0001288255-16-000036.txt : 20160929 0001288255-16-000036.hdr.sgml : 20160929 20160929100123 ACCESSION NUMBER: 0001288255-16-000036 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160731 FILED AS OF DATE: 20160929 DATE AS OF CHANGE: 20160929 EFFECTIVENESS DATE: 20160929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIONEER ASSET ALLOCATION TRUST CENTRAL INDEX KEY: 0001288255 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-21569 FILM NUMBER: 161908554 BUSINESS ADDRESS: STREET 1: 60 STATE ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174224947 MAIL ADDRESS: STREET 1: 60 STATE ST CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PIONEER IBBOTSON ASSET ALLOCATION SERIES DATE OF NAME CHANGE: 20041116 FORMER COMPANY: FORMER CONFORMED NAME: PIONEER ASSET ALLOCATION SERIES DATE OF NAME CHANGE: 20040422 0001288255 S000004005 Pioneer Ibbotson Aggressive Allocation Fund C000011201 Pioneer Ibbotson Aggressive Allocation Fund: Class A PIAAX C000011202 Pioneer Ibbotson Aggressive Allocation Fund: Class B IALBX C000011203 Pioneer Ibbotson Aggressive Allocation Fund: Class C IALCX C000011204 Pioneer Ibbotson Aggressive Allocation Fund: Class Y IBAYX 0001288255 S000004006 Pioneer Solutions - Growth Fund C000011205 Pioneer Solutions - Growth Fund: Class A GRAAX C000011207 Pioneer Solutions - Growth Fund: Class C GRACX C000011208 Pioneer Solutions - Growth Fund: Class Y IBGYX C000160059 Pioneer Solutions - Growth Fund: Class R 0001288255 S000004007 Pioneer Solutions - Balanced Fund C000011209 Pioneer Solutions - Balanced Fund: Class A PIALX C000011211 Pioneer Solutions - Balanced Fund: Class C PIDCX C000011212 Pioneer Solutions - Balanced Fund: Class Y IMOYX C000160060 Pioneer Solutions - Balanced Fund: Class R 0001288255 S000004008 Pioneer Solutions - Conservative Fund C000011213 Pioneer Solutions - Conservative Fund: Class Y IBBCX C000011214 Pioneer Solutions - Conservative Fund: Class A PIAVX C000011216 Pioneer Solutions - Conservative Fund: Class C PICVX C000160061 Pioneer Solutions - Conservative Fund: Class R N-CSR 1 ncsr.txt OMB APPROVAL OMB Number: 3235-0570 Expires: January 31, 2017 Estimated average burden hours per response.....20.6 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-21569 Pioneer Asset Allocation Trust (Exact name of registrant as specified in charter) 60 State Street, Boston, MA 02109 (Address of principal executive offices) (ZIP code) Terrence J. Cullen, Pioneer Investment Management, Inc., 60 State Street, Boston, MA 02109 (Name and address of agent for service) Registrant's telephone number, including area code: (617) 742-7825 Date of fiscal year end: July 31 Date of reporting period: August 1, 2015 through July 31, 2016 Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO STOCKHOLDERS. Pioneer Solutions - Conservative Fund Pioneer Solutions - Balanced Fund Pioneer Solutions - Growth Fund -------------------------------------------------------------------------------- Annual Report | July 31, 2016 -------------------------------------------------------------------------------- Ticker Symbols:
Conservative Balanced Growth Class Fund Fund Fund ----- ---- ---- ---- A PIAVX PIALX GRAAX C PICVX PIDCX GRACX R PSMRX BALRX SOGRX Y IBBCX IMOYX IBGYX
[LOGO] PIONEER Investments(R) visit us: us.pioneerinvestments.com Table of Contents President's Letter 2 Portfolio Management Discussion 4 Fund Reviews 11 Comparing Ongoing Fund Expenses 12 Prices and Distributions 18 Portfolio Summary & Performance Update 21 Schedule of Investments 36 Financial Statements 48 Notes to Financial Statements 70 Report of Independent Registered Public Accounting Firm 104 Trustees, Officers and Service Providers 106
Pioneer Solutions Funds | Annual Report | 7/31/16 1 President's Letter Dear Shareowner, The first half of 2016 has featured some remarkable twists and turns in the global economy. The year began on shaky footing as surging market volatility brought about by fears of weaker global economic growth as well as falling oil prices depressed returns for investors. In the US, both equity and fixed-income markets declined significantly through the first six weeks of the year, only to recover the losses by the end of the first quarter when market sentiment shifted, due in part to accommodative monetary policies from the world's central banks. Midway through the first quarter, for example, the US Federal Reserve System (the Fed) backed off plans to raise interest rates four times in 2016, and the European Central Bank announced a more comprehensive asset-purchasing program in the hopes of encouraging lending, and boosting both inflation and economic growth. The markets responded with a solid rally. By the end of May, in fact, US equities, as measured by the Standard & Poor's 500 Index, had generated a solid year-to-date (YTD) return of 3.55%, and the YTD return (as of 5/31/16) of the Barclays Aggregate Bond Index, a common measure of the US fixed-income market, was 3.45%. As markets began to settle down, the Brexit vote - the vote confirming that the United Kingdom (UK) would exit the European Union (EU) - surprised many, and the rollercoaster ride began once again. The market sold off sharply in the first few days after the vote, then rallied as investors sought bargains created by the initial post-Brexit sell-off, and as more, less ominous information about the implications of the Brexit results came to light. From a macroeconomic perspective, Pioneer believes the negative economic impact of Brexit on the US should be more limited compared with its effects on the UK and Europe. However, we expect reduced global demand due to a higher level of uncertainty and risk aversion among investors. While the spillover effects on the US economy are unclear, we think it possible that, in the event of a significant negative economic impact, the Fed might consider other monetary policy options. Globally, we believe that central banks are ready to act and that their initial focus will be to stabilize the markets and provide liquidity, if needed. While the Brexit vote is now official, the expectation is that the actual process of separating the UK from the EU could take at least two years. Only in the next several months may we begin to see signs of what path Europe will follow as it adapts to the reality of an EU without one of its most prominent members. Over the medium-term, however, we believe uncertainties over the future of Europe and central banks' reactions will likely dominate financial markets, and we believe the news flow surrounding Brexit will continue to weigh on riskier assets. Competing for headlines, too, is the current financial condition of many European banks. Ultimately, we think that the political and monetary policy responses will be the major variables when it comes to managing an orderly 2 Pioneer Solutions Funds | Annual Report | 7/31/16 Brexit. In addition, as the second half of 2016 gets underway, we continue to see central bank policies as generally supportive of the US economy -- for which we maintain an expectation of modest growth this year. Aside from the Brexit-caused uncertainties, economies around the world in both developed and emerging markets are experiencing deep structural changes. Current challenges include incomplete debt deleveraging in both emerging and developed markets, where debt levels continue to grow, the transition of many emerging markets economies from export/investment-driven models to more domestic demand-driven models, and aging populations, which are reducing productivity and limiting economic growth potential (primarily in the developed markets but also in emerging markets such as China). Geopolitical instability on many fronts, the rising risk of policy mistakes, and market liquidity issues combine to increase the possibility of sharp swings in asset values. Meanwhile, in the US, as always in a presidential election year, the political rhetoric of 2016 has the potential to impact domestic sectors such as health care. Throughout Pioneer's history, we have believed in the importance of active management. During periods of market volatility, we view the value of active management as even more compelling. Our experienced and tenured investment teams focus on identifying value across global markets using proprietary research, careful risk management, and a long-term perspective. We believe our shareowners can benefit from the experience and tenure of our investment teams as well as the insights generated from our extensive research process. As always, and particularly during times of market uncertainty, we encourage you to work with your financial advisor to develop an overall investment plan that addresses both your short- and long-term goals, and to implement such a plan in a disciplined manner. We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future. Sincerely, /s/ Lisa M. Jones Lisa M. Jones President and CEO Pioneer Investment Management USA Inc. July 31, 2016 Any information in this shareowner report regarding market or economic trends or the factors influencing the Fund's historical or future performance are statements of opinion as of the date of this report. These statements should not be relied upon for any other purposes. Past performance is no guarantee of future results, and there is no guarantee that market forecasts discussed will be realized. Pioneer Solutions Funds | Annual Report | 7/31/16 3 Portfolio Management Discussion | 7/31/16 In the following interview, portfolio managers John O'Toole and Paul Weber discuss the market environment and investment strategies that applied to the Pioneer Solutions Funds for the 12-month period ended July 31, 2016. Working out of Pioneer's Dublin, Ireland office, Mr. O'Toole, Head of Multi-Asset Portfolio Management at Pioneer, Mr. Weber, Head of Fund Research & Manager Selection at Pioneer, and Salvatore Buono, Head of Strategy Alignment and Structured Products at Pioneer, are responsible for the day-to-day management of the portfolios. Q How did the Funds perform during the 12-month period ended July 31, 2016? A During the 12-month period ended July 31, 2016, Pioneer Solutions - Conservative Fund's Class A shares returned 0.89% at net asset value, while the Morgan Stanley Capital International (MSCI) World ND Index(1) returned -0.46% and the Barclays Aggregate Bond Index returned 5.94%. During the same period, the average return of the 353 mutual funds in Lipper's Mixed- Asset Target Allocation Conservative Funds category was 2.89%, and the average return of the 233 mutual funds in Morningstar's Conservative Allocation Funds category was 3.08%. Pioneer Solutions - Balanced Fund's Class A shares returned -2.11% at net asset value during the 12-month period, while the MSCI World ND Index(1) returned -0.46% and the Barclays Aggregate Bond Index returned 5.94%. During the same period, the average return of the 566 mutual funds in Lipper's Mixed-Asset Target Allocation Moderate Funds category was 2.03%, and the average return of the 898 mutual funds in Morningstar's Moderate Allocation Funds category was 1.86%. Pioneer Solutions - Growth Fund's Class A shares returned -3.23% at net asset value during the 12-month period, while the MSCI World ND Index(1) returned -0.46% and the Barclays Aggregate Bond Index returned 5.94%. During the same period, the average return of the 496 mutual funds in Lipper's Mixed-Asset Target Allocation Growth Funds category was 1.02%, and the average return of the 453 mutual funds in Morningstar's Aggressive Allocation Funds category was 0.74%. 1 The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. 4 Pioneer Solutions Funds | Annual Report | 7/31/16 Q How would you characterize the economic and market backdrop during the 12-month period ended July 31, 2016? A Heightened concerns over China's economy and the impact of ongoing commodity price weakness on a variety of global economies and market sectors drove the performance of risk-based asset classes over the latter half of 2015. As the 12-month period opened in August 2015, the markets monitored U.S. economic data releases for any guidance as to the likely timing of the Federal Reserve's (the Fed's) first move to tighten interest rates for the first time in several years. Overseas, central banks took supportive actions aimed at bolstering investor sentiment, but concerns over Greece's ability to remain in the euro zone offset the positive effects of accommodative monetary policies. However, Greece's issues would soon be replaced in the financial news headlines by China's strained efforts to transition its economy towards a more balanced model, while maintaining growth at acceptable levels. The Chinese government's August 2015 devaluation of the renminbi (or yuan) currency roiled financial markets and raised the possibility of a global currency war. With the global economic backdrop appearing to weaken, expectations for the Fed's initial rate hike were pushed out. As the end of 2015 approached, however, China-related jitters appeared to ease, and markets remained relatively calm in the wake of a large-scale mid-November terrorist attack in Paris. Meanwhile, the outlook for the U.S. economy brightened, supported by signs that workers were finally poised to experience meaningful wage growth. Against that backdrop, the Fed chose to increase interest rates by 0.25% in December, a move that was widely anticipated and largely taken as a positive sign with respect to the sustainability of U.S. economic growth. Unfortunately, the benign conditions would be short-lived and another wave of "risk-off" investor sentiment soon followed, with concerns over global economic growth again moving to the forefront as prices for oil and other commodities embarked on another downward leg, leading to a rout in risk-related assets as the 2016 calendar year began. Less credit-sensitive asset classes were the clear beneficiaries of the uncertain environment, as investors rushed into so-called "safe haven" instruments such as U.S. Treasuries. Gold was also a standout performer during that timeframe. Then, the month of March 2016 saw a significant rebound in the markets as well as positive performance across the board for risk-related assets. Oil prices, which have become the most prominent proxy for risk assets, staged a rebound, albeit from lows that had seemed unimaginable before prices began to tumble in 2014. Markets received further support from dovish central banks, which expressed their willingness to act as gatekeepers of a recovery. The Fed, too, scaled back expectations about future rate hikes and signalled that it was unlikely to meet its previously stated intention to raise interest rates four times in 2016. Throughout April and May, in fact, market expectations had pointed to a potential Fed rate hike as soon as June or July. Pioneer Solutions Funds | Annual Report | 7/31/16 5 However, the consensus changed following a surprisingly weak U.S. non-farm payrolls result for May (just 11,000 jobs created). Market consensus soon began anticipating one, or perhaps two rate increases by the Fed, at the most, during the current calendar year. Later in the period, significant developments on the macroeconomic front included the launch of the European Central Bank's Corporate Sector Purchase Program, which exceeded investor expectations. However, the positive market tone was interrupted, albeit briefly, by the "Brexit" referendum held late June in the United Kingdom, which saw the British electorate vote to leave the European Union. The referendum results dominated market sentiment for a few days, causing a sell-off as well as a sharp, downward move in the British pound, alongside a rapid flight-to- quality response by investors, which drove the 10-year U.S. Treasury yield to reach a low of 1.37% by early July. The markets quickly recovered, though, and recouped their losses over the final few days of June. The 12-month performance of developed market equities turned negative post-referendum, with European and Japanese stocks suffering the most. The U.S. equity markets were positive for the 12-month period, however, while the emerging markets proved to be relatively resilient. Within sovereigns, the U.K. Gilt performed strongly in the wake of the Brexit referendum, and U.S. Treasuries followed suit, aided by the expectation of continued loose monetary policy. Global credit markets saw mixed performance during the period, with Europe underperforming the United States. Notable strong performers in the currency market were so-called safe haven currencies, such as the Japanese yen. Within commodity markets, oil continued its strong upward move following numerous reports indicating potentially lower supplies coupled with speculation about production freezes. Silver and gold rose, too, undoubtedly boosted by the "risk-off" market sentiment, post-Brexit. For the 12-month period, global equities, as measured by the MSCI World ND Index, returned -0.46%, while the U.S. equity market returned 5.61%, as measured by the Standard & Poor's 500 Index. European equities returned -9.75%, as measured by the MSCI Europe Index, and emerging markets equities, as measured by the MSCI Emerging Markets ND Index, returned -0.75%. In the U.S., bonds returned 5.94% for the 12-month period, as gauged by the Barclays Aggregate Bond Index (the Barclays Index), the most popular measure of the performance of the U.S. bond market. Q Can you review your overall investment approach taken with respect to management of the Funds? A The assets of each Fund are allocated within broad strategic guidelines designed to address a particular investor risk profile. In seeking to gain the desired exposures in the portfolios to U.S. equities, international equities, bonds and cash, we utilize a broad selection of mutual funds. Under this approach, we typically incorporate into the portfolios a substantial 6 Pioneer Solutions Funds | Annual Report | 7/31/16 representation of carefully selected mutual funds managed by Pioneer, and by other third-party managers. In addition, derivative positions, which we discuss in more detail later in this report, are used to help manage exposures and the overall risk/reward profile for each Fund. Importantly, each Fund is managed with an eye toward the allocation of a "risk budget," rather than under a straightforward asset allocation approach. This reflects the fact that the majority of the risk embedded in an equally weighted bond and equity portfolio is concentrated within the equity component. Q What considerations and tactical shifts did you apply to the Funds' asset allocation during the 12-month period ended July 31, 2016? A For most of the period, the portfolios were positioned based on our relatively constructive view of riskier assets overall. We kept the portfolios' allocations to equities at above-neutral levels for both the Conservative and Balanced Funds, and at a close to neutral level for the Growth Fund, although we did trim the equity allocations, modestly, as the period progressed. We trimmed the Funds' allocations to risk-related assets even further following the Brexit referendum in the United Kingdom. Q How did your allocations and investment strategies for the Funds affect their performance during the 12-month period ended July 31, 2016? A Within the Funds' equity allocations, for most of the period we overweighted international equities - with a bias toward Europe and Japan relative to the United States - through investments in global/international equity funds. That decision was the leading detractor from benchmark- relative performance across all of the portfolios, given that the U.S. equity market outperformed its foreign counterparts over the 12-month period. In addition, fund selection within the portfolios' U.S. equity allocations detracted from performance. With respect to fixed-income allocations, we positioned each Fund with the expectation of modest interest-rate increases, primarily by overweighting allocations to Pioneer Bond Fund in all three portfolios. In the Conservative Fund, while the overweight to global/international equity funds and the corresponding underweight to U.S. equity funds detracted from benchmark-relative performance, the Fund's absolute returns were positive. This was primarily due to the Conservative Fund's large allocations to Pioneer Bond Fund and Pioneer Strategic Income Fund, each of which turned in solid performance over the 12-month period. In the Balanced Fund and in the Growth Fund, the overweights to global/international equity funds and corresponding underweights to U.S. equity funds detracted from benchmark-relative returns. In addition, fund selection results within the portfolios' international equities components detracted from benchmark-relative performance, as each had relatively heavy weights in Pioneer International Equity Fund and Pioneer Global Equity Fund, both of which produced negative returns over the 12-month period. Pioneer Solutions Funds | Annual Report | 7/31/16 7 On the positive side, all three portfolios had allocations to real estate investment trusts (REITs) during the period, through investments in Pioneer Real Estate Shares. Those allocations were the leading positive contributors to the Funds' benchmark-relative performance, as income- oriented investors continued to be attracted to the REIT sector against a backdrop of extraordinarily low interest rates. Q The Funds have the ability to invest in derivatives. Did you use derivatives as part of your investment strategy during the 12-month period ended July 31, and did those positions have a material effect on performance? A In managing the portfolios, we will regularly use derivatives as a way to execute our investment strategies in an efficient manner, including the increasing or trimming of market exposures and the implementation of relative-value trades. In particular, during the 12-month period we used derivatives to give the portfolios some exposure to the broad Japanese stock market. Japan's central bank has been putting forth extraordinary efforts to stimulate the nation's economy. In addition, Japan had been one of the bigger beneficiaries of the precipitous drop in oil prices, which abated during the second half of the 12-month period, though oil prices remain below historical norms. We also believe the Japanese government's announced plans of structural reforms, while somewhat halting to date in terms of execution, hold promise for both the Japanese economy and equity markets. We also used derivatives to hedge the portfolios' exposure to U.S. equities. In addition, in the lead-up to the Brexit referendum, we purchased U.S. bond futures in order to bring the portfolios' durations up to neutral relative to the Barclays Index, in preparation for a bond-market rally in the event of a "leave" vote. The use of derivatives did not have a material effect on the Funds' performance during the 12-month period. Q What factors are you watching most closely as you determine strategy for the Funds going forward? A The United Kingdom's Brexit referendum has put further downward pressure on risk-related assets, against a backdrop of low global economic growth as well as low inflation. We anticipate that aftershocks will continue to reverberate throughout markets, and that the remainder of 2016 will be characterized by greater political uncertainty, not just in the U.K., but also across the euro zone. Consequently, the investment landscape appears challenging over the near term. However, that does not mean that long-term opportunities for active managers will not present themselves, as we believe the current market dislocations may create opportunities to identify undervalued companies and sectors that the market is penalizing unjustifiably. 8 Pioneer Solutions Funds | Annual Report | 7/31/16 On a positive note, an unintended consequence of the Brexit vote could be the acceleration of necessary structural reforms by certain governments, and a restructuring within the euro zone -- particularly in the banking sector. Such a development would provide some support to risk-related assets. More broadly, we believe forecasting market behavior over short time periods is not likely to be a productive endeavor. In our view, the best course of action is to use market corrections as an opportunity to add to portfolio investments that we believe have the potential to deliver strong risk-adjusted returns. We will continue to monitor the economic backdrop as we actively manage the three broadly diversified* portfolios within their strategic asset allocation and risk guidelines. * Diversification does not assure a profit nor protect against loss. Please refer to the Schedule of Investments on pages 36-47 for a full listing of fund securities. All investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. Each portfolio in Pioneer Solutions Funds is a "fund-of-funds" which seeks to achieve its investment objectives by primarily investing in other funds ("the underlying funds") managed by Pioneer or one of its affiliates, rather than by taking direct positions in securities. The Solutions Funds' performance depend on the adviser's skill in determining the strategic asset allocations, the mix of underlying funds, as well as the performance of those underlying funds. The underlying funds' performance may be lower than the performance of the asset class that they were selected to represent. In addition to the Funds' operating expenses, investors will indirectly bear the operating expenses of investments in any underlying funds. Each of the underlying funds has its own investment risks. At times, the Funds' investments may represent industries or sectors that are interrelated or have common risks, making them more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. Investments in equity securities are subject to price fluctuation. When interest rates rise, the prices of fixed income securities in the fund will generally fall. Conversely, when interest rates fall, the prices of fixed income securities in the fund will generally rise. Investments in the Funds are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations. Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions. Pioneer Solutions Funds | Annual Report | 7/31/16 9 The portfolios may invest in underlying funds with exposure to REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws. The Funds may invest in underlying funds with exposure to commodities. The value of commodity-linked derivatives may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, factors affecting a particular industry or commodity, international economic, political and regulatory developments, supply and demand, and governmental regulatory policies. The Funds may use derivatives, such as options, futures, inverse floating rate obligations, swaps, and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on fund performance. Derivatives may have a leveraging effect on the Fund. The Funds may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. The Funds and some of the underlying funds employ leverage, which increases the volatility of investment returns and subjects the Funds to magnified losses if an underlying fund's investments decline in value. The Funds and some of the underlying funds may employ short selling, a speculative strategy. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. The value of the investments held by the Funds for cash management or temporary defensive purposes may be affected by market risks, changing interest rates, and by changes in credit ratings of the investments. If the Funds hold cash that is uninvested, the Funds will not earn income on the cash and the Funds' yields will go down. These risks may increase share price volatility. There is no assurance that these and other strategies used by the Funds will be successful. Please see the prospectus for a more complete discussion of the Funds' risks. Before making an investment in any fund, you should consider all the risks associated with it. Please see the Fund Reviews beginning on page 11 for information on specific weightings and performance for each of the funds. Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus or summary prospectus containing this information. Read it carefully. Any information in this shareowner report regarding market or economic trends or the factors influencing each fund's historical or future performance are statements of opinion as of the date of this report. Past performance is no guarantee of future results. 10 Pioneer Solutions Funds | Annual Report | 7/31/16 Fund Reviews | 7/31/16 Portfolio Allocations Pioneer Solutions - Conservative Fund As of July 31, 2016, the Fund had an allocation of 22.1% equities, and 77.9% fixed income. Within the fixed-income portion of the Fund, the largest holding at the end of the period was in Pioneer Bond Fund, at 27.0% of assets, followed by Pioneer Strategic Income Fund, at 15.3% of assets. The largest equity positions in the portfolio at period end were in Pioneer Equity Income Fund, at 4.3% of assets, followed by Pioneer Global Equity Fund, at 3.6% of assets. Pioneer Solutions - Balanced Fund As of July 31, 2016, the Fund had an allocation of 54.9% equities, and 45.1% fixed income. Within the fixed-income portion of the Fund, the largest holding at the end of the period was in Pioneer Bond Fund, at 10.2% of assets, followed by Pioneer Strategic Income Fund, at 5.7% of assets. The largest equity positions in the portfolio at period end were in Pioneer International Equity Fund, at 13.2% of assets, followed by Pioneer Global Equity Fund, at 9.0% of assets. Pioneer Solutions - Growth Fund As of July 31, 2016, the Fund had an allocation of 79.3% equities, and 20.7% fixed income. Within the fixed-income portion of the Fund, the largest holding at the end of the period was in Pioneer Bond Fund, at 7.1% of assets, followed by Columbia Funds Series Trust I Contrarian Core Fund, at 4.3% of assets. The largest equity positions in the portfolio at period end were in Pioneer International Equity Fund, at 14.8% of assets, followed by Pioneer Global Equity Fund, at 10.8% of assets. Pioneer Solutions Funds | Annual Report | 7/31/16 11 Comparing Ongoing Fund Expenses Pioneer Solutions - Conservative Fund As a shareowner in the Fund, you incur two types of costs: (1) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and (2) transaction costs, including sales charges (loads) on purchase payments. This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund's latest six-month period and held throughout the six months. Using the Tables -------------------------------------------------------------------------------- Actual Expenses The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows: (1) Divide your account value by $1,000 Example: an $8,600 account value (divided by) $1,000 = 8.6 (2) Multiply the result in (1) above by the corresponding share class's number in the third row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Expenses Paid on a $1,000 Investment in Pioneer Solutions Conservative Fund Based on actual returns from February 1, 2016 through July 31, 2016.
-------------------------------------------------------------------------------- Share Class A C R Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 2/1/16 -------------------------------------------------------------------------------- Ending Account Value $1,083.97 $1,082.70 $1,083.35 $1,084.53 (after expenses) on 7/31/16 -------------------------------------------------------------------------------- Expenses Paid $ 3.63 $ 7.51 $ 4.66 $ 3.37 During Period* --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.70%, 1.45%, 0.90% and 0.65% for Class A, C, R and Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one half-year period. Fund expense ratios do not include estimates for acquired fund fees and expenses (AFFE). If AFFE estimates were included, expenses paid during the period would have been $6.79, $10.67, $7.82 and $6.53 for Class A, C, R and Y shares, respectively, based on the respective expense ratio for each class of 1.31%, 2.06%, 1.51% and 1.26%. 12 Pioneer Solutions Funds | Annual Report | 7/31/16 Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. Expenses Paid on a $1,000 Investment in Pioneer Solutions Conservative Fund Based on a hypothetical 5% per year return before expenses, reflecting the period from February 1, 2016 through July 31, 2016.
-------------------------------------------------------------------------------- Share Class A C R Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 2/1/16 -------------------------------------------------------------------------------- Ending Account Value $1,021.38 $1,017.65 $1,020.39 $1,021.63 (after expenses) on 7/31/16 -------------------------------------------------------------------------------- Expenses Paid $ 3.52 $ 7.27 $ 4.52 $ 3.27 During Period* --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.70%, 1.45%, 0.90% and 0.65% for Class A, C, R and Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one half-year period. Fund expense ratios do not include estimates for acquired fund fees and expenses (AFFE). If AFFE estimates were included, expenses paid during the period would have been $6.57, $10.32, $7.57 and $6.32 for Class A, C, R and Y shares, respectively, based on the respective expense ratio for each class of 1.31%, 2.06%, 1.51% and 1.26%. Pioneer Solutions Funds | Annual Report | 7/31/16 13 Comparing Ongoing Fund Expenses Pioneer Solutions - Balanced Fund As a shareowner in the Fund, you incur two types of costs: (1) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and (2) transaction costs, including sales charges (loads) on purchase payments. This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund's latest six-month period and held throughout the six months. Using the Tables -------------------------------------------------------------------------------- Actual Expenses The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows: (1) Divide your account value by $1,000 Example: an $8,600 account value (divided by) $1,000 = 8.6 (2) Multiply the result in (1) above by the corresponding share class's number in the third row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Expenses Paid on a $1,000 Investment in Pioneer Solutions Balanced Fund Based on actual returns from February 1, 2016 through July 31, 2016.
-------------------------------------------------------------------------------- Share Class A C R Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 2/1/16 -------------------------------------------------------------------------------- Ending Account Value $1,113.13 $1,111.78 $1,110.07 $1,112.94 (after expenses) on 7/31/16 -------------------------------------------------------------------------------- Expenses Paid $ 3.52 $ 7.19 $ 4.72 $ 2.10 During Period* --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.67%, 1.37%, 0.90% and 0.40% for Class A, C, R and Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one half-year period. Fund expense ratios do not include estimates for acquired fund fees and expenses (AFFE). If AFFE estimates were included, expenses paid during the period would have been $7.30, $10.97, $8.50 and $5.88 for Class A, C, R and Y shares, respectively, based on the respective expense ratio for each class of 1.39%, 2.09%, 1.62% and 1.12%. 14 Pioneer Solutions Funds | Annual Report | 7/31/16 Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. Expenses Paid on a $1,000 Investment in Pioneer Solutions Balanced Fund Based on a hypothetical 5% per year return before expenses, reflecting the period from February 1, 2016 through July 31, 2016.
-------------------------------------------------------------------------------- Share Class A C R Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 2/1/16 -------------------------------------------------------------------------------- Ending Account Value $1,021.53 $1,018.05 $1,020.39 $1,022.87 (after expenses) on 7/31/16 -------------------------------------------------------------------------------- Expenses Paid $ 3.37 $ 6.87 $ 4.52 $ 2.01 During Period* --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.67%, 1.37%, 0.90% and 0.40% for Class A, C, R and Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one half-year period. Fund expense ratios do not include estimates for acquired fund fees and expenses (AFFE). If AFFE estimates were included, expenses paid during the period would have been $6.97, $10.47, $8.12 and $5.62 for Class A, C, R and Y shares, respectively, based on the respective expense ratio for each class of 1.39%, 2.09%, 1.62% and 1.12%. Pioneer Solutions Funds | Annual Report | 7/31/16 15 Comparing Ongoing Fund Expenses Pioneer Solutions - Growth Fund As a shareowner in the Fund, you incur two types of costs: (1) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses; and (2) transaction costs, including sales charges (loads) on purchase payments. This example is intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 at the beginning of the Fund's latest six-month period and held throughout the six months. Using the Tables -------------------------------------------------------------------------------- Actual Expenses The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period as follows: (1) Divide your account value by $1,000 Example: an $8,600 account value (divided by) $1,000 = 8.6 (2) Multiply the result in (1) above by the corresponding share class's number in the third row under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Expenses Paid on a $1,000 Investment in Pioneer Solutions Growth Fund Based on actual returns from February 1, 2016 through July 31, 2016.
-------------------------------------------------------------------------------- Share Class A C R Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 2/1/16 -------------------------------------------------------------------------------- Ending Account Value $1,128.61 $1,126.55 $1,126.20 $1,128.93 (after expenses) on 7/31/16 -------------------------------------------------------------------------------- Expenses Paid $ 3.44 $ 7.14 $ 4.76 $ 1.96 During Period* --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.65%, 1.35%, 0.90% and 0.37% for Class A, C, R and Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one half-year period. Fund expense ratios do not include estimates for acquired fund fees and expenses (AFFE). If AFFE estimates were included, expenses paid during the period would have been $7.41, $11.10, $8.72 and $5.93 for Class A, C, R and Y shares, respectively, based on the respective expense ratio for each class of 1.40%, 2.10%, 1.65% and 1.12%. 16 Pioneer Solutions Funds | Annual Report | 7/31/16 Hypothetical Example for Comparison Purposes The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) that are charged at the time of the transaction. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. Expenses Paid on a $1,000 Investment in Pioneer Solutions Growth Fund Based on a hypothetical 5% per year return before expenses, reflecting the period from February 1, 2016 through July 31, 2016.
-------------------------------------------------------------------------------- Share Class A C R Y -------------------------------------------------------------------------------- Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 Value on 2/1/16 -------------------------------------------------------------------------------- Ending Account Value $1,021.63 $1,018.15 $1,020.39 $1,023.02 (after expenses) on 7/31/16 -------------------------------------------------------------------------------- Expenses Paid $ 3.27 $ 6.77 $ 4.52 $ 1.86 During Period* --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 0.65%, 1.35%, 0.90% and 0.37% for Class A, C, R and Y shares, respectively, multiplied by the average account value over the period, multiplied by 182/366 to reflect the one half-year period. Fund expense ratios do not include estimates for acquired fund fees and expenses (AFFE). If AFFE estimates were included, expenses paid during the period would have been $7.02, $10.52, $8.27 and $5.62 for Class A, C, R and Y shares, respectively, based on the respective expense ratio for each class of 1.40%, 2.10%, 1.65% and 1.12%. Pioneer Solutions Funds | Annual Report | 7/31/16 17 Prices and Distributions | 7/31/16 Net Asset Value per Share -------------------------------------------------------------------------------- Conservative Fund
-------------------------------------------------------------------------------- Class 7/31/16 7/31/15 -------------------------------------------------------------------------------- A $10.41 $11.78 -------------------------------------------------------------------------------- C $10.06 $11.41 -------------------------------------------------------------------------------- R $10.38 $11.78 -------------------------------------------------------------------------------- Y $ 9.83 $11.18 --------------------------------------------------------------------------------
Balanced Fund
-------------------------------------------------------------------------------- Class 7/31/16 7/31/15 -------------------------------------------------------------------------------- A $11.35 $12.78 -------------------------------------------------------------------------------- C $10.44 $11.84 -------------------------------------------------------------------------------- R $11.30 $12.78 -------------------------------------------------------------------------------- Y $11.51 $12.94 --------------------------------------------------------------------------------
Growth Fund
-------------------------------------------------------------------------------- Class 7/31/16 7/31/15 -------------------------------------------------------------------------------- A $12.36 $13.84 -------------------------------------------------------------------------------- C $11.63 $13.08 -------------------------------------------------------------------------------- R $12.30 $13.84 -------------------------------------------------------------------------------- Y $12.63 $14.11 --------------------------------------------------------------------------------
18 Pioneer Solutions Funds | Annual Report | 7/31/16 Distributions per Share: 8/1/15-7/31/16 -------------------------------------------------------------------------------- Conservative Fund
-------------------------------------------------------------------------------- Net Investment Short-Term Long-Term Class Income Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.2917 $-- $1.1317 -------------------------------------------------------------------------------- C $0.1963 $-- $1.1317 -------------------------------------------------------------------------------- R $0.2965 $-- $1.1317 -------------------------------------------------------------------------------- Y $0.2743 $-- $1.1317 --------------------------------------------------------------------------------
Balanced Fund
-------------------------------------------------------------------------------- Net Investment Short-Term Long-Term Class Income Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.2740 $-- $0.8635 -------------------------------------------------------------------------------- C $0.1879 $-- $0.8635 -------------------------------------------------------------------------------- R $0.2961 $-- $0.8635 -------------------------------------------------------------------------------- Y $0.3007 $-- $0.8635 --------------------------------------------------------------------------------
Growth Fund
-------------------------------------------------------------------------------- Net Investment Short-Term Long-Term Class Income Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.1784 $-- $0.8411 -------------------------------------------------------------------------------- C $0.0914 $-- $0.8411 -------------------------------------------------------------------------------- R $0.2069 $-- $0.8411 -------------------------------------------------------------------------------- Y $0.2055 $-- $0.8411 --------------------------------------------------------------------------------
Pioneer Solutions Funds | Annual Report | 7/31/16 19 Prices and Distributions | 7/31/16 (continued) Index Definitions -------------------------------------------------------------------------------- The Morgan Stanley Capital International (MSCI) World ND Index is an unmanaged measure of the performance of stock markets in the developed world. The Barclays Aggregate Bond Index is an unmanaged measure of the U.S. bond market. Index returns are calculated monthly, assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges. It is not possible to invest directly in an index. The indices defined here pertain to the "Value of $10,000 Investment" and "Value of $5 Million Investment" charts on pages 22-25, 27-30 and 32-35. 20 Pioneer Solutions Funds | Annual Report | 7/31/16 Portfolio Summary | 7/31/16 Pioneer Solutions - Conservative Fund Asset Allocations -------------------------------------------------------------------------------- [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Fixed Income 73.4% International Equity 13.6% U.S. Equity 8.5% U.S. Government and Agency Obligation 2.5% Sovereign Debt Obligation 2.0%
Actual Portfolio Holdings (based on total portfolio) -------------------------------------------------------------------------------- U.S. Stock Funds -------------------------------------------------------------------------------- Pioneer Equity Income Fund Class K 4.30% -------------------------------------------------------------------------------- Pioneer Real Estate Shares Class Y 2.08 -------------------------------------------------------------------------------- Pioneer Fundamental Growth Fund Class K 2.07 -------------------------------------------------------------------------------- International Stock Funds -------------------------------------------------------------------------------- Pioneer Global Equity Fund Class K 3.63% -------------------------------------------------------------------------------- Pioneer International Equity Fund Class Y 3.23 -------------------------------------------------------------------------------- iShares MSCI Emerging Markets Minimum Volatility ETF 1.72 -------------------------------------------------------------------------------- iShares MSCI India ETF 1.34 -------------------------------------------------------------------------------- iShares MSCI China ETF 1.14 -------------------------------------------------------------------------------- iShares MSCI Canada ETF 0.69 -------------------------------------------------------------------------------- JOHCM Asia Ex-Japan Equity Fund Class IS 0.57 -------------------------------------------------------------------------------- iShares MSCI Emerging Markets ETF 0.53 -------------------------------------------------------------------------------- VanEck Vectors Vietnam ETF 0.41 -------------------------------------------------------------------------------- T. Rowe Price International Funds - European Stock Fund 0.30 -------------------------------------------------------------------------------- Bond Funds -------------------------------------------------------------------------------- Pioneer Bond Fund Class K 27.02% -------------------------------------------------------------------------------- Pioneer Strategic Income Fund Class K 15.27 -------------------------------------------------------------------------------- Western Asset Core Plus Bond Fund Class IS 5.19 -------------------------------------------------------------------------------- Doubleline Total Return Bond Fund Class I 5.13% -------------------------------------------------------------------------------- MFS Total Return Bond Fund Class I 5.09 -------------------------------------------------------------------------------- Pioneer Dynamic Credit Fund Class Y 4.39 -------------------------------------------------------------------------------- Pioneer Short Term Income Fund Class K 3.26 -------------------------------------------------------------------------------- Columbia Funds Series Trust I Contrarian Core Fund Class Y 2.65 -------------------------------------------------------------------------------- Pioneer Global Multisector Income Fund Class Y 1.89 -------------------------------------------------------------------------------- Pioneer Floating Rate Fund Class K 1.13 -------------------------------------------------------------------------------- Goldman Sachs Emerging Markets Debt Fund Class I 1.03 -------------------------------------------------------------------------------- Pioneer High Yield Fund Class Y 0.55 -------------------------------------------------------------------------------- Pioneer Global High Yield Fund Class Y 0.33 -------------------------------------------------------------------------------- Pioneer Long/Short Bond Fund Class Y 0.26 -------------------------------------------------------------------------------- Pioneer Opportunistic Long/Short Credit Fund Class Y 0.25 -------------------------------------------------------------------------------- U.S. Government and Agency Obligation -------------------------------------------------------------------------------- U.S. Treasury Inflation Indexed Note 2.50% -------------------------------------------------------------------------------- Sovereign Debt Obligation -------------------------------------------------------------------------------- Japanese Government CPI Linked Bond 2.05% --------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The portfolio is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any security listed. Pioneer Solutions Funds | Annual Report | 7/31/16 21 Performance Update | 7/31/16 Class A Shares Pioneer Solutions - Conservative Fund Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Solutions - Conservative Fund at public offering price during the periods shown, compared to that of the MSCI World ND Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of July 31, 2016) -------------------------------------------------------------------------------- Net Public Barclays MSCI Asset Offering Aggregate World Value Price Bond ND Period (NAV) (POP) Index Index -------------------------------------------------------------------------------- 10 Years 4.17% 3.56% 5.06% 4.80% 5 Years 4.06 2.83 3.57 7.91 1 Year 0.89 -4.92 5.94 -0.46 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2015) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 1.44% 1.36% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World Conservative Fund Bond Index ND Index 7/06 $ 9,425 $ 10,000 $ 10,000 7/07 $ 10,266 $ 10,558 $ 12,010 7/08 $ 9,971 $ 11,207 $ 10,703 7/09 $ 9,529 $ 12,086 $ 8,390 7/10 $ 10,661 $ 13,163 $ 9,215 7/11 $ 11,625 $ 13,747 $ 10,923 7/12 $ 11,840 $ 14,744 $ 10,707 7/13 $ 12,873 $ 14,464 $ 13,194 7/14 $ 13,786 $ 15,038 $ 15,301 7/15 $ 14,063 $ 15,462 $ 16,054 7/16 $ 14,188 $ 16,380 $ 15,981
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. POP returns reflect deduction of maximum 5.75% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The net expense ratio reflects the contractual expense limitation currently in effect through December 1, 2017, for Class A shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus for more information. Please see the financial highlights for more recent expense ratios. Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Effective November 17, 2014, Pioneer became directly responsible for portfolio management of the Fund. The performance shown for periods prior to November 17, 2014, reflects the investment strategies employed during those periods. 22 Pioneer Solutions Funds | Annual Report | 7/31/16 Performance Update | 7/31/16 Class C Shares Pioneer Solutions - Conservative Fund Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Solutions - Conservative Fund during the periods shown, compared to that of the MSCI World ND Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of July 31, 2016) -------------------------------------------------------------------------------- Barclays MSCI Aggregate World If If Bond ND Period Held Redeemed Index Index -------------------------------------------------------------------------------- 10 Years 3.33% 3.33% 5.06% 4.80% 5 Years 3.30 3.30 3.57 7.91 1 Year 0.18 0.18 5.94 -0.46 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2015) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 2.18% 2.10% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World Conservative Fund Bond Index ND Index 7/06 $ 10,000 $ 10,000 $ 10,000 7/07 $ 10,800 $ 10,558 $ 12,010 7/08 $ 10,408 $ 11,207 $ 10,703 7/09 $ 9,832 $ 12,086 $ 8,390 7/10 $ 10,905 $ 13,163 $ 9,215 7/11 $ 11,797 $ 13,747 $ 10,923 7/12 $ 11,933 $ 14,744 $ 10,707 7/13 $ 12,868 $ 14,464 $ 13,194 7/14 $ 13,694 $ 15,038 $ 15,301 7/15 $ 13,851 $ 15,462 $ 16,054 7/16 $ 13,876 $ 16,380 $ 15,981
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). "If Held" results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The net expense ratio reflects the contractual expense limitation currently in effect through December 1, 2017, for Class C shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus for more information. Please see the financial highlights for more recent expense ratios. Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Effective November 17, 2014, Pioneer became directly responsible for portfolio management of the Fund. The performance shown for periods prior to November 17, 2014, reflects the investment strategies employed during those periods. Pioneer Solutions Funds | Annual Report | 7/31/16 23 Performance Update | 7/31/16 Class R Shares Pioneer Solutions - Conservative Fund Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class R shares of Pioneer Solutions - Conservative Fund during the periods shown, compared to that of the MSCI World ND Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of July 31, 2016) -------------------------------------------------------------------------------- Net Barclays MSCI Asset Aggregate World Value Bond ND Period (NAV) Index Index -------------------------------------------------------------------------------- 10 Years 4.15% 5.06% 4.80% 5 Years 4.02 3.57 7.91 1 Year 0.66 5.94 -0.46 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2015) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 2.25% 1.55% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World Conservative Fund Bond Index ND Index 7/06 $ 10,000 $ 10,000 $ 10,000 7/07 $ 10,889 $ 10,558 $ 12,010 7/08 $ 10,576 $ 11,207 $ 10,703 7/09 $ 10,106 $ 12,086 $ 8,390 7/10 $ 11,307 $ 13,163 $ 9,215 7/11 $ 12,329 $ 13,747 $ 10,923 7/12 $ 12,558 $ 14,744 $ 10,707 7/13 $ 13,653 $ 14,464 $ 13,194 7/14 $ 14,622 $ 15,038 $ 15,301 7/15 $ 14,915 $ 15,462 $ 16,054 7/16 $ 15,014 $ 16,380 $ 15,981
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The performance shown for Class R shares for the period prior to the commencement of operations of Class R shares on July 1, 2015, is the net asset value performance of the Fund's Class A shares, which has not been restated to reflect any differences in expenses, including Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares generally are higher than those of Class R shares, the performance of Class R shares prior to their inception would have been higher than the performance shown. For the period beginning July 1, 2015, the actual performance of Class R shares is reflected. Class R shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The net expense ratio reflects the contractual expense limitation currently in effect through December 1, 2017, for Class R shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. Please see the financial highlights for more recent expense ratios. Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Effective November 17, 2014, Pioneer became directly responsible for portfolio management of the Fund. The performance shown for periods prior to November 17, 2014, reflects the investment strategies employed during those periods. 24 Pioneer Solutions Funds | Annual Report | 7/31/16 Performance Update | 7/31/16 Class Y Shares Pioneer Solutions - Conservative Fund Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Solutions - Conservative Fund during the periods shown, compared to that of the MSCI World ND Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of July 31, 2016) -------------------------------------------------------------------------------- Net Barclays MSCI Asset Aggregate World Value Bond ND Period (NAV) Index Index -------------------------------------------------------------------------------- 10 Years 3.17% 5.06% 4.80% 5 Years 3.54 3.57 7.91 1 Year 0.95 5.94 -0.46 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2015) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 1.63% 1.30% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
Pioneer Solutions - Barclays Aggregate MSCI World Conservative Fund Bond Index ND Index 7/06 $ 5,000,000 $ 5,000,000 $ 5,000,000 7/07 $ 5,445,523 $ 5,278,913 $ 6,005,008 7/08 $ 5,259,069 $ 5,603,581 $ 5,351,371 7/09 $ 4,698,224 $ 6,043,203 $ 4,194,937 7/10 $ 5,256,848 $ 6,581,641 $ 4,607,466 7/11 $ 5,739,193 $ 6,873,598 $ 5,461,584 7/12 $ 5,758,481 $ 7,372,221 $ 5,353,265 7/13 $ 6,219,438 $ 7,231,781 $ 6,597,220 7/14 $ 6,644,444 $ 7,518,841 $ 7,650,327 7/15 $ 6,764,496 $ 7,731,167 $ 8,027,180 7/16 $ 6,828,858 $ 8,190,014 $ 7,990,345
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The net expense ratio reflects the contractual expense limitation currently in effect through December 1, 2017, for Class Y shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus for more information. Please see the financial highlights for more recent expense ratios. Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Effective November 17, 2014, Pioneer became directly responsible for portfolio management of the Fund. The performance shown for periods prior to November 17, 2014, reflects the investment strategies employed during those periods. Pioneer Solutions Funds | Annual Report | 7/31/16 25 Portfolio Summary | 7/31/16 Pioneer Solutions - Balanced Fund Asset Allocations -------------------------------------------------------------------------------- [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Fixed Income 40.5% International Equity 32.9% U.S. Equity 22.0% U.S. Government and Agency Obligation 2.5% Sovereign Debt Obligation 2.1%
Actual Portfolio Holdings (based on total portfolio) -------------------------------------------------------------------------------- U.S. Stock Funds -------------------------------------------------------------------------------- Pioneer Fundamental Growth Fund Class K 5.06% -------------------------------------------------------------------------------- Pioneer Core Equity Fund Class Y 4.48 -------------------------------------------------------------------------------- Oak Ridge Small Cap Growth Fund Class K 3.53 -------------------------------------------------------------------------------- Pioneer Real Estate Shares Class Y 2.52 -------------------------------------------------------------------------------- Pioneer Fund Class Y 2.10 -------------------------------------------------------------------------------- Pioneer Select Mid Cap Growth Fund Class K 1.66 -------------------------------------------------------------------------------- Aston/Fairpointe Mid Cap Fund Class I 1.64 -------------------------------------------------------------------------------- Pioneer Mid Cap Value Fund Class K 1.01 -------------------------------------------------------------------------------- International Stock Funds -------------------------------------------------------------------------------- Pioneer International Equity Fund Class Y 13.24% -------------------------------------------------------------------------------- Pioneer Global Equity Fund Class K 8.98 -------------------------------------------------------------------------------- T. Rowe Price International Funds - European Stock Fund 2.61 -------------------------------------------------------------------------------- iShares MSCI Emerging Markets Minimum Volatility ETF 1.79 -------------------------------------------------------------------------------- iShares MSCI Canada ETF 1.63 -------------------------------------------------------------------------------- iShares MSCI India ETF 1.50 -------------------------------------------------------------------------------- iShares MSCI China ETF 1.12 -------------------------------------------------------------------------------- JOHCM Asia Ex-Japan Equity Fund Class IS 0.94 -------------------------------------------------------------------------------- iShares MSCI Emerging Markets ETF 0.67 -------------------------------------------------------------------------------- VanEck Vectors Vietnam ETF 0.41 -------------------------------------------------------------------------------- Bond Funds -------------------------------------------------------------------------------- Pioneer Bond Fund Class K 10.24% -------------------------------------------------------------------------------- Pioneer Strategic Income Fund Class K 5.73 -------------------------------------------------------------------------------- Doubleline Total Return Bond Fund Class I 4.83 -------------------------------------------------------------------------------- Western Asset Core Plus Bond Fund Class IS 3.83 -------------------------------------------------------------------------------- MFS Total Return Bond Fund Class I 3.80 -------------------------------------------------------------------------------- Pioneer Dynamic Credit Fund Class Y 3.23 -------------------------------------------------------------------------------- Columbia Funds Series Trust I Contrarian Core Fund Class Y 2.84 -------------------------------------------------------------------------------- Pioneer Global Multisector Income Fund Class Y 2.00 -------------------------------------------------------------------------------- Pioneer Global High Yield Fund Class Y 1.66 -------------------------------------------------------------------------------- Goldman Sachs Emerging Markets Debt Fund Class I 1.02 -------------------------------------------------------------------------------- Pioneer Opportunistic Long/Short Credit Fund Class Y 0.69 -------------------------------------------------------------------------------- Pioneer Long/Short Bond Fund Class Y 0.69 -------------------------------------------------------------------------------- Pioneer High Yield Fund Class Y 0.00+ -------------------------------------------------------------------------------- U.S. Government and Agency Obligation -------------------------------------------------------------------------------- U.S. Treasury Inflation Indexed Note 2.47% -------------------------------------------------------------------------------- Sovereign Debt Obligation -------------------------------------------------------------------------------- Japanese Government CPI Linked Bond 2.08% --------------------------------------------------------------------------------
+ Amount rounds to less than 0.1%. This list excludes temporary cash investments and derivative instruments. The portfolio is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any security listed. 26 Pioneer Solutions Funds | Annual Report | 7/31/16 Performance Update | 7/31/16 Class A Shares Pioneer Solutions - Balanced Fund Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Solutions - Balanced Fund at public offering price during the periods shown, compared to that of the MSCI World ND Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of July 31, 2016) -------------------------------------------------------------------------------- Net Public Barclays MSCI Asset Offering Aggregate World Value Price Bond ND Period (NAV) (POP) Index Index -------------------------------------------------------------------------------- 10 Years 4.19% 3.58% 5.06% 4.80% 5 Years 4.96 3.72 3.57 7.91 1 Year -2.11 -7.74 5.94 -0.46 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2015) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.41% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World Balanced Fund Bond Index ND Index 7/06 $ 9,425 $ 10,000 $ 10,000 7/07 $ 10,615 $ 10,558 $ 12,010 7/08 $ 9,823 $ 11,207 $ 10,703 7/09 $ 8,723 $ 12,086 $ 8,390 7/10 $ 9,879 $ 13,163 $ 9,215 7/11 $ 11,154 $ 13,747 $ 10,923 7/12 $ 11,124 $ 14,744 $ 10,707 7/13 $ 12,716 $ 14,464 $ 13,194 7/14 $ 14,049 $ 15,038 $ 15,301 7/15 $ 14,517 $ 15,462 $ 16,054 7/16 $ 14,211 $ 16,380 $ 15,981
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. POP returns reflect deduction of the maximum 5.75% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. Please see the financial highlights for more recent expense ratios. Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Effective November 17, 2014, Pioneer became directly responsible for portfolio management of the Fund. The performance shown for periods prior to November 17, 2014, reflects the investment strategies employed during those periods. Pioneer Solutions Funds | Annual Report | 7/31/16 27 Performance Update | 7/31/16 Class C Shares Pioneer Solutions - Balanced Fund Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Solutions - Balanced Fund during the periods shown, compared to that of the MSCI World ND Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of July 31, 2016) -------------------------------------------------------------------------------- Barclays MSCI Aggregate World If If Bond ND Period Held Redeemed Index Index -------------------------------------------------------------------------------- 10 Years 3.44% 3.44% 5.06% 4.80% 5 Years 4.22 4.22 3.57 7.91 1 Year -2.81 -2.81 5.94 -0.46 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2015) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 2.10% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World Balanced Fund Bond Index ND Index 7/06 $ 10,000 $ 10,000 $ 10,000 7/07 $ 11,183 $ 10,558 $ 12,010 7/08 $ 10,267 $ 11,207 $ 10,703 7/09 $ 9,051 $ 12,086 $ 8,390 7/10 $ 10,176 $ 13,163 $ 9,215 7/11 $ 11,409 $ 13,747 $ 10,923 7/12 $ 11,286 $ 14,744 $ 10,707 7/13 $ 12,817 $ 14,464 $ 13,194 7/14 $ 14,060 $ 15,038 $ 15,301 7/15 $ 14,431 $ 15,462 $ 16,054 7/16 $ 14,026 $ 16,380 $ 15,981
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). "If Held" results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. Please see the financial highlights for more recent expense ratios. Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Effective November 17, 2014, Pioneer became directly responsible for portfolio management of the Fund. The performance shown for periods prior to November 17, 2014, reflects the investment strategies employed during those periods. 28 Pioneer Solutions Funds | Annual Report | 7/31/16 Performance Update | 7/31/16 Class R Shares Pioneer Solutions - Balanced Fund Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class R shares of Pioneer Solutions - Balanced Fund during the periods shown, compared to that of the MSCI World ND Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of July 31, 2016) -------------------------------------------------------------------------------- Net Barclays MSCI Asset Aggregate World Value Bond ND Period (NAV) Index Index -------------------------------------------------------------------------------- 10 Years 4.16% 5.06% 4.80% 5 Years 4.91 3.57 7.91 1 Year -2.34 5.94 -0.46 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2015) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 1.73% 1.65% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World Balanced Fund Bond Index ND Index 7/06 $ 10,000 $ 10,000 $ 10,000 7/07 $ 11,258 $ 10,558 $ 12,010 7/08 $ 10,418 $ 11,207 $ 10,703 7/09 $ 9,251 $ 12,086 $ 8,390 7/10 $ 10,478 $ 13,163 $ 9,215 7/11 $ 11,830 $ 13,747 $ 10,923 7/12 $ 11,798 $ 14,744 $ 10,707 7/13 $ 13,487 $ 14,464 $ 13,194 7/14 $ 14,901 $ 15,038 $ 15,301 7/15 $ 15,397 $ 15,462 $ 16,054 7/16 $ 15,036 $ 16,380 $ 15,981
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The performance shown for Class R shares for the period prior to the commencement of operations of Class R shares on July 1, 2015, is the net asset value performance of the Fund's Class A shares, which has not been restated to reflect any differences in expenses, including Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares generally are higher than those of Class R shares, the performance of Class R shares prior to their inception would have been higher than the performance shown. For the period beginning July 1, 2015, the actual performance of Class R shares is reflected. Class R shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The net expense ratio reflects the contractual expense limitation currently in effect through December 1, 2017, for Class R shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. Please see the financial highlights for more recent expense ratios. Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Effective November 17, 2014, Pioneer became directly responsible for portfolio management of the Fund. The performance shown for periods prior to November 17, 2014, reflects the investment strategies employed during those periods. Pioneer Solutions Funds | Annual Report | 7/31/16 29 Performance Update | 7/31/16 Class Y Shares Pioneer Solutions - Balanced Fund Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Solutions - Balanced Fund during the periods shown, compared to that of the MSCI World ND Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of July 31, 2016) -------------------------------------------------------------------------------- Net Barclays MSCI Asset Aggregate World Value Bond ND Period (NAV) Index Index -------------------------------------------------------------------------------- 10 Years 4.62% 5.06% 4.80% 5 Years 5.24 3.57 7.91 1 Year -1.85 5.94 -0.46 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2015) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.11% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
Pioneer Solutions - Barclays Aggregate MSCI World Balanced Fund Bond Index ND Index 7/06 $ 5,000,000 $ 5,000,000 $ 5,000,000 7/07 $ 5,648,992 $ 5,278,913 $ 6,005,008 7/08 $ 5,248,056 $ 5,603,581 $ 5,351,371 7/09 $ 4,718,353 $ 6,043,203 $ 4,194,937 7/10 $ 5,367,160 $ 6,581,641 $ 4,607,466 7/11 $ 6,084,720 $ 6,873,598 $ 5,461,584 7/12 $ 6,084,628 $ 7,372,221 $ 5,353,265 7/13 $ 6,977,744 $ 7,231,781 $ 6,597,220 7/14 $ 7,723,299 $ 7,518,841 $ 7,650,327 7/15 $ 8,003,396 $ 7,731,167 $ 8,027,180 7/16 $ 7,854,985 $ 8,190,014 $ 7,990,345
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. Please see the financial highlights for more recent expense ratios. Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Effective November 17, 2014, Pioneer became directly responsible for portfolio management of the Fund. The performance shown for periods prior to November 17, 2014, reflects the investment strategies employed during those periods. 30 Pioneer Solutions Funds | Annual Report | 7/31/16 Portfolio Summary | 7/31/16 Pioneer Solutions - Growth Fund Asset Allocations -------------------------------------------------------------------------------- [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
International Equity 42.0% U.S. Equity 37.3% Fixed Income 16.2% U.S. Government and Agency Obligation 2.4% Sovereign Debt Obligation 2.1%
Actual Portfolio Holdings (based on total portfolio) -------------------------------------------------------------------------------- U.S. Stock Funds -------------------------------------------------------------------------------- Pioneer Fundamental Growth Fund Class K 7.42% -------------------------------------------------------------------------------- Pioneer Core Equity Fund Class Y 6.98 -------------------------------------------------------------------------------- Pioneer Fund Class Y 5.28 -------------------------------------------------------------------------------- Oak Ridge Small Cap Growth Fund Class K 4.50 -------------------------------------------------------------------------------- Pioneer Mid Cap Value Fund Class K 4.33 -------------------------------------------------------------------------------- Pioneer Real Estate Shares Class Y 3.52 -------------------------------------------------------------------------------- Pioneer Select Mid Cap Growth Fund Class K 2.71 -------------------------------------------------------------------------------- Aston/Fairpointe Mid Cap Fund Class I 2.61 -------------------------------------------------------------------------------- International Stock Funds -------------------------------------------------------------------------------- Pioneer International Equity Fund Class Y 14.82% -------------------------------------------------------------------------------- Pioneer Global Equity Fund Class K 10.84 -------------------------------------------------------------------------------- T. Rowe Price International Funds - European Stock Fund 3.48 -------------------------------------------------------------------------------- JPMorgan Intrepid European Fund Class IS 3.21 -------------------------------------------------------------------------------- iShares MSCI Canada ETF 2.38 -------------------------------------------------------------------------------- iShares MSCI Emerging Markets Minimum Volatility ETF 1.72 -------------------------------------------------------------------------------- JOHCM Asia Ex-Japan Equity Fund Class IS 1.56 -------------------------------------------------------------------------------- iShares MSCI India ETF 1.47% -------------------------------------------------------------------------------- iShares MSCI China ETF 1.10 -------------------------------------------------------------------------------- iShares MSCI Emerging Markets ETF 1.03 -------------------------------------------------------------------------------- VanEck Vectors Vietnam ETF 0.40 -------------------------------------------------------------------------------- Bond Funds -------------------------------------------------------------------------------- Pioneer Bond Fund Class K 7.07% -------------------------------------------------------------------------------- Columbia Funds Series Trust I Contrarian Core Fund Class Y 4.30 -------------------------------------------------------------------------------- Doubleline Total Return Bond Fund Class I 1.13 -------------------------------------------------------------------------------- Pioneer Strategic Income Fund Class K 1.07 -------------------------------------------------------------------------------- Pioneer Global Multisector Income Fund Class Y 1.05 -------------------------------------------------------------------------------- Goldman Sachs Emerging Markets Debt Fund Class I 1.01 -------------------------------------------------------------------------------- Pioneer Opportunistic Long/Short Credit Fund Class Y 0.27 -------------------------------------------------------------------------------- Pioneer Long/Short Bond Fund Class Y 0.27 -------------------------------------------------------------------------------- U.S. Government and Agency Obligation -------------------------------------------------------------------------------- U.S. Treasury Inflation Indexed Note 2.42% -------------------------------------------------------------------------------- Sovereign Debt Obligation -------------------------------------------------------------------------------- Japanese Government CPI Linked Bond 2.05% --------------------------------------------------------------------------------
This list excludes temporary cash investments and derivative instruments. The portfolio is actively managed, and current holdings may be different. The holdings listed should not be considered recommendations to buy or sell any security listed. Pioneer Solutions Funds | Annual Report | 7/31/16 31 Performance Update | 7/31/16 Class A Shares Pioneer Solutions - Growth Fund Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class A shares of Pioneer Solutions - Growth Fund at public offering price during the periods shown, compared to that of the MSCI World ND Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of July 31, 2016) -------------------------------------------------------------------------------- Net Public Barclays MSCI Asset Offering Aggregate World Value Price Bond ND Period (NAV) (POP) Index Index -------------------------------------------------------------------------------- 10 Years 4.10% 3.49% 5.06% 4.80% 5 Years 5.51 4.26 3.57 7.91 1 Year -3.23 -8.77 5.94 -0.46 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2015) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.43% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World Growth Fund Bond Index ND Index 7/06 $ 9,425 $ 10,000 $ 10,000 7/07 $ 10,817 $ 10,558 $ 12,010 7/08 $ 9,748 $ 11,207 $ 10,703 7/09 $ 8,238 $ 12,086 $ 8,390 7/10 $ 9,383 $ 13,163 $ 9,215 7/11 $ 10,776 $ 13,747 $ 10,923 7/12 $ 10,635 $ 14,744 $ 10,707 7/13 $ 12,378 $ 14,464 $ 13,194 7/14 $ 13,858 $ 15,038 $ 15,301 7/15 $ 14,562 $ 15,462 $ 16,054 7/16 $ 14,092 $ 16,380 $ 15,981
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. POP returns reflect deduction of the maximum 5.75% sales charge. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. Please see the financial highlights for more recent expense ratios. Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Effective November 17, 2014, Pioneer became directly responsible for portfolio management of the Fund. The performance shown for periods prior to November 17, 2014, reflects the investment strategies employed during those periods. 32 Pioneer Solutions Funds | Annual Report | 7/31/16 Performance Update | 7/31/16 Class C Shares Pioneer Solutions - Growth Fund Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class C shares of Pioneer Solutions - Growth Fund during the periods shown, compared to that of the MSCI World ND Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of July 31, 2016) -------------------------------------------------------------------------------- Barclays MSCI Aggregate World If If Bond ND Period Held Redeemed Index Index -------------------------------------------------------------------------------- 10 Years 3.37% 3.37% 5.06% 4.80% -------------------------------------------------------------------------------- 5 Years 4.79 4.79 3.57 7.91 -------------------------------------------------------------------------------- 1 Year -3.89 -3.89 5.94 -0.46 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2015) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 2.12% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World Growth Fund Bond Index ND Index 7/06 $ 10,000 $ 10,000 $ 10,000 7/07 $ 11,375 $ 10,558 $ 12,010 7/08 $ 10,188 $ 11,207 $ 10,703 7/09 $ 8,550 $ 12,086 $ 8,390 7/10 $ 9,668 $ 13,163 $ 9,215 7/11 $ 11,031 $ 13,747 $ 10,923 7/12 $ 10,821 $ 14,744 $ 10,707 7/13 $ 12,507 $ 14,464 $ 13,194 7/14 $ 13,894 $ 15,038 $ 15,301 7/15 $ 14,500 $ 15,462 $ 16,054 7/16 $ 13,935 $ 16,380 $ 15,981
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class C shares held for less than one year are also subject to a 1% contingent deferred sales charge (CDSC). "If Held" results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. Please see the financial highlights for more recent expense ratios. Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Effective November 17, 2014, Pioneer became directly responsible for portfolio management of the Fund. The performance shown for periods prior to November 17, 2014, reflects the investment strategies employed during those periods. Pioneer Solutions Funds | Annual Report | 7/31/16 33 Performance Update | 7/31/16 Class R Shares Pioneer Solutions - Growth Fund Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $10,000 investment made in Class R shares of Pioneer Solutions - Growth Fund during the periods shown, compared to that of the MSCI World ND Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of July 31, 2016) -------------------------------------------------------------------------------- Net Barclays MSCI Asset Aggregate World Value Bond ND Period (NAV) Index Index -------------------------------------------------------------------------------- 10 Years 4.07% 5.06% 4.80% 5 Years 5.46 3.57 7.91 1 Year -3.47 5.94 -0.46 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2015) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 1.83% 1.64% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment
Pioneer Solutions - Barclays Aggregate MSCI World Growth Fund Bond Index ND Index 7/06 $ 10,000 $ 10,000 $ 10,000 7/07 $ 11,473 $ 10,558 $ 12,010 7/08 $ 10,339 $ 11,207 $ 10,703 7/09 $ 8,737 $ 12,086 $ 8,390 7/10 $ 9,952 $ 13,163 $ 9,215 7/11 $ 11,429 $ 13,747 $ 10,923 7/12 $ 11,279 $ 14,744 $ 10,707 7/13 $ 13,129 $ 14,464 $ 13,194 7/14 $ 14,699 $ 15,038 $ 15,301 7/15 $ 15,445 $ 15,462 $ 16,054 7/16 $ 14,909 $ 16,380 $ 15,981
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. The performance shown for Class R shares for the period prior to the commencement of operations of Class R shares on July 1, 2015, is the net asset value performance of the Fund's Class A shares, which has not been restated to reflect any differences in expenses, including Rule 12b-1 fees applicable to Class A shares. Since fees for Class A shares generally are higher than those of Class R shares, the performance of Class R shares prior to their inception would have been higher than the performance shown. For the period beginning July 1, 2015, the actual performance of Class R shares is reflected. Class R shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. The net expense ratio reflects the contractual expense limitation currently in effect through December 1, 2017, for Class R shares. There can be no assurance that Pioneer will extend the expense limitation beyond such time. Please see the prospectus and financial statements for more information. Please see the financial highlights for more recent expense ratios. Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Effective November 17, 2014, Pioneer became directly responsible for portfolio management of the Fund. The performance shown for periods prior to November 17, 2014, reflects the investment strategies employed during those periods. 34 Pioneer Solutions Funds | Annual Report | 7/31/16 Performance Update | 7/31/16 Class Y Shares Pioneer Solutions - Growth Fund Investment Returns -------------------------------------------------------------------------------- The mountain chart on the right shows the change in value of a $5 million investment made in Class Y shares of Pioneer Solutions - Growth Fund during the periods shown, compared to that of the MSCI World ND Index and the Barclays Aggregate Bond Index.
Average Annual Total Returns (As of July 31, 2016) -------------------------------------------------------------------------------- Net Barclays MSCI Asset Aggregate World Value Bond ND Period (NAV) Index Index -------------------------------------------------------------------------------- 10 Years 4.52% 5.06% 4.80% -------------------------------------------------------------------------------- 5 Years 5.52 3.57 7.91 -------------------------------------------------------------------------------- 1 Year -2.96 5.94 -0.46 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated December 1, 2015) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.21% --------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment
Pioneer Solutions - Barclays Aggregate MSCI World Growth Fund Bond Index ND Index 7/06 $ 5,000,000 $ 5,000,000 $ 5,000,000 7/07 $ 5,743,713 $ 5,278,913 $ 6,005,008 7/08 $ 5,223,965 $ 5,603,581 $ 5,351,371 7/09 $ 4,509,118 $ 6,043,203 $ 4,194,937 7/10 $ 5,155,072 $ 6,581,641 $ 4,607,466 7/11 $ 5,948,471 $ 6,873,598 $ 5,461,584 7/12 $ 5,812,869 $ 7,372,221 $ 5,353,265 7/13 $ 6,783,517 $ 7,231,781 $ 6,597,220 7/14 $ 7,614,541 $ 7,518,841 $ 7,650,327 7/15 $ 8,017,937 $ 7,731,167 $ 8,027,180 7/16 $ 7,780,743 $ 8,190,014 $ 7,990,345
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Class Y shares are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. All results are historical and assume the reinvestment of dividends and capital gains. Other share classes are available for which performance and expenses will differ. Performance results shown reflect any applicable expense waivers in effect during the periods shown. Without such waivers Fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information. Please see the financial highlights for more recent expense ratios. Expense ratios in the financial highlights, unlike those shown in the prospectus, do not reflect acquired fund fees and expenses. The performance table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the redemption of Fund shares. Effective November 17, 2014, Pioneer became directly responsible for portfolio management of the Fund. The performance shown for periods prior to November 17, 2014, reflects the investment strategies employed during those periods. Pioneer Solutions Funds | Annual Report | 7/31/16 35 Schedule of Investments | 7/31/16 Pioneer Solutions - Conservative Fund
---------------------------------------------------------------------------------------------- Shares Value ---------------------------------------------------------------------------------------------- MUTUAL FUNDS -- 91.6% UNAFFILIATED FUNDS -- 24.8% 71,783 Columbia Funds Series Trust I Contrarian Core Fund Class Y $ 1,632,345 288,774 Doubleline Total Return Bond Fund Class I 3,162,075 49,116 Goldman Sachs Emerging Markets Debt Fund Class I 634,579 16,861 iShares MSCI Canada ETF 425,572 15,887 iShares MSCI China ETF 699,346 8,947 iShares MSCI Emerging Markets ETF 324,150 19,985 iShares MSCI Emerging Markets Minimum Volatility ETF 1,061,004 28,010 iShares MSCI India ETF 827,695 33,774 JOHCM Asia Ex-Japan Equity Fund Class IS 353,949 285,311 MFS Total Return Bond Fund Class I 3,135,568 9,954 T. Rowe Price International Funds -- European Stock Fund 182,457 16,781 VanEck Vectors Vietnam ETF 254,903 267,077 Western Asset Core Plus Bond Fund Class IS 3,199,582 ---------------------------------------------------------------------------------------------- TOTAL INVESTMENTS IN UNAFFILIATED FUNDS (Cost $15,770,584) $ 15,893,225 ---------------------------------------------------------------------------------------------- AFFILIATED FUNDS* -- 66.8% 1,689,767 Pioneer Bond Fund Class K $ 16,644,205 289,182 Pioneer Dynamic Credit Fund Class Y 2,706,744 77,024 Pioneer Equity Income Fund Class K 2,646,545 102,850 Pioneer Floating Rate Fund Class K 694,238 64,833 Pioneer Fundamental Growth Fund Class K 1,277,858 165,382 Pioneer Global Equity Fund Class K 2,237,618 23,959 Pioneer Global High Yield Fund Class Y 201,977 108,596 Pioneer Global Multisector Income Fund Class Y 1,164,146 36,395 Pioneer High Yield Fund Class Y 339,566 100,030 Pioneer International Equity Fund Class Y 1,988,603 17,146 Pioneer Long/Short Bond Fund Class Y 157,229 17,516 Pioneer Opportunistic Long/Short Credit Fund Class Y 155,892 42,184 Pioneer Real Estate Shares Class Y 1,281,564 209,963 Pioneer Short Term Income Fund Class K 2,009,346 878,149 Pioneer Strategic Income Fund Class K 9,404,976 ---------------------------------------------------------------------------------------------- TOTAL INVESTMENTS IN AFFILIATED FUNDS (Cost $42,276,676) $ 42,910,507 ---------------------------------------------------------------------------------------------- TOTAL MUTUAL FUNDS (Cost $58,047,260) $ 58,803,732 ---------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- Principal Amount ($) ---------------------------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATION -- 2.4% 1,488,156 U.S. Treasury Inflation Indexed Note, 0.375%, 7/15/25 $ 1,540,628 ---------------------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATION (Cost $1,455,169) $ 1,540,628 ----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 36 Pioneer Solutions Funds | Annual Report | 7/31/16
---------------------------------------------------------------------------------------------- Principal Amount ($) Value ---------------------------------------------------------------------------------------------- SOVEREIGN DEBT OBLIGATION -- 2.0% 120,465,842 JPY Japanese Government CPI Linked Bond, 0.10%, 3/10/25 $ 1,265,296 ---------------------------------------------------------------------------------------------- TOTAL SOVEREIGN DEBT OBLIGATION (Cost $1,176,616) $ 1,265,296 ---------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- Counterparty/ Strike Expiration Contracts Description Exchange Price Date ---------------------------------------------------------------------------------------------- EXCHANGE-TRADED PUT OPTIONS PURCHASED -- 0.0%+ 12 Russell 2000 Index Chicago Board of Options 1,060 9/16/16 $ 3,396 ---------------------------------------------------------------------------------------------- TOTAL EXCHANGE-TRADED PUT OPTIONS PURCHASED (Premiums paid $74,328) $ 3,396 ---------------------------------------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES -- 96.0% (Cost $60,753,373) (a) $ 61,613,052 ---------------------------------------------------------------------------------------------- EXCHANGE-TRADED PUT OPTIONS WRITTEN -- (0.0)%++ (12) Russell 2000 Index Chicago Board of Options 860 9/16/16 $ (420) ---------------------------------------------------------------------------------------------- TOTAL EXCHANGE-TRADED PUT OPTIONS WRITTEN (Premiums received $(17,964)) $ (420) ---------------------------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES -- 4.0% $ 2,573,233 ---------------------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $ 64,185,865 ==============================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc. + Amount rounds to less than 0.1%. ++ Amount rounds to greater than (0.1)%. (a) At July 31, 2016, the net unrealized appreciation on investments based on cost for federal tax purposes of $61,014,105 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of tax cost over value $ 1,246,088 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (647,141) ----------- Net unrealized appreciation $ 598,947 ===========
Purchases and sales of securities (excluding temporary cash investments) for the year ended July 31, 2016 were as follows:
--------------------------------------------------------------------------------------------- Purchases Sales --------------------------------------------------------------------------------------------- Long-Term U.S. Government $ 1,436,900 $ -- Other Long-Term Securities $13,398,819 $ 20,654,957
The accompanying notes are an integral part of these financial statements. Pioneer Solutions Funds | Annual Report | 7/31/16 37 Schedule of Investments | 7/31/16 Pioneer Solutions - Conservative Fund (continued) INFLATION RATE SWAP AGREEMENTS
----------------------------------------------------------------------------------------------------------- Net Annual Unrealized Notional Pay/ Fixed Expiration Appreciation Principal ($) Counterparty Receive Index Rate Date (Depreciation) ----------------------------------------------------------------------------------------------------------- EUR 2,400,000 Goldman Sachs Receive EUCPI 1.3250% 3/11/25 $(145,103) International EUR 2,400,000 Goldman Sachs Pay EUCPI 0.9500% 3/11/20 58,923 International EUR 1,200,000 Goldman Sachs Receive EUCPI 1.3450% 3/13/25 (75,572) International EUR 1,200,000 Goldman Sachs Pay EUCPI 0.9550% 3/13/20 29,815 International ----------------------------------------------------------------------------------------------------------- $(131,937) ===========================================================================================================
EUCPI Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA. CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENTS
----------------------------------------------------------------------------------------------------------- Net Annual Unrealized Notional Pay/ Floating Fixed Expiration Appreciation Principal ($) Exchange Receive Rate Rate Date (Depreciation) ----------------------------------------------------------------------------------------------------------- EUR 224,029 London Receive EURIBOR 0.694% 2/10/25 $ (13,101) Clearing House 6 Month SEK 2,127,723 London Pay LIBOR SEK 0.981% 2/10/25 12,317 Clearing House 3 Month ----------------------------------------------------------------------------------------------------------- $ (784) ===========================================================================================================
INTEREST RATE SWAP AGREEMENTS
----------------------------------------------------------------------------------------------------------- Annual Notional Pay/ Floating Fixed Expiration Unrealized Principal ($) Counterparty Receive Rate Rate Date Appreciation ----------------------------------------------------------------------------------------------------------- EUR 281,000 Deutsche Bank Pay EMMI EURO 0.332% 5/09/26 $ 11,517 OverNight Index Average
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise noted: EUR Euro JPY Japanese Yen SEK Swedish Krone Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels below. Level 1 - quoted prices in active markets for identical securities. Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements -- Note 1A. Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments). See Notes to Financial Statements -- Note 1A. The accompanying notes are an integral part of these financial statements. 38 Pioneer Solutions Funds | Annual Report | 7/31/16 The following is a summary of the inputs used as of July 31, 2016, in valuing the Fund's assets:
----------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ----------------------------------------------------------------------------------- Mutual Funds $58,803,732 $ -- $ -- $58,803,732 U.S. Government and Agency Obligation -- 1,540,628 -- 1,540,628 Sovereign Debt Obligation -- 1,265,296 -- 1,265,296 Exchange-Trade Put Options Purchased 3,396 -- -- 3,396 ----------------------------------------------------------------------------------- Total $58,807,128 $ 2,805,924 $ -- $61,613,052 =================================================================================== Other Financial Instruments Unrealized Appreciation on Futures Contracts $ 168,290 $ -- $ -- $ 168,290 Unrealized Depreciation on Futures Contracts (335,351) -- -- (335,351) Unrealized Appreciation on Forward Foreign Currency Contracts -- 71,048 -- 71,048 Unrealized Depreciation on Forward Foreign Currency Contracts -- (105,586) -- (105,586) Unrealized Appreciation on Inflation Swaps -- 88,738 -- 88,738 Unrealized Depreciation on Inflation swaps -- (220,675) -- (220,675) Unrealized Appreciation on Centrally Cleared Interest Rate Swaps -- 12,317 -- 12,317 Unrealized Depreciation on Centrally Cleared Interest Rate Swap -- (13,101) -- (13,101) Unrealized Appreciation on Interest Rate Swaps -- 11,517 -- 11,517 Exchange-Traded Put Option Written (420) -- -- (420) ----------------------------------------------------------------------------------- Total Other Financial Instruments $ (167,481) $ (155,742) $ -- $ (323,223) ===================================================================================
During the year ended July 31, 2016, there were no transfers between Levels 1, 2, and 3. The accompanying notes are an integral part of these financial statements. Pioneer Solutions Funds | Annual Report | 7/31/16 39 Schedule of Investments | 7/31/16 Pioneer Solutions - Balanced Fund
---------------------------------------------------------------------------------------------- Shares Value ---------------------------------------------------------------------------------------------- MUTUAL FUNDS -- 92.8% UNAFFILIATED FUNDS -- 31.3% 77,803 Aston/Fairpointe Mid Cap Fund Class I $ 2,972,075 225,538 Columbia Funds Series Trust I Contrarian Core Fund Class Y 5,128,734 798,304 Doubleline Total Return Bond Fund Class I 8,741,429 142,700 Goldman Sachs Emerging Markets Debt Fund Class I 1,843,684 116,892 iShares MSCI Canada ETF 2,950,354 46,113 iShares MSCI China ETF 2,029,894 33,250 iShares MSCI Emerging Markets ETF 1,204,648 60,960 iShares MSCI Emerging Markets Minimum Volatility ETF 3,236,366 91,553 iShares MSCI India ETF 2,705,391 163,093 JOHCM Asia Ex-Japan Equity Fund Class IS 1,709,214 625,958 MFS Total Return Bond Fund Class I 6,879,278 174,573 Oak Ridge Small Cap Growth Fund Class K 6,389,372 257,229 T. Rowe Price International Funds -- European Stock Fund 4,715,008 48,896 VanEck Vectors Vietnam ETF 742,730 577,807 Western Asset Core Plus Bond Fund Class IS 6,922,128 ---------------------------------------------------------------------------------------------- TOTAL INVESTMENTS IN UNAFFILIATED FUNDS (Cost $60,153,037) $ 58,170,305 ---------------------------------------------------------------------------------------------- AFFILIATED FUNDS* -- 61.5% 1,881,011 Pioneer Bond Fund Class K $ 18,527,958 462,331 Pioneer Core Equity Fund Class Y 8,100,039 623,412 Pioneer Dynamic Credit Fund Class Y 5,835,139 111,677 Pioneer Fund Class Y 3,802,599 464,327 Pioneer Fundamental Growth Fund Class K 9,151,885 1,200,077 Pioneer Global Equity Fund Class K 16,237,042 356,705 Pioneer Global High Yield Fund Class Y 3,007,023 337,381 Pioneer Global Multisector Income Fund Class Y 3,616,724 1 Pioneer High Yield Fund Class Y 6 1,204,839 Pioneer International Equity Fund Class Y 23,952,206 136,314 Pioneer Long/Short Bond Fund Class Y 1,249,999 75,246 Pioneer Mid Cap Value Fund Class K 1,825,468 140,030 Pioneer Opportunistic Long/Short Credit Fund Class Y 1,246,267 149,770 Pioneer Real Estate Shares Class Y 4,549,998 82,865 Pioneer Select Mid Cap Growth Fund Class K 3,003,856 968,450 Pioneer Strategic Income Fund Class K 10,372,100 ---------------------------------------------------------------------------------------------- TOTAL INVESTMENTS IN AFFILIATED FUNDS (Cost $106,490,917) $ 114,478,309 ---------------------------------------------------------------------------------------------- TOTAL MUTUAL FUNDS (Cost $166,643,954) $ 172,648,614 ---------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- Principal Amount ($) ---------------------------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATION -- 2.4% 4,310,485 U.S. Treasury Inflation Indexed Note, 0.375%, 7/15/25 $ 4,462,473 ---------------------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATION (Cost $4,214,938) $ 4,462,473 ----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 40 Pioneer Solutions Funds | Annual Report | 7/31/16
---------------------------------------------------------------------------------------------- Principal Amount ($) Value ---------------------------------------------------------------------------------------------- SOVEREIGN DEBT OBLIGATION -- 2.0% 359,401,406 JPY Japanese Government CPI Linked Bond, 0.10%, 3/10/25 $ 3,774,921 ---------------------------------------------------------------------------------------------- TOTAL SOVEREIGN DEBT OBLIGATION (Cost $3,510,353) $ 3,774,921 ---------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- Counterparty/ Strike Expiration Contracts Description Exchange Price Date ---------------------------------------------------------------------------------------------- EXCHANGE-TRADED PUT OPTIONS PURCHASED -- 0.0%+ 44 Russell 2000 Index Chicago Board of Options 1,060 9/16/16 $ 12,452 ---------------------------------------------------------------------------------------------- TOTAL EXCHANGE-TRADED PUT OPTIONS PURCHASED (Premiums paid $272,536) $ 12,452 ---------------------------------------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES -- 97.2% (Cost $174,641,781) (a) $ 180,898,460 ---------------------------------------------------------------------------------------------- EXCHANGE-TRADED PUT OPTIONS WRITTEN -- (0.0)%++ (44) Russell 2000 Index Chicago Board of Options 860 9/16/16 $ (1,540) ---------------------------------------------------------------------------------------------- TOTAL EXCHANGE-TRADED PUT OPTIONS WRITTEN (Premiums received $(65,867)) $ (1,540) ---------------------------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES -- 2.8% $ 5,275,940 ---------------------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $ 186,172,860 ==============================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc. ++ Amount rounds to less than 0.1%. + Amount rounds to greater than (0.1)%. (a) At July 31, 2016, the net unrealized appreciation on investments based on cost for federal tax purposes of $175,830,870 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of tax cost over value $ 10,072,082 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (5,004,492) ------------- Net unrealized appreciation $ 5,067,590 =============
Purchases and sales of securities (excluding temporary cash investments) for the year ended July 31, 2016 were as follows:
--------------------------------------------------------------------------------------------- Purchases Sales --------------------------------------------------------------------------------------------- Long-Term U.S. Government $ 4,162,021 $ -- Other Long-Term Securities $27,323,323 $52,307,563
The accompanying notes are an integral part of these financial statements. Pioneer Solutions Funds | Annual Report | 7/31/16 41 Schedule of Investments | 7/31/16 Pioneer Solutions - Balanced Fund (continued) INFLATION RATE SWAP AGREEMENTS
--------------------------------------------------------------------------------------------------- Net Annual Unrealized Notional Pay/ Fixed Expiration Appreciation Principal ($) Counterparty Receive Index Rate Date (Depreciation) --------------------------------------------------------------------------------------------------- EUR 7,400,000 Goldman Sachs Receive EUCPI 1.3250% 3/11/25 $(447,400) International EUR 7,400,000 Goldman Sachs Pay EUCPI 0.9500% 3/11/20 181,680 International EUR 3,700,000 Goldman Sachs Receive EUCPI 1.3450% 3/13/25 (233,015) International EUR 3,700,000 Goldman Sachs Pay EUCPI 0.9550% 3/13/20 91,930 International --------------------------------------------------------------------------------------------------- $(406,805) ===================================================================================================
EUCPI Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA. CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENTS
--------------------------------------------------------------------------------------------------- Net Annual Unrealized Notional Pay/ Floating Fixed Expiration Appreciation Principal ($) Exchange Receive Rate Rate Date (Depreciation) --------------------------------------------------------------------------------------------------- EUR 677,667 London Receive EURIBOR 0.694% 2/10/25 $ (39,628) Clearing House 6 Month SEK 6,482,000 London Pay LIBOR SEK 0.981% 2/10/25 36,692 Clearing House 3 Month --------------------------------------------------------------------------------------------------- $ (2,936) ===================================================================================================
INTEREST RATE SWAP AGREEMENTS
--------------------------------------------------------------------------------------------------- Annual Notional Pay/ Floating Fixed Expiration Unrealized Principal ($) Counterparty Receive Rate Rate Date Appreciation --------------------------------------------------------------------------------------------------- EUR 844,000 Deutsche Bank Pay EMMI EURO 0.332% 5/09/26 $ 34,591 OverNight Index Average
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise noted: EUR Euro JPY Japanese Yen SEK Swedish Krone Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels below. Level 1 - quoted prices in active markets for identical securities. Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements -- Note 1A. Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments). See Notes to Financial Statements -- Note 1A. The accompanying notes are an integral part of these financial statements. 42 Pioneer Solutions Funds | Annual Report | 7/31/16 The following is a summary of the inputs used as of July 31, 2016, in valuing the Fund's assets:
------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total ------------------------------------------------------------------------------------- Mutual funds $172,648,614 $ -- $ -- $172,648,614 U.S. Government and Agency Obligation -- 4,462,473 -- 4,462,473 Sovereign Debt Obligation -- 3,774,921 -- 3,774,921 Exchange-Traded Put Options Purchased 12,452 -- -- 12,452 ------------------------------------------------------------------------------------- Total $172,661,066 $ 8,237,394 $ -- $180,898,460 ===================================================================================== Other Financial Instruments Unrealized Appreciation on Futures Contracts $ 657,174 $ -- $ -- $ 657,174 Unrealized Depreciation on Futures Contracts (1,185,973) -- -- (1,185,973) Unrealized Appreciation on Forward Foreign Currency Contracts -- 151,696 -- 151,696 Unrealized Depreciation on Forward Foreign Currency Contracts -- (313,857) -- (313,857) Unrealized Appreciation on Inflation Swaps -- 273,610 -- 273,610 Unrealized Depreciation on Inflation Swaps -- (680,415) -- (680,415) Unrealized Appreciation on Centrally Cleared Interest Rate Swaps -- 36,692 -- 36,692 Unrealized Depreciation on Centrally Cleared Interest Rate Swap -- (39,628) -- (39,628) Unrealized Appreciation on Interest Rate Swaps -- 34,591 -- 34,591 Exchange-Traded Put Options Written (1,540) -- -- (1,540) ------------------------------------------------------------------------------------- Total Other Financial Instruments $ (530,339) $ (537,311) $ -- $ (1,067,650) =====================================================================================
During the year ended July 31, 2016, there were no transfers between Levels 1, 2, and 3. The accompanying notes are an integral part of these financial statements. Pioneer Solutions Funds | Annual Report | 7/31/16 43 Schedule of Investments | 7/31/16 Pioneer Solutions - Growth Fund
----------------------------------------------------------------------------------------------- Shares Value ----------------------------------------------------------------------------------------------- MUTUAL FUNDS -- 93.6% UNAFFILIATED FUNDS -- 29.3% 214,547 Aston/Fairpointe Mid Cap Fund Class I $ 8,195,696 592,984 Columbia Funds Series Trust I Contrarian Core Fund Class Y 13,484,456 323,717 Doubleline Total Return Bond Fund Class I 3,544,701 245,187 Goldman Sachs Emerging Markets Debt Fund Class I 3,167,816 295,280 iShares MSCI Canada ETF 7,452,867 78,237 iShares MSCI China ETF 3,443,993 89,322 iShares MSCI Emerging Markets ETF 3,236,136 101,258 iShares MSCI Emerging Markets Minimum Volatility ETF 5,375,787 156,236 iShares MSCI India ETF 4,616,774 467,703 JOHCM Asia Ex-Japan Equity Fund Class IS 4,901,530 441,868 JPMorgan Intrepid European Fund Class IS 10,048,078 385,342 Oak Ridge Small Cap Growth Fund Class K 14,103,517 594,712 T. Rowe Price International Funds -- European Stock Fund 10,901,071 82,934 VanEck Vectors Vietnam ETF 1,259,768 ----------------------------------------------------------------------------------------------- TOTAL INVESTMENTS IN UNAFFILIATED FUNDS (Cost $99,649,862) $ 93,732,190 ----------------------------------------------------------------------------------------------- AFFILIATED FUNDS* -- 64.3% 2,250,273 Pioneer Bond Fund Class K $ 22,165,189 1,247,982 Pioneer Core Equity Fund Class Y 21,864,640 485,961 Pioneer Fund Class Y 16,546,959 1,179,883 Pioneer Fundamental Growth Fund Class K 23,255,494 2,510,481 Pioneer Global Equity Fund Class K 33,966,808 308,606 Pioneer Global Multisector Income Fund Class Y 3,308,256 2,336,636 Pioneer International Equity Fund Class Y 46,452,332 93,457 Pioneer Long/Short Bond Fund Class Y 857,001 559,470 Pioneer Mid Cap Value Fund Class K 13,572,742 95,114 Pioneer Opportunistic Long/Short Credit Fund Class Y 846,515 363,171 Pioneer Real Estate Shares Class Y 11,033,130 234,082 Pioneer Select Mid Cap Growth Fund Class K 8,485,472 311,871 Pioneer Strategic Income Fund Class K 3,340,138 ----------------------------------------------------------------------------------------------- TOTAL INVESTMENTS IN AFFILIATED FUNDS (Cost $184,586,419) $ 205,694,676 ----------------------------------------------------------------------------------------------- TOTAL MUTUAL FUNDS (Cost $284,236,281) $ 299,426,866 ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- Principal Amount ($) ----------------------------------------------------------------------------------------------- U.S. GOVERNMENT AND AGENCY OBLIGATION -- 2.4% 7,321,240 U.S. Treasury Inflation Indexed Note, 0.375%, 7/15/25 $ 7,579,387 ----------------------------------------------------------------------------------------------- TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (Cost $7,158,957) $ 7,579,387 -----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 44 Pioneer Solutions Funds | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------- Principal Amount ($) Value ----------------------------------------------------------------------------------------------- SOVEREIGN DEBT OBLIGATION -- 2.0% 612,808,840 JPY Japanese Government CPI Linked Bond, 0.10%, 3/10/25 $ 6,436,550 ----------------------------------------------------------------------------------------------- TOTAL SOVEREIGN DEBT OBLIGATION (Cost $5,985,439) $ 6,436,550 ----------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------- Counterparty/ Strike Expiration Contracts Description Exchange Price Date ----------------------------------------------------------------------------------------------- EXCHANGE-TRADED PUT OPTIONS PURCHASED -- 0.1% 79 S&P 500 Index Chicago Board of Options 1,950 9/16/16 $ 31,600 31 S&P 500 Index Chicago Board of Options 2,000 12/16/16 104,160 47 S&P 500 Index Chicago Board of Options 1,950 3/17/17 230,300 ----------------------------------------------------------------------------------------------- TOTAL EXCHANGE-TRADED PUT OPTIONS PURCHASED (Premiums paid $1,250,536) $ 366,060 ----------------------------------------------------------------------------------------------- EXCHANGE-TRADED CALL OPTIONS PURCHASED -- 0.0%+ 59 S&P 500 Index Chicago Board of Options 2,190 9/16/16 $ 124,490 ----------------------------------------------------------------------------------------------- TOTAL EXCHANGE-TRADED CALL OPTIONS PURCHASED (Premiums paid $118,766) $ 124,490 ----------------------------------------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES -- 98.1% (Cost $298,749,979) (a) $ 313,933,353 ----------------------------------------------------------------------------------------------- EXCHANGE-TRADED PUT OPTIONS WRITTEN -- (0.0)%++ (47) S&P 500 Index Chicago Board of Options 1,650 3/17/17 $ (78,255) ----------------------------------------------------------------------------------------------- TOTAL EXCHANGE-TRADED PUT OPTIONS WRITTEN (Premiums received $(195,892)) $ (78,255) ----------------------------------------------------------------------------------------------- OTHER ASSETS AND LIABILITIES -- 1.9% $ 6,053,261 ----------------------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $ 319,908,359 ===============================================================================================
* Affiliated funds managed by Pioneer Investment Management, Inc. + Amount rounds to less than 0.1%. ++ Amount rounds to greater than (0.1)%. (a) At July 31, 2016, the net unrealized appreciation on investments based on cost for federal tax purposes of $299,770,523 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of tax cost over value $ 25,130,300 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (10,967,470) -------------- Net unrealized appreciation $ 14,162,830 ==============
The accompanying notes are an integral part of these financial statements. Pioneer Solutions Funds | Annual Report | 7/31/16 45 Schedule of Investments | 7/31/16 Pioneer Solutions - Growth Fund (continued) Purchases and sales of securities (excluding temporary cash investments) for the year ended July 31, 2016 were as follows:
---------------------------------------------------------------------------------------------- Purchases Sales ---------------------------------------------------------------------------------------------- Long-Term U.S. Government $ 7,069,077 $ -- Other Long-Term Securities $25,621,067 $61,083,855
INFLATION RATE SWAP AGREEMENTS
---------------------------------------------------------------------------------------------------- Net Annual Unrealized Notional Pay/ Fixed Expiration Appreciation Principal ($) Counterparty Receive Index Rate Date (Depreciation) ---------------------------------------------------------------------------------------------------- EUR 12,300,000 Goldman Sachs Receive EUCPI 1.3250% 3/11/25 $(743,652) International EUR 12,300,000 Goldman Sachs Pay EUCPI 0.9500% 3/11/20 301,983 International EUR 6,150,000 Goldman Sachs Receive EUCPI 1.3450% 3/13/25 (387,309) International EUR 6,150,000 Goldman Sachs Pay EUCPI 0.9550% 3/13/20 152,802 International ---------------------------------------------------------------------------------------------------- $(676,176) ====================================================================================================
EUCPI Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA. CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENTS
---------------------------------------------------------------------------------------------------- Net Annual Unrealized Notional Pay/ Floating Fixed Expiration Appreciation Principal ($) Exchange Receive Rate Rate Date (Depreciation) ---------------------------------------------------------------------------------------------------- EUR 1,116,002 London Receive EURIBOR 0.694% 2/10/25 $ (65,260) Clearing House 6 Month SEK 10,599,294 London Pay LIBOR SEK 0.981% 2/10/25 61,356 Clearing House 3 Month ---------------------------------------------------------------------------------------------------- $ (3,904) ====================================================================================================
INTEREST RATE SWAP AGREEMENTS
---------------------------------------------------------------------------------------------------- Annual Notional Pay/ Floating Fixed Expiration Unrealized Principal ($) Counterparty Receive Rate Rate Date Appreciation ---------------------------------------------------------------------------------------------------- EUR 1,548,000 Deutsche Bank Pay EMMI EURO 0.332% 5/09/26 $ 63,444 OverNight Index Average
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise noted: EUR Euro JPY Japanese Yen SEK Swedish Krone The accompanying notes are an integral part of these financial statements. 46 Pioneer Solutions Funds | Annual Report | 7/31/16 Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels below. Level 1 - quoted prices in active markets for identical securities. Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). See Notes to Financial Statements -- Note 1A. Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments). See Notes to Financial Statements -- Note 1A. The following is a summary of the inputs used as of July 31, 2016, in valuing the Fund's assets:
--------------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total --------------------------------------------------------------------------------------- Mutual funds $299,426,866 $ -- $ -- $299,426,866 U.S. Government and Agency Obligation -- 7,579,387 -- 7,579,387 Sovereign Debt Obligation -- 6,436,550 -- 6,436,550 Exchange-Traded Put Options Purchased 366,060 -- -- 366,060 Exchange-Traded Call Options Purchased 124,490 -- -- 124,490 --------------------------------------------------------------------------------------- Total $299,917,416 $ 14,015,937 $ -- $313,933,353 ======================================================================================= Other Financial Instruments Unrealized Appreciation on Futures Contracts $ 492,678 $ -- $ -- $ 492,678 Unrealized Depreciation on Futures Contracts (1,979,097) -- -- (1,979,097) Unrealized Appreciation on Forward Foreign Currency Contracts -- 260,491 -- 260,491 Unrealized Depreciation on Forward Foreign Currency Contracts -- (531,961) -- (531,961) Unrealized Appreciation on Inflation Swaps -- 454,785 -- 454,785 Unrealized Depreciation on Inflation Swaps -- (1,130,961) -- (1,130,961) Unrealized Appreciation on Centrally Cleared Interest Rate Swaps -- 61,356 -- 61,356 Unrealized Depreciation on Centrally Cleared Interest Rate Swap -- (65,260) -- (65,260) Unrealized Appreciation on Interest Rate Swaps -- 63,444 -- 63,444 Exchange Traded Put Options Written (78,255) -- -- (78,255) --------------------------------------------------------------------------------------- Total Other Financial Instruments $ (1,564,674) $ (888,106) $ -- $ (2,452,780) =======================================================================================
During the year ended July 31, 2016, there were no transfers between Levels 1, 2, and 3. The accompanying notes are an integral part of these financial statements. Pioneer Solutions Funds | Annual Report | 7/31/16 47 Statements of Assets and Liabilities | 7/31/16
---------------------------------------------------------------------------------------------- Pioneer Pioneer Pioneer Solutions - Solutions - Solutions - Conservative Balanced Growth Fund Fund Fund ---------------------------------------------------------------------------------------------- ASSETS: Investments in securities of affiliated funds, at value (at cost $42,276,676, $106,490,917 and $184,586,419, respectively) $42,910,507 $114,478,309 $205,694,676 Investments in securities of unaffiliated funds, at value (at cost $18,476,697, $68,150,864 and $114,163,560, respectively) 18,702,545 66,420,151 108,238,677 Cash 1,965,009 3,597,427 2,469,476 Foreign currencies, at value (at cost $10,144, $241,896 and $463,908, respectively) 16,162 262,587 514,230 Restricted cash* 447,144 2,056,590 3,071,420 Unrealized appreciation on forward foreign currency contracts 71,048 151,696 260,491 Unrealized appreciation on inflation swaps 88,738 273,610 454,785 Unrealized appreciation on centrally cleared interest rate swaps 12,317 36,692 61,356 Unrealized appreciation on interest rate swaps 11,517 34,591 63,444 Receivables for: Investment Funds sold 73,258 -- 958,481 Capital stock sold 58,159 59,863 42,913 Dividends 127,060 209,318 102,703 Interest 4,240 12,698 21,692 Due from Pioneer Investment Management, Inc. 44,921 63 33 Variation margin for centrally cleared swap contracts 36,899 34,547 53,785 Variation margin for futures contracts 48,203 113,425 197,639 Other assets 39,430 40,396 19,960 ---------------------------------------------------------------------------------------------- Total assets $64,657,157 $187,781,963 $322,225,761 ============================================================================================== LIABILITIES: Written options (premiums received $(17,964), $(65,867) and $(195,892), respectively) 420 1,540 78,255 Unrealized depreciation on inflation swaps 220,675 680,415 1,130,961 Unrealized depreciation on centrally cleared interest rate swaps 13,101 39,628 65,260 Unrealized depreciation on forward foreign currency contracts 105,586 313,857 531,961 Payables for: Interest expense -- 5,193 -- Capital stock redeemed 19,631 42,243 159,043 Distributions to shareowners 466 443 1,435 Swap payments 14,951 44,905 76,758 Futures contracts payable -- 297,674 -- Due to affiliates 33,481 102,210 156,411 Accrued expenses and other liabilities 62,981 80,995 117,318 ---------------------------------------------------------------------------------------------- Total liabilities $ 471,292 $ 1,609,103 $ 2,317,402 ==============================================================================================
* Represents restricted cash deposited at the custodian and/or counterparty for derivative contracts. The accompanying notes are an integral part of these financial statements. 48 Pioneer Solutions Funds | Annual Report | 7/31/16
---------------------------------------------------------------------------------------------- Pioneer Pioneer Pioneer Solutions - Solutions - Solutions - Conservative Balanced Growth Fund Fund Fund ---------------------------------------------------------------------------------------------- NET ASSETS: Paid-in capital $64,390,612 $183,895,798 $306,549,698 Undistributed net investment income 613,677 1,471,763 200,200 Accumulated net realized gain (loss) on investments, futures contracts, swap contracts, written options and foreign currency transactions (1,380,958) (4,473,752) 170,406 Net unrealized appreciation on investments 859,679 6,256,679 15,183,374 Net unrealized depreciation on futures contracts (167,061) (528,799) (1,486,419) Net unrealized depreciation on swap contracts (121,204) (375,150) (616,636) Net unrealized appreciation on written options 17,544 64,327 117,637 Net unrealized depreciation on forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (26,424) (138,006) (209,901) ---------------------------------------------------------------------------------------------- Total net assets $64,185,865 $186,172,860 $319,908,359 ============================================================================================== NET ASSET VALUE PER SHARE: (No par value, unlimited number of shares authorized) Net Assets of Class A shares $46,499,036 $125,607,528 $242,648,918 Net Assets of Class C shares $17,586,445 $ 59,444,211 $ 76,054,903 Net Assets of Class R shares $ 8,845 $ 14,498 $ 18,558 Net Assets of Class Y shares $ 91,539 $ 1,106,623 $ 1,185,980 Class A Shares outstanding 4,464,630 11,066,692 19,632,587 Class C Shares outstanding 1,747,773 5,694,133 6,538,335 Class R Shares outstanding 852 1,282 1,509 Class Y Shares outstanding 9,310 96,130 93,882 Net Asset Value - Class A share $ 10.41 $ 11.35 $ 12.36 Net Asset Value - Class C share $ 10.06 $ 10.44 $ 11.63 Net Asset Value - Class R share $ 10.38 $ 11.30** $ 12.30 Net Asset Value - Class Y share $ 9.83 $ 11.51 $ 12.63 MAXIMUM OFFERING PRICE: Class A (100 (divided by) 94.25 x net asset value per share) $ 11.05 $ 12.04 $ 13.11 ==============================================================================================
** Net asset value per share amount does not calculate due to rounding of net asset and/or shares outstanding. The accompanying notes are an integral part of these financial statements. Pioneer Solutions Funds | Annual Report | 7/31/16 49 Statements of Operations For the Year Ended 7/31/16
---------------------------------------------------------------------------------------------- Pioneer Pioneer Pioneer Solutions - Solutions - Solutions - Conservative Balanced Growth Fund Fund Fund ---------------------------------------------------------------------------------------------- INVESTMENT INCOME: Dividend income from underlying affiliated funds $1,468,968 $3,235,861 $4,070,702 Dividend income from underlying unaffiliated funds 555,765 1,431,369 1,632,214 Interest 25,764 110,866 119,106 ---------------------------------------------------------------------------------------------- Total Investment Income $2,050,497 $4,778,096 $5,822,022 ---------------------------------------------------------------------------------------------- EXPENSES: Management fees $ 85,156 $ 252,916 $ 430,249 Transfer agent fees Class A 24,064 78,966 209,402 Class C 6,982 22,265 37,087 Class R 25 26 28 Class Y 125 263 224 Distribution fees Class A 117,087 321,510 620,019 Class C 185,417 646,234 816,386 Class R 45 53 57 Shareholder communications expense 40,363 116,549 253,841 Administrative expense 37,825 90,476 156,517 Custodian fees 23,704 43,438 14,962 Registration fees 74,179 79,548 48,567 Professional fees 51,869 48,551 71,570 Printing fees 22,937 26,536 27,350 Pricing fees 2,739 2,498 2,649 Fees and expenses of non-affiliated trustees 7,146 7,632 11,466 Insurance expense 1,161 3,516 5,865 Miscellaneous 15,943 14,536 24,453 ---------------------------------------------------------------------------------------------- Total expenses $ 696,767 $1,755,513 $2,730,692 Less fees waived and expenses reimbursed by Pioneer Investment Management, Inc. $ (99,175) $ (73) $ (37) ---------------------------------------------------------------------------------------------- Net expenses $ 597,592 $1,755,440 $2,730,655 ---------------------------------------------------------------------------------------------- Net investment income $1,452,905 $3,022,656 $3,091,367 ==============================================================================================
The accompanying notes are an integral part of these financial statements. 50 Pioneer Solutions Funds | Annual Report | 7/31/16 For the Year Ended 7/31/16
---------------------------------------------------------------------------------------------- Pioneer Pioneer Pioneer Solutions - Solutions - Solutions - Conservative Balanced Growth Fund Fund Fund ---------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAP CONTRACTS, WRITTEN OPTIONS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on: Underlying affiliated funds $ (322,717) $ (1,588,624) $ (2,395,491) Underlying unaffiliated funds (1,052,382) (2,734,809) (1,694,756) Capital gain on distributions from underlying affiliated funds 474,669 2,034,666 6,343,196 Capital gain on distributions from underlying unaffiliated funds 108,842 1,017,609 2,070,811 Futures contracts (358,057) (1,725,729) (3,461,919) Swap contracts 33,761 103,580 163,854 Written options 58,002 175,145 (207,817) Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies 122,923 387,378 742,523 ---------------------------------------------------------------------------------------------- $ (934,959) $ (2,330,784) $ 1,560,401 ---------------------------------------------------------------------------------------------- Change in net unrealized appreciation (depreciation) on: Underlying affiliated funds $ (446,856) $ (4,693,951) $ (10,284,967) Underlying unaffiliated funds 652,558 (344,276) (5,376,695) Futures contracts (173,815) (554,122) (1,523,696) Swap contracts (108,136) (335,524) (551,290) Written options (40,039) (115,566) (166,654) Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (134,262) (467,678) (613,858) ---------------------------------------------------------------------------------------------- $ (250,550) $ (6,511,117) $ (18,517,160) ---------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) on investments, futures contracts, swap contracts, written options and forward foreign currency contracts and other assets and liabilities denominated in foreign currencies $ (1,185,509) $ (8,841,901) $ (16,956,759) ---------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $ 267,396 $ (5,819,245) $ (13,865,392) ==============================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Solutions Funds | Annual Report | 7/31/16 51 Statements of Changes in Net Assets
---------------------------------------------------------------------------------------------- Pioneer Solutions - Pioneer Solutions - Conservative Fund Balanced Fund ---------------------------- ---------------------------- Year Year Year Year Ended Ended Ended Ended 7/31/16 7/31/15 7/31/16 7/31/15 ---------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income (loss) $ 1,452,905 $ 1,639,018 $ 3,022,656 $ 4,354,428 Net realized gain (loss) on investments, futures contracts, swap contracts, written options and forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (934,959) 8,295,650 (2,330,784) 38,326,677 Change in net unrealized appreciation (depreciation) on investments, futures contracts, swap contracts, written options and forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (250,550) (8,650,584) (6,511,117) (35,781,107) ---------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $ 267,396 $ 1,284,084 $ (5,819,245) $ 6,899,998 ---------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.29, $0.31, $0.27 and $0.36, respectively) $ (1,205,906) $ (1,323,297) $ (2,947,850) $ (4,057,950) Class C ($0.20, $0.23, $0.19 and $0.29, respectively) (335,987) (444,119) (1,111,615) (1,842,345) Class R ($0.30, $0.00, $0.30 and $0.00, respectively) (253) -- (257) -- Class Y ($0.27, $0.34, $0.30 and $0.40, respectively) (2,891) (3,714) (34,638) (101,158) Net realized gain: Class A ($1.13, $0.00, $0.86 and $0.00, respectively) (4,678,518) -- (9,290,030) -- Class C ($1.13, $0.00, $0.86 and $0.00, respectively) (1,937,019) -- (5,108,460) -- Class R ($1.13, $0.00, $0.86 and $0.00, respectively) (964) -- (748) -- Class Y ($1.13, $0.00, $0.86 and $0.00, respectively) (11,928) -- (99,468) -- ---------------------------------------------------------------------------------------------- Total distributions to shareowners $ (8,173,466) $ (1,771,130) $ (18,593,066) $ (6,001,453) ----------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements. 52 Pioneer Solutions Funds | Annual Report | 7/31/16
---------------------------------------------------------------------------------------------- Pioneer Solutions - Pioneer Solutions - Conservative Fund Balanced Fund ---------------------------- ---------------------------- Year Year Year Year Ended Ended Ended Ended 7/31/16 7/31/15 7/31/16 7/31/15 ---------------------------------------------------------------------------------------------- FROM FUND SHARE TRANSACTIONS: Net proceeds from sales or exchange of shares $ 11,217,618 $ 17,667,510 $ 25,621,474 $ 55,416,356 Reinvestment of distributions 7,555,353 1,578,566 17,128,419 5,480,964 Cost of shares repurchased (16,852,509) (19,772,188) (48,922,888) (66,926,229) ---------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from Fund share transactions 1,920,462 (526,112) (6,172,995) (6,028,909) ---------------------------------------------------------------------------------------------- Net increase (decrease) in net assets $ (5,985,608) $ (1,013,158) $ (30,585,306) $ (5,130,364) NET ASSETS: Beginning of year 70,171,473 71,184,631 216,758,166 221,888,530 ---------------------------------------------------------------------------------------------- End of year $ 64,185,865 $ 70,171,473 $ 186,172,860 $216,758,166 ---------------------------------------------------------------------------------------------- Undistributed net investment income, end of period $ 613,677 $ 509,389 $ 1,471,763 $ 1,958,210 ==============================================================================================
The accompanying notes are an integral part of these financial statements. Pioneer Solutions Funds | Annual Report | 7/31/16 53 Statements of Changes in Net Assets (continued)
---------------------------------------------------------------------------------------------- Pioneer Solutions - Growth Fund ----------------------------- Year Year Ended Ended 7/31/16 7/31/15 ---------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income (loss) $ 3,091,367 $ 6,042,740 Net realized gain (loss) on investments, futures contracts, contracts, written options and forward foreign currency swap contracts and other assets and liabilities denominated in foreign currencies 1,560,401 79,996,222 Change in net unrealized appreciation (depreciation) on investments, futures contracts, swap contracts, written options and forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (18,517,160) (69,789,564) ---------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $ (13,865,392) $ 16,249,398 ---------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.18 and $0.43, respectively) $ (3,448,475) $ (7,525,388) Class C ($0.09 and $0.29, respectively) (630,056) (1,855,255) Class R ($0.21 and $0.00, respectively) (150) -- Class Y ($0.21 and $0.49, respectively) (21,523) (44,315) Net realized gain: Class A ($0.84 and $0.00, respectively) (16,258,476) -- Class C ($0.84 and $0.00, respectively) (5,798,035) -- Class R ($0.84 and $0.00, respectively) (610) -- Class Y ($0.84 and $0.00, respectively) (88,090) -- ---------------------------------------------------------------------------------------------- Total distributions to shareowners $ (26,245,415) $ (9,424,958) ---------------------------------------------------------------------------------------------- FROM FUND SHARE TRANSACTIONS: Net proceeds from sales or exchange of shares $ 35,429,202 $ 96,987,598 Shares issued in reorganization -- 128,735,046 Reinvestment of distributions 24,660,959 8,865,489 Cost of shares repurchased (68,049,605) (112,416,920) ---------------------------------------------------------------------------------------------- Net increase in net assets resulting from Fund share transactions (7,959,444) 122,171,213 ---------------------------------------------------------------------------------------------- Net increase (decrease) in net assets $ (48,070,251) $ 128,995,653 NET ASSETS: Beginning of year 367,978,610 238,982,957 ---------------------------------------------------------------------------------------------- End of year $ 319,908,359 $ 367,978,610 ---------------------------------------------------------------------------------------------- Undistributed net investment income, end of period $ 200,200 $ 427,734 ==============================================================================================
The accompanying notes are an integral part of these financial statements. 54 Pioneer Solutions Funds | Annual Report | 7/31/16
---------------------------------------------------------------------------------------------- Pioneer Solutions - Conservative Fund -------------------------------------------------------- Year Ended Year Ended Year Ended Year Ended 7/31/16 7/31/16 7/31/15 7/31/15 Shares Amount Shares Amount ---------------------------------------------------------------------------------------------- Class A Shares sold 604,781 $ 6,405,174 1,031,082 $ 12,223,056 Reinvestment of distributions 563,069 5,658,844 108,783 1,262,977 Less shares repurchased (837,372) (8,731,562) (956,434) (11,307,540) ---------------------------------------------------------------------------------------------- Net increase 330,478 $ 3,332,456 183,431 $ 2,178,493 ============================================================================================== Class B* Shares sold or exchanged -- $ -- 4,713 $ 54,608 Reinvestment of distributions -- -- -- -- Less shares repurchased -- -- (167,693) (1,956,877) ---------------------------------------------------------------------------------------------- Net decrease -- $ -- (162,980) $ (1,902,269) ============================================================================================== Class C Shares sold 455,131 $ 4,728,950 449,788 $ 5,153,733 Reinvestment of distributions 193,437 1,886,018 27,838 314,573 Less shares repurchased (763,235) (7,953,081) (552,635) (6,340,742) ---------------------------------------------------------------------------------------------- Net decrease (114,667) $ (1,338,113) (75,009) $ (872,436) ============================================================================================== Class R** Shares sold -- $ -- 852 $ 10,000 Reinvestment of distributions -- -- -- -- Less shares repurchased -- -- -- -- ---------------------------------------------------------------------------------------------- Net increase -- $ -- 852 $ 10,000 ============================================================================================== Class Y Shares sold 7,768 $ 83,494 20,095 $ 226,113 Reinvestment of distributions 1,105 10,491 92 1,016 Less shares repurchased (15,770) (167,866) (14,868) (167,029) ---------------------------------------------------------------------------------------------- Net increase (decrease) (6,897) $ (73,881) 5,319 $ 60,100 ==============================================================================================
* Class B shares converted to Class A shares on November 10, 2014. ** Class R shares commenced operations on July 1, 2015. The accompanying notes are an integral part of these financial statements. Pioneer Solutions Funds | Annual Report | 7/31/16 55 Statements of Changes in Net Assets (continued)
---------------------------------------------------------------------------------------------- Pioneer Solutions - Balanced Fund ------------------------------------------------------------ Year Ended Year Ended Year Ended Year Ended 7/31/16 7/31/16 7/31/15 7/31/15 Shares Amount Shares Amount ---------------------------------------------------------------------------------------------- Class A Shares sold 1,047,166 $ 11,977,456 2,760,903 $ 35,328,996 Reinvestment of distributions 1,084,238 12,067,537 321,862 4,007,203 Less shares repurchased (2,084,317) (23,686,989) (2,790,215) (35,605,966) ---------------------------------------------------------------------------------------------- Net increase 47,087 $ 358,004 292,550 $ 3,730,233 ============================================================================================== Class B* Shares sold or exchanged -- $ -- 4,580 $ 57,272 Reinvestment of distributions -- -- -- -- Less shares repurchased -- -- (552,570) (6,850,527) ---------------------------------------------------------------------------------------------- Net decrease -- $ -- (547,990) $ (6,793,255) ============================================================================================== Class C Shares sold 1,189,840 $ 12,457,865 1,593,895 $ 18,785,422 Reinvestment of distributions 481,229 4,947,038 120,194 1,391,842 Less shares repurchased (2,287,374) (24,045,545) (1,782,588) (21,049,291) ---------------------------------------------------------------------------------------------- Net decrease (616,305) $ (6,640,642) (68,499) $ (872,027) ============================================================================================== Class R** Shares sold 748 $ 8,215 785 $ 10,000 Reinvestment of distributions 9 95 -- -- Less shares repurchased (260) (2,797) -- -- ---------------------------------------------------------------------------------------------- Net increase 497 $ 5,513 785 $ 10,000 ============================================================================================== Class Y Shares sold 100,886 $ 1,177,938 95,503 $ 1,234,666 Reinvestment of distributions 10,102 113,749 6,507 81,919 Less shares repurchased (104,875) (1,187,557) (263,563) (3,420,445) ---------------------------------------------------------------------------------------------- Net increase (decrease) 6,113 $ 104,130 (161,553) $ (2,103,860) ==============================================================================================
* Class B shares converted to Class A shares on November 10, 2014. ** Class R shares commenced operations on July 1, 2015. The accompanying notes are an integral part of these financial statements. 56 Pioneer Solutions Funds | Annual Report | 7/31/16
---------------------------------------------------------------------------------------------- Pioneer Solutions - Growth Fund ----------------------------------------------------------- Year Ended Year Ended Year Ended Year Ended 7/31/16 7/31/16 7/31/15 7/31/15 Shares Amount Shares Amount ---------------------------------------------------------------------------------------------- Class A Shares sold 1,519,091 $ 18,784,192 5,098,015 $ 70,468,710 Shares issued in reorganization -- -- 7,751,322 105,417,866 Reinvestment of distributions 1,606,934 19,604,535 557,018 7,471,054 Less shares repurchased (3,271,985) (40,168,227) (5,639,566) (77,819,585) ---------------------------------------------------------------------------------------------- Net increase (decrease) (145,960) $ (1,779,500) 7,766,789 $ 105,538,045 ============================================================================================== Class B* Shares sold or exchanged -- $ -- 4,535 $ 55,320 Shares issued in reorganization -- -- -- -- Reinvestment of distributions -- -- -- -- Less shares repurchased -- -- (935,783) (11,405,246) ---------------------------------------------------------------------------------------------- Net decrease -- $ -- (931,248) $ (11,349,926) ============================================================================================== Class C Shares sold 1,378,968 $ 16,056,831 1,970,853 $ 25,551,053 Shares issued in reorganization -- -- 1,784,198 22,944,724 Reinvestment of distributions 431,217 4,971,978 108,063 1,373,821 Less shares repurchased (2,353,490) (27,028,433) (1,719,846) (22,406,111) ---------------------------------------------------------------------------------------------- Net increase (decrease) (543,305) $ (5,999,624) 2,143,268 $ 27,463,487 ============================================================================================== Class R** Shares sold 784 $ 9,204 725 $ 10,000 Shares issued in reorganization -- -- -- -- Reinvestment of distributions -- -- -- -- Less shares repurchased -- -- -- -- ---------------------------------------------------------------------------------------------- Net increase 784 $ 9,204 725 $ 10,000 ============================================================================================== Class Y Shares sold 45,377 $ 578,975 63,929 $ 902,515 Shares issued in reorganization -- -- 26,873 372,456 Reinvestment of distributions 6,788 84,446 1,508 20,614 Less shares repurchased (68,556) (852,945) (56,328) (785,978) ---------------------------------------------------------------------------------------------- Net increase (decrease) (16,391) $ (189,524) 35,982 $ 509,607 ==============================================================================================
* Class B shares converted to Class A shares on November 10, 2014. ** Class R shares commenced operations on July 1, 2015. The accompanying notes are an integral part of these financial statements. Pioneer Solutions Funds | Annual Report | 7/31/16 57 Financial Highlights
----------------------------------------------------------------------------------------------------------- Pioneer Solutions - Conservative Fund ------------------------------------------------ Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/16 7/31/15 7/31/14 7/31/13 7/31/12 ----------------------------------------------------------------------------------------------------------- Class A Net asset value, beginning of year $ 11.78 $ 11.86 $ 11.42 $ 10.73 $ 10.85 ----------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.26 $ 0.30 $ 0.25 $ 0.28 $ 0.28 Net realized and unrealized gain (loss) on investments (0.21) (0.07) 0.55 0.64 (0.09) ----------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.05 $ 0.23 $ 0.80 $ 0.92 $ 0.19 ----------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.29) $ (0.31) $ (0.36) $ (0.23) $ (0.31) Net realized gain (1.13) -- -- -- -- ----------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (1.42) $ (0.31) $ (0.36) $ (0.23) $ (0.31) ----------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (1.37) $ (0.08) $ 0.44 $ 0.69 $ (0.12) ----------------------------------------------------------------------------------------------------------- Net asset value, end of year $ 10.41 $ 11.78 $ 11.86 $ 11.42 $ 10.73 =========================================================================================================== Total return* 0.89% 2.01% 7.10% 8.72% 1.85% Ratio of net expenses to average net assets+ 0.70% 0.71% 0.76% 0.77% 0.78% Ratio of net investment income to average net assets+ 2.43% 2.53% 2.15% 2.51% 2.69% Portfolio turnover rate 23% 108% 12% 17% 20% Net assets, end of year (in thousands) $46,499 $48,721 $46,873 $44,239 $42,613 Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 0.86% 0.79% 0.76% 0.77% 0.82% Net investment income to average net assets 2.27% 2.45% 2.15% 2.51% 2.65% ===========================================================================================================
(a) Calculated using average shares outstanding for the year. * Assumes initial investment at net asset value at the beginning of each year, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each year. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. 58 Pioneer Solutions Funds | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------------------- Pioneer Solutions - Conservative Fund ------------------------------------------------ Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/16 7/31/15 7/31/14 7/31/13 7/31/12 ----------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of year $ 11.41 $ 11.51 $ 11.09 $ 10.44 $ 10.56 ----------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.17 $ 0.19 $ 0.16 $ 0.18 $ 0.20 Net realized and unrealized gain (loss) on investments (0.19) (0.06) 0.54 0.63 (0.09) ----------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ (0.02) $ 0.13 $ 0.70 $ 0.81 $ 0.11 ----------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.20) $ (0.23) $ (0.28) $ (0.16) $ (0.23) Net realized gain (1.13) -- -- -- -- ----------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (1.33) $ (0.23) $ (0.28) $ (0.16) $ (0.23) ----------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (1.35) $ (0.10) $ 0.42 $ 0.65 $ (0.12) ----------------------------------------------------------------------------------------------------------- Net asset value, end of year $ 10.06 $ 11.41 $ 11.51 $ 11.09 $ 10.44 =========================================================================================================== Total return* 0.18% 1.15% 6.42% 7.83% 1.16% Ratio of net expenses to average net assets+ 1.45% 1.45% 1.49% 1.51% 1.56% Ratio of net investment income to average net assets+ 1.69% 1.69% 1.40% 1.70% 1.91% Portfolio turnover rate 23% 108% 12% 17% 20% Net assets, end of year (in thousands) $17,586 $21,260 $22,290 $20,542 $16,257 Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 1.59% 1.53% 1.49% 1.51% 1.56% Net investment income to average net assets 1.55% 1.61% 1.40% 1.70% 1.91% ===========================================================================================================
(a) Calculated using average shares outstanding for the year. * Assumes initial investment at net asset value at the beginning of each year, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each year. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. Pioneer Solutions Funds | Annual Report | 7/31/16 59 Financial Highlights (continued)
----------------------------------------------------------------------------------------- Pioneer Solutions - Conservative Fund -------------------------- Year Ended 7/1/15 to 7/31/16 7/31/15 ----------------------------------------------------------------------------------------- Class R Net asset value, beginning of year $ 11.78 $ 11.74 ----------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.25 $ 0.02 Net realized and unrealized gain (loss) on investments (0.22) 0.02 ----------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.03 $ 0.04 ----------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.30) $ -- Net realized gain (1.13) -- ----------------------------------------------------------------------------------------- Total distributions to shareowners $ (1.43) $ -- ----------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (1.40) $ 0.04 ----------------------------------------------------------------------------------------- Net asset value, end of year $ 10.38 $ 11.78 ========================================================================================= Total return* 0.66% 0.34%** Ratio of net expenses to average net assets+ 0.90% 0.93%*** Ratio of net investment income to average net assets+ 2.30% 1.58%*** Portfolio turnover rate 23% 108% Net assets, end of year (in thousands) $ 9 $ 10 Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 1.50% 1.41%*** Net investment income to average net assets 1.70% 1.10%*** =========================================================================================
(a) Calculated using average shares outstanding for the year. * Assumes initial investment at net asset value at the beginning of each year, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each year. ** Not annualized. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. *** Annualized. The accompanying notes are an integral part of these financial statements. 60 Pioneer Solutions Funds | Annual Report | 7/31/16
----------------------------------------------------------------------------------------------------------- Pioneer Solutions - Conservative Fund ------------------------------------------------ Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/16 7/31/15 7/31/14 7/31/13 7/31/12 ----------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of year $ 11.18 $ 11.32 $ 10.86 $ 10.21 $ 10.41 ----------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.24 $ 0.21 $ 0.24 $ 0.20 $ 0.13 Net realized and unrealized gain (loss) on investments (0.19) (0.01) 0.49 0.61 (0.10) ----------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 0.05 $ 0.20 $ 0.73 $ 0.81 $ 0.03 ----------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.27) $ (0.34) $ (0.27) $ (0.16) $ (0.23) Net realized gain (1.13) -- -- -- -- ----------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (1.40) $ (0.34) $ (0.27) $ (0.16) $ (0.23) ----------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (1.35) $ (0.14) $ 0.46 $ 0.65 $ (0.20) ----------------------------------------------------------------------------------------------------------- Net asset value, end of year $ 9.83 $ 11.18 $ 11.32 $ 10.86 $ 10.21 =========================================================================================================== Total return* 0.95% 1.81% 6.83% 8.00% 0.34% Ratio of net expenses to average net assets+ 0.65% 0.98% 0.98% 1.43% 2.26% Ratio of net investment income to average net assets+ 2.37% 1.84% 2.13% 1.88% 1.28% Portfolio turnover rate 23% 108% 12% 17% 20% Net assets, end of year (in thousands) $ 92 $ 181 $ 123 $ 141 $ 65 Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 0.82% 0.98% 0.98% 1.43% 2.26% Net investment income to average net assets 2.19% 1.84% 2.13% 1.88% 1.28% ===========================================================================================================
(a) Calculated using average shares outstanding for the year. * Assumes initial investment at net asset value at the beginning of each year, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each year. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. Pioneer Solutions Funds | Annual Report | 7/31/16 61 Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------ Pioneer Solutions - Balanced Fund ------------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/16 7/31/15 7/31/14 7/31/13 7/31/12 ------------------------------------------------------------------------------------------------------------------ Class A Net asset value, beginning of year $ 12.78 $ 12.73 $ 11.72 $ 10.46 $ 10.74 ------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (a) $ 0.20 $ 0.29 $ 0.19 $ 0.21 $ 0.18 Net realized and unrealized gain (loss) on investments (0.50) 0.12 1.03 1.27 (0.22) ------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ (0.30) $ 0.41 $ 1.22 $ 1.48 $ (0.04) ------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $ (0.27) $ (0.36) $ (0.21) $ (0.22) $ (0.24) Net realized gain (0.86) -- -- -- -- ------------------------------------------------------------------------------------------------------------------ Total distributions to shareowners $ (1.13) $ (0.36) $ (0.21) $ (0.22) $ (0.24) ------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ (1.43) $ 0.05 $ 1.01 $ 1.26 $ (0.28) ------------------------------------------------------------------------------------------------------------------ Net asset value, end of year $ 11.35 $ 12.78 $ 12.73 $ 11.72 $ 10.46 ================================================================================================================== Total return* (2.11)% 3.33% 10.48% 14.32% (0.27)% Ratio of net expenses to average net assets+ 0.67% 0.66% 0.64% 0.66% 0.72% Ratio of net investment income to average net assets+ 1.77% 2.25% 1.57% 1.85% 1.75% Portfolio turnover rate 16% 89% 10% 9% 9% Net assets, end of year (in thousands) $125,608 $140,863 $136,511 $128,425 $118,833 Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 0.67% 0.66% 0.64% 0.66% 0.72% Net investment income to average net assets 1.77% 2.25% 1.57% 1.85% 1.75% ==================================================================================================================
(a) Calculated using average shares outstanding for the year. * Assumes initial investment at net asset value at the beginning of each year, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each year. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. 62 Pioneer Solutions Funds | Annual Report | 7/31/16
------------------------------------------------------------------------------------------------------------- Pioneer Solutions - Balanced Fund -------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/16 7/31/15 7/31/14 7/31/13 7/31/12 ------------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of year $ 11.84 $ 11.82 $ 10.92 $ 9.77 $ 10.07 ------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.12 $ 0.17 $ 0.09 $ 0.12 $ 0.10 Net realized and unrealized gain (loss) on investments (0.47) 0.14 0.96 1.19 (0.22) ------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ (0.35) $ 0.31 $ 1.05 $ 1.31 $ (0.12) ------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.19) $ (0.29) $ (0.15) $ (0.16) $ (0.18) Net realized gain (0.86) -- -- -- -- ------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (1.05) $ (0.29) $ (0.15) $ (0.16) $ (0.18) ------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (1.40) $ 0.02 $ 0.90 $ 1.15 $ (0.30) ------------------------------------------------------------------------------------------------------------- Net asset value, end of year $ 10.44 $ 11.84 $ 11.82 $ 10.92 $ 9.77 ============================================================================================================= Total return* (2.81)% 2.64% 9.70% 13.56% (1.08)% Ratio of net expenses to average net assets+ 1.37% 1.35% 1.33% 1.34% 1.41% Ratio of net investment income to average net assets+ 1.10% 1.44% 0.81% 1.15% 1.06% Portfolio turnover rate 16% 89% 10% 9% 9% Net assets, end of year (in thousands) $59,444 $74,720 $75,377 $64,989 $53,594 Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 1.37% 1.35% 1.33% 1.34% 1.41% Net investment income to average net assets 1.10% 1.44% 1.44% 1.15% 1.06% =============================================================================================================
(a) Calculated using average shares outstanding for the year. * Assumes initial investment at net asset value at the beginning of each year, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each year. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. Pioneer Solutions Funds | Annual Report | 7/31/16 63 Financial Highlights (continued)
-------------------------------------------------------------------------------------- Pioneer Solutions - Balanced Fund -------------------------- Year Ended 7/1/15 to 7/31/16 7/31/15 -------------------------------------------------------------------------------------- Class R Net asset value, beginning of year $ 12.78 $ 12.74 -------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.15 $ 0.01 Net realized and unrealized gain (loss) on investments (0.47) 0.03 -------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ (0.32) $ 0.04 -------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.30) $ -- Net realized gain (0.86) -- -------------------------------------------------------------------------------------- Total distributions to shareowners $ (1.16) $ -- -------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (1.48) $ 0.04 -------------------------------------------------------------------------------------- Net asset value, end of year $ 11.30 $ 12.78 ====================================================================================== Total return* (2.34)% 0.31%** Ratio of net expenses to average net assets+ 0.90% 0.93%*** Ratio of net investment income to average net assets+ 1.28% 0.66%*** Portfolio turnover rate 16% 89% Net assets, end of year (in thousands) $ 14 $ 10 Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 1.58% 1.00%*** Net investment income to average net assets 0.60% 0.58%*** ======================================================================================
(a) Calculated using average shares outstanding for the year. * Assumes initial investment at net asset value at the beginning of each year, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each year. ** Not annualized. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. *** Annualized. The accompanying notes are an integral part of these financial statements. 64 Pioneer Solutions Funds | Annual Report | 7/31/16
--------------------------------------------------------------------------------------------------------------- Pioneer Solutions - Balanced Fund ---------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/16 7/31/15 7/31/14 7/31/13 7/31/12 --------------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of year $ 12.94 $ 12.88 $ 11.86 $ 10.58 $ 10.88 --------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.26 $ 0.37 $ 0.23 $ 0.25 $ 0.22 Net realized and unrealized gain (loss) on investments (0.53) 0.09 1.03 1.28 (0.23) --------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ (0.27) $ 0.46 $ 1.26 $ 1.53 $ (0.01) --------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.30) $ (0.40) $ (0.24) $ (0.25) $ (0.29) Net realized gain (0.86) -- -- -- -- --------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (1.16) $ (0.40) $ (0.24) $ (0.25) $ (0.29) --------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (1.43) $ 0.06 $ 1.02 $ 1.28 $ (0.30) --------------------------------------------------------------------------------------------------------------- Net asset value, end of year $ 11.51 $ 12.94 $ 12.88 $ 11.86 $ 10.58 =============================================================================================================== Total return* (1.85)% 3.63% 10.68% 14.68% 0.00%(b) Ratio of net expenses to average net assets+ 0.40% 0.36% 0.40% 0.36% 0.38% Ratio of net investment income to average net assets+ 2.22% 2.92% 1.88% 2.26% 2.14% Portfolio turnover rate 16% 89% 10% 9% 9% Net assets, end of year (in thousands) $ 1,107 $ 1,165 $ 3,239 $ 4,134 $ 5,208 Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 0.40% 0.36% 0.40% 0.36% 0.38% Net investment income to average net assets 2.22% 2.92% 1.88% 2.26% 2.14% ===============================================================================================================
(a) Calculated using average shares outstanding for the year. (b) Amount rounds to less than 0.01%. * Assumes initial investment at net asset value at the beginning of each year, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each year. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. Pioneer Solutions Funds | Annual Report | 7/31/16 65 Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------ Pioneer Solutions - Growth Fund ------------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/16 7/31/15 7/31/14 7/31/13 7/31/12 ------------------------------------------------------------------------------------------------------------------ Class A Net asset value, beginning of year $ 13.84 $ 13.60 $ 12.32 $ 10.75 $ 11.09 ------------------------------------------------------------------------------------------------------------------ Increase (decrease) from investment operations: Net investment income (a) $ 0.13 $ 0.29 $ 0.16 $ 0.17 $ 0.14 Net realized and unrealized gain (loss) on investments (0.59) 0.38 1.31 1.57 (0.29) ------------------------------------------------------------------------------------------------------------------ Net increase (decrease) from investment operations $ (0.46) $ 0.67 $ 1.47 $ 1.74 $ (0.15) ------------------------------------------------------------------------------------------------------------------ Distributions to shareowners: Net investment income $ (0.18) $ (0.43) $ (0.19) $ (0.17) $ (0.19) Net realized gain (0.84) -- -- -- -- ------------------------------------------------------------------------------------------------------------------ Total distributions to shareowners $ (1.02) $ (0.43) $ (0.19) $ (0.17) $ (0.19) ------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net asset value $ (1.48) $ 0.24 $ 1.28 $ 1.57 $ (0.34) ------------------------------------------------------------------------------------------------------------------ Net asset value, end of year $ 12.36 $ 13.84 $ 13.60 $ 12.32 $ 10.75 ================================================================================================================== Total return* (3.23)% 5.08% 11.96% 16.40% (1.31)% Ratio of net expenses to average net assets+ 0.65% 0.69% 0.68% 0.69% 0.76% Ratio of net investment income to average net assets+ 1.08% 2.15% 1.24% 1.50% 1.29% Portfolio turnover rate 10% 98% 8% 6% 7% Net assets, end of year (in thousands) $242,649 $273,763 $163,349 $149,586 $134,988 Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 0.65% 0.69% 0.68% 0.69% 0.76% Net investment income to average net assets 1.08% 2.15% 1.24% 1.50% 1.29% ==================================================================================================================
(a) Calculated using average shares outstanding for the year. * Assumes initial investment at net asset value at the beginning of each year, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each year. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. 66 Pioneer Solutions Funds | Annual Report | 7/31/16
------------------------------------------------------------------------------------------------------------- Pioneer Solutions - Growth Fund -------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/16 7/31/15 7/31/14 7/31/13 7/31/12 ------------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of year $ 13.08 $ 12.82 $ 11.65 $ 10.18 $ 10.50 ------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.05 $ 0.12 $ 0.06 $ 0.09 $ 0.06 Net realized and unrealized gain (loss) on investments (0.57) 0.43 1.23 1.48 (0.27) ------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ (0.52) $ 0.55 $ 1.29 $ 1.57 $ (0.21) ------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.09) $ (0.29) $ (0.12) $ (0.10) $ (0.11) Net realized gain (0.84) -- -- -- -- ------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (0.93) $ (0.29) $ (0.12) $ (0.10) $ (0.11) ------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (1.45) $ 0.26 $ 1.17 $ 1.47 $ (0.32) ------------------------------------------------------------------------------------------------------------- Net asset value, end of year $ 11.63 $ 13.08 $ 12.82 $ 11.65 $ 10.18 ============================================================================================================= Total return* (3.89)% 4.36% 11.09% 15.58% (1.91)% Ratio of net expenses to average net assets+ 1.35% 1.38% 1.37% 1.40% 1.46% Ratio of net investment income to average net assets+ 0.47% 0.95% 0.46% 0.78% 0.59% Portfolio turnover rate 10% 98% 8% 6% 7% Net assets, end of year (in thousands) $76,055 $92,650 $63,333 $53,032 $45,570 Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 1.35% 1.38% 1.37% 1.40% 1.46% Net investment income to average net assets 0.47% 0.95% 0.46% 0.78% 0.59% =============================================================================================================
(a) Calculated using average shares outstanding for the year. * Assumes initial investment at net asset value at the beginning of each year, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each year. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. Pioneer Solutions Funds | Annual Report | 7/31/16 67 Financial Highlights (continued)
------------------------------------------------------------------------------------- Pioneer Solutions - Growth Fund -------------------------- Year Ended 7/1/15 to 7/31/16 7/31/15 ------------------------------------------------------------------------------------- Class R Net asset value, beginning of year $ 13.84 $ 13.78 ------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.02 $ (0.00)(b) Net realized and unrealized gain (loss) on investments (0.51) 0.06 ------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ (0.49) $ 0.06 ------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.21) $ -- Net realized gain (0.84) -- ------------------------------------------------------------------------------------- Total distributions to shareowners $ (1.05) $ -- ------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (1.54) $ 0.06 ------------------------------------------------------------------------------------- Net asset value, end of year $ 12.30 $ 13.84 ===================================================================================== Total return* (3.47)% 0.44%** Ratio of net expenses to average net assets+ 0.90% 0.89%*** Ratio of net investment income to average net assets+ 0.18% (0.38)%*** Portfolio turnover rate 10% 98% Net assets, end of year (in thousands) $ 19 $ 10 Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 1.22% 0.89%*** Net investment income to average net assets (0.14)% (0.38)%*** =====================================================================================
(a) Calculated using average shares outstanding for the year. (b) Amount rounds to greater than $(0.005) per share. * Assumes initial investment at net asset value at the beginning of each year, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each year. ** Not annualized. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. *** Annualized. The accompanying notes are an integral part of these financial statements. 68 Pioneer Solutions Funds | Annual Report | 7/31/16
------------------------------------------------------------------------------------------------------------- Pioneer Solutions - Growth Fund -------------------------------------------------- Year Year Year Year Year Ended Ended Ended Ended Ended 7/31/16 7/31/15 7/31/14 7/31/13 7/31/12 ------------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of year $ 14.11 $ 13.88 $ 12.56 $ 10.95 $ 11.45 ------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (a) $ 0.19 $ 0.26 $ 0.28 $ 0.20 $ 0.17 Net realized and unrealized gain (loss) on investments (0.62) 0.46 1.25 1.61 (0.44) ------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ (0.43) $ 0.72 $ 1.53 $ 1.81 $ (0.27) ------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income $ (0.21) $ (0.49) $ (0.21) $ (0.20) $ (0.23) Net realized gain (0.84) -- -- -- -- ------------------------------------------------------------------------------------------------------------- Total distributions to shareowners $ (1.05) $ (0.49) $ (0.21) $ (0.20) $ (0.23) ------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ (1.48) $ 0.23 $ 1.32 $ 1.61 $ (0.50) ------------------------------------------------------------------------------------------------------------- Net asset value, end of year $ 12.63 $ 14.11 $ 13.88 $ 12.56 $ 10.95 ============================================================================================================= Total return* (2.96)% 5.30% 12.25% 16.70% (2.28)% Ratio of net expenses to average net assets+ 0.37% 0.47% 0.40% 0.44% 0.50% Ratio of net investment income to average net assets+ 1.53% 1.87% 2.10% 1.71% 1.60% Portfolio turnover rate 10% 98% 8% 6% 7% Net assets, end of year (in thousands) $ 1,186 $ 1,556 $ 1,031 $ 1,314 $ 2,012 Ratios with no waivers of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses to average net assets 0.37% 0.47% 0.40% 0.44% 0.50% Net investment income to average net assets 1.53% 1.87% 2.10% 1.71% 1.60% =============================================================================================================
(a) Calculated using average shares outstanding for the year. * Assumes initial investment at net asset value at the beginning of each year, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each year. + In addition to the expenses which the Fund bears directly, the Fund indirectly bears pro rata shares of the expenses of the funds in which the Fund invests. Because each of the underlying funds bears its own varying expense levels and because the Fund may own differing proportions of each fund at different times, the amount of expenses incurred indirectly by the Fund will vary from time to time. The accompanying notes are an integral part of these financial statements. Pioneer Solutions Funds | Annual Report | 7/31/16 69 Notes to Financial Statements | 7/31/16 1. Organization and Significant Accounting Policies Pioneer Asset Allocation Trust (the "Trust") is organized as a Delaware statutory trust and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. The Trust consists of three separate funds (each, a "Fund," and collectively, the "Funds"), each issuing four classes of shares as follows: Pioneer Solutions - Conservative Fund ("Conservative Fund") Pioneer Solutions - Growth Fund ("Growth Fund") Pioneer Solutions - Balanced Fund (formerly Pioneer Ibbotson Moderate Allocation Fund) ("Balanced Fund"). The investment objective of each of the Conservative Fund, the Growth Fund and the Balanced Fund is to seek long-term capital growth and current income. Each Fund is a "fund of funds." Each Fund seeks to achieve its investment objective by investing primarily in other funds ("underlying funds"). Each Fund may also invest directly in securities and use derivatives. Each Fund invests mainly in funds managed by Pioneer Investment Management, Inc. (PIM). Each Fund may also invest in unaffiliated mutual funds or exchange-traded funds (ETFs). The Funds indirectly pay a portion of the expenses incurred by underlying funds. Consequently, an investment in the Funds entails more direct and indirect expenses than direct investment in the applicable underlying funds. Each Fund offers four classes of shares designated as Class A, Class C, Class R and Class Y shares. Class R shares for each fund commenced operations on July 1, 2015. Each class of shares represents an interest in the same portfolio of investments of each Fund and has identical rights (based on relative net asset values) to assets and liquidation proceeds. Share classes can bear different rates of class-specific fees and expenses such as transfer agent and distribution fees. Differences in class specific fees and expenses will result in differences in net investment income and, therefore, the payment of different dividends from net investment income earned by each class. The Amended and Restated Declaration of Trust of each Fund gives the Board of Trustees the flexibility to specify either per-share voting or dollar-weighted voting when submitting matters for shareholder approval. Under per-share voting, each share of a class of a Fund is entitled to one vote. Under dollar-weighted voting, a shareholder's voting power is determined not by the number of shares owned, but by the dollar value of the shares on the record date. Each share class has exclusive 70 Pioneer Solutions Funds | Annual Report | 7/31/16 voting rights with respect to matters affecting only that class, including with respect to the distribution plan for that class. There is no distribution plan for Class Y shares. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (U.S. GAAP) that require the management of the Funds to, among other things, make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates. Each Fund is an investment company and follows investment company accounting and reporting guidance under U.S. GAAP. The following is a summary of accounting policies followed by the Funds in the preparation of their financial statements: A. Security Valuation The net asset value of the Funds are computed once daily, on each day the New York Stock Exchange (NYSE) is open, as of the close of regular trading on the NYSE. Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds' net asset value. Repurchase agreements are valued at par. Cash may include overnight time deposits at approved financial institutions. Fixed-income securities are valued by using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities, historical trading patterns in the market for fixed-income securities and/or other factors. Valuations may be supplemented by dealers and other sources, as required. Non-U.S. debt securities that are listed on an exchange will be valued at the bid price obtained from an independent third party pricing service. Swap contracts, including interest rate swaps, caps and floors (other than centrally cleared swap contracts) are valued at the dealer quotations obtained from reputable International Swap Dealer association members. Centrally cleared swaps are valued at the daily settlement price provided by the central clearing counterparty. Pioneer Solutions Funds | Annual Report | 7/31/16 71 Futures contracts are generally valued at the closing settlement price established by the exchange on which they are traded. Options contracts are generally valued at the mean between the last bid and ask prices on the principal exchange where they are traded. Over-the-counter ("OTC") options and options on swaps ("swaptions") are valued using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. Forward foreign currency exchange contracts are valued daily using the foreign exchange rate or, for longer term forward contract positions, the spot currency rate, in each case provided by a third party pricing service. Contracts whose forward settlement date falls between two quoted days are valued by interpolation. Securities for which independent pricing services are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of PIM, the Fund's investment adviser, pursuant to procedures adopted by the Fund's Board of Trustees. PIM's fair valuation team uses fair value methods approved by the Valuation Committee of the Board of Trustees. PIM's fair valuation team is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee of the Board of Trustees. Inputs used when applying fair value methods to value a security may include credit ratings, the financial condition of the company, current market conditions and comparable securities. The Funds may use fair value methods if it is determined that a significant event has occurred after the close of the exchange or market on which the security trades and prior to the determination of each Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of each Fund's securities may differ significantly from exchange prices and such differences could be material. At July 31, 2016, the Funds held no securities valued using fair value methods (other than securities valued using prices supplied by independent pricing services, broker-dealers or using a third party insurance industry pricing model). 72 Pioneer Solutions Funds | Annual Report | 7/31/16 B. Investment Income and Transactions Dividend income and realized capital gain distributions from investment company shares held are recorded on the ex-dividend date. Interest income, including interest on income bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates. Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. C. Foreign Currency Translation The books and records of the Funds are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates. Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in the market price of those securities but are included with the net realized and unrealized gain or loss on investments. D. Forward Foreign Currency Contracts The Funds may enter into forward foreign currency contracts (contracts) for the purchase or sale of a specific foreign currency at a fixed price on a future date. All contracts are marked to market daily at the applicable exchange rates, and any resulting unrealized appreciation or depreciation are recorded in the Funds' financial statements. The Funds record realized gains and losses at the time a contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar (see Note 5). E. Federal Income Taxes It is the Funds' policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all taxable income and net realized capital gains, if any, to shareholders. Therefore, no federal income tax provisions are required. Tax years for the prior three fiscal years remain subject to examination by federal and state tax authorities. Pioneer Solutions Funds | Annual Report | 7/31/16 73 The amounts and characterizations of distributions to shareowners for financial reporting purposes are determined in accordance with federal income tax rules. Therefore, the sources of the Funds' distributions may be shown in the accompanying financial statements as from or in excess of net investment income or as from net realized gain on investment transactions, or as from paid-in capital, depending on the type of book/tax differences that may exist. At July 31, 2016, the Funds reclassified the following amounts to reflect permanent book/tax differences. These adjustments have no impact on the net assets or results of operations.
-------------------------------------------------------------------------- Conservative Fund Balanced Fund Growth Fund -------------------------------------------------------------------------- Undistributed net investment income $ 196,420 $ 585,257 $ 781,303 Accumulated net realized gain on investments (196,107) (585,257) (781,303) Paid-in Capital (313) -- --
At July 31, 2016, Conservative Fund was permitted to carry forward $1,095,813 of short-term capital losses and $9,088 of long-term capital losses without limitations. At July 31, 2016, Balance Fund was permitted to carry forward $3,254,588 of short-term capital losses without limitations. The tax character of distributions paid during the years ended July 31, 2016 and July 31, 2015 were as follows:
------------------------------------------------------------------------- 2016 2015 ------------------------------------------------------------------------- Conservative Fund Distributions paid from: Ordinary income $ 1,550,713 $1,771,130 Long-term capital gains 6,622,753 -- ------------------------------------------------------------------------- Total $ 8,173,466 $1,771,130 ========================================================================= Balanced Fund Distributions paid from: Ordinary income $ 4,100,023 $6,001,453 Long-term capital gains 14,493,043 -- ------------------------------------------------------------------------- Total $18,593,066 $6,001,453 ========================================================================= Growth Fund Distributions paid from: Ordinary income $ 3,637,690 $9,424,958 Long-term capital gains 22,607,725 -- ------------------------------------------------------------------------- Total $26,245,415 $9,424,958 =========================================================================
74 Pioneer Solutions Funds | Annual Report | 7/31/16 The following table shows the components of distributable earnings on a federal income tax basis at July 31, 2016:
--------------------------------------------------------------------------- Conservative Fund Balanced Fund Growth Fund --------------------------------------------------------------------------- Undistributed ordinary income $ 593,085 $ 1,350,820 $ -- Undistributed long-term capital gains -- -- 889,982 Capital loss carryforward (1,104,901) (3,254,588) -- Unrealized appreciation/ depreciation 307,069 4,180,830 12,468,679 --------------------------------------------------------------------------- Total $ (204,747) $ 2,277,062 $13,358,661 ===========================================================================
The differences between book-basis and tax-basis net unrealized appreciation are attributable to the tax deferral of losses on wash sales. F. Fund Shares The Funds record sales and repurchases of Fund shares as of trade date. Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Funds and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit), earned the following in underwriting commissions on the sale of Class A shares during the year ended July 31, 2016:
--------------------------------------------------------------------------- Fund Amount --------------------------------------------------------------------------- Conservative Fund $12,696 Balanced Fund 32,870 Growth Fund 71,319
G. Class Allocations Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. Distribution fees are calculated based on the average daily net asset value attributable to Class A and Class C shares of each Fund, respectively (see Note 4). Class Y shares do not pay distribution fees. All expenses and fees paid to the Fund's transfer agent, for its services are allocated among the class of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 3). Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by each of the Funds with respect to each class of shares are calculated in the same manner and at the same time, except that net investment income dividends to Class A, Class C, Class R and Class Y shares of each Fund can reflect different transfer agent and distribution expense rates. Pioneer Solutions Funds | Annual Report | 7/31/16 75 H. Risks Interest rates in the U.S. recently have been historically low, so the Fund faces a heightened risk that interest rates may rise. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. Some of the underlying funds can invest in either high yield securities or small/emerging growth companies. Investments in these types of securities generally are subject to greater volatility than either higher-grade securities or more established companies in more developed markets, respectively. The Funds' prospectus contains unaudited information regarding the Funds' principal risks. Please refer to that document when considering the Funds' principal risks. I. Futures Contracts The Funds may enter into futures transactions in order to attempt to hedge against changes in interest rates, securities prices and currency exchange rates or to seek to increase total return. Futures contracts are types of derivatives. All futures contracts entered into by the Funds are traded on a futures exchange. Upon entering into a futures contract, the Funds are required to deposit with a broker an amount of cash or securities equal to the minimum "initial margin" requirements of the associated futures exchange. The amount of cash deposited with the broker as collateral at July 31, 2016, and is included in "Restricted Cash" in the Statement of Assets and Liabilities, was as follows:
--------------------------------------------------------------------------------- Conservative Balanced Growth Fund Fund Fund --------------------------------------------------------------------------------- Futures Collateral $384,438 $1,625,295 $2,348,776
Subsequent payments for futures contracts ("variation margin") are paid or received by the Funds, depending on the daily fluctuation in the value of the contracts, and are recorded by the Funds as unrealized appreciation or depreciation. When the contract is closed, the Funds realize a gain or loss equal to the difference between the opening and closing value of the contract as well as any fluctuation in foreign currency exchange rates where applicable. The use of futures contracts are subject to market risk, interest rate risk and currency exchange rate risk. Changes in value of the contracts may not directly correlate to the changes in value of the underlying securities. The average value of contracts open during the year ended July 31, 2016, was as follows:
------------------------------------------------------------------------------------ Conservative Balanced Growth Fund Fund Fund ------------------------------------------------------------------------------------ $(4,261,956) $(11,110,862) $(18,428,763)
76 Pioneer Solutions Funds | Annual Report | 7/31/16 At July 31, 2016, open futures contracts were as follows: Pioneer Solutions - Conservative Fund
--------------------------------------------------------------------------------------------- Number of Unrealized Contracts Settlement Appreciation Type Counterparty Long/(Short) Month Value (Depreciation) --------------------------------------------------------------------------------------------- Euro Stoxx 50 UBS AG (18) 9/16 $ (600,299) $ (47,990) Euro-Bund UBS AG (2) 9/16 (375,223) (9,424) Euro-Schatz UBS AG (44) 9/16 (5,510,488) (9,961) FTSE 100 UBS AG (7) 9/16 (618,802) (71,621) FTSE/JSE Top 40 UBS AG (5) 9/16 (166,245) 538 Japan 10 Year Bond UBS AG (1) 9/16 (1,495,859) (4,901) MINI MSCI Emerging Markets UBS AG (23) 9/16 (1,013,725) (97,060) MSCI Asia Pacific PC EX UBS AG (8) 9/16 (304,379) (24,183) Nikkei 225 (SGX) UBS AG 10 9/16 812,626 20,540 Swiss Market Index UBS AG 8 9/16 671,802 39,918 U.S. 2 Year Note UBS AG 7 9/16 1,533,000 8,203 U.S. 10 Year Note UBS AG (16) 9/16 (2,128,750) (54,500) U.S. Long Bond UBS AG 27 9/16 4,709,813 96,718 U.S. Ultra Bond UBS AG (1) 9/16 (190,531) (15,711) H-Shares Index UBS AG (12) 12/16 (695,379) 2,373 --------------------------------------------------------------------------------------------- $ (5,372,439) $ (167,061) =============================================================================================
Pioneer Solutions - Balanced Fund
--------------------------------------------------------------------------------------------- Number of Unrealized Contracts Settlement Appreciation Type Counterparty Long/(Short) Month Value (Depreciation) --------------------------------------------------------------------------------------------- E-Mini S&P 500 UBS AG 25 9/16 $ 2,710,250 $ 144,908 Euro Stoxx 50 UBS AG (179) 9/16 (5,969,639) (303,214) Euro-Bund UBS AG (6) 9/16 (1,125,670) (28,272) Euro-Schatz UBS AG (130) 9/16 (16,280,986) (29,431) FTSE 100 UBS AG (21) 9/16 (1,856,404) (214,864) FTSE/JSE Top 40 UBS AG (14) 9/16 (465,486) 1,506 Japan 10 Year Bond UBS AG (3) 9/16 (4,487,575) (14,704) MINI MSCI Emerging Markets UBS AG (71) 9/16 (3,129,325) (299,620) MSCI Asia Pacific PC EX UBS AG (23) 9/16 (875,090) (69,524) Nikkei 225 (SGX) UBS AG 17 9/16 1,381,463 74,572 Swiss Market Index UBS AG 23 9/16 1,931,430 114,764 U.S. 2 Year Note UBS AG 29 9/16 6,351,000 33,984 U.S. 10 Year Note UBS AG (48) 9/16 (6,386,250) (163,500) U.S. Long Bond UBS AG 78 9/16 13,606,125 280,138 U.S. Ultra Bond UBS AG (4) 9/16 (762,125) (62,844) H-Shares Index UBS AG (35) 12/16 (2,028,188) 7,302 --------------------------------------------------------------------------------------------- $(17,386,470) $ (528,799) =============================================================================================
Pioneer Solutions Funds | Annual Report | 7/31/16 77 Pioneer Solutions - Growth Fund
--------------------------------------------------------------------------------------------- Number of Unrealized Contracts Settlement Appreciation Type Counterparty Long/(Short) Month Value (Depreciation) --------------------------------------------------------------------------------------------- E-Mini S&P 500 UBS AG (8) 9/16 $ (867,280) $ (480) Euro Stoxx 50 UBS AG (187) 9/16 (6,236,439) (498,566) Euro-Bund UBS AG (11) 9/16 (2,063,727) (51,833) Euro-Schatz UBS AG (218) 9/16 (27,301,962) (49,354) FTSE 100 UBS AG (36) 9/16 (3,182,407) (368,337) FTSE/JSE Top 40 UBS AG (25) 9/16 (831,225) 2,688 Japan 10 Year Bond UBS AG (5) 9/16 (7,479,292) (24,506) MINI MSCI Emerging Markets UBS AG (118) 9/16 (5,200,850) (497,960) MSCI Asia Pacific PC EX UBS AG (39) 9/16 (1,483,849) (117,889) Nikkei 225 (SGX) UBS AG 123 9/16 9,995,295 112,666 Swiss Market Index UBS AG 39 9/16 3,275,034 194,600 U.S. 2 Year Note UBS AG 43 9/16 9,417,000 50,391 U.S. 10 Year Note UBS AG (81) 9/16 (10,776,797) (275,906) U.S. Long Bond UBS AG 48 9/16 8,373,000 120,000 U.S. Ultra Bond UBS AG (6) 9/16 (1,143,188) (94,266) H-Shares Index UBS AG (59) 12/16 (3,418,945) 12,333 --------------------------------------------------------------------------------------------- $(38,925,632) $ (1,486,419) =============================================================================================
J. Option Writing The Funds may write put and covered call options to seek to increase total return. When an option is written, the Funds receive a premium and become obligated to purchase or sell the underlying security at a fixed price upon the exercise of the option. When the Funds write an option, an amount equal to the premium received by the Funds is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds have realized a gain or loss. The Funds, as writer of an option, bear the market risk of an unfavorable change in the price of the security underlying the written option. Written call and put option contracts outstanding at year end are listed at the end of each Fund's Schedule of Investments. The average value of written option contracts open during the year ended July 31, 2016 was as follows:
----------------------------------------------------------------------------------------- Conservative Balanced Growth Fund Fund Fund ----------------------------------------------------------------------------------------- $(16,014) $(70,859) $(404,430)
78 Pioneer Solutions Funds | Annual Report | 7/31/16 Transactions in written options for the year ended July 31, 2016 are summarized as follows: Pioneer Solutions - Conservative Fund
------------------------------------------------------------------------------------------- Number of Premium Contracts Received ------------------------------------------------------------------------------------------- Options open at beginning of year (19) $ (93,203) Options opened (122) (58,666) Options closed 129 133,905 ------------------------------------------------------------------------------------------- Options open at end of year (12) $ (17,964) Pioneer Solutions - Balanced Fund ------------------------------------------------------------------------------------------- Number of Premium Contracts Received ------------------------------------------------------------------------------------------- Options open at beginning of year (77) $(321,168) Options opened (510) (248,022) Options closed 543 503,323 ------------------------------------------------------------------------------------------- Options open at end of year (44) $ (65,867) Pioneer Solutions - Growth Fund ------------------------------------------------------------------------------------------- Number of Premium Contracts Received ------------------------------------------------------------------------------------------- Options open at beginning of year (318) $ (741,855) Options opened (1,290) (569,660) Options closed 1,374 1,006,334 Options expired 187 109,289 ------------------------------------------------------------------------------------------- Options open at end of year (47) $ (195,892)
K. Purchased Options The Funds may purchase put and call options to seek increased total return. Purchased call and put options entitle the Funds to buy and sell a specified number of shares or units of a particular security, currency or index at a specified price at a specific date or within a specific period of time. Upon the purchase of a call or put option, the premium paid by the Funds is included in the Statements of Assets and Liabilities as an investment. All premiums are marked-to-market daily, and any unrealized gains or losses are recorded in the Funds' financial statements. As the purchaser of an index option, the Funds have the right to receive a cash payment equal to any depreciation in the value of the index below the strike price of the option (in the case of a put) or equal to any appreciation in the value of the index over the strike price of the option (in the case of a call) as of the valuation date of the option. Premiums paid for purchased call and put options which have expired are treated as realized losses on investments in the Statements of Operations. Upon the exercise or closing of a purchased put option, the premium is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. Pioneer Solutions Funds | Annual Report | 7/31/16 79 Upon the exercise or closing of a purchased call option, the premium is added to the cost of the security or financial instrument. The risk associated with purchasing options is limited to the premium originally paid. Purchased option contracts outstanding at period end are listed at the end of each Fund's Schedule of Investments. The average value of purchased options open during the year ended July 31, 2016 was as follows:
----------------------------------------------------------------------------------------- Conservative Balanced Growth Fund Fund Fund ----------------------------------------------------------------------------------------- $52,535 $228,657 $850,029
L. Credit Default Swap Agreements A credit default swap is a contract between a buyer of protection and a seller of protection against a pre-defined credit event on an underlying reference obligation, which may be a single security or a basket or index of securities. The Funds may sell or buy credit default swap contracts to seek to increase the Funds' income, or to attempt to hedge the risk of default on Fund securities. A credit default swap index is used to hedge risk or take a position on a basket of credit entities or indices. As a seller of protection, the Funds would be required to pay the notional (or other agreed-upon) value of the referenced debt obligation to the counterparty in the event of a default by a U.S. or foreign corporate issuer of a debt obligation, which would likely result in a loss to the Funds. In return, the Funds would receive from the counterparty a periodic stream of payments during the term of the contract provided that no event of default occurred. The maximum exposure of loss to the seller would be the notional value of the credit default swaps outstanding. If no default occurs, the Funds would keep the stream of payments and would have no payment obligation. The Funds may also buy credit default swap contracts in order to hedge against the risk of default of debt securities, in which case the Funds would function as the counterparty referenced above. When the Funds enter into a credit default swap contract, the protection buyer makes an upfront or periodic payment to the protection seller in exchange for the rights to receive a contingent payment. An upfront payment made by the Funds, as the protection buyer, is recorded as an asset in the Statements of Assets and Liabilities. Periodic payments received or paid by the Funds are recorded as realized gains or losses in the Statements of Operations. Credit default swap contracts are marked-to-market daily using valuations supplied by independent sources and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. Payments received or made as a result of a credit event or upon termination of the contract are recognized, net of the appropriate amount of the upfront payment, as realized gains or losses in the Statements of Operations. 80 Pioneer Solutions Funds | Annual Report | 7/31/16 Certain swap contracts that are cleared through a central clearinghouse are referred to as centrally cleared swaps. All payments made or received by the Funds are pursuant to a centrally cleared swap contract with the central clearing party rather than the original counterparty. Upon entering into a centrally cleared swap contract, the Funds are required to make an initial margin deposit, either in cash or in securities. The daily change in value on open centrally cleared contracts is recorded as variation margin on centrally cleared swaps on the Statements of Assets and Liabilities. Credit default swap contracts involving the sale of protection may involve greater risks than if the Funds had invested in the referenced debt instrument directly. Credit default swap contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. If a Fund is a protection buyer and no credit event occurs, it will lose its investment. If a Fund is a protection seller and a credit event occurs, the value of the referenced debt instrument received by that Fund, together with the periodic payments received, may be less than the amount that Fund pays to the protection buyer, resulting in a loss to that Fund. There were no open credit default swap contracts at July 31, 2016. The average value of credit default swap contracts open during the year ended July 31, 2016 was as follows:
----------------------------------------------------------------------------------------- Conservative Balanced Growth Fund Fund Fund ----------------------------------------------------------------------------------------- $12,435 $37,349 $63,841
M. Inflation Rate Swap Contracts The Funds may enter into inflation rate swap contracts to attempt to hedge against inflation. Pursuant to the inflation rate swap agreement, the Funds negotiate with a counterparty to exchange a periodic stream of payments, based on a benchmark inflation index. One cash flow stream will typically be a floating rate payment linked to the specified inflation index while the other is typically a fixed interest rate. Inflation rate swap contracts are marked-to-market daily using valuations supplied by independent sources and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. Inflation rate swaps are normally issued on a zero coupon basis where all payments compound during the life of the contract and are netted upon the termination or maturity of the contract. Final payments received or paid by the Funds are recorded as realized gains or losses in the Statements of Operations. Inflation rate swap contracts are subject to movements in interest rates. Pioneer Solutions Funds | Annual Report | 7/31/16 81 Open inflation rate swap contracts at period end are listed at the end of each Fund's Schedule of Investments. The average value of inflation rate swap contracts open during the year ended July 31, 2016 was as follows:
----------------------------------------------------------------------------------------- Conservative Balanced Growth Fund Fund Fund ----------------------------------------------------------------------------------------- $(61,521) $(189,688) $(315,293)
The amount of cash deposited with the broker as collateral at July 31, 2016, and is included in "Restricted Cash" in the Statement of Assets and Liabilities, was as follows:
----------------------------------------------------------------------------------------- Conservative Balanced Growth Fund Fund Fund ----------------------------------------------------------------------------------------- $75,000 $405,000 $800,000
N. Interest Rate Swap Contracts The Funds may enter into interest rate swaps to attempt to hedge against interest rate fluctuations or to enhance their income. Pursuant to the interest rate swap agreement, the Funds negotiate with a counterparty to exchange a periodic stream of payments based on a benchmark interest rate. One cash flow stream will typically be a floating rate payment based upon the specified floating benchmark interest rate while the other is typically a fixed interest rate. Payment flows are usually netted against each other, with the difference being paid by one party to the other on a monthly basis. Periodic payments received or paid by the Funds are recorded as realized gains or losses in the Statements of Operations. Interest rate swap contracts are marked-to-market daily using valuations supplied by independent sources and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. Interest rate swap contracts are subject to counterparty risk and movements in interest rates. Open interest rate swap contracts at period end are listed at the end of each Fund's Schedule of Investments. The average value of interest rate swap contracts open during the year ended July 31, 2016 was as follows:
----------------------------------------------------------------------------------------- Conservative Balanced Growth Fund Fund Fund ----------------------------------------------------------------------------------------- $(727) $(2,384) $(4,086)
2. Management Agreement PIM, a wholly owned indirect subsidiary of UniCredit, manages the Funds' portfolios. Management fees for each Fund are calculated daily at an annual rate equal to 0.13% of each Fund's average daily net assets up to $2.5 billion; 0.11% of each Fund's average daily net assets over $2.5 billion up to $4 billion; 0.10% of each Fund's average daily net assets over $4 billion up to $5.5 billion; and 0.08% of each Fund's average daily net assets over $5.5 billion. 82 Pioneer Solutions Funds | Annual Report | 7/31/16 For the year ended July 31, 2016, the effective management fee for each Fund was equivalent to 0.13% of each Fund's average daily net assets. Fees waived and expenses reimbursed during the year ended July 31, 2016 are reflected in the Statements of Operations. In addition, under the management and administration agreements, certain other services and costs, including accounting, regulatory reporting and insurance premiums, are paid by the Funds as administrative reimbursements. Included in "Due to affiliates" reflected on the Statements of Assets and Liabilities are the following amounts payable to PIM at July 31, 2016:
-------------------------------------------------------------------------------- Fund Amount -------------------------------------------------------------------------------- Conservative Fund $ 8,089 Balanced Fund 23,257 Growth Fund 38,318
PIM has contractually agreed to limit ordinary operating expenses to the extent required to reduce fund expenses, other than underlying fund fees and expenses, as follows. These expense limitations are in effect through December 1, 2017. There can be no assurance that PIM will extend the expense limitation agreement for a class of shares beyond the date referred to above:
------------------------------------------------------------------------------------ Fund Class A Class C Class R Class Y ------------------------------------------------------------------------------------ Conservative Fund 0.70% 1.45% 0.90% 0.65% Balanced Fund 0.70% 1.45% 0.90% -- Growth Fund 0.70% 1.45% 0.90% --
3. Transfer Agent Effective November 2, 2015, Boston Financial Data Services, Inc. serves as the transfer agent to the Fund at negotiated rates. Transfer agent fees and payables shown on the Statement of Operations and the Statement of Assets and Liabilities, respectively, include sub-transfer agent expenses incurred through the Fund's omnibus relationship contracts. Prior to November 2, 2015, Pioneer Investment Management Shareholder Services, Inc., a wholly owned indirect subsidiary of UniCredit, provided substantially all transfer agent and shareowner services to the Fund at negotiated rates. In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareholder communications activities such as proxy and statement mailings and outgoing phone calls. For the year ended July 31, 2016, such out-of-pocket expenses by class of shares were as follows: Pioneer Solutions Funds | Annual Report | 7/31/16 83
------------------------------------------------------------------------------------- Conservative Balanced Growth Shareholder Communications Fund Fund Fund ------------------------------------------------------------------------------------- Class A $29,671 $ 85,535 $198,823 Class C 10,400 29,777 53,493 Class R 22 61 28 Class Y 270 1,176 1,497 ------------------------------------------------------------------------------------- Total $40,363 $116,549 $253,841 =====================================================================================
4. Distribution Plan The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 of the Investment Company Act of 1940 with respect to Class A and Class C shares. Pursuant to the Plan, each Fund pays PFD 0.25% of the Fund's average daily net assets attributable to Class A shares as compensation for personal services and/or account maintenance services or distribution services with respect to Class A shares. Pursuant to the Plan, each Fund also pays PFD 1.00% of the average daily net assets attributable to Class C shares. The fee for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee paid as compensation for personal services and/or account maintenance services or distribution services with regard to Class C shares. Included in "Due to affiliates" reflected on the Statements of Assets and Liabilities are the following amounts in distribution fees payable to PFD at July 31, 2016:
-------------------------------------------------------------------------------- Amount -------------------------------------------------------------------------------- Conservative Fund $ 25,392 Balanced Fund 78,953 Growth Fund 118,093
The Funds also have adopted a separate service plan for Class R shares (Service Plan). The Service Plan authorizes the Funds to pay securities dealers, plan administrators or other service organizations that agree to provide certain services to retirement plans or plan participants holding shares of the Funds a distribution fee of up to 0.50% of the Fund's average daily net assets attributable to Class R shares held by such plans. In addition, redemptions of each class of shares (except Class Y shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases of Class A shares within 12 months of purchase. Redemptions of Class C shares within one year of purchase are subject to a CDSC of 1.00% based on the lower of cost or market value of shares being redeemed. Shares purchased as part of an exchange remain subject to any CDSC that applied to the original purchase of those shares. There is no CDSC for Class Y shares. Proceeds from the CDSCs are paid to PFD. 84 Pioneer Solutions Funds | Annual Report | 7/31/16 For the year ended July 31, 2016, the following CDSCs were paid to PFD:
-------------------------------------------------------------------------------- Fund Amount -------------------------------------------------------------------------------- Conservative Fund $1,852 Balanced Fund $4,566 Growth Fund $8,286
5. Forward Foreign Currency Contracts During the year ended July 31, 2016, the Funds had entered into various forward foreign currency contracts that obligate the Funds to deliver or take delivery of currencies at specified future maturity dates. Alternatively, prior to the settlement date of a forward foreign currency contract, the Funds may close out such contract by entering into an offsetting contract. The average value of contracts open during the year ended July 31, 2016, were as follows:
-------------------------------------------------------------------------------- Conservative Balanced Growth Fund Fund Fund -------------------------------------------------------------------------------- $(1,578,060) $(5,033,357) $(8,543,744)
Pioneer Solutions Funds | Annual Report | 7/31/16 85 Open forward foreign currency contracts at July 31, 2016, were as follows: Pioneer Solutions - Conservative Fund
---------------------------------------------------------------------------------------------------------------- In Currency Currency Exchange Settlement Unrealized Sold Deliver Purchased for Counterparty Date Appreciation ---------------------------------------------------------------------------------------------------------------- CAD 20,440 EUR (Euro) 14,033 Goldman Sachs 10/20/16 $ 255 (Canadian International Dollar) GBP 240,000 USD 319,159 Goldman Sachs 10/20/16 940 (British International Pound Sterling) HUF 28,284,454 EUR (Euro) 90,000 Goldman Sachs 10/20/16 1,637 (Hungarian International Forint) HUF 335,070,652 PLN 4,750,000 Goldman Sachs 10/20/16 27,823 (Hungarian (Polish Zloty) International Forint) ILS (Israeli 386,771 EUR (Euro) 90,000 Goldman Sachs 10/20/16 1,637 New Shekel) International MXN 2,284,773 CAD 160,000 Goldman Sachs 10/20/16 2,650 (Mexican (Canadian International Dollar) Dollar) NZD (New 790,852 AUD 755,000 Goldman Sachs 10/20/16 7,669 Zealand (Australian International Dollar) Dollar) PLN 400,966 EUR (Euro) 90,000 Goldman Sachs 10/20/16 1,637 (Polish Zloty) International USD 1,369,808 EUR (Euro) 1,238,593 Goldman Sachs 10/20/16 19,694 International USD 125,000 IDR 1,665,000,000 Goldman Sachs 10/20/16 564 (Indonesian International Rupiah) USD 125,000 INR 8,476,384 Goldman Sachs 10/20/16 329 (Indian International Rupee) USD 1,090,000 INR 73,872,570 Morgan Stanley 10/20/16 2,259 (Indian & Co. Rupee) USD 125,000 ZAR (South 1,817,828 Goldman Sachs 10/20/16 3,954 African Rand) International ---------------------------------------------------------------------------------------------------------------- Total $ 71,048 ================================================================================================================
86 Pioneer Solutions Funds | Annual Report | 7/31/16
---------------------------------------------------------------------------------------------------------------- In Currency Currency Exchange Settlement Unrealized Sold Deliver Purchased for Counterparty Date Depreciation ---------------------------------------------------------------------------------------------------------------- AUD 675,000 USD 506,829 Goldman Sachs 10/20/16 $ (5,022) (Australian International Dollar) CAD 20,440 EUR (Euro) 14,033 Goldman Sachs 10/20/16 (187) (Canadian International Dollar) CAD 592,500 MXN 8,396,168 Goldman Sachs 10/20/16 (10,716) (Canadian (Mexican International Dollar) Dollar) CAD 839,804 USD 639,840 Goldman Sachs 10/20/16 (4,195) (Canadian International Dollar) EUR (Euro) 1,147,089 USD 1,273,046 Goldman Sachs 10/20/16 (13,804) International HUF 28,284,454 EUR (Euro) 90,000 Goldman Sachs 10/20/16 (2,372) (Hungarian International Forint) HUF 335,070,652 PLN 4,750,000 Goldman Sachs 10/20/16 (15,808) (Hungarian (Polish Zloty) International Forint) HUF 28,274,635 USD 99,900 Goldman Sachs 10/20/16 (1,766) (Hungarian International Forint) ILS (Israeli 386,771 EUR (Euro) 90,000 Goldman Sachs 10/20/16 (2,270) New Shekel) International ILS (Israeli 378,500 USD 97,799 Goldman Sachs 10/20/16 (1,627) New Shekel) International JPY 126,575,607 USD 1,239,494 Goldman Sachs 10/20/16 (5,075) (Japanese International Yen) KRW (South 93,695,000 EUR (Euro) 70,000 Barclays Bank 8/19/16 (5,872) Korean Won) KRW (South 99,476,211 USD 85,000 Goldman Sachs 8/19/16 (4,377) Korean Won) International MXN 2,284,773 CAD 160,000 Goldman Sachs 10/20/16 (679) (Mexican (Canadian International Dollar) Dollar) NZD (New 790,852 AUD 755,000 Goldman Sachs 10/20/16 (4,436) Zealand (Australian International Dollar) Dollar) PLN 400,966 EUR (Euro) 90,000 Goldman Sachs 10/20/16 (3,387) (Polish Zloty) International PLN 377,295 USD 94,033 Goldman Sachs 10/20/16 (2,619) (Polish Zloty) International SGD 1,920,324 USD 1,421,970 Goldman Sachs 10/20/16 (10,066) (Singapore International Dollar) TRY 387,313 USD 125,000 Goldman Sachs 10/20/16 (2,149) (Turkish Lira) International USD 125,000 BRL 415,250 Goldman Sachs 10/20/16 (211) (Brazilian International Real)
Pioneer Solutions Funds | Annual Report | 7/31/16 87
---------------------------------------------------------------------------------------------------------------- In Currency Currency Exchange Settlement Unrealized Sold Deliver Purchased for Counterparty Date Depreciation ---------------------------------------------------------------------------------------------------------------- USD 125,000 RUB 8,072,500 Barclays Bank 10/20/16 $ (5,101) (Russian Ruble) USD 125,000 TRY 369,050 Goldman Sachs 10/20/16 (3,847) (Turkish Lira) International ---------------------------------------------------------------------------------------------------------------- Total $ (105,586) ================================================================================================================
Pioneer Solutions - Balanced Fund
---------------------------------------------------------------------------------------------------------------- In Currency Currency Exchange Settlement Unrealized Sold Deliver Purchased for Counterparty Date Appreciation ---------------------------------------------------------------------------------------------------------------- GBP 700,000 USD 930,881 Goldman Sachs 10/20/16 $ 2,742 (British International Pound Sterling) HUF 87,996,079 EUR (Euro) 280,000 Goldman Sachs 10/20/16 5,093 (Hungarian International Forint) HUF 997,452,426 PLN 14,140,000 Goldman Sachs 10/20/16 82,825 (Hungarian (Polish Zloty) International Forint) ILS (Israeli 1,203,288 EUR (Euro) 280,000 Goldman Sachs 10/20/16 5,093 New Shekel) International MXN 6,782,920 CAD 475,000 Goldman Sachs 10/20/16 7,868 (Mexican (Canadian International Dollar) Dollar) NZD (New 2,288,603 AUD 2,185,000 Goldman Sachs 10/20/16 22,109 Zealand (Australian International Dollar) Dollar) PLN 1,247,449 EUR (Euro) 280,000 Goldman Sachs 10/20/16 5,093 (Polish Zloty) International USD 370,000 IDR 4,928,400,000 Goldman Sachs 10/20/16 1,668 (Indonesian International Rupiah) USD 370,000 INR 25,090,096 Goldman Sachs 10/20/16 975 (Indian International Rupee) USD 3,150,000 INR 213,484,950 Morgan Stanley 10/20/16 6,527 (Indian & Co. Rupee) USD 370,000 ZAR (South 5,380,770 Goldman Sachs 10/20/16 11,703 African Rand) International ---------------------------------------------------------------------------------------------------------------- Total $ 151,696 ================================================================================================================
88 Pioneer Solutions Funds | Annual Report | 7/31/16
---------------------------------------------------------------------------------------------------------------- In Currency Currency Exchange Settlement Unrealized Sold Deliver Purchased for Counterparty Date Depreciation ---------------------------------------------------------------------------------------------------------------- AUD 2,035,000 USD 1,527,995 Goldman Sachs 10/20/16 $ (15,140) (Australian International Dollar) CAD 1,710,000 MXN 24,231,980 Goldman Sachs 10/20/16 (30,928) (Canadian (Mexican International Dollar) Dollar) CAD 2,473,647 USD 1,884,653 Goldman Sachs 10/20/16 (12,356) (Canadian International Dollar) EUR (Euro) 3,359,978 USD 3,728,923 Goldman Sachs 10/20/16 (40,434) International HUF 87,996,079 EUR (Euro) 280,000 Goldman Sachs 10/20/16 (7,381) (Hungarian International Forint) HUF 997,452,427 PLN 14,140,000 Goldman Sachs 10/20/16 (47,059) (Hungarian (Polish Zloty) International Forint) HUF 84,823,905 USD 299,699 Goldman Sachs 10/20/16 (5,298) (Hungarian International Forint) ILS (Israeli 1,203,288 EUR (Euro) 280,000 Goldman Sachs 10/20/16 (7,062) New Shekel) International ILS (Israeli 1,135,500 USD 293,396 Goldman Sachs 10/20/16 (4,881) New Shekel) International JPY 377,541,058 USD 3,697,077 Goldman Sachs 10/20/16 (15,137) (Japanese International Yen) KRW (South 294,470,000 EUR (Euro) 220,000 Barclays Bank 8/19/16 (18,454) Korean Won) KRW (South 292,577,093 USD 250,000 Goldman Sachs 8/19/16 (12,874) Korean Won) International MXN 6,782,920 CAD 475,000 Goldman Sachs 10/20/16 (2,015) (Mexican (Canadian International Dollar) Dollar) NZD (New 2,288,603 AUD 2,185,000 Goldman Sachs 10/20/16 (12,642) Zealand (Australian International Dollar) Dollar) PLN 1,247,449 EUR (Euro) 280,000 Goldman Sachs 10/20/16 (10,537) (Polish Zloty) International PLN 1,131,885 USD 282,099 Goldman Sachs 10/20/16 (7,856) (Polish Zloty) International SGD 5,786,482 USD 4,284,802 Goldman Sachs 10/20/16 (30,332) (Singapore International Dollar) TRY 1,146,446 USD 370,000 Goldman Sachs 10/20/16 (6,360) (Turkish Lira) International USD 370,000 BRL 1,229,140 Goldman Sachs 10/20/16 (624) (Brazilian International Real) USD 370,000 RUB 23,894,600 Barclays Bank 10/20/16 (15,100) (Russian Ruble) USD 370,000 TRY 1,092,387 Goldman Sachs 10/20/16 (11,387) (Turkish Lira) International ---------------------------------------------------------------------------------------------------------------- Total $ (313,857) ================================================================================================================
Pioneer Solutions Funds | Annual Report | 7/31/16 89 Pioneer Solutions - Growth Fund
---------------------------------------------------------------------------------------------------------------- In Currency Currency Exchange Settlement Unrealized Sold Deliver Purchased for Counterparty Date Appreciation ---------------------------------------------------------------------------------------------------------------- CAD 102,029 EUR (Euro) 70,048 Goldman Sachs 10/20/16 $ 1,274 (Canadian International Dollar) GBP 1,200,000 USD 1,595,797 Goldman Sachs 10/20/16 4,700 (British International Pound Sterling) HUF 144,564,986 EUR (Euro) 460,000 Goldman Sachs 10/20/16 8,367 (Hungarian International Forint) HUF 1,711,329,269 PLN 24,260,000 Goldman Sachs 10/20/16 142,103 (Hungarian (Polish Zloty) International Forint) ILS (Israeli 1,976,831 EUR (Euro) 460,000 Goldman Sachs 10/20/16 8,367 New Shekel) International MXN 11,566,664 CAD 810,000 Goldman Sachs 10/20/16 13,417 (Mexican (Canadian International Dollar) Dollar) NZD (New 3,943,486 AUD 3,765,000 Goldman Sachs 10/20/16 38,087 Zealand (Australian International Dollar) Dollar) PLN 2,049,380 EUR (Euro) 460,000 Goldman Sachs 10/20/16 8,367 (Polish Zloty) International USD 635,000 IDR 8,458,200,000 Goldman Sachs 10/20/16 2,862 (Indonesian International Rupiah) USD 635,000 INR 43,060,029 Goldman Sachs 10/20/16 1,673 (Indian International Rupee) USD 5,400,000 INR 365,974,200 Morgan Stanley 10/20/16 11,189 (Indian & Co. Rupee) USD 635,000 ZAR (South 9,234,564 Goldman Sachs 10/20/16 20,085 African Rand) International ---------------------------------------------------------------------------------------------------------------- Total $ 260,491 ================================================================================================================
90 Pioneer Solutions Funds | Annual Report | 7/31/16
---------------------------------------------------------------------------------------------------------------- In Currency Currency Exchange Settlement Unrealized Sold Deliver Purchased for Counterparty Date Depreciation ---------------------------------------------------------------------------------------------------------------- AUD 3,435,000 USD 2,579,196 Goldman Sachs 10/20/16 $ (25,555) (Australian International Dollar) CAD 102,029 EUR (Euro) 70,048 Goldman Sachs 10/20/16 (936) (Canadian International Dollar) CAD 2,800,000 MXN 39,678,097 Goldman Sachs 10/20/16 (50,643) (Canadian (Mexican International Dollar) Dollar) CAD 4,248,760 USD 3,237,096 Goldman Sachs 10/20/16 (21,223) (Canadian International Dollar) EUR (Euro) 5,798,672 USD 6,435,400 Goldman Sachs 10/20/16 (69,780) International HUF 144,564,987 EUR (Euro) 460,000 Goldman Sachs 10/20/16 (12,125) (Hungarian International Forint) HUF 1,711,329,268 PLN 24,260,000 Goldman Sachs 10/20/16 (80,739) (Hungarian (Polish Zloty) International Forint) HUF 141,373,175 USD 499,498 Goldman Sachs 10/20/16 (8,830) (Hungarian International Forint) ILS (Israeli 1,976,831 EUR (Euro) 460,000 Goldman Sachs 10/20/16 (11,602) New Shekel) International ILS (Israeli 1,892,500 USD 488,993 Goldman Sachs 10/20/16 (8,136) New Shekel) International JPY 643,806,857 USD 6,304,489 Goldman Sachs 10/20/16 (25,813) (Japanese International Yen) KRW (South 481,860,000 EUR (Euro) 360,000 Barclays Bank 8/19/16 (30,197) Korean Won) KRW (South 503,232,599 USD 430,000 Goldman Sachs 8/19/16 (22,143) Korean Won) International MXN 11,566,664 CAD 810,000 Goldman Sachs 10/20/16 (3,436) (Mexican (Canadian International Dollar) Dollar) NZD (New 3,943,486 AUD 3,765,000 Goldman Sachs 10/20/16 (21,749) Zealand (Australian International Dollar) Dollar) PLN 2,049,380 EUR (Euro) 460,000 Goldman Sachs 10/20/16 (17,311) (Polish Zloty) International PLN 1,886,475 USD 470,165 Goldman Sachs 10/20/16 (13,094) (Polish Zloty) International SGD 9,768,761 USD 7,233,619 Goldman Sachs 10/20/16 (51,206) (Singapore International Dollar) TRY 1,967,549 USD 635,000 Goldman Sachs 10/20/16 (10,915) (Turkish Lira) International USD 635,000 BRL 2,109,470 Goldman Sachs 10/20/16 (1,071) (Brazilian International Real)
Pioneer Solutions Funds | Annual Report | 7/31/16 91
---------------------------------------------------------------------------------------------------------------- In Currency Currency Exchange Settlement Unrealized Sold Deliver Purchased for Counterparty Date Depreciation ---------------------------------------------------------------------------------------------------------------- USD 635,000 RUB 41,008,300 Barclays Bank 10/20/16 $ (25,915) (Russian Ruble) USD 635,000 TRY 1,874,773 Goldman Sachs 10/20/16 (19,542) (Turkish Lira) International ---------------------------------------------------------------------------------------------------------------- Total $ (531,961) ================================================================================================================
6. Assets and Liabilities Offsetting The Funds have entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all their derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs the trading of certain OTC derivatives and typically contains, among other things, close-out and set-off provisions which apply upon the occurrence of event of a default and/or termination event as defined under the relevant ISDA Master Agreement. The ISDA Master Agreement may also give a party the right to terminate all transactions traded under such agreement if, among other things, there is deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions under such agreement and to net amounts owed under each transaction to determine one net amount payable by one party to the other. The right to close out and net payments across all transactions under the ISDA Master Agreement could result in a reduction of the Funds' credit risk to their counterparty equal to any amounts payable by the Funds under the applicable transactions, if any. However, the Funds' right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific ISDA counterparty is subject. The collateral requirements for derivatives transactions under an ISDA Master Agreement are governed by a credit support annex to the ISDA Master Agreement. Collateral requirements are generally determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to threshold (a "minimum transfer amount") before a transfer is required, which may vary by counterparty. Collaterals pledged for the benefit of the Funds and/or counterparty are held in segregated accounts by the Funds' custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. Cash that has been segregated to cover the Funds' collateral obligations, if any, will be reported separately in the Statements of Assets and Liabilities as "Restricted Cash." Securities pledged by the Funds as collateral, if any, are identified as such in the Schedules of Investments. 92 Pioneer Solutions Funds | Annual Report | 7/31/16 Financial instruments subject to an enforceable master netting agreement such as an ISDA Master Agreement have been offset on the Statements of Assets and Liabilities. The following charts show gross assets and liabilities of the Funds as of July 31, 2016. Pioneer Solutions - Conservative Fund
-------------------------------------------------------------------------------------------- Derivative Assets Subject to Derivatives Non-Cash Cash Net Amount Master Netting Available Collateral Collateral of Derivative Counterparty Agreement for Offset Received (a) Received (a) Assets (b) -------------------------------------------------------------------------------------------- Deutsche Bank $ 11,517 $ -- $ -- $ -- $ 11,517 Goldman Sachs International 157,527 (157,527) -- -- -- Morgan Stanley & Co. 2,259 -- -- -- 2,259 -------------------------------------------------------------------------------------------- Total $171,303 $(157,527) $ -- $ -- $ 13,776 ============================================================================================ -------------------------------------------------------------------------------------------- Derivative Liabilities Subject to Derivatives Non-Cash Cash Net Amount Master Netting Available Collateral Collateral of Derivative Counterparty Agreement for Offset Pledged (a) Pledged (a) Liabilities (c) -------------------------------------------------------------------------------------------- Barclays Bank $ 10,973 $ -- $ -- $ -- $ 10,973 Goldman Sachs International 315,288 (157,527) -- -- 157,761 -------------------------------------------------------------------------------------------- Total $326,261 $ (157,527) $ -- $ -- $ 168,734 ============================================================================================
Pioneer Solutions - Balanced Fund
-------------------------------------------------------------------------------------------- Derivative Assets Subject to Derivatives Non-Cash Cash Net Amount Master Netting Available Collateral Collateral of Derivative Counterparty Agreement for Offset Received (a) Received (a) Assets (b) -------------------------------------------------------------------------------------------- Deutsche Bank $ 34,591 $ -- $ -- $ -- $ 34,591 Goldman Sachs International 418,779 (418,779) -- -- -- Morgan Stanley & Co. 6,527 -- -- -- 6,527 -------------------------------------------------------------------------------------------- Total $459,897 $(418,779) $ -- $ -- $ 41,118 ============================================================================================ -------------------------------------------------------------------------------------------- Derivative Liabilities Subject to Derivatives Non-Cash Cash Net Amount Master Netting Available Collateral Collateral of Derivative Counterparty Agreement for Offset Pledged (a) Pledged (a) Liabilities (c) -------------------------------------------------------------------------------------------- Barclays Bank $ 33,554 $ -- $ -- $ -- $ 33,554 Goldman Sachs International 960,718 (418,779) -- -- 541,939 -------------------------------------------------------------------------------------------- Total $994,272 $(418,779) $ -- $ -- $ 575,493 ============================================================================================
Pioneer Solutions Funds | Annual Report | 7/31/16 93 Pioneer Solutions - Growth Fund
-------------------------------------------------------------------------------------------- Derivative Assets Subject to Derivatives Non-Cash Cash Net Amount Master Netting Available Collateral Collateral of Derivative Counterparty Agreement for Offset Received (a) Received (a) Assets (b) -------------------------------------------------------------------------------------------- Deutsche Bank $ 63,444 $ -- $ -- $ -- $ 63,444 Goldman Sachs International 704,087 (704,087) -- -- -- Morgan Stanley & Co. 11,189 -- -- -- 11,189 -------------------------------------------------------------------------------------------- Total $ 778,720 $ (704,087) $ -- $ -- $ 74,633 ============================================================================================ -------------------------------------------------------------------------------------------- Derivative Liabilities Subject to Derivatives Non-Cash Cash Net Amount Master Netting Available Collateral Collateral of Derivative Counterparty Agreement for Offset Pledged (a) Pledged (a) Liabilities (c) -------------------------------------------------------------------------------------------- Barclays Bank $ 56,112 $ -- $ -- $ -- $ 56,112 Goldman Sachs International 1,606,810 (704,087) -- -- 902,723 -------------------------------------------------------------------------------------------- Total $1,662,922 $ (704,087) $ -- $ -- $ 958,835 ============================================================================================
(a) The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities cannot be less than $0. (b) Represents the net amount due from the counterparty in the event of default. (c) Represents the net amount payable to the counterparty in the event of default. 7. Additional Disclosures about Derivative Instruments and Hedging Activities The Funds' use of derivatives subjects them to the following risks: Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Funds. Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates. Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. Commodity risk relates to the risk that the value of a commodity or commodity index will fluctuate based on increases or decreases in the commodities market and factors specific to a particular industry or commodity. 94 Pioneer Solutions Funds | Annual Report | 7/31/16 The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at July 31, 2016 was as follows: Pioneer Solutions - Conservative Fund Statement of Assets and Liabilities
----------------------------------------------------------------------------------------------------- Foreign Interest Credit Exchange Equity Commodity Rate Risk Risk Risk Risk Risk ----------------------------------------------------------------------------------------------------- Assets: Net unrealized appreciation on futures contracts $ 10,424 $ -- $ -- $ -- $ -- Unrealized appreciation on inflation swaps 88,738 -- -- -- -- Unrealized appreciation on centrally cleared interest rate swaps 12,317 -- -- -- -- Unrealized appreciation on interest rate swaps 11,517 -- -- -- -- Unrealized appreciation on forward foreign currency contracts -- -- 71,048 -- -- ----------------------------------------------------------------------------------------------------- Total Value $ 122,996 $ -- $ 71,048 $ -- $ -- ===================================================================================================== Liabilities: Net unrealized depreciation on futures contracts $ -- $ -- $ -- $ (177,485) $ -- Unrealized depreciation on inflation swaps (220,675) -- -- -- -- Unrealized depreciation on centrally cleared interest rate swaps (13,101) -- -- -- -- Written options -- -- -- (420) -- Unrealized depreciation on forward foreign currency contracts -- -- (105,586) -- -- ----------------------------------------------------------------------------------------------------- Total Value $ (233,776) $ -- $ (105,586) $ (177,905) $ -- =====================================================================================================
Pioneer Solutions Funds | Annual Report | 7/31/16 95 Pioneer Solutions - Balanced Fund Statement of Assets and Liabilities
----------------------------------------------------------------------------------------------------- Foreign Interest Credit Exchange Equity Commodity Rate Risk Risk Risk Risk Risk ----------------------------------------------------------------------------------------------------- Assets: Net unrealized appreciation on futures contracts $ 15,371 $ -- $ -- $ -- $ -- Unrealized appreciation on inflation swaps 273,610 -- -- -- -- Unrealized appreciation on centrally cleared interest rate swaps 36,692 -- -- -- -- Unrealized appreciation on interest rate swaps 34,591 -- -- -- -- Unrealized appreciation on forward foreign currency contracts -- -- 151,696 -- -- ----------------------------------------------------------------------------------------------------- Total Value $ 360,264 $ -- $ 151,696 $ -- $ -- ===================================================================================================== Liabilities: Net unrealized depreciation on futures contracts $ -- $ -- $ -- $ (544,170) $ -- Unrealized depreciation on inflation swaps (680,415) -- -- -- -- Unrealized depreciation on centrally cleared interest rate swaps (39,628) -- -- -- -- Written options -- -- -- (1,540) -- Unrealized depreciation on forward foreign currency contracts -- -- (313,857) -- -- ----------------------------------------------------------------------------------------------------- Total Value $ (720,043) $ -- $ (313,857) $ (545,710) $ -- =====================================================================================================
96 Pioneer Solutions Funds | Annual Report | 7/31/16 Pioneer Solutions - Growth Fund Statement of Assets and Liabilities
----------------------------------------------------------------------------------------------------- Foreign Interest Credit Exchange Equity Commodity Rate Risk Risk Risk Risk Risk ----------------------------------------------------------------------------------------------------- Assets: Unrealized appreciation on inflation swaps $ 454,785 $ -- $ -- $ -- $ -- Unrealized appreciation on centrally cleared interest rate swaps 61,356 -- -- -- -- Unrealized appreciation on interest rate swaps 63,444 -- -- -- -- Unrealized appreciation on forward foreign currency contracts -- -- 260,491 -- -- ----------------------------------------------------------------------------------------------------- Total Value $ 579,585 $ -- $ 260,491 $ -- $ -- ===================================================================================================== Liabilities: Net unrealized depreciation on futures contracts $ (325,474) $ -- $ -- $(1,160,945) $ -- Unrealized depreciation on inflation swaps (1,130,961) -- -- -- -- Unrealized depreciation on centrally cleared interest rate swaps (65,260) -- -- -- -- Written options -- -- -- (78,255) -- Unrealized depreciation on forward foreign -- -- (531,961) -- -- currency contracts ----------------------------------------------------------------------------------------------------- Total Value $ (1,521,695) $ -- $(531,961) $(1,239,200) $ -- =====================================================================================================
Pioneer Solutions Funds | Annual Report | 7/31/16 97 The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at July 31, 2016 was as follows: Pioneer Solutions - Conservative Fund Statement of Operations
----------------------------------------------------------------------------------------------------- Foreign Interest Credit Exchange Equity Commodity Rate Risk Risk Risk Risk Risk ----------------------------------------------------------------------------------------------------- Net realized gain (loss): Futures contracts $ (50,153) $ -- $ -- $(307,904) $ -- Swap contracts 45,508 (11,747) -- -- -- Written options -- -- -- 58,002 -- Forward foreign currency contracts* -- -- 125,775 -- -- ----------------------------------------------------------------------------------------------------- Total Value $ (4,645) $ (11,747) $ 125,775 $(249,902) $ -- ===================================================================================================== Change in net unrealized appreciation (depreciation) on: Futures contracts $ 10,424 $ -- $ -- $(184,239) $ -- Swap contracts (108,136) -- -- -- -- Written options -- -- -- (40,039) -- Forward foreign currency contracts* -- -- (142,501) -- -- ----------------------------------------------------------------------------------------------------- Total Value $ (97,712) $ -- $(142,501) $(224,278) $ -- =====================================================================================================
* Included in the amount shown on the Statement of Operations as forward foreign currency contracts and other assets and liabilities denominated in foreign currencies. Pioneer Solutions - Balanced Fund Statement of Operations
----------------------------------------------------------------------------------------------------- Foreign Interest Credit Exchange Equity Commodity Rate Risk Risk Risk Risk Risk ----------------------------------------------------------------------------------------------------- Net realized gain (loss): Futures contracts $(150,705) $ -- $ -- $(1,575,024) $ -- Swap contracts 138,802 (35,222) -- -- -- Written options -- -- -- 175,145 -- Forward foreign currency contracts* -- -- 388,387 -- -- ----------------------------------------------------------------------------------------------------- Total Value $ (11,903) $ (35,222) $ 388,387 $(1,399,879) $ -- ===================================================================================================== Change in net unrealized appreciation (depreciation) on: Futures contracts $ 15,371 $ -- $ -- $ (569,493) $ -- Swap contracts (335,524) -- -- -- -- Written options -- -- -- (115,566) -- Forward foreign currency contracts* -- -- (492,334) -- -- ----------------------------------------------------------------------------------------------------- Total Value $(320,153) $ -- $(492,334) $ (685,059) $ -- =====================================================================================================
* Included in the amount shown on the Statement of Operations as forward foreign currency contracts and other assets and liabilities denominated in foreign currencies. 98 Pioneer Solutions Funds | Annual Report | 7/31/16 Pioneer Solutions - Growth Fund Statement of Operations
---------------------------------------------------------------------------------------------------- Foreign Interest Credit Exchange Equity Commodity Rate Risk Risk Risk Risk Risk ---------------------------------------------------------------------------------------------------- Net realized gain (loss): Futures contracts $ (251,383) $ -- $ -- $ (3,210,536) $ -- Swap contracts 224,210 (60,356) -- -- -- Written options -- -- -- (207,817) -- Forward foreign currency contracts* -- -- 718,208 -- -- ---------------------------------------------------------------------------------------------------- Total Value $ (27,173) $ (60,356) $ 718,208 $ (3,418,353) $ -- ==================================================================================================== Change in net unrealized appreciation (depreciation) on: Futures contracts $ (325,474) $ -- $ -- $ (1,198,222) $ -- Swap contracts (551,290) -- -- -- -- Written options -- -- -- (166,654) -- Forward foreign currency contracts* -- -- (678,009) -- -- ---------------------------------------------------------------------------------------------------- Total Value $ (876,764) $ -- $ (678,009) $ (1,364,876) $ -- ====================================================================================================
* Included in the amount shown on the Statement of Operations as forward foreign currency contracts and other assets and liabilities denominated in foreign currencies. 8. Transactions in Underlying Funds An affiliated fund may be considered one in which a Fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, each Fund assumes the following to be affiliated funds: Pioneer Solutions - Conservative Fund
---------------------------------------------------------------------------------------------------- Beginning Acquisitions Dispositions Ending Underlying Funds (Affiliated) Shares Shares Shares Shares ---------------------------------------------------------------------------------------------------- Pioneer Bond Fund Class K 1,560,222 276,849 (147,304) 1,689,767 Pioneer Dynamic Credit Fund Class Y 294,843 -- (5,661) 289,182 Pioneer Equity Income Fund Class K 82,949 -- (5,925) 77,024 Pioneer Floating Rate Fund Class K 102,850 -- -- 102,850 Pioneer Fundamental Growth Fund Class K 73,616 -- (8,783) 64,833 Pioneer Global Equity Fund Class K 216,867 -- (51,485) 165,382 Pioneer Global High Yield Fund Class Y 231,466 -- (207,507) 23,959 Pioneer Global Multisector Income Fund Class Y 132,059 -- (23,463) 108,596 Pioneer High Yield Fund Class Y 212,438 -- (176,043) 36,395 Pioneer International Equity Fund Class Y 161,225 -- (61,195) 100,030 Pioneer Long/Short Bond Fund Class Y 192,660 -- (175,514) 17,146 Pioneer Opportunistic Long/Short Credit Fund Class Y 194,009 -- (176,493) 17,516 Pioneer Real Estate Shares Class Y 46,862 -- (4,678) 42,184 Pioneer Short Term Income Fund Class K 234,920 -- (24,957) 209,963 Pioneer Strategic Income Fund Class K 627,199 292,211 (41,261) 878,149
Pioneer Solutions Funds | Annual Report | 7/31/16 99
----------------------------------------------------------------------------------------------- Realized Capital Gain Dividend Ending Underlying Funds (Affiliated) Gain (Loss) Distributions Income Value ----------------------------------------------------------------------------------------------- Pioneer Bond Fund Class K $ (36,480) $ 31,614 $ 480,668 $16,644,205 Pioneer Dynamic Credit Fund Class Y (4,368) -- 152,191 2,706,744 Pioneer Equity Income Fund Class K (948) 214,324 60,851 2,646,545 Pioneer Floating Rate Fund Class K -- -- 26,018 694,238 Pioneer Fundamental Growth Fund Class K 1,461 57,391 9,172 1,277,858 Pioneer Global Equity Fund Class K (10,996) -- 26,591 2,237,618 Pioneer Global High Yield Fund Class Y 65,204 -- 96,317 201,977 Pioneer Global Multisector Income Fund Class Y (21,105) -- 50,012 1,164,146 Pioneer High Yield Fund Class Y 7,572 13,915 89,721 339,566 Pioneer International Equity Fund Class Y 46,857 -- 53,993 1,988,603 Pioneer Long/Short Bond Fund Class Y (147,322) -- 30,042 157,229 Pioneer Opportunistic Long/Short Credit Fund Class Y (182,165) -- 45,805 155,892 Pioneer Real Estate Shares Class Y (8,045) 157,425 37,590 1,281,564 Pioneer Short Term Income Fund Class K (1,747) -- 41,371 2,009,346 Pioneer Strategic Income Fund Class K (30,635) -- 268,626 9,404,976 ---------- -------- ---------- ----------- $ (322,717) $474,669 $1,468,968 $42,910,507 ========== ======== ========== ===========
Pioneer Solutions - Balanced Fund
------------------------------------------------------------------------------------------------------ Beginning Acquisitions Dispositions Ending Underlying Funds (Affiliated) Shares Shares Shares Shares ------------------------------------------------------------------------------------------------------ Pioneer Bond Fund Class K 2,343,453 -- (462,442) 1,881,011 Pioneer Core Equity Fund Class Y 495,230 -- (32,899) 462,331 Pioneer Dynamic Credit Fund Class Y 793,446 -- (170,034) 623,412 Pioneer Fund Class Y 118,167 -- (6,490) 111,677 Pioneer Fundamental Growth Fund Class K 587,332 -- (123,005) 464,327 Pioneer Global Equity Fund Class K 1,232,776 -- (32,699) 1,200,077 Pioneer Global High Yield Fund Class Y 642,422 -- (285,717) 356,705 Pioneer Global Multisector Income Fund Class Y 399,143 -- (61,762) 337,381 Pioneer High Yield Fund Class Y 435,573 -- (435,572) 1 Pioneer International Equity Fund Class Y 1,224,139 -- (19,300) 1,204,839 Pioneer Long/Short Bond Fund Class Y 601,957 -- (465,643) 136,314 Pioneer Mid Cap Value Fund Class K 91,368 -- (16,122) 75,246 Pioneer Opportunistic Long/Short Credit Fund Class Y 606,171 -- (466,141) 140,030 Pioneer Real Estate Shares Class Y 149,770 -- -- 149,770 Pioneer Select Mid Cap Growth Fund Class K 106,687 -- (23,822) 82,865 Pioneer Strategic Income Fund Class K 812,196 371,132 (214,878) 968,450
100 Pioneer Solutions Funds | Annual Report | 7/31/16
---------------------------------------------------------------------------------------------------------- Realized Capital Gain Dividend Ending Underlying Funds (Affiliated) Gain (Loss) Distributions Income Value ---------------------------------------------------------------------------------------------------------- Pioneer Bond Fund Class K $ (126,525) $ 47,774 $ 657,143 $ 18,527,958 Pioneer Core Equity Fund Class Y (31,254) -- 89,488 8,100,039 Pioneer Dynamic Credit Fund Class Y (148,498) -- 389,546 5,835,139 Pioneer Fund Class Y (22,185) 508,871 46,341 3,802,599 Pioneer Fundamental Growth Fund Class K (11,752) 449,028 71,766 9,151,885 Pioneer Global Equity Fund Class K (20,273) -- 174,011 16,237,042 Pioneer Global High Yield Fund Class Y (375,846) -- 272,542 3,007,023 Pioneer Global Multisector Income Fund Class Y (64,887) -- 151,785 3,616,724 Pioneer High Yield Fund Class Y 384,466 28,530 201,975 6 Pioneer International Equity Fund Class Y (25,253) -- 506,635 23,952,206 Pioneer Long/Short Bond Fund Class Y (406,356) -- 95,942 1,249,999 Pioneer Mid Cap Value Fund Class K (25,634) 169,973 13,860 1,825,468 Pioneer Opportunistic Long/Short Credit Fund Class Y (494,137) -- 143,117 1,246,267 Pioneer Real Estate Shares Class Y -- 503,121 122,377 4,549,998 Pioneer Select Mid Cap Growth Fund Class K (102,196) 327,369 -- 3,003,856 Pioneer Strategic Income Fund Class K (118,294) -- 299,333 10,372,100 ------------ ---------- ---------- ------------ $ (1,588,624) $2,034,666 $3,235,861 $114,478,309 ============ ========== ========== ============
Pioneer Solutions - Growth Fund
---------------------------------------------------------------------------------------------------- Beginning Acquisitions Dispositions Ending Underlying Funds (Affiliated) Shares Shares Shares Shares ---------------------------------------------------------------------------------------------------- Pioneer Bond Fund Class K 2,934,921 -- (684,648) 2,250,273 Pioneer Core Equity Fund Class Y 1,247,982 -- -- 1,247,982 Pioneer Fund Class Y 438,752 47,209 -- 485,961 Pioneer Fundamental Growth Fund Class K 1,392,255 -- (212,372) 1,179,883 Pioneer Global Equity Fund Class K 2,749,899 -- (239,418) 2,510,481 Pioneer Global Multisector Income Fund Class Y 405,895 -- (97,289) 308,606 Pioneer International Equity Fund Class Y 2,379,736 -- (43,100) 2,336,636 Pioneer Long/Short Bond Fund Class Y 1,027,637 -- (934,180) 93,457 Pioneer Mid Cap Value Fund Class K 569,372 -- (9,902) 559,470 Pioneer Opportunistic Long/Short Credit Fund Class Y 1,034,831 -- (939,717) 95,114 Pioneer Real Estate Shares Class Y 378,259 -- (15,088) 363,171 Pioneer Select Mid Cap Growth Fund Class K 234,082 -- -- 234,082 Pioneer Strategic Income Fund Class K 1,144,336 -- (832,465) 311,871
Pioneer Solutions Funds | Annual Report | 7/31/16 101
----------------------------------------------------------------------------------------------------- Realized Capital Gain Dividend Ending Underlying Funds (Affiliated) Gain (Loss) Distributions Income Value ----------------------------------------------------------------------------------------------------- Pioneer Bond Fund Class K $ (171,850) $ 61,927 $ 824,924 $ 22,165,189 Pioneer Core Equity Fund Class Y -- -- 225,510 21,864,640 Pioneer Fund Class Y -- 2,108,680 190,802 16,546,959 Pioneer Fundamental Growth Fund Class K 170,583 919,837 147,013 23,255,494 Pioneer Global Equity Fund Class K (217,507) -- 389,385 33,966,808 Pioneer Global Multisector Income Fund Class Y (80,720) -- 153,294 3,308,256 Pioneer International Equity Fund Class Y (11,822) -- 990,726 46,452,332 Pioneer Long/Short Bond Fund Class Y (795,644) -- 160,294 857,001 Pioneer Mid Cap Value Fund Class K (22,676) 1,263,787 103,054 13,572,742 Pioneer Opportunistic Long/Short Credit Fund Class Y (976,273) -- 244,324 846,515 Pioneer Real Estate Shares Class Y 160,943 1,270,685 301,833 11,033,130 Pioneer Select Mid Cap Growth Fund Class K -- 718,280 -- 8,485,472 Pioneer Strategic Income Fund Class K (450,525) -- 339,543 3,340,138 ------------ ---------- ---------- ------------ $ (2,395,491) $6,343,196 $4,070,702 $205,694,676 ============ ========== ========== =============
9. Reorganization Information On November 14, 2014 ("Closing Date"), Pioneer Ibbotson Aggressive Allocation Fund ("Aggressive Fund") was reorganized into Growth Fund. The purpose of this transaction was to combine two funds (managed by PIM) with similar investment objectives and strategies. This tax-free reorganization was accomplished by exchanging the assets and liabilities of the Aggressive Fund for shares of the Growth Fund. Shareowners holding Class A, Class C and Class Y shares of the Aggressive Fund received Class A, Class C and Class Y shares of the Growth Fund, respectively, in the reorganization. The investment portfolio of the Aggressive Fund, with an aggregate value of $128,596,529 and an identified cost of $88,931,762 at November 14, 2014, was the principal asset acquired by the Growth Fund. For financial reporting purposes, assets received and shares issued by the Growth Fund were recorded at net asset value, however, the cost basis of the investments received from the Aggressive Fund was carried forward to align ongoing reporting of the Growth Fund's realized and unrealized gains and losses with amounts distributable to shareowners for tax reporting purposes. 102 Pioneer Solutions Funds | Annual Report | 7/31/16 The following charts show the details of the reorganization as of the Closing Date:
--------------------------------------------------------------------------------------------------- Aggressive Fund Growth Fund Growth Fund (Pre-Reorganization) (Pre-Reorganization) (Post-Reorganization) --------------------------------------------------------------------------------------------------- Net Assets Class A $105,417,866 $171,483,703 $276,901,569 Class C 22,944,724 64,868,995 87,813,719 Class Y 372,456 1,027,929 1,400,385 --------------------------------------------------------------------------------------------------- Total Net Assets $128,735,046 $237,380,627 $366,115,673 --------------------------------------------------------------------------------------------------- Shares Outstanding Class A 7,524,857 12,612,148 20,363,470 Class C 1,722,284 5,042,583 6,826,781 Class Y 26,428 74,140 101,013 --------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- Exchange Shares Issued Ratio in Reorganization --------------------------------------------------------------------------------------------------- Class A 1.0301 7,751,322 Class C 1.0359 1,784,198 Class Y 1.0168 26,873 --------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- Unrealized Accumulated Appreciation on Gain (Loss) on Closing Date Closing Date --------------------------------------------------------------------------------------------------- Aggressive $39,664,767 $(24,232,621) Growth $62,059,622 $(30,765,442) ---------------------------------------------------------------------------------------------------
Assuming the Reorganization had been completed on August 1, 2014, the beginning of the Fund's fiscal period, the pro forma results of operations for the year ended July 31, 2015 were as follows:
--------------------------------------------------------------------------------------------------- Net Investment Income (Loss) $ 5,906,490 Net Realized and Unrealized Gains 11,597,253 --------------------------------------------------------------------------------------------------- Change in Net Assets Resulting from Operations $ 17,503,743 ===================================================================================================
Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practical to separate the amounts of revenue and earnings of the Growth Fund that have been included in the Statements of Operations since the Reorganization was consummated. Pioneer Solutions Funds | Annual Report | 7/31/16 103 Report of Independent Registered Public Accounting Firm To the Board of Trustees of Pioneer Asset Allocation Trust and Shareowners of Pioneer Solutions - Conservative Fund, Pioneer Solutions - Growth Fund, and Pioneer Solutions - Balanced Fund: -------------------------------------------------------------------------------- We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Pioneer Solutions - Conservative Fund, Pioneer Solutions - Growth Fund, and Pioneer Solutions - Balanced Fund (the "Funds") (each a fund constituting Pioneer Asset Allocation Trust), as of July 31, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the years ended July 31, 2013, and 2012, were audited by other auditors. Those auditors expressed an unqualified opinion on those financial statements and financial highlights in their report dated September 24, 2013. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of July 31, 2016, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion. 104 Pioneer Solutions Funds | Annual Report | 7/31/16 In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. /s/ Deloitte & Touche LLP Boston, Massachusetts September 28, 2016 Pioneer Solutions Funds | Annual Report | 7/31/16 105 Trustees, Officers and Service Providers Investment Adviser Pioneer Investment Management, Inc. Custodian and Sub-Administrator Brown Brothers Harriman & Co. Independent Registered Public Accounting Firm Deloitte & Touche LLP Principal Underwriter Pioneer Funds Distributor, Inc. Legal Counsel Morgan, Lewis & Bockius LLP Shareowner Services and Transfer Agent Boston Financial Data Services, Inc. Proxy Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at us.pioneerinvestments.com. This information is also available on the Securities and Exchange Commission's web site at www.sec.gov. Trustees and Officers The Fund's Trustees and officers are listed below, together with their principal occupations during at least the past five years. Trustees who are interested persons of the Fund within the meaning of the 1940 Act are referred to as Interested Trustees. Trustees who are not interested persons of the Fund are referred to as Independent Trustees. Each of the Trustees serves as a Trustee of each of the 45 U.S. registered investment portfolios for which Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts 02109. The Statement of Additional Information of the Fund includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-225-6292. 106 Pioneer Solutions Funds | Annual Report | 7/31/16 Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Thomas J. Perna (66) Trustee since 2006. Serves Private investor (2004 - 2008 and 2013 - Director, Broadridge Chairman of the Board until a successor trustee present); Chairman (2008 - 2013) and Chief Financial Solutions, Inc. and Trustee is elected or earlier Executive Officer (2008 - 2012), Quadriserv, (investor communications retirement or removal. Inc. (technology products for securities and securities processing lending industry); and Senior Executive provider for financial Vice President, The Bank of New York services industry) (2009 (financial and securities services) (1986 - - present); Director, 2004) Quadriserv, Inc. (2005 - 2013); and Commissioner, New Jersey State Civil Service Commission (2011 - present) ------------------------------------------------------------------------------------------------------------------------------------ David R. Bock (72) Trustee since 2005. Serves Managing Partner, Federal City Capital Director of New York Trustee until a successor trustee Advisors (corporate advisory services Mortgage Trust is elected or earlier company) (1997 - 2004 and 2008 - present); (publicly-traded mortgage retirement or removal. Interim Chief Executive Officer, Oxford REIT) (2004 - 2009, 2012 Analytica, Inc. (privately-held research - present); Director of and consulting company) (2010); Executive The Swiss Helvetia Fund, Vice President and Chief Financial Officer, Inc. (closed-end fund) I-trax, Inc. (publicly traded health care (2010 - present); services company) (2004 - 2007); and Director of Oxford Executive Vice President and Chief Analytica, Inc. (2008 - Financial Officer, Pedestal Inc. present); and Director of (internet-based mortgage trading company) Enterprise Community (2000 - 2002); Private consultant (1995 - Investment, Inc. 1997), Managing Director, Lehman Brothers (privately-held (investment banking firm) (1992 - 1995); affordable housing finance and Executive, The World Bank (1979 - 1992) company) (1985 - 2010) ------------------------------------------------------------------------------------------------------------------------------------ Benjamin M. Friedman (71) Trustee since 2008. Serves William Joseph Maier Professor of Political Trustee, Mellon Trustee until a successor trustee Economy, Harvard University (1972 - Institutional Funds is elected or earlier present) Investment Trust and retirement or removal. Mellon Institutional Funds Master Portfolio (oversaw 17 portfolios in fund complex) (1989 - 2008) ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Solutions Funds | Annual Report | 7/31/16 107 Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Margaret B.W. Graham (69) Trustee since 2004. Serves Founding Director, Vice President and None Trustee until a successor trustee Corporate Secretary, The Winthrop Group, is elected or earlier Inc. (consulting firm) (1982 - present); retirement or removal. Desautels Faculty of Management, McGill University (1999 - present); and Manager of Research Operations and Organizational Learning, Xerox PARC, Xerox's advance research center (1990-1994) ------------------------------------------------------------------------------------------------------------------------------------ Marguerite A. Piret (68) Trustee since 2004. Serves President and Chief Executive Officer, Director of New America Trustee until a successor trustee Newbury Piret Company (investment banking High Income Fund, Inc. is elected or earlier firm) (1981 - present) (closed-end investment retirement or removal. company) (2004 - present); and Member, Board of Governors, Investment Company Institute (2000 - 2006) ------------------------------------------------------------------------------------------------------------------------------------ Fred J. Ricciardi (69) Trustee since 2014. Serves Consultant (investment company services) None Trustee until a successor trustee (2012 - present); Executive Vice President, is elected or earlier BNY Mellon (financial and investment company retirement or removal. services) (1969 - 2012); Director, BNY International Financing Corp. (financial services) (2002 - 2012); and Director, Mellon Overseas Investment Corp. (financial services) (2009 - 2012) ------------------------------------------------------------------------------------------------------------------------------------
108 Pioneer Solutions Funds | Annual Report | 7/31/16 Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Kenneth J. Taubes (58)* Trustee since 2014. Serves Director and Executive Vice President (since None Trustee until a successor trustee 2008) and Chief Investment Officer, U.S. is elected or earlier (since 2010) of PIM-USA; Executive Vice retirement or removal. President of Pioneer (since 2008); Executive Vice President of Pioneer Institutional Asset Management, Inc. (since 2009); and Portfolio Manager of Pioneer (since 1999) ------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's investment adviser and certain of its affiliates. Pioneer Solutions Funds | Annual Report | 7/31/16 109 Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Trustee ------------------------------------------------------------------------------------------------------------------------------------ Lorraine Monchak (60)** Advisory Trustee since 2014. Chief Investment Officer, 1199 SEIU Funds Trustee of Pioneer Advisory Trustee (healthcare workers union pension funds) closed-end investment (2001 - present); Vice President - investment companies (5 International Investments Group, American portfolios) (Sept. 2015 - International Group, Inc. (insurance present) company) (1993 - 2001); Vice President Corporate Finance and Treasury Group, Citibank, N.A. (1980 - 1986 and 1990 - 1993); Vice President - Asset/Liability Management Group, Federal Farm Funding Corporation (government-sponsored issuer of debt securities) (1988 - 1990); Mortgage Strategies Group, Shearson Lehman Hutton, Inc. (investment bank) (1987 - 1988); and Mortgage Strategies Group, Drexel Burnham Lambert, Ltd. (investment bank) (1986 - 1987) ------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee. 110 Pioneer Solutions Funds | Annual Report | 7/31/16 Fund Officers
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Officer ------------------------------------------------------------------------------------------------------------------------------------ Lisa M. Jones (54) Since 2014. Serves at the Chair, Director, CEO and President of Trustee of Pioneer President and discretion of the Board. Pioneer Investment Management-USA (since closed-end investment Chief Executive Officer September 2014); Chair, Director, CEO and companies (5 portfolios) President of Pioneer Investment Management, (Sept. 2015 - present) Inc. (since September 2014); Chair, Director, CEO and President of Pioneer Funds Distributor, Inc. (since September 2014); Chair, Director, CEO and President of Pioneer Institutional Asset Management, Inc. (since September 2014); and Chair, Director, and CEO of Pioneer Investment Management Shareholder Services, Inc. (since September 2014); Managing Director, Morgan Stanley Investment Management (2010 - 2013); and Director of Institutional Business, CEO of International, Eaton Vance Management (2005 - 2010) ------------------------------------------------------------------------------------------------------------------------------------ Christopher J. Kelley (51) Since 2004. Serves at the Vice President and Associate General Counsel None Secretary and discretion of the Board. of Pioneer since January 2008; Secretary and Chief Legal Officer Chief Legal Officer of all of the Pioneer Funds since June 2010; Assistant Secretary of all of the Pioneer Funds from September 2003 to May 2010; and Vice President and Senior Counsel of Pioneer from July 2002 to December 2007 ------------------------------------------------------------------------------------------------------------------------------------ Carol B. Hannigan (55) Since 2010. Serves at the Fund Governance Director of Pioneer since None Assistant Secretary discretion of the Board. December 2006 and Assistant Secretary of all the Pioneer Funds since June 2010; Manager - Fund Governance of Pioneer from December 2003 to November 2006; and Senior Paralegal of Pioneer from January 2000 to November 2003 ------------------------------------------------------------------------------------------------------------------------------------ Thomas Reyes (53) Since 2010. Serves at the Senior Counsel of Pioneer since May 2013 and None Assistant Secretary discretion of the Board. Assistant Secretary of all the Pioneer Funds since June 2010; and Counsel of Pioneer from June 2007 to May 2013 ------------------------------------------------------------------------------------------------------------------------------------ Mark E. Bradley (56) Since 2008. Serves at the Vice President - Fund Treasury of Pioneer; None Treasurer and Chief discretion of the Board. Treasurer of all of the Pioneer Funds since Financial March 2008; Deputy Treasurer of Pioneer from and Accounting Officer March 2004 to February 2008; and Assistant Treasurer of all of the Pioneer Funds from March 2004 to February 2008 ------------------------------------------------------------------------------------------------------------------------------------
Pioneer Solutions Funds | Annual Report | 7/31/16 111 Fund Officers (continued)
------------------------------------------------------------------------------------------------------------------------------------ Name, Age and Term of Office and Other Directorships Position Held with the Fund Length of Service Principal Occupation Held by Officer ------------------------------------------------------------------------------------------------------------------------------------ Luis I. Presutti (51) Since 2004. Serves at the Director - Fund Treasury of Pioneer; and None Assistant Treasurer discretion of the Board. Assistant Treasurer of all of the Pioneer Funds ------------------------------------------------------------------------------------------------------------------------------------ Gary Sullivan (58) Since 2004. Serves at the Fund Accounting Manager - Fund Treasury of None Assistant Treasurer discretion of the Board. Pioneer; and Assistant Treasurer of all of the Pioneer Funds ------------------------------------------------------------------------------------------------------------------------------------ David F. Johnson (36) Since 2009. Serves at the Fund Administration Manager - Fund Treasury None Assistant Treasurer discretion of the Board. of Pioneer since November 2008; Assistant Treasurer of all of the Pioneer Funds since January 2009; and Client Service Manager - Institutional Investor Services at State Street Bank from March 2003 to March 2007 ------------------------------------------------------------------------------------------------------------------------------------ Jean M. Bradley (63) Since 2010. Serves at the Chief Compliance Officer of Pioneer and of None Chief Compliance Officer discretion of the Board. all the Pioneer Funds since March 2010; Chief Compliance Officer of Pioneer Institutional Asset Management, Inc. since January 2012; Chief Compliance Officer of Vanderbilt Capital Advisors, LLC since July 2012: Director of Adviser and Portfolio Compliance at Pioneer since October 2005; and Senior Compliance Officer for Columbia Management Advisers, Inc. from October 2003 to October 2005 ------------------------------------------------------------------------------------------------------------------------------------ Kelly O'Donnell (45) Since 2006. Serves at the Director - Transfer Agency Compliance of None Anti-Money Laundering discretion of the Board. Pioneer and Anti-Money Laundering Officer of Officer all the Pioneer Funds since 2006 ------------------------------------------------------------------------------------------------------------------------------------
112 Pioneer Solutions Funds | Annual Report | 7/31/16 This page for your notes. Pioneer Solutions Funds | Annual Report | 7/31/16 113 This page for your notes. 114 Pioneer Solutions Funds | Annual Report | 7/31/16 This page for your notes. Pioneer Solutions Funds | Annual Report | 7/31/16 115 This page for your notes. 116 Pioneer Solutions Funds | Annual Report | 7/31/16 How to Contact Pioneer We are pleased to offer a variety of convenient ways for you to contact us for assistance or information. Call us for: -------------------------------------------------------------------------------- Account Information, including existing accounts, new accounts, prospectuses, applications and service forms 1-800-225-6292 FactFone(SM) for automated fund yields, prices, account information and transactions 1-800-225-4321 Retirement plans information 1-800-622-0176 Write to us: -------------------------------------------------------------------------------- Pioneer Funds P.O. Box 55014 Boston, Massachusetts 02205-5014 Our toll-free fax 1-800-225-4240 Our internet e-mail address ask.pioneer@pioneerinvestments.com (for general questions about Pioneer only) Visit our web site: us.pioneerinvestments.com This report must be preceded or accompanied by a prospectus. The Fund files a complete schedule of investments with the Securities and Exchange Commission for the first and third quarters for each fiscal year on Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's web site at http://www.sec.gov. The filed form may also be viewed and copied at the Commission's Public Reference Room in Washington, DC. Information regarding the operations of the Public Reference Room may be obtained by calling 1-800-SEC-0330. [LOGO] PIONEER Investments(R) Pioneer Investment Management, Inc. 60 State Street Boston, MA 02109 us.pioneerinvestments.com Securities offered through Pioneer Funds Distributor, Inc. 60 State Street, Boston, MA 02109 Underwriter of Pioneer Mutual Funds, Member SIPC (C) 2016 Pioneer Investments 19417-10-0916 ITEM 2. CODE OF ETHICS. (a) Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so. The registrant has adopted, as of the end of the period covered by this report, a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer and controller. (b) For purposes of this Item, the term "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote: (1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant; (3) Compliance with applicable governmental laws, rules, and regulations; (4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and (5) Accountability for adherence to the code. (c) The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item. The registrant has made no amendments to the code of ethics during the period covered by this report. (d) If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver. Not applicable. (e) If the registrant intends to satisfy the disclosure requirement under paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from, a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item by posting such information on its Internet website, disclose the registrant's Internet address and such intention. Not applicable. (f) The registrant must: (1) File with the Commission, pursuant to Item 12(a)(1), a copy of its code of ethics that applies to the registrant's principal executive officer,principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR (see attachment); (2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this Form N-CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or (3) Undertake in its most recent report on this Form N-CSR to provide to any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made. See Item 10(2) ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. (a) (1) Disclose that the registrant's board of trustees has determined that the registrant either: (i) Has at least one audit committee financial expert serving on its audit committee; or (ii) Does not have an audit committee financial expert serving on its audit committee. The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert. (2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is "independent." In order to be considered "independent" for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of trustees, or any other board committee: (i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or (ii) Be an "interested person" of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)). Ms. Marguerite A. Piret, an independent trustee, is such an audit committee financial expert. (3) If the registrant provides the disclosure required by paragraph (a)(1) (ii) of this Item, it must explain why it does not have an audit committee financial expert. Not applicable. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. The audit fees for the Trust were $106,661 payable to Deloitte & Touche LLP for the year ended July 31, 2016 and $62,247 for the year ended July 31, 2015. (b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. There were no audit-related services in 2016 or 2015. (c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category. The tax fees for the Trust were $16,884 payable to Deloitte & Touche LLP for the year ended July 31, 2016 and $16,800 for the year ended July 31, 2015. (d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. There were no audit-related services in 2016 or 2015. (e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. PIONEER FUNDS APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES PROVIDED BY THE INDEPENDENT AUDITOR SECTION I - POLICY PURPOSE AND APPLICABILITY The Pioneer Funds recognize the importance of maintaining the independence of their outside auditors. Maintaining independence is a shared responsibility involving Pioneer Investment Management, Inc ("PIM"), the audit committee and the independent auditors. The Funds recognize that a Fund's independent auditors: 1) possess knowledge of the Funds, 2) are able to incorporate certain services into the scope of the audit, thereby avoiding redundant work, cost and disruption of Fund personnel and processes, and 3) have expertise that has value to the Funds. As a result, there are situations where it is desirable to use the Fund's independent auditors for services in addition to the annual audit and where the potential for conflicts of interests are minimal. Consequently, this policy, which is intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and procedures to be followed by the Funds when retaining the independent audit firm to perform audit, audit-related tax and other services under those circumstances, while also maintaining independence. Approval of a service in accordance with this policy for a Fund shall also constitute approval for any other Fund whose pre-approval is required pursuant to Rule 210.2-01(c)(7)(ii). In addition to the procedures set forth in this policy, any non-audit services that may be provided consistently with Rule 210.2-01 may be approved by the Audit Committee itself and any pre-approval that may be waived in accordance with Rule 210.2-01(c)(7)(i)(C) is hereby waived. Selection of a Fund's independent auditors and their compensation shall be determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY ---------------- -------------------------------- ------------------------------------------------- SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES CATEGORY ---------------- -------------------------------- ------------------------------------------------- I. AUDIT Services that are directly o Accounting research assistance SERVICES related to performing the o SEC consultation, registration independent audit of the Funds statements, and reporting o Tax accrual related matters o Implementation of new accounting standards o Compliance letters (e.g. rating agency letters) o Regulatory reviews and assistance regarding financial matters o Semi-annual reviews (if requested) o Comfort letters for closed end offerings ---------------- -------------------------------- ------------------------------------------------- II. Services which are not o AICPA attest and agreed-upon procedures AUDIT-RELATED prohibited under Rule o Technology control assessments SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments and are related extensions of o Enterprise security architecture the audit services support the assessment audit, or use the knowledge/expertise gained from the audit procedures as a foundation to complete the project. In most cases, if the Audit-Related Services are not performed by the Audit firm, the scope of the Audit Services would likely increase. The Services are typically well-defined and governed by accounting professional standards (AICPA, SEC, etc.) ---------------- -------------------------------- ------------------------------------------------- ------------------------------------- ------------------------------------ AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE REPORTING POLICY ------------------------------------- ------------------------------------ o "One-time" pre-approval o A summary of all such for the audit period for all services and related fees pre-approved specific service reported at each regularly subcategories. Approval of the scheduled Audit Committee independent auditors as meeting. auditors for a Fund shall constitute pre approval for these services. ------------------------------------- ------------------------------------ o "One-time" pre-approval o A summary of all such for the fund fiscal year within services and related fees a specified dollar limit (including comparison to for all pre-approved specified dollar limits) specific service subcategories reported quarterly. o Specific approval is needed to exceed the pre-approved dollar limit for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) o Specific approval is needed to use the Fund's auditors for Audit-Related Services not denoted as "pre-approved", or to add a specific service subcategory as "pre-approved" ------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED ----------------------- --------------------------- ----------------------------------------------- SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES DESCRIPTION ----------------------- --------------------------- ----------------------------------------------- III. TAX SERVICES Services which are not o Tax planning and support prohibited by the Rule, o Tax controversy assistance if an officer of the Fund o Tax compliance, tax returns, excise determines that using the tax returns and support Fund's auditor to provide o Tax opinions these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. ----------------------- --------------------------- ----------------------------------------------- ------------------------------------- ------------------------- AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE REPORTING POLICY ------------------------------------- ------------------------- ------------------------------------- ------------------------- o "One-time" pre-approval o A summary of for the fund fiscal year all such services and within a specified dollar limit related fees (including comparison to specified dollar limits) reported quarterly. o Specific approval is needed to exceed the pre-approved dollar limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) o Specific approval is needed to use the Fund's auditors for tax services not denoted as pre-approved, or to add a specific service subcategory as "pre-approved" ------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED ----------------------- --------------------------- ----------------------------------------------- SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES DESCRIPTION ----------------------- --------------------------- ----------------------------------------------- IV. OTHER SERVICES Services which are not o Business Risk Management support prohibited by the Rule, o Other control and regulatory A. SYNERGISTIC, if an officer of the Fund compliance projects UNIQUE QUALIFICATIONS determines that using the Fund's auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, the ability to maintain a desired level of confidentiality, or where the Fund's auditors posses unique or superior qualifications to provide these services, resulting in superior value and results for the Fund. ----------------------- --------------------------- ----------------------------------------------- --------------------------------------- ------------------------ AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE REPORTING POLICY ------------------------------------- -------------------------- o "One-time" pre-approval o A summary of for the fund fiscal year within all such services and a specified dollar limit related fees (including comparison to specified dollar limits) reported quarterly. o Specific approval is needed to exceed the pre-approved dollar limits for these services (see general Audit Committee approval policy below for details on obtaining specific approvals) o Specific approval is needed to use the Fund's auditors for "Synergistic" or "Unique Qualifications" Other Services not denoted as pre-approved to the left, or to add a specific service subcategory as "pre-approved" ------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED ----------------------- ------------------------- ----------------------------------------------- SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES DESCRIPTION ----------------------- ------------------------- ----------------------------------------------- PROHIBITED SERVICES Services which result 1. Bookkeeping or other services in the auditors losing related to the accounting records or independence status financial statements of the audit under the Rule. client* 2. Financial information systems design and implementation* 3. Appraisal or valuation services, fairness* opinions, or contribution-in-kind reports 4. Actuarial services (i.e., setting actuarial reserves versus actuarial audit work)* 5. Internal audit outsourcing services* 6. Management functions or human resources 7. Broker or dealer, investment advisor, or investment banking services 8. Legal services and expert services unrelated to the audit 9. Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible ----------------------- ------------------------- ----------------------------------------------- ------------------------------------------- ------------------------------ 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 2016 and 2015, there were no services provided to an affiliate that required the Trust's audit committee pre-approval. (f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountants engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees. N/A (g) Disclose the aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant. The aggregate non-audit fees for the Trust were $16,884 payable to Deloitte & Touche LLP for the year ended July 31, 2016 and $16,800 for the year ended July 31, 2015. (h) Disclose whether the registrants audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. The Fund's audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Affiliates (as defined) that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS (a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state. N/A (b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees. N/A ITEM 6. SCHEDULE OF INVESTMENTS. File Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in 210.1212 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form. Included in Item 1 ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company's investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company's investment adviser, or any other third party, that the company uses, or that are used on the company's behalf, to determine how to vote proxies relating to portfolio securities. Not applicable to open-end management investment companies. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. (a) If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR,provide the following information: (1) State the name, title, and length of service of the person or persons employed by or associated with the registrant or an investment adviser of the registrant who are primarily responsible for the day-to-day management of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio Manager's business experience during the past 5 years. Not applicable to open-end management investment companies. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. (a) If the registrant is a closed-end management investment company, in the following tabular format, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any affiliated purchaser, as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant's equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781). Not applicable to open-end management investment companies. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item. There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors since the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A) in its definitive proxy statement, or this item. ITEM 11. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive and principal financials officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)). The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective based on the evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occured during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. There were no significant changes in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. The registrant's principal executive officer and principal financial officer, however, voluntarily are reporting the following information: In August of 2006 the registrant's investment adviser enhanced its internal procedures for reporting performance information required to be included in prospectuses. Those enhancements involved additional internal controls over the appropriateness of performance data generated for this purpose. Such enhancements were made following an internal review which identified prospectuses relating to certain classes of shares of a limited number of registrants where, inadvertently, performance information not reflecting the deduction of applicable sales charges was included. Those prospectuses were revised, and the revised prospectuses were distributed to shareholders. ITEM 12. EXHIBITS. (a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. (1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. (2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) , exactly as set forth below: Filed herewith. SIGNATURES [See General Instruction F] Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Pioneer Asset Allocation Trust By (Signature and Title)* /s/ Lisa M. Jones Lisa M. Jones, President & Chief Executive Officer Date September 29, 2016 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Lisa M. Jones Lisa M. Jones, President & Chief Executive Officer Date September 29, 2016 By (Signature and Title)* /s/ Mark E. Bradley Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer Date September 29, 2016 * Print the name and title of each signing officer under his or her signature. EX-99 2 cert.txt CERTIFICATIONS -------------- I, Lisa M. Jones, certify that: 1. I have reviewed this report on Form N-CSR of Pioneer Asset Allocation Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 29, 2016 /s/ Lisa M. Jones Lisa M. Jones President and Chief Executive Officer CERTIFICATIONS -------------- I, Mark E. Bradley, certify that: 1. I have reviewed this report on Form N-CSR of Pioneer Asset Allocation Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 29, 2016 /s/ Mark E. Bradley Mark E. Bradley Treasurer & Chief Accounting & Financial Officer SECTION 906 CERTIFICATION Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Pioneer Asset Allocation Trust (the "Trust"), hereby certifies, to the best of his knowledge, that the Trust's Report on Form N-CSR for the period ended July 31, 2016 (the "Report") fully complies with the requirements of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. Dated: September 29, 2016 /s/ Lisa M. Jones Lisa M. Jones President and Chief Executive Officer This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or a separate disclosure document. A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the SEC or its staff upon request. SECTION 906 CERTIFICATION Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Pioneer Asset Allocation Trust (the "Trust"), hereby certifies, to the best of his knowledge, that the Trust's Report on Form N-CSR for the period ended July 31, 2016 (the "Report") fully complies with the requirements of Section 13 (a) or 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. Dated: September 29, 2016 /s/ Mark E. Bradley Mark E. Bradley Treasurer & Chief Accounting & Financial Officer This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or a separate disclosure document. A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the SEC or its staff upon request. EX-99 3 CodeofEthics.txt CODE OF ETHICS FOR SENIOR OFFICERS POLICY This Code of Ethics for Senior Officers (this "Code") sets forth the policies, practices and values expected to be exhibited by Senior Officers of the Pioneer Funds (collectively, the "Funds" and each, a "Fund"). This Code does not apply generally to officers and employees of service providers to the Funds, including Pioneer Investment Management, Inc. ("Pioneer"), unless such officers and employees are also Senior Officers. The term "Senior Officers" shall mean the principal executive officer, principal financial officer, principal accounting officer and controller of the Funds, although one person may occupy more than one such office. Each Senior Officer is identified by title in Exhibit A to this Code. The Chief Compliance Officer ("CCO") of the Pioneer Funds is primarily responsible for implementing and monitoring compliance with this Code, subject to the overall supervision of the Board of Trustees of the Funds (the "Board"). The CCO has the authority to interpret this Code and its applicability to particular situations. Any questions about this Code should be directed to the CCO or his or her designee. PURPOSE The purposes of this Code are to: . Promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; . Promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund; ------------------------------------------------------------------------------- 1 Last revised January 17, 2014 . Promote compliance with applicable laws and governmental rules and regulations; . Promote the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and . Establish accountability for adherence to the Code. Each Senior Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. RESPONSIBILITIES OF SENIOR OFFICERS Conflicts of Interest A "conflict of interest" occurs when a Senior Officer's private interests interfere in any way - or even appear to interfere - with the interests of or his/her service to a Fund. A conflict can arise when a Senior Officer takes actions or has interests that may make it difficult to perform his or her Fund work objectively and effectively. Conflicts of interest also arise when a Senior Officer or a member of his/her family receives improper personal benefits as a result of the Senior Officer's position with the Fund. Certain conflicts of interest arise out of the relationships between Senior Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "ICA"), and the Investment Advisers Act of 1940, as amended (the "IAA"). For example, Senior Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Fund's and Pioneer's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace such policies and procedures, and such conflicts fall outside of the parameters of this Code. Although typically not presenting an opportunity for improper personal benefit, conflicts arise as a result of the contractual relationship between the Fund and Pioneer because the Senior Officers are officers or employees of both. As a result, this Code recognizes that Senior Officers will, in the normal course of their duties (whether formally for a Fund or for Pioneer, or for both), be involved in establishing policies and implementing decisions that will have different effects on Pioneer and the Fund. The participation of Senior Officers in such activities is inherent in the contractual relationship between a Fund and Pioneer and is consistent with the performance by the Senior Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the ICA and the IAA, will be deemed to have been handled ethically. In addition, it is recognized by the Board that Senior Officers may also be officers of investment companies other than the Pioneer Funds. Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions of the ICA or the IAA. In reading the following examples of conflicts of interest under this Code, Senior Officers should keep in mind that such a list cannot ever be exhaustive or cover every possible ------------------------------------------------------------------------------- 2 Last revised January 17, 2014 scenario. It follows that the overarching principle is that the personal interest of a Senior Officer should not be placed improperly before the interest of a Fund. Each Senior Officer must: . Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Senior Officer would benefit personally to the detriment of the Fund; . Not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Senior Officer rather than the benefit of the Fund; and . Report at least annually any affiliations or other relationships that give rise to conflicts of interest. Any material conflict of interest situation should be approved by the CCO, his or her designee or the Board. Examples of these include: . Service as a director on the board of any public or private company; . The receipt of any gift with a value in excess of an amount established from time to time by Pioneer's Business Gift and Entertainment Policy from any single non-relative person or entity. Customary business lunches, dinners and entertainment at which both the Senior Officer and the giver are present, and promotional items of insignificant value are exempt from this prohibition; . The receipt of any entertainment from any company with which a Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety; . Any ownership interest in, or any consulting or employment relationship with, any of a Fund's service providers other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and . A direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment, such as compensation or equity ownership. ------------------------------------------------------------------------------- 3 Last revised January 17, 2014 Corporate Opportunities Senior Officers may not (a) take for themselves personally opportunities that are discovered through the use of a Fund's property, information or position; (b) use a Fund's property, information, or position for personal gain; or (c) compete with a Fund. Senior Officers owe a duty to the Funds to advance their legitimate interests when the opportunity to do so arises. Confidentiality Senior Officers should maintain the confidentiality of information entrusted to them by the Funds, except when disclosure is authorized or legally mandated. Confidential information includes all non-public information that might be of use to competitors, or harmful to the Funds, if disclosed. Fair dealing with Fund shareholders, suppliers, and competitors Senior Officers should endeavor to deal fairly with the Funds' shareholders, suppliers, and competitors. Senior Officers should not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice. Senior Officers should not knowingly misrepresent or cause others to misrepresent facts about a Fund to others, whether within or outside the Fund, including to the Board, the Funds' auditors or to governmental regulators and self-regulatory organizations. Compliance with Law Each Senior Officer must not knowingly violate any law, rule and regulation applicable to his or her activities as an officer of the Funds. In addition, Senior Officers are responsible for understanding and promoting compliance with the laws, rules and regulations applicable to his or her particular position and by persons under the Senior Officer's supervision. Senior Officers should endeavor to comply not only with the letter of the law, but also with the spirit of the law. Disclosure Each Senior Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Funds. Each Senior Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers of the Funds and Pioneer with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents a Fund files with, or submits to, the SEC and in other public communications made by the Funds. INITIAL AND ANNUAL CERTIFICATIONS Upon becoming a Senior Officer the Senior Officer is required to certify that he or she has received, read, and understands this Code. On an annual basis, each Senior Officer must certify that he or she has complied with all of the applicable requirements of this Code. ------------------------------------------------------------------------------- 4 Last revised January 17, 2014 ADMINISTRATION AND ENFORCEMENT OF THE CODE Report of Violations Pioneer relies on each Senior Officer to report promptly if he or she knows of any conduct by a Senior Officer in violation of this Code. All violations or suspected violations of this Code must be reported to the CCO or a member of Pioneer's Legal and Compliance Department. Failure to do so is itself a violation of this Code. Investigation of Violations Upon notification of a violation or suspected violation, the CCO or other members of Pioneer's Compliance Department will take all appropriate action to investigate the potential violation reported. If, after such investigation, the CCO believes that no violation has occurred, the CCO and Compliance Department is not required to take no further action. Any matter the CCO believes is a violation will be reported to the Independent Trustees. If the Independent Trustees concur that a violation has occurred, they will inform and make a recommendation to the full Board. The Board shall be responsible for determining appropriate action. The Funds, their officers and employees, will not retaliate against any Senior Officer for reports of potential violations that are made in good faith and without malicious intent. The CCO or his or her designee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The CCO or his or her designee shall make inquiries regarding any potential conflict of interest. Violations and Sanctions Compliance with this Code is expected and violations of its provisions will be taken seriously and could result in disciplinary action. In response to violations of the Code, the Board may impose such sanctions as it deems appropriate within the scope of its authority over Senior Officers, including termination as an officer of the Funds. Waivers from the Code The Independent Trustees will consider any approval or waiver sought by any Senior Officer. The Independent Trustees will be responsible for granting waivers, as appropriate. Any change to or waiver of this Code will, to the extent required, be disclosed as provided by SEC rules. OTHER POLICIES AND PROCEDURES This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. The Funds', Pioneer's, and Pioneer Funds Distributor, Inc.'s Codes of Ethics under Rule 17j-1 under the ICA and Rule 204A-1 of the IAA are separate requirements applying to the Senior Officers and others, and are not a part of this Code. To the extent any other policies and procedures of the Funds, Pioneer or Pioneer ------------------------------------------------------------------------------- 5 Last revised January 17, 2014 Fund Distributor, Inc. overlap or conflict with the provisions of the this Code, they are superseded by this Code. SCOPE OF RESPONSIBILITIES A Senior Officer's responsibilities under this Code are limited to Fund matters over which the Senior Officer has direct responsibility or control, matters in which the Senior Officer routinely participates, and matters with which the Senior Officer is otherwise involved. In addition, a Senior Officer is responsible for matters of which the Senior Officer has actual knowledge. AMENDMENTS This Code other than Exhibit A may not be amended except in a writing that is specifically approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees. CONFIDENTIALITY All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and their counsel or to Pioneer's Legal and Compliance Department. INTERNAL USE This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion. ------------------------------------------------------------------------------- 6 Last revised January 17, 2014 EXHIBIT A - SENIOR OFFICERS OF THE PIONEER FUNDS President (Principal Executive Officer) Treasurer (Principal Financial Officer) Code of Ethics for Senior Officers -------------------------------------------------------------------------------