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 July 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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Annual Report | July 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 within the Pioneer Fund complex if you
invest directly.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com/us
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
Report of Independent Registered Public Accounting Firm 42
Additional Information 44
Trustees, Officers and Service Providers 45
Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19 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. In fact, it's not unusual for
political and economic issues on the international front to 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 communicate directly with the
management teams of those companies. 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, 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 | Annual Report | 7/31/19
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.
July 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 | Annual Report | 7/31/19 3
Portfolio Management Discussion | 7/31/19
In the following interview, portfolio managers Kenneth Taubes and Marco
Pirondini discuss the market environment over the 12-month period ended July
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 12-month period ended July 31, 2019?
A The Fund's Class A shares returned -1.32% at net asset value during the
12-month period ended July 31, 2019, while the Fund's blended benchmark,
which is comprised of 60% Morgan Stanley Capital International (MSCI)
World ND Index1/40% Bloomberg Barclays U.S. Aggregate Bond Index, returned
5.75%. During the same period, the Fund's market benchmarks, the MSCI
World ND Index and the Bloomberg Barclays U.S. Aggregate Bond Index,
returned 3.62% and 8.08%, respectively, while the average return of the
464 mutual funds in Morningstar's World Allocation Funds category was
1.30%.
Q Could you characterize the economic and market backdrop during the
12-month period ended July 31, 2019?
A Entering the period in August 2018, robust economic data and corporate
earnings results boosted market sentiment for riskier assets, outweighing
concerns over increasingly protectionist U.S. trade policy. The markets
continued to focus heavily on economic growth and inflation indicators in
an effort to glean likely U.S. Federal Reserve (Fed) policy, as the Fed at
that time was in the process of tightening monetary conditions by raising
interest rates, having done so twice in the first half of 2018. The
general expectation among market participants was for two additional
quarter-point federal funds rate increases by year-end, for a total of
four in 2018. Treasury yields rose in advance of the Fed's September 25,
2018, meeting, after which the Fed increased the upper band for the
benchmark overnight lending rate
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 | Annual Report | 7/31/19
from 2.00% to 2.25%. Meanwhile, equities 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, and it proved
to be one of the most challenging three-month periods for investors since
the end of the financial crisis in March of 2009. A number of issues
converged to produce exceptionally poor returns for riskier assets heading
into the end of the calendar year. Escalating trade tensions between the
U.S. and some of its key trading partners, especially China, with
associated implications for economic growth and corporate profit margins,
was perhaps the biggest issue, followed by an inverted yield curve, which
raised fears of a recession. (An inverted yield curve occurs when
longer-term rates dip below shorter-term rates.) Other factors plaguing
the markets during that timeframe included concerns that the Fed would
"overshoot" and raise interest rates too high after it did so again in
December, and the spectre of a looming U.S. government shutdown. (A
shutdown did occur, but it proved short-lived.)
After the difficult fourth quarter, capped by December's rout in the
credit and equity markets, investor sentiment rebounded in January 2019 as
Fed Chairman Powell indicated that interest-rate policy was not on a fixed
course. Powell's words led market participants to conclude that the Fed
was unlikely to raise its benchmark rate again in 2019. The view received
further support from the Fed's statement at the end of January that it was
prepared to be "patient" on further rate hikes, given "muted inflation
pressures." In addition, positive readouts from employment and
manufacturing data helped boost risk sentiment at the beginning of the new
calendar year.
Despite some interim volatility, credit-sensitive and other riskier assets
generally maintained a firm tone through the end of April 2019. In May,
however, President Trump's announcement of plans to institute a 25% tariff
on some $200 billion worth of Chinese goods -- an indication that a trade
deal between the two countries was not going to be as easy to achieve as
the market initially believed -- led to another brief market downturn. At
that point, the Fed signaled a willingness to implement one or more cuts
in the federal funds rate before the end of 2019. The Fed's continued
softer tone on monetary policy spurred a strong rally in bonds over the
final weeks of the 12-month period. The Treasury yield curve finished the
period significantly lower along its length, and steepened as the short
end of the curve responded to expectations of reductions in the Fed's
benchmark overnight lending rate.
Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19 5
Over the full 12-month period ended July 31, 2019, global equities in
aggregate returned 3.62%, as measured by the MSCI World Index. The U.S.
equity market returned 7.99%, as measured by the Standard & Poor's 500
Index; developed market international equities returned -2.60%, as
measured by the MSCI Europe, Australasia, Far East Index; and emerging
markets equities returned -2.18%, as indicated by the MSCI Emerging
Markets Index.
Within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index, an
unmanaged measure of the U.S. bond market, registered a positive return of
8.08%, outpacing the performance of many equity markets.
Q What were the considerations and tactical shifts applied to the Fund in
allocating assets during the 12-month period ended July 31, 2019, and how
did your investment decisions affect the Fund's performance?
A A key detractor from the Fund's performance during the very difficult
fourth quarter of 2018 was the portfolio's risk posture, as we had
allocated roughly 60% of total assets to equities. Positioning within the
Fund's equity allocation also detracted from performance; specifically, a
geographic preference for European and emerging markets equities pressured
returns. In addition, our valuation-based bias towards stocks in the
capital goods segment of the industrials sector proved to be a performance
detractor as investors became increasingly concerned about slowing
economic growth and the possibility of recession. Ultimately, our decision
to underweight the Fund to fixed-income assets throughout the 12-month
period also weighed on returns as U.S. Treasury yields declined and the
Fed continuously pivoted to a more accommodative stance on monetary
policy, and even cut interest rates towards the end of the period.
As 2019 progressed, we adopted a more cautious positioning in the
portfolio as global macroeconomic conditions showed signs of
deterioration. The overall split between underlying equity and
fixed-income funds remained relatively stable, with a modest increase in
the allocation to underlying fixed-income funds. However, the equity
weightings within some of the underlying Pioneer funds in which the Fund
invested declined significantly given the heightened risks arising out of
the U.S.-China trade conflict. The reduced equity exposure within the
underlying funds initially aided the Fund's performance as stocks dipped
in May on the aforementioned threat of increased U.S. tariffs on Chinese
goods.
However, the reduced equity positions in the underlying funds ultimately
constrained the Fund's performance as stocks recovered the ground they
lost in May over the latter weeks of the 12-month period.
6 Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19
Within fixed income, the Fund's underweight posture with respect to
duration was another performance detractor as Treasury yields declined
even further towards the end of the 12-month period. (Duration is a
measure of the sensitivity of the price, or the value of principal, of a
fixed-income investment to a change in interest rates, expressed as a
number of years.)
Q Did the Fund invest in any derivative securities during the 12-month
period ended July 31, 2019? If so, did the derivatives have an effect on
the Fund's performance?
A Tactical derivative usage does not constitute a component of the Fund's
investment strategy. While the Fund may invest in derivatives, it did not
do so during the 12-month period.
Q What factors are you watching most closely as you determine investment
strategy for the Fund going forward?
A It is our view that the current risks to the global economy stemming from
ongoing geopolitical and trade issues warrant a more defensive portfolio
posture until those concerns abate. However, this does not mean we are
transitioning additional Fund assets into fixed-income investments, as we
find the asset class relatively unattractive. The combination of severely
compressed credit spreads and declining nominal yields constitutes a
questionable return proposition for fixed-income investments when
evaluating whether the Fund can receive appropriate compensation for
underwriting risk. (Credit spreads are commonly defined as the differences
in yield between Treasuries and other types of fixed-income securities
with similar maturities.)
We believe equities, and in particular stocks with high and sustainable
dividend yields*, appear to offer more compelling value relative to debt
instruments. Therefore, given the available alternatives, we are
maintaining the portfolio's tilt towards equities, while implementing a
cautious approach within the asset class.
* Dividends are not guaranteed.
Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19 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, rather than making
direct investments 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 held by the
underlying funds 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 | Annual Report | 7/31/19
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 | Annual Report | 7/31/19 9
Portfolio Summary | 7/31/19
Asset Allocations
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Balanced/Flexible 46.1%
International Equities 22.1%
Fixed Income 18.7%
U.S. Equities 13.1%
Actual Portfolio Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)*
Balanced/Flexible
--------------------------------------------------------------------------------
Pioneer Multi-Asset Income Fund Class K 28.95%
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Pioneer Flexible Opportunities Fund Class K 17.12
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International Equities
--------------------------------------------------------------------------------
Pioneer International Equity Fund Class Y 11.42%
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Pioneer Global Equity Fund Class K 10.66
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Fixed Income
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Pioneer Multi-Asset Ultrashort Income
Fund Class K 9.27%
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Pioneer Strategic Income Fund Class K 6.11
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Pioneer ILS Interval Fund 3.17
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Pioneer Bond Fund Class K 0.20
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U.S. Equities
--------------------------------------------------------------------------------
Pioneer Core Equity Fund Class K 4.10%
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Pioneer Equity Income Fund Class K 3.12
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Pioneer Fund Class Y 3.11
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Pioneer Fundamental Growth Fund Class K 2.77
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Annual and semiannual reports for the underlying Pioneer funds may be obtained
on the funds' web page(s) at www.amundipioneer.com/us.
* 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.
10 Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19
Prices and Distributions | 7/31/19
Net Asset Value per Share
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--------------------------------------------------------------------------------
Class 7/31/19 7/31/18
--------------------------------------------------------------------------------
A $11.29 $12.12
--------------------------------------------------------------------------------
C $10.32 $11.12
--------------------------------------------------------------------------------
R $11.19 $12.04
--------------------------------------------------------------------------------
Y $11.46 $12.29
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Distributions per Share: 8/1/18-7/31/19
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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 | Annual Report | 7/31/19 11
Performance Update | 7/31/19 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 MSCI World Aggregate Blended
Fund ND Index Bond Index Benchmark)
7/09 $ 9,425 $10,000 $10,000 $10,000
7/10 $10,675 $10,983 $10,891 $10,986
7/11 $12,053 $13,019 $11,374 $12,414
7/12 $12,020 $12,761 $12,199 $12,682
7/13 $13,740 $15,727 $11,967 $14,281
7/14 $15,181 $18,237 $12,442 $15,870
7/15 $15,686 $19,135 $12,793 $16,534
7/16 $15,355 $19,048 $13,552 $16,922
7/17 $16,436 $22,118 $13,483 $18,479
7/18 $17,058 $24,745 $13,375 $19,724
7/19 $16,833 $25,641 $14,456 $20,859
Average Annual Total Returns
(As of July 31, 2019)
---------------------------------------------------------------------------------------------
Public Bloomberg 60% MSCI World ND
Net Asset Offering Barclays Index/40% Bloomberg
Value Price MSCI World U.S. Aggregate Barclays U.S. Aggregate
Period (NAV) (POP) ND Index Bond Index Bond Index
---------------------------------------------------------------------------------------------
10 years 5.97% 5.35% 9.87% 3.75% 7.63%
5 years 2.09 0.89 7.05 3.05 5.62
1 year -1.32 -6.99 3.62 8.08 5.75
---------------------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2018)
----------------------------------------------
Gross
----------------------------------------------
1.24%
----------------------------------------------
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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 | Annual Report | 7/31/19
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 recent 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 all periods
reflects the investment strategies employed during those periods.
Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19 13
Performance Update | 7/31/19 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 MSCI World Aggregate Blended
Fund ND Index Bond Index Benchmark)
7/09 $10,000 $10,000 $10,000 $10,000
7/10 $11,243 $10,983 $10,891 $10,986
7/11 $12,606 $13,019 $11,374 $12,414
7/12 $12,470 $12,761 $12,199 $12,682
7/13 $14,161 $15,727 $11,967 $14,281
7/14 $15,535 $18,237 $12,442 $15,870
7/15 $15,945 $19,135 $12,793 $16,534
7/16 $15,498 $19,048 $13,552 $16,922
7/17 $16,468 $22,118 $13,483 $18,479
7/18 $16,977 $24,745 $13,375 $19,724
7/19 $16,614 $25,641 $14,456 $20,859
Average Annual Total Returns
(As of July 31, 2019)
---------------------------------------------------------------------------------------
Bloomberg 60% MSCI World ND
Barclays Index/40% Bloomberg
If If MSCI World U.S. Aggregate Barclays U.S. Aggregate
Period Held Redeemed ND Index Bond Index Bond Index
---------------------------------------------------------------------------------------
10 years 5.21% 5.21% 9.87% 3.75% 7.63%
5 years 1.35 1.35 7.05 3.05 5.62
1 year -2.14 -2.14 3.62 8.08 5.75
---------------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2018)
-----------------------------------------------
Gross
-----------------------------------------------
1.94%
-----------------------------------------------
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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 | Annual Report | 7/31/19
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 recent 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 all periods
reflects the investment strategies employed during those periods.
Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19 15
Performance Update | 7/31/19 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 MSCI World Aggregate Blended
Fund ND Index Bond Index Benchmark)
7/09 $10,000 $10,000 $10,000 $10,000
7/10 $11,326 $10,983 $10,891 $10,986
7/11 $12,788 $13,019 $11,374 $12,414
7/12 $12,753 $12,761 $12,199 $12,682
7/13 $14,579 $15,727 $11,967 $14,281
7/14 $16,107 $18,237 $12,442 $15,870
7/15 $16,643 $19,135 $12,793 $16,534
7/16 $16,253 $19,048 $13,552 $16,922
7/17 $17,373 $22,118 $13,483 $18,479
7/18 $17,980 $24,745 $13,375 $19,724
7/19 $17,685 $25,641 $14,456 $20,859
Average Annual Total Returns
(As of July 31, 2019)
--------------------------------------------------------------------------------
Bloomberg 60% MSCI World ND
Net Asset Barclays Index/40% Bloomberg
Value MSCI World U.S. Aggregate Barclays U.S. Aggregate
Period (NAV) ND Index Bond Index Bond Index
--------------------------------------------------------------------------------
10 years 5.87% 9.87% 3.75% 7.63%
5 years 1.89 7.05 3.05 5.62
1 year -1.64 3.62 8.08 5.75
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2018)
----------------------------------------------
Gross Net
----------------------------------------------
1.53% 1.48%
----------------------------------------------
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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 | Annual Report | 7/31/19
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 recent 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 all periods
reflects the investment strategies employed during those periods.
Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19 17
Performance Update | 7/31/19 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 MSCI World Aggregate Blended
Fund ND Index Bond Index Benchmark)
7/09 $5,000,000 $ 5,000,000 $5,000,000 $ 5,000,000
7/10 $5,687,536 $ 5,491,698 $5,445,506 $ 5,493,184
7/11 $6,447,928 $ 6,509,734 $5,687,058 $ 6,207,074
7/12 $6,447,831 $ 6,380,628 $6,099,602 $ 6,340,903
7/13 $7,394,258 $ 7,863,314 $5,983,404 $ 7,140,356
7/14 $8,184,317 $ 9,118,644 $6,220,895 $ 7,935,072
7/15 $8,481,133 $ 9,567,701 $6,396,578 $ 8,267,071
7/16 $8,323,864 $ 9,523,799 $6,776,218 $ 8,460,762
7/17 $8,933,605 $11,058,898 $6,741,337 $ 9,239,554
7/18 $9,285,619 $12,372,631 $6,687,398 $ 9,862,024
7/19 $9,179,681 $12,820,635 $7,227,793 $10,429,413
Average Annual Total Returns
(As of July 31, 2019)
--------------------------------------------------------------------------------
Bloomberg 60% MSCI World ND
Net Asset Barclays Index/40% Bloomberg
Value MSCI World U.S. Aggregate Barclays U.S. Aggregate
Period (NAV) ND Index Bond Index Bond Index
--------------------------------------------------------------------------------
10 years 6.26% 9.87% 3.75% 7.63%
5 years 2.32 7.05 3.05 5.62
1 year -1.14 3.62 8.08 5.75
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated December 1, 2018)
--------------------------------------------------
Gross
--------------------------------------------------
1.07%
--------------------------------------------------
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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 | Annual Report | 7/31/19
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 recent 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 all periods
reflects the investment strategies employed during those periods.
Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19 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 February 1, 2019 through July 31, 2019.
-----------------------------------------------------------------------------------------
Share Class A C R Y
-----------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/19
-----------------------------------------------------------------------------------------
Ending Account Value $1,034.82 $1,030.00 $1,033.30 $1,036.16
(after expenses)
on 7/31/19
-----------------------------------------------------------------------------------------
Expenses Paid $2.27 $5.99 $3.93 $1.36
During Period*
-----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.45%,
1.19%, 0.78% and 0.27%, for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 181/365 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 $5.65, $9.36, $7.31 and $4.75 for Class A, Class C, Class
R and Class Y shares, respectively, based on the respective expense ratio
for each class of 1.12%, 1.86%, 1.45% and 0.94% .
20 Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19
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 February 1, 2019 through July 31, 2019.
-----------------------------------------------------------------------------------------
Share Class A C R Y
-----------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 2/1/19
-----------------------------------------------------------------------------------------
Ending Account Value $1,022.56 $1,018.89 $1,020.93 $1,023.46
(after expenses)
on 7/31/19
-----------------------------------------------------------------------------------------
Expenses Paid $2.26 $5.96 $3.91 $1.35
During Period*
-----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.45%,
1.19%, 0.78% and 0.27%, for Class A, Class C, Class R and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 181/365 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 $5.61, $9.30, $7.25 and $4.71 for Class A, Class C, Class
R and Class Y shares, respectively, based on the respective expense ratio
for each class of 1.12%, 1.86%, 1.45% and 0.94% .
Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19 21
Schedule of Investments | 7/31/19
---------------------------------------------------------------------------------------------------------------------------
Change
in Net
Net Unrealized Capital
Realized Appreciation Gain Dividend
Shares Gain (Loss) (Depreciation) Distributions Income Value
---------------------------------------------------------------------------------------------------------------------------
AFFILIATED ISSUERS -- 96.60%*
MUTUAL FUNDS -- 99.60%
90,814 Pioneer Bond Fund Class K $ 284,233 $ 48,056 $ -- $ 273,877 $ 889,981
910,084 Pioneer Core Equity Fund (4,122,550) (1,474,984) 4,811,818 346,284 17,537,320
Class K
381,281 Pioneer Equity Income Fund (277,316) 1,055,584 325,258 329,432 13,341,018
Class K
6,139,388 Pioneer Flexible Opportunities (107,112) (9,210,195) 6,826,157 1,057,770 73,181,510
Fund Class K
436,059 Pioneer Fund Class Y (258,696) 1,279,109 743,068 99,787 13,278,000
457,912 Pioneer Fundamental Growth 7,921 846,373 -- -- 11,841,597
Fund Class K
3,248,792 Pioneer Global Equity Fund 245,847 (7,278,552) 4,037,865 522,107 45,580,558
Class K
2,344,681 Pioneer International Equity 2,703,662 (12,787,318) 2,027,342 1,507,086 48,839,703
Fund Class Y
11,131,539 Pioneer Multi-Asset Income (416,431) (8,167,168) -- 7,185,993 123,782,710
Fund Class K
3,988,696 Pioneer Multi-Asset Ultrashort (252,796) 84,689 -- 1,256,647 39,647,634
Income Fund Class K
2,405,301 Pioneer Strategic Income
Fund Class K (137,025) 1,533,950 -- 930,572 26,097,514
Other affiliated securities (2,348,152) 309,259 953,751 289,762 --
not held at period end
---------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN AFFILIATED ISSUERS -- 99.8%
(Cost $412,169,067) $(4,678,415) $(33,761,197) $19,725,259 $13,799,317 $414,017,545
---------------------------------------------------------------------------------------------------------------------------
AFFILIATED ISSUERS -- 3.2%*
CLOSED-END FUNDS -- 3.2% of Net Assets
1,554,404 Pioneer ILS Interval Fund -- (1,678,756) -- 861,451 13,554,404
Other affiliated securities
CLOSED-END FUND
not held at period end (69,623) -- -- 16,762 --
---------------------------------------------------------------------------------------------------------------------------
TOTAL CLOSED-END FUNDS
(Cost $15,000,000) $ (69,623) $ (1,678,756) $ -- $ 878,213 $ 13,554,404
---------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 0.2% $ 1,001,414
---------------------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $428,573,363
===========================================================================================================================
* 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 | Annual Report | 7/31/19
Purchases and sales of securities (excluding temporary cash investments) for
the year ended July 31, 2019, aggregated $200,101,486 and $230,594,586,
respectively.
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which the Adviser, serves as the
Fund's investment adviser, as set forth in Rule 17a-7 under the Investment
Company Act of 1940, pursuant to procedures adopted by the Board of Trustees.
Under these procedures, cross trades are effected at current market prices.
During the year ended July 31, 2019, the Fund did not engage in cross trade
activity.
At July 31, 2019, the net unrealized depreciation on investments based on cost
for federal tax purposes of $428,861,367 was as follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 21,435,420
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (22,724,838)
------------
Net unrealized depreciation $ (1,289,418)
============
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risks,
etc.). See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes to
Financial Statements -- Note 1A.
The following is a summary of the inputs used as of July 31, 2019, in valuing
the Fund's assets:
----------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
----------------------------------------------------------------------------------------------
Affiliated Mutual Funds $414,017,545 $ -- $ -- $414,017,545
Affiliated Closed-End Funds -- 13,554,404 -- 13,554,404
----------------------------------------------------------------------------------------------
Total $414,017,545 $13,554,404 $ -- $427,571,949
==============================================================================================
During the year ended July 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 | Annual Report | 7/31/19 23
Statement of Assets and Liabilities | 7/31/19
ASSETS:
Investments in securities of affiliated funds, at value (cost $427,169,067) $427,571,949
Cash 57,411
Receivables --
Investment securities sold 730,834
Fund shares sold 13,393
Dividends 789,228
Other assets 339
-----------------------------------------------------------------------------------------------------
Total assets $429,163,154
=====================================================================================================
LIABILITIES:
Payables --
Fund shares repurchased $ 436,463
Trustees' fees 1,359
Transfer agent fees 49,179
Printing expenses 17,999
Professional fees 33,321
Due to affiliates 24,747
Accrued expenses 26,723
-----------------------------------------------------------------------------------------------------
Total liabilities $ 589,791
=====================================================================================================
NET ASSETS:
Paid-in capital $411,872,456
Distributable earnings 16,700,907
-----------------------------------------------------------------------------------------------------
Net assets $428,573,363
=====================================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $349,504,874/30,955,820 shares) $ 11.29
Class C (based on $76,524,377/7,411,810 shares) $ 10.32
Class R (based on $982,051/87,752 shares) $ 11.19
Class Y (based on $1,562,061/136,253 shares) $ 11.46
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $11.29 net asset value per share/100%-5.75%
maximum sales charge) $ 11.98
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19
Statement of Operations
For the Year Ended 7/31/19
INVESTMENT INCOME:
Dividend income from underlying affiliated funds $ 14,677,530
Interest 37,468
--------------------------------------------------------------------------------------------
Total Investment Income $ 14,714,998
--------------------------------------------------------------------------------------------
EXPENSES:
Administrative expense $ 227,103
Transfer agent fees
Class A 229,996
Class C 53,821
Class R 3,768
Class Y 2,379
Distribution fees
Class A 910,095
Class C 864,029
Class R 6,602
Shareowner communications expense 142,510
Custodian fees 7,213
Registration fees 87,160
Professional fees 59,074
Printing expense 53,256
Trustees' fees 10,527
Insurance expense 6,248
Miscellaneous 9,686
--------------------------------------------------------------------------------------------
Total expenses $ 2,673,467
Less fees waived and expenses reimbursed by the Adviser (3,268)
--------------------------------------------------------------------------------------------
Net expenses $ 2,670,199
--------------------------------------------------------------------------------------------
Net investment income $ 12,044,799
--------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Underlying affiliated funds $ (4,748,038)
Capital gain on distributions from underlying affiliated funds 19,725,259
--------------------------------------------------------------------------------------------
$ 14,977,221
--------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Underlying affiliated funds $(35,439,953)
--------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $(20,462,732)
--------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (8,417,933)
============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19 25
Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------------------
Year Year
Ended Ended
7/31/19 7/31/18
---------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 12,044,799 $ 5,396,713
Net realized gain (loss) on investments 14,977,221 16,947,610
Change in net unrealized appreciation (depreciation)
on investments (35,439,953) (32,505,708)
---------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (8,417,933) $(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 $ 62,652,210 $ 33,202,911
Shares issued in reorganization** -- 384,986,563
Reinvestment of distributions 23,230,250 2,600,366
Cost of shares repurchased (124,650,763) (72,997,033)
---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
Fund share transactions $ (38,768,303) $347,792,807
---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (70,891,999) $334,931,580
NET ASSETS:***
Beginning of period $ 499,465,362 $164,533,782
---------------------------------------------------------------------------------------------------------
End of period $ 428,573,363 $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 | Annual Report | 7/31/19
--------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
7/31/19 7/31/19 7/31/18 7/31/18
Shares Amount Shares Amount
--------------------------------------------------------------------------------------------------------
Class A
Shares sold 3,984,693 $ 46,169,679 1,605,768 $ 19,524,639
Shares issued in
reorganization* -- -- 23,831,150 301,225,732
Reinvestment of distributions 1,854,341 19,173,928 167,690 2,050,850
Less shares repurchased (6,415,867) (72,577,768) (3,701,538) (44,937,947)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) (576,833) $ (7,234,161) 21,903,070 $277,863,274
========================================================================================================
Class C
Shares sold 1,421,159 $ 14,479,540 1,034,953 $ 11,582,589
Shares issued in
reorganization* -- -- 7,074,294 82,274,035
Reinvestment of distributions 412,953 3,923,059 48,111 541,725
Less shares repurchased (4,701,030) (49,729,859) (2,389,184) (26,730,777)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) (2,866,918) $(31,327,260) 5,768,174 $ 67,667,572
========================================================================================================
Class R
Shares sold 32,448 $ 363,534 106,115 $ 1,290,381
Shares issued in
reorganization* -- -- 13,344 167,732
Reinvestment of distributions 6,280 64,328 35 423
Less shares repurchased (66,231) (760,573) (6,829) (84,014)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) (27,503) $ (332,711) 112,665 $ 1,374,522
========================================================================================================
Class Y
Shares sold 143,892 $ 1,639,457 65,237 $ 805,302
Shares issued in
reorganization* -- -- 102,971 1,319,064
Reinvestment of distributions 6,571 68,935 595 7,368
Less shares repurchased (140,020) (1,582,563) (100,896) (1,244,295)
--------------------------------------------------------------------------------------------------------
Net increase 10,443 $ 125,829 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 | Annual Report | 7/31/19 27
Financial Highlights
----------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/19 7/31/18 7/31/17 7/31/16* 7/31/15*
----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 12.12 $ 11.89 $ 11.35 $ 12.78 $ 12.73
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ 0.32 $ 0.20 $ 0.17 $ 0.20 $ 0.29
Net realized and unrealized gain (loss) on investments (0.54) 0.25 0.61 (0.50) 0.12
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.22) $ 0.45 $ 0.78 $ (0.30) $ 0.41
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.34) $ (0.22) $ (0.24) $ (0.27) $ (0.36)
Net realized gain (0.27) -- -- (0.86) --
----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.61) $ (0.22) $ (0.24) $ (1.13) $ (0.36)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.83) $ 0.23 $ 0.54 $ (1.43) $ 0.05
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.29 $ 12.12 $ 11.89 $ 11.35 $ 12.78
==================================================================================================================================
Total return (b) (1.32%) 3.79% 7.04% (2.11)% 3.33%
Ratio of net expenses to average net assets+ 0.45% 0.57% 0.68% 0.67% 0.66%
Ratio of net investment income (loss) to average net assets+ 2.82% 1.67% 1.51% 1.77% 2.25%
Portfolio turnover rate 44% 146% 27% 16% 89%
Net assets, end of period (in thousands) $349,505 $382,265 $114,528 $125,608 $140,863
==================================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
28 Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19
---------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/19 7/31/18 7/31/17 7/31/16* 7/31/15*
---------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 11.12 $ 10.92 $ 10.44 $ 11.84 $ 11.82
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ 0.20 $ 0.15 $ 0.09 $ 0.12 $ 0.17
Net realized and unrealized gain (loss) on investments (0.49) 0.19 0.55 (0.47) 0.14
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.29) $ 0.34 $ 0.64 $ (0.35) $ 0.31
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.24) $ (0.14) $ (0.16) $ (0.19) $ (0.29)
Net realized gain (0.27) -- -- (0.86) --
---------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.51) $ (0.14) $ (0.16) $ (1.05) $ (0.29)
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.80) $ 0.20 $ 0.48 $ (1.40) $ 0.02
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.32 $ 11.12 $ 10.92 $ 10.44 $ 11.84
=================================================================================================================================
Total return (b) (2.14%) 3.09% 6.26% (2.81)% 2.64%
Ratio of net expenses to average net assets+ 1.19% 1.27% 1.38% 1.37% 1.35%
Ratio of net investment income (loss) to average net assets+ 1.96% 1.33% 0.84% 1.10% 1.44%
Portfolio turnover rate 44% 146% 27% 16% 89%
Net assets, end of period (in thousands) $76,524 $114,266 $49,277 $59,444 $74,720
=================================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19 29
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Period Ended
Ended Ended Ended Ended 7/1/15 to
7/31/19 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) $ 0.23 $ 0.05 $ 0.11 $ 0.15 $ 0.01
Net realized and unrealized gain (loss) on investments (0.49) 0.37 0.65 (0.47) 0.03
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.26) $ 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 $(0.85) $ 0.21 $ 0.53 $(1.48) $ 0.04
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $11.19 $12.04 $11.83 $11.30 $12.78
==================================================================================================================================
Total return (b) (1.64%) 3.49% 6.89% (2.34)% 0.31%(c)
Ratio of net expenses to average net assets+ 0.78% 0.79% 0.90% 0.90% 0.93%(d)
Ratio of net investment income (loss) to average net assets+ 2.05% 0.42% 0.98% 1.28% 0.66%(d)
Portfolio turnover rate 44% 146% 27% 16% 89%
Net assets, end of period (in thousands) $ 982 $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 1.03% 0.86% 1.38% 1.58% 1.00%(d)
Net investment income (loss) to average net assets 1.80% 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 | Annual Report | 7/31/19
----------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
7/31/19 7/31/18 7/31/17 7/31/16* 7/31/15*
----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $12.29 $12.06 $11.51 $12.94 $12.88
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) (a) $ 0.39 $ 0.26 $ 0.19 $ 0.26 $ 0.37
Net realized and unrealized gain (loss) on investments (0.59) 0.22 0.63 (0.53) 0.09
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.20) $ 0.48 $ 0.82 $(0.27) $ 0.46
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.36) $(0.25) $(0.27) $(0.30) $(0.40)
Net realized gain (0.27) -- -- (0.86) --
----------------------------------------------------------------------------------------------------------------------------------
Total distributions $(0.63) $(0.25) $(0.27) $(1.16) $(0.40)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.83) $ 0.23 $ 0.55 $(1.43) $ 0.06
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $11.46 $12.29 $12.06 $11.51 $12.94
==================================================================================================================================
Total return (b) (1.14%) 3.94% 7.33% (1.85)% 3.63%
Ratio of net expenses to average net assets+ 0.27% 0.40% 0.47% 0.40% 0.36%
Ratio of net investment income (loss) to average net assets+ 3.37% 2.14% 1.67% 2.22% 2.92%
Portfolio turnover rate 44% 146% 27% 16% 89%
Net assets, end of period (in thousands) $1,562 $1,547 $ 698 $1,107 $1,165
==================================================================================================================================
* 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.
The accompanying notes are an integral part of these financial statements.
Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19 31
Notes to Financial Statements | 7/31/19
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 July 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 | Annual Report | 7/31/19
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 funds' 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
Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19 33
if it is determined that a significant event has occurred after the close
of the exchange or market on which the security trades and prior to the
determination of 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 July 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 | Annual Report | 7/31/19
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, 2019, 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 distributions paid during the years ended July 31,
2019 and July 31, 2018, were as follows:
--------------------------------------------------------------------------
2019 2018
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $12,789,893 $2,699,842
Long-term capital gains 10,915,870 --
--------------------------------------------------------------------------
Total $23,705,763 $2,699,842
==========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at July 31, 2019:
--------------------------------------------------------------------------
Distributable earnings: 2019
--------------------------------------------------------------------------
Undistributed ordinary income $ 4,827,500
Undistributed long-term capital gains 13,162,825
Other book/tax temporary differences (1,692,300)
Unrealized appreciation/(depreciation) 402,882
--------------------------------------------------------------------------
Total $16,700,907
==========================================================================
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 | Annual Report | 7/31/19 35
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $58,770 in underwriting commissions on the sale of
Class A shares during the year ended July 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. 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.
The Fund may gain exposure to insurance-linked securities 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 July 31,
2019 is listed in the Schedule of Investments.
36 Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19
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 shareowners 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.
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.
Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19 37
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
$2,003 payable to the Adviser at July 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. Prior to January 26, 2018, the Adviser had
agreed to limit the ordinary operating expenses of Class R shares to 0.90% of
the average daily net assets. 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 year
ended July 31, 2019, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareowner Communications
--------------------------------------------------------------------------------
Class A $117,698
Class C 22,924
Class R 1,846
Class Y 42
--------------------------------------------------------------------------------
Total $142,510
================================================================================
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
38 Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19
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 $22,744 in distribution fees payable to the Distributor at
July 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 year ended July 31, 2019, CDSCs in the amount of $11,584
were paid to the Distributor.
Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19 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 2,841,319 (3,014,977) 90,814
Pioneer Core Equity Fund Class K 2,275,016 275,125 (1,640,057) 910,084
Pioneer Disciplined Value Fund Class Y 311,105 161,161 (472,266) --
Pioneer Dynamic Credit Fund Class Y 1,094,602 7,221 (1,101,823) --
Pioneer Equity Income Fund Class K 136,451 487,984 (243,154) 381,281
Pioneer Flexible Opportunities Fund
Class K 5,659,581 827,585 (347,778) 6,139,388
Pioneer Floating Rate Fund Class Y 737,280 5,368 (742,648) --
Pioneer Floating Rate Trust Class Y -- 110,216 (110,216) --
Pioneer Fund Class Y -- 512,622 (76,563) 436,059
Pioneer Fundamental Growth Fund Class K -- 462,148 (4,236) 457,912
Pioneer Global Equity Fund Class K 3,467,439 160,002 (378,649) 3,248,792
Pioneer ILS Interval Fund 1,554,404 -- -- 1,554,404
Pioneer International Equity Fund Class Y 2,916,911 79,952 (652,182) 2,344,681
Pioneer Multi-Asset Income Fund Class K 10,493,475 1,131,961 (493,897) 11,131,539
Pioneer Multi-Asset Ultrashort Income
Fund Class K 5,763,145 5,872,807 (7,647,256) 3,988,696
Pioneer Strategic Income Fund Class K 1,716,235 3,818,171 (3,129,105) 2,405,301
==========================================================================================================
Annual and semi-annual reports for the underlying Pioneer funds are available
on the funds' web page(s) at www.amundipioneer.com/us
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 | Annual Report | 7/31/19
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 | Annual Report | 7/31/19 41
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Asset Allocation Trust and the Shareowners
of Pioneer Solutions -- Balanced Fund:
--------------------------------------------------------------------------------
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pioneer
Solutions -- Balanced Fund (the "Fund") (one of the funds constituting Pioneer
Asset Allocation Trust (the "Trust")), including the schedule of investments,
as of July 31, 2019, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended and the financial highlights for each of the three years in
the period then ended (collectively referred to as the "financial statements").
The financial highlights for the periods ended July 31, 2015 and July 31, 2016
were audited by another independent registered public accounting firm whose
report, dated September 28, 2016, expressed an unqualified opinion on those
financial highlights. In our opinion, the financial statements present fairly,
in all material respects, the financial position of Pioneer Solutions --
Balanced Fund at July 31, 2019, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period
then ended, and the financial highlights for each of the three years in the
period then ended, in conformity with U.S. generally accepted accounting
principles.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our
responsibility is to express an opinion on the Fund's financial statements
based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) ("PCAOB") and are required
to be independent with respect to the Fund in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and
Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. The Fund is not required to have,
nor were we engaged to perform, an audit of the Fund's internal control over
financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting, but not for the
purpose of expressing an opinion on the effectiveness of the Fund's internal
control over financial reporting. Accordingly, we express no such opinion.
42 Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19
Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of July 31, 2019, by correspondence with the custodian and brokers.
Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a
reasonable basis for our opinion.
/s/ Ernst & Young LLP
Boston, Massachusetts
We have served as the Fund's auditor since 2017.
September 29, 2019
Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19 43
ADDITIONAL INFORMATION (unaudited)
For the year ended July 31, 2019, certain dividends paid by the Fund may be
subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth
Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate
up to the maximum amount of such dividends allowable under the Act, as taxed at
a maximum rate of 15%. Complete information will be computed and reported in
conjunction with your 2019 Form 1099-DIV.
The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 18.25%.
44 Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19
Trustees, Officers and Service Providers
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
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/us. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their
principal occupations and other directorships they have held during at least
the past five years. Trustees who are interested persons of the Fund within the
meaning of the 1940 Act are referred to as Interested Trustees. Trustees who
are not interested persons of the Fund are referred to as Independent Trustees.
Each of the Trustees, except for Ms. Durnin, serves as a Trustee of each of the
43 U.S. registered investment portfolios for which Amundi Pioneer serves as
investment adviser (the "Pioneer Funds"). Ms. Durnin serves as a Trustee of 38
Pioneer Funds. The address for all Trustees and all officers of the Fund is 60
State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19 45
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (68) Trustee since 2006. Private investor (2004 - 2008 and Director, Broadridge Financial
Chairman of the Board Serves until a successor 2013 - present); Chairman (2008 - Solutions, Inc. (investor
and Trustee trustee is elected or earlier 2013) and Chief Executive Officer communications and securities
retirement or removal. (2008 - 2012), Quadriserv, Inc. processing provider for financial
(technology products for services industry) (2009 -
securities lending industry); and present); Director, Quadriserv,
Senior Executive Vice President, Inc. (2005 - 2013); and
The Bank of New York (financial Commissioner, New Jersey State
and securities services) Civil Service Commission
(1986 - 2004) (2011 - 2015)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (75) Trustee since 2005. Managing Partner, Federal City Director of New York Mortgage
Trustee Serves until a successor Capital Advisors (corporate Trust (publicly-traded mortgage
trustee is elected or earlier advisory services company) REIT) (2004 - 2009, 2012 -
retirement or removal. (1997 - 2004 and 2008 - present); present); Director of The Swiss
Interim Chief Executive Officer, Helvetia Fund, Inc. (closed-end
Oxford Analytica, Inc. (privately fund) (2010 - 2017); Director of
held research and consulting Oxford Analytica, Inc. (2008 -
company) (2010); Executive Vice 2015); and Director of Enterprise
President and Chief Financial Community Investment, Inc.
Officer, I-trax, Inc. (publicly (privately-held affordable housing
traded health care services finance company) (1985 - 2010)
company) (2004 - 2007); and
Executive Vice President and
Chief Financial Officer, Pedestal
Inc. (internet-based mortgage
trading company) (2000 - 2002);
Private Consultant (1995 - 1997);
Managing Director, Lehman Brothers
(1992 - 1995); and Executive, The
World Bank (1979 - 1992)
------------------------------------------------------------------------------------------------------------------------------------
Diane Durnin (62) Trustee since 2019. Managing Director - Head of None
Trustee Serves until a successor Product Strategy and Development,
trustee is elected or earlier BNY Mellon Investment Management
retirement or removal. (2012-2018); Vice Chairman - The
Dreyfus Corporation (2005 - 2018):
Executive Vice President Head of
Product, BNY Mellon Investment
Management (2007-2012); Executive
Director- Product Strategy, Mellon
Asset Management (2005-2007);
Executive Vice President Head of
Products, Marketing and Client
Service, Dreyfus Corporation
(2000-2005); and Senior Vice
President Strategic Product and
Business Development, Dreyfus
Corporation (1994-2000)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (74) Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon Institutional
Trustee Serves until a successor Political Economy, Harvard Funds Investment Trust and Mellon
trustee is elected or earlier University (1972 - present) Institutional Funds Master
retirement or removal. Portfolio (oversaw 17 portfolios
in fund complex) (1989 - 2008)
------------------------------------------------------------------------------------------------------------------------------------
46 Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (72) Trustee since 2005. Founding Director, Vice-President None
Trustee Serves until a successor and Corporate Secretary, The
trustee is elected or earlier Winthrop Group, Inc. (consulting
retirement or removal. firm) (1982 - present); Desautels
Faculty of Management,
McGill University (1999 - 2017);
and Manager of Research Operations
and Organizational Learning, Xerox
PARC, Xerox's advance research
center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Lorraine H. Monchak (62) Trustee since 2017. Chief Investment Officer, 1199 None
Trustee (Advisory Trustee from SEIU Funds (healthcare workers
2014 - 2017) Serves union pension funds) (2001 -
until a successor trustee present); Vice President -
is elected or earlier International Investments Group,
retirement or removal. American International Group, Inc.
(insurance company) (1993 - 2001);
Vice President - Corporate Finance
and Treasury Group, Citibank, N.A.
(1980 - 1986 and 1990 - 1993);
Vice President - Asset/Liability
Management Group, Federal Farm
Funding Corporation (government-
sponsored issuer of debt
securities) (1988 - 1990);
Mortgage Strategies Group,
Shearson Lehman Hutton, Inc.
(investment bank) (1987 - 1988);
and Mortgage Strategies Group,
Drexel Burnham Lambert, Ltd.
(investment bank) (1986 - 1987)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (71) Trustee since 2005. President and Chief Executive Director of New America High
Trustee Serves until a successor Officer, Metric Financial Inc. Income Fund, Inc. (closed-end
trustee is elected or earlier (formerly known as Newbury Piret investment company) (2004 -
retirement or removal. Company) (investment banking firm) present); and Member, Board of
(1981 - present) Governors, Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (72) Trustee since 2014. Consultant (investment company None
Trustee Serves until a successor services) (2012 - present);
trustee is elected or earlier Executive Vice President, BNY
retirement or removal. Mellon (financial and investment
company services) (1969 - 2012);
Director, BNY International
Financing Corp. (financial
services) (2002 - 2012); Director,
Mellon Overseas Investment Corp.
(financial services) (2009 - 2012);
Director, Financial Models
(technology) (2005-2007); Director,
BNY Hamilton Funds, Ireland
(offshore investment companies)
(2004-2007); Chairman/Director,
AIB/BNY Securities Services, Ltd.,
Ireland (financial services)
(1999-2006); and Chairman, BNY
Alternative Investment Services,
Inc. (financial services) (2005-2007)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19 47
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (57)* Trustee since 2017. Director, CEO and President of None
Trustee, President and Serves until a successor Amundi Pioneer Asset Management
Chief Executive Officer trustee is elected or earlier USA, Inc. (since September 2014);
retirement or removal Director, CEO and President of
Amundi Pioneer Asset Management,
Inc. (since September 2014);
Director, CEO and President of
Amundi Pioneer Distributor, Inc.
(since September 2014); Director,
CEO and President of Amundi
Pioneer Institutional Asset
Management, Inc. (since September
2014); Chair, Amundi Pioneer Asset
Management USA, Inc., Amundi
Pioneer Distributor, Inc. and
Amundi Pioneer Institutional Asset
Management, Inc. (September 2014 -
2018); Managing Director, Morgan
Stanley Investment Management
(2010 - 2013); Director of
Institutional Business, CEO of
International, Eaton Vance
Management (2005 - 2010); and
Director of Amundi USA, Inc.
(since 2017)
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (61)* Trustee since 2014. Director and Executive Vice None
Trustee Serves until a successor President (since 2008) and Chief
trustee is elected or earlier Investment Officer, U.S. (since
retirement or removal 2010) of Amundi Pioneer Asset
Management USA, Inc.; Director and
Executive Vice President and Chief
Investment Officer, U.S. of Amundi
Pioneer (since 2008); Executive
Vice President and Chief Investment
Officer, U.S. of Amundi Pioneer
Institutional Asset Management,
Inc. (since 2009); Portfolio
Manager of Amundi Pioneer (since
1999); and Director of Amundi USA,
Inc. (since 2017)
------------------------------------------------------------------------------------------------------------------------------------
* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers or directors of the Fund's investment adviser and
certain of its affiliates.
48 Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (54) Since 2005. Serves Vice President and Associate None
Secretary and Chief at the discretion of General Counsel of Amundi Pioneer
Legal Officer the Board since January 2008; Secretary and
Chief Legal Officer of all of the
Pioneer Funds since June 2010;
Assistant Secretary of all of the
Pioneer Funds from September 2003
to May 2010; and Vice President
and Senior Counsel of Amundi
Pioneer from July 2002 to
December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (58) Since 2010. Serves Fund Governance Director of Amundi None
Assistant Secretary at the discretion of Pioneer since December 2006 and
the Board Assistant Secretary of all the
Pioneer Funds since June 2010;
Manager - Fund Governance of
Amundi Pioneer from December 2003
to November 2006; and Senior
Paralegal of Amundi Pioneer from
January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (56) Since 2010. Serves Senior Counsel of Amundi Pioneer None
Assistant Secretary at the discretion of since May 2013 and Assistant
the Board Secretary of all the Pioneer Funds
since June 2010; and Counsel of
Amundi Pioneer from June 2007
to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (59) Since 2008. Serves Vice President - Fund Treasury of None
Treasurer and Chief Financial at the discretion of Amundi Pioneer; Treasurer of all
and Accounting Officer the Board of the Pioneer Funds since March
2008; Deputy Treasurer of Amundi
Pioneer from March 2004 to February
2008; and Assistant Treasurer of
all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (54) Since 2005. Serves Director - Fund Treasury of Amundi None
Assistant Treasurer at the discretion of Pioneer; and Assistant Treasurer
the Board of all of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19 49
Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Position Term of Office and Other Directorships
Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (61) Since 2005. Serves Senior Manager - Fund Treasury of None
Assistant Treasurer at the discretion of Amundi Pioneer; and Assistant
the Board Treasurer of all of the
Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (39) Since 2009. Serves Senior Manager - Fund Treasury of None
Assistant Treasurer at the discretion of Amundi Pioneer since November 2008;
the Board Assistant Treasurer of all of the
Pioneer Funds since January 2009;
and Client Service Manager -
Institutional Investor Services at
State Street Bank from March 2003
to March 2007
------------------------------------------------------------------------------------------------------------------------------------
John Malone (48) Since 2018. Serves Managing Director, Chief None
Chief Compliance Officer at the discretion of Compliance Officer of Amundi
the Board Pioneer Asset Management; Amundi
Pioneer Institutional Asset
Management, Inc.; and the Pioneer
Funds since September 2018; and
Chief Compliance Officer of Amundi
Pioneer Distributor, Inc. since
January 2014.
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (48) Since 2006. Serves Vice President - Amundi Pioneer None
Anti-Money Laundering at the discretion of Asset Management; and Anti-Money
Officer the Board Laundering Officer of all the
Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
50 Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19
This page is for your notes.
Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19 51
This page is for your notes.
52 Pioneer Solutions -- Balanced Fund | Annual Report | 7/31/19
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/us
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities
and Exchange Commission for the first and third quarters of each fiscal year as
an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form
N-PORT 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/us
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 19417-13-0919
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.
The audit fees for the Trust were $20,000
payable to Ernst & Young LLP for the year ended
July 31, 2019 and $20,000
for the year ended July 31, 2018.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
There were no audit-related services in 2019 or 2018.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
The tax fees for the Trust were $8,028
payable to Ernst & Young LLP for the year ended
July 31, 2019 and $8,028
for the year ended July 31, 2018.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
There were no other fees in 2019 or 2018.
(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.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the Trust's audit
committee is required to pre-approve services to
affiliates defined by SEC rules to the extent that the
services are determined to have a direct impact on the
operations or financial reporting of the Trust. For the
years ended July 31 2019 and 2018, there were no
services provided to an affiliate that required the
Trust's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Trust were $8,028
payable to Ernst & Young LLP for the year ended
July 31, 2019 and $8,028 for the year
ended July 31, 2018.
(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 October 9, 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 October 9, 2019
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date October 9, 2019
* Print the name and title of each signing officer under his or her signature.