Form N-CSRS PIONEER SERIES TRUST II For: May 31

Pioneer Select Mid Cap Growth Fund

Semiannual Report | May 31, 2021

 

Paper copies of the Fund’s shareholder reports are no longer sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports are available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-225-6292. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund complex if you invest directly.

 

visit us: www.amundi.com/us

 

 

Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21 1

 

Table of Contents

President’s Letter


Dear Shareholders,

With the first half of 2021 now behind us, we have seen some better news on the COVID-19 pandemic front. In the US, widespread distribution of the COVID-19 vaccines approved for emergency use late last year, and a general decline in both virus cases and related hospitalizations, have had a positive effect on overall market sentiment, even as the emergence of highly infectious variants of the virus in certain areas has led to increased volatility.

While there may finally be a light visible at the end of the pandemic tunnel, the long-term impact on the global economy from COVID-19, while currently unknown, is likely to be considerable. It is clear that several industries have already felt greater effects than others, and the markets, which do not thrive on uncertainty, have been volatile.

With that said, so far during 2021, we have seen investments typically associated with a higher degree of risk, such as equities and high-yield bonds, outperform investments regarded as less risky, such as government debt. In addition, cyclical stocks, or stocks of companies with greater exposure to the ebbs and flows of the economic cycle, have rallied this year after slumping during the height of the pandemic, as investors have appeared to embrace the potential for a more widespread reopening of the economy in the coming months. Additional fiscal stimulus from the US government in recent months has also helped provide some market momentum.

Despite the strong rebound from the March 2020 lows and positive market performance so far this year, several factors that could lead to increased volatility and weaker performance bear watching. These include: public-health issues such as potential surges in COVID-19 cases, particularly as “variants” of the virus have continued to arise; macroeconomic concerns (inflation, energy prices, sluggish employment figures); and changes to the US government’s fiscal policies, particularly the possibility of higher income and capital gains tax rates on both individuals and businesses.

After leaving our offices in March of 2020 due to COVID-19, we have re-opened our US locations and have invited our employees to slowly return to the office. I am proud of the careful planning that has taken place. Our business has continued to operate without any disruption and we all look forward to regaining a bit of normalcy after 15 months of remote working.

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Since 1928, Amundi US’s investment process has been built on a foundation of fundamental research and active management, principles which have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions – can help mitigate the risks during periods of market volatility.

At Amundi US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio managers analyzes each security under consideration, communicating directly with the management teams of the companies issuing the securities and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering potential risk factors.

Today, as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving, but also during periods of market stress.

As you consider your long-term investment goals, we encourage you to work with your financial professional to develop an investment plan that paves the way for you to pursue both your short-term and long-term goals.

We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.

Sincerely,

Lisa M. Jones

Head of the Americas, President and CEO of US

Amundi Asset Management US, Inc.

July 2021

Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.

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Portfolio Management Discussion | 5/31/21

In the following interview, Ken Winston discusses the market environment and the factors that affected the performance of Pioneer Select Mid Cap Growth Fund during the six-month period ended May 31, 2021. Mr. Winston, a senior vice president at Amundi Asset Management US, Inc. (Amundi US) and lead portfolio manager of the Fund, is responsible for the day-to-day management of the Fund’s portfolio, along with Shaji John, a vice president and a portfolio manager at Amundi US, and David Sobell, a vice president and portfolio manager at Amundi US.

Q How did the Fund perform during the six-month period ended May 31, 2021?

A Pioneer Select Mid Cap Growth Fund’s Class A shares returned 9.88% at net asset value (NAV) during the six-month period ended May 31, 2021, while the Fund’s benchmark, the Russell Midcap Growth Index (the Russell Index), returned 8.38%. During the same six-month period, the average return of the 590 mutual funds in Morningstar’s Mid-Cap Growth Funds category was 13.41%.

Q How would you describe the investment environment in the equity market during the six-month period ended May 31, 2021?

A Domestic equities delivered strong returns during the six-month period, with value stocks dramatically outpacing the performance of growth stocks. The Standard & Poor’s 500 Index (the S&P 500) registered a total return of 16.95% for the six-month period, adding to an already impressive performance that saw the S&P 500 return more than 40% for the full year ended May 31, 2021.

During the six-month period, investors aggressively purchased shares of economically sensitive, “re-opening” companies; that is, companies thought to be prime candidates to benefit from a broader reopening of the domestic economy after more than a year of restricted activity due to the COVID-19 pandemic. Better-than-expected progress on the pace of COVID-19 vaccine distributions in the US coupled with the passage of another $1.9 trillion stimulus package by US lawmakers drove the rally, as market participants gained confidence that the domestic economy might fully reopen if widespread vaccinations reduced the public-health threat of COVID-19, which in turn could lead to a sharp acceleration in economic growth throughout 2021.

The yield on the 10-year US Treasury bond rose from 0.94% on November 30, 2020, to 1.60% at the end of the six-month period on May 31, 2021. The rise in the 10-year Treasury yield presented a

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significant headwind to the performance of growth stocks, and particularly those with high valuations based largely on future corporate earnings. Meanwhile, mid-cap growth stocks, as measured by the Fund’s benchmark, the Russell Index, underperformed the S&P 500 for the six-month period, returning 8.38%, and significantly underperformed mid-cap value stocks, which returned more than 26% for the period.

Within the Fund’s benchmark (taking into account sectors representing at least 1% of the Russell Index’s components), real estate, industrials, and financials, which returned 45%, 12%, and 12%, respectively, were the best-performing sectors for the six-month period. Conversely, communication services, materials, and information technology were the Russell Index’s laggards over the six-month period, with returns of 2%, 4%, and 6%, respectively.

Q Which of your investment decisions had the greatest effects on the Fund’s benchmark-relative performance during the six-month period ended May 31, 2021?

A The Fund outperformed the Russell Index for the six-month period, with stock selection across multiple sectors driving positive benchmark-relative returns. The biggest benefits to the Fund’s relative performance came from selection results in the materials, communication services, industrials, and consumer discretionary sectors. Sector allocations detracted slightly from the Fund’s benchmark-relative performance for the period, with a portfolio underweight to the outperforming real estate sector the biggest drag on relative returns.

With regard to individual securities, the Fund’s benchmark-relative performance for the six-month period benefited the most from positions in Lam Research, Generac Holdings, Micron Technology, and IAC/InterActive.

Lam Research manufactures equipment used to fabricate semiconductors, and the company is a leader in “dry etch,” a critical step in the chip-making process where material is selectively removed. The company’s shares performed well for the six-month period, as Lam reported financial results that came in ahead of expectations for both its fiscal second and third quarters. We believe Lam Research has an economic wide moat around its business – that is, a sustainable competitive advantage that makes it difficult for rivals to cut into its market share – due to cost advantages and the company’s intangible assets related to equipment design. Additionally, Lam has anticipated growing its equipment sales in 2021 as major customers, such as Taiwan Semiconductor (not a Fund holding), build additional leading-edge

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capacity to try and catch up with a broad-based shortage in semiconductors as well as booming demand for advanced chips driven by 5G networks, remote working, electric cars, and artificial intelligence applications. Those applications have been among the leading drivers of Lam’s etching and deposition-device sales.

Generac is a leading manufacturer of a broad range of residential standby and portable generators, with a dominant market share in the North American standby generator market as well as a leading position in portable generators. Generac’s shares outperformed during the six-month period as the company benefited from increased demand for its products, driven by factors such as wildfires in California, an active hurricane season in the Atlantic, and the COVID-19 pandemic, which kept people across the country inside their homes for months. All of those issues helped generate greater interest in Generac’s backup-power solutions. Additionally, the company delivered yet another strong financial report for its fiscal fourth quarter of 2020, which handily beat “Street” estimates. We believe Generac could continue to benefit from its strong product positioning as well as a rapidly expanding clean-energy market.

Micron Technology is one of the leading global providers of memory semiconductors used for applications such as data storage. The company’s share price rose during the six-month period as Micron reported strong financial results for both its fiscal first and second quarters. Investors have also become more confident that the memory industry could continue to experience supply constraints, which may in turn lead to strong demand, driven by growth in both 5G and data centers.

IAC/InterActive is a leading media and Internet company. The company operates some of the most globally recognized digital brands, ranging from digital media to e-commerce. IAC operates through multiple business segments, including: ANGI Homeservices, Dotdash, and Emerging & Other. IAC’s share price rose during the six-month period. The company successfully spun-off its majority ownership of Vimeo, and investors were able to better appreciate the value of IAC’s remaining assets. (The Fund held a position in Vimeo as of May 31, 2021.) Another positive factor for IAC during the period was the release of financial results showing a smaller decline in online advertising demand for its media properties (due to the COVID-19-induced economic shutdowns) than had been previously feared.

Individual stocks that detracted from the Fund’s benchmark-relative performance during the six-month period included positions in Mirati Therapeutics and Fibrogen, and lack of portfolio exposure to Fortinet and Simon Property Group.

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Mirati Therapeutics is a clinical-stage oncology company developing therapies for genetically defined tumors. The company has two leading drug candidates for hard-to-treat cancer indications that have been advancing rapidly in clinical trials. Mirati’s share price declined over the six-month period, falling victim to a broad market sell-off in biotech stocks of companies viewed as having earnings potential in future years. We have maintained a portfolio overweight position in Mirati versus the benchmark, as we believe the company could be successful in commercializing its development-stage drugs, which we think feature well-differentiated product profiles.

Fibrogen has focused on the development of two potential first-in-class drug candidates, including Rokadustat, a treatment for anemia associated with chronic kidney disease. Fibrogen’s shares underperformed during the period after the company made a clarification to the cardiovascular safety analysis of its Roxadustat drug, which investors perceived as a potential negative for the drug’s future sales potential. We sold the Fund’s position in Fibrogen during the period.

Not owning shares of Russell Index member Fortinet, a provider of network-security solutions, hurt the Fund’s benchmark-relative returns for the six-month period. The company’s share price rose as Fortinet benefited from an environment of increased demand for network-security solutions. While the Fund did not have a position in Fortinet, the portfolio did own shares of other security-related companies that experienced solid performance over the period, but those positives were not sufficient to offset the negative effects of the lack of exposure to Fortinet.

Simon Property Group is another Russell Index member that performed well during the period, and the Fund’s lack of exposure to the stock detracted from relative returns. Simon is a real estate investment trust (REIT) which owns, develops, and manages retail real estate properties, including regional malls. Simon’s share price increased over the period as investors appeared to conclude that the expanding distribution of COVID-19 vaccines combined with pent-up consumer demand for physical (in-person) retail spending could likely benefit Simon’s business in the second half of the calendar year.

Q Did the Fund have any exposure to derivative securities during the six-month period ended May 31, 2021?

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

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Q What is your outlook entering the second half of the Fund’s fiscal year?

A We continue to see some positives and negatives with respect to the outlook for domestic equities.

On the positive side, the pace of the rollout of COVID-19 vaccinations has been surpassing previous estimates, which could lead to a complete “return to normal” for the economy in the second half of the calendar year. That, in turn, could unleash significant pent-up demand and robust economic growth in the US. In addition, the accommodative monetary policies of the Federal Reserve (Fed) seem likely to continue into 2022, based on the Fed’s recent pronouncements; meanwhile, the latest round of US government fiscal stimulus, totaling $1.9 trillion, has “added fuel to the fire.” Moreover, a proposed federal infrastructure spending initiative currently under consideration and debate could provide still more stimulus.

On the negative side, the forecasted significant increase in economic demand may overwhelm supply to the point that inflation ramps up at a faster-than-expected pace. A faster rise in the rate of inflation could result in a further, rapid increase in long-term interest rates, which might be a potential negative for equity prices. Additionally, if investors believe that the Fed may likely fall behind the curve in letting inflation rise too quickly, equities could sell off on inflation fears, which might trigger an even broader market sell-off. Another issue that bears watching is the US government’s already high debt level, which has been ballooning due to the stimulus spending needed to help offset the effects of the pandemic on the economy. There could be a price to pay in the future, with equity markets likely beginning to discount that negative factor sometime down the road.

On the government-policy side, the power shift in both the Executive Branch and in Congress last January could lead to tax increases on both businesses and individuals, including a rise in the capital gains tax. In fact, earlier this year, the Biden administration floated the idea of a large tax hike. An increase to the capital gains tax rate could discourage investments in equities as individuals attempt to avoid realizing capital gains. Businesses, too, could curtail both hiring and spending to offset the effects of higher taxes on their bottom lines. Such a scenario could lead to an eventual, substantial weakening in both corporate earnings and economic activity.

In the end, however, we believe investors are likely to favor owning stocks of well-positioned secular growth companies with reasonable valuations that are not highly dependent on positive macroeconomic

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conditions in order to flourish. Companies that they believe have resilient business models, and companies that can exhibit sustainable growth characteristics and innovation. Those characteristics typify the types of equities that we seek to hold in the Fund’s portfolio.

Please refer to the Schedule of Investments on pages 19–25 for a full listing of Fund securities.

All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. These conditions may continue, recur, worsen or spread.

Investments in mid-sized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than investments in 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 the Fund 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 financial professional or Amundi Asset Management US, Inc., for a prospectus or summary prospectus containing this information. Read it carefully.

Any information in this shareholder report regarding market or economic trends or the factors influencing the Fund’s historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results.

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Portfolio Summary | 5/31/21

Portfolio Diversification

---

(As a percentage of total investments)*

Sector Distribution

---

(As a percentage of total investments)*

 

* Excludes temporary cash investments and all derivative contracts except for options purchased. The Fund is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any securities.

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Prices and Distributions | 5/31/21

Net Asset Value per Share

 

 

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 12–16.

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Investment Returns

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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.

 

 

Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

NAV results represent the percent change in net asset value per share. POP returns reflect deduction of maximum 5.75% sales charge. NAV 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 A shares of the Fund is the performance of Class A shares of the predecessor fund for periods prior to the reorganization, and has not been restated to reflect any differences in expenses.

Please refer to the financial highlights for a more current expense ratio.

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Investment Returns

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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.

 

Expense Ratio

(Per prospectus dated April 1, 2021)

Gross

1.81%

Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

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. NAV 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.

Please refer to the financial highlights for a more current expense ratio.

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Investment Returns

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The mountain chart on the right shows the change in value of a $5 million 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.

 

Expense Ratio

(Per prospectus dated April 1, 2021)

Gross

0.66%

Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

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.

Please refer to the financial highlights for a more current expense ratio.

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Investment Returns

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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.

 

 

Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

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.

Please refer to the financial highlights for a more current expense ratio.

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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.

 

 

Call 1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted.

The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

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.

Please refer to the financial highlights for a more current expense ratio.

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Comparing Ongoing Fund Expenses

As a shareowner in the Fund, you incur two types of costs:

(1) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and

(2) transaction costs, including sales charges (loads) on purchase payments.

This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund’s latest six-month period and held throughout the six months.

Using the Tables

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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:

Expenses Paid on a $1,000 Investment in Pioneer Select Mid Cap Growth Fund

Based on actual returns from December 1, 2020 through May 31, 2021.

 

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Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) 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, 2020 through May 31, 2021.

 

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Schedule of Investments | 5/31/21

 

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

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Schedule of Investments | 5/31/21 (continued)

 

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

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

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Schedule of Investments | 5/31/21 (continued)

 

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

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

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Schedule of Investments | 5/31/21 (continued)

 

Purchases and sales of securities (excluding temporary cash investments) for the six months ended May 31, 2021, aggregated $440,737,765 and $494,067,441, respectively.

The Fund is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi Asset Management US, Inc. (the “Adviser”) serves as the Fund’s investment adviser, as set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Trustees. Under these procedures, cross trades are effected at current market prices. During the six months ended May 31, 2021, the Fund did not engage in any cross trade activity.

At May 31, 2021, the net unrealized appreciation on investments based on cost for federal tax purposes of $1,690,619,936 was as follows:

 

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

24 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21

 

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

Level 1 – unadjusted quoted prices in active markets for identical securities.

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements —Note 1A.

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A.

The following is a summary of the inputs used as of May 31, 2021, in valuing the Fund’s investments:

 

During the six months ended May 31, 2021, there were no transfers in or out of Level 3.

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

Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21 25

 

Statement of Assets and Liabilities | 5/31/21

(unaudited)

 

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

26 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21

 

Statement of Operations (unaudited)

FOR THE SIX MONTHS ENDED 5/31/21

 

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

Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21 27

 

Statements of Changes in Net Assets

 

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

28 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21

 

 

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

Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21 29

 

Financial Highlights

 

	Six Months
	Ended	Year	Year	Year	Year	Year
	5/31/21	Ended	Ended	Ended	Ended	Ended
	(unaudited)	11/30/20	11/30/19	11/30/18	11/30/17	11/30/16*
Class A
Net asset value, beginning of period	$ 51.44	$ 44.42	$ 37.99	$ 41.43	$ 35.13	$ 35.00
Increase (decrease) from investment operations:
Net investment income (loss) (a)	$ (0.21)	$ (0.27)	$ (0.18)	$ (0.20)	$ (0.12)	$ (0.04)
Net realized and unrealized gain (loss) on investments	5.29	14.78	7.23	2.27	9.91	0.76
Net increase (decrease) from investment operations	$ 5.08	$ 14.51	$ 7.05	$ 2.07	$ 9.79	$ 0.72
Distributions to shareowners:
Net realized gain	—	(7.49)	(0.62)	(5.51)	(3.49)	(0.59)
Total distributions	$ —	$ (7.49)	$ (0.62)	$ (5.51)	$ (3.49)	$ (0.59)
Net increase (decrease) in net asset value	$ 5.08	$ 7.02	$ 6.43	$ (3.44)	$ 6.30	$ 0.13
Net asset value, end of period	$ 56.52	$ 51.44	$ 44.42	$ 37.99	$ 41.43	$ 35.13
Total return (b)	9.88%(c)	33.06%	18.54%	5.09%(d)	27.90%(e)	2.06%
Ratio of net expenses to average net assets	1.01%(f)	1.01%	1.03%	1.02%	1.04%	1.06%
Ratio of net investment income (loss) to average net assets	(0.76)%(f)	(0.58)%	(0.44)%	(0.45)%	(0.32)%	(0.12)%
Portfolio turnover rate	16%(c)	83%	53%	82%	83%	99%
Net assets, end of period (in thousands)	$1,622,123	$1,523,308	$1,252,845	$1,124,956	$1,124,242	$950,638

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

30 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21

 

 

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

Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21 31

 

Financial Highlights (continued)

 

*	The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP.
(a)	The per-share data presented above is based on the average shares outstanding for the period presented.
(b)	The amount shown for a share outstanding does not correspond with net investment loss on the Statement of Operations for the period due to timing of the sales and repurchase of shares.
(c)	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.
(d)	Not annualized.
(e)	If the Fund had not recognized gains in the settlement of class action lawsuits during the year ended November 30, 2017, the total return would have been 28.34%.
(f)	Annualized.

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

32 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21

 

 

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

Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21 33

 

Financial Highlights (continued)

 

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

34 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21

 

Notes to Financial Statements | 5/31/21

(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 investment objective of the Fund is long-term capital growth.

The Fund offers five classes of shares designated as Class A, Class C, Class K, Class R and Class Y shares. 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 Trust gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareowner approval. Under per-share voting, each share of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a shareowner’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 K or Class Y shares.

Amundi Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc., serves as the Fund’s investment adviser (the “Adviser”). Prior to January 1, 2021, the Adviser was named Amundi Pioneer Asset Management, Inc. Amundi Distributor US, Inc., an affiliate of Amundi Asset Management US, Inc., serves as the Fund’s distributor (the “Distributor”).

In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2018-13 “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which modifies disclosure requirements for fair value measurements, principally for Level 3 securities and transfers between levels of the fair value hierarchy. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The Fund has adopted ASU 2018-13 for the six months ended May 31, 2021. The impact to the Fund’s adoption was limited to changes in the Fund’s

Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21 35

 

disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value investments, when applicable.

In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Fund’s investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related modifications as a result of the reference rate reform.

The Fund is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles (“U.S. GAAP”). U.S. GAAP requires the management of the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses and gain or loss on investments during the reporting period. Actual results could differ from those estimates.

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

A. Security Valuation

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

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

36 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21

 

The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. The Fund may use a fair value model developed by an independent pricing service to value non-U.S. equity securities.

Securities for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser pursuant to procedures adopted by the Fund’s Board of Trustees. The Adviser’s fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees.

Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Fund may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of the Fund’s net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund’s securities may differ significantly from exchange prices, and such differences could be material.

At May 31, 2021, no securities were valued using fair value methods (other than securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance industry pricing model).

B. Investment Income and Transactions

Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence.

Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities.

Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21 37

 

Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively.

Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes.

C. Foreign Currency Translation

The books and records of the Fund are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates.

Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments.

D. Federal Income Taxes

It is the Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of November 30, 2020, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities.

The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences.

38 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21

 

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 year ended November 30, 2020 was as follows:

 

The following shows the components of distributable earnings on a federal income tax basis at November 30, 2020:

 The difference between book-basis and tax-basis unrealized appreciation is attributable to the tax deferral of losses on wash sales and tax basis adjustments on Real Estate Investment Trust (REIT) holdings.

The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $25,256 in underwriting commissions on the sale of Class A shares during the six months ended May 31, 2021.

Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. 

Distribution fees are calculated based on the average daily net asset value attributable to Class A, Class C and Class R shares of the Fund, respectively (see Note 5). Class K and Class Y shares do not pay distribution fees. All expenses and fees paid to the Fund’s transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out- of-pocket expenses (see Note 4).

Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21 39

 

Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, Class K, Class R and Class Y shares can reflect different transfer agent and distribution expense rates.

G. Risks

The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the Fund.

At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. The Fund’s investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions and the imposition of adverse governmental laws or currency exchange restrictions.

The Fund may invest in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws.

With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund’s Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as Brown Brothers Harriman & Co., the Fund’s custodian and accounting agent, and

40 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21

 

DST Asset Manager Solutions, Inc., the Fund’s transfer agent. In addition, many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Fund’s service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks.

COVID-19

The respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.

Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21 41

 

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

The Adviser manages the Fund’s portfolio. Management fees are calculated daily and paid monthly at the annual rate of 0.625% of the Fund’s average daily net assets up to $500 million, 0.60% of the next $500 million of the Fund’s average daily net assets, 0.575% of the next $4 billion of the Fund’s average daily net assets and 0.55% of the Fund’s average daily net assets over $5 billion. For the six months ended May 31, 2021, the effective management fee was equivalent to 0.59% (annualized) 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 $262,756 in management fees, administrative costs and certain other reimbursements payable to the Adviser at May 31, 2021.

3. Compensation of Trustees and Officers

The Fund pays an annual fee to its Trustees. The Adviser reimburses the Fund for fees paid to the Interested Trustees. The Fund does not pay any salary or other compensation to its officers. For the six months ended May 31, 2021, the Fund paid $65,888 in Trustees’ compensation, which is reflected on the Statement of Operations as Trustees’ fees. At May 31, 2021, the Fund had a payable for Trustees’ fees on its Statement of Assets and Liabilities of $22,941.

4. Transfer Agent

DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund’s omnibus relationship contracts.

42 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21

 

In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications activities such as proxy and statement mailings, and outgoing phone calls. For the six months ended May 31, 2021, such out-of-pocket expenses by class of shares were as follows:

 

5. Distribution and Service Plans

The Fund has adopted a distribution plan (the “Plan”) pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to its Class A, Class C and Class R shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of the average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with regard to Class A shares. Pursuant to the Plan, the Fund also pays the Distributor 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Pursuant to the Plan, the Fund further pays the Distributor 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 $75,692 in distribution fees payable to the Distributor at May 31, 2021.

The Fund also has adopted a separate service plan for Class R shares (the “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 Class A and Class C 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 12 months of purchase are subject to a CDSC of 1.00%, based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original

Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21 43

 

purchase of those shares. There is no CDSC for Class K, Class R and Class Y shares. Proceeds from the CDSCs are paid to the Distributor. For the six months ended May 31, 2021, CDSCs in the amount of $1,623 were paid to the Distributor.

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 (“credit facility”). Borrowings are used solely for temporary or emergency purposes. The Fund may borrow up to the lesser of the amount available under the credit facility or the limits set for borrowing by the Fund’s prospectus and the 1940 Act. Effective February 4, 2021, the Fund participates in a facility in the amount of $450 million. Prior to February 4, 2021, the Fund participated in a facility in the amount of $300 million. Under such facility, depending on the type of loan, interest on borrowings is payable at the London Interbank Offered Rate (“LIBOR”) plus a credit spread. The Fund also pays both an upfront fee and an annual commitment fee to participate in a credit facility. The upfront fee in the amount 0.10% of the total credit facility and the commitment fee in the amount of 0.25% of the daily unused portion of each lender’s commitment are allocated among participating funds based on an allocation schedule set forth in the credit agreement. For the six months ended May 31, 2021, the Fund had no borrowings under the credit facility.

44 Pioneer Select Mid Cap Growth Fund | Semiannual Report | 5/31/21

 

Trustees, Officers and Service Providers

 

Investment Adviser and Administrator
Amundi Asset Management US, Inc.

Custodian and Sub-Administrator
Brown Brothers Harriman & Co.

Principal Underwriter
Amundi Distributor US, Inc.

Legal Counsel
Morgan, Lewis & Bockius LLP

Transfer Agent
DST Asset Manager Solutions, Inc.

Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.

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