REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |
☒ |
Pre-Effective Amendment No. ___ | □ |
Post-Effective Amendment No. 38 | ☒ |
INVESTMENT COMPANY ACT OF 1940 |
☒ |
Amendment No. 40 | ☒ |
□ | immediately upon filing pursuant to paragraph (b) |
☒ | on |
□ | 60 days after filing pursuant to paragraph (a)(1) |
□ | on [date] pursuant to paragraph (a)(1) |
□ | 75 days after filing pursuant to paragraph (a)(2) |
□ | on [date] pursuant to paragraph (a)(2) of Rule 485. |
□ | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
1 | |
15 | |
27 | |
52 | |
54 | |
56 | |
61 | |
63 | |
70 | |
82 | |
86 | |
92 | |
95 | |
100 |
Class A |
Class C |
Class K |
Class R |
Class Y | |
Maximum sales charge (load) when you buy shares (as a percentage of offering price) | |||||
Maximum deferred sales charge (load) (as a percentage of offering price or the amount you receive when you sell shares, whichever is less) | 1 |
Class A |
Class C |
Class K |
Class R |
Class Y | |
Management Fees 2 |
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Distribution and Service (12b-1) Fees | |||||
Other Expenses 3 |
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Acquired Fund Fees and Expenses 4 |
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Total Annual Fund Operating Expenses Plus Acquired Fund Fees and Expenses 4 |
1 |
2 |
The fund does not pay a direct management fee to the fund’s investment adviser. However, the fund bears a pro rata portion of the fees and expenses, including management fees, of each underlying fund in which the fund invests. The pro rata portion of the fees and expenses of each underlying fund in which the fund invests is shown in the table above under Acquired Fund Fees and Expenses. |
3 | |
4 |
1 |
3 |
5 |
10 |
1 |
3 |
5 |
10 | ||
Class A | $ |
$ |
$ |
$ |
$ |
$ |
$ |
$ | |
Class C | |||||||||
Class K | |||||||||
Class R | |||||||||
Class Y |
1 Year |
5 Years |
10 Years |
Since Inception |
Inception Date | |
Class A | |||||
Return before taxes | |||||
Return after taxes on distributions | |||||
Return after taxes on distributions and sale of shares | |||||
Class C | |||||
Class R | N/A | N/A | |||
Class Y | |||||
Blended Benchmark (60% MSCI World N D Index/40% Bloomberg Barclays U.S. Aggregate Bond Index) (reflects no deduction for fees, expenses or taxes) |
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MSCI World N D Index (reflects no deduction for fees, expenses or taxes) |
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Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) |
Investment adviser |
Amundi Pioneer Asset Management, Inc. |
Portfolio management |
Kenneth J. Taubes, Executive Vice President and Chief Investment Officer, U.S. of Amundi Pioneer (portfolio manager of the fund since 2018); Marco Pirondini, Senior Managing Director and Head of Equities, U.S. of Amundi Pioneer (portfolio manager of the fund since 2018) |
• | Rated BBB or higher at the time of purchase by Standard & Poor’s Financial Services LLC; |
• | Rated the equivalent rating by a nationally recognized statistical rating organization; or |
• | Determined to be of equivalent credit quality by Amundi Pioneer. |
• | In an attempt to hedge against adverse changes in the market prices of securities, interest rates or currency exchange rates |
• | As a substitute for purchasing or selling securities |
• | To attempt to increase the fund’s return as a non-hedging strategy that may be considered speculative |
• | To manage portfolio characteristics (for example, the fund's exposure to various market segments) |
• | As a cash flow management technique |
• | The U.S. or a local real estate market declines due to adverse economic conditions, foreclosures, overbuilding and high vacancy rates, reduced or regulated rents or other causes |
• | Interest rates go up. Rising interest rates can adversely affect the availability and cost of financing for property acquisitions and other purposes and reduce the value of a REIT's fixed income investments |
• | The values of properties owned by a REIT or the prospects of other real estate industry issuers may be hurt by property tax increases, zoning changes, other governmental actions, environmental liabilities, natural disasters or increased operating expenses |
• | A REIT in the fund's portfolio is, or is perceived by the market to be, poorly managed |
• | If the fund's real estate related investments are concentrated in one geographic area or property type, the fund will be particularly subject to the risks associated with that area or property type |
• | Less information about non-U.S. issuers or markets may be available due to less rigorous disclosure or accounting standards or regulatory practices |
• | Many non-U.S. markets are smaller, less liquid and more volatile. In a changing market, the adviser may not be able to sell the fund's securities at times, in amounts and at prices it considers reasonable |
• | Adverse effect of currency exchange rates or controls on the value of the fund's investments, or its ability to convert non-U.S. currencies to U.S. dollars |
• | The economies of non-U.S. countries may grow at slower rates than expected or may experience a downturn or recession |
• | Economic, political, regulatory and social developments may adversely affect the securities markets |
• | It may be difficult for the fund to pursue claims or enforce judgments against a foreign bank, depository or issuer of a security, or any of their agents, in the courts of a foreign country |
• | Withholding and other non-U.S. taxes may decrease the fund's return. The value of the fund’s foreign investments also may be affected by U.S. tax considerations and restrictions in receiving investment proceeds from a foreign country |
• | Some markets in which the fund may invest are located in parts of the world that have historically been prone to natural disasters that could result in a significant adverse impact on the economies of those countries and investments made in those countries |
• | It is often more expensive for the fund to buy, sell and hold securities in certain foreign markets than in the United States |
• | A governmental entity may delay, or refuse or be unable to pay, interest or principal on its sovereign debt due to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms |
• | Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security. In addition, depositary receipts may not pass through voting and other shareholder rights, and may be less liquid than the underlying securities listed on an exchange |
• | A number of countries in the European Union (EU) have experienced, and may continue to experience, severe economic and financial difficulties. Additional EU member countries may also fall subject to such difficulties. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. In addition, the United Kingdom has withdrawn from the EU (commonly known as “Brexit”). Other countries may seek to withdraw from the EU and/or abandon the euro, the common currency of the EU. These events could negatively affect the value and liquidity of the fund’s investments, particularly in euro-denominated securities and derivative contracts, securities of issuers located in the EU or with significant exposure to EU issuers or countries |
• | If one or more stockholders of a supranational entity such as the World Bank fail to make necessary additional capital contributions, the entity may be unable to pay interest or repay principal on its debt securities |
• | Sanctions or other government actions against a foreign nation could negatively impact the fund’s investments in securities that have exposure to that nation |
• | The extent of economic development, political stability, market depth, infrastructure, capitalization and regulatory oversight can be less than in more developed markets |
• | Emerging market countries may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation |
• | The fund could experience a loss from settlement and custody practices in some emerging markets |
• | The possibility that a counterparty may not complete a currency or securities transaction |
• | Low trading volumes may result in a lack of liquidity and in extreme price volatility |
• | China and other developing market Asia-Pacific countries may be subject to considerable degrees of economic, political and social instability |
• | The eligibility requirements that apply to purchases of a particular share class |
• | The expenses paid by each class |
• | The initial sales charges and contingent deferred sales charges (CDSCs), if any, applicable to each class |
• | Whether you qualify for any reduction or waiver of sales charges |
• | How long you expect to own the shares |
• | Any services you may receive from a financial intermediary |
• | You pay a sales charge of up to 5.75% of the offering price, which is reduced or waived for large purchases and certain types of investors. At the time of your purchase, your investment firm may receive a commission from the distributor of up to 5%, declining as the size of your investment increases. |
• | There is no contingent deferred sales charge, except in certain circumstances when no initial sales charge is charged. |
• | Distribution and service fees of 0.25% of average daily net assets. |
• | A 1% contingent deferred sales charge is assessed if you sell your shares within one year of purchase. Your investment firm may receive a commission from the distributor at the time of your purchase of up to 1%. |
• | Distribution and service fees of 1.00% of average daily net assets. |
• | Maximum purchase amount (per transaction) of $499,999. |
• | Effective December 1, 2020, Class C shares automatically convert to Class A shares after 8 years. |
• | No initial or contingent deferred sales charge. However, if you invest in Class K shares through an investment professional or financial intermediary, that investment professional or financial intermediary may charge you a commission in an amount determined and separately disclosed to you by that investment professional or financial intermediary. |
• | Initial investments by discretionary accounts and direct investors are subject to a $5 million investment minimum, which may be waived in some circumstances. |
• | There is no investment minimum for other eligible investors. |
• | No initial or contingent deferred sales charge. |
• | Distribution fees of 0.50% of average daily net assets. Separate service plan provides for payment to financial intermediaries of up to 0.25% of average daily net assets. |
• | Generally, available only through certain tax-deferred retirement plans and related accounts. |
• | No initial or contingent deferred sales charge. However, if you invest in Class Y shares through an investment professional or financial intermediary, that investment professional or financial intermediary may charge you a commission in an amount determined and separately disclosed to you by that investment professional or financial intermediary. |
• | Initial investments are subject to a $5 million investment minimum, which may be waived in some circumstances. |
Sales charge as % of | ||
Amount of purchase |
Offering price |
Net amount invested |
Less than $50,000 | 5.75 | 6.10 |
$50,000 but less than $100,000 | 4.50 | 4.71 |
$100,000 but less than $250,000 | 3.50 | 3.63 |
$250,000 but less than $500,000 | 2.50 | 2.56 |
$500,000 or more | -0- | -0- |
• | The amount of shares you own of the Pioneer funds plus the amount you are investing now is at least 50,000 (Rights of accumulation) |
• | You plan to invest at least 50,000 over the next 13 months (Letter of intent) |
• | If you plan to invest at least 50,000 (excluding any reinvestment of dividends and capital gain distributions) in the fund's Class A shares during the next 13 months |
• | If you include in your letter of intent the value (at the current offering price) of all of your Class A shares of the fund and Class A or Class C shares of all other Pioneer mutual fund shares held of record in the amount used to determine the applicable sales charge for the fund shares you plan to buy |
• | Current or former trustees and officers of the fund; |
• | Partners and employees of legal counsel to the fund (at the time of initial share purchase); |
• | Directors, officers, employees or sales representatives of Amundi Pioneer and its affiliates (at the time of initial share purchase); |
• | Directors, officers, employees or sales representatives of any subadviser or a predecessor adviser (or their affiliates) to any investment company for which Amundi Pioneer serves as investment adviser (at the time of initial share purchase); |
• | Officers, partners, employees or registered representatives of broker-dealers (at the time of initial share purchase) which have entered into sales agreements with the distributor; |
• | Employees of Regions Financial Corporation and its affiliates (at the time of initial share purchase); |
• | Members of the immediate families of any of the persons above; |
• | Any trust, custodian, pension, profit sharing or other benefit plan of the foregoing persons; |
• | Insurance company separate accounts; |
• | Certain wrap accounts for the benefit of clients of investment professionals or other financial intermediaries adhering to standards established by the distributor; |
• | Other funds and accounts for which Amundi Pioneer or any of its affiliates serves as investment adviser or manager; |
• | Investors in connection with certain reorganization, liquidation or acquisition transactions involving other investment companies or personal holding companies; |
• | Certain unit investment trusts; |
• | Group employer-sponsored retirement plans with at least $500,000 in total plan assets. Waivers for group employer-sponsored retirement plans do not apply to traditional IRAs, Roth IRAs, SEPs, SARSEPs, SIMPLE IRAs, KEOGHs, individual 401(k) or individual 403(b) plans, or to brokerage relationships in which sales charges are customarily imposed; |
• | Group employer-sponsored retirement plans with accounts established with Amundi Pioneer on or before March 31, 2004 with 100 or more eligible employees or at least $500,000 in total plan assets; |
• | Participants in an employer-sponsored 403(b) plan or employer-sponsored 457 plan if (i) your employer has made special arrangements for your plan to operate as a group through a single broker, dealer or financial intermediary and (ii) all participants in the plan who purchase shares of a Pioneer mutual fund do so through a single broker, dealer or other financial intermediary designated by your employer; |
• | Investors purchasing shares pursuant to the reinstatement privilege applicable to Class A shares; |
• | Redemption proceeds from a non-retirement account used by the shareholder to purchase fund shares in an IRA or other individual-type retirement account: and |
• | Shareholders of record (i.e., shareholders whose shares are not held in the name of a broker or an omnibus account) on the date of the reorganization of a predecessor Safeco fund into a corresponding Pioneer fund, shareholders who owned shares in the name of an omnibus account provider on that date that agrees with the fund to distinguish beneficial holders in the same manner, and retirement plans with assets invested in the predecessor Safeco fund on that date. |
• | The CDSC is calculated on the current market value or the original cost of the shares you are selling, whichever is less |
• | You do not pay a CDSC on reinvested dividends or distributions |
• | If you sell only some of your shares, the transfer agent will first sell your shares that are not subject to any CDSC and then the shares that you have owned the longest |
• | You may qualify for a waiver of the CDSC normally charged. See “Waiver or reduction of contingent deferred sales charges” |
• | The distribution results from the death of all registered account owners or a participant in an employer-sponsored plan. For UGMAs, UTMAs and trust accounts, the waiver applies only upon the death of all beneficial owners; |
• | You become disabled (within the meaning of Section 72 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”)) after the purchase of the shares being sold. For UGMAs, UTMAs and trust accounts, the waiver only applies upon the disability of all beneficial owners; |
• | The distribution is made in connection with limited automatic redemptions as described in “Systematic withdrawal plans” (limited in any year to 10% of the value of the account in the fund at the time the withdrawal plan is established); |
• | The distribution is from any type of IRA, 403(b) or employer-sponsored plan described under Section 401(a) or 457 of the Internal Revenue Code and, in connection with the distribution, one of the following applies: |
− | It is part of a series of substantially equal periodic payments made over the life expectancy of the participant or the joint life expectancy of the participant and his or her beneficiary (limited in any year to 10% of the value of the participant's account at the time the distribution amount is established); |
− | It is a required minimum distribution due to the attainment of age 70½, in which case the distribution amount may exceed 10% (based solely on total plan assets held in Pioneer mutual funds); |
− | It is rolled over to or reinvested in another Pioneer mutual fund in the same class of shares, which will be subject to the CDSC of the shares originally held; or |
− | It is in the form of a loan to a participant in a plan that permits loans (each repayment applied to the purchase of shares will be subject to a CDSC as though a new purchase); |
• | The distribution is to a participant in an employer-sponsored retirement plan described under Section 401(a) of the Internal Revenue Code or to a participant in an employer-sponsored 403(b) plan or employer-sponsored 457 plan if (i) your employer has made special arrangements for your plan to operate as a group through a single broker, dealer or financial intermediary and (ii) all participants in the plan who purchase shares of a Pioneer mutual fund do so through a single broker, dealer or other financial intermediary designated by your employer and is or is in connection with: |
− | A return of excess employee deferrals or contributions; |
− | A qualifying hardship distribution as described in the Internal Revenue Code; |
− | Due to retirement or termination of employment; |
− | From a qualified defined contribution plan and represents a participant's directed transfer, provided that this privilege has been preauthorized through a prior agreement with the distributor regarding participant directed transfers; |
• | The distribution is made pursuant to the fund's right to liquidate or involuntarily redeem shares in a shareholder's account; |
• | The distribution is made to pay an account's advisory or custodial fees; or |
• | The distributor does not pay the selling broker a commission normally paid at the time of the sale. |
• | You have provided adequate instructions |
• | There are no outstanding claims against your account |
• | There are no transaction limitations on your account |
• | Your request includes a signature guarantee if you: |
− | Are selling over $100,000 or exchanging over $500,000 worth of shares |
− | Changed your account registration or address within the last 30 days |
− | Instruct the transfer agent to mail the check to an address different from the one on your account |
− | Want the check paid to someone other than the account’s record owner(s) |
− | Are transferring the sale proceeds to a Pioneer mutual fund account with a different registration |
(a) | The investment is made by a retirement plan that is an eligible investor in Class K shares; or |
(b) | The investment is made by another Pioneer fund; or |
(c) | The investment is made through certain mutual fund programs sponsored by qualified intermediaries, such as broker-dealers and investment advisers. In |
each case, the intermediary has an arrangement with Amundi Pioneer to include Class K shares of the Pioneer mutual funds in their program. In one model, the intermediary provides investors participating in the program with additional services, including advisory, asset allocation, recordkeeping or other services, as a combined service offering. In another model, a brokerage firm may provide transactional services in accordance with a commission schedule set by the firm. You should ask your investment firm if it offers and you are eligible to participate in such a mutual fund program and whether participation in the program is consistent with your investment goals. The intermediaries sponsoring or participating in these mutual fund programs also may offer their clients other classes of shares of the funds, and investors may receive different levels of services or pay different fees depending upon the class of shares included in the program. Investors should consider carefully any separate transaction and other fees charged by these programs in connection with investing in each available share class before selecting a share class. |
(a) | The investment is made by a trust company or bank trust department which is initially investing at least $1 million in any of the Pioneer mutual funds and, at the time of the purchase, such assets are held in a fiduciary, advisory, custodial or similar capacity over which the trust company or bank trust department has full or shared investment discretion; or |
(b) | The investment is at least $1 million in any of the Pioneer mutual funds and the purchaser is an insurance company separate account; or |
(c) | The account is not represented by a broker-dealer and the investment is made by (1) an ERISA-qualified retirement plan that meets the requirements of Section 401 of the Internal Revenue Code, (2) an employer-sponsored retirement plan that meets the requirements of Sections 403 or 457 of the Internal Revenue Code, (3) a private foundation that meets the requirements of Section 501(c)(3) of the Internal Revenue Code or (4) an endowment or other organization that meets the requirements of Section 509(a)(1) of the Internal Revenue Code; or |
(d) | The investment is made by an employer-sponsored retirement plan established for the benefit of (1) employees of Amundi Pioneer or its affiliates, or (2) employees or the affiliates of broker-dealers who have a Class Y shares sales agreement with the distributor; or |
(e) | The investment is made through certain mutual fund programs sponsored by qualified intermediaries, such as broker-dealers and investment advisers. In each case, the intermediary has an arrangement with Amundi Pioneer to include Class Y shares of the Pioneer mutual funds in its program. In one model, the intermediary provides investors participating in the program with additional services, including advisory, asset allocation, recordkeeping or other services, as a combined service offering. In another model, a brokerage firm may provide transactional services in accordance with a commission schedule set by the firm. |
You should ask your investment firm if it offers and you are eligible to participate in such a mutual fund program and whether participation in the program is consistent with your investment goals. The intermediaries sponsoring or participating in these mutual fund programs also may offer their clients other classes of shares of the funds, and investors may receive different levels of services or pay different fees depending upon the class of shares included in the program. Investors should consider carefully any separate transaction and other fees charged by these programs in connection with investing in each available share class before selecting a share class; or | |
(f) | The investment is made by another Pioneer fund. |
• | You established your bank account of record at least 30 days ago |
• | Your bank information has not changed for at least 30 days |
• | You are not purchasing more than $100,000 worth of shares per account per day |
• | You can provide the proper account identification information |
• | State Street Bank must receive your wire no later than 11:00 a.m. Eastern time on the business day after the fund receives your request to purchase shares |
• | If State Street Bank does not receive your wire by 11:00 a.m. Eastern time on the next business day, your transaction will be canceled at your expense and risk |
• | Wire transfers normally take two or more hours to complete and a fee may be charged by the sending bank |
• | Wire transfers may be restricted on holidays and at certain other times |
Receiving Bank: | State Street Bank and Trust Company 225 Franklin Street Boston, MA 02101 ABA Routing No. 011000028 |
For further credit to: | Shareholder Name Existing Pioneer Account No. Solutions - Balanced Fund |
• | You are exchanging into an existing account or using the exchange to establish a new account, provided the new account has a registration identical to the original account |
• | The fund into which you are exchanging offers the same class of shares |
• | You are not exchanging more than $500,000 worth of shares per account per day |
• | You can provide the proper account identification information |
• | The name and signature of all registered owners |
• | A signature guarantee for each registered owner if the amount of the exchange is more than $500,000 |
• | The name of the fund out of which you are exchanging and the name of the fund into which you are exchanging |
• | The class of shares you are exchanging |
• | The dollar amount or number of shares you are exchanging |
• | By check, provided the check is made payable exactly as your account is registered |
• | By bank wire or by electronic funds transfer, provided the sale proceeds are being sent to your bank address of record |
• | For new accounts, complete the online section of the account application |
• | For existing accounts, complete an account options form, write to the fund or complete the online authorization screen at us.amundipioneer.com |
• | You must select exchanges on a monthly or quarterly basis |
• | Both the originating and receiving accounts must have identical registrations |
• | The originating account must have a minimum balance of $5,000 |
(1) | Unless you indicate another option on your account application, any dividends and capital gain distributions paid to you by the fund will automatically be invested in additional fund shares. |
(2) | You may elect to have the amount of any dividends paid to you in cash and any capital gain distributions reinvested in additional shares. |
(3) | You may elect to have the full amount of any dividends and/or capital gain distributions paid to you in cash. |
• | Your account must have a total value of at least $10,000 when you establish your plan |
• | You may not request a periodic withdrawal of more than 10% of the value of any Class C or Class R share account (valued at the time the plan is implemented) |
• | You sell shares within a short period of time after the shares were purchased; |
• | You make two or more purchases and redemptions within a short period of time; |
• | You enter into a series of transactions that indicate a timing pattern or strategy; or |
• | We reasonably believe that you have engaged in such practices in connection with other mutual funds. |
• | You must send a written request to the fund no more than 90 days after selling your shares and |
• | The registration of the account in which you reinvest your sale proceeds must be identical to the registration of the account from which you sold your shares. |
• | Your current account information |
• | Prices, returns and yields of all publicly available Pioneer mutual funds |
• | Prospectuses, statements of additional information and shareowner reports for all the Pioneer mutual funds |
• | A copy of Amundi Pioneer’s privacy notice |
• | Obtain current information on your Pioneer mutual fund accounts |
• | Inquire about the prices of all publicly available Pioneer mutual funds |
• | Make computer-assisted telephone purchases, exchanges and redemptions for your fund accounts |
• | Request account statements |
• | Requesting certain types of exchanges or sales of fund shares |
• | Requesting certain types of changes for your existing account |
• | reject any purchase or exchange order for any reason, without prior notice |
• | charge a fee for exchanges or to modify, limit or suspend the exchange privilege at any time without notice. The fund will provide 60 days’ notice of material amendments to or termination of the exchange privilege |
• | revise, suspend, limit or terminate the account options or services available to shareowners at any time, except as required by the rules of the Securities and Exchange Commission |
• | charge transfer, shareholder servicing or similar agent fees, such as an account maintenance fee for small balance accounts, directly to accounts upon at least 30 days’ notice. The fund may do this by deducting the fee from your distribution of dividends and/or by redeeming fund shares to the extent necessary to cover the fee |
• | close your account after a period of inactivity, as determined by state law, and transfer your shares to the appropriate state |
Year Ended 7/31/20 |
Year Ended 7/31/19 |
Year Ended 7/31/18 |
Year Ended 7/31/17 |
Year Ended 7/31/16* | |
Net asset value, beginning of period | $11.29 | $12.12 | $11.89 | $11.35 | $12.78 |
Increase (decrease) from investment operations: | |||||
Net investment income (loss) (a) | $0.34 | $0.32 | $0.20 | $0.17 | $0.20 |
Net realized and unrealized gain (loss) on investments | 0.02 | (0.54) | 0.25 | 0.61 | (0.50) |
Net increase (decrease) from investment operations | $0.36 | $(0.22) | $0.45 | $0.78 | $(0.30) |
Distributions to shareowners: | |||||
Net investment income | $(0.36) | $(0.34) | $(0.22) | $(0.24) | $(0.27) |
Net realized gain | (0.36) | (0.27) | — | — | (0.86) |
Total distributions | $(0.72) | $(0.61) | $(0.22) | $(0.24) | $(1.13) |
Net increase (decrease) in net asset value | $(0.36) | $(0.83) | $0.23 | $0.54 | $(1.43) |
Net asset value, end of period | $10.93 | $11.29 | $12.12 | $11.89 | $11.35 |
Total return (b) | 3.06% | (1.32)% | 3.79% | 7.04% | (2.11)% |
Ratio of net expenses to average net assets† | 0.49% | 0.45% | 0.57% | 0.68% | 0.67% |
Ratio of net investment income (loss) to average net assets†^ | 3.16% | 2.82% | 1.67% | 1.51% | 1.77% |
Portfolio turnover rate | 30% | 44% | 146% | 27% | 16% |
Net assets, end of period (in thousands) | $330,784 | $349,505 | $382,265 | $114,528 | $125,608 |
* | The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. |
† | In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. |
^ | Ratios do not reflect the Fund's proportionate share of the income and expenses of the underlying funds. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. |
Year Ended 7/31/20 |
Year Ended 7/31/19 |
Year Ended 7/31/18 |
Year Ended 7/31/17 |
Year Ended 7/31/16* | |
Net asset value, beginning of period | $10.32 | $11.12 | $10.92 | $10.44 | $11.84 |
Increase (decrease) from investment operations: | |||||
Net investment income (loss) (a) | $0.25 | $0.20 | $0.15 | $0.09 | $0.12 |
Net realized and unrealized gain (loss) on investments | 0.01 | (0.49) | 0.19 | 0.55 | (0.47) |
Net increase (decrease) from investment operations | $0.26 | $(0.29) | $0.34 | $0.64 | $(0.35) |
Distributions to shareowners: | |||||
Net investment income | $(0.28) | $(0.24) | $(0.14) | $(0.16) | $(0.19) |
Net realized gain | (0.36) | (0.27) | — | — | (0.86) |
Total distributions | $(0.64) | $(0.51) | $(0.14) | $(0.16) | $(1.05) |
Net increase (decrease) in net asset value | $(0.38) | $(0.80) | $0.20 | $0.48 | $(1.40) |
Net asset value, end of period | $9.94 | $10.32 | $11.12 | $10.92 | $10.44 |
Total return (b) | 2.35% | (2.14)% | 3.09% | 6.26% | (2.81)% |
Ratio of net expenses to average net assets† | 1.17% | 1.19% | 1.27% | 1.38% | 1.37% |
Ratio of net investment income (loss) to average net assets†^ | 2.50% | 1.96% | 1.33% | 0.84% | 1.10% |
Portfolio turnover rate | 30% | 44% | 146% | 27% | 16% |
Net assets, end of period (in thousands) | $62,213 | $76,524 | $114,266 | $49,277 | $59,444 |
* | The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. |
† | In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. |
^ | Ratios do not reflect the Fund's proportionate share of the income and expenses of the underlying funds. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
Year Ended 7/31/20 |
Year Ended 7/31/19 |
Year Ended 7/31/18 |
Year Ended 7/31/17 |
Year Ended 7/31/16* | |
Net asset value, beginning of period | $11.19 | $12.04 | $11.83 | $11.30 | $12.78 |
Increase (decrease) from investment operations: | |||||
Net investment income (loss) (a) | $0.31 | $0.23 | $0.05 | $0.11 | $0.15 |
Net realized and unrealized gain (loss) on investments | 0.03 | (0.49) | 0.37 | 0.65 | (0.47) |
Net increase (decrease) from investment operations | $0.34 | $(0.26) | $0.42 | $0.76 | $(0.32) |
Distributions to shareowners: | |||||
Net investment income | $(0.31) | $(0.32) | $(0.21) | $(0.23) | $(0.30) |
Net realized gain | (0.36) | (0.27) | — | — | (0.86) |
Total distributions | $(0.67) | $(0.59) | $(0.21) | $(0.23) | $(1.16) |
Net increase (decrease) in net asset value | $(0.33) | $(0.85) | $0.21 | $0.53 | $(1.48) |
Net asset value, end of period | $10.86 | $11.19 | $12.04 | $11.83 | $11.30 |
Total return (b) | 2.90% | (1.64)% | 3.49% | 6.89% | (2.34)% |
Ratio of net expenses to average net assets† | 0.62% | 0.78% | 0.79% | 0.90% | 0.90% |
Ratio of net investment income (loss) to average net assets†^ | 2.86% | 2.05% | 0.42% | 0.98% | 1.28% |
Portfolio turnover rate | 30% | 44% | 146% | 27% | 16% |
Net assets, end of period (in thousands) | $1,602 | $982 | $1,388 | $31 | $14 |
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: | |||||
Total expenses to average net assets† | 0.62% | 1.03% | 0.86% | 1.38% | 1.58% |
Net investment income (loss) to average net assets^ | 2.86% | 1.80% | 0.35% | 0.50% | 0.60% |
* | The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. |
† | In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. |
^ | Ratios do not reflect the Fund's proportionate share of the income and expenses of the underlying funds. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
Year Ended 7/31/20 |
Year Ended 7/31/19 |
Year Ended 7/31/18 |
Year Ended 7/31/17 |
Year Ended 7/31/16* | |
Net asset value, beginning of period | $11.46 | $12.29 | $12.06 | $11.51 | $12.94 |
Increase (decrease) from investment operations: | |||||
Net investment income (loss) (a) | $0.38 | $0.39 | $0.26 | $0.19 | $0.26 |
Net realized and unrealized gain (loss) on investments | 0.02 | (0.59) | 0.22 | 0.63 | (0.53) |
Net increase (decrease) from investment operations | $0.40 | $(0.20) | $0.48 | $0.82 | $(0.27) |
Distributions to shareowners: | |||||
Net investment income | $(0.39) | $(0.36) | $(0.25) | $(0.27) | $(0.30) |
Net realized gain | (0.36) | (0.27) | — | — | (0.86) |
Total distributions | $(0.75) | $(0.63) | $(0.25) | $(0.27) | $(1.16) |
Net increase (decrease) in net asset value | $(0.35) | $(0.83) | $0.23 | $0.55 | $(1.43) |
Net asset value, end of period | $11.11 | $11.46 | $12.29 | $12.06 | $11.51 |
Total return (b) | 3.31% | (1.14)% | 3.94% | 7.33% | (1.85)% |
Ratio of net expenses to average net assets† | 0.25% | 0.27% | 0.40% | 0.47% | 0.40% |
Ratio of net investment income (loss) to average net assets†^ | 3.44% | 3.37% | 2.14% | 1.67% | 2.22% |
Portfolio turnover rate | 30% | 44% | 146% | 27% | 16% |
Net assets, end of period (in thousands) | $1,479 | $1,562 | $1,547 | $698 | $1,107 |
* | The Fund was audited by an independent registered public accounting firm other than Ernst & Young LLP. |
† | In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. |
^ | Ratios do not reflect the Fund's proportionate share of the income and expenses of the underlying funds. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
• | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs. |
• | Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available). |
• | Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available). |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family). |
• | Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges. |
• | Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members. |
• | Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant. |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, |
(2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement). |
• | The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Pioneer Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. |
• | ROA is determined by calculating the higher of cost or market value (current shares x NAV). |
• | Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying |
Intermediary defined sales charge waiver policies |
• | Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing. |
• | Shares purchased in an Edward Jones fee-based program. |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment. |
• | Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account. |
• | Shares exchanged into class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus. |
• | Exchanges from class C shares to class A shares of the same fund, generally, in the 84 th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones. |
• | The death or disability of the shareholder |
• | Systematic withdrawals with up to 10% per year of the account value |
• | Return of excess contributions from an Individual Retirement Account (IRA) |
• | Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations |
• | Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones |
• | Shares exchanged in an Edward Jones fee-based program |
• | Shares acquired through NAV reinstatement |
• | $250 initial purchase minimum |
• | $50 subsequent purchase minimum |
• | Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy: |
− | A fee-based account held on an Edward Jones platform |
− | A 529 account held on an Edward Jones platform |
− | An account with an active systematic investment plan or letter of intent (LOI) |
• | At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares. |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family). |
• | Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney. |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement). |
• | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans. |
• | Shares acquired through a right of reinstatement. |
• | Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures. |
• | Shares sold upon the death or disability of the shareholder. |
• | Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus. |
• | Shares purchased in connection with a return of excess contributions from an IRA account. |
• | Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations |
• | Shares sold to pay Janney fees but only if the transaction is initiated by Janney. |
• | Shares acquired through a right of reinstatement. |
• | Shares exchanged into the same share class of a different fund. |
• | Breakpoints as described in the fund’s prospectus. |
• | Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets. |
• | Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets. |
• | Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan |
• | Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents) |
• | Shares purchased through a Merrill Lynch affiliated investment advisory program |
• | Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales charge discounts and waivers |
• | Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform |
• | Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable) |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family) |
• | Shares exchanged from Class C (i.e. level-load) shares of the same fund pursuant to Merrill Lynch’s policies relating to sales charge discounts and waivers |
• | Employees and registered representatives of Merrill Lynch or its affiliates and their family members |
• | Directors or Trustees of the fund, and employees of the fund’s investment adviser or any of its affiliates, as described in this prospectus |
• | Eligible shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch’s account maintenance fees are not eligible for reinstatement. |
• | Death or disability of the shareholder |
• | Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus |
• | Return of excess contributions from an IRA Account |
• | Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code |
• | Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch |
• | Shares acquired through a right of reinstatement |
• | Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to Class A and C shares only) |
• | Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales charge discounts and waivers |
• | Breakpoints as described in this prospectus |
• | Rights of Accumulation (ROA), which entitle shareholders to breakpoint discounts as described in the fund’s prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets |
• | Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable) |
• | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans |
• | Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules |
• | Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund |
• | Shares purchased through a Morgan Stanley self-directed brokerage account |
• | Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge. |
• | Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan |
• | Shares purchased by or through a 529 Plan |
• | Shares purchased through an OPCO affiliated investment advisory program |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family) |
• | Shares purchased form the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same amount, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement). |
• | A shareholder in the fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO |
• | Employees and registered representatives of OPCO or its affiliates and their family members |
• | Directors or Trustees of the fund, and employees of the fund’s investment adviser or any of its affiliates, as described in this prospectus |
• | Death or disability of the shareholder |
• | Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus |
• | Return of excess contributions from an IRA Account |
• | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the prospectus |
• | Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO |
• | Shares acquired through a right of reinstatement |
• | Breakpoints as described in this prospectus. |
• | Rights of Accumulation (ROA), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets |
• | Shares purchased in an investment advisory program. |
• | Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions. |
• | Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James. |
• | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as rights of reinstatement). |
• | A shareholder in the fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James. |
• | Death or disability of the shareholder. |
• | Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus. |
• | Return of excess contributions from an IRA Account. |
• | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund’s prospectus. |
• | Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James. |
• | Shares acquired through a right of reinstatement. |
• | Breakpoints as described in this prospectus. |
• | Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets. |
• | Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets. |
• | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund |
• | Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird |
• | Shares purchased using the proceeds of redemptions from a Pioneer Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement) |
• | A shareholder in the funds Investor C Shares will have their share converted at net asset value to Investor A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird |
• | Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs |
• | Shares sold due to death or disability of the shareholder |
• | Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus |
• | Shares bought due to returns of excess contributions from an IRA Account |
• | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable Internal Revenue Service regulations as described in the fund’s prospectus |
• | Shares sold to pay Baird fees but only if the transaction is initiated by Baird |
• | Shares acquired through a right of reinstatement |
• | Breakpoints as described in this prospectus |
• | Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Pioneer assets held by accounts within the purchaser’s household at Baird. Eligible Pioneer assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets |
• | Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of Pioneer through Baird, over a 13-month period of time |
• | Class C shares that have been held for more than seven (7) years will be converted to Class A shares of the same fund pursuant to Stifel’s policies and procedures |
Amundi Pioneer Distributor, Inc. 60 State Street Boston, MA 02109 us.amundipioneer.com |
30956-03-1220 ©2020 Amundi Pioneer Distributor, Inc. Member SIPC |
Class A Shares | Class C Shares | Class K Shares | Class R Shares | Class Y Shares |
A: (PIALX) | C: (PIDCX) | K: (——-) | R: (BALRX) | Y: (IMOYX) |
1. | 1 | |
2. | 1 | |
3. | 40 | |
4. | 48 | |
5. | 50 | |
6. | 53 | |
7. | 53 | |
8. | 53 | |
9. | 53 | |
10. | 56 | |
11. | 57 | |
12. | 60 | |
13. | 66 | |
14. | 66 | |
15. | 68 | |
16. | 68 | |
17. | 77 | |
18. | 77 | |
19. | 81 | |
20. | 85 |
• | The U.S. or a local real estate market declines due to adverse economic conditions, foreclosures, overbuilding and high vacancy rates, reduced or regulated rents or other causes |
• | Interest rates go up. Rising interest rates can adversely affect the availability and cost of financing for property acquisitions and other purposes and reduce the value of a REIT’s fixed income investments |
• | The values of properties owned by a REIT or the prospects of other real estate industry issuers may be hurt by property tax increases, zoning changes, other governmental actions, environmental liabilities, natural disasters or increased operating expenses |
• | A REIT in the fund’s portfolio is, or is perceived by the market to be, poorly managed |
• | If the fund’s real estate related investments are concentrated in one geographic area or property type, the fund will be particularly subject to the risks associated with that area or property type |
(1) | 67% or more of the shares represented at a meeting, if the holders of more than 50% of the outstanding shares are present in person or by proxy; or |
(2) | more than 50% of the outstanding shares of the fund. |
(1) | The fund may not borrow money except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. |
(2) | The fund may not engage in the business of underwriting the securities of other issuers except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. |
(3) | The fund may lend money or other assets to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. |
(4) | The fund may not issue senior securities except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. |
(5) | The fund may not purchase or sell real estate except as permitted by (i) the 1940 Act, or interpretations or |
modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. | |
(6) | The fund may purchase or sell commodities or contracts related to commodities to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction. |
(7) | Except as permitted by exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction, the fund may not make any investment if, as a result, the fund's investments will be concentrated in any one industry. |
Name, Age and Position Held With the Fund |
Term of Office and Length of Service |
Principal Occupation | Other Directorships Held by Trustee |
Independent Trustees: | |||
Thomas J. Perna (69) Chairman of the Board and Trustee |
Trustee since 2006. Serves until a successor trustee is elected or earlier retirement or removal. | Private investor (2004 – 2008 and 2013 – present); Chairman (2008 – 2013) and Chief Executive Officer (2008 – 2012), Quadriserv, Inc. (technology products for securities lending industry); and Senior Executive Vice President, The Bank of New York (financial and securities services) (1986 – 2004) | Director, Broadridge Financial Solutions, Inc. (investor communications and securities processing provider for financial services industry) (2009 – present); Director, Quadriserv, Inc. (2005 – 2013); and Commissioner, New Jersey State Civil Service Commission (2011 – 2015) |
John E. Baumgardner, Jr. (69)* Trustee |
Trustee since 2019. Serves until a successor trustee is elected or earlier retirement or removal. | Of Counsel (2019 – present), Partner (1983-2018), Sullivan & Cromwell LLP (law firm). | Chairman, The Lakeville Journal Company, LLC, (privately-held community newspaper group) (2015-present) |
Diane Durnin (63) Trustee |
Trustee since 2019. Serves until a successor trustee is elected or earlier retirement or removal. | Managing Director - Head of Product Strategy and Development, BNY Mellon Investment Management (investment management firm) (2012-2018); Vice Chairman – The Dreyfus Corporation (2005 – 2018): Executive Vice President Head of Product, BNY Mellon Investment Management (2007-2012); Executive Director- Product Strategy, Mellon Asset Management (2005-2007); Executive Vice President Head of Products, Marketing and Client Service, Dreyfus Corporation (investment management firm) (2000-2005); Senior Vice President Strategic Product and Business Development, Dreyfus Corporation (1994-2000) | None |
Benjamin M. Friedman (76) Trustee |
Trustee since 2008. Serves until a successor trustee is elected or earlier retirement or removal. | William Joseph Maier Professor of Political Economy, Harvard University (1972 – present) | Trustee, Mellon Institutional Funds Investment Trust and Mellon Institutional Funds Master Portfolio (oversaw 17 portfolios in fund complex) (1989 - 2008) |
Name, Age and Position Held With the Fund |
Term of Office and Length of Service |
Principal Occupation | Other Directorships Held by Trustee |
Lorraine H. Monchak (64) Trustee |
Trustee since 2017. (Advisory Trustee from 2014 - 2017). Serves until a successor trustee is elected or earlier retirement or removal. | Chief Investment Officer, 1199 SEIU Funds (healthcare workers union pension funds) (2001 – present); Vice President – International Investments Group, American International Group, Inc. (insurance company) (1993 – 2001); Vice President Corporate Finance and Treasury Group, Citibank, N.A.(1980 – 1986 and 1990 – 1993); Vice President – Asset/Liability Management Group, Federal Farm Funding Corporation (government-sponsored issuer of debt securities) (1988 – 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 – 1988); Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 – 1987) | None |
Marguerite A. Piret (72) Trustee |
Trustee since 2005. Serves until a successor trustee is elected or earlier retirement or removal. | Chief Financial Officer, American Ag Energy, Inc. (controlled environment and agriculture company) (2016 – present); President and Chief Executive Officer, Metric Financial Inc. (formerly known as Newbury Piret Company) (investment banking firm) (1981 – 2019) | Director of New America High Income Fund, Inc. (closed-end investment company) (2004 – present); and Member, Board of Governors, Investment Company Institute (2000 – 2006) |
Fred J. Ricciardi (73) Trustee |
Trustee since 2014. Serves until a successor trustee is elected or earlier retirement or removal. | Private investor (2020 – present); Consultant (investment company services) (2012 – 2020); Executive Vice President, BNY Mellon (financial and investment company services) (1969 – 2012); Director, BNY International Financing Corp. (financial services) (2002 – 2012); Director, Mellon Overseas Investment Corp. (financial services) (2009 – 2012); Director, Financial Models (technology) (2005-2007); Director, BNY Hamilton Funds, Ireland (offshore investment companies) (2004-2007); Chairman/Director, AIB/BNY Securities Services, Ltd., Ireland (financial services) (1999-2006); Chairman, BNY Alternative Investment Services, Inc. (financial services) (2005-2007) | None |
Name, Age and Position Held With the Fund |
Term of Office and Length of Service |
Principal Occupation | Other Directorships Held by Trustee |
Interested Trustees: | |||
Lisa M. Jones (58)** Trustee, President and Chief Executive Officer |
Trustee since 2017. Serves until a successor trustee is elected or earlier retirement or removal | Director, CEO and President of Amundi Pioneer Asset Management USA, Inc. (investment management firm) (since September 2014); Director, CEO and President of Amundi Pioneer Asset Management, Inc. (since September 2014); Director, CEO and President of Amundi Pioneer Distributor, Inc. (since September 2014); Director, CEO and President of Amundi Pioneer Institutional Asset Management, Inc. (since September 2014); Chair, Amundi Pioneer Asset Management USA, Inc., Amundi Pioneer Distributor, Inc. and Amundi Pioneer Institutional Asset Management, Inc. (September 2014 – 2018); Managing Director, Morgan Stanley Investment Management (investment management firm) (2010 – 2013); Director of Institutional Business, CEO of International, Eaton Vance Management (investment management firm) (2005 – 2010); Director of Amundi USA, Inc. (since 2017) | None |
Kenneth J. Taubes (62)** Trustee |
Trustee since 2014. Serves until a successor trustee is elected or earlier retirement or removal | Director and Executive Vice President (since 2008) and Chief Investment Officer, U.S. (since 2010) of Amundi Pioneer Asset Management USA, Inc. (investment management firm); Director and Executive Vice President and Chief Investment Officer, U.S. of Amundi Pioneer (since 2008); Executive Vice President and Chief Investment Officer, U.S. of Amundi Pioneer Institutional Asset Management, Inc. (since 2009); Portfolio Manager of Amundi Pioneer (since 1999); Director of Amundi USA, Inc. (since 2017) | None |
Fund Officers: | |||
Christopher J. Kelley (55) Secretary and Chief Legal Officer |
Since 2005. Serves at the discretion of the Board | Vice President and Associate General Counsel of Amundi Pioneer since January 2008; Secretary and Chief Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; Vice President and Senior Counsel of Amundi Pioneer from July 2002 to December 2007 | None |
Name, Age and Position Held With the Fund |
Term of Office and Length of Service |
Principal Occupation | Other Directorships Held by Trustee |
Carol B. Hannigan (59) Assistant Secretary |
Since 2010. Serves at the discretion of the Board | Fund Governance Director of Amundi Pioneer since December 2006 and Assistant Secretary of all the Pioneer Funds since June 2010; Manager – Fund Governance of Amundi Pioneer from December 2003 to November 2006; and Senior Paralegal of Amundi Pioneer from January 2000 to November 2003 | None |
Thomas Reyes (57) Assistant Secretary |
Since 2010. Serves at the discretion of the Board | Assistant General Counsel of Amundi Pioneer since May 2013 and Assistant Secretary of all the Pioneer Funds since June 2010; Counsel of Amundi Pioneer from June 2007 to May 2013 | None |
Mark E. Bradley (60) Treasurer and Chief Financial and Accounting Officer |
Since 2008. Serves at the discretion of the Board | Vice President – Fund Treasury of Amundi Pioneer; Treasurer of all of the Pioneer Funds since March 2008; Deputy Treasurer of Amundi Pioneer from March 2004 to February 2008; and Assistant Treasurer of all of the Pioneer Funds from March 2004 to February 2008 | None |
Luis I. Presutti (55) Assistant Treasurer |
Since 2005. Serves at the discretion of the Board | Director – Fund Treasury of Amundi Pioneer; and Assistant Treasurer of all of the Pioneer Funds | None |
Gary Sullivan (62) Assistant Treasurer |
Since 2005. Serves at the discretion of the Board | Senior Manager – Fund Treasury of Amundi Pioneer; and Assistant Treasurer of all of the Pioneer Funds | None |
Antonio Furtado (38) Assistant Treasurer |
Since 2020. Serves at the discretion of the Board | Fund Oversight Manager – Fund Treasury of Amundi Pioneer; and Assistant Treasurer of all of the Pioneer Funds | None |
John Malone (48) Chief Compliance Officer |
Since 2008. Serves at the discretion of the Board | Managing Director, Chief Compliance Officer of Amundi Pioneer Asset Management; Amundi Pioneer Institutional Asset Management, Inc.; and the Pioneer Funds since September 2018; Chief Compliance Officer of Amundi Pioneer Distributor, Inc. since January 2014. | None |
Kelly O’Donnell (49) Anti-Money Laundering Officer |
Since 2006. Serves at the discretion of the Board | Vice President – Amundi Pioneer Asset Management; Anti-Money Laundering Officer of all the Pioneer Funds since 2006 | None |
* | Mr. Baumgardner is Of Counsel to Sullivan & Cromwell LLP, which acts as counsel to the Independent Trustees of each Pioneer Fund. |
** | Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the fund’s investment adviser and certain of its affiliates. |
• | whether the person has a reputation for integrity, honesty and adherence to high ethical standards; |
• | whether the person has demonstrated business acumen and ability to exercise sound judgments in matters that relate to the current and long-term objectives of the fund and whether the person is willing and able to contribute positively to the decision-making process of the fund; |
• | whether the person has a commitment and ability to devote the necessary time and energy to be an effective Independent Trustee, to understand the fund and the responsibilities of a trustee of an investment company; |
• | whether the person has the ability to understand the sometimes conflicting interests in respect of the fund, including those of shareholders and the management company, and to act in the interests of shareholders; |
• | whether the person has, or appears to have a conflict of interest that would impair his or her ability to represent the interests of all shareholders and to fulfill the responsibilities of a trustee; and |
• | that nominees shall not be discriminated against on the basis of race, religion, national origin, sex, sexual orientation, disability or any other basis proscribed by law. |
• | each fund with assets less than $250 million pays each Independent Trustee an annual fee of $1,000. |
• | the remaining compensation of the Independent Trustees is allocated to each fund with assets greater than $250 million based on the fund’s net assets. |
• | the Interested Trustees receive an annual fee of $500 from each fund, except in the case of funds with net assets of $50 million or less, which pay each Interested Trustee an annual fee of $200. Amundi Pioneer reimburses these funds for the fees paid to the Interested Trustees. |
Class | Applicable Percentage Per Annum |
Class A | 0.25% |
Class C | 1.00% |
Class R | 0.50% |
Name of Portfolio Manager |
Type of Account | Number of Accounts Managed |
Total Assets Managed (000’s) |
Number of Accounts Managed for which Advisory Fee is Performance- Based |
Assets Managed for which Advisory Fee is Performance- Based (000’s) |
Kenneth J. Taubes | Other Registered Investment Companies | 6 | $10,743,258 | N/A | N/A |
Other Pooled Investment Vehicles | 7 | $7,389,193 | N/A | N/A |
Name of Portfolio Manager |
Type of Account | Number of Accounts Managed |
Total Assets Managed (000’s) |
Number of Accounts Managed for which Advisory Fee is Performance- Based |
Assets Managed for which Advisory Fee is Performance- Based (000’s) |
Other Accounts | 11 | $3,603,624 | N/A | N/A | |
Marco Pirondini | Other Registered Investment Companies |
4 | $1,675,516 | N/A | N/A |
Other Pooled Investment Vehicles | 3 | $1,461,235 | N/A | N/A | |
Other Accounts | 0 | $0 | N/A | N/A |
• | A portfolio manager could favor one account over another in allocating new investment opportunities that have limited supply, such as initial public offerings and private placements. If, for example, an initial public offering that was expected to appreciate in value significantly shortly after the offering was allocated to a single account, that account may be expected to have better investment performance than other accounts that did not receive an allocation of the initial public offering. Generally, investments for which there is limited availability are allocated based upon a range of factors including available cash and consistency with the accounts’ investment objectives and policies. This allocation methodology necessarily involves some subjective elements but is intended over time to treat each client in an equitable and fair manner. Generally, the investment opportunity is allocated among participating accounts on a pro rata basis. Although Amundi Pioneer believes that its practices are reasonably designed to treat each client in an equitable and fair manner, there may be instances where a fund may not participate, or may participate to a lesser degree than other clients, in the allocation of an investment opportunity. |
• | A portfolio manager could favor one account over another in the order in which trades for the accounts are placed. If a portfolio manager determines to purchase a security for more than one account in an aggregate amount that may influence the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts that made subsequent transactions. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a less favorable price. When a portfolio manager intends to trade the same security on the same day for more than one account, the trades typically are “bunched,” which means that the trades for the individual accounts are aggregated and each account receives the same price. There are some types of accounts as to which bunching may not be possible for contractual reasons (such as directed brokerage arrangements). Circumstances may also arise where the trader believes that bunching the orders may not result in the best possible price. Where those accounts or circumstances are involved, Amundi Pioneer will place the order in a manner intended to result in as favorable a price as possible for such client. |
• | A portfolio manager could favor an account if the portfolio manager’s compensation is tied to the performance of that account to a greater degree than other accounts managed by the portfolio manager. If, for example, the portfolio manager receives a bonus based upon the performance of certain accounts relative to a benchmark while other accounts are disregarded for this purpose, the portfolio manager will have a financial incentive to seek to |
have the accounts that determine the portfolio manager’s bonus achieve the best possible performance to the possible detriment of other accounts. Similarly, if Amundi Pioneer receives a performance-based advisory fee, the portfolio manager may favor that account, whether or not the performance of that account directly determines the portfolio manager’s compensation. | |
• | A portfolio manager could favor an account if the portfolio manager has a beneficial interest in the account, in order to benefit a large client or to compensate a client that had poor returns. For example, if the portfolio manager held an interest in an investment partnership that was one of the accounts managed by the portfolio manager, the portfolio manager would have an economic incentive to favor the account in which the portfolio manager held an interest. |
• | If the different accounts have materially and potentially conflicting investment objectives or strategies, a conflict of interest could arise. For example, if a portfolio manager purchases a security for one account and sells the same security for another account, such trading pattern may disadvantage either the account that is long or short. In making portfolio manager assignments, Amundi Pioneer seeks to avoid such potentially conflicting situations. However, where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increase the holding in such security. |
• | Quantitative investment performance. The quantitative investment performance calculation is based on pre-tax investment performance of all of the accounts managed by the portfolio manager (which includes the fund and any other accounts managed by the portfolio manager) over a one-year period (20% weighting) and four-year period (80% weighting), measured for periods ending on December 31. The accounts, which include the fund, are ranked against a group of mutual funds with similar investment objectives and investment focus (60%) and broad-based securities market indexes measuring the performance of the same type of securities in which the accounts invest (40%), which, in the case of the fund, are the MSCI World ND Index and the Bloomberg Barclays U.S. Aggregate Bond Index. As a result of these two benchmarks, the performance of the portfolio manager for compensation purposes is measured against the criteria that are relevant to the portfolio manager’s competitive universe. |
• | Qualitative performance. The qualitative performance component with respect to all of the accounts managed by the portfolio manager includes objectives, such as effectiveness in the areas of teamwork, leadership, communications and marketing, that are mutually established and evaluated by each portfolio manager and management. |
• | Amundi Pioneer results and business line results. Amundi Pioneer’s financial performance, as well as the investment performance of its investment management group, affect a portfolio manager’s actual bonus by a leverage factor of plus or minus (+/–) a predetermined percentage. |
Name of Portfolio Manager | Beneficial Ownership of the Fund* |
Kenneth J. Taubes | A |
Marco Pirondini | A |
* | Key to Dollar Ranges |
A. | None |
B. | $1 – $10,000 |
C. | $10,001 – $50,000 |
D. | $50,001 – $100,000 |
E. | $100,001 – $500,000 |
F. | $500,001 – $1,000,000 |
G. | Over $1,000,000 |
Sales Charge as a % of | |||
Amount of Purchase | Offering Price |
Net Amount Invested |
Dealer Reallowance |
Less than $100,000 | 4.50 | 4.71 | 4.00 |
$100,000 but less than $250,000 | 3.50 | 3.63 | 3.00 |
$250,000 but less than $500,000 | 2.50 | 2.56 | 2.00 |
$500,000 or more | 0.00 | 0.00 | see below |
1.00% | Up to $4 million |
0.50% | Greater than $4 million and less than or equal to $50 million |
0.25% | Over $50 million |
• | For new accounts, complete the online section of the account application |
• | For existing accounts, complete an account options form, write to the fund or complete the online authorization screen on us.amundipioneer.com |
• | net asset value prices for all Pioneer mutual funds; |
• | dividends and capital gain distributions on all Pioneer mutual funds. |
2020 | 2019 |
30% | 44% |
Record Holder | Share Class | Number of Shares | % of Class |
Raymond James Omnibus For Mutual Funds Attn Courtney Waller 880 Carillon Pkwy St Petersburg, FL 33716 |
Class A | 1,555,916.041 | 5.22 |
UBS WM USA Omni Account M/F 499 Washington Blvd Attn: Department Manager Jersey City, NJ 07310-2055 |
Class R | 11,282.772 | 8.05 |
UMB Bank NA Rochester Hills MI 48309-1364 |
Class R | 11,331.723 | 8.09 |
UMB Bank, NA Honolulu HI 96817-6708 |
Class R | 32,220.768 | 23.00 |
Record Holder | Share Class | Number of Shares | % of Class |
UMB Bank, NA Owasso OK 74055-8274 |
Class R | 11,368.727 | 8.12 |
UMB Bank NA GILBERT AZ 85296-7341 |
Class R | 14,496.445 | 10.35 |
UMB Bank, NA APEX NC 27502-8744 |
Class R | 12,600.351 | 9.00 |
UMB Bank, NA CARY NC 27511-3406 |
Class R | 9,260.167 | 6.61 |
National Financial Services LLC For the exclusive benefit of its customers 499 Washington Blvd Attn Mutual Fund Dept 4th Floor Jersey City, NJ 07310-2010 |
Class Y | 32,433.010 | 24.39 |
Pershing LLC 1 Pershing Plz Jersey City NJ 07399-0001 |
Class Y | 24,814.238 | 18.66 |
TD Ameritrade Inc For the Exclusive Benefit of our Clients Po Box 2226 Omaha NE 68103-2226 |
Class Y | 11,699,890 | 8.80 |
C/O Regions Bank SEI Private Trust Company One Freedom Valley Drive Oaks PA 19456-9989 |
Class Y | 13,339.444 | 10.03 |
Name of Trustee | Dollar Range of Equity Securities in the Fund |
Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Trustee in the Pioneer Family of Funds |
Interested Trustees: | ||
Lisa M. Jones | None | Over $100,000 |
Kenneth J. Taubes | None | Over $100,000 |
Independent Trustees: | ||
John E. Baumgardner, Jr. | None | Over $100,000 |
David R. Bock | None | Over $100,000 |
Diane Durnin | None | Over $100,000 |
Benjamin M. Friedman | None | Over $100,000 |
Margaret B.W. Graham | None | Over $100,000 |
Lorraine H. Monchak | None | Over $100,000 |
Thomas J. Perna | None | Over $100,000 |
Marguerite A. Piret | None | Over $100,000 |
Fred J. Ricciardi | None | Over $100,000 |
Name of Trustee | Aggregate Compensation from Fund** |
Pension or Retirement Benefits Accrued as Part of Fund Expenses |
Total Compensation from the Fund and Other Pioneer Funds** |
Interested Trustees: | |||
Lisa M. Jones* | $0.00 | $0.00 | $0.00 |
Kenneth J. Taubes* | $0.00 | $0.00 | $0.00 |
Independent Trustees: | |||
John E. Baumgardner, Jr.*** | $1,656.27 | $0.00 | $253,416.00 |
David R. Bock**** | $1,035.69 | $0.00 | $153,375.00 |
Diane Durnin | $1,911.61 | $0.00 | $272,353.00 |
Benjamin M. Friedman | $2,051.32 | $0.00 | $312,000.00 |
Margaret B.W. Graham**** | $1,003.49 | $0.00 | $129,000.00 |
Lorraine H. Monchak | $2,079.03 | $0.00 | $319,500.00 |
Thomas J. Perna | $2,370.91 | $0.00 | $394,000.00 |
Marguerite A. Piret | $1,970.18 | $0.00 | $291,750.00 |
Fred J. Ricciardi | $2,024.13 | $0.00 | $307,500.00 |
TOTAL | $16,102.62 | $0.00 | $2,432,894.00 |
* | Under the management contract, Amundi Pioneer reimburses the fund for any Interested Trustee fees paid by the fund. |
** | For the fiscal year ended July 31, 2020. As of July 31, 2020, there were 45 U.S. registered investment portfolios in the Pioneer Family of Funds. |
*** | Mr. Baumgardner became a Trustee on September 16, 2019. |
**** | Mr. Bock and Ms. Graham retired as Trustees of the Pioneer Funds effective December 31, 2019. |
For the Fiscal Years Ended July 31 | 2020 | 2019 | 2018 |
Gross Fee Incurred | $0 | $0 | $105,618 |
Net Fee Paid | $0 | $0 | $105,618 |
For the Fiscal Years Ended July 31 | ||
2020 | 2019 | 2018 |
$196,797 | $227,103 | $161,810 |
For the Fiscal Years Ended July 31 | 2020 | 2019 | 2018 |
Approximate Net Underwriting Expenses Retained by PFD | $53,226 | $58,770 | $78,836 |
Approximate Commissions Reallowed to Dealers (Class A shares) | $271,126 | $306,471 | $253,769 |
Approximate Brokerage and Underwriting Commissions (Portfolio Transactions) | $12,147 | $6,613 | $12,827 |
For the Fiscal Year Ended July 31, 2020 | ||||
Combined Plan | Class A Plan | Class C Plan | Class R Plan | |
$1,522,683 | $830,640 | $686,506 | $5,537 |
Payments to Servicing Parties1 |
Advertising | Sales Meetings |
Printing and Mailing |
Total | |
Class A | $789,331 | $8,210 | $25,773 | $7,326 | $830,640 |
Class C | $617,074 | $13,713 | $43,573 | $12,147 | $686,507 |
Class R | $5,537 | $0 | $0 | $0 | $5,537 |
1 | Payments to Servicing Parties include Amundi Pioneer Distributor, Inc., broker-dealers, financial intermediaries and other parties that enter into a distribution, selling or service agreement with respect to one or more classes of the fund (annualized for the period ended September 30, 2020). |
1 | The ratings indicated herein are believed to be the most recent ratings available at the date of this statement of additional information for the securities listed. Ratings are generally given to securities at the time of issuance. While the rating agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings indicated do not necessarily represent ratings which will be given to these securities on the date of the fund’s fiscal year-end. |
• | Likelihood of payment-capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the terms of the obligation; |
• | Nature of and provisions of the obligation; |
• | Protection afforded by, and relative position of, the obligation in the event of bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights. |
• | Corporate name change. |
• | A change of corporate headquarters. |
• | Stock exchange listing. |
• | Establishment of time and place of annual meeting. |
• | Adjournment or postponement of annual meeting. |
• | Acceptance/approval of financial statements. |
• | Approval of dividend payments, dividend reinvestment plans and other dividend-related proposals. |
• | Approval of minutes and other formalities. |
• | Authorization of the transferring of reserves and allocation of income. |
• | Amendments to authorized signatories. |
• | Approval of accounting method changes or change in fiscal year-end. |
• | Acceptance of labor agreements. |
• | Appointment of internal auditors. |
• | Restore shareholder rights to ratify the auditors. |
• | Seek bids from other auditors. |
• | Rotate auditing firms, except where the rotation is statutorily required or where rotation would demonstrably strengthen financial disclosure. |
• | Indemnify auditors. |
• | Prohibit auditors from engaging in non-audit services for the company. |
• | Audit, compensation and nominating committees composed of independent directors exclusively. |
• | Indemnification for directors for actions taken in good faith in accordance with the business judgment rule. We will vote against proposals for broader indemnification. |
• | Changes in board size that appear to have a legitimate business purpose and are not primarily for anti-takeover reasons. |
• | Election of an honorary director. |
• | Minimum stock ownership by directors. |
• | Term limits for directors. Companies benefit from experienced directors, and shareholder control is better achieved through annual votes. |
• | Requirements for union or special interest representation on the board. |
• | Requirements to provide two candidates for each board seat. |
• | Separate chairman and CEO positions. We will consider voting with shareholders on these issues in cases of poor corporate performance. |
• | Individual directors with absenteeism above 25% without valid reason. We support proposals that require disclosure of director attendance. |
• | Insider directors and affiliated outsiders who sit on the audit, compensation, stock option or nominating committees. For the purposes of our policy, we use the definition of affiliated directors provided by our proxy voting service. |
• | Directors who have failed to act on a takeover offer where the majority of shareholders have tendered their shares. |
• | Directors who appear to lack independence or are associated with poor corporate or governance performance. |
• | Contested election of directors. |
• | Election of a greater number of independent directors (in order to move closer to a majority of independent directors) in cases of poor performance. |
• | Mandatory retirement policies. |
• | Directors who have ignored a shareholder proposal that has been approved by shareholders for two consecutive years. |
• | Precatory and binding resolutions requesting that the board changes the company’s bylaws to stipulate that directors need to be elected with affirmative majority of votes cast, provided that the resolutions allow for plurality voting in cases of contested elections. |
• | Cumulative voting. |
• | Increasing the ability for shareholders to call special meetings. |
• | Increasing the ability for shareholders to act by written consent. |
• | Restrictions on the ability to make greenmail payments. |
• | Submitting rights plans to shareholder vote. |
• | Rescinding shareholder rights plans (“poison pills”). |
• | Opting out of the following state takeover statutes: |
− | Control share acquisition statutes, which deny large holders voting rights on holdings over a specified threshold. |
− | Control share cash-out provisions, which require large holders to acquire shares from other holders. |
− | Freeze-out provisions, which impose a waiting period on large holders before they can attempt to gain control. |
− | Stakeholder laws, which permit directors to consider interests of non-shareholder constituencies. |
− | Disgorgement provisions, which require acquirers to disgorge profits on purchases made before gaining control. |
− | Fair price provisions. |
− | Authorization of shareholder rights plans. |
− | Labor protection provisions. |
− | Mandatory classified boards. |
• | Fair price provisions. We will vote against provisions requiring supermajority votes to approve takeovers. We will also consider voting against proposals that require a supermajority vote to repeal or amend the provision. Finally, we will consider the mechanism used to determine the fair price; we are generally opposed to complicated formulas or requirements to pay a premium. |
• | Opting out of state takeover statutes regarding fair price provisions. We will use the criteria used for fair price provisions in general to determine our vote on this issue. |
• | Proposals that allow shareholders to nominate directors. |
• | Classified boards, except in the case of closed-end funds, where we shall vote on a case-by-case basis. |
• | Limiting shareholder ability to remove or appoint directors. We will support proposals to restore shareholder authority in this area. We will review on case-by-case basis proposals that authorize the board to make interim appointments. |
• | Classes of shares with unequal voting rights. |
• | Supermajority vote requirements. |
• | Severance packages (“golden” and “tin” parachutes). We will support proposals to put these packages to shareholder vote. |
• | Reimbursement of dissident proxy solicitation expenses. While we ordinarily support measures that encourage takeover bids, we believe that management should have full control over corporate funds. |
• | Extension of advance notice requirements for shareholder proposals. |
• | Granting board authority normally retained by shareholders, particularly the right to amend the corporate charter. |
• | Shareholder rights plans (“poison pills”). These plans generally allow shareholders to buy additional shares at a below-market price in the event of a change in control and may deter some bids. |
• | Changes in par value. |
• | Reverse splits, if accompanied by a reduction in number of shares. |
• | Shares repurchase programs, if all shareholders may participate on equal terms. |
• | Bond issuance. |
• | Increases in “ordinary” preferred stock. |
• | Proposals to have blank-check common stock placements (other than shares issued in the normal course of business) submitted for shareholder approval. |
• | Cancellation of company treasury shares. |
• | Reverse splits not accompanied by a reduction in number of shares, considering the risk of delisting. |
• | Increase in authorized common stock. We will make a determination considering, among other factors: |
− | Number of shares currently available for issuance; |
− | Size of requested increase (we would normally approve increases of up to 100% of current authorization); |
− | Proposed use of the proceeds from the issuance of additional shares; and |
− | Potential consequences of a failure to increase the number of shares outstanding (e.g., delisting or bankruptcy). |
• | Blank-check preferred. We will normally oppose issuance of a new class of blank-check preferred, but may approve an increase in a class already outstanding if the company has demonstrated that it uses this flexibility appropriately. |
• | Proposals to submit private placements to shareholder vote. |
• | Other financing plans. |
• | 401(k) benefit plans. |
• | Employee stock ownership plans (ESOPs), as long as shares allocated to ESOPs are less than 5% of outstanding shares. Larger blocks of stock in ESOPs can serve as a takeover defense. We will support proposals to submit ESOPs to shareholder vote. |
• | Various issues related to the Omnibus Budget and Reconciliation Act of 1993 (OBRA), including: |
− | Amendments to performance plans to conform with OBRA; |
− | Caps on annual grants or amendments of administrative features; |
− | Adding performance goals; and |
− | Cash or cash-and-stock bonus plans. |
• | Establish a process to link pay, including stock-option grants, to performance, leaving specifics of implementation to the company. |
• | Require that option repricing be submitted to shareholders. |
• | Require the expensing of stock-option awards. |
• | Require reporting of executive retirement benefits (deferred compensation, split-dollar life insurance, SERPs, and pension benefits). |
• | Employee stock purchase plans where the purchase price is equal to at least 85% of the market price, where the offering period is no greater than 27 months and where potential dilution (as defined below) is no greater than 10%. |
• | Shareholder proposals seeking additional disclosure of executive and director pay information. |
• | Executive and director stock-related compensation plans. We will consider the following factors when reviewing these plans: |
− | The program must be of a reasonable size. We will approve plans where the combined employee and director plans together would generate less than 15% dilution. We will reject plans with 15% or more potential dilution. |
− | Dilution = (A + B + C) / (A + B + C + D), where |
− | A = Shares reserved for plan/amendment, |
− | B = Shares available under continuing plans, |
− | C = Shares granted but unexercised and |
− | D = Shares outstanding. |
− | The plan must not: |
− | Explicitly permit unlimited option repricing authority or have allowed option repricing in the past without shareholder approval. |
− | Be a self-replenishing “evergreen” plan or a plan that grants discount options and tax offset payments. |
− | We are generally in favor of proposals that increase participation beyond executives. |
− | We generally support proposals asking companies to adopt rigorous vesting provisions for stock option plans such as those that vest incrementally over, at least, a three- or four-year period with a pro rata portion of the shares becoming exercisable on an annual basis following grant date. |
− | We generally support proposals asking companies to disclose their window period policies for stock transactions. Window period policies ensure that employees do not exercise options based on insider information contemporaneous with quarterly earnings releases and other material corporate announcements. |
− | We generally support proposals asking companies to adopt stock holding periods for their executives. |
• | All other employee stock purchase plans. |
• | All other compensation-related proposals, including deferred compensation plans, employment agreements, loan guarantee programs and retirement plans. |
• | All other proposals regarding stock compensation plans, including extending the life of a plan, changing vesting restrictions, repricing options, lengthening exercise periods or accelerating distribution of awards and pyramiding and cashless exercise programs. |
• | Pensions for non-employee directors. We believe these retirement plans reduce director objectivity. |
• | Elimination of stock option plans. |
• | Limits on executive and director pay. |
• | Stock in lieu of cash compensation for directors. |
• | Confidential voting. |
• | Equal access provisions, which allow shareholders to contribute their opinions to proxy materials. |
• | Proposals requiring directors to disclose their ownership of shares in the company. |
• | Change in the state of incorporation. We will support reincorporations supported by valid business reasons. We will oppose those that appear to be solely for the purpose of strengthening takeover defenses. |
• | Bundled proposals. We will evaluate the overall impact of the proposal. |
• | Adopting or amending the charter, bylaws or articles of association. |
• | Shareholder appraisal rights, which allow shareholders to demand judicial review of an acquisition price. |
• | Shareholder advisory committees. While management should solicit shareholder input, we prefer to leave the method of doing so to management’s discretion. |
• | Limitations on stock ownership or voting rights. |
• | Reduction in share ownership disclosure guidelines. |
• | Mergers and acquisitions. |
• | Corporate restructurings, including spin-offs, liquidations, asset sales, joint ventures, conversions to holding company and conversions to self-managed REIT structure. |
• | Debt restructurings. |
• | Conversion of securities. |
• | Issuance of shares to facilitate a merger. |
• | Private placements, warrants, convertible debentures. |
• | Proposals requiring management to inform shareholders of merger opportunities. |
• | Establishment of new classes or series of shares. |
• | Establishment of a master-feeder structure. |
• | Changes in investment policy. We will normally support changes that do not affect the investment objective or overall risk level of the fund. We will examine more fundamental changes on a case-by-case basis. |
• | Approval of new or amended advisory contracts. |
• | Changes from closed-end to open-end format. |
• | Election of a greater number of independent directors. |
• | Authorization for, or increase in, preferred shares. |
• | Disposition of assets, termination, liquidation, or mergers. |
• | Classified boards of closed-end funds, but will typically support such proposals. |
• | Conduct studies regarding certain environmental or social issues; |
• | Study the feasibility of the company taking certain actions with regard to such issues; or |
• | Take specific action, including adopting or ceasing certain behavior and adopting company standards and principles, in relation to such issues. |
• | approval of the proposal helps improve the company’s practices; |
• | approval of the proposal can improve shareholder value; |
• | the company’s current stance on the topic is likely to have negative effects on its business position or reputation in the short, medium, or long term; |
• | the company has already put appropriate action in place to respond to the issue contained in the proposal; |
• | the company’s reasoning against approving the proposal responds appropriately to the various points mentioned by the shareholder when the proposal was presented; |
• | the solutions recommended in the proposal are relevant and appropriate, and if the topic of the proposal would not be better addressed through another means. |
• | An affiliate of Amundi Pioneer, such as another company belonging to the Credit Agricole banking group ( “Credit Agricole Affiliate”); |
• | An issuer of a security for which Amundi Pioneer acts as a sponsor, advisor, manager, custodian, distributor, underwriter, broker, or other similar capacity (including those securities specifically declared by its parent Amundi to present a conflict of interest for Amundi Pioneer); |
• | An issuer of a security for which Amundi has informed Amundi Pioneer that a Credit Agricole Affiliate acts as a sponsor, advisor, manager, custodian, distributor, underwriter, broker, or other similar capacity; or |
• | A person with whom Amundi Pioneer (or any of its affiliates) has an existing, material contract or business relationship. |
• | Vote the proxy in accordance with the vote indicated under “Voting Guidelines,” if a vote is indicated, or |
• | Direct the independent proxy voting service to vote the proxy in accordance with its independent assessment or that of another independent adviser appointed by Amundi Pioneer or the applicable client for this purpose. |
• | Retains a copy of each proxy statement received (unless the proxy statement is available from the SEC’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system); |
• | Retains a record of the vote cast; |
• | Prepares Form N-PX for filing on behalf of each client that is a registered investment company; and |
• | Is able to promptly provide Amundi Pioneer with a copy of the voting record upon its request. |
• | A record memorializing the basis for each referral vote cast; |
• | A copy of any document created by Amundi Pioneer that was material in making the decision on how to vote the subject proxy; |
• | A copy of any recommendation or analysis furnished by the proxy voting service; and |
• | A copy of any conflict notice, conflict consent or any other written communication (including emails or other electronic communications) to or from the client (or in the case of an employee benefit plan, the plan's trustee or other fiduciaries) regarding the subject proxy vote cast by, or the vote recommendation of, Amundi Pioneer. |
(1) | Previously filed. Incorporated herein by reference from the exhibits filed in the Trust's Registration Statement on Form N-1A (the “Registration Statement”) (File No. 333-114788) as filed with the Securities and Exchange Commission (the “SEC”) on April 23, 2004 (Accession No. 0001288255-04-000006). |
(2) | Previously filed. Incorporated herein by reference from the exhibits filed in the Trust's Pre-effective amendment No. 2 to the Registration Statement on Form N-1A (File No. 333-114788) as filed with the SEC on August 6, 2004 (Accession No. 0001016964-04-000333). |
(3) | Previously filed. Incorporated herein by reference from the exhibits filed in the Trust's Post-effective amendment No. 3 to the Registration Statement on Form N-1A (File No. 333-114788) as filed with the SEC on May 6, 2005 (Accession No. 0001016964-05-000218). |
(4) | Previously filed. Incorporated herein by reference from the exhibits filed in the Trust's Post-effective amendment No. 4 to the Registration Statement on Form N-1A (File No. 333-114788) as filed with the SEC on July 15, 2005 (Accession No. 0001288255-05-000003). |
(5) | Previously filed. Incorporated herein by reference from the exhibits filed in the Trust's Post-effective amendment No. 7 to the Registration Statement on Form N-1A (File No. 333-114788) as filed with the SEC on November 28, 2006 (Accession No. 0001288255-06-000019). |
(6) | Previously filed. Incorporated herein by reference from the exhibits filed in the Trust's Post-effective amendment No. 8 to the Registration Statement on Form N-1A (File No. 333-114788) as filed with the SEC on November 28, 2007 (Accession No. 0001145443-07-003717). |
(7) | Previously filed. Incorporated herein by reference from the exhibits filed in the Trust's Post-effective amendment No. 9 to the Registration Statement on Form N-1A (File No. 333-114788) as filed with the SEC on November 26, 2008 (Accession No. 0001288255-08-000008). |
(8) | Previously filed. Incorporated herein by reference from the exhibits filed in the Trust's Post-effective amendment No. 12 to the Registration Statement on Form N-1A (File No. 333-114788) as filed with the SEC on November 24, 2010 (Accession No. 0001288255-10-000002). |
(9) | Previously filed. Incorporated herein by reference from the exhibits filed in the Trust's Post-effective amendment No. 20 to the Registration Statement on Form N-1A (File No. 333-114788) as filed with the SEC on November 26, 2014 (Accession No. 0001288255-14-000021). |
(10) | Previously filed. Incorporated herein by reference from the exhibits filed in the Trust's Post-effective amendment No. 26 to the Registration Statement on Form N-1A (File No. 333-114788) as filed with the SEC on November 22, 2016 (Accession No. 0001288255-16-000040). |
(11) | Previously filed. Incorporated herein by reference from the exhibits filed in the Trust's Post-effective amendment No. 28 to the Registration Statement on Form N-1A (File No. 333-114788) as filed with the SEC on November 27, 2017 (Accession No. 0001288255-17-000013). |
(12) | Previously filed. Incorporated herein by reference from the exhibits filed in the Trust's Post-effective amendment No. 30 to the Registration Statement on Form N-1A (File No. 333-114788) as filed with the SEC on February 21, 2018 (Accession No. 0001288255-18-000020). |
(13) | Filed herewith. |
(a) | Amundi Pioneer Distributor, Inc. acts as principal underwriter for the following investment companies: |
Pioneer Asset Allocation Trust Pioneer Bond Fund Pioneer Equity Income Fund Pioneer Fund Pioneer High Yield Fund Pioneer ILS Interval Fund Pioneer Mid Cap Value Fund Pioneer Money Market Trust Pioneer Real Estate Shares Pioneer Series Trust II Pioneer Series Trust III Pioneer Series Trust IV Pioneer Series Trust V Pioneer Series Trust VI Pioneer Series Trust VII Pioneer Series Trust VIII Pioneer Series Trust X Pioneer Series Trust XI Pioneer Series Trust XII Pioneer Series Trust XIV (formerly, Pioneer Strategic Income Fund) Pioneer Short Term Income Fund Pioneer Variable Contracts Trust | |
(b) | Directors and executive officers of Amundi Pioneer Distributor, Inc.: |
Name | Positions and Offices with Underwriter |
Positions and Offices with Fund | ||
Patrice Blanc | Director | None | ||
Lisa M. Jones | Director, Chairman, President and Chief Executive Officer | President and Trustee | ||
Laura J. Palmer | Director, Senior Vice President, Head of U.S. Intermediary Distribution and Head of Sales - Cross Channel | None | ||
Tracy L. Connelly | Senior Vice President and Chief Operations Officer | None | ||
Gregg M. Dooling | Chief Financial Officer | None | ||
Terrence J. Cullen | Senior Vice President and General Counsel | None | ||
John M. Malone | Senior Vice President and Chief Compliance Officer | None | ||
Patrick D. Grecco | Vice President and Controller | None |
(c) | Not applicable. |
(a) | Registrant: 60 State Street Boston, Massachusetts 02109 |
(b) | Investment adviser and administrator: Amundi Pioneer Asset Management, Inc. 60 State Street Boston, Massachusetts 02109 |
(c) | Principal underwriter: Amundi Pioneer Distributor, Inc. 60 State Street Boston, Massachusetts 02109 |
(d) | Custodian and sub-administrator: Brown Brothers Harriman & Co. 50 Post Office Square Boston, Massachusetts 02110 |
(e) | Shareholder servicing and transfer agent: DST Asset Manager Solutions, Inc. 2000 Crown Colony Drive Quincy, Massachusetts 02169 |
Signature | Title | |||
/s/ Lisa M. Jones Lisa M. Jones |
President (Principal Executive Officer) and Trustee |
|||
Mark E. Bradley* Mark E. Bradley |
Treasurer (Principal Financial and Accounting Officer) |
|||
John E. Baumgardner, Jr.* John E. Baumgardner, Jr. |
Trustee | |||
Diane Durnin* Diane Durnin |
Trustee | |||
Benjamin M. Friedman* Benjamin M. Friedman |
Trustee | |||
Lorraine H. Monchak* Lorraine H. Monchak |
Trustee | |||
Thomas J. Perna* Thomas J. Perna |
Chairman of the Board and Trustee |
|||
Marguerite A. Piret* Marguerite A. Piret |
Trustee | |||
Fred J. Ricciardi* Fred J. Ricciardi |
Trustee | |||
Kenneth J. Taubes* Kenneth J. Taubes |
Trustee | |||
*By: /s/ Lisa M. Jones Lisa M. Jones Attorney-In-Fact |
November 24, 2020 |
Exhibit Number |
Document Title | |
(g)(2) | Amended Appendix A to Custodian Agreement (November 1, 2020) | |
(h)(2) | Amended and Restated Administration Agreement (November 1, 2020) | |
(h)(4) | Appendix A to Administrative Agency Agreement (November 1, 2020) | |
(h)(5) | Expense Limit Agreement | |
(j)(1) | Consent of Independent Registered Public Accounting Firm | |
(m) | Amended and Restated Pioneer Funds Distribution Plan (September 25, 2020) | |
(p) | Code of Ethics for the Pioneer Funds, Amundi Pioneer Distributor, Inc., Amundi Pioneer Institutional Asset Management, Inc., and Amundi Pioneer Asset Management, Inc. (August 2020) | |
N/A | Power of Attorney (October 1, 2020) |