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, Amundi Pioneer Asset 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, 2018 through January 31, 2019
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 --
Balanced Fund
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Semiannual Report | January 31, 2019
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Ticker Symbols:
Class A PIALX
Class C PIDCX
Class R BALRX
Class Y IMOYX
Beginning in March 2021, as permitted by regulations adopted by the Securities
and Exchange Commission, paper copies of the Fund's shareholder reports like
this one will no longer be sent by mail, unless you specifically request paper
copies of the reports from the Fund or from your financial intermediary, such
as a broker-dealer, bank or insurance company. Instead, the reports will be
made available on the Fund's website, and you will be notified by mail each
time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will
not be affected by this change and you need not take any action. You may elect
to receive shareholder reports and other communications electronically by
contacting your financial intermediary or, if you invest directly with the
Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you
invest directly with the Fund, you can inform the Fund that you wish to
continue receiving paper copies of your shareholder reports by calling
1-800-225-6292. If you invest through a financial intermediary, you can contact
your financial intermediary to request that you continue to receive paper
copies of your shareholder reports. Your election to receive reports in paper
will apply to all funds held in your account if you invest through your
financial intermediary or all funds held with the Pioneer Fund complex if you
invest directly.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 20
Schedule of Investments 22
Financial Statements 24
Notes to Financial Statements 32
Approval of Investment Management Agreement 42
Trustees, Officers and Service Providers 48
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 1
President's Letter
Since 1928, active portfolio management based on in-depth, fundamental
research, has been the foundation of Amundi Pioneer's investment approach. We
believe an active management investment strategy is a prudent approach to
investing, especially during periods of market volatility, which can result
from any number of risk factors, including slow U.S. economic growth, rising
interest rates, and geopolitical factors. Of course, in today's global economy,
risk factors extend well beyond U.S. borders, and political and economic issues
on the international front can also cause or contribute to volatility in U.S.
markets.
At Amundi Pioneer, each security under consideration is researched by our team
of experienced investment professionals, who visit companies and meet with
their management teams. At the end of this research process, if we have
conviction in a company's business model and management team, and regard the
security as a potentially solid investment opportunity, an Amundi Pioneer
portfolio manager makes an active decision to invest in that security. The
portfolio resulting from these decisions represents an expression of his or her
convictions, and strives to balance overall risk and return opportunity. As an
example, the Standard & Poor's 500 Index -- the predominant benchmark for many
U.S. Large-Cap Core Equity funds -- has 500 stocks. An Amundi Pioneer portfolio
manager chooses to invest in only those companies that he or she believes can
offer the most attractive opportunities to pursue the fund's investment
objective, thus potentially benefiting the fund's shareowners. This process
results in a portfolio that does not own all 500 stocks, but a much narrower
universe. The same active decision to invest in a company is also applied when
we decide to sell a security, either due to changing fundamentals, valuation
concerns, or market risks. We apply this active decision-making across all of
our equity, fixed-income, and global portfolios.
Today, as investors, we have many options. It is our view that active
management can serve shareholders well not only when markets are thriving, but
also during periods of market volatility and uncertainty, thus making it a
compelling investment choice. As you consider the many choices today, 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.
2 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
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
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
January 31, 2019
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 3
Portfolio Management Discussion | 1/31/19
In the following interview, portfolio managers Kenneth Taubes and Marco
Pirondini discuss the market environment over the six-month period ended
January 31, 2019, and the investment strategies applied to Pioneer Solutions --
Balanced Fund during the period. Mr. Taubes, Executive Vice President, Chief
Investment Officer, U.S., and a portfolio manager at Amundi Pioneer Asset
Management, Inc. ("Amundi Pioneer"), and Mr. Pirondini, Senior Managing
Director, Head of Equities, U.S., and a portfolio manager at Amundi Pioneer,
are responsible for the day-to-day management of the Fund.
Q How did the Fund perform over the six-month period ended January 31, 2019?
A The Fund's Class A shares returned -4.64% at net asset value during the
six-month period ended January 31, 2019, while the Fund's blended
benchmark, which is comprised of 60% Morgan Stanley Capital International
(MSCI) World ND Index/40% Bloomberg Barclays U.S. Aggregate Bond Index,
returned -1.77%. During the same period, the Fund's market benchmarks, the
MSCI World ND Index1 and the Bloomberg Barclays U.S. Aggregate Bond Index,
returned -5.00% and 2.71%, respectively, while the average return of the
495 mutual funds in Morningstar's World Allocation Funds category was
-3.31%.
Q Could you characterize the economic and market backdrop during the
six-month period ended January 31, 2019?
A Entering the period, robust economic data and corporate earnings results
boosted investor sentiment for riskier assets, outweighing concerns over
trade disputes between the U.S. and its major trade partners, particularly
China. In addition, the markets continued to focus heavily on economic
growth and inflation indicators in an effort to anticipate future U.S.
Federal Reserve (Fed) monetary policy. Expectations in mid-2018 were for
the Fed to increase interest rates two more times before the end of
December,
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 -- Balanced Fund | Semiannual Report | 1/31/19
bringing the total number of rate hikes in 2018 to four -- a scenario that
eventually played out as anticipated. Treasury yields rose in advance of
the Fed's late-September meeting, at which the upper band for the
benchmark federal funds overnight lending rate was raised from 2.00% to
2.25%. Meanwhile, equity markets continued to grind higher and
credit-oriented segments of the bond market performed well through
September of 2018.
Conditions reversed in the fourth quarter of 2018, however, which proved
to be one of the most challenging periods for investors since the end of
the financial crisis in the spring of 2009. A number of issues converged
to produce exceptionally poor returns for riskier assets heading into the
end of 2018, including escalating trade tensions and their potential
negative effects on economic growth and corporate profit margins; an
inverted yield curve, which raised fears of recession; concern that the
Fed would "overshoot" and tighten monetary policy too much, given yet
another rate increase in December; and the increasing likelihood of a U.S.
government shutdown.
Despite a multi-week government shutdown becoming a reality towards the
end of the six-month period, investor sentiment rebounded in January after
December's rout in both the credit and equity markets, as Fed Chairman
Powell indicated that interest-rate policy was not on a fixed course. That
led market participants to conclude that the Fed would be more "data
dependent" with regard to future action on rates. The view was further
supported by the Fed's statement at the end of January that it was
prepared to be patient, given "muted inflation pressures." In addition,
positive employment and manufacturing data helped boost the markets'
appetites for riskier assets as the period drew to a close.
The fourth-quarter slump had a significant influence on overall equity
returns, however, as almost all major stock market indices finished the
six-month period in negative territory. Global equities, in aggregate,
were down by 5% as measured by the MSCI World Index, while U.S. equities,
as measured by the Standard & Poor's 500 Index, declined by 3%.
Fixed-income investments fared better over the six-month period. For
example, the Bloomberg Barclays U.S. Aggregate Bond Index registered a
positive return of 2.71%.
Q What were the considerations and tactical shifts that were applied to the
Fund in allocating assets during the six-month period ended January 31,
2019, and how did your investment decisions affect benchmark-relative
performance?
A Over the six-month period, we maintained a relatively constructive stance
with respect to the state of the global economy, and so we made very few
changes to the Fund's underlying asset allocations.
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 5
With regard to benchmark-relative performance, the Fund's overweight risk
posture, with roughly 60% of the total investment portfolio held in
equity-related investments, detracted from relative returns when the
market severely corrected during the fourth quarter of 2018. Positioning
within equities also detracted from the Fund's benchmark-relative results.
Specifically, a geographic preference for Europe and the emerging markets
pressured relative returns in December 2018. In addition, our investments
in underlying funds with a focus on companies in the capital goods segment
of the industrials sector proved ill-timed and detracted from
benchmark-relative performance, as investors became increasingly concerned
about slowing economic growth and the possibility of recession.
On the fixed-income side, our selection of underlying funds produced
positive benchmark-relative results for the Fund; however, given that
fixed-income securities solidly outperformed equities during the six-month
period, our decision to underweight the portfolio to fixed-income-related
investments more than negated the positive contributions of security
selection.
Q Did the Fund invest in any derivative securities during the six-month
period ended January 31, 2019? If so, did the derivatives have an effect
on the Fund's benchmark-relative performance?
A While the Fund is still permitted to invest in derivatives, we did not
employ the use of derivatives during the six-month period.
Q What factors are you watching most closely as you determine strategy for
the Fund as we moved deeper into 2019?
A Our assessment of the macroeconomic picture supports anticipation of
further economic expansion. Consequently, we expect to maintain a relative
preference for stocks over bonds in the Fund's portfolio. Bond yields,
overall, remain unattractive in our view, as investors in U.S. Treasuries
are not being adequately compensated for assuming term risk. Real Treasury
yields (inflation-adjusted yields) are either negative or too close to
zero for comfort, and current yield spreads on corporate bonds also fail
to appropriately compensate investors for underwriting risk. (Credit, or
yield spreads, are commonly defined as the differences in yield between
Treasuries and other types of fixed-income securities with similar
maturities.)
6 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
While labor costs are on the rise, we remain convinced that Corporate
America has not lost control of the measure that matters the most:
unit-labor costs. In fact, after adjusting for inflation and increased
productivity, unit-labor costs appear to be essentially moving sideways.
As a result, we think corporate profit margins may hold up.
The principal risk to this scenario revolves around any failure in
reaching an amicable agreement on trade, particularly between the U.S. and
China, as the lack of an accord would further compress economic growth and
possibly increase significantly the chances of a recession. Should an
agreement not come about, the countries that rely more heavily upon net
exports - such as Germany, South Korea, and Japan - would suffer the most,
while valuations of stocks and lower-grade corporate bonds would also be
damaged.
A less-exuberant U.S. economy and the problematic state of the economies
in other developed countries appear to be motivating the Fed to adopt a
more cautious tone with regard to interest-rate increases. While markets
understandably rejoiced at the Fed's shifting signals in January, the
"relief rally" that followed should be viewed with a certain degree of
caution, in our opinion. In fact, should the ongoing trade disputes reach
a favorable conclusion and the U.S. economy prove stronger than expected,
it wouldn't take long for the market consensus to revert back to
expectations of more Fed rate hikes between now and the end of 2019.
With that said, the rebound in economic data we witnessed over the course
of January has not been matched by accompanying weakness in fixed-income
securities, and so we shall continue to monitor closely the apparent
disagreement in viewpoints between the equity and bond markets.
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 7
Please refer to the Schedule of Investments on pages 22-23 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.
The Fund is a "fund-of-funds" which seeks to achieve its investment objectives
by investing primarily in funds managed by Amundi Pioneer or one of its
affiliates, rather than direct position in securities. The Fund's performance
depends 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 Fund's
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 Fund's 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 held by underlying funds will generally rise.
Investments in the Fund 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.
Some of the underlying funds may invest in real estate investment trust (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 Fund 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.
8 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
The Fund 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 Fund 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.
Some of the underlying funds employ leverage, which increases the volatility of
investment returns and subjects the Fund to magnified losses if an underlying
fund's investments decline in value. 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 Fund 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 Fund holds cash
uninvested, the Fund will not earn income on the cash and the Fund's yield will
go down. These risks may increase share price volatility.
There is no assurance that these and other strategies used by the Fund will be
successful. Please see the prospectus for a more complete discussion of the
Fund's risks.
Before making an investment in any fund, you should consider all the risks
associated with it.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc.,
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 the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 9
Portfolio Summary | 1/31/19
Asset Allocations
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Balanced/Flexible 44.1%
International Equities 21.8%
Fixed Income 21.4%
U.S. Equities 12.7%
Actual Portfolio Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)*
Balanced/Flexible
--------------------------------------------------------------------------------
Pioneer Multi-Asset Income Fund Class K 28.07%
--------------------------------------------------------------------------------
Pioneer Flexible Opportunities Fund Class K 15.99
--------------------------------------------------------------------------------
International Equities
--------------------------------------------------------------------------------
Pioneer International Equity Fund Class Y 11.47%
--------------------------------------------------------------------------------
Pioneer Global Equity Fund Class K 10.36
--------------------------------------------------------------------------------
Fixed Income
--------------------------------------------------------------------------------
Pioneer Strategic Income Fund Class K 7.60%
--------------------------------------------------------------------------------
Pioneer Bond Fund Class K 5.38
--------------------------------------------------------------------------------
Pioneer Multi-Asset Ultrashort Income Fund
Class K 4.48
--------------------------------------------------------------------------------
Pioneer ILS Interval Fund 3.00
--------------------------------------------------------------------------------
Pioneer Dynamic Credit Fund Class Y 1.00
--------------------------------------------------------------------------------
U.S. Equities
--------------------------------------------------------------------------------
Pioneer Core Equity Fund Class K 6.74%
--------------------------------------------------------------------------------
Pioneer Equity Income Fund Class K 3.34
--------------------------------------------------------------------------------
Pioneer Fund Class Y 2.57
--------------------------------------------------------------------------------
Annual and semiannual reports for the underlying Pioneer funds may be obtained
on the funds' web page(s) at amundipioneer.com.
* Excludes temporary cash investments and all derivative contracts except
for options purchased. The Fund is actively managed, and current holdings
may be different. The holdings listed should not be considered
recommendations to buy or sell any securities listed.
10 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
Prices and Distributions | 1/31/19
Net Asset Value per Share
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--------------------------------------------------------------------------------
Class 1/31/19 7/31/18
--------------------------------------------------------------------------------
A $10.91 $12.12
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C $10.02 $11.12
--------------------------------------------------------------------------------
R $10.83 $12.04
--------------------------------------------------------------------------------
Y $11.06 $12.29
--------------------------------------------------------------------------------
Distributions per Share: 8/1/18-1/31/19
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.3401 $ -- $0.2737
--------------------------------------------------------------------------------
C $0.2436 $ -- $0.2737
--------------------------------------------------------------------------------
R $0.3249 $ -- $0.2737
--------------------------------------------------------------------------------
Y $0.3577 $ -- $0.2737
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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
Bloomberg Barclays U.S. 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 12-19.
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 11
Performance Update | 1/31/19 Class A Shares
Investment Returns
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The mountain chart below 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 Bloomberg Barclays U.S. Aggregate Bond Index, and the Fund's blended
benchmark.
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
60% MSCI
World ND
Index and
40% BBG
Barclays U.S.
Aggregate
Pioneer Bloomberg Bond Index
Solutions - Barclays U.S. (Current
Balanced Aggregate MSCI World Blended
Fund Bond Index ND Index Benchmark)
1/09 $ 9,425 $10,000 $10,000 $10,000
1/10 $12,438 $10,851 $13,658 $12,521
1/11 $14,360 $11,400 $16,283 $14,262
1/12 $14,439 $12,387 $15,795 $14,536
1/13 $15,828 $12,707 $18,308 $16,085
1/14 $17,461 $12,723 $21,251 $17,621
1/15 $18,374 $13,565 $22,738 $18,838
1/16 $17,542 $13,543 $21,583 $18,299
1/17 $18,830 $13,740 $25,276 $20,254
1/18 $21,325 $14,035 $31,804 $23,465
1/19 $19,749 $14,351 $29,723 $22,793
Average Annual Total Returns
(As of January 31, 2019)
-----------------------------------------------------------------------------------------------
Blended Benchmark
Public Bloomberg (60% MSCI World ND
Net Asset Offering Barclays Index/40% Bloomberg
Value Price U.S. Aggregate MSCI World Barclays U.S. Aggregate
Period (NAV) (POP) Bond Index ND Index Bond Index)
-----------------------------------------------------------------------------------------------
10 years 7.68% 7.04% 3.68% 11.51% 8.59%
5 years 2.49 1.29 2.44 6.94 5.28
1 year -7.39 -12.72 2.25 -6.54 -2.87
-----------------------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2018)
------------------------------------------
Gross
------------------------------------------
1.24%
------------------------------------------
Call 1-800-225-6292 or visit www.amundipioneer.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. POP
returns reflect deduction of the maximum 5.75% sales charge. NAV returns would
have been lower had sales charges been reflected. All results are historical
and assume the reinvestment of dividends and capital gains. Other share classes
are available for which performance and expenses will differ.
(Please see the following page for additional performance and expense
disclosure)
12 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
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 a more current expense ratio. 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, Amundi 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 -- Balanced Fund | Semiannual Report | 1/31/19 13
Performance Update | 1/31/19 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart below 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 Bloomberg Barclays
U.S. Aggregate Bond Index, and the Fund's blended benchmark.
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
60% MSCI
World ND
Index and
40% BBG
Barclays U.S.
Aggregate
Pioneer Bloomberg Bond Index
Solutions - Barclays U.S. (Current
Balanced Aggregate MSCI World Blended
Fund Bond Index ND Index Benchmark)
1/09 $10,000 $10,000 $10,000 $10,000
1/10 $13,098 $10,851 $13,658 $12,521
1/11 $15,013 $11,400 $16,283 $14,262
1/12 $14,983 $12,387 $15,795 $14,536
1/13 $16,307 $12,707 $18,308 $16,085
1/14 $17,878 $12,723 $21,251 $17,621
1/15 $18,678 $13,565 $22,738 $18,838
1/16 $17,714 $13,543 $21,583 $18,299
1/17 $18,890 $13,740 $25,276 $20,254
1/18 $21,211 $14,035 $31,804 $23,465
1/19 $19,522 $14,351 $29,723 $22,793
Average Annual Total Returns
(As of January 31, 2019)
--------------------------------------------------------------------------------------------
Blended Benchmark
Bloomberg (60% MSCI World ND
Barclays Index/40% Bloomberg
If If U.S. Aggregate MSCI World Barclays U.S. Aggregate
Period Held Redeemed Bond Index ND Index Bond Index)
--------------------------------------------------------------------------------------------
10 years 6.92% 6.92% 3.68% 11.51% 8.59%
5 years 1.77 1.77 2.44 6.94 5.28
1 year -7.97 -7.97 2.25 -6.54 -2.87
--------------------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2018)
--------------------------------------------
Gross
--------------------------------------------
1.94%
--------------------------------------------
Call 1-800-225-6292 or visit www.amundipioneer.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. NAV returns would have been lower had sales charges
been reflected. All results are historical and assume the reinvestment of
dividends and capital gains. Other share classes are available for which
performance and expenses will differ.
(Please see the following page for additional performance and expense
disclosure)
14 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
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 a more current expense ratio. 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, Amundi 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 -- Balanced Fund | Semiannual Report | 1/31/19 15
Performance Update | 1/31/19 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart below 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 Bloomberg Barclays
U.S. Aggregate Bond Index, and the Fund's blended benchmark.
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
60% MSCI
World ND
Index and
40% BBG
Barclays U.S.
Aggregate
Pioneer Bloomberg Bond Index
Solutions - Barclays U.S. (Current
Balanced Aggregate MSCI World Blended
Fund Bond Index ND Index Benchmark)
1/09 $10,000 $10,000 $10,000 $10,000
1/10 $13,197 $10,851 $13,658 $12,521
1/11 $15,237 $11,400 $16,283 $14,262
1/12 $15,320 $12,387 $15,795 $14,536
1/13 $16,794 $12,707 $18,308 $16,085
1/14 $18,526 $12,723 $21,251 $17,621
1/15 $19,495 $13,565 $22,738 $18,838
1/16 $18,615 $13,543 $21,583 $18,299
1/17 $19,933 $13,740 $25,276 $20,254
1/18 $22,500 $14,035 $31,804 $23,465
1/19 $20,780 $14,351 $29,723 $22,793
Average Annual Total Returns
(As of January 31, 2019)
-----------------------------------------------------------------------------------
Blended Benchmark
Bloomberg (60% MSCI World ND
Net Asset Barclays Index/40% Bloomberg
Value U.S. Aggregate MSCI World Barclays U.S. Aggregate
Period (NAV) Bond Index ND Index Bond Index)
-----------------------------------------------------------------------------------
10 years 7.59% 3.68% 11.51% 8.59%
5 years 2.32 2.44 6.94 5.28
1 year -7.65 2.25 -6.54 -2.87
-----------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2018)
----------------------------------------------
Gross Net
----------------------------------------------
1.53% 1.48%
----------------------------------------------
Call 1-800-225-6292 or visit www.amundipioneer.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.
(Please see the following page for additional performance and expense
disclosure)
16 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
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, 2019, for Class R shares. There can be no assurance
that Amundi 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 a more current expense ratio. 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, Amundi 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 -- Balanced Fund | Semiannual Report | 1/31/19 17
Performance Update | 1/31/19 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart below 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 Bloomberg Barclays
U.S. Aggregate Bond Index, and the Fund's blended benchmark.
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
60% MSCI
World ND
Index and
40% BBG
Barclays U.S.
Aggregate
Pioneer Bloomberg Bond Index
Solutions - Barclays U.S. (Current
Balanced Aggregate MSCI World Blended
Fund Bond Index ND Index Benchmark)
1/09 $ 5,000,000 $5,000,000 $ 5,000,000 $ 5,000,000
1/10 $ 6,647,698 $5,425,323 $ 6,829,050 $ 6,260,517
1/11 $ 7,707,460 $5,699,865 $ 8,141,289 $ 7,131,176
1/12 $ 7,777,046 $6,193,591 $ 7,897,729 $ 7,268,119
1/13 $ 8,549,881 $6,353,734 $ 9,154,210 $ 8,042,622
1/14 $ 9,458,901 $6,361,627 $10,625,478 $ 8,810,441
1/15 $ 9,980,595 $6,782,287 $11,369,096 $ 9,419,062
1/16 $ 9,555,365 $6,771,441 $10,791,359 $ 9,149,348
1/17 $10,285,142 $6,869,816 $12,637,910 $10,127,096
1/18 $11,671,318 $7,017,442 $15,901,809 $11,732,684
1/19 $10,818,535 $7,175,407 $14,861,315 $11,396,271
Average Annual Total Returns
(As of January 31, 2019)
-----------------------------------------------------------------------------------
Blended Benchmark
Bloomberg (60% MSCI World ND
Net Asset Barclays Index/40% Bloomberg
Value U.S. Aggregate MSCI World Barclays U.S. Aggregate
Period (NAV) Bond Index ND Index Bond Index)
-----------------------------------------------------------------------------------
10 years 8.02% 3.68% 11.51% 8.59%
5 years 2.72 2.44 6.94 5.28
1 year -7.31 2.25 -6.54 -2.87
-----------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2018)
------------------------------------------
Gross
------------------------------------------
1.07%
------------------------------------------
Call 1-800-225-6292 or visit www.amundipioneer.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.
(Please see the following page for additional performance and expense
disclosure)
18 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
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 a more current expense ratio. 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, Amundi 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 -- Balanced Fund | Semiannual Report | 1/31/19 19
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
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 August 1, 2018 through January 31, 2019.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/18
--------------------------------------------------------------------------------
Ending Account Value $953.60 $950.10 $951.90 $954.10
(after expenses)
on 1/31/19
--------------------------------------------------------------------------------
Expenses Paid $1.92 $5.60 $3.64 $1.92
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.39%,
1.14%, 0.74% and 0.39%, for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/365 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 $5.37, $9.04, $7.08 and $5.37 for Class A, Class C, Class
R and Class Y shares, respectively, based on the respective expense ratio
for each class of 1.09%, 1.84%, 1.44% and 1.09%.
20 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
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 August 1, 2018 through January 31, 2019.
--------------------------------------------------------------------------------
Share Class A C R Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 8/1/18
--------------------------------------------------------------------------------
Ending Account Value $1,023.24 $1,019.46 $1,021.48 $1,023.24
(after expenses)
on 1/31/19
--------------------------------------------------------------------------------
Expenses Paid $1.99 $5.80 $3.77 $1.99
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.39%,
1.14%, 0.74% and 0.39%, for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 184/365 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 $5.55, $9.35, $7.32 and $5.55 for Class A, Class C, Class
R and Class Y shares, respectively, based on the respective expense ratio
for each class of 1.09%, 1.84%, 1.44% and 1.09%.
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 21
Schedule of Investments | 1/31/19 (unaudited)
------------------------------------------------------------------------------------------------------------------------------
Change
in Net
Net Unrealized Capital
Realized Appreciation Gain Dividend
Shares Gain (Loss) (Depreciation) Distributions Income Value
------------------------------------------------------------------------------------------------------------------------------
AFFILIATED ISSUERS -- 99.8%*
MUTUAL FUNDS -- 99.8%
2,537,387 Pioneer Bond Fund $ (25,086) $ 261,460 $ -- $ 189,673 $ 23,978,302
Class K
1,740,152 Pioneer Core Equity Fund (968,803) (6,859,499) 4,811,818 346,284 30,069,819
Class K
496,067 Pioneer Dynamic Credit (361,740) 229,701 -- 171,083 4,474,528
Fund Class Y
453,283 Pioneer Equity Income -- (88,731) 325,258 153,654 14,881,274
Fund Class K
6,168,256 Pioneer Flexible 31,723 (11,546,937) 6,826,157 502,025 71,305,040
Opportunities Fund
Class K
432,031 Pioneer Fund Class Y -- (517,633) 743,068 40,196 11,483,396
3,457,859 Pioneer Global Equity 261,812 (9,497,056) 4,037,865 522,107 46,196,995
Fund Class K
1,554,404 Pioneer ILS Interval Fund -- (1,865,285) -- 861,451 13,367,876
2,548,738 Pioneer International 1,974,459 (13,953,022) 2,027,342 1,507,086 51,153,180
Equity Fund Class Y
11,010,930 Pioneer Multi-Asset (84,083) (5,737,682) -- 3,588,205 125,194,277
Income Fund Class K
2,015,062 Pioneer Multi-Asset (198,179) (52,313) -- 715,940 19,969,263
Ultrashort Income
Fund Class K
3,235,557 Pioneer Strategic (19,481) 227,421 -- 349,829 33,876,280
Income Fund Class K
Other affiliated securities (1,964,576) (18,592) 953,751 124,140 --
not held at period end
TOTAL INVESTMENTS IN AFFILIATED ISSUERS -- 99.8%
(Cost $459,525,563) $(1,353,954) $(49,418,168) $19,725,259 $9,071,673 $445,950,230
------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.2% $ 818,167
------------------------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $446,768,397
==============================================================================================================================
* Affiliated funds managed by Amundi Pioneer Asset Management, Inc., (the
"Adviser").
The accompanying notes are an integral part of these financial statements.
22 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended January 31, 2019, aggregated $102,548,522 and
$103,809,418, respectively.
At January 31, 2019, the net unrealized depreciation on investments based on
cost for federal tax purposes of $459,533,367 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 14,337,022
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (27,920,159)
------------
Net unrealized depreciation $(13,583,137)
============
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 January 31, 2019, in
valuing the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Mutual Funds $432,582,354 $13,367,876 $ -- $445,950,230
--------------------------------------------------------------------------------
Total $432,582,354 $13,367,876 $ -- $445,950,230
================================================================================
During the six months ended January 31, 2019, there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 23
Statements of Assets and Liabilities | 1/31/19 (unaudited)
ASSETS:
Investments in securities of affiliated funds, at value (cost $459,525,563) $445,950,230
Cash 656,171
Receivables --
Investment securities sold 412,804
Fund shares sold 38,926
Dividends 829,845
Other assets 81,146
--------------------------------------------------------------------------------------------------------
Total assets $447,969,122
========================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 330,717
Fund shares repurchased 792,961
Trustees' fees 3,172
Due to affiliates 17,809
Accrued expenses 56,066
--------------------------------------------------------------------------------------------------------
Total liabilities $ 1,200,725
========================================================================================================
NET ASSETS:
Paid-in capital $444,856,799
Distributable earnings 1,911,598
--------------------------------------------------------------------------------------------------------
Net assets $446,768,397
========================================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $359,681,274/32,961,066 shares) $ 10.91
Class C (based on $84,540,115/8,440,961 shares) $ 10.02
Class R (based on $1,261,380/116,421 shares) $ 10.83
Class Y (based on $1,285,628/116,252 shares) $ 11.06
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $10.91 net asset value per share/100%-5.75%
maximum sales charge) $ 11.58
========================================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
Statements of Operations (unaudited)
For the Six Months Ended 1/31/19
INVESTMENT INCOME:
Dividend income from underlying affiliated funds $ 9,071,673
Interest 31,070
---------------------------------------------------------------------------------------------------
Total Investment Income $ 9,102,743
---------------------------------------------------------------------------------------------------
EXPENSES:
Administrative expense $ 115,258
Transfer agent fees
Class A 70,533
Class C 17,034
Class R 722
Class Y 1,919
Distribution fees
Class A 467,049
Class C 464,101
Class R 3,101
Shareowner communications expense 26,163
Custodian fees 3,790
Registration fees 36,172
Professional fees 34,416
Printing expense 11,911
Trustees' fees 3,645
Insurance expense 4,153
Miscellaneous 3,155
---------------------------------------------------------------------------------------------------
Total expenses $ 1,263,122
---------------------------------------------------------------------------------------------------
Net investment income $ 7,839,621
---------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Underlying affiliated funds $ (1,353,954)
Capital gain on distributions from underlying affiliated issuers 19,725,259
---------------------------------------------------------------------------------------------------
$ 18,371,305
---------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Underlying affiliated funds $(49,418,168)
---------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $(31,046,863)
---------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $(23,207,242)
===================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 25
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------------
Six Months
Ended Year
1/31/19 Ended
(unaudited) 7/31/18
------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 7,839,621 $ 5,396,713
Net realized gain (loss) on investments 18,371,305 16,947,610
Change in net unrealized appreciation (depreciation)
on investments (49,418,168) (32,505,708)
------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $(23,207,242) $(10,161,385)
------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Class A ($0.61 and $0.22 per share, respectively) $(19,411,188) $ (2,088,406)*
Class C ($0.51 and $0.14 per share, respectively) (4,152,900) (598,301)*
Class R ($0.59 and $0.21 per share, respectively) (64,328) (584)*
Class Y ($0.63 and $0.25 per share, respectively) (77,347) (12,551)*
------------------------------------------------------------------------------------------------------
Total distributions to shareowners $(23,705,763) $ (2,699,842)
------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales or exchange of shares $ 43,588,167 $ 33,202,911
Shares issued in reorganization** -- 384,986,563
Reinvestment of distributions 23,230,288 2,600,366
Cost of shares repurchased (72,602,415) (72,997,033)
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from Fund share transactions $ (5,783,960) $347,792,807
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $(52,696,965) $334,931,580
NET ASSETS:***
Beginning of period $499,465,362 $164,533,782
------------------------------------------------------------------------------------------------------
End of period $446,768,397 $499,465,362
======================================================================================================
* For the year ended July 31, 2018, distributions to shareowners were presented as net investment income.
** See Notes to Financial Statements (Note 6).
*** For the year ended July 31, 2018, undistributed net investment income was presented as follows: $3,016,149.
The accompanying notes are an integral part of these financial statements.
26 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
------------------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
1/31/19 1/31/19 Year Ended Year Ended
Shares Amount 7/31/18 7/31/18
(unaudited) (unaudited) Shares Amount
------------------------------------------------------------------------------------------------------------
Class A
Shares sold 2,835,431 $ 33,352,711 1,605,768 $ 19,524,639
Shares issued in
reorganization* -- -- 23,831,150 301,225,732
Reinvestment of distributions 1,854,334 19,173,836 167,690 2,050,850
Less shares repurchased (3,261,352) (37,384,246) (3,701,538) (44,937,947)
------------------------------------------------------------------------------------------------------------
Net increase 1,428,413 $ 15,142,301 21,903,070 $277,863,274
============================================================================================================
Class C
Shares sold 919,869 $ 9,340,016 1,034,953 $ 11,582,589
Shares issued in
reorganization* -- -- 7,074,294 82,274,035
Reinvestment of distributions 412,949 3,923,025 48,111 541,725
Less shares repurchased (3,170,585) (34,080,130) (2,389,184) (26,730,777)
------------------------------------------------------------------------------------------------------------
Net increase (decrease) (1,837,767) $(20,817,089) 5,768,174 $ 67,667,572
============================================================================================================
Class R
Shares sold 15,638 $ 176,454 106,115 $ 1,290,381
Shares issued in
reorganization* -- -- 13,344 167,732
Reinvestment of distributions 6,280 64,328 35 423
Less shares repurchased (20,752) (246,878) (6,829) (84,014)
------------------------------------------------------------------------------------------------------------
Net increase (decrease) 1,166 $ (6,096) 112,665 $ 1,374,522
============================================================================================================
Class Y
Shares sold 62,259 $ 719,151 65,237 $ 805,302
Shares issued
in reorganization* -- -- 102,971 1,319,064
Reinvestment of distributions 6,571 68,934 595 7,368
Less shares repurchased (78,388) (891,161) (100,896) (1,244,295)
------------------------------------------------------------------------------------------------------------
Net increase (decrease) (9,558) $ (103,076) 67,907 $ 887,439
============================================================================================================
* See Notes to Financial Statements (Note 6).
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 27
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/19 Ended Ended Ended Ended Ended
(unaudited) 7/31/18 7/31/17 7/31/16* 7/31/15* 7/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 12.12 $ 11.89 $ 11.35 $ 12.78 $ 12.73 $ 11.72
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ 0.21 $ 0.20 $ 0.17 $ 0.20 $ 0.29 $ 0.19
Net realized and unrealized gain (loss) on investments (0.81) 0.25 0.61 (0.50) 0.12 1.03
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.60) $ 0.45 $ 0.78 $ (0.30) $ 0.41 $ 1.22
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.34) $ (0.22) $ (0.24) $ (0.27) $ (0.36) $ (0.21)
Net realized gain (0.27) -- -- (0.86) -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.61) $ (0.22) $ (0.24) $ (1.13) $ (0.36) $ (0.21)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.21) $ 0.23 $ 0.54 $ (1.43) $ 0.05 $ 1.01
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.91 $ 12.12 $ 11.89 $ 11.35 $ 12.78 $ 12.73
====================================================================================================================================
Total return (b) (4.64)%(c) 3.79% 7.04% (2.11)% 3.33% 10.48%
Ratio of net expenses to average net assets+ 0.39%(d) 0.57% 0.68% 0.67% 0.66% 0.64%
Ratio of net investment income (loss) to average net assets+ 3.62%(d) 1.67% 1.51% 1.77% 2.25% 1.57%
Portfolio turnover rate 22%(c) 146% 27% 16% 89% 10%
Net assets, end of period (in thousands) $359,681 $382,265 $114,528 $125,608 $140,863 $136,511
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/19 Ended Ended Ended Ended Ended
(unaudited) 7/31/18 7/31/17 7/31/16* 7/31/15* 7/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.12 $ 10.92 $ 10.44 $ 11.84 $ 11.82 $ 10.92
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ 0.12 $ 0.15 $ 0.09 $ 0.12 $ 0.17 $ 0.09
Net realized and unrealized gain (loss) on investments (0.71) 0.19 0.55 (0.47) 0.14 0.96
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.59) $ 0.34 $ 0.64 $ (0.35) $ 0.31 $ 1.05
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.24) $ (0.14) $ (0.16) $ (0.19) $ (0.29) $ (0.15)
Net realized gain (0.27) -- -- (0.86) -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.51) $ (0.14) $ (0.16) $ (1.05) $ (0.29) $ (0.15)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.10) $ 0.20 $ 0.48 $ (1.40) $ 0.02 $ 0.90
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.02 $ 11.12 $ 10.92 $ 10.44 $ 11.84 $ 11.82
====================================================================================================================================
Total return (b) (4.99)%(c) 3.09% 6.26% (2.81)% 2.64% 9.70%
Ratio of net expenses to average net assets+ 1.14%(d) 1.27% 1.38% 1.37% 1.35% 1.33%
Ratio of net investment income (loss) to average net assets+ 2.20%(d) 1.33% 0.84% 1.10% 1.44% 0.81%
Portfolio turnover rate 22%(c) 146% 27% 16% 89% 10%
Net assets, end of period (in thousands) $84,540 $114,266 $49,277 $59,444 $74,720 $75,377
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 29
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year
1/31/19 Ended Ended Ended 7/1/15 to
(unaudited) 7/31/18 7/31/17 7/31/16* 7/31/15*
------------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $12.04 $11.83 $11.30 $12.78 $12.74
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ 0.19 $ 0.05 $ 0.11 $ 0.15 $ 0.01
Net realized and unrealized gain (loss) on investments (0.81) 0.37 0.65 (0.47) 0.03
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.62) $ 0.42 $ 0.76 $(0.32) $ 0.04
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.32) $(0.21) $(0.23) $(0.30) $ --
Net realized gain (0.27) -- -- (0.86) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $(0.59) $(0.21) $(0.23) $(1.16) $ --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(1.21) $ 0.21 $ 0.53 $(1.48) $ 0.04
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.83 $12.04 $11.83 $11.30 $12.78
====================================================================================================================================
Total return (b) (4.81)%(c) 3.49% 6.89% (2.34)% 0.31%(c)
Ratio of net expenses to average net assets+ 0.74%(d) 0.79% 0.90% 0.90% 0.93%(d)
Ratio of net investment income (loss) to average net assets+ 3.24%(d) 0.42% 0.98% 1.28% 0.66%(d)
Portfolio turnover rate 22%(c) 146% 27% 16% 89%
Net assets, end of period (in thousands) $1,261 $1,388 $ 31 $ 14 $ 10
Ratios with no waiver of fees and assumption of expense by the
Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets 0.74%(d) 0.86% 1.38% 1.58% 1.00%(d)
Net investment income (loss) to average net assets 3.24%(d) 0.35% 0.50% 0.60% 0.58%(d)
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
1/31/19 Ended Ended Ended Ended Ended
(unaudited) 7/31/18 7/31/17 7/31/16* 7/31/15* 7/31/14*
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $12.29 $12.06 $11.51 $12.94 $12.88 $11.86
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ 0.25 $ 0.26 $ 0.19 $ 0.26 $ 0.37 $ 0.23
Net realized and unrealized gain (loss) on investments (0.85) 0.22 0.63 (0.53) 0.09 1.03
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.60) $ 0.48 $ 0.82 $(0.27) $ 0.46 $ 1.26
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.36) $(0.25) $(0.27) $(0.30) $(0.40) $(0.24)
Net realized gain (0.27) -- -- (0.86) -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $(0.63) $(0.25) $(0.27) $(1.16) $(0.40) $(0.24)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(1.23) $ 0.23 $ 0.55 $(1.43) $ 0.06 $ 1.02
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $11.06 $12.29 $12.06 $11.51 $12.94 $12.88
====================================================================================================================================
Total return (b) (4.59)%(c) 3.94% 7.33% (1.85)% 3.63% 10.68%
Ratio of net expenses to average net assets+ 0.39%(d) 0.40% 0.47% 0.40% 0.36% 0.40%
Ratio of net investment income (loss) to average net assets+ 4.29%(d) 2.14% 1.67% 2.22% 2.92% 1.88%
Portfolio turnover rate 22%(c) 146% 27% 16% 89% 10%
Net assets, end of period (in thousands) $1,286 $1,547 $ 698 $1,107 $1,165 $3,239
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
+ In addition to the expenses which the Fund bears directly, the Fund
indirectly bears pro rata shares of the expenses of the funds in which the
Fund invests. Because each of the underlying funds bears its own varying
expense levels and because the Fund may own differing proportions of each
fund at different times, the amount of expenses incurred indirectly by the
Fund will vary from time to time.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(c) Not annualized.
(d) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 31
Notes to Financial Statements | 1/31/19 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Solutions - Balanced Fund (the "Fund") is the sole series of Pioneer
Asset Allocation Trust, a Delaware statutory trust. The Fund is registered
under the Investment Company Act of 1940 as an open-end management investment
company. The investment objective of the Fund is to seek long-term capital
growth and current income.
The Fund is a "fund of funds". The Fund seeks to achieve its investment
objective by investing primarily in other funds ("underlying funds"). The Fund
may also invest directly in securities and use derivatives. The Fund invests
primarily in funds managed by Amundi Pioneer Asset Management, Inc. The Fund
may also invest in securities of unaffiliated mutual funds or exchange-traded
funds ("ETFs"). The Fund indirectly pays a portion of the expenses incurred by
underlying funds. Consequently, an investment in the Fund entails more direct
and indirect expenses than direct investment in the applicable underlying
funds.
The Fund offers five classes of shares designated as Class A, Class C, Class K,
Class R and Class Y shares. Class R shares commenced operations on July 1,
2015. Class K shares had not commenced operations as of January 31, 2019. Each
class of shares represents an interest in the same portfolio of investments of
the Fund and has identical rights (based on relative net asset values) to
assets and liquidation proceeds. Share classes can bear different rates of
class-specific fees and expenses such as transfer agent and distribution fees.
Differences in class-specific fees and expenses will result in differences in
net investment income and, therefore, the payment of different dividends from
net investment income earned by each class. The Amended and Restated
Declaration of Trust of the Fund gives the Board of Trustees the flexibility to
specify either per-share voting or dollar-weighted voting when submitting
matters for shareowner approval. Under per-share voting, each share of a class
of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareowner's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares.
Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of
Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the
Fund's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc., an
affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund's
distributor (the "Distributor").
32 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
In August 2018, the Securities and Exchange Commission ("SEC") released a
Disclosure Update and Simplification Final Rule. The Final Rule amends
Regulation S-X disclosures requirements to conform them to U.S. Generally
Accepted Accounting Principles ("U.S. GAAP") for investment companies. The
Fund's financial statements were prepared in compliance with the new amendments
to Regulation S-X.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the
Fund to make estimates and assumptions that affect the reported amounts of
assets and liabilities, the disclosure of contingent assets and liabilities at
the date of the financial statements, and the reported amounts of income,
expenses and gain or loss on investments during the reporting period. Actual
results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the
New York Stock Exchange ("NYSE") is open, as of the close of regular
trading on the NYSE.
Shares of open-end registered investment companies (including money market
mutual funds) are valued at such funds' net asset value. Shares of
exchange-listed closed-end funds are valued by using the last sale price
on the principal exchange where they are traded. Shares of closed-end
interval funds that offer their shares at net asset value are valued at
such fund's net asset value.
Securities for which independent pricing services or broker-dealers are
unable to supply prices or for which market prices and/or quotations are
not readily available or are considered to be unreliable are valued by a
fair valuation team comprised of certain personnel of the Adviser pursuant
to procedures adopted by the Fund's Board of Trustees. The Adviser's fair
valuation team uses fair value methods approved by the Valuation Committee
of the Board of Trustees. The Adviser's fair valuation team is responsible
for monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after
the close of the
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 33
exchange or market on which the security trades and prior to the
determination of the Fund's net asset value. Examples of a significant
event might include political or economic news, corporate restructurings,
natural disasters, terrorist activity or trading halts. Thus, the
valuation of the Fund's securities may differ significantly from exchange
prices, and such differences could be material.
At January 31, 2019, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model).
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence.
Interest income, including interest on income-bearing cash accounts, is
recorded on the accrual basis. Dividend and interest income are reported
net of unrecoverable foreign taxes withheld at the applicable country
rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on
foreign currency contracts, disposition of foreign currencies and the
difference between the amount of income accrued and the U.S. dollars
actually received. Further, the effects of changes in foreign currency
exchange rates on investments are not segregated on the Statement of
Operations from the effects of changes in the market prices of those
securities, but are included with the net realized and unrealized gain or
loss on investments.
34 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its net taxable income and net realized capital gains,
if any, to its shareowners. Therefore, no provision for federal income
taxes is required. As of July 31, 2018, the Fund did not accrue any
interest or penalties with respect to uncertain tax positions, which, if
applicable, would be recorded as an income tax expense on the Statement of
Operations. Tax returns filed within the prior three fiscal years remain
subject to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary over distributions for
financial statement purposes resulting from differences in the recognition
or classification of income or distributions for financial statement and
tax purposes. Capital accounts within the financial statements are
adjusted for permanent book/tax differences to reflect tax character, but
are not adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the year ended July 31, 2018 was as follows:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $2,699,842
--------------------------------------------------------------------------
Total $2,699,842
==========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at July 31, 2018:
--------------------------------------------------------------------------
Distributable earnings: 2018
--------------------------------------------------------------------------
Undistributed ordinary income $ 3,001,686
Undistributed long-term capital gains 9,987,886
Other book/tax temporary differences (7,804)
Unrealized appreciation/(depreciation) 35,842,835
--------------------------------------------------------------------------
Total $48,824,603
==========================================================================
The differences between book-basis and tax-basis net unrealized
appreciation/(depreciation) are attributable to the tax deferral of losses
on wash sales.
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 35
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $31,430 in underwriting commissions on the sale of
Class A shares during the six months ended January 31, 2019.
F. 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, Class C and Class R shares of the 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 classes 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 the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C, Class R and Class Y
shares can reflect different transfer agent and distribution expense
rates.
G. Risks
The value of securities held by the Fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political or regulatory conditions,
inflation, changes in interest rates, lack of liquidity in the bond
markets or adverse investor sentiment. In the past several years,
financial markets have experienced increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty. These
conditions may continue, recur, worsen or spread.
Interest rates in the U.S. have been historically low and have begun to
rise, so the Fund faces a heightened risk that interest rates may continue
to rise. A general rise in interest rates could adversely affect the price
and liquidity of fixed-income securities and could also result in
increased redemptions from the Fund.
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.
36 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
The Fund may gain exposure to insurance-linked security by investing in a
closed-end interval fund, Pioneer ILS Interval Fund, an affiliate of the
Adviser. The Fund's investment in Pioneer ILS Interval Fund at January 31,
2019 is listed in the Schedule of Investments.
With the increased use of technologies such as the Internet to conduct
business, the Fund is susceptible to operational, information security and
related risks. While the Fund's Adviser has established business
continuity plans in the event of, and risk management systems to prevent,
limit or mitigate, such cyber-attacks, there are inherent limitations in
such plans and systems, including the possibility that certain risks have
not been identified. Furthermore, the Fund cannot control the
cybersecurity plans and systems put in place by service providers to the
Fund such as Brown Brothers Harriman & Co., the Fund's custodian and
accounting agent, and DST Asset Manager Solutions, Inc., the Fund's
transfer agent. In addition, many beneficial owners of Fund shares hold
them through accounts at broker-dealers, retirement platforms and other
financial market participants over which neither the Fund nor Amundi
Pioneer exercises control. Each of these may in turn rely on service
providers to them, which are also subject to the risk of cyber-attacks.
Cybersecurity failures or breaches at Amundi Pioneer or the Fund's service
providers or intermediaries have the ability to cause disruptions and
impact business operations, potentially resulting in financial losses,
interference with the Fund's ability to calculate its net asset value,
impediments to trading, the inability of Fund shareowners to effect share
purchases, redemptions, or exchanges, or receive distributions, loss of or
unauthorized access to private shareowner information and violations of
applicable privacy and other laws, regulatory fines, penalties,
reputational damage, or additional compliance costs. Such costs and losses
may not be covered under any insurance. In addition, maintaining vigilance
against cyber-attacks may involve substantial costs over time, and system
enhancements may themselves be subject to cyber-attacks.
The Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
2. Management Agreement
The Adviser manages the Fund's portfolio. Effective January 26, 2018, the Fund
does not pay a direct management fee to the Adviser. The Fund bears a pro rata
portion of the fees and expenses, including management fees, of each underlying
fund in which the Fund invests. The Fund invests primarily in funds managed by
the Adviser.
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 37
Prior to January 26, 2018, the Management fee for the Fund was calculated daily
at an annual rate equal to 0.13% of the Fund's average daily net assets up to
$2.5 billion; 0.11% of the Fund's average daily net assets over $2.5 billion up
to $4 billion; 0.10% of the Fund's average daily net assets over $4 billion up
to $5.5 billion; and 0.08% of the Fund's average daily net assets over $5.5
billion.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$3,509 payable to the Adviser at January 31, 2019.
The Adviser has contractually agreed to limit ordinary operating expenses
(ordinary operating expenses means all fund expenses other than extraordinary
expenses, such as litigation, taxes, brokerage commissions and acquired fund
fees and expenses) of the Fund to the extent required to reduce fund expenses
to 0.70%, 1.45% and 0.78% of the average daily net assets attributable to Class
A, Class C and Class R shares, respectively. These expense limitations are in
effect through December 1, 2019. There can be no assurance that the Adviser,
will extend the expense limitation agreement for a class of shares beyond the
date referred to above.
3. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareowner communications activities
such as proxy and statement mailings, and outgoing phone calls. For the six
months ended January 31, 2019, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareowner Communications
--------------------------------------------------------------------------------
Class A $20,447
Class C 5,188
Class R 186
Class Y 342
--------------------------------------------------------------------------------
Total $26,163
================================================================================
38 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
4. Distribution and Service Plans
The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A, Class C and
Class R shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of
the 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 regard to Class A shares. Pursuant to the Plan, the
Fund also pays the Distributor 1.00% of the average daily net assets
attributable to Class C shares. The fee for Class C shares consists of a 0.25%
service fee and a 0.75% distribution fee paid as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class C shares. Pursuant to the Plan, the Fund further pays the
Distributor 0.50% of the average daily net assets attributable to Class R
shares for distribution services. Included in "Due to affiliates" reflected on
the Statement of Assets and Liabilities is $14,300 in distribution fees payable
to the Distributor at January 31, 2019.
The Fund also has adopted a separate service plan for Class R shares (the
"Service Plan"). The Service Plan authorizes the Fund to pay securities
dealers, plan administrators or other service organizations that agree to
provide certain services to retirement plans or plan participants holding
shares of the Fund a service fee of up to 0.25% of the Fund's average daily net
assets attributable to Class R shares held by such plans.
In addition, redemptions of class A and class C 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 12 months of
purchase are subject to a CDSC of 1.00%, based on the lower of cost or market
value of shares being redeemed. Shares purchased as part of an exchange remain
subject to any CDSC that applied to the original purchase of those shares.
There is no CDSC for Class R or Class Y shares. Proceeds from the CDSCs are
paid to the Distributor. For the six months ended January 31, 2019, CDSCs in
the amount of $4,935 were paid to the Distributor.
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 39
5. Transactions in Underlying Funds
An affiliated issuer 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, the Fund assumes the following to be
affiliated issuers:
--------------------------------------------------------------------------------------------------------
Beginning Acquisitions Dispositions Ending
Underlying Funds (Affiliated) Shares Shares Shares Shares
--------------------------------------------------------------------------------------------------------
Pioneer Bond Fund Class K 264,472 2,826,549 (553,634) 2,537,387
Pioneer Core Equity Fund Class K 2,275,016 271,655 (806,519) 1,740,152
Pioneer Disciplined Value Fund Class Y 311,105 161,161 (472,266) --
Pioneer Dynamic Credit Fund Class Y 1,094,602 3,350 (601,885) 496,067
Pioneer Equity Income Fund Class K 136,451 316,832 -- 453,283
Pioneer Flexible Opportunities Fund
Class K 5,659,581 779,080 (270,405) 6,168,256
Pioneer Floating Rate Fund Class Y 737,280 4,058 (741,338) --
Pioneer Floating Rate Trust -- 110,216 (110,216) --
Pioneer Fund Class Y -- 432,031 -- 432,031
Pioneer Global Equity Fund Class K 3,467,439 160,002 (169,582) 3,457,859
Pioneer ILS Interval Fund 1,554,404 -- -- 1,554,404
Pioneer International Equity Fund
Class Y 2,916,911 79,951 (448,124) 2,548,738
Pioneer Multi-Asset Income Fund
Class K 10,493,475 690,603 (173,148) 11,010,930
Pioneer Multi-Asset Ultrashort Income
Fund Class K 5,763,145 903,546 (4,651,629) 2,015,062
Pioneer Strategic Income Fund Class K 1,716,235 1,598,158 (78,836) 3,235,557
========================================================================================================
6. Reorganization Information
On January 26, 2018 ("Closing Date"), each of Pioneer Solutions --Conservative
Fund ("Conservative Fund") and Pioneer Solutions -- Growth Fund ("Growth Fund")
was reorganized into Pioneer Solutions -- Balanced Fund ("Balanced Fund"). The
purpose of these transactions was to combine three funds (managed by the
Adviser) with similar investment objectives and strategies.
These tax-free reorganizations were accomplished by exchanging the assets and
liabilities of each of Conservative Fund and Growth Fund for shares of Balanced
Fund. Shareowners holding Class A, Class C, Class R and Class Y shares of
Conservative Fund or Growth Fund received Class A, Class C, Class R and Class
Y shares of Balanced Fund, respectively, in the applicable reorganization. The
investment portfolios of Conservative Fund and Growth Fund, with aggregate
values of $54,077,862 and $300,758,764, respectively and identified costs of
$51,906,012 and $249,818,545, respectively at January 26, 2018, were the
principal assets acquired by Balanced Fund.
40 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
For financial reporting purposes, assets received and shares issued by Balanced
Fund were recorded at net asset value, however, the cost basis of the
investments received from Conservative Fund and Growth Fund were carried
forward to align ongoing reporting of Balanced Fund's realized and unrealized
gains and losses with amounts distributable to shareowners for tax reporting
purposes.
The following charts show the details of the reorganizations as of the Closing
Date:
---------------------------------------------------------------------------------------------------------------------------
Conservative Fund Growth Fund Balanced Fund Balanced Fund
(Pre-Reorganization) (Pre-Reorganization) (Pre-Reorganization) (Post-Reorganization)
---------------------------------------------------------------------------------------------------------------------------
Net Assets
Class A $42,512,512 $258,713,220 $120,717,585 $421,943,317
Class C 13,374,507 68,899,528 49,202,929 131,476,964
Class R 122,830 44,902 92,342 260,074
Class Y 282,732 1,036,332 665,782 1,984,846
---------------------------------------------------------------------------------------------------------------------------
Total Net Assets $56,292,581 $328,693,982 $170,678,638 $555,665,201
===========================================================================================================================
Shares Outstanding
Class A 3,963,344 18,570,366 9,550,718 33,381,868
Class C 1,285,133 5,269,196 4,229,483 11,303,777
Class R 11,469 3,247 7,345 20,689
Class Y 28,036 72,720 51,992 154,963
---------------------------------------------------------------------------------------------------------------------------
Shares Issued Shares Issued
Exchange Ratio Exchange Ratio in Reorganization of in Reorganization of
Conservative Fund Growth Fund Conservative Fund Growth Fund
---------------------------------------------------------------------------------------------------------------------------
Class A 0.8486 1.1022 3,363,332 20,467,818
Class C 0.8948 1.1243 1,150,001 5,924,293
Class R 0.8520 1.1001 9,772 3,572
Class Y 0.7873 1.1125 22,071 80,900
---------------------------------------------------------------------------------------------------------------------------
Unrealized Accumulated
Appreciation Gain (Loss) on
on Closing Date Closing Date
---------------------------------------------------------------------------------------------------------------------------
Balanced $22,087,752 $(5,549,376)
Conservative $ 2,171,849 $(1,464,664)
Growth $50,940,894 $ 9,592,614
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 41
Approval of Investment Management Agreement
Amundi Pioneer Asset Management, Inc. ("APAM") serves as the investment adviser
to Pioneer Solutions -- Balanced Fund (the "Fund") pursuant to an investment
management agreement between APAM and the Fund. In order for APAM to remain the
investment adviser of the Fund, the Trustees of the Fund must determine
annually whether to renew the investment management agreement for the Fund.
The contract review process began in January 2018 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the
process. Contract review materials were provided to the Trustees in March 2018,
July 2018 and September 2018. In addition, the Trustees reviewed and discussed
the Fund's performance at regularly scheduled meetings throughout the year, and
took into account other information related to the Fund provided to the
Trustees at regularly scheduled meetings, in connection with the review of the
Fund's investment management agreement.
In March 2018, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment management agreement, and reviewed and
discussed the qualifications of the investment management teams for the Fund,
as well as the level of investment by the Fund's portfolio managers in the
Fund. In July 2018, the Trustees, among other things, reviewed the Fund's
management fees and total expense ratios, the financial statements of APAM and
its parent companies, profitability analyses provided by APAM, and analyses
from APAM as to possible economies of scale. The Trustees also reviewed the
profitability of the institutional business of APAM and APAM's affiliate,
Amundi Pioneer Institutional Asset Management, Inc. ("APIAM" and, together with
APAM, "Amundi Pioneer"), as compared to that of APAM's fund management
business, and considered the differences between the fees and expenses of the
Fund and the fees and expenses of APAM's and APIAM's institutional accounts, as
well as the different services provided by APAM to the Fund and by APAM and
APIAM to the institutional accounts. The Trustees further considered contract
review materials, including additional materials received in response to the
Trustees' request, in September 2018.
At a meeting held on September 18, 2018, based on their evaluation of the
information provided by APAM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved
42 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
the renewal of the investment management agreement for another year. In
approving the renewal of the investment management agreement, the Trustees
considered various factors that they determined were relevant, including the
factors described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by APAM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees also reviewed APAM's investment approach
for the Fund and its research process. The Trustees considered the resources of
APAM and the personnel of APAM who provide investment management services to
the Fund. They also reviewed the amount of non-Fund assets managed by the
portfolio managers of the Fund. They considered the non-investment resources
and personnel of APAM that are involved in APAM's services to the Fund,
including APAM's compliance, risk management, and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by APAM's senior management to the Pioneer Fund complex.
The Trustees considered that APAM supervises and monitors the performance of
the Fund's service providers and provides the Fund with personnel (including
Fund officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
APAM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to APAM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by APAM to the Fund were
satisfactory and consistent with the terms of the investment management
agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly review and
discuss throughout the year data prepared by APAM and information comparing the
Fund's performance with the performance of its peer group of funds, as
classified by Morningstar, Inc. (Morningstar), and the performance of the
Fund's benchmark index. They also discuss the Fund's performance with APAM on a
regular basis.
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 43
The Trustees discussed the Fund's performance with APAM on a more frequent
basis in light of the Fund's unfavorable performance compared to its benchmark
index and peers over certain periods. The Trustees noted APAM's explanation for
the Fund's relative performance and the steps taken by APAM to address the
Fund's performance, including enhancing the investment process used for the
Fund. It was noted that Kenneth J. Taubes. Executive Vice President and Chief
Investment Officer, U.S. of APAM and Marco Pirondini, Senior Managing Director
and Head of Equities U.S. of APAM became portfolio managers of the Fund in
January 2018. It was noted that, in connection with the change in portfolio
managers, the Fund invests to a greater extent in underlying funds managed by
APAM and no longer seeks to maintain a target annualized volatility level or
use derivative strategies to a significant extent. The Trustees' regular
reviews and discussions were factored into the Trustees' deliberations
concerning the renewal of the investment management agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund
in comparison to the management fees of its peer group of funds as classified
by Morningstar and also to the expense ratios of a peer group of funds selected
on the basis of criteria determined by the Independent Trustees for this
purpose using data provided by Strategic Insight Mutual Fund Research and
Consulting, LLC (Strategic Insight), an independent third party. The peer group
comparisons referred to below are organized in quintiles. Each quintile
represents one-fifth of the peer group. In all peer group comparisons referred
to below, first quintile is most favorable to the Fund's shareowners. The
Trustees noted that they separately review and consider the impact of the
Fund's transfer agency and Fund- and APAM-paid expenses for sub-transfer agency
and intermediary arrangements, and that the results of the most recent such
review were considered in the consideration of the Fund's expense ratio.
The Trustees considered that the Fund's management fee for the most recent
fiscal year was in the second quintile relative to the management fees paid by
other funds in its Morningstar category for the comparable period. The Trustees
noted that, effective January 26, 2018, the Fund no longer pays a direct
management fee. The Trustees considered that the expense ratio of the Fund's
Class A shares for the most recent fiscal year was in the fourth quintile
relative to its Strategic Insight peer group for the comparable period. The
Trustees noted that APAM had agreed to waive fees and/or reimburse expenses in
order to limit the ordinary operating expenses of the Fund.
44 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
The Trustees reviewed management fees charged by APAM and APIAM to
institutional and other clients, including publicly offered European funds
sponsored by APAM's affiliates, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered APAM's costs in providing
services to the Fund and APAM's and APIAM's costs in providing services to the
other clients and considered the differences in management fees and profit
margins for fund and non-fund services. In evaluating the fees associated with
APAM's and APIAM's client accounts, the Trustees took into account the
respective demands, resources and complexity associated with the Fund and other
client accounts. The Trustees noted that, in some instances, the fee rates for
those clients were lower than the management fee for the Fund and considered
that, under the investment management agreement with the Fund, APAM performs
additional services for the Fund that it does not provide to those other
clients or services that are broader in scope, including oversight of the
Fund's other service providers and activities related to compliance and the
extensive regulatory and tax regimes to which the Fund is subject. The Trustees
also considered the entrepreneurial risks associated with APAM's management of
the Fund.
The Trustees concluded that the management fee payable by the Fund to APAM was
reasonable in relation to the nature and quality of the services provided by
APAM.
Profitability
The Trustees considered information provided by APAM regarding the
profitability of APAM with respect to the advisory services provided by APAM to
the Fund, including the methodology used by APAM in allocating certain of its
costs to the management of the Fund. The Trustees also considered APAM's profit
margin in connection with the overall operation of the Fund. They further
reviewed the financial results, including the profit margins, realized by APAM
and APIAM from non-fund businesses. The Trustees considered APAM's profit
margins in comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that APAM's profitability with respect to the management of the Fund
was not unreasonable.
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 45
Economies of Scale
The Trustees considered APAM's views relating to economies of scale in
connection with the Pioneer Funds as fund assets grow and the extent to which
any such economies of scale are shared with the Fund and Fund shareholders. The
Trustees recognize that economies of scale are difficult to identify and
quantify, and that, among other factors that may be relevant, are the
following: fee levels, expense subsidization, investment by APAM in research
and analytical capabilities and APAM's commitment and resource allocation to
the Fund. The Trustees noted that profitability also may be an indicator of the
availability of any economies of scale, although profitability may vary for
other reasons including due to reductions in expenses. The Trustees concluded
that economies of scale, if any, were being appropriately shared with the
Fund.
Other Benefits
The Trustees considered the other benefits that APAM enjoys from its
relationship with the Fund. The Trustees considered the character and amount of
fees paid or to be paid by the Fund, other than under the investment management
agreement, for services provided by APAM and its affiliates. The Trustees
further considered the revenues and profitability of APAM's businesses other
than the Fund business. To the extent applicable, the Trustees also considered
the benefits to the Fund and to APAM and its affiliates from the use of "soft"
commission dollars generated by the Fund to pay for research and brokerage
services.
The Trustees considered that Amundi Pioneer is the principal U.S. asset
management business of Amundi, which is one of the largest asset managers
globally. Amundi's worldwide asset management business manages over $1.7
trillion in assets (including the Pioneer Funds). The Trustees considered that
APAM's relationship with Amundi creates potential opportunities for APAM, APIAM
and Amundi that derive from APAM's relationships with the Fund, including
Amundi's ability to market the services of APAM globally. The Trustees noted
that APAM has access to additional research and portfolio management
capabilities as a result of its relationship with Amundi and Amundi's enhanced
global presence that may contribute to an increase in the resources available
to APAM. The Trustees considered that APAM and the Fund receive reciprocal
intangible benefits from the relationship, including mutual brand recognition
and, for the Fund, direct and indirect access to the resources of a large
global asset manager. The Trustees concluded that any such benefits received by
APAM as a result of its relationship with the Fund were reasonable.
46 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
Conclusion
After consideration of the factors described above as well as other factors,
the Trustees, including the Independent Trustees, concluded that the investment
management agreement for the Fund, including the fees payable thereunder, was
fair and reasonable and voted to approve the proposed renewal of the investment
management agreement.
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 47
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
David R. Bock Chief Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial Officer
Lisa M. Jones Christopher J. Kelley, Secretary and
Lorraine H. Monchak Chief Legal Officer
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.amundipioneer.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
48 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
This page is for your notes.
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 49
This page is for your notes.
50 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
This page is for your notes.
Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19 51
This page is for your notes.
52 Pioneer Solutions -- Balanced Fund | Semiannual Report | 1/31/19
How to Contact Amundi 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
FactFoneSM for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 219427
Kansas City, MO 64121-9427
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.com
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 https://www.sec.gov.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management, Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
[C] 2019 Amundi Pioneer Asset Management 19016-13-0319
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)).
Mr. David R. Bock, 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.
N/A
(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.
N/A
(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.
N/A
(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.
N/A
(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 Amudi Pioneer Asset Management, Inc, the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
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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.
--------------------------------------------------------------------------------
(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.
N/A
(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.
N/A
(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. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
(a) If the registrant is a closed-end management investment company,
provide the following dollar amounts of income and compensation related
to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities
lending activities and related services: any share of revenue generated
by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services
(including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative
fees that are not included in the revenue split; fees for
indemnification that are not included in the revenue split; rebates
paid to borrowers; and any other fees relating to the securities lending
program that are not included in the revenue split, including a description
of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in
paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee
is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in
the registrants most recent fiscal year.
N/A
ITEM 13. 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 March 29, 2019
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 March 29, 2019
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date March 29, 2019
* Print the name and title of each signing officer under his or her signature.