A: PINDX
|
C: INDCX
|
Y: INYDX
|
|
|
1.
|
Apple, Inc.
|
7.49%
|
2.
|
Microsoft Corp.
|
6.62
|
3.
|
Amazon.com, Inc.
|
6.57
|
4.
|
Visa, Inc.
|
4.65
|
5.
|
salesforce.com, Inc.
|
3.25
|
6.
|
Adobe, Inc.
|
3.16
|
7.
|
Alphabet, Inc.
|
3.09
|
8.
|
Accenture Plc
|
3.05
|
9.
|
PayPal Holdings, Inc.
|
2.97
|
10.
|
Amphenol Corp.
|
2.49
|
Class
|
8/31/20
|
8/31/19
|
A
|
$21.71
|
$16.92
|
C
|
$18.22
|
$14.42
|
Y
|
$22.38
|
$17.41
|
|
Net Investment
|
Short-Term
|
Long-Term
|
Class
|
Income
|
Capital Gains
|
Capital Gains
|
A
|
$0.0292
|
$0.0493
|
$0.8428
|
C
|
$ —
|
$0.0493
|
$0.8428
|
Y
|
$0.0698
|
$0.0493
|
$0.8428
|
Class A Shares
|
Average Annual Total Returns
|
|
||
(As of August 31, 2020)
|
|
||
|
Net
|
Public
|
Russell
|
|
Asset
|
Offering
|
1000
|
|
Value
|
Price
|
Growth
|
Period
|
(NAV)
|
(POP)
|
Index
|
10 years
|
16.49%
|
15.81%
|
19.02%
|
5 years
|
16.44
|
15.07
|
20.66
|
1 year
|
35.17
|
27.40
|
44.34
|
|
|||
|
|||
Expense Ratio
|
|
|
|
(Per prospectus dated December 31, 2019)
|
|||
Gross
|
|
|
|
1.07%
|
|
|
|
Performance Update | 8/31/20
|
Class C Shares
|
Average Annual Total Returns
|
|
||
(As of August 31, 2020)
|
|
||
|
|
|
Russell
|
|
|
|
1000
|
|
If
|
If
|
Growth
|
Period
|
Held
|
Redeemed
|
Index |
10 years
|
15.52%
|
15.52%
|
19.02%
|
5 years
|
15.51
|
15.51
|
20.66
|
1 year
|
34.12
|
34.12
|
44.34
|
|
|||
|
|||
Expense Ratio
|
|
|
|
(Per prospectus dated December 31, 2019)
|
|||
Gross
|
|
|
|
1.87%
|
|
|
|
Performance Update | 8/31/20
|
Class Y Shares
|
Average Annual Total Returns
|
|
|
(As of August 31, 2020)
|
|
|
|
|
Russell
|
|
|
1000
|
|
Net Asset
|
Growth
|
Period
|
Value (NAV)
|
Index
|
10 years
|
16.83%
|
19.02%
|
5 years
|
16.71
|
20.66
|
1 year
|
35.51
|
44.34
|
|
||
|
||
Expense Ratio
|
|
|
(Per prospectus dated December 31, 2019)
|
||
Gross
|
|
|
0.83%
|
|
|
Share Class
|
A
|
C
|
Y
|
Beginning Account
|
$1,000.00
|
$1,000.00
|
$1,000.00
|
Value on 3/1/20
|
|
|
|
Ending Account
|
$1,283.06
|
$1,278.67
|
$1,284.70
|
Value (after expenses)
|
|
|
|
on 8/31/20
|
|
|
|
Expenses Paid
|
$6.03
|
$10.48
|
$4.65
|
During Period*
|
|
|
|
Share Class
|
A
|
C
|
Y
|
Beginning Account
|
$1,000.00
|
$1,000.00
|
$1,000.00
|
Value on 3/1/20
|
|
|
|
Ending Account
|
$1,019.86
|
$1,015.94
|
$1,021.06
|
Value (after expenses)
|
|
|
|
on 8/31/20
|
|
|
|
Expenses Paid
|
$5.33
|
$9.27
|
$4.12
|
During Period*
|
|
|
|
Shares
|
|
Value
|
|
|
UNAFFILIATED ISSUERS — 99.7%
|
|
|
|
COMMON STOCKS — 99.7% of Net Assets
|
|
|
|
Auto Components — 0.5%
|
|
|
95,079
|
Aptiv Plc
|
$ 8,188,203
|
|
|
Total Auto Components
|
$ 8,188,203
|
|
|
Beverages — 3.1%
|
|
|
191,748
|
Brown-Forman Corp., Class B
|
$ 14,030,201
|
|
275,782
|
PepsiCo., Inc.
|
38,626,027
|
|
|
Total Beverages
|
$ 52,656,228
|
|
|
Capital Markets — 1.9%
|
|
|
219,963
|
Charles Schwab Corp.
|
$ 7,815,285
|
|
98,061
|
Intercontinental Exchange, Inc.
|
10,417,020
|
|
37,166
|
S&P Global, Inc.
|
13,618,366
|
|
|
Total Capital Markets
|
$ 31,850,671
|
|
|
Chemicals — 1.0%
|
|
|
152,124
|
FMC Corp.
|
$ 16,255,971
|
|
|
Total Chemicals
|
$ 16,255,971
|
|
|
Commercial Services & Supplies — 1.0%
|
|
|
147,244
|
Waste Management, Inc.
|
$ 16,785,816
|
|
|
Total Commercial Services & Supplies
|
$ 16,785,816
|
|
|
Communications Equipment — 0.8%
|
|
|
39,775(a)
|
Arista Networks, Inc.
|
$ 8,887,724
|
|
28,712
|
Motorola Solutions, Inc.
|
4,443,182
|
|
|
Total Communications Equipment
|
$ 13,330,906
|
|
|
Consumer Discretionary — 3.7%
|
|
|
232,970
|
NIKE, Inc., Class B
|
$ 26,067,013
|
|
419,709
|
Starbucks Corp.
|
35,452,819
|
|
|
Total Consumer Discretionary
|
$ 61,519,832
|
|
|
Electric Utilities — 0.7%
|
|
|
42,043
|
NextEra Energy, Inc.
|
$ 11,737,144
|
|
|
Total Electric Utilities
|
$ 11,737,144
|
|
|
Electrical Equipment — 1.5%
|
|
|
107,354
|
Rockwell Automation, Inc.
|
$ 24,748,318
|
|
|
Total Electrical Equipment
|
$ 24,748,318
|
|
|
Electronic Equipment, Instruments &
|
|
|
|
Components — 4.0%
|
|
|
375,944
|
Amphenol Corp.
|
$ 41,278,651
|
|
221,863
|
CDW Corp.
|
25,214,730
|
|
|
Total Electronic Equipment, Instruments &
|
||
|
Components
|
$ 66,493,381
|
Shares
|
|
Value
|
|
|
Entertainment — 2.9%
|
|
|
117,709(a)
|
Electronic Arts, Inc.
|
$ 16,416,874
|
|
242,580
|
Walt Disney Co.
|
31,989,025
|
|
|
Total Entertainment
|
$ 48,405,899
|
|
|
Equity Real Estate Investment Trusts (REIT) — 0.9%
|
|
|
70,226
|
Essex Property Trust, Inc.
|
$ 15,204,631
|
|
|
Total Equity Real Estate Investment Trusts (REIT)
|
$ 15,204,631
|
|
|
Food Products — 0.6%
|
|
|
49,743
|
McCormick & Co., Inc., Class VTG
|
$ 10,257,007
|
|
|
Total Food Products
|
$ 10,257,007
|
|
|
Health Care — 1.3%
|
|
|
139,904
|
Johnson & Johnson
|
$ 21,462,673
|
|
|
Total Health Care
|
$ 21,462,673
|
|
|
Health Care Equipment & Supplies — 5.8%
|
||
30,098(a)
|
ABIOMED, Inc.
|
$ 9,258,747
|
|
26,683
|
Cooper Cos., Inc.
|
8,388,602
|
|
167,220(a)
|
Edwards Lifesciences Corp.
|
14,354,165
|
|
135,607(a)
|
Hologic, Inc.
|
8,098,450
|
|
297,375
|
Procter & Gamble Co.
|
41,135,884
|
|
76,842
|
ResMed, Inc.
|
13,891,497
|
|
|
Total Health Care Equipment & Supplies
|
$ 95,127,345
|
|
|
Health Care Providers & Services — 2.6%
|
|
|
58,574
|
Anthem, Inc.
|
$ 16,489,752
|
|
84,778
|
UnitedHealth Group, Inc.
|
26,497,364
|
|
|
Total Health Care Providers & Services
|
$ 42,987,116
|
|
|
Household Products — 0.5%
|
|
|
28,373(a)
|
Align Technology, Inc.
|
$ 8,426,214
|
|
|
Total Household Products
|
$ 8,426,214
|
|
|
Insurance — 1.1%
|
|
|
200,285
|
Progressive Corp.
|
$ 19,035,086
|
|
|
Total Insurance
|
$ 19,035,086
|
|
|
Interactive Media & Services — 4.2%
|
|
|
31,511(a)
|
Alphabet, Inc.
|
$ 51,348,120
|
|
60,603(a)
|
Facebook, Inc.
|
17,768,799
|
|
|
Total Interactive Media & Services
|
$ 69,116,919
|
|
Internet & Direct Marketing Retail — 7.4%
|
|||
31,628(a)
|
Amazon.com, Inc.
|
$ 109,146,963
|
|
7,814(a)
|
Booking Holdings, Inc.
|
14,928,256
|
|
|
Total Internet & Direct Marketing Retail
|
$ 124,075,219
|
Shares
|
|
Value
|
|
|
IT Services — 12.7%
|
|
|
210,880
|
Accenture Plc
|
$ 50,596,438
|
|
131,021
|
Automatic Data Processing, Inc.
|
18,223,711
|
|
222,045
|
Paychex, Inc.
|
16,979,781
|
|
241,908(a)
|
PayPal Holdings, Inc.
|
49,383,099
|
|
364,307
|
Visa, Inc.
|
77,229,441
|
|
|
Total IT Services
|
$ 212,412,470
|
|
|
Life Sciences Tools & Services — 0.6%
|
|
|
22,786
|
Thermo Fisher Scientific, Inc.
|
$ 9,774,738
|
|
|
Total Life Sciences Tools & Services
|
$ 9,774,738
|
|
|
Machinery — 1.5%
|
|
|
56,278
|
Illinois Tool Works, Inc.
|
$ 11,117,719
|
|
25,070
|
Stanley Black & Decker, Inc.
|
4,043,791
|
|
100,998
|
Xylem, Inc.
|
8,098,020
|
|
|
Total Machinery
|
$ 23,259,530
|
|
|
Pharmaceuticals — 5.8%
|
|
|
169,257
|
Eli Lilly & Co.
|
$ 25,116,046
|
|
457,779
|
Merck & Co., Inc.
|
39,034,815
|
|
270,084
|
Novo Nordisk AS (A.D.R.)
|
17,836,347
|
|
327,013
|
Roche Holding AG (A.D.R.)
|
14,290,468
|
|
|
Total Pharmaceuticals
|
$ 96,277,676
|
|
|
Road & Rail — 1.1%
|
|
|
85,209
|
Norfolk Southern Corp.
|
$ 18,109,469
|
|
|
Total Road & Rail
|
$ 18,109,469
|
|
|
Semiconductors & Semiconductor Equipment — 4.1%
|
|
|
139,355
|
Analog Devices, Inc.
|
$ 16,287,812
|
|
56,376
|
Lam Research Corp.
|
18,961,504
|
|
287,458
|
QUALCOMM, Inc.
|
34,236,248
|
|
|
Total Semiconductors & Semiconductor Equipment
|
$ 69,485,564
|
|
|
Software — 16.9%
|
|
|
102,085(a)
|
Adobe, Inc.
|
$ 52,409,418
|
|
107,420(a)
|
Autodesk, Inc.
|
26,393,094
|
|
38,080(a)
|
Guidewire Software, Inc.
|
4,276,765
|
|
76,331
|
Intuit, Inc.
|
26,363,964
|
|
487,930
|
Microsoft Corp.
|
110,042,853
|
|
198,042(a)
|
salesforce.com, Inc.
|
53,996,151
|
|
95,930(a)
|
Zendesk, Inc.
|
9,245,733
|
|
|
Total Software
|
$ 282,727,978
|
Shares
|
|
Value
|
|
|
Specialty Retail — 3.3%
|
|
|
14,108
|
Home Depot, Inc.
|
$ 4,021,345
|
|
17,295(a)
|
O’Reilly Automotive, Inc.
|
8,053,071
|
|
636,261
|
TJX Cos., Inc.
|
34,860,740
|
|
33,573(a)
|
Ulta Beauty, Inc.
|
7,794,979
|
|
|
Total Specialty Retail
|
$ 54,730,135
|
|
|
Technology Hardware, Storage & Peripherals — 7.5%
|
|
|
964,464
|
Apple, Inc.
|
$ 124,454,435
|
|
|
Total Technology Hardware, Storage & Peripherals
|
$ 124,454,435
|
|
|
Textiles, Apparel & Luxury Goods — 0.5%
|
|
|
124,818
|
VF Corp.
|
$ 8,206,784
|
|
|
Total Textiles, Apparel & Luxury Goods
|
$ 8,206,784
|
|
|
Trading Companies & Distributors — 0.2%
|
||
22,263(a)
|
United Rentals, Inc.
|
$ 3,941,664
|
|
|
Total Trading Companies & Distributors
|
$ 3,941,664
|
|
|
TOTAL COMMON STOCKS
|
|
|
|
(Cost $1,219,342,156)
|
$ 1,661,045,022
|
|
|
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 99.7%
|
|
|
|
(Cost $1,219,342,156)
|
$ 1,661,045,022
|
|
|
OTHER ASSETS AND LIABILITIES — 0.3%
|
$ 5,792,035
|
|
NET ASSETS — 100.0%
|
$ 1,666,837,057
|
REIT
|
Real Estate Investment Trust.
|
(A.D.R.)
|
American Depositary Receipts.
|
(a)
|
Non-income producing security.
|
Aggregate gross unrealized appreciation for all investments in which
|
||||
there is an excess of value over tax cost
|
$
|
453,879,292
|
||
Aggregate gross unrealized depreciation for all investments in which
|
||||
there is an excess of tax cost over value
|
(14,450,884
|
)
|
||
Net unrealized appreciation
|
$
|
439,428,408
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$
|
1,661,045,022
|
$
|
—
|
$
|
—
|
$
|
1,661,045,022
|
||||||||
Total Investments in Securities
|
$
|
1,661,045,022
|
$
|
—
|
$
|
—
|
$
|
1,661,045,022
|
ASSETS:
|
||||
Investments in unaffiliated issuers, at value (cost $1,219,342,156)
|
$
|
1,661,045,022
|
||
Cash
|
33,117,648
|
|||
Receivables —
|
||||
Fund shares sold
|
194,816
|
|||
Dividends
|
1,211,823
|
|||
Other assets
|
22,087
|
|||
Total assets
|
$
|
1,695,591,396
|
||
LIABILITIES:
|
||||
Payables —
|
||||
Investment securities purchased
|
$
|
27,156,287
|
||
Fund shares repurchased
|
990,911
|
|||
Trustees’ fees
|
12,843
|
|||
Due to affiliates
|
186,008
|
|||
Accrued expenses
|
408,290
|
|||
Total liabilities
|
$
|
28,754,339
|
||
NET ASSETS:
|
||||
Paid-in capital
|
$
|
1,024,201,651
|
||
Distributable earnings
|
642,635,406
|
|||
Net assets
|
$
|
1,666,837,057
|
||
NET ASSET VALUE PER SHARE:
|
||||
No par value (unlimited number of shares authorized)
|
||||
Class A (based on $1,596,477,229/73,525,217 shares)
|
$
|
21.71
|
||
Class C (based on $13,035,893/715,617 shares)
|
$
|
18.22
|
||
Class Y (based on $57,323,935/2,561,436 shares)
|
$
|
22.38
|
||
MAXIMUM OFFERING PRICE PER SHARE:
|
||||
Class A (based on $21.71 net asset value per share/100%-5.75%
|
||||
maximum sales charge)
|
$
|
23.03
|
INVESTMENT INCOME:
|
||||||||
Dividends from unaffiliated issuers (net of foreign
|
||||||||
taxes withheld $36,756)
|
$
|
14,734,130
|
||||||
Interest from unaffiliated issuers
|
334,438
|
|||||||
Total investment income
|
$
|
15,068,568
|
||||||
EXPENSES:
|
||||||||
Management fees
|
$
|
8,835,491
|
||||||
Administrative expense
|
534,226
|
|||||||
Transfer agent fees
|
||||||||
Class A
|
905,798
|
|||||||
Class C
|
10,880
|
|||||||
Class Y
|
47,941
|
|||||||
Distribution fees
|
||||||||
Class A
|
3,324,199
|
|||||||
Class C
|
120,448
|
|||||||
Shareowner communications expense
|
399,379
|
|||||||
Custodian fees
|
25,060
|
|||||||
Registration fees
|
72,820
|
|||||||
Professional fees
|
92,164
|
|||||||
Printing expense
|
53,476
|
|||||||
Pricing fees
|
16
|
|||||||
Trustees’ fees
|
72,010
|
|||||||
Insurance expense
|
23,661
|
|||||||
Miscellaneous
|
74,465
|
|||||||
Total expenses
|
$
|
14,592,034
|
||||||
Net investment income
|
$
|
476,534
|
||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
|
||||||||
Net realized gain (loss) on:
|
||||||||
Investments in unaffiliated issuers
|
$
|
218,618,013
|
||||||
Change in net unrealized appreciation (depreciation) on:
|
||||||||
Investments in unaffiliated issuers
|
$
|
220,884,895
|
||||||
Net realized and unrealized gain (loss) on investments
|
$
|
439,502,908
|
||||||
Net increase in net assets resulting from operations
|
$
|
439,979,442
|
|
Year
|
Year
|
||||||
|
Ended
|
Ended
|
||||||
|
8/31/20
|
8/31/19
|
||||||
FROM OPERATIONS:
|
||||||||
Net investment income (loss)
|
$
|
476,534
|
$
|
1,879,444
|
||||
Net realized gain (loss) on investments
|
218,618,013
|
65,527,882
|
||||||
Change in net unrealized appreciation (depreciation)
|
||||||||
on investments
|
220,884,895
|
16,271,217
|
||||||
Net increase in net assets resulting from operations
|
$
|
439,979,442
|
$
|
83,678,543
|
||||
DISTRIBUTIONS TO SHAREOWNERS:
|
||||||||
Class A ($0.92 and $3.69 per share, respectively)
|
$
|
(66,884,688
|
)
|
$
|
(228,988,197
|
)
|
||
Class C ($0.89 and $3.69 per share, respectively)
|
(716,445
|
)
|
(2,874,832
|
)
|
||||
Class Y ($0.96 and $3.72 per share, respectively)
|
(2,466,326
|
)
|
(9,057,630
|
)
|
||||
Total distributions to shareowners
|
$
|
(70,067,459
|
)
|
$
|
(240,920,659
|
)
|
||
FROM FUND SHARE TRANSACTIONS:
|
||||||||
Net proceeds from sales of shares
|
$
|
58,441,183
|
$
|
65,637,243
|
||||
Reinvestment of distributions
|
69,328,736
|
238,430,013
|
||||||
Cost of shares repurchased
|
(143,290,148
|
)
|
(141,492,116
|
)
|
||||
Net increase (decrease) in net assets resulting
|
||||||||
from Fund share transactions
|
$
|
(15,520,229
|
)
|
$
|
162,575,140
|
|||
Net increase in net assets
|
$
|
354,391,754
|
$
|
5,333,024
|
||||
NET ASSETS:
|
||||||||
Beginning of year
|
$
|
1,312,445,303
|
$
|
1,307,112,279
|
||||
End of year
|
$
|
1,666,837,057
|
$
|
1,312,445,303
|
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
||||||||||||
|
8/31/20
|
8/31/20
|
8/31/19
|
8/31/19
|
||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||
Class A
|
||||||||||||||||
Shares sold
|
2,648,736
|
$
|
46,757,463
|
3,408,233
|
$
|
57,305,472
|
||||||||||
Reinvestment of distributions
|
3,843,595
|
66,295,536
|
15,145,897
|
227,025,180
|
||||||||||||
Less shares repurchased
|
(7,138,146
|
)
|
(126,098,347
|
)
|
(6,863,535
|
)
|
(113,391,117
|
)
|
||||||||
Net increase/(decrease)
|
(645,815
|
)
|
$
|
(13,045,348
|
)
|
11,690,595
|
$
|
170,939,535
|
||||||||
Class C
|
||||||||||||||||
Shares sold
|
152,245
|
$
|
2,236,248
|
143,845
|
$
|
2,039,764
|
||||||||||
Reinvestment of distributions
|
48,943
|
710,659
|
220,063
|
2,825,613
|
||||||||||||
Less shares repurchased
|
(306,147
|
)
|
(4,561,992
|
)
|
(899,933
|
)
|
(14,580,428
|
)
|
||||||||
Net decrease
|
(104,959
|
)
|
$
|
(1,615,085
|
)
|
(536,025
|
)
|
$
|
(9,715,051
|
)
|
||||||
Class Y
|
||||||||||||||||
Shares sold
|
513,696
|
$
|
9,447,472
|
388,485
|
$
|
6,292,007
|
||||||||||
Reinvestment of distributions
|
130,405
|
2,322,541
|
556,866
|
8,579,220
|
||||||||||||
Less shares repurchased
|
(690,851
|
)
|
(12,629,809
|
)
|
(818,290
|
)
|
(13,520,571
|
)
|
||||||||
Net increase/(decrease)
|
(46,750
|
)
|
$
|
(859,796
|
)
|
127,061
|
$
|
1,350,656
|
|
Year
|
Year
|
Year
|
Year
|
Year
|
|||||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||||
|
8/31/20
|
8/31/19
|
8/31/18
|
8/31/17
|
8/31/16*
|
|||||||||||||||
Class A
|
||||||||||||||||||||
Net asset value, beginning of period
|
$
|
16.92
|
$
|
19.74
|
$
|
18.99
|
$
|
17.53
|
$
|
17.34
|
||||||||||
Increase (decrease) from investment operations:
|
||||||||||||||||||||
Net investment income (loss) (a)
|
$
|
0.01
|
$
|
0.02
|
$
|
0.00(b
|
)
|
$
|
0.05
|
$
|
0.06
|
|||||||||
Net realized and unrealized gain (loss) on investments
|
5.70
|
0.85
|
3.09
|
2.80
|
1.18
|
|||||||||||||||
Net increase (decrease) from investment operations
|
$
|
5.71
|
$
|
0.87
|
$
|
3.09
|
$
|
2.85
|
$
|
1.24
|
||||||||||
Distributions to shareowners:
|
||||||||||||||||||||
Net investment income
|
$
|
(0.03
|
)
|
$
|
(0.00)
|
(b)
|
$
|
(0.03
|
)
|
$
|
(0.04
|
)
|
$
|
(0.05
|
)
|
|||||
Net realized gain
|
(0.89
|
)
|
(3.69
|
)
|
(2.31
|
)
|
(1.35
|
)
|
(1.00
|
)
|
||||||||||
Total distributions
|
$
|
(0.92
|
)
|
$
|
(3.69
|
)
|
$
|
(2.34
|
)
|
$
|
(1.39
|
)
|
$
|
(1.05
|
)
|
|||||
Net increase (decrease) in net asset value
|
$
|
4.79
|
$
|
(2.82
|
)
|
$
|
0.75
|
$
|
1.46
|
$
|
0.19
|
|||||||||
Net asset value, end of period
|
$
|
21.71
|
$
|
16.92
|
$
|
19.74
|
$
|
18.99
|
$
|
17.53
|
||||||||||
Total return (c)
|
35.17
|
%
|
6.84
|
%
|
17.54
|
%
|
17.64
|
%
|
7.18
|
%
|
||||||||||
Ratio of net expenses to average net assets
|
1.05
|
%
|
1.07
|
%
|
1.05
|
%
|
1.10
|
%
|
1.13
|
%
|
||||||||||
Ratio of net investment income (loss) to average net assets
|
0.03
|
%
|
0.15
|
%
|
0.02
|
%
|
0.26
|
%
|
0.38
|
%
|
||||||||||
Portfolio turnover rate
|
101
|
%
|
111
|
%
|
98
|
%
|
76
|
%
|
118
|
%
|
||||||||||
Net assets, end of period (in thousands)
|
$
|
1,596,477
|
$
|
1,255,198
|
$
|
1,233,268
|
$
|
1,108,910
|
$
|
993,736
|
|
Year
|
Year
|
Year
|
Year
|
Year
|
|||||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||||
|
8/31/20
|
8/31/19
|
8/31/18
|
8/31/17
|
8/31/16*
|
|||||||||||||||
Class C
|
||||||||||||||||||||
Net asset value, beginning of period
|
$
|
14.42
|
$
|
17.51
|
$
|
17.19
|
$
|
16.08
|
$
|
16.07
|
||||||||||
Increase (decrease) from investment operations: (a)
|
||||||||||||||||||||
Net investment income (loss) (b)
|
$
|
(0.11
|
)
|
$
|
(0.09
|
)
|
$
|
(0.13
|
)
|
$
|
(0.09
|
)
|
$
|
(0.08
|
)
|
|||||
Net realized and unrealized gain (loss) on investments
|
4.80
|
0.69
|
2.76
|
2.55
|
1.09
|
|||||||||||||||
Net increase (decrease) from investment operations
|
$
|
4.69
|
$
|
0.60
|
$
|
2.63
|
$
|
2.46
|
$
|
1.01
|
||||||||||
Distributions to shareowners:
|
||||||||||||||||||||
Net realized gain
|
(0.89
|
)
|
(3.69
|
)
|
(2.31
|
)
|
(1.35
|
)
|
(1.00
|
)
|
||||||||||
Total distributions
|
$
|
(0.89
|
)
|
$
|
(3.69
|
)
|
$
|
(2.31
|
)
|
$
|
(1.35
|
)
|
$
|
(1.00
|
)
|
|||||
Net increase (decrease) in net asset value
|
$
|
3.80
|
$
|
(3.09
|
)
|
$
|
0.32
|
$
|
1.11
|
$
|
0.01
|
|||||||||
Net asset value, end of period
|
$
|
18.22
|
$
|
14.42
|
$
|
17.51
|
$
|
17.19
|
$
|
16.08
|
||||||||||
Total return (c)
|
34.12
|
%
|
6.04
|
%(d)
|
16.61
|
%
|
16.68
|
%
|
6.26
|
%
|
||||||||||
Ratio of net expenses to average net assets
|
1.83
|
%
|
1.87
|
%
|
1.87
|
%
|
1.94
|
%
|
1.98
|
%
|
||||||||||
Ratio of net investment income (loss) to average net assets
|
(0.75
|
)%
|
(0.65
|
)%
|
(0.79
|
)%
|
(0.58
|
)%
|
(0.48
|
)%
|
||||||||||
Portfolio turnover rate
|
101
|
%
|
111
|
%
|
98
|
%
|
76
|
%
|
118
|
%
|
||||||||||
Net assets, end of period (in thousands)
|
$
|
13,036
|
$
|
11,832
|
$
|
23,754
|
$
|
22,201
|
$
|
20,776
|
|
Year
|
Year
|
Year
|
Year
|
Year
|
|||||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||||
|
8/31/20
|
8/31/19
|
8/31/18
|
8/31/17
|
8/31/16*
|
|||||||||||||||
Class Y
|
||||||||||||||||||||
Net asset value, beginning of period
|
$
|
17.41
|
$
|
20.19
|
$
|
19.38
|
$
|
17.86
|
$
|
17.66
|
||||||||||
Increase (decrease) from investment operations:
|
||||||||||||||||||||
Net investment income (loss) (a)
|
$
|
0.05
|
$
|
0.07
|
$
|
0.04
|
$
|
0.09
|
$
|
0.11
|
||||||||||
Net realized and unrealized gain (loss) on investments
|
5.88
|
0.87
|
3.15
|
2.87
|
1.20
|
|||||||||||||||
Net increase (decrease) from investment operations
|
$
|
5.93
|
$
|
0.94
|
$
|
3.19
|
$
|
2.96
|
$
|
1.31
|
||||||||||
Distributions to shareowners:
|
||||||||||||||||||||
Net investment income
|
$
|
(0.07
|
)
|
$
|
(0.03
|
)
|
$
|
(0.07
|
)
|
$
|
(0.09
|
)
|
$
|
(0.11
|
)
|
|||||
Net realized gain
|
(0.89
|
)
|
(3.69
|
)
|
(2.31
|
)
|
(1.35
|
)
|
(1.00
|
)
|
||||||||||
Total distributions
|
$
|
(0.96
|
)
|
$
|
(3.72
|
)
|
$
|
(2.38
|
)
|
$
|
(1.44
|
)
|
$
|
(1.11
|
)
|
|||||
Net increase (decrease) in net asset value
|
$
|
4.97
|
$
|
(2.78
|
)
|
$
|
0.81
|
$
|
1.52
|
$
|
0.20
|
|||||||||
Net asset value, end of period
|
$
|
22.38
|
$
|
17.41
|
$
|
20.19
|
$
|
19.38
|
$
|
17.86
|
||||||||||
Total return (b)
|
35.51
|
%
|
7.09
|
%(c)
|
17.72
|
%
|
17.94
|
%
|
7.46
|
%(d)
|
||||||||||
Ratio of net expenses to average net assets
|
0.81
|
%
|
0.83
|
%
|
0.87
|
%
|
0.85
|
%
|
0.86
|
%
|
||||||||||
Ratio of net investment income (loss) to average net assets
|
0.28
|
%
|
0.39
|
%
|
0.20
|
%
|
0.50
|
%
|
0.65
|
%
|
||||||||||
Portfolio turnover rate
|
101
|
%
|
111
|
%
|
98
|
%
|
76
|
%
|
118
|
%
|
||||||||||
Net assets, end of period (in thousands)
|
$
|
57,324
|
$
|
45,416
|
$
|
50,090
|
$
|
45,553
|
$
|
42,721
|
|
2020
|
2019
|
||||||
Distributions paid from:
|
||||||||
Ordinary income
|
$
|
6,140,658
|
$
|
203,618
|
||||
Long-term capital gain
|
63,926,801
|
240,717,041
|
||||||
Total
|
$
|
70,067,459
|
$
|
240,920,659
|
|
2020
|
|||
Distributable earnings:
|
||||
Undistributed ordinary income
|
$
|
30,845,321
|
||
Undistributed long term capital gain
|
172,361,677
|
|||
Net unrealized appreciation
|
439,428,408
|
|||
Total
|
$
|
642,635,406
|
Shareowner Communications:
|
||||
Class A
|
$
|
393,930
|
||
Class C
|
4,578
|
|||
Class Y
|
871
|
|||
Total
|
$
|
399,379
|
Name, Age and Position
|
Term of Office and
|
|
Other Directorships
|
Held With the Fund
|
Length of Service
|
Principal Occupation
|
Held by Trustee
|
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); and Senior Vice President Strategic
Product and Business Development, Dreyfus Corporation (1994-2000)
|
None
|
Name, Age and Position
|
Term of Office and
|
|
Other Directorships
|
Held With the Fund
|
Length of Service
|
Principal Occupation
|
Held by Trustee
|
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)
|
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); and
Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment
bank) (1986 – 1987)
|
None
|
Marguerite A. Piret (72)
Trustee
|
Trustee since 1997.
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); and President and Chief
Executive Officer, Metric Financial Inc. (formerly known as Newbury Piret
Company) (investment banking firm) (1981 – 2019)
|
Director of New America High
Income Fund, Inc. (closed-end
investment company) (2004 –
present); and Member, Board of
Governors, Investment Company
Institute (2000 – 2006)
|
Name, Age and Position
|
Term of Office and
|
|
Other Directorships
|
Held With the Fund
|
Length of Service
|
Principal Occupation
|
Held by Trustee
|
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); and Chairman, BNY Alternative Investment Services,
Inc. (financial services) (2005-2007)
|
None
|
Name, Age and Position
|
Term of Office and
|
|
Other Directorships
|
Held With the Fund
|
Length of Service
|
Principal Occupation
|
Held by Trustee
|
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); and 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); and Director of Amundi USA, Inc.
(since 2017)
|
None
|
Name, Age and Position
|
Term of Office and
|
|
Other Directorships
|
Held With the Fund
|
Length of Service
|
Principal Occupation
|
Held by Officer
|
Christopher J. Kelley (55)
Secretary and Chief
Legal Officer
|
Since 2003. 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; and Vice President and Senior Counsel of
Amundi Pioneer from July 2002 to December 2007
|
None
|
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; and 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 2000. 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 2002. Serves at
the discretion of
the Board
|
Senior Manager – Fund Treasury of Amundi Pioneer; and Assistant
Treasurer of all of the Pioneer Funds
|
None
|
Name, Age and Position
|
Term of Office and
|
|
Other Directorships
|
Held With the Fund
|
Length of Service
|
Principal Occupation
|
Held by Officer
|
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 2018. 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; and 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; and Anti-Money
Laundering Officer of all the Pioneer Funds since 2006
|
None
|
Call us for:
|
|
|
Account Information, including existing accounts,
|
|
|
new accounts, prospectuses, applications
|
|
|
and service forms
|
|
1-800-225-6292
|
FactFoneSM for automated fund yields, prices,
|
|
|
account information and transactions
|
1-800-225-4321
|
|
Retirement plans information
|
|
1-800-622-0176
|
|
||
Write to us:
|
|
|
Amundi Pioneer
|
|
|
P.O. Box 219427
|
|
|
Kansas City, MO 64121-9427
|
|
|
Our toll-free fax
|
|
1-800-225-4240
|
Our internet e-mail address
|
us.askamundipioneer@amundipioneer.com
|
|
(for general questions about Amundi Pioneer only)
|
|
|
|
||
Visit our web site: www.amundipioneer.com/us
|
|
SECTION II - POLICY
|
|||
SERVICE CATEGORY
|
SERVICE CATEGORY DESCRIPTION
|
SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
|
|
I. AUDIT SERVICES
|
Services that are directly
|
o Accounting research assistance
|
|
related to performing the
|
o SEC consultation, registration
|
||
independent audit of the Funds
|
statements, and reporting
|
||
o Tax accrual related matters
|
|||
o Implementation of new accounting standards
|
|||
o Compliance letters (e.g. rating agency letters)
|
|||
o Regulatory reviews and assistance
|
|||
regarding financial matters
|
|||
o Semi-annual reviews (if requested)
|
|||
o Comfort letters for closed end offerings
|
|||
II. AUDIT-RELATED
|
Services which are not
|
o AICPA attest and agreed-upon procedures
|
|
SERVICES
|
prohibited under Rule
|
o Technology control assessments
|
|
210.2-01(C)(4) (the “Rule”)
|
o Financial reporting control assessments
|
||
and are related extensions of
|
o Enterprise security architecture
|
||
the audit services support the
|
assessment
|
||
audit, or use the knowledge/expertise
|
|||
gained from the audit procedures as a
|
|||
foundation to complete the project.
|
|||
In most cases, if the Audit-Related
|
|||
Services are not performed by the
|
|||
Audit firm, the scope of the Audit
|
|||
Services would likely increase.
|
|||
The Services are typically well-defined
|
|||
and governed by accounting
|
|||
professional standards (AICPA,
|
|||
SEC, etc.)
|
|||
AUDIT COMMITTEE APPROVAL POLICY
|
AUDIT COMMITTEE REPORTING POLICY
|
||
o “One-time” pre-approval
|
o A summary of all such
|
||
for the audit period for all
|
services and related fees
|
||
pre-approved specific service
|
reported at each regularly
|
||
subcategories. Approval of the
|
scheduled Audit Committee
|
||
independent auditors as
|
meeting.
|
||
auditors for a Fund shall
|
|||
constitute pre approval for
|
|||
these services.
|
|||
o “One-time” pre-approval
|
o A summary of all such
|
||
for the fund fiscal year within
|
services and related fees
|
||
a specified dollar limit
|
(including comparison to
|
||
for all pre-approved
|
specified dollar limits)
|
||
specific service subcategories
|
reported quarterly.
|
||
o Specific approval is
|
|||
needed to exceed the
|
|||
pre-approved dollar limit for
|
|||
these services (see general
|
|||
Audit Committee approval policy
|
|||
below for details on obtaining
|
|||
specific approvals)
|
|||
o Specific approval is
|
|||
needed to use the Fund’s
|
|||
auditors for Audit-Related
|
|||
Services not denoted as
|
|||
“pre-approved”, or
|
|||
to add a specific service
|
|||
subcategory as “pre-approved”
|
SERVICE CATEGORY
|
SERVICE CATEGORY DESCRIPTION
|
SPECIFIC PRE-APPROVED SERVICE
|
SUBCATEGORIES
|
||
III. TAX SERVICES
|
Services which are not
|
o Tax planning and support
|
prohibited by the Rule,
|
o Tax controversy assistance
|
|
if an officer of the Fund
|
o Tax compliance, tax returns, excise
|
|
determines that using the
|
tax returns and support
|
|
Fund’s auditor to provide
|
o Tax opinions
|
|
these services creates
|
||
significant synergy in
|
||
the form of efficiency,
|
||
minimized disruption, or
|
||
the ability to maintain a
|
||
desired level of
|
||
confidentiality.
|
AUDIT COMMITTEE APPROVAL POLICY
|
AUDIT COMMITTEE REPORTING POLICY
|
o “One-time” pre-approval
|
o A summary of
|
for the fund fiscal year
|
all such services and
|
within a specified dollar limit
|
related fees
|
(including comparison
|
|
to specified dollar
|
|
limits) reported
|
|
quarterly.
|
|
o Specific approval is
|
|
needed to exceed the
|
|
pre-approved dollar limits for
|
|
these services (see general
|
|
Audit Committee approval policy
|
|
below for details on obtaining
|
|
specific approvals)
|
|
o Specific approval is
|
|
needed to use the Fund’s
|
|
auditors for tax services not
|
|
denoted as pre-approved, or to
|
|
add a specific service subcategory as
|
|
“pre-approved”
|
SERVICE CATEGORY
|
SERVICE CATEGORY DESCRIPTION
|
SPECIFIC PRE-APPROVED SERVICE
|
SUBCATEGORIES
|
||
IV. OTHER SERVICES
|
Services which are not
|
o Business Risk Management support
|
prohibited by the Rule,
|
o Other control and regulatory
|
|
A. SYNERGISTIC,
|
if an officer of the Fund
|
compliance projects
|
UNIQUE QUALIFICATIONS
|
determines that using the
|
|
Fund’s auditor to provide
|
||
these services creates
|
||
significant synergy in
|
||
the form of efficiency,
|
||
minimized disruption,
|
||
the ability to maintain a
|
||
desired level of
|
||
confidentiality, or where
|
||
the Fund’s auditors
|
||
posses unique or superior
|
||
qualifications to provide
|
||
these services, resulting
|
||
in superior value and
|
||
results for the Fund.
|
AUDIT COMMITTEE APPROVAL POLICY
|
AUDIT COMMITTEE REPORTING POLICY
|
o “One-time” pre-approval
|
o A summary of
|
for the fund fiscal year within
|
all such services and
|
a specified dollar limit
|
related fees
|
(including comparison
|
|
to specified dollar
|
|
limits) reported
|
|
quarterly.
|
|
o Specific approval is
|
|
needed to exceed the
|
|
pre-approved dollar limits for
|
|
these services (see general
|
|
Audit Committee approval policy
|
|
below for details on obtaining
|
|
specific approvals)
|
|
o Specific approval is
|
|
needed to use the Fund’s
|
|
auditors for “Synergistic” or
|
|
“Unique Qualifications” Other
|
|
Services not denoted as
|
|
pre-approved to the left, or to
|
|
add a specific service
|
|
subcategory as “pre-approved”
|
SERVICE CATEGORY
|
SERVICE CATEGORY DESCRIPTION
|
SPECIFIC PROHIBITED SERVICE
|
SUBCATEGORIES
|
||
PROHIBITED SERVICES
|
Services which result
|
1. Bookkeeping or other services
|
in the auditors losing
|
related to the accounting records or
|
|
independence status
|
financial statements of the audit
|
|
under the Rule.
|
client*
|
|
2. Financial information systems design
|
||
and implementation*
|
||
3. Appraisal or valuation services,
|
||
fairness* opinions, or
|
||
contribution-in-kind reports
|
||
4. Actuarial services (i.e., setting
|
||
actuarial reserves versus actuarial
|
||
audit work)*
|
||
5. Internal audit outsourcing services*
|
||
6. Management functions or human
|
||
resources
|
||
7. Broker or dealer, investment
|
||
advisor, or investment banking services
|
||
8. Legal services and expert services
|
||
unrelated to the audit
|
||
9. Any other service that the Public
|
||
Company Accounting Oversight Board
|
||
determines, by regulation, is
|
||
impermissible
|
AUDIT COMMITTEE APPROVAL POLICY
|
AUDIT COMMITTEE REPORTING POLICY
|
o These services are not to be
|
o A summary of all
|
performed with the exception of the(*)
|
services and related
|
services that may be permitted
|
fees reported at each
|
if they would not be subject to audit
|
regularly scheduled
|
procedures at the audit client (as
|
Audit Committee meeting
|
defined in rule 2-01(f)(4)) level
|
will serve as continual
|
the firm providing the service.
|
confirmation that has
|
not provided any
|
|
restricted services.
|
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