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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, 2015 through July 31, 2016
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
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Annual Report | July 31, 2016
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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 11
Comparing Ongoing Fund Expenses 12
Prices and Distributions 18
Portfolio Summary & Performance Update 21
Schedule of Investments 36
Financial Statements 48
Notes to Financial Statements 70
Report of Independent Registered Public Accounting Firm 104
Trustees, Officers and Service Providers 106
Pioneer Solutions Funds | Annual Report | 7/31/16 1
President's Letter
Dear Shareowner,
The first half of 2016 has featured some remarkable twists and turns in the
global economy. The year began on shaky footing as surging market volatility
brought about by fears of weaker global economic growth as well as falling oil
prices depressed returns for investors. In the US, both equity and fixed-income
markets declined significantly through the first six weeks of the year, only to
recover the losses by the end of the first quarter when market sentiment
shifted, due in part to accommodative monetary policies from the world's central
banks.
Midway through the first quarter, for example, the US Federal Reserve System
(the Fed) backed off plans to raise interest rates four times in 2016, and the
European Central Bank announced a more comprehensive asset-purchasing program in
the hopes of encouraging lending, and boosting both inflation and economic
growth. The markets responded with a solid rally. By the end of May, in fact, US
equities, as measured by the Standard & Poor's 500 Index, had generated a solid
year-to-date (YTD) return of 3.55%, and the YTD return (as of 5/31/16) of the
Barclays Aggregate Bond Index, a common measure of the US fixed-income market,
was 3.45%.
As markets began to settle down, the Brexit vote - the vote confirming that the
United Kingdom (UK) would exit the European Union (EU) - surprised many, and the
rollercoaster ride began once again. The market sold off sharply in the first
few days after the vote, then rallied as investors sought bargains created by
the initial post-Brexit sell-off, and as more, less ominous information about
the implications of the Brexit results came to light.
From a macroeconomic perspective, Pioneer believes the negative economic impact
of Brexit on the US should be more limited compared with its effects on the UK
and Europe. However, we expect reduced global demand due to a higher level of
uncertainty and risk aversion among investors. While the spillover effects on
the US economy are unclear, we think it possible that, in the event of a
significant negative economic impact, the Fed might consider other monetary
policy options. Globally, we believe that central banks are ready to act and
that their initial focus will be to stabilize the markets and provide liquidity,
if needed.
While the Brexit vote is now official, the expectation is that the actual
process of separating the UK from the EU could take at least two years. Only in
the next several months may we begin to see signs of what path Europe will
follow as it adapts to the reality of an EU without one of its most prominent
members. Over the medium-term, however, we believe uncertainties over the future
of Europe and central banks' reactions will likely dominate financial markets,
and we believe the news flow surrounding Brexit will continue to weigh on
riskier assets. Competing for headlines, too, is the current financial condition
of many European banks. Ultimately, we think that the political and monetary
policy responses will be the major variables when it comes to managing an
orderly
2 Pioneer Solutions Funds | Annual Report | 7/31/16
Brexit. In addition, as the second half of 2016 gets underway, we continue to
see central bank policies as generally supportive of the US economy -- for which
we maintain an expectation of modest growth this year.
Aside from the Brexit-caused uncertainties, economies around the world in both
developed and emerging markets are experiencing deep structural changes. Current
challenges include incomplete debt deleveraging in both emerging and developed
markets, where debt levels continue to grow, the transition of many emerging
markets economies from export/investment-driven models to more domestic
demand-driven models, and aging populations, which are reducing productivity and
limiting economic growth potential (primarily in the developed markets but also
in emerging markets such as China). Geopolitical instability on many fronts, the
rising risk of policy mistakes, and market liquidity issues combine to increase
the possibility of sharp swings in asset values. Meanwhile, in the US, as always
in a presidential election year, the political rhetoric of 2016 has the
potential to impact domestic sectors such as health care.
Throughout Pioneer's history, we have believed in the importance of active
management. During periods of market volatility, we view the value of active
management as even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using proprietary research,
careful risk management, and a long-term perspective. 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.
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 the trust you have placed in us 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.
July 31, 2016
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 | 7/31/16 3
Portfolio Management Discussion | 7/31/16
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, 2016. 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 How did the Funds perform during the 12-month period ended July 31, 2016?
A During the 12-month period ended July 31, 2016, Pioneer Solutions -
Conservative Fund's Class A shares returned 0.89% at net asset value, while
the Morgan Stanley Capital International (MSCI) World ND Index(1) returned
-0.46% and the Barclays Aggregate Bond Index returned 5.94%. During the
same period, the average return of the 353 mutual funds in Lipper's Mixed-
Asset Target Allocation Conservative Funds category was 2.89%, and the
average return of the 233 mutual funds in Morningstar's Conservative
Allocation Funds category was 3.08%.
Pioneer Solutions - Balanced Fund's Class A shares returned -2.11% at net
asset value during the 12-month period, while the MSCI World ND Index(1)
returned -0.46% and the Barclays Aggregate Bond Index returned 5.94%.
During the same period, the average return of the 566 mutual funds in
Lipper's Mixed-Asset Target Allocation Moderate Funds category was 2.03%,
and the average return of the 898 mutual funds in Morningstar's Moderate
Allocation Funds category was 1.86%.
Pioneer Solutions - Growth Fund's Class A shares returned -3.23% at net
asset value during the 12-month period, while the MSCI World ND Index(1)
returned -0.46% and the Barclays Aggregate Bond Index returned 5.94%.
During the same period, the average return of the 496 mutual funds in
Lipper's Mixed-Asset Target Allocation Growth Funds category was 1.02%, and
the average return of the 453 mutual funds in Morningstar's Aggressive
Allocation Funds category was 0.74%.
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.
4 Pioneer Solutions Funds | Annual Report | 7/31/16
Q How would you characterize the economic and market backdrop during the
12-month period ended July 31, 2016?
A Heightened concerns over China's economy and the impact of ongoing
commodity price weakness on a variety of global economies and market
sectors drove the performance of risk-based asset classes over the latter
half of 2015. As the 12-month period opened in August 2015, the markets
monitored U.S. economic data releases for any guidance as to the likely
timing of the Federal Reserve's (the Fed's) first move to tighten interest
rates for the first time in several years. Overseas, central banks took
supportive actions aimed at bolstering investor sentiment, but concerns
over Greece's ability to remain in the euro zone offset the positive
effects of accommodative monetary policies. However, Greece's issues would
soon be replaced in the financial news headlines by China's strained
efforts to transition its economy towards a more balanced model, while
maintaining growth at acceptable levels. The Chinese government's August
2015 devaluation of the renminbi (or yuan) currency roiled financial
markets and raised the possibility of a global currency war. With the
global economic backdrop appearing to weaken, expectations for the Fed's
initial rate hike were pushed out.
As the end of 2015 approached, however, China-related jitters appeared to
ease, and markets remained relatively calm in the wake of a large-scale
mid-November terrorist attack in Paris. Meanwhile, the outlook for the
U.S. economy brightened, supported by signs that workers were finally
poised to experience meaningful wage growth. Against that backdrop, the Fed
chose to increase interest rates by 0.25% in December, a move that was
widely anticipated and largely taken as a positive sign with respect to the
sustainability of U.S. economic growth.
Unfortunately, the benign conditions would be short-lived and another wave
of "risk-off" investor sentiment soon followed, with concerns over global
economic growth again moving to the forefront as prices for oil and other
commodities embarked on another downward leg, leading to a rout in
risk-related assets as the 2016 calendar year began. Less credit-sensitive
asset classes were the clear beneficiaries of the uncertain environment, as
investors rushed into so-called "safe haven" instruments such as U.S.
Treasuries. Gold was also a standout performer during that timeframe.
Then, the month of March 2016 saw a significant rebound in the markets as
well as positive performance across the board for risk-related assets. Oil
prices, which have become the most prominent proxy for risk assets, staged
a rebound, albeit from lows that had seemed unimaginable before prices
began to tumble in 2014. Markets received further support from dovish
central banks, which expressed their willingness to act as gatekeepers of a
recovery. The Fed, too, scaled back expectations about future rate hikes
and signalled that it was unlikely to meet its previously stated intention
to raise interest rates four times in 2016. Throughout April and May, in
fact, market expectations had pointed to a potential Fed rate hike as soon
as June or July.
Pioneer Solutions Funds | Annual Report | 7/31/16 5
However, the consensus changed following a surprisingly weak U.S. non-farm
payrolls result for May (just 11,000 jobs created). Market consensus soon
began anticipating one, or perhaps two rate increases by the Fed, at the
most, during the current calendar year.
Later in the period, significant developments on the macroeconomic front
included the launch of the European Central Bank's Corporate Sector
Purchase Program, which exceeded investor expectations. However, the
positive market tone was interrupted, albeit briefly, by the "Brexit"
referendum held late June in the United Kingdom, which saw the British
electorate vote to leave the European Union. The referendum results
dominated market sentiment for a few days, causing a sell-off as well as a
sharp, downward move in the British pound, alongside a rapid flight-to-
quality response by investors, which drove the 10-year U.S. Treasury yield
to reach a low of 1.37% by early July. The markets quickly recovered,
though, and recouped their losses over the final few days of June.
The 12-month performance of developed market equities turned negative
post-referendum, with European and Japanese stocks suffering the most. The
U.S. equity markets were positive for the 12-month period, however, while
the emerging markets proved to be relatively resilient. Within sovereigns,
the U.K. Gilt performed strongly in the wake of the Brexit referendum, and
U.S. Treasuries followed suit, aided by the expectation of continued loose
monetary policy. Global credit markets saw mixed performance during the
period, with Europe underperforming the United States. Notable strong
performers in the currency market were so-called safe haven currencies,
such as the Japanese yen. Within commodity markets, oil continued its
strong upward move following numerous reports indicating potentially lower
supplies coupled with speculation about production freezes. Silver and gold
rose, too, undoubtedly boosted by the "risk-off" market sentiment,
post-Brexit.
For the 12-month period, global equities, as measured by the MSCI World ND
Index, returned -0.46%, while the U.S. equity market returned 5.61%, as
measured by the Standard & Poor's 500 Index. European equities returned
-9.75%, as measured by the MSCI Europe Index, and emerging markets
equities, as measured by the MSCI Emerging Markets ND Index, returned
-0.75%. In the U.S., bonds returned 5.94% for the 12-month period, as
gauged by the Barclays Aggregate Bond Index (the Barclays Index), the most
popular measure of the performance of the U.S. bond market.
Q Can you review your overall investment approach taken with respect to
management of the Funds?
A 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 this approach, we typically incorporate into the portfolios a
substantial
6 Pioneer Solutions Funds | Annual Report | 7/31/16
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 used to help manage
exposures and the overall risk/reward profile for each Fund. Importantly,
each Fund is 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 What considerations and tactical shifts did you apply to the Funds' asset
allocation during the 12-month period ended July 31, 2016?
A For most of the period, the portfolios were positioned based on our
relatively constructive view of riskier assets overall. We kept the
portfolios' allocations to equities at above-neutral levels for both the
Conservative and Balanced Funds, and at a close to neutral level for the
Growth Fund, although we did trim the equity allocations, modestly, as the
period progressed. We trimmed the Funds' allocations to risk-related assets
even further following the Brexit referendum in the United Kingdom.
Q How did your allocations and investment strategies for the Funds affect
their performance during the 12-month period ended July 31, 2016?
A Within the Funds' equity allocations, for most of the period we
overweighted international equities - with a bias toward Europe and Japan
relative to the United States - through investments in global/international
equity funds. That decision was the leading detractor from benchmark-
relative performance across all of the portfolios, given that the U.S.
equity market outperformed its foreign counterparts over the 12-month
period. In addition, fund selection within the portfolios' U.S. equity
allocations detracted from performance. With respect to fixed-income
allocations, we positioned each Fund with the expectation of modest
interest-rate increases, primarily by overweighting allocations to Pioneer
Bond Fund in all three portfolios.
In the Conservative Fund, while the overweight to global/international
equity funds and the corresponding underweight to U.S. equity funds
detracted from benchmark-relative performance, the Fund's absolute returns
were positive. This was primarily due to the Conservative Fund's large
allocations to Pioneer Bond Fund and Pioneer Strategic Income Fund, each of
which turned in solid performance over the 12-month period.
In the Balanced Fund and in the Growth Fund, the overweights to
global/international equity funds and corresponding underweights to U.S.
equity funds detracted from benchmark-relative returns. In addition, fund
selection results within the portfolios' international equities components
detracted from benchmark-relative performance, as each had relatively heavy
weights in Pioneer International Equity Fund and Pioneer Global Equity
Fund, both of which produced negative returns over the 12-month period.
Pioneer Solutions Funds | Annual Report | 7/31/16 7
On the positive side, all three portfolios had allocations to real estate
investment trusts (REITs) during the period, through investments in Pioneer
Real Estate Shares. Those allocations were the leading positive
contributors to the Funds' benchmark-relative performance, as income-
oriented investors continued to be attracted to the REIT sector against a
backdrop of extraordinarily low interest rates.
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, and did those positions have a material effect on
performance?
A In managing the portfolios, we will regularly use derivatives as a way to
execute our investment strategies in an efficient manner, including the
increasing or trimming of market exposures and the implementation of
relative-value trades. In particular, during the 12-month 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 nation's economy. In addition, Japan had been one of the
bigger beneficiaries of the precipitous drop in oil prices, which abated
during the second half of the 12-month period, though oil prices remain
below historical norms. We also believe the Japanese government's announced
plans of structural reforms, while somewhat halting to date in terms of
execution, hold promise for both the Japanese economy and equity markets.
We also used derivatives to hedge the portfolios' exposure to U.S.
equities. In addition, in the lead-up to the Brexit referendum, we
purchased U.S. bond futures in order to bring the portfolios' durations up
to neutral relative to the Barclays Index, in preparation for a bond-market
rally in the event of a "leave" vote.
The use of derivatives did not have a material effect on the Funds'
performance during the 12-month period.
Q What factors are you watching most closely as you determine strategy for
the Funds going forward?
A The United Kingdom's Brexit referendum has put further downward pressure on
risk-related assets, against a backdrop of low global economic growth as
well as low inflation. We anticipate that aftershocks will continue to
reverberate throughout markets, and that the remainder of 2016 will be
characterized by greater political uncertainty, not just in the U.K., but
also across the euro zone. Consequently, the investment landscape appears
challenging over the near term. However, that does not mean that long-term
opportunities for active managers will not present themselves, as we
believe the current market dislocations may create opportunities to
identify undervalued companies and sectors that the market is penalizing
unjustifiably.
8 Pioneer Solutions Funds | Annual Report | 7/31/16
On a positive note, an unintended consequence of the Brexit vote could be
the acceleration of necessary structural reforms by certain governments,
and a restructuring within the euro zone -- particularly in the banking
sector. Such a development would provide some support to risk-related
assets.
More broadly, we believe forecasting market behavior over short time
periods is not likely to be a productive endeavor. In our view, the best
course of action is to use market corrections as an opportunity to add to
portfolio investments that we believe have the potential to deliver strong
risk-adjusted returns. We will continue to monitor the economic backdrop as
we actively manage the three 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 36-47 for a full listing of
fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Each portfolio in Pioneer Solutions Funds is a "fund-of-funds" which seeks to
achieve its investment objectives by primarily investing in other funds ("the
underlying funds") managed by Pioneer or one of its affiliates, rather than by
taking direct positions 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.
Pioneer Solutions Funds | Annual Report | 7/31/16 9
The portfolios may invest in underlying funds with exposure to 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.
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 11 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.
10 Pioneer Solutions Funds | Annual Report | 7/31/16
Fund Reviews | 7/31/16
Portfolio Allocations
Pioneer Solutions - Conservative Fund
As of July 31, 2016, the Fund had an allocation of 22.1% equities, and 77.9%
fixed income. Within the fixed-income portion of the Fund, the largest holding
at the end of the period was in Pioneer Bond Fund, at 27.0% of assets, followed
by Pioneer Strategic Income Fund, at 15.3% of assets. The largest equity
positions in the portfolio at period end were in Pioneer Equity Income Fund, at
4.3% of assets, followed by Pioneer Global Equity Fund, at 3.6% of assets.
Pioneer Solutions - Balanced Fund
As of July 31, 2016, the Fund had an allocation of 54.9% equities, and 45.1%
fixed income. Within the fixed-income portion of the Fund, the largest holding
at the end of the period was in Pioneer Bond Fund, at 10.2% of assets, followed
by Pioneer Strategic Income Fund, at 5.7% of assets. The largest equity
positions in the portfolio at period end were in Pioneer International Equity
Fund, at 13.2% of assets, followed by Pioneer Global Equity Fund, at 9.0% of
assets.
Pioneer Solutions - Growth Fund
As of July 31, 2016, the Fund had an allocation of 79.3% equities, and 20.7%
fixed income. Within the fixed-income portion of the Fund, the largest holding
at the end of the period was in Pioneer Bond Fund, at 7.1% of assets, followed
by Columbia Funds Series Trust I Contrarian Core Fund, at 4.3% of assets. The
largest equity positions in the portfolio at period end were in Pioneer
International Equity Fund, at 14.8% of assets, followed by Pioneer Global Equity
Fund, at 10.8% of assets.
Pioneer Solutions Funds | Annual Report | 7/31/16 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, 2016 through July 31, 2016.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/16
--------------------------------------------------------------------------------
Ending Account Value $1,083.97 $1,082.70 $1,083.35 $1,084.53
(after expenses)
on 7/31/16
--------------------------------------------------------------------------------
Expenses Paid $ 3.63 $ 7.51 $ 4.66 $ 3.37
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.70%,
1.45%, 0.90% and 0.65% for Class A, C, R and Y shares, respectively,
multiplied by the average account value over the period, multiplied by
182/366 to reflect the one half-year period. Fund expense ratios do not
include estimates for acquired fund fees and expenses (AFFE). If AFFE
estimates were included, expenses paid during the period would have been
$6.79, $10.67, $7.82 and $6.53 for Class A, C, R and Y shares,
respectively, based on the respective expense ratio for each class of
1.31%, 2.06%, 1.51% and 1.26%.
12 Pioneer Solutions Funds | Annual Report | 7/31/16
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, 2016 through July 31, 2016.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/16
--------------------------------------------------------------------------------
Ending Account Value $1,021.38 $1,017.65 $1,020.39 $1,021.63
(after expenses)
on 7/31/16
--------------------------------------------------------------------------------
Expenses Paid $ 3.52 $ 7.27 $ 4.52 $ 3.27
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.70%,
1.45%, 0.90% and 0.65% for Class A, C, R and Y shares, respectively,
multiplied by the average account value over the period, multiplied by
182/366 to reflect the one half-year period. Fund expense ratios do not
include estimates for acquired fund fees and expenses (AFFE). If AFFE
estimates were included, expenses paid during the period would have been
$6.57, $10.32, $7.57 and $6.32 for Class A, C, R and Y shares,
respectively, based on the respective expense ratio for each class of
1.31%, 2.06%, 1.51% and 1.26%.
Pioneer Solutions Funds | Annual Report | 7/31/16 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, 2016 through July 31, 2016.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/16
--------------------------------------------------------------------------------
Ending Account Value $1,113.13 $1,111.78 $1,110.07 $1,112.94
(after expenses)
on 7/31/16
--------------------------------------------------------------------------------
Expenses Paid $ 3.52 $ 7.19 $ 4.72 $ 2.10
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.67%,
1.37%, 0.90% and 0.40% for Class A, C, R and Y shares, respectively,
multiplied by the average account value over the period, multiplied by
182/366 to reflect the one half-year period. Fund expense ratios do not
include estimates for acquired fund fees and expenses (AFFE). If AFFE
estimates were included, expenses paid during the period would have been
$7.30, $10.97, $8.50 and $5.88 for Class A, C, R and Y shares,
respectively, based on the respective expense ratio for each class of
1.39%, 2.09%, 1.62% and 1.12%.
14 Pioneer Solutions Funds | Annual Report | 7/31/16
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, 2016 through July 31, 2016.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/16
--------------------------------------------------------------------------------
Ending Account Value $1,021.53 $1,018.05 $1,020.39 $1,022.87
(after expenses)
on 7/31/16
--------------------------------------------------------------------------------
Expenses Paid $ 3.37 $ 6.87 $ 4.52 $ 2.01
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.67%,
1.37%, 0.90% and 0.40% for Class A, C, R and Y shares, respectively,
multiplied by the average account value over the period, multiplied by
182/366 to reflect the one half-year period. Fund expense ratios do not
include estimates for acquired fund fees and expenses (AFFE). If AFFE
estimates were included, expenses paid during the period would have been
$6.97, $10.47, $8.12 and $5.62 for Class A, C, R and Y shares,
respectively, based on the respective expense ratio for each class of
1.39%, 2.09%, 1.62% and 1.12%.
Pioneer Solutions Funds | Annual Report | 7/31/16 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, 2016 through July 31, 2016.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/16
--------------------------------------------------------------------------------
Ending Account Value $1,128.61 $1,126.55 $1,126.20 $1,128.93
(after expenses)
on 7/31/16
--------------------------------------------------------------------------------
Expenses Paid $ 3.44 $ 7.14 $ 4.76 $ 1.96
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.65%,
1.35%, 0.90% and 0.37% for Class A, C, R and Y shares, respectively,
multiplied by the average account value over the period, multiplied by
182/366 to reflect the one half-year period. Fund expense ratios do not
include estimates for acquired fund fees and expenses (AFFE). If AFFE
estimates were included, expenses paid during the period would have been
$7.41, $11.10, $8.72 and $5.93 for Class A, C, R and Y shares,
respectively, based on the respective expense ratio for each class of
1.40%, 2.10%, 1.65% and 1.12%.
16 Pioneer Solutions Funds | Annual Report | 7/31/16
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, 2016 through July 31, 2016.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/16
--------------------------------------------------------------------------------
Ending Account Value $1,021.63 $1,018.15 $1,020.39 $1,023.02
(after expenses)
on 7/31/16
--------------------------------------------------------------------------------
Expenses Paid $ 3.27 $ 6.77 $ 4.52 $ 1.86
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.65%,
1.35%, 0.90% and 0.37% for Class A, C, R and Y shares, respectively,
multiplied by the average account value over the period, multiplied by
182/366 to reflect the one half-year period. Fund expense ratios do not
include estimates for acquired fund fees and expenses (AFFE). If AFFE
estimates were included, expenses paid during the period would have been
$7.02, $10.52, $8.27 and $5.62 for Class A, C, R and Y shares,
respectively, based on the respective expense ratio for each class of
1.40%, 2.10%, 1.65% and 1.12%.
Pioneer Solutions Funds | Annual Report | 7/31/16 17
Prices and Distributions | 7/31/16
Net Asset Value per Share
--------------------------------------------------------------------------------
Conservative Fund
--------------------------------------------------------------------------------
Class 7/31/16 7/31/15
--------------------------------------------------------------------------------
A $10.41 $11.78
--------------------------------------------------------------------------------
C $10.06 $11.41
--------------------------------------------------------------------------------
R $10.38 $11.78
--------------------------------------------------------------------------------
Y $ 9.83 $11.18
--------------------------------------------------------------------------------
Balanced Fund
--------------------------------------------------------------------------------
Class 7/31/16 7/31/15
--------------------------------------------------------------------------------
A $11.35 $12.78
--------------------------------------------------------------------------------
C $10.44 $11.84
--------------------------------------------------------------------------------
R $11.30 $12.78
--------------------------------------------------------------------------------
Y $11.51 $12.94
--------------------------------------------------------------------------------
Growth Fund
--------------------------------------------------------------------------------
Class 7/31/16 7/31/15
--------------------------------------------------------------------------------
A $12.36 $13.84
--------------------------------------------------------------------------------
C $11.63 $13.08
--------------------------------------------------------------------------------
R $12.30 $13.84
--------------------------------------------------------------------------------
Y $12.63 $14.11
--------------------------------------------------------------------------------
18 Pioneer Solutions Funds | Annual Report | 7/31/16
Distributions per Share: 8/1/15-7/31/16
--------------------------------------------------------------------------------
Conservative Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2917 $-- $1.1317
--------------------------------------------------------------------------------
C $0.1963 $-- $1.1317
--------------------------------------------------------------------------------
R $0.2965 $-- $1.1317
--------------------------------------------------------------------------------
Y $0.2743 $-- $1.1317
--------------------------------------------------------------------------------
Balanced Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2740 $-- $0.8635
--------------------------------------------------------------------------------
C $0.1879 $-- $0.8635
--------------------------------------------------------------------------------
R $0.2961 $-- $0.8635
--------------------------------------------------------------------------------
Y $0.3007 $-- $0.8635
--------------------------------------------------------------------------------
Growth Fund
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1784 $-- $0.8411
--------------------------------------------------------------------------------
C $0.0914 $-- $0.8411
--------------------------------------------------------------------------------
R $0.2069 $-- $0.8411
--------------------------------------------------------------------------------
Y $0.2055 $-- $0.8411
--------------------------------------------------------------------------------
Pioneer Solutions Funds | Annual Report | 7/31/16 19
Prices and Distributions | 7/31/16 (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. 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 | 7/31/16
Portfolio Summary | 7/31/16
Pioneer Solutions - Conservative Fund
Asset Allocations
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Fixed Income 73.4%
International Equity 13.6%
U.S. Equity 8.5%
U.S. Government and Agency Obligation 2.5%
Sovereign Debt Obligation 2.0%
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
U.S. Stock Funds
--------------------------------------------------------------------------------
Pioneer Equity Income Fund Class K 4.30%
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 2.08
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund
Class K 2.07
--------------------------------------------------------------------------------
International Stock Funds
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class K 3.63%
--------------------------------------------------------------------------------
Pioneer International Equity Fund
Class Y 3.23
--------------------------------------------------------------------------------
iShares MSCI Emerging Markets
Minimum Volatility ETF 1.72
--------------------------------------------------------------------------------
iShares MSCI India ETF 1.34
--------------------------------------------------------------------------------
iShares MSCI China ETF 1.14
--------------------------------------------------------------------------------
iShares MSCI Canada ETF 0.69
--------------------------------------------------------------------------------
JOHCM Asia Ex-Japan Equity
Fund Class IS 0.57
--------------------------------------------------------------------------------
iShares MSCI Emerging Markets ETF 0.53
--------------------------------------------------------------------------------
VanEck Vectors Vietnam ETF 0.41
--------------------------------------------------------------------------------
T. Rowe Price International Funds -
European Stock Fund 0.30
--------------------------------------------------------------------------------
Bond Funds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class K 27.02%
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class K 15.27
--------------------------------------------------------------------------------
Western Asset Core Plus Bond
Fund Class IS 5.19
--------------------------------------------------------------------------------
Doubleline Total Return Bond
Fund Class I 5.13%
--------------------------------------------------------------------------------
MFS Total Return Bond Fund Class I 5.09
--------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund Class Y 4.39
--------------------------------------------------------------------------------
Pioneer Short Term Income Fund
Class K 3.26
--------------------------------------------------------------------------------
Columbia Funds Series Trust I
Contrarian Core Fund Class Y 2.65
--------------------------------------------------------------------------------
Pioneer Global Multisector Income
Fund Class Y 1.89
--------------------------------------------------------------------------------
Pioneer Floating Rate Fund Class K 1.13
--------------------------------------------------------------------------------
Goldman Sachs Emerging Markets
Debt Fund Class I 1.03
--------------------------------------------------------------------------------
Pioneer High Yield Fund Class Y 0.55
--------------------------------------------------------------------------------
Pioneer Global High Yield Fund Class Y 0.33
--------------------------------------------------------------------------------
Pioneer Long/Short Bond Fund Class Y 0.26
--------------------------------------------------------------------------------
Pioneer Opportunistic Long/Short
Credit Fund Class Y 0.25
--------------------------------------------------------------------------------
U.S. Government and Agency Obligation
--------------------------------------------------------------------------------
U.S. Treasury Inflation Indexed Note 2.50%
--------------------------------------------------------------------------------
Sovereign Debt Obligation
--------------------------------------------------------------------------------
Japanese Government CPI Linked Bond 2.05%
--------------------------------------------------------------------------------
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 | 7/31/16 21
Performance Update | 7/31/16 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 and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2016)
--------------------------------------------------------------------------------
Net Public Barclays MSCI
Asset Offering Aggregate World
Value Price Bond ND
Period (NAV) (POP) Index Index
--------------------------------------------------------------------------------
10 Years 4.17% 3.56% 5.06% 4.80%
5 Years 4.06 2.83 3.57 7.91
1 Year 0.89 -4.92 5.94 -0.46
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.44% 1.36%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World
Conservative Fund Bond Index ND Index
7/06 $ 9,425 $ 10,000 $ 10,000
7/07 $ 10,266 $ 10,558 $ 12,010
7/08 $ 9,971 $ 11,207 $ 10,703
7/09 $ 9,529 $ 12,086 $ 8,390
7/10 $ 10,661 $ 13,163 $ 9,215
7/11 $ 11,625 $ 13,747 $ 10,923
7/12 $ 11,840 $ 14,744 $ 10,707
7/13 $ 12,873 $ 14,464 $ 13,194
7/14 $ 13,786 $ 15,038 $ 15,301
7/15 $ 14,063 $ 15,462 $ 16,054
7/16 $ 14,188 $ 16,380 $ 15,981
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, 2017, 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. Please see the financial highlights for more
recent expense ratios. Expense ratios in the financial highlights, unlike those
shown in the prospectus, do not reflect acquired fund fees and expenses.
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.
Effective November 17, 2014, Pioneer became directly responsible for portfolio
management of the Fund. The performance shown for periods prior to November 17,
2014, reflects the investment strategies employed during those periods.
22 Pioneer Solutions Funds | Annual Report | 7/31/16
Performance Update | 7/31/16 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 and the
Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2016)
--------------------------------------------------------------------------------
Barclays MSCI
Aggregate World
If If Bond ND
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
10 Years 3.33% 3.33% 5.06% 4.80%
5 Years 3.30 3.30 3.57 7.91
1 Year 0.18 0.18 5.94 -0.46
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.18% 2.10%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World
Conservative Fund Bond Index ND Index
7/06 $ 10,000 $ 10,000 $ 10,000
7/07 $ 10,800 $ 10,558 $ 12,010
7/08 $ 10,408 $ 11,207 $ 10,703
7/09 $ 9,832 $ 12,086 $ 8,390
7/10 $ 10,905 $ 13,163 $ 9,215
7/11 $ 11,797 $ 13,747 $ 10,923
7/12 $ 11,933 $ 14,744 $ 10,707
7/13 $ 12,868 $ 14,464 $ 13,194
7/14 $ 13,694 $ 15,038 $ 15,301
7/15 $ 13,851 $ 15,462 $ 16,054
7/16 $ 13,876 $ 16,380 $ 15,981
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, 2017, 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. Please see the financial highlights for more
recent expense ratios. Expense ratios in the financial highlights, unlike those
shown in the prospectus, do not reflect acquired fund fees and expenses.
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.
Effective November 17, 2014, Pioneer became directly responsible for portfolio
management of the Fund. The performance shown for periods prior to November 17,
2014, reflects the investment strategies employed during those periods.
Pioneer Solutions Funds | Annual Report | 7/31/16 23
Performance Update | 7/31/16 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 and the
Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2016)
--------------------------------------------------------------------------------
Net Barclays MSCI
Asset Aggregate World
Value Bond ND
Period (NAV) Index Index
--------------------------------------------------------------------------------
10 Years 4.15% 5.06% 4.80%
5 Years 4.02 3.57 7.91
1 Year 0.66 5.94 -0.46
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.25% 1.55%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World
Conservative Fund Bond Index ND Index
7/06 $ 10,000 $ 10,000 $ 10,000
7/07 $ 10,889 $ 10,558 $ 12,010
7/08 $ 10,576 $ 11,207 $ 10,703
7/09 $ 10,106 $ 12,086 $ 8,390
7/10 $ 11,307 $ 13,163 $ 9,215
7/11 $ 12,329 $ 13,747 $ 10,923
7/12 $ 12,558 $ 14,744 $ 10,707
7/13 $ 13,653 $ 14,464 $ 13,194
7/14 $ 14,622 $ 15,038 $ 15,301
7/15 $ 14,915 $ 15,462 $ 16,054
7/16 $ 15,014 $ 16,380 $ 15,981
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, 2017, 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. Please see the
financial highlights for more recent expense ratios. Expense ratios in the
financial highlights, unlike those shown in the prospectus, do not reflect
acquired fund fees and expenses.
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.
Effective November 17, 2014, Pioneer became directly responsible for portfolio
management of the Fund. The performance shown for periods prior to November 17,
2014, reflects the investment strategies employed during those periods.
24 Pioneer Solutions Funds | Annual Report | 7/31/16
Performance Update | 7/31/16 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 and the
Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2016)
--------------------------------------------------------------------------------
Net Barclays MSCI
Asset Aggregate World
Value Bond ND
Period (NAV) Index Index
--------------------------------------------------------------------------------
10 Years 3.17% 5.06% 4.80%
5 Years 3.54 3.57 7.91
1 Year 0.95 5.94 -0.46
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.63% 1.30%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Solutions - Barclays Aggregate MSCI World
Conservative Fund Bond Index ND Index
7/06 $ 5,000,000 $ 5,000,000 $ 5,000,000
7/07 $ 5,445,523 $ 5,278,913 $ 6,005,008
7/08 $ 5,259,069 $ 5,603,581 $ 5,351,371
7/09 $ 4,698,224 $ 6,043,203 $ 4,194,937
7/10 $ 5,256,848 $ 6,581,641 $ 4,607,466
7/11 $ 5,739,193 $ 6,873,598 $ 5,461,584
7/12 $ 5,758,481 $ 7,372,221 $ 5,353,265
7/13 $ 6,219,438 $ 7,231,781 $ 6,597,220
7/14 $ 6,644,444 $ 7,518,841 $ 7,650,327
7/15 $ 6,764,496 $ 7,731,167 $ 8,027,180
7/16 $ 6,828,858 $ 8,190,014 $ 7,990,345
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results 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, 2017, for Class Y shares. There can be no assurance
that Pioneer will extend the expense limitation beyond such time. Please see the
prospectus for more information. Please see the financial highlights for more
recent expense ratios. Expense ratios in the financial highlights, unlike those
shown in the prospectus, do not reflect acquired fund fees and expenses.
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.
Effective November 17, 2014, Pioneer became directly responsible for portfolio
management of the Fund. The performance shown for periods prior to November 17,
2014, reflects the investment strategies employed during those periods.
Pioneer Solutions Funds | Annual Report | 7/31/16 25
Portfolio Summary | 7/31/16
Pioneer Solutions - Balanced Fund
Asset Allocations
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Fixed Income 40.5%
International Equity 32.9%
U.S. Equity 22.0%
U.S. Government and Agency Obligation 2.5%
Sovereign Debt Obligation 2.1%
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
U.S. Stock Funds
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund
Class K 5.06%
--------------------------------------------------------------------------------
Pioneer Core Equity Fund Class Y 4.48
--------------------------------------------------------------------------------
Oak Ridge Small Cap Growth Fund
Class K 3.53
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 2.52
--------------------------------------------------------------------------------
Pioneer Fund Class Y 2.10
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth
Fund Class K 1.66
--------------------------------------------------------------------------------
Aston/Fairpointe Mid Cap Fund Class I 1.64
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class K 1.01
--------------------------------------------------------------------------------
International Stock Funds
--------------------------------------------------------------------------------
Pioneer International Equity Fund Class Y 13.24%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class K 8.98
--------------------------------------------------------------------------------
T. Rowe Price International Funds -
European Stock Fund 2.61
--------------------------------------------------------------------------------
iShares MSCI Emerging Markets
Minimum Volatility ETF 1.79
--------------------------------------------------------------------------------
iShares MSCI Canada ETF 1.63
--------------------------------------------------------------------------------
iShares MSCI India ETF 1.50
--------------------------------------------------------------------------------
iShares MSCI China ETF 1.12
--------------------------------------------------------------------------------
JOHCM Asia Ex-Japan Equity Fund
Class IS 0.94
--------------------------------------------------------------------------------
iShares MSCI Emerging Markets ETF 0.67
--------------------------------------------------------------------------------
VanEck Vectors Vietnam ETF 0.41
--------------------------------------------------------------------------------
Bond Funds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class K 10.24%
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class K 5.73
--------------------------------------------------------------------------------
Doubleline Total Return Bond Fund
Class I 4.83
--------------------------------------------------------------------------------
Western Asset Core Plus Bond Fund
Class IS 3.83
--------------------------------------------------------------------------------
MFS Total Return Bond Fund Class I 3.80
--------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund Class Y 3.23
--------------------------------------------------------------------------------
Columbia Funds Series Trust I
Contrarian Core Fund Class Y 2.84
--------------------------------------------------------------------------------
Pioneer Global Multisector Income
Fund Class Y 2.00
--------------------------------------------------------------------------------
Pioneer Global High Yield Fund Class Y 1.66
--------------------------------------------------------------------------------
Goldman Sachs Emerging Markets
Debt Fund Class I 1.02
--------------------------------------------------------------------------------
Pioneer Opportunistic Long/Short
Credit Fund Class Y 0.69
--------------------------------------------------------------------------------
Pioneer Long/Short Bond Fund Class Y 0.69
--------------------------------------------------------------------------------
Pioneer High Yield Fund Class Y 0.00+
--------------------------------------------------------------------------------
U.S. Government and Agency Obligation
--------------------------------------------------------------------------------
U.S. Treasury Inflation Indexed Note 2.47%
--------------------------------------------------------------------------------
Sovereign Debt Obligation
--------------------------------------------------------------------------------
Japanese Government CPI Linked Bond 2.08%
--------------------------------------------------------------------------------
+ Amount rounds to less than 0.1%.
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 | 7/31/16
Performance Update | 7/31/16 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 and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2016)
--------------------------------------------------------------------------------
Net Public Barclays MSCI
Asset Offering Aggregate World
Value Price Bond ND
Period (NAV) (POP) Index Index
--------------------------------------------------------------------------------
10 Years 4.19% 3.58% 5.06% 4.80%
5 Years 4.96 3.72 3.57 7.91
1 Year -2.11 -7.74 5.94 -0.46
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.41%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World
Balanced Fund Bond Index ND Index
7/06 $ 9,425 $ 10,000 $ 10,000
7/07 $ 10,615 $ 10,558 $ 12,010
7/08 $ 9,823 $ 11,207 $ 10,703
7/09 $ 8,723 $ 12,086 $ 8,390
7/10 $ 9,879 $ 13,163 $ 9,215
7/11 $ 11,154 $ 13,747 $ 10,923
7/12 $ 11,124 $ 14,744 $ 10,707
7/13 $ 12,716 $ 14,464 $ 13,194
7/14 $ 14,049 $ 15,038 $ 15,301
7/15 $ 14,517 $ 15,462 $ 16,054
7/16 $ 14,211 $ 16,380 $ 15,981
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.
Please see the financial highlights for more recent expense ratios. Expense
ratios in the financial highlights, unlike those shown in the prospectus, do not
reflect acquired fund fees and expenses.
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.
Effective November 17, 2014, Pioneer became directly responsible for portfolio
management of the Fund. The performance shown for periods prior to November 17,
2014, reflects the investment strategies employed during those periods.
Pioneer Solutions Funds | Annual Report | 7/31/16 27
Performance Update | 7/31/16 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 and the Barclays
Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2016)
--------------------------------------------------------------------------------
Barclays MSCI
Aggregate World
If If Bond ND
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
10 Years 3.44% 3.44% 5.06% 4.80%
5 Years 4.22 4.22 3.57 7.91
1 Year -2.81 -2.81 5.94 -0.46
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.10%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World
Balanced Fund Bond Index ND Index
7/06 $ 10,000 $ 10,000 $ 10,000
7/07 $ 11,183 $ 10,558 $ 12,010
7/08 $ 10,267 $ 11,207 $ 10,703
7/09 $ 9,051 $ 12,086 $ 8,390
7/10 $ 10,176 $ 13,163 $ 9,215
7/11 $ 11,409 $ 13,747 $ 10,923
7/12 $ 11,286 $ 14,744 $ 10,707
7/13 $ 12,817 $ 14,464 $ 13,194
7/14 $ 14,060 $ 15,038 $ 15,301
7/15 $ 14,431 $ 15,462 $ 16,054
7/16 $ 14,026 $ 16,380 $ 15,981
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.
Please see the financial highlights for more recent expense ratios. Expense
ratios in the financial highlights, unlike those shown in the prospectus, do not
reflect acquired fund fees and expenses.
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.
Effective November 17, 2014, Pioneer became directly responsible for portfolio
management of the Fund. The performance shown for periods prior to November 17,
2014, reflects the investment strategies employed during those periods.
28 Pioneer Solutions Funds | Annual Report | 7/31/16
Performance Update | 7/31/16 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 and the Barclays
Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2016)
--------------------------------------------------------------------------------
Net Barclays MSCI
Asset Aggregate World
Value Bond ND
Period (NAV) Index Index
--------------------------------------------------------------------------------
10 Years 4.16% 5.06% 4.80%
5 Years 4.91 3.57 7.91
1 Year -2.34 5.94 -0.46
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.73% 1.65%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World
Balanced Fund Bond Index ND Index
7/06 $ 10,000 $ 10,000 $ 10,000
7/07 $ 11,258 $ 10,558 $ 12,010
7/08 $ 10,418 $ 11,207 $ 10,703
7/09 $ 9,251 $ 12,086 $ 8,390
7/10 $ 10,478 $ 13,163 $ 9,215
7/11 $ 11,830 $ 13,747 $ 10,923
7/12 $ 11,798 $ 14,744 $ 10,707
7/13 $ 13,487 $ 14,464 $ 13,194
7/14 $ 14,901 $ 15,038 $ 15,301
7/15 $ 15,397 $ 15,462 $ 16,054
7/16 $ 15,036 $ 16,380 $ 15,981
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, 2017, 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. Please see the
financial highlights for more recent expense ratios. Expense ratios in the
financial highlights, unlike those shown in the prospectus, do not reflect
acquired fund fees and expenses.
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.
Effective November 17, 2014, Pioneer became directly responsible for portfolio
management of the Fund. The performance shown for periods prior to November 17,
2014, reflects the investment strategies employed during those periods.
Pioneer Solutions Funds | Annual Report | 7/31/16 29
Performance Update | 7/31/16 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 and the Barclays
Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2016)
--------------------------------------------------------------------------------
Net Barclays MSCI
Asset Aggregate World
Value Bond ND
Period (NAV) Index Index
--------------------------------------------------------------------------------
10 Years 4.62% 5.06% 4.80%
5 Years 5.24 3.57 7.91
1 Year -1.85 5.94 -0.46
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.11%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Solutions - Barclays Aggregate MSCI World
Balanced Fund Bond Index ND Index
7/06 $ 5,000,000 $ 5,000,000 $ 5,000,000
7/07 $ 5,648,992 $ 5,278,913 $ 6,005,008
7/08 $ 5,248,056 $ 5,603,581 $ 5,351,371
7/09 $ 4,718,353 $ 6,043,203 $ 4,194,937
7/10 $ 5,367,160 $ 6,581,641 $ 4,607,466
7/11 $ 6,084,720 $ 6,873,598 $ 5,461,584
7/12 $ 6,084,628 $ 7,372,221 $ 5,353,265
7/13 $ 6,977,744 $ 7,231,781 $ 6,597,220
7/14 $ 7,723,299 $ 7,518,841 $ 7,650,327
7/15 $ 8,003,396 $ 7,731,167 $ 8,027,180
7/16 $ 7,854,985 $ 8,190,014 $ 7,990,345
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results 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.
Please see the financial highlights for more recent expense ratios. Expense
ratios in the financial highlights, unlike those shown in the prospectus, do not
reflect acquired fund fees and expenses.
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.
Effective November 17, 2014, Pioneer became directly responsible for portfolio
management of the Fund. The performance shown for periods prior to November 17,
2014, reflects the investment strategies employed during those periods.
30 Pioneer Solutions Funds | Annual Report | 7/31/16
Portfolio Summary | 7/31/16
Pioneer Solutions - Growth Fund
Asset Allocations
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
International Equity 42.0%
U.S. Equity 37.3%
Fixed Income 16.2%
U.S. Government and Agency Obligation 2.4%
Sovereign Debt Obligation 2.1%
Actual Portfolio Holdings
(based on total portfolio)
--------------------------------------------------------------------------------
U.S. Stock Funds
--------------------------------------------------------------------------------
Pioneer Fundamental Growth Fund
Class K 7.42%
--------------------------------------------------------------------------------
Pioneer Core Equity Fund Class Y 6.98
--------------------------------------------------------------------------------
Pioneer Fund Class Y 5.28
--------------------------------------------------------------------------------
Oak Ridge Small Cap Growth Fund
Class K 4.50
--------------------------------------------------------------------------------
Pioneer Mid Cap Value Fund Class K 4.33
--------------------------------------------------------------------------------
Pioneer Real Estate Shares Class Y 3.52
--------------------------------------------------------------------------------
Pioneer Select Mid Cap Growth
Fund Class K 2.71
--------------------------------------------------------------------------------
Aston/Fairpointe Mid Cap Fund Class I 2.61
--------------------------------------------------------------------------------
International Stock Funds
--------------------------------------------------------------------------------
Pioneer International Equity Fund
Class Y 14.82%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class K 10.84
--------------------------------------------------------------------------------
T. Rowe Price International Funds -
European Stock Fund 3.48
--------------------------------------------------------------------------------
JPMorgan Intrepid European Fund
Class IS 3.21
--------------------------------------------------------------------------------
iShares MSCI Canada ETF 2.38
--------------------------------------------------------------------------------
iShares MSCI Emerging Markets
Minimum Volatility ETF 1.72
--------------------------------------------------------------------------------
JOHCM Asia Ex-Japan Equity Fund
Class IS 1.56
--------------------------------------------------------------------------------
iShares MSCI India ETF 1.47%
--------------------------------------------------------------------------------
iShares MSCI China ETF 1.10
--------------------------------------------------------------------------------
iShares MSCI Emerging Markets ETF 1.03
--------------------------------------------------------------------------------
VanEck Vectors Vietnam ETF 0.40
--------------------------------------------------------------------------------
Bond Funds
--------------------------------------------------------------------------------
Pioneer Bond Fund Class K 7.07%
--------------------------------------------------------------------------------
Columbia Funds Series Trust I
Contrarian Core Fund Class Y 4.30
--------------------------------------------------------------------------------
Doubleline Total Return Bond Fund Class I 1.13
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class K 1.07
--------------------------------------------------------------------------------
Pioneer Global Multisector Income
Fund Class Y 1.05
--------------------------------------------------------------------------------
Goldman Sachs Emerging Markets
Debt Fund Class I 1.01
--------------------------------------------------------------------------------
Pioneer Opportunistic Long/Short
Credit Fund Class Y 0.27
--------------------------------------------------------------------------------
Pioneer Long/Short Bond Fund Class Y 0.27
--------------------------------------------------------------------------------
U.S. Government and Agency Obligation
--------------------------------------------------------------------------------
U.S. Treasury Inflation Indexed Note 2.42%
--------------------------------------------------------------------------------
Sovereign Debt Obligation
--------------------------------------------------------------------------------
Japanese Government CPI Linked Bond 2.05%
--------------------------------------------------------------------------------
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 | 7/31/16 31
Performance Update | 7/31/16 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 and the Barclays Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2016)
--------------------------------------------------------------------------------
Net Public Barclays MSCI
Asset Offering Aggregate World
Value Price Bond ND
Period (NAV) (POP) Index Index
--------------------------------------------------------------------------------
10 Years 4.10% 3.49% 5.06% 4.80%
5 Years 5.51 4.26 3.57 7.91
1 Year -3.23 -8.77 5.94 -0.46
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 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
Growth Fund Bond Index ND Index
7/06 $ 9,425 $ 10,000 $ 10,000
7/07 $ 10,817 $ 10,558 $ 12,010
7/08 $ 9,748 $ 11,207 $ 10,703
7/09 $ 8,238 $ 12,086 $ 8,390
7/10 $ 9,383 $ 13,163 $ 9,215
7/11 $ 10,776 $ 13,747 $ 10,923
7/12 $ 10,635 $ 14,744 $ 10,707
7/13 $ 12,378 $ 14,464 $ 13,194
7/14 $ 13,858 $ 15,038 $ 15,301
7/15 $ 14,562 $ 15,462 $ 16,054
7/16 $ 14,092 $ 16,380 $ 15,981
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.
Please see the financial highlights for more recent expense ratios. Expense
ratios in the financial highlights, unlike those shown in the prospectus, do not
reflect acquired fund fees and expenses.
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.
Effective November 17, 2014, Pioneer became directly responsible for portfolio
management of the Fund. The performance shown for periods prior to November 17,
2014, reflects the investment strategies employed during those periods.
32 Pioneer Solutions Funds | Annual Report | 7/31/16
Performance Update | 7/31/16 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 and the Barclays
Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2016)
--------------------------------------------------------------------------------
Barclays MSCI
Aggregate World
If If Bond ND
Period Held Redeemed Index Index
--------------------------------------------------------------------------------
10 Years 3.37% 3.37% 5.06% 4.80%
--------------------------------------------------------------------------------
5 Years 4.79 4.79 3.57 7.91
--------------------------------------------------------------------------------
1 Year -3.89 -3.89 5.94 -0.46
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 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
Growth Fund Bond Index ND Index
7/06 $ 10,000 $ 10,000 $ 10,000
7/07 $ 11,375 $ 10,558 $ 12,010
7/08 $ 10,188 $ 11,207 $ 10,703
7/09 $ 8,550 $ 12,086 $ 8,390
7/10 $ 9,668 $ 13,163 $ 9,215
7/11 $ 11,031 $ 13,747 $ 10,923
7/12 $ 10,821 $ 14,744 $ 10,707
7/13 $ 12,507 $ 14,464 $ 13,194
7/14 $ 13,894 $ 15,038 $ 15,301
7/15 $ 14,500 $ 15,462 $ 16,054
7/16 $ 13,935 $ 16,380 $ 15,981
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.
Please see the financial highlights for more recent expense ratios. Expense
ratios in the financial highlights, unlike those shown in the prospectus, do not
reflect acquired fund fees and expenses.
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.
Effective November 17, 2014, Pioneer became directly responsible for portfolio
management of the Fund. The performance shown for periods prior to November 17,
2014, reflects the investment strategies employed during those periods.
Pioneer Solutions Funds | Annual Report | 7/31/16 33
Performance Update | 7/31/16 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 and the Barclays
Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2016)
--------------------------------------------------------------------------------
Net Barclays MSCI
Asset Aggregate World
Value Bond ND
Period (NAV) Index Index
--------------------------------------------------------------------------------
10 Years 4.07% 5.06% 4.80%
5 Years 5.46 3.57 7.91
1 Year -3.47 5.94 -0.46
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.83% 1.64%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World
Growth Fund Bond Index ND Index
7/06 $ 10,000 $ 10,000 $ 10,000
7/07 $ 11,473 $ 10,558 $ 12,010
7/08 $ 10,339 $ 11,207 $ 10,703
7/09 $ 8,737 $ 12,086 $ 8,390
7/10 $ 9,952 $ 13,163 $ 9,215
7/11 $ 11,429 $ 13,747 $ 10,923
7/12 $ 11,279 $ 14,744 $ 10,707
7/13 $ 13,129 $ 14,464 $ 13,194
7/14 $ 14,699 $ 15,038 $ 15,301
7/15 $ 15,445 $ 15,462 $ 16,054
7/16 $ 14,909 $ 16,380 $ 15,981
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, 2017, 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. Please see the
financial highlights for more recent expense ratios. Expense ratios in the
financial highlights, unlike those shown in the prospectus, do not reflect
acquired fund fees and expenses.
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.
Effective November 17, 2014, Pioneer became directly responsible for portfolio
management of the Fund. The performance shown for periods prior to November 17,
2014, reflects the investment strategies employed during those periods.
34 Pioneer Solutions Funds | Annual Report | 7/31/16
Performance Update | 7/31/16 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 and the Barclays
Aggregate Bond Index.
Average Annual Total Returns
(As of July 31, 2016)
--------------------------------------------------------------------------------
Net Barclays MSCI
Asset Aggregate World
Value Bond ND
Period (NAV) Index Index
--------------------------------------------------------------------------------
10 Years 4.52% 5.06% 4.80%
--------------------------------------------------------------------------------
5 Years 5.52 3.57 7.91
--------------------------------------------------------------------------------
1 Year -2.96 5.94 -0.46
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2015)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.21%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer Solutions - Barclays Aggregate MSCI World
Growth Fund Bond Index ND Index
7/06 $ 5,000,000 $ 5,000,000 $ 5,000,000
7/07 $ 5,743,713 $ 5,278,913 $ 6,005,008
7/08 $ 5,223,965 $ 5,603,581 $ 5,351,371
7/09 $ 4,509,118 $ 6,043,203 $ 4,194,937
7/10 $ 5,155,072 $ 6,581,641 $ 4,607,466
7/11 $ 5,948,471 $ 6,873,598 $ 5,461,584
7/12 $ 5,812,869 $ 7,372,221 $ 5,353,265
7/13 $ 6,783,517 $ 7,231,781 $ 6,597,220
7/14 $ 7,614,541 $ 7,518,841 $ 7,650,327
7/15 $ 8,017,937 $ 7,731,167 $ 8,027,180
7/16 $ 7,780,743 $ 8,190,014 $ 7,990,345
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results 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.
Please see the financial highlights for more recent expense ratios. Expense
ratios in the financial highlights, unlike those shown in the prospectus, do not
reflect acquired fund fees and expenses.
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.
Effective November 17, 2014, Pioneer became directly responsible for portfolio
management of the Fund. The performance shown for periods prior to November 17,
2014, reflects the investment strategies employed during those periods.
Pioneer Solutions Funds | Annual Report | 7/31/16 35
Schedule of Investments | 7/31/16
Pioneer Solutions - Conservative Fund
----------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------
MUTUAL FUNDS -- 91.6%
UNAFFILIATED FUNDS -- 24.8%
71,783 Columbia Funds Series Trust I Contrarian Core Fund Class Y $ 1,632,345
288,774 Doubleline Total Return Bond Fund Class I 3,162,075
49,116 Goldman Sachs Emerging Markets Debt Fund Class I 634,579
16,861 iShares MSCI Canada ETF 425,572
15,887 iShares MSCI China ETF 699,346
8,947 iShares MSCI Emerging Markets ETF 324,150
19,985 iShares MSCI Emerging Markets Minimum Volatility ETF 1,061,004
28,010 iShares MSCI India ETF 827,695
33,774 JOHCM Asia Ex-Japan Equity Fund Class IS 353,949
285,311 MFS Total Return Bond Fund Class I 3,135,568
9,954 T. Rowe Price International Funds -- European Stock Fund 182,457
16,781 VanEck Vectors Vietnam ETF 254,903
267,077 Western Asset Core Plus Bond Fund Class IS 3,199,582
----------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED FUNDS
(Cost $15,770,584) $ 15,893,225
----------------------------------------------------------------------------------------------
AFFILIATED FUNDS* -- 66.8%
1,689,767 Pioneer Bond Fund Class K $ 16,644,205
289,182 Pioneer Dynamic Credit Fund Class Y 2,706,744
77,024 Pioneer Equity Income Fund Class K 2,646,545
102,850 Pioneer Floating Rate Fund Class K 694,238
64,833 Pioneer Fundamental Growth Fund Class K 1,277,858
165,382 Pioneer Global Equity Fund Class K 2,237,618
23,959 Pioneer Global High Yield Fund Class Y 201,977
108,596 Pioneer Global Multisector Income Fund Class Y 1,164,146
36,395 Pioneer High Yield Fund Class Y 339,566
100,030 Pioneer International Equity Fund Class Y 1,988,603
17,146 Pioneer Long/Short Bond Fund Class Y 157,229
17,516 Pioneer Opportunistic Long/Short Credit Fund Class Y 155,892
42,184 Pioneer Real Estate Shares Class Y 1,281,564
209,963 Pioneer Short Term Income Fund Class K 2,009,346
878,149 Pioneer Strategic Income Fund Class K 9,404,976
----------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN AFFILIATED FUNDS
(Cost $42,276,676) $ 42,910,507
----------------------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $58,047,260) $ 58,803,732
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Principal
Amount ($)
----------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATION -- 2.4%
1,488,156 U.S. Treasury Inflation Indexed Note, 0.375%, 7/15/25 $ 1,540,628
----------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATION
(Cost $1,455,169) $ 1,540,628
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Pioneer Solutions Funds | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------
Principal
Amount ($) Value
----------------------------------------------------------------------------------------------
SOVEREIGN DEBT OBLIGATION -- 2.0%
120,465,842 JPY Japanese Government CPI Linked Bond, 0.10%, 3/10/25 $ 1,265,296
----------------------------------------------------------------------------------------------
TOTAL SOVEREIGN DEBT OBLIGATION
(Cost $1,176,616) $ 1,265,296
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Counterparty/ Strike Expiration
Contracts Description Exchange Price Date
----------------------------------------------------------------------------------------------
EXCHANGE-TRADED PUT OPTIONS PURCHASED -- 0.0%+
12 Russell 2000 Index Chicago Board of Options 1,060 9/16/16 $ 3,396
----------------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED PUT OPTIONS PURCHASED
(Premiums paid $74,328) $ 3,396
----------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 96.0%
(Cost $60,753,373) (a) $ 61,613,052
----------------------------------------------------------------------------------------------
EXCHANGE-TRADED PUT OPTIONS WRITTEN -- (0.0)%++
(12) Russell 2000 Index Chicago Board of Options 860 9/16/16 $ (420)
----------------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED PUT OPTIONS WRITTEN
(Premiums received $(17,964)) $ (420)
----------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 4.0% $ 2,573,233
----------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 64,185,865
==============================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
+ Amount rounds to less than 0.1%.
++ Amount rounds to greater than (0.1)%.
(a) At July 31, 2016, the net unrealized appreciation on investments based
on cost for federal tax purposes of $61,014,105 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of tax cost over value $ 1,246,088
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (647,141)
-----------
Net unrealized appreciation $ 598,947
===========
Purchases and sales of securities (excluding temporary cash investments) for the
year ended July 31, 2016 were as follows:
---------------------------------------------------------------------------------------------
Purchases Sales
---------------------------------------------------------------------------------------------
Long-Term U.S. Government $ 1,436,900 $ --
Other Long-Term Securities $13,398,819 $ 20,654,957
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/16 37
Schedule of Investments | 7/31/16
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 $(145,103)
International
EUR 2,400,000 Goldman Sachs Pay EUCPI 0.9500% 3/11/20 58,923
International
EUR 1,200,000 Goldman Sachs Receive EUCPI 1.3450% 3/13/25 (75,572)
International
EUR 1,200,000 Goldman Sachs Pay EUCPI 0.9550% 3/13/20 29,815
International
-----------------------------------------------------------------------------------------------------------
$(131,937)
===========================================================================================================
EUCPI Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA.
CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENTS
-----------------------------------------------------------------------------------------------------------
Net
Annual Unrealized
Notional Pay/ Floating Fixed Expiration Appreciation
Principal ($) Exchange Receive Rate Rate Date (Depreciation)
-----------------------------------------------------------------------------------------------------------
EUR 224,029 London Receive EURIBOR 0.694% 2/10/25 $ (13,101)
Clearing House 6 Month
SEK 2,127,723 London Pay LIBOR SEK 0.981% 2/10/25 12,317
Clearing House 3 Month
-----------------------------------------------------------------------------------------------------------
$ (784)
===========================================================================================================
INTEREST RATE SWAP AGREEMENTS
-----------------------------------------------------------------------------------------------------------
Annual
Notional Pay/ Floating Fixed Expiration Unrealized
Principal ($) Counterparty Receive Rate Rate Date Appreciation
-----------------------------------------------------------------------------------------------------------
EUR 281,000 Deutsche Bank Pay EMMI EURO 0.332% 5/09/26 $ 11,517
OverNight Index
Average
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
EUR Euro
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.). See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes
to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
38 Pioneer Solutions Funds | Annual Report | 7/31/16
The following is a summary of the inputs used as of July 31, 2016, in valuing
the Fund's assets:
-----------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------
Mutual Funds $58,803,732 $ -- $ -- $58,803,732
U.S. Government and
Agency Obligation -- 1,540,628 -- 1,540,628
Sovereign Debt
Obligation -- 1,265,296 -- 1,265,296
Exchange-Trade Put
Options Purchased 3,396 -- -- 3,396
-----------------------------------------------------------------------------------
Total $58,807,128 $ 2,805,924 $ -- $61,613,052
===================================================================================
Other Financial Instruments
Unrealized Appreciation
on Futures Contracts $ 168,290 $ -- $ -- $ 168,290
Unrealized Depreciation
on Futures Contracts (335,351) -- -- (335,351)
Unrealized Appreciation
on Forward Foreign
Currency Contracts -- 71,048 -- 71,048
Unrealized Depreciation
on Forward Foreign
Currency Contracts -- (105,586) -- (105,586)
Unrealized Appreciation
on Inflation Swaps -- 88,738 -- 88,738
Unrealized Depreciation
on Inflation swaps -- (220,675) -- (220,675)
Unrealized Appreciation
on Centrally Cleared
Interest Rate Swaps -- 12,317 -- 12,317
Unrealized Depreciation
on Centrally Cleared
Interest Rate Swap -- (13,101) -- (13,101)
Unrealized Appreciation
on Interest Rate Swaps -- 11,517 -- 11,517
Exchange-Traded
Put Option Written (420) -- -- (420)
-----------------------------------------------------------------------------------
Total Other
Financial Instruments $ (167,481) $ (155,742) $ -- $ (323,223)
===================================================================================
During the year ended July 31, 2016, 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 | 7/31/16 39
Schedule of Investments | 7/31/16
Pioneer Solutions - Balanced Fund
----------------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------------
MUTUAL FUNDS -- 92.8%
UNAFFILIATED FUNDS -- 31.3%
77,803 Aston/Fairpointe Mid Cap Fund Class I $ 2,972,075
225,538 Columbia Funds Series Trust I Contrarian Core Fund Class Y 5,128,734
798,304 Doubleline Total Return Bond Fund Class I 8,741,429
142,700 Goldman Sachs Emerging Markets Debt Fund Class I 1,843,684
116,892 iShares MSCI Canada ETF 2,950,354
46,113 iShares MSCI China ETF 2,029,894
33,250 iShares MSCI Emerging Markets ETF 1,204,648
60,960 iShares MSCI Emerging Markets Minimum Volatility ETF 3,236,366
91,553 iShares MSCI India ETF 2,705,391
163,093 JOHCM Asia Ex-Japan Equity Fund Class IS 1,709,214
625,958 MFS Total Return Bond Fund Class I 6,879,278
174,573 Oak Ridge Small Cap Growth Fund Class K 6,389,372
257,229 T. Rowe Price International Funds -- European Stock Fund 4,715,008
48,896 VanEck Vectors Vietnam ETF 742,730
577,807 Western Asset Core Plus Bond Fund Class IS 6,922,128
----------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED FUNDS
(Cost $60,153,037) $ 58,170,305
----------------------------------------------------------------------------------------------
AFFILIATED FUNDS* -- 61.5%
1,881,011 Pioneer Bond Fund Class K $ 18,527,958
462,331 Pioneer Core Equity Fund Class Y 8,100,039
623,412 Pioneer Dynamic Credit Fund Class Y 5,835,139
111,677 Pioneer Fund Class Y 3,802,599
464,327 Pioneer Fundamental Growth Fund Class K 9,151,885
1,200,077 Pioneer Global Equity Fund Class K 16,237,042
356,705 Pioneer Global High Yield Fund Class Y 3,007,023
337,381 Pioneer Global Multisector Income Fund Class Y 3,616,724
1 Pioneer High Yield Fund Class Y 6
1,204,839 Pioneer International Equity Fund Class Y 23,952,206
136,314 Pioneer Long/Short Bond Fund Class Y 1,249,999
75,246 Pioneer Mid Cap Value Fund Class K 1,825,468
140,030 Pioneer Opportunistic Long/Short Credit Fund Class Y 1,246,267
149,770 Pioneer Real Estate Shares Class Y 4,549,998
82,865 Pioneer Select Mid Cap Growth Fund Class K 3,003,856
968,450 Pioneer Strategic Income Fund Class K 10,372,100
----------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN AFFILIATED FUNDS
(Cost $106,490,917) $ 114,478,309
----------------------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $166,643,954) $ 172,648,614
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Principal
Amount ($)
----------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATION -- 2.4%
4,310,485 U.S. Treasury Inflation Indexed Note, 0.375%, 7/15/25 $ 4,462,473
----------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATION
(Cost $4,214,938) $ 4,462,473
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Pioneer Solutions Funds | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------
Principal
Amount ($) Value
----------------------------------------------------------------------------------------------
SOVEREIGN DEBT OBLIGATION -- 2.0%
359,401,406 JPY Japanese Government CPI Linked Bond, 0.10%, 3/10/25 $ 3,774,921
----------------------------------------------------------------------------------------------
TOTAL SOVEREIGN DEBT OBLIGATION
(Cost $3,510,353) $ 3,774,921
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Counterparty/ Strike Expiration
Contracts Description Exchange Price Date
----------------------------------------------------------------------------------------------
EXCHANGE-TRADED PUT OPTIONS PURCHASED -- 0.0%+
44 Russell 2000 Index Chicago Board of Options 1,060 9/16/16 $ 12,452
----------------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED PUT OPTIONS PURCHASED
(Premiums paid $272,536) $ 12,452
----------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 97.2%
(Cost $174,641,781) (a) $ 180,898,460
----------------------------------------------------------------------------------------------
EXCHANGE-TRADED PUT OPTIONS WRITTEN -- (0.0)%++
(44) Russell 2000 Index Chicago Board of Options 860 9/16/16 $ (1,540)
----------------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED PUT OPTIONS WRITTEN
(Premiums received $(65,867)) $ (1,540)
----------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 2.8% $ 5,275,940
----------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 186,172,860
==============================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
++ Amount rounds to less than 0.1%.
+ Amount rounds to greater than (0.1)%.
(a) At July 31, 2016, the net unrealized appreciation on investments based
on cost for federal tax purposes of $175,830,870 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of tax cost over value $ 10,072,082
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (5,004,492)
-------------
Net unrealized appreciation $ 5,067,590
=============
Purchases and sales of securities (excluding temporary cash investments) for the
year ended July 31, 2016 were as follows:
---------------------------------------------------------------------------------------------
Purchases Sales
---------------------------------------------------------------------------------------------
Long-Term U.S. Government $ 4,162,021 $ --
Other Long-Term Securities $27,323,323 $52,307,563
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/16 41
Schedule of Investments | 7/31/16
Pioneer Solutions - Balanced Fund (continued)
INFLATION RATE SWAP AGREEMENTS
---------------------------------------------------------------------------------------------------
Net
Annual Unrealized
Notional Pay/ Fixed Expiration Appreciation
Principal ($) Counterparty Receive Index Rate Date (Depreciation)
---------------------------------------------------------------------------------------------------
EUR 7,400,000 Goldman Sachs Receive EUCPI 1.3250% 3/11/25 $(447,400)
International
EUR 7,400,000 Goldman Sachs Pay EUCPI 0.9500% 3/11/20 181,680
International
EUR 3,700,000 Goldman Sachs Receive EUCPI 1.3450% 3/13/25 (233,015)
International
EUR 3,700,000 Goldman Sachs Pay EUCPI 0.9550% 3/13/20 91,930
International
---------------------------------------------------------------------------------------------------
$(406,805)
===================================================================================================
EUCPI Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA.
CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENTS
---------------------------------------------------------------------------------------------------
Net
Annual Unrealized
Notional Pay/ Floating Fixed Expiration Appreciation
Principal ($) Exchange Receive Rate Rate Date (Depreciation)
---------------------------------------------------------------------------------------------------
EUR 677,667 London Receive EURIBOR 0.694% 2/10/25 $ (39,628)
Clearing House 6 Month
SEK 6,482,000 London Pay LIBOR SEK 0.981% 2/10/25 36,692
Clearing House 3 Month
---------------------------------------------------------------------------------------------------
$ (2,936)
===================================================================================================
INTEREST RATE SWAP AGREEMENTS
---------------------------------------------------------------------------------------------------
Annual
Notional Pay/ Floating Fixed Expiration Unrealized
Principal ($) Counterparty Receive Rate Rate Date Appreciation
---------------------------------------------------------------------------------------------------
EUR 844,000 Deutsche Bank Pay EMMI EURO 0.332% 5/09/26 $ 34,591
OverNight
Index
Average
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
EUR Euro
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.). See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes
to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
42 Pioneer Solutions Funds | Annual Report | 7/31/16
The following is a summary of the inputs used as of July 31, 2016, in valuing
the Fund's assets:
-------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------
Mutual funds $172,648,614 $ -- $ -- $172,648,614
U.S. Government and
Agency Obligation -- 4,462,473 -- 4,462,473
Sovereign Debt
Obligation -- 3,774,921 -- 3,774,921
Exchange-Traded Put
Options Purchased 12,452 -- -- 12,452
-------------------------------------------------------------------------------------
Total $172,661,066 $ 8,237,394 $ -- $180,898,460
=====================================================================================
Other Financial Instruments
Unrealized Appreciation
on Futures Contracts $ 657,174 $ -- $ -- $ 657,174
Unrealized Depreciation
on Futures Contracts (1,185,973) -- -- (1,185,973)
Unrealized Appreciation
on Forward Foreign
Currency Contracts -- 151,696 -- 151,696
Unrealized Depreciation
on Forward Foreign
Currency Contracts -- (313,857) -- (313,857)
Unrealized Appreciation
on Inflation Swaps -- 273,610 -- 273,610
Unrealized Depreciation
on Inflation Swaps -- (680,415) -- (680,415)
Unrealized Appreciation
on Centrally Cleared
Interest Rate Swaps -- 36,692 -- 36,692
Unrealized Depreciation
on Centrally Cleared
Interest Rate Swap -- (39,628) -- (39,628)
Unrealized Appreciation
on Interest Rate Swaps -- 34,591 -- 34,591
Exchange-Traded
Put Options Written (1,540) -- -- (1,540)
-------------------------------------------------------------------------------------
Total Other
Financial Instruments $ (530,339) $ (537,311) $ -- $ (1,067,650)
=====================================================================================
During the year ended July 31, 2016, 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 | 7/31/16 43
Schedule of Investments | 7/31/16
Pioneer Solutions - Growth Fund
-----------------------------------------------------------------------------------------------
Shares Value
-----------------------------------------------------------------------------------------------
MUTUAL FUNDS -- 93.6%
UNAFFILIATED FUNDS -- 29.3%
214,547 Aston/Fairpointe Mid Cap Fund Class I $ 8,195,696
592,984 Columbia Funds Series Trust I Contrarian Core Fund Class Y 13,484,456
323,717 Doubleline Total Return Bond Fund Class I 3,544,701
245,187 Goldman Sachs Emerging Markets Debt Fund Class I 3,167,816
295,280 iShares MSCI Canada ETF 7,452,867
78,237 iShares MSCI China ETF 3,443,993
89,322 iShares MSCI Emerging Markets ETF 3,236,136
101,258 iShares MSCI Emerging Markets Minimum Volatility ETF 5,375,787
156,236 iShares MSCI India ETF 4,616,774
467,703 JOHCM Asia Ex-Japan Equity Fund Class IS 4,901,530
441,868 JPMorgan Intrepid European Fund Class IS 10,048,078
385,342 Oak Ridge Small Cap Growth Fund Class K 14,103,517
594,712 T. Rowe Price International Funds -- European Stock Fund 10,901,071
82,934 VanEck Vectors Vietnam ETF 1,259,768
-----------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED FUNDS
(Cost $99,649,862) $ 93,732,190
-----------------------------------------------------------------------------------------------
AFFILIATED FUNDS* -- 64.3%
2,250,273 Pioneer Bond Fund Class K $ 22,165,189
1,247,982 Pioneer Core Equity Fund Class Y 21,864,640
485,961 Pioneer Fund Class Y 16,546,959
1,179,883 Pioneer Fundamental Growth Fund Class K 23,255,494
2,510,481 Pioneer Global Equity Fund Class K 33,966,808
308,606 Pioneer Global Multisector Income Fund Class Y 3,308,256
2,336,636 Pioneer International Equity Fund Class Y 46,452,332
93,457 Pioneer Long/Short Bond Fund Class Y 857,001
559,470 Pioneer Mid Cap Value Fund Class K 13,572,742
95,114 Pioneer Opportunistic Long/Short Credit Fund Class Y 846,515
363,171 Pioneer Real Estate Shares Class Y 11,033,130
234,082 Pioneer Select Mid Cap Growth Fund Class K 8,485,472
311,871 Pioneer Strategic Income Fund Class K 3,340,138
-----------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN AFFILIATED FUNDS
(Cost $184,586,419) $ 205,694,676
-----------------------------------------------------------------------------------------------
TOTAL MUTUAL FUNDS
(Cost $284,236,281) $ 299,426,866
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
Principal
Amount ($)
-----------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATION -- 2.4%
7,321,240 U.S. Treasury Inflation Indexed Note, 0.375%, 7/15/25 $ 7,579,387
-----------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $7,158,957) $ 7,579,387
-----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44 Pioneer Solutions Funds | Annual Report | 7/31/16
-----------------------------------------------------------------------------------------------
Principal
Amount ($) Value
-----------------------------------------------------------------------------------------------
SOVEREIGN DEBT OBLIGATION -- 2.0%
612,808,840 JPY Japanese Government CPI Linked Bond, 0.10%, 3/10/25 $ 6,436,550
-----------------------------------------------------------------------------------------------
TOTAL SOVEREIGN DEBT OBLIGATION
(Cost $5,985,439) $ 6,436,550
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
Counterparty/ Strike Expiration
Contracts Description Exchange Price Date
-----------------------------------------------------------------------------------------------
EXCHANGE-TRADED PUT OPTIONS PURCHASED -- 0.1%
79 S&P 500 Index Chicago Board of Options 1,950 9/16/16 $ 31,600
31 S&P 500 Index Chicago Board of Options 2,000 12/16/16 104,160
47 S&P 500 Index Chicago Board of Options 1,950 3/17/17 230,300
-----------------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED PUT OPTIONS PURCHASED
(Premiums paid $1,250,536) $ 366,060
-----------------------------------------------------------------------------------------------
EXCHANGE-TRADED CALL OPTIONS
PURCHASED -- 0.0%+
59 S&P 500 Index Chicago Board of Options 2,190 9/16/16 $ 124,490
-----------------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED CALL OPTIONS PURCHASED
(Premiums paid $118,766) $ 124,490
-----------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN SECURITIES -- 98.1%
(Cost $298,749,979) (a) $ 313,933,353
-----------------------------------------------------------------------------------------------
EXCHANGE-TRADED PUT OPTIONS WRITTEN -- (0.0)%++
(47) S&P 500 Index Chicago Board of Options 1,650 3/17/17 $ (78,255)
-----------------------------------------------------------------------------------------------
TOTAL EXCHANGE-TRADED PUT OPTIONS WRITTEN
(Premiums received $(195,892)) $ (78,255)
-----------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 1.9% $ 6,053,261
-----------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 319,908,359
===============================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc.
+ Amount rounds to less than 0.1%.
++ Amount rounds to greater than (0.1)%.
(a) At July 31, 2016, the net unrealized appreciation on investments based
on cost for federal tax purposes of $299,770,523 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of tax cost over value $ 25,130,300
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (10,967,470)
--------------
Net unrealized appreciation $ 14,162,830
==============
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/16 45
Schedule of Investments | 7/31/16
Pioneer Solutions - Growth Fund (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
year ended July 31, 2016 were as follows:
----------------------------------------------------------------------------------------------
Purchases Sales
----------------------------------------------------------------------------------------------
Long-Term U.S. Government $ 7,069,077 $ --
Other Long-Term Securities $25,621,067 $61,083,855
INFLATION RATE SWAP AGREEMENTS
----------------------------------------------------------------------------------------------------
Net
Annual Unrealized
Notional Pay/ Fixed Expiration Appreciation
Principal ($) Counterparty Receive Index Rate Date (Depreciation)
----------------------------------------------------------------------------------------------------
EUR 12,300,000 Goldman Sachs Receive EUCPI 1.3250% 3/11/25 $(743,652)
International
EUR 12,300,000 Goldman Sachs Pay EUCPI 0.9500% 3/11/20 301,983
International
EUR 6,150,000 Goldman Sachs Receive EUCPI 1.3450% 3/13/25 (387,309)
International
EUR 6,150,000 Goldman Sachs Pay EUCPI 0.9550% 3/13/20 152,802
International
----------------------------------------------------------------------------------------------------
$(676,176)
====================================================================================================
EUCPI Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA.
CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENTS
----------------------------------------------------------------------------------------------------
Net
Annual Unrealized
Notional Pay/ Floating Fixed Expiration Appreciation
Principal ($) Exchange Receive Rate Rate Date (Depreciation)
----------------------------------------------------------------------------------------------------
EUR 1,116,002 London Receive EURIBOR 0.694% 2/10/25 $ (65,260)
Clearing House 6 Month
SEK 10,599,294 London Pay LIBOR SEK 0.981% 2/10/25 61,356
Clearing House 3 Month
----------------------------------------------------------------------------------------------------
$ (3,904)
====================================================================================================
INTEREST RATE SWAP AGREEMENTS
----------------------------------------------------------------------------------------------------
Annual
Notional Pay/ Floating Fixed Expiration Unrealized
Principal ($) Counterparty Receive Rate Rate Date Appreciation
----------------------------------------------------------------------------------------------------
EUR 1,548,000 Deutsche Bank Pay EMMI EURO 0.332% 5/09/26 $ 63,444
OverNight
Index
Average
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
EUR Euro
JPY Japanese Yen
SEK Swedish Krone
The accompanying notes are an integral part of these financial statements.
46 Pioneer Solutions Funds | Annual Report | 7/31/16
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.). See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes
to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2016, in valuing
the Fund's assets:
---------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
---------------------------------------------------------------------------------------
Mutual funds $299,426,866 $ -- $ -- $299,426,866
U.S. Government and
Agency Obligation -- 7,579,387 -- 7,579,387
Sovereign Debt
Obligation -- 6,436,550 -- 6,436,550
Exchange-Traded Put
Options Purchased 366,060 -- -- 366,060
Exchange-Traded Call
Options Purchased 124,490 -- -- 124,490
---------------------------------------------------------------------------------------
Total $299,917,416 $ 14,015,937 $ -- $313,933,353
=======================================================================================
Other Financial Instruments
Unrealized Appreciation
on Futures Contracts $ 492,678 $ -- $ -- $ 492,678
Unrealized Depreciation
on Futures Contracts (1,979,097) -- -- (1,979,097)
Unrealized Appreciation
on Forward Foreign
Currency Contracts -- 260,491 -- 260,491
Unrealized Depreciation
on Forward Foreign
Currency Contracts -- (531,961) -- (531,961)
Unrealized Appreciation
on Inflation Swaps -- 454,785 -- 454,785
Unrealized Depreciation
on Inflation Swaps -- (1,130,961) -- (1,130,961)
Unrealized Appreciation
on Centrally Cleared
Interest Rate Swaps -- 61,356 -- 61,356
Unrealized Depreciation
on Centrally Cleared
Interest Rate Swap -- (65,260) -- (65,260)
Unrealized Appreciation
on Interest Rate Swaps -- 63,444 -- 63,444
Exchange Traded
Put Options Written (78,255) -- -- (78,255)
---------------------------------------------------------------------------------------
Total Other
Financial Instruments $ (1,564,674) $ (888,106) $ -- $ (2,452,780)
=======================================================================================
During the year ended July 31, 2016, 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 | 7/31/16 47
Statements of Assets and Liabilities | 7/31/16
----------------------------------------------------------------------------------------------
Pioneer Pioneer Pioneer
Solutions - Solutions - Solutions -
Conservative Balanced Growth
Fund Fund Fund
----------------------------------------------------------------------------------------------
ASSETS:
Investments in securities of affiliated funds, at
value (at cost $42,276,676, $106,490,917
and $184,586,419, respectively) $42,910,507 $114,478,309 $205,694,676
Investments in securities of unaffiliated funds,
at value (at cost $18,476,697, $68,150,864
and $114,163,560, respectively) 18,702,545 66,420,151 108,238,677
Cash 1,965,009 3,597,427 2,469,476
Foreign currencies, at value (at cost $10,144,
$241,896 and $463,908, respectively) 16,162 262,587 514,230
Restricted cash* 447,144 2,056,590 3,071,420
Unrealized appreciation on forward
foreign currency contracts 71,048 151,696 260,491
Unrealized appreciation on inflation swaps 88,738 273,610 454,785
Unrealized appreciation on centrally cleared
interest rate swaps 12,317 36,692 61,356
Unrealized appreciation on interest rate swaps 11,517 34,591 63,444
Receivables for:
Investment Funds sold 73,258 -- 958,481
Capital stock sold 58,159 59,863 42,913
Dividends 127,060 209,318 102,703
Interest 4,240 12,698 21,692
Due from Pioneer Investment
Management, Inc. 44,921 63 33
Variation margin for centrally cleared
swap contracts 36,899 34,547 53,785
Variation margin for futures contracts 48,203 113,425 197,639
Other assets 39,430 40,396 19,960
----------------------------------------------------------------------------------------------
Total assets $64,657,157 $187,781,963 $322,225,761
==============================================================================================
LIABILITIES:
Written options (premiums received $(17,964),
$(65,867) and $(195,892), respectively) 420 1,540 78,255
Unrealized depreciation on inflation swaps 220,675 680,415 1,130,961
Unrealized depreciation on centrally cleared
interest rate swaps 13,101 39,628 65,260
Unrealized depreciation on forward
foreign currency contracts 105,586 313,857 531,961
Payables for:
Interest expense -- 5,193 --
Capital stock redeemed 19,631 42,243 159,043
Distributions to shareowners 466 443 1,435
Swap payments 14,951 44,905 76,758
Futures contracts payable -- 297,674 --
Due to affiliates 33,481 102,210 156,411
Accrued expenses and other liabilities 62,981 80,995 117,318
----------------------------------------------------------------------------------------------
Total liabilities $ 471,292 $ 1,609,103 $ 2,317,402
==============================================================================================
* Represents restricted cash deposited at the custodian and/or counterparty
for derivative contracts.
The accompanying notes are an integral part of these financial statements.
48 Pioneer Solutions Funds | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------
Pioneer Pioneer Pioneer
Solutions - Solutions - Solutions -
Conservative Balanced Growth
Fund Fund Fund
----------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $64,390,612 $183,895,798 $306,549,698
Undistributed net investment income 613,677 1,471,763 200,200
Accumulated net realized gain (loss) on
investments, futures contracts, swap
contracts, written options and foreign
currency transactions (1,380,958) (4,473,752) 170,406
Net unrealized appreciation on investments 859,679 6,256,679 15,183,374
Net unrealized depreciation on futures
contracts (167,061) (528,799) (1,486,419)
Net unrealized depreciation on swap
contracts (121,204) (375,150) (616,636)
Net unrealized appreciation on
written options 17,544 64,327 117,637
Net unrealized depreciation on forward
foreign currency contracts and other
assets and liabilities denominated
in foreign currencies (26,424) (138,006) (209,901)
----------------------------------------------------------------------------------------------
Total net assets $64,185,865 $186,172,860 $319,908,359
==============================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of
shares authorized)
Net Assets of Class A shares $46,499,036 $125,607,528 $242,648,918
Net Assets of Class C shares $17,586,445 $ 59,444,211 $ 76,054,903
Net Assets of Class R shares $ 8,845 $ 14,498 $ 18,558
Net Assets of Class Y shares $ 91,539 $ 1,106,623 $ 1,185,980
Class A Shares outstanding 4,464,630 11,066,692 19,632,587
Class C Shares outstanding 1,747,773 5,694,133 6,538,335
Class R Shares outstanding 852 1,282 1,509
Class Y Shares outstanding 9,310 96,130 93,882
Net Asset Value - Class A share $ 10.41 $ 11.35 $ 12.36
Net Asset Value - Class C share $ 10.06 $ 10.44 $ 11.63
Net Asset Value - Class R share $ 10.38 $ 11.30** $ 12.30
Net Asset Value - Class Y share $ 9.83 $ 11.51 $ 12.63
MAXIMUM OFFERING PRICE:
Class A (100 (divided by) 94.25 x net asset
value per share) $ 11.05 $ 12.04 $ 13.11
==============================================================================================
** Net asset value per share amount does not calculate due to rounding of net
asset and/or shares outstanding.
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/16 49
Statements of Operations
For the Year Ended 7/31/16
----------------------------------------------------------------------------------------------
Pioneer Pioneer Pioneer
Solutions - Solutions - Solutions -
Conservative Balanced Growth
Fund Fund Fund
----------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividend income from underlying
affiliated funds $1,468,968 $3,235,861 $4,070,702
Dividend income from underlying
unaffiliated funds 555,765 1,431,369 1,632,214
Interest 25,764 110,866 119,106
----------------------------------------------------------------------------------------------
Total Investment Income $2,050,497 $4,778,096 $5,822,022
----------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 85,156 $ 252,916 $ 430,249
Transfer agent fees
Class A 24,064 78,966 209,402
Class C 6,982 22,265 37,087
Class R 25 26 28
Class Y 125 263 224
Distribution fees
Class A 117,087 321,510 620,019
Class C 185,417 646,234 816,386
Class R 45 53 57
Shareholder communications expense 40,363 116,549 253,841
Administrative expense 37,825 90,476 156,517
Custodian fees 23,704 43,438 14,962
Registration fees 74,179 79,548 48,567
Professional fees 51,869 48,551 71,570
Printing fees 22,937 26,536 27,350
Pricing fees 2,739 2,498 2,649
Fees and expenses of non-affiliated trustees 7,146 7,632 11,466
Insurance expense 1,161 3,516 5,865
Miscellaneous 15,943 14,536 24,453
----------------------------------------------------------------------------------------------
Total expenses $ 696,767 $1,755,513 $2,730,692
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. $ (99,175) $ (73) $ (37)
----------------------------------------------------------------------------------------------
Net expenses $ 597,592 $1,755,440 $2,730,655
----------------------------------------------------------------------------------------------
Net investment income $1,452,905 $3,022,656 $3,091,367
==============================================================================================
The accompanying notes are an integral part of these financial statements.
50 Pioneer Solutions Funds | Annual Report | 7/31/16
For the Year Ended 7/31/16
----------------------------------------------------------------------------------------------
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 $ (322,717) $ (1,588,624) $ (2,395,491)
Underlying unaffiliated funds (1,052,382) (2,734,809) (1,694,756)
Capital gain on distributions from
underlying affiliated funds 474,669 2,034,666 6,343,196
Capital gain on distributions from
underlying unaffiliated funds 108,842 1,017,609 2,070,811
Futures contracts (358,057) (1,725,729) (3,461,919)
Swap contracts 33,761 103,580 163,854
Written options 58,002 175,145 (207,817)
Forward foreign currency contracts and
other assets and liabilities denominated
in foreign currencies 122,923 387,378 742,523
----------------------------------------------------------------------------------------------
$ (934,959) $ (2,330,784) $ 1,560,401
----------------------------------------------------------------------------------------------
Change in net unrealized appreciation
(depreciation) on:
Underlying affiliated funds $ (446,856) $ (4,693,951) $ (10,284,967)
Underlying unaffiliated funds 652,558 (344,276) (5,376,695)
Futures contracts (173,815) (554,122) (1,523,696)
Swap contracts (108,136) (335,524) (551,290)
Written options (40,039) (115,566) (166,654)
Forward foreign currency contracts and
other assets and liabilities denominated
in foreign currencies (134,262) (467,678) (613,858)
----------------------------------------------------------------------------------------------
$ (250,550) $ (6,511,117) $ (18,517,160)
----------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss)
on investments, futures contracts,
swap contracts, written options
and forward foreign currency contracts
and other assets and liabilities
denominated in foreign currencies $ (1,185,509) $ (8,841,901) $ (16,956,759)
----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations $ 267,396 $ (5,819,245) $ (13,865,392)
==============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/16 51
Statements of Changes in Net Assets
----------------------------------------------------------------------------------------------
Pioneer Solutions - Pioneer Solutions -
Conservative Fund Balanced Fund
---------------------------- ----------------------------
Year Year Year Year
Ended Ended Ended Ended
7/31/16 7/31/15 7/31/16 7/31/15
----------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 1,452,905 $ 1,639,018 $ 3,022,656 $ 4,354,428
Net realized gain (loss) on
investments, futures contracts,
swap contracts, written options
and forward foreign currency
contracts and other assets
and liabilities denominated
in foreign currencies (934,959) 8,295,650 (2,330,784) 38,326,677
Change in net unrealized
appreciation (depreciation) on
investments, futures contracts,
swap contracts, written options
and forward foreign currency
contracts and other assets
and liabilities denominated
in foreign currencies (250,550) (8,650,584) (6,511,117) (35,781,107)
----------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from
operations $ 267,396 $ 1,284,084 $ (5,819,245) $ 6,899,998
----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.29, $0.31, $0.27
and $0.36, respectively) $ (1,205,906) $ (1,323,297) $ (2,947,850) $ (4,057,950)
Class C ($0.20, $0.23, $0.19
and $0.29, respectively) (335,987) (444,119) (1,111,615) (1,842,345)
Class R ($0.30, $0.00, $0.30
and $0.00, respectively) (253) -- (257) --
Class Y ($0.27, $0.34, $0.30
and $0.40, respectively) (2,891) (3,714) (34,638) (101,158)
Net realized gain:
Class A ($1.13, $0.00, $0.86
and $0.00, respectively) (4,678,518) -- (9,290,030) --
Class C ($1.13, $0.00, $0.86
and $0.00, respectively) (1,937,019) -- (5,108,460) --
Class R ($1.13, $0.00, $0.86
and $0.00, respectively) (964) -- (748) --
Class Y ($1.13, $0.00, $0.86
and $0.00, respectively) (11,928) -- (99,468) --
----------------------------------------------------------------------------------------------
Total distributions
to shareowners $ (8,173,466) $ (1,771,130) $ (18,593,066) $ (6,001,453)
----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
52 Pioneer Solutions Funds | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------
Pioneer Solutions - Pioneer Solutions -
Conservative Fund Balanced Fund
---------------------------- ----------------------------
Year Year Year Year
Ended Ended Ended Ended
7/31/16 7/31/15 7/31/16 7/31/15
----------------------------------------------------------------------------------------------
FROM FUND SHARE
TRANSACTIONS:
Net proceeds from sales or
exchange of shares $ 11,217,618 $ 17,667,510 $ 25,621,474 $ 55,416,356
Reinvestment of distributions 7,555,353 1,578,566 17,128,419 5,480,964
Cost of shares repurchased (16,852,509) (19,772,188) (48,922,888) (66,926,229)
----------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets resulting from
Fund share transactions 1,920,462 (526,112) (6,172,995) (6,028,909)
----------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets $ (5,985,608) $ (1,013,158) $ (30,585,306) $ (5,130,364)
NET ASSETS:
Beginning of year 70,171,473 71,184,631 216,758,166 221,888,530
----------------------------------------------------------------------------------------------
End of year $ 64,185,865 $ 70,171,473 $ 186,172,860 $216,758,166
----------------------------------------------------------------------------------------------
Undistributed net investment
income, end of period $ 613,677 $ 509,389 $ 1,471,763 $ 1,958,210
==============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions Funds | Annual Report | 7/31/16 53
Statements of Changes in Net Assets (continued)
----------------------------------------------------------------------------------------------
Pioneer Solutions -
Growth Fund
-----------------------------
Year Year
Ended Ended
7/31/16 7/31/15
----------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 3,091,367 $ 6,042,740
Net realized gain (loss) on investments, futures contracts,
contracts, written options and forward foreign currency
swap contracts and other assets and liabilities
denominated in foreign currencies 1,560,401 79,996,222
Change in net unrealized appreciation (depreciation) on
investments, futures contracts, swap contracts, written
options and forward foreign currency contracts and other
assets and liabilities denominated in foreign currencies (18,517,160) (69,789,564)
----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ (13,865,392) $ 16,249,398
----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.18 and $0.43, respectively) $ (3,448,475) $ (7,525,388)
Class C ($0.09 and $0.29, respectively) (630,056) (1,855,255)
Class R ($0.21 and $0.00, respectively) (150) --
Class Y ($0.21 and $0.49, respectively) (21,523) (44,315)
Net realized gain:
Class A ($0.84 and $0.00, respectively) (16,258,476) --
Class C ($0.84 and $0.00, respectively) (5,798,035) --
Class R ($0.84 and $0.00, respectively) (610) --
Class Y ($0.84 and $0.00, respectively) (88,090) --
----------------------------------------------------------------------------------------------
Total distributions to shareowners $ (26,245,415) $ (9,424,958)
----------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales or exchange of shares $ 35,429,202 $ 96,987,598
Shares issued in reorganization -- 128,735,046
Reinvestment of distributions 24,660,959 8,865,489
Cost of shares repurchased (68,049,605) (112,416,920)
----------------------------------------------------------------------------------------------
Net increase in net assets resulting from Fund
share transactions (7,959,444) 122,171,213
----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (48,070,251) $ 128,995,653
NET ASSETS:
Beginning of year 367,978,610 238,982,957
----------------------------------------------------------------------------------------------
End of year $ 319,908,359 $ 367,978,610
----------------------------------------------------------------------------------------------
Undistributed net investment income,
end of period $ 200,200 $ 427,734
==============================================================================================
The accompanying notes are an integral part of these financial statements.
54 Pioneer Solutions Funds | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------
Pioneer Solutions - Conservative Fund
--------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
7/31/16 7/31/16 7/31/15 7/31/15
Shares Amount Shares Amount
----------------------------------------------------------------------------------------------
Class A
Shares sold 604,781 $ 6,405,174 1,031,082 $ 12,223,056
Reinvestment of distributions 563,069 5,658,844 108,783 1,262,977
Less shares repurchased (837,372) (8,731,562) (956,434) (11,307,540)
----------------------------------------------------------------------------------------------
Net increase 330,478 $ 3,332,456 183,431 $ 2,178,493
==============================================================================================
Class B*
Shares sold or exchanged -- $ -- 4,713 $ 54,608
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- (167,693) (1,956,877)
----------------------------------------------------------------------------------------------
Net decrease -- $ -- (162,980) $ (1,902,269)
==============================================================================================
Class C
Shares sold 455,131 $ 4,728,950 449,788 $ 5,153,733
Reinvestment of distributions 193,437 1,886,018 27,838 314,573
Less shares repurchased (763,235) (7,953,081) (552,635) (6,340,742)
----------------------------------------------------------------------------------------------
Net decrease (114,667) $ (1,338,113) (75,009) $ (872,436)
==============================================================================================
Class R**
Shares sold -- $ -- 852 $ 10,000
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- -- --
----------------------------------------------------------------------------------------------
Net increase -- $ -- 852 $ 10,000
==============================================================================================
Class Y
Shares sold 7,768 $ 83,494 20,095 $ 226,113
Reinvestment of distributions 1,105 10,491 92 1,016
Less shares repurchased (15,770) (167,866) (14,868) (167,029)
----------------------------------------------------------------------------------------------
Net increase (decrease) (6,897) $ (73,881) 5,319 $ 60,100
==============================================================================================
* 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 | 7/31/16 55
Statements of Changes in Net Assets (continued)
----------------------------------------------------------------------------------------------
Pioneer Solutions - Balanced Fund
------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
7/31/16 7/31/16 7/31/15 7/31/15
Shares Amount Shares Amount
----------------------------------------------------------------------------------------------
Class A
Shares sold 1,047,166 $ 11,977,456 2,760,903 $ 35,328,996
Reinvestment of distributions 1,084,238 12,067,537 321,862 4,007,203
Less shares repurchased (2,084,317) (23,686,989) (2,790,215) (35,605,966)
----------------------------------------------------------------------------------------------
Net increase 47,087 $ 358,004 292,550 $ 3,730,233
==============================================================================================
Class B*
Shares sold or exchanged -- $ -- 4,580 $ 57,272
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- (552,570) (6,850,527)
----------------------------------------------------------------------------------------------
Net decrease -- $ -- (547,990) $ (6,793,255)
==============================================================================================
Class C
Shares sold 1,189,840 $ 12,457,865 1,593,895 $ 18,785,422
Reinvestment of distributions 481,229 4,947,038 120,194 1,391,842
Less shares repurchased (2,287,374) (24,045,545) (1,782,588) (21,049,291)
----------------------------------------------------------------------------------------------
Net decrease (616,305) $ (6,640,642) (68,499) $ (872,027)
==============================================================================================
Class R**
Shares sold 748 $ 8,215 785 $ 10,000
Reinvestment of distributions 9 95 -- --
Less shares repurchased (260) (2,797) -- --
----------------------------------------------------------------------------------------------
Net increase 497 $ 5,513 785 $ 10,000
==============================================================================================
Class Y
Shares sold 100,886 $ 1,177,938 95,503 $ 1,234,666
Reinvestment of distributions 10,102 113,749 6,507 81,919
Less shares repurchased (104,875) (1,187,557) (263,563) (3,420,445)
----------------------------------------------------------------------------------------------
Net increase (decrease) 6,113 $ 104,130 (161,553) $ (2,103,860)
==============================================================================================
* 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 | 7/31/16
----------------------------------------------------------------------------------------------
Pioneer Solutions - Growth Fund
-----------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
7/31/16 7/31/16 7/31/15 7/31/15
Shares Amount Shares Amount
----------------------------------------------------------------------------------------------
Class A
Shares sold 1,519,091 $ 18,784,192 5,098,015 $ 70,468,710
Shares issued in reorganization -- -- 7,751,322 105,417,866
Reinvestment of distributions 1,606,934 19,604,535 557,018 7,471,054
Less shares repurchased (3,271,985) (40,168,227) (5,639,566) (77,819,585)
----------------------------------------------------------------------------------------------
Net increase (decrease) (145,960) $ (1,779,500) 7,766,789 $ 105,538,045
==============================================================================================
Class B*
Shares sold or exchanged -- $ -- 4,535 $ 55,320
Shares issued in reorganization -- -- -- --
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- (935,783) (11,405,246)
----------------------------------------------------------------------------------------------
Net decrease -- $ -- (931,248) $ (11,349,926)
==============================================================================================
Class C
Shares sold 1,378,968 $ 16,056,831 1,970,853 $ 25,551,053
Shares issued in reorganization -- -- 1,784,198 22,944,724
Reinvestment of distributions 431,217 4,971,978 108,063 1,373,821
Less shares repurchased (2,353,490) (27,028,433) (1,719,846) (22,406,111)
----------------------------------------------------------------------------------------------
Net increase (decrease) (543,305) $ (5,999,624) 2,143,268 $ 27,463,487
==============================================================================================
Class R**
Shares sold 784 $ 9,204 725 $ 10,000
Shares issued in reorganization -- -- -- --
Reinvestment of distributions -- -- -- --
Less shares repurchased -- -- -- --
----------------------------------------------------------------------------------------------
Net increase 784 $ 9,204 725 $ 10,000
==============================================================================================
Class Y
Shares sold 45,377 $ 578,975 63,929 $ 902,515
Shares issued in reorganization -- -- 26,873 372,456
Reinvestment of distributions 6,788 84,446 1,508 20,614
Less shares repurchased (68,556) (852,945) (56,328) (785,978)
----------------------------------------------------------------------------------------------
Net increase (decrease) (16,391) $ (189,524) 35,982 $ 509,607
==============================================================================================
* 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 | 7/31/16 57
Financial Highlights
-----------------------------------------------------------------------------------------------------------
Pioneer Solutions - Conservative Fund
------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/16 7/31/15 7/31/14 7/31/13 7/31/12
-----------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of year $ 11.78 $ 11.86 $ 11.42 $ 10.73 $ 10.85
-----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.26 $ 0.30 $ 0.25 $ 0.28 $ 0.28
Net realized and unrealized gain (loss) on investments (0.21) (0.07) 0.55 0.64 (0.09)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.05 $ 0.23 $ 0.80 $ 0.92 $ 0.19
-----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.29) $ (0.31) $ (0.36) $ (0.23) $ (0.31)
Net realized gain (1.13) -- -- -- --
-----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (1.42) $ (0.31) $ (0.36) $ (0.23) $ (0.31)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.37) $ (0.08) $ 0.44 $ 0.69 $ (0.12)
-----------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 10.41 $ 11.78 $ 11.86 $ 11.42 $ 10.73
===========================================================================================================
Total return* 0.89% 2.01% 7.10% 8.72% 1.85%
Ratio of net expenses to average net assets+ 0.70% 0.71% 0.76% 0.77% 0.78%
Ratio of net investment income to average net assets+ 2.43% 2.53% 2.15% 2.51% 2.69%
Portfolio turnover rate 23% 108% 12% 17% 20%
Net assets, end of year (in thousands) $46,499 $48,721 $46,873 $44,239 $42,613
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for
fees paid indirectly:
Total expenses to average net assets 0.86% 0.79% 0.76% 0.77% 0.82%
Net investment income to average net assets 2.27% 2.45% 2.15% 2.51% 2.65%
===========================================================================================================
(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.
58 Pioneer Solutions Funds | Annual Report | 7/31/16
-----------------------------------------------------------------------------------------------------------
Pioneer Solutions - Conservative Fund
------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/16 7/31/15 7/31/14 7/31/13 7/31/12
-----------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of year $ 11.41 $ 11.51 $ 11.09 $ 10.44 $ 10.56
-----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.17 $ 0.19 $ 0.16 $ 0.18 $ 0.20
Net realized and unrealized gain (loss) on investments (0.19) (0.06) 0.54 0.63 (0.09)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.02) $ 0.13 $ 0.70 $ 0.81 $ 0.11
-----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.20) $ (0.23) $ (0.28) $ (0.16) $ (0.23)
Net realized gain (1.13) -- -- -- --
-----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (1.33) $ (0.23) $ (0.28) $ (0.16) $ (0.23)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.35) $ (0.10) $ 0.42 $ 0.65 $ (0.12)
-----------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 10.06 $ 11.41 $ 11.51 $ 11.09 $ 10.44
===========================================================================================================
Total return* 0.18% 1.15% 6.42% 7.83% 1.16%
Ratio of net expenses to average net assets+ 1.45% 1.45% 1.49% 1.51% 1.56%
Ratio of net investment income to average net assets+ 1.69% 1.69% 1.40% 1.70% 1.91%
Portfolio turnover rate 23% 108% 12% 17% 20%
Net assets, end of year (in thousands) $17,586 $21,260 $22,290 $20,542 $16,257
Ratios with no waivers of fees and assumption of
expenses by the Adviser and no reduction for
fees paid indirectly:
Total expenses to average net assets 1.59% 1.53% 1.49% 1.51% 1.56%
Net investment income to average net assets 1.55% 1.61% 1.40% 1.70% 1.91%
===========================================================================================================
(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 | 7/31/16 59
Financial Highlights (continued)
-----------------------------------------------------------------------------------------
Pioneer Solutions -
Conservative Fund
--------------------------
Year
Ended 7/1/15 to
7/31/16 7/31/15
-----------------------------------------------------------------------------------------
Class R
Net asset value, beginning of year $ 11.78 $ 11.74
-----------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.25 $ 0.02
Net realized and unrealized gain (loss) on investments (0.22) 0.02
-----------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.03 $ 0.04
-----------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.30) $ --
Net realized gain (1.13) --
-----------------------------------------------------------------------------------------
Total distributions to shareowners $ (1.43) $ --
-----------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.40) $ 0.04
-----------------------------------------------------------------------------------------
Net asset value, end of year $ 10.38 $ 11.78
=========================================================================================
Total return* 0.66% 0.34%**
Ratio of net expenses to average net assets+ 0.90% 0.93%***
Ratio of net investment income to average net assets+ 2.30% 1.58%***
Portfolio turnover rate 23% 108%
Net assets, end of year (in thousands) $ 9 $ 10
Ratios with no waivers of fees and assumption
of expenses by the Adviser and no reduction for
fees paid indirectly:
Total expenses to average net assets 1.50% 1.41%***
Net investment income to average net assets 1.70% 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.
60 Pioneer Solutions Funds | Annual Report | 7/31/16
-----------------------------------------------------------------------------------------------------------
Pioneer Solutions - Conservative Fund
------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/16 7/31/15 7/31/14 7/31/13 7/31/12
-----------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of year $ 11.18 $ 11.32 $ 10.86 $ 10.21 $ 10.41
-----------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.24 $ 0.21 $ 0.24 $ 0.20 $ 0.13
Net realized and unrealized gain (loss) on investments (0.19) (0.01) 0.49 0.61 (0.10)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.05 $ 0.20 $ 0.73 $ 0.81 $ 0.03
-----------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.27) $ (0.34) $ (0.27) $ (0.16) $ (0.23)
Net realized gain (1.13) -- -- -- --
-----------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (1.40) $ (0.34) $ (0.27) $ (0.16) $ (0.23)
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.35) $ (0.14) $ 0.46 $ 0.65 $ (0.20)
-----------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 9.83 $ 11.18 $ 11.32 $ 10.86 $ 10.21
===========================================================================================================
Total return* 0.95% 1.81% 6.83% 8.00% 0.34%
Ratio of net expenses to average net assets+ 0.65% 0.98% 0.98% 1.43% 2.26%
Ratio of net investment income to average net assets+ 2.37% 1.84% 2.13% 1.88% 1.28%
Portfolio turnover rate 23% 108% 12% 17% 20%
Net assets, end of year (in thousands) $ 92 $ 181 $ 123 $ 141 $ 65
Ratios with no waivers of
fees and assumption of
expenses by the Adviser
and no reduction for fees paid indirectly:
Total expenses to average net assets 0.82% 0.98% 0.98% 1.43% 2.26%
Net investment income to average net assets 2.19% 1.84% 2.13% 1.88% 1.28%
===========================================================================================================
(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 | 7/31/16 61
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------
Pioneer Solutions - Balanced Fund
-------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/16 7/31/15 7/31/14 7/31/13 7/31/12
------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of year $ 12.78 $ 12.73 $ 11.72 $ 10.46 $ 10.74
------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.20 $ 0.29 $ 0.19 $ 0.21 $ 0.18
Net realized and unrealized gain (loss) on investments (0.50) 0.12 1.03 1.27 (0.22)
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.30) $ 0.41 $ 1.22 $ 1.48 $ (0.04)
------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.27) $ (0.36) $ (0.21) $ (0.22) $ (0.24)
Net realized gain (0.86) -- -- -- --
------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (1.13) $ (0.36) $ (0.21) $ (0.22) $ (0.24)
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.43) $ 0.05 $ 1.01 $ 1.26 $ (0.28)
------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 11.35 $ 12.78 $ 12.73 $ 11.72 $ 10.46
==================================================================================================================
Total return* (2.11)% 3.33% 10.48% 14.32% (0.27)%
Ratio of net expenses to average net assets+ 0.67% 0.66% 0.64% 0.66% 0.72%
Ratio of net investment income to average net assets+ 1.77% 2.25% 1.57% 1.85% 1.75%
Portfolio turnover rate 16% 89% 10% 9% 9%
Net assets, end of year (in thousands) $125,608 $140,863 $136,511 $128,425 $118,833
Ratios with no waivers of
fees and assumption of expenses by the Adviser
and no reduction for fees paid indirectly:
Total expenses to average net assets 0.67% 0.66% 0.64% 0.66% 0.72%
Net investment income to average net assets 1.77% 2.25% 1.57% 1.85% 1.75%
==================================================================================================================
(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 | 7/31/16
-------------------------------------------------------------------------------------------------------------
Pioneer Solutions - Balanced Fund
--------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/16 7/31/15 7/31/14 7/31/13 7/31/12
-------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of year $ 11.84 $ 11.82 $ 10.92 $ 9.77 $ 10.07
-------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.12 $ 0.17 $ 0.09 $ 0.12 $ 0.10
Net realized and unrealized gain (loss) on investments (0.47) 0.14 0.96 1.19 (0.22)
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.35) $ 0.31 $ 1.05 $ 1.31 $ (0.12)
-------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.19) $ (0.29) $ (0.15) $ (0.16) $ (0.18)
Net realized gain (0.86) -- -- -- --
-------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (1.05) $ (0.29) $ (0.15) $ (0.16) $ (0.18)
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.40) $ 0.02 $ 0.90 $ 1.15 $ (0.30)
-------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 10.44 $ 11.84 $ 11.82 $ 10.92 $ 9.77
=============================================================================================================
Total return* (2.81)% 2.64% 9.70% 13.56% (1.08)%
Ratio of net expenses to average net assets+ 1.37% 1.35% 1.33% 1.34% 1.41%
Ratio of net investment income to average net assets+ 1.10% 1.44% 0.81% 1.15% 1.06%
Portfolio turnover rate 16% 89% 10% 9% 9%
Net assets, end of year (in thousands) $59,444 $74,720 $75,377 $64,989 $53,594
Ratios with no waivers of
fees and assumption of
expenses by the Adviser
and no reduction for fees paid indirectly:
Total expenses to average net assets 1.37% 1.35% 1.33% 1.34% 1.41%
Net investment income to average net assets 1.10% 1.44% 1.44% 1.15% 1.06%
=============================================================================================================
(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 | 7/31/16 63
Financial Highlights (continued)
--------------------------------------------------------------------------------------
Pioneer Solutions -
Balanced Fund
--------------------------
Year
Ended 7/1/15 to
7/31/16 7/31/15
--------------------------------------------------------------------------------------
Class R
Net asset value, beginning of year $ 12.78 $ 12.74
--------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.15 $ 0.01
Net realized and unrealized gain (loss) on investments (0.47) 0.03
--------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.32) $ 0.04
--------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.30) $ --
Net realized gain (0.86) --
--------------------------------------------------------------------------------------
Total distributions to shareowners $ (1.16) $ --
--------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.48) $ 0.04
--------------------------------------------------------------------------------------
Net asset value, end of year $ 11.30 $ 12.78
======================================================================================
Total return* (2.34)% 0.31%**
Ratio of net expenses to average net assets+ 0.90% 0.93%***
Ratio of net investment income to average net assets+ 1.28% 0.66%***
Portfolio turnover rate 16% 89%
Net assets, end of year (in thousands) $ 14 $ 10
Ratios with no waivers of fees and assumption
of expenses by the Adviser and no reduction
for fees paid indirectly:
Total expenses to average net assets 1.58% 1.00%***
Net investment income to average net assets 0.60% 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.
64 Pioneer Solutions Funds | Annual Report | 7/31/16
---------------------------------------------------------------------------------------------------------------
Pioneer Solutions - Balanced Fund
----------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/16 7/31/15 7/31/14 7/31/13 7/31/12
---------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of year $ 12.94 $ 12.88 $ 11.86 $ 10.58 $ 10.88
---------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.26 $ 0.37 $ 0.23 $ 0.25 $ 0.22
Net realized and unrealized gain (loss) on investments (0.53) 0.09 1.03 1.28 (0.23)
---------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.27) $ 0.46 $ 1.26 $ 1.53 $ (0.01)
---------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.30) $ (0.40) $ (0.24) $ (0.25) $ (0.29)
Net realized gain (0.86) -- -- -- --
---------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (1.16) $ (0.40) $ (0.24) $ (0.25) $ (0.29)
---------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.43) $ 0.06 $ 1.02 $ 1.28 $ (0.30)
---------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 11.51 $ 12.94 $ 12.88 $ 11.86 $ 10.58
===============================================================================================================
Total return* (1.85)% 3.63% 10.68% 14.68% 0.00%(b)
Ratio of net expenses to average net assets+ 0.40% 0.36% 0.40% 0.36% 0.38%
Ratio of net investment income to average net assets+ 2.22% 2.92% 1.88% 2.26% 2.14%
Portfolio turnover rate 16% 89% 10% 9% 9%
Net assets, end of year (in thousands) $ 1,107 $ 1,165 $ 3,239 $ 4,134 $ 5,208
Ratios with no waivers of
fees and assumption of
expenses by the Adviser
and no reduction for fees paid indirectly:
Total expenses to average net assets 0.40% 0.36% 0.40% 0.36% 0.38%
Net investment income to average net assets 2.22% 2.92% 1.88% 2.26% 2.14%
===============================================================================================================
(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.
Pioneer Solutions Funds | Annual Report | 7/31/16 65
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------
Pioneer Solutions - Growth Fund
-------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/16 7/31/15 7/31/14 7/31/13 7/31/12
------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of year $ 13.84 $ 13.60 $ 12.32 $ 10.75 $ 11.09
------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.13 $ 0.29 $ 0.16 $ 0.17 $ 0.14
Net realized and unrealized gain (loss) on investments (0.59) 0.38 1.31 1.57 (0.29)
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.46) $ 0.67 $ 1.47 $ 1.74 $ (0.15)
------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.18) $ (0.43) $ (0.19) $ (0.17) $ (0.19)
Net realized gain (0.84) -- -- -- --
------------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (1.02) $ (0.43) $ (0.19) $ (0.17) $ (0.19)
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.48) $ 0.24 $ 1.28 $ 1.57 $ (0.34)
------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 12.36 $ 13.84 $ 13.60 $ 12.32 $ 10.75
==================================================================================================================
Total return* (3.23)% 5.08% 11.96% 16.40% (1.31)%
Ratio of net expenses to average net assets+ 0.65% 0.69% 0.68% 0.69% 0.76%
Ratio of net investment income to average net assets+ 1.08% 2.15% 1.24% 1.50% 1.29%
Portfolio turnover rate 10% 98% 8% 6% 7%
Net assets, end of year (in thousands) $242,649 $273,763 $163,349 $149,586 $134,988
Ratios with no waivers of
fees and assumption of expenses by the Adviser
and no reduction for fees paid indirectly:
Total expenses to average net assets 0.65% 0.69% 0.68% 0.69% 0.76%
Net investment income to average net assets 1.08% 2.15% 1.24% 1.50% 1.29%
==================================================================================================================
(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.
66 Pioneer Solutions Funds | Annual Report | 7/31/16
-------------------------------------------------------------------------------------------------------------
Pioneer Solutions - Growth Fund
--------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/16 7/31/15 7/31/14 7/31/13 7/31/12
-------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of year $ 13.08 $ 12.82 $ 11.65 $ 10.18 $ 10.50
-------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.05 $ 0.12 $ 0.06 $ 0.09 $ 0.06
Net realized and unrealized gain (loss) on investments (0.57) 0.43 1.23 1.48 (0.27)
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.52) $ 0.55 $ 1.29 $ 1.57 $ (0.21)
-------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.09) $ (0.29) $ (0.12) $ (0.10) $ (0.11)
Net realized gain (0.84) -- -- -- --
-------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (0.93) $ (0.29) $ (0.12) $ (0.10) $ (0.11)
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.45) $ 0.26 $ 1.17 $ 1.47 $ (0.32)
-------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 11.63 $ 13.08 $ 12.82 $ 11.65 $ 10.18
=============================================================================================================
Total return* (3.89)% 4.36% 11.09% 15.58% (1.91)%
Ratio of net expenses to average net assets+ 1.35% 1.38% 1.37% 1.40% 1.46%
Ratio of net investment income to average net assets+ 0.47% 0.95% 0.46% 0.78% 0.59%
Portfolio turnover rate 10% 98% 8% 6% 7%
Net assets, end of year (in thousands) $76,055 $92,650 $63,333 $53,032 $45,570
Ratios with no waivers of
fees and assumption of
expenses by the Adviser
and no reduction for fees paid indirectly:
Total expenses to average net assets 1.35% 1.38% 1.37% 1.40% 1.46%
Net investment income to average net assets 0.47% 0.95% 0.46% 0.78% 0.59%
=============================================================================================================
(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 | 7/31/16 67
Financial Highlights (continued)
-------------------------------------------------------------------------------------
Pioneer Solutions -
Growth Fund
--------------------------
Year
Ended 7/1/15 to
7/31/16 7/31/15
-------------------------------------------------------------------------------------
Class R
Net asset value, beginning of year $ 13.84 $ 13.78
-------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.02 $ (0.00)(b)
Net realized and unrealized gain (loss) on investments (0.51) 0.06
-------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.49) $ 0.06
-------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.21) $ --
Net realized gain (0.84) --
-------------------------------------------------------------------------------------
Total distributions to shareowners $ (1.05) $ --
-------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.54) $ 0.06
-------------------------------------------------------------------------------------
Net asset value, end of year $ 12.30 $ 13.84
=====================================================================================
Total return* (3.47)% 0.44%**
Ratio of net expenses to average net assets+ 0.90% 0.89%***
Ratio of net investment income to average net assets+ 0.18% (0.38)%***
Portfolio turnover rate 10% 98%
Net assets, end of year (in thousands) $ 19 $ 10
Ratios with no waivers of fees and assumption
of expenses by the Adviser and no reduction
for fees paid indirectly:
Total expenses to average net assets 1.22% 0.89%***
Net investment income to average net assets (0.14)% (0.38)%***
=====================================================================================
(a) Calculated using average shares outstanding for the year.
(b) Amount rounds to greater 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.
68 Pioneer Solutions Funds | Annual Report | 7/31/16
-------------------------------------------------------------------------------------------------------------
Pioneer Solutions - Growth Fund
--------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/16 7/31/15 7/31/14 7/31/13 7/31/12
-------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of year $ 14.11 $ 13.88 $ 12.56 $ 10.95 $ 11.45
-------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (a) $ 0.19 $ 0.26 $ 0.28 $ 0.20 $ 0.17
Net realized and unrealized gain (loss) on investments (0.62) 0.46 1.25 1.61 (0.44)
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.43) $ 0.72 $ 1.53 $ 1.81 $ (0.27)
-------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.21) $ (0.49) $ (0.21) $ (0.20) $ (0.23)
Net realized gain (0.84) -- -- -- --
-------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (1.05) $ (0.49) $ (0.21) $ (0.20) $ (0.23)
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.48) $ 0.23 $ 1.32 $ 1.61 $ (0.50)
-------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 12.63 $ 14.11 $ 13.88 $ 12.56 $ 10.95
=============================================================================================================
Total return* (2.96)% 5.30% 12.25% 16.70% (2.28)%
Ratio of net expenses to average net assets+ 0.37% 0.47% 0.40% 0.44% 0.50%
Ratio of net investment income to average net assets+ 1.53% 1.87% 2.10% 1.71% 1.60%
Portfolio turnover rate 10% 98% 8% 6% 7%
Net assets, end of year (in thousands) $ 1,186 $ 1,556 $ 1,031 $ 1,314 $ 2,012
Ratios with no waivers of
fees and assumption of
expenses by the Adviser
and no reduction for fees paid indirectly:
Total expenses to average net assets 0.37% 0.47% 0.40% 0.44% 0.50%
Net investment income to average net assets 1.53% 1.87% 2.10% 1.71% 1.60%
=============================================================================================================
(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 | 7/31/16 69
Notes to Financial Statements | 7/31/16
1. Organization and Significant Accounting Policies
Pioneer Asset Allocation Trust (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 ("Conservative Fund")
Pioneer Solutions - Growth 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 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 of Trustees 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 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
70 Pioneer Solutions Funds | Annual Report | 7/31/16
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 (U.S. GAAP) 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.
Each Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of accounting
policies followed by the Funds in the preparation of their financial statements:
A. Security Valuation
The net asset value of the Funds are computed once daily, on each day the
New York Stock Exchange (NYSE) is open, as of the close of regular trading
on the NYSE.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such funds' net asset value. Repurchase
agreements are valued at par. Cash may include overnight time deposits at
approved financial institutions.
Fixed-income securities are valued by using prices supplied by independent
pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields,
maturities and ratings, or may use a pricing matrix or other fair value
methods or techniques to provide an estimated value of the security or
instrument. A pricing matrix is a means of valuing a debt security on the
basis of current market prices for other debt securities, historical
trading patterns in the market for fixed-income securities and/or other
factors. Valuations may be supplemented by dealers and other sources, as
required. Non-U.S. debt securities that are listed on an exchange will be
valued at the bid price obtained from an independent third party pricing
service.
Swap contracts, including interest rate swaps, caps and floors (other than
centrally cleared swap contracts) are valued at the dealer quotations
obtained from reputable International Swap Dealer association members.
Centrally cleared swaps are valued at the daily settlement price provided
by the central clearing counterparty.
Pioneer Solutions Funds | Annual Report | 7/31/16 71
Futures contracts are generally valued at the closing settlement price
established by the exchange on which they are traded.
Options contracts are generally valued at the mean between the last bid and
ask prices on the principal exchange where they are traded.
Over-the-counter ("OTC") options and options on swaps ("swaptions") are
valued using prices supplied by independent pricing services, which
consider such factors as market prices, market events, quotations from one
or more brokers, Treasury spreads, yields, maturities and ratings, or may
use a pricing matrix or other fair value methods or techniques to provide
an estimated value of the security or instrument.
Forward foreign currency exchange contracts are valued daily using the
foreign exchange rate or, for longer term forward contract positions, the
spot currency rate, in each case provided by a third party pricing service.
Contracts whose forward settlement date falls between two quoted days are
valued by interpolation.
Securities for which independent pricing services are unable to supply
prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued by a fair valuation
team comprised of certain personnel of PIM, the Fund's investment adviser,
pursuant to procedures adopted by the Fund's Board of Trustees. PIM's fair
valuation team uses fair value methods approved by the Valuation Committee
of the Board of Trustees. PIM's fair valuation team is responsible for
monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Funds may use fair value
methods if it is determined that a significant event has occurred after the
close of the exchange or market on which the security trades and prior to
the determination of each Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the valuation
of each Fund's securities may differ significantly from exchange prices and
such differences could be material.
At July 31, 2016, the Funds held no securities valued using fair value
methods (other than securities valued using prices supplied by independent
pricing services, broker-dealers or using a third party insurance industry
pricing model).
72 Pioneer Solutions Funds | Annual Report | 7/31/16
B. Investment Income and Transactions
Dividend income and realized capital gain distributions from investment
company shares held are recorded on the ex-dividend date. Interest income,
including interest on income bearing cash accounts, is recorded on the
accrual basis. Dividend and interest income are reported net of
unrecoverable foreign taxes withheld at the applicable country rates.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the 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 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.
Pioneer Solutions Funds | Annual Report | 7/31/16 73
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, 2016, 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 $ 196,420 $ 585,257 $ 781,303
Accumulated net
realized gain
on investments (196,107) (585,257) (781,303)
Paid-in Capital (313) -- --
At July 31, 2016, Conservative Fund was permitted to carry forward
$1,095,813 of short-term capital losses and $9,088 of long-term capital
losses without limitations.
At July 31, 2016, Balance Fund was permitted to carry forward $3,254,588 of
short-term capital losses without limitations.
The tax character of distributions paid during the years ended July 31,
2016 and July 31, 2015 were as follows:
-------------------------------------------------------------------------
2016 2015
-------------------------------------------------------------------------
Conservative Fund
Distributions paid from:
Ordinary income $ 1,550,713 $1,771,130
Long-term capital gains 6,622,753 --
-------------------------------------------------------------------------
Total $ 8,173,466 $1,771,130
=========================================================================
Balanced Fund
Distributions paid from:
Ordinary income $ 4,100,023 $6,001,453
Long-term capital gains 14,493,043 --
-------------------------------------------------------------------------
Total $18,593,066 $6,001,453
=========================================================================
Growth Fund
Distributions paid from:
Ordinary income $ 3,637,690 $9,424,958
Long-term capital gains 22,607,725 --
-------------------------------------------------------------------------
Total $26,245,415 $9,424,958
=========================================================================
74 Pioneer Solutions Funds | Annual Report | 7/31/16
The following table shows the components of distributable earnings on a
federal income tax basis at July 31, 2016:
---------------------------------------------------------------------------
Conservative Fund Balanced Fund Growth Fund
---------------------------------------------------------------------------
Undistributed ordinary
income $ 593,085 $ 1,350,820 $ --
Undistributed long-term
capital gains -- -- 889,982
Capital loss carryforward (1,104,901) (3,254,588) --
Unrealized appreciation/
depreciation 307,069 4,180,830 12,468,679
---------------------------------------------------------------------------
Total $ (204,747) $ 2,277,062 $13,358,661
===========================================================================
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, 2016:
---------------------------------------------------------------------------
Fund Amount
---------------------------------------------------------------------------
Conservative Fund $12,696
Balanced Fund 32,870
Growth Fund 71,319
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 Fund's transfer agent, 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 C, Class R and Class Y
shares of each Fund can reflect different transfer agent and distribution
expense rates.
Pioneer Solutions Funds | Annual Report | 7/31/16 75
H. Risks
Interest rates in the U.S. recently have been historically low, so the Fund
faces a heightened risk that interest rates may rise. A general rise in
interest rates may cause investors to move out of fixed income securities
on a large scale, which could adversely affect the price and liquidity of
fixed income securities and could also result in increased redemptions from
the Fund.
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,
2016, and is included in "Restricted Cash" in the Statement of Assets and
Liabilities, was as follows:
---------------------------------------------------------------------------------
Conservative Balanced Growth
Fund Fund Fund
---------------------------------------------------------------------------------
Futures Collateral $384,438 $1,625,295 $2,348,776
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, 2016, was as follows:
------------------------------------------------------------------------------------
Conservative Balanced Growth
Fund Fund Fund
------------------------------------------------------------------------------------
$(4,261,956) $(11,110,862) $(18,428,763)
76 Pioneer Solutions Funds | Annual Report | 7/31/16
At July 31, 2016, open futures contracts were as follows:
Pioneer Solutions - Conservative Fund
---------------------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation
Type Counterparty Long/(Short) Month Value (Depreciation)
---------------------------------------------------------------------------------------------
Euro Stoxx 50 UBS AG (18) 9/16 $ (600,299) $ (47,990)
Euro-Bund UBS AG (2) 9/16 (375,223) (9,424)
Euro-Schatz UBS AG (44) 9/16 (5,510,488) (9,961)
FTSE 100 UBS AG (7) 9/16 (618,802) (71,621)
FTSE/JSE Top 40 UBS AG (5) 9/16 (166,245) 538
Japan 10 Year Bond UBS AG (1) 9/16 (1,495,859) (4,901)
MINI MSCI
Emerging Markets UBS AG (23) 9/16 (1,013,725) (97,060)
MSCI Asia
Pacific PC EX UBS AG (8) 9/16 (304,379) (24,183)
Nikkei 225 (SGX) UBS AG 10 9/16 812,626 20,540
Swiss Market Index UBS AG 8 9/16 671,802 39,918
U.S. 2 Year Note UBS AG 7 9/16 1,533,000 8,203
U.S. 10 Year Note UBS AG (16) 9/16 (2,128,750) (54,500)
U.S. Long Bond UBS AG 27 9/16 4,709,813 96,718
U.S. Ultra Bond UBS AG (1) 9/16 (190,531) (15,711)
H-Shares Index UBS AG (12) 12/16 (695,379) 2,373
---------------------------------------------------------------------------------------------
$ (5,372,439) $ (167,061)
=============================================================================================
Pioneer Solutions - Balanced Fund
---------------------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation
Type Counterparty Long/(Short) Month Value (Depreciation)
---------------------------------------------------------------------------------------------
E-Mini S&P 500 UBS AG 25 9/16 $ 2,710,250 $ 144,908
Euro Stoxx 50 UBS AG (179) 9/16 (5,969,639) (303,214)
Euro-Bund UBS AG (6) 9/16 (1,125,670) (28,272)
Euro-Schatz UBS AG (130) 9/16 (16,280,986) (29,431)
FTSE 100 UBS AG (21) 9/16 (1,856,404) (214,864)
FTSE/JSE Top 40 UBS AG (14) 9/16 (465,486) 1,506
Japan 10 Year Bond UBS AG (3) 9/16 (4,487,575) (14,704)
MINI MSCI
Emerging Markets UBS AG (71) 9/16 (3,129,325) (299,620)
MSCI Asia
Pacific PC EX UBS AG (23) 9/16 (875,090) (69,524)
Nikkei 225 (SGX) UBS AG 17 9/16 1,381,463 74,572
Swiss Market Index UBS AG 23 9/16 1,931,430 114,764
U.S. 2 Year Note UBS AG 29 9/16 6,351,000 33,984
U.S. 10 Year Note UBS AG (48) 9/16 (6,386,250) (163,500)
U.S. Long Bond UBS AG 78 9/16 13,606,125 280,138
U.S. Ultra Bond UBS AG (4) 9/16 (762,125) (62,844)
H-Shares Index UBS AG (35) 12/16 (2,028,188) 7,302
---------------------------------------------------------------------------------------------
$(17,386,470) $ (528,799)
=============================================================================================
Pioneer Solutions Funds | Annual Report | 7/31/16 77
Pioneer Solutions - Growth Fund
---------------------------------------------------------------------------------------------
Number of Unrealized
Contracts Settlement Appreciation
Type Counterparty Long/(Short) Month Value (Depreciation)
---------------------------------------------------------------------------------------------
E-Mini S&P 500 UBS AG (8) 9/16 $ (867,280) $ (480)
Euro Stoxx 50 UBS AG (187) 9/16 (6,236,439) (498,566)
Euro-Bund UBS AG (11) 9/16 (2,063,727) (51,833)
Euro-Schatz UBS AG (218) 9/16 (27,301,962) (49,354)
FTSE 100 UBS AG (36) 9/16 (3,182,407) (368,337)
FTSE/JSE Top 40 UBS AG (25) 9/16 (831,225) 2,688
Japan 10 Year Bond UBS AG (5) 9/16 (7,479,292) (24,506)
MINI MSCI
Emerging Markets UBS AG (118) 9/16 (5,200,850) (497,960)
MSCI Asia
Pacific PC EX UBS AG (39) 9/16 (1,483,849) (117,889)
Nikkei 225 (SGX) UBS AG 123 9/16 9,995,295 112,666
Swiss Market Index UBS AG 39 9/16 3,275,034 194,600
U.S. 2 Year Note UBS AG 43 9/16 9,417,000 50,391
U.S. 10 Year Note UBS AG (81) 9/16 (10,776,797) (275,906)
U.S. Long Bond UBS AG 48 9/16 8,373,000 120,000
U.S. Ultra Bond UBS AG (6) 9/16 (1,143,188) (94,266)
H-Shares Index UBS AG (59) 12/16 (3,418,945) 12,333
---------------------------------------------------------------------------------------------
$(38,925,632) $ (1,486,419)
=============================================================================================
J. Option Writing
The Funds may write put and covered call options to seek to increase total
return. When an option is written, the Funds receive a premium and become
obligated to purchase or sell the underlying security at a fixed price upon
the exercise of the option. When the Funds write an option, an amount equal
to the premium received by the Funds 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
Funds 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 Funds have realized a gain
or loss. The Funds, as writer of an option, bear 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 each Fund's Schedule of Investments. The average value of
written option contracts open during the year ended July 31, 2016 was as
follows:
-----------------------------------------------------------------------------------------
Conservative Balanced Growth
Fund Fund Fund
-----------------------------------------------------------------------------------------
$(16,014) $(70,859) $(404,430)
78 Pioneer Solutions Funds | Annual Report | 7/31/16
Transactions in written options for the year ended July 31, 2016 are
summarized as follows:
Pioneer Solutions - Conservative Fund
-------------------------------------------------------------------------------------------
Number of Premium
Contracts Received
-------------------------------------------------------------------------------------------
Options open at beginning of year (19) $ (93,203)
Options opened (122) (58,666)
Options closed 129 133,905
-------------------------------------------------------------------------------------------
Options open at end of year (12) $ (17,964)
Pioneer Solutions - Balanced Fund
-------------------------------------------------------------------------------------------
Number of Premium
Contracts Received
-------------------------------------------------------------------------------------------
Options open at beginning of year (77) $(321,168)
Options opened (510) (248,022)
Options closed 543 503,323
-------------------------------------------------------------------------------------------
Options open at end of year (44) $ (65,867)
Pioneer Solutions - Growth Fund
-------------------------------------------------------------------------------------------
Number of Premium
Contracts Received
-------------------------------------------------------------------------------------------
Options open at beginning of year (318) $ (741,855)
Options opened (1,290) (569,660)
Options closed 1,374 1,006,334
Options expired 187 109,289
-------------------------------------------------------------------------------------------
Options open at end of year (47) $ (195,892)
K. Purchased Options
The Funds may purchase put and call options to seek increased total return.
Purchased call and put options entitle the Funds 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
Funds is included in the Statements of Assets and Liabilities as an
investment. All premiums are marked-to-market daily, and any unrealized
gains or losses are recorded in the Funds' financial statements. As the
purchaser of an index option, the Funds have 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 call and put options which have expired are treated as
realized losses on investments in the Statements 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.
Pioneer Solutions Funds | Annual Report | 7/31/16 79
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 period end are listed at the end
of each Fund's Schedule of Investments. The average value of purchased
options open during the year ended July 31, 2016 was as follows:
-----------------------------------------------------------------------------------------
Conservative Balanced Growth
Fund Fund Fund
-----------------------------------------------------------------------------------------
$52,535 $228,657 $850,029
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 on an underlying
reference obligation, which may be a single security or a basket or index
of securities. The Funds may sell or buy credit default swap contracts to
seek to increase the Funds' 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 Funds 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
Funds. In return, the Funds 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 Funds would keep the stream of payments and would have no
payment obligation. The Funds may also buy credit default swap contracts in
order to hedge against the risk of default of debt securities, in which
case the Funds would function as the counterparty referenced above.
When the Funds enter 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 Funds, as the protection buyer, is recorded as an asset in the
Statements of Assets and Liabilities. Periodic payments received or paid by
the Funds are recorded as realized gains or losses in the Statements 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 Statements of
Assets and 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 Statements of Operations.
80 Pioneer Solutions Funds | Annual Report | 7/31/16
Certain swap contracts that are cleared through a central clearinghouse are
referred to as centrally cleared swaps. All payments made or received by
the Funds 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 Funds are 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 Statements of Assets and
Liabilities.
Credit default swap contracts involving the sale of protection may involve
greater risks than if the Funds 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 a Fund
is a protection buyer and no credit event occurs, it will lose its
investment. If a Fund is a protection seller and a credit event occurs, the
value of the referenced debt instrument received by that Fund, together
with the periodic payments received, may be less than the amount that Fund
pays to the protection buyer, resulting in a loss to that Fund.
There were no open credit default swap contracts at July 31, 2016. The
average value of credit default swap contracts open during the year ended
July 31, 2016 was as follows:
-----------------------------------------------------------------------------------------
Conservative Balanced Growth
Fund Fund Fund
-----------------------------------------------------------------------------------------
$12,435 $37,349 $63,841
M. Inflation Rate Swap Contracts
The Funds may enter into inflation rate swap contracts to attempt to hedge
against inflation. Pursuant to the inflation rate swap agreement, the Funds
negotiate 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 Statements 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 Funds are recorded as realized gains or
losses in the Statements of Operations. Inflation rate swap contracts are
subject to movements in interest rates.
Pioneer Solutions Funds | Annual Report | 7/31/16 81
Open inflation rate swap contracts at period end are listed at the end of
each Fund's Schedule of Investments. The average value of inflation rate
swap contracts open during the year ended July 31, 2016 was as follows:
-----------------------------------------------------------------------------------------
Conservative Balanced Growth
Fund Fund Fund
-----------------------------------------------------------------------------------------
$(61,521) $(189,688) $(315,293)
The amount of cash deposited with the broker as collateral at July 31,
2016, and is included in "Restricted Cash" in the Statement of Assets and
Liabilities, was as follows:
-----------------------------------------------------------------------------------------
Conservative Balanced Growth
Fund Fund Fund
-----------------------------------------------------------------------------------------
$75,000 $405,000 $800,000
N. Interest Rate Swap Contracts
The Funds may enter into interest rate swaps to attempt to hedge against
interest rate fluctuations or to enhance their income. Pursuant to the
interest rate swap agreement, the Funds negotiate 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 Funds are recorded as realized
gains or losses in the Statements 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 Statements of Assets and
Liabilities. Interest rate swap contracts are subject to counterparty risk
and movements in interest rates.
Open interest rate swap contracts at period end are listed at the end of
each Fund's Schedule of Investments. The average value of interest rate
swap contracts open during the year ended July 31, 2016 was as follows:
-----------------------------------------------------------------------------------------
Conservative Balanced Growth
Fund Fund Fund
-----------------------------------------------------------------------------------------
$(727) $(2,384) $(4,086)
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 each Fund's average daily net assets up to $2.5 billion; 0.11%
of each Fund's average daily net assets over $2.5 billion up to $4 billion;
0.10% of each Fund's average daily net assets over $4 billion up to $5.5
billion; and 0.08% of each Fund's average daily net assets over $5.5 billion.
82 Pioneer Solutions Funds | Annual Report | 7/31/16
For the year ended July 31, 2016, the effective management fee for each Fund was
equivalent to 0.13% of each Fund's average daily net assets. Fees waived and
expenses reimbursed during the year ended July 31, 2016 are reflected in the
Statements of Operations.
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, 2016:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $ 8,089
Balanced Fund 23,257
Growth Fund 38,318
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, 2017.
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 Class Y
------------------------------------------------------------------------------------
Conservative Fund 0.70% 1.45% 0.90% 0.65%
Balanced Fund 0.70% 1.45% 0.90% --
Growth Fund 0.70% 1.45% 0.90% --
3. Transfer Agent
Effective November 2, 2015, Boston Financial Data Services, Inc. serves as the
transfer agent to the Fund at negotiated rates. Transfer agent fees and payables
shown on the Statement of Operations and the Statement of Assets and
Liabilities, respectively, include sub-transfer agent expenses incurred through
the Fund's omnibus relationship contracts.
Prior to November 2, 2015, Pioneer Investment Management Shareholder Services,
Inc., a wholly owned indirect subsidiary of UniCredit, provided substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings and outgoing phone calls. For the year
ended July 31, 2016, such out-of-pocket expenses by class of shares were as
follows:
Pioneer Solutions Funds | Annual Report | 7/31/16 83
-------------------------------------------------------------------------------------
Conservative Balanced Growth
Shareholder Communications Fund Fund Fund
-------------------------------------------------------------------------------------
Class A $29,671 $ 85,535 $198,823
Class C 10,400 29,777 53,493
Class R 22 61 28
Class Y 270 1,176 1,497
-------------------------------------------------------------------------------------
Total $40,363 $116,549 $253,841
=====================================================================================
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, 2016:
--------------------------------------------------------------------------------
Amount
--------------------------------------------------------------------------------
Conservative Fund $ 25,392
Balanced Fund 78,953
Growth Fund 118,093
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
distribution fee of up to 0.50% 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.
84 Pioneer Solutions Funds | Annual Report | 7/31/16
For the year ended July 31, 2016, the following CDSCs were paid to PFD:
--------------------------------------------------------------------------------
Fund Amount
--------------------------------------------------------------------------------
Conservative Fund $1,852
Balanced Fund $4,566
Growth Fund $8,286
5. Forward Foreign Currency Contracts
During the year ended July 31, 2016, 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, 2016, were as
follows:
--------------------------------------------------------------------------------
Conservative Balanced Growth
Fund Fund Fund
--------------------------------------------------------------------------------
$(1,578,060) $(5,033,357) $(8,543,744)
Pioneer Solutions Funds | Annual Report | 7/31/16 85
Open forward foreign currency contracts at July 31, 2016, were as follows:
Pioneer Solutions - Conservative Fund
----------------------------------------------------------------------------------------------------------------
In
Currency Currency Exchange Settlement Unrealized
Sold Deliver Purchased for Counterparty Date Appreciation
----------------------------------------------------------------------------------------------------------------
CAD 20,440 EUR (Euro) 14,033 Goldman Sachs 10/20/16 $ 255
(Canadian International
Dollar)
GBP 240,000 USD 319,159 Goldman Sachs 10/20/16 940
(British International
Pound
Sterling)
HUF 28,284,454 EUR (Euro) 90,000 Goldman Sachs 10/20/16 1,637
(Hungarian International
Forint)
HUF 335,070,652 PLN 4,750,000 Goldman Sachs 10/20/16 27,823
(Hungarian (Polish Zloty) International
Forint)
ILS (Israeli 386,771 EUR (Euro) 90,000 Goldman Sachs 10/20/16 1,637
New Shekel) International
MXN 2,284,773 CAD 160,000 Goldman Sachs 10/20/16 2,650
(Mexican (Canadian International
Dollar) Dollar)
NZD (New 790,852 AUD 755,000 Goldman Sachs 10/20/16 7,669
Zealand (Australian International
Dollar) Dollar)
PLN 400,966 EUR (Euro) 90,000 Goldman Sachs 10/20/16 1,637
(Polish Zloty) International
USD 1,369,808 EUR (Euro) 1,238,593 Goldman Sachs 10/20/16 19,694
International
USD 125,000 IDR 1,665,000,000 Goldman Sachs 10/20/16 564
(Indonesian International
Rupiah)
USD 125,000 INR 8,476,384 Goldman Sachs 10/20/16 329
(Indian International
Rupee)
USD 1,090,000 INR 73,872,570 Morgan Stanley 10/20/16 2,259
(Indian & Co.
Rupee)
USD 125,000 ZAR (South 1,817,828 Goldman Sachs 10/20/16 3,954
African Rand) International
----------------------------------------------------------------------------------------------------------------
Total $ 71,048
================================================================================================================
86 Pioneer Solutions Funds | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------------------------
In
Currency Currency Exchange Settlement Unrealized
Sold Deliver Purchased for Counterparty Date Depreciation
----------------------------------------------------------------------------------------------------------------
AUD 675,000 USD 506,829 Goldman Sachs 10/20/16 $ (5,022)
(Australian International
Dollar)
CAD 20,440 EUR (Euro) 14,033 Goldman Sachs 10/20/16 (187)
(Canadian International
Dollar)
CAD 592,500 MXN 8,396,168 Goldman Sachs 10/20/16 (10,716)
(Canadian (Mexican International
Dollar) Dollar)
CAD 839,804 USD 639,840 Goldman Sachs 10/20/16 (4,195)
(Canadian International
Dollar)
EUR (Euro) 1,147,089 USD 1,273,046 Goldman Sachs 10/20/16 (13,804)
International
HUF 28,284,454 EUR (Euro) 90,000 Goldman Sachs 10/20/16 (2,372)
(Hungarian International
Forint)
HUF 335,070,652 PLN 4,750,000 Goldman Sachs 10/20/16 (15,808)
(Hungarian (Polish Zloty) International
Forint)
HUF 28,274,635 USD 99,900 Goldman Sachs 10/20/16 (1,766)
(Hungarian International
Forint)
ILS (Israeli 386,771 EUR (Euro) 90,000 Goldman Sachs 10/20/16 (2,270)
New Shekel) International
ILS (Israeli 378,500 USD 97,799 Goldman Sachs 10/20/16 (1,627)
New Shekel) International
JPY 126,575,607 USD 1,239,494 Goldman Sachs 10/20/16 (5,075)
(Japanese International
Yen)
KRW (South 93,695,000 EUR (Euro) 70,000 Barclays Bank 8/19/16 (5,872)
Korean Won)
KRW (South 99,476,211 USD 85,000 Goldman Sachs 8/19/16 (4,377)
Korean Won) International
MXN 2,284,773 CAD 160,000 Goldman Sachs 10/20/16 (679)
(Mexican (Canadian International
Dollar) Dollar)
NZD (New 790,852 AUD 755,000 Goldman Sachs 10/20/16 (4,436)
Zealand (Australian International
Dollar) Dollar)
PLN 400,966 EUR (Euro) 90,000 Goldman Sachs 10/20/16 (3,387)
(Polish Zloty) International
PLN 377,295 USD 94,033 Goldman Sachs 10/20/16 (2,619)
(Polish Zloty) International
SGD 1,920,324 USD 1,421,970 Goldman Sachs 10/20/16 (10,066)
(Singapore International
Dollar)
TRY 387,313 USD 125,000 Goldman Sachs 10/20/16 (2,149)
(Turkish Lira) International
USD 125,000 BRL 415,250 Goldman Sachs 10/20/16 (211)
(Brazilian International
Real)
Pioneer Solutions Funds | Annual Report | 7/31/16 87
----------------------------------------------------------------------------------------------------------------
In
Currency Currency Exchange Settlement Unrealized
Sold Deliver Purchased for Counterparty Date Depreciation
----------------------------------------------------------------------------------------------------------------
USD 125,000 RUB 8,072,500 Barclays Bank 10/20/16 $ (5,101)
(Russian
Ruble)
USD 125,000 TRY 369,050 Goldman Sachs 10/20/16 (3,847)
(Turkish Lira) International
----------------------------------------------------------------------------------------------------------------
Total $ (105,586)
================================================================================================================
Pioneer Solutions - Balanced Fund
----------------------------------------------------------------------------------------------------------------
In
Currency Currency Exchange Settlement Unrealized
Sold Deliver Purchased for Counterparty Date Appreciation
----------------------------------------------------------------------------------------------------------------
GBP 700,000 USD 930,881 Goldman Sachs 10/20/16 $ 2,742
(British International
Pound
Sterling)
HUF 87,996,079 EUR (Euro) 280,000 Goldman Sachs 10/20/16 5,093
(Hungarian International
Forint)
HUF 997,452,426 PLN 14,140,000 Goldman Sachs 10/20/16 82,825
(Hungarian (Polish Zloty) International
Forint)
ILS (Israeli 1,203,288 EUR (Euro) 280,000 Goldman Sachs 10/20/16 5,093
New Shekel) International
MXN 6,782,920 CAD 475,000 Goldman Sachs 10/20/16 7,868
(Mexican (Canadian International
Dollar) Dollar)
NZD (New 2,288,603 AUD 2,185,000 Goldman Sachs 10/20/16 22,109
Zealand (Australian International
Dollar) Dollar)
PLN 1,247,449 EUR (Euro) 280,000 Goldman Sachs 10/20/16 5,093
(Polish Zloty) International
USD 370,000 IDR 4,928,400,000 Goldman Sachs 10/20/16 1,668
(Indonesian International
Rupiah)
USD 370,000 INR 25,090,096 Goldman Sachs 10/20/16 975
(Indian International
Rupee)
USD 3,150,000 INR 213,484,950 Morgan Stanley 10/20/16 6,527
(Indian & Co.
Rupee)
USD 370,000 ZAR (South 5,380,770 Goldman Sachs 10/20/16 11,703
African Rand) International
----------------------------------------------------------------------------------------------------------------
Total $ 151,696
================================================================================================================
88 Pioneer Solutions Funds | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------------------------
In
Currency Currency Exchange Settlement Unrealized
Sold Deliver Purchased for Counterparty Date Depreciation
----------------------------------------------------------------------------------------------------------------
AUD 2,035,000 USD 1,527,995 Goldman Sachs 10/20/16 $ (15,140)
(Australian International
Dollar)
CAD 1,710,000 MXN 24,231,980 Goldman Sachs 10/20/16 (30,928)
(Canadian (Mexican International
Dollar) Dollar)
CAD 2,473,647 USD 1,884,653 Goldman Sachs 10/20/16 (12,356)
(Canadian International
Dollar)
EUR (Euro) 3,359,978 USD 3,728,923 Goldman Sachs 10/20/16 (40,434)
International
HUF 87,996,079 EUR (Euro) 280,000 Goldman Sachs 10/20/16 (7,381)
(Hungarian International
Forint)
HUF 997,452,427 PLN 14,140,000 Goldman Sachs 10/20/16 (47,059)
(Hungarian (Polish Zloty) International
Forint)
HUF 84,823,905 USD 299,699 Goldman Sachs 10/20/16 (5,298)
(Hungarian International
Forint)
ILS (Israeli 1,203,288 EUR (Euro) 280,000 Goldman Sachs 10/20/16 (7,062)
New Shekel) International
ILS (Israeli 1,135,500 USD 293,396 Goldman Sachs 10/20/16 (4,881)
New Shekel) International
JPY 377,541,058 USD 3,697,077 Goldman Sachs 10/20/16 (15,137)
(Japanese International
Yen)
KRW (South 294,470,000 EUR (Euro) 220,000 Barclays Bank 8/19/16 (18,454)
Korean Won)
KRW (South 292,577,093 USD 250,000 Goldman Sachs 8/19/16 (12,874)
Korean Won) International
MXN 6,782,920 CAD 475,000 Goldman Sachs 10/20/16 (2,015)
(Mexican (Canadian International
Dollar) Dollar)
NZD (New 2,288,603 AUD 2,185,000 Goldman Sachs 10/20/16 (12,642)
Zealand (Australian International
Dollar) Dollar)
PLN 1,247,449 EUR (Euro) 280,000 Goldman Sachs 10/20/16 (10,537)
(Polish Zloty) International
PLN 1,131,885 USD 282,099 Goldman Sachs 10/20/16 (7,856)
(Polish Zloty) International
SGD 5,786,482 USD 4,284,802 Goldman Sachs 10/20/16 (30,332)
(Singapore International
Dollar)
TRY 1,146,446 USD 370,000 Goldman Sachs 10/20/16 (6,360)
(Turkish Lira) International
USD 370,000 BRL 1,229,140 Goldman Sachs 10/20/16 (624)
(Brazilian International
Real)
USD 370,000 RUB 23,894,600 Barclays Bank 10/20/16 (15,100)
(Russian
Ruble)
USD 370,000 TRY 1,092,387 Goldman Sachs 10/20/16 (11,387)
(Turkish Lira) International
----------------------------------------------------------------------------------------------------------------
Total $ (313,857)
================================================================================================================
Pioneer Solutions Funds | Annual Report | 7/31/16 89
Pioneer Solutions - Growth Fund
----------------------------------------------------------------------------------------------------------------
In
Currency Currency Exchange Settlement Unrealized
Sold Deliver Purchased for Counterparty Date Appreciation
----------------------------------------------------------------------------------------------------------------
CAD 102,029 EUR (Euro) 70,048 Goldman Sachs 10/20/16 $ 1,274
(Canadian International
Dollar)
GBP 1,200,000 USD 1,595,797 Goldman Sachs 10/20/16 4,700
(British International
Pound
Sterling)
HUF 144,564,986 EUR (Euro) 460,000 Goldman Sachs 10/20/16 8,367
(Hungarian International
Forint)
HUF 1,711,329,269 PLN 24,260,000 Goldman Sachs 10/20/16 142,103
(Hungarian (Polish Zloty) International
Forint)
ILS (Israeli 1,976,831 EUR (Euro) 460,000 Goldman Sachs 10/20/16 8,367
New Shekel) International
MXN 11,566,664 CAD 810,000 Goldman Sachs 10/20/16 13,417
(Mexican (Canadian International
Dollar) Dollar)
NZD (New 3,943,486 AUD 3,765,000 Goldman Sachs 10/20/16 38,087
Zealand (Australian International
Dollar) Dollar)
PLN 2,049,380 EUR (Euro) 460,000 Goldman Sachs 10/20/16 8,367
(Polish Zloty) International
USD 635,000 IDR 8,458,200,000 Goldman Sachs 10/20/16 2,862
(Indonesian International
Rupiah)
USD 635,000 INR 43,060,029 Goldman Sachs 10/20/16 1,673
(Indian International
Rupee)
USD 5,400,000 INR 365,974,200 Morgan Stanley 10/20/16 11,189
(Indian & Co.
Rupee)
USD 635,000 ZAR (South 9,234,564 Goldman Sachs 10/20/16 20,085
African Rand) International
----------------------------------------------------------------------------------------------------------------
Total $ 260,491
================================================================================================================
90 Pioneer Solutions Funds | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------------------------
In
Currency Currency Exchange Settlement Unrealized
Sold Deliver Purchased for Counterparty Date Depreciation
----------------------------------------------------------------------------------------------------------------
AUD 3,435,000 USD 2,579,196 Goldman Sachs 10/20/16 $ (25,555)
(Australian International
Dollar)
CAD 102,029 EUR (Euro) 70,048 Goldman Sachs 10/20/16 (936)
(Canadian International
Dollar)
CAD 2,800,000 MXN 39,678,097 Goldman Sachs 10/20/16 (50,643)
(Canadian (Mexican International
Dollar) Dollar)
CAD 4,248,760 USD 3,237,096 Goldman Sachs 10/20/16 (21,223)
(Canadian International
Dollar)
EUR (Euro) 5,798,672 USD 6,435,400 Goldman Sachs 10/20/16 (69,780)
International
HUF 144,564,987 EUR (Euro) 460,000 Goldman Sachs 10/20/16 (12,125)
(Hungarian International
Forint)
HUF 1,711,329,268 PLN 24,260,000 Goldman Sachs 10/20/16 (80,739)
(Hungarian (Polish Zloty) International
Forint)
HUF 141,373,175 USD 499,498 Goldman Sachs 10/20/16 (8,830)
(Hungarian International
Forint)
ILS (Israeli 1,976,831 EUR (Euro) 460,000 Goldman Sachs 10/20/16 (11,602)
New Shekel) International
ILS (Israeli 1,892,500 USD 488,993 Goldman Sachs 10/20/16 (8,136)
New Shekel) International
JPY 643,806,857 USD 6,304,489 Goldman Sachs 10/20/16 (25,813)
(Japanese International
Yen)
KRW (South 481,860,000 EUR (Euro) 360,000 Barclays Bank 8/19/16 (30,197)
Korean Won)
KRW (South 503,232,599 USD 430,000 Goldman Sachs 8/19/16 (22,143)
Korean Won) International
MXN 11,566,664 CAD 810,000 Goldman Sachs 10/20/16 (3,436)
(Mexican (Canadian International
Dollar) Dollar)
NZD (New 3,943,486 AUD 3,765,000 Goldman Sachs 10/20/16 (21,749)
Zealand (Australian International
Dollar) Dollar)
PLN 2,049,380 EUR (Euro) 460,000 Goldman Sachs 10/20/16 (17,311)
(Polish Zloty) International
PLN 1,886,475 USD 470,165 Goldman Sachs 10/20/16 (13,094)
(Polish Zloty) International
SGD 9,768,761 USD 7,233,619 Goldman Sachs 10/20/16 (51,206)
(Singapore International
Dollar)
TRY 1,967,549 USD 635,000 Goldman Sachs 10/20/16 (10,915)
(Turkish Lira) International
USD 635,000 BRL 2,109,470 Goldman Sachs 10/20/16 (1,071)
(Brazilian International
Real)
Pioneer Solutions Funds | Annual Report | 7/31/16 91
----------------------------------------------------------------------------------------------------------------
In
Currency Currency Exchange Settlement Unrealized
Sold Deliver Purchased for Counterparty Date Depreciation
----------------------------------------------------------------------------------------------------------------
USD 635,000 RUB 41,008,300 Barclays Bank 10/20/16 $ (25,915)
(Russian
Ruble)
USD 635,000 TRY 1,874,773 Goldman Sachs 10/20/16 (19,542)
(Turkish Lira) International
----------------------------------------------------------------------------------------------------------------
Total $ (531,961)
================================================================================================================
6. Assets and Liabilities Offsetting
The Funds have entered into an International Swaps and Derivatives Association,
Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with
substantially all their derivative counterparties. An ISDA Master Agreement is a
bilateral agreement between the Funds and a counterparty that governs the
trading of certain OTC derivatives and typically contains, among other things,
close-out and set-off provisions which apply upon the occurrence of event of a
default and/or termination event as defined under the relevant ISDA Master
Agreement. The ISDA Master Agreement may also give a party the right to
terminate all transactions traded under such agreement if, among other things,
there is deterioration in the credit quality of the other party. Upon an event
of default or a termination of the ISDA Master Agreement, the non-defaulting
party has the right to close out all transactions under such agreement and to
net amounts owed under each transaction to determine one net amount payable by
one party to the other. The right to close out and net payments across all
transactions under the ISDA Master Agreement could result in a reduction of the
Funds' credit risk to their counterparty equal to any amounts payable by the
Funds under the applicable transactions, if any. However, the Funds' right to
setoff may be restricted or prohibited by the bankruptcy or insolvency laws of
the particular jurisdiction to which a specific ISDA counterparty is subject.
The collateral requirements for derivatives transactions under an ISDA Master
Agreement are governed by a credit support annex to the ISDA Master Agreement.
Collateral requirements are generally determined at the close of business each
day and are typically based on changes in market values for each transaction
under an ISDA Master Agreement and netted into one amount for such agreement.
Generally, the amount of collateral due from or to a counterparty is subject to
threshold (a "minimum transfer amount") before a transfer is required, which may
vary by counterparty. Collaterals pledged for the benefit of the Funds and/or
counterparty are held in segregated accounts by the Funds' custodian and cannot
be sold, re-pledged, assigned or otherwise used while pledged. Cash that has
been segregated to cover the Funds' collateral obligations, if any, will be
reported separately in the Statements of Assets and Liabilities as "Restricted
Cash." Securities pledged by the Funds as collateral, if any, are identified as
such in the Schedules of Investments.
92 Pioneer Solutions Funds | Annual Report | 7/31/16
Financial instruments subject to an enforceable master netting agreement such as
an ISDA Master Agreement have been offset on the Statements of Assets and
Liabilities. The following charts show gross assets and liabilities of the Funds
as of July 31, 2016.
Pioneer Solutions - Conservative Fund
--------------------------------------------------------------------------------------------
Derivative
Assets
Subject to Derivatives Non-Cash Cash Net Amount
Master Netting Available Collateral Collateral of Derivative
Counterparty Agreement for Offset Received (a) Received (a) Assets (b)
--------------------------------------------------------------------------------------------
Deutsche Bank $ 11,517 $ -- $ -- $ -- $ 11,517
Goldman Sachs
International 157,527 (157,527) -- -- --
Morgan Stanley
& Co. 2,259 -- -- -- 2,259
--------------------------------------------------------------------------------------------
Total $171,303 $(157,527) $ -- $ -- $ 13,776
============================================================================================
--------------------------------------------------------------------------------------------
Derivative
Liabilities
Subject to Derivatives Non-Cash Cash Net Amount
Master Netting Available Collateral Collateral of Derivative
Counterparty Agreement for Offset Pledged (a) Pledged (a) Liabilities (c)
--------------------------------------------------------------------------------------------
Barclays Bank $ 10,973 $ -- $ -- $ -- $ 10,973
Goldman Sachs
International 315,288 (157,527) -- -- 157,761
--------------------------------------------------------------------------------------------
Total $326,261 $ (157,527) $ -- $ -- $ 168,734
============================================================================================
Pioneer Solutions - Balanced Fund
--------------------------------------------------------------------------------------------
Derivative
Assets
Subject to Derivatives Non-Cash Cash Net Amount
Master Netting Available Collateral Collateral of Derivative
Counterparty Agreement for Offset Received (a) Received (a) Assets (b)
--------------------------------------------------------------------------------------------
Deutsche Bank $ 34,591 $ -- $ -- $ -- $ 34,591
Goldman Sachs
International 418,779 (418,779) -- -- --
Morgan Stanley
& Co. 6,527 -- -- -- 6,527
--------------------------------------------------------------------------------------------
Total $459,897 $(418,779) $ -- $ -- $ 41,118
============================================================================================
--------------------------------------------------------------------------------------------
Derivative
Liabilities
Subject to Derivatives Non-Cash Cash Net Amount
Master Netting Available Collateral Collateral of Derivative
Counterparty Agreement for Offset Pledged (a) Pledged (a) Liabilities (c)
--------------------------------------------------------------------------------------------
Barclays Bank $ 33,554 $ -- $ -- $ -- $ 33,554
Goldman Sachs
International 960,718 (418,779) -- -- 541,939
--------------------------------------------------------------------------------------------
Total $994,272 $(418,779) $ -- $ -- $ 575,493
============================================================================================
Pioneer Solutions Funds | Annual Report | 7/31/16 93
Pioneer Solutions - Growth Fund
--------------------------------------------------------------------------------------------
Derivative
Assets
Subject to Derivatives Non-Cash Cash Net Amount
Master Netting Available Collateral Collateral of Derivative
Counterparty Agreement for Offset Received (a) Received (a) Assets (b)
--------------------------------------------------------------------------------------------
Deutsche Bank $ 63,444 $ -- $ -- $ -- $ 63,444
Goldman Sachs
International 704,087 (704,087) -- -- --
Morgan Stanley
& Co. 11,189 -- -- -- 11,189
--------------------------------------------------------------------------------------------
Total $ 778,720 $ (704,087) $ -- $ -- $ 74,633
============================================================================================
--------------------------------------------------------------------------------------------
Derivative
Liabilities
Subject to Derivatives Non-Cash Cash Net Amount
Master Netting Available Collateral Collateral of Derivative
Counterparty Agreement for Offset Pledged (a) Pledged (a) Liabilities (c)
--------------------------------------------------------------------------------------------
Barclays Bank $ 56,112 $ -- $ -- $ -- $ 56,112
Goldman Sachs
International 1,606,810 (704,087) -- -- 902,723
--------------------------------------------------------------------------------------------
Total $1,662,922 $ (704,087) $ -- $ -- $ 958,835
============================================================================================
(a) The amount presented here may be less than the total amount of collateral
received/pledged as the net amount of derivative assets and liabilities
cannot be less than $0.
(b) Represents the net amount due from the counterparty in the event of default.
(c) Represents the net amount payable to the counterparty in the event of
default.
7. Additional Disclosures about Derivative Instruments and Hedging Activities
The Funds' use of derivatives subjects them to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Funds.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
94 Pioneer Solutions Funds | Annual Report | 7/31/16
The fair value of open derivative instruments (not considered to be hedging
instruments for accounting disclosure purposes) by risk exposure at July 31,
2016 was as follows:
Pioneer Solutions - Conservative Fund
Statement of Assets and Liabilities
-----------------------------------------------------------------------------------------------------
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Risk Risk Risk
-----------------------------------------------------------------------------------------------------
Assets:
Net unrealized appreciation
on futures contracts $ 10,424 $ -- $ -- $ -- $ --
Unrealized appreciation
on inflation swaps 88,738 -- -- -- --
Unrealized appreciation
on centrally cleared
interest rate swaps 12,317 -- -- -- --
Unrealized appreciation
on interest rate swaps 11,517 -- -- -- --
Unrealized appreciation
on forward foreign
currency contracts -- -- 71,048 -- --
-----------------------------------------------------------------------------------------------------
Total Value $ 122,996 $ -- $ 71,048 $ -- $ --
=====================================================================================================
Liabilities:
Net unrealized depreciation
on futures contracts $ -- $ -- $ -- $ (177,485) $ --
Unrealized depreciation
on inflation swaps (220,675) -- -- -- --
Unrealized depreciation
on centrally cleared
interest rate swaps (13,101) -- -- -- --
Written options -- -- -- (420) --
Unrealized depreciation
on forward foreign
currency contracts -- -- (105,586) -- --
-----------------------------------------------------------------------------------------------------
Total Value $ (233,776) $ -- $ (105,586) $ (177,905) $ --
=====================================================================================================
Pioneer Solutions Funds | Annual Report | 7/31/16 95
Pioneer Solutions - Balanced Fund
Statement of Assets and Liabilities
-----------------------------------------------------------------------------------------------------
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Risk Risk Risk
-----------------------------------------------------------------------------------------------------
Assets:
Net unrealized appreciation
on futures contracts $ 15,371 $ -- $ -- $ -- $ --
Unrealized appreciation
on inflation swaps 273,610 -- -- -- --
Unrealized appreciation
on centrally cleared
interest rate swaps 36,692 -- -- -- --
Unrealized appreciation
on interest rate swaps 34,591 -- -- -- --
Unrealized appreciation
on forward foreign
currency contracts -- -- 151,696 -- --
-----------------------------------------------------------------------------------------------------
Total Value $ 360,264 $ -- $ 151,696 $ -- $ --
=====================================================================================================
Liabilities:
Net unrealized depreciation
on futures contracts $ -- $ -- $ -- $ (544,170) $ --
Unrealized depreciation
on inflation swaps (680,415) -- -- -- --
Unrealized depreciation
on centrally cleared
interest rate swaps (39,628) -- -- -- --
Written options -- -- -- (1,540) --
Unrealized depreciation
on forward foreign
currency contracts -- -- (313,857) -- --
-----------------------------------------------------------------------------------------------------
Total Value $ (720,043) $ -- $ (313,857) $ (545,710) $ --
=====================================================================================================
96 Pioneer Solutions Funds | Annual Report | 7/31/16
Pioneer Solutions - Growth Fund
Statement of Assets and Liabilities
-----------------------------------------------------------------------------------------------------
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Risk Risk Risk
-----------------------------------------------------------------------------------------------------
Assets:
Unrealized appreciation
on inflation swaps $ 454,785 $ -- $ -- $ -- $ --
Unrealized appreciation
on centrally cleared
interest rate swaps 61,356 -- -- -- --
Unrealized appreciation
on interest rate swaps 63,444 -- -- -- --
Unrealized appreciation
on forward foreign
currency contracts -- -- 260,491 -- --
-----------------------------------------------------------------------------------------------------
Total Value $ 579,585 $ -- $ 260,491 $ -- $ --
=====================================================================================================
Liabilities:
Net unrealized depreciation
on futures contracts $ (325,474) $ -- $ -- $(1,160,945) $ --
Unrealized depreciation
on inflation swaps (1,130,961) -- -- -- --
Unrealized depreciation
on centrally cleared
interest rate swaps (65,260) -- -- -- --
Written options -- -- -- (78,255) --
Unrealized depreciation
on forward foreign -- -- (531,961) -- --
currency contracts
-----------------------------------------------------------------------------------------------------
Total Value $ (1,521,695) $ -- $(531,961) $(1,239,200) $ --
=====================================================================================================
Pioneer Solutions Funds | Annual Report | 7/31/16 97
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at July 31, 2016 was as follows:
Pioneer Solutions - Conservative Fund
Statement of Operations
-----------------------------------------------------------------------------------------------------
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Risk Risk Risk
-----------------------------------------------------------------------------------------------------
Net realized gain (loss):
Futures contracts $ (50,153) $ -- $ -- $(307,904) $ --
Swap contracts 45,508 (11,747) -- -- --
Written options -- -- -- 58,002 --
Forward foreign
currency contracts* -- -- 125,775 -- --
-----------------------------------------------------------------------------------------------------
Total Value $ (4,645) $ (11,747) $ 125,775 $(249,902) $ --
=====================================================================================================
Change in net
unrealized appreciation
(depreciation) on:
Futures contracts $ 10,424 $ -- $ -- $(184,239) $ --
Swap contracts (108,136) -- -- -- --
Written options -- -- -- (40,039) --
Forward foreign
currency contracts* -- -- (142,501) -- --
-----------------------------------------------------------------------------------------------------
Total Value $ (97,712) $ -- $(142,501) $(224,278) $ --
=====================================================================================================
* Included in the amount shown on the Statement of Operations as forward foreign
currency contracts and other assets and liabilities denominated in foreign
currencies.
Pioneer Solutions - Balanced Fund
Statement of Operations
-----------------------------------------------------------------------------------------------------
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Risk Risk Risk
-----------------------------------------------------------------------------------------------------
Net realized gain (loss):
Futures contracts $(150,705) $ -- $ -- $(1,575,024) $ --
Swap contracts 138,802 (35,222) -- -- --
Written options -- -- -- 175,145 --
Forward foreign
currency contracts* -- -- 388,387 -- --
-----------------------------------------------------------------------------------------------------
Total Value $ (11,903) $ (35,222) $ 388,387 $(1,399,879) $ --
=====================================================================================================
Change in net
unrealized appreciation
(depreciation) on:
Futures contracts $ 15,371 $ -- $ -- $ (569,493) $ --
Swap contracts (335,524) -- -- -- --
Written options -- -- -- (115,566) --
Forward foreign
currency contracts* -- -- (492,334) -- --
-----------------------------------------------------------------------------------------------------
Total Value $(320,153) $ -- $(492,334) $ (685,059) $ --
=====================================================================================================
* Included in the amount shown on the Statement of Operations as forward
foreign currency contracts and other assets and liabilities denominated in
foreign currencies.
98 Pioneer Solutions Funds | Annual Report | 7/31/16
Pioneer Solutions - Growth Fund
Statement of Operations
----------------------------------------------------------------------------------------------------
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Risk Risk Risk
----------------------------------------------------------------------------------------------------
Net realized gain (loss):
Futures contracts $ (251,383) $ -- $ -- $ (3,210,536) $ --
Swap contracts 224,210 (60,356) -- -- --
Written options -- -- -- (207,817) --
Forward foreign
currency contracts* -- -- 718,208 -- --
----------------------------------------------------------------------------------------------------
Total Value $ (27,173) $ (60,356) $ 718,208 $ (3,418,353) $ --
====================================================================================================
Change in net
unrealized appreciation
(depreciation) on:
Futures contracts $ (325,474) $ -- $ -- $ (1,198,222) $ --
Swap contracts (551,290) -- -- -- --
Written options -- -- -- (166,654) --
Forward foreign
currency contracts* -- -- (678,009) -- --
----------------------------------------------------------------------------------------------------
Total Value $ (876,764) $ -- $ (678,009) $ (1,364,876) $ --
====================================================================================================
* Included in the amount shown on the Statement of Operations as forward
foreign currency contracts and other assets and liabilities denominated in
foreign currencies.
8. Transactions in Underlying Funds
An affiliated fund may be considered one in which a 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
funds:
Pioneer Solutions - Conservative Fund
----------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) Shares Shares Shares Shares
----------------------------------------------------------------------------------------------------
Pioneer Bond Fund Class K 1,560,222 276,849 (147,304) 1,689,767
Pioneer Dynamic Credit Fund Class Y 294,843 -- (5,661) 289,182
Pioneer Equity Income Fund Class K 82,949 -- (5,925) 77,024
Pioneer Floating Rate Fund Class K 102,850 -- -- 102,850
Pioneer Fundamental Growth Fund
Class K 73,616 -- (8,783) 64,833
Pioneer Global Equity Fund Class K 216,867 -- (51,485) 165,382
Pioneer Global High Yield Fund Class Y 231,466 -- (207,507) 23,959
Pioneer Global Multisector Income Fund
Class Y 132,059 -- (23,463) 108,596
Pioneer High Yield Fund Class Y 212,438 -- (176,043) 36,395
Pioneer International Equity Fund Class Y 161,225 -- (61,195) 100,030
Pioneer Long/Short Bond Fund Class Y 192,660 -- (175,514) 17,146
Pioneer Opportunistic Long/Short Credit
Fund Class Y 194,009 -- (176,493) 17,516
Pioneer Real Estate Shares Class Y 46,862 -- (4,678) 42,184
Pioneer Short Term Income Fund Class K 234,920 -- (24,957) 209,963
Pioneer Strategic Income Fund Class K 627,199 292,211 (41,261) 878,149
Pioneer Solutions Funds | Annual Report | 7/31/16 99
-----------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) Gain (Loss) Distributions Income Value
-----------------------------------------------------------------------------------------------
Pioneer Bond Fund Class K $ (36,480) $ 31,614 $ 480,668 $16,644,205
Pioneer Dynamic Credit Fund Class Y (4,368) -- 152,191 2,706,744
Pioneer Equity Income Fund Class K (948) 214,324 60,851 2,646,545
Pioneer Floating Rate Fund Class K -- -- 26,018 694,238
Pioneer Fundamental Growth Fund
Class K 1,461 57,391 9,172 1,277,858
Pioneer Global Equity Fund Class K (10,996) -- 26,591 2,237,618
Pioneer Global High Yield Fund Class Y 65,204 -- 96,317 201,977
Pioneer Global Multisector Income Fund
Class Y (21,105) -- 50,012 1,164,146
Pioneer High Yield Fund Class Y 7,572 13,915 89,721 339,566
Pioneer International Equity Fund Class Y 46,857 -- 53,993 1,988,603
Pioneer Long/Short Bond Fund Class Y (147,322) -- 30,042 157,229
Pioneer Opportunistic Long/Short Credit
Fund Class Y (182,165) -- 45,805 155,892
Pioneer Real Estate Shares Class Y (8,045) 157,425 37,590 1,281,564
Pioneer Short Term Income Fund Class K (1,747) -- 41,371 2,009,346
Pioneer Strategic Income Fund Class K
(30,635) -- 268,626 9,404,976
---------- -------- ---------- -----------
$ (322,717) $474,669 $1,468,968 $42,910,507
========== ======== ========== ===========
Pioneer Solutions - Balanced Fund
------------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) Shares Shares Shares Shares
------------------------------------------------------------------------------------------------------
Pioneer Bond Fund Class K 2,343,453 -- (462,442) 1,881,011
Pioneer Core Equity Fund Class Y 495,230 -- (32,899) 462,331
Pioneer Dynamic Credit Fund Class Y 793,446 -- (170,034) 623,412
Pioneer Fund Class Y 118,167 -- (6,490) 111,677
Pioneer Fundamental Growth Fund
Class K 587,332 -- (123,005) 464,327
Pioneer Global Equity Fund Class K 1,232,776 -- (32,699) 1,200,077
Pioneer Global High Yield Fund
Class Y 642,422 -- (285,717) 356,705
Pioneer Global Multisector Income
Fund Class Y 399,143 -- (61,762) 337,381
Pioneer High Yield Fund Class Y 435,573 -- (435,572) 1
Pioneer International Equity Fund Class Y 1,224,139 -- (19,300) 1,204,839
Pioneer Long/Short Bond Fund Class Y 601,957 -- (465,643) 136,314
Pioneer Mid Cap Value Fund Class K 91,368 -- (16,122) 75,246
Pioneer Opportunistic Long/Short
Credit Fund Class Y 606,171 -- (466,141) 140,030
Pioneer Real Estate Shares Class Y 149,770 -- -- 149,770
Pioneer Select Mid Cap Growth Fund
Class K 106,687 -- (23,822) 82,865
Pioneer Strategic Income Fund Class K 812,196 371,132 (214,878) 968,450
100 Pioneer Solutions Funds | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) Gain (Loss) Distributions Income Value
----------------------------------------------------------------------------------------------------------
Pioneer Bond Fund Class K $ (126,525) $ 47,774 $ 657,143 $ 18,527,958
Pioneer Core Equity Fund Class Y (31,254) -- 89,488 8,100,039
Pioneer Dynamic Credit Fund Class Y (148,498) -- 389,546 5,835,139
Pioneer Fund Class Y (22,185) 508,871 46,341 3,802,599
Pioneer Fundamental Growth Fund
Class K (11,752) 449,028 71,766 9,151,885
Pioneer Global Equity Fund Class K (20,273) -- 174,011 16,237,042
Pioneer Global High Yield Fund Class Y (375,846) -- 272,542 3,007,023
Pioneer Global Multisector Income
Fund Class Y (64,887) -- 151,785 3,616,724
Pioneer High Yield Fund Class Y 384,466 28,530 201,975 6
Pioneer International Equity Fund Class Y (25,253) -- 506,635 23,952,206
Pioneer Long/Short Bond Fund Class Y (406,356) -- 95,942 1,249,999
Pioneer Mid Cap Value Fund Class K (25,634) 169,973 13,860 1,825,468
Pioneer Opportunistic Long/Short
Credit Fund Class Y (494,137) -- 143,117 1,246,267
Pioneer Real Estate Shares Class Y -- 503,121 122,377 4,549,998
Pioneer Select Mid Cap Growth Fund
Class K (102,196) 327,369 -- 3,003,856
Pioneer Strategic Income Fund
Class K (118,294) -- 299,333 10,372,100
------------ ---------- ---------- ------------
$ (1,588,624) $2,034,666 $3,235,861 $114,478,309
============ ========== ========== ============
Pioneer Solutions - Growth Fund
----------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) Shares Shares Shares Shares
----------------------------------------------------------------------------------------------------
Pioneer Bond Fund Class K 2,934,921 -- (684,648) 2,250,273
Pioneer Core Equity Fund Class Y 1,247,982 -- -- 1,247,982
Pioneer Fund Class Y 438,752 47,209 -- 485,961
Pioneer Fundamental Growth Fund
Class K 1,392,255 -- (212,372) 1,179,883
Pioneer Global Equity Fund Class K 2,749,899 -- (239,418) 2,510,481
Pioneer Global Multisector Income
Fund Class Y 405,895 -- (97,289) 308,606
Pioneer International Equity Fund Class Y 2,379,736 -- (43,100) 2,336,636
Pioneer Long/Short Bond Fund Class Y 1,027,637 -- (934,180) 93,457
Pioneer Mid Cap Value Fund Class K 569,372 -- (9,902) 559,470
Pioneer Opportunistic Long/Short
Credit Fund Class Y 1,034,831 -- (939,717) 95,114
Pioneer Real Estate Shares Class Y 378,259 -- (15,088) 363,171
Pioneer Select Mid Cap Growth Fund
Class K 234,082 -- -- 234,082
Pioneer Strategic Income Fund Class K 1,144,336 -- (832,465) 311,871
Pioneer Solutions Funds | Annual Report | 7/31/16 101
-----------------------------------------------------------------------------------------------------
Realized Capital Gain Dividend Ending
Underlying Funds (Affiliated) Gain (Loss) Distributions Income Value
-----------------------------------------------------------------------------------------------------
Pioneer Bond Fund Class K $ (171,850) $ 61,927 $ 824,924 $ 22,165,189
Pioneer Core Equity Fund Class Y -- -- 225,510 21,864,640
Pioneer Fund Class Y -- 2,108,680 190,802 16,546,959
Pioneer Fundamental Growth Fund
Class K 170,583 919,837 147,013 23,255,494
Pioneer Global Equity Fund Class K (217,507) -- 389,385 33,966,808
Pioneer Global Multisector Income
Fund Class Y (80,720) -- 153,294 3,308,256
Pioneer International Equity Fund
Class Y (11,822) -- 990,726 46,452,332
Pioneer Long/Short Bond Fund
Class Y (795,644) -- 160,294 857,001
Pioneer Mid Cap Value Fund
Class K (22,676) 1,263,787 103,054 13,572,742
Pioneer Opportunistic Long/Short
Credit Fund Class Y (976,273) -- 244,324 846,515
Pioneer Real Estate Shares Class Y 160,943 1,270,685 301,833 11,033,130
Pioneer Select Mid Cap Growth Fund
Class K -- 718,280 -- 8,485,472
Pioneer Strategic Income Fund
Class K (450,525) -- 339,543 3,340,138
------------ ---------- ---------- ------------
$ (2,395,491) $6,343,196 $4,070,702 $205,694,676
============ ========== ========== =============
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.
102 Pioneer Solutions Funds | Annual Report | 7/31/16
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 fiscal period, the pro forma results of operations for the year
ended July 31, 2015 were 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 | 7/31/16 103
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Asset Allocation Trust and Shareowners of
Pioneer Solutions - Conservative Fund, Pioneer Solutions - Growth Fund, and
Pioneer Solutions - Balanced Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statements of assets and liabilities, including
the schedules of investments, of Pioneer Solutions - Conservative Fund, Pioneer
Solutions - Growth Fund, and Pioneer Solutions - Balanced Fund (the "Funds")
(each a fund constituting Pioneer Asset Allocation Trust), as of July 31, 2016,
and the related statements of operations for the year then ended, the statements
of changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the three 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, and 2012, 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, 2016, by correspondence with the custodian
and brokers; where replies were not received from brokers, we performed other
auditing procedures. We believe that our audits provide a reasonable basis for
our opinion.
104 Pioneer Solutions Funds | Annual Report | 7/31/16
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, 2016, the results of their operations for the year
then ended, the changes in their net assets for each of the two years in the
period then ended, and the financial highlights for each of the three 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 28, 2016
Pioneer Solutions Funds | Annual Report | 7/31/16 105
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
Boston Financial Data 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 45 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.
106 Pioneer Solutions Funds | Annual Report | 7/31/16
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 (66) Trustee since 2006. Serves Private investor (2004 - 2008 and 2013 - Director, Broadridge
Chairman of the Board until a successor trustee present); Chairman (2008 - 2013) and Chief Financial Solutions, Inc.
and Trustee is elected or earlier Executive Officer (2008 - 2012), Quadriserv, (investor communications
retirement or removal. Inc. (technology products for securities and securities processing
lending industry); and Senior Executive provider for financial
Vice President, The Bank of New York services industry) (2009
(financial and securities services) (1986 - - present); Director,
2004) Quadriserv, Inc. (2005 -
2013); and Commissioner,
New Jersey State Civil
Service Commission (2011
- present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (72) Trustee since 2005. Serves Managing Partner, Federal City Capital Director of New York
Trustee until a successor trustee Advisors (corporate advisory services Mortgage Trust
is elected or earlier company) (1997 - 2004 and 2008 - present); (publicly-traded mortgage
retirement or removal. Interim Chief Executive Officer, Oxford REIT) (2004 - 2009, 2012
Analytica, Inc. (privately-held research - present); Director of
and consulting company) (2010); Executive The Swiss Helvetia Fund,
Vice President and Chief Financial Officer, Inc. (closed-end fund)
I-trax, Inc. (publicly traded health care (2010 - present);
services company) (2004 - 2007); and Director of Oxford
Executive Vice President and Chief Analytica, Inc. (2008 -
Financial Officer, Pedestal Inc. present); and Director of
(internet-based mortgage trading company) Enterprise Community
(2000 - 2002); Private consultant (1995 - Investment, Inc.
1997), Managing Director, Lehman Brothers (privately-held
(investment banking firm) (1992 - 1995); affordable housing finance
and Executive, The World Bank (1979 - 1992) company) (1985 - 2010)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (71) Trustee since 2008. Serves William Joseph Maier Professor of Political Trustee, Mellon
Trustee until a successor trustee Economy, Harvard University (1972 - Institutional Funds
is elected or earlier present) Investment Trust and
retirement or removal. Mellon Institutional
Funds Master Portfolio
(oversaw 17 portfolios in
fund complex) (1989 -
2008)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Solutions Funds | Annual Report | 7/31/16 107
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (69) Trustee since 2004. Serves Founding Director, Vice President and None
Trustee until a successor trustee Corporate Secretary, The Winthrop Group,
is elected or earlier Inc. (consulting firm) (1982 - present);
retirement or removal. Desautels Faculty of Management, McGill
University (1999 - present); and Manager of
Research Operations and Organizational
Learning, Xerox PARC, Xerox's advance
research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (68) Trustee since 2004. Serves President and Chief Executive Officer, Director of New America
Trustee until a successor trustee Newbury Piret Company (investment banking High Income Fund, Inc.
is elected or earlier firm) (1981 - present) (closed-end investment
retirement or removal. company) (2004 -
present); and Member,
Board of Governors,
Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (69) Trustee since 2014. Serves Consultant (investment company services) None
Trustee until a successor trustee (2012 - present); Executive Vice President,
is elected or earlier BNY Mellon (financial and investment company
retirement or removal. services) (1969 - 2012); Director, BNY
International Financing Corp. (financial
services) (2002 - 2012); and Director,
Mellon Overseas Investment Corp. (financial
services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
108 Pioneer Solutions Funds | Annual Report | 7/31/16
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 (58)* Trustee since 2014. Serves Director and Executive Vice President (since None
Trustee until a successor trustee 2008) and Chief Investment Officer, U.S.
is elected or earlier (since 2010) of PIM-USA; Executive Vice
retirement or removal. President of Pioneer (since 2008); Executive
Vice President of Pioneer Institutional
Asset Management, Inc. (since 2009); and
Portfolio Manager of 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 | 7/31/16 109
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 (60)** Advisory Trustee since 2014. Chief Investment Officer, 1199 SEIU Funds Trustee of Pioneer
Advisory Trustee (healthcare workers union pension funds) closed-end investment
(2001 - present); Vice President - investment companies (5
International Investments Group, American portfolios) (Sept. 2015 -
International Group, Inc. (insurance present)
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.
110 Pioneer Solutions Funds | Annual Report | 7/31/16
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 (54) Since 2014. Serves at the Chair, Director, CEO and President of Trustee of Pioneer
President and discretion of the Board. Pioneer Investment Management-USA (since closed-end investment
Chief Executive Officer September 2014); Chair, Director, CEO and companies (5 portfolios)
President of Pioneer Investment Management, (Sept. 2015 - present)
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 (51) Since 2004. Serves at the Vice President and Associate General Counsel None
Secretary and discretion of the Board. of Pioneer since January 2008; Secretary and
Chief Legal Officer Chief Legal Officer of all of the Pioneer
Funds since June 2010; Assistant Secretary
of all of the Pioneer Funds from September
2003 to May 2010; and Vice President and
Senior Counsel of Pioneer from July 2002 to
December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (55) Since 2010. Serves at the Fund Governance Director of Pioneer since None
Assistant Secretary discretion of the Board. December 2006 and Assistant Secretary of all
the Pioneer Funds since 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 (53) Since 2010. Serves at the Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary discretion of the Board. Assistant Secretary of all the Pioneer Funds
since June 2010; and Counsel of Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (56) Since 2008. Serves at the Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief discretion of the Board. Treasurer of all of the Pioneer Funds since
Financial March 2008; Deputy Treasurer of Pioneer from
and Accounting Officer March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Solutions Funds | Annual Report | 7/31/16 111
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 (51) Since 2004. Serves at the Director - Fund Treasury of Pioneer; and None
Assistant Treasurer discretion of the Board. Assistant Treasurer of all of the Pioneer
Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (58) Since 2004. Serves at the Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer discretion of the Board. Pioneer; and Assistant Treasurer of all of
the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (36) Since 2009. Serves at the Fund Administration Manager - Fund Treasury None
Assistant Treasurer discretion of the Board. of Pioneer since November 2008; Assistant
Treasurer of all of the 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 (63) Since 2010. Serves at the Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer discretion of the Board. all the Pioneer Funds since March 2010;
Chief Compliance 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 (45) Since 2006. Serves at the Director - Transfer Agency Compliance of None
Anti-Money Laundering discretion of the Board. Pioneer and Anti-Money Laundering Officer of
Officer all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
112 Pioneer Solutions Funds | Annual Report | 7/31/16
This page for your notes.
Pioneer Solutions Funds | Annual Report | 7/31/16 113
This page for your notes.
114 Pioneer Solutions Funds | Annual Report | 7/31/16
This page for your notes.
Pioneer Solutions Funds | Annual Report | 7/31/16 115
This page for your notes.
116 Pioneer Solutions Funds | Annual Report | 7/31/16
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:
--------------------------------------------------------------------------------
Pioneer Funds
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) 2016 Pioneer Investments 19417-10-0916
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 $106,661
payable to Deloitte & Touche LLP for the year ended
July 31, 2016 and $62,247 for the year ended July 31, 2015.
(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 audit-related services in 2016 or 2015.
(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 $16,884
payable to Deloitte & Touche LLP for the year ended
July 31, 2016 and $16,800 for the year ended July 31, 2015.
(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 audit-related services in 2016 or 2015.
(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
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AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
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o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
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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.
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(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 2016 and 2015, 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 $16,884
payable to Deloitte & Touche LLP for the year ended
July 31, 2016 and $16,800 for the year ended July 31, 2015.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of 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, 2016
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, 2016
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date September 29, 2016
* Print the name and title of each signing officer under his or her signature.