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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21569
Pioneer Asset Allocation Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: July 31
Date of reporting period: August 1, 2014 through July 31, 2015
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer Solutions - Conservative Fund
Pioneer Solutions - Balanced Fund
Pioneer Solutions - Growth Fund
(Formerly Pioneer Ibbotson Asset Allocation Series)
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Annual Report | July 31, 2015
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Ticker Symbols:
Conservative Balanced Growth
Class Fund Fund Fund
----- ---- ---- ----
A PIAVX PIALX GRAAX
C PICVX PIDCX GRACX
R PSMRX BALRX SOGRX
Y IBBCX IMOYX IBGYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Fund Reviews 10
Comparing Ongoing Fund Expenses 12
Prices and Distributions 18
Portfolio Summary & Performance Update 21
Schedule of Investments 36
Financial Statements 50
Notes to Financial Statements 71
Report of Independent Registered Public Accounting Firm 102
Trustees, Officers and Service Providers 104
Pioneer Solutions Funds | Annual Report | 7/31/15 1
President's Letter
In the second half of 2015, two main issues have been dominating the attention
of global investors and policymakers alike, and shaping the current investment
environment: The Federal Reserve System's (the Fed's) deliberations over when to
begin normalizing interest rates in the U.S., and the increasing divergence in
economic activity around the globe. As 2015 began, market expectations were that
the Fed would likely begin raising interest rates by the middle of the year, but
a sluggish gross domestic product report in the first calendar quarter as well
as relatively benign inflation and wage growth contributed to the Fed's taking a
more cautionary approach and delaying the start of its rate-hike cycle. At the
same time, however, the U.S. labor market has continued its robust improvement,
moving the Fed closer to declaring victory on one of its main monetary policy
objectives -- full employment.
Meanwhile, global economic activity has continued to diverge, with developed
economies experiencing above-trend growth and most emerging markets economies
lagging the rest of the world. The slower pace of economic activity in the
emerging markets has been most evident in China, as the country's economy
continues to undergo a long, potentially painful adjustment from investment-led
growth to consumption-oriented growth. This divergence in global economic cycles
is likely to continue for some time, and we would expect an increased level of
volatility as global capital markets and policymakers adjust.
Pioneer Investments believes that investors in today's environment can
potentially benefit from the consistent and disciplined investment approach we
have used since our founding in 1928. We focus on identifying value across
global markets using proprietary research, careful risk management, and a
long-term perspective. Our ongoing goal is to produce compelling returns
consistent with the stated objectives of our investment products, and with our
shareowners' expectations. We believe our shareowners can benefit from the
experience and tenure of our investment teams as well as the insights generated
from our extensive research process.
2 Pioneer Solutions Funds | Annual Report | 7/31/15
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short-and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate your trust in us in the past and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Solutions Funds | Annual Report | 7/31/15 3
Portfolio Management Discussion | 7/31/15
Effective November 14, 2014, the Pioneer Ibbotson Aggressive Allocation Fund
merged into Pioneer Ibbotson Growth Allocation Fund. The Fund was then renamed
Pioneer Solutions - Growth Fund. Also on November 14, 2014, Pioneer Ibbotson
Conservative Allocation Fund was renamed Pioneer Solutions - Conservative Fund,
and Pioneer Ibbotson Moderate Allocation Fund was renamed Pioneer Solutions -
Balanced Fund, and investment adviser duties for all three funds were
transitioned from Ibbotson Associates to Pioneer Investments.
In the following interview, portfolio managers John O'Toole and Paul Weber
discuss the market environment and investment strategies that applied to the
Pioneer Solutions Funds for the 12-month period ended July 31, 2015. Working out
of Pioneer's Dublin, Ireland office, Mr. O'Toole, Head of Multi-Asset Portfolio
Management at Pioneer, Mr. Weber, Head of Fund Research & Manager Selection at
Pioneer, and Salvatore Buono, Head of Strategy Alignment and Structured Products
at Pioneer, are responsible for the day-to-day management of the portfolios.
Q Can you review the approach you've taken with respect to the Funds' asset
allocations since your team assumed management responsibilities last
November?
A As under the previous managers, the assets of each Fund are allocated
within broad strategic guidelines designed to address a particular investor
risk profile. In seeking to gain the desired exposures in the portfolios to
U.S. equities, international equities, bonds and cash, we utilize a broad
selection of mutual funds. Under the new investment approach, we typically
incorporate into the portfolios a substantial representation of carefully
selected mutual funds managed by Pioneer, and by other third-party
managers. In addition, derivative positions, which we discuss in more
detail later in this report, are now used to help manage exposures and the
overall risk/reward profile for each Fund. Importantly, each Fund is now
managed with an eye toward the allocation of a "risk budget," rather than
under a straightforward asset allocation approach. This reflects the fact
that the majority of the risk embedded in an equally weighted bond and
equity portfolio is concentrated within the equity component.
Q How would you characterize the economic and market backdrop during the
12-month period ended July 31, 2015?
A As the period opened in the summer of 2014, financial markets were
unsettled by a range of geopolitical and macroeconomic concerns. On the
geopolitical front, the rise of ISIS carried the potential to disrupt
stability in the Middle East and the global energy supply, even as tensions
deepened
4 Pioneer Solutions Funds | Annual Report | 7/31/15
between the U.S. and Russia over the latter's incursion into the Ukraine.
In addition, the Israeli-Palestinian conflict briefly re-escalated. On the
economic front, concerns over global growth transformed into fears of
outright deflation in Europe and Japan. At the same time, markets watched
closely to gauge the impact of China's efforts to reform its economy in the
direction of a more sustainable model. The United States stood as the
primary engine of global growth, as domestic economic activity rebounded
over the second half of 2014 following an exceptionally harsh winter.
Additionally, U.S. inflation remained subdued and, with employment
conditions still weak by many measures, the U.S. Federal Reserve System
(the Fed) signaled that there was no urgency with respect to hiking
short-term rates.
As the period progressed, market conditions were increasingly dominated by
a collapse in oil prices in late 2014/early 2015, caused by an outlook for
both weakened global demand and strong supply. While positive for consumers
in many countries, including the U.S., the decline in oil prices severely
strained the finances of a number of emerging markets nations, which are
highly dependent on oil revenues, including Russia. With Russia already
laboring under economic sanctions imposed by the West in response to events
in the Ukraine, the ruble plummeted in relation to other leading
currencies, adding to already heightened geopolitical uncertainty. Against
that backdrop, U.S. dollar-denominated assets came to be favored by
investors, helping to drive further declines in U.S. interest rates.
Energy-related stocks and credit-sensitive securities also suffered
through significant slumps, while other areas of the U.S. capital markets
benefited from the anticipated positive effects of lower energy prices upon
consumers. In addition, a second consecutive harsh winter in the U.S.
contributed to a disappointing gross domestic product (GDP) report for the
first calendar quarter of 2015, which further clouded the global economic
growth picture.
Risk sentiment in the markets stabilized, somewhat, as the final months of
the 12-month period progressed, as oil prices bounced back from their early
2015 lows and the European Central Bank (ECB) announced that it would
undertake a quantitative easing bond-purchasing program. Meanwhile, U.S.
GDP rebounded in the second quarter and the domestic employment situation
continued to improve. Equities generally traded within a certain range over
the last several months of the period as investors monitored U.S. economic
growth for any guidance as to the likely timing of the Fed's first
interest-rate increase, and supportive action by overseas central banks
(like the ECB) was offset by the market's growing concerns over Greece's
ability to stay in the euro due to the country's sovereign-debt crisis.
Pioneer Solutions Funds | Annual Report | 7/31/15 5
Over the full 12 months, global equities, as measured by the Morgan Stanley
Capital International (MSCI) World ND Index, returned 4.93%. By region,
U.S. equities, as measured by the Standard & Poor's 500 Index, returned
11.19%, outperforming international equities, which returned 0.15% as
gauged by the MSCI Europe, Australasia, Far East Index. Emerging markets
equities lagged developed markets, as the MSCI Emerging Markets Index
finished the period in deeply negative territory, returning -13.07%. Among
U.S. equities, growth stocks notably outperformed their value counterparts.
With regard to fixed income, the Barclays Aggregate Bond Index, the most
popular measure of the performance of the U.S. bond market, returned 2.82%
over the 12-month period.
Q What were the considerations and tactical shifts that you applied in
allocating the Funds' assets during the 12-month period ended July 31,
2015?
A The 12 months were a transitional period for the Funds, as we implemented a
number of new positions. In particular, on the fixed-income side of the
portfolios, we sought to add duration and corresponding exposure to
interest-rate moves, while dialing back credit sensitivity to some degree.
(Duration is a measure of the sensitivity of the price - the value of
principal - of a fixed-income investment to a change in interest rates,
expressed as a number of years.) We did this by adding positions in a
number of bond funds that actively manage their portfolios' interest-rate
exposure, while trimming positions in lower-rated, high-yield bond funds.
Our rationale for the shift is our expectation that any rise in
interest-rate levels over the near term will be modest, in light of the
continued efforts of global central banks to support their countries'
economies. In addition, the prospects appear limited for any immediate,
sharp upturn in economic growth that would lead to a spike in longer-term
rates. As a result, we view the incremental income available from
investments in longer-term bonds as favorable relative to the associated
interest-rate risk.
While we did increase duration over the course of the 12-month period, the
portfolios still had a short-duration orientation relative to the
fixed-income market (as measured by the Barclays Aggregate Bond Index), and
that acted as a constraint on the Funds' returns as interest-rate levels
declined.
With regard to equities, we maintained a constructive stance in the Funds
for most of the 12-month period; however, towards the end of the period, we
did reduce equity exposure across the Funds, mainly due to valuation
concerns against a backdrop of ongoing geopolitical uncertainty. In
particular, exposure to U.S. equities was trimmed -- after we had increased
equity exposure earlier in the period -- given the extended upward run
6 Pioneer Solutions Funds | Annual Report | 7/31/15
most domestic stock indices have experienced. We have maintained a focus on
larger-cap stocks within the U.S., as they are typically less dependent on
domestic growth prospects. We increased the Funds' overall exposure to
European equities during the period, as we viewed stocks in the region as
favorably valued and positioned to benefit from central-bank stimulus and,
longer-term, from economic reform efforts.
Q The Funds have the ability to invest in derivatives. Did you use
derivatives as part of your investment strategy during the 12-month period
ended July 31, 2015, and did those positions have a material effect on
performance?
A We will use derivatives regularly in order to efficiently execute
strategies, including to gain or trim market exposures and to implement
relative value trades. In particular, during the period we used derivatives
to give the portfolios some exposure to the broad Japanese stock market.
Japan's central bank has been putting forth extraordinary efforts to
stimulate the economy there, and the country has been a particular
beneficiary of the drop in oil prices. In addition, we believe the
announced plans to structurally reform the economy, while somewhat halting
to date in terms of execution, hold promise for Japan's long-term outlook
as well as its markets. The positions were a positive factor with respect
to the Fund's performance, as Japanese stocks rose during the 12-month
period.
Q What factors are you watching most closely as you determine your investment
strategies for the Funds going forward?
A The Fed has done its best to prepare investors for the inevitable unwinding
of its extraordinarily accommodative policy stance. However, it would still
not surprise us to see market interest rates react strongly to an
announcement of an increase in the benchmark Federal funds rate. We have
been taking steps to try to protect the portfolios against such a scenario,
including adding a significant position in mutual funds managed under
alternative, less-directional approaches, as well as considering an
increase in the Funds' exposure to syndicated floating-rate bank loans, the
performance of which would likely benefit from a rising-rate environment.
While we are somewhat cautious with respect to credit-sensitive securities,
we anticipate that valuation opportunities will arise as markets react to
headlines and speculation about such factors as Fed policy, economic growth
in China, and geopolitical developments. Accordingly, we will be looking to
selectively add credit-sensitive exposure to the portfolios when we believe
the Funds are being paid for the additional assumed risk.
On the equity side of things, we view Europe and Japan as offering better
value than the U.S. stock market, especially given the strong measures
taken by central banks in those areas. We are taking a highly targeted
approach with respect to the emerging markets, given the divergence in
economic
Pioneer Solutions Funds | Annual Report | 7/31/15 7
conditions across those economies. We continue to see the major economies
of India and China as having relatively favorable conditions, despite the
recent problems in China, as both countries are enormous importers of oil
-- which remains cheap compared with a year ago -- and both are undergoing
reform efforts.
Broadly, the Funds are positioned based on our anticipation that overall
global economic growth will remain positive, if underwhelming. We will
continue to closely monitor the global economic backdrop as we actively
manage the broadly diversified* portfolios within their strategic asset
allocation and risk guidelines.
* Diversification does not assure a profit nor protect against loss.
Please refer to the Schedule of Investments on pages 36-49 for a full listing of
fund securities.
Each portfolio in Pioneer Solutions Funds is a "fund-of-funds" which seeks to
achieve its investment objectives by primarily investing in mainly funds managed
by Pioneer or one of its affiliates, rather than direct position in securities.
The Solutions Funds' performance depend on the adviser's skill in determining
the strategic asset allocations, the mix of underlying funds, as well as the
performance of those underlying funds. The underlying funds' performance may be
lower than the performance of the asset class that they were selected to
represent. In addition to the Funds' operating expenses, investors will
indirectly bear the operating expenses of investments in any underlying funds.
Each of the underlying funds has its own investment risks.
At times, the Funds' investments may represent industries or sectors that are
interrelated or have common risks, making them more susceptible to any economic,
political, or regulatory developments or other risks affecting those industries
and sectors.
Investments in equity securities are subject to price fluctuation.
When interest rates rise, the prices of fixed income securities in the fund will
generally fall. Conversely, when interest rates fall, the prices of fixed income
securities in the fund will generally rise.
Investments in the Funds are subject to possible loss due to the financial
failure of issuers of underlying securities and their inability to meet their
debt obligations.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
The portfolios invests in REIT securities, the value of which can fall for a
variety of reasons, such as declines in rental income, fluctuating interest
rates, poor property management, environmental liabilities, uninsured damage,
increased competition, or changes in real estate tax laws.
8 Pioneer Solutions Funds | Annual Report | 7/31/15
The Funds may invest in underlying funds with exposure to commodities. The value
of commodity-linked derivatives may be affected by changes in overall market
movements, commodity index volatility, changes in interest rates, factors
affecting a particular industry or commodity, international economic, political
and regulatory developments, supply and demand, and governmental regulatory
policies.
The Funds may use derivatives, such as options, futures, inverse floating rate
obligations, swaps, and others, which can be illiquid, may disproportionately
increase losses, and have a potentially large impact on fund performance.
Derivatives may have a leveraging effect on the Fund.
The Funds may invest in credit default swaps, which may in some cases be
illiquid, and they increase credit risk since the fund has exposure to both the
issuer of the referenced obligation and the counterparty to the credit default
swap.
The Funds and some of the underlying funds employ leverage, which increases the
volatility of investment returns and subjects the Funds to magnified losses if
an underlying fund's investments decline in value.
The Funds and some of the underlying funds may employ short selling, a
speculative strategy. Unlike the possible loss on a security that is purchased,
there is no limit on the amount of loss on an appreciating security that is sold
short.
The value of the investments held by the Funds for cash management or temporary
defensive purposes may be affected by market risks, changing interest rates, and
by changes in credit ratings of the investments. If the Funds hold cash that is
uninvested, the Funds will not earn income on the cash and the Funds' yields
will go down.
These risks may increase share price volatility.
There is no assurance that these and other strategies used by the Funds will be
successful. Please see the prospectus for a more complete discussion of the
Funds' risks.
Before making an investment in any fund, you should consider all the risks
associated with it. Please see the Fund Reviews beginning on page 10 for
information on specific weightings and performance for each of the funds.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Pioneer Investments for a prospectus or
summary prospectus containing this information. Read it carefully.
Any information in this shareowner report regarding market or economic trends or
the factors influencing each fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Solutions Funds | Annual Report | 7/31/15 9
Fund Reviews | 7/31/15
Portfolio Reviews
Pioneer Solutions - Conservative Fund
During the 12-month period ended July 31, 2015, Pioneer Solutions - Conservative
Fund's Class A shares returned 2.01% at net asset value, while the Standard &
Poor's 500 Index (the S&P 500 Index) returned 11.19%*, the Barclays Aggregate
Bond Index returned 2.82%, and the Morgan Stanley Capital International (MSCI)
World ND Index1 returned 4.93%. During the same period, the average return of
the 369 mutual funds in Lipper's Mixed-Asset Target Allocation Conservative
Funds category was 1.59%, and the average return of the 806 mutual funds in
Morningstar's Conservative Allocation Funds category was 1.17%.
Within the fixed-income portion of the Fund, the largest holding at the end of
the period was in Pioneer Bond Fund, at 21.5% of assets, followed by Pioneer
Strategic Income Fund, at 9.5% of assets. The largest equity positions in the
portfolio were Pioneer International Value Fund and Pioneer Global Equity Fund,
at 5.0% and 4.3% of assets, respectively.
Pioneer Solutions - Balanced Fund
During the 12-month period ended July 31, 2015, Pioneer Solutions - Balanced
Fund's Class A shares returned 3.33% at net asset value, while the Standard &
Poor's 500 Index (the S&P 500 Index) returned 11.19%*, the Barclays Aggregate
Bond Index returned 2.82%, and the Morgan Stanley Capital International (MSCI)
World ND Index1 returned 4.93%. During the same period, the average return of
the 571 mutual funds in Lipper's Mixed-Asset Target Allocation Moderate Funds
category was 2.88%, and the average return of the 920 mutual funds in
Morningstar's Moderate Allocation Funds category was 4.25%.
Within the fixed-income portion of the Fund, the largest holding at the end of
the period was in Pioneer Bond Fund, at 10.5% of assets, followed by DoubleLine
Total Return Bond Fund, at 4.8%, Western Asset Core Plus Bond Fund, at 4.5%, and
MFS Total Return Bond Fund, at 4.3%. Within the equity portion of the portfolio,
Pioneer International Value Fund was the largest holding, at 12.4% of assets.
Pioneer Global Equity Fund was the next-largest equity holding, at 8.0% of
assets.
10 Pioneer Solutions Funds | Annual Report | 7/31/15
Pioneer Solutions - Growth Fund
During the 12-month period ended July 31, 2015, Pioneer Solutions - Growth
Fund's Class A shares returned 5.08% at net asset value, while the Standard &
Poor's 500 Index (the S&P 500 Index) returned 11.19%*, the Barclays Aggregate
Bond Index returned 2.82%, and the Morgan Stanley Capital International (MSCI)
World ND Index1 returned 4.93%. During the same period, the average return of
the 509 mutual funds in Lipper's Mixed-Asset Target Allocation Growth Funds
category was 5.16%, and the average return of the 457 mutual funds in
Morningstar's Aggressive Allocation Funds category was 4.31%.
Within the equity portion of the Fund, Pioneer International Value Fund was the
largest holding, at 14.2% of assets. Pioneer Global Equity Fund was the
next-largest equity holding, at 10.5% of assets, followed by Pioneer Fundamental
Growth, at 7.6%. Within the fixed-income portion of the portfolio, the largest
holding at the end of the period was in Pioneer Bond Fund, at 7.7% of assets.
1 The MSCI information may only be used for your internal use, may not be
reproduced or redisseminated in any form and may not be used as a basis
for or a component of any financial instruments or products or indices.
None of the MSCI information is intended to constitute investment advice or
a recommendation to make (or refrain from making) any kind of investment
decision and may not be relied on as such. Historical data and analysis
should not be taken as an indication or guarantee of any future performance
analysis, forecast or prediction. The MSCI information is provided on an
"as is" basis and the user of this information assumes the entire risk of
any use made of this information. MSCI, each of its affiliates and each
other person involved in or related to compiling, computing or creating any
MSCI information (collectively, the "MSCI Parties") expressly disclaims all
warranties (including, without limitation, any warranties of originality,
accuracy, completeness, timeliness, non-infringement, merchantability and
fitness for a particular purpose) with respect to this information. Without
limiting any of the foregoing, in no event shall any MSCI Party have any
liability for any direct, indirect, special, incidental, punitive,
consequential (including, without limitation, lost profits) or any other
damages.
* The S&P 500 Index was the equity benchmark for the Pioneer Ibbotson
Allocation Series. The MSCI World ND Index replaced the S&P 500 Index as
the equity benchmark for the Pioneer Solutions Funds after the transition
from Ibbotson Associates to Pioneer took place in November 2014. For
comparison purposes, Pioneer will report returns for the S&P 500 Index in
this annual report dated July 31, 2015, and then remove references to the
S&P 500 Index from future reports.
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Pioneer Solutions Funds | Annual Report | 7/31/15 11
Comparing Ongoing Fund Expenses
Pioneer Solutions - Conservative Fund
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Solutions Conservative Fund
Based on actual returns from February 1, 2015 through July 31, 2015.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/15*
--------------------------------------------------------------------------------
Ending Account Value $1,014.72 $1,010.59 $1,003.40 $1,012.73
(after expenses)
on 7/31/15
--------------------------------------------------------------------------------
Expenses Paid $ 6.79 $ 10.47 $ 1.34 $ 8.13
During Period**
--------------------------------------------------------------------------------
* Period begins July 1, 2015 (commencement of operations) for Class R shares.
** Expenses are equal to the Fund's annualized net expense ratio, plus the
ratio of the underlying funds. These combined totals were 1.36%, 2.10%,
1.58% and 1.63% for Class A, Class C, Class R and Class Y shares,
respectively. These combined totals were multiplied by the average account
value over the period, and then multiplied by 181/365 (31/365 for Class R
shares)(to reflect the one half-year period).
12 Pioneer Solutions Funds | Annual Report | 7/31/15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Solutions Conservative Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from February 1, 2015 through July 31, 2015.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/15*
--------------------------------------------------------------------------------
Ending Account Value $1,018.05 $1,014.38 $1,002.90 $1,016.71
(after expenses)
on 7/31/15
--------------------------------------------------------------------------------
Expenses Paid $ 6.80 $ 10.49 $ 1.34 $ 8.15
During Period**
--------------------------------------------------------------------------------
* Period begins July 1, 2015 (commencement of operations) for Class R shares.
** Expenses are equal to the Fund's annualized net expense ratio, plus the
ratio of the underlying funds. These combined totals were 1.36%, 2.10%,
1.58% and 1.63% for Class A, Class C, Class R and Class Y shares,
respectively. These combined totals were multiplied by the average account
value over the period, and then multiplied by 181/365 (31/365 for Class R
shares)(to reflect the one half-year period).
Pioneer Solutions Funds | Annual Report | 7/31/15 13
Comparing Ongoing Fund Expenses
Pioneer Solutions - Balanced Fund
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Solutions Balanced Fund
Based on actual returns from February 1, 2015 through July 31, 2015.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/15*
--------------------------------------------------------------------------------
Ending Account Value $1,036.51 $1,033.12 $1,003.10 $1,037.75
(after expenses)
on 7/31/15
--------------------------------------------------------------------------------
Expenses Paid $ 7.12 $ 10.59 $ 1.43 $ 5.61
During Period**
--------------------------------------------------------------------------------
* Period begins July 1, 2015 (commencement of operations) for Class R shares.
** Expenses are equal to the Fund's annualized net expense ratio, plus the
ratio of the underlying funds. These combined totals were 1.41%, 2.10%,
1.68% and 1.11% for Class A, Class C, Class R and Class Y shares,
respectively. These combined totals were multiplied by the average account
value over the period, and then multiplied by 181/365 (31/365 for Class R
shares)(to reflect the one half-year period).
14 Pioneer Solutions Funds | Annual Report | 7/31/15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Solutions Balanced Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from February 1, 2015 through July 31, 2015.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/15*
--------------------------------------------------------------------------------
Ending Account Value $1,017.80 $1,014.38 $1,002.82 $1,019.29
(after expenses)
on 7/31/15
--------------------------------------------------------------------------------
Expenses Paid $ 7.05 $ 10.49 $ 1.43 $ 5.56
During Period**
--------------------------------------------------------------------------------
* Period begins July 1, 2015 (commencement of operations) for Class R shares.
** Expenses are equal to the Fund's annualized net expense ratio, plus the
ratio of the underlying funds. These combined totals were 1.41%, 2.10%,
1.68% and 1.11% for Class A, Class C, Class R and Class Y shares,
respectively. These combined totals were multiplied by the average account
value over the period, and then multiplied by 181/365 (31/365 for Class R
shares)(to reflect the one half-year period).
Pioneer Solutions Funds | Annual Report | 7/31/15 15
Comparing Ongoing Fund Expenses
Pioneer Solutions - Growth Fund
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Solutions Growth Fund
Based on actual returns from February 1, 2015 through July 31, 2015.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/15*
--------------------------------------------------------------------------------
Ending Account Value $1,053.33 $1,048.95 $1,004.40 $1,053.84
(after expenses)
on 7/31/15
--------------------------------------------------------------------------------
Expenses Paid $ 7.28 $ 10.77 $ 1.39 $ 6.16
During Period**
--------------------------------------------------------------------------------
* Period begins July 1, 2015 (commencement of operations) for Class R shares.
** Expenses are equal to the Fund's annualized net expense ratio plus the
ratios of the underlying funds. These combined totals were 1.43%, 2.12%,
1.63% and 1.21% for Class A, Class C, Class R and Class Y shares,
respectively. These combined totals were multiplied by the average account
value over the period, and then multiplied by 181/365 (31/365 for Class R
shares) (to reflect the one half-year period).
16 Pioneer Solutions Funds | Annual Report | 7/31/15
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Solutions Growth Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from February 1, 2015 through July 31, 2015.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/15*
--------------------------------------------------------------------------------
Ending Account Value $1,017.70 $1,014.28 $1,002.86 $1,018.79
(after expenses)
on 7/31/15
--------------------------------------------------------------------------------
Expenses Paid $ 7.15 $ 10.59 $ 1.39 $ 6.06
During Period**
--------------------------------------------------------------------------------
* Period begins July 1, 2015 (commencement of operations) for Class R shares.
** Expenses are equal to the Fund's annualized net expense ratio plus the
ratios of the underlying funds. These combined totals were 1.43%, 2.12%,
1.63% and 1.21% for Class A, Class C, Class R and Class Y shares,
respectively. These combined totals were multiplied by the average account
value over the period, and then multiplied by 181/365 (31/365 for Class R
shares) (to reflect the one half-year period).
Pioneer Solutions Funds | Annual Report | 7/31/15 17
Prices and Distributions | 7/31/15
Net Asset Value per Share
--------------------------------------------------------------------------------
Conservative Fund
--------------------------------------------------------------------------------
Class 7/31/15 7/31/14
--------------------------------------------------------------------------------
A $11.78 $11.86
--------------------------------------------------------------------------------
C $11.41 $11.51
--------------------------------------------------------------------------------
Y $11.18 $11.32
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 7/31/15 7/1/15*
--------------------------------------------------------------------------------
R $11.78 $11.74
--------------------------------------------------------------------------------
Balanced Fund
--------------------------------------------------------------------------------
Class 7/31/15 7/31/14
--------------------------------------------------------------------------------
A $12.78 $12.73
--------------------------------------------------------------------------------
C $11.84 $11.82
--------------------------------------------------------------------------------
Y $12.94 $12.88
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 7/31/15 7/1/15*
--------------------------------------------------------------------------------
R $12.78 $12.74
--------------------------------------------------------------------------------
Growth Fund
--------------------------------------------------------------------------------
Class 7/31/15 7/31/14
--------------------------------------------------------------------------------
A $13.84 $13.60
--------------------------------------------------------------------------------
C $13.08 $12.82
--------------------------------------------------------------------------------
Y $14.11 $13.88
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 7/31/15 7/1/15*
--------------------------------------------------------------------------------
R $13.84 $13.78
--------------------------------------------------------------------------------
* Class R shares commenced operations on July 1, 2015.
18 Pioneer Solutions Funds | Annual Report | 7/31/15
Distributions per Share: 8/1/14-7/31/15
--------------------------------------------------------------------------------
Conservative Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.3132 $-- $--
--------------------------------------------------------------------------------
C $0.2301 $-- $--
--------------------------------------------------------------------------------
R $ -- $-- $--
--------------------------------------------------------------------------------
Y $0.3396 $-- $--
--------------------------------------------------------------------------------
Balanced Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.3644 $-- $--
--------------------------------------------------------------------------------
C $0.2859 $-- $--
--------------------------------------------------------------------------------
R $ -- $-- $--
--------------------------------------------------------------------------------
Y $0.3961 $-- $--
--------------------------------------------------------------------------------
Growth Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.4341 $-- $--
--------------------------------------------------------------------------------
C $0.2894 $-- $--
--------------------------------------------------------------------------------
R $ -- $-- $--
--------------------------------------------------------------------------------
Y $0.4863 $-- $--
--------------------------------------------------------------------------------
Pioneer Solutions Funds | Annual Report | 7/31/15 19
Prices and Distributions | 7/31/15 (continued)
Index Definitions
--------------------------------------------------------------------------------
The Morgan Stanley Capital International (MSCI) World ND Index is an unmanaged
measure of the performance of stock markets in the developed world. Index
returns are calculated monthly, assume reinvestment of dividends and, unlike
Fund returns, do not reflect any fees, expenses or sales charges. The Standard &
Poor's 500 Index (the S&P 500) is an unmanaged, commonly used measure of the
broad U.S. stock market. The Barclays Aggregate Bond Index is an unmanaged
measure of the U.S. bond market. Index returns are calculated monthly, assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees,
expenses or sales charges. It is not possible to invest directly in an index.
The indices defined here pertain to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 22-25, 27-30 and 32-35.
20 Pioneer Solutions Funds | Annual Report | 7/31/15
Portfolio Summary | 7/31/15
Pioneer Solutions - Conservative Fund
Asset Allocations
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Fixed Income 75.8%
International Equity 15.8%
U.S. Equity 8.4%
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
U.S. Stock Funds
--------------------------------------------------------------------------------
Pioneer Equity Income Fund Class K 4.21%
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund
Class K 2.15
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 2.00
--------------------------------------------------------------------------------
International Stock Funds
--------------------------------------------------------------------------------
Pioneer International Value Fund Class Y 5.16%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class K 4.45
--------------------------------------------------------------------------------
T Rowe Price International Funds -
European Stock Fund 4.15
--------------------------------------------------------------------------------
iShares MSCI Emerging Markets
Minimum Volatility ETF 0.96
--------------------------------------------------------------------------------
iShares MSCI India ETF 0.76
--------------------------------------------------------------------------------
Market Vectors Vietnam ETF 0.34
--------------------------------------------------------------------------------
Bond Funds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class K 22.08%
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class K 9.72
--------------------------------------------------------------------------------
Schroder Total Return Fixed Income
Fund Class INV 4.98
--------------------------------------------------------------------------------
Western Asset Core Plus Bond Fund
Class IS 4.96
--------------------------------------------------------------------------------
Doubleline Total Return Bond Fund
Class I 4.93
--------------------------------------------------------------------------------
MFS Total Return Bond Fund Class I 4.93
--------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund Class Y 4.08
--------------------------------------------------------------------------------
Pioneer Short Term Income Fund Class K 3.29
--------------------------------------------------------------------------------
Pioneer Global High Yield Fund Class Y 3.01
--------------------------------------------------------------------------------
Pioneer High Yield Fund Class Y 3.01
--------------------------------------------------------------------------------
Pioneer Long/Short Bond Fund Class Y 2.82
--------------------------------------------------------------------------------
Pioneer Long/Short Opportunistic
Credit Fund Class Y 2.82
--------------------------------------------------------------------------------
Columbia Funds Series Trust I
Contrarian Core Fund Class Y 2.10
--------------------------------------------------------------------------------
Pioneer Global Multisector Income
Fund Class Y 2.06
--------------------------------------------------------------------------------
Pioneer Floating Rate Fund Class K 1.03
--------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
Pioneer Solutions Funds | Annual Report | 7/31/15 21
Performance Update | 7/31/15 Class A Shares
Pioneer Solutions - Conservative Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Solutions - Conservative Fund at
public offering price during the periods shown, compared to that of the MSCI
World ND Index, the Standard & Poor's 500 Index and the Barclays Aggregate Bond
Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
Net Public Barclays Standard MSCI
Asset Offering Aggregate & Poor's World
Value Price Bond 500 ND
Period (NAV) (POP) Index Index Index
--------------------------------------------------------------------------------
10 Years 4.42% 3.80% 4.61% 7.72% 6.20%
5 Years 5.70 4.43 3.27 16.23 11.74
1 Year 2.01 -3.91 2.82 11.19 4.93
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated July 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.46% 1.40%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World ND Standard & Poor's
Conservative Fund Bond Index Index 500 Index
7/31/2005 $ 9,425 $10,000 $10,000 $10,000
7/31/2006 $ 9,737 $10,146 $11,369 $10,538
7/31/2007 $10,603 $10,712 $13,654 $12,237
7/31/2008 $10,298 $11,371 $12,168 $10,880
7/31/2009 $ 9,841 $12,263 $ 9,538 $ 8,709
7/31/2010 $11,010 $13,355 $10,476 $ 9,915
7/31/2011 $12,006 $13,948 $12,419 $11,863
7/31/2012 $12,228 $14,960 $12,172 $12,943
7/31/2013 $13,294 $14,675 $15,001 $16,177
7/31/2014 $14,238 $15,257 $17,395 $18,914
7/31/2015 $14,523 $15,688 $18,252 $21,031
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through December 1, 2016, for Class A shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
22 Pioneer Solutions Funds | Annual Report | 7/31/15
Performance Update | 7/31/15 Class C Shares
Pioneer Solutions - Conservative Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Solutions - Conservative Fund
during the periods shown, compared to that of the MSCI World ND Index, the
Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
Barclays Standard MSCI
If Aggregate & Poor's World
If Re- Bond 500 ND
Period Held deemed Index Index Index
--------------------------------------------------------------------------------
10 Years 3.56% 3.56% 4.61% 7.72% 6.20%
5 Years 4.90 4.90 3.27 16.23 11.74
1 Year 1.15 1.15 2.82 11.19 4.93
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated July 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.19% 2.15%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World ND Standard & Poor's
Conservative Fund Bond Index Index 500 Index
7/31/2005 $10,000 $10,000 $10,000 $10,000
7/31/2006 $10,246 $10,146 $11,369 $10,538
7/31/2007 $11,066 $10,712 $13,654 $12,237
7/31/2008 $10,664 $11,371 $12,168 $10,880
7/31/2009 $10,074 $12,263 $ 9,538 $ 8,709
7/31/2010 $11,174 $13,355 $10,476 $ 9,915
7/31/2011 $12,088 $13,948 $12,419 $11,863
7/31/2012 $12,227 $14,960 $12,172 $12,943
7/31/2013 $13,185 $14,675 $15,001 $16,177
7/31/2014 $14,031 $15,257 $17,395 $18,914
7/31/2015 $14,192 $15,688 $18,252 $21,031
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through December 1, 2016, for Class C shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Solutions Funds | Annual Report | 7/31/15 23
Performance Update | 7/31/15 Class R Shares
Pioneer Solutions - Conservative Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Solutions - Conservative Fund
during the periods shown, compared to that of the MSCI World ND Index, the
Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
Net Barclays Standard MSCI
Asset Aggregate & Poor's World
Value Bond 500 ND
Period (NAV) Index Index Index
--------------------------------------------------------------------------------
10 Years 4.42% 4.61% 7.72% 6.20%
5 Years 5.70 3.27 16.23 11.74
1 Year 2.01 2.82 11.19 4.93
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated July 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.80% 1.60%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World ND Standard & Poor's
Conservative Fund Bond Index Index 500 Index
7/31/2005 $10,000 $10,000 $10,000 $10,000
7/31/2006 $10,333 $10,146 $11,369 $10,538
7/31/2007 $11,252 $10,712 $13,654 $12,237
7/31/2008 $10,928 $11,371 $12,168 $10,880
7/31/2009 $10,443 $12,263 $9,538 $ 8,709
7/31/2010 $11,684 $13,355 $10,476 $ 9,915
7/31/2011 $12,741 $13,948 $12,419 $11,863
7/31/2012 $12,977 $14,960 $12,172 $12,943
7/31/2013 $14,108 $14,675 $15,001 $16,177
7/31/2014 $15,110 $15,257 $17,395 $18,914
7/31/2015 $15,413 $15,688 $18,252 $21,031
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class R shares for the period prior to the
commencement of operations of Class R shares on July 1, 2015, is the net asset
value performance of the Fund's Class A shares, which has not been restated to
reflect any differences in expenses, including Rule 12b-1 fees applicable to
Class A shares. Since fees for Class A shares generally are higher than those of
Class R shares, the performance of Class R shares prior to their inception would
have been higher than the performance shown. For the period beginning July 1,
2015, the actual performance of Class R shares is reflected. Class R shares are
not subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through December 1, 2016, for Class R shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
24 Pioneer Solutions Funds | Annual Report | 7/31/15
Performance Update | 7/31/15 Class Y Shares
Pioneer Solutions - Conservative Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Solutions - Conservative Fund
during the periods shown, compared to that of the MSCI World ND Index, the
Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
Net Barclays Standard MSCI
Asset Aggregate & Poor's World
Value Bond 500 ND
Period (NAV) Index Index Index
--------------------------------------------------------------------------------
10 Years 3.42% 4.61% 7.72% 6.20%
5 Years 5.17 3.27 16.23 11.74
1 Year 1.81 2.82 11.19 4.93
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated July 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.68%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Solutions - Barclays Aggregate MSCI World ND Standard & Poor's
Conservative Fund Bond Index Index 500 Index
7/31/2005 $5,000,000 $5,000,000 $5,000,000 $ 5,000,000
7/31/2006 $5,171,562 $5,072,977 $5,684,499 $ 5,268,811
7/31/2007 $5,632,373 $5,355,960 $6,827,092 $ 6,118,402
7/31/2008 $5,439,520 $5,685,367 $6,083,973 $ 5,439,820
7/31/2009 $4,859,432 $6,131,406 $4,769,222 $ 4,354,619
7/31/2010 $5,437,223 $6,677,703 $5,238,228 $ 4,957,442
7/31/2011 $5,936,119 $6,973,922 $6,209,274 $ 5,931,480
7/31/2012 $5,956,068 $7,479,823 $6,086,127 $ 6,471,581
7/31/2013 $6,432,842 $7,337,334 $7,500,377 $ 8,088,333
7/31/2014 $6,872,431 $7,628,584 $8,697,654 $ 9,457,008
7/31/2015 $6,996,603 $7,844,009 $9,126,099 $10,515,715
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on October 5, 2005, reflects the NAV performance of the Fund's Class A
shares. The performance does not reflect differences in expenses, including the
Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception would have been higher than the performance
shown. Class Y shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Solutions Funds | Annual Report | 7/31/15 25
Portfolio Summary | 7/31/15
Pioneer Solutions - Balanced Fund
Asset Allocations
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Fixed Income 47.0%
International Equity 29.3%
U.S. Equity 23.7%
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
U.S. Stock Funds
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund
Class K 5.59%
--------------------------------------------------------------------------------
Oak Ridge Small Cap Growth Fund
Class K 4.78
--------------------------------------------------------------------------------
Pioneer Core Equity Fund Class Y 4.21
--------------------------------------------------------------------------------
Pioneer Fund Class Y 2.13
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 2.08
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund
Class K 2.01
--------------------------------------------------------------------------------
Aston/Fairpointe Mid Cap Fund Class I 1.77
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class K 1.14
--------------------------------------------------------------------------------
International Stock Funds
--------------------------------------------------------------------------------
Pioneer International Value Fund Class Y 12.72%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class K 8.21
--------------------------------------------------------------------------------
T Rowe Price International Funds -
European Stock Fund 4.70
--------------------------------------------------------------------------------
iShares MSCI Canada ETF 1.42
--------------------------------------------------------------------------------
iShares MSCI Emerging Markets
Minimum Volatility ETF 0.97
--------------------------------------------------------------------------------
iSHares MSCI India ETF 0.77
--------------------------------------------------------------------------------
Market Vectors Vietnam ETF 0.30
--------------------------------------------------------------------------------
JOHAM Asia Ex-Japan Equity Fund
Class IS 0.21
--------------------------------------------------------------------------------
Bond Funds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class K 10.77%
--------------------------------------------------------------------------------
Doubleline Total Return Bond Fund
Class I 4.93
--------------------------------------------------------------------------------
Western Asset Core Plus Bond Fund
Series IS 4.65
--------------------------------------------------------------------------------
MFS Total Return Bond Fund Class I 4.43
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class K 4.09
--------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund Class Y 3.57
--------------------------------------------------------------------------------
Pioneer Long/Short Bond Fund Class Y 2.87
--------------------------------------------------------------------------------
Pioneer Long/Short Opportunistic
Credit Fund Class Y 2.87
--------------------------------------------------------------------------------
Pioneer Global High Yield Fund Class Y 2.72
--------------------------------------------------------------------------------
Columbia Funds Series Trust I
Contrarian Core Fund Class Y 2.06
--------------------------------------------------------------------------------
Pioneer Global Multisector Income
Fund Class Y 2.02
--------------------------------------------------------------------------------
Pioneer High Yield Fund Class Y 2.01
--------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
26 Pioneer Solutions Funds | Annual Report | 7/31/15
Performance Update | 7/31/15 Class A Shares
Pioneer Solutions - Balanced Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Solutions - Balanced Fund at public
offering price during the periods shown, compared to that of the MSCI World ND
Index, the Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
Net Public Barclays Standard MSCI
Asset Offering Aggregate & Poor's World
Value Price Bond 500 ND
Period (NAV) (POP) Index Index Index
--------------------------------------------------------------------------------
10 Years 4.92% 4.30% 4.61% 7.72% 6.20%
5 Years 8.00 6.73 3.27 16.23 11.74
1 Year 3.33 -2.56 2.82 11.19 4.93
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated July 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.43%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World ND Standard & Poor's
Balanced Fund Bond Index Index 500 Index
7/31/2005 $ 9,425 $10,000 $10,000 $10,000
7/31/2006 $ 9,895 $10,146 $11,369 $10,538
7/31/2007 $11,140 $10,712 $13,654 $12,237
7/31/2008 $10,308 $11,371 $12,168 $10,880
7/31/2009 $ 9,153 $12,263 $ 9,538 $ 8,709
7/31/2010 $10,367 $13,355 $10,476 $ 9,915
7/31/2011 $11,705 $13,948 $12,419 $11,863
7/31/2012 $11,673 $14,960 $12,172 $12,943
7/31/2013 $13,344 $14,675 $15,001 $16,177
7/31/2014 $14,743 $15,257 $17,395 $18,914
7/31/2015 $15,235 $15,688 $18,252 $21,031
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of the maximum 5.75% sales charge. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Solutions Funds | Annual Report | 7/31/15 27
Performance Update | 7/31/15 Class C Shares
Pioneer Solutions - Balanced Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Solutions - Balanced Fund during
the periods shown, compared to that of the MSCI World ND Index, the Standard &
Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
Barclays Standard MSCI
If Aggregate & Poor's World
If Re- Bond 500 ND
Period Held deemed Index Index Index
--------------------------------------------------------------------------------
10 Years 4.15% 4.15% 4.61% 7.72% 6.20%
5 Years 7.24 7.24 3.27 16.23 11.74
1 Year 2.64 2.64 2.82 11.19 4.93
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated July 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.12%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World ND Standard & Poor's
Balanced Fund Bond Index Index 500 Index
7/31/2005 $10,000 $10,000 $10,000 $10,000
7/31/2006 $10,406 $10,146 $11,369 $10,538
7/31/2007 $11,636 $10,712 $13,654 $12,237
7/31/2008 $10,684 $11,371 $12,168 $10,880
7/31/2009 $ 9,418 $12,263 $ 9,538 $ 8,709
7/31/2010 $10,589 $13,355 $10,476 $ 9,915
7/31/2011 $11,872 $13,948 $12,419 $11,863
7/31/2012 $11,744 $14,960 $12,172 $12,943
7/31/2013 $13,337 $14,675 $15,001 $16,177
7/31/2014 $14,630 $15,257 $17,395 $18,914
7/31/2015 $15,017 $15,688 $18,252 $21,031
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
28 Pioneer Solutions Funds | Annual Report | 7/31/15
Performance Update | 7/31/15 Class R Shares
Pioneer Solutions - Balanced Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Solutions - Balanced Fund during
the periods shown, compared to that of the MSCI World ND Index, the Standard &
Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
Net Barclays Standard MSCI
Asset Aggregate & Poor's World
Value Bond 500 ND
Period (NAV) Index Index Index
--------------------------------------------------------------------------------
10 Years 4.92% 4.61% 7.72% 6.20%
5 Years 8.00 3.27 16.23 11.74
1 Year 3.33 2.82 11.19 4.93
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated July 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.75% 1.69%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World ND Standard & Poor's
Balanced Fund Bond Index Index 500 Index
7/31/2005 $10,000 $10,000 $10,000 $10,000
7/31/2006 $10,498 $10,146 $11,369 $10,538
7/31/2007 $11,819 $10,712 $13,654 $12,237
7/31/2008 $10,937 $11,371 $12,168 $10,880
7/31/2009 $ 9,712 $12,263 $ 9,538 $ 8,709
7/31/2010 $10,999 $13,355 $10,476 $ 9,915
7/31/2011 $12,419 $13,948 $12,419 $11,863
7/31/2012 $12,385 $14,960 $12,172 $12,943
7/31/2013 $14,158 $14,675 $15,001 $16,177
7/31/2014 $15,643 $15,257 $17,395 $18,914
7/31/2015 $16,164 $15,688 $18,252 $21,031
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class R shares for the period prior to the
commencement of operations of Class R shares on July 1, 2015, is the net asset
value performance of the Fund's Class A shares, which has not been restated to
reflect any differences in expenses, including Rule 12b-1 fees applicable to
Class A shares. Since fees for Class A shares generally are higher than those of
Class R shares, the performance of Class R shares prior to their inception would
have been higher than the performance shown. For the period beginning July 1,
2015, the actual performance of Class R shares is reflected. Class R shares are
not subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through December 1, 2016, for Class R shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Solutions Funds | Annual Report | 7/31/15 29
Performance Update | 7/31/15 Class Y Shares
Pioneer Solutions - Balanced Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Solutions - Balanced Fund during
the periods shown, compared to that of the MSCI World ND Index, the Standard &
Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
Net Barclays Standard MSCI
Asset Aggregate & Poor's World
Value Bond 500 ND
Period (NAV) Index Index Index
--------------------------------------------------------------------------------
10 Years 5.38% 4.61% 7.72% 6.20%
5 Years 8.32 3.27 16.23 11.74
1 Year 3.63 2.82 11.19 4.93
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated July 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.19%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Solutions - Barclays Aggregate MSCI World ND Standard & Poor's
Balanced Fund Bond Index Index 500 Index
7/31/2 $5,000,000 $5,000,000 $5,000,000 $ 5,000,000
7/31/2 $5,273,449 $5,072,977 $5,684,499 $ 5,268,811
7/31/2 $5,957,934 $5,355,960 $6,827,092 $ 6,118,402
7/31/2 $5,535,071 $5,685,367 $6,083,973 $ 5,439,820
7/31/2 $4,976,398 $6,131,406 $4,769,222 $ 4,354,619
7/31/2 $5,660,689 $6,677,703 $5,238,228 $ 4,957,442
7/31/2 $6,417,491 $6,973,922 $6,209,274 $ 5,931,480
7/31/2 $6,417,395 $7,479,823 $6,086,127 $ 6,471,581
7/31/2 $7,359,355 $7,337,334 $7,500,377 $ 8,088,333
7/31/2 $8,145,684 $7,628,584 $8,697,654 $ 9,457,008
7/31/2 $8,441,099 $7,844,009 $9,126,099 $10,515,715
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on September 23, 2005, reflects the NAV performance of the Fund's Class A
shares. The performance does not reflect differences in expenses, including the
Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception would have been higher than the performance
shown. Class Y shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
30 Pioneer Solutions Funds | Annual Report | 7/31/15
Portfolio Summary | 7/31/15
Pioneer Solutions - Growth Fund
Asset Allocations
--------------------------------------------------------------------------------
International Equity 40.0%
U.S. Equity 36.2%
Fixed Income 23.8%
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
U.S. Stock Funds
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund
Class K 7.72%
--------------------------------------------------------------------------------
Pioneer Core Equity Fund Class Y 6.17
--------------------------------------------------------------------------------
Oak Ridge Small Cap Growth Fund
Class K 5.57
--------------------------------------------------------------------------------
Pioneer Fund Class Y 4.60
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class K 4.12
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 3.06
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth Fund
Class K 2.57
--------------------------------------------------------------------------------
Aston/Fairpointe Mid Cap Fund Class I 2.38
--------------------------------------------------------------------------------
International Stock Funds
--------------------------------------------------------------------------------
Pioneer International Value Fund Class Y 14.40%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class K 10.68
--------------------------------------------------------------------------------
T Rowe Price International Funds -
European Stock Fund 4.90
--------------------------------------------------------------------------------
JPMorgan Intrepid European Fund Class I 4.88
--------------------------------------------------------------------------------
iShares MSCI Canada ETF 2.09
--------------------------------------------------------------------------------
International Stock Funds (continued)
--------------------------------------------------------------------------------
JOHCM Asia Ex-Japan Equity Fund
Class IS 1.01%
--------------------------------------------------------------------------------
iShares MSCI Emerging Markets
Minimum Volatility ETF 0.95
--------------------------------------------------------------------------------
iShares MSCI India ETF 0.77
--------------------------------------------------------------------------------
Market Vectors Vietnam ETF 0.30
--------------------------------------------------------------------------------
Bond Funds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class K 7.86%
--------------------------------------------------------------------------------
Columbia Funds Series Trust I
Contrarian Core Fund Class Y 3.77
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class K 3.36
--------------------------------------------------------------------------------
Pioneer Long/Short Bond Fund Class Y 2.85
--------------------------------------------------------------------------------
Pioneer Long/Short Opportunistic
Credit Fund Class Y 2.85
--------------------------------------------------------------------------------
Doubleline Total Return Bond Fund Class I 1.94
--------------------------------------------------------------------------------
Pioneer Global Multisector Income
Fund Class Y 1.20
--------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
Pioneer Solutions Funds | Annual Report | 7/31/15 31
Performance Update | 7/31/15 Class A Shares
Pioneer Solutions - Growth Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer Solutions - Growth Fund at public
offering price during the periods shown, compared to that of the MSCI World ND
Index, the Standard & Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
Net Public Barclays Standard MSCI
Asset Offering Aggregate & Poor's World
Value Price Bond 500 ND
Period (NAV) (POP) Index Index Index
--------------------------------------------------------------------------------
10 Years 5.08% 4.46% 4.61% 7.72% 6.20%
5 Years 9.19 7.90 3.27 16.23 11.74
1 Year 5.08 -0.97 2.82 11.19 4.93
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated July 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.51%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World ND Standard & Poor's
Growth Fund Bond Index Index 500 Index
7/31/2005 $ 9,425 $ 10,000 $ 10,000 $ 10,000
7/31/2006 $10,019 $ 10,146 $ 11,369 $ 10,538
7/31/2007 $11,494 $ 10,712 $ 13,654 $ 12,237
7/31/2008 $10,358 $ 11,371 $ 12,168 $ 10,880
7/31/2009 $ 8,754 $ 12,263 $ 9,538 $ 8,709
7/31/2010 $ 9,970 $ 13,355 $ 10,476 $ 9,915
7/31/2011 $11,450 $ 13,948 $ 12,419 $ 11,863
7/31/2012 $11,300 $ 14,960 $ 12,172 $ 12,943
7/31/2013 $13,153 $ 14,675 $ 15,001 $ 16,177
7/31/2014 $14,726 $ 15,257 $ 17,395 $ 18,914
7/31/2015 $15,474 $ 15,688 $ 18,252 $ 21,031
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of the maximum 5.75% sales charge. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
32 Pioneer Solutions Funds | Annual Report | 7/31/15
Performance Update | 7/31/15 Class C Shares
Pioneer Solutions - Growth Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer Solutions - Growth Fund during the
periods shown, compared to that of the MSCI World ND Index, the Standard &
Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
Barclays Standard MSCI
If Aggregate & Poor's World
If Re- Bond 500 ND
Period Held deemed Index Index Index
--------------------------------------------------------------------------------
10 Years 4.34% 4.34% 4.61% 7.72% 6.20%
5 Years 8.45 8.45 3.27 16.23 11.74
1 Year 4.36 4.36 2.82 11.19 4.93
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated July 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.20%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World ND Standard & Poor's
Growth Fund Bond Index Index 500 Index
7/31/2005 $10,000 $10,000 $10,000 $10,000
7/31/2006 $10,551 $10,146 $11,369 $10,538
7/31/2007 $12,002 $10,712 $13,654 $12,237
7/31/2008 $10,750 $11,371 $12,168 $10,880
7/31/2009 $ 9,021 $12,263 $ 9,538 $ 8,709
7/31/2010 $10,200 $13,355 $10,476 $ 9,915
7/31/2011 $11,639 $13,948 $12,419 $11,863
7/31/2012 $11,417 $14,960 $12,172 $12,943
7/31/2013 $13,196 $14,675 $15,001 $16,177
7/31/2014 $14,660 $15,257 $17,395 $18,914
7/31/2015 $15,299 $15,688 $18,252 $21,031
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. Returns would have been lower had sales charges been
reflected. All results are historical and assume the reinvestment of dividends
and capital gains. Other share classes are available for which performance and
expenses will differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Solutions Funds | Annual Report | 7/31/15 33
Performance Update | 7/31/15 Class R Shares
Pioneer Solutions - Growth Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class R shares of Pioneer Solutions - Growth Fund during the
periods shown, compared to that of the MSCI World ND Index, the Standard &
Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
Net Barclays Standard MSCI
Asset Aggregate & Poor's World
Value Bond 500 ND
Period (NAV) Index Index Index
--------------------------------------------------------------------------------
10 Years 5.08% 4.61% 7.72% 6.20%
5 Years 9.19 3.27 16.23 11.74
1 Year 5.08 2.82 11.19 4.93
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated July 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.79% 1.73%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World ND Standard & Poor's
Growth Fund Bond Index Index 500 Index
7/31/2005 $10,000 $10,000 $10,000 $10,000
7/31/2006 $10,628 $10,146 $11,369 $10,538
7/31/2007 $12,194 $10,712 $13,654 $12,237
7/31/2008 $10,988 $11,371 $12,168 $10,880
7/31/2009 $ 9,286 $12,263 $ 9,538 $ 8,709
7/31/2010 $10,577 $13,355 $10,476 $ 9,915
7/31/2011 $12,147 $13,948 $12,419 $11,863
7/31/2012 $11,988 $14,960 $12,172 $12,943
7/31/2013 $13,954 $14,675 $15,001 $16,177
7/31/2014 $15,622 $15,257 $17,395 $18,914
7/31/2015 $16,415 $15,688 $18,252 $21,031
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class R shares for the period prior to the
commencement of operations of Class R shares on July 1, 2015, is the net asset
value performance of the Fund's Class A shares, which has not been restated to
reflect any differences in expenses, including Rule 12b-1 fees applicable to
Class A shares. Since fees for Class A shares generally are higher than those of
Class R shares, the performance of Class R shares prior to their inception would
have been higher than the performance shown. For the period beginning July 1,
2015, the actual performance of Class R shares is reflected. Class R shares are
not subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through December 1, 2016, for Class R shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
34 Pioneer Solutions Funds | Annual Report | 7/31/15
Performance Update | 7/31/15 Class Y Shares
Pioneer Solutions - Growth Fund
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer Solutions - Growth Fund during the
periods shown, compared to that of the MSCI World ND Index, the Standard &
Poor's 500 Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2015)
--------------------------------------------------------------------------------
Net Barclays Standard MSCI
Asset Aggregate & Poor's World
Value Bond 500 ND
Period (NAV) Index Index Index
--------------------------------------------------------------------------------
10 Years 5.57% 4.61% 7.72% 6.20%
5 Years 9.24 3.27 16.23 11.74
1 Year 5.30 2.82 11.19 4.93
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated July 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.23%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Solutions - Barclays Aggregate MSCI World ND Standard & Poor's
Growth Fund Bond Index Index 500 Index
7/31/2005 $5,000,000 $5,000,000 $5,000,000 $ 5,000,000
7/31/2006 $5,360,630 $5,072,977 $5,684,499 $ 5,268,811
7/31/2007 $6,157,984 $5,355,960 $6,827,092 $ 6,118,402
7/31/2008 $5,600,748 $5,685,367 $6,083,973 $ 5,439,820
7/31/2009 $4,834,343 $6,131,406 $4,769,222 $ 4,354,619
7/31/2010 $5,526,887 $6,677,703 $5,238,228 $ 4,957,442
7/31/2011 $6,377,510 $6,973,922 $6,209,274 $ 5,931,480
7/31/2012 $6,232,128 $7,479,823 $6,086,127 $ 6,471,581
7/31/2013 $7,272,748 $7,337,334 $7,500,377 $ 8,088,333
7/31/2014 $8,163,747 $7,628,584 $8,697,654 $ 9,457,008
7/31/2015 $8,596,238 $7,844,009 $9,126,099 $10,515,715
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of the Fund's Class Y
shares on September 26, 2005, reflects the NAV performance of the Fund's Class A
shares. The performance does not reflect differences in expenses, including the
Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares are
generally higher than those of Class Y shares, the performance for Class Y
shares prior to their inception would have been higher than the performance
shown. Class Y shares are not subject to sales charges and are available for
limited groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results shown reflect any applicable expense waivers in effect
during the periods shown. Without such waivers Fund performance would be lower.
Waivers may not be in effect for all funds. Certain fee waivers are contractual
through a specified period. Otherwise, fee waivers can be rescinded at any time.
See the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Solutions Funds | Annual Report | 7/31/15 35
Schedule of Investments | 7/31/15
Pioneer Solutions - Conservative Fund
---------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------
MUTUAL FUNDS -- 97.6%
NON-PIONEER FUNDS -- 27.4%
62,522 Columbia Funds Series Trust I Contrarian Core Fund Class Y $ 1,436,130
309,058 Doubleline Total Return Bond Fund Class I 3,374,913
11,863 iShares MSCI Emerging Markets Minimum Volatility ETF 658,278
16,860 iShares MSCI India ETF 523,503
12,500 Market Vectors Vietnam ETF 229,625
313,658 MFS Total Return Bond Fund Class I 3,378,097
340,136 Schroder Total Return Fixed Income Fund Class INV 3,411,568
132,380 T Rowe Price International Funds -- European Stock Fund 2,846,170
293,202 Western Asset Core Plus Bond Fund Class IS 3,401,143
---------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN NON-PIONEER FUNDS
(Cost $19,582,091) $19,259,427
---------------------------------------------------------------------------------------
PIONEER FUNDS* -- 70.2%
1,560,222 Pioneer Bond Fund Class K $15,118,551
294,843 Pioneer Dynamic Credit Fund Class Y 2,795,112
82,949 Pioneer Equity Income Fund Class K 2,886,625
102,850 Pioneer Floating Rate Fund Class K 702,465
73,616 Pioneer Fundamental Growth Fund Class K 1,476,001
216,867 Pioneer Global Equity Fund Class K 3,046,981
231,466 Pioneer Global High Yield Fund Class Y 2,064,679
132,059 Pioneer Global Multisector Income Fund Class Y 1,407,746
212,438 Pioneer High Yield Fund Class Y 2,060,650
161,225 Pioneer International Value Fund Class Y 3,532,447
192,660 Pioneer Long/Short Bond Fund Class Y 1,932,380
194,009 Pioneer Long/Short Opportunistic Credit Fund Class Y 1,934,270
46,862 Pioneer Real Estate Shares Class Y 1,372,133
234,920 Pioneer Short Term Income Fund Class K 2,252,883
627,199 Pioneer Strategic Income Fund Class K 6,660,853
---------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN PIONEER FUNDS
(Cost $48,163,089) $49,243,776
---------------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $67,745,180) $68,503,203
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Principal
Amount ($)
---------------------------------------------------------------------------------------
PURCHASED PUT OPTIONS -- 0.0%+
724,135 Put USD/Call INR @ 63.25, 2/1/16 $ 3,963
---------------------------------------------------------------------------------------
TOTAL PURCHASED PUT OPTIONS
(Premiums paid $17,017) $ 3,963
---------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Solutions Funds | Annual Report | 7/31/15
---------------------------------------------------------------------------------------
Contracts Value
---------------------------------------------------------------------------------------
EXCHANGE-TRADED PURCHASED PUT OPTIONS -- 0.1%
11 Russell 2000 Index @ 1,220, 12/19/15 $ 50,875
12 Russell 2000 Index @ 1,230, 9/18/15 28,020
---------------------------------------------------------------------------------------
TOTAL EXCHANGE -TRADED PURCHASED PUT OPTIONS
(Premiums paid $128,830) $ 78,895
---------------------------------------------------------------------------------------
EXCHANGE-TRADED PURCHASED CALL
OPTIONS -- 0.0%+
8 Hong Kong Stock Exchange @ 15,200, 9/29/15 $ 52
---------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED PURCHASED CALL OPTIONS
(Premiums paid $41,109) $ 52
---------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 97.7%
(Cost $67,932,136) (a) $68,586,113
---------------------------------------------------------------------------------------
EXCHANGE-TRADED WRITTEN PUT OPTIONS -- (0.1)%
(8) S&P 500 Index @ 2,050, 9/18/15 $ (16,920)
(11) Russell 2000 Index @ 1,100, 12/19/15 (18,700)
---------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED WRITTEN PUT OPTIONS
(Premiums received $(93,203)) $ (35,620)
---------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 2.4% $ 1,620,980
---------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $70,171,473
=======================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
+ Amount rounds to less than 0.1%.
(a) At July 31, 2015, the net unrealized appreciation on investments based on
cost for federal tax purposes of $68,176,352 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of tax cost over value $ 1,578,109
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (1,168,348)
-----------
Net unrealized appreciation $ 409,761
===========
Purchases and sales of securities (excluding temporary cash investments) for the
year ended July 31, 2015 aggregated $78,498,923 and $75,223,804, respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/15 37
Schedule of Investments | 7/31/15
Pioneer Solutions - Conservative Fund (continued)
INFLATION RATE SWAP AGREEMENTS
----------------------------------------------------------------------------------------------------------
Net
Annual Unrealized
Notional Pay/ Fixed Expiration Appreciation
Principal ($) Counterparty Receive Index Rate Date (Depreciation)
----------------------------------------------------------------------------------------------------------
EUR 2,400,000 Goldman Sachs Receive EUCPI 1.3250% 3/11/25 $ 9,160
International
EUR 2,400,000 Goldman Sachs Pay EUCPI 0.9500% 3/11/20 (2,368)
International
EUR 1,200,000 Goldman Sachs Receive EUCPI 1.3450% 3/13/25 1,853
International
EUR 1,200,000 Goldman Sachs Pay EUCPI 0.9550% 3/13/20 (846)
International
----------------------------------------------------------------------------------------------------------
$ 7,799
----------------------------------------------------------------------------------------------------------
EUCPI Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA.
CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENTS
----------------------------------------------------------------------------------------------------------
Net
Annual Premiums Unrealized
Notional Pay/ Floating Fixed Expiration Paid Appreciation
Principal ($) Counterparty Receive Rate Rate Date (Received) (Depreciation)
----------------------------------------------------------------------------------------------------------
EUR 224,029 London Receive EURIBOR 0.132% 2/10/25 $-- $ 5,164
Clearing House 6 Month
GBP 273,434 London Receive LIBOR GBP 2.325% 3/20/45 -- (4,074)
Clearing House 6 Month
GBP 280,524 London Receive LIBOR GBP 2.340% 2/18/45 -- (4,702)
Clearing House 6 Month
GBP 213,724 London Receive LIBOR GBP 2.505% 3/13/45 -- (8,762)
Clearing House 6 Month
JPY 30,199,918 London Pay LIBOR JPY 2.070% 3/13/45 -- (1,363)
Clearing House 6 Month
JPY 40,514,700 London Pay LIBOR JPY 2.164% 2/18/45 -- 1,614
Clearing House 6 Month
JPY 38,677,503 London Pay LIBOR JPY 2.034% 3/02/45 -- (2,994)
Clearing House 6 Month
SEK 2,127,723 London Pay LIBOR SEK 0.981% 2/10/25 -- (6,405)
Clearing House 3 Month
2,137,675 London Receive LIBOR USD 1.628% 5/09/18 -- (8,674)
Clearing House 3 Month
3,431,606 London Receive LIBOR USD 1.577% 5/14/18 -- (10,042)
Clearing House 3 Month
6,870,576 London Pay LIBOR USD 1.247% 5/15/17 -- 9,580
Clearing House 3 Month
3,629,578 London Receive LIBOR USD 1.462% 5/02/18 -- (3,732)
Clearing House 3 Month
7,259,157 London Pay LIBOR USD 1.153% 5/02/17 -- 4,962
Clearing House 3 Month
4,267,979 London Pay LIBOR USD 1.300% 5/09/17 -- 8,561
Clearing House 3 Month
----------------------------------------------------------------------------------------------------------
$-- $(20,867)
----------------------------------------------------------------------------------------------------------
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise noted:
EUR Euro
GBP British Pound Sterling
JPY Japanese Yen
SEK Swedish Krone
The accompanying notes are an integral part of these financial statements.
38 Pioneer Solutions Funds | Annual Report | 7/31/15
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risks, etc.).
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes to
Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services or broker-dealers)
as Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2015, in valuing
the Fund's assets:
---------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------------
Mutual Funds $68,503,203 $ -- $-- $68,503,203
Purchased Put Options -- 3,963 -- 3,963
Exchange-Traded Purchased
Put Options 78,895 -- -- 78,895
Exchange-Traded Purchased
Call Options 52 -- -- 52
---------------------------------------------------------------------------------------------------
Total $68,582,150 $ 3,963 $-- $68,586,113
===================================================================================================
Other Financial Instruments
Net Unrealized Appreciation
on Futures Contracts $ 6,754 $ -- $-- $ 6,754
Net Unrealized Appreciation
on Forward Foreign
Currency Contracts -- 233,568 -- 233,568
Net unrealized Deprecation
on Forward Foreign
Currency Contracts -- (125,605) -- (125,605)
Net Unrealized Appreciation
on Inflation Swaps -- 7,799 -- 7,799
Net Unrealized Depreciation
on Interest Rate Swaps -- (20,867) -- (20,867)
Net Unrealized Appreciation on
Exchange-Traded Written
Put Options 57,583 -- -- 57,583
---------------------------------------------------------------------------------------------------
Total Other
Financial Instruments $ 64,337 $ 94,895 $-- $ 159,232
===================================================================================================
During the year ended July 31, 2015, there were no transfers between Levels 1,
2, and 3.
The following is a summary of the fair valuation of certain Fund's assets and
liabilities as of July 31, 2015.
---------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------------
Assets:
Foreign currencies, at value $ -- $ 1,453 $-- $ 1,453
Futures collateral -- 440,790 -- 440,790
Swap collateral -- 100,000 -- 100,000
Variation margin for
futures contracts 14,675 -- -- 14,675
Liabilities:
Variation margin for centrally
cleared swap contracts -- (4,260) -- (4,260)
---------------------------------------------------------------------------------------------------
Total: $14,675 $537,983 $-- $552,658
===================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/15 39
Schedule of Investments | 7/31/15
Pioneer Solutions - Balanced Fund
---------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------
MUTUAL FUNDS -- 97.2%
NON-PIONEER FUNDS -- 30.1%
92,711 Aston/Fairpointe Mid Cap Fund Class I $ 3,722,347
188,952 Columbia Funds Series Trust I Contrarian Core Fund Class Y 4,340,227
950,515 Doubleline Total Return Bond Fund Class I 10,379,624
116,892 iShares MSCI Canada ETF 2,986,591
36,654 iShares MSCI Emerging Markets Minimum Volatility ETF 2,033,930
52,079 iShares MSCI India ETF 1,617,053
41,799 JOHCM Asia Ex-Japan Equity Fund Class IS 438,472
34,680 Market Vectors Vietnam ETF 637,072
867,230 MFS Total Return Bond Fund Class I 9,340,067
239,196 Oak Ridge Small Cap Growth Fund Class K 10,082,111
460,634 T Rowe Price International Funds -- European Stock Fund 9,903,631
845,390 Western Asset Core Plus Bond Fund Class IS 9,806,524
---------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN NON-PIONEER FUNDS
(Cost $66,356,505) $ 65,287,649
---------------------------------------------------------------------------------------
PIONEER FUNDS* -- 67.1%
2,343,453 Pioneer Bond Fund Class K $ 22,708,060
495,230 Pioneer Core Equity Fund Class Y 8,864,616
793,446 Pioneer Dynamic Credit Fund Class Y 7,521,871
118,167 Pioneer Fund Class Y 4,486,798
587,332 Pioneer Fundamental Growth Fund Class K 11,776,007
1,232,776 Pioneer Global Equity Fund Class K 17,320,503
642,422 Pioneer Global High Yield Fund Class Y 5,730,404
399,143 Pioneer Global Multisector Income Fund Class Y 4,254,864
435,573 Pioneer High Yield Fund Class Y 4,225,055
1,224,139 Pioneer International Value Fund Class Y 26,820,893
601,957 Pioneer Long/Short Bond Fund Class Y 6,037,629
91,368 Pioneer Mid Cap Value Fund Class K 2,392,014
606,171 Pioneer Long/Short Opportunistic Credit Fund Class Y 6,043,525
149,770 Pioneer Real Estate Shares Class Y 4,385,251
106,687 Pioneer Select Mid Cap Growth Fund Class K 4,235,474
812,196 Pioneer Strategic Income Fund Class K 8,625,521
---------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN PIONEER FUNDS
(Cost $132,747,142) $145,428,485
---------------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $199,103,647) $210,716,134
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Principal
Amount ($)
---------------------------------------------------------------------------------------
PURCHASED PUT OPTIONS -- 0.0%+
2,182,463 Put USD/Call INR @ 63.25, 2/1/16 $ 11,945
---------------------------------------------------------------------------------------
TOTAL PURCHASED PUT OPTIONS
(Premiums paid $51,288) $ 11,945
---------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Solutions Funds | Annual Report | 7/31/15
---------------------------------------------------------------------------------------
Contracts Value
---------------------------------------------------------------------------------------
EXCHANGE-TRADED PURCHASED PUT OPTIONS -- 0.2%
37 Russell 2000 Index @ 1,230, 9/18/15 $ 86,395
52 Russell 2000 Index @ 1,220, 12/19/15 240,500
---------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED PURCHASED PUT OPTIONS
(Premiums paid $476,828) $ 326,895
---------------------------------------------------------------------------------------
EXCHANGE-TRADED PURCHASED CALL
OPTIONS -- 0.0%+
25 Hong Kong Stock Exchange @ 15,200, 9/29/15 $ 161
---------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED PURCHASED CALL OPTIONS
(Premiums paid $128,466) $ 161
---------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 97.4%
(Cost $199,760,229) (a) $211,055,135
---------------------------------------------------------------------------------------
EXCHANGE-TRADED WRITTEN PUT OPTIONS -- (0.1)%
(25) S&P 500 Index @ 2,050, 9/18/15 $ (52,875)
(52) Russell 2000 Index @ 1,100, 12/19/15 (88,400)
---------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED WRITTEN PUT OPTIONS
(Premiums received $(321,168)) $ (141,275)
---------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 2.7% $ 5,844,306
---------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $216,758,166
=======================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
+ Amount rounds to less than 0.1%.
(a) At July 31, 2015, the net unrealized appreciation on investments based on
cost for federal tax purposes of $201,312,277 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of tax cost over value $14,342,696
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (4,599,838)
-----------
Net unrealized appreciation $ 9,742,858
===========
Purchases and sales of securities (excluding temporary cash investments) for the
year ended July 31, 2015 aggregated $193,976,082 and $194,045,939, respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/15 41
Schedule of Investments | 7/31/15
Pioneer Solutions - Balanced Fund (continued)
INFLATION RATE SWAP AGREEMENTS
----------------------------------------------------------------------------------------------------------
Net
Annual Unrealized
Notional Pay/ Fixed Expiration Appreciation
Principal ($) Counterparty Receive Index Rate Date (Depreciation)
----------------------------------------------------------------------------------------------------------
EUR 7,400,000 Goldman Sachs Receive EUCPI 1.3250% 3/11/25 $28,242
International
EUR 7,400,000 Goldman Sachs Pay EUCPI 0.9500% 3/11/20 (7,301)
International
EUR 3,700,000 Goldman Sachs Receive EUCPI 1.3450% 3/13/25 5,713
International
EUR 3,700,000 Goldman Sachs Pay EUCPI 0.9550% 3/13/20 (2,608)
International
----------------------------------------------------------------------------------------------------------
$24,046
----------------------------------------------------------------------------------------------------------
EUCPI Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA.
CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENTS
----------------------------------------------------------------------------------------------------------
Net
Annual Premiums Unrealized
Notional Pay/ Floating Fixed Expiration Paid Appreciation
Principal ($) Counterparty Receive Rate Rate Date (Received) (Depreciation)
----------------------------------------------------------------------------------------------------------
EUR 677,667 London Receive EURIBOR 0.132% 2/10/25 $-- $ 15,619
Clearing House 6 Month
GBP 834,908 London Receive LIBOR GBP 2.325% 3/20/45 -- (12,440)
Clearing House 6 Month
GBP 849,873 London Receive LIBOR GBP 2.340% 2/18/45 -- (14,244)
Clearing House 6 Month
GBP 651,797 London Receive LIBOR GBP 2.505% 3/13/45 -- (26,720)
Clearing House 6 Month
JPY 92,086,625 London Pay LIBOR JPY 2.070% 3/13/45 -- (4,157)
Clearing House 6 Month
JPY 123,025,291 London Pay LIBOR JPY 2.164% 2/18/45 -- 4,901
Clearing House 6 Month
JPY 118,103,273 London Pay LIBOR JPY 2.034% 3/02/45 -- (9,142)
Clearing House 6 Month
SEK 6,482,000 London Pay LIBOR SEK 0.981% 2/10/25 -- (19,514)
Clearing House 3 Month
6,515,753 London Receive LIBOR USD 1.628% 5/09/18 -- (26,439)
Clearing House 3 Month
10,457,931 London Receive LIBOR USD 1.577% 5/14/18 -- (30,597)
Clearing House 3 Month
20,938,303 London Pay LIBOR USD 1.247% 5/15/17 -- 29,194
Clearing House 3 Month
11,140,420 London Receive LIBOR USD 1.462% 5/02/18 -- (11,456)
Clearing House 3 Month
22,280,841 London Pay LIBOR USD 1.153% 5/02/17 -- 15,229
Clearing House 3 Month
13,009,038 London Pay LIBOR USD 1.300% 5/09/17 -- 26,094
Clearing House 3 Month
----------------------------------------------------------------------------------------------------------
$-- $(63,672)
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42 Pioneer Solutions Funds | Annual Report | 7/31/15
NOTE: Principal amounts are denominated in U.S. dollars unless otherwise noted:
EUR Euro
GBP British Pound Sterling
JPY Japanese Yen
SEK Swedish Krone
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risks, etc.).
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes to
Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services or broker-dealers)
as Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2015, in valuing
the Fund's assets:
---------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------------
Mutual Funds $210,716,134 $ -- $-- $210,716,134
Purchased Put Options -- 11,945 -- 11,945
Exchange-Traded Purchased
Put Options 326,895 -- -- 326,895
Exchange-Traded Purchased
Call Options 161 -- -- 161
---------------------------------------------------------------------------------------------------
Total $211,043,190 $ 11,945 $-- $211,055,135
===================================================================================================
Other Financial Instruments
Net Unrealized Appreciation
on Futures Contracts $ 25,323 $ -- $-- $ 25,323
Net Unrealized Appreciation
on Forward Foreign
Currency Contracts -- 716,784 -- 716,784
Net Unrealized Depreciation
on Forward Foreign
Currency Contracts -- (386,611) -- (386,611)
Net Unrealized Appreciation
on Inflation Swaps -- 24,046 -- 24,046
Net Unrealized Depreciation
on Interest Rate Swaps -- (63,672) -- (63,672)
Net Unrealized Appreciation
on Exchange-Traded
Written Put Options 179,893 -- -- 179,893
---------------------------------------------------------------------------------------------------
Total Other
Financial Instruments $ 205,216 $ 290,547 $-- $ 495,763
===================================================================================================
During the year ended July 31, 2015, there were no transfers between Levels 1,
2, and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/15 43
Schedule of Investments | 7/31/15
Pioneer Solutions - Balanced Fund (continued)
The following is a summary of the fair valuation of certain Fund's assets and
liabilities as of July 31, 2015.
---------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------------
Assets:
Foreign currencies, at value $ -- $ 4,569 $ -- $ 4,569
Futures collateral -- 1,434,519 -- 1,434,519
Swap collateral -- 300,000 -- 300,000
Variation margin for
futures contracts 46,444 -- -- 46,444
Liabilities:
Variation margin for
centrally cleared
swap contracts -- (8,566) -- (8,566)
---------------------------------------------------------------------------------------------------
Total: $46,444 $1,730,522 $ -- $1,776,966
===================================================================================================
The accompanying notes are an integral part of these financial statements.
44 Pioneer Solutions Funds | Annual Report | 7/31/15
Schedule of Investments | 7/31/15
Pioneer Solutions - Growth Fund
---------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------
MUTUAL FUNDS -- 98.3%
NON-PIONEER FUNDS -- 28.1%
214,547 Aston/Fairpointe Mid Cap Fund Class I $ 8,614,062
592,984 Columbia Funds Series Trust I Contrarian Core Fund Class Y 13,620,842
642,554 Doubleline Total Return Bond Fund Class I 7,016,690
295,280 iShares MSCI Canada ETF 7,544,404
61,731 iShares MSCI Emerging Markets Minimum Volatility ETF 3,425,453
89,220 iShares MSCI India ETF 2,770,281
346,969 JOHCM Asia Ex-Japan Equity Fund Class IS 3,639,709
671,769 JPMorgan Intrepid European Fund Class IS 17,647,372
59,196 Market Vectors Vietnam ETF 1,087,430
478,461 Oak Ridge Small Cap Growth Fund Class K 20,167,131
824,702 T Rowe Price International Funds -- European Stock Fund 17,731,093
---------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN NON-PIONEER FUNDS
(Cost $103,342,322) $103,264,467
---------------------------------------------------------------------------------------
PIONEER FUNDS* -- 70.2%
2,934,921 Pioneer Bond Fund Class K $ 28,439,385
1,247,982 Pioneer Core Equity Fund Class Y 22,338,873
438,752 Pioneer Fund Class Y 16,659,399
1,392,255 Pioneer Fundamental Growth Fund Class K 27,914,713
2,749,899 Pioneer Global Equity Fund Class K 38,636,081
405,895 Pioneer Global Multisector Income Fund Class Y 4,326,840
2,379,736 Pioneer International Value Fund Class Y 52,140,025
1,027,637 Pioneer Long/Short Bond Fund Class Y 10,307,199
569,372 Pioneer Mid-Cap Value Fund Class K 14,906,159
1,034,831 Pioneer Long/Short Opportunistic Credit Fund Class Y 10,317,265
378,259 Pioneer Real Estate Shares Class Y 11,075,419
234,082 Pioneer Select Mid Cap Growth Fund Class K 9,293,055
1,144,336 Pioneer Strategic Income Fund Class K 12,152,848
---------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN PIONEER FUNDS
(Cost $227,114,037) $258,507,261
---------------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $330,456,359) $361,771,728
---------------------------------------------------------------------------------------
Principal
Amount ($)
---------------------------------------------------------------------------------------
PURCHASED PUT OPTIONS -- 0.0%+
3,580,446 Put USD/Call INR @ 63.25, 2/1/16 $ 19,597
---------------------------------------------------------------------------------------
TOTAL PURCHASED PUT OPTIONS
(Premiums paid $84,140) $ 19,597
---------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/15 45
Schedule of Investments | 7/31/15
Pioneer Solutions - Growth Fund (continued)
---------------------------------------------------------------------------------------
Contracts Value
---------------------------------------------------------------------------------------
EXCHANGE-TRADED PURCHASED PUT OPTIONS -- 0.3%
187 Euro Stoxx 50 @ 3,500, 12/18/15 $ 272,241
89 Russell 2000 Index @ 1,200, 3/18/16 522,430
61 Russell 2000 Index @ 1,230, 9/18/15 142,435
---------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED PURCHASED PUT OPTIONS
(Premiums paid $1,137,609) $ 937,106
---------------------------------------------------------------------------------------
EXCHANGE-TRADED PURCHASED CALL
OPTIONS -- 0.0%+
40 Hong Kong Stock Exchange @ 15,200, 9/29/15 $ 258
---------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED PURCHASED CALL OPTIONS
(Premiums paid $205,545) $ 258
---------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 98.6%
(Cost $331,883,653) (a) $362,728,689
---------------------------------------------------------------------------------------
EXCHANGE-TRADED WRITTEN PUT OPTIONS -- (0.1)%
(187) Euro stoxx 50 @ 3,150, 12/18/15 $ (91,944)
(42) S&P 500 Index @ 2,050, 9/18/15 (88,830)
(89) Russell 2000 Index @ 1,100, 3/18/16 (276,790)
---------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED WRITTEN PUT OPTIONS
(Premiums received $(741,855)) $ (457,564)
---------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 1.5% $ 5,707,485
---------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $367,978,610
=======================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
+ Amount rounds to less than 0.1%.
(a) At July 31, 2015, the net unrealized appreciation on investments based on
cost for federal tax purposes of $332,478,085 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of tax cost over value $35,170,575
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (4,919,971)
-----------
Net unrealized appreciation $30,250,604
-----------
Purchases and sales of securities (excluding temporary cash investments) for the
year ended July 31, 2015 aggregated $321,637,898 and $317,922,359, respectively.
The accompanying notes are an integral part of these financial statements.
46 Pioneer Solutions Funds | Annual Report | 7/31/15
INFLATION RATE SWAP AGREEMENTS
----------------------------------------------------------------------------------------------------------
Net
Annual Unrealized
Notional Pay/ Fixed Expiration Appreciation
Principal ($) Counterparty Receive Index Rate Date (Depreciation)
----------------------------------------------------------------------------------------------------------
EUR 12,300,000 Goldman Sachs Receive EUCPI 1.3250% 3/11/25 $ 46,944
International
EUR 12,300,000 Goldman Sachs Pay EUCPI 0.9500% 3/11/20 (12,136)
International
EUR 6,150,000 Goldman Sachs Receive EUCPI 1.3450% 3/13/25 9,496
International
EUR 6,150,000 Goldman Sachs Pay EUCPI 0.9550% 3/13/20 (4,336)
International
----------------------------------------------------------------------------------------------------------
$ 39,968
----------------------------------------------------------------------------------------------------------
EUCPI Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA.
CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENTS
----------------------------------------------------------------------------------------------------------
Net
Annual Premiums Unrealized
Notional Pay/ Floating Fixed Expiration Paid Appreciation
Principal ($) Counterparty Receive Rate Rate Date (Received) (Depreciation)
----------------------------------------------------------------------------------------------------------
EUR 1,116,002 London Receive EURIBOR 0.132% 2/10/25 $-- $ 25,723
Clearing House 6 Month
GBP 1,393,219 London Receive LIBOR GBP 2.325% 3/20/45 -- (20,759)
Clearing House 6 Month
GBP 1,403,875 London Receive LIBOR GBP 2.340% 2/18/45 -- (23,529)
Clearing House 6 Month
GBP 1,078,441 London Receive LIBOR GBP 2.505% 3/13/45 -- (44,211)
Clearing House 6 Month
JPY 152,391,091 London Pay LIBOR JPY 2.070% 3/13/45 -- (6,879)
Clearing House 6 Month
JPY 202,884,872 London Pay LIBOR JPY 2.164% 2/18/45 -- 8,082
Clearing House 6 Month
JPY 197,069,455 London Pay LIBOR JPY 2.034% 3/02/45 -- (15,255)
Clearing House 6 Month
SEK 10,599,294 London Pay LIBOR SEK 0.981% 2/10/25 -- (31,910)
Clearing House 3 Month
10,878,870 London Receive LIBOR USD 1.628% 5/09/18 -- (44,143)
Clearing House 3 Month
17,470,892 London Receive LIBOR USD 1.577% 5/14/18 -- (51,113)
Clearing House 3 Month
34,979,275 London Pay LIBOR USD 1.247% 5/15/17 -- 48,772
Clearing House 3 Month
18,724,707 London Receive LIBOR USD 1.462% 5/02/18 -- (19,255)
Clearing House 3 Month
37,449,415 London Pay LIBOR USD 1.153% 5/02/17 -- 25,597
Clearing House 3 Month
21,720,226 London Pay LIBOR USD 1.300% 5/09/17 -- 43,566
Clearing House 3 Month
----------------------------------------------------------------------------------------------------------
$-- $(105,314)
----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/15 47
Schedule of Investments | 7/31/15
Pioneer Solutions - Growth Fund (continued)
NOTE: Principal amounts are denominated in U.S. dollars unless otherwise noted:
EURO Euro
GBP British Pound Sterling
JPY Japanese Yen
SEK Swedish Krone
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risks, etc.).
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes to
Financial Statements -- Note 1A.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services or broker-dealers)
as Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2015, in valuing
the Fund's assets:
---------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------------
Mutual Funds $361,771,728 $ -- $-- $361,771,728
Purchased Put Options -- 19,597 -- 19,597
Exchange-Traded Purchased
Put Options 937,106 -- -- 937,106
Exchange-Traded Purchased
Call Options 258 -- -- 258
---------------------------------------------------------------------------------------------------
Total $362,709,092 $ 19,597 $-- $362,728,689
===================================================================================================
Other Financial Instruments
Net Unrealized Appreciation
on Futures Contracts $ 37,277 $ -- $-- $ 37,277
Net Unrealized Appreciation
on Forward Foreign
Currency Contracts -- 1,187,148 -- 1,187,148
Net Unrealized Depreciation
on Forward Foreign
Currency Contracts -- (780,609) -- (780,609)
Net Unrealized Appreciation
on Inflation Swaps -- 39,968 -- 39,968
Net Unrealized Depreciation
on Interest Rate Swaps -- (105,314) -- (105,314)
Net Unrealized Appreciation
on Exchange-Traded
Written Call Options 284,291 -- -- 284,291
---------------------------------------------------------------------------------------------------
Total Other
Financial Instruments $ 321,568 $ 341,193 $-- $ 662,761
===================================================================================================
During the year ended July 31, 2015, there were no transfers between Levels 1,
2, and 3.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Solutions Funds | Annual Report | 7/31/15
The following is a summary of the fair valuation of certain Fund's assets and
liabilities as of July 31, 2015.
---------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------------------
Assets:
Foreign currencies, at value $ -- $ 7,487 $-- $ 7,487
Futures collateral -- 2,566,071 -- 2,566,071
Swap collateral -- 500,000 -- 500,000
Variation margin for
futures contracts 84,173 -- -- 84,173
Liabilities:
Variation margin for
centrally cleared
swap contracts -- (15,657) -- (15,657)
---------------------------------------------------------------------------------------------------
Total: $84,173 $3,057,901 $-- $3,142,074
===================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/15 49
Statements of Assets and Liabilities | 7/31/15
--------------------------------------------------------------------------------------------------------
Pioneer Pioneer Pioneer
Solutions - Solutions - Solutions -
Conservative Balanced Growth
Fund Fund Fund
--------------------------------------------------------------------------------------------------------
ASSETS:
Investments in securities of affiliated issuers, at
value (at cost $48,163,089, $132,747,142
and $227,114,037, respectively) $49,243,776 $145,428,485 $258,507,261
Investments in securities of unaffiliated issuers,
at value (at cost $19,769,047, $67,013,087
and $104,769,616, respectively) 19,342,337 65,626,650 104,221,428
Cash 1,110,355 3,654,762 3,003,155
Foreign currencies, at value (at cost $1,483,
$4,780 and $7,948, respectively) 1,453 4,569 7,487
Futures collateral 440,790 1,434,519 2,566,071
Swap collateral 100,000 300,000 500,000
Net unrealized appreciation on
futures contracts 6,754 25,323 37,277
Net unrealized appreciation on forward
foreign currency contracts 233,568 716,784 1,187,148
Receivables for:
Investment Funds sold -- -- 80,246
Capital stock sold 6,425 302,472 85,246
Dividends 117,342 227,471 150,819
Due from Pioneer Investment
Management, Inc. 42,138 -- 2,034
Variation margin for futures contracts 14,675 46,444 84,173
Other assets 52,916 53,649 16,129
--------------------------------------------------------------------------------------------------------
Total assets $70,712,529 $217,821,128 $370,448,474
========================================================================================================
LIABILITIES:
Written options (premiums received $(93,203),
$(321,168) and $(741,855), respectively) 35,620 141,275 457,564
Net unrealized depreciation on swap contracts 13,068 39,626 65,346
Net unrealized depreciation on forward
foreign currency contracts 125,605 386,611 780,609
Payables for:
Investment Funds purchased 40,954 127,989 433,378
Capital stock redeemed 216,029 161,967 403,463
Variation margin for centrally cleared
swap contracts 4,260 8,566 15,657
Due to affiliates 45,139 152,358 243,239
Distributions to shareowners 466 -- 117
Accrued expenses and other liabilities 59,915 44,570 70,491
--------------------------------------------------------------------------------------------------------
Total liabilities: $ 541,056 $ 1,062,962 $ 2,469,864
========================================================================================================
The accompanying notes are an integral part of these financial statements.
50 Pioneer Solutions Funds | Annual Report | 7/31/15
--------------------------------------------------------------------------------------------------------
Pioneer Pioneer Pioneer
Solutions - Solutions - Solutions -
Conservative Balanced Growth
Fund Fund Fund
--------------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $62,470,463 $190,068,793 $314,509,142
Undistributed net investment income 509,389 1,958,210 427,734
Accumulated net realized gain on investments,
futures contracts, swap contracts, written
options and foreign currency transactions 6,378,537 12,940,995 21,536,519
Net unrealized appreciation on investments 653,977 11,294,906 30,845,036
Net unrealized appreciation on futures contracts 6,754 25,323 37,277
Net unrealized depreciation on swap contracts (13,068) (39,626) (65,346)
Net unrealized appreciation on written options 57,583 179,893 284,291
Net unrealized appreciation on forward
foreign currency contracts and other
assets and liabilities denominated in
foreign currencies 107,838 329,672 403,957
--------------------------------------------------------------------------------------------------------
Total net assets $70,171,473 $216,758,166 $367,978,610
========================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of
shares authorized)
Net Assets of Class A shares $48,720,630 $140,862,885 $273,762,520
Net Assets of Class C shares $21,259,533 $ 74,720,168 $ 92,649,713
Net Assets of Class R shares $ 10,036 $ 10,034 $ 10,042
Net Assets of Class Y shares $ 181,274 $ 1,165,079 $ 1,556,335
Class A Shares outstanding 4,134,152 11,019,605 19,778,547
Class C Shares outstanding 1,862,440 6,310,438 7,081,640
Class R Shares outstanding 852 785 725
Class Y Shares outstanding 16,207 90,017 110,273
Net Asset Value - Class A shares $ 11.78 $ 12.78 $ 13.84
Net Asset Value - Class C shares $ 11.41 $ 11.84 $ 13.08
Net Asset Value - Class R shares $ 11.78 $ 12.78 $ 13.84*
Net Asset Value - Class Y shares $ 11.18 $ 12.94 $ 14.11
MAXIMUM OFFERING PRICE:
Class A (100/94.25 x net asset value
per share) $ 12.50 $ 13.56 $ 14.68
========================================================================================================
* Net asset value per share amount does not calculate due to the rounding of net
assets and/or shares outstanding.
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/15 51
Statements of Operations
For the Year Ended 7/31/15
--------------------------------------------------------------------------------------------------------
Pioneer Pioneer Pioneer
Solutions - Solutions - Solutions -
Conservative Balanced Growth
Fund Fund Fund
--------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividend income from underlying
affiliated funds $ 2,051,366 $ 5,559,584 $ 8,145,322
Dividend income from underlying
unaffiliated funds 269,471 791,349 784,791
Interest 1,951 5,147 7,933
--------------------------------------------------------------------------------------------------------
Total Investment Income $ 2,322,788 $ 6,356,080 $ 8,938,046
--------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 94,458 $ 289,026 $ 430,396
Transfer agent fees
Class A 36,077 128,016 319,635
Class B* 1,514 6,215 11,499
Class C 11,608 34,505 57,976
Class Y 239 399 353
Distribution fees
Class A 124,196 351,911 606,872
Class B* 4,963 17,846 29,334
Class C 223,400 767,298 840,296
Class R 4 4 4
Shareholder communications expense 38,246 120,214 207,555
Administrative fees 31,753 76,796 110,856
Custodian fees 29,676 28,969 37,210
Registration fees 63,778 76,531 95,345
Professional fees 46,421 40,002 106,228
Printing fees 24,724 17,884 24,333
Pricing fees 1,250 1,300 1,200
Fees and expenses of non-affiliated trustees 6,923 7,093 10,567
Insurance expense 862 2,764 2,958
Miscellaneous 6,057 39,044 9,714
--------------------------------------------------------------------------------------------------------
Total expenses $ 746,149 $ 2,005,817 $ 2,902,331
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. $ (62,379) $ (4,165) $ (7,025)
--------------------------------------------------------------------------------------------------------
Net expenses $ 683,770 $ 2,001,652 $ 2,895,306
--------------------------------------------------------------------------------------------------------
Net investment income $ 1,639,018 $ 4,354,428 $ 6,042,740
--------------------------------------------------------------------------------------------------------
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
52 Pioneer Solutions Funds | Annual Report | 7/31/15
For the Year Ended 7/31/15
--------------------------------------------------------------------------------------------------------
Pioneer Pioneer Pioneer
Solutions - Solutions - Solutions -
Conservative Balanced Growth
Fund Fund Fund
--------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS, FUTURES CONTRACTS,
SWAP CONTRACTS, WRITTEN OPTIONS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Underlying affiliated funds $ 6,310,627 $ 25,154,380 $ 55,596,808
Underlying unaffiliated funds 164,586 3,634,622 5,768,522
Capital gain on distributions from
underlying affiliated funds 1,571,945 7,173,634 13,489,817
Capital gain on distributions from
underlying unaffiliated funds 109,029 1,592,345 3,414,871
Futures contracts 156,084 815,651 1,760,285
Swap contracts (20,202) (52,635) (85,315)
Written options 73,224 221,507 369,105
Forward foreign currency contracts and
other assets and liabilities denominated
in foreign currencies (69,643) (212,827) (317,871)
--------------------------------------------------------------------------------------------------------
$ 8,295,650 $ 38,326,677 $ 79,996,222
--------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation
(depreciation) on:
Underlying affiliated funds $(8,382,981) $(34,889,932) $(67,398,316)
Underlying unaffiliated funds (426,710) (1,386,437) (3,051,427)
Futures contracts 6,754 25,323 37,277
Swap contracts (13,068) (39,626) (65,346)
Written options 57,583 179,893 284,291
Forward foreign currency contracts and
other assets and liabilities denominated
in foreign currencies 107,838 329,672 403,957
--------------------------------------------------------------------------------------------------------
$(8,650,584) $(35,781,107) $(69,789,564)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) on investments,
futures contracts, swap contracts, written
options and foreign currency transactions $ (354,934) $ 2,545,570 $ 10,206,658
--------------------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $ 1,284,084 $ 6,899,998 $ 16,249,398
--------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/15 53
Statements of Changes in Net Assets
----------------------------------------------------------------------------------------------
Pioneer Solutions - Pioneer Solutions -
Conservative Fund Balanced Fund
--------------------------- ----------------------------
Year Year Year Year
Ended Ended Ended Ended
7/31/15 7/31/14 7/31/15 7/31/14
----------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 1,639,018 $ 1,301,536 $ 4,354,428 $ 2,818,994
Net realized gain on
investments, futures contracts,
swap contracts, written options
and foreign currency
transactions 8,295,650 1,850,622 38,326,677 10,709,663
Change in net unrealized
appreciation (depreciation)
on investments, futures
contracts, swap contracts,
written options and foreign
currency transactions (8,650,584) 1,439,336 (35,781,107) 7,279,886
----------------------------------------------------------------------------------------------
Net increase in net assets
resulting from operations $ 1,284,084 $ 4,591,494 $ 6,899,998 $ 20,808,543
----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.31, $0.36, $0.36
and $0.21, respectively) $ (1,323,297) $ (1,350,144) $ (4,057,950) $ (2,249,406)
Class B* ($0.00, $0.22, $0.00
and $0.04, respectively) -- (55,077) -- (34,306)
Class C ($0.23, $0.28, $0.29
and $0.15, respectively) (444,119) (519,914) (1,842,345) (947,689)
Class Y ($0.34, $0.27, $0.40
and $0.24, respectively) (3,714) (3,739) (101,158) (65,977)
----------------------------------------------------------------------------------------------
Total distributions
to shareowners $ (1,771,130) $ (1,928,874) $ (6,001,453) $ (3,297,378)
----------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales or
exchange of shares $ 17,667,510 $ 16,042,138 $ 55,416,356 $ 39,270,319
Reinvestment of distributions 1,578,566 1,723,597 5,480,964 3,036,320
Cost of shares repurchased (19,772,188) (17,505,472) (66,926,229) (45,544,611)
----------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets resulting from
Fund share transactions (526,112) 260,263 (6,028,909) (3,237,972)
----------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets $ (1,013,158) $ 2,922,883 $ (5,130,364) $ 14,273,193
NET ASSETS:
Beginning of year 71,184,631 68,261,748 221,888,530 207,615,337
----------------------------------------------------------------------------------------------
End of year $ 70,171,473 $ 71,184,631 $216,758,166 $221,888,530
----------------------------------------------------------------------------------------------
Undistributed net investment
income, end of year $ 509,389 $ 558,475 $ 1,958,210 $ 2,876,795
==============================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
54 Pioneer Solutions Funds | Annual Report | 7/31/15
----------------------------------------------------------------------------------------------
Pioneer Solutions -
Growth Fund
-----------------------------
Year Year
Ended Ended
7/31/15 7/31/14
----------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 6,042,740 $ 2,354,017
Net realized gain on investments, futures contracts, swap
contracts, written options and foreign currency transactions 79,996,222 11,147,586
Change in net unrealized appreciation (depreciation) on
investments, futures contracts, swap contracts, written
options and foreign currency transactions (69,789,564) 12,104,219
----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 16,249,398 $ 25,605,822
----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.43 and $0.19, respectively) $ (7,525,388) $ (2,221,392)
Class B* ($0.00 and $0.02, respectively) -- (28,898)
Class C ($0.29 and $0.12, respectively) (1,855,255) (555,724)
Class Y ($0.49 and $0.21, respectively) (44,315) (23,647)
----------------------------------------------------------------------------------------------
Total distributions to shareowners $ (9,424,958) $ (2,829,661)
----------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales or exchange of shares $ 96,987,598 $ 38,239,391
Shares issued in reorganization 128,735,046 --
Reinvestment of distributions 8,865,489 2,678,217
Cost of shares repurchased (112,416,920) (46,083,872)
----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from Fund
share transactions 122,171,213 (5,166,264)
----------------------------------------------------------------------------------------------
Net increase in net assets $ 128,995,653 $ 17,609,897
NET ASSETS:
Beginning of year 238,982,957 221,373,060
----------------------------------------------------------------------------------------------
End of year $ 367,978,610 $238,982,957
----------------------------------------------------------------------------------------------
Undistributed net investment income, end of year $ 427,734 $ 2,422,529
==============================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/15 55
Statements of Changes in Net Assets (continued)
----------------------------------------------------------------------------------------------
Pioneer Solutions - Conservative Fund
----------------------------------------------------------
'15 Shares '15 Amount '14 Shares '14 Amount
----------------------------------------------------------------------------------------------
Class A
Shares sold 1,031,082 $ 12,223,056 887,243 $ 10,329,684
Reinvestment of distributions 108,783 1,262,977 114,334 1,312,556
Less shares repurchased (956,434) (11,307,540) (926,350) (10,750,423)
----------------------------------------------------------------------------------------------
Net increase 183,431 $ 2,178,493 75,227 $ 891,817
==============================================================================================
Class B*
Shares sold or exchanged 4,713 $ 54,608 8,303 $ 94,672
Reinvestment of distributions -- -- 4,767 54,011
Less shares repurchased (167,693) (1,956,877) (148,745) (1,699,869)
----------------------------------------------------------------------------------------------
Net decrease (162,980) $ (1,902,269) (135,675) $ (1,551,186)
==============================================================================================
Class C
Shares sold 449,788 $ 5,153,733 494,388 $ 5,586,236
Reinvestment of distributions 27,838 314,573 31,902 356,669
Less shares repurchased (552,635) (6,340,742) (441,817) (5,000,197)
----------------------------------------------------------------------------------------------
Net increase (decrease) (75,009) $ (872,436) 84,473 $ 942,708
==============================================================================================
Class R**
Shares sold 852 $ 10,000 -- $ --
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- -- --
----------------------------------------------------------------------------------------------
Net increase 852 $ 10,000 -- $ --
==============================================================================================
Class Y
Shares sold 20,095 $ 226,113 2,819 $ 31,546
Reinvestment of distributions 92 1,016 33 361
Less shares repurchased (14,868) (167,029) (4,982) (54,983)
----------------------------------------------------------------------------------------------
Net increase (decrease) 5,319 $ 60,100 (2,130) $ (23,076)
==============================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
** Class R shares commenced operations on July 1, 2015.
The accompanying notes are an integral part of these financial statements.
56 Pioneer Solutions Funds | Annual Report | 7/31/15
----------------------------------------------------------------------------------------------
Pioneer Solutions - Balanced Fund
----------------------------------------------------------
'15 Shares '15 Amount '14 Shares '14 Amount
----------------------------------------------------------------------------------------------
Class A
Shares sold 2,760,903 $ 35,328,996 1,730,399 $ 21,244,963
Reinvestment of distributions 321,862 4,007,203 181,389 2,225,640
Less shares repurchased (2,790,215) (35,605,966) (2,140,186) (26,312,690)
----------------------------------------------------------------------------------------------
Net increase (decrease) 292,550 $ 3,730,233 (228,398) $ (2,842,087)
==============================================================================================
Class B*
Shares sold or exchanged 4,580 $ 57,272 24,572 $ 288,491
Reinvestment of distributions -- -- 2,819 33,719
Less shares repurchased (552,570) (6,850,527) (369,252) (4,391,960)
----------------------------------------------------------------------------------------------
Net decrease (547,990) $ (6,793,255) (341,861) $ (4,069,750)
==============================================================================================
Class C
Shares sold 1,593,895 $ 18,785,422 1,500,562 $ 17,145,235
Reinvestment of distributions 120,194 1,391,842 63,300 724,152
Less shares repurchased (1,782,588) (21,049,291) (1,136,287) (13,011,583)
----------------------------------------------------------------------------------------------
Net increase (decrease) (68,499) $ (872,027) 427,575 $ 4,857,804
==============================================================================================
Class R**
Shares sold 785 $ 10,000 -- $ --
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- -- --
----------------------------------------------------------------------------------------------
Net increase 785 $ 10,000 -- $ --
==============================================================================================
Class Y
Shares sold 95,503 $ 1,234,666 47,248 $ 591,630
Reinvestment of distributions 6,507 81,919 4,259 52,809
Less shares repurchased (263,563) (3,420,445) (148,680) (1,828,378)
----------------------------------------------------------------------------------------------
Net decrease (161,553) $ (2,103,860) (97,173) $ (1,183,939)
==============================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
** Class R shares commenced operations on July 1, 2015.
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/15 57
Statements of Changes in Net Assets (continued)
----------------------------------------------------------------------------------------------
Pioneer Solutions - Growth Fund
----------------------------------------------------------
'15 Shares '15 Amount '14 Shares '14 Amount
----------------------------------------------------------------------------------------------
Class A
Shares sold 5,098,015 $ 70,468,710 1,736,995 $ 22,612,720
Shares issued in reorganization 7,751,322 105,417,866 -- --
Reinvestment of distributions 557,018 7,471,054 169,003 2,208,870
Less shares repurchased (5,639,566) (77,819,585) (2,034,554) (26,595,672)
----------------------------------------------------------------------------------------------
Net increase (decrease) 7,766,789 $105,538,045 (128,556) $ (1,774,082)
==============================================================================================
Class B*
Shares sold or exchanged 4,535 $ 55,320 14,332 $ 164,771
Shares issued in reorganization -- -- -- --
Reinvestment of distributions -- -- 2,462 28,776
Less shares repurchased (935,783) (11,405,246) (681,493) (7,889,671)
----------------------------------------------------------------------------------------------
Net decrease (931,248) $(11,349,926) (664,699) $ (7,696,124)
==============================================================================================
Class C
Shares sold 1,970,853 $ 25,551,053 1,219,202 $ 15,073,934
Shares issued in reorganization 1,784,198 22,944,724 -- --
Reinvestment of distributions 108,063 1,373,821 34,448 426,113
Less shares repurchased (1,719,846) (22,406,111) (868,349) (10,778,809)
----------------------------------------------------------------------------------------------
Net increase 2,143,268 $ 27,463,487 385,301 $ 4,721,238
==============================================================================================
Class R**
Shares sold 725 $ 10,000 -- $ --
Shares issued in reorganization -- -- -- --
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- -- --
----------------------------------------------------------------------------------------------
Net increase 725 $ 10,000 -- $ --
==============================================================================================
Class Y
Shares sold 63,929 $ 902,515 29,478 $ 387,966
Shares issued in reorganization 26,873 372,456 -- --
Reinvestment of distributions 1,508 20,614 1,086 14,458
Less shares repurchased (56,328) (785,978) (60,880) (819,720)
----------------------------------------------------------------------------------------------
Net increase (decrease) 35,982 $ 509,607 (30,316) $ (417,296)
==============================================================================================
* Class B shares converted to Class A shares on November 10, 2014.
** Class R shares commenced operations on July 1, 2015.
The accompanying notes are an integral part of these financial statements.
58 Pioneer Solutions Funds | Annual Report | 7/31/15
Financial Highlights
-------------------------------------------------------------------------------------------------------------------
Pioneer Solutions - Conservative Fund
----------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/15 7/31/14 7/31/13 7/31/12 7/31/11
-------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of year $ 11.86 $ 11.42 $ 10.73 $ 10.85 $ 10.19
-------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.30 $ 0.25 $ 0.28 $ 0.28 $ 0.26
Net realized and unrealized gain (loss) on investments (0.07) 0.55 0.64 (0.09) 0.65
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.23 $ 0.80 $ 0.92 $ 0.19 $ 0.91
-------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.31) $ (0.36) $ (0.23) $ (0.31) $ (0.25)
-------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.31) $ (0.36) $ (0.23) $ (0.31) $ (0.25)
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.08) $ 0.44 $ 0.69 $ (0.12) $ 0.66
-------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 11.78 $ 11.86 $ 11.42 $ 10.73 $ 10.85
===================================================================================================================
Total return* 2.01% 7.10% 8.72% 1.85% 9.04%
Ratio of net expenses to average net assets+ 0.71% 0.76% 0.77% 0.78% 0.78%
Ratio of net investment income to average net assets+ 2.53% 2.15% 2.51% 2.69% 2.47%
Portfolio turnover rate 108% 12% 17% 20% 15%
Net assets, end of year (in thousands) $48,721 $46,873 $44,239 $42,613 $42,882
Ratios with no waivers of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Net expenses to average net assets 0.79% 0.76% 0.77% 0.82% 0.80%
Net investment income to average net assets 2.45% 2.15% 2.51% 2.65% 2.45%
===================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
year, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each year.
+ 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/15 59
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------
Pioneer Solutions - Conservative Fund
----------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/15 7/31/14 7/31/13 7/31/12 7/31/11
-------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of year $ 11.51 $ 11.09 $ 10.44 $ 10.56 $ 9.96
-------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.19 $ 0.16 $ 0.18 $ 0.20 $ 0.18
Net realized and unrealized gain (loss) on investments (0.06) 0.54 0.63 (0.09) 0.63
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.13 $ 0.70 $ 0.81 $ 0.11 $ 0.81
-------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.23) $ (0.28) $ (0.16) $ (0.23) $ (0.21)
-------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.23) $ (0.28) $ (0.16) $ (0.23) $ (0.21)
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.10) $ 0.42 $ 0.65 $ (0.12) $ 0.60
-------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 11.41 $ 11.51 $ 11.09 $ 10.44 $ 10.56
===================================================================================================================
Total return* 1.15% 6.42% 7.83% 1.16% 8.18%
Ratio of net expenses to average net assets+ 1.45% 1.49% 1.51% 1.56% 1.55%
Ratio of net investment income to average net assets+ 1.69% 1.40% 1.70% 1.91% 1.71%
Portfolio turnover rate 108% 12% 17% 20% 15%
Net assets, end of year (in thousands) $21,260 $22,290 $20,542 $16,257 $15,068
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for fees
paid indirectly:
Net expenses to average net assets 1.53% 1.49% 1.51% 1.56% 1.55%
Net investment income to average net assets 1.61% 1.40% 1.70% 1.91% 1.71%
===================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
year, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each year.
+ 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.
The accompanying notes are an integral part of these financial statements.
60 Pioneer Solutions Funds | Annual Report | 7/31/15
----------------------------------------------------------------------------------------------------
Pioneer Solutions -
Conservative Fund
-------------------
7/1/15 to
7/31/15
----------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of year $11.74
----------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.02
Net realized and unrealized gain (loss) on investments 0.02
----------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.04
----------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.04
----------------------------------------------------------------------------------------------------
Net asset value, end of year $11.78
====================================================================================================
Total return* 0.34%**
Ratio of net expenses to average net assets+ 0.93%***
Ratio of net investment income to average net assets+ 1.58%***
Portfolio turnover rate 108%
Net assets, end of year (in thousands) $ 10
Ratios with no waivers of fees and assumption of expenses by the Adviser and no
reduction for fees paid indirectly:
Net expenses to average net assets 1.41%***
Net investment income to average net assets 1.10%***
====================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
year, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each year.
** Not annualized
+ 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.
*** Annualized
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/15 61
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------
Pioneer Solutions - Conservative Fund
-----------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/15 7/31/14 7/31/13 7/31/12 7/31/11
--------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of year $ 11.32 $ 10.86 $ 10.21 $ 10.41 $ 9.79
--------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.21 $ 0.24 $ 0.20 $ 0.13 $ 0.24
Net realized and unrealized gain (loss) on investments (0.01) 0.49 0.61 (0.10) 0.65
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.20 $ 0.73 $ 0.81 $ 0.03 $ 0.89
--------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.34) $ (0.27) $ (0.16) $ (0.23) $ (0.27)
--------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.34) $ (0.27) $ (0.16) $ (0.23) $ (0.27)
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.14) $ 0.46 $ 0.65 $ (0.20) $ 0.62
--------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 11.18 $ 11.32 $ 10.86 $ 10.21 $ 10.41
====================================================================================================================
Total return* 1.81% 6.83% 8.00% 0.34% 9.18%
Ratio of net expenses to average net assets+ 0.98% 0.98% 1.43% 2.26% 0.82%
Ratio of net investment income to average net assets+ 1.84% 2.13% 1.88% 1.28% 2.36%
Portfolio turnover rate 108% 12% 17% 20% 15%
Net assets, end of year (in thousands) $ 181 $ 123 $ 141 $ 65 $ 72
Ratios with no waivers of fees and assumption
of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses to average net assets 0.98% 0.98% 1.43% 2.26% 0.82%
Net investment income to average net assets 1.84% 2.13% 1.88% 1.28% 2.36%
====================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
year, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each year.
+ 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.
The accompanying notes are an integral part of these financial statements.
62 Pioneer Solutions Funds | Annual Report | 7/31/15
---------------------------------------------------------------------------------------------------------------------
Pioneer Solutions - Balanced Fund
------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/15 7/31/14 7/31/13 7/31/12 7/31/11
---------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of year $ 12.73 $ 11.72 $ 10.46 $ 10.74 $ 9.68
---------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.29 $ 0.19 $ 0.21 $ 0.18 $ 0.17
Net realized and unrealized gain (loss) on investments 0.12 1.03 1.27 (0.22) 1.07
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.41 $ 1.22 $ 1.48 $ (0.04) $ 1.24
---------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.36) $ (0.21) $ (0.22) $ (0.24) $ (0.18)
---------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.36) $ (0.21) $ (0.22) $ (0.24) $ (0.18)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.05 $ 1.01 $ 1.26 $ (0.28) $ 1.06
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 12.78 $ 12.73 $ 11.72 $ 10.46 $ 10.74
=====================================================================================================================
Total return* 3.33% 10.48% 14.32% (0.27)% 12.91%
Ratio of net expenses to average net assets+ 0.66% 0.64% 0.66% 0.72% 0.71%
Ratio of net investment income to average net assets+ 2.25% 1.57% 1.85% 1.75% 1.59%
Portfolio turnover rate 89% 10% 9% 9% 14%
Net assets, end of year (in thousands) $140,863 $136,511 $128,425 $118,833 $132,166
Ratios with no waivers of fees and assumption
of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses to average net assets 0.66% 0.64% 0.66% 0.72% 0.71%
Net investment income to average net assets 2.25% 1.57% 1.85% 1.75% 1.59%
=====================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
year, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each year.
+ 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/15 63
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------
Pioneer Solutions - Balanced Fund
-----------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/15 7/31/14 7/31/13 7/31/12 7/31/11
--------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of year $ 11.82 $ 10.92 $ 9.77 $ 10.07 $ 9.10
--------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.17 $ 0.09 $ 0.12 $ 0.10 $ 0.09
Net realized and unrealized gain (loss) on investments 0.14 0.96 1.19 (0.22) 1.01
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.31 $ 1.05 $ 1.31 $ (0.12) $ 1.10
--------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.29) $ (0.15) $ (0.16) $ (0.18) $ (0.13)
--------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.29) $ (0.15) $ (0.16) $ (0.18) $ (0.13)
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.02 $ 0.90 $ 1.15 $ (0.30) $ 0.97
--------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 11.84 $ 11.82 $ 10.92 $ 9.77 $ 10.07
====================================================================================================================
Total return* 2.64% 9.70% 13.56% (1.08)% 12.12%
Ratio of net expenses to average net assets+ 1.35% 1.33% 1.34% 1.41% 1.40%
Ratio of net investment income to average net assets+ 1.44% 0.81% 1.15% 1.06% 0.89%
Portfolio turnover rate 89% 10% 9% 9% 14%
Net assets, end of year (in thousands) $74,720 $75,377 $64,989 $53,594 $52,059
Ratios with no waivers of fees and assumption
of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses to average net assets 1.35% 1.33% 1.34% 1.41% 1.40%
Net investment income to average net assets 1.44% 0.81% 1.15% 1.06% 0.89%
====================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
year, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each year.
+ 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.
The accompanying notes are an integral part of these financial statements.
64 Pioneer Solutions Funds | Annual Report | 7/31/15
-----------------------------------------------------------------------------------------------------
Pioneer Solutions -
Balanced Fund
--------------------
7/1/15 to
7/31/15
-----------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of year $12.74
-----------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.01
Net realized and unrealized gain (loss) on investments 0.03
-----------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.04
-----------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.04
-----------------------------------------------------------------------------------------------------
Net asset value, end of year $12.78
=====================================================================================================
Total return* 0.31%**
Ratio of net expenses to average net assets+ 0.93%***
Ratio of net investment income to average net assets+ 0.66%***
Portfolio turnover rate 89%
Net assets, end of year (in thousands) $ 10
Ratios with no waivers of fees and assumption of expenses by the Adviser and no
reduction for fees paid indirectly:
Net expenses to average net assets 1.00%***
Net investment income to average net assets 0.58%***
=====================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
year, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each year.
** Not annualized
+ 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.
*** Annualized
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/15 65
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------
Pioneer Solutions - Balanced Fund
-----------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/15 7/31/14 7/31/13 7/31/12 7/31/11
--------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of year $ 12.88 $ 11.86 $ 10.58 $ 10.88 $ 9.80
--------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.37 $ 0.23 $ 0.25 $ 0.22 $ 0.21
Net realized and unrealized gain (loss) on investments 0.09 1.03 1.28 (0.23) 1.09
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.46 $ 1.26 $ 1.53 $ (0.01) $ 1.30
--------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.40) $ (0.24) $ (0.25) $ (0.29) $ (0.22)
--------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.40) $ (0.24) $ (0.25) $ (0.29) $ (0.22)
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.06 $ 1.02 $ 1.28 $ (0.30) $ 1.08
--------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 12.94 $ 12.88 $ 11.86 $ 10.58 $ 10.88
====================================================================================================================
Total return* 3.63% 10.68% 14.68% 0.00%(b) 13.37%
Ratio of net expenses to average net assets+ 0.36% 0.40% 0.36% 0.38% 0.32%
Ratio of net investment income to average net assets+ 2.92% 1.88% 2.26% 2.14% 2.00%
Portfolio turnover rate 89% 10% 9% 9% 14%
Net assets, end of year (in thousands) $ 1,165 $ 3,239 $ 4,134 $ 5,208 $ 8,069
Ratios with no waivers of fees and assumption
of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses to average net assets 0.36% 0.40% 0.36% 0.38% 0.32%
Net investment income to average net assets 2.92% 1.88% 2.26% 2.14% 2.00%
====================================================================================================================
(a) Calculated using average shares outstanding for the year.
(b) Amount rounds to less than 0.01%.
* Assumes initial investment at net asset value at the beginning of each
year, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each year.
+ 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.
The accompanying notes are an integral part of these financial statements.
66 Pioneer Solutions Funds | Annual Report | 7/31/15
---------------------------------------------------------------------------------------------------------------------
Pioneer Solutions - Growth Fund
------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/15 7/31/14 7/31/13 7/31/12 7/31/11
---------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of year $ 13.60 $ 12.32 $ 10.75 $ 11.09 $ 9.77
---------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.29 $ 0.16 $ 0.17 $ 0.14 $ 0.12
Net realized and unrealized gain (loss) on investments 0.38 1.31 1.57 (0.29) 1.33
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.67 $ 1.47 $ 1.74 $ (0.15) $ 1.45
---------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.43) $ (0.19) $ (0.17) $ (0.19) $ (0.13)
---------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.43) $ (0.19) $ (0.17) $ (0.19) $ (0.13)
---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.24 $ 1.28 $ 1.57 $ (0.34) $ 1.32
---------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 13.84 $ 13.60 $ 12.32 $ 10.75 $ 11.09
=====================================================================================================================
Total return* 5.08% 11.96% 16.40% (1.31)% 14.85%
Ratio of net expenses to average net assets+ 0.69% 0.68% 0.69% 0.76% 0.76%
Ratio of net investment income to average net assets+ 2.15% 1.24% 1.50% 1.29% 1.11%
Portfolio turnover rate 98% 8% 6% 7% 12%
Net assets, end of year (in thousands) $273,763 $163,349 $149,586 $134,988 $140,979
Ratios with no waivers of fees and assumption
of expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses to average net assets 0.69% 0.68% 0.69% 0.76% 0.76%
Net investment income to average net assets 2.15% 1.24% 1.50% 1.29% 1.11%
=====================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
year, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each year.
+ 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/15 67
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------
Pioneer Solutions - Growth Fund
----------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/15 7/31/14 7/31/13 7/31/12 7/31/11
-------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of year $ 12.82 $ 11.65 $ 10.18 $ 10.50 $ 9.26
-------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.12 $ 0.06 $ 0.09 $ 0.06 $ 0.04
Net realized and unrealized gain (loss) on investments 0.43 1.23 1.48 (0.27) 1.26
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.55 $ 1.29 $ 1.57 $ (0.21) $ 1.30
-------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.29) $ (0.12) $ (0.10) $ (0.11) $ (0.06)
-------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.29) $ (0.12) $ (0.10) $ (0.11) $ (0.06)
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.26 $ 1.17 $ 1.47 $ (0.32) $ 1.24
-------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 13.08 $ 12.82 $ 11.65 $ 10.18 $ 10.50
===================================================================================================================
Total return* 4.36% 11.09% 15.58% (1.91)% 14.10%
Ratio of net expenses to average net assets+ 1.38% 1.37% 1.40% 1.46% 1.46%
Ratio of net investment income to average net assets+ 0.95% 0.46% 0.78% 0.59% 0.40%
Portfolio turnover rate 98% 8% 6% 7% 12%
Net assets, end of year (in thousands) $92,650 $63,333 $53,032 $45,570 $48,586
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction
for fees paid indirectly:
Net expenses to average net assets 1.38% 1.37% 1.40% 1.46% 1.46%
Net investment income to average net assets 0.95% 0.46% 0.78% 0.59% 0.40%
===================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
year, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each year.
+ 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.
The accompanying notes are an integral part of these financial statements.
68 Pioneer Solutions Funds | Annual Report | 7/31/15
----------------------------------------------------------------------------------------------------
Pioneer Solutions -
Growth Fund
-------------------
7/1/15 to
7/31/15
----------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of year $ 13.78
----------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ (0.00)(b)
Net realized and unrealized gain (loss) on investments 0.06
----------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.06
----------------------------------------------------------------------------------------------------
Net increase in net asset value $ 0.06
----------------------------------------------------------------------------------------------------
Net asset value, end of year $ 13.84
====================================================================================================
Total return* 0.44%**
Ratio of net expenses to average net assets+ 0.89%***
Ratio of net investment income to average net assets+ (0.38)%***
Portfolio turnover rate 98%
Net assets, end of year (in thousands) $ 10
Ratios with no waivers of fees and assumption of expenses by the Adviser and no
reduction for fees paid indirectly:
Net expenses to average net assets 0.89%***
Net investment income to average net assets (0.38)%***
====================================================================================================
(a) Calculated using average shares outstanding for the year.
(b) Amount rounds to less than $(0.005) per share.
* Assumes initial investment at net asset value at the beginning of each
year, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each year.
** Not annualized
+ 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.
*** Annualized
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/15 69
Financial Highlights (continued)
-------------------------------------------------------------------------------------------------------------------
Pioneer Solutions - Growth Fund
----------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/15 7/31/14 7/31/13 7/31/12 7/31/11
-------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of year $ 13.88 $ 12.56 $ 10.95 $ 11.45 $ 10.07
-------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.26 $ 0.28 $ 0.20 $ 0.17 $ 0.17
Net realized and unrealized gain (loss) on investments 0.46 1.25 1.61 (0.44) 1.37
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.72 $ 1.53 $ 1.81 $ (0.27) $ 1.54
-------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.49) $ (0.21) $ (0.20) $ (0.23) $ (0.16)
-------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.49) $ (0.21) $ (0.20) $ (0.23) $ (0.16)
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.23 $ 1.32 $ 1.61 $ (0.50) $ 1.38
-------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 14.11 $ 13.88 $ 12.56 $ 10.95 $ 11.45
-------------------------------------------------------------------------------------------------------------------
Total return* 5.30% 12.25% 16.70% (2.28)% 15.39%
===================================================================================================================
Ratio of net expenses to average net assets+ 0.47% 0.40% 0.44% 0.50% 0.36%
Ratio of net investment income to average net assets+ 1.87% 2.10% 1.71% 1.60% 1.58%
Portfolio turnover rate 98% 8% 6% 7% 12%
Net assets, end of year (in thousands) $ 1,556 $ 1,031 $ 1,314 $ 2,012 $ 1,947
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for
fees paid indirectly:
Net expenses to average net assets 0.47% 0.40% 0.44% 0.50% 0.36%
Net investment income to average net assets 1.87% 2.10% 1.71% 1.60% 1.58%
===================================================================================================================
(a) Calculated using average shares outstanding for the year.
* Assumes initial investment at net asset value at the beginning of each
year, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each year.
+ 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.
The accompanying notes are an integral part of these financial statements.
70 Pioneer Solutions Funds | Annual Report | 7/31/15
Notes to Financial Statements | 7/31/15
1. Organization and Significant Accounting Policies
Pioneer Asset Allocation Trust (formerly known as Pioneer Ibbotson Asset
Allocation Series) (the "Trust") is organized as a Delaware statutory trust and
is registered with the Securities and Exchange Commission under the Investment
Company Act of 1940 (the 1940 Act) as an open-end management investment company.
The Trust consists of three separate funds (each, a "Fund," and collectively,
the "Funds"), each issuing four classes of shares as follows:
Pioneer Solutions - Conservative Fund (formerly Pioneer Ibbotson Conservative
Allocation Fund) ("Conservative Fund")
Pioneer Solutions - Growth Fund (formerly Pioneer Ibbotson Growth Allocation
Fund) ("Growth Fund")
Pioneer Solutions - Balanced Fund (formerly Pioneer Ibbotson Moderate Allocation
Fund) ("Balanced Fund")
The investment objective of each of the Conservative Fund, the Growth Fund and
the Balanced Fund is to seek long-term capital growth and current income.
Each Fund is a "fund of funds." Each Fund seeks to achieve its investment
objective by investing primarily in other funds ("underlying funds"). Each Fund
may also invest directly in securities and use derivatives. Each Fund invests
mainly in funds managed by Pioneer Investment Management, Inc. (PIM) . Each Fund
may also invest in unaffiliated mutual funds or exchange-traded funds (ETFs).
The Funds indirectly pay a portion of the expenses incurred by underlying funds.
Consequently, an investment in the Funds entails more direct and indirect
expenses than direct investment in the applicable underlying funds.
Each Fund offers four classes of shares designated as Class A, Class C, Class R
and Class Y shares. Class B shares were converted to Class A shares as of the
close of business on November 10, 2014. Class R shares for each Fund commenced
operations on July 1, 2015. Each class of shares represents an interest in the
same portfolio of investments of each Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes can
bear different rates of class-specific fees and expenses such as transfer agent
and distribution fees. Differences in class specific fees and expenses will
result in differences in net investment income and, therefore, the payment of
different dividends from net investment income earned by each class. The Amended
and Restated Declaration of Trust of each Fund gives the Board the flexibility
to specify either per -share voting or dollar-weighted voting when submitting
matters for shareholder approval. Under per-share voting, each share of a class
of a Fund is entitled to one vote. Under
Pioneer Solutions Funds | Annual Report | 7/31/15 71
dollar-weighted voting, a shareholder's voting power is determined not by the
number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class Y shares.
The financial statements have been prepared in conformity with U.S. generally
accepted accounting principles that require the management of the Funds to,
among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from these estimates.
The following is a summary of significant accounting policies followed by the
Trust in preparation of its financial statements:
A. Security Valuation
Security transactions are recorded as of the trade date. The net asset
value is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In
computing the net asset value, holdings of mutual fund shares are valued at
the net asset value of each fund held. Cash may include overnight time
deposits at approved financial institutions.
B. Investment Income and Transactions
Dividend income and realized capital gain distributions from investment
company shares held are recorded on the ex-dividend date. Temporary cash
investments are valued at amortized cost which approximates market value.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Funds are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on
foreign currency contracts, disposition of foreign currencies and the
difference between the amount of income accrued and the U.S. dollars
actually received. Further, the effects of changes in foreign currency
exchange rates on
72 Pioneer Solutions Funds | Annual Report | 7/31/15
investments are not segregated in the Statement of Operations from the
effects of changes in the market price of those securities but are included
with the net realized and unrealized gain or loss on investments.
D. Forward Foreign Currency Contracts
The Funds may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation
are recorded in the Funds' financial statements. The Funds record realized
gains and losses at the time a contract is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contracts and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 5).
E. Federal Income Taxes
It is the Funds' policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all taxable income and net realized capital gains, if any, to shareholders.
Therefore, no federal income tax provisions are required. Tax years for the
prior three fiscal years remain subject to examination by federal and state
tax authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal
income tax rules. Therefore, the sources of the Funds' distributions may be
shown in the accompanying financial statements as from or in excess of net
investment income or as from net realized gain on investment transactions,
or as from paid-in capital, depending on the type of book/tax differences
that may exist.
At July 31, 2015, the Funds reclassified the following amounts to reflect
permanent book/tax differences. These adjustments have no impact on the net
assets or results of operations.
--------------------------------------------------------------------------------
Conservative Fund Balanced Fund Growth Fund
--------------------------------------------------------------------------------
Undistributed net
investment income $ 83,026 $ 728,440 $ 1,387,423
Accumulated net
realized gain
on investments (83,027) (728,440) (1,387,423)
Paid-in Capital 1 -- --
Pioneer Solutions Funds | Annual Report | 7/31/15 73
During the year ended July 31, 2015, Conservative Fund, Balanced Fund and
Growth Fund were able to utilize capital loss carryforwards of $958,206,
$22,069,624, and $55,454,390 (of which $24,232,622 was acquired from the
reorganization with Pioneer Ibbotson Aggressive Allocation Fund on
November 14, 2014), respectively, to offset net realized gains.
The tax character of distributions paid during the years ended July 31,
2015 and July 31, 2014 were as follows:
--------------------------------------------------------------------------------
2015 2014
--------------------------------------------------------------------------------
Conservative Fund
Distributions paid from:
Ordinary income $1,771,130 $1,928,874
--------------------------------------------------------------------------------
Total $1,771,130 $1,928,874
================================================================================
Balanced Fund
Distributions paid from:
Ordinary income $6,001,453 $3,297,378
--------------------------------------------------------------------------------
Total $6,001,453 $3,297,378
================================================================================
Growth Fund
Distributions paid from:
Ordinary income $9,424,958 $2,829,661
--------------------------------------------------------------------------------
Total $9,424,958 $2,829,661
================================================================================
The following table shows the components of distributable earnings on a
federal income tax basis at July 31, 2015:
--------------------------------------------------------------------------------
Conservative Fund Balanced Fund Growth Fund
--------------------------------------------------------------------------------
Undistributed ordinary
income $ 599,190 $ 2,232,856 $ 740,515
Undistributed long-term
capital gains 6,622,753 14,493,043 22,130,952
Unrealized appreciation/
depreciation 479,067 9,963,474 30,598,001
--------------------------------------------------------------------------------
Total $7,701,010 $26,689,373 $53,469,468
================================================================================
The differences between book-basis and tax-basis net unrealized
appreciation are attributable to the tax deferral of losses on wash sales.
F. Fund Shares
The Funds record sales and repurchases of Fund shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Funds and a wholly owned indirect subsidiary of UniCredit
S.p.A.(UniCredit), earned the following in underwriting commissions on the
sale of Class A shares during the year ended July 31, 2015:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $14,942
Balanced Fund 39,466
Growth Fund 73,676
74 Pioneer Solutions Funds | Annual Report | 7/31/15
G. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day. Distribution fees are calculated based on the average daily net
asset value attributable to Class A and Class C shares of each Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees.
All expenses and fees paid to the transfer agent, Pioneer Investment
Management Shareholder Services, Inc. (PIMSS), for its services are
allocated among the class of shares based on the number of accounts in each
class and the ratable allocation of related out-of-pocket expenses
(see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by each of the Funds with respect to each class of
shares are calculated in the same manner and at the same time, except that
net investment income dividends to Class A, Class B, Class C, Class R and
Class Y shares of each Fund can reflect different transfer agent and
distribution expense rates.
H. Risks
Some of the underlying funds can invest in either high yield securities or
small/ emerging growth companies. Investments in these types of securities
generally are subject to greater volatility than either higher-grade
securities or more-established companies in more developed markets,
respectively. The Funds' prospectus contains unaudited information
regarding the Funds' principal risks. Please refer to that document when
considering the Funds' principal risks.
I. Futures Contracts
The Funds may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Funds are traded on
a futures exchange. Upon entering into a futures contract, the Funds are
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange.
The amount of cash deposited with the broker as collateral at July 31,
2015, were as follows:
--------------------------------------------------------------------------------
Conservative Balanced Growth
Fund Fund Fund
--------------------------------------------------------------------------------
Futures Collateral $440,790 $1,434,519 $2,566,071
Pioneer Solutions Funds | Annual Report | 7/31/15 75
Subsequent payments for futures contracts ("variation margin") are paid or
received by the Funds, depending on the daily fluctuation in the value of
the contracts, and are recorded by the Funds as unrealized appreciation or
depreciation. When the contract is closed, the Funds realize a gain or loss
equal to the difference between the opening and closing value of the
contract as well as any fluctuation in foreign currency exchange rates
where applicable. The use of futures contracts are subject to market risk,
interest rate risk and currency exchange rate risk. Changes in value of the
contracts may not directly correlate to the changes in value of the
underlying securities. The average value of contracts open during the year
ended July 31, 2015, were as follows:
--------------------------------------------------------------------------------
Conservative Balanced Growth
Fund Fund Fund
--------------------------------------------------------------------------------
$172,093 $1,794,641 $4,787,399
At July 31, 2015, open futures contracts were as follows:
Pioneer Solutions - Conservative Fund
--------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation
Type Long/(Short) Month Value (Depreciation)
--------------------------------------------------------------------------------
Euro Stoxx Banks 80 9/15 $ 690,108 $ (6,628)
FTSE/JSE Top 40 (5) 9/15 (183,522) (8,981)
MSCI Asia
Pacific PC EX (6) 9/15 (228,732) 8,630
MSCI Energy Index 23 9/15 686,851 (35,836)
MSCI World IX (16) 9/15 (761,920) (12,124)
Nikkei 225 (SGX) 8 9/15 663,196 (1,130)
Stoxx 600 INSU (44) 9/15 (689,581) 4,330
MINI MSCI
Emerging Markets (11) 12/15 (495,000) 58,493
--------------------------------------------------------------------------------
$(318,600) $ 6,754
--------------------------------------------------------------------------------
Pioneer Solutions - Balanced Fund
--------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation
Type Long/(Short) Month Value (Depreciation)
--------------------------------------------------------------------------------
Euro Stoxx Banks 248 9/15 $ 2,139,335 $ (20,545)
FTSE/JSE Top 40 (15) 9/15 (550,567) (26,944)
MSCI Asia
Pacific PC EX (16) 9/15 (609,952) 23,014
MSCI Energy Index 68 9/15 2,030,691 (106,785)
MSCI World IX (48) 9/15 (2,285,760) (36,373)
Nikkei 225 (SGX) 47 9/15 3,896,279 (6,638)
Stoxx 600 INSU (137) 9/15 (2,147,105) 13,481
MINI MSCI
Emerging Markets (35) 12/15 (1,575,000) 186,113
--------------------------------------------------------------------------------
$ 897,921 $ 25,323
--------------------------------------------------------------------------------
76 Pioneer Solutions Funds | Annual Report | 7/31/15
Pioneer Solutions - Growth Fund
--------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation
Type Long/(Short) Month Value (Depreciation)
--------------------------------------------------------------------------------
Euro Stoxx Banks 425 9/15 $ 3,666,199 $ (35,209)
FTSE/JSE Top 40 (25) 9/15 (917,612) (44,906)
MSCI Asia
Pacific PC EX (28) 9/15 (1,067,416) 40,274
MSCI Energy Index 116 9/15 3,464,120 (181,649)
MSCI World IX (80) 9/15 (3,809,600) (60,622)
Nikkei 225 (SGX) 123 9/15 10,196,646 (17,371)
Stoxx 600 INSU (234) 9/15 (3,667,318) 23,027
MINI MSCI
Emerging Markets (59) 12/15 (2,655,000) 313,733
--------------------------------------------------------------------------------
$ 5,210,019 $ 37,277
--------------------------------------------------------------------------------
J. Option Writing
The Fund may write put and covered call options to seek to increase total
return. When an option is written, the Fund receives a premium and becomes
obligated to purchase or sell the underlying security at a fixed price upon
the exercise of the option. When the Fund writes an option, an amount equal
to the premium received by the Fund is recorded as a liability and is
subsequently adjusted to the current value of the option written. Premiums
received from writing options that expire unexercised are treated by the
Fund on the expiration date as realized gains from investments. The
difference between the premium and the amount paid on effecting a closing
purchase transaction, including brokerage commissions, is also treated as a
realized gain or, if the premium is less than the amount paid for the
closing purchase transaction, as a realized loss. If a call option is
exercised, the premium is added to the proceeds from the sale of the
underlying security in determining whether the Fund has realized a gain or
loss. The Fund as writer of an option bears the market risk of an
unfavorable change in the price of the security underlying the written
option.
Written call and put option contracts outstanding at year end are listed at
the end of the Fund's Schedule of Investments. The average value of written
option contracts open during the year ended July 31, 2015 were as follows:
--------------------------------------------------------------------------------
Conservative Balanced Growth
Fund Fund Fund
--------------------------------------------------------------------------------
$(29,842) $(94,746) $(175,609)
Pioneer Solutions Funds | Annual Report | 7/31/15 77
Transactions in written options for the year ended July 31, 2015 are summarized
as follows:
Pioneer Solutions - Conservative Fund
--------------------------------------------------------------------------------
Number of Premium
Contracts Received
--------------------------------------------------------------------------------
Options open at beginning of year -- $ --
Options opened (1,535) (263,334)
Options exercised -- --
Options closed 1,167 153,734
Options expired 349 16,397
--------------------------------------------------------------------------------
Options open at end of year (19) $ (93,203)
Pioneer Solutions - Balanced Fund
--------------------------------------------------------------------------------
Number of Premium
Contracts Received
--------------------------------------------------------------------------------
Options open at beginning of year -- $ --
Options opened (4,456) (836,816)
Options exercised -- --
Options closed 3,552 467,300
Options expired 827 48,348
--------------------------------------------------------------------------------
Options open at end of year (77) $ (321,168)
Pioneer Solutions - Growth Fund
--------------------------------------------------------------------------------
Number of Premium
Contracts Received
--------------------------------------------------------------------------------
Options open at beginning of year -- $ --
Options opened (7,616) (1,601,309)
Options exercised -- --
Options closed 5,916 778,950
Options expired 1,382 80,504
--------------------------------------------------------------------------------
Options open at end of year (318) $ (741,855)
K. Purchased Options
The Fund may purchase put and call options to seek increase total return.
Purchased call and put options entitle the Fund to buy and sell a specified
number of shares or units of a particular security, currency or index at a
specified price at a specific date or within a specific period of time.
Upon the purchase of a call or put option, the premium paid by the Fund is
included in the Statement of Assets and Liabilities as an investment. All
premiums are marked-to-market daily, and any unrealized gains or losses are
recorded in the Fund's financial statements. As the purchaser of an index
option, the Fund has the right to receive a cash payment equal to any
depreciation in the value of the index below the strike price of the option
(in the case of a put) or equal to any appreciation in the value of the
index over the strike price of the option (in the case of a call) as of the
valuation date of the option. Premiums paid for purchased calls and put
options which have expired are treated as
78 Pioneer Solutions Funds | Annual Report | 7/31/15
realized losses on investments in the Statement of Operations. Upon the
exercise or closing of a purchased put option, the premium is offset
against the proceeds on the sale of the underlying security or financial
instrument in order to determine the realized gain or loss on investments.
Upon the exercise or closing of a purchased call option, the premium is
added to the cost of the security or financial instrument. The risk
associated with purchasing options is limited to the premium originally
paid.
Purchased option contracts outstanding at year end are listed at the end
of the Fund's Schedule of Investments. The average value of purchased
options open during the year ended July 31, 2015 were as follows:
--------------------------------------------------------------------------------
Conservative Balanced Growth
Fund Fund Fund
--------------------------------------------------------------------------------
$45,222 $145,564 $270,306
L. Credit Default Swap Agreements
A credit default swap is a contract between a buyer of protection and a
seller of protection against a pre -defined credit event. The Fund may sell
or buy credit default swap contracts to seek to increase the Fund's income,
or to attempt to hedge the risk of default on Fund securities. A credit
default swap index is used to hedge risk or take a position on a basket of
credit entities or indices. As a seller of protection, the Fund would be
required to pay the notional (or other agreed-upon) value of the referenced
debt obligation to the counterparty in the event of a default by a U.S. or
foreign corporate issuer of a debt obligation, which would likely result in
a loss to the Fund. In return, the Fund would receive from the counterparty
a periodic stream of payments during the term of the contract provided that
no event of default occurred. The maximum exposure of loss to the seller
would be the notional value of the credit default swaps outstanding. If no
default occurs, the Fund would keep the stream of payments and would have
no payment obligation. The Fund may also buy credit default swap contracts
in order to hedge against the risk of default of debt securities, in which
case the Fund would function as the counterparty referenced above.
When the Fund enters into a credit default swap contract, the protection
buyer makes an upfront or periodic payment to the protection seller in
exchange for the rights to receive a contingent payment. An upfront payment
made by the Fund, as the protection buyer, is recorded as an asset in the
Statement of Assets and Liabilities. Periodic payments received or paid by
the Fund are recorded as realized gains or losses in the Statement of
Operations.
Credit default swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is
recorded as unrealized appreciation or depreciation in the Statement of
Assets and
Pioneer Solutions Funds | Annual Report | 7/31/15 79
Liabilities. Payments received or made as a result of a credit event or
upon termination of the contract are recognized, net of the appropriate
amount of the upfront payment, as realized gains or losses in the Statement
of Operations.
Certain swap contracts that are cleared through a central clearinghouse are
referred to as centrally cleared swaps. All payments made or received by
the Fund are pursuant to a centrally cleared swap contract with the central
clearing party rather than the original counterparty. Upon entering into a
centrally cleared swap contract, the Fund is required to make an initial
margin deposit, either in cash or in securities. The daily change in value
on open centrally cleared contracts is recorded as variation margin on
centrally cleared swaps on the Statement of Assets and Liabilities.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Fund had invested in the referenced debt
instrument directly. Credit default swap contracts are subject to general
market risk, liquidity risk, counterparty risk and credit risk. If the Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If the Fund is a protection seller and a credit event occurs,
the value of the referenced debt instrument received by the Fund, together
with the periodic payments received, may be less than the amount the Fund
pays to the protection buyer, resulting in a loss to the Fund.
There were no open credit default swap contracts at July 31, 2015. The
average value of credit default swap contracts open during the year ended
July 31, 2015 were as follows:
--------------------------------------------------------------------------------
Conservative Balanced Growth
Fund Fund Fund
--------------------------------------------------------------------------------
$798 $2,440 $4,096
M. Inflation Rate Swap Contracts
The Fund may enter into inflation rate swap contracts to attempt to hedge
against inflation. Pursuant to the inflation rate swap agreement, the Fund
negotiates with a counterparty to exchange a periodic stream of payments,
based on a benchmark inflation index. One cash flow stream will typically
be a floating rate payment linked to the specified inflation index while
the other is typically a fixed interest rate.
Inflation rate swap contracts are marked-to-market daily using valuations
supplied by independent sources and the change in value, if any, is
recorded as unrealized appreciation or depreciation in the Statement of
Assets and Liabilities. Inflation rate swaps are normally issued on a zero
coupon basis where all payments compound during the life of the contract
and are netted upon the termination or maturity of the contract. Final
payments received or paid by the Fund are recorded as realized gains or
losses in the Statement of Operations. Inflation rate swap contracts are
subject to movements in interest rates.
80 Pioneer Solutions Funds | Annual Report | 7/31/15
Open inflation rate swap contracts at July 31, 2015 are listed in the
Schedule of Investments. The average value of inflation rate swap contracts
open during the year ended July 31, 2015 were as follows:
--------------------------------------------------------------------------------
Conservative Balanced Growth
Fund Fund Fund
--------------------------------------------------------------------------------
$3,253 $10,030 $16,672
N. Interest Rate Swap Contracts
The Fund may enter into interest rate swaps to attempt to hedge against
interest rate fluctuations or to enhance its income. Pursuant to the
interest rate swap agreement, the Fund negotiates with a counterparty to
exchange a periodic stream of payments based on a benchmark interest rate.
One cash flow stream will typically be a floating rate payment based upon
the specified floating benchmark interest rate while the other is typically
a fixed interest rate. Payment flows are usually netted against each other,
with the difference being paid by one party to the other on a monthly
basis.
Periodic payments received or paid by the Fund are recorded as realized
gains or losses in the Statement of Operations. Interest rate swap
contracts are marked-to-market daily using valuations supplied by
independent sources and the change in value, if any, is recorded as
unrealized appreciation or depreciation in the Statement of Assets and
Liabilities. Interest rate swap contracts are subject to counterparty risk
and movements in interest rates.
Open interest rate swap contracts at July 31, 2015 are listed in the
Schedule of Investments. The average value of interest rate swap contracts
open during the year ended July 31, 2015 were as follows:
--------------------------------------------------------------------------------
Conservative Balanced Growth
Fund Fund Fund
--------------------------------------------------------------------------------
$(3,238) $(9,897) $(16,290)
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Funds'
portfolios. Management fees for each Fund are calculated daily at an annual rate
equal to 0.13% of the fund's average daily net assets up to $2.5 billion; 0.11%
of the fund's average daily net assets over $2.5 billion up to $4 billion; 0.10%
of the fund's average daily net assets over $4 billion up to $5.5 billion; and
0.08% of the fund's average daily net assets over $5.5 billion.
For the year ended July 31, 2015, the effective management fee for each Fund was
equivalent to 0.13% of the Fund's average daily net assets. Fees waived and
expenses reimbursed during the year ended January 31, 2015 are reflected in the
Statements of Operations.
Pioneer Solutions Funds | Annual Report | 7/31/15 81
Prior to November 17, 2014, Ibbotson Associates, Inc. (Ibbotson) provided
sub-advisory services to each Fund pursuant to a sub-advisory agreement between
PIM and Ibbotson. PIM, not the Funds, paid a portion of the fee it received from
each Fund to Ibbotson as compensation for Ibbotson's services to the Funds.
Effective November 17, 2014, PIM assumed direct responsibility for day-to-day
management of the Funds' portfolios.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Funds as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statements of Assets and Liabilities are
the following amounts payable to PIM at July 31, 2015:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $10,479
Balanced Fund 32,847
Growth Fund 54,617
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce fund expenses, other than underlying fund fees and expenses,
as follows. These expense limitations are in effect through December 1, 2016.
There can be no assurance that PIM will extend the expense limitation agreement
for a class of shares beyond the date referred to above:
--------------------------------------------------------------------------------
Fund Class A Class C Class R
--------------------------------------------------------------------------------
Conservative Fund 0.70% 1.45% 0.90%
Balanced Fund 0.70% 1.45% 0.90%
Growth Fund 0.70% 1.45% 0.90%
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Funds at negotiated rates.
Included in "Due to affiliates" reflected on the Statements of Assets and
Liabilities are the following amounts of transfer agent fees payable to PIMSS at
July 31, 2015:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $ 5,035
Balanced Fund 22,823
Growth Fund 45,619
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended July 31, 2015, such out-of-pocket expenses by class of shares
were as follows:
82 Pioneer Solutions Funds | Annual Report | 7/31/15
--------------------------------------------------------------------------------
Shareholder Communications: Solutions Solutions Solutions
Conservative Balanced Growth
--------------------------------------------------------------------------------
Class A $25,127 $ 80,143 $150,729
Class B 1,126 3,181 4,019
Class C 11,468 33,982 50,239
Class Y 525 2,908 2,568
--------------------------------------------------------------------------------
Total $38,246 $120,214 $207,555
================================================================================
4. Distribution Plan
The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to Class A, and Class C shares.
Pursuant to the Plan, each Fund pays PFD 0.25% of the Fund's average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with respect to
Class A shares. Pursuant to the Plan, each Fund also pays PFD 1.00% of the
average daily net assets attributable to Class C shares. The fee for Class C
shares consists of a 0.25% service fee and a 0.75% distribution fee paid as
compensation for personal services and/or account maintenance services or
distribution services with regard to Class C shares. Included in "Due to
affiliates" reflected on the Statements of Assets and Liabilities are the
following amounts in distribution fees payable to PFD at July 31, 2015:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $ 29,625
Balanced Fund 96,688
Growth Fund 143,003
The Funds also have adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Funds to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Funds a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Redemptions of Class C shares within one year of
purchase are subject to a CDSC of 1.00% based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares. There
is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD.
Pioneer Solutions Funds | Annual Report | 7/31/15 83
For the year ended July 31, 2015, the following CDSCs were paid to PFD:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $ 2,432
Balanced Fund 11,482
Growth Fund 8,513
5. Forward Foreign Currency Contracts
At July 31, 2015, the Funds had entered into various forward foreign currency
contracts that obligate the Funds to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Funds may close out such contract by
entering into an offsetting contract.
The average value of contracts open during the year ended July 31, 2015, were as
follows:
--------------------------------------------------------------------------------
Conservative Balanced Growth
Fund Fund Fund
--------------------------------------------------------------------------------
$(988,700) $(3,004,493) $(4,973,232)
Open forward foreign currency contracts at July 31, 2015, were as follows:
Pioneer Solutions - Conservative Fund
---------------------------------------------------------------------------------------------------------
Quantity/
Shares US $ Value Net
Currency Purchased/ Book Settlement at Unrealized
Description Counterparty Sold Value Date 7/31/15 Appreciation
---------------------------------------------------------------------------------------------------------
AUD (Australian
Dollar) Morgan Stanley (1,001,526) $ (756,206) 10/16/15 $ (728,524) $ 27,682
CAD (Canadian
Dollar) Morgan Stanley (19,623) (15,567) 10/16/15 (14,996) 571
CAD (Canadian
Dollar) Morgan Stanley (1,574,000) (1,257,540) 10/16/15 (1,202,857) 54,683
EUR (Euro) Goldman Sachs (300,672) (338,459) 10/16/15 (330,335) 8,124
EUR (Euro) Morgan Stanley (324,288) (362,642) 10/16/15 (356,281) 6,361
ILS (Israeli New
Shekel) Morgan Stanley (378,500) (100,471) 10/16/15 (100,232) 239
JPY (Japanese
Yen) Morgan Stanley (2,532,499) (20,599) 10/16/15 (20,459) 140
JPY (Japanese
Yen) Morgan Stanley (45,620,714) (369,572) 10/16/15 (368,550) 1,022
KRW (Korean
Won) Morgan Stanley (116,394,000) (105,873) 8/13/15 (99,900) 5,973
KRW (Korean
Won) Morgan Stanley (1,869,191,500) (1,705,000) 8/13/15 (1,604,311) 100,689
NOK (Norwegian
Krone) Morgan Stanley (2,771,241) (348,113) 10/16/15 (338,504) 9,609
SGD (Singapore
Dollar) Barclays Bank (274,777) (201,000) 10/16/15 (199,837) 1,163
SGD (Singapore
Dollar) Morgan Stanley (1,324,519) (980,595) 10/16/15 (963,283) 17,312
---------------------------------------------------------------------------------------------------------
Total $233,568
=========================================================================================================
84 Pioneer Solutions Funds | Annual Report | 7/31/15
Pioneer Solutions - Conservative Fund
---------------------------------------------------------------------------------------------------------
Quantity/
Shares US $ Value Net
Currency Purchased/ Book Settlement at Unrealized
Description Counterparty Sold Value Date 7/31/15 Depreciation
---------------------------------------------------------------------------------------------------------
CAD (Canadian
Dollar) Goldman Sachs 820,000 $ 629,317 10/16/15 $ 626,647 $ (2,670)
EUR (Euro) Morgan Stanley 682,466 756,206 10/16/15 749,794 (6,412)
EUR (Euro) Morgan Stanley 333,534 369,572 10/16/15 366,439 (3,133)
EUR (Euro) Morgan Stanley 314,167 348,113 10/16/15 345,161 (2,952)
EUR (Euro) Morgan Stanley 95,000 105,873 8/13/15 104,274 (1,599)
EUR (Euro) Morgan Stanley 90,000 99,725 10/16/15 98,879 (846)
EUR (Euro) Morgan Stanley 90,000 99,725 10/16/15 98,879 (846)
EUR (Euro) Morgan Stanley 90,000 99,725 10/16/15 98,879 (846)
EUR (Euro) Morgan Stanley 14,033 15,567 10/16/15 15,417 (150)
GBP (British
Pounds) Goldman Sachs (225,812) (352,213) 10/16/15 (352,572) (359)
HUF (Hungarian
Forint) Morgan Stanley (28,274,635) (99,755) 10/16/15 (100,885) (1,130)
HUF (Hungarian
Forint) Morgan Stanley (28,396,746) (99,725) 10/16/15 (101,321) (1,596)
ILS (Israeli New
Shekel) Morgan Stanley (377,050) (99,725) 10/16/15 (99,848) (123)
INR (Indian
Rupee) Barclays Bank 64,983,400 1,010,000 10/16/15 1,001,049 (8,951)
KRW (Korean
Won) Goldman Sachs 1,168,548,500 1,025,000 8/13/15 1,002,955 (22,045)
KRW (Korean
Won) Morgan Stanley 419,802,000 370,000 8/13/15 360,312 (9,688)
KRW (Korean
Won) Barclays Bank 232,039,500 205,000 8/13/15 199,157 (5,843)
MXN (Mexican
Peso) Morgan Stanley 19,843,673 1,257,540 10/16/15 1,222,646 (34,894)
MXN (Mexican
Peso) Goldman Sachs (10,217,610) (629,317) 10/16/15 (629,547) (230)
NZD (New
Zealand
Dollar) Goldman Sachs 501,124 338,459 10/16/15 328,492 (9,967)
PLN (Polish Zloty) Goldman Sachs (377,295) (99,437) 10/16/15 (99,676) (239)
PLN (Polish Zloty) Morgan Stanley (378,859) (99,725) 10/16/15 (100,089) (364)
SEK (Swedish
Krona) Morgan Stanley 3,028,676 362,642 10/16/15 351,920 (10,722)
---------------------------------------------------------------------------------------------------------
Total $(125,605)
=========================================================================================================
Pioneer Solutions Funds | Annual Report | 7/31/15 85
Pioneer Solutions - Balanced Fund
----------------------------------------------------------------------------------------------------------
Quantity/
Shares US $ Value Net
Currency Purchased/ Book Settlement at Unrealized
Description Counterparty Sold Value Date 7/31/15 Appreciation
----------------------------------------------------------------------------------------------------------
AUD (Australian
Dollar) Morgan Stanley (3,079,097) $(2,324,884) 10/16/15 $(2,239,778) $ 85,106
CAD (Canadian
Dollar) Morgan Stanley (4,775) (3,830) 10/16/15 (3,649) 181
CAD (Canadian
Dollar) Morgan Stanley (59,543) (47,181) 10/16/15 (45,503) 1,678
CAD (Canadian
Dollar) Morgan Stanley (4,840,000) (3,866,897) 10/16/15 (3,698,748) 168,149
EUR (Euro) Goldman Sachs (923,547) (1,039,613) 10/16/15 (1,014,659) 24,954
EUR (Euro) Morgan Stanley (1,000,069) (1,118,346) 10/16/15 (1,098,730) 19,616
ILS (Israeli New
Shekel) Morgan Stanley (1,135,500) (301,414) 10/16/15 (300,697) 717
JPY (Japanese
Yen) Morgan Stanley (7,715,187) (62,754) 10/16/15 (62,328) 426
JPY (Japanese
Yen) Morgan Stanley (140,663,869) (1,139,515) 10/16/15 (1,136,365) 3,150
KRW (Korean
Won) Morgan Stanley (355,308,000) (323,191) 8/13/15 (304,958) 18,233
KRW (Korean
Won) Morgan Stanley (5,728,167,500) (5,225,000) 8/13/15 (4,916,436) 308,564
NOK (Norwegian
Krone) Morgan Stanley (8,512,173) (1,069,267) 10/16/15 (1,039,751) 29,516
SGD (Singapore
Dollar) Barclays Bank (847,571) (620,000) 10/16/15 (616,413) 3,587
SGD (Singapore
Dollar) Morgan Stanley (4,047,892) (2,996,818) 10/16/15 (2,943,911) 52,907
----------------------------------------------------------------------------------------------------------
Total $ 716,784
==========================================================================================================
86 Pioneer Solutions Funds | Annual Report | 7/31/15
Pioneer Solutions - Balanced Fund
-----------------------------------------------------------------------------------------------------------
Quantity/
Shares US $ Value Net
Currency Purchased/ Book Settlement at Unrealized
Description Counterparty Sold Value Date 7/31/15 Depreciation
-----------------------------------------------------------------------------------------------------------
AUD (Australian
Dollar) Morgan Stanley 5,000 $ 3,830 10/16/15 $ 3,637 $ (193)
CAD (Canadian
Dollar) Goldman Sachs 2,520,000 1,933,998 10/16/15 1,925,794 (8,204)
EUR (Euro) Morgan Stanley 2,098,176 2,324,884 10/16/15 2,305,172 (19,712)
EUR (Euro) Morgan Stanley 1,028,397 1,139,515 10/16/15 1,129,853 (9,662)
EUR (Euro) Morgan Stanley 964,999 1,069,267 10/16/15 1,060,201 (9,066)
EUR (Euro) Morgan Stanley 290,000 323,191 8/13/15 318,310 (4,881)
EUR (Euro) Morgan Stanley 280,000 310,254 10/16/15 307,623 (2,631)
EUR (Euro) Morgan Stanley 280,000 310,604 10/16/15 307,623 (2,981)
EUR (Euro) Morgan Stanley 280,000 310,254 10/16/15 307,623 (2,631)
EUR (Euro) Morgan Stanley 42,580 47,181 10/16/15 46,781 (400)
GBP (British
Pound) Goldman Sachs (706,861) (1,102,537) 10/16/15 (1,103,661) (1,124)
HUF (Hungarian
Forint) Morgan Stanley (84,823,905) (299,266) 10/16/15 (302,656) (3,390)
HUF (Hungarian
Forint) Morgan Stanley (88,345,432) (310,254) 10/16/15 (315,221) (4,967)
ILS (Israeli New
Shekel) Morgan Stanley (1,173,045) (310,254) 10/16/15 (310,639) (385)
INR (Indian
Rupee) Barclays Bank 199,647,020 3,103,000 10/16/15 3,075,499 (27,501)
KRW (Korean
Won) Goldman Sachs 3,550,673,500 3,115,000 8/13/15 3,047,512 (67,488)
KRW (Korean
Won) Morgan Stanley 1,304,790,000 1,150,000 8/13/15 1,119,890 (30,110)
KRW (Korean
Won) Barclays Bank 718,756,500 635,000 8/13/15 616,902 (18,098)
MXN (Mexican
Peso) Morgan Stanley 61,018,664 3,866,897 10/16/15 3,759,598 (107,299)
MXN (Mexican
Peso) Goldman Sachs (31,400,460) (1,933,998) 10/16/15 (1,934,705) (707)
NZD (New
Zealand
Dollar) Goldman Sachs 1,539,256 1,039,613 10/16/15 1,008,998 (30,615)
PLN (Polish Zloty) Goldman Sachs (1,131,885) (298,310) 10/16/15 (299,027) (717)
PLN (Polish Zloty) Morgan Stanley (1,178,674) (310,604) 10/16/15 (311,388) (784)
SEK (Swedish
Krona) Morgan Stanley 9,340,093 1,118,346 10/16/15 1,085,281 (33,065)
-----------------------------------------------------------------------------------------------------------
Total $ (386,611)
===========================================================================================================
Pioneer Solutions Funds | Annual Report | 7/31/15 87
Pioneer Solutions - Growth Fund
----------------------------------------------------------------------------------------------------------
Quantity/
Shares US $ Value Net
Currency Purchased/ Book Settlement at Unrealized
Description Counterparty Sold Value Date 7/31/15 Appreciation
----------------------------------------------------------------------------------------------------------
AUD (Australian
Dollar) Morgan Stanley (5,135,501) $(3,877,580) 10/16/15 $(3,735,635) $ 141,945
CAD (Canadian
Dollar) Morgan Stanley (28,651) (22,980) 10/16/15 (21,895) 1,085
CAD (Canadian
Dollar) Morgan Stanley (97,952) (77,617) 10/16/15 (74,856) 2,761
CAD (Canadian
Dollar) Morgan Stanley (8,154,000) (6,514,603) 10/16/15 (6,231,320) 283,283
EUR (Euro) Goldman Sachs (1,552,272) (1,747,354) 10/16/15 (1,705,411) 41,943
EUR (Euro) Morgan Stanley (1,698,905) (1,899,833) 10/16/15 (1,866,510) 33,323
ILS (Israeli New
Shekel) Morgan Stanley (1,892,500) (502,356) 10/16/15 (501,161) 1,195
JPY (Japanese
Yen) Morgan Stanley (12,791,087) (104,041) 10/16/15 (103,334) 707
JPY (Japanese
Yen) Morgan Stanley (238,875,130) (1,935,122) 10/16/15 (1,929,773) 5,349
KRW (Korean
Won) Morgan Stanley (575,844,000) (523,792) 8/13/15 (494,242) 29,550
KRW (Korean
Won) Morgan Stanley (9,302,105,500) (8,485,000) 8/13/15 (7,983,917) 501,083
NOK (Norwegian
Krone) Morgan Stanley (14,307,029) (1,797,195) 10/16/15 (1,747,586) 49,609
SGD (Singapore
Dollar) Barclays Bank (1,421,732) (1,040,000) 10/16/15 (1,033,983) 6,017
SGD (Singapore
Dollar) Morgan Stanley (6,832,085) (5,058,069) 10/16/15 (4,968,771) 89,298
----------------------------------------------------------------------------------------------------------
Total $1,187,148
==========================================================================================================
88 Pioneer Solutions Funds | Annual Report | 7/31/15
Pioneer Solutions - Growth Fund
----------------------------------------------------------------------------------------------------------
Quantity/
Shares US $ Value Net
Currency Purchased/ Book Settlement at Unrealized
Description Counterparty Sold Value Date 7/31/15 Depreciation
----------------------------------------------------------------------------------------------------------
AUD (Australian
Dollar) Morgan Stanley 30,000 $ 22,980 10/16/15 $ 21,822 $ (1,158)
CAD (Canadian
Dollar) Goldman Sachs 42,800,000 32,857,362 10/16/15 32,707,935 (149,427)
EUR (Euro) Morgan Stanley 3,499,463 3,877,580 10/16/15 3,844,702 (32,878)
EUR (Euro) Morgan Stanley 1,746,421 1,935,122 10/16/15 1,918,714 (16,408)
EUR (Euro) Morgan Stanley 1,621,944 1,797,195 10/16/15 1,781,957 (15,238)
EUR (Euro) Morgan Stanley 470,000 523,792 8/13/15 515,883 (7,909)
EUR (Euro) Morgan Stanley 460,000 509,703 10/16/15 505,381 (4,322)
EUR (Euro) Morgan Stanley 460,000 509,703 10/16/15 505,381 (4,322)
EUR (Euro) Morgan Stanley 460,000 509,703 10/16/15 505,381 (4,322)
EUR (Euro) Morgan Stanley 70,048 77,617 10/16/15 76,959 (658)
GBP (British
Pounds) Goldman Sachs (1,206,461) (1,881,796) 10/16/15 (1,883,715) (1,919)
HUF (Hungarian
Forint) Morgan Stanley (141,373,175) (498,776) 10/16/15 (504,426) (5,650)
HUF (Hungarian
Forint) Morgan Stanley (145,138,924) (509,703) 10/16/15 (517,862) (8,159)
ILS (Israeli New
Shekel) Morgan Stanley (1,927,146) (509,703) 10/16/15 (510,336) (633)
INR (Indian
Rupee) Barclays Bank 335,533,100 5,215,000 10/16/15 5,168,780 (46,220)
KRW (Korean
Won) Goldman Sachs 5,767,634,000 5,060,000 8/13/15 4,950,310 (109,690)
KRW (Korean
Won) Morgan Stanley 2,116,029,000 1,865,000 8/13/15 1,816,169 (48,831)
KRW (Korean
Won) Barclays Bank 1,171,516,500 1,035,000 8/13/15 1,005,502 (29,498)
MXN (Mexican
Peso) Morgan Stanley 102,798,799 6,514,603 10/16/15 6,333,837 (180,766)
MXN (Mexican
Peso) Goldman Sachs (533,309,400) (32,857,362) 10/16/15 (32,859,274) (1,912)
NZD (New
Zealand
Dollar) Goldman Sachs 2,587,139 1,747,354 10/16/15 1,695,897 (51,457)
PLN (Polish Zloty) Goldman Sachs (1,886,475) (497,183) 10/16/15 (498,379) (1,196)
PLN (Polish Zloty) Morgan Stanley (1,936,393) (509,703) 10/16/15 (511,567) (1,864)
SEK (Swedish
Krona) Morgan Stanley 15,866,836 1,899,833 10/16/15 1,843,661 (56,172)
----------------------------------------------------------------------------------------------------------
Total $ (780,609)
==========================================================================================================
Pioneer Solutions Funds | Annual Report | 7/31/15 89
6. Additional Disclosures about Derivative Instruments and Hedging Activities:
Values of derivative instruments as of July 31, 2015, were as follows:
Pioneer Solutions - Conservative Fund
---------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Assets Derivatives 2015 Liabilities Derivatives 2015
Hedging Instruments ----------------------------- --------------------------------
Under Accounting Statements of Assets Statement of Assets
Standards Codification and Liabilities and Liabilities
(ASC) 815 Location Value Location Value
---------------------------------------------------------------------------------------------
Forward foreign Net unrealized Net unrealized
currency contracts appreciation on depreciation on
forward foreign forward foreign
currency currency
contracts $233,568 contracts $125,605
Swap contracts Net unrealized Net unrealized
appreciation on depreciation on
swap contracts -- swap contracts 13,068
Futures contracts Net unrealized Net unrealized
appreciation on depreciation on
futures futures
contracts 6,754 contracts --
Written options Written options -- Written options 35,620
---------------------------------------------------------------------------------------------
Total $ 240,322 $174,293
=============================================================================================
Pioneer Solutions - Balanced Fund
---------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Assets Derivatives 2015 Liabilities Derivatives 2015
Hedging Instruments ----------------------------- --------------------------------
Under Accounting Statements of Assets Statement of Assets
Standards Codification and Liabilities and Liabilities
(ASC) 815 Location Value Location Value
---------------------------------------------------------------------------------------------
Forward foreign Net unrealized Net unrealized
currency contracts appreciation on depreciation on
forward foreign forward foreign
currency currency
contracts $ 716,784 contracts $386,611
Swap contracts Net unrealized Net unrealized
appreciation on depreciation on
swap contracts -- swap contracts 39,626
Futures contracts Net unrealized Net unrealized
appreciation on depreciation on
futures futures
contracts 25,323 contracts --
Written options Written options -- Written options 141,275
---------------------------------------------------------------------------------------------
Total $ 742,107 $567,512
=============================================================================================
90 Pioneer Solutions Funds | Annual Report | 7/31/15
Pioneer Solutions - Growth Fund
---------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Assets Derivatives 2015 Liabilities Derivatives 2015
Hedging Instruments Statements of Assets Statement of Assets
Under Accounting ----------------------------- --------------------------------
Standards Codification and Liabilities and Liabilities
(ASC) 815 Location Value Location Value
---------------------------------------------------------------------------------------------
Forward foreign Net unrealized Net unrealized
currency contracts appreciation on depreciation on
forward foreign forward foreign
currency currency
contracts $1,187,148 contracts $ 780,609
Swap contracts Net unrealized Net unrealized
appreciation on depreciation on
swap contracts -- swap contracts 65,346
Futures contracts Net unrealized Net unrealized
appreciation on depreciation on
futures futures
contracts 37,277 contracts --
Written options Written options -- Written options 457,564
---------------------------------------------------------------------------------------------
Total $1,224,425 $1,303,519
=============================================================================================
The effect of derivative instruments on the Statements of Operations for the
year ended July 31, 2015, were as follows:
Pioneer Solutions - Conservative Fund
----------------------------------------------------------------------------------------------------
Change in
Derivatives Realized Unrealized
Not Accounted Gain or Appreciation or
for as Hedging (Loss) on (Depreciation)
Instruments Under Location of Gain or (Loss) Derivatives on Derivatives
Accounting Standards on Derivatives Recognized Recognized Recognized
Codification (ASC) 815 in Income in Income in Income
----------------------------------------------------------------------------------------------------
Forward foreign Net realized gain (loss) on
currency contracts forward foreign currency contracts
and other assets and liabilities
denominated in foreign currency $(78,257)
Forward foreign Change in net unrealized appreciation
currency contracts (depreciation) on forward foreign
currency contracts $107,963
Futures contracts Net realized gain (loss) on
futures contracts $156,084
Futures contracts Change in unrealized
appreciation (depreciation) on
futures contracts $ 6,754
Swap contracts Net realized gain (loss) on
swap contracts $(20,202)
Swap contracts Change in net unrealized
appreciation (depreciation) on
swap contracts $(13,068)
Written options Net realized gain (loss) on
written options $ 73,224
Written options Written options $ 57,583
----------------------------------------------------------------------------------------------------
Total $130,849 $159,232
====================================================================================================
Pioneer Solutions Funds | Annual Report | 7/31/15 91
Pioneer Solutions - Balanced Fund
----------------------------------------------------------------------------------------------------
Change in
Derivatives Realized Unrealized
Not Accounted Gain or Appreciation or
for as Hedging (Loss) on (Depreciation)
Instruments Under Location of Gain or (Loss) Derivatives on Derivatives
Accounting Standards on Derivatives Recognized Recognized Recognized
Codification (ASC) 815 in Income in Income in Income
----------------------------------------------------------------------------------------------------
Forward foreign Net realized gain (loss) on
currency contracts forward foreign currency contracts
and other assets and liabilities
denominated in foreign currency $(235,144)
Forward foreign Change in net unrealized appreciation
currency contracts (depreciation) on forward foreign
currency contracts $330,173
Futures contracts Net realized gain (loss) on
futures contracts $ 815,651
Futures contracts Change in unrealized
appreciation (depreciation) on
futures contracts $ 25,323
Swap contracts Net realized gain (loss) on
swap contracts $ (52,635)
Swap contracts Change in net unrealized
appreciation (depreciation) on
swap contracts $(39,626)
Written options Net realized gain (loss) on
written options $ 221,507
Written options Written options $179,893
----------------------------------------------------------------------------------------------------
Total $ 749,379 $495,763
====================================================================================================
92 Pioneer Solutions Funds | Annual Report | 7/31/15
Pioneer Solutions - Growth Fund
----------------------------------------------------------------------------------------------------
Change in
Derivatives Realized Unrealized
Not Accounted Gain or Appreciation or
for as Hedging (Loss) on (Depreciation)
Instruments Under Location of Gain or (Loss) Derivatives on Derivatives
Accounting Standards on Derivatives Recognized Recognized Recognized
Codification (ASC) 815 in Income in Income in Income
----------------------------------------------------------------------------------------------------
Forward foreign Net realized gain (loss) on
currency contracts forward foreign currency contracts $ (382,573)
Forward foreign Change in unrealized appreciation
currency contracts (depreciation) on forward foreign
currency contracts $406,539
Futures contracts Net realized gain (loss) on
futures contracts $1,760,285
Futures contracts Change in net unrealized
appreciation (depreciation) on
futures contracts $ 37,277
Swap contracts Net realized gain (loss) on
swap contracts $ (85,315)
Swap contracts Change in net unrealized
appreciation (depreciation) on
swap contracts $(65,346)
Written options Net realized gain (loss) on
written options $ 369,105
Written options Written options $284,291
----------------------------------------------------------------------------------------------------
Total $1,661,502 $662,761
====================================================================================================
Pioneer Solutions Funds | Annual Report | 7/31/15 93
7. Transactions in Underlying Funds
An affiliated issuer may be considered one in which each Fund owns 5% or more of
the outstanding voting securities, or a company which is under common control.
For the purposes of this report, each Fund assumes the following to be
affiliated issuers:
Pioneer Solutions - Conservative Fund
---------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) Shares Shares Shares Shares
---------------------------------------------------------------------------------------------
Pioneer Bond Fund Class K -- 1,632,437 (72,215) 1,560,222
Pioneer Bond Fund Class Y 1,686,460 51,822 (1,738,282) --
Pioneer Core Equity Fund Class Y 85,125 3,785 (88,910) --
Pioneer Disciplined Growth Fund Class Y 40,153 1,225 (41,378) --
Pioneer Disciplined Value Fund Class Y 137,391 7,815 (145,206) --
Pioneer Dynamic Credit Fund Class Y 285,961 18,481 (9,599) 294,843
Pioneer Emerging Markets Fund Class Y 25,794 3,321 (29,115) --
Pioneer Equity Income Fund Class K -- 115,482 (32,533) 82,949
Pioneer Equity Income Fund Class Y 19,793 107,044 (126,837) --
Pioneer Floating Rate Fund Class K -- 107,395 (4,545) 102,850
Pioneer Floating Rate Fund Class Y 102,989 3,539 (106,528) --
Pioneer Fund Class Y 51,306 2,390 (53,696) --
Pioneer Fundamental Growth Fund
Class K -- 97,177 (23,561) 73,616
Pioneer Fundamental Growth Fund
Class Y 80,095 154,311 (234,406) --
Pioneer Global Equity Fund Class K -- 216,867 -- 216,867
Pioneer Global Equity Fund Class Y 204,577 11,661 (216,238) --
Pioneer Global High Yield Fund Class Y 429,821 38,156 (236,511) 231,466
Pioneer Global Multisector Income Fund
Class Y 128,640 4,871 (1,452) 132,059
Pioneer High Yield Fund Class Y 196,990 25,978 (10,530) 212,438
Pioneer International Value Fund Class Y 213,873 19,262 (71,910) 161,225
Pioneer Long/Short Bond Fund Class Y -- 192,660 -- 192,660
Pioneer Mid-Cap Value Fund Class Y 47,879 3,309 (51,188) --
Pioneer Multi-Asset Ultrashort Income
Fund Class Y 71,202 1,897 (73,099) --
Pioneer Opportunistic Long/Short Credit
Fund Class Y -- 194,009 -- 194,009
Pioneer Real Estate Shares Class Y 24,862 26,748 (4,748) 46,862
Pioneer Select Mid Cap Growth
Fund Class Y 16,637 996 (17,633) --
Pioneer Short Term Income Fund Class K -- 910,569 (675,649) 234,920
Pioneer Short Term Income Fund Class Y 1,116,706 111,260 (1,227,966) --
Pioneer Strategic Income Fund Class K -- 674,538 (47,339) 627,199
Pioneer Strategic Income Fund Class Y 646,085 21,105 (667,190) --
94 Pioneer Solutions Funds | Annual Report | 7/31/15
Pioneer Solutions - Conservative Fund
-----------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) Gain (Loss) Distributions Income Value
-----------------------------------------------------------------------------------------------
Pioneer Bond Fund Class K $ (9,000) $ -- $ 332,567 $15,118,551
Pioneer Bond Fund Class Y 1,176,442 71,014 192,830 --
Pioneer Core Equity Fund Class Y 766,925 -- 18,853 --
Pioneer Disciplined Growth Fund Class Y 300,078 36,622 -- --
Pioneer Disciplined Value Fund Class Y 62,263 515,288 -- --
Pioneer Dynamic Credit Fund Class Y (4,168) -- 101,927 2,795,112
Pioneer Emerging Markets Fund Class Y 138,885 -- -- --
Pioneer Equity Income Fund Class K 4,214 -- 34,563 2,886,625
Pioneer Equity Income Fund Class Y 348,089 70,230 48,259 --
Pioneer Floating Rate Fund Class K 136 -- 11,154 702,465
Pioneer Floating Rate Fund Class Y 78,440 -- 15,324 --
Pioneer Fund Class Y 256,836 338,332 6,266 --
Pioneer Fundamental Growth Fund
Class K 10,399 -- -- 1,476,001
Pioneer Fundamental Growth Fund
Class Y 832,148 37,580 23,181 --
Pioneer Global Equity Fund Class K -- -- -- 3,046,981
Pioneer Global Equity Fund Class Y 1,167,297 -- 95,971 --
Pioneer Global High Yield Fund Class Y 88,421 -- 231,236 2,064,679
Pioneer Global Multisector Income Fund
Class Y (654) 12,717 44,832 1,407,746
Pioneer High Yield Fund Class Y (10,816) 100,686 102,132 2,060,650
Pioneer International Value Fund Class Y 141,829 -- 285,377 3,532,447
Pioneer Long/Short Bond Fund Class Y -- -- -- 1,932,380
Pioneer Mid-Cap Value Fund Class Y 352,771 154,821 10,286 --
Pioneer Multi Asset Ultrashort Income
Fund Class Y 375 -- 2,788 --
Pioneer Opportunistic Long/Short Credit
Fund Class Y -- -- -- 1,934,270
Pioneer Real Estate Shares Class Y 27,425 39,352 29,097 1,372,133
Pioneer Select Mid Cap Growth
Fund Class Y 309,011 96,748 -- --
Pioneer Short Term Income Fund Class K (7,151) -- 53,913 2,252,883
Pioneer Short Term Income Fund Class Y 74,066 -- 124,066 --
Pioneer Strategic Income Fund Class K (908) -- 183,306 6,660,853
Pioneer Strategic Income Fund Class Y 207,274 98,555 103,438 --
----------- ----------- ----------- -----------
$ 6,310,627 $ 1,571,945 $ 2,051,366 $49,243,776
----------- ----------- ----------- -----------
Pioneer Solutions Funds | Annual Report | 7/31/15 95
Pioneer Solutions - Balanced Fund
---------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) Shares Shares Shares Shares
---------------------------------------------------------------------------------------------
Pioneer Bond Fund Class K -- 2,500,316 (156,863) 2,343,453
Pioneer Bond Fund Class Y 2,717,659 33,202 (2,750,861) --
Pioneer Core Equity Fund Class Y 274,648 369,290 (148,708) 495,230
Pioneer Disciplined Growth Fund Class Y 135,761 -- (135,761) --
Pioneer Disciplined Value Fund Class Y 647,431 6,315 (653,746) --
Pioneer Dynamic Credit Fund Class Y 868,250 27,508 (102,312) 793,446
Pioneer Emerging Markets Fund Class Y 411,785 21,763 (433,548) --
Pioneer Equity Income Fund Class Y 125,210 8,374 (133,584) --
Pioneer Fund Class Y 165,627 23,982 (71,442) 118,167
Pioneer Fundamental Growth Fund
Class K -- 587,332 -- 587,332
Pioneer Fundamental Growth Fund
Class Y 277,576 391,022 (668,598) --
Pioneer Global Equity Fund Class K -- 1,261,580 (28,804) 1,232,776
Pioneer Global Equity Fund Class Y 1,404,875 5,257 (1,410,132) --
Pioneer Global High Yield Fund Class Y 892,387 15,169 (265,134) 642,422
Pioneer Global Multisector Income Fund
Class Y 396,944 6,689 (4,490) 399,143
Pioneer High Yield Fund Class Y 407,607 39,698 (11,732) 435,573
Pioneer International Value Fund Class Y 1,257,978 33,787 (67,626) 1,224,139
Pioneer Long/Short Bond Fund Class Y -- 601,957 -- 601,957
Pioneer Mid Cap Value Fund Class K -- 291,617 (200,249) 91,368
Pioneer Mid Cap Value Fund Class Y 461,877 3,172 (465,049) --
Pioneer Multi-Asset Ultrashort Income
Fund Class Y 217,409 4,003 (221,412) --
Pioneer Opportunistic Long/Short Credit
Fund Class Y -- 606,171 -- 606,171
Pioneer Real Estate Shares Class Y 200,085 3,905 (54,220) 149,770
Pioneer Select Mid Cap Growth
Fund Class K -- 106,687 -- 106,687
Pioneer Select Mid Cap Growth
Fund Class Y 112,473 437 (112,910) --
Pioneer Short Term Income Fund Class K -- 2,063,791 (2,063,791) --
Pioneer Short Term Income Fund Class Y 2,282,340 34,544 (2,316,884) --
Pioneer Strategic Income Fund Class K -- 828,787 (16,591) 812,196
Pioneer Strategic Income Fund Class Y 788,862 18,136 (806,998) --
96 Pioneer Solutions Funds | Annual Report | 7/31/15
Pioneer Solutions - Balanced Fund
--------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) Gain (Loss) Distributions Income Value
--------------------------------------------------------------------------------------------------
Pioneer Bond Fund Class K $ (21,961) $ -- $ 508,816 $ 22,708,060
Pioneer Bond Fund Class Y 2,393,079 108,766 305,118 --
Pioneer Core Equity Fund Class Y 1,070,851 -- 137,715 8,864,616
Pioneer Disciplined Growth Fund Class Y 1,134,405 113,263 -- --
Pioneer Disciplined Value Fund Class Y 1,202,015 2,345,618 -- --
Pioneer Dynamic Credit Fund Class Y (42,861) -- 300,129 7,521,871
Pioneer Emerging Markets Fund Class Y (1,342,623) 520,587 187,217 --
Pioneer Equity Income Fund Class Y 1,784,470 417,028 29,867 --
Pioneer Fund Class Y 189,293 1,035,305 67,782 4,486,798
Pioneer Fundamental Growth Fund
Class K -- -- -- 11,776,007
Pioneer Fundamental Growth Fund
Class Y 2,903,193 124,691 63,866 --
Pioneer Global Equity Fund Class K 15,842 -- -- 17,320,503
Pioneer Global Equity Fund Class Y 9,188,072 -- 568,468 --
Pioneer Global High Yield Fund Class Y (314,876) -- 465,157 5,730,404
Pioneer Global Multisector Income Fund
Class Y (2,532) 38,437 135,838 4,254,864
Pioneer High Yield Fund Class Y (9,836) 210,398 209,027 4,225,055
Pioneer International Value Fund Class Y (35,021) -- 1,670,082 26,820,893
Pioneer Long/Short Bond Fund Class Y -- -- -- 6,037,629
Pioneer Mid Cap Value Fund Class K 33,785 -- -- 2,392,014
Pioneer Mid Cap Value Fund Class Y 3,580,873 1,251,975 83,182 --
Pioneer Multi-Asset Ultrashort Income
Fund Class Y 2,055 -- 8,462 --
Pioneer Opportunistic Long/Short Credit
Fund Class Y -- -- -- 6,043,525
Pioneer Real Estate Shares Class Y 206,562 301,007 114,508 4,385,251
Pioneer Select Mid Cap Growth
Fund Class K -- -- -- 4,235,474
Pioneer Select Mid Cap Growth
Fund Class Y 2,634,920 587,488 -- --
Pioneer Short Term Income Fund Class K (26,457) -- 108,883 --
Pioneer Short Term Income Fund Class Y 432,820 -- 239,178 --
Pioneer Strategic Income Fund Class K (2,655) -- 230,819 8,625,521
Pioneer Strategic Income Fund Class Y 180,967 119,071 125,470 --
----------- ----------- ----------- -------------
$25,154,380 $ 7,173,634 $ 5,559,584 $ 145,428,485
----------- ----------- ----------- -------------
Pioneer Solutions Funds | Annual Report | 7/31/15 97
Pioneer Solutions - Growth Fund
---------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) Shares Shares Shares Shares
---------------------------------------------------------------------------------------------
Pioneer Bond Fund Class K -- 2,980,498 (45,577) 2,934,921
Pioneer Bond Fund Class Y 2,514,354 701,271 (3,215,625) --
Pioneer Core Equity Fund Class Y 524,733 841,790 (118,541) 1,247,982
Pioneer Disciplined Growth Fund Class Y 232,223 145,699 (377,922) --
Pioneer Disciplined Value Fund Class Y 712,776 371,672 (1,084,448) --
Pioneer Dynamic Credit Fund Class Y 161,684 19,891 (181,575) --
Pioneer Emerging Markets Fund Class Y 631,523 535,567 (1,167,090) --
Pioneer Equity Income Fund Class Y 213,458 110,148 (323,606) --
Pioneer Fund Class Y 186,671 291,240 (39,159) 438,752
Pioneer Fundamental Growth Fund
Class K -- 1,566,791 (174,536) 1,392,255
Pioneer Fundamental Growth Fund
Class Y 462,549 1,120,740 (1,583,289) --
Pioneer Global Equity Fund Class K -- 2,792,396 (42,497) 2,749,899
Pioneer Global Equity Fund Class Y 1,906,318 1,138,949 (3,045,267) --
Pioneer Global High Yield Fund Class Y 458,523 7,768 (466,291) --
Pioneer Global Multisector Income Fund
Class Y 397,586 8,309 -- 405,895
Pioneer High Yield Fund Class Y 206,145 4,163 (210,308) --
Pioneer International Value Fund Class Y 1,541,503 1,115,110 (276,877) 2,379,736
Pioneer Long/Short Bond Fund Class Y -- 1,027,637 -- 1,027,637
Pioneer Mid Cap Value Fund Class K -- 832,875 (263,503) 569,372
Pioneer Mid Cap Value Fund Class Y 599,996 390,701 (990,697) --
Pioneer Opportunistic Long/Short
Credit Fund Class Y -- 1,034,831 -- 1,034,831
Pioneer Real Estate Shares Class Y 288,635 184,880 (95,256) 378,259
Pioneer Select Mid Cap Growth
Fund Class K -- 248,880 (14,798) 234,082
Pioneer Select Mid Cap Growth
Fund Class Y 211,426 96,556 (307,982) --
Pioneer Short Term Income Fund Class K -- 1,132,809 (1,132,809) --
Pioneer Short Term Income Fund Class Y 1,567,403 388,744 (1,956,147) --
Pioneer Strategic Income Fund Class K -- 1,187,684 (43,348) 1,144,336
Pioneer Strategic Income Fund Class Y 760,500 455,813 (1,216,313) --
98 Pioneer Solutions Funds | Annual Report | 7/31/15
Pioneer Solutions - Growth Fund
---------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) Gain (Loss) Distributions Income Value
---------------------------------------------------------------------------------------------------
Pioneer Bond Fund Class K $ (6,381) $ -- $ 609,953 $ 28,439,385
Pioneer Bond Fund Class Y 3,025,355 129,639 296,449 --
Pioneer Core Equity Fund Class Y 545,167 -- 248,471 22,338,873
Pioneer Disciplined Growth Fund
Class Y 2,518,968 295,727 -- --
Pioneer Disciplined Value Fund Class Y 2,521,345 3,879,207 -- --
Pioneer Dynamic Credit Fund Class Y (30,108) -- 15,632 --
Pioneer Emerging Markets Fund Class Y (1,910,492) 1,174,288 422,305 --
Pioneer Equity Income Fund Class Y 4,606,160 990,924 50,597 --
Pioneer Fund Class Y (31,031) 1,744,518 159,174 16,659,399
Pioneer Fundamental Growth Fund
Class K 127,353 -- -- 27,914,713
Pioneer Fundamental Growth Fund
Class Y 7,133,073 301,384 139,522 --
Pioneer Global Equity Fund Class K 36,254 -- -- 38,636,081
Pioneer Global Equity Fund Class Y 19,982,678 -- 1,253,605 --
Pioneer Global High Yield Fund Class Y 680,768 -- 138,326 --
Pioneer Global Multisector Income Fund
Class Y -- 39,088 137,618 4,326,840
Pioneer High Yield Fund Class Y 103,315 -- 30,030 --
Pioneer International Value Fund Class Y 454,802 -- 3,479,159 52,140,025
Pioneer Long/Short Bond Fund Class Y -- -- -- 10,307,199
Pioneer Mid Cap Value Fund Class K 28,878 -- -- 14,906,159
Pioneer Mid Cap Value Fund Class Y 8,219,664 2,613,548 173,645 --
Pioneer Opportunistic Long/Short Credit
Fund Class Y -- -- -- 10,317,265
Pioneer Real Estate Shares Class Y 446,230 700,742 279,180 11,075,419
Pioneer Select Mid Cap Growth
Fund Class K 26,678 -- -- 9,293,055
Pioneer Select Mid Cap Growth
Fund Class Y 6,910,108 1,439,487 -- --
Pioneer Short Term Income Fund Class K (17,357) -- 66,721 --
Pioneer Short Term Income Fund Class Y 194,791 -- 182,769 --
Pioneer Strategic Income Fund Class K (6,936) -- 330,111 12,152,848
Pioneer Strategic Income Fund Class Y 37,526 181,265 132,055 --
------------ ------------ ----------- -------------
$ 55,596,808 $ 13,489,817 $ 8,145,322 $ 258,507,261
------------ ------------ ----------- -------------
8. Conversion of Class B Shares
As of the close of business on November 10, 2014 (the "Conversion Date"), all
outstanding Class B shares of the Funds were converted to Class A shares.
Pioneer Solutions Funds | Annual Report | 7/31/15 99
9. Reorganization Information
On November 14, 2014 ("Closing Date"), Pioneer Ibbotson Aggressive Allocation
Fund ("Aggressive Fund") was reorganized into Growth Fund. The purpose of this
transaction was to combine two funds (managed by PIM) with similar investment
objectives and strategies.
This tax-free reorganization was accomplished by exchanging the assets and
liabilities of the Aggressive Fund for shares of the Growth Fund. Shareowners
holding Class A, Class C and Class Y shares of the Aggressive Fund received
Class A, Class C and Class Y shares of the Growth Fund, respectively, in the
reorganization. The investment portfolio of the Aggressive Fund, with an
aggregate value of $128,596,529 and an identified cost of $88,931,762 at
November 14, 2014, was the principal asset acquired by the Growth Fund.
For financial reporting purposes, assets received and shares issued by the
Growth Fund were recorded at net asset value, however, the cost basis of the
investments received from the Aggressive Fund was carried forward to align
ongoing reporting of the Growth Fund's realized and unrealized gains and losses
with amounts distributable to shareowners for tax reporting purposes.
100 Pioneer Solutions Funds | Annual Report | 7/31/15
The following charts show the details of the reorganization as of the Closing
Date:
---------------------------------------------------------------------------------------------
Aggressive Fund Growth Fund Growth Fund
(Pre-Reorganization) (Pre-Reorganization) (Post-Reorganization)
---------------------------------------------------------------------------------------------
Net Assets
Class A $105,417,866 $171,483,703 $276,901,569
Class C 22,944,724 64,868,995 87,813,719
Class Y 372,456 1,027,929 1,400,385
---------------------------------------------------------------------------------------------
Total Net Assets $128,735,046 $237,380,627 $366,115,673
---------------------------------------------------------------------------------------------
Shares Outstanding
Class A 7,524,857 12,612,148 20,363,470
Class C 1,722,284 5,042,583 6,826,781
Class Y 26,428 74,140 101,013
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Exchange Shares Issued
Ratio in Reorganization
---------------------------------------------------------------------------------------------
Class A 1.0301 7,751,322
Class C 1.0359 1,784,198
Class Y 1.0168 26,873
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Unrealized Accumulated
Appreciation on Gain (Loss) on
Closing Date Closing Date
---------------------------------------------------------------------------------------------
Aggressive $39,664,767 $(24,232,621)
Growth $62,059,622 $(30,765,442)
---------------------------------------------------------------------------------------------
Assuming the Reorganization had been completed on August 1, 2014, the beginning
of the Fund's current fiscal period, the pro forma results of operations for the
year ended July 31, 2015, are as follows:
--------------------------------------------------------------------------------
Net Investment Income (Loss) $ 5,906,490
Net Realized and Unrealized Gains 11,597,253
--------------------------------------------------------------------------------
Change in Net Assets Resulting from Operations $17,503,743
--------------------------------------------------------------------------------
Because the combined investment portfolios have been managed as a single
integrated portfolio since the reorganization was completed, it is not practical
to separate the amounts of revenue and earnings of the Growth Fund that have
been included in the Statements of Operations since the Reorganization was
consummated.
Pioneer Solutions Funds | Annual Report | 7/31/15 101
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Asset Allocation Trust (formerly, Pioneer
Ibbotson Asset Allocation Series) and Shareowners of Pioneer Solutions -
Conservative Fund, Pioneer Solutions - Growth Fund, and Pioneer Solutions -
Balanced Fund (formerly, Pioneer Ibbotson Conservative Allocation Fund, Pioneer
Ibbotson Growth Allocation Fund, and Pioneer Ibbotson Moderate Allocation Fund):
--------------------------------------------------------------------------------
We have audited the accompanying statements of assets and liabilities of Pioneer
Solutions - Conservative Fund, Pioneer Solutions - Growth Fund, and Pioneer
Solutions - Balanced Fund (formerly, Pioneer Ibbotson Conservative Allocation
Fund, Pioneer Ibbotson Growth Allocation Fund, and Pioneer Ibbotson Moderate
Allocation Fund) (the "Funds") (each a portfolio constituting Pioneer Asset
Allocation Trust (formerly, Pioneer Ibbotson Asset Allocation Series)),
including the schedules of investments, as of July 31, 2015, and the related
statement of operations for the year then ended and the statements of changes in
net assets and the financial highlights for each of the two years in the period
then ended. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits. The financial highlights for the years ended July 31, 2013, 2012, and
2011 were audited by other auditors. Those auditors expressed an unqualified
opinion on those financial statements and financial highlights in their report
dated September 24, 2013.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Funds
are not required to have, nor were we engaged to perform, an audit of their
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Funds' internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of July 31, 2015, by correspondence with the custodian,
brokers and agent banks; where replies were not received from brokers and agent
banks, we performed other auditing procedures. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the Funds as of July 31, 2015, the results of its operations for the year
then ended, and the changes in its net assets and the financial highlights for
each of the two years in the period then ended, in conformity with accounting
principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
September 24, 2015
102 Pioneer Solutions Funds | Annual Report | 7/31/15
Additional Information (unaudited)
PIM, the Fund's investment adviser, is currently an indirect, wholly-owned
subsidiary of UniCredit. On April 23, 2015, UniCredit announced that it signed a
preliminary and exclusive agreement with Banco Santander and affiliates of
Warburg Pincus and General Atlantic (the "Private Equity Firms") with respect to
Pioneer Investments ("Pioneer") and Santander Asset Management ("SAM") (the
"Transaction").
The Transaction, as described in the UniCredit announcement, will entail the
establishment of a holding company, with the name Pioneer Investments, to be
owned by UniCredit (50%) and the Private Equity Firms (50% between them). The
holding company will control Pioneer's U.S. operations, including the Adviser.
The holding company also will own 66.7% of Pioneer's and SAM's combined
operations outside the U.S., while Banco Santander will own directly the
remaining 33.3% stake. The completion of the Transaction is subject to the
signing of a definitive agreement, as well as certain regulatory and corporate
approvals, and other conditions.
Under the Investment Company Act of 1940, completion of the Transaction will
cause the Fund's investment advisory agreement with the Adviser to terminate. In
connection with the Transaction, the Fund's Board of Trustees will be asked to
approve a new investment advisory agreement for the Fund. If approved by the
Board, the Fund's new investment advisory agreement will be submitted to the
shareholders of the Fund for their approval.
Pioneer Solutions Funds | Annual Report | 7/31/15 103
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal
occupations during at least the past five years. Trustees who are interested
persons of the Fund within the meaning of the 1940 Act are referred to as
Interested Trustees. Trustees who are not interested persons of the Fund are
referred to as Independent Trustees. Each of the Trustees serves as a Trustee of
each of the 51 U.S. registered investment portfolios for which Pioneer serves as
investment adviser (the "Pioneer Funds"). The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
104 Pioneer Solutions Funds | Annual Report | 7/31/15
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (64) Trustee since Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board and 2006.Serves until present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
Trustee a successor Executive Officer (2008 - 2012), Quadriserv, Inc. communications and securities
trustee is elected (technology products for securities lending processing provider for
or earlier industry); and Senior Executive Vice President, financial services industry)
retirement or The Bank of New York (financial and securities (2009 - present); Director,
removal. services) (1986 - 2004) Quadriserv, Inc. (2005 -
2013); and Commissioner, New
Jersey State Civil Service
Commission (2011 - present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (71) Trustee since Managing Partner, Federal City Capital Advisors Director of New York Mortgage
Trustee 2005. Serves until (corporate advisory services company) (1997 - Trust(publicly-traded mortgage
a successor 2004 and 2008 - present); Interim Chief Executive REIT) (2004 -2009, 2012 -
trustee is elected Officer, Oxford Analytica, Inc. (privately-held present); Director of The
or earlier research and consulting company) (2010); Executive Swiss Helvetia Fund, Inc.
retirement or Vice President and Chief Financial Officer, (closed-end fund) (2010 -
removal. I-trax, Inc. (publicly traded health care present); Director of Oxford
services company) (2004 - 2007); and Executive Analytica, Inc. (2008 -
Vice President and Chief Financial Officer, present); and Director of
Pedestal Inc. (internet-based mortgage trading Enterprise Community
company) (2000 - 2002); Private consultant (1995 Investment, Inc.
- 1997), Managing Director, (privately-held affordable
Lehman Brothers (investment banking firm) (1992 - housing finance company) (1985
1995); and Executive, The World Bank (1979 - - 2010)
1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (70) Trustee since William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee 2008. Serves until Economy, Harvard University (1972 - present) Funds Investment Trust and
a successor Mellon Institutional Funds
trustee is elected Master Portfolio (oversaw 17
or earlier portfolios in fund complex)
retirement or (1989-2008)
removal.
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Solutions Funds | Annual Report | 7/31/15 105
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships Held by
Position Held with the Fund Length of Service Principal Occupation Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (68) Trustee since Founding Director, Vice President and Corporate None
Trustee 2004. Serves until Secretary, The Winthrop Group, Inc. (consulting
a successor firm) (1982 - present); Desautels Faculty of
trustee is elected Management, McGill University (1999 - present);
or earlier and Manager of Research Operations and
retirement or Organizational Learning, Xerox PARC, Xerox's
removal. advance research center (1990 - 1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (67) Trustee since President and Chief Executive Officer, Newbury, Director of New America High
Trustee 2004. Serves until Piret & Company, Inc. (investment banking firm) Income Fund, Inc. (closed-end
a successor (1981 - present) investment company) (2004 -
trustee is elected present); and Member, Board of
or earlier Governors, Investment Company
retirement or Institute (2000 - 2006)
removal.
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (68) Trustee since Consultant (investment company services) (2012 - None
Trustee 2014. Serves until present); Executive Vice President, BNY Mellon
a successor (financial and investment company services) (1969
trustee is elected -2012); Director, BNY International Financing
or earlier Corp. (financial services) (2002 -2012); and
retirement or Director, Mellon Overseas Investment Corp.
removal. (financial services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
106 Pioneer Solutions Funds | Annual Report | 7/31/15
Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (57)* Trustee since 2014. Director and Executive Vice President (since 2008) and None
Trustee Serves until a Chief Investment Officer, U.S. (since 2010) of PIM-USA;
successor trustee is Executive Vice President of Pioneer (since 2008);
elected or earlier Executive Vice President of Pioneer Institutional Asset
retirement or Management, Inc. (since 2009); and Portfolio Manager of
removal. Pioneer (since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's
investment adviser and certain of its affiliates.
Pioneer Solutions Funds | Annual Report | 7/31/15 107
Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lorraine Monchak (59)** Advisory Trustee Chief Investment Officer, 1199 SEIU Funds (healthcare None
Advisory Trustee since 2014. 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)
------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee.
108 Pioneer Solutions Funds | Annual Report | 7/31/15
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (53) Since 2014. Serves at Chair, Director, CEO and President of Pioneer None
President and Chief the discretion of the Investment Management-USA (since September 2014);
Executive Officer Board. Chair, Director, CEO and President of Pioneer
Investment Management, Inc. (since September 2014);
Chair, Director, CEO and President of Pioneer Funds
Distributor, Inc. (since September 2014); Chair,
Director, CEO and President of Pioneer Institutional
Asset Management, Inc. (since September 2014); and
Chair, Director, and CEO of Pioneer Investment
Management Shareholder Services, Inc. (since September
2014); Managing Director, Morgan Stanley Investment
Management (2010 - 2013); and Director of Institutional
Business, CEO of International, Eaton Vance Management
(2005 - 2010)
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (50) Since 2004. Serves at Vice President and Associate General Counsel of Pioneer None
Secretary and Chief Legal the discretion of the since January 2008; Secretary and Chief Legal Officer of
Officer Board. all of the Pioneer Funds since June 2010; Assistant
Secretary of all of the Pioneer Funds from September
2003 to May 2010; and Vice President and Senior Counsel
of Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (54) Since 2010. Serves at Fund Governance Director of Pioneer since December 2006 None
Assistant Secretary the discretion of the and Assistant Secretary of all the Pioneer Funds since
Board. June 2010; Manager - Fund Governance of Pioneer from
December 2003 to November 2006; and Senior Paralegal of
Pioneer from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (52) Since 2010. Serves at Senior Counsel of Pioneer since May 2013 and Assistant None
Assistant Secretary the discretion of the Secretary of all the Pioneer Funds since June 2010; and
Board. Counsel of Pioneer from June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (55) Since 2008. Serves at Vice President - Fund Treasury of Pioneer; Treasurer of None
Treasurer and Chief the discretion of the all of the Pioneer Funds since March 2008; Deputy
Financial and Accounting Board. Treasurer of Pioneer from March 2004 to February 2008;
Officer and Assistant Treasurer of all of the Pioneer Funds
from March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Solutions Funds | Annual Report | 7/31/15 109
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (50) Since 2004. Serves at Director - Fund Treasury of Pioneer; and Assistant None
Assistant Treasurer the discretion of the Treasurer of all of the Pioneer Funds
Board.
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (57) Since 2004. Serves at Fund Accounting Manager - Fund Treasury of Pioneer; and None
Assistant Treasurer the discretion of the Assistant Treasurer of all of the Pioneer Funds
Board.
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (35) Since 2009. Serves at Fund Administration Manager - Fund Treasury of Pioneer None
Assistant Treasurer the discretion of the since November 2008; Assistant Treasurer of all of the
Board. Pioneer Funds since January 2009; and Client Service
Manager - Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (62) Chief Since 2010. Serves at Chief Compliance Officer of Pioneer and of all the None
Compliance Officer the discretion of the Pioneer Funds since March 2010; Chief Compliance
Board. Officer of Pioneer Institutional Asset Management,
Inc. since January 2012; Chief Compliance Officer
of Vanderbilt Capital Advisors, LLC since July 2012:
Director of Adviser and Portfolio Compliance at Pioneer
since October 2005; and Senior Compliance Officer for
Columbia Management Advisers, Inc. from October 2003 to
October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (44) Since 2006. Serves at Director - Transfer Agency Compliance of Pioneer and None
Anti-Money Laundering the discretion of the Anti-Money Laundering Officer of all the Pioneer Funds
Officer Board. since 2006
------------------------------------------------------------------------------------------------------------------------------------
110 Pioneer Solutions Funds | Annual Report | 7/31/15
This page for your notes.
Pioneer Solutions Funds | Annual Report | 7/31/15 111
This page for your notes.
112 Pioneer Solutions Funds | Annual Report | 7/31/15
This page for your notes.
Pioneer Solutions Funds | Annual Report | 7/31/15 113
This page for your notes.
114 Pioneer Solutions Funds | Annual Report | 7/31/15
This page for your notes.
Pioneer Solutions Funds | Annual Report | 7/31/15 115
This page for your notes.
116 Pioneer Solutions Funds | Annual Report | 7/31/15
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2015 Pioneer Investments 19417-09-0915
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of
its code of ethics that applies to the registrant's principal
executive officer,principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
The audit fees for the Trust were $62,247
payable to Deloitte & Touche LLP for the year ended
July 31, 2015 and $75,912 for the year ended July 31, 2014.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
There were no fees for audit-related or other services
provided to the Trust during the fiscal years ended
July 31, 2015 and 2014.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
The tax fees for the Trust were $16,800
payable to Deloitte & Touche LLP for the year ended
July 31, 2015 and $22,400 for the year ended July 31, 2014.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
There were no fees for audit-related or other services
provided to the Trust during the fiscal years ended
July 31, 2015 and 2014.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Trust's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Trust. For the
years ended July 31 2015 and 2014, there were no
services provided to an affiliate that required the
Trust's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Trust were $16,800
payable to Deloitte & Touche LLP for the year ended
July 31, 2015 and $22,400 for the year ended July 31, 2014.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Trust's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Asset Allocation Trust
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date September 29, 2015
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date September 29, 2015
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date September 29, 2015
* Print the name and title of each signing officer under his or her signature.