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)
Christopher J. Kelley, Amundi Asset Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant’s telephone number, including area code: (617) 742-7825
Date of fiscal year end: July 31, 2023
Date of reporting period: August 1, 2022 through January 31, 2023
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.
A: PIALX | C: PIDCX | R: BALRX | Y: IMOYX |
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
March 2023
Q | How did the Fund perform in the six-month period ended January 31, 2023? |
A | The Fund’s Class A shares returned 6.06% at net asset value during the six-month period ended January 31, 2023, while the Fund’s blended benchmark, which is comprised of 60% Morgan Stanley Capital International (MSCI) World NR Index*/40% Bloomberg US Aggregate Bond Index (the Bloomberg Index), returned 0.48%. During the same period, the Fund’s market benchmarks, the MSCI World NR Index (the MSCI Index) and the Bloomberg Index, returned 2.15% and -2.37%, respectively, while the average return of the 413 mutual funds in Morningstar’s Global Allocation Funds category was 2.17%. |
Q | Could you discuss the investment conditions which prevailed during the six-month period ended January 31, 2023? |
A | Global financial markets finished with roughly flat returns, overall, for the six-month period, albeit with a meaningful dispersion of performance across the various asset categories. |
* | 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. |
Shifting investor sentiment and a steady evolution of the market backdrop characterized the bulk of the six-month reporting period. From the beginning of the period on August 1, 2022, through mid-October, markets generally remained under pressure from the combination of high inflation, rising interest rates, geopolitical tensions, and concerns about slowing economic growth. The investment environment changed for the better from that point onward, however, leading to improving performance across the markets. A modest downturn in inflation prompted investors to look ahead to the time at which the US Federal Reserve (Fed) and other central banks could stop raising interest rates, which many had been doing since early 2022, especially the Fed. That outlook fueled a revival in investors’ appetites for riskier assets, such as stocks and corporate bonds. Market sentiment also received a boost from China’s decision to wind down its “Zero-COVID” policy, since the move was expected to have a favorable effect on global economic growth. Not least, improvements in economic data and solid corporate earnings results raised hopes that the global economy was on track for a “soft landing,” a scenario where economic growth slows, yet remains positive, as inflation is brought under control. | |
In combination, those events led to a narrow gain for global equities over the six-month period. A number of market segments fared quite well, with value stocks outperforming growth, and with equities in both the developed and emerging markets benefiting from a rally by foreign currencies against the US dollar (USD). However, a general weakness in the performance of growth stocks, and in US mega-cap technology stocks, in particular, largely offset those positive factors. Fixed-income markets posted modest losses over the six-month period, with positive results for credit-sensitive sectors (including high-yield bonds and emerging markets debt) proving insufficient to overcome the losses experienced by rate-sensitive assets, such as US Treasuries. (Bond prices and interest rates tend to move in opposite directions.) | |
Q | What factors contributed to and detracted from the Fund’s relative performance during the six-month period ended January 31, 2023? |
A | The Fund performed well during a potentially challenging period, reflecting the relative strength of the portfolio’s underlying |
holdings. The Fund’s allocations to Pioneer International Equity Fund and Pioneer Global Sustainable Equity Fund generated especially robust gains for the period, and boosted relative returns, thanks to strong stock selection results and those portfolios’ overweight allocations to market sectors ‒ such as energy and financials ‒ that investors perceived as having the ability to benefit from rising inflation. The Fund’s allocation tilts towards underlying funds with a focus on value-style stocks versus growth stocks also helped relative results, as did our preference for underlying funds with heavier exposures to large-cap stocks over small caps. | |
With regard to the Fund's fixed-income allocations, exposures to Pioneer Bond Fund and Pioneer Strategic Income Fund, which underperformed, detracted from benchmark-relative returns for the period. Those negatives were offset by the Fund's sizable allocations to underlying funds with a focus on shorter-dated securities, a category with a lower degree of interest-rate sensitivity than either long- or intermediate-term bonds. Those exposures provided the Fund with a source of ballast in the rising-rate environment that prevailed over the six-month period. | |
The Fund also held large positions in Pioneer Multi-Asset Income (MAI) Fund and Pioneer Flexible Opportunities Fund. Both underlying funds posted positive gains for the six-month period – particularly MAI Fund ‒ and aided relative performance. | |
Q | Did the Fund invest in any derivative securities during the six-month period ended January 31, 2023? If so, did the derivatives have an effect on performance? |
A | The Fund did not have any direct investments in derivatives during the six-month period. However, certain of the underlying |
funds in which the Fund invests may have some derivatives exposure, including Pioneer MAI Fund, in which the Fund holds a sizable position. | |
Q | Did you make any changes to the portfolio during the six-month period ended January 31, 2023? |
A | We maintained a high level of diversification** in the portfolio across multiple asset classes during the six-month period, while shifting the Fund’s allocations to specific areas in an effort to capitalize on what we viewed as relative-value opportunities. Most notably, we increased the Fund’s allocation to Pioneer Global Sustainable Equity Fund and reduced its weightings in funds with a bigger focus on US equities. We made this move in the hopes of capturing some of the large difference between the expensive US market and the more reasonably-valued international markets. The shift also led to an increase in the Fund’s overweight to underlying funds that invest mainly in value stocks versus growth stocks, due to the more growth-oriented nature of the major US equity-market indices. |
The second notable change to the portfolio’s positioning during the six-month period involved increasing the Fund’s allocations to underlying fixed-income funds that invest more heavily in shorter-dated bonds, while reducing its weightings in those underlying funds with tilts towards investments in longer-term securities. Rising interest rates have led to a sizable increase in the yields on short-term debt, creating what we see as a very favorable risk-reward profile in that asset category within fixed income. | |
Q | What factors are you watching most closely as you determine the Fund’s investment strategy heading into the second half of its fiscal year? |
A | Riskier assets exhibited strength over the final four months of the semiannual reporting period, as investors seemed reassured that inflation had likely peaked and central banks, including the Fed, were set to slow the pace of interest-rate increases. In our view, however, the market has been overly optimistic. Investors have been focused on interest rates, while ignoring an inverted |
** | Diversification does not assure a profit nor protect against loss. |
yield curve and the increased probability of recession. (An inverted yield curve occurs when short-term rates are higher than longer-term rates.) At the same time, central banks have ended their stimulative quantitative-easing policies and have been enacting quantitative-tightening policies. We believe the resulting headwinds to economic activity could have a negative effect on corporate earnings. We also think the market’s shift towards recognizing the reality of quantitative tightening is a trend that could play out across various asset classes for an extended period, given that easing had been the focus of most central banks over the previous 12 years. Short-term interest rates have responded quickly, and in a meaningful way, but we think other asset classes will take longer to reflect the shifting backdrop. | |
Taken together, those factors have led us to maintain a somewhat conservative positioning in the portfolio. In particular, we have continued to underweight the portfolio to underlying funds with larger exposures to mega-cap growth stocks, due to the excessive weightings those stocks represent in major market indices, and their potential vulnerability to higher interest rates. |
Balanced/Flexible | |
Pioneer Multi-Asset Income Fund Class K | 30.1% |
Pioneer Flexible Opportunities Fund Class K | 12.9 |
International Equities | |
Pioneer Global Sustainable Equity Fund Class K | 20.4% |
Pioneer International Equity Fund Class Y | 8.7 |
Fixed Income | |
Pioneer Multi-Asset Ultrashort Income Fund Class K | 14.8% |
Pioneer Short-Term Income Fund Class K | 5.5 |
Pioneer Bond Fund Class K | 2.0 |
Pioneer Strategic Income Fund Class K | 1.0 |
U.S. Equities | |
Pioneer Disciplined Value Fund Class Y | 1.6% |
Pioneer Equity Income Fund Class K | 1.5 |
Pioneer Core Equity Fund Class K | 0.5 |
Pioneer Fund Class K | 0.5 |
Pioneer Fundamental Growth Fund Class K | 0.5 |
Class | 1/31/23 | 7/31/22 |
A | $10.73 | $11.55 |
C | $ 9.59 | $10.44 |
R | $10.66 | $11.46 |
Y | $10.93 | $11.77 |
Class | Net Investment Income | Short-Term Capital Gains | Long-Term Capital Gains |
A | $0.3550 | $— | $1.0855 |
C | $0.2770 | $— | $1.0855 |
R | $0.3111 | $— | $1.0855 |
Y | $0.3881 | $— | $1.0855 |
Performance Update | 1/31/23 | Class A Shares |
Average Annual Total Returns (As of January 31, 2023) | |||||
Period | Net Asset Value (NAV) | Public Offering Price (POP) | Bloomberg US Aggregate Bond Index | MSCI World NR Index | 60% MSCI World NR Index/40% Bloomberg US Aggregate Bond Index |
10 Years | 5.01% | 4.38% | 1.43% | 9.06% | 6.19% |
5 Years | 3.88 | 2.66 | 0.86 | 6.50 | 4.56 |
1 Year | -3.62 | -9.19 | -8.36 | -7.45 | -7.51 |
Expense Ratio (Per prospectus dated December 1, 2022) |
Gross |
1.26% |
Performance Update | 1/31/23 | Class A Shares |
Performance Update | 1/31/23 | Class C Shares |
Average Annual Total Returns (As of January 31, 2023) | |||||
Period | If Held | If Redeemed | Bloomberg US Aggregate Bond Index | MSCI World NR Index | 60% MSCI World NR Index/40% Bloomberg US Aggregate Bond Index |
10 Years | 4.27% | 4.27% | 1.43% | 9.06% | 6.19% |
5 Years | 3.15 | 3.15 | 0.86 | 6.50 | 4.56 |
1 Year | -4.29 | -5.12 | -8.36 | -7.45 | -7.51 |
Expense Ratio (Per prospectus dated December 1, 2022) |
Gross |
1.98% |
Performance Update | 1/31/23 | Class C Shares |
Performance Update | 1/31/23 | Class R Shares |
Average Annual Total Returns (As of January 31, 2023) | ||||
Period | Net Asset Value (NAV) | Bloomberg US Aggregate Bond Index | MSCI World NR Index | 60% MSCI World NR Index/40% Bloomberg US Aggregate Bond Index |
10 Years | 4.83% | 1.43% | 9.06% | 6.19% |
5 Years | 3.65 | 0.86 | 6.50 | 4.56 |
1 Year | -3.85 | -8.36 | -7.45 | -7.51 |
Expense Ratio (Per prospectus dated December 1, 2022) |
Gross |
1.51% |
Performance Update | 1/31/23 | Class R Shares |
Performance Update | 1/31/23 | Class Y Shares |
Average Annual Total Returns (As of January 31, 2023) | ||||
Period | Net Asset Value (NAV) | Bloomberg US Aggregate Bond Index | MSCI World NR Index | 60% MSCI World NR Index/40% Bloomberg US Aggregate Bond Index |
10 Years | 5.26% | 1.43% | 9.06% | 6.19% |
5 Years | 4.11 | 0.86 | 6.50 | 4.56 |
1 Year | -3.30 | -8.36 | -7.45 | -7.51 |
Expense Ratio (Per prospectus dated December 1, 2022) |
Gross |
0.96% |
Performance Update | 1/31/23 | Class Y Shares |
(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. |
(1) | Divide your account value by $1,000 Example: an $8,600 account value ÷ $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. |
Share Class | A | C | R | Y |
Beginning Account Value on 8/1/22 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value (after expenses) on 1/31/23 | $1,060.60 | $1,056.10 | $1,058.80 | $1,060.70 |
Expenses Paid During Period* | $2.13 | $6.01 | $3.53 | $2.13 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.41%, 1.16%, 0.68%, and 0.41% for Class A, Class C, Class R, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the partial 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 $6.39, $10.26, $7.78 and $6.39 for Class A, Class C, Class R and Class Y shares, respectively, based on the respective expense ratio for each class of 1.23%, 1.98%, 1.50% and 1.23%. |
Share Class | A | C | R | Y |
Beginning Account Value on 8/1/22 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value (after expenses) on 1/31/23 | $1,023.14 | $1,019.36 | $1,021.78 | $1,023.14 |
Expenses Paid During Period* | $2.09 | $5.90 | $3.47 | $2.09 |
* | Expenses are equal to the Fund’s annualized expense ratio of 0.41%, 1.16%, 0.68%, and 0.41% for Class A, Class C, Class R, and Class Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the partial 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 $6.26, $10.06, $7.63 and $6.26 for Class A, Class C, Class R and Class Y shares, respectively, based on the respective expense ratio for each class of 1.23%, 1.98%, 1.50% and 1.23%. |
Shares | Value | |||||
SHORT TERM INVESTMENTS — 0.4% of Net Assets | ||||||
Open-End Fund — 0.4% | ||||||
1,619,688(a) | Dreyfus Government Cash Management, Institutional Shares, 4.23% | $ 1,619,688 | ||||
$ 1,619,688 | ||||||
TOTAL SHORT TERM INVESTMENTS (Cost $1,619,688) | $1,619,688 | |||||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 0.4% (Cost $1,619,688) | $1,619,688 |
Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | Capital Gain Distributions | Dividend Income | |||
Affiliated Issuers — 99.7%* | ||||||
Mutual Funds — 99.7% of Net Assets | ||||||
934,102 | Pioneer Bond Fund Class K | $(2,632,008) | $1,842,426 | $ — | $ 322,035 | $ 7,855,798 |
103,335 | Pioneer Core Equity Fund Class K | 129,489 | (359,173) | 214,281 | 22,940 | 2,004,705 |
416,930 | Pioneer Disciplined Value Fund Class Y | (796,471) | 551,697 | 589,423 | 154,569 | 5,953,756 |
167,229 | Pioneer Equity Income Fund Class K | (226,144) | (239,057) | 646,228 | 101,998 | 5,822,927 |
4,338,414 | Pioneer Flexible Opportunities Fund Class K | (3,452,911) | 2,578,574 | — | 1,418,041 | 50,499,138 |
61,180 | Pioneer Fund Class K | (74,154) | (230,705) | 121,834 | 18,152 | 1,974,260 |
75,766 | Pioneer Fundamental Growth Fund Class K | 8,194 | (255,771) | 153,695 | — | 1,961,582 |
4,774,328 | Pioneer Global Sustainable Equity Fund Class K | (223,999) | 3,828,306 | 3,260,037 | 1,136,355 | 79,397,069 |
Shares | Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | Capital Gain Distributions | Dividend Income | Value | |
Mutual Funds — (continued) | ||||||
1,462,483 | Pioneer International Equity Fund Class Y | $ (774,582) | $3,317,954 | $ 529,154 | $ 747,841 | $ 34,002,738 |
9,912,821 | Pioneer Multi-Asset Income Fund Class K | (819,780) | 6,131,148 | — | 3,684,411 | 117,268,674 |
6,022,892 | Pioneer Multi-Asset Ultrashort Income Fund Class K | (83,505) | 274,847 | — | 887,291 | 57,699,300 |
2,418,549 | Pioneer Short-Term Income Fund Class K | — | 291,905 | — | 217,232 | 21,379,974 |
415,661 | Pioneer Strategic Income Fund Class K | (1,969,293) | 1,902,448 | — | 92,712 | 3,927,999 |
Total Mutual Funds (Cost $380,057,054) | $(10,915,164) | $19,634,599 | $5,514,652 | $8,803,577 | $389,747,920 | |
Total Investments in Affiliated Issuers — 99.7% (Cost $380,057,054) | $(10,915,164) | $19,634,599 | $5,514,652 | $8,803,577 | $389,747,920 | |
OTHER ASSETS AND LIABILITIES — (0.1)% | $ (353,746) | |||||
net assets — 100.0% | $ 391,013,862 | |||||
(a) | Rate periodically changes. Rate disclosed is the 7-day yield at January 31, 2023. |
* | Affiliated funds managed by Amundi Asset Management US, Inc. (the “Adviser”). |
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $14,638,834 |
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (8,697,021) |
Net unrealized appreciation | $ 5,941,813 |
Level 1 | – | unadjusted 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 Adviser's own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A. |
Level 1 | Level 2 | Level 3 | Total | |
Open-End Fund | $ 1,619,688 | $— | $— | $ 1,619,688 |
Affiliated Mutual Funds | 389,747,920 | — | — | 389,747,920 |
Total Investments in Securities | $ 391,367,608 | $ — | $ — | $ 391,367,608 |
ASSETS: | |
Investments in unaffiliated issuers, at value (cost $1,619,688) | $ 1,619,688 |
Investments in affiliated issuers, at value (cost $380,057,054) | 389,747,920 |
Receivables — | |
Fund shares sold | 71,524 |
Interest | 10,454 |
Other assets | 38,008 |
Total assets | $391,487,594 |
LIABILITIES: | |
Payables — | |
Fund shares repurchased | $ 336,902 |
Trustees' fees | 1,554 |
Professional fees | 21,821 |
Transfer agent fees | 41,107 |
Printing fees | 11,984 |
Shareowner fees | 27,357 |
Administrative expenses | 7,122 |
Distribution fees | 17,681 |
Accrued expenses | 8,204 |
Total liabilities | $ 473,732 |
NET ASSETS: | |
Paid-in capital | $389,475,139 |
Distributable earnings | 1,538,723 |
Net assets | $ 391,013,862 |
NET ASSET VALUE PER SHARE: | |
No par value (unlimited number of shares authorized) | |
Class A (based on $344,367,174/32,080,379 shares) | $ 10.73 |
Class C (based on $42,514,756/4,430,951 shares) | $ 9.59 |
Class R (based on $1,113,807/104,472 shares) | $ 10.66 |
Class Y (based on $3,018,125/276,212 shares) | $ 10.93 |
MAXIMUM OFFERING PRICE PER SHARE: | |
Class A (based on $10.73 net asset value per share/100%-5.75% maximum sales charge) | $ 11.38 |
INVESTMENT INCOME: | ||
Dividends from underlying affiliated funds | $ 8,803,577 | |
Dividends from unaffiliated issuers | 37,493 | |
Total Investment Income | $ 8,841,070 | |
EXPENSES: | ||
Administrative expenses | $ 94,709 | |
Transfer agent fees | ||
Class A | 55,436 | |
Class C | 4,465 | |
Class R | 145 | |
Class Y | 3,793 | |
Distribution fees | ||
Class A | 415,576 | |
Class C | 208,739 | |
Class R | 2,657 | |
Shareowner communications expense | 35,016 | |
Registration fees | 35,403 | |
Professional fees | 31,145 | |
Printing expense | 10,050 | |
Officers' and Trustees' fees | 9,180 | |
Insurance expense | 2,073 | |
Miscellaneous | 32,315 | |
Total expenses | $ 940,702 | |
Net investment income | $ 7,900,368 | |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||
Net realized gain (loss) on: | ||
Investments in underlying affiliated funds | $(10,915,164) | |
Capital gain on distributions from underlying affiliated funds | 5,514,652 | $ (5,400,512) |
Change in net unrealized appreciation (depreciation) on: | ||
Investments in underlying affiliated funds | $19,634,599 | |
Net realized and unrealized gain (loss) on investments | $ 14,234,087 | |
Net increase in net assets resulting from operations | $22,134,455 |
Six Months Ended 1/31/23 (unaudited) | Year Ended 7/31/22 | |
FROM OPERATIONS: | ||
Net investment income (loss) | $ 7,900,368 | $ 12,167,651 |
Net realized gain (loss) on investments | (5,400,512) | 41,056,780 |
Change in net unrealized appreciation (depreciation) on investments | 19,634,599 | (82,659,504) |
Net increase (decrease) in net assets resulting from operations | $ 22,134,455 | $ (29,435,073) |
DISTRIBUTIONS TO SHAREOWNERS: | ||
Class A ($1.45 and $0.80 per share, respectively) | $ (40,821,880) | $ (23,143,317) |
Class C ($1.37 and $0.70 per share, respectively) | (5,367,674) | (2,978,682) |
Class R ($1.40 and $0.77 per share, respectively) | (127,820) | (93,492) |
Class Y ($1.48 and $0.84 per share, respectively) | (372,415) | (166,851) |
Total distributions to shareowners | $ (46,689,789) | $ (26,382,342) |
FROM FUND SHARE TRANSACTIONS: | ||
Net proceeds from sales of shares | $ 9,467,397 | $ 27,449,700 |
Reinvestment of distributions | 46,238,734 | 26,110,312 |
Cost of shares repurchased | (26,304,000) | (69,909,745) |
Net increase (decrease) in net assets resulting from Fund share transactions | $ 29,402,131 | $ (16,349,733) |
Net increase (decrease) in net assets | $ 4,846,797 | $ (72,167,148) |
NET ASSETS: | ||
Beginning of period | $386,167,065 | $458,334,213 |
End of period | $ 391,013,862 | $ 386,167,065 |
Six Months Ended 1/31/23 Shares (unaudited) | Six Months Ended 1/31/23 Amount (unaudited) | Year Ended 7/31/22 Shares | Year Ended 7/31/22 Amount | |
Class A | ||||
Shares sold | 600,971 | $ 6,697,665 | 1,591,637 | $ 20,242,183 |
Reinvestment of distributions | 3,973,983 | 40,415,408 | 1,798,635 | 22,896,510 |
Less shares repurchased | (1,858,008) | (20,794,526) | (3,979,246) | (50,444,047) |
Net increase (decrease) | 2,716,946 | $ 26,318,547 | (588,974) | $ (7,305,354) |
Class C | ||||
Shares sold | 217,644 | $ 2,194,007 | 482,145 | $ 5,606,274 |
Reinvestment of distributions | 589,845 | 5,367,595 | 257,427 | 2,973,282 |
Less shares repurchased | (508,279) | (5,093,790) | (1,482,308) | (17,318,281) |
Net increase (decrease) | 299,210 | $ 2,467,812 | (742,736) | $ (8,738,725) |
Class R | ||||
Shares sold | 4,489 | $ 50,121 | 16,090 | $ 197,511 |
Reinvestment of distributions | 12,656 | 127,820 | 7,389 | 93,473 |
Less shares repurchased | (5,264) | (58,400) | (73,641) | (924,396) |
Net increase (decrease) | 11,881 | $ 119,541 | (50,162) | $ (633,412) |
Class Y | ||||
Shares sold | 45,640 | $ 525,604 | 85,260 | $ 1,055,273 |
Reinvestment of distributions | 31,652 | 327,911 | 11,364 | 147,047 |
Less shares repurchased | (31,260) | (357,284) | (70,040) | (874,562) |
Net increase | 46,032 | $ 496,231 | 26,584 | $ 327,758 |
Six Months Ended 1/31/23 (unaudited) | Year Ended 7/31/22 | Year Ended 7/31/21 | Year Ended 7/31/20 | Year Ended 7/31/19 | Year Ended 7/31/18 | |
Class A | ||||||
Net asset value, beginning of period | $ 11.55 | $ 13.20 | $ 10.93 | $ 11.29 | $ 12.12 | $ 11.89 |
Increase (decrease) from investment operations: | ||||||
Net investment income (loss) (a) | $ 0.24 | $ 0.37 | $ 0.24 | $ 0.34 | $ 0.32 | $ 0.20 |
Net realized and unrealized gain (loss) on investments | 0.39 | (1.22) | 2.36 | 0.02 | (0.54) | 0.25 |
Net increase (decrease) from investment operations | $ 0.63 | $ (0.85) | $ 2.60 | $ 0.36 | $ (0.22) | $ 0.45 |
Distributions to shareowners: | ||||||
Net investment income | $ (0.36) | $ (0.45) | $ (0.26) | $ (0.36) | $ (0.34) | $ (0.22) |
Net realized gain | (1.09) | (0.35) | (0.07) | (0.36) | (0.27) | — |
Total distributions | $ (1.45) | $ (0.80) | $ (0.33) | $ (0.72) | $ (0.61) | $ (0.22) |
Net increase (decrease) in net asset value | $ (0.82) | $ (1.65) | $ 2.27 | $ (0.36) | $ (0.83) | $ 0.23 |
Net asset value, end of period | $ 10.73 | $ 11.55 | $ 13.20 | $ 10.93 | $ 11.29 | $ 12.12 |
Total return (b) | 6.06%(c) | (6.98)% | 24.15% | 3.06% | (1.32)% | 3.79% |
Ratio of net expenses to average net assets† | 0.41%(d) | 0.44% | 0.46% | 0.49% | 0.45% | 0.57% |
Ratio of net investment income (loss) to average net assets†^ | 4.26%(d) | 2.93% | 1.95% | 3.16% | 2.82% | 1.67% |
Portfolio turnover rate | 38%(c) | 51% | 24% | 30% | 44% | 146% |
Net assets, end of period (in thousands) | $344,367 | $339,265 | $395,303 | $330,784 | $349,505 | $382,265 |
† | 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. |
^ | Ratios do not reflect the Fund's proportionate share of the income and expenses of the underlying funds. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charges. Total return would be reduced if sales charges were taken into account. |
(c) | Not annualized. |
(d) | Annualized. |
Six Months Ended 1/31/23 (unaudited) | Year Ended 7/31/22 | Year Ended 7/31/21 | Year Ended 7/31/20 | Year Ended 7/31/19 | Year Ended 7/31/18 | |
Class C | ||||||
Net asset value, beginning of period | $ 10.44 | $ 11.99 | $ 9.94 | $ 10.32 | $ 11.12 | $ 10.92 |
Increase (decrease) from investment operations: | ||||||
Net investment income (loss) (a) | $ 0.18 | $ 0.25 | $ 0.14 | $ 0.25 | $ 0.20 | $ 0.15 |
Net realized and unrealized gain (loss) on investments | 0.34 | (1.10) | 2.15 | 0.01 | (0.49) | 0.19 |
Net increase (decrease) from investment operations | $ 0.52 | $ (0.85) | $ 2.29 | $ 0.26 | $ (0.29) | $ 0.34 |
Distributions to shareowners: | ||||||
Net investment income | $ (0.28) | $ (0.35) | $ (0.17) | $ (0.28) | $ (0.24) | $ (0.14) |
Net realized gain | (1.09) | (0.35) | (0.07) | (0.36) | (0.27) | — |
Total distributions | $ (1.37) | $ (0.70) | $ (0.24) | $ (0.64) | $ (0.51) | $ (0.14) |
Net increase (decrease) in net asset value | $ (0.85) | $ (1.55) | $ 2.05 | $ (0.38) | $ (0.80) | $ 0.20 |
Net asset value, end of period | $ 9.59 | $ 10.44 | $ 11.99 | $ 9.94 | $ 10.32 | $ 11.12 |
Total return (b) | 5.61%(c) | (7.62)% | 23.34% | 2.35% | (2.14)% | 3.09% |
Ratio of net expenses to average net assets† | 1.16%(d) | 1.16% | 1.18% | 1.17% | 1.19% | 1.27% |
Ratio of net investment income (loss) to average net assets†^ | 3.50%(d) | 2.19% | 1.29% | 2.50% | 1.96% | 1.33% |
Portfolio turnover rate | 38%(c) | 51% | 24% | 30% | 44% | 146% |
Net assets, end of period (in thousands) | $42,515 | $43,133 | $58,428 | $62,213 | $76,524 | $114,266 |
† | 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. |
^ | Ratios do not reflect the Fund's proportionate share of the income and expenses of the underlying funds. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. Total return would be reduced if sales charges were taken into account. |
(c) | Not annualized. |
(d) | Annualized. |
Six Months Ended 1/31/23 (unaudited) | Year Ended 7/31/22 | Year Ended 7/31/21 | Year Ended 7/31/20 | Year Ended 7/31/19 | Year Ended 7/31/18 | |
Class R | ||||||
Net asset value, beginning of period | $11.46 | $13.10 | $10.86 | $11.19 | $12.04 | $11.83 |
Increase (decrease) from investment operations: | ||||||
Net investment income (loss) (a) | $ 0.22 | $ 0.34 | $ 0.22 | $ 0.31 | $ 0.23 | $ 0.05 |
Net realized and unrealized gain (loss) on investments | 0.38 | (1.21) | 2.35 | 0.03 | (0.49) | 0.37 |
Net increase (decrease) from investment operations | $ 0.60 | $ (0.87) | $ 2.57 | $ 0.34 | $ (0.26) | $ 0.42 |
Distributions to shareowners: | ||||||
Net investment income | $ (0.31) | $ (0.42) | $ (0.26) | $ (0.31) | $ (0.32) | $ (0.21) |
Net realized gain | (1.09) | (0.35) | (0.07) | (0.36) | (0.27) | — |
Total distributions | $ (1.40) | $ (0.77) | $ (0.33) | $ (0.67) | $ (0.59) | $ (0.21) |
Net increase (decrease) in net asset value | $ (0.80) | $ (1.64) | $ 2.24 | $ (0.33) | $ (0.85) | $ 0.21 |
Net asset value, end of period | $10.66 | $11.46 | $13.10 | $10.86 | $11.19 | $12.04 |
Total return (b) | 5.88%(c) | (7.18)% | 23.97% | 2.90% | (1.64)% | 3.49% |
Ratio of net expenses to average net assets† | 0.68%(d) | 0.69% | 0.63% | 0.62% | 0.78% | 0.79% |
Ratio of net investment income (loss) to average net assets†^ | 4.00%(d) | 2.68% | 1.82% | 2.86% | 2.05% | 0.42% |
Portfolio turnover rate | 38%(c) | 51% | 24% | 30% | 44% | 146% |
Net assets, end of period (in thousands) | $1,114 | $1,061 | $1,870 | $1,602 | $ 982 | $1,388 |
Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: | ||||||
Total expenses to average net assets† | 0.68%(d) | 0.69% | 0.63% | 0.62% | 1.03% | 0.86% |
Net investment income (loss) to average net assets†^ | 4.00%(d) | 2.68% | 1.82% | 2.86% | 1.80% | 0.35% |
† | 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. |
^ | Ratios do not reflect the Fund's proportionate share of the income and expenses of the underlying funds. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
(c) | Not annualized. |
(d) | Annualized. |
Six Months Ended 1/31/23 (unaudited) | Year Ended 7/31/22 | Year Ended 7/31/21 | Year Ended 7/31/20 | Year Ended 7/31/19 | Year Ended 7/31/18 | |
Class Y | ||||||
Net asset value, beginning of period | $11.77 | $13.42 | $11.11 | $11.46 | $12.29 | $12.06 |
Increase (decrease) from investment operations: | ||||||
Net investment income (loss) (a) | $ 0.26 | $ 0.41 | $ 0.26 | $ 0.38 | $ 0.39 | $ 0.26 |
Net realized and unrealized gain (loss) on investments | 0.38 | (1.22) | 2.41 | 0.02 | (0.59) | 0.22 |
Net increase (decrease) from investment operations | $ 0.64 | $ (0.81) | $ 2.67 | $ 0.40 | $ (0.20) | $ 0.48 |
Distributions to shareowners: | ||||||
Net investment income | $ (0.39) | $ (0.49) | $ (0.29) | $ (0.39) | $ (0.36) | $ (0.25) |
Net realized gain | (1.09) | (0.35) | (0.07) | (0.36) | (0.27) | — |
Total distributions | $ (1.48) | $ (0.84) | $ (0.36) | $ (0.75) | $ (0.63) | $ (0.25) |
Net increase (decrease) in net asset value | $ (0.84) | $ (1.65) | $ 2.31 | $ (0.35) | $ (0.83) | $ 0.23 |
Net asset value, end of period | $10.93 | $11.77 | $13.42 | $11.11 | $11.46 | $12.29 |
Total return (b) | 6.07%(c) | (6.61)% | 24.41% | 3.31% | (1.14)% | 3.94% |
Ratio of net expenses to average net assets† | 0.41%(d) | 0.14% | 0.19% | 0.25% | 0.27% | 0.40% |
Ratio of net investment income (loss) to average net assets†^ | 4.49%(d) | 3.22% | 2.06% | 3.44% | 3.37% | 2.14% |
Portfolio turnover rate | 38%(c) | 51% | 24% | 30% | 44% | 146% |
Net assets, end of period (in thousands) | $3,018 | $2,708 | $2,733 | $1,479 | $1,562 | $1,547 |
† | 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. |
^ | Ratios do not reflect the Fund's proportionate share of the income and expenses of the underlying funds. |
(a) | The per-share data presented above is based on the average shares outstanding for the period presented. |
(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period. |
(c) | Not annualized. |
(d) | Annualized. |
A. | Security Valuation |
The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (“NYSE”) is open, as of the close of regular trading on the NYSE. | |
Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds’ net asset value. | |
Securities for which independent pricing services or broker-dealers are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by a fair valuation team comprised of certain personnel of the Adviser. Effective September 8, 2022, the Adviser is designated as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities. | |
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 Adviser 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 the Fund's net asset value. Examples of a significant event might include political or economic news, corporate restructurings, natural disasters, terrorist activity or trading halts. Thus, the valuation of the Fund's securities may differ significantly from exchange prices, and such differences could be material. |
B. | Investment Income and Transactions |
Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence. | |
Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities. | |
Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included in interest and dividend income, respectively. | |
Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes. | |
C. | Foreign Currency Translation |
The books and records of the Fund are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates. | |
Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments. | |
D. | Federal Income Taxes |
It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for federal income taxes is required. As of January 31, 2023, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities. | |
The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions for financial statement purposes resulting from differences in the |
recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. | |
The tax character of current year distributions payable will be determined at the end of the current taxable year. The tax character of distributions paid during the year ended July 31, 2022 was as follows: |
2022 | |
Distributions paid from: | |
Ordinary income | $16,726,537 |
Long-term capital gains | 9,655,805 |
Total | $26,382,342 |
2022 | |
Distributable earnings/(losses): | |
Undistributed ordinary income | $ 4,376,596 |
Undistributed long-term capital gains | 35,410,247 |
Net unrealized depreciation | (13,692,786) |
Total | $ 26,094,057 |
E. | Fund Shares |
The Fund records sales and repurchases of its shares as of trade date. The Distributor earned $14,884 in underwriting commissions on the sale of Class A shares during the six months ended January 31, 2023. | |
F. | Class Allocations |
Income, common expenses and realized and unrealized gains and losses are calculated at the Fund level and allocated daily to each class of shares based on its respective percentage of adjusted net assets at the beginning of the day. | |
Distribution fees are calculated based on the average daily net asset value attributable to Class A, Class C and Class R shares of the Fund, respectively (see Note 5). Class Y shares do not pay distribution fees. All expenses and fees paid to the Fund's transfer agent for its services are allocated among the classes of shares based on the number of accounts in each class and the ratable allocation of related out-of-pocket expenses (see Note 4). | |
Distributions to shareowners are recorded as of the ex-dividend date. Distributions paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time, except that net |
investment income dividends to Class A, Class C, Class R and Class Y shares can reflect different transfer agent and distribution expense rates. | |
G. | Risks |
The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse investor sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. These conditions may continue, recur, worsen or spread. Recently, inflation and interest rates have increased and may rise further. These circumstances could adversely affect the value and liquidity of the Fund's investments, impair the Fund's ability to satisfy redemption requests, and negatively impact the Fund's performance. Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the ceiling on U.S. government debt could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets. | |
The global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue to affect adversely the value and liquidity of the Fund's investments. Following Russia’s invasion of Ukraine, Russian securities have lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical or other events or conditions. | |
Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. | |
The U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the U.S. has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade |
disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund's assets may go down. | |
At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors. | |
The Fund invests in other investment companies. Investing in other investment companies, including exchange-traded funds (ETFs), subjects the Fund to the risks of investing in the underlying securities or assets held by those funds. Each underlying fund pursues its own investment objectives and strategies and may not achieve its objectives. When investing in another fund, the Fund will bear a pro rata portion of the underlying fund's expenses, including management fees, in addition to its own expenses. Underlying funds may themselves invest in other investment companies. The Fund may invest a significant portion of its assets in a single underlying fund. Therefore, the performance of a single underlying fund can have a significant effect on the performance of the Fund and the price of its shares. The Adviser may be subject to potential conflicts of interest in selecting underlying funds because the management fees paid to it by some affiliated underlying funds are higher than the fees paid by other affiliated and unaffiliated underlying funds. The portfolio managers may also be subject to conflicts of interest in allocating fund assets among underlying funds because the Fund's portfolio management team may also manage some of the underlying funds. ETFs are bought and sold based on market prices and can trade at a premium or a discount to the ETF's net asset value. Mutual funds and ETFs that invest in commodities may be subject to regulatory trading limits that could affect the value of their securities. | |
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. | |
Debt securities rated below-investment-grade are commonly referred to as “junk bonds” and are considered speculative with respect to the issuer’s capacity to pay interest and repay principal. These securities involve greater risk of loss, are subject to greater price volatility, and may be less liquid and more difficult to value, especially during periods of economic uncertainty or change, than higher rated debt securities. |
Some of the underlying funds’ investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of risk than investments in a developed market. These risks include disruptive political or economic conditions, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, less liquid trading markets, extreme price volatility, currency risks, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets, and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law, and investment and repatriation exchange restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Fund's return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security. | |
Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally. | |
With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security and related risks. While the Fund’s Adviser has established business continuity plans in the event of, and risk management systems to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by service providers to the Fund such as the Fund’s custodian and accounting agent, and the Fund’s transfer agent. In addition, many beneficial |
owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants over which neither the Fund nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Fund’s service providers or intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share purchases, redemptions or exchanges or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and system enhancements may themselves be subject to cyber-attacks. | |
The Fund’s prospectus contains unaudited information regarding the Fund’s principal risks. Please refer to that document when considering the Fund’s principal risks. |
Shareowner Communications: | |
Class A | $28,943 |
Class C | 5,637 |
Class R | 218 |
Class Y | 218 |
Total | $ 35,016 |
Name of the Affiliated Issuer | Value at July 31, 2022 | Purchases Costs | Change in net unrealized appreciation/ (depreciation) | Net Realized Gain/(Loss) | Dividends Received and Reinvested | Sales Proceeds | Shares held at January 31, 2023 | Value at January 31, 2023 |
Pioneer Bond Fund Class K | $ 31,413,486 | $ 16,729,921 | $ 1,842,426 | $ (2,632,008) | $ 322,035 | $ (39,820,062) | 934,102 | $ 7,855,798 |
Pioneer Core Equity Fund Class K | 7,950,058 | 214,281 | (359,173) | 129,489 | 22,940 | (5,952,890) | 103,335 | 2,004,705 |
Pioneer Disciplined Value Fund Class Y | 7,816,212 | 589,424 | 551,697 | (796,471) | 154,569 | (2,361,675) | 416,930 | 5,953,756 |
Pioneer Equity Income Fund Class K | 8,010,812 | 646,229 | (239,057) | (226,144) | 101,998 | (2,470,911) | 167,229 | 5,822,927 |
Pioneer Flexible Opportunities Fund Class K | 68,452,720 | — | 2,578,574 | (3,452,911) | 1,418,041 | (18,497,286) | 4,338,414 | 50,499,138 |
Pioneer Fund Class K | 8,032,035 | 121,834 | (230,705) | (74,154) | 18,152 | (5,892,902) | 61,180 | 1,974,260 |
Pioneer Fundamental Growth Fund Class K | 5,170,760 | 153,695 | (255,771) | 8,194 | — | (3,115,296) | 75,766 | 1,961,582 |
Pioneer Global Sustainable Equity Fund Class K | 64,334,269 | 12,712,771 | 3,828,306 | (223,999) | 1,136,355 | (2,390,633) | 4,774,328 | 79,397,069 |
Pioneer International Equity Fund Class Y | 34,017,744 | 1,353,089 | 3,317,954 | (774,582) | 747,841 | (4,659,308) | 1,462,483 | 34,002,738 |
Pioneer Multi-Asset Income Fund Class K | 115,059,435 | 1,982,999 | 6,131,148 | (819,780) | 3,684,411 | (8,769,539) | 9,912,821 | 117,268,674 |
Pioneer Multi-Asset Ultrashort Income Fund Class K | 3,323,603 | 76,693,706 | 274,847 | (83,505) | 887,291 | (23,396,642) | 6,022,892 | 57,699,300 |
Pioneer Short-Term Income Fund Class K | — | 20,870,837 | 291,905 | — | 217,232 | — | 2,418,549 | 21,379,974 |
Pioneer Strategic Income Fund Class K | 31,180,286 | — | 1,902,448 | (1,969,293) | 92,712 | (27,278,154) | 415,661 | 3,927,999 |
Total | $384,761,420 | $132,068,786 | $19,634,599 | $(10,915,164) | $8,803,577 | $(144,605,298) | 31,103,690 | $389,747,920 |
Chief Executive Officer
and Chief Financial and
Accounting Officer
Chief Legal Officer
Amundi Asset Management US, Inc.
The Bank of New York Mellon Corporation
Ernst & Young LLP
Amundi Distributor US, Inc.
Morgan, Lewis & Bockius LLP
BNY Mellon Investment Servicing (US) Inc.
new accounts, prospectuses, applications
and service forms
account information and transactions
Retirement plans information | 1-800-622-0176 |
P.O. Box 534427
Pittsburgh, PA 15253-4427
Our toll-free fax | 1-800-225-4240 |
Our internet e-mail address | us.askamundi@amundi.com (for general questions about Amundi only) |
60 State Street
Boston, MA 02109
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
© 2023 Amundi Asset Management US, Inc. 19016-17-0323
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
The registrant has adopted, as of the end of the period covered by this report, a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and regulations;
(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period covered by this report.
(d) If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from, a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item by posting such information on its Internet website, disclose the registrant’s Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 12(a)(1), a copy of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this Form N-CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made. See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant’s Board of Trustees has determined that the registrant either:
(i) Has at least one audit committee financial expert serving on its audit committee; or
(ii) Does not have an audit committee financial expert serving on its audit committee.
The registrant’s Board of Trustees has determined that the registrant has at least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the Board of Trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Mr. Fred J. Ricciardi, an independent Trustee, is such an audit committee financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1) (ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I—POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of their outside auditors. Maintaining independence is a shared responsibility involving Amundi Asset Management US, Inc., the audit committee and the independent auditors.
The Funds recognize that a Fund’s independent auditors: 1) possess knowledge of the Funds, 2) are able to incorporate certain services into the scope of the audit, thereby avoiding redundant work, cost and disruption of Fund personnel and processes, and 3) have expertise that has value to the Funds. As a result, there are situations where it is desirable to use the Fund’s independent auditors for services in addition to the annual audit and where the potential for conflicts of interests are minimal. Consequently, this policy, which is intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and procedures to be followed by the Funds when retaining the independent audit firm to perform audit, audit-related tax and other services under those circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also constitute approval for any other Fund whose pre-approval is required pursuant to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services that may be provided consistently with Rule 210.2-01 may be approved by the Audit Committee itself and any pre-approval that may be waived in accordance with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund’s independent auditors and their compensation shall be determined by the Audit Committee and shall not be subject to this policy.
SECTION II—POLICY
| ||||
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES | ||
I. AUDIT SERVICES | Services that are directly related to performing the independent audit of the Funds | • Accounting research assistance
• SEC consultation, registration statements, and reporting
• Tax accrual related matters
• Implementation of new accounting standards
• Compliance letters (e.g. rating agency letters)
• Regulatory reviews and assistance regarding financial matters
• Semi-annual reviews (if requested)
• Comfort letters for closed end offerings | ||
II. AUDIT-RELATED SERVICES | Services which are not prohibited under Rule 210.2-01(C)(4) (the “Rule”) and are related extensions of the audit services support the 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.) | • AICPA attest and agreed-upon procedures
• Technology control assessments
• Financial reporting control assessments
• Enterprise security architecture assessment |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY | |
• “One-time” pre-approval for the audit period for all pre-approved specific service subcategories. Approval of the independent auditors as auditors for a Fund shall constitute pre approval for these services. | • A summary of all such services and related fees reported at each regularly scheduled Audit Committee meeting. | |
• “One-time” pre-approval for the fund fiscal year within a specified dollar limit for all pre-approved specific service subcategories | • A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. |
• 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) | ||
• 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 DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES | ||
III. TAX SERVICES | Services which are not prohibited by the Rule, | • Tax planning and support • Tax controversy assistance | ||
if an officer of the Fund determines that using the Fund’s auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. | • Tax compliance, tax returns, excise tax returns and support • Tax opinions |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY | |
• “One-time” pre-approval for the fund fiscal year within a specified dollar limit
• 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)
• 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” | • A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. |
SECTION III—POLICY DETAIL, CONTINUED
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES | ||
IV. OTHER SERVICES | Services which are not prohibited by the Rule, | • Business Risk Management support | ||
A. SYNERGISTIC, UNIQUE QUALIFICATIONS | if an officer of the Fund 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. |
• Other control and regulatory compliance projects |
AUDIT COMMITTEE APPROVAL POLICY | AUDIT COMMITTEE REPORTING POLICY | |
• “One-time” pre-approval for the fund fiscal year within a specified dollar limit
• 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)
• 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” | • A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. |
SECTION III—POLICY DETAIL, CONTINUED
SERVICE CATEGORY | SERVICE CATEGORY DESCRIPTION | SPECIFIC PROHIBITED SERVICE SUBCATEGORIES | ||
PROHIBITED SERVICES | Services which result in the auditors losing independence status under the Rule. | 1. Bookkeeping or other services related to the accounting records or financial statements of the audit 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 | |
• These services are not to be performed with the exception of the(*) services that may be permitted if they would not be subject to audit procedures at the audit client (as defined in rule 2-01(f)(4)) level the firm providing the service. | • A summary of all services and related fees reported at each regularly scheduled Audit Committee meeting will serve as continual confirmation that has not provided any restricted services. |
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
• | 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. |
• | 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. |
• | 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
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountants engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant for services rendered to the registrant, and rendered to the registrants investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrants investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
The Fund’s audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Affiliates (as defined) that were not pre- approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in 210.1212 of Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.
N/A
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.
N/A
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).
N/A
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 occurred during 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) If the registrant is a closed-end management investment company, provide the following dollar amounts of income and compensation related to the securities lending activities of the registrant during its most recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities lending activities and related services: any share of revenue generated by the securities lending program paid to the securities lending agent(s) (revenue split); fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split; administrative fees that are not included in the revenue split; fees for indemnification that are not included in the revenue split; rebates paid to borrowers; and any other fees relating to the securities lending program that are not included in the revenue split, including a description of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe the services provided to the registrant by the securities lending agent in the registrants most recent fiscal year.
N/A
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
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 and Chief Executive Officer |
Date April 6, 2023 |
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 and Chief Executive Officer |
Date April 6, 2023 |
By (Signature and Title)* /s/ Anthony J. Koenig, Jr. |
Anthony J. Koenig, Jr., Managing Director, Chief Operations Officer & Treasurer of the Funds |
Date April 6, 2023 |
* | Print the name and title of each signing officer under his or her signature. |