supply Co.* 11,798,669
57,838 Ulta Salon Cosmetics & Fragrance, Inc.* 8,827,236
--------------
$ 28,312,116
-------------------------------------------------------------------------------------------
Automotive Retail -- 1.8%
106,869 Advance Auto Parts, Inc. $ 16,374,468
79,057 Lithia Motors, Inc. 8,415,618
--------------
$ 24,790,086
--------------
Total Retailing $ 116,907,241
-------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 2.0%
Drug Retail -- 0.8%
105,864 CVS Health Corp. $ 10,838,356
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15 21
Schedule of Investments | 5/31/15 (unaudited) (continued)
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
Food Retail -- 1.2%
217,140 The Kroger Co. $ 15,807,792
--------------
Total Food & Staples Retailing $ 26,646,148
-------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 6.1%
Brewers -- 0.6%
116,053 Molson Coors Brewing Co. (Class B) $ 8,515,969
-------------------------------------------------------------------------------------------
Distillers & Vintners -- 1.0%
111,043 Constellation Brands, Inc.* $ 13,090,859
-------------------------------------------------------------------------------------------
Soft Drinks -- 0.9%
98,087 Monster Beverage Corp.* $ 12,484,513
-------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 3.2%
15,910 Diamond Foods, Inc.* $ 452,799
109,511 Hormel Foods Corp. 6,266,219
275,606 Keurig Green Mountain, Inc. 23,768,261
41,676 Mead Johnson Nutrition Co. 4,055,075
207,632 Tyson Foods, Inc. 8,813,978
--------------
$ 43,356,332
-------------------------------------------------------------------------------------------
Tobacco -- 0.4%
81,418 Lorillard, Inc. $ 5,901,177
--------------
Total Food, Beverage & Tobacco $ 83,348,850
-------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 8.0%
Health Care Equipment -- 3.4%
1,273,511 Boston Scientific Corp.* $ 23,267,046
119,986 Edwards Lifesciences Corp.* 15,684,570
256,788 Insulet Corp.* 7,259,397
--------------
$ 46,211,013
-------------------------------------------------------------------------------------------
Health Care Supplies -- 1.9%
257,647 Align Technology, Inc.* $ 15,631,443
594,070 Endologix, Inc.* 9,915,028
--------------
$ 25,546,471
-------------------------------------------------------------------------------------------
Health Care Distributors -- 1.4%
217,815 Cardinal Health, Inc. $ 19,204,749
-------------------------------------------------------------------------------------------
Health Care Services -- 0.8%
114,520 Omnicare, Inc. $ 10,912,611
-------------------------------------------------------------------------------------------
Managed Health Care -- 0.5%
84,382 WellCare Health Plans, Inc.* $ 7,229,006
--------------
Total Health Care Equipment & Services $ 109,103,850
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 8.8%
Biotechnology -- 3.3%
262,154 Alkermes Plc* $ 16,017,609
159,900 Neurocrine Biosciences, Inc.* 7,013,214
115,008 TESARO, Inc.* 6,757,870
114,697 Vertex Pharmaceuticals, Inc.* 14,714,478
--------------
$ 44,503,171
-------------------------------------------------------------------------------------------
Pharmaceuticals -- 4.4%
218,552 Endo International Plc $ 18,305,916
105,590 Jazz Pharmaceuticals Plc* 18,937,566
125,894 Mylan NV 9,143,681
53,059 Shire Plc (A.D.R.) 13,803,299
--------------
$ 60,190,462
-------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 1.1%
216,463 Charles River Laboratories International, Inc.* $ 15,658,933
--------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 120,352,566
-------------------------------------------------------------------------------------------
BANKS -- 0.9%
Regional Banks -- 0.9%
140,687 BankUnited, Inc.* $ 4,725,676
52,338 Signature Bank* 7,309,002
--------------
$ 12,034,678
--------------
Total Banks $ 12,034,678
-------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 5.7%
Specialized Finance -- 2.3%
62,396 Intercontinental Exchange, Inc. $ 14,774,125
326,143 The NASDAQ OMX Group, Inc. 16,877,900
--------------
$ 31,652,025
-------------------------------------------------------------------------------------------
Consumer Finance -- 1.3%
293,139 Discover Financial Services, Inc. $ 17,081,210
-------------------------------------------------------------------------------------------
Asset Management & Custody Banks -- 2.1%
63,445 Affiliated Managers Group, Inc.* $ 14,190,109
144,376 SEI Investments Co. 6,906,948
174,412 The Blackstone Group LP 7,639,246
--------------
$ 28,736,303
--------------
Total Diversified Financials $ 77,469,538
-------------------------------------------------------------------------------------------
REAL ESTATE -- 0.9%
Health Care REIT -- 0.3%
74,716 Ventas, Inc. $ 4,970,108
-------------------------------------------------------------------------------------------
Specialized REIT -- 0.6%
238,589 Weyerhaeuser Co. $ 7,768,458
--------------
Total Real Estate $ 12,738,566
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15 23
Schedule of Investments | 5/31/15 (unaudited) (continued)
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 15.0%
Internet Software & Services -- 7.4%
277,448 Akamai Technologies, Inc.* $ 21,160,959
121,181 comScore, Inc.* 6,856,421
76,712 CoStar Group, Inc.* 16,025,904
147,854 Criteo SA (A.D.R.) 7,101,428
146,062 Facebook, Inc.* 11,566,650
9,418 Google, Inc. (Class A)* 5,135,824
9,483 Google, Inc. (Class C) 5,045,999
439,597 HomeAway, Inc.* 12,339,488
44,161 LinkedIn Corp.* 8,608,304
190,234 Twitter, Inc.* 6,975,881
--------------
$ 100,816,858
-------------------------------------------------------------------------------------------
IT Consulting & Other Services -- 0.5%
67,963 Gartner, Inc.* $ 5,945,403
-------------------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 1.4%
15,981 Alliance Data Systems Corp.* $ 4,762,817
85,639 MasterCard, Inc. 7,901,054
263,711 Sabre Corp. 6,880,220
--------------
$ 19,544,091
-------------------------------------------------------------------------------------------
Application Software -- 4.4%
70,966 ANSYS, Inc.* $ 6,315,974
151,251 Autodesk, Inc.* 8,190,242
314,813 Cadence Design Systems, Inc.* 6,230,149
97,704 Intuit, Inc. 10,175,872
254,428 Qlik Technologies, Inc.* 9,202,661
113,331 Salesforce.com inc* 8,244,830
93,292 Splunk, Inc.* 6,308,405
94,154 SS&C Technologies Holdings, Inc.* 5,548,495
--------------
$ 60,216,628
-------------------------------------------------------------------------------------------
Systems Software -- 1.3%
146,300 Fleetmatics Group Plc* $ 6,116,803
77,082 ServiceNow, Inc.* 5,905,252
53,747 Tableau Software, Inc.* 6,084,698
--------------
$ 18,106,753
--------------
Total Software & Services $ 204,629,733
-------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 1.1%
Communications Equipment -- 1.1%
69,218 F5 Networks, Inc.* $ 8,700,010
35,483 Palo Alto Networks, Inc.* 6,014,014
--------------
$ 14,714,024
--------------
Total Technology Hardware & Equipment $ 14,714,024
-------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15
-------------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 5.1%
Semiconductors -- 5.1%
151,917 Avago Technologies, Ltd. $ 22,494,350
173,799 Broadcom Corp. 9,880,473
270,972 Skyworks Solutions, Inc.* 29,633,499
71,433 Synaptics, Inc.* 7,117,584
--------------
$ 69,125,906
--------------
Total Semiconductors & Semiconductor Equipment $ 69,125,906
-------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.8%
Alternative Carriers -- 0.8%
208,083 Level 3 Communications, Inc.* $ 11,544,445
-------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.0%
119,054 SBA Communications Corp.* $ 13,311,428
--------------
Total Telecommunication Services $ 24,855,873
-------------------------------------------------------------------------------------------
UTILITIES -- 0.2%
Independent Power Producers & Energy Traders -- 0.2%
79,868 Dynegy, Inc.* $ 2,582,931
--------------
Total Utilities $ 2,582,931
-------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $1,024,741,578) $1,347,164,333
-------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 98.8%
(Cost $1,024,741,578) (a) $1,347,164,333
-------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 1.2% $ 16,156,018
-------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $1,363,320,351
===========================================================================================
* Non-income producing security.
(A.D.R.) American Depositary Receipts.
(a) At May 31, 2015, the net unrealized appreciation (depreciation)
on investments based on cost for federal income tax purposes of
$1,028,600,979 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 329,328,761
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (10,765,407)
-------------
Net unrealized appreciation $ 318,563,354
=============
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended May 31, 2015, aggregated to $486,672,590 and $422,254,605,
respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15 25
Schedule of Investments | 5/31/15 (unaudited) (continued)
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.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services or broker-dealers)
are categorized as Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of May 31, 2015, in valuing the
Fund's investments:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Common Stocks $1,347,164,333 $-- $-- $1,347,164,333
--------------------------------------------------------------------------------
Total $1,347,164,333 $-- $-- $1,347,164,333
================================================================================
During the six months ended May 31, 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 May 31, 2015:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Assets:
Foreign currencies, at value $-- $6,455 $-- $6,455
--------------------------------------------------------------------------------
Total $-- $6,455 $-- $6,455
================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15
Statement of Assets and Liabilities | 5/31/15 (unaudited)
ASSETS:
Investment in securities (cost $1,024,741,578) $1,347,164,333
Cash 17,228,989
Foreign currencies, at value (cost $7,103) 6,455
Receivables --
Investment securities sold 18,325,957
Fund shares sold 2,471,009
Dividend 664,799
Other 122,867
---------------------------------------------------------------------------------------------
Total assets $1,385,984,409
=============================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 21,620,888
Fund shares repurchased 674,075
Due to affiliates 254,270
Trustee fees 7,855
Accrued expenses 106,970
---------------------------------------------------------------------------------------------
Total liabilities $ 22,664,058
=============================================================================================
NET ASSETS:
Paid-in capital $ 998,914,788
Distributed in excess of net investment income (2,400,854)
Accumulated net realized gain on investments 44,384,310
Net unrealized appreciation on investments 322,422,755
Net unrealized depreciation on assets and liabilities denominated
in foreign currencies (648)
---------------------------------------------------------------------------------------------
Total net assets $1,363,320,351
=============================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $1,077,348,412/27,381,706 shares) $ 39.35
Class C (based on $75,954,241/2,428,243 shares) $ 31.28
Class K (based on $14,011,540/355,567 shares) $ 39.41
Class R (based on $15,365,122/399,140 shares) $ 38.50
Class Y (based on $180,641,036/4,331,895 shares) $ 41.70
MAXIMUM OFFERING PRICE:
Class A ($39.35 (divided by) 94.25%) $ 41.75
=============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15 27
Statement of Operations (unaudited)
For the Six Months Ended 5/31/15
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $6,203) $ 4,025,956
Interest 49,409
-----------------------------------------------------------------------------------------------
Total investment income $ 4,075,365
===============================================================================================
EXPENSES:
Management fees $ 3,853,695
Transfer agent fees and expenses
Class A 425,059
Class C 25,452
Class R 2,514
Class Y 2,237
Distribution fees
Class A 1,308,695
Class C 371,702
Class R 37,076
Shareholder communication expense 432,200
Administrative reimbursements 179,158
Custodian fees 8,019
Registration fees 42,369
Professional fees 54,185
Printing expense 11,400
Fees and expenses of nonaffiliated Trustees 27,819
Miscellaneous 41,466
-----------------------------------------------------------------------------------------------
Total expenses $ 6,823,046
-----------------------------------------------------------------------------------------------
Net investment loss $(2,747,681)
-----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments $44,331,768
-----------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $38,905,057
Other assets and liabilities denominated in
foreign currencies (574) $38,904,483
-----------------------------------------------------------------------------------------------
Net gain on investments $83,236,251
-----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $80,488,570
===============================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------
Six Months
Ended
5/31/15 Year Ended
(unaudited) 11/30/14
---------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment loss $ (2,747,681) $ (6,047,637)
Net realized gain on investments 44,331,768 160,829,572
Change in net unrealized appreciation (depreciation)
on investments 38,904,483 (9,488,426)
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 80,488,570 $ 145,293,509
---------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net realized gain:
Class A ($0.00 and $5.62 per share, respectively) $ -- $ (135,168,410)
Class C ($0.00 and $5.62 per share, respectively) -- (11,593,069)
Class R ($0.00 and $5.62 per share, respectively) -- (1,952,969)
Class Y ($0.00 and $5.62 per share, respectively) -- (13,812,737)
---------------------------------------------------------------------------------------------
Total distributions to shareowners $ -- $ (162,527,185)
---------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 197,488,601 $ 168,322,433
Reinvestment of distributions -- 150,996,556
Cost of shares repurchased (119,976,056) (247,104,323)
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from
Fund share transactions $ 77,512,545 $ 72,214,666
---------------------------------------------------------------------------------------------
Net increase in net assets $ 158,001,115 $ 54,980,990
NET ASSETS:
Beginning of period 1,205,319,236 1,150,338,246
---------------------------------------------------------------------------------------------
End of period $ 1,363,320,351 $1,205,319,236
---------------------------------------------------------------------------------------------
Distribution (in excess of) net investment income $ (2,400,854) $ 346,827
=============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15 29
Statements of Changes in Net Assets (continued)
---------------------------------------------------------------------------------------------
'15 Shares '15 Amount
(unaudited) (unaudited) '14 Shares '14 Amount
---------------------------------------------------------------------------------------------
Class A
Shares sold 1,894,479 $ 73,312,167 2,229,262 $ 89,479,683
Reinvestment of distributions 19 -- 3,530,633 130,351,122
Less shares repurchased (2,030,455) (78,187,406) (3,455,417) (138,129,816)
----------------------------------------------------------------------------------------------
Net increase (decrease) (135,957) $ (4,875,239) 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 350,951 $ 10,761,943 497,849 $ 16,124,952
Reinvestment of distributions 20 -- 270,220 7,963,412
Less shares repurchased (363,710) (11,153,929) (442,801) (14,648,244)
----------------------------------------------------------------------------------------------
Net increase (decrease) (12,739) $ (391,986) 325,268 $ 9,440,120
==============================================================================================
Class K**
Shares sold 355,837 $ 13,432,654 -- $ --
Reinvestment of distributions -- -- -- --
Less shares repurchased (270) (10,603) -- --
----------------------------------------------------------------------------------------------
Net increase 355,567 $ 13,422,051 -- $ --
==============================================================================================
Class R
Shares sold 83,226 $ 3,099,871 219,092 $ 8,695,467
Reinvestment of distributions -- -- 49,213 1,781,003
Less shares repurchased (87,223) (3,232,569) (128,202) (5,031,312)
----------------------------------------------------------------------------------------------
Net increase (decrease) (3,997) $ (132,698) 140,103 $ 5,445,158
==============================================================================================
Class Y
Shares sold 2,383,993 $ 96,881,966 1,259,841 $ 53,659,652
Reinvestment of distributions -- -- 279,012 10,901,002
Less shares repurchased (680,806) (27,391,549) (1,927,719) (79,053,463)
----------------------------------------------------------------------------------------------
Net increase (decrease) 1,703,187 $ 69,490,417 (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.
30 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/15 Ended Ended Ended Ended Ended
(unaudited) 11/30/14 11/30/13 (a) 11/30/12 (a) 11/30/11 (a) 11/30/10 (a)
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 36.92 $ 37.55 $ 31.75 $ 29.64 $ 28.02 $ 23.17
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.08) $ (0.17) $ (0.14) $ (0.18) $ (0.15) $ (0.13)
Net realized and unrealized gain (loss) on
investments 2.51 5.16 11.11 2.29 1.77 4.98
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.43 $ 4.99 $ 10.97 $ 2.11 $ 1.62 $ 4.85
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net realized gain $ -- $ (5.62) $ (5.17) $ -- $ -- $ --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (5.62) $ (5.17) $ -- $ -- $ --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.43 $ (0.63) $ 5.80 $ 2.11 $ 1.62 $ 4.85
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 39.35 $ 36.92 $ 37.55 $ 31.75 $ 29.64 $ 28.02
===================================================================================================================================
Total return* 6.58%(b) 13.30% 36.96% 7.11%(c) 5.79%(d) 20.92%
Ratio of net expenses to average net assets 1.05%** 1.09% 1.12% 1.16% 1.15% 1.21%
Ratio of net investment income (loss) to average
net assets (0.41)%** (0.48)% (0.56)% (0.54)% (0.44)% (0.61)%
Portfolio turnover rate 67%** 105% 100% 86% 81% 88%
Net assets, end of period (in thousands) $ 1,077,348 $1,016,065 $946,725 $ 335,702 $ 362,504 $ 387,037
===================================================================================================================================
* 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.
(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) If the Fund had not recognized gains in settlement of class action lawsuits
during the six months ended May 31, 2015, the total return would have been
6.53%.
(c) 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%.
(d) 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.
Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15 31
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/15 Ended Ended Ended Ended Ended
(unaudited) 11/30/14 11/30/13 (a) 11/30/12 (a) 11/30/11 (a) 11/30/10 (a)
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 29.47 $ 31.23 $ 27.15 $ 25.60 $ 24.43 $ 20.40
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.19) $ (0.34) $ (0.24) $ (0.44) $ (0.38) $ (0.31)
Net realized and unrealized gain (loss) on
investments 2.00 4.20 9.27 1.99 1.55 4.34
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.81 $ 3.86 $ 9.03 $ 1.55 $ 1.17 $ 4.03
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net realized gain $ -- $ (5.62) $ (4.95) $ -- $ -- $ --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (5.62) $ (4.95) $ -- $ -- $ --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.81 $ (1.76) $ 4.08 $ 1.55 $ 1.17 $ 4.03
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 31.28 $ 29.47 $ 31.23 $ 27.15 $ 25.60 $ 24.43
====================================================================================================================================
Total return* 6.14%(b) 12.37% 35.76% 6.05%(c) 4.80%(d) 19.79%
Ratio of net expenses to average net assets 1.85%** 1.91% 1.97% 2.16% 2.07% 2.14%
Ratio of net investment income (loss) to average
net assets (1.21)%** (1.30)% (1.43)% (1.54)% (1.37)% (1.54)%
Portfolio turnover rate 67%** 105% 100% 86% 81% 88%
Net assets, end of period (in thousands) $ 75,954 $71,942 $66,069 $ 12,761 $ 13,090 $ 13,565
====================================================================================================================================
* 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.
(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) If the Fund had not recognized gains in settlement of class action lawsuits
during the six months ended May 31,2015, the total return would have been
6.11%.
(c) 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%.
(d) 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.
32 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15
---------------------------------------------------------------------------------------------
12/31/2014
to 5/31/15
(unaudited)
---------------------------------------------------------------------------------------------
Class K
Net asset value, beginning of period $ 37.00
---------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.01
Net realized and unrealized gain (loss) on investments 2.40
---------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.41
---------------------------------------------------------------------------------------------
Distribution to shareowners:
Net realized gain $ --
---------------------------------------------------------------------------------------------
Total distributions $ --
---------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.41
---------------------------------------------------------------------------------------------
Net asset value, end of period $ 39.41
=============================================================================================
Total return* 6.51%(a)(b)
Ratio of net expenses to average net assets 0.67%**
Ratio of net investment income (loss) to average net assets 0.04%**
Portfolio turnover rate 67%**
Net assets, end of period (in thousands) $14,012
=============================================================================================
* 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.
(a) Not annualized.
(b) If the Fund had not recognized gains in settlement of class action lawsuits
during the six months ended May 31,2015, the total return would have been
6.49%.
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15 33
Financial Highlights (continued)
----------------------------------------------------------------------------------------------
Six Months
Ended Year
5/31/15 Ended 6/7/2013 (a)
(unaudited) 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) $ (0.15) $ (0.23) $ (0.17)
Net realized and unrealized gain
(loss) on investments 2.46 4.99 5.12
----------------------------------------------------------------------------------------------
Net increase (decrease) from
investment operations $ 2.31 $ 4.76 $ 4.95
----------------------------------------------------------------------------------------------
Distribution to shareowners:
Net realized gain $ -- $ (5.62) $ (1.76)
----------------------------------------------------------------------------------------------
Total distributions $ -- $ (5.62) $ (1.76)
----------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.31 $ (0.86) $ 3.19
----------------------------------------------------------------------------------------------
Net asset value, end of period $ 38.50 $ 36.19 $ 37.05
==============================================================================================
Total return* 6.38%(b) 12.85% 14.62%**
Ratio of net expenses to average net assets 1.43%*** 1.49% 1.52%***
Ratio of net investment income (loss)
to average net assets (0.79)%*** (0.87)% (1.00)%***
Portfolio turnover rate 67%*** 105% 100%
Net assets, end of period (in thousands) $15,365 $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.
** Not annualized.
*** Annualized.
(a) Financial reporting for Class R shares commenced on June 7, 2013. See Notes
to Financial Statements -- Note 1.
(b) If the Fund had not recognized gains in settlement of class action lawsuits
during the six months ended May 31,2015, the total return would have been
6.33%.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/15 Ended Ended Ended Ended Ended
(unaudited) 11/30/14 11/30/13 (a) 11/30/12 (a) 11/30/11 (a) 11/30/10 (a)
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 39.08 $ 39.32 $ 32.95 $ 30.63 $ 28.84 $ 23.75
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.17) $ (0.03) $ (0.06) $ (0.04) $ (0.00)(b) $ (0.04)
Net realized and unrealized gain (loss) on
investments 2.79 5.41 11.63 2.36 1.79 5.13
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 2.62 $ 5.38 $ 11.57 $ 2.32 $ 1.79 $ 5.09
------------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net realized gain $ -- $ (5.62) $ (5.20) $ -- $ -- $ --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ -- $ (5.62) $ (5.20) $ -- $ -- $ --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 2.62 $ (0.24) $ 6.37 $ 2.32 $ 1.79 $ 5.09
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 41.70 $ 39.08 $ 39.32 $ 32.95 $ 30.63 $ 28.84
====================================================================================================================================
Total return* 6.71%(c) 13.69% 37.40% 7.60%(d) 6.20%(e) 21.45%
Ratio of net expenses to average net assets 0.77% 0.76% 0.76% 0.73% 0.71% 0.74%
Ratio of net investment income (loss) to average
net assets (0.11)% (0.16)% (0.18)% (0.11)% (0.00)%(f) (0.14)%
Portfolio turnover rate 67% 105% 100% 86% 81% 88%
Net assets, end of period (in thousands) $ 180,641 $ 102,721 $ 118,651 $ 102,042 $ 83,460 $ 107,870
====================================================================================================================================
* 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) Rounds to less than $0.01 or $(0.01) per share.
(c) If the Fund had not recognized gains in settlement of class action lawsuits
during the six months ended May 31,2015, the total return would have been
6.68%.
(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
7.52%.
(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
6.08%.
(f) Amount rounds to less than 0.01% or (0.01)%.
The accompanying notes are an integral part of these financial statements.
Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15 35
Notes to Financial Statements | 5/31/15 (unaudited)
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 Fund acquired the assets and
liabilities of Pioneer Select Mid Cap Growth Fund (the "predecessor fund"), a
series of Pioneer Series Trust I on June 7, 2013. The predecessor fund was the
accounting survivor of the reorganization. Accordingly, the predecessor fund's
performance and financial history became the performance and financial history
of the Fund. The financial highlights and shareholder activity, as reflected in
the Statement of Changes in net assets, have been adjusted to reflect the
conversion ratios used for the reorganization of the Fund with the predecessor
fund. Prior to the reorganization, the Fund was named Pioneer Growth
Opportunities Fund. The investment objective of the Fund is long-term capital
growth.
During the periods covered by this report, the Fund offered five classes of
shares designated as Class A, Class C, Class K, Class R and Class Y shares. The
predecessor fund did not offer Class R shares. Accordingly, financial reporting
for Class R shares commenced on June 7, 2013, and no financial information has
been presented for Class R shares for prior periods. The Fund ceased to offer
Class B shares on November 10, 2014. 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 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.
36 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15
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, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. 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. In
computing the net asset value, securities that have traded on an exchange
are valued at the last sale price on the principal exchange where they are
traded. Securities that have not traded on the date of valuation, or
securities for which sale prices are not available, generally are valued at
the mean between the last bid and asked prices. Shares of money market
mutual funds are valued at such funds' net asset value.
Trading in foreign 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.
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
Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15 37
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 May 31, 2015, there were no securities that were valued using fair value
methods (other than securities that were valued using prices supplied by
independent pricing services or broker-dealers).
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.
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 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, 2014, 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.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the years ended November 30, 2014 were as follows:
38 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15
------------------------------------------------------------------------------
2014
------------------------------------------------------------------------------
Distributions paid from:
Ordinary Income $ 3,202,734
Long-term capital gain 159,324,451
------------------------------------------------------------------------------
Total $ 162,527,185
==============================================================================
The following shows the components of distributable earnings on a federal income
tax basis at November 30, 2014:
------------------------------------------------------------------------------
2014
------------------------------------------------------------------------------
Distributable earnings:
Late Year Post October Loss Deferral $ (3,607,647)
Undistributed long-term gain 7,866,417
Net unrealized appreciation 279,658,223
------------------------------------------------------------------------------
Total $ 283,916,993
==============================================================================
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 $42,179 in underwriting commissions on the sale of
Class A shares during the six months ended May 31, 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 Y shares do not pay distribution fees. All
expenses and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), 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
Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15 39
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
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. Prior to June 7, 2013,
the Fund paid an annual fee equal to 0.65% of the Fund's average daily net
assets. Prior to June 7, 2013, the predecessor fund paid a management fee at an
annual rate equal to 0.625% of the predecessor 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 six months ended May 31, 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
$93,877 in management fees, administrative costs and certain other
reimbursements payable to PIM at May 31, 2015.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the six months ended May 31, 2015, such out-of-pocket expenses by class of
shares were as follows:
40 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15
-----------------------------------------------------------------------------------
Shareholder Communications:
-----------------------------------------------------------------------------------
Class A $ 307,440
Class C 43,614
Class R 17,216
Class Y 63,930
-----------------------------------------------------------------------------------
Total $432,200
===================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $119,285 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at May 31, 2015.
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 $41,108 in distribution fees payable to
PFD at May 31, 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 R or Class Y shares. Proceeds from the
CDSCs are paid to PFD. For the six months ended May 31, 2015, CDSCs in the
amount of $5,186 were paid to PFD.
Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15 41
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended May 31, 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 facility in effect during the six months ended May 31, 2015, was in the
amount of $215 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% (0.90% prior to February 12, 2014) 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 Euro
dollar 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 six months ended May 31, 2015, the Fund had no outstanding
borrowings.
7. Change in Independent Registered Public Accounting Firm
The Board of Trustees of the Fund, with the approval and recommendation of the
Audit Committee, appointed Deloitte & Touche LLP to serve as the Trust's
independent registered public accounting firm. Deloitte & Touche LLP replaced
Ernst & Young LLP, which resigned as the Trust's independent registered public
accounting firm, effective upon completion of the audit of the Trust's financial
statements for the fiscal year ended November 30, 2013.
During the periods that Ernst & Young LLP served as the Fund's independent
registered public accounting firm, including the Fund's fiscal years ending
November 30, 2013 and November 30, 2012, Ernst & Young LLP's reports on the
financial statements of the Fund have not contained an adverse opinion or
disclaimer of opinion and have not been qualified or modified as to uncertainty,
audit scope or accounting principles. Further, there have been no disagreements
with Ernst & Young LLP on any matter of accounting
* Class B shares of the Fund converted to Class A shares on November 10,
2014. See Note 9.
42 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15
principles or practices, financial statement disclosure, or auditing scope or
procedure, which, if not resolved to the satisfaction of Ernst & Young LLP would
have caused Ernst & Young LLP to make reference to the subject matter of the
disagreement in connection with its report on the financial statements. In
addition, there have been no reportable events of the kind described in Item
304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934.
8. Conversion of Class B Shares
As of the close of business on November 10, 2014 (the "Conversion Date"), all
outstanding Class B shares of the Fund were converted to Class A shares.
Additional Information
PIM, the Fund's investment adviser, is currently an indirect, wholly-owned
subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it signed a
preliminary and exclusive 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 described in the UniCredit announcement, will entail the
establishment of 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 completion of the Transaction is subject to the
signing of a definitive agreement, as well as certain regulatory and corporate
approvals, and other conditions.
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Fund's investment advisory agreement with the Adviser to
terminate. In connection with the Transaction, the Fund's Board of Trustees will
be asked to approve a new investment advisory agreement for the Fund. 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 | Semiannual Report | 5/31/15 43
Trustees, Officers and Service Providers
Trustees Advisory Trustee
Thomas J. Perna, Chairman Lorraine H. Monchak*
David R. Bock
Benjamin M. Friedman Officers
Margaret B.W. Graham Lisa M. Jones, President and Chief
Marguerite A. Piret Executive Officer
Fred J. Ricciardi Mark E. Bradley, Treasurer and
Kenneth J. Taubes Chief Financial Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder 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.
* Ms. Monchak is a non-voting Advisory Trustee.
44 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/15
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:
--------------------------------------------------------------------------------
PIMSS, Inc.
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
Investments(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) 2015 Pioneer Investments 23253-06-0715
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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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, 2014 and $8,131 were paid to the former
auditor, Ernst & Young LLP for the year ended November 30,
2013.
(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 Fundees 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 July 29, 2015
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 July 29, 2015
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date July 29, 2015
* Print the name and title of each signing officer under his or her signature.